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Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
NO.2565
SATURDAY, AUGUST 22 1914.
VOL. 99
ghe Thronizte.
Weak ending August 15.
Clearings at
1914.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
for One Year
For Six Months
Zuropean Subscription (including postage)
Zuropean Subscription six months(including postage)
Annual Subscription in Londonincludingthpostage)
postage)
(inclu
Six Months Subscription in London (including
Canadian Subscription (including postage)
Subscription includes following Supplements-
$10 00
6 00
13 00
7 50
£2 14s.
$1 11..
$11 50
SANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELEcTRIC RAILWAY(3 times yearly)
RAILWAY'EARNIMis(monthly)
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
Terms of Advertising-Per Inch Space
ace(14 agate lines)
Transient matter per inch sw,
12 00
Months
29 00
Three Months (13 times)
Standing Business Cards
50 00
Six Months
(26 times)
87 00
Twelve Months(52 times)
("Rican° OFFICE-Geo.M.Shepherd,513 Monadnock Die...k;Tel-Hardison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens,E.C.
WILLIAM B. DANA COMPANY,Publishers,
New York.
P.O.Box 958. Front. Pine and Depeyster Sts..
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, See. 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 or the United States for the week
ending to-day have been 22.214,074.306. against 32.188,847,591 last week
and 32.761.635.072 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Aug. 22.
5821,510,901
93,844,211
•108,693,284
24.483,160
227,758,394
56,483,424
14,239,189
New.'York
Boston Philadelphia
Baltimore
Chicago
St Louis
New Orleans
1913.
1914.
I Per
Cent.
--33 8
51,250,670,015
104,269,036 -100
124,317,031 -126
27.320,138 -104
-7 7
245,683,540
60,485,968
-6 6
13,536.001
-4-52
Seven cities, five days
Other cities, five days
21,353,052,583
492,039,502
51,827,281,729
495,296,340
-25 9
-0 6
Total all cities, five days
All cities, one day
21,845,092,065
368,982,241
22,322,578,069
439,057,003
-20 6
-16 0
32,214.074,306 52,761,635,072 -19 8
Total all cities for week
•One day estimated.
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, Clearings being made up by the
clearing houses at noon on Saturday. and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon. Aug.15, for four years:
Week ending August 15.
Clearings as-1914.
1913.
New York
985,139,400 1,480,811,835
Philadelphia _
.119,368.660 138,338,218
Pittsburgh
46,066,858
47,973,188
Baltimore
31,446,285
34,155,485
Buffalo
10,999.329
11,291,670
Albany
4,951,203
5,817,083
Washington
6,146,628
6,942,071
Rochester
4.380,832
4,294,355
Scranton
2,904,138
3,117,057
Syracuse
2.551,558
2.625,761
Reading
1,617,315
1.850,776
Wilmington
1,405,317
1,715,365
Wilkes-Barre _
1,496,293
1,268,834
Wheeling
1,790,811
2,049,483
Trenton
1,597,975
1,624,533
York
881,159
821,515
Erie
1,022,515
1,265,014
Chester
597,247
573,429
Lancaster
1,419,036
1,352.971
Altoona
603,342
556,767
Greensburg
683.928
733,120
Binghamton
636,100
664.000
Montclair
367,411
428,575
Inc. or
Dec.
1912.
1911.
-33.5 1,755,034,687 1,694,377.256
-13.7 143,986,378 131,632.836
43,390,484
53,571,011
-4.0
29,010,127
37,367,026
-7.9
9,732,812
11,082,133
-2.6
5,942,580
5.693,376
-14.9
6,117,808
6,160,510
-11.2
3.754,812
4,667,533
+2.0
2,361,255
2,390,000
-6.8
2,771.488
2,342,567
-2.8
1,368,102
1,625,863
-12.6
1,595,786
1,488,137
-18.1
1,221,894
342
1,361,
+18.0
1,794,629
1,979,546
-12.6
1,482,044
1,864,606
-1.7
854,479
961,831
+7.3
834,155
991,410
-19.2
576,716
545,323
+4.2
784,624
1,307.908
+5.0
505,951
592,034
+8.4
475,000
522,110
-6.7
462,000
465,500
--4.2
-14.2
-29.9 2,036,429,782 1,940,617,917
Total Middle 1,228,073,340 1
,750,271,005
Boston
109,652,672 136,780,361 -19.8 149,693,744 151,092,331
Providence
7,000,000
5,904,200
7,613,400
7,326,300 -19.4
3,819,530
Hartford
4.282,666
4,084,034
4,160,547 +2.9
2,733,627
New Haven
3,281,444
2,737,610
3,252.398 +0.9
1,758,052
Portland
1,787,634
2,028,363
1.970.341 -9.3
Springfield
1,999,815
2,469,581
2,560,497
2,560,932 -3.6
2.203,284
Worcester
2,358,910
2,432,644
2,543,353 -7.3
750,607
Fall River
953.031
916,133
987,089 -3.4
New Redford
991,751
997.252
926.776
1.014,512 -2.3
535,5.50
Lowell
708,292
513,475
453,324 +56.3
546,054
Holyoke
585,959
599,131
618,330 -5.2
419,747
Bangor
502,505
441,018
515,717 -2.6
P'
Total New Eng. 133,478.645 182,183.207 -17.7 174.597.425 173.853,849
Note.-For Canadian Clearings see "Commercial and Miscellaneous News.'
*Partly estimated.
1913.
Inc. or
Dec.
1912.
1911.
2.2331
$
280,702,814 256,327,839
22,608,400
23,664,950
24,289,185 , 20,361,697
20,002,147
30,561.227
13,346,198
14,514,985
7.809.098
7,908.765
5,691,600
7,395,900
4,563,896
5,217.488
2,757,364
3,313.696
2,505,414
3,416,474
1,896,030
2,144,263
1,099,174
1,029,485
1,717,399
742,024
1,069,953
1,076,431
1,755,000
1,793,000
909,584
1,035,377
820.119
695,673
703,787
754,609
967,832
1,337,540
584,511
711,687
552,622
516,576
510,256
709,715
1,015.987
1,336,831
635,644
631,252
484,903
584,409
506,298
506,644
357,112
399,097
379,149
400,194
356,304
349,486
367,511
354,999
275.000
300,000
283.213
247,608
157,709
187,173
33,162
34,396
418,988.159 372,272,681
49,874.305
54,773,952
19,239,558
22,494,838
10,403,250
12.044,655
10,191,756
11,620,590
3,679,430
4,045.644
5,008,837
5,918,201
2,524,746
2,613,294
3,321,274
4,294,139
1,758,135
1,723.268
1,550,000
2,725,870
639,014
850,063
980,642
908,296
784,964
693,162
744,776
567,066
325,000
336,535
310,141
264,261
Chicago
259,370,831 285.458,457 --9,1
Cincinnati
21,651,650
23,671,500 ---8.5
Cleveland
23.829,630
25,269,832 ---5.7
Detroit
38,550,700
35.863,855
4-7.5
Milwaukee
16.365,566
15,045,467 4-8.8
Indianapolis
9,449.556
8,772,491 +7.7
Columbus
8,481,000
6,448,400 i-0.5
Toledo
6,430,782 ---0.6
6,389,997
Peoria
3,179.400
3,419,559 ---7.0
Grand Rapids3,233,771
3,371,676 ---4.1
Dayton
2,032,788
2,662,730 ---23.7
Evansville
1,275,536
1,269,637 +0.5
Kalamazoo
588,794
673,917 --15.6
Springfield, II1
1,110,247
1,049,274 +5.8
Akron
1,426,000
1,741,000 ---18.1
Fort Wayne
1,338,616
1,186,411 i
,12.8
Lexington
643.596
-I-8.1
595,877
Rockford
954,879
875,369 +9.0
Youngstown
1,571,222
1,622,929 ---3.1
Quincy
829,146
791,393 +4.8
Decatur
536,489
596,613 --10.1
Springfield, 0709,941
807,440 ---12.1
Canton
1,536,868
1,250,000 +22.9
830,261
649,938 +12.5
Bloomington-South Bend
656,001
587,095 +11.8
Jackson
497,117
600,000 --17.2
Mansfield
495,589
420,477 +17.9
Danville
400,000
422,710 -5.4
Lima
479,258
494,740 --3.1
Owensboro
320,233
402,902 ---20.5
483,076
452,600 +8.7
Jacksonville, Ill_
232.537
271,857 ---14.5
Ann Arbor
232,363
218,091
+6.5
Adrian
35,000
48,000 --27.1
Tot. Mid.Weet. 407,697,658 433,442,819 ---5.9
46,211,481
San Francisco
50,512,851 -8.6
21,618,113
Los Angeles
22,242,694 -2.8
12,333,205
Seattle
13,338,866 -7.5
9,705,141
Portland
11,520,630 -15.7
5,727,906
Salt Lake City
4,322,381 +32.5
3.495.177
Spokane
6,127,567 -42.9
2,059,108
2,590,248 -20.5
Tacoma
3,498,638
3,315,777 +5.5
Oakland
2,264,384
2.322,741 -2.5
Sacramento
2,150,538
2,300,196 -6.5
San Diego
797,994
836.874 -4.7
Pasadena
891,867
848,826 +5.1
Stockton
937,206
887,569 +5.6
Fresno
709,182
831.079 -14.7
San Jose
350,109
319,153 +9.7
North Yaklma
289,848
289,848 +3.2
Reno
Into tal.
Not
619,091
incl.
Long Beach
113,049,190 122,807,300 -7.8 126,284,:1 ,
111,014,758
Total Pacific
57,842,603
55,479,594 +4.3
55,073,326
43,264,943
KAILSaS City
20,328,687
-5.9
21,592,989
19,495,970
16,870,342
Minneapolis
14,898.246
16,723,897 -10.9
16,094,261
13,750,280
Omaha
7,920,101
9,824,147 -19.4
10,223,133
8,719,677
St. Paul
8,206,342
8,438,214 -2.7
10,314,890
Denver
8,512,750
5,605,584
7,838,265 -28.5
5,712,967
8,256,940
St. Joseph
4,397,161
4,603,592 -4.5
4,344,459
3,694,500
Des Moines
2.800,663
2,981,583 -6.1
2,118,625
2,722,242
Sioux City
3,502,147 +55.1
3,695,59
3,239,147
Wichita
3,379,846
3,027,69
3,662.049 -17.3
2,292,017
Duluth
2,122,576
1,641,74
1,623,894 +1.
Topeka
1,427,384
1,346,314
1,983,22
Lincoln
1,552,983
1,920,518 +3.
1,606,164
Davenport
1,163,944
1,546,607
1,399,882 -16.
1,302,348
1,581,14
1,120,000
1,345,796 +17.
1,076,184
Cedar Rapids_ _ _
785,159
Colorado Springs
750,362
833,627 -10.
890,497
570,774
Pueblo
614,385
589,229 +4.
618,976
063,748
1,056,395
325,768
456.338 +131.6
Fargo
943.013
Waterloo
1,270,514
1,152,452
1,603,348 -28.1
844,023
923,689
Helena
1,477,347
1,078,942 +36.9
273,792
Aberdeen
338,502
535,494
335,369 +59.7
316,851
Fremont ..
369,738
354,702
433,351 -18.2
192.368
249,975
220,000 +13.8
Hastings
198.153
316,497
330,846
351,914
378,718 -7.1
Billings
Tot. 0th. West 141,635,762 146,865,289 -3.6 142,624,336 118,728,377
67,115,057
St. Louis
79,500,320
67,359,215
71.555,645 -5.9
18,213,556
New Orleans_ _
15.129,716 -10.4
13,563,014
18,360,872
11,962,022
Louisville
10,779.245
19,266,417 -18.7
11,294,066
Houston
6.672,225
7,855,370 -15.1
Galveston
2,726,000
3,000,000
2,000,165
3,494,000 -42.8
Richmond
7,200.000
6,866,110
6.650.250
6.980,975 -1.6
4,485,978
4,938,862
Fort Worth
5,158,158
6,322,272 -18.4
4.022,070
5,797,779
Memphis
+0.5
5,468,111
5,493,170
9,099,109
9,837,030
Atlanta
9,913,022 +11.2
11,020,909
3,837,809
5,576.078
Nashville
5,874,661
5,567,627 +5.5
3,659,866
3,713,378
Savannah
3,197,456 -11.9
2,817,430
2,8.50,726
2,825,641
3,314,555 -4.1
Norfolk
3,179,041
1.937,583
2,571,372
2,724,589 -11.2
Birmingham
2,419,904
2,693,261
2,975,000
2,980,661 -10.6
Jacksonville __
2,665,116
1,366.931
1,717,668
1,743,055 -3.7
1,679,176
Knoxville
1,929,819
2,280,575
2,123.575 +22.7
2,606,233
Chattanooga-- 1,064,496
1,150,000
1,100,000 +8.1
1,188,856
Mobile
1,242,947
1,315,743
1,123,022 -7.8
1,035,050
Augusta
1,803,419
1,581,919 +22.4
1,298,615
1,936,685
Oklahoma
2,001,500
1,860,098 +3.3
1,922,093
1,363,491
Little Rock
1,059,284 +7.8
1,142,911
1,044,681
1,233,870
Charleston
2,150,000 +30.7
2,309,147
2,475,102
2,404,378
Macon
2,082,059 -27.8
1,722,449
1,504,763
1,938,392
Austin
214,047 -4.1
205.331
237,401
Vicksburg
163,587
353,219 +1.1
357,237
363,598
Jackson
299,773
270,688
308,414 -12.2
253,774
Meridian
250,000
1,590,728
1,153,294 +37.9
767,112
Tulsa
458,113
795,735
789,339 +0.8
Muskogee
659,138
613,828
Total Southern 164.912,996 175,448,319 -6.0 175,066,941 152,529,402
2,188,847,591 2,790,817,039 -21.6 3:073T9-9-0,447 2,869,017.145
Total all
Outside N. Y_ 1,203,708,911 1,3167006,154 -8.1 1,318,956,1601 1,174.639,889
498
THE CHRONICLE
[VOL. xcix.
But that was not all. The Government let out some
ofits own stock of gold. During the last three months
of the year it increased its deposits in the national
banks from $170,512,212 to $256,920,155. In other
words, every one then recognized that a deficiency in
cash reserves did not indicate a sound state of health
but a departure from it and that wise policy demanded
the exertion of all efforts to bring about a return to
the normal.
How different the view taken to-day. How
changed the character of the discussion. We are
asked to harbor the delusion that since our banks
now possess authority to issue emergency notes
ad libitum, we need give ourselves no concern about
anything else. All economic laws, we are encouraged
to think, are now to be suspended for our benefit.
Through these emergency note issues we are assured
THE FINANCIAL SITUATION.
of a supply of currency adequate to meet any demand
The extraordinary character of the proposal which that may arise. Why, therefore, trouble ourselves
would have our banks fill their coffers with emergency about maintaining a proper gold reserve. Let us,
notes, with the view to releasing $100,000,000, more therefore, be liberal with our gold and pay it out
or less, of gold to ship abroad, will appear when it freely for the benefit of Europe, which is engaged in
is noted that on Saturday last the New York City a gigantic war involving all the leading countries
Clearing-House banks and trust companies in their and which, in view of that fact, would like to add
weekly return showed a deficiency in cash reserves our own little pile of gold to its own enormous stocks.
in the considerable sum of $47,992,250. Such a
Such theorizing might appear plausible if the stern
deficit, whenever it occurs, is always an indication fact did not stare us in the face that even as it is
of disturbed conditions, and that conditions at there is a shortage of, roughly, $48,000,000 in cash
present are disturbed to an exceptional degree re- reserves, and to let go any more of the gold possessed
quires no testimony except the evidence of the senses. by the banks must tend inevitably to swell this
In a critical emergency like the present, a large deficiency. Suppose $100,000,000 additional gold be
deficit in cash reserves is not necessarily occasion for allowed to leave our shores, then the deficiency of
alarm, but it does suggest extreme caution. It re- $47,000,000 now recorded by the banks would be
flects an abnormal, not a normal, state of things, swelled to $147,000,000, for we know of no other
and what is required is the application of a correc- visible stock of gold that Europe could draw upon.
tive which shall restore the proper equilibrium
Some critics, we know, contend that not as much
between liabilities and cash reserves.
gold as this would be necessary, that Europe would
Never before in a period of financial stress when cease taking the gold the moment it found it was
there was a shortage of cash reserve has it been sug- available. But, on the other hand, there are other
gested that our banks should deliberately still further persons who contend that a great deal more than
deplete their cash reserves and replace the same $100,000,000 would be necessary, that possibly
with paper substitutes. It has always been ad- $130,000,000 might be necessary, while some estimmitted that these paper substitutes should be freely ates run as high as $200,000,000. On this point, as
provided to meet the extraordinary demand for to whether Europe, given the opportunity, would
circulating purposes which arises in periods of crises, take much or take little gold, recent experience
but never before has it been proposed that these would seem the safest guide. Such experience tells
paper substitutes should be used by the banks us that Europe has an insatiable greed for the metal
themselves and considered the equivalent of gold.
and will take every dollar that we will let her have.
What was it that was done during the panic of In the latter part of July,before a check was imposed
1907 to relieve the extraordinary situation then pre- upon the outflow of the metal, $5,000,000 to $10,-vailing and which found expression on that occasion, 000,000 of gold was engaged for export day after
as it does to-day, in a large deficiency of cash re- day, a total of $50,000,000 having actually been
serves? The facts are still within recol- taken within the period of 10 days, while the exlection and can be easily recalled. There was ports of the metal for June and July combined fell
an urgent demand then for currency and the but little short of $100,000,000. It seems reasonGovernment on the one hand resorted to exceptional able to conclude,:therefore, that if we once more
measures to bring about a temporary addition to encourage gold shipments, Europe in this crisis in
bank note circulation (a move which was so successful her affairs will take positively all we may place at
that the aggregate of national bank notes secured her disposal.
This brings us back to the question whether we can
by bonds was increased from $556,101,329 Sept. 30
to $643,459,899 Dec. 31), and the banks on the other spare another $50,000,000 or $100,000,000 or
hand, at all the leading places throughout the United $150,000,000 of gold. A sufficient answer to this
States,had recourse to the issuance of Clearing-House question is found in the circumstance already noted
certificates in liberal amounts. But it was recog- that the Clearing-House banks and trust companies
nized that that was not sufficient, either to meet in are afflicted with a deficit of reserves,and that this
full the demands for an extra supply of circulating deficit has been steadily growing,until last Saturday
media or to fortify the banks with adequate cash it aggregated $48,000,000. Such deficit cannot be
reserves. Accordingly our banks proceeded to im- allowed to exist a moment longer than absolutely
port gold,and in the short space of a few weeks over necessary and there is no way to correct this defect
S 00,000,000 of gold was thus drawn from abroad. except by adding to the stock of gold in the banks.
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the August
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR. and
others.
AUG. 22 1914.1
THE CHRONICLE
499
in
Under these circumstances, how incongruous the truth is, we dealt far too liberally with Europe
during
stock
our
of
$100,000,000
nearly
with
proposal that we should deliberately invite a further parting
June and July. To go a step further now and let
increase in the deficiency.
Europe have $50,000,000 to $150,000,000 additional
abroad
amounts
But it is argued that if we owe
would mean a serious menace to us and threaten the
is
medium
which
we ought to meet them in the only
the basis of international exchange, gold. The argu- maintenance of gold payments.
The deficit recorded last Saturday by the New
ment is plausible and yet a specious one. If we were
of
told that any balance owing by us, after offsetting York Clearing-House banks and trust companies
gold
large
our
from
debits against credits, should be paid in gold, the $47,992,250 followed entirely
the
force of the argument would readily appear. But exports. On June 6 the specie holdings of
Last
41,715,000.
were
institutions
Clearing-House
to
not
pay,
that is not the point at all. We are asked
Here is a
the net balance in gold but the gross amount of our Saturday they were only $308,928,000.
part due
greater
the
loss
$133,000,000,
roughly,
of,
the
amounts
let
even
obligations. Europe will not
holdings
gold
these
in
the
credits
to
gold
Imagine
her
exports.
as
country
this
owing by us remain in
$150,000,000!
to
reduced
supplies
of
$100,000,000
foodanother
the
for
draw
to
which
favor against
stuffs that we possess in so much abundance here Would not the banks then be on the verge of the suspension of gold payments?
and which she so urgently needs.
Another fact should not be overlooked. Last
The proposition, in its nakedness, is that we
meet
our
to
Saturday's
deficit of $47,992,250 exists after countgold
shall draw upon our supplies of
ing
if
no
protest
of greenbacks as part of the cash
make
$73,800,000
shall
but
debts maturing abroad,
refuses
to
of
These greenbacks are
the
part
reserves
and
stock
institutions.
own
her
on
tight
Europe sits
freely
legal
she
how
reserve,
may
matter
true reserve. On
but
not
they
are
no
metal,
the
of
any
with
have to buy our goods and foodstuffs. The foreign the basis of gold alone, last Saturday's statement
exchange market is entirely disorganized for the time would,haveshown a deficiency of about $122,000,000.
being, not as a result of anything done by us, but Contemplate,therefore,the predicament of the banks
because of the outbreak of war in Europe and the should their reserves be further diluted with paper
refusal of the European banks to use gold in their issues in the shape of emergency notes and their
settlement of trade balances. This is a situation stock of gold be drawn down another $100,000,000
which must be endured because it cannot be cured, or so! In view of all this, further talk of accombut we are not called upon to make the arrangement modating Europe with some more of our gold should
still more one-sided by supinely turning over addi- cease.
tional gold when we know we cannot get any of it
The overwhelming predominance of the war situaback again.
in this month has caused the business world to
of
tion
$50,000,000
It is said there are $40,000,000 or
temporarily
forget the menace held over it by the
the
next
in
met
municipal obligations which must be
bills in Congress. To representaundisposed-of
be
still
cannot
exchange
sixty or ninety days, and since
of
and
shipping
tives
finance the President said, a
pay
to
ought
we
remittance,
the
purchased to make
the
that
ago,
has,at least, brought the
exigency
faith.
week
good
and
sincerity
our
show
in gold and thus
a
upon
ground of mutual
together
common
people
other
party
the
what
do
to
asked
be
we
But
cannot
that
as this furnishes
a
"such
and
conference
interest,
our
that
urged
is
It
do.
will
not
contract
to the
the antagonism
to
that
proof
the
country
acceptable
credit will suffer if we do not let the gold go out to
and
has
business
Government
between
disappeared
satisfy Europe's need. Surely, however, we cannot
has
come
there
upon
the
business
that
spirit of
and
be condemned for doing what the whole world is
rivalry
and
co-operation
generous
which
is
the
essence
and
doing. Europe is protecting its stock of gold
statesmanship."
of
of
the
height
we must protect ours. It would be
This is in the President's old vein of soothing
folly for us to attempt the impossible. If Europe
but indicates that he still clings to the
generalities,
that
in
her
pay
will not pay us in gold, we cannot
which lies at the bottom of his determisconception
us.
with
not
her,
medium. The fault rests with
Besides we have not agreed to pay by the actual mination to purge business of the selfishness that
delivery of gold. That is not the way in which inter- infests it in approximately the degree of its size and
national trade relations are conducted to-day. Foreign success and is evidenced by size and success. There
exchange bankers, through their operations, consti- is no "antagonism" between Government and busitute a sort of clearing house for settling international ness, there has been none, there never can be any;
trade. When New York City placed some $40,000,- the attitude of business has been only the desire
000to $50,000,000of short-term obligations in France, (not yet expressed and concentrated by effective
the gold in payment was not actually carted over to organizing) to save itself from being throttled. It
this side. The municipality received bills or a credit, has asked leave to continue Jiving; to not be conthat being the usual method of making payment. demned without specific charges, established by
Now that these same obligations are to be paid off, formal trial according to the methods of centuries;
the requirement is equally lacking which would com- to be allowed the presumption of innocence instead
pel the gathering of the gold in a heap and shipping of being brought under the presumption that inequality in success as between business rivals proves
it to the other side.
The long and short of the matter, however, is inequity in methods.
One of the Washington correspondents asks us to
that Europe has actually suspended gold payments.
So long as this state of things continues, it is impera- note what he calls the sudden shift of attitude of
tive that we shall not sacrifice our own stock and business and the Government, caused by the war.
throw it into the sink-holes of Europe. This course Latterly, business was protesting, was wishing
is all the more incumbent upon us, since in the Congress would go home, but the President and
last analysis, contrary to the opinion so generally Congress persisted and tried to persuade business
expressed, we have no further gold to spare. The that the treatment against which it protested was
500
THE CHRONICLE
[VOL. xe
really good for it; now, in the exigency of a great ties prolonged, further new supplies will be needed
war, business hurries representatives to Washington or operations be interfered with. From whence are
for conferences. Now "business comes and over- they to come? This question has engaged the attenwhelms the Administration and Congress with sug- tion of the London "Financial News," a journal degestive legislation," and if Congress had adjourned voting much attention to mining matters, and it venas desired the business world (in the opinion of this tures the opinion that with Germany shut off as a
correspondent) would have earnestly urged that it source of supply the cyanide industry will again come
be called back.
to the front in England, and • that, furthermore, the
This opinion as to the source of the "overwhelming" United States can be reasonably expected to take
rush of propositions is perhaps not stated with the advantage of the situation and manufacture the
strictest correctness, but even if it were precisely chemical more largely. The "News" states that the
so there would be no inconsistency between the importance of an adequate supply of cyanide to the
desire to have Congress desist from its destructive Transvaal may be gathered from the fact that during
movement and the desire, now that an emergency 1913, according to official statistics, the Rand alone
has arisen, for some legislation which may help consumed 10,167,934 lbs. of cyanide, of the value of
business adjust itself to the situation or take advan- £424,831, while the outside districts were responsible
tage of the possible opportunities presented thereby. for a consumption of 928,878 lbs., of the value of
To aid business by some constructive work is just £38,730, making a total of 11,096,812 lbs., valued at
as reasonable to ask, as a part of public duty, as to £463,561. The explosives used in the 'mines are
desist from threatening business by mere meddling.
almost entirely manufactured in South Africa, and
Unhappily, however, there is no warrant as yet for the adequacy of the supply available will naturally
believing that the President has experienced any depend upon the ability of the English navy to
change in purpose as to the latter. A few weeks ago keep the ordinary trade routes open.
Senator Colt of Rhode Island, who was himself once
Transvaal gold production in July, while falling
on the bench of the Federal courts, explained to the a little below that for June in average yield per diem,
Senate the several interpretations which a court at 732,485 fince ounces was greater than for any
might give to the term "unfair competition," and month since June 1913, exceeding the corresponding
said that to pass a law capable of so many different month of that year by 77,096 fine ounces, the strike
constructions "would certainly lead to endless con- then being at its height. Contrasted with July 1912,
fusion, and its effect would be most injurious to the however, there is a loss of 33,853 fine ounces. The
business of the whole country;" further, that "to seven months' yield of 1914 stands at 4,819,332 fine
pass this Trade Commission Bill, giving five men ounces, or 476,478 fine ounces less than in 1913 and
power to exercise a police supervision over the busi- 489,913 fine ounces smaller than in 1912.
ness of the country and to regulate commerce by
prohibiting any act which they may deem to be unfair
The Bureau of Statistics of the American Iron and
competition in a legal sense or a moral sense or a trade Steel Institute (William G. Gray, Statistician), which
sense or an anti-trust sense, would be as unwise and is continuing the statistical work formerly performed
as uncalled-for a piece of legislation as was ever en- by Mr. James M. Swank of the American Iron &
acted by an American Congress," and if it is to be Steel Association, has made public the statistics of
done, we must all change our ideas of liberty.
pig iron production for the first six months of the
Mr. James A. Emery, counsel for the not very current calendar year. It shows, of course, a greatly
solidly-organized Council for Industrial Defense, has curtailed output. At the moment, the war in Europe
urged that the hope of the country for beating the and the events and effects connected with the same
Clayton Bill lies in keeping it on the floor for dis- so completely overshadow everything else that one is
cussion and compelling its ambiguous and discrimina- quite inclined to overlook the fact that even before
tory propositions to be explained and put upon the this wholly new disturbing influence of gigantic prodefensive, particularly as to alleged but undefined portions came in to completely disrupt the trade of
"unfair competition" and the proposition to exempt the whole world,business depression of a very prolabor unions. Now Mr. Emery declares that the nounced character existed in the United States. And
changes thus far made in the bill have not removed nowhere was this business depression more in evidence
the substantial badness which was in it as it went than in the iron and steel trades. The origin and
through the House, and that the attention of the explanation of the depression we must seek in the
newspaper press and the people ought not to be so radical legislative and Governmental policies of the
occupied by the European war and its possible bear- day and in the inauguration of a new tariff system
ings upon this country as to forget this mischief sharply reducing customs duties. At all events the
overhanging and allow that to be fastened upon us make of pig iron in the first six months of 1914
without our being awake to it. The counsel is timely. reached only 12,536,094 tons, as against 14,477,550
tons in the last six months of 1914 and 16,488,602
Transvaal mining operations, it is believed by tons in the first half of that year. The falling off in
many well versed in the matter, will not be interfered production does not measure the full extent of the loss
with to any serious extent by the European war. sustained by iron and steel manufacturers during the
In fact there is a quite prevalent disposition to expect half-year. In addition prices dropped to the lowest
that production will go on about as usual. Ordin- level reached in a long period of time. As an indiarily there would be no especial reason for associating cation, but only a partial indication, of the drop in
the one with the other, but the need for supplies prices (in the highly finished forms of steel,the shrinkof cyanide has caused the question to come up. For age was still more marked), we may note that steel
some time past supplies of that all-important chemi- billets at Pittsburgh during the half-year were
cal have been obtained almost exclusively from Ger- quoted at only $19 00420 00 per ton, against $27 00many, and the mines are believed to be fairly well $28 00 during the same period last year.
stocked for some months to come. But with hostili
AUG. 221914.1
THE CHRONICLE
501
The building construction returns from leading land, Spokane, San Diego, Tacoma, Milwaukee,
cities of the United States for July 1914 indicate Duluth,Birmingham,Fort Worth,Houston, Newark,
that before the European war came in to upset .all Jersey City, Utica and Troy.
In the Dominion of Canada the situation in the
calculations, there was some indication of a revival
compared
with
late
month was much the same as in June, operaas
building
operations
in
activity
of
the corresponding period a year ago. In some lo- tions in the aggregate showing a nominal diminucalities , of course, the permits issued during the tion from July a year ago. Twenty-four cities in
month showed conspicuous inactivity to be still a the Eastern Provinces furnish a total of intended
feature, and yet in the case of a majority of the disbursements this year of $7,601,259, against $8,municipalities from which we have advices (95 out 232,827 last year and for 16 Western municipalities
of 156), an augmentation of operations is disclosed, the contrast is between $4,731,611 and $4,547,838.
with a very considerable amount of work being done The 1912 aggregate, however, for the latter was in
at a number of the cities. In fact, analyzing the excess of 11 million dollars. The total of all (40
data at hand by groups, we find that every section cities) is $12,332,870, against $12,780,665 and $18,except the Pacific Slope and New England records 598,422, respectively, in the two preceding years.
a greater aggregate of intended outlay arranged for For the seven months of 1914 the contemplated
in July than for the same month of 1913, and that expenditure shows a conspicuous decline from 1913.
the decline in the last-named division is explained In the East he total, at $44,458,362,compares with
solely by the exceptional magnitude of the construc- $50,602,674—a high record—the loss being mainly
tion work planned in one city (Cambridge, Mass.) in Ontario and at Toronto, Hamilton, Fort William
and Port Arthur. A much more marked decline
a year ago.
In Greater New York the estimated outlay cov- is exhibited in the West, the comparison being beered by the contracts entered into during July is tween $27,853,998 and $40,244,518, and in 1912
moderately less than a year ago—$14,009,953, the total was no less than 53 1-3 millions. All the
against $15,083,092—important increases in the cities of any prominence except Winnipeg share in
boroughs of Brooklyn, the Bronx and Queens being the falling off from a year ago,and Edmonton,Vaninsufficient to offset the falling off of nearly 5 million couver, Victoria, Regina and Moose Jaw most
dollars in Manhattan. Outside of Greater New largely.
York, however, the work called for under the perA bill proposing a change in the basic gold backing
mits issued covers an approximate outlay of $70,4 millions over of the note issue of Canada has been framed by the
362,351, which shows a gain of 63
1913, and a decline of only 33/ millions from 1912. Finance Minister. The bill proposes that 25% gold
More or less conspicuous losses are in evidence at a shall be held against the first $50,000,000 in Dominfew of the larger cities, such as Los Angeles, Hartford, ion notes issued. At present 25% gold is held against
New Orleans, Milwaukee, Newark, Denver, Cleve- the first $30,000,000 in notes and gold must be held
land, Toledo and Fort Worth, but the increases are for every dollar issued above that amount. After
notably large at such centres as Philadelphia, Pitts- the proposed bill passes, gold will be held for every
burgh, Baltimore, Buffalo, Washington, Syracuse, note above $50,000,000. The effect of the change
Rochester, Worcester and Springfield in the East; is that, while at present Canada's credit stands for
Dallas, Houston and Richmond at the South, and the securities of notes to amount of$22,500,000,hereChicago, Cincinnati, Detroit, Louisville, Kansas after the amount secured by credit instead of gold
City, Minneapolis, St. Paul, St. Louis and Seattle will be $37,500,000, or $15,000,000 more. A war
in the West, with a number of the smaller munici- appropriation of $50,000,000 was put through the
palities, moreover, showing percentages of augmen- Canadian House of Commons on Thursday. There
tation well up in the hundreds. Including NewYork, was no opposition and no criticism. The Prime Minthe aggregate for the 156 cities is $84,372,304, as ister, Sir Robert Borden, explained that the sum was
compared with $78,779,338 for July 1913 and $90,- required in financing the military organization which
760,276 for July 1912. Contrasted with 1911, there Canada has offered the British Government. It is
necessary for Canada to increase its revenue and a
is a gain of 13 million dollars.
For the seven months of 1913 the projected ex- plan has been suggested by the Finance Minister
penditure at the 156 cities is the smallest since 1911. whereby it is expected that $1,000,000 monthly in
As we compile the result, it totals $532,510,531, war taxes will be available through higher duties,
against $552,832,914 in the period of 1913 and $590,- in accordance with a schedule published on another
977,113 in 1912—this latter a high-water mark. page.
The Finance Minister stated that Canada would
Greater New York's operations at 94 millions compare with 103 millions and 145 millions, respectively, have to meet obligations amounting to $36,000,000
in the two preceding years, while outside of this city by borrowing. The Duke of Connaught opened a
the aggregate at 438 million dollars falls below 1913 special session of the Canadian Parliament on Tues%.millions and below 1912 by 73
by 113
4 millions. day. The session was called to legalize any action
The Pacific Slope group of cities records a compara- the Cabinet may have taken in connection with
tively large decrease from last year for the seven- military matters associated with war preparations
month period; there are moderate losses in New and to provide for future financial or other continEngland, the Middle States and at the South, but gencies. A Montreal press dispatch states that in
the Middle West and Far West with high-record view of war regulations, several Canadian companies
totals show very satisfactory gains. As regards the have been compelled to cancel dividend checks made
ndividual cities, activity thus far in 1913 is espec- out to German and Austrian stockholders. Apart
ially to be noted at Philadelphia, Detroit, Cleve- from Canadian Pacific, the amount of purely Canaland, Kansas City, Minneapolis, St. Paul, Wash- dian stocks held on the Continent of Europe is not
ington, Albany, Seattle and Baltimore, and com- large, and withholding of dividends coming due,
parative absence of it at Los Angeles, Portland, Oak- therefore, will not involve any large sums. Share-
502
THE CHRONICLE
holders in this country or Canada with Canadian
Pacific certificates in Austrian or German names
should promptly have the stock transferred to their
own names.
VOL. xcix.
ernment:
- broker:is buyineconsols at 70 from Stock
Exchange dealers. Bar silver in London has declined id. this week to 26d. The reduction was
accompanied by reports that the Bank of England
had temporarily withdrawn from the market as a
General Carranza, head of the Mexican Constitu- purchaser for coinage purposes. For several weeks
tionalists, entered Mexico City at the head of his the Bank of England has been naming a fixed price
troops on Thursday. He wore a simple fatigue for the metal and has purchased liberal amounts.
uniform of khaki and Texan hat, such as he has worn
throughout the campaign. He was surrounded by
No definite date has yet been announced for the rehis staff and the prominent chieftains of the revolu- opening of the London Stock Exchange. So far as
tion. Carranza made an address from the central the report of suspension of the Bank Charter Act is
balcony of the Presidential Salon. He said he concerned, the facts appear to be that no suspension
decided to raise the standard of revolt as soon as in has yet been found necessary, though the Bank of
his capacity as Governor of Coahuila he received England has Parliamentary permission to issue notes
a telegram from the usurper of power stating he without a gold reserve if the necessity does arise.
held the legitimate President and Vice-President as Experience thus far, according to London correspondprisoners. He said the Constitutionalist movement ents, suggests that the necessity will not come. The
had been constantly misrepresented in the press, new notes that have been issued in small denominathose who had participated in it being described tions are not strictly emergency currency. Nor are
as bandits and their victories turned into defeats. they forced currency. The notes have been issued
But in the end truth had prevailed. General in place of notes of higher denominations. The gold
Carranza appealed to the people who had supported reserve against them (together with a loan of £11,the revolution to support the Government emanating 000,000 owed to the Bank by the Government) still
from the revolution, so that any person who sought remains intact as security. It may happen in the
to start trouble might at once be reducedito order. future that an emergency currency in the form of
Carranza, it is reported, has decided to repudiate notes not backed by gold will have to be made,
an issue of $60,000,000 6% gold bonds authorized but newspaper correspondents state that the necesduring the Huerta regime. Of these bonds $10,- sity for that has not yet arrived, and it is quite pos000,000 are now in circulation and the Governor of sible that it will not arrive. It is estimated by Lonthe Federal District will deliver a proclamation don authorities that should the Stock Exchange at
making them worthless. Carranza's action is based that centre open at once, between fifty and three
upon the decree which he issued on April 26 repudia- hundred firms would become involved, particularly
ting the acts of the Huerta administration. The very wealthy firms which have done a large arbitrage
$10,000,000 which is out was issued on July 26 business with the Continent. Many of these would
during the incumbency of Provisional President be solvent but for the fact that their Continental
Carbajal. The new Constitutional Cabinet has creditors cannot pay for the stocks purchased and
just been announced as follows: Minister of cannot deliver stocks sold because of the general
Foreign Affairs, Ysidro Fabela; Minister of the moratoria on the Continent. Some doubt appears
Interior, Eliseo Arcedondo; Minister of Public to exist as to the German situation. It has, for inInstruction, Dr. Miguel Silva; Minister of Com- stance, been stated with some positiveness that no
munications, Ygnacio Bollas; Minister of Finance, moratorium had been declared in Germany. Hence
Felicitos Villareal; Minister of War, Eduardo Hay. banking interests here who have German connecPending the reorganization of the courts the appoint- tions are at a loss to explain a Berlin dispatch received via London to the effect thatthe German morament of Minister of Justice is deferred.
torium had been extended until the end of SeptemPius
X.,
died
Pope
in
at
ber. A large international house yesterday received a
Sarto,
Guiseppe
Rome
advice via Copenhagen that a "moratorium
morning
at
the
on
Thursday
age
of
80
cabled
o'clock
1:20
years, having reigned as Pope for eleven years. is declared in Germany for three months for all foreign
The Pope had been ill for four days with bronchial debts contracted before July 31." The German
affections but up to Wednesday no fatal outcome Government has been petitioned to establish a
had been feared. The end was peaceful. He was clearing house for the adjustment of German
greatly depressed over the outbreak of war in Europe. trade, debts and credits. A warning was issued
by the London Stock Exchange Committee on
The activity that has been shown in London Thursday to brokers holding balances and setaking bills, accepted before the moratorium, to the curities of Germany and Austria to retain the same
Bank of England for re-discount is producing a during the war unless to satisfy German legal oblicondition of distinct ease and redundant funds at the gations to British subjects incurred before the war.
British centre. An example that is illuminative in This initial step, according to press cables, is to inthis direction is the result of an offering of British sure the Stock Exchange participation in any clearTreasury notes on Wednesday. The applications ing scheme for German debts and credits. Berlin
for the £15,000,000 in bills showed an aggregate of and Frankfort banks endeavored early in the week
£42,115,000, and the Government secured the funds to dispose of English holdings in Rotterdam. Dutch
.
the source of the bills, refused
on an exceptionally favorable basis considering the bankers, aftei.tracing
conditions that are current. Tenders of £98.1s. 8d. to take the risk. _There appears no doubt that the
received a 48% allotment; higher tenders secured full moratoria as they.. mature will in most instances be
allotments and the average discount rate was extended by the various governments. A dispatch
£3 13s. 13/
2d. This result, it is suggested, shows from Constantinople states that the Porte has anthat the Government could float a 3%% loan suc- nounced a moratorium of one month on all obligacessfully' at par. London advices state that a Gov- tions exceptlicoupons. The Maltese Government
AUG.22 1914.]
THE CHRONICLE
503
There have been some tentative negotiations
has passed an ordinance enforcing paper currency,
Austrian and New York bankers with a view
between
declared
till
previously
extending the moratorium
suspended
the end of August and authorizing the banks to pay to a war loan. These, too, have been
loans
such
as a result of the definite attitude toward
10% on deposits.
Swiss
the
which
at Washington. As regards a loan
Government is seeking at this centre, as SwitzerCable
open.
formally
still
is
Bourse
The Paris
objection
advices declare that the attendance is fair, but the land is not at war, there is of course no
Bryan
Secretary
and
case,
to
in
here
borrowing
its
members are doing little else than discussing war
why
reason
"no
was
there
that
stated
distinctly
news. Listed securities cover ten items for the
of
governments
the
loans
to
made
be
should
not
reports
quote
account and 82 for cash. Latest
Switzerthat
understood
is
It
nations."
neutral
82.
at
the
3s
and
new
French Rentes at 7531
arranged, the
The State Council,upon the Government's authority, land desires a loan of $50,000,000. If
established
has opened credits of 2,700,000,000 francs for war transaction will take the form of a credit
purposes, and the Government, in order not to over- here from which payment may be made for products.
burden the Bank of France, is expected to issue
With the exception of a reduction to 5% from 6%
1,500,000,000 francs Treasury notes. Operations
the Bank of France and to 532% from 6% by the
by
on the Coulisse were resumed on Monday and a fair National Bank of Norway, there were no other
business for cash in this, the Paris curb market, has changes
reported this week ill the European official
been reported. The French Cabinet met on Wednes- discounts.
Private discounts in Lombard Street
day to discuss a possibility of relaxing the mora- are quoted at
53.(%, against 5%, the official rate,
torium. M. Aubert, the "Figaro's" financial edi- and with the
of the re-discounting by
continuance
tor, in discussing the proposed modification of the the Bank of
is ample ability of bill
England,
there
moratorium to allow depositors to withdraw 5,000
buyers
to
take
up
at the quotation
all
offerings
francs plus 25% of their deposits in excess of that named. There
have been no quotations for private
amount, argued that no benefit would accrue and bank
discounts
from
other European centres. Eurothat the only result would be that depositors would pean official bank rates
follow: London, 5%; Paris,
then withdraw the sums permitted and hoard the 5%; Berlin, 6%;
Vienna,
8%; Amsterdam, 6%, and
money. He advocates an entire abrogation of the Brussels, 7%.
moratorium and a return to the conditions that existed before the war began, believing that after a
Germany and Austria have had another Power
certain amount of confusion confidence would be added to their long list of antagonists. Japan sent
restored and business life resumed. The American an ultimatum to Germany on last Saturday night
Chamber of Commerce in Paris has obtained from demanding the withdrawal of German warships
America (quoting press cable dispatches) orders for from the Orient and the evacuation of Kiau-Chau.
$60,000,000 worth of French goods in the making of Germany was given until Sunday, Aug. 23, to comwhich women are largely employed. The project ply with the demand. That the ultimatum will
was put through upon the conviction that insuring result in war being carried into the Orient there
continuance of her economic life was the best way appears no reason to doubt. Emperor William is
of helping France at this juncture. The Prefecture reported to have ordered his troops and warships in
of Police in Paris estimates that there are 600,000 China to resist any action by Japan.
It is announced officially in London that Japan's
out of work in the French capital and suburbs, or
Department
the
of
population
the
of
move against Germany in the Far East was taken
nearly one-sixth
of the Seine. Those who have savings find difficulty with the full knowledge and approval of the British
in getting hold of them, as they may draw only 5% Government, following assurances by Japan that
of the deposits during the first two weeks, though she would abide by the letter of the Anglo-Japanese
beginning Aug. 20 they may draw 10%, and it is Agreement and that she contemplated no hostile
considered likely that the Government will further action against any of the German possessions on the
liberate the deposits in the banks. The issuance of Pacific except Kiau-Chau. Thus the possibility of
small notes by the banks has relieved the contrac- a Japanese move toward Samoa or other quarters in
tion of currency caused by the disappearance of which the interests of the United States would be
gold which marked the first days of the war.
affected is eliminated. Advices via Paris tell of an
active forward movement of Russian columns a
On Saturday last, in reply to a request for infor- fortnight sooner than had been expected. An ofmation on behalf of the Swiss Government as to the ficial communique issued by the General Staff at
attitude of the Administration, Secretary Bryan an- St. Petersburg says that several columns have crossed
nounced that "loans by American bankers to any the frontier and assumed the offensive "along the
foreign nation which is at war is inconsistent with the whole line." In East Prussia the Russians are retrue spirit of neutrality." j. P. Morgan & Co. ported to have already occupied Gombiner and Lyk,
thereupon announced that all negotiations regard- two very important positions, having forced the
ing the suggested loan of $100,000,000 to the French first German division to fall back.
Government had been dropped. Mr. Morgan made
The censorship over cable dispatches is still so
the following statement:
active and complete that real news from the belliger"The question had been asked of the Administra- ent forces is very scarce. The Central News Agency
tion not because there was any question of the legality at London received a dispatch from its Ghent corof a loan, but in order that any action to be taken respondent yesterday telling of the fall of Brussels.
might be in harmony with the ideas of the Govern- The dispatch was filed at 2:34 p. m.,
Thursday, but
ment. Of course the question is disposed of by the
the
by
censor.
It
read:
held
was
"Germans
entered
opinion as expressed by the Secretary of State.
The firm is so advising the French intermediaries Brussels this morning." The French War Office
has officially admitted the occupation of Brussels
who approached them in this matter."
504
THE CHRONICLE
by the Germans, the Belgian Government having
retired to Antwerp. An official explanation of the
Belgian backward movement toward Antwerp was
given on Thursday night in the following cable from
London made public by the British Embassy:
"The retirement on Antwerp was considered long
ago. The newly organized Belgian army had not
sufficient cavalry to meet the huge mounted curtain
of invaders advancing on both banks of the River
Meuse toward Brussels. A raid by this cavalry
might reach the capital in the same way as that which
just failed, to result in the death of General Leman
at Liege. The more prudent place for the centre
of Government was inside Antwerp. Antwerp is
an impregnable fortress, which could stand a year
of siege alone and resist for an indefinite period with
the British fleet keeping the sea open."
The British Embassy also on Thursday received
from its Foreign Office a summary of the naval and
military situation as it has developed since the war
started. It follows:
"Since the declaration of war the fleet has been
responsible for the safety of the expeditionary force,
which completed its disembarkation in France on
Aug. 18, which was effected in perfect order and without a casualty. •The work of the navy in the Atlantic
and elsewhere in safeguarding the trade routes is
best exemplified by the fact that at Lloyds, yesterday, the war risk rate fell to 40 shillings per cent
for almost any voyage of British vessels, whereas
the rate to insure freights of corn paid by steamships
from the United States to a British port is 30 shillings per cent. The German fleet outside the Baltic
is confined to harbors. English commerce is almost
normal. German sea-borne commerce is paralyzed.
The only casualty is the loss of a light cruiser, the
Amphion, blown up by a mine after having sunk the
German mine-layer Konigen Luise. One German
submarine has been sunk in the North Sea. The
military position is as follows: The German forces
at present extend from north of the neighborhood
of Basel through Liege to a point in Belgium to the
east of Antwerp, and near the Dutch frontier.
Outstanding features of the operations up to the present have been the delay caused to the contemplated
German offensive across the Meuse, by the defence
of Liege, where the forts are still instact. It has
permitted the orderly mobilization and concentration of French army and British expeditionary force.
German troops have now crossed the Meuse, both
above and below Liege, and are gaining some ground
slowly westward, but their advance cavalry has been
continually checked by the Belgians. In the south,
where the German armies are apparently on the defensive, the French are advancing on a long line into
Alsace and Lorraine, a great extent of which they
now occupy after driving back in several engagements
tjle troops opposed to them."
The weekly statement of the Bank of England
showed the large increase of 03,939,000 in loans
(other securities), which indicates how actively
Threadneedle Street is discounting bills under the
guaranty by the British Government which was announced on Thursday of last week. The outstanding loans now show the phenomenal volume of
£94,725,000, which compares with only £27,813,574 at this date last year and 05,103,208 in 1912.
The rush of bills has been so great during the week
that the Bank has been overwhelmed, so far as its
physical ability to handle the discount business is
concerned. It has been compelled to give notice
each day that further purchases of bills would be
temporarily suspended, but that the policy was to
continue discounting of all bills that were offered.
xcix.
The Bank's staff is:working day and night.. London
correspondents state that the Government and the
Bank never expected that wealthy bill holders would
rush to the Bank. But apparently everybody wants
to turn their bills into cash or credits. The South
African gold shipments have been discontinued.
The gold will remain in South Africa but will be
credited to the Bank. In the same way gold deposited at Ottawa will likewise remain there, but be
credited in the Bank's return and rank as a basis of
credit. The Bank's gold coin and bullion holdings
increased £4,945,220; the reserve showed an expansion of £3,693,000 and the proportion to liabilities
is 15.80%, against 17.02% last week and 58.62% one
year ago. An increase of £1,252,000 was reported
in note circulation, of £5,785,000 in public deposits,
of £24,768,000 in other deposits and of £3,000,000 in
Government securities. The bullion item now aggregates 07,959,849, against £42,297,811 in 1913
and £40,912,288 in 1912. The reserve is £19,222,000, against £31,403,901 in 1913 and £30,108;153
in 1912. Note circulation amounts to £37,186,000
and compares with £29,343,910 at this date in 1913
and £29,254,135 in 1912. "Other deposits" showed
the large total of £108,093,000, comparing with
£43,214,309 in 1913 and £42,889,928 in 1912. Government securities aggregate £26,041,000, as against
£12,453,405 in 1913 and £13,367,655 in 1912. Our
special correspondent furnishes the following details by cable of the gold movement into and out of
the Bank for the Bank week: Imports, £3,402,000
(of which £316,000 from South America, £1,156,000
bar gold and £1,930,000 American gold coin bought
in the open market); exports, nil, and receipts of
£1,543,000 net from the interior of Great Britain.
The formal statement of the Bank of France has
been suspended during the war. It has not been
announced definitely whether the Imperial Bank of
Germany is publishing its statement. No figures
however, have been received by cable this week.
In local money circles a firmer tone has developed,
representing the caution of lenders rather than a
specific demand from any class of borrowers. Regular customers of the banks are in instances able to
obtain accommodation for short maturities at about
6%, but the asking rate now is 8% for all periods
up to four months and 7@8% for five and six months.
The demand for call loans is light, as there is no trading of importance in Stock Exchange securities.
Hence the complete absence of the usual demand in
that direction. Last Saturday's bank statement,
which reported the average figures only (the giving
of actual figures having been discontinued temporarily), showed increases of no less than $36,842,000
in the loan item, of $3,703,000 in deposits and of
$22,924,000 in note circulation, the last named
representing in large measure the issuance of emergency circulation. There was a decrease reported
in cash on hand of $3,857,000, and as the expansion
of deposits called for $1,019,250 in cash reserve,
the deficit below reserve requirement showed a
further increase of $4,876,250, making the total
deficit $47,992,250. A year ago there was a surplus of $24,642,750 and two years ago there was a
surplus of $21,762,000. The banks during the week
lost $8,047,000 in cash in vaults, while the trust companies gained ,190,000 in cash in vaults but lost
$2,791,000 in the item of cash in banks.
AUG. 221914.]
THE CHRONICLE
505
through the State Department. It will recite that
American bankers will pay off the existing debts to
England by depositing gold in Ottawa, providing
that assurances are given that as soon as exports of
the United States move to England and a balance
is due to the American bankers, payments will be
made in gold by the actual transfer from either London or Ottawa. Mr. Arnold said that Chicago had
definitely undertaken tofinance a part of the debt due
English bankers and the First National Bank of
that city had already shipped a half-million in gold
to Ottawa.
Mr.J.P. Morgan visited Washington on Thursday
to discuss with Secretary McAdoo and the Federal
Reserve Board the means of conserving the gold supply of the United States. It was stated at the
Sterling exchange has again been highly disap- Treasury after Mr. Morgan's visit that so far as
pointing. During the earlier days of the week some the control of the situation or the influence of the
relaxation was shown, demand bills going as low as creditor classes in the matter of the demand for gold
4 943/i and cable transfers touching 4 973/a, while in liquidating obligations was concerned, the Treasseven-day grain bills began to be quoted on Monday ury Department was helpless. The Government
for the first time since the war began. On that day could only assist by using currency everywhere
4 86% was available, but later a steady advance possible in place of gold, so as to help to maintain the
took place until 4 94 was touched on Thursday. supply to the banks The policy of the AdministraThe entire market moved up sharply during the tion, it was added, is to expedite as rapidly as possiweek. Out own Government is taking energetic ple the shipment of our grain to Europe and to thus
measures to provide shipping facilities for grain and pay maturing debts with wheat. In this way, it is
other products, not only in the way of a proposal to contended, gold will be kept at home and every obbuy foreign ships, but of establishing an insurance ligation met fully within a few weeks. The estimate
fund to meet possible losses. President Wilson has is that in the next ninety days $130,000,000 will beendorsed a plan for the Government to go into the come due on American obligations in Europe. The
shipping business. To that end he favors the pur- Administration estimates that within practically the
chase of ships by a company under Government su- same period the United States, if its commerce over
pervision for the purpose of protecting American ex- the Atlantic is restored, will put Europe in our debt
port trade during the continuance of the war. It to a much larger amount. In the meantime, it is
was estimated at the White House that $25,000,000 said, it is the part of financial wisdom to keep our
will be needed for the purchase of the ships. It is large gold supply intact if possible.
So far as the sterling notes of the City of New York
possible that international negotiations will follow any
concerned, it may be stated that only $12,000,000
since
belligerents,
are
of
vessels
purchase
to
attempt
abroad by October I. There does not appear,
mature
that
known
be
it
let
informally
has
Britain
Great
the transfer of Hamburg-American liners that are in therefore, to be necessity for extreme measures to
American ports will not be favorably construed by finance this amount in gold, as the city undoubtedly
that Government unless the transfers are permanent. has at least that amount of credit among internaThe purchase of the ships, it is intended, shall be tional bankers on this side of the Atlantic.
Grain bills are in good demand by bankers to settle
directed by the President, and three Cabinet officers,
abroad because in a majority of cases
obligations
plans,
present
and the necessary funds, according to
represent
shipments contracted for at much
bonds
they
Canal
Panama
will be provided by the sale of
lower prices some time ago. Hence were there any
now held in reserve.
English banks and bankers have been insistent default, the bills would be worth much more than
upon payments in gold of balances owed to them on their face value. The reverse, however, is the case
this side. It is expected that a reply will be given with cotton bills, since the product that is now
through the offices of the State Department. In moving was contracted for at higher prices than those
this reply the English bankers will, it is expected, now ruling. Gold bars to the amount of $300,000
be informed that American bankers will be willing were withdrawn from the Assay Office for export;
to balance any trade debt due England by the de- the exact destination was not announced. The Subposit of actual gold with the Ottawa depositary Treasury yesterday delivered $250,000 gold for shipprovided England in turn will pay any balance to ment to Canada.
the United States in gold. This matter was disCompared with Friday of last week, the rate for
cussed very freely at Washington on Wednesday
last, when John J. Arnold of Chicago and demand sterling and cable transfers on Saturday was
Seth Low of New York visited the Treasury Depart- unchanged from 4 95®4 9550 and 4 99®5 00, rement and went over the matter with Secretary Mc- spectively; no other quotations were reported; the
Adoo and Paul M. Warburg of the Federal Reserve exchange situation remained practically the same,
Board. The question of organizing an international though the outlook for a more general resumption
clearing house for trade balances between the various of business seemed to be improving. On Monday
nations of the world was one, it was decided, that considerable improvement was manifest in foreign
should be taken up. only after the situation with Eng- exchange conditions; for the first time since the
land had been settled. An international note is, commencement of war some business was done in
it is reported, now in preparation by a special com- seven-day grain bills, a quotation of 4 86%@4 87
mittee on foreign exchange, to be served on England being established, while cable transfers declined to
Referring to money rates in detail, it may be said
that call loans have been pegged this week at 6%,
so far as renewals are concerned. This figure has
also been the lowest for each day, while 8% has been
quoted as the highest for each day. Time money
is quoted at 8% for sixty days (against 6®7% a
week ago), 8% for ninety days (against 6®7%),
8% for four months (against 6®7%), 7@8% for
five months (against 7%) and 7®8% for six months
(against 6@7%). The commercial paper market
is very quiet. The highest grade names are quoted
at 6@7% for sixty and ninety-day endorsed bills
receivable and for four to six months' single names
of choice character. Names less favorably known
are %% at least above those quotations.
THE CHRONICLE
506
[VOL. xc rx.
-•
4 97M@4 98 on larger offerings; demand ranged
between 4 943/ and 4 96; subsequent to the easier
tendency at the opening, the close was firm. A
fairly active demand for sterling exchange was recorded on Tuesday; demand bills sold at 4 96 and
cable transfers at 4 98; seven-day grain bills advanced to 4 88 on renewed buying by large financial
concerns; the improved prospects for better steamship service were mainly responsible for this augmented inquiry. On Wednesday a larger volume of
business in exchange was transacted than for some
time; demand bills rose to 4 99@5 00 and cable
2; grain bills were quoted at
transfers to 5 02@5 023/
4 91; no other rates were obtainable; plans were still
under active discussion for the solution of problems
now existing in the exchange situation, but no definite
conclusions have yet been reached. Quotations continued to advancq on Thursday, demand bills ranging
between 5 013/ and 5 023/b and cable transfers 5 04
and 5 053/2; seven-day grain bills also advanced to
4 93@4 94. On Friday the market continued firm
with demand bills and cable transfers slightly higher.
Closing quotations were: Sixty days, nominal. Demand closed at 5 02@5 03 and cable transfers at
5 05@5 06. Commercial on banks, nominal; documents for payment, nominal. Seven-day grain bills
4 95@4 963/2. Cotton for payment, nominal; grain
for payment, nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $4,037,000 net in cash as a result ofthe currency movements for the week ending Aug. 21. Their
receipts from the interior have aggregated $9,931,000, while the shipments have reached $5,894,000.
Adding the Sub-Treasury operations and the gold
exports, which together occasioned a loss of $6,905,000, the combined result of the flow of money into
and out of the New York banks for the week appears
to have been a loss of $2,868,000, as follows:
Into
Banks.
Week ending Aug. 21.
Banks* interior movement
Sub-Tress °peens and gold exports..
Total
Out of
Banks.
Na Change in
Bank Holdings.
$9,931,000
12,925,000
$5,894,000 Gain $4,037,000
19.830,000 Loss 6,905.000
$22.856,000
$25,724,000 Loss $2,868,000
The following table indicates the amount of bullion
in the principal European banks.
Aug. 20 1914,
Aug. 21 1913.
Banks of
Gold.
Silver.
Total.
Gold.
E
£
£
England__ 37,959,849
37,959,849 42.297,811
Franco_.165,653.680 25,013,280 190,666.960136,837,080
Germany.. 67,842,850 16,727,050 84,569,900 56,647,000
Russia ___ 174,438,000 7,279,000 181,717.000 161,807 000
Aus.-Huns 51,578,000 12,140.000 63,718,000 50,606,000
Spain_ _ _. 21.740.'I29,191,000 50,931,000 18,460,000
45,321,000 2,880,1:: 48,201,000 46,034,000
Italy
511,1
Netberl'ds 13,499,
14,010,100 12,275,000
8.472,000 4,236.S's 12,708,000 8.076,667
Nat.Bel_
Sweden- a 5,818,000
5,818,000 5,701,000
SwitzTd • 8,034.211
8,034,200 8.027,000
Norway _• 2.892,000
2,892,000 2,512,000
Silver.
Total.
42,297,811
25,118,840161,955,920
14,289,760 70,936,750
7,720,000169,527,000
10.693,000 61,299,000
29.746,000 48,226,000
3.300,000 49,334,000
691,5001
4,038,333 12,115,000
5,701.000
8,027,000
2,512,000
Totalweek 603,248,579 97,977,43 701,226,009549,300,558 95,597.429644,897,981
Prey.week 597,620,159 98,107.130695,727,289547.061,432 95,574,637 642,636,069
a Data for 1914 is for July 30.
b Data for Aug.6.
THE EUROPEAN WAR.
News from the European war this week, so far
as it can be pieced out from the particulars which
the censor has permitted to come through, has indicated not much more than that the process of mobilizing and organizing the various armies at the front
of battle has been pretty much completed; and that
in several fields of the campaign, an engagement
in force may presently be looked for. The German
army's advance to the northward, and its capture of
Brussels, show that last week's fighting at Liege
was the affair of a hastily-dispatched advance guard,
and that the organized German army has now
arrived in Belgium. On the other hand, absence
of any aggressive demonstration in force as yet
by the French in Belgium equally indicates that,
until now, the mobilization of that army had not
been completed. Indeed, the Paris military authorities have usually assigned fifteen days as the minimum necessary period for such a task, and the German ultimatum to France was delivered only on
July 31.
Russian mobilization is traditionally slower, four
or five weeks being usually assigned for the work.
It began around July 28, when Austria declared
war on Servia, and, therefore, would not be completed much, if any, before the end of this present
month. Hence, obviously, the desultory character
of the Russian operations on the German and Austrian frontiers. Mobilization would naturally be
most rapid along the railway trunk line which runs
from St. Petersburg to Eydtkuhnen, on the Prussian frontier, and which connects that station with
Berlin. Definite reports that Russian troops have
penetrated German territory along that line, and
have fought several engagements, are interesting,
but probably have as yet no great significance.
Indeed, the Russian army, even when fully organized, is a, traditionally doubtful quantity on the
enemy's soil. Apart from these larger operations,
a subordinate interest, which may, however, at any
time become paramount, has attached to the prompt
and vigorous invasion of Alsace by a second French
army through the mountain passes of the Vosges,
and the apparently stubborn and successful resistance of Servia to the Austrian invasion of that
country by way of Belgrade.
Next week, then, ought to witness the beginning
of campaigns on the larger scale. The military
situation as it stands is that Germany is successfully
overrunning Belgium—whether with or without
reduction of the Liege forts is doubtful—but that
its armies have not penetrated France; whereas a
French army is already on German soil, though not
yet confronting strongly fortified positions or a
German army in force.
Events in the larger field of international diplomacy
have moved more rapidly than events in the military
campaign. Last Sunday the Japanese Government sent an ultimatum to Germany peremptorily
demanding the withdrawal or disarmament of German warships in Oriental waters and the surrender
to Japan by Sept. 15 of the German leased port of
Kiau-Chau on the Chinese coast; this port to be
held by Japan in trust for China. An answer to
this ultimatum was required by the close of this present week; at which time, it is fair to presume that
Japan and Germany will be at war. The demonstration by Japan was received in this country with
marked soberness, recognition being general that
our own Oriental trade and Oriental possessions
placed the United States in a far more delicate position than we could occupy in a European contest
pure and simple. Some reassurance has been caused
by President Wilson's public acceptance of Japan's
assertion of good faith in the matter,and by England's
statement that the Japanese Government has acted
strictly in accord with England's advice and counsel.
Nevertheless, the incident marks a new turn in the
character of the war.
Japan's treaty with England did not, according to
the view of the best authorities, compel the Japanese
attitude toward Germany; hence one must assign as
A ua. 221914.]
THE CHRONICLE
507
the real motive for that action the purpose of seizing
THE ADVANCE IN PRICES.
Germany's rich Oriental colony, situated across the
The hastily made suggestion that the rise in the
Bay of Formosa from the Japanese possessions.
of
control
the
cost
of food be countervailed by putting a tax on
Aside from the general importance of'
observe
to
exports
of foodstuffs is now followed by suggestions
interest
high
such a port, it is a matter of
the
outbreak
at
that
such
exports be prohibited. The Constitution
dispatches
that, according to London
of
all
its
ordered
State, except by consent of Congress, to
any
forbids
Government
German
the
of the war,
immediate
take
lay
any
to
either exports or imports, except so far
on
tax
waters
Asiatic
in
ships
merchant
refuge in the harbor of Kiau-chau. The Japanese as may be absolutely necessary for executing its inaction must, moreover, be considered in the light spection laws, and in another provision declares unof the German Ambassador's reply to Sir Edward conditionally that "no tax or duty shall be laid on
Grey's inquiry just before the declaration of war by articles exported from any State." This disposes of
England, regarding the territorial purposes of Ger- any tax barrier against exports, although a Colorado
many in its war with France. The Ambassador's Representative introduced on Tuesday a proposition
reply to that inquiry disavowed all purpose of ac- for an amendment empowering Congress to impose
quiring French territory in Europe; but refused to such a tax. The Constitution does not, in terms,
disavow the purpose of seizing French colonies with debar prohibiting exports, and it is not likely that any
question of the spirit as going beyond the letter in
the German fleet.
made
that,
to
this
frequently
respect will be raised; two bills for such prohiThe remark has been
and
operations
in
land
bition
of
have been brought forward in the House in
scope
its
in
parallel this war
one
must
engaged,
this
powers
week
first-class
One (as summarized in a brief mention)
of
the number
1815.
It
of
campaign
forbids
Napoleonic
exporting
"goods, wares, merchandise and
the
to
go back
now appears that, to parallel the possible scope of products of the soil and the mines," except as the
colonial operations, one must turn back in the book President may from time to time decide the general
of history to the campaign which ended with the welfare may allow; the other more definitely refers
Peace of Paris in 1763, whereby France surrendered the prohibition to the present situation as to prices.
This bill directs an investigation of the contracts
Canada to England, and the colonial possessions of
the
between
now
divided
were
existing or hereafter made for supplying "foodIndies
West
the East and
stuffs,
clothing, footwear, arms and munitions of
belligerents.
various
importance
war,
and
other contraband or conditional contrahigh
of
diplomatic
event
second
The
an
of
to
promise
band"
nations
now at war or their subjects, and
of
Czar
Russia's
the
been
has
week
this
autonomous government for Poland. It is uncer- whenever the President thinks executing such contain, and perhaps immaterial, whether this action tracts unduly enhances or is liable to unduly enhance
was a measure of political emergency, to avert the the market prices of such articles here, he may forbid
danger of a Polish rising against Russia, or was a exportation in whole or in part, and as long as he
measure of military expediency, to detach from their deems best; then violation of his order shall be a
allegiance the Polish Provinces of Austria and Ger- felony. This bill unnecessarily brings in questions
many. In either case it is a move which may have of contraband but does not otherwise refer to quesmomentous consequences on the future map of tions of neutrality, the condition of exercising the
Europe. The good faith of the Czar, in making power conferred being solely that the President be "of
this unexpected offer now, has been questioned in opinion" that exportation does or may put up prices
some quarters; yet the action is quite in line with the at home.
Here, it will be observed, is the protective idea
past diplomatic policy of Russia. Emancipation of
a new direction and pushed even to extremity.
taking
repreof
the serfs followed the Crimean War; a grant
of the two bills is possibly even more wild,
other
The
the
followed
sentative government in Russia itself
"it makes it unlawful for any
summarized)
(as
for
Russo-Japanese War.
an
or
ask
accept
to
one
unresonable price or value for
defeat;
military
These concessions were made after
the present action regarding Poland is apparently any goods or wares or merchandise or other prodesigned to take time by the forelock. Regarded ductsf of the soil or mines," violation being made a
from the larger point of view, the importance of felony.
Many years ago, a certain professor of political
this action, as an indication of the drift of affairs in
European statecraft, lies in the natural inference economy was so fierce a partisan of protection that
that the outcome of this war may easily be, not con- he was reported to have expressed regret that the
solidation of autocratic power in the greater States Atlantic had not been made fire instead of water; but
of Europe, as in the sequel to the Napoleonic con- ordinarily the protection idea contemplates holding
test, but increase in the number of independent or and satisfying the home market, then sending the
partially independent smaller States, and wide ex- excess abroad in return for gold. And now, while the
tension of the scope of popular government. That check of imports through transient interference with
result would seem, indeed, to be an almost inevitable shipping is mentioned as likely to require some special
outcome of this memorable conflict; for the common war taxes here, and at the same time there is an
people as well as the business interests of Europe will organized movement to stimulate exports and even
certainly never again acquiesce willingly in condi- (by a scheme of insurance and of purchasing foreign
tions where a ruinous and devastating war such vessels for entry under American register) to restore
as now exists can be brought on by the arbitrary export trade with the countries at war, there come
policies, purposes or alliances of two or three indi- ptoposals to shut off exports absolutely, so that the
vidual sovereigns, acting without the assent and cost of living be not further increased. The bill for
co-operation of unfettered legislatures. But this is imprisoning whoever demands or accepts "an unto look a long distance ahead; we are yet to see on reasonable price" for things is another example of the
which side of the present conflict the balance of mili- lengths to which this mania for regulating and readjusting and content-producing has gone. What is
tary strength, capacity and resources really lies.
THE CHRONICLE
508
reasonable or unreasonable, who is to be the judge
of the fact, and other questions which are raised show
how impossible of enforcement are this and some
other pending propositions.
The local investigation indicates that the outcry
over food has run ahead of occasion and has even
made its own occasion by the mistaken forethought
by consumers to purchase beyond their usual needs.
Certainly the war is distressing and disturbing—
puzzling and even portentous; but to get into a
hysteria of excitement and rush forward with unconsidered propositions such as these and another fresh
one to penalize the sale here of any bonds of countries
at war only makes our own and the general situation
a little worse. This country is at peace with the
world and expects to remain so; we are not in a
beleaguered city, and it behooves us to keep our
heads.
RAILROAD GROSS AND NET EARNINGS FOR
JUNE.
Our compilation of the earnings of United States
railroads for the month of June is chiefly useful in
showing that unfavorable conditions still prevail as
to both gross and net results. Perhaps, however,
comfort should be derived from the fact that the
losses this time are not so exceptionally heavy as
they were in the previous month, namely May.
Doubtless, also, there is further reason for encouragement in the circumstance that by the practice of the
most rigid economy railroad managers are finding it
possible to offset part of the falling off in the gross
revenues by savings in expenses, even though the
contraction in expenses is small, as one would expect
it to be. For June the loss in gross earnings is only
$10,395,996, or 4.67%, and this was offset by a decrease of $6,237,367 in expenses, leaving a loss in
net of $4,158,629, or 6.46%. This compares with a
shrinkage of no less than $26,007,920 in gross, or
9.73%, and of $15,756,870, or 21.47%, in net for
the month of May.
June (451 roads)—
Mlles of road
Gross earnings
Operating expenses
Net earnings
Inc.(±)or Dec.(--)
1914.
Amount.
1913.
%
209,764
+2,350 1.14
207,414
5212,285,959 $222,681,955 —510,395,996 4.67
152,075,071
158.312.438 • —6,237,367 3.95
560,210,888
164,369,517
—$4358,629 6.46
xcrx.
The gain in the gross was large enough, reaching
$27,805,640, but only $3,129,346 of this was carried
forward as a gain in net. In June 1909 the comparisons were extremely good, but that represented
merely a recovery, or rather a partial recovery, of the
tremendous losses sustained the year preceding.
According to the figures compiled by the Inter-State
Commerce Commission, there was in June 1909
an increase of $26,309,748 in gross and an increase
of $14,357,535 in net. In June 1908 there were losses
of large magnitude, it being the period following the
panic of 1907. Our compilation at the time showed
$26,987,858 decrease in gross and $4,557,091 decrease in net; but this covered only 147,436 miles
of road. A somewhat fuller statement, made up so
as to include a considerable body of roads which had
furnished returns of gross but not of net, covered
178,960 miles, and showed a decrease in gross earnings at that time of no less than $33,126,964, or
18.47%. When giving our final compilations, we
estimated that for the entire railroad system of the
country the loss in gross earnings for the month of
June 1908 must have been $46,000,000 and the loss in
net $10,000,000. Prior to 1908 the course of earnings
was steadily upward for a whole decade, and we had
an uninterrupted series of increases, both in the gross
and in the net.
In the following we furnish the June comparisons
back to 1897. For 1909, 1910 and 1911 we use the
Inter-State Commerce totals, but for preceding years
we give the results just as registered by our own tables
each year—a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those days
to furnish monthly figures for publication.
Gross Earnings.
June.
Year
Given.
Year
H-) Or
Preceding. Decrease(—).
Nei Earnings.
Year
Given.
Year
Inc. (—) or
Preceding. Decrease(—).
$
1897 —_ 48,680,992 47.044,545 +1,636,447 14,371,918 13,120,127 +1,251,791
1898 --- 50,274,300,- 46,902,366 +3,371,934 14,943,497 14,045,315
+898,182
55,978,068 48,136,823 +7,841,245 17,855,957 14,068,508 +3,787.449
1899
1900 __ _ 67,883.647t 60.652,419 +7,231,228 21,843.152 19,666,585 +2,176,567
78,026,1611 72,941,846 +5,084,31528.223.611 23,318,642 +2,904,969
1901 _
1902..__ 82,996,635 76,865.429 +6,131,206 26,679,487 25,455,584 +1,223,903
81,053,1771 70,435,646 +10,617,531 23,988,925 22,106,804 +1,882,121
1903
+642,431 26.894,483 24,594,095 +2,300.388
1904 --- 87,298,783. 86,656,352
92.831,567 84.537,809 +8,293.78827.567.40726,391,704 +1,175,703
1905 _
1906 _ 100,364,722 90,242,513 +10,122,209 31,090,697 27,463,367 +3,627,330
1907 ___ 132,060,814 114,835,774 +17,225,04041.021.55936.317,207 +4,704,352
1908 _ _ 126,818,844 153,806,702 —26,987,858 41,818,1M 46,375,275 —4,557,091
210,356.964 184,047,216 +26,309,748 74,196,190 59,838,655 +14,357,535
1909
231,988,124 210,182,484 +27,805,640 77,173,345 74,043,999 +3,129,346
1910
231,980,259 238,499,885 —6,519,626 72.794,069 77,237,252 —4,443.183
1911
1912.__ 243,226,498 228,647,383 +14,579,115 76,223,732 71,689,581 -1-4,534,151
259,703,994 242,830,546 +16,873,448 76,093,045!76,232.017
1913
—138,972
212,285,959 222,681,955 —10,395,996 60,210,838 64,369,517 —4,153,629
1914
Note.—In 1896 the number of roads included for the month of June was 121: in
1897, 106; in 1898, 116; in 1899, 95; In 1900, 99; In 1901, 94; In 1902, 94: In 1903,
86; In 1904. 80; In 1905, 77: in 1906, 80; In 1907. 84; In 1903 the returns were
based
on 147.436 miles of road; in 1909, 234,183; In 1910, 204,596; In 1911,
244,685: in
1912.235,18.5; in 1913. 230,074;In 1914, 209,761. We no longer Include the
roads or the coal-mining operations of the anthracite coal roads In our Mexican
totals.
For 1909, 1910 and 1911 the figures used are those furnished by the
Inter-State
Commerce Commission.
--
Lest too much importance be attached to the
diminished losses in gross and net for June, we deem
it proper to say that for June comparison is with
much poorer results in 1913 than was the case in May.
As a matter of fact, the June returns have been poor
or indifferent for several successive years. This is
particularly true as far as the net is concerned, rising
In the case of the separate roads decreases in gross
expenses having been an adverse feature in all recent are quite conspicuous, but more than the usual
years. It must also be remembered that this year's number of roads show improvement in net, due to
decreases would have been of larger proportion the fact that the augmentation in expenses had been
except that the roads the present year had the so striking last year that the present year great efforts
advantage of an extra working day, June 1914 having at economy were practiced. The Pennsylvania RR.
contained only four Sundays whereas June 1913 on the lines directly operated east and west of
had five Sundays. The showing for June 1913 was Pittsburgh reports no less than $2,735,854 loss in
not unfavorable in the matter of the gross earnings, gross, but this was converted into $29,576 increase in
there having been an increase of $16,873,448, or net through a reduction in expenses. This is the
6.95%, but unfortunately it was attended by an reverse of the state of things existing the previous
augmentation in expenses of $17,012,420, or 10.21%, year, when there was an increase in gross of $1,701,thus actually leaving a small loss in net—$138,972. 269 but a decrease in net of $938,774. The New
In June 1912 there were moderate gains in both gross York Central this time has $496,518 decrease in gross,
and net, namely $14,579,115 in gross and $4,534,151 but this was converted into an increase of $403,772,
in net—but this followed $6,519,626 decrease in gross owing to a big cut in expenses. This is for the
and $4,443,183 decrease in net in June 1911. Nor Central proper. Including the auxiliary and conwas the exhibit for June 1910 entirely satisfactory. trolled roads, the whole going to form the New York
AUG. 221914.]
THE CHRONICLE
Central System, the result is a loss of $2,340,012 in
gross but of only $189,571 in net. Last year, in
June, there was a gain of $2,564,139 in gross, but
a loss of $268,147 in net. The Baltimore & Ohio has
a very poor return this time, losing $1,214,124 in
gross and $778,590 in net. Last year the Baltimore
& Ohio added $700,594 to gross and lost $174,230 in
net.
June being the last month of the fiscal year, a
number of returns is always missing, and the list includes this time the New York New Haven & Hartford, the Boston & Maine, the Central New England,
the Reading, the Central of Georgia, the Chicago &
Alton, the Chicago Burlington & Quincy, the Chicago Indianapolis & Louisville and the Missouri
Pacific and Northern Pacific.
Among the anthracite carriers, the Reading and
the Central of New Jersey are both missing, and the
Lehigh Valley has $121,829 decrease in gross with
$330,853 increase in net, but the Erie, with 5,698
loss in gross, has a still larger loss in net, namely
15,452.
In the case of the Southern roads augmented expenses are a prominent feature this time-all except
in the case of the Louisville & Nashville. The
Atlantic Coast Line, with $241,819 addition to
gross, loses $70,466 in net; the Southern Ry., with
$19,496 addition to gross, loses $369,732 in net, and
the Chesapeake & Ohio, with $100,662 addition to
gross, loses $99,584 in net. On the other hand, the
Louisville & Nashville, though falling $152,266
behind in gross, has managed to reduce expenses to
such an extent that it is able to report an improvement of $302,764 in net. Among Western roads the
Atchison is noted for a considerable improvement in
both gross and net-$650,934 in gross and $321,014
in net-and the Milwaukee & St. Paul has added
$39,490 to gross and $211,113 to net. In contradistinction the Great Northern falls $686,327 behind in
gross and $516,048 in net; the St. Louis & San Francisco $294,671 in gross and $580,842 in net; the
Rock Island $218,821 in gross and $245,547 in net;the
Union Pacific $264,196 in gross and $380,942 in net,
and the Southern Pacific $100,261 in gross and
$114,082 in net. The returns of the Northern Pacific
and the Missouri Pacific have not yet come to hand,
as already stated. The Missouri Kansas & Texas
lost slightly in gross ($39,561), but is able to report
$295,808 increase in net. In the following we show
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net.
PRINCIPAL CHANGES IN
GROSS EARNINGS IN JUNE.
Decreases.
Atch Topeka & Santa Fe_ Increases.
c$650.934
Union Pacific....... $264,196
Atlantic Coast Line
--- 260,842
Wabash.
...
El Paso & Southwestern.- 241,819
144,382 Cleve Cinc Chic 8t-St --- 257,792
Lehigh & New England
137,412 Hocking
----- 246,564
Kansas City Southern ._ 126.487 Wheeling & Lake Erie- --- 229,288
Chesapeake & Ohio
100,662 Minneap St P & S S -- 221,123
Chicago & Eastern Illinois 218.861
Representing 6 roads in
Rock Island---------- 218,821
our compilation
$1,401.696 Buffalo Roches-ter & Pitts 206,340
Decreases. N Y Chicago & St Louis-195,667
Pennsylvania
a$2,735,854 Michigan central
176.355
Baltimore & Ohio
1,214,124 Louisville & Nashville-- 152,266
Great N h
6.327 Kanawha & Michigan-- 131.147
Duluth Missabe & Nor
122.599
NY Cent & Hudson River 517,870 Union (Pa.)
Lake Shore & Mich So__ b496,518 Lehigh Valley
12
18
1,
48
837
9
c1
444,437
Southern
Colorado
&
Elgin Joliet & East
387.530 St Louis Southwestern___ clan/
Toledo St Ohio Contral
Pittsburgh & Lake Erie-- 376,216 Southern Pacific
Duluth & Iron Range_ -- 351,827
295,139
Representing 29 roads
St Louis & San Francisco- 294,671
in our compilation311,146.309
Note.-All the figures in the
above are on the basis of the returns filed
with the Inter-State Commerce
Commission
Where, Innw"er' these
returns do not show the total
the
separate roads so as to make thefor any system, we have combined
results conform as nearly as possible to
those given in the statements
themselves.
furnished
companies
by
the
a This is the result for the
Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh
Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting
$1.298,638
decrease,the Pennsylvania Company
$1,101.568 loss and the P. C. C.& St. L.
monthly,
$335 648 loss. Including all Imes
owned and controlled which make
returns to the Inter-State
Commerce Commission, the result is a loss
of $2,823,241 in gross and a gain
of 8205.838 in the net.
0 These figures cover merely the operations
of the New York Central
itself. Including the various auxiliary
and controlled roads, like the
Michigan Central. the Lake Shore, the "Big
the "Nickel Plate,
Four,"
&c., the whole going to form the New York Central System,
the result is
a loss of $2,340,0123
509
PRINCIPAL CHANGES IN NET EARNINGS IN JUNE
Increases.
Decreases.
N Y Central & Hud Riv_ b$403,772 Duluth Missabe & Nor_-- $424,280
Lehigh Valley
330,85.3 Erie
415 45
Atch Topeka & Santa Fe_ c321.014 Union Pacific
380,942
Louisville & Nashville.__
302,764 Southern
369.732
Missouri Kansas & Texas_
295,808 Elgin Joliet & Eastern__ _
294.651
Chicago Milw & St Paul_
211.113 Pittsburgh & Lake Erie_ _
293.856
Cleve Cinc Chic & St L__
203,136 Illinois Central
288,169
Texas & Pacific
174.675 Toledo & Ohio Central
280,825
Maine Central
173.374 Wabash
253,343
Denver & Rio Grande........ 142,928 Rock Island
245,547
Nash Chatt & St Louis
138,108 Duluth & Iron Range_
238,737
Kansas City Southern
135,102 Chicago & North Western 175.168
Lehigh & New England
119,039 Hocking Valley
164.771
Colorado & Southern_ __ _ c110,970 Chicago & East Ill
145.234
Lake Shore & Mich Cent_
125,676
Representing 14 roads
Spokane Port & Seattle _
119,138
In our compilation- - _$3.062,794 N Y Chic & St Louis_ _
118,543
Decreases. Union (Pa.)
116.881
Baltimore & Ohio
$778,590 Southern Pacific
c114,082
Cinc Hamilton & Dayton_
687,469
St Louis & San Fran
580,842
Representing 23 roads
Great Northern
516,048
in our compilation_ _$7.127,976
b These figures merely cover the operations of the New York Central
itself. Including the various auxil ary and controlled
roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System,
the result is
a loss of $189.571.
c These figures are furnished by the company.
When the roads are arranged in groups or geographical divisions, all but two of the divisions show
a diminution in the gross and all but two a diminution
also in the net, though the second one of these two is
not the same in the net as in the gross. Our summary
by groups is as follows:
SUMMARY BY GROUPS.
Gross Earning
Section or Group.
1914.
1913.
Inc.(+) or Der.(-)
JuneGroup 1(11 roads), New England___ 1,925,835
+105,831 5.82
Group 2 (73 roads), East et Middle__ 55,855,608 1,819,954
Group 3(65 roads), Middle West_._ 33,089,928 59,304,046 -3,448,438 5.83
37,490,342 -4,400,414 11.74
Groups 4 & 5 (87 roads). Southern
+254,169 0.83
Groups 6 & 7 (73 roads), Northwest. 30,465,388 30,211,219
-2,576.518 5.74
Groups 8& 9 (94 roads), Southwest_ 42,341,339 44,917,857
33,338,600
-125,721 0.41
Group 10 (48 roads), Pacific Coast__ 33,212,879
15.394,982 15,599,937
-204,95.5 1.31
Total (451 roads)
212,285.959 222,681,955 -10,396,996 4.67
-Mileage--
Group No. 1
Group No. 2
Group No. 3
Groups Nos.4 & 5
Groups Nos.6 & 7
Groups Nos. 8 & 9
Group No. 10
1914,
1913.
2,908
24,467
24,989
38,583
50.922
49,971
17,924
2,908
24,198
24,977
38,201
50,449
49.051
17,630
1914.
3
519,065
16.802,286
7,451,949
7,775,155
12.679,841
8,942,159
6,040,433
A et Earning
1913. Inc.(+)or Dec.(-).
$
$
%
316.527 +202,538 63.99
17,469,670 -667,384 3.81
8.753,369 -1,301,420 14.87
7,806,044
-30,889 0.35
15,208,538 -2.528,697 16.66
8,371,214 +570,945 6.71
6,444,155 -403,722 6.26
Total
209,764 207,414 60,210,888 64,369,517
NOTE.-Group I. Includes all of the New England States. -4,158,629 6.46
Group If, Includes all of New York and Pennsylvania
except that portion West
of Pittsburgh and Buffalo: also all of New Jersey, Delaware
and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana: all of Michigan except the
northern
Peninsula, and that portion of New York and Pennsylvania west
of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio
and
east of the Mississippi River.
Groups V/. and VII. combined include the northern peninsula of
all of
Minnesota, Wisconsin, lowa and Illinois: all of South Dakota andMichigan,
North Dakota
and Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming
and Nebraska. together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma.
Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado
south
of Denvei the whole of Texas and the bulk of Louisiana: and that portion
of
New Mexico north of a line running from the northwest corner
of the State
through Santa Fe and east of a line running from Santa Fe to El Paso.
Grout) X. Includes all of Washington, Oregon, Idaho. California, Nevada,
Utah
and Arizona and the western part of New Mexico.
REWARD TO THE DESERVING AND THE
COMPETENT.
In course of some observations about the frequent
harping upon "efficiency," an executive of a large
corporation lately remarked that for the last twelve
months he had been looking for a competent assistant, to whom he would i'cheerfully,pay a salary of
$15,000; yet he hasInotlfound the man. One of the
morning journals took thislas:a text, and proceeded
to say that while men equal to $15 or $20 a week are
plentiful,when the moreiimportant:work is approached
the difficulty increases rapidly, for "character fixes
its own price and remains above it." But character is so rare that the question is not that of the
price to be paid for it; the question is that of getting
it. A certain transcontinental line, said this journal,
has created the position of efficiency scout. The
man who does this work keeps unknown. He goes
over the line, under no orders but a general one to
hunt and discover talent. When he discovers
aptitude, concentration, brains, ambition, ability
to do larger things than the man observed is doing,
he makes note and report of that man. Such a
man, however, does not rely on the boost of a union;
he does not watch the clock; he delivers
excess
510
THE CHRONICLE
service rather than guards himself lest he deliver
too much; his unexpected call to go up higher comes
because he is faithful where he is.
This newspaper article had a strange sequel, being followed within ten days by another, which began
by saying that letters have actually been coming
into the office rapidly, "requesting information as
to the where-how-who of the aforesaid job." Seeing
the statement that a $15,000 place was seeking somebody set a number of persons overlooking the
crucial fact that the place needed somebody to fit
and fill it, not somebody to "take "it. The number
of those at work for ordinary pay, or not at work
at all, who would like $15,000 a year is very large;
perhaps the I. W. W.-ites who scoffed at the suggestion of farm work up-State might stoop to accept
that salary. But the conditions attached are rigidly
severe. He who can "do anything" can do nothing.
He who can command a high salary does not write
to newspapers to anxiously ask the address of the
prospective employer that is ready to pay but cannot
find recipients. He is a man who is already doing
some work and absorbed in it, while not unaware
that larger responsibilities to which he may prove
equal may be awaiting him. If he is really fit, the
work is awaiting and seeking him, rather than he is
seeking it. He must do needed work which others
cannot do, or must do it better than others can do it,
before he will be called to go higher. The proverbial
"room" which always exists "at the top" is there
because the need and demand for high personal
excellence always tend to increase, while the supply
is always scanty.
In our American talk and habits, of late years,
there is much which tends to make that supply even
scantier. It has been often said (and especially
when oratory is bragging, by comparison with effete
monarchies) that this is the country where everything stands open and nothing can prevent merit and
initiative from attaining just rewards. Yet many
behave as if, having heard that Opportunity knocks
at least once at every man's door, they expected her
to break in the door and drag them out. This is the
country of liberty and equality and brotherhood; but
we mar these genuine national characteristics by misconceiving them. Jefferson's self-evident truth that
all men are created equal means only that they were
intended to have a common and equal liberty to do
their best for themselves; nothing is more evident and
unalterable than dissimilarity in ability and energy.
The world owes nobody a living in return for the
condescension of being born; the utmost debt owed is
liberty to proceed and earn one, and this is the same
truth whether the man is a native American who
holds out his hands and waits for things to drop into
them or is a ranting, whining exotic from Europe,
who goes about talking of free speech against riches
when he ought to be breaking stones on the highway.
Evolution may produce less wide differences in
individual ability and a less wide variation in the
ownership of property, which is itself only labor
results that have not been immediately consumed.
There are reasons for believing that such changes
are in the plan of the Creator; but they will not be
brought about suddenly, nor by any schemes for
re-dividing what labor has already produced. Such
schemes appeal to the incompetent, the lazy and the
vicious; they have a dangerous power, because we
have founded our institutions on the theory that
universal suffrage makes manhood universal. Pos
[VOL. xclx.
sibly it may do so, through slow evolution; mean"
while, through the truckling of politicians, we
hamper our national progress by loading incompetency on the back of competency, thus restricting
the march to the step of the slowest.
WHY MUNICIPAL BONDS FIND FEW BIDDERS AT
PRESENT.
RHOADES & COMPANY.
New York, August 20 1914.
The William B. Dana Company, New York City.
Gentlemen.—I have read with considerable interest the
article appearing in your publication, the "Commercial &
Financial Chronicle" of the 15th instant on page 447, entitled
"Effect of European War on Municipal Bonds." This is
the most comprehensive compilation of the facts enumerated
therein which I have thus far seen in any of the daily papers
or periodicals.
In view of the spirit of conservatism which is everywhere
prevalent in financial circles at this time, it has occurred to
me in this connection that it is unfortunate that, so far as
I know, no publication of prominence sufficient to have its
editorials carry weight with the investing public has undertaken to point out the fact that, although numerous municipalities have failed to obtain a market for their 4M% and,
even in the case of some of the smaller ones, 5% bonds, this
should not necessarily be taken as a criterion of the present
value of this class of investment securities.
Because of the limitations now imposed upon investment
bankers and banks with respect to the loan situation, no new
business is being undertaken. Every effort is being made to
reduce rather than increase loans. Were it not for this and
t,he universal desire not to establish a market for securities
during the existing crisis, many of the bonds mentioned in
your publication referred to might have found buyers at a
fair premium. Present conditions are, therefore, such as to
preclude practically all possibility of buying by the investment banker, who is the chief source to which municipalities
are obliged to look for a market for their bonds. There are
several reasons for this, namely: Municipal bonds in the
hands of a second purchaser are in many cases incontestible,
when in the hands of the original purchaser from the municipality the same bonds would not be so; consequently there
is a strong preference upon the part of many investors to
buy only through the investment banker. Furthermore,
the majority of investors in municipal bonds prefer not to
be burdened with the detail of having such issues duly examined as to legality, together with other equally arduous
details connected with a purchase at first hand.
Coupled with these reasons might also be cited the necessity for the closest possible touch with security markets in
general in order to frame an intelligent bid. The average
investor can hardly expect to be as well informed upon these
matters as a banking house whose business it is to specialize
in municipal securities.
It follows that the dearth of bids for municipal bonds under
existing circumstances is not of itself a criterion of present
values. Certainly we have reasons enough, in those I have
cited, for not assuming that this condition means that bonds
of large cities are incapable of commanding a 43/% basis.
As a matter of fact, certain "over-the-counter" sales which
have come to my attention prove such a contention to be
very decidedly erroneousiery
truly yours,
TRACY A. JOHNSON.
CANADIAN FOREIGN EXCHANGE RATES.
Halifax, N. S., August 18th 1914.
The Commercial & Financial Chronicle,
P. 0. Box 958, New York.
Gentlemen—It Wears to me that your Canadian correspondent, in the issue of August 15th, has got mixed up in
the figures for. the premium basis for sterling exchange.
His statement is that, scores of years ago,the pound sterling
was worth $433 .m Canadian currency. That figure, as
I am acquainted with the facts from persons most conversant
in this matter, should have been $4 44, the old par of exchange (called Halifax currency). In this Province of Nova
Scotia, prior to 1871 the pound sterling was current at
$5, which was.12 % on $4 44.The present par of exchange
44 brings the pound sterling. to
9Y2%, which on
inr
iar
, or to be particularly accurate, three shilling
stearl6
eIworthjexactly 73 cents.
Yours truly,
B.
THE CHRONICLE
AUG. 22 1914.]
STATEINDEBTEDNESS,FUNDS AND INVESTMENTS.
A preliminary bulletin containing data pertaining to the
indebtedness and productive funds and investments of the
National Government and the forty-eight State governments
of the United States has been issued by the Bureau of the
Census. The present bulletin is one of a series the results
of which will later be incorporated in a general report on
Wealth, Debt and Taxation. It is intended that the full
report, which is expected to be completed by the close of
1914, shall include the indebtedness of every political
division and sub-division of continental United States.
Table 6 presents, by States, for June 30 1913, or the
nearest date thereto for which figures are available, a summary of the debt and productive funds and investments for
each State in the United States, as well as the total for the
forty-eight States. In the case of indebtedness, funded and
floating debt are shown separately, and under funded
debt outstanding bonds are separated from special debt
obligations to public trust funds. Under funds and investments, cash and securities are shown separately. Sinking
fund assets are included under productive funds and investments, and in addition are shown separately, and also sub-
tracted from the total debt for each State, thus leaving an
item which is as nearly comparable for the forty-eight States
as any item which can readily be segregated. The total
and the per capita debt less sinking fund assets, and the
fiscal year for which the report was secured, are shown for
each State.
The item which is most nearly comparable is that designated "per capita debt less sinking fund assets.". The large
per capita debt in Arizona and Massachusetts is due principally not to the State debt but to the contingent debt
assumed by the State in the name of counties and municipalities in Arizona and metropolitan districts in Massachusetts. The next highest per capita debt for any State
is in Virginia, but this includes a very large sum properly
chargeable to West Virginia, which has not yet been assumed
by that State because of temporarily unsettled technicalities.
West Virginia is shown as being without debt, but ultimately
she will be called upon to assume a considerable proportion of the indebtedness of Virginia, thus more nearly
equalizing the reports for these two States.
The following States show a per capita debt less sinking
fund assets of less than $1: Arkansas, $0.76; Florida, $0.77;
Illinois, $0.39; Indiana, $0.49; Iowa, $0.16; Kansas, $0.14;
Minnesota, $0.63; Nebraska, $0.31; New Jersey, $0.24;
Oregon, $0.04; South Dakota, $0.58; Wisconsin, $0.93,
and Wyoming,$0.77. In the case of Pennsylvania the sinkmg fund assets exceed the total debt by $126,351.
Debt.
Funds and Investments.
Debt Less Sinking
Fund Assets
I
Table 6.
STATE.
511
Funded.
Total.
Total.
Bonds.
Special Debt Floating.
to Public
Trust Funds
Total.
Cash.
Sinking
Fund
Assets.
Securities.
Close of
Fiscal Year.
Amount,
Per
Capita
8422,796,525 6403,366,569 8364,836,427835,530,142 $19,429.956$490.304.975 8136.975.6108353329,366 876,980,571 $345,942,305$3.57
Total
488,278
9,037,000 3,587,097
13,132,375 12,644,097
3,849,149
262,052
dabama
3,587,097
13,132,375 5.95 Sept.30 1912
66,096
3,528,275
3,528,275
3,594,371
1,034,083
1,034,083
dizona
529,553
3,064,818 13.28 June 30 1913
1,250,500
1,250,500
1,250,500
2,052,249
801,749
akansas
1,250,500
14,434
1,236,066 0.76 Sept.30 1912
912,808
11,091,058
10,178,250
79,750
10,098,500
21,054,915
12,058,040
alifornia
8,996,875
868,314 10,222,744 3.83 June 30 1913
1,144,400
2,029,549
1,144,400
3,173,949
4.250.014
2.043,876
2,206,138
3olorado
3,173,949
3.70 Nov. 30 1912
7,064,100
46,351
7,064,100
4,446,270
7,110,451
2,424,202
1onnecticut
2,022,068
7,110.451 6.12 Sept. 30 1912
826,785
565,000
1,628,223
261,785
826,785
93,316
1,534.907
Jelaware
63,663
763,122 3.70 Dec. 31 1912
(a)
)1st. of Colum.
601,567
601,567
17,632
619,199
2,779,502
1,011,535
1,767,967
'iorida
619,199 0:77 Dec. 31 1912
6,734,202
6,352,500
6,934,202
1,661,579
200.000
381,702
1,113,517
548,062
6,934,202 2.57 Sept. 30 1912
;corgis
86,453
2,364,250
2,364,250
2,450,703
1,282,188
5.198,104
3,915,916
307,389
dello
2,143,314 5.92 Sept.30 1912
1,831,230
441,390
17,500
2.272,620
5,499,210
7,539,420
1,813,730
2,040,210
ilinots
2.272,620 0.39 Sept. 30 1912
90,820 12,994,090
1,260,163
655,615
339.405 12,654.685
604,548
1,350,783
ncliana
478
1,350,305 0.49 Sept. 30 1912
1,693,449
7,184,423
345,733
10.937
356,670
10,937
5,490,974
OWa
356,670 0.16 June 30 1913
1,735,277
11,989,925
370,000
370,000
370,000
10,254,648
126.879
Causes
243,121 0.14 June 30 1913
361,904
2,487,021
2,916,031
6,394 2,480,627 1,965,153
4,452,174
2,554,127
Centucky
10,307
4,441,867 1.90 June 30 1913
850,025
77,941
13,546,150 13,468,209 12,019,028 1,449,181
3.533,154
2,683.129
.outslana
13,546,150 7.89 Dec. 31 1912
457,281
1,716,579
700 1,254,298
1,254,998
1,254,998
1,259,298
4aine
1,254,998 1.67 Dec. 31 1912
1,887,198
9,548,587
13,035,750 13,035,750 13,035,750
7,661,389 5,701,837
laryland
7,333,913 5.56 Sept. 30
6,369,966 46,196,201 38,251,901 79,551,090 22.78 Nov. 30 1912
688,329 52,566,167
4assachusetts _ 117,802,991 117,134,662 117,134,662
1912
9,367.722
192,880 16,263,934
6,896,212
6,896,212
6,896,212
7,089,092
41chtgan
7,089,092 2.41 June 30 1913
2,992.729 27.272,671
445,290 30,265,400
900,000
900,000
1,345,290
1,345,290 0.63 July 31 1912
linnesota
2,595,673
250,999
608,946
2,344,674
4,460,519
1,506,899 2,344,674
3,851,573
4,460,519 2.41 Sept. 30 1912
4issIssippl
2,981,830
91,688
4,423,839
7,405,669
104,309
4,671,218 1.40 Dec. 31 1912
285,000 4,398,839
4,683,839
4,775,527
Ilssouri
1,401,641
4,028,747
5,430,388
547,910
235,036
1,512,874 3.73 Nov. 30 1912
1,200,000
1,200,000
1,747,910
4ontana
573,310
374,394
9,307,988
9,881,298
374,394 0.31 Nov. 30 1912
374,394
tebraska
579,028
2,124,000
2,703,028
56,759
63,064
380.000
607,695 6.70 Dec. 31 1912
234,000
614,000
tevada
670,759
568,837
1,144,911
1,713,748
49,872
694,639
165,000
1,955,611 4.50 Aug. 31 1912
1,376,100
2,070,739
Tew Hampshire 2,120,611
8,084,185
5,872,983
526,069 13,957,168
116,000
642,069 0.24 Oct. 31 1912
116,000
642,069
Zew Jersey
655,376
18,423
88,632
655,376
1,218,209 3.41 Nov. 30 1912
1,148,000
1,148,000
1,236,632
Tew Mexico
688,576 1,066,096 66,414,958 36,088,559 30,326,399 25,252,085 86,205,247 9.05 Sept. 30 1912
111,457,332 110,391,236 109,702,660
lew York
4,688,259
290,856
4,979,115
525,480
8,058,430 3.54 Nov. 30 1912
7,532,950
7,532,950
forth Carolina_ 8,058,430
840.663
7,958,772
8,799,435
116,876
820,424 1.29 Oct. 31 1912
937,300
937,300
937,300
forth Dakota
4,782,140
5,279,971
158.388
43,794 10,062,111
5,142,042 1.05 Nov. 15 1912
1,665 5,254,971
5,256,636
5.300,430
/hio
1,387,177
5,069,180
6,456,357
3,875,243
6,930,243
3.74 Nov. 30 1912
3,055,000
3,055,000
6,930,243
Iklahoma
993,736
6.491,331
7,485.067
30,199
30,852 0.04 Sept. 30 1912
653
653
30,852
Iregon
9,781,851
931,955
10,713,806
785,511
(5)
142,160
(b)
517,000
659,160
Nov. 30 1912
659,160
1ennsylvania
922,708
762,660
1,685,368
• 220,308
673,493
5,126,815 9.02 Dec. 31 1912
5,580,000
5,580,000
5,800,308
thode Island
768,217
1,875,286
1,109,069
417,371
921,839
250,339
6,190,036 3.98 Dec. 31 1912
6,444,165
0,694,504
outh Carolina_ 7,111.875
925,135 10,862,995
370,000 11,788,130
370,000 0.58 June 30 1913
•outh Dakota
370,000
878,309
405,000
1,283,309
86 11,811,640 5.32 Dec. 20 1912
18,060
11,811,726 11,793,666 11,793,666
'ennessee
1,392,735 69,079,149
678,999 70,471,884
4,656,499 1.14 Aug. 31 1912
3,977,500
3,977,500
'etas
4,656,499
1,661,701
4,878,019
3,216,318
219,694
Rah
1,429,694 3.62 Nov. 30 1912
1,210,000
1,210,000
1,429,694
1,562,498
313,003
1,249,495
223,275
346,631
'ermont
569,906 1.58 June 30 1913
346,631
569,906
370,797
8,008,378 2,611,706 22,043,145 10.46 Sept. 30 1912
8.379,175
92,301
qrginia
24,654,851 24,562,550 22,094,944 2,467,606
2,446,248
12,116,389
9,670,141
Vashington
1,224,988
1,556,012 1.21 Sept. 30 1912
331,024
1,556,012
331,024
1,616,515
2,589,715
973,200
Vest Virginia_c
Sept.30 1912
8,576,956
1,924,891
Visconstn
6,652,065
2,251,000
2,251,000
2,251,000
2,251,000 0:85 June 30 1913
1,373,251
818,439
Vyoming
554,812
5,375
122,375
117.000
122,375 0.77 Sept.30 1912
117,000
e No debt reported in West Virginia (see reading matter.
a Included with municipal debt.
b Sinking fund exceeds total debt by $126.351.
The following statement (Table 7) gives for 1870 and 1880-and also for each year from 1890-91 to 1912-13-the same
data as shown in Table 6 for the year 1913.
Funds and Investments.
Debt.
Table 7.
Funded.
YEAR.
Total.
Total.
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1880
1870
Bonds.
Special Debt
to Public
Trust Funds.
Floating.
Total.
Cash.
Securities.
Debt Less Sinking
Fund Assets.
Sinking
Fund
Assets.
Amount.
Per
Capita.
6422,796,525 6403,366,569 8364,838,427 638,530,142 819,429,956 $490,304,975 $136,975,610 6353,329,365 $76,980,571 a$345942305 $3.57
376,114,098 362,159,272
39,198,726 13,954,826 441,477,274 108,603,234 332,874,040
76.451,848 5299.763,423
3.15
347,041,981 333,152,054 3
98,004,852 325,212,153
71,177,988 9275,919,983
15,14386 39,136,216 13,889,927 423,217,005
960
22
94
2,0
2.95
322,948,868 311,093,349 271,607,100 39,486,249 11,855.519 387,540,562
90,212.609 297,327,953
66,813,710 0256,143,276
2.75
300,494,024 290,486,112 251,146,173 39,339,939 10,007,912 380.622,631 102,912,392 277,710,239
59,355,095 241,138,929
2.67
12,135,909
39,343,987
349,301,704
290,029,635 277,893,726 238,549,739
94,205,016 255,096,688
50,655,306 239,374,329
2.70
279,768,751 269,040,015 230,127,413 38,912,602 10,728,736 330,696,037
90,950,858 239,745,179
44,501.415 235.267,336
2.70
281,411,192 270,081,219 231,516,827 3$.564.392 11,329,973 310,261,618
84,188,599 226,073,019
42,952,929 238,458,263
2.76
278,135,397 267,083,049 228.831,520 38,251,529 11.052,348 292,712,402
78,137,375 214.575,027
39,264,804 238,870,593
2.85
9,918,673 284,067,370
272,493,578 262,574,905 224,560,743 38,014,162
81,272,740 202,794,630
36,846,091 235,647,487
2.86
9.305,942 275,072,703
80,078,760 194,993,943
266,926.910 257,620,968 219,905,301 37,715,667
34,791,189 232,135,721
2.88
274,148,756 261,482,567 220,674,505 40,808,062 12,666.189 257,591,217
66,842.155 190,749,062
34,859,467 6239,369,271
3.0,
58,781,170 211,543,697
262,247,074 251,279,880 210,967,112 40,312.768 10.967,194 270,324,867
33,856,273 /228,478,997
2.9;
55,066,183 174,212,850
265,133,041 253,331,203 214,315,625 39,015,578 11,801,838 229,279,033
29,821,060 9235,453,594
3.1Z
49,504,866 173,276,643
12,188,806 222,781,409
261,118,967 248.930,161 210,144,170 38,785,991
32,602,117 h228,571,048
3.0;
47,632,847 174,122,974
253,957,941 238,848,558 200,819,051 38,029,507 15,109,383 221,755,821
30,049,746 223,908,195
3.0;
237,043,590 222,313,874 183,641,723 38,672,151
14,729,716 214,840,962
43,932,672 170,908,290
28,358,779 208,684,811
2.9X
38,363,873 166,750,911
226,702,714 213,358,165 174,810,240 38,547,925 13,344,549 205,114,784
28,123,908 198,578,806. 2.8'
225,488,148 212,302,336 174,560.645 37,741,691 13,185,810 208,746,443
41,339,578 167,406,865
31,271.660 194,216,486
2.51
233,146,225 220,760,098 153,174,280 37,594,816 12,377,129 216,940,407
46,179,021 170,761,386
37,429,077 1196,194,298
2.80
240,175,835 220,602,169 183,004,791 37,597,378 19,573,666 216,662,207
44,235,800 172,426,407
38,124,440 202,051,395
3.0.:
249,266,723 230,252,379 195,253,306 34,999,073 19,014,344 221,757,840
48,741,184 173,016,656
43,518,777 205,747,946
3.16
258.195,056 238,283,071 204,641,170 33,641,901 19,911,985 215,832,702
44,118,346 171,714,356
46.984,569 211,210,487
3.31
306,016,561 286,818,453 261,095,759 25,722,694 19,198,108 129,542,488
24,239,654 105,302,834
31.270,789 274,745,772
5.41
352,866,698 341,245,198 313,887,639 27,357,559 11,621,500
(I)
0c.) SIAR AO
n .0
-a sinking fund exceeds debt 1128,351-Pennsylvania.
e sinking fund exceeds debt $79,982-New Jersey. h Sinking fund exceeds debt $54 198-New Jersey. 5
exceeds
fund
debt
6101,173-Pennsylvania.
S Sinking
fS eking fund exceeds debt 688,196-New Jersey. I Sinking fund exceeds debt 3477,150--1ilode
Island.
c Sinking fund exceeds debt $55,990--Pennsylvania.
g Sinking fund exceeds debt $141,613-New Jersey. J Not reported.
ttSinking fund exceeds debt 38,118-Pennsylvania.
512
THE CHRONICLE
BOOK NOTICES.
THE INCOME TAX; A STUDY OF THE HISTORY, THEORY AND
PRACTICE OF INCOME TAXATION AT HOME AND ABROAD.
By Edward R. A. Seligman, MoVicksx Professor of
Political Economy, Columbia University. Octavo,
pp. 712; price, $3. New York, 1911: The Macmillan
Company.
The genesis of this treatise, now three years old, and without apparent revision since it first appeared, is explained
in the preface. During the discussion prior to the income
tax of 1894, when practically nothing had been written
on the subject in this country, the author made researches
which were soon published and are now incorporated in this
work; but when the adverse decisions put a temporary
quietus on the subject he laid it by. The renewed agitation
which led to the submission of the recent amendment caused
him to complete his researches, and events in the last few
years have made this seem, to both author and publishers,
a favorable time for re-appearance of the book. That it has
not been just now completed and first issued is, however,
no impairment of its value, for the tax law we now have has
been abundantly treated for the present in pamphlet,and time
is yet to furnish material for including it in any study of
the whole subject.
Some may think, said Prof. Seligman, that he has paid too
much attention to the historical side, but it seemed to him
(as it may seem to many persons now) "that the most important lesson to be learned from experience is the gradual
transition in public sentiment from a position of uncompromising hostility to one of virtual acquiescence."
Readers of Mrs. Stowe's "Minister's Wooing" will remember how a few New England matrons attained marvels
of accomplishment in household duties, without seeming
to be under pressure and having considerable leisure time,
because they possessed "faculty," and for those who had this
indefinable quality difficulties readily yielded and inanimate things waived their total depravity which still troubles
most of us. Is it a coincidence only, or did Mrs. Stowe take
that term from the colonial records of 1665-73, when "faculties and personal abilities" were taxed, and in Rhode Island
the rule was that "faculty" or "profits and gains" was taxable, and an ancient rule prevailed that in each town men
were chosen to "take the view of each of their inhabitants"
and as to "the merchants and tradesmen to make this part
of the rate according to the yearly profit"?
Considering fundamental problems, the author has discovered that, at the outset, the individual himself was taken
'its the form of taxation and the poll tax was general. Development of private property changed this and property became the test and measure of "faculty" or ability to pay.
Expenditure and, later, income—was taken as the faculty
test. To ascertain this, the presumptive method was first
used, the income being inferred from observation of consumption and other appearances; then came attempt to
discover the entire income with precision, and levy on it in
the lump; then, on the argument that all income must have
a source, attempt to discover the sources and reach the
income there.
In the Middle Ages income taxes played a very insignificant part. In Great Britain, their most distinguished field,
they began near the close of the eighteenth century, as distinctly a war recourse. There, from 1798 to 1862, was a
period of apologies, explanations, regrets, protests, enactment, repeal and re-enactment; now, after a struggle of
almost three-quarters of a century, the tax is a fixture. The
original repugnance has been overcome, this change being
due to improvements in the underlying principle as well as
in the administrative details, "so that what was originally
considered unsupportable has now come to be regarded as
not only endurable but proper." The features which have
produced this success are deemed by the author to be: "the
happy blending of regard for local interests and for fiscal
productiveness; the ingenious system of utilization of experts
through the medium of the Additional Commissioners; the
absence of inquisitorial procedure; the system of stoppage
at source; the studied moderation of the rate; the introduction
of differentiation; the adoption of the system of progression."
Thp three chapters of Book II., on the income tax on the
Continent of Europe, we must pass over, with the single
remark that on pages 262-264 will be found some suggestive
examples of the exasperating espionage which is a reserve,
if not an invariable part, of this mode of levy upon faculty.
The chapters on "the income tax at home" may surprise
most readers by disclosing how early such attempts began
[VOL.
xe
in the colonies and how largely they have beenitaken up in
the States. The Federal income tax, suggested long before
but imposed only as a war measure in 1862 and later, and
the return to it in 1894, are covered at length; the dozen pages
sketching this tax form in the Confederacy are also of much
interest. The long discussion of Constitutionality brings
out, inter a,lia, the fact that doubt and disputation as to
even the meaning of "direct" and "indirect" are very old; as
to this, we venture merely the remark that apparently an
income tax and a tariff tax represent the extremes of directness and indirectness.
Now that the country is struggling with this tax as one
of its fiercely aggressive troubles, Prof. Seligman's concluding chapter, "a practicable program," written while
both the tax and the amendment were impending, and
being the least historical part of his work, may have a suggestive interest. He did not set out to present the principles
of taxation, and he does not refer to some inseparable vices
in an income tax when viewed as a national resource. But
he accepts an income tax as a fixture and as desirable; he
would have it Federal, not State; he would have the Federal
Government "collect the income tax, the corporation tax
and the inheritance tax," thus heading off the taxpayer's escape from jurisdiction; he would abandon the presumptive
and the lump-sum methods, taking instead the stoppage at
source, which he deems better suited to this country than to
Europe; he would particularly utilize the corporation as a
means; and he counts upon a continued improvement in
workings and yield, if the machinery is correct. The reasons
why the tax should be Federal and not State he conceives
to lie in the basis of the tax; avoidance of double taxation;
administrative difficulties, and probable embarrassments to
State finances. He would have the tax Federal, yet deems
"the income tax needed as a source of State or local revenue."
So he proposes the following as the way out,and it is the only
positive proposition we discover, although we are not prepared to admire it:
'The solution is really not complicated. Why is it not
possible to secure all the ends of general suitability by having
the tax administered by the National Government under
direct national supervision, and to secure all the ends of
adequacy and fiscal necessity by having the proceeds apportioned, to a large extent at least, to the various States,
perhaps to be further apportioned by the States in part or
whole to the localities? This seems to be the real solution:
Let the National Government assess the tax, and let the State
and local governments share in the proceeds of the tax."
"THE RAILWAY LIBRARY", Fifth Series, 1913, R. R.
Donnelley & Sons Co., Chicago. Price, 50 cents.
This is a collection of noteworthy addresses and papers,
mostly delivered or published during the year. The book
bears the name of that trained railroad worker, Slason
Thompson, Director of the Bureau of Railway News and
Statistics, by whom it has been compiled and edited. No
better indication of what is presented in the volume can be
given than to quote from its introduction, and we therefore
take therefrom the following:
The volume opens with a brief summary of "Fifty Years of British
Railways," extracted from the Jubilee Number of the London "Railway
News." This will serve as a companion picture to the graphic story of
James 3. Hill's "Life Adventure," covering forty years of railway-building
in the United States in the volume for 1912. The problems confronting
railway builders in the two countries were widely different, but the aims,
adequate service at reasonable and remunerative rates, were and are identical. A cut of the latest, but not the last, word in locomotives naturally
serves as a tailpiece to the fifty years of locomotive performance inaugurated
by "The Rocket."
Railway conditions as they are, outlined in the testimony of President
Samuel Rea of the Pennsylvania RR.,find a place in this volume because
his testimony sets forth conditions common to all progressive American
railways. The group of papers immediately following views the same situation from several different angles, those from the pens of Inter-State
Commerce Commissioner Meyer and Clement Colson of the French
Institute being especially enlightening.
Next follows a series of articles relating to the nationalization of railways
treated from the historical, political and economic points of view. The
Library is especially to be congratulated on permission to use the concluding
chapter of Samuel 0. Dunn's recent work on "Government Ownership
of Railways" (Appleton & Co.), and an exhaustive synopsis of Prof. W. J.
Cunningham's analysis of the State railways of Prussia-Hesse.
The two illustrated articles in the number,"A Nation's Neglect," giving
typical pictures of the reckless use of railway tracks as COMMODE;for all sorts
of trespassing, and the story of "The Ohio Flood of 1913." showing the
dangers to which American railways are always exposed from the unforeseeable and irresistible forces of nature, bring these aspects of railway
operation vividly to the mind of the reader.
The variety of subjects covered in this volume exceeds that in any former
issue, as a glance at the table of contents testifies.
As in former issues, the concluding chapter consists of the annual report
of the Bureau of Railway News and Statistics, in which is presented the
satest information in regard to American and foreign railways—the space
devoted to the latter being greatly increased.
AUG. 22 1914.]
THE CHRONICLE
513
sary rawimaterials:may be overcome almost wholly_by development of
neglected resources in our own country."
"Do you mean," Mr. Lane was asked,"that the United States can make
Itself independent of the rest of the world in its manufactures?"
"very largely," asserted the Secretary. "The main difficulties to be
overcome are in the re-arrangement of the distribution system necessary
to establishing this independence. Business is established along certain
well-marked channels, and usually follows the line of least resistance. It
has been easier, and perhaps cheaper, to import mineral products and
materials from other countries than to go to the trouble and expense of
developing our own resources of the same nature. Forced to the latter
course py suspension of commerce with other countries, I believe that
American enterprise and energy will almost at once turn to the development of the native resources rather than permit production to lag and
supply to be diminished in any industry.
"For the maintenance of agriculture, for instance, we rely more and
more largely upon mineral fertilizers. The three essential plant foods are
potash, nitrogen and phosphorus, the latter used generally in the form of
phosphates. We have depended, with the rest of the world, very largely
upon the mines of Germany for our supply of potash salts, and war hae
cut off this supply; but we have large deposits of potash in a California
reserve which can be immediately opened and developed if a bill now before
Congress to make these supplies available is enacted. Chile holds a practical world monopoly of the most readily available nitrogen in its great nitrate beds, and not only the manufacture of agricultural fertilizers but also
of many kinds of high explosives, have been made dependent upon the
Chilean supply of nitrates. If this supply should be cut off, a new supply
would have to be found or manufactures and agriculture would suffer.
Fortunately this new supply is at hand. We can draw nitrogen from the
air and fix it with lime by the use of large and cheap electrical development.
TEXT OF THE STATEMENT.
as Is done at Niagara Falls and in Norway,and all that is necessary to pave
21.fy fellow-countrymen: I suppose that every thoughtful man in America
the way to this electrical development is the passage by Congress of the
has asked himself during the last troubled weeks, what influence the EuroFerris bill now pending, which will make possible the utilization of the
pean war may exert upon the United States, and I take the liberty of addressing a few words to you in order to point out that it is entirely within great unused water powers of the Western States.
"The Southern States have for years largely supplied the world with
our own choice what its effects upon us will be, and to urge very earnestly
phosphates, but because of the distribution system a large part of this
upon you the sort of speech and conduct which will best safeguard the nasupply
has gone to Europe,and much of the phosphates used in the Western
tion against distress and disaster.
States have been imported across the Pacific. We have some 3.000.000
The effect of the war upon the United States will depend upon what
American citizens say and do. Every man who really loves America will acres of phosphate lands in the West lying near the smelters from which
Is produced the sulphuric acid necessary to convert these phosphates into
act and speak in the true spirit of neutrality, which is the spirit of imparform available for plant food, and still there is no law by which these phostiality and fairness and friendliness to all concerned. The spirit of the naphate deposits can be made commercially available, although a bill which
tion in this critical matter will be determined largely by what individuals
would allow of their immediate development has been favorably reported
and society and those gathered in public meetings do and say, upon what
by the Public Lands Committee of the House of Representatives, and Is
newspapers and magazines contain, upon what our ministers utter in their
awaiting the approval of the House and Senate."
pulpits and men proclaim as their opinions on the streets.
"Will these resources be developed if these laws are passed?" the SecThe people of the United States are drawn from many nations, and chiefly retary was
asked.
from the nations now at war. It is natural and inevitable that there should
"Of course they will," be replied. "You can depend upon American
be the utmost variety of sympathy and desire among them with regard to enterprise and
ambition to make good when it is given an opportunity.
the issues and circumstances of the conflict. Some will wish one nation, At present these
deposits and resources are locked up out of use. To open
others another, to succeed in the momentous struggle. It will be easy to
to
use
when
them
the supply from other countries is cut off means to make
excite passion and difficult to allay it. Those responsible for exciting it
American industries using these materials independent of the rest of the
will assume a heavy responsibility; responsibility for no less a thing than
and business men will not neglect the opportunity to make our
that the people of the United States, whose love of their country and whose world,
industries safe from the interruptions of war we are now experiencing."
loyalty to its Government should unite them as Americans all, bound in
other industries are there now dependent upon the products of
"What
honor and affection to think first of her and her Interests, may be divided
In camps of hostile opinions, hot aganist each other, involved in the war other countries which can be made independent?" Mr. Lane was asked.
"The steel industry,for one," he replied. "Manganese is of large importItself in impulse and opinion, if not in action. Such diversions among us
industry and thelargestsupply ofore comesfrom Russia and other
would be fatal to our peace of mind and might seriously stand in the way ance to the
with which commerce is now paralyzed. There are large deposits
countries
of the proper performance of our duty as the one great nation at peace, the
America which have not been developed, but it is not necessary
one people holding itself ready to play a part of impartial mediation and In South
even to go so far away as that. We have great stores of manganese in
speak the counsels of peace and accommodation, not as a partisan, but as a
which has been largely untouched because it is somewhat
country
this
friend.
in quality. To bring this home supply into use means merely
I venture, therefore, my fellow-countrymen, to speak a solemn word of inferior
adoption of methods for its purification, which are known and can be sucwarning to you against that deepest, most subtle, most essential breach of
cessfully used, and then we can continue making manganese steel without
neutrality which may spring out of partisanship, out of passionately taking
regard to foreign wars or sources of material. There are other intersides. The United States must be neutral in fact as well as in name during
national contributions, though, in the steel industry. We have depended
these days that are to try men's souls. We must be impartial in thought as
largely upon the island of Ceylon for the graphite used in the manufacture
well as action; must put a curb upon our sentiments, as well as upon every
the crucibles in which crucible steel for edge tools and small firearms is
transaction that might be construed as a preference of one party to the of
made. Or,to take another metal, European smelters, using in part Chinese
struggle before another.
Mexican ores, have in late years furnished much of the world's supply
My thought is of America. I am speaking. I feel sure, the earnest wish and
antimony, which is used in the manufacture of type metal, and also
and purpose of every thoughtful American that this great country of ours, of
which is of course the first in our thoughts, and in our hearts, should show medicinally. War has paralyzed the production of antimony in Engherself in this time of peculiar trial a nation fit beyond others to exhibit the land (at Newcastle), and prices have gone up. Antimony, however, 18
fine poise of undisturbed judgment, the dignity of self-control, the effi- easily extracted from many low-grade ores which we have in great quanciency of dispassionate action; a nation that neither sits in Judgment upon tities in at least seven States,and there is no reason why we should not make
Others nor is disturbed in her own counsels, and which keeps herself fit and this extraction and be independent of other countries, both as to supply
free to do what is honest and disinterested and truly serviceable for the and prices. Similar conditions hold in the case of arsenic.
"A large tonnage of ferromanganese alloys comes from Germany and
peace of the world.
Shall we not resolve to put upon ourselves the restraint which will bring England. It is only in the last ten years that we have freed ourselves
Oa our people the happiness and the great and lasting influence for peace from Sicily's monopolistic control of the sulphur supply. Flint pebbles
we covet for them?
are common and the supply large enough in the United States, but for such
an apparently unimportant product as these, used in the fine grinding of
The Administration also thinks that loans to warring na- cement
and ores, we have been depening upon the chalk cliffs of Engtions are inconsistent with the true spirit of neutrality. We land, Denmark and France. Ores and mineral freight depend almost
quote Secretary Bryan's statement to that effect on a subse- wholly upon the tramp steamer, a carrier of foreign parentage. Now the
tramp steamer has taken to cover, and all kinds of ocean freight, especially
quent page under "Incidents of the Situation."
low-grade freight, will be held up and its carriage almost entirely suspended
during the war."
"Will this suspension mean disaster to our industries?"
"Not disaster, but inevitable interruption to some extent," replied
HOW THE UNITED STATES CAN BECOME
Mr. Lane. "It means that suddenly materials upon which great industries
depend must be obtained from other sources. Importers, consumers and
INDEPENDENT IN MINERALS.
The following suggestive statement has been given out manufacturers are making anxious inquiries as to where they may find
the United States supplies of crude materials to replace the foreign supby the Department of the Interior at Washington under In
plies now shut off. This is the opportunity of the United States to free
date of Aug. 16:
Itself from dependence of its industries upon other countries, and business
"A direct benefit to the United
are awakening to this fact. They look to the Government for aid in
States from the European war will be its men
new sources of material with which to keep the factories open and
effect in making the people of this
finding
the
extent
realize to a greater
country
value of its mineral resources," said Franklin IC. Lane, Secretary of the In operation. When they have found the domestic supply and begin its
Interior, in an interview to-day. "It entirely possible to so utilize the e use, they will not return to dependence upon the foreign supply, and thereis
resources and expand our industries that the label 'Made in America' after good or bad times in the United States, so far as the maintenance
will become familiar in our own and foreign markets."
of industries is conderned, will be more independent of foreign compli"Of an importance second only to that of the food supply," said Mr. cations."
Lane, "is the supply of mineral products necessary to meet the require"What is the Government doing to aid industry in these matters?"
ments of twentieth century civilization. One of the first effects of the war
"All it can do under present laws," replied the Secretary. "The nahas been to make us realize the interdependence of nations in the matter tion's greatest natural resources are a part of the public domain and under
of food supply. Most of the countries now at war are dependent upon the charge of the Interior Department. The annual reports on the mineral
importation of foodstuffs, and we have cause for self-congratulation in the resources of the United States published by the United States Geographical
United States that we are able to feed ourselves. What we possibly have Survey for the last thirty years contain not only statistics of yearly pronot so fully realized is that we are nearly as independent in the possession duction of all commercial minerals but also useful facts regarding the ocof essential mineral resources, and that the interference with manufac- currence, exploitation and application in the arts and sciences of the minturing caused by interruption of the flow of importations of many neces- eral wealth of the country. The Geological Survey has been instructed:to
THE PRESIDENT COUNSELS NEUTRALITY UPON A
COSMOPOLITAN CITIZENSHIP.
President Wilson, taking cognizance of the feelings of
race pride and race prejudice likely to be aroused (and in
part already being displayed) among the diverse citizenship
of the United States, owing to the outbreak of war in Europe,
has issued a statement counseling the observance of strict
neutrality in deed and word, so as to afford no ground for
criticism on the part of the outside world as to this country's
attitude. The President has been the recipient of many communications from bodies of foreign American citizens, animated by sentiments of sympathy with the country of their
birth, urging him to adopt a course which would mean a
disregard of the strict rules of neutrality. He therefore
thought it incumbent upon him to indicate what was required of Government and citizens alike in order to fulfill
the obligations of neutrality. He particularly warns against
"passionately taking sides." The President's statement
was issued on Tuesday (Aug. 18) and is as follows. It
lacks the literary grace that usually marks the President's
productions.
514
THE CHRONICLE
[VOL. xcrx.
furnish upon request the addresses of procuders from whom buyers can Saturday morning Dr. Charles Paul Hubscher, the Secresupply their wants if the mineral is produced at all in this country, or in- tary of the Swiss Legation, called at the
State Department
formation regarding the localities where reported deposits are undeveloped. In some instances large deposits remain undeveloped simply be- and asked Secretary Bryan what the attitude of the United
cause of the fact that distance from market has given to the foreign sources States Government would be if Switzerland sought to negoof raw material with the lower ocean freights an advantage over domestic tiate a loan in this country. Mr.
Bryan promised an
producers shipping by rail."
"What immediate effects upon mineral industries may be expected from answer the same afternoon, and the above was the result.
the war?" Mr. Lane was asked.
As soon as Mr. J. P. Morgan was advised of Mr. Bryan's
"Already the copper industry has felt the iniurious effects of war," he
said, "and production has been curtailed. While considerable copper is announcement he sent a wireless message from his yacht
consumed in the munitions of war, the constructive arts of peace furnish Corsair saying that he would of course be governed by the
a far better world market for American copper than will the destructive wishes of the Administration. His message was as
follows:
art of war. In the case of zinc, however, the effect of the European war is
The question had been asked of the Administration, not because there
the opposite. The smelting centres of the Continent are in the zone offightlegality
was
the
of
a
loan,
but
In
any
order
question of
that any action
ing. In Belgium,for instance, practically all the zinc smelters lie along the to
be taken might be in harmony with the ideas of the Government.
line of attack chosen by the German armies, while in Rhenish Prussia.
disposed
of
question
is
by
the
opinion
as
Of
the
expressed
course
by the
Austria-Hungary and Russian Poland the smelters are likewise located where
The firm is so advising the French intermediaries
military operations promise to be most active. It is within the limits of Secretary of State.
probability to expect a loss of a half million tons in the foreign production of who approached them in this matter.
The "Evening Post" of this city on Monday discussed
zinc, or nearly half the world's output, with beneficial effect upon the recent
over-production in the United States,especially as affording the opportunity the subject of loans by neutral countries to belligerent
to export zinc and galvanized iron products to South American countries,
nations in an interesting way, citing precedents drawn from
which market has hitherto been only in part utilized by our exporters.
"Fuel oil has a large use in naval warfare of to-day, yet the tying up of the Russo-Japanese war. We quote its remarks herewith:
the big tank steamers on both the Atlantic and Pacific seaports is already
Many perplexing considerations surround the question of our Governembarrassing the oil producers of this country, who depend so largely ment's attitude towards a loan by American bankers and investors to the
upon the export trade in all the forms of petroleum,crude and refined. On Government of France. Regarded purely on the ground of precedent.
the other hand. Russia, our strongest rival in oil production, must suffer such a loan could hardly be pronounced improper. We observed strict
more complete and longer-continued interruption of exports, which shoul
neutrality in the war which began in February 1904, between Japan and
tend to enlarge the market for our oil."
Russia, but a $25,000,000 Japanese Government loan was floated at New
"The supply of cheap foreign barytes has prevented the development of York that May,and another of$30,000,000 the next Nov., and something
many good deposits of that mineral,but with the consumers on the Atlantic like $75,000,000 in March of 1905. In England, equally a neutral Power.
seaboard already looking for domestic supplies,some of the Southern mines Precisely similar amounts were loaned to the Japanese Government on
should be reopened to supplementthe outputs of those already in operation. the same occasions, and the third loan was partly offered and subscribed
"The closure of the European market leaves but one buyer for the radium In Germany. During that period, Paris bankers publicly offered nearly
ores of Colorado and Utah, which is decidedly to the disadvantage of the 6500,000,000 loans for the Russian Government, and the French investors
miner. Had the legislation introduced in Congress been promptly enacted, subscribed to them. No protest was made by either belligerent; indeed, it
the United States Government would probably have been buying these ores was recognized that the Russian Government would have been as fully
at this time.
entitled as the Japanese to borrow money here if our bankers and investors
"While the United States leads in coal mines." continued the Secretary, had favored the investment. Formal precedent is therefore clear. But
"the six European countries now at war happen to be the six next largest a moment's consideration shows that the present situation is not identical
coal-mining countries, producing together over half the world's coal. In- with that of 1904.
terference with both the mining and the commerce of these nations must
It differs in two essential respects. First, practically all of the European
necessarily increase the demand for our coal, at least in the neutral countries States with which we have close political and financial relations are at war.
of the world. And coal is our one resource about which there need be no and are fighting one another. Second, this is not a case where, as In the
present anxiety. The United States is now producing 40% of the world's Manchurian conflict,the area of war Is strictly limited and the world's great
supply of coal, and the reserves yet to be drawn upon exceed, so far as centres of capital undisturbed. Preservation of neutrality, in sentiment as
known, those of all the rest of the world combined. It is not generally in action, is a far more delicate task to-day, and the Government's attitude
known, however, to what an extent we have been depending upon Europe, will be judged in a very different way. The State Department has not for
principally Germany, for many of the chemical products derivable from bidden loans to belligerents; its opinion was asked as to their advisability,
coal, and which we have been permitting to go to waste in the most reck- and it replied that, in its judgment, they are not advisable. In this judgless manner. Coal tar obtained in the manufacture of coal gas and of coke ment we concur under all the immediately existing circumstances; even if not
(in retort ovens) is capable of producing hundreds of chemical products, accepting as conclusive the Department's theory that "loans by American
but the chemical industries dependent upon coal tar as a raw material have bankers to any foreign nation which is at war are inconsistent with the
had little development in the United States. Our imports of coal tar true spirit of neutrality." Every such case, we think, must be judged on
products in 191,3 were valued at 811,000,000 at initiating points, and when Its own merits; and the precedent of 1904 fails in the highly important
they reached the ultimate consumer probably cost double that amount. respect that financial communication of France and England with our
If the present war continues any length of time, the American consumer will markets is being rapidly re-established, whereas restoration ofsuch relations,
have to do without aniline colors and dyes, certain drugs and numerous as between Berlin and New York, Is not now in sight. But the State Deother coal tar products or the American manufacturers will undertake to partment might well have gone a step further. Since Its opinion had been
supply these essential commodities, which have hitherto carried the label solicited, it might properly have expressed its disapproval of any such opera'Made in Germany.'
tion at a moment when it would open the door to applications from all the
"The Panama Canal is opened in time to help us in many ways. Bolivia, other fighting States, when derangement of the foreign exchanges is so
for instance. is one of the greatest tin-producing countries in the world, great, when the problem of meeting our outstanding credit engagements in
but its heaviest exportations have been to Europe, and the United States Eurepe is so troublesome, and when conditions on our own home money
has been getting its supply of materials for the manufacture of tin plate market are so obscure.
and tin alloys from London and Liverpool. With the suspension of European industry and the opening of the canal, there is no good reason why
The "Wall Street Journal" yesterday had a dispatch from
we should not now step in, bring Bolivia's tin ore to this country and manusaying that the "Monetary Times" had asked Mr.
Toronto
facture it."
Bryan, Secretary of State, Washington, whether the att!"Would this change of supply mean higher prices in this country?"
"Not necessarily," replied Mr. Lane. "During the period of transition tude of President Wilson, opposing the floating of loans in the
from one supply to another, and the initial development of new sources of
belligerent Powers included Canada, and
material, cost of production might possibly be slightly enhanced, but with United States for
a new production and distribution system, wholly domestic, once estab- Mr. Bryan replied as follows:
lished, there is no reason why prices should be higher, and no reason why
I beg to say that the announcement made by the President, disapproving
fluctuations in prices in other countries should so affect our industries or the loaning of money by American bankers to belligerent governments,
would seem to include the colonies of such Governments, as well as the
prices of our products to home consumers."
governments themselves.
INCIDENTS OF THE SITUATION.
Besides counseling foreign-born citizens of the United
States to observe strict neutrality in their conduct and
action towards the belligerent nations of Europe (we print
the President's special statement to that effect as issued
this week, on a previous page), the Federal Administration
has made it known that it will look with disfavor on attempts
to float loans in this country for any of the warring Powers.
A prepared statement conveying this information was given
out last Saturday by Secretary of State William J. Bryan.
While the announcement did not come as a direct reply to
last week's tentative suggestion for the placing here of a
French loan for $100,000,000 through J. P. Morgan & Co.
(the proceeds to be used to buy American products for the
French people and no part of the credit to be used for gold
exports), the bearing of the Secretary of State's announcement on that proposition became immediately obvious.
Here is Mr. Bryan's statement:
Inquiry having been made as to the attitude of this Government in case
American bankers were asked to make loans to foreign Governments during
the war.n Europe,the following announcement is made: There is no reason
why loans should not be made to the governments of neutral nations, but
In the Judgement of this Government loans by American bankers to any
foreign nation which is at war is Inconsistent with the true spirit of neutrality.
It appears that the occasion for this announcement was
an inquiry made on behalf of the Swiss Government. Last
Commenting on the reply, the "Times" says:
This is a matter of importance to Canada, as the Dominion anticipates
raising considerable sums in the United States for pacific purposes, at
least. Whether Mr. Bryan's reply refers only to Dominion Government
and provincial loans in Canada, and not to municipal and corporation
loans is not clear. The Dominion Government this week authorized an
expenditure of $50,000,000 for defence and commercial purposes during
war time, and the raising of such amounts from time to time up to that
total by way of loans.
It was stated on Wednesday that the French Government
had increased its deposits with the Paris firm of Morgan,
Harjes & Co. to a sum approximating $16,000,000. This
is in accordance with the plan of the Bank of France to establish, through J. P. Morgan & Co., a credit in the United
States on which the bank can draw for bills incurred here.
A considerable part of the money thus made available in
France will be used for the relief of stranded Americans in
Paris.
The record of the emergency currency issues at this centre
up to last night, as prepared by the New York Sub-Treasury,
is shown in the following:
Total emergency money applied for to date
Total emergency money applied for yesterday (Friday)
Total number of banks applying to date
Number of banks applying yesterday (Friday)
Total emergency money received at New York to date
Total emergency money delivered at New York to date
Emergency money delivered at New York yesterday (Friday)
$89,333,910
None.
29
None.
103,377,460
79,448,090
1.470,000
AUG. 22 1914.]
THE CHRONICLE
515
admission of foreign-built ships to American
The big Government conference of prominent business men, An Act to provide for the
registry for foreign trade, and any other purposes.
of
members
the
bankers, shippers and ship-owners and the
Be it enacted by the Senate and House of Representatives of the United
Federal Reserve Board, held in the Treasury Department in States of America. in Congress assembled, that the words "not more than
years old at the time they apply for registry," in Section V. of the Act
Washington on the 14th inst., to which we referred last week, five
entitled "An Act to Provide for the Opening, Maintenance, Protection
passed several resolutions to aid the movement of our grain and Operation of the Panama Canal and the Sanitation and Government
and cotton exports and restore normal conditions in foreign of the Canal Zone," are hereby repealed.
the President of the United States is hereby authorized, whenever
exchange. These resolutions came to us too late to publish in That
his discretion the needs of foreign commerce may require, to suspend
in last week's issue. The resolutions adopted and some of the by order, so far and for such length of time as he may deem desirable, the
prescribing that all the watch officers of vessels ofthe
proceedings of the conference were made public in a state- provisions of law
United State; registered for foreign trade shall be citizens of the United
ment issued by Secretary McAdoo. The statement declared States.
Under like conditions, in like manner, and to like extent the President
it to have been the consensus of opinion at the conference
of the United States is also hereby authorized to suspend the provisions
action
and
ships
American
that with "enlarged registry of
of the law requiring survey, inspection and measurement by officers of the
by the Government, supplementing what private companies United States of foreign-built vessels admitted to American registry under
might do in connection with insurance, the question of this Act.
This Act shall take effect immediately.
exports of grain and cotton and of foreign exchange would
In an editorial article on Tuesday "The Evening Post"
rapidly solve themselves.
of this city discussed the general subject of the revision of
follows:
as
was
point
this
on
resolution
The conference
our shipping laws in connection with this new measure as
Resolved, That this conference urge the United States Government to
the
under
follows:
administered
be
to
insurance,
war-risk
establish a bureau of
THE BILL FOR A MERCHANT MARINE.
It should be clearly understood that the Ship Registry Bill, as it finally
was passed by Congress yesterday, does not embody comprehensive revision
of our obnoxious shipping laws. The old Navigation Law of 1792 denied
American registry to all ships except such as were "to be wholly owned by
citizens and to be commanded by a citizen of the United States," and
of which the officers "shall in all cases be citizens of the United States,'
The amendments of 1884 and 1896 applied the last of these provisions
to "all the officers who shall have charge of a watch, including pilots," and,
on steam vessels, to "the chief engineer and each assistant engineer in charge
a watch."
The conference, after a long discussion, decided that the ofThe
old law also provided that vessels built within the United States,
problem resolved itself into three components—namely, vessels which may be captured in war, and vessels forfeited for breach
be admitted to American registry. This was
the restoration of the market for foreign bills of exchange; of law, and no others, may
in 1892 so that registry might be granted to foreign-built ships
the provision of means for transporting the grain and cotton amended
of a stipulated speed and tonnage owned to the extent of 90% by citizens;
crops and merchandise abroad, and the provision of war in- provided, that the same owners "shall, subsequent to the date of this law,
to build,in American ship-yards,steamships
surance for the ships which may be induced to enter Ameri- have built or have contracted
of an aggregate tonnage of not less in amount than that of the steamships
can registry so as to furnish this transportation.
so admitted to registry." But the old provisions requiring officering such
Three committees of four members each were appointed Ships by American citizens remained. They were also left in the further
under the Panama Canal Act of 1912, in which "sea-going
to take up with Congress legislation for the creation of a bu- amendment
vessels • * * not more than five years old at the time they apply for
reau of war-risk insurance, to guarantee American ships and registry, wherever built," were admitted to registry if wholly owned by
cargoes from loss while on the seas, the resumption of trans- American citizens.
The only permanent change in these older laws introduced by the ConAtlantic transportation so that American grain and other •gressional
amendment is repeal of the condition that such ships must be
products can be delivered in Europe, and the restoration of not more than five years old. Regarding the stipulations as to manning
by
ships
American citizens, and in regard to certain onerous provisions
the
exchanges.
foreign
the
survey and inspection, the bill provides:
In appointing the following committees, the conference regarding
"That the President of the United States is hereby authorized whenever in
sought to provide the Government with expert advice in his discretion the needs of foreign commerce may require to suspend 139
so far and for such length of time as he may deem desirable, the
order,
branches:
each of these
War Risk Insurance—Hendon Chubb, New York; J. Barker Kirlin, New provisions of law prescribing that all the watch officers of vessels ofthe
Kansas
Mo.
City,
United States registered for foreign trade shall be citizens of the United
York; E. II. Outerbridge, New York,and F. G. Crowell,
Transportation—J. A. Farrell. New York; P. A. S. Franklin, New York; States.
Robert Dollar. San Francisco, and Bernard N. Baker, Baltimore.
"Under like conditions, in like manner, and to like extent, the President
Foreign Exchange—A. J. Hemphill, New York; Festus J. Wade, St.
of the United States is hereby authorized to suspend the provisions of the
Louis; Henry R. Ickelheimer, New York, and John J. Arnold, Chicago.
requiring survey,inspection and measurement by officers of the United
A member of the Federal Reserve Board to aid in the de- law
States of foreign-built vessels admitted to American registry under this
liberations of each of these sub-committees was named by Act."
words, this section, as it stands, is as purely an"emergency
Secretary McAdoo as follows: War insurance, A. C. Miller; In other as
the clause in the Bank Act authorizing the Federal Reserve
provision"
transportation, F. A. Delano, and foreign exchange, Paul Board, under exceptional conditions, to suspend for a given pried "any
specified in this Act." It must be discussed and
requirement
reserve
M. Warburg.
on that basis,and not as a permanent solution of the problem of an
A committee of twelve, headed by Seth Low, was ap- accepted
American merchant marine.
pointed, with instructions to draft bills immediately for
This leaves the question uppermost how far such suspension, by the
InWar
of
Bureau
a
President, of the provisions which have obstructed recovery of our former
submission to Congress, establishing
in that field will meet the difficulties of the hour. That it simposition
surance to consist of five men appointed by the President,
plifies them, there can be no doubt. But, naturally. any American owner
and a bill urging a thorough revision of the navigation laws now
transferring his ship from foreign to American registry, and any citizen
as a vital necessity to the establishment of an adequate or group of citizens purchasing ships from foreigners, would like to have
assurance of the scope and duration of theimmunity proposed. Consome
merchant marine.
gress has conveniently dodged that question and placed it on Mr.Wilson's
shoulders.
.
The
direction of a suitable Government department, 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 shippers on
American vessels are unable, in any particular trade, to compete on equal
terms with vessels or shippers of other nationalities by reason of the protection offered such other carriers or shippers by arrangements for war
indemnity through their Government, and that such board have power to
fix rates of premium, subject to change, to each country or for each class
of cargo.
United States Senate on Monday passed the Ship
Registry bill in the precise form in which it originally came
fror- the House. This was done after a heated debate.
Thu Senate amendment which met with particular opposition was a provision admitting foreign-built ships, if given
American registry, to all the coastwise trade. As explained
in our issue of Aug. 8, it is designed to remedy the lack of
shipping facilities growing out of the European war by
amending the Panama Canal Act so as to eliminate the provision which requires foreign-built ships admitted to American registry to be not more than five years old at the time
of their registration. The bill also authorizes the President,
whenever in his discretion the needs of foreign commerce
require, to suspend by order, so far and for such length of
time as he may deem desirable, the provisions of law prescribing that all the watch officers of vessels of the United
States registered for foreign trade shall be citizens of the
United States. It also stipulates that "under like conditions, in like manner, and to like extent, the President of
the United States is also hereby authorized to suspend the
provisions of the law requiring survey,inspection and measurement by officers of the United States of foreign vessels admitt ed to American registry under this Act." The text
of the bill is as follows. It was signed by the President
on Tuesday.
The first foreign ship to make application for American
registry under the new law was the steamship Oceana, lying
at the South Brooklyn shipyard of the Morse Dry Dock &
Repair Co. The Oceana is owned outright by Americans.
W. R. Grace & Co., who have numerous freight steamers on
the Atlantic and the Pacific, have also announced that they
will take advantage of the new law and put a number of
their ships under the American flag.
The President has also agreed to a plan for having the
Government go into the shipping business by purchasing a
number of ships to be operated by a company under Government supervision. An announcement to that effeet was
made at the White House on Wednesday, following a conference with Chairman Underwood of the House Ways and
Means Committee; Chairman Alexander of the House Merchant Marine and Fisheries Committee; Chairman Simmons
of the Senate Finance Committee, and Chairman Clark of
the Senate Commerce Committee. The object, of course,
is to protect and promote the American export trade during
the European war. It was agreed that a bill should be introduced in Congress providing for the purchase of an adequate number of ships by the Government and for their
516
THE CHRONICLE
operation by corporations controlled by the Government.
Such corporations:would be:organized after the fashion of the
present PanamalItailroad Co. Secretary of the Treasury
McAdoo, who has been in frequent conference with shipping
men since the grain-shipping conference of last week, was
present at the White House conference and gave his approval
to the plan. It was estimated at the White House that the
purchase7of ships will cost the Government about $25,000,000. It is assumed that the liners desired by the Government are those of the Hamburg-American Line, now lying
idle in American ports, and the vessels of several other German-American lines. The Administration has already taken
up the question whether such purchases may not lead to
trouble with some of the belligerents in the present European
war. After the conference Mr. Tumulty, the President's
private secretary, gave out the following statement as to
the purpose of the conference and what had been accomplished:
[VoL. xc
rency law these warehouse receipts for gold in the Treasury
will be useful in securing circulation. Bank circulation may
be put out with 40% of gold back of it, and a greater proportion of gold in vault, or its equivalent in gold certificates,
will mean a larger supply of the circulating medium outstanding. The committee also went on record as favoring an
alteration of the Federal Reserve Act which would greatly
increase the amount of acceptances which banks might have
out at one time. The purpose of this change was to further
protect our gold reserve, and was contained in this resolution:
Whereas, The establishment of broad discount markets in the United
States is most desirable as a most effective protection to our gold reserve,
and such a result can be obtained only through a plentiful supply of what
are generally termed "prime bankers' acceptances"; and
Whereas, The Federal Reserve Act gives to member banks authority to
accept only bills representing import and export commercial transactions
and limits the amount of such acceptances to one-half the unimpaired
capital and surplus of each accepting bank; therefore, be it
Resolved, That the Special Committee on Problems of Shipments during
the European war of the Chamber of Commerce of the State of New York
At the conference about the development and safeguarding of
the merrecommends
the prompt amendment of the Federal Reserve Act so as to
chant marine, every aspect of the question was gone over. It
was recogpermit of the acceptance of bills representing export, import and domestic
nized that the present emergency called for prompt action to
relieve the
commercial transactions to the extent of the full amount of the capital and
situation. It was agreed that a bill should be introduced
in Congress prosurplus of any member bank without modifying the further restrictions
viding for the insuring of war risks by the Government.
as to the amount of acceptances by individual banks.
In addition to the agreement reached on the insurance
bill, there was an
extensive discussion of the best means of immediately
The meeting was attended by Seth Low, J. P. Morgan,
providing ships to
carry the goods now waiting for their markets. Several
plans were pro- E. H. Outerbridge, Frank A. Vanderlip, William G. Wilcox,
posed and it was finally determnied that a bill should
be introduced at an
early date to provide for the purchase of an adequate
number of ships by T. Ashley Sparks, Frank Trumbull, Walter B. Pollock,
the Government, as in the case of the Panama
Railraod Co., which now Welding Ring, J. Parker Kirlin, Charles C. Burlinghame,
operates ships as well as the railroad itself, and
which is controlled by the Hendon Chubb, J. Temple Gwathmey,
H. R. Eldridge,
Government.
Alfred H. Smith and Samuel Rea.
That these various propositions do not meet with the
unqualified approval of the whole population will appear
from
the following:
It was announced on Thursday that a fund of several
New York, August 20 1914.
To spend 325,030,000 of the tax-payers' money for
dollars is to be deposited in banks in New York to
million
ships to send wheat
abroad, when the price of flour has been "boosted"
on the poor of our facilitate an improvement in the foreign exchange situation.
own country $1 50 a barrel. may be sensible, but I
don't see it. Let the Secretary McAdoo of the Treasury Department made this
wheat trust stand on its own bottom, same as
coal, &c.
announcement orally,following a conference with the special
J. D. HOLMES.
committee of which Seth Low is Chairman, which was appointed at last week's business conference at the Treasury
The Inter-State and Foreign Commerce Committee of
the Department to consider the foreign shipping and exchange
House of Representatives and the Commerce
Committee situation.
of the Senate reported the Administration War
Risk InIn addition to the funds deposited in New York, money
surance Bill on Thursday. The measure was passed
by the will be deposited, it is stated, probably at Chicago, St. Louis
Senate yesterday. The!bill carries an appropriation
of and New Orleans, and other places where it is necessary to
$5,000,000 and would create a Bureau of Wax Risks in the
assist the situation. This deposit will be with the definite
Treasury Department and provide temporary means of understanding with the Treasury Department that the funds
insuring American ships and cargoes against loss or damage
are to be used solely for foreign exchange purposes and for
during the present European war.
no other transactions.
The report of the House Committee called "attention to
Mr. McAdoo did not announce the exact amount of the
the congestion of American grain and other staples at the money that he will deposit or the details of his plan, but he
seaports and in the interior awaiting transportation," and did say, according to the newspapers, that he had made
pointed out that "Great Britain, France and Belgium .are up his mind to make a deposit of this kind.
now insuring vessels flying their respective flags against
He added, however, that the deposit would be made under
war risks."
the strictest injunction that the money was to be used solely
Congressman Underwood is reported to have explained to for the purpose of facilitating exports. Mr. McAdoo will
the committee that the proposed legislation
was of an emer- require special statements and evidence that the money is
gency nature and that there was no desire perpetuate the being put to this purpose. The Secretary of the Treasury
to
insurance. He said he believed it would not
cost the Gov- took this action in accordance with recommendations made
ernment any money, as the premiums would
more
than meet by the committee appointed at the recent conference in
the charges for losses.
Washington.
"The immediate need is simply this,"
This committee consisted of H. A. Hemphill of New York,
said Mr. Underwood. "We owe European countries a great
deal of money. Festus J. Wade of St. Louis, Henry R. Ickleheimer of New
We don't want to send our gold over to
pay these debts. York and John J. Arnold of Chicago. Paul M. Warburg
This insurance plan will permit us to send our
corn of the Federal Reserve Board hsa co-operated with this comand cotton to liquidate our balances abroad. wheat,
The risk is mittee.
slight, and I think conditions will not require
us to keep
the law on the statute books more than a
short time."
The "Journal of Commerce" of this city on Thursday had
Before the bill was passed in the Senate an amendment
from Washington under date of Aug. 19, saying
dispatch
a
offered by Senator McCumber of North Dakota
was accepted. that a definite proposal is to be made on the foreign exchange
This is designed to permit the Bureau
entrusted with de- situation through the offices of the State Department. This
termining rates of insurance to charge lower rates
than those will in substance be in answer to the action of the Bank of
charged by the belligerent governments in the
case of their England in establishing a depository for gold with the Treasown merchant vessels. Another amendment
adopted was
Canada at Ottawa. The English authorities are to
that offered by Senator Gallinger of New Hampshire pro- urer of
American bankers will be willing to balance any
that
told
be
viding that the War Risk Insurance Bureau be abolished as
due England by the deposit of actual gold with
debt
trade
soon as the war is over.
the Ottawa depository, provided England will in turn pay
any balance to the United States in gold. The dispatch
The special committee appointed by the Chamber of itedI
proceeds
s as follows:
John J. Arnold of Chicago, Seth Low of New York visCommerce to promote shipping during the European war
In company
Department and discussed with Secretary McAdoo and
voted at a meeting on Monday to recommend to Secretary
Federal Reserve Board, the question of re. of the Fal
dgn
rurg
ar
fob
W
reasurY
Tg
ehin
hM
atIltlis
of the Treasury McAdoo that Congress be asked to amend Paul
exchange. The question of organizing an internafor
the
house
balancing of trade balances between the vaIne FedAval Reserve Act as it deals with the denominations tional clearing
of the world was one, it was decided, that should be taken
of gold certificates. It is felt that gold notes should not be rious nations the
situation
with
after
England has been settled
only
issued in sizes lower than $500. By limiting the certificates upThe special committee on foreign exchange
acknowledged that they
trade
settle
balances with England with actual gold, proto large denominations they would be removed from general should agree to
vided England would do the same in return. An international note is now
circulation, and would be available almost exclusively to
In preparation to be served on England through the State Department,
the banks as reserve. It is argued that under the, novo cur- it
was said, stating that American bankers will pay off the existing debt
AUG. 22 1914.1
THE CHRONICLE
to England by depositing gold with the Canadian Treasurer in Ottawa.
provided assurances are given that as soon as exports of the United States
move to England and a balance is due the American bankers, payments will
be made in gold by an actual transfer from either London or Ottawa.
Messrs. Low and Arnold waited upon the Secretary of State this afternoon and paved the way for serving this note upon England.
Mr. Arnold said that Chicago has already undertaken to finance a part
of the English debt, and the First National Bank of Chicago has already
shipped a half million in gold to Ottawa.
President Wilson signed the Smith -Lever Cotton Futures
Bill on Wednesday and it is therefore now a law. The bill
is being vigorously criticised by members of the New York
Cotton Exchange, inasmuch as it imposed a prohibitive
tax on transactions made by local brokers on the Liverpool
Exchange. With the present disturbed condition of the
cotton market here and abroad—the exchanges being
closed—it is considered exceptionally unfortunate that
Congress should have enacted this legislation.
Although the new law does not go into effect for six
months, cotton brokers say that the hardships imposed by
it will be felt in the readjustment of the cotton transactions
that 'is to follow the moment the exchanges reopen. No
one knows when business will be resumed and in the meantime the so-called "six months grace" is being exhausted.
It is agreed that, with the opening of the Liverpool Exchange,
New York brokers will, of necessity, make heavy commitments there. Many of the contracts bought and sold prior
to the date the new law becomes effective will require the
making of hedging transactions subsequent to the day the
law became operative, and consequently brokers will be
obliged to pay the high tax of $1,000 for the purchase or
sale of 100 bales of cotton.
A bill introduced in the Senate by Senator Smith of Georgia
which authorizes the Secretary of Agriculture to license cotton warehouses, and also providing for Government inspection and for the keeping of all necessary records of cotton
stored, was favorably reported by the Senate Agricultural
Committee on August 18th. The bill, described as the
"United States. Cotton Warehouse Act", as introduced and
referred to the Committee, provides:
That the term warehouse as used in this Act shall be deemed to mean
every building, compress, ginhouse and other structure in which any cotton is, or may be, stored or held for, or In the course of, inter-State or foreign commerce.
That the Secretary of Agriculture is authorized to investigate the storage,
warehousing and certification of cotton; upon application to him,to inspect
warehouses or cause them to be inspected; at any time, with or without
application to him, to inspect, or cause to be inspected, all warehouses
licensed under this Act; to determine whether warehouses for which licenses
are applied for, or have been issued, under this Act are suitable for the
proper storage or holding of cotton; to classify warehouses in accordance
with their location, surroundings, capacity, condition, and other qualities, and the kinds of licenses issued, or that may be issued, to them pursuant to this Act; and to prescribe the duties of warehouses licensed under
this Act with respect to the care of cotton stored or held therein.
That the Secretary of Agriculture is authorized, upon application to
him by the owner or operator of a warehouse, to issue a license for the conduct of the same,subject to this Act and such rules and regulations as may
be made hereunder. Each license shall sPecify the date upon which it is
to terminate, and, upon showing satisfactory to the Secretary of Agriculture, may. from time to time, be renewed, or extended, by a written
Instrument which shall specify the date of its termination.
That application may be made to
the Secretary of Agriculture by the
owner or operator of any warehouse
licensed under this Act for permission
to designate the same as
bonded under this Act. No warehouse shall be so
designated, and no name or description, conveying the impression that it
Is so bonded,shall be used
until a bond, with such penalty,containing such
conditions and with such security
as the Secretary of Agriculture may require,shall have been given and
he
approved the same,nor unless
the approval by the Secretary of shall have
such bond remains uncanceled and in full
force and effect. Any person
owning cotton stored in a warehouse bonded
under this Act, or owning a receipt for
issued under this Act,
shall be entitled, in an action upon cotton therein
the bond,brought in any court of the
United States having Jurisdiction
of the same, to recover all damages he
may have sustained in respect to
such cotton or receipt by reason of either
the negligence or the misconduct of
the owner or the operator of the warehouse or of his agents or servants.
That the Secretary of Agriculture
presentation to him of satisfactory proof of competency, issuemay,Upon
to any person a license to grade or
classify cotton, and to certificate
the
class thereof, under such
rules and regulations as may be made grade or
pursuant to this Act.
That for all cotton stored or
held by a warehouse licensed under this Act,
original receipts,serially
numbered,
owner or operator
thereof, signed by himself or by shall be issued by the
his
agent. No such recelpt shall be issued except for cotton duly authorized
in the warehouse
held
actually stored or
at the time of the issuance
thereof. No duplicate or copy of an original
receipt shall be issued unless the
conspicuously marked
"duplicate" or "copy," as the same be plainly and
case may be, upon the face thereof. White
an original receipt, or any duplicate
or copy thereof, Issued under this Act,is
outstanding and uncanceied by
the owner or operator of the warehouse
Issuing the same, no other or
further receipt shall be issued for the cotton.
except that in case of lost or
destroyed receipts new receipts may be issued
upon the giving of satisfactory security
in compliance with the rules and
regulations made pursuant to this
Act. Any receipt issued in lieu of an
original shall be upon the same
terms and subject to such conditions as are prescribed by this Act
for such original receipt. Each
original receipt shall include a true
statement of the date and
place of its issuance, its serial
number, the location of the
warehouse in which the cotton is
stored or held, the weight
of the cotton at the time of the issuance of the receipt, a description of the
517
bales or packages by marks, numbers or other means of identification, the
amount or rate of storage charges, if any, which have accrued or are to
accrue within six months from the date of issuance of the receipt, and constitute a lien on the cotton which has not been waived by the warehouseman,
and when payable and the amount and period of insurance, if any, on the
cotton. Each such receipt shall include statements that it is issued subject
to this Act and that no other receipt for the cotton described therein or
any part thereof is outstanding and, in addition to complying with this
section, shall contain such terms and conditions, not inconsistent with the
laws of the respective States in which issued, as the Secretary of Agriculture
may require for carrying out the purposes of this Act. Receipts may run
to bearer, or to a specified holder, or to a specified holder or his assigns. The
owner of an original receipt issued pursuant to this Act shall be entitled,
upon presentation thereof, to receive the identical cotton described therein.
That each warehouse licensed under this Act, whether bonded or not,
shall keep correct records of all cotton stored or held therein and withdrawn
thereform, of all original warehouse receipts, and the duplicate or copies
of the same, issued by the owner or operatior of the warehouse, and of
the receipts returned to and canceled by the owner or operator thereof,
shall make reports to the Secretary of Agriculture, in such forms and at such
times as he may require, and shall be conducted and operated in all other
respects In compliance with this Act and the rules and regulations made
hereunder.
That any warehouse receipt or certificate of the grade or class of cotton
issued under this Act may specify the grade or class of the cotton covered
thereby in accordance with the official cotton standards of the United
States, as the same may be fixed and promulgated under authority of law
from time to time by the Secretary of Agriculture, or in accordance with any
other standard. If such receipts and certificates state the grade or class,
they shall show the standard in accordance with which the cotton has been
graded or classified.
That the Secretary of Agriculture is authorized to cause inspections and
examinations to be made of any cotton which, in any warehouse receipt
or certificate issued pursuant to this Act, has been certified or represented
to conform to any grade or class Established in the official cotton standards
of the United 4tates and to ascertain whether the cotton is in fact of the
specified grade or class. Whenever, after opportunity for hearing has
been afforded to the owner of the cotton involved and the licensee concerned, it is determined by the Secretary that any such cotton has been
incorrectly certified or represented to conform to a specified grade or class
of the official cotton standard of the United States, he may publish his
findings.
That the Secretary of Agriculture may suspend or revoke any license
issued, and may cancel his approval of any bond given, under this Act
for any violation of, or failure to comply with, any provision of this Act
or of the rules and regulations made hereunder. Any license may be suspended or revoked, after opportunity for hearing has been afforded to the
licensee concerned, upon the ground that unreasonable or exorbitant
charges have been made for services rendered.
That the Secretary of Agriculture, from time to time, shall publish the
results of investigations made under this Act, the names and locations of
warehouses licensed and bonded, and the names and addresses of persons
licensed under this Act, and lists of all licenses suspended or revoked and
of all bonds canceled hereunder.
That the Secretary of Agriculture Is authorized, through officials, employees or agents of the Department of Agriculture designated by him,
to examine all books, records, papers and accounts of warehouses licensed
under this Act and of the owners or operators of such warehouses relating
thereto.
That the Secretary of Agriculture shall,from time to time, make such rules
and regulations as he may deem necessary for the efficient execution of the
provisions of this Act.
That there is hereby appropriated, out of any moneys in the Treasury
not otherwise appropriated, the sum of $50,000, available until expended,
for the expenses of carrying into effect the provisions of this Act, including
the payment of such rent and the employment of such persons and means
as the Secretary of Agriculture may deem necessary in the city of Washington and elsewhere. Ile is authorized, in his discretion, to call upon
qualified persons not regularly in the service of the United States for temporary assistance in carrying out the purposes of this Act and out of the
moneys appropriated by this Act to pay the salaries and expenses thereof.
Secretary McAdoo has called a conference of financiers
and producers of cotton to meet at Washington August 24.
It is to be a conference similar to that of the bankers and
shippers interested in grain which was held here last week.
Mr. McAdoo made this statement:
I have called a conference to consider the cotton situation to be held at
the Treasury Department on Monday, Aug. 24 at 11 a. m., to which representative men in the different sections of the country interested in the production, financing and manufacturing of cotton will be invited.
The names of these who will be asked to attend are now under advisement
and a list will be furnished in a few days. The Secretary of Agriculture
and the Postmaster-General will join the Secretary of the Treasury in the
conference and the Federal Reserve Board will be invited to attend as a
body.
The purpose of the conference will be to consider the general problem with
a view to securing the largest possible degree of co-operation between the
producers and manufacturers of cotton and the banking interests of the
country.
The derangement in financial conditions here, together
with an actual loss of business, brought about by the war in
Europe, has caused a number of American corporations,
as a precautionary measure, to suspend or reduce their dividends. The list has been growing daily since the commencement of hostilities. Suspensions have previously been announced by the Cities Service Co. on both common and preferred stocks, including several of its allied companies, due
to financial conditions; Lord & Taylor, due partially to present business conditions; American Vulcanized Fibre Co.
preferred stock, present business conditions. This week an
even larger number are announced. The Pittsburgh Steel
Co. decides to omit the usual quarterly dividend of 13
4% on
preferred stock due Sept. 1, to conserve its cash resources;
the "uncertain conditions growing out of the European war
518
THE CHRONICLE
has largely influenced this action." The Fonda Johnstown
& Gloversville RR. announces that "the board of directors
has not felt justified, because of recent events affecting general financial conditions, in approving the payment at the
present time of a dividend on the common stock." The
Granby Consol. Mining, Smelt. & Pow. Co. has decided to
defer its dividend. The Harwood Electric Co.,on account of
the general financial situation, considers it advisable to postpone action on the preferred stock dividend until the close
of the present fiscal year. The Terminal Railway, Light &
Power Co.,because of unsettled financial conditions, decides
not to pay the quarterly dividend of 1%, due Sept. 1.
The Canada Steamship Lines, a recent important Canadian
consolidation, which in the ordinary course would have
declared the first dividend on its preferred stock, has decided
to defer its payment on account of the tying-up of its business due to the war. Reductions in distributions have also
been announced by the Federal Mining & Smelting and Mahoning Investment companies.
The above list is further swelled by the oil companies, of
which mention was made in these columns last week. It
was there noted that reductions had been made by the Buckeye Pipe Line and Crescent Pipe Line companies, both former
subsidiaries of the Standard Oil Co. Also the rescinding of
the dividend by one of the largest independent oil corporations—the Union Oil Co. This week the Standard Oil Co.
(Kansas) announces a suspension of dividends for the remainder of the year, "the directors having deemed it wise
to conserve the resources of the company." Another former Standard Oil company, the Ohio Oil, declared the usual
quarterly dividend of $1 25, but omits the customary quarterly extra payment of 75 cents. The directors of the South
Penn Oil also decided to omit the usual quarterly dividend
of 3% and 2% extra, due Sept. 1. An official notice to
stockholders is as follows: "The suspension of commerce
between the United States and the European countries now
engaged in war has caused such general and serious depression
in the petroleum industry that your board of directors,
believing it to be for your best interest to do so, has decided
to suspend,for the present, the payment of dividends." The
Pure Oil Co., another large independent, which has paid
dividends continuously on the common stock since 1906, has
passed the quarterly dividend of 5% which would have been
paid on Sept. 1.
are obliged to practice economy. The Valvoline Pipe Lines,
after a meeting of its directors, sent out the following notice to the producers with which its lines are connected:
Having lost a large part of our business through the war, and our docks
and warehouses in New York being congested with oil, and oil heretofore
put aboard steamers for Europe having been removed from same, also our
pipe line tanks being nearly full up, we are compelled to discontinue buying as much crude oil as heretofore, except in productions of less than _
barrels per month.
All other buyers having discontinued purchasing and there being no
market price made by the pipe lines connected with the Standard Oil Co..
we will credit you Si 50 per barrel on deliveries made on and after Aug. 8
1914. This is a temporary price and subject to change without notice.
W. II. PICKETT, Manager.
President R. B. Benson of the Tidewater Pipe Line Co.
notified the company's General Superintendent, W. A.
Golden,as follows:
The war in Europe has so demoralized the market of the Tidewater OI
Co. that for the time being it is unable to dispose of the output of its refineries. This has forced that company, which is our only outlet for crude
oil. to curtail its purchases until further notice.
"You are ordered not to run oil except from properties where the tankage
Is in danger of overflowing. Please communicate this order to all producers connected with our lines and advise them that we will do the best
we can to take care of their production, but that you are instructed to warn
them that a further curtailment of runs may become necessary, and that
they should be prepared for an order to this effect."
In another circular letter the Pure Oil Co. has notified
all the refiners contributing to its pipe lines that, as it is
prohibited from shipping any refined oil, owing to the fact
that vessels are not entering or leaving Atlantic seaports, the
company is not now in the market for refined oil.
The announcement comes from Manchester, Mass., that
the Amoskeag Manufacturing Co., whose Manchester mills
are the largest in the United States, will close to-day (Aug.22)
for annual repairs and will not reopen until September.
Over 54,600,000 pounds of cotton and 15,300,000 pounds of
wool, it is stated, are utilized annually at the mills, and
a total production of 258,930,360 yards of cloths are turned
out each year in the shape of ginghams, cambrics, denims,
muslin, grey goods, serges and other cotton fabrics. A
representative of the company is quoted as follows :
prices, but weare
"We can get all the cotton we want at relatively cheap
from
unable to secure dye materials, owing to the cessation of imports
Germany." In other quarters it was stated that the Amoskeag Manufacof
very
uncertainty
the
to
sparingly,
due
supplies
turing Co. was offering
the situation and it was intimated that the shut-down beginning next
Saturday may be extended two or three weeks.
The Governor of Jamaica has issued a proclamation forbidding the exportation of sugar from Jamaica. It is exA further reduction of 10 cents a barrel was made this week plained that the product is required for Imperial purposes.
in Pennsylvania crude oil, the price now being $1 45, against
$2 50 at the beginning of the year. Prices had heavily deA bill presented in the Cuban Congress provides an export
dined even before the outbreak of war in Europe, because of duty of 20c. a bag of 325 lbs. on all sugar selling at a price
over-production. Now, with the export demand cut off, in Havana in excess of 2Mc. a pound.
the oil trade is in a demoralized state, and producers are
now obliged to practice general curtailment. It is underThe daily papers publish a dispatch from Washington
stood that in Oklahoma the pipe lines have reduced their dated Aug. 18, saying that the Department of Justice had
runs to 50% of the former takings, and in some instances to received a communication from President Oxnard of the
only 40%. On this point we find the following dispatch American Beet Sugar Co., which was designed to clear that
from Oklahoma City, dated Aug. 19, in the "Philadelphia corporation of any suspicion that it shares in the responsiLedger" of Aug. 20:
bility for the price increase now being investigated by the
The last oil transportation concern in Oklahoma to reduce its runs on
account of the European war is the Magnolia Pipe Line Co., which asked Department.
permission of the State Corporation Commission and the Healdton field
producers to be relieved of its agreement to take 12,000 barrels a day. The
producers and Commission consented, and a new agreement was entered
Into that until Jan. 1 the pipe line company shall take but 8,000 barrels
a day.
The Healdton field was the last in Oklahoma to feel the depression caused
by the European war. George C. Greer, of Dallas, Tex., general attorney
of the Magnolia Pipe Line Co.,stated to the producers that 50% of the business of that concern has been ruined by the war through the destruction
of the export trade. Until the new agreement was reached the Magnolia
company had been taking 12,000 barrels a day from the Healdton field
out of a total production of 30,000 barrels a day. Until conditions improve,
the Healdton field operators will not be able to dispose of more than onethird of their production. In all other oil fields of Oklahoma the pipe line
companies for several weeks have been operating under new regulations,
which provide that they may take but 60% of the total production of any
lease with which they are connected. These reductions in runs were made
on account of the European war.
One of the features of the new agreement in the Healdton field is that the
producer shall take six months' scrip, bearing 6% interest for one-half
of their runs. The scrip payment, however, is not made absolutely mandatory, but many of the producers expressed a willingness to take this interest-bearing paper. The Magnolia company requested this arrangement
In order to assist it in meeting conditions imposed by the war and in meeting the next interest payment due in January. The understanding is that
the present price of 50 cents per barrel is to remain for a time at least,
and that due notice will be given if a cut is contemplated.
Corporation Commissioner George Henshaw stated that war would be
declared on the pipe line company if prices are reduced, and that every power
of the State would be used to prevent a cut, even to the calling of a special
session of the Legislature if necessary.
With the export trade very largely lost, for the time being,
all branches of the trade, from producers and refiners down
to the refiners and the tank-boat operating departments,
President Oxnard wrote that the sugar mills in California had begun
grinding at the regular annual date, Aug. 1, and that the usual progress
was being made toward putting the beet sugar output on the market. He
said the output of the American Beet Sugar Co. probably would reach
1,500,000 bags, which would be on the market at the market price, and not
held for anticipated increases, as it is charged has been done with other food
products.
The action of this big corporation in seeking to establish its spotlessness
before the Government was regarded by officials as significant of the realization which has come upon corporations of this size that the food price investigation has been undertaken with the greatest possible earnestness by
the Department and with a full determination that persons responsible
will be reached.
for the condition which the President condemneddiscussed
at the cabinet
was
The progress made in the investigation
meeting to-day. The investigation will be carried on for a week or more
before the Attorney-General attempts to formulate an opinion for the President as to whether new legislation is needed for application to the prvsent
situation.
"Facts About Sugar" has the following to say in explanation of the causes responsible for the advance in sugar:
The outbreak of war in Europe has resulted in a sharp advance in sugar
prices. On July 30 the lowest net cash quotation of the New York refiners
for granulated sugar was 4.165e. a pound, while raw sugar was selling at
3.29c. By Aug. 10 refined had advanced to 6c. and raws to Sc.
Germany, Austria, Russia and France, the nations actively engaged in
conflict, are the chief sources of Europe's sugar supply, producing together
some 7,500,000 tons of beet sugar. This is nearly 80% of the entire output of beet sugar and more than one-third of the total sugar crop of the
or
world. Ordinarily, Germany, Austria and Russia export a million tons
largest
more of sugar to other countries, largely to Great Britain. The
harvestproduction and the largest exportation is that of Germany. The
Russian
ing of the German beet crop is carried on largely by laborers from
during the
Poland, and this labor will not be available if the war continues
AUG. 22 1914.]
THE CHRONICLE
harvesting period. In all the countries involved in :the,War, the
labor:supply is drained by military operations, and it is likely that the beet fields
may be devastated by the movement of troops.
Great Britain is the chiefsugar-importing country of Europe. Her yearly
importations are over 2.000.000 tons, of which approximately 700,000 tons
ordinarily is drawn from nations now involved in war. With this source of
supply cut off. Great Britain has turned to the New York market to secure
sugar, buying 40,000 tons within the first few days of August and bidding
up prices rapidly in order to obtain it. While the European war continues,
It will be necessary for the Britons to depend for sugar upon sources of
supply on which usually they do not draw to any extent. It is evident from
what has occurred already that they are likely to continue in sharp competition for Cuban sugar, which ordinarily comes to the American market.
The supply of Cuban and American grown sugar in sight at the end of'
July was just about sufficient to meet the estimated demands of American
consumption up to the time when the crops now growing will become available. Any considerable outside draft upon this supply, therefore, was
bound to show its effect at once in advancing prices.
Fortunately for the United States, in spite of the curtailment of production in the cane and beet growing districts, due to the reduction of the tariff,
we still have a domestic production of sugar, including that of Porto Rico
and Hawaii, which should amount to over 1,500,000 tons this year. This
will servo as a great steadier of the market in case of a protracted war, and
will prevent prices from going as high as they otherwise would, although the
necessity of securing over 2.000,000 tons from outside the United States, in
addition to the domestic supply, will leave the American market under the
influence of the general advance in world prices.
One of the arguments that has been put forward against the destruction
of the American sugar-growing industry through the removal of the import
duty on sugar is that it would expose the American consumers to all the
violent fluctuations that take place in the European sugar market as a
result of war, speculation or crop shortages. The present situation affords
a striking illustration of the truth of this claim. If the United States were
to double its sugar production, as might easily be done by the systematic
development of its cane and beet-growing industries, the American people
would be entirely independent of the rest of the world for their sugar supply.
A. H. Lamborn & Co., sugar brokers having close affiliations with the Federal Sugar Refining Co., also discuss the
subject at length as follows:
During the period of peace which has prevailed in Europe, the advancement in the sugar industry has been probably more marked than ayn one
other article of agriculture. The growing of beet sugar in Europe was fostered by financial assistance in the way of bounties from the various European governments, until the yearly production reached such magnitude
as to seriously affect the solvency of the cane-sugar producers of the semitropics. This resulted in the Brussels Conference and the abolition of the
bounty by all European countries, exclusive of Russia, and her exportable
surplus was reduced to a limited specified quantity. The beet industry of
Europe. however, was so well established during the period of bounty protection that the production continued to go forward, due undoubtedly in a
large measure to the fact that, with the discontinuance of the bounty system in Europe, the internal taxes of sugar were considerably reduced,
sufficiently so as to materially cheapen the cost of sugar to the masses
and thus bring about a marked increase in consumption.
The magnitude of Europe's production of beet sugar is shown by the fact
that for the past twoor three yearsshe has been making in excess of 8,000,000
tons of sugar annually, or nearly one-half of the sugar production of the
civilized world. The state of war now existing in Europe means,even with
a most speedy termination, a very considerable shortage in the next European beet crop, which should begin to be harvested in September and
October of this year, and with a warfare of any duration, the United Kingdom will necessarily have to obtain her supplies practically exclusively from
the cane-producing countries; this means prices will have to be advanced to
a much higher basis in order to restrict the consumption of the world sufficiently to adjust it to the available supplies of cane sugar. It is a significant fact that practically throughout the sugar world, exclusive of
Java.
now is the period of the growth of the sugar cane, and any preparation
for
an increased production cannot show itself until the end of the year
1915
and the opening of 1916. The next Cuban crop,
which will begin to be harvested at the close of 1914 and the opening
of 1915. promises from present
indications to be at best no larger than the present crop, and it is
the more
general belief to
-day in Cuba that the production will be somewhat smaller,
as the weather for the past sixty
days has been too dry; furthermore, many
of the smaller planters have
lacked sufficient funds to properly cultivate
their cane fields, and it is also
questioned if the remnant of the sugar cane
will equal the unprecedented high
average obtained the past season.
Immediately after the outbreak
of hostilities between England and Germany,it became apparent that England
eyes to the West Indies for her sugar supplies, and althoughmust turn her
many did not immediately appreciate the importance of such
competition, as the week progressed it became
apparent that the urgent necessities of
Great Britain were great, and prices
began to harden.
It is estimated that the purchases of
last week from British sources
totaled 100,000 tons, and almost at the
beginning of this week, with continued urgent buying from the same
source, the Cuban market commenced
to advance by leaps and bounds, the
smallest single advance of the present
week being 25c. per 100 and the largest
75c. per 100 in one day.
In the meantime, the consuming
trade of the United States began to appreciate the importance of the general
Continental war and the probable consequent great destruction to the
present growing beet crop, which should be
marketed during late September
and October. Such minor though important considerations as the dry
weather in Cuba, which may reduce the
Cuban crop from 10% to 20%—the
generally expected reduction in the
Louisiana crop, as well as in tho
domestic beet crop—the fact that beet seed
(which is all imported from
Continental
probably not be available to those domestic beet interests Europe) will
purchased and
landed their beet seed, have been lost who have not already
sight of in the more important knowledge that a continuance of the war for a
period of two months will probably
result in a reduction of not less than 50%
of the expected production.
The consumption of the world has been
keeping pace with the continued
tremendous production, and any such
falling off as 4,000,000 tons in Continental Europe, with the continued closing
of the Euro pean ports, cannot
but have a most serious effect upon the cost of
the raw material elsewhere.
America particularly will probably
experience high prices during late
September, October and November, for
the
this period
particularly Great Britain, probably France reason that during
and possibly Holland, will be
seeking sugars for domestic use from sources
usually supplying the United
States. Already we have been advised from
French sources that they will
have to secure outside sugars, and the fact that the French Government is
now endeavoring to negotiate a $100.000.000 loan in the United States, to
519
be used for the purchase of food supplies, would indicate that this is a forerunner of their necessities.
At this writing,consumers,tretailers, jobbers, manufacturers. distributers
and refiners of the United States realize that the continuation of the stupendous European war means a higher level of prices for years to come.
Hence final consumers in the United States are endeavoring to buy liberally, which demand refiners are unable to supply. Our refiners have endeavored in every way possible to restrict the advance by restricting the
purchasing of refined to the daily limit of their refining capacity, but, with
the distributing demand still unsatisfied, they have been forced to purchase
raw sugars at continuously higher levels in order to in any adequate manner take care of the insistent demand.
The sugar world has passed through the most exciting week in the past
forty years, culminating in an advance of not less than 226 points,raw sugar
selling on Friday, Aug. 7, at 3.25c. cost and freight, equal to 4.26c. duty
paid, with sales yesterday at 5.50c. cost and freight, equal to 6.52c. duty
paid, while granulated, which on the 6th inst. sold at 4.50c. to 5.25c. less
2%. closed yesterday at 6.75c. to 7.50c. less 2%, depending upon the refiner quoting.
Jacob H. Schiff of Kuhn, Loeb & Co. has this week added
the following to his remarks of last week at the Chamber
of Commerce dinner, urging that the national banks be
permitted, as an emergency measure, to keep a moderate
portion of their reserves in bank notes, so as to release gold
to meet American obligations abroad.
Such widespread and extraordinary misconception and misinterprets
tion have arisen as to Mr. Schiff's proposal at the
recent meeting of the
Chamber of Commerce that he deems it right to state concisely what
he
did say and propose.
First, he advocated that such of our debts in Europe as are not covered
by the provisions of the existing moratoria, and in particular
the maturing
obligations of municipalities like the City of New York or of railroad and
other corporations held by the public in Europe, should be paid unquestionably and unhesitatingly when due, and that to the extent that
the
means for making such payments abroad cannot be obtained through
exchange transactions, they must be provided through the export
of gold.
even if this involves some strain upon ourselves. Mr. Schiff is convinced
that this course is imperatively called for both by good business policy and
by consideration for our good name abroad and
for the preservation of those
credit facilities for our merchants and that market for
our securities among
European investors which are essential for us for some time to
come, as
they have been in the past, and which any attempt
to evade or delay the
payment of our debts in Europe in the present emergency
would seriously
jeopardize, if not entirely forfeit.
Secondly, he proposed that inasmuch as the
necessary gold was not obtainable elsewhere, the banks should give it up (which, in view
of the forthcoming movement of our foodstuffs, &c., to Europe, would
not be at all
likely to involve any serious drain), and to the extent
needed should infringe upon their legal reserve, and that in order to keep
such reserve up
to the prescribed legal limit, nominally, the banks should be
permitted,
as an emergency measure, to keep a moderate portion
of their reserves in
bank notes. This proposition would simply give a legal and orderly form
to that which the banks under the stress of circumstances have aireadyactually done. Whether the busks, as they have done in this and former
emergencies, infringe upon their legal reserve with the tacit consent of
the
Government, but without express legal authorization, or whether,
as Mr.
Schiff suggested, they infringe upon their reserve and, under legislative
authority, make up the extent of such infringement by counting bank
notes as reserves, makes, of course, no difference whatsoever in fact—
but the former method is irregular and, moreover, calculated to alarm the
public uniustifiedlY in times when everything tending to cause alarm should
be avoided, while the second method would have to be first legally sanction
The.one serious objection to the course that has been proposed
which
might be urged is that perhaps it would be better to preserve
the entire
volume of emergency bank notes for circulating purposes,
instead of locking up a part in the reserves of the banks.
It is not for a moment sought to deny that using bank notes
as part of a
reserve is unsound, but to withhold fulfillment of
obligations in the exact
manner in which they were originally entered into, is
worse than unsound,
and of two evils, the lesser had better be chosen.
It should be borne in mind that the entire situation
is most extraordinary and unparalleled, in which expedients have to
be resorted to as temporary makeshifts, which from the point of view
of sound economics, and
in ordinary times, would not be thought of.
The above explanatory statement was given out by Mr.
Schiff on Tuesday. On the other hand, Carter Glass, Chairman of the Banking and Currency Committee of the House
of Representatives at Washington, does not abate one jot
of his opposition to the scheme, and last Saturday reiterated his objections to it and characterized in strong
terms the
course of Mr. Frank A. Vanderlip in fathering the
same.
Mr. Glass terms the proposition "fiatism run mad."
Here
are his remarks:
A telegram I received to-day states that many
of the New York bankers
are violently opposed to such a scheme and that
national bank notes are a
liability of the banks issuing the same,and not
an asset. A liability is not a
good reserve against another liability. I have replied
that I fully concur in
this view and am opposed to the proposition to put the
banking business of
the country on a paper basis.
The suggestion to use national bank notes as reserve comes from
a prominent banker in New York who was engaged some months ago in
denouncing
as "fiat money" the notes authorized to be issued under the
Federal
Reserve Act. These Federal reserve notes will have 40% gold
reserve behind
them and 100% of short-time commercial paper, besides all
the assets of
the reserve banks. They have not one element of fiatism
about them.
If Mr. Vanderlip really thinks that notes authorized by the
Federal Reserve Act constitute "fiat money," what, in the name
of Heaven, must he
think of the proposition which he now makes to Congress,
to open wide the
throttle and permit currency and credit issues to be
based on the liabilities
rather than the assets of the banks, without one
dollar of gold reserve as
security?
It seems to me that this fiatism run mad. Furthermore,
it suggests that
we should temporarily repudiate our gold
obligations at home to help certain banks to meet their gold obligations
abroad, and I do not think
the
proposition will be entertained for a minute.
520
1VoL. xcrx.
THE CHRONICLE
pm•••••••••••••••
Is
much greater when New York
that
mar-
an open
realizes
to be
James B. Forgan, President of the First National Bank of ketexpected
for them exists here.
having
as
rald"
Record-He
Chicago,is quoted in the Chicago
The Detroit Stock Exchange, which closed the same time
expressed himself in emphatic condemnation of the plan for as the New York Stock Exchange, claims the distinction of
substituting emergency or bank notes for gold in the re- being the first exchange to re-open, business having been
serves of the banks. He is reported as follows:
resumed on Aug. 10. It is stated that conditions were nor"On the face of the subject it is very plain. Both deposits and bank
mal, the range of prices averaging less than half a point
withdraw
to
and
asset,
not
are
an
notes
Bank
liabilities.
demand
are
notes
the gold reserve, which is an asset and substitute therefor a liability to below the closing quotation of July 30. Another opening
to
secure the deposit liability would be the worst thing that ever happened
reported is that of the Butte Mining Stock Exchange on
the monetary system of the country. Even in the wildest times of free
silver discussion and flat currency issues it is beyond my power to recall a Thursday last after having been closed two weeks. It is
parallel of equal absurdity.
worth noting that the Cincinnati Stock Exchange has not
"To measure the disaster that would follow such a step would be difficult.
closed
at all, the daily record sheets having been regularly
and
amounts
vast
in
withdrawn
premium,
a
to
driven
Gold would be
hoarded just as soon as the facts in the case became generally known. issued. The Salt Lake Stock and Mining Exchange also
nowever,it is more than probable that the Administration leaders, who are has been open continuously.
not given to impulsive action, will see the situation and the danger of
A movement was reported on foot here to re-open the
shattering the foundations of our banking system, and it will be forestalled
"curb" market to trading in Standard Oil issues on a cash
before the damage is done.
Mr. Forgan pointed out that the substitution of bank notes as reserve basis based on sales on the day of the close of the market,
would tear down the bulwarks of our money system. The notes are secured
though this question was set at rest on
by Government bonds, which hardly can be considered a quick asset in July 30,
times of international stringency and financial disturbances. Their use for Friday by a prominent member of the Curb Market Associareisrirvii'purposes would,release gold_ and drive it either abroad or into tion, who, according to the" Evening Sun", said there would
private hoardings.
"What is being done now by most banks of the country that are trying be no official resumption of activity in the Broad Street
!nthmarket until business had been resumed on the New York
to straighten out relations with their foreign correspondents is by
qdual action," added Mr. Forgan. "It is slow process, although a satis- Stock Exchange. It is pointed out by some of the managers
foreign
factory one until some means of re-establishing a system of credits in
lands can be worked out in Washington. Experts from all of the exporting that should trading in certain issues be allowed,it would be
centres in the United States are conferring with Secretary of the Treasury impossible to prevent dealings in the other shares.
come of these
McAdoo now on that subject, and it is hoped that good will
efforts to reach a solution of the export problem."
On the other hand, Charles G. Dawes, President of Central Trust Co. of Illinois and former Comptroller of the Currency, argues in favor of the use of the Aldrich-Vreeland
currency as a substitute for gold reserves. He is quoted in
the "Wall Street Journal" as saying:
It is well to remember in connection with tho New York situation that
international finance in New York is at present in exactly the same position that the central reserve cities were in in the panic of 1907, when
their banks were facing an unprecedented demand for actual currency and
the credit system of the country had to a large extent broken down.
The New York banks are now confronted with the necessity of paying
out gold in payment of a debt which ordinarily would be settled in international credits. If they pay this gold out of their banks' reserves, which are
already depleted, an immense contraction of local credits will be necessary,
unless some credit device is found which will serve the purpose of reserve.
They will use the very best substitute obtainable, which at the present
time is the Aldrich-Vreeland currency. The objection to the banks using
this currency as reserve has been voiced by economists to the effect that
the banks of the country cannot properly use as a reserve the evidence of
their own debt. They lose sight of the distinction between a debt in the
shape of Aldrich-Vreeland or national bank notes, and the ordinary unsecured debt of a bank. Exchange ability is value. The exchange ability
and value of the Aldrich-Vreeland notes is guaranteed by warehoused security under the control of the Government.
If the Government officials will co-operate with the bankers of New York
the international gold situation can be met without serious damage to our
business interests, for even if the amount of gold to be paid is as high as
$100,000,000, the banks in co-operation with the Treasury Department,
oan care for the situation by proper use of Aldrich-Vreeland notes.
The Peruvian Congress at Lima on Aug. 20 authorized
the banks to issue $5,000,000 in bank checks guaranteed as
to 35% by gold. The remainder is guaranteed by mortgages. The dispatch says that as gold circulation is paralyzed, the public welcomes the bank checks, which are considered as necessary for commerce.
The Dominion of Canada is about to increase its note issue
by $20,000,000. A special dispatch from Ottawa under
date of Aug. 19 to the Toronto "Globe" says that the Minister of Finance has given notice of a resolution authorizing
an increased issue of Dominion notes on the gold security
now held in the Treasury. This will enable the Government
to a considerable extent to finance, it is stated, the $50,000,000 appropriation for war purposes. The resolution provides that Dominion notes may be issued up to $50,000,000,
with only 25% of this amount held in gold in the Treasury.
At present the Act provides that a total issue of $30,000,000
only shall be made, against a Treasury holding of 25% of
this amount in gold. Above an issue of $50,000,000 of
Dominion notes, the amount held in gold must, under the
amending bill, be equal to all such excess. If Parliament
passes the bill, the Dominion will be able to issue $20,000,000
in Dominion notes by placing $5,000,000 in gold in the Treasury, and this will mean an extension of the Government's
While there is no definite news as to the re-opening of the credit by $16,000,000.
To get additional revenue, the Dominion Government is
New York Stock Exchange, speculation on the subject was
going to impose additional tariff duties on certain desigalso
resumpstimulated by the advices from San Francisco of the
tion of business on the San Francisco Stock Exchange nated articles. The revenue announcements made by
(mining). The arrangements reported made provide for a Finance Minister White in his budget speech on Thursday
gradual commencement,beginning Aug. 19 with Comstock embraced the following:
On raw sugar the British preferential is increased from
mining stocks and the oil lists, with Goldfield stocks on
cents per 100 to $1 03% and the general rate which
40%
transAug. 21 and the throwing open of the Exchange to
actions in all securities on Aug. 24. The San Francisco applies to sugar from the United States from 57% cents to
Stock & Bond Exchange, a different institution (both having $1 3732. On refined sugar, the preferential rate is increased
closed the same time as the N. Y.Stock Exchange), resumed from 83 cents to $1 63 and the general rate from $1 07 2-3
trading on Aug. 20. The New York "Times" yesterday to $2 07 2-3. Green coffee, which has been free, is made
had a special dispatch from San Francisco giving an account of 2% cents a pound preferential and 3 cents general. On
the first day's business (Thursday) on the re-opening of the spirits the duty is advanced from $240 to $3 a gallon. Malt
San Francisco Stock & Bond Exchange and also referring liquor is increased from 16 cents to 30 cents a gallon in bulk
to the opening the day before of the San Francisco Stock and from 24 cents to 42 cents a gallon in bottles, while malt
increases from 1% to 3 cents per pound. The duty on cigars
Exchange (mining). We give this dispatch herewith:
Members of the San Francisco Stock & Bond Exchange resumed trading and cigarettes is advanced from $3 to $3 70 a pound and the
to-day under restrictions established by the Executive Committee. All manufactured tobacco duty rate is increased 10 cents a pound.
transactions were of a private nature and were conducted in members'
excise rate on spirits is increased from $1 90
offices. So far as could be learned, the trading was confined chiefly to The domestic
sugar securities, with a few sales of Pacific Gas & Electric securities. There to $2 40 a gallon; cigars from $2 to $3 per thousand; cigarettes
could be no market for other securities, as the natural prices were below
from $2 40 to $3 per thousand, and manufactured tobacco
the closing bid of July 30, which formed the minimum list under which
cents a pound. The duty on canned goods was
brokers were permitted to transact business. All transactions were for from 5 to 10
cash, and speculators were not permitted, through brokers, to borrow increased from 2 to 23' cents a pound.
securities.
The Government discovered that distillers and liquor
Accompanying the notice sent to brokers was a printed list of quotations
to anticipate the war tax and refollowing closely the closing bid price on both listed and unlisted securities. merchants had attempted
great quantities out of bond. The increases on
All members have been instructed not to make this price list public.
took
cently
It is understood that sugar stock quotations are following closely Honoand beers have therefore been made to apply from
lulu prices. In the islands Hawaiian Commercial is 33, Hawaiian Sugar 35, spirits
Onomea 33, McBryde 6 and Honokaa 7. There was no line on the price Aug. 7.
of Union Sugar, which closed around 15; but based on the present price of
From the special taxes the Minister estimated a revenue of
sugar, the stock should be selling around 30.
dollars a month. He stated that Canada would
What would happen to the general list if trading was unrestricted is shown a million
borin the decline of oil shares on the San Francisco Stock Exchange, which have to meet obligations amounting to $36,000,000 by
opened yesterday. On the opening day Union Oil, which had closed at 65, rowing.
53 asked, without sales. Associated
was
48 bid,
sold at 57. To-day it
Oil was 33 bid. 34 asked, without:sales. The pressure on thesejstocks
(
AUG. 22 1914.]
THE CHRONICLE
Since the closing of the New York Stock Exchange on
July 30 numerous rulings have been made and communications addressed to the members with reference to incidents
connected with or growing out of;that extraordinary situation. We furnish herewith a',complete transcript of Ti71
such rulings and communications, signed by George W.Ely,
Secretary.
521
11.
August 12 1914.
The Special Committee of Five rules that members of the Exchange
desiring to BUY securities for cash MAY send a list of the same to the
Committee on Clearing House, 55 New Street. giving the amount of
securities wanted and the prices they are willing to pay.
No offer to buy at less than closing prices of Thursday, July 30 1914
will be considered.
Members of the Exchange desiring to SELL securities, but only in order
to relieve the necessities of themselves or their customers.MAY send a list
of the same to the Committee on Clearing House, 55 New Street, giving
the amounts of securities for sale.
No prices less than closing prices of Thursday, July 30 1914, will be
considered.
1.
August 3 1914.'
Notice.-Announcement is made by Mr. H. G. S. Noble, President of the
Stock Exchange, in answer to inquiries as to when the Exchange will open
that ample notice of such opening will be given.
.4
c.1a4
.
!
1M121
.
2
.
12.
August 4 1914.
August
13 1914.
The Special Committee of five appointed to consider questions con36The Special Committee of Five decides thatjruling
siNos. 5,7,8 and 9
nected with the closing of the Exchange, state that the resolution of the
apply to bonds as well as stocks.
4,14.•si
Governing Committee suspending deliveries until further notice does
3.4.•
k Vol
11.1.:,
-LIT
not mean that settlements may not be made by mutual consent wherever
'11.,P•=713
.
feasible. The Clearing House of the Exchange is prepared to advise and
August 14 1914.
assist and inquiries should be made in person there.
The-Special Committee of Five amends Rule No.
11 dated August 12
1914 by substituting the word MUST for the word MAY; so that
said
3.
rule shall read as follows.
August 4 1914.
11.
In the Matter of Inquiries Regarding Interest on Delayed Deliveries.
August 12 1914.
The Special Committee of five rules that interest on the delivery price
The Special Committee of five rules that members of the Exchange
deat the rate of 6% will accrue from August 5 on all unsettled contracts for siring to BUY
securities
for cash MUST send a 1st of same to the Corn
delivery of securities, except that interest shall cease when a receiver
of mittee on Clearing House, 55 New Street, giving the amounts of securities
securities gives one day's notice to a deliverer that he is ready to
receive wanted and the prices they are willing to pay.
and pay for the same.
No offers to buy at less than the closing prices of Thursday,
July 30 1914,
will be considered.
4.
Members of the Exchange desiring to SELL securities, but only in
order •
August 4 1914.
to relieve the necssities of themselves ro their customers.
MUST send
In the Matter of Interest on Delayed Deliveries of Bonds.
a list of same to the Committee on Clearing House,
Street,
giving
55
New
The Special Committee further rules that sales of bonds on July
30 the amounts of securities for sale.
carry interest at the rate specified in the bond to July 31 and that between
No prices less
July 31 and August 5th they are -Flat," interest thereafter to be 6% on be considered. than the closing prices of Thursday, July 30 1914, will
amount of money involved, subject to the exception stated in previous
ruling.
5.
August 15 1914.
Members desiring to buy or sell, loan or borrow securities in conformity
August 5 1914.
The Special Committee of Five rules that until further notice from and with the rules are requested to send before 12 o'clock, noon, Monday,
after this date the interest rate on all borrowed and loaned stocks shall be August 17 1914, new and corrected lists showing their requirements as of
10 a. m.that day.
6%•
6.
August 5 1914.
The Special Committee of Five rules that due bills for dividends which
have been paid by companies must be cashed.
August 15 1914.
Letter addressed to Members of the New York Stock Exchange.
In answer to repeated inquiries from members of the Exchange as to
whether they are permitted to buy or sell securities during the period
in
which the Exchange is closed the Sub-Committee of five appointed by the
Governing Committee makes the following statement:
When the Governing Committee ordered the Exchange closed it was
their intention that all dealings in securities should cease pending the
adjustment of the financial situation and the reopening of the Exchange.
It is possible that cases may occur where an exception would be warranted, provided such dealings were for the benefit of the situation and in
no sense of a speculative character, or conducted in public.
Any member, however, taking part in such transaction must have in
mind his loyalty to the Exchange-whether or not he Is living up to the
spirit of its laws-and that he is not committing an act detrimental to the
public welfare.
15.
August 17 1914.
The Special Committee of Five rules that
all firms having unsettled
contracts outstanding on Clearing House balances
or on ex-Clearing House
transactions either on account of purchase
or sales, or stocks or money
borrowed or loaned, must have a member
of the firm at their respective
offices between the hours of 10 and 3 o'clock
daily ,except Saturday, when
such member, must be there from 10 to 12
o'clock.
Individual members of the Exchange doing business
on their own accounts
are subject to the above ruling.
14.
August 17 1914.
The Special Committee ofFive rules that, members or their firms
making
transactions in listed stocks and bonds must furnish to the
Committee
on Clearing House, daily at close of business a statement
showing all purchases and sales of such securities, and from whom purchased or
to whom
sold.
Under date of August 4th 1914 the Special Committee of
the Philadelphia Stock Exchange issued to members of the
Exchange a circular letter as follows.
August 7 1914.
The Special Committee of five will not recommend to the Governing
Committee the reopening of the Exchange until in their judgment the
financial situation warrants it, and, as before stated, ample notice will be
given of the proposed reopening.
August 7 1914.
To the Members of the Exchange.
The Deputy Comptroller
of the State has notified the Exchange as
follows:
THE PHILADELPHIA STOCK EXCHANG
E.
Secretary's Office
Philadelphia, August 4th 1914.
Dear Sir-The Special Committee of the Board
of Governors of The
Philadelphia Stock Exchange,in whose hands is
vested all questions relating
to the business of the Exchange and its members during
the present period
of closure, make the following announcement:
Except with the approval of the Committee,
all dealing in all securities
shall cease until further notice. This includes
"On account of the closing
transaction over the counter.
of the New York Stock Exchange on July 31 the offering to buy or to sell; the
making of quotation in or attempting
1914 this office has no objection
to the changing of thedates on sake tickets to quote any securities in any way,
which were made out as
either by telephone, bond saleman,
of July 31 and deliveries made on subsequent circulars, or otherwise.
dates."
Any infraction of the above will be considered
an act detrimental to the
interest or welfare of the Stock Exchange,
in accordance with Article XX
August 10 1914.
of the Constitution.
The special meeting of the
Governing Committee called for Wednesday.
The office of the Secretary of the Exchange
August 12th is solely for the
will remain open as usual.
purpose of considering the matter of a contract between the Exchange and
HORACE H. LEE, Secretary.
one of the telegraph companies.
7.
August 10 1914,
The Special Committee of
Five rules that borrowed and loaned stocks
must be marked to the closing
request of either party to the prices of Thursday. July 30 1914, at the
loan.
8.
The Special Committee ofAugust 11 1914.
Five
rules
that whenever a loaner of stocks
gives one days' notice of
willingness to have the same returned and the
borrower fails to so return,
the interest thereon shall cease.
The Clearing House of the
Exchange is prepared to advise and assist
in making new stock loans
and inquiries should be made in person there.
9
.
The Special Committee ofAugust 11 1914.
Five rules that on all loans of stocks made
between members after this
date the rate of interest is subject to agreement between the patries to the
transaction, but shall not exceed 6%•
10.
•
August 11 1914,
The Special Committee of five
rules that members of the Exchange are
prohibited from furnishing the
facilities of their offices to clear transactions made by non-members while the
Exchange remains closed.
Under date of August 13 1914 the Special Committee of
the Philadelphia Stock Exchange issued to members of the
Exchange another circular letter, as follows:,
THE PHILADELPHIA STOCK EXCHANG
E.
Secretary's Office,
Philadelphia, August 13th 1914.
Dear Sir-Commencing Monday, August
17th 1914, the Special Committee will meet daily, except Saturdays. in
the office of the Secretary at
11 o'clock A. M., before which time any bids for, or
offers of. securities
which members desire to make at approximately the
closing prices of
July 30th 1914 may be submitted. All bids and offers
so made shall be
for specific amounts, and in writing, and shall be considered
as good until
two o'clock P. M.of that day.
Members whose bids or offers are accepted will be
notified by the
Secretary's Office, and settlement for all transactions
must be made by
2:30 o'clock P. M.of day of notification.
In the opinion of the Committee investment business only
should be
considered.
Except for the above, the previous announcement of
the Committee.
dated August 4th 1914, remains in force.
HORACE 11. LEE,Secretary.
In accordance with the above notice, the special
committee
of the Philadelphia Stock Exchange held its first
meeting
to adjust business Aug. 17 and all the members
were present, including William D. Grange,
President; Isaac T.
522
THE CHRONICLE
Starr, Chairman; James D. Winsor Jr., Charles H. Bean and
Horace H.Lee,Secretary.
Brokers were notified that their propositions to buy and
sell must be submitted to the special committee before 11
o'clock each morning. No cancellation or alteration will be
permitted, but the offer is good only for the day and must be
renewed until executed, if the customer or broker so desires.
All offers received after 11 a. m. will go over to the following
day. Notifications of transactions closed will go out after
2 p. m. daily.
President Grange and Secretary Lee stated after the session that it had been determined not to make public the
transactions, but it was learned from other sources that considerable business had been transacted and to enable investors to obtain securities for cash at prices not below those
prevailing at the close of business on July 30.
The special committee has also authorized members of the
Exchange to execute orders in. mining and oil securities not
listed on the Stock Exchange, providing, however, they do
not trade for their own account or do any arbitrage business.
This ruling simply gives members of the Stock Exchange the
privilege to execute commission orders in stocks not listed.
The special committee of the Boston Stock Exchange has
issued the following notice to members:
On and after Aug. 18 members or their firms making transactions in
listed stocks and bonds must furnish to the Special Committee of Five
daily, at the close of business, a statement showing all purchases and sales
of such securities, and from whom purchased or to whom sold.
The Board of Governors of the Association of Partners
of Stock Exchange firms this week sent the following letter
to its members advising the cancellation of all open orders:
Present conditions are so unprecedented, and as it is uncertain when the
Exchange will reopen, we desire to call to the attention of our members
the desirability of effecting as far as possible the cancellation of all open
orders on their books, with a view, first, to avoid errors and mistakes
after the chaotic conditions which have prevailed, and,second, for the
purpose of controlling the character of new orders to be received,so that
all may co-operate to secure as stable conditions as possible when trading
is resumed.
To this end we suggest that you notify customers that you will accept
orders to be executed "at the market" only In moderate amount and for
adequate reasons, recommending strongly that all orders should have
fixed limits; that buying orders should be executed only for those who
previously have supplied ample margin, or whose purchases are made for
cash, and that stop-loss orders be eliminated as far as possible. Selling
or buying orders, the execution of which might be detrimental to the orderly
procedure of the market, should not be countenanced.
We feel sure that our members, by co-operating along these lines, wil
do much to facilitate the opening of the Exchange and render its initial
transactions free from violent and erratic fluctuations, which would be
so much to the prejudice of their clients.
The Board of Managers of the New York Coffee Exchange
have adopted the following resolution recommending the
transfer of existing contracts into December at certain fixed
differences:
Resolved, That in view of the extraordinary emergency of the present
situation, the Board of Managers strongly and unanimously appeal to the
oyalty of the members of this Exchangeand suggest,in the interests of each
and every member, that all members interested in contracts prior to December 1914 submit their commitments and intentions as to receiving
and delivering to the Voluntary Liquidating Committee at the earliest
possible moment.
The Board recommends that all transfers of existing contracts be made
into December at the following differences through the Voluntary Liquidating Committee: August and September to December at 30 points premium.
October to December at 20 points premium, and November to December
at 10 points premium.
The Board is glad to announce that they have the support of the largest
September interests in the suggested arrangements.
All communications will be received by the liquidating committee in
strictest confidence. The charging of commissions on such transfers wil
not be compulsory.
Certificates of grade expiring after August 18 and prior to December will
be extended to the corresponding dates in December.
[VOL.
xc
If the United States, as a nation, takes advantage of present opportunities, If the men in public life, in a majority, prove capable of taking
statesmanlike measures, there Is no reason why in time we cannot be three
times as prosperous as we have ever been before."
Mr. 11111 was on his way from the Great Northern offices on Nassau
Street to the First National Bank, where he was headed to attend a directors' meeting.
"Some people In this country have been like the fellows who wanted to
kill the rats in a farmers' barn at any cost." said Mr. Hill between strides.
"You've probably heard about that barn. It was a fine big building,
filled with a rich harvest. But. like every other barn it had a few rats
which worried the farmer. He took his troubles to some rat specialists.
They told him they could kill the pests. They advised burning down the
barn.
"Politicians in this country who have proposed burning down the National
barn which houses all our prosperity in order to kill a few business rats,
will probably find it harder to find an audience, now that they see other
big barns burning up across the ocean.
"The present situation is a test of this country's ability for co-opetatton
and constructive work."
Secretary of Commerce Redfield on Friday outlined the
work expected of the field agents in New York, Boston, San
Francisco, Seattle, Chicago, Atlanta and New Orleans in
the investigation he is conducting into the advances in prices
which have occurred since the outbreak of war in Europe.
Here are the instructions:
You are instructed to Inquire immediately and carefully whether there has
been a recent rise in retail rices in your city and vicinity, and if so on what
articles and to what extent. Special attention should be given to foodstuffs
and articles of doting and other necessaries. Learn whether the advance,
If it exists, is general or confined to particular commodities, and if so what
ones. Find if It has been sudden or gradual. If any articles have fallen in
price state the facts concerning them. Learn what reasons are given for
any advance that may have occurred and inquire particularly as to whether
such reasons are the actual ones.
Give special care to determining if there has been any advance due to
speculation, either on the general war situation or on the temporary delay
in ocean transit. Consider whether a fair stock exists or is available of any
commodity that may have been advanced and whether the facts show a
purpose to use the war situation to secure undue extra profits by increased
prices. Study to learn if any combination exists for the advance of prices
under existing conditions.
When the facts shall have been determined sufficiently to give a clear
Idea of the general situation report them promptly to the Chief of the
Bureau of Foreign and Domestic Commerce and continue the inquiry
subject to his instructions.
Mayor Mitchell's citizens' committee to investigate the
sudden rise in the prices of food organized last Friday with
George W.Perkins as Chairman. Mr. Perkins was authorized to appoint an executive committee and sub-committees
to interview wholesalers, retailers, producers and consumers.
"It is a condition and not a theory that confronts us,"
declared Mr. Perkins, when he suggested the following line
of inquiry:
To have the proper department of the city government collate and
present to the committee the wholesale and retail prices of various commodities just prior to the opening of the war and to-day's prices.
To ask the dealers in such commodities that show increase in price to
frankly tell the reasons and immediately investigate these reasons.
like collusion,
Where good and sufficient reasons do not exist, and it looks
holding back goods or other unfair methods to increase prices, bring the
matter to the attention of the District Attorney.
The extraordinary conditions under which foreign trade
is now carried on is shown in the fact that when the steamship Laconia of the Cunard Line entered New York Harbor
on Monday of this week, with American refugees from
abroad, she was disguised in the Scandinavian Line colors
so as to escape capture by German war vessels. The trip
across was a most exciting one, and "The Evening Sun"
gives the following account of the voyage:
The Laconia of the Cunard line, which left Liverpool on Aug. 8 with
1,668 passengers, reached port this morning, and officers of the United
States revenue service, who have boarded the vessel many times at Quarantine, were startled at her appearnace. Twenty-four hours at sea out of
Liverpool sufficed to change the Laconia from a Cunarder Into the appearance of Norwegian line ships. Her funnels, formerly red, gleamed in fresh
black with broad bands of red about their middle. The upper rigging was
all changed from white to black, the bridge was painted a buff color, and the
name was painted out everywhere on the ship. Capt. Irvine was ready at
rwe eg ah
n efleahl.
p
f tth
too
eugte10
in
oemA
James J. Hill expressed himself in characteristic fashion any
said
was approached by a cruiser. This
regarding the ill effects of "demagogue legislation," when proved to be the transformed Cunard liner Aquitania on her patrol and
h
ve
h
r
royal
u
c
e
;
t
:
n htarvele
hre
d Ity
los
glebee
nh
the
ten eae
embgy the
held
vs
ou
rh
for the
replying to a question put to him by a representative of "Odd scout service
Laconia's appearance. Capt.
Lot Review", adding also the remark: "The war in Europe cruiser's commander that his was an English ship.
has shown people what happens when nations start on a
The AquItania is doing duty on the trans-Atlantic route,watching to pick
concerning German and French vessels.
general policy of open destruction. The destiuctive effects up information
Stories of hardships were common among the passengers on the Laconia.
of unfair business legislation are not so apparent, but they The crossing passage through the ship was crowded, mattresses being
saloons to do for bunk quarters.
can be just as serious." Here is what "Odd Lot Review" placed on the floors of thethe
number being composed almost entirely of
The 1,668 passengers,
quotes Mr. Hill as having said:
the first and second cabins, were crowded on
in
travel
usually
"American securities are the best in the world. There is only onedanger those who
fashion
helter-skelter
before the ship failed, many being in
In
which can seriously undermine the values back of the best of them. That's the Laconia Early on the passage the
Americans, refugees from the war
the steerage.
demagogue legislation."
put In the first and second cabins, only sixty remaining in the
Mr. James J. Hill had been asked by an "Odd Lot Review" representa- zones, were
tive whether he thought the war in Europe, because of the dumping back steerage.
ge.were short of funds. Some told of lost and commandeered autoMany
i:n
%r
e
on the American market of American securities, seriously had impaired
mobiles, and one man said his automobile, worth 17.000, had been taken
their value.
on German soil. A vivid description was given of the situation
"The war in Europe has shown people what happens when nations start from him
by Americans and foreigners in Germany just after the declaration of
on a general policy of open destruction," he continued. "The destructive met
war by a man who said he was at Wiesbaden when he was overtaken by an
effects of unfair business legislation are not so apparent, but they can be overwhelming
desire to go to the frontier between Germany and Belgium.
just as serious.
AUG. 22 1914.]
THE CHRONICLE
523
The way was crowded with footfarers, more than 2,000 Belgians and Americans, some transporting their baggage on wheelbarrows. Most of this
baggage was left behind in passing through Liege just before the fighting
began there.
When the ship sailed from Liverpool it was found that many women passengers in the first and second cabins did not have staterooms. When the
number of women who did not have berths was made out a like number of
men who had cabin tickets gave up their rooms and took berths in the
steerage.
52 years old and a native of Kentucky. From 1903 to 1907
he was Assistant Attorney-General, and during the Taft
Administration actively assisted the Government in the
prosecution of the cases against the trusts, particularly the
Tobacco combination. To fill the vacancy created by the
advancement of Mr. McReynolds, the President nominated
Thomas Watt Gregory, now Assistant Attorney-General,
This was the first trip of the Laconia to New York, her to be Attorney-General.
usual run being to Boston.
It is an old saying that all is fair in love and in war, and the
following, taken from the "World" of this city of Tuesday,
Aug. 18, shows how the German tank steamer Leda was
lured to capture by the British cruiser Suffolk by a wireless
call in German:
Col. Duncan F. D. Neill, who arrived from Bermuda yesterday aboard
Sir Thomas Lipton's steam yacht Erin, said that the British cruiser Suffolk
captured the German tanker Leda, which she took into St. Georges, Bermuda,after stunmoning her by wireless in German. The Suffolk lay about
150 miles north of Bermuda, calling to merchant vessels. The Leda,
bound from Rotterdam to Baton Rouge, responded and the Suffolk,
after giving her position but concealing her identity, summoned the
Leda to her.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
An event of internationalimportance occurred last Saturday
when the Panama Canal was officially opened to the commerce
of the world without ceremony or worldwide publicity. On
that day the 10,000-ton steamship Ancon passed through
the great water highway with a cargo aboard brought down
from New York. The Ancon, owned by the United States
War Department and leased to the Panama Railroad for
service between New York and Colon, is the first commercial
steamship to make the passage. It was in reality an official
trip made to try out the canal and the working of the locks.
Transit through the waterway is now officially opened to
the traffic of the world. The Ancon, with Colonel Goethals,
President Porras of Panama and other notable people aboard,
left her berth at Cristobal at seven o'clock Saturday morning
and quickly made her way to the end of the deep-water channel from the Atlantic to the Gatun locks. In seventy minutes the Ancon went through the Gatun locks, which have an
eighty-five-foot lift, and continued through the waterway
without incident, reaching Balboa on the Pacific side at
4 p. m., having navigated the canal in nine hours. The
Ancon did not stop at Balboa, but proceeded into the deep
water of the Pacific beyond the fortified islands. Passengers
and cargo were afterwards discharged at Balboa. The ship's
seventy-four officers and men wore spotless white uniforms,
the ship glistened in a coat of new paint and the signal flags
and ensigns of all nations fluttered from her masts. The
flag of the American Peace Society flew from the foremast
of the Ancon. The Panama National Band played "The
Star-Spangled Banner" as the ship started, and the fleet of
steamers in the harbor noisily saluted with their whistles.
A general holiday was declared for this informal opening
of the world's greatest canal, and thousands of canal workers
lined the banks at every point enjoying the successful commercial operation of the canal after years of effort.
Secretary Garrison of the War Department sent the following congratulatory telegram to Colonel Goethals and his
fellow workers last Saturday:
On behalf of the Government and the people of the United States, I
express to you, and through you to all concerned in the achievement, the
intense gratification and pride experienced to-day. By the successful
passage of vessels through the canal the dream of the centuries has become a reality. A stupendous undertaking has been finely accomplished,
and a perpetual memorial to the genius and enterprise of our people has
been created. The fully-earned and deserved congratulations of a grateful
people go out to you and your co-laborers.
Following the passage of the Ancon last Saturday, four
merchantmen and one yacht passed through the Panama
Canal the next day, two were scheduled to go through last
Monday and on Tuesday the Peruvian torpedo boat
Teniente Rodriguez was the first naval vessel to make use
of the canal. At present no vessel drawing over thirty feet
of water can be admitted to the canal. The dredging will
continue, and after it is finished the final depth of forty feet
will be attained.
The formal opening of the canal will take place next March.
President Wilson, his Cabinet and many distinguished guests
are expected to be present at an international celebration of
the event, unless the European war makes a change in date
imperative.
The Board of Governors of the Investment Bankers'
Association of America assembled in Boston on the 14th inst.
at the Copley-Plaza Hotel. This is the last regular session
prior to the Third Annual Convention to be held in Philadelphia next November. The progress of the various committees was reviewed prior to the presentation of their work
at the annual convention. The report on "taxation," submitted by W. Hastings Lyon, came in for a good deal of
attention. F. W. Rollins of Boston is Chairman of this
committee. The report considered many phases of taxation, such as the income tax as a method of taxing securities,
the optional or registry plan and the low-rate plan. The
report of the railroad and the equipment bond committees
embodied, it is said, many good recommendations which, if
adopted, will improve this class of securities. This report
will be printed in full in the bulletin of the Association. The
report of John D. Oldham of the corporation bond committee
was favorably received and the annual report of this committee in final form will discuss the duties and responsibilities
of trust companies acting as trustee of corporate mortgages,
the present compensation and service being inadequate.
It is expected this subject will also receive the attention of
the trust company section of the American Bankers' Association at its annual convention at Richmond, and some plan
will be evolved which both associations can support.
Local investment bankers arranged an outing last Saturday which included a steamer trip around Boston harbor
and a dinner at night at the Point Shirley Club. The Board
of Governors have made the following nominations to be
voted upon at the annual meeting of the Association:
President—A. B. Leach, New York City.
Vice-Presidents—F. W.Rollins, Boston; A. G. Hoyt, New York; John E.
Blant Jr., Chicago; J. W. Edmondson, San Francisco; Charles A. Otis,
Cleveland.
Secretary—Frederick R. Fenton, Chicago.
Treasurer—J. Herndon Smith, St. Louis.
For members of the Governing Committee—L. G. Franklin, New York;
C. W. McNeal., Chicago; W. S. Hayden, Clevelandl George W. Kendrick,
Philadelphia; Lawrence Chamberlain, New York; William E. Compton,
St. Louis; William G. Baker Jr., Baltimore; John Oldham, Boston;;Charles
H. Gilman, Portland, Me.
The proposed increase in the wages of locomotive engineers
on Western roads is meeting with opposition in an unexpected quarter. A dispatch to the daily papers from Wichita,
Kan., under date of Aug. 18, states that a petition signed by
about 250 men, employees of the various railroads entering
Wichita, in the capacities of clerks, ticket sellers, employees
of the freight department, baggage handlers, ushers and
ushers, has been sent to President Wilson at Washington
protesting against any further increase in the wages of locomotive engineers in the Western territoriuntil such time as
the other 90% of railroad employees are better paid. It is
declared that the petition is not in any way directed against,
or intended to oppose, organized labor. The petitioners say:
"Knowing as we do that railway managers of the country are continually
confronted by an increase in operating expenses on one side and on the other
hand by lack of power to increase their earnings, we realize that any furthcr
increase granted the engineers, who, we believe, are already well paid.
would not only lessen our chances for better wages, but would necessitate
a reduction of railway employees, or a reduction of some sort in order to
meet the enforced deficit which will be caused by the increase asked by the
engineers."
The petition then goes on to show, it is said, that locomotive runners in Kansas earn anywhere from $200 to $300 per
month, while their working hours, including all their overtime, would not total as much as those of the nine and tenhour employees who earn from one-sixth to one-fourth of this
amount.
The celebration and conference in Chicago to mark the
completion of organization of the Federal reserve banks,
to which we referred quite fully last week, has been postponed. Instead of happening Sept. 1 as scheduled, the meeting has been put over sixty days until Nov. 1, the definite
date to be agreed upon later. The change was occasioned
by the pressure of unusual affairs of state imposed upon the
The President on Aug. 19 nominated James C. McReyn- time and attention of President
Wilson, Secretary of the
olds, now Attorney-General of the United States, to fill the Treasury and Comptroller Williams at
this time, making
vacancy in the U. S. Supreme Court caused by the recent impossible their attendance on
Sept. 1.
death of Associate Justice Lurton. Mr. McReynolds is
524
THE CHRONICLE
The platform adopted by the Republican Party at its
State convention at Saratoga this week severely arraigns
the National Administration for its policy regarding the
tariff, the currency, the income tax and the proposed Trade
Commission. We print herewith that part of the platform dealing with these matters.
[VOL. xcix.
In last week's issue we referred in detail to certain allegations made against Max and Sarah Kobre and Moses
Ginsberg.
Max Kobre has filed an answer to the bankruptcy petition
of Aug. 6 denying that he was insolvent or had committed
any act of bankruptcy. He also asserts that the Court is
without jurisdiction. A statement of his own claims that
his assets are $4,072,235, and liabilities $3,881,253 and surplus $190,982. Mr. Kobre says that he is working with
Superintendent Richards to pay 100 cents on the dollar,
and if depositors grant an extension, this can be accomplished. Several committees,it is said, have offered to grant
an extension.
We indict the Democratic Party at the bar of public opinion on the ground
that it has shown itself incompetent and unfit to govern, and demonstrated
that its control in nation and State has been incalculably injurious to the
Interests of the American people.
THE TARIFF.
We assert that the legislative policy of the DemocraticNational Administration has been deliberately sectional, as well as hostile to the great industrial communities of the country, and particularly to the State of New
York. Its tariff legislation has been framed in utter disregard of reasonable
and fair protection to American labor and American industries, and in reckless refusal to avail of the benefit of expert information gathered by the
Tariff Board, which was created by the Republican Congress and abolished
by the Democratic Congress. Great numbers of American employees
have been thrown out of work, and immense losses have been caused to
American industries, so that domestic markets have been turned over to the
products of foreign countries. In the first fiscal year of the Democratic
Administration, over $80.000,000 which should have gone to keep American production active and American workmen employed has been paid
to foreign producers, without opening any additional markets for American
products, for during the same period our exports decreased by over $101,000.000. The pledge of tno Democratic Party to reduce the high cost of
living has lamentably failed of fulfilment.
BANKING AND CURRENCY ACT.
The Banking and Currency Act, which has not yet been put into operation, although passed eight months ago, is sectional in its intent and provisions, and its ill-concealed purpose was to injure the State of New York
and to drive capital to other States. It puts in the hands of the national
Government an unprecedented power over the financial operations of the
country, and opens facilities for inflation of the currency which, unwisely
or recklessly employed, would lead to widespread disaster.
The same hostile and sectional intent dictated the creation of the graduated income tax, with its exemptions so arranged as to relieve four-fifths
of the property-owners of the country from their fair and just burden of
national taxation in order to cast a discriminative tax upon a few prosperous and industrious States. Practically the entire tax is thus drawn from
New England, the Middle States and the Central West, while the disposition of the money raised by this tax is determined by the representatives
of the States which have not contributed to Its payment. The people of
New York have paid more than 44% of the income tax collected in the
whole country for the last fiscal year. The result has been to deprive the
State of New York of a large source of taxation and a large amount ofcapital
otherwise available for the employment of labor and development of industry.
INQUISITORIAL POWER OVER BUSINESS.
The Democratic Administration is now engaged in an effort to force
through Congress legislation giving to the Federal Government a vast.
undefined and inquisitorial power over all the business activities of the
country, destructive of the fundamental principles of freedom of labor and
opportunity and that protection of property to secure which governments
are established. The mere threat of the passage of these measures has
alarmed, if not paralyzed, industry, and enterprise is pausing, irresolute
and apprehensive of ruin from the dominance of a party actuated as a whole
by sectional jealousy and envy of business success. New undertakings
which would furnish employment to labor and a market for American products have been abandoned, because our capitalists and manufacturers
distrust and fear Government interference, directed by ignorant and reckless functionaries. Governmental interference in private business now
menaces all classes, and irresponsible public officers with arbitrary inquisitorial powers are prying into the private affairs of business men. If
this attitude of hostility to business and interference with private affairs
is to continue, no enterprise will be able to live in this country unless it
curries the favor of politicians, and thrift will be destroyed except where it
fawns upon power.
A few stockholders of the La Salle Street Trust & Savings
Bank held an informal meeting on the 13th inst. to discuss
plans for the reorganization of the institution. William
Lorimer, the former President, and C. B. Munday, VicePresident, were present, but so few stockholders attended,
it is stated, that it was impossible to adopt any particular
plan of reorganization. All of the stockholders present seemed
to think the bank should be re-opened. It is proposed to
get additional capital into the bank (which is now in the hands
of the receiver) while its affairs are undergoing a State and
Federal investigation. The State Bank of Calumet, another
of the Lorimer banks, which closed its doors June 13, did
not re-open on the 13th inst. as scheduled, and no definite
date has been set for the action, according to the Chicago
"Herald."
assured that every dollar in cash and every dollar in assets that this branch
possessed is still there, untouched in any manner whatsoever; that nothing
has been dissipated, nothing has been taken away, and that everything
has been turned over to the Superintendent of Banks.
Charles D. Knoefel, a retired druggist, was elected President of the New Albany Trust Co. of New Albany, Ind., on
The Chicago Clearing-House Association changed its bylaws on the 13th inst. so as to permit banks clearing through
associated member institutions to call themselves "affiliated banks." Previously these banks were known as nonmember banks. Hereafter the banks in remote parts of the
city will be permitted to clear their checks on the day following. An amendment was passed to this effect.
—A special meeting of the stockholders of the Northern
Trust Co., Chicago, has been called for September 29 to
vote upon the question of increasing capital from $1,500,000
to $2,000,000 and the board from nine to eleven members.
The Federal Grand Jury which was reported to have
voted on Wednesday to return indictments against William
Lorimer, President, and Charles B.Munday,Vice-President,
of the La Salle Street Trust &- Savings Bank, and J. P.
Gallagher of the firm of Lorimer & Gallagher, adjourned
until next Tuesday without taking action.
The German-American Bank, a small concern at 203
South Dearborn Street, Chicago, was forced to close up
last week. J. D. Karpinsky is President, and the capital
was $100,000, surplus $46,944. The bank is involved with
Supreme Court Justice Weeks appointed Irving Fox the Consolidated Agencies Co., an organization operated by
receiver for the private bank of John Bozzuffi, 1149 FirstAve- it at the same address to make small loans to people.
nue, near 63d Street, this city, on the application of State
Comptroller Sohmer. The receiver says that the bank had
The First National Bank of Johnson City, Ill., closed its
deposits of $45,000, with only $500 in cash to pay depositors. doors on the 14th inst. G. A. Newton is President. Its deBozzuffi had been ordered to sell some of his real estate hold- posits were about $250,000 and capital $50,000.
ings, a field in which he is stated to have been successful,
but had failed to comply. Some friction between the State
The proposed consolidation of the Citizens' National Bank
Comptroller and the State Banking department may develop and the Bankers' National Bank of Evansville, Ind., as
as all other private banks closed recently were taken over referred to in these columns Jul3 11 and Aug. 1 was formally
by Eugene Lamb Richards, State Superintendent of Banks. ratified on the 12th inst. The united institution began
Some of these private bankers, however, had opposed such business in the building occupied by the Citizens' National
action on the ground that the law was not yet operative
Bank. The board of the latter was increased by the addiunder which Superintendent Richards undertook to act..
tion of five directors from the Bankers' National, these
A committee of twenty-five persons representing the de- being: Samuel P. Heston, 0. W. McGinnis, Claude Maley,
positors of the Brownsville branch of the Max Kobre Bank J. T. Knauss, J. W. Lunkenheimer and W. F. Harthsteiner
in Brooklyn were selected to plan a course of action at a bois- of Tell City, Ind. S. T. Heston, formerly President of the
was elected a Vice-President of the enterous meeting held on the 14th inst. The police had to be Bankers' National,
The directors voted to increase capital
institution.
called into the'meeting, which at several stages nearly ended larged
$400,000 and surplus a like amount to
in a riot. The committee promptly met and designated stock $100,000 to
combined deposits are about $4,500,000.
four of its members, all lawyers, to confer with Banking $250,000. The
president of the Citizens' National, is President
Superintendent Richards. The attorney for Moses Gins- Allen Gray,
bank, J. C. Johnson and C. P. Bacon,
berg gave out the following statement, according to the of the consolidated
T. Heston, are Vice-Presidents, Frank
S.
to
addition
in
Brooklyn "Eagle":
I am directed by Mr. Ginsberg to assure the public that all the rumors, Fuchs, Cashier, W. W. Bicking and A. C. Voss, Assistant
stories and allegations which have appeared in the press with respect to Cashiers. Steps will be taken, it is stated, to at once ereot
the Brownsville Branch of Max Kobro's Bank are unqualifiedly and abso"skyscraper," the first floor to be used by the bank.
lutely false in each and every particular. Further, that the public may rest a large
AuG. 22 1914.1
THE CHRONICLE
525
the 14th inst. to succeed the late George Moser. Mr. First National, the Paterson Savings Institution, one of the
Knoefel has been a director of the Second National Bank most important and successful savings banks in New Jersey, having over $13,000,000 deposits to-day. The second
for many years.
President of the bank was Edward T. Bell, who has been
A suit was filed in the Circuit Court at St. Louis yesterday connected with it longer than any person, serving first as
for the appointment of a receiver for the Bankers Trust Co. Cashier from its reorganization Sept. 17 1864, continuing
of St. Louis. One of the large assets of the company was with it as Cashier, director, Vice-President and President
the San Antonio Uvalde & Gulf RR. The trust company is up to the present time. The late Garret A. Hobart, exunderstood to have owned all of the $4,113,000 bonds and Vice-President of the United States, was for many years a
$315,000 stock of this railroad, which went into a receiver- director, and John W. Griggs, ex-Governor of New Jersey
ship the present month. The securities were acquired by and Attorney-Gerneral of the United States in President
John E. Franklin while President of the company. Early McKinley's Cabinet, is another director. Many prominent
in May the trust company's embarrasment began to be public men have been identified with the bank. Whitfield
rumored and the price of its capital stock ($2,500,000) W. Smith is Cashier and Frederick D. Bogert, Assistant
started to decline rapidly.
Cashier.
The First National Bank of Paterson, N. J., has issued a
brief historical review for private circulation commemorative of the completion of its first-half century. On the second day of May 1914 the First National Bank had been in
practical operation for fifty years. The inception of the
bank in fact dates back to Jan. 29 1864, and its charter to
Feb. 23 1864, when the city of Paterson had only about
20,000 population, comparing with the present prosperous
community of 130,000 people, with a contiguous territory
of several thousand more. On Jan. 29 1864 articles of incorporation were entered into and the bank organized the next
day, William Gledhill being chosen President and Henry M.
Stimson, Cashier. The capital stock had been fixed at $100,000. Mr. Stimson had planned to transfer his capital and
control of the Passaic County Bank,now the Second National
Bank of Paterson, to the new institution. His subscription to the stock of the First National Bank was more than
nine-tenths of the authorized capital. However, the plan
did not work, and proved nearly fatal to the new institution,
preventing any attempt to open it for business for several
months. At a special stockholders' meeting July 8 1864,
owing to the ill-health of Mr. Stimson, it was decided that
the association should go into liquidation. But before this
was effected John J. Brown, then a leading merchant and
citizen of Paterson, came to the rescue and succeeded in
saving the charter. The bank was reorganized, and the
follDwing officers elected Sept. 17 1864: John J. Brown,
President; J. S. Christie, Vice-President, and Edward T.
Bell, its present executive, as Cashier. The reorganized
institution opened for business Sept. 21 1864 with $30,000
capital, $559 41 profit and loss and $49,123 of deposits.
The beginning of the institution really dates from this reorganization. Having established itself, the bank had other
vicissitudes to meet affecting the city of Paterson. How well
it succeeded is borne out by its own record. One of the
worst of these troubles was the total destruction by fire of
its beautiful home at Ellison and Washington streets in the
great conflagration which visited the city on the night of
Feb. 9 1902, when property of six millions of dollars was
destroyed in a few hours, five of the city's seven banking
institutions falling victims to the flames. A year later
Paterson suffered another loss from the greatest flood ever
known in the valley of Passaic, causing millions of dollars
damage to property and industry. Without any loss of time,
the bank opened up after the fire in the Paterson Savings Institution Building, then the bank purchased a small building
on Church Street, where it remained until it moved January 4 1904 into the magnificent home it now occupies
erected on the old site. In the financial panics of 1873,
1884, 1896 and 1907, without the advantage the New York
banks had in their Association and Clearing-House backing,
the First National relying on its own resources did not fail
to meet all the needs of its customers nor did it suspend currency payments even temporarily. The bank's capital up
to Jan. 1 1865 remained at $100,000, when it was increased
to $250,000, and on Jan. 1 1868 a further increase was made
to $350,000, then to $400,000 Jan. 1 1870, and finally to
$500,000 Jan. 1 1903, its present amount.
During the fifty years of its history,the bank's net income
has been $2,754,000, the 124 consecutive dividend payments
totaling $2,249,500 and representing 5433i% of the actual
capital employed, the balance, $705,000, going into its surplus and undivided profits. Deposits were $3,454,882
Dec. 31 1914. The First National Bank has had only two
presidents during the fifty years of activity. John J. Brown,
the first President, served from Sept. 17 1864 to July 23
1894, and among his eminent services to the city was his
founding in 1869 in co-operation with Edward T.Bell and a
few other leading citizens, most of them affiliated with the
The Hackensack National Bank of Hackensack, N. J.,
celebrated its twenty-fifth anniversary last Friday. David
A. Pell, the President; Howard D. Terhune, Cashier, and
Charles W. Brower, Assistant Cashier, have served in their
present positions since the opening of the bank. Only
three members of the original board remain. These are exSenator William M.Johnson, Dr. David St. John and D. A.
Pell. The bank during the past twenty-five years has paid
dividends of $175,000, increased capital from $50,000 to
$100,000, accumulated a surplus of $100,000 and undivided
profits of $120,000 and changed from a State to a national
institution.
John B. Wood,formerly President of the Chicopee Savings
Bank of Chicopee, Mass., died last Sunday night at his
Sp/infield home, aged 87. He was connected with the
Chicopee Savings Bank for fifty-three years, retiring Jan. 20
1913, after serving as President for thirty-two years.
—William De Krafft, Secretary and Treasurer of the
Baldwin Locomotive Works, and Frank G. Rogers, a VicePresident of the bank, were elected directors of the Fourth
Street National Bank of Philadelphia this week. Mr. De
Krafft succeeds Alba B. Johnson, Prisident of the Baldwin
Locomotive Works, who was recently elected a Class B
director of the Federal Reserve Bank . The board is now
completed.
The directors of the Federal National Bank of Pittsburgh
have expressed their willingness to join George V. Brown of
Cleveland in his application for the appointment of a receiver, placing the affairs of the bank under the jurisdiction
of the Federal Court. The directors have accordingly filed
an answer to this effect in the United States District Court
to the bill of equity against them of George V. Brown, but
denying the statement in the bill that they "carelessly,
negligently and fraudulently,and contrary to the laws of
the United States", made excessive loans to members of the
board of directors. A denial is further set out that funds of
the bank were used to conduct a lumber business and that
lumber so secured was sold to the Babcock Lumber Co. as
asserted. We referred in these columns last week to an increase in the board to thirteen members and a proposed
meeting of the stockholders Sept. 15 to elect them. The
Federal National Bank went into voluntary liquidation
Dec. 1913,and on the 17th of the same month the Mellon
National Bank took over its good assets and the accounts
of its depositors.
The new Merchants' National Bank of Detroit, Mich., is
expected to be in readiness to open for business next Tuesday. Detroit's newest institution is located at Griswold and
West Congress streets, and will start with $1,000,000 capital
and $250,000 surplus. The officials are: John Ballantyne,
David Gray and John P. Hemmeter, Vice-Presidents;
Benjamin G. Vernor, Cashier, and Henry Wiegert, Assistant
Cashier. The board is composed as follows: The President
and Vice-Presidents, William 0. Briggs, Hugh Chalmers,
Ray E. Danaher, John Endicott,Owen S.Hawes, Horace E.
Dodge, Eugene W. Lewis, Luman W. Goodenough, Emil
Stroh, A. E. Sleeper and E. A. Turnbull.
E. L. Richardson, formerly teller in the Fond du Lao
National Bank of Fond du Lae, Wis., has been appointed
Ass't Cashier of the Citizens' NationalBank of the same city.
W. A. Rathsack, Cashier of the Security State Bank of
South Omaha, Neb., was elected President, succeeding the
late J. J. Svoboda. Mr. Rathsack was formerly President
of the First National Bank of Schuyler, Neb.
526
THE CHRONICLE
xc
-The plan to establish a branch office in London by the
John H. Carter, formerly President of the American
National Bank of Asheville, N. C., was placed on trial in the Bank of Nova Scotia, head office Halifax, Nova Scotia, has
United States District Court last Monday charged with been postponed, it is stated, temporarily on account of the
violating the banking laws at the time he was its execu- financial disturbances due to the European war.
tive three years ago. R. M. Fitzpatrick, former Cashier,
testified that Mr. Carter overdrew his own account in vari- goinnvevcial andAttsceilaneonsnzurs
ous amounts running from $200 to $10,000.
Breadstuffs Figures brought from page 553.-The
Efforts to make a success of the new Citizens' Bank of statements below are prepared by usfrom figures collected by
The receipts at Western
Pulaski, Va., have failed. The concern opened for business the New York Produce Exchange.
for the week ending last Saturday and
ports
lake
river
and
Aug. 1 and lasted only eighteen days. The bank was since August 1 for each of the last three years have been:
incorporated with $25,000 capital. D. A. L. Worrell was
Corn.
Oats.
Barley.
Rye.
President and J. Walter Webb, Cashier. Lack of support Receipts at- Flour. ' Wheat.
caused the closing.
bbls.1961b3. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Two of the speakers who have been secured for the annual
meeting of the Kentucky Bankers' Association at Lexington Sept. 23 and 24 are C. E. Meek of New York, President
of the National Credit Men's Association, and M.C. Elliott,
Secretary of the Reserve Bank Organization Committee.
The Bankers' Trust Co. of Dallas, Tex., received permission on the 13th inst. from the Secretary of State to sell
$400,000 of new capital stock. The capital was increased
from $400,000 to $800,000 shortly after its organization.
The company began business June 3. W. B. Slaughter is
President and Col. C. C. Slaughter, Chairman of the Board.
The Dallas "News" is authority for the statement that the
First State Bank of Amarillo, Tex., has declared its first
dividend of 30% in favor of the general creditors, including
holders of certificates of deposit. The bank was organized
in 1910 and failed last spring. Several months will be required to wind up its affairs.
S. M. McAshan, for the past five years Vice-President
of the Citizens' National Bank of Waco, Tex., has resigned.
6,087,000
773,000
7,000
502,000
456,000
160,000
265,000
573,000
.541,000
263,000
445,000
162,000
77,000
53,000
269,000
2,000
379,000 11,132,000
401,000 9,496,000
301,062 7,352,818
2.935,000 10,072,000
2,343,000 7,955,000
2,035,371 5,155,005
599,000
841,000
648.142
210,000
417,000
218,606
i
757,000 24.772,000
778,000 21,053,000
613.2441 15.796.791
.5,677,000 21,468,000 1,110,000
4,823,000 14,011,000 1,660,000
4.776.016 10.397.959 1.033.068
454,000
632,000
452.995
Chicago....
Milwaukee__
Duluth
Minneapolis
Toledo
Detroit
Cleveland _ _
St. 1.ouls
Peoria
Kansas CRY
Omaha
172,000
63,000
Total wk.'14
Same wk.'13
Same wk.'12
Since Aug. 1
1914
1913
1912
9,000
20,000
78,000
37,000
I
I
900,000
268,000
4,922.000
309,000
367,000
1,281,000
192,000
120,000
47,000
852,000
41,000
2,474,000
527.000
100,000
40,000
38,000
31,000
439,000
539,000
163,000
417,000
1,000
3,000
32,000
45,000
22,000
10,000
109,000
1,000
17,000
5,000
1,000
Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 15 1914 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
New Orleans•
Newport News
Galveston
Mobile
Montreal
Flour,
bbls.
166,000
35,000
34,000
28,000
68,000
Wheat,
bush,
232,000
414,000
569,000
434,000
35,000
168,000
476,000
28,000
22,000 2,592,000
Corn,
bush,
55,000
4,000
42,000
33,000
48,000
Oats,
bush,
425,000
83,000
199,000
157.000
147,000
Barley,
bush.
10,000
1,000
1,000
RIB
bush.
21,000
1,000
1,000
15,000
2,000
176,000
47,000
100,000
71,000
405,000 1,113,000 83,000 38,000
Total week 1914._ 381,000 4,920,000
SinceJan. 1 1914.13,236,000 128848000 15,473,000 23,271.000 8462,000 2380,000
244,000 1,222,000 302,000 33,000
439,000 7,278,000
Week 1913
Since Jan. 1 1913_13,597,000 118642,000 43,068,000 35,899.000 15102000 2255,000
*Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
A new institution, the Arkansas State Bank, is being organized at Pine Bluff, Ark., with a paid-up capital of
The exports from the several seaboard ports for the week
$150,000. An organization meeting of stockholders was held
15 are shown in the annexed statement:
on the 14th inst. at the local Chamber of Commerce. The ending Aug. Wheat,
Corn, Flour,
Oats,
Rye, Barley,
Peas,
bush.
bbls.
bush, bush,
bush.
bush,
bush.
new bank will, it is stated, take over the assets of the Bank
Exportsfrom5,355 69,396
323,692
46,055
New York
of Pine Bluff, which was placed in the hands of the State Boston
5,500
456,991
98,800
9.000
--- 311,000
Bank Examiner and has since been closed. C. H. Triplett Philadelphia
100
1,859
245,120
Baltimore
30,000 13,000
1,000
will probably be chosen President. The following directors New Orleans_
Newport News-168,000
463,000
were elected: C. H. Triplett Sr., L. W. Clement, N. J. Galveston
40,500 27,500
44,000 206,000
Gantt, A. W. Nunn, J. A. Dean, V. J. Trotter, W. E. Gra- Mobile
1 603,000
71,000
Montreal
ham, J. S. McDonnell, Henry Marx, R. H. Stearns and
81,955 170,255 351,855
71,000
Total week.__ _3,570,803
43,069 175,821 368,332 60,770 100,000
6 883,984
Week 1913
J. H. Hudson.
The destination of these exports for the week and since
•
-L. E. Shepherd was this week elected a director of the July 1 1914 is as below:
Wheat-Corn_
-Flour
German-American Trust & Savings Bank, Los Angeles, Cal.
Since
Since
Since
Week
July 1
Week
July 1
July 1
Week
Mr. Shepherd is President of the Southwest Land Co. and
1914. Aug. 15.
1914. Aug. 15.
1914.
Exportsfor week and Aug. 15.
bush,
bush,
has been connected with mercantile and financial institutions
Mts,
bush.
bush.
bbls.
since July 1 to-2,250
2,250
United Kingdom- 80,210 540,501 3,040,893 18,145,645
in Los Angeles for the past twenty-eight years. He was one Continent
12,003 294,901 521,882 20,168,288
115,025
8,028
26,563 258.438
of the organizers and a Vice-President of the Commercial So. and Cent. Amer_ 50,954
229,043
6,242
11,132 al,f41
West Indies
National Bank and is also connected with the Union Bank Brit. No. Am. Cols_ 525 12,028
812
11,555
468
-- -countries_ _ .._
Other
5,523
of Redlands.
Total
Total 1913
170,255 1,346,466 3,570,803 38,435,668
175,821 1,247,877 6,883,934 30,610,354
81.955
528,227
43,069 1,118,111
A new financial institution was organized at Olympia,
The world's shipments of wheat and corn for the week
Wash., last week, to be known as the Olympia Bank & ending Aug.15 1914 and since July 1 1914 and 1913 are shown
Trust Co. and have $50,000 capital. C. S. Reinhart, in the following:
former President of the Olympia National Bank, will be
Wheat.
Corn.
President; I. M. Howell, Vice-President; C. W. Shaffer,
1914.
I
Secretary; W. Dean Hays, Cashier, and W. T. Cavanaugh, Exports.
1913.
1914,
1913.
Assistant Cashier. There are two national banks doing
Since
Since
Week
Week
Since
Since
July I.
July 1.
Aug.15.
Aug.15.
July 1,
July 1.
business in Olympia.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels. I Bushels.
42,000
North Amer. 5,200,000 49,776,000, 39,394,000
511,000
214,000
The Northern Bank & Trust Co. of Seattle, Wash., en- Russia
11,922,000, 11,044,000
1,531,000 3,291,000
2,304,000,
2,524,000
•
Danube....•
8,185,000 3,248,000
at
a
tertained over 5,000 visitors
housewarming on the 15th
2,298,000,
5,052,000
24,000
1,981,000 23,958,000 44,616,000
Argentina
4,942,0001 5.264,000
inst., when it formally opened its enlarged and re-modeled Australia.. 938,000 7,264,0001
13,672,000
304,000
India
Fourth
and
Pike
streets.
The
322,000
rooms
at
bank
banking space Oth.countr's 76,000
570,000
has been doubled, now occupying over 4,000 square feet.
Total_ _ _ 6,542,000 78,828,0001 77,520,000 2,023,000 33,888,000 51,666,000
The banking rooms have been re-decorated in white and gold
-Not available.
and the fixtures, of mahogany and Tennessee marble, are 'The quantity of wheat and corn afloat for Europe on dates
entirely new.
mentioned was as follows:
The directors of the Bank of British North America, head
office Montreal, have recommended the declaration of a dividend payable Oct.3 of 40 shillings per share,less income tax,
making 8% per annum, carrying forward £48,000 to the new
account. Final action will be taken on the directors' recommendation at a meeting of the proprietors Sept. 7.
Wheat.
United
Kingdom. I Continent.
Bushels.
Bushels.
Corn.
Total,
United
Kingdom, Continent.'
Total.
Bushels, Bushels. Bushels. I Bushels.
29,088,000
16,558,000
Aug. 15 1914._
16,924,000
33,176,000
Aug. 8 1914._
Aug. 16 1913._ 17,928,000 19,768,000 37,696,000 12,682,000 21,947,000 34,629,000
Aug. 17 1912.. 21,072,000 12,832,000 33,904,000 8,517,000 24,046,000 m2.563,000
DIVIDENDS.
The following shows all the dividends announced for the
F uture by large or important corporations.
Dividends announced this week are printed in italics.
I e?
Name of Corapany.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name Of Company.
Miscellaneous (Concluded).
50 Sept. 3 Holders of rec. Aug. 15
Porto Rican-Amer. Tobacco (guar.).g Sept. 9 Aug. 20 to Sept. 8
Pressed Steel Car,corn. (qu.)(No. 22)_.
234 Oct. 15 Holders of rec. Oct. la
Quaker Oats, common (guar.)
Boots Cloud
is
..s Aug. 31 HOldory of rec. Aug. la
Warn
Preferred
referred (gear.)
Hays Inclusive.
Pal/able
134 Nov. 30 Holders of rec. Nov. 2a
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 17
8
Southern Plpe Line (guar.)
Southwestern Pow.& Lt. Co., pref. (au.) 134 Sept. 1 Holders of tee- Aug* 251
rec.
of
Holders
July
27
18a
Aug.
254 Sept.15 Holders of rec. Aug. 29
Standard Oil (Cal.) (guar.)
Sept. 1 Holders of rec. July 31a Standard 011 (Indiana)
Aug. 31 Aug. 11 to Aug. 31
3
(Indi
(guar.)
Sept. 10 Sept. 1 to Sept. 10
Aug. 31 Aug. 11 to Aug. 31
3
Extra
Sept. 1 Holders of rec. Aug. la Standard Oil of N..1. (guar.)
Sept. 15 Holders of rec. Aug. 20a
5
Sept. 1 Holders of rec. Aug. la Standard 011 of New York (quar.)
Sept. 15 Holders of rec. Aug. 281
2
Sept.30 Holders of rec. Aug. 31a Studebaker Corporation, pref. (quar.) _
144 Sept. 1 Holders of rec. Aug 20a
Oct. 14
Oct. 1 Aug. 22 to
144 Oct. 1 Holders of rec. Sept. 10
Swift & Co.(guar.)(No. 112)
Oct. 1 Aug. 22 to Oct. 14
Oct. I Holders of rec. Sept. 214
1
common
Typewriter,
(guar.)
Underwood
Sept. 4 Aug. 21 to Sept. 3
134 Oct. 1 Holders of rec. Sept. 210
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 12a
ISS Sept. 1 Aug. 22 to Aug. 31
Union Stock Yards (Omaha)(guar.)
Sept. 1 Holders of rec. Aug. 12a Union Tan* Line
244 Sept.25 Holders of rec. Sept. 4
Oct. 1 Holders of rec. Sept. la United Cigar Mfrs., pref.(mum)
134 Sept. 1 Holders of rec Aug. 2r4
Oct. 1 Holders of rec. Sept. la Untd Cigar Stores of Am.,pf.(gu.)(No.8) 114 Sept.15 Sept. 1 to Sept.15
Sept. I Holders of ree. Aug. 224 U. S. Envelope, common
pt. 1
Sep
o se
16 tw
. 1 A ug. 1
.
Sept.
34 smt
Sept. 1 Holders of rec. Aug. 10a
Aug
Preferred
Sept. 1 Holders of rec. Aug. 10a U.S. Gypsum, pref. (guar.)
30
Sept.
to
16
134 Sept.30 Sept.
Sept. 1 Holders of rec. Aug. I5a U. S. Steel Corporation, corn. (guar.).134 Sept.29 Sept. 2 to Sept.10
Sept. I Holders of rec. Aug. 15a
Preferred (guar.)
144 Aug. 29 Aug. 4 to Aug. 17
Aug. 20 Aug. 15 to Aug. 19
White (J.G.)Engin'gCo., pf.(qu.) (No.6)
146 Sept. 1 Holders of rec. Aug. 20
Sept. 10 Holders of rec. Aug. 310 White (J.G.) Man. Co., PI. (qn.)(No.6) 134 Sept. 1 Holders of tee. Aug' 15
Sept. I Holders of rec. Aug. 10a
Woolworth (F. W.)Co.,com.(qu.)(No.9) 114 Sept. 1 Holders of rec. Aug. 10a
Oct 15 Holders of rec. Sept. 210 Woolworth (F. W.) Co.. pref. (guar.).- 134 Oct. 1 Holders of rec. Sept. 10a
___-Sept. 19 Holders of rec. Aug. 3I0
Aug. 24 Holders of tee Aug 3a
,
a Transfer books not closed for this dividend. b Leas British income tax. d Cog
Aug. 24 Holders of rec. Aug. 3a reenon e Payable In stork. I Payable In common stock. o Payable In sell°
Aug. 25 Aug. 13 to Aug. 19
h On account of accumulated dividends. i Being a distribution In cash on the 40%
Aug. 31 Holders of rec. Aug. la increased stock of the rental accruing from Jan. 1 1911 under the lease. k Transfer
Sept. 1 Holders of rec. Aug. 200 books closed from Aug. 15 to Aug. 25, both Inclusive.
Sept. 10 Holders of rec. Aug. 250
Oct. 1 Holders of rec. Sept. la
Oct. 1 Holders of rec. Sept. la
Canadian Bank Clearings.-The clearings for the week
Oct. 1 Holders of rec. Sept. la
Railroads (Steam).
8
Alabama Great Southern, preferred__
1)4
Atch.Top.& S. Fe., corn.(qu.)(No.37)
$1.50
Atlantic Coast Line Co. (guar.)
3
Baltimore & Ohio, common
2
.Preferred
2
Boston & Albany (quar.)
2;4
Canadian Pacific, corn.(qu.)(No.73)
2
Preferred
14
Chestnut Hill (guar.)
24
Chicago Milw. dr St. Paul, common
3)4
Preferred
15i
Chicago & North Westetn, cam.(guar.)_ _ _
2
Preferred (guar.)
136
Cin. N.0.& Tex.Pae., pref.(quar.)__ _
Cleveland & Pittsburgh,reg. guar.(guar.) 154
1
Soeeial guaranteed (guar.)
Cripple Creek Cent., corn. (qu.)(No. 19) 1
1
Preferred (quar.) (No. 35)
2
Delaware & Bound Brook, goat.(guar.)
14.1
Erie & Pittsburgh (guar.)
24
Illinois Central (No. 119)
M.St. P.&B.S. M.,corn.& pf.(No. 23) 334
14
Norfolk & Western, corn. (quar.)
10
Northern Central
Special (pay. on 40% increased stk.) 28i
2
North Pennsylvania (guar.)
154
Pennsylvania RR. (guar.)
Pitts. Youngs.& Ashta., corn.& pf.(qu.) 134
1
Reading Company, 1st pref. (guar.)
154
Southern Pacific (guar.)(No. 32)
2
Union Pacific, common (guar.)
2
Preferred
Street and Electric Railways.
75c Sept. 15 Holders of rec. Aug. 27a
American Railways, common (guar.)
156 Sept. 1 Holders of rec. Aug. 15a
Cent. Ark. Ry.& L.Corp..Id.(qu.)(N0.8) 14
Sept. 1 Holders of rec. Aug. 150
Detroit United Ry. (quar.)
154 Sept. 15 Holders of rec. Aug. 310
Northern Ohio Tract. & Light. COM.(guar.)
Northern Tex. Elec. Co.,COM.410 (No.20) lg Sept. 1 Holders of rec. Aug. 20a
3
Sept. 1 Holders of rec. Aug. 20a
Preferred (No. 18)
Philadelphia Co. 5% non-cum. pref.... 2.4 Sept 1 Holders of ree. Asia iOn
134 Sept. 1 Holders of rec. Aug. 25a
Rochester R.& Light, pref. (guar.)._
Aug. 23 to Sept. 1
3
Terre Haute Trac. & Light, preferred
144 Sept. 1 Aug. 16 to Aug. 17
Washington (D.C.) Ry.& El., corn.(cU.)
154 Sept. 1 Aug. 16 to Aug. 17
Preferred (quar.)
Trust Companies.
Citizens (Brooklyn) (guar.)
135 Sept. 1 Holders of rec. Aug. 20
mIscelleneous•
$1.50 Sept. I Aug. 18 to Aug. 31
Adams Express (quar.)
14 Aug. 31 Holders of rec. July 25a
Amalgamated Copper Co (quar.)
Sept. 1 Holders of rec. Aug. 31a
3
American Coal
156 Sept. 1 Holders of rec. Aug. 19a
American Gas (goat.)
American Pneumatic Service,first pref_ _ _ _ 11.75 Sept. 30 Sept. 13 to Sept. 18
75e. Sept. 30 Sept. 13 to Sept. 18
Second preferred
to Sept.30
256 Scot.30 Sept.22
American Radiator, common (quar.)
4 Oct. r Sept.20 to Oct. 1
Pipe
American Sewer
Sent. 15 Aug. 29 tO Sept. 7
Amer. Smelt. & Ref., corn.(qu.)(No.44) 1
Aug. 23
156 Sept. 1 Aug. 15 to
Preferred (quar.) (No. 61)
134 Oct. 2 Holders of rec. Sept. la
Amer. Sugar Ref.. corn.& pref. (guar.)._
156 Sept. 1 Holders of rec. Aug. 31a
American Telegraph & Cable (guar.)
50 Sept. 1 Holders of rec. Aug. 14n
Amer. Tobacco, corn. (payable In scrip).
134 Sept.10 Aug. 30 to Sept. 10
Atlas Powder (guar.)
2
Blackstone Val. G. & E., corn. (quar.)_
Sept. 1 Holders of rec. Aug. 15a
(guar.)
Gas
Brooklyn Union
1)i Oct. 1 Sept. 13 to Sept.30
$3
Buckeye Pipe Line (guar.)
Sept. 15 Holders of rec. Aug. 25
g Sept. 1 Holders of rec. Aug. 17a
Butterick Company (quar.)
Cent. Miss.VaLELProp.,pref.(qu.)(NO.3) $1.30 Sept. 1Holders of rec. Aug. 15a
to Sept.21
Chesebrough Mfg. Consord (guar.)
Sept.21 Sept. 9
6
Extra
Sept. 21 Sept. 9 to Sept.21
4
Cleve. & Sandusky Brewing, pref. (en.) 1
Sept. 15 Holders of rec. Aug. 31a
Colorado Potter, preferred (guar.)
154 Sept. 15 Holders of rec. Aug. 31
1
Columbus Gas & Fuel, corn. (guar.)._
Sept. 1 Holders of rec. Aug. 15
154 Sept. 15 Holders of rec. Aug. 12a
Consolidated Gas (guar.)
Cons.Gas Elec. L. de Pow.,Balt.,corn.(gu.)
1g Oct. 1 Holders of rec. Sept. 19
Oct. 1 Holders of rec. Sept.19
Preferred
3
Sept. 16 Aug. 28 to Sept. 16
3
Continental Oil (guar.)
Sept. 15 Aug. 21 to Sept. 15
$1
Crescent Pipe Line (quar.)
Cuban-American Sugar, pref. (gu.)
156 Oct. 1 Holders of rec. Sept. 150
Deere & Co., pref. (quar.)
156 Sept. 1 Holders of rec. Aug. 150
Diamond Match (guar.)
156 Sept. 15 Holders of rec. Aug. 310
Dominion Textile, Ltd. (guar.)
1)i Oct. 1 Holders of rec. Sept. 15
rec. Sept. 1
Eastern Steel, let pref. (quar.)
1j Sept. 15 Holders of
Eastman Kodak,corn.(guar.)
24 Oct. 1 Holders of rec. Aug. 3Io
Common (extra)
Sept. 1 Holders of rec. July lb
5
Common (extra)
24 Oct. 1 Holders of me. Aug. 3Ia
Preferred (quar.)
156 Oct. 1 Holders of rec. Aug. 31/
Federal Mining & Smelting, pre'. (guar.). 1
Sept. 15 Holders of rec. Aug. 22
Galena-Signal Oil, common 01=0
Sept.30 Holders of rec. Aug. 31a
3
Preferred (guar)
Sept.30 Holders of rec. Aug. 311
2
General Asphalt, pref. (quar.) (No. 55).
134 Sept. 1 Holders of rec. Aug. 154
GeneralChemical, corn. (quar.)
Sept. 1 Holders of rec. Aug. 20a
14
General Chemical. preferred (guar.)
lA Oct. 1 Holders of rec. Sept. 17a
General Electric (quar.)
Oct. 15 Holders of rec. Aug.291
2
Goodrich (B. F.) Co. pref. (guar.)
Bo
134 Oct. 1 Holders of rec. Sept.
Harbison-Walker Refract.,
'
cam. (guar.)
34 Sept. 1 Holders of rec. Aug. 20
Homestake Mining (monthly) (No. 477)
Holders of rec. Aug. 203
650.
25
Aug.
Independent Brewing, Prof. (quar.)
144 Aug. 31 Aug. 20 to Aug. 30
Inland Steel (quar.)
154 Sept. 1 Holders of rec. Aug. 10
Extra (payable in stock)
Sept. 1 Holders of rec. Aug. 10
25e
Int. Harvester of N.J..of.(gu.)(No.30)
104
Holders of rec.
Int. Harvester Corp., pref.(qu.) (NO.0) 144 Sept. 1 Holders of rec Aug.
Aug 100
134 Sept. 1
International Nickel. common (guar.)._
Aug. 15 to Sept. 1
1
Sept.
234
Mugs Co.Elec. Lt.&P.(g11.)(NO MO
Sept. 1 Holders of rec. Aug. 211
2
Lackawanna Steel, preferred (guar.)._ _
156 Sept. 1 Holders of rec. Aug 310
Laclede Gas Light, woman (guar.)
134
Sept. 15 Holsters of rec. Sept. 1
Lae of the Woods Milling, common (guar.)
2
Sept. 1 Holders of rec. Aug. 220
Preferred (guar.)
I Holders of rec. Aug. 220
Sept.
156
Lehigh Coal & Nay. (guar.) (No. 143)
Aug. 31 Holders of rec. July gla
Liggett es Myers Tobacco. eons. (guar.). $1
Sept. 1 HOMO'S of rec. Aug. 15a
3
MacArthur Brothers, preferred (No.
23)-- 334 Sept. I Holders of rec. Aug. 31
Mackay Companies, cons. (guar.)(No.
of rec. Sept. ga
37)
134 Oct. 1 Holders
Preferred (guar.) (No. 43)
9a
Oct. 1 Holders of rec. Sept.
1
Mahoning Investment
rec. Aug. 250
of
Holders
1
Sept. 1
May Department Stores, corn:
20/
Aug.
tea.
134 Sept. 1 Holders of
Mergenthaler Linotype (quar.)----------------5a
234 Sept.30 Holders of ree. Sept.
Extra
Sept. 5a
34 Sept.30 Holders of rec.
Middle West Utilities, preferred
134 Sept I Holders of tea. Aug. 15
Moline Plow, lot Pref. (guar.)-- _(quar).Aug. 18a
134 Sept. 1 Holders of ree.
National Biscuit, corn.(guar.)
144 Oct. 15 Holders of rec. Sept. 28a
Preferred (quar.).(No. 66)..rec. Aug. I7a
Holderirof
31
Aug.
134
National Cloak & Suit, pref.
146 Sept. 1 Holdereof rec. Aug. 20a
National Lead, common (guar.)
34 Sept.30 Sept. 12 to Sept. 16
Preferred (quar.)--- _
25
144 Sept.15 Aug. 22 to Aug. 31
National Transit (qua,.)-----::
75o Sept. 15 Holders 0 free. Aug. 3a
New York Air Brake (guar.) -of ree. Sept.
Holders
134
25
Sept.
N.Y.& Queens Elec.L.& Pow.,
Aug. 21a
1
Sept, 1 Holders of rec.
North American Co.(guar.)
(No.42)-134 Oct. I Holders of rec. Sept. 1Aa
Ogilvie Fleur Mills, Ltd.. Pref.
(guar.)._ - 144 Sept. 1 Holders of ree. Aug. 20
Ohio Cities Gas. common
------------134 Sept. 1 Holders of rec Aug 15
Ohio Oil (guar.)
$1.25 Sept. 2 'Aug. 20. to Sept. 7
people's Gas Light &
2
Aug. 25 Holders of ma. Aug. la
Philadelphia Electric (quar.)- - 3940. Sept. 15 Holders of rec. Aug. 20a
Pittsburgh Brewing. common
(quar.5::.:_
1
Aug. 29 Aug. 20 to Aug. 30
preferred (quay)
134Aug. 29 Aug. 20 to Aug. 30
527
THE CHRONICLE
AUG. 22 1914.]
ending August 15 at Canadian cities, in comparison with the
same week of 1913,show a decrease in the aggregate of 9.4%.
Week ending August 15.
Clearings at
1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Calgary
Ottawa
Quebec
Victoria
Hamilton
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
I
Inc.or
I Dec.
1913.
$
42,291,684•
34,800,000'
20,043,127,
7,059,047,
%
50,884,403 .-16.9
35,896,066 -3.1
20,988,356 -4.5
11,590.125 -39.1
3,978,033 +6.0
3.481,5771 3,576,421: -2.7
2,798,399. 3,006,677, -6.9
2,246,690, 3,076,255 -26.9
2,384,800, 2,586,556 -7.8
7,750,7551 3,733,736 +107.6
2,055,6811 2,108,082 -2.5
1,377.188 1,510,592 -8.8
1,555.374' 1,940,218 -19.9
1,576,944 1,931,858 -18.4
1,137,570 1,437,871 -20.9
750,483
723,934 +3.7
370,723
398,199 -6.9
493,394 -20.9
387,784
408,614
479,683 -14.8
542,355
942,366 -42.4
519,136 -24.5
392,543
200.784
485,349 -40.1
3112,797 Not incl.in total.
Total Canada
137,917,111 152,285,310
1911.
1912.
60,819.170 42,384.025
38,301.273 31,732,521
22,118,264 18,916.847
11,380,222 9,795,537
4.646.851 7,789,898
4,929.087 3.723.533
2,738,905 2,584,838
3,549,724 2,768,474
2,884,443 2,451.029
4,098,681 2,006.432
1S75.054 1,629.954
1,367.293
1,664.774
1,284.074
1,667,811
2,090.263 1,322,773
1,986.377 1,129,474
867,862
977,032
543,417
552,538
489.275
477,227
439,502
517.173
582,845
-9.4 166,974,869 133,226,758
NICARAGUA CUSTOMS RECEIPTS.-We append a
statement showing the Nicaraguan customs receipts for the
first six months of 1914, compared with 1913:
January
February
March
1914.
$158,251 36
156,910 64
118,220 40
1913.
$149,945 98
126,957 25
139,518 74
Increase(+)or
.Decrease(-).
+58,30538
+29,953 39
-21,298 34
First quarter
April
May
June
$433,382 40
5115,087 24
118,306 40
a120,00000
$416,421 97
5154,787 38
150,71894
150.00000
+116,960 43
-139.680 14
-32,41254
-30,00000
5353,393 64
$455,486 32
-$102,092 88
S786,776 04
5871,908 29
-$85,132 25
Second quarter
Half-year
a Preliminary.
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House:
Merchandise Movertemt to New York.
Month. I
Imports.
1914.
$
January
82,330,513
February_ 85,328,968
March ___ 101,655,994
April
93,600,199
May
87,518,551
June
81,336,584
July
84,561,785
Customs Receipts
at New York.
Exports.
1913.
1914.
1913.
1914.
1913.
$
92,638,634
86,490,086
89,456,045
82,562 176
73,910,220
75,062,918
79.578,905
$
72,872,302
64,934,639
72,798,453
66,338,880
67,909,905
62,630,190
59,218,363
$
83,086,109
74,536,674
84,214,736
77,483,831
79,803,347
68,108,228
68,009,103
8
16,643,013
13,023,068
17,964,690
14,713.576
13,224,913
14,889,990
15,914,374
$
18,769.817
17,158,304
17,476,298
14,646,212
12.455,024
15,498.990
18,501,705
Total __ 616,332,594 579,698,984 466,702,732 535,242,028 106,373,624 114,506,350
Imports and exports of gold and silver for the 7 months:
Silver-New York.
Gold Movement at New York.
Month.
Imports.
1914.
JanuarYFebruary March April
May
June July
Total
$
1,301,532
659,423
1,254,360
575,917
822.149
806,392
732,964
1913.
Exports.
1914.
2,831,377 6,788,486
1,215,237 8,982,204
2,080,332 2,582,056
1.567,157
60,250
1,399,920 16,700,846
1,942,672 47,593,306
2,627,049 32,732,361
1913..
17,154,217
12,242,965
17,588,897
477,246
13,032,393
395,592
8,510,514
6,152,743 13,603,744115,439,509 69,401,824
Imports.
Exports.
1914.
1914.
1,145,935
779,437
1.450.164
1,045,908
888.394
769,451
492,132
3,468,643
8,137,258
4.755,700
3.543,309
4,355,424
3.936,024
3,239,331
6,571.4211 25,435,689
THE CHRONICLE
528
[VOL. xcrx.
STATE BANKS AND TRUST COMPANIES.
Statement of New York City Clearing-House Banks
Stale Banks
Trust Cos.
and Trust Companies.-The New York Clearing House
State Banks
Trust Co,,
Week ended Aug. 15.
in
in
outside of
outside of
Greater N. 1'. Greater N. 3'. Greater N. 3'. Greater
has discontinued for the present issuing its detailed stateN. 3'.
ment showing the weekly averages of condition of the sep$
$
$
S
Capital as of June 30.._.
23,850,000
67,300,000
*10,588,000 *10,750,000
arate banks and trust companies, both the member and the Surplus
as of June 30-38,502,800 155,158,200
"non-member" institutions. The reserve items "Cash re- Loans and investments__ 330,280,300 1,114,368,000 *14,063,889 *13,006,407
134,142,200 189,052,900
serve in vault" and "Trust companies' reserve with C. H. Change from last week_ +1,674.800 +830,100 +584,000
-3,800
Gold
48,314,800
89,137,000
members carrying 25% cash reserve" are separately stated
Change from last week_ +2,004.400 +4,224,500
29,681,300
and banknotes.
20,167,400
as to banks and trust companies in the summarized state- Currency
Change from last week- +3,201,100
+345,100
ment furnished by the Clearing House; but with these ex- Deposits
390,050,900 1,171,566,100 139,205,300 195,342,800
Change
-11,400,500
from
last
week_
-7,673,800
+265,000 -1,607,600
ceptions the figures are for banks and trust companies toReserve on deposits
93,683,500 223,009,600
24,430,500
23,218,200
Change from last week_ +4,073,500 +2,835,800
gether and are not apportioned between the two classes of
+327,300 -1,392,400
P.
C.
reserve
deposits_
to
23.7%
26.6%
19.1%
13.9%
institutions. The publication of the statement in the usual
Percentage last week
18.3%
23.5%
25.7%
14.6%
form, it is stated, will not be resumed until all outstanding
Decrease
+ Increase over last week. from last week. • As of March 2.
Clearing-House loan certificates are retired. The last
Boston and Philadelphia Banks.-Below is a summary
complete statement issued, that for August 1 1914, will be of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
found in the "Chronicle" of August 8 on page 398.
lye omit two ciphers (00) in all these figures.
We show below the figures as given out by the Clearing
Capital
House and also print the totals reported by the State Bank- Banks.
Loans.
and
Specie. Legal,. Deposits.
Circu- Ckarings,
Surplus.
lotion.
ing Department for the State banks and trust companies
Boston.
in Greater New York not in the Clearing House. In addition June
27_ 60,735.0 239.288,0 30,111,0 5,264,0 286,500,0 9,759,0 133,237,4
3_ 60,735.0 242.618,0 27,943,0 4,579,0 294,124,0 9,782,0 157,147,3
we combine,as has been our custom, each corresponding item July
July 11_ 60.735.0
.
. . 4,743.0 287,483,0 9,762,0 159,779,0
July 18_ 60,735,0 240,798,0 25.445,0 5,464,0 287,490,0 9,750,0 159,099,5
in the two statements, thus affording an aggregate for the July
25_ 60,735,0 242,421,0 27,149,0 5,588,0 290,077,0 9,551,0 163,112,0
whole of the banks and trust companies in Greater New Aug. 1_ 60,735,0 243,562,0 26,584,0 4,941,0 285,713,0 9,317,0 159,674,9
Aug. 8_ No state ment iasu ed
137,775,3
York.
Aug. 15. No state ment Issu ed.
109,652,7
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-Houst Clear -House Slate Banks & Total of
all
Members
Week ended Aug. 15
Members
Trust Co,, not Banks ct Fe,
Actual Figs.
Average.
in C.-H., Av. Cos., Aver.
Capital itS of June 30_-_ $175,300,000 $175,300.000
$28,950,000 $204,250,000
Surplus as of June 30.... 296,930,800 298,930,800
70,887,900 367,818,700
L0a128 and investments_
Change from last week
2,121,997,000
+36,842,000
572,583,300 2,694,560,300
+2,830,400 +39,672,400
Deposits
Change from last week
1,912,649,000
+3,703,000
a564,925,600 2,477,574,800
+1,749,000 +5,452,000
Specie
Change from last week
308,928,000
--2,652,000
643,320,900 352,248,900
--559,600 --3,211,800
Legal-tenders
ACTUAL
Change from last week FIGURES
NOT
Banks: Cash in vault_... GIVEN.
Ratio to depsolt,
73,804,000
-1,205,000
c11,774,900
+1,227,400
85,578.900
+22,400
318,178,000
Not given.
12,355,800
13.08%
328,533,800
Trust Cos.: cash in vault_
66,554,000
42,740,000
109,294,000
Aggr'te money holdings__
Change from last week
382,732,000
-3,857,000
Money on deposit with
other bks. & trust cos_
Change from last week
51,167,000
--2,791,000
Total reserve
Change from last week
433,899,000
-6,648,000
June 27_ 103.684,3 398.285,0
102,682.0
*453,102,0 11,611,0 158,199,4
July 3_ 103,684,3 398.020,0
97,198,0
*459,268,0 11,607,0 178,089,1
July 11_ 103,684,3 397,124,0
100,3 7.0
*452.896,0 11,587,0 167.248,1
July 18_ 103,684,3 398,408.0
100.652,0
*454,701,0 11.605,0 162,321,9
July 25_ 103,684,3 306,444,0
99,750,0
*446,449,0 11,573.0 138,919,8
Aug. 1. 103,684,3 306,872,0
95.906,0
*444,481,0 11,464,0 154,138,8
Aug. 8_ 103,684,3 400,172,0
87,213,0
*423,473,0 11,613,0 140,810,9
Aug. 15. 103,684,3 401,553,0
85,002,0
•424,113,0 12,525.0 119,368,7
a Includes Government deposits and the item "due to other banks."
•"Deposits" now include the tern "Exchanges for Clearing House," which were
reported on August 15 as $10,438.000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Aug. 15; also
totals since the beginning of the first week in January:
For Week.
55,095,800 437,927,800
+667,800 -3,189,200
69,186,800
+780.300
120,353,800
--2,010,700
124,282,600 558,181,600
+1,448,100 -5,199,900
FOREIGN IMPORTS AT NEW YORK.
1913.
1912.
1914.
$1,953,165
14,258,228
Dry goods
General merchandise
Total
Since January 1.
Dry goods
General merchandise
Total 33 weeks
$3,396,980
14,101.948
$3,354,374
18,145,568
1911.
$2,828,702
13,197,414
$16,211,393 517.498,908 $21,499,942 $16,026,116
$118,854,735 $95,101,955 $92,209,188 $88,515,248
534,825,023 522,962,827 543,429,703 463,138,283
$651,479,758 $618,064,782 $635,638,891 $551,651,529
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. 15 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
1913.
1912.
1911.
Surplus CASH reserveBanks (above 25%). Trust cos.(above 15%)
Not given.
Not given.
For the week
Previously reported
$10,723,082 $14,834,851 $9,731,567 $14,306,462
547,281,299 559,647,623 510,198,582 475,817,298
Total
Change from last week
def47,992,250
-4,878,250
Total 33 weeks
$558,004,381 $574,482,474 0519,930,149 $490,123,760
% of cash reserves of trust cosCash in vault
Cash on dep. with bks_
Not given.
Not given.
10.34%.
14.17%
Total
Not given.
24.51%
+ Increase over last week. -Decrease
last week.
a These are the deposits after eliminating from
the item 'Due from reserve depositaries
and from other banks and trust companies in
New York City and exchanges"; with
this item included, deposits amounted to
an increase of $2,453,200
over last week. In the ease of the Clearing$631,851,800,
-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 RESULTS 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
July
July
July
July
Aug.
Aug.
Aug.
2,893.062,4
2,704,916,9
2,692,658,8
2,895,191,2
2,678,283,6
2,648,964,3
2,631,527,5
2,627,002,4
2,654,887,9
2,694,560,3
Deposits.
Specie
2,631,571,3 482,504,2
2,612,876,6 471.020.8
2,609,054,5 483,148,9
2,598,481,3 447,033,3
2,560,240 7 424,266,6
2,529,964,8 418,781,3
2,530.917, 427,809,1
2,503,437,3 406,912,1
2,472,122,6 355.460,5
2,477,574,6 352,248,9
Legal,.
84,582,7
87.872.3
86,941,2
81,769,4
83,062,8
89,974,5
91,313,7
90,805,7
85,556,5
85,578,9
TotMoney Entire Res
Holdings onDeposil
567,086,9
558,893.1
550,090,1
528 807 7
507,329,4
508,755,8
519,122,8
497,717,8
441,017,0
437,827,8
762.028,6
753,271,7
741,075,1
710.565.9
665,677,5
656,680,2
867.378,3
642,550,9
563,381,5
558,181,6
We add herewith the weekly returns furnished by the State
Banking Department of the State banks and trust companies
under its charge. These returns cover all the institutions
of this class in the whole State, but the figures are compiled
so as to distinguish between the results for New York City
(Greater 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.
The following table shows the exports and imports of
specie at the port of New York for the week ending Aug.15
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
Gold.
Week. Since Jan.1
Week, Since Jan.1
$
I
8
$119,500 837,546,460
Great Britain
388,000 85,538,015
France
I 1,018,913
Germany
.......................100
100
935,049
West Indies
1,
105.120
1,105,120
Mexico.........................
South America
683,492
135,900
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
1912
Total
_
_
$505,600 126,962,949
68,742,696
13,600 32,508,133
I
$547,452 $20,944,968
I 3,204,408
1001
201,895
$
$2,002
78,961
87,963
1,10
45
37,00
6719
22
864,063
2,336,510
1,286,707
$146,928 $5,780,969
538,174 12,631,062
287,149 14,451,213
5109:539055
$1,564
10,554
98,974
16,781
91.346
1,124,900
275!
125,059
8547.827 825,692,576
579,740 31,551,899
1,217,913 34,879,456
$
$17,366
2,46
316
%
8 215
267
97
1,990,319
983,788
$2
18
27
1:8
653
519
18
83 $6
1:2
81
2
105,979
6,209,330
Of the above imports for the week in 1914, IL __ wen
American gold coin and $____ American silver coin.
For General Distribution
Circular No. GIG describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Boston
Albany
Chicago
Members New York and Chicago Stock Exchanges
ArG. 22 1914j
THE CHRONICLE
fanittre
529
antic.
day endorsements and prime four to six months' single
Wall Street, Friday Night, Aug. 21 1914.
names and 7@73s% for good single names.
The Money Market and Financial Situation.—We
The Bank of England weekly statement on Thursday
the
when
Stock
and bullion
have heard of no one bold enough to predict
showed an increase of £4,945,220 in gold coin
was
Exchange will again open for business, but more or less holdings and the percentage of reserve to liabilities
discount
of
rate
The
before.
going
now
stocks
week
in
the
trading
17.20
the
in
against
15.80,
interest is manifested
at 5% as fixed Aug. 13. The Bank of
on and increasing day by day. No quotations or other data remains unchanged
.
no
statement
issued
France
are officially given out and only a few meagre facts are
-House
In the following table the totals for all the Clearing
is
as
,
generally
authorized
was
available. The business
members, both banks and trust companies, are compared
well known, by a committee of the Stock Exchange, an im- with corresponding dates in 1913 and 1912.
COMPANIES.
NEW YORK CLEARING-HOUSE BANKS AND TRUST
portant condition being that no sales should be made at a
It
Exchange.
was
the
at
recorded
last
the
than
1912.
lower price
1913.
1914.
Averagesfor Averages for
Differences
also stipulated that the transactions should be reported to the
Averages for
week ending week endin
s
restriction
these
kept
from
and
House
ending
week
Clearing
Exchange
Stock
Aug. 17.
Aug. 16.
previous week.
Aug. 15.
the amount of business small. In the meantime more or
s
without
and
restriction
at
way
first
small
a
in
less trading
179,900,000 174,275,000
175,300,000
Capital (June 30)
had been going on in New Street, and as fast as prices there Surplus
302,892,900 293,808,000
296,930.800
(June 30)
2,042,412,000
committee
mentioned
the
d
by
establishe
1,925,567,000
limit
Inc.
the
36.842,000
reached
Loans and investments 2,121,997,000
45,218,000
46,071,000
74,017,000 Inc. 22,924,000
the stocks so advanced have generally been transferred to Circulation
1,916,574,000
1,783,935,000
Inc.
3,703,000
1,912,649,000
Deposits
368,783,000
the Clearing House market. One of the noteworthy up- Specie
308,928,000 Dec. 2,652,000 349,995,000
8.5,996,000
79,276,000
ward movements is that of American Beet Sugar, which Legal-tenders
73,804,000 Dec. 1,205,000
closed at 19 on July 30 and has advanced to 30. American
Dec. 3,857,000 429,271.000 452,779,000
_
_
382,732,000
held_
reserve
Cash
431,017,000
Sugar Refining has advanced from 100 to 107 and the list
Cash reserve required 430,724,250 Inc. 1,019,250 404,628,250
of shares now selling higher than on July 30 is said to in21,782,000
24.642,750
Dec.
4,878,250
def47,992,250
Surplus
clude New York Central, New Haven, Union Pacific,
Foreign Exchange.—The market for sterling exchange
Southern Pacific, Reading and Brooklyn Rapid Transit.
has shown some improvement, although rates have again
.Undoubtedly there are other less important cases.
A little progress has been made this week towards adjusting advanced sharply. There was quite a free movement in
international trade and finance to the altogether new condi- grain bills, representing an'export movement on old extions created by the war in Europe. Congress has adopted gagements.
for
actual rates for sterling exchange were nominalthe proposed measure.allowing the purchase of foreign-built — To-day'r(Priday's)
sixty days, 5 0205 03 for cheques and 5 0505 06 for cables. Commercial
thus
flag,
States
the
United
under
operation
their
payfor
and
Cotton
ships
on banks nominal and documents for payment nominal.
paving the way for a freer movement of our grain and other ment nominal and grain for payment nominal.
There were no posted rates available during the week.
. There is, however, an abundance of
products to market.
were nominal
To-day's (Friday's) actual rates for Paris bankers' francs were
nominal
cargoes,
but
awaiting
and
harbors
other
this
in
tonnage
for
long and nominal for short. Germany bankers' marks
empty
were nomiguilders
long and nominal for short. Amsterdam bankers'
the difficulty of hp:lacing such shipments is still a serious for
short.
nal
for
Exchange at Paris on London, not quoted. Exchange at Berlin on
one and is engrossing the attention of Government officials,
London, not quoted.
shippers and bankers.
The range for foreign exchange for the week follows. It should be emphaIn the meantime the foreign exchange market remains sized that the market is still in an abnormal position and that rates quoted
early
up
easing
a
slight
very largely nominal.
was
d.
There
are
deadlocke
practically
Cables.
Cheques.
Sterling, Actual—
Sixty Days.
5 03
in the week but the demand is so largely in excess of supply High for the week
5 03
506
pound
per
_
week
$5
the
lly
above
for
494)
Low
again
substantia
is
price
the
that
Paris Bankers' Francs—
sterling. The Bank of England's weekly statement shows High
510
512
tor the week_
de00,
$119,600,0
510
510
increased
Loans
for the week
Low
record.
e
remarkabl
a
Germany Bankers' Marks—
posits increased over $123,000,000 and gold increased nearly High
96
9531
for the week_
96
95%
$25,000,000, while the percentage of reserve is smaller. Low for the week
Amsterdam Bankers' Guilders—
the
Bank
and
however,
,
4j)(
unchanged
remains
rate
The Bank
40%
High for the week_
41%
40U
Low for the week _
of France has reduced its rate from 6 to 5%.
premium. Boston.
Domestic Exchange.—Chicago, 30c. per 81,000 per
on the Stock Exchange
priehe open market rates for call loanscollaterals
$1,000 Premium
45c.
and
bid
premium
$1,000
per
40c.
Louis.
have ranged par. St.San Francisco, par. St. Paul, 30c. per $1,000 premium.
Montduring the week on stock and bond
asked.
premium.
81,000
30c.
per
,
Minneapolis
.were
6
discount.
call
$1,000
@8%.
per
on
62%c.
rates
real.
from 6% to 8%. Friday's
discount.
Cincinnati, 100. per $1,000
Commercial paper closed at 63@)7% for sixty to ninety
Owing to the fact that the New York Stock Exchange has
s is
remained closed since the afternoon of July 30, that busines
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.
530
THE CHRONICLE
[VOL. xenc.
inue5tinent and igattroati $nteittgerice.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly
or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month,
and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, add a supplementary
but covers some other
eriod. The returns of the electric railways are brought together 8e7Jaratel9 on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
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 Pac3
3
S
3
$
3
$
333.636 361.559
$
N 0 & Nor East.. July
333,636
361.559 N Y N H & Hart!,...May
5,589,205 5,718,771 60.927,389 63,872,461
Ala & Vicksburg_ July
134,218 148,815
134,216
148.815 NY Ont & West__ June
809.706
VicksShrev&Pac July
816,012
9,040,812 9,454.349
135.607 147.320
135.607
147.320
N
Y
Sun
West._
&
May
367,329 321.333 3,03,280 3,490,447
4th wkJuly
Ann Arbor
62,258
63,952
186,941
194.288
Southern... May
346,146 322,530 3.895,886 3,816,028
9,271,364 8,620.429 111109770 116896252 Norfolk
Atcn Top & S Fe._. June
Norfolk & Western_ June
3.714,153 3.742,889 44.470,619 43,739,921
Atlanta firm & Ati May
230,949 247,113 3.159,445 3,010,482 Northern
Pacific..... May
5.076.147 5,766.417 62.887.165 66,651.916
Atlantic Coast Line June
2,851.0722.609.254 36,832,898 36,123.072
363,540 352,850 3,745,805 3.709,766
Chariest & W Car June
138.995 132,674 2,095,812 1,895,999 Northwestern Pa. June
Coast Co.- June
528.662 709,765 7,063,649 7,945,931
Lou Bend & St L May
108,907 103,799 1,247,840 1,127.977 Pacific
RR_ _. June
14261298 15559936 178963559 181830904
7.801,303 9.015,427 97.411.441 101.556.132 Pennsylvania
g Baltimore & Ohio- June
Bait Ches &AU.- June
37.808
27.025
B & 0 Ch Ter RR June
133,097 150.022 1,594,454 1,794,351
366,619
318,659
Cumberland Vail June
Bangor & Aroosook June
351,650 299.759 3,511,897 3,521.447
307.966 272,715 3,795,413 3.252.421
Long Island
June
1,357.184 1.291.017 12,625,290 11,641,881
Bessemer & L Erie_ June
1.060,610 1,058.468 8,488,074 9.012,362
Maryl'd
Jima
Ve
Del
&
Birmingham Sou
June
13,947
12,890
84.669 113.158 1.161,830 1,276,628
156,588
152,951
N Y Piffle & Nod June
362,150 393,681 3.812,825 3.781,498
Boston Sr Maine- May
3,820.867 3,973.644 43.290.901
Northern Central June
1.037,299 1.106,921 13,124,534 13,334.941
Buff Roch & Pittsb_ 2d wk Aug 319.951 258,838 1,472,260 44.484.852
1.658.227
PhilaBalt
&Wash
June
Buffalo & Susq
June
1.810,513 1.783,321 20,656,988 21.103,721
127.394 210,382 2,098,416 2,492.515
W Jersey & Seash June
Canadian Northern 2d wk Aug 319,500 436.900 2,268,200
584,933 570,745 6,397,731 6,351.135
2,784,400 Pennsylvania Co...-June
Canadian Pacific 2d wk Aug 2,162,000 2.630,000 14,439,000
5.053,211 6,154.779 60.779,682 6,573,351
16,766,000
Grand
Rap & In June
Central of Georgia- May
436,264 451.881 5,538,4831 5.519,072
953,620 1,003.172 13.258,771 12.958,452
Pitts C C & St L_ June
Cent of New Jersey May
3.313,415 3.649,063 42,096.659'44,510,898
2,542.865 2,535.218 28.644.601 29.344.696
Vanden.%
June
Cent New England- May
893.860 884,236 11.255,236 11,204,406
310.088 306.895 3.457.362 3.406,998 Total
linesCentral Vermont
May
336.216 358.935 3.679,247 2,824.956
East Pitts & E._ June
Ches & Ohio Lines_ 2d wk Aug 764,196 742,386 4,702,596 4.292,470
21072188 22362546 253000861 57729627
West
Pitts
& E:._ June
Chicago dr Alton__ _ 1st wk Aug 289,213 305.327 1,583,162 1,643.570
9.895.011 11352014 122102212 130189738
All East & West_ June
Ohm Burl & Quincy. May
6.520.269 7.295.56( 85.239.094 86.878.698 Pere
30967200 33714562 375103077 87919374
Marquette... June
f Chic & East Ill_. June
1.126,621 1,345.482 15,544,286 16,214.972
1,242.867 1.309,768 16,431,939 17.406.755
p Chic Great West.. 1st wk Aug 264,586 277,820 1,331,175 1,481,840 Reading CoPhila. & Reading_ May
4,054,8124,369,543 44.785,792 7,521,484
Clhic Ind & Louisv_ 24 wk Aug 143,569 142,880
881,850
888,021
Coal
&
Co._
Iron
May
Chic Milw & St P_1 June
2,931,775 3,294,073 30,718,287 38,489,448
7.671,406 7,631.916 91,782,691 94.084.055
Total both
_ May
Chic Mil& Pug S J
6,986,587 7,663,616 75.501,079 6,013,930
Rich Fred & Potem
cos..- June
284.174 259,219 2,977,081 2.968,612
sChic & North West June
7,735,988 7,628.494 86.583,661 86,510,709 Rlo
Grande
Junc May
sChic St PM & Om June
70,554
1,498,284 1,417,742 18.241,94217,223,996 Rio
938,689 1,024,220
75,787
Chic Terre il & S E May
11,481
12,488
149,668 153,001 1,988,444 1,786,722 RockGrande South 24 wk Aug
65,248
77.041
Island Lines June
6,157,112 6.375,933 68.208,11371.364.934
Cin Ham & Dayton June
864.643 931.268 10,084,217 10,071,297
June
Colorado Midland_ June
316,153 323,456 3.714.789 3.706.981
136.675 127.695 1.761.982 1,828,335 Rutland
St Jos & Grand Isl. June
126.426 121,425 1.610,080 1.553,465
I) Colorado & South 2d wk Aug 263.157 314,315 1.582,154 1,798,973 St
L Iron Mt & Sou May
June
2,624,978 2,784,859 30,1148,232 31,656.657
Cornwall
10.392
18.596
177.447
240.851 St I. Rocky Mt .gr P May
219,296
199,178 2.283,927_2,083.566
Cornwall &Lebanon June
23.981
28,014
311,374
414.019 St Louts & San Fran June
3,441.4503,708.121 44.915.891 46,040.163
Cuba Railroad- June
432.183 399.100 5,164.671 4.832.040
St Louis Southwest.. 2d wk Aug 224,000 246,000 1,377,166 1,535.215
Delaware & Hudson June
1,965,163 1,953.503 23,090,060
23,999,532 San Ped LA & S I._ June
899,584 941,128 10,626,703 10,238,050
Del Lack & West June
3.463.575 3.392,183
40.518,044 Seaboard Air Line 1st wk Aug 448,573 468.822 2,237.482 2,281,035
Deny & Rio Grande 2d wk Aug 482.100 520,500 39.819.284
3,120.000 Southern Pacific
June
11544275
11644536 138520259 142774705
Western Pacific 2d wk Aug 116,900 141,800 2,934,500
786,700
900,600 Southern Railway 2d wk Aug 1,255,962 1.297,988
8.155,714 8,122,491
Denver & Salt Lake 4th wkJuly
50,163
43,114
154,553
132,104
Mobile & Ohio__ 2d wk Aug 238.123 238,223 1,59%1,193 1.521,162
Detroit Tol & IrontiJune - - - 157,630 137.407 1,542,734
1,673,286
CM N 0 & Tex f
1st wk Aug 190.902 188,864 1,019.630 1,009,331
,
Detroit & Mackinac 2d wk -Aug
23,306
26,154
142,340
163,367
89.181
Ala Great South_ 1st wk Aug
90.305
502.461
Dul & Iron Range_ June
522,594
757,630 1,052,769 8,518,526
7,121.719
38.936
Georgia Sou & Fla 1st wk Aug
,
'
„
Duluth So Sh & At-1 2d wk Aug
243,977
66.277
80.811
473.863 Bonk Portl & Seattle Juno
418,232
415,928 458,910 4,901,740 5,341,466
Elgin Joliet & East June
761.921 1,149.451 11,252,392
13,350,982
wkJuly
Tenn
Georgia
4th
2,55
Ala
&
7,
El Paso &Sou West June
8.514
691,680 9,057,553 8.657.716 Tennessee Central., Juno
139.660 134:735 1,707.339 1.684.334
May
Erie
4.863.226 5.410,711 55.871.464 57,290,468
Texas & Pacific.... 2d wk Aug 295,259 324,595 2,035.659 2,017.104
Florida East Coast_ June
317,658 304.150 5.347,818 5,037,056 Tidewater
8,520
West&
8,882
June
89,280
Fonda Johns & Glov June
106,535
88,698
86,442
986,877
983.323 Toledo Poor & West 2d wk Aug
26,354
24,315
163,107
Deorgla Railroad... June
159,182
238,157 221.804
3.117.765 Toledo St L & West 2d wk Aug 106,875 111,219
577.749
616,610
Drand Trunk Pan.. 4th wkJuly 123.151 161,091 2,327,444
524,050
429,444
June
7.250.3997.563
.761 92,115.333 93,638.459
3mnd Trunk Spat_ 2d wk Aug 1.068.7101.150.198 6,899.550 7,341,885 Union Pacific Syst_
Virginia & So West_ June
159,038 145.809 1.939,104 1.806.627
Grand Trk West.. 4th wkJuly 204,729 217,888
610.415 • 632,176 VirgInian
June
519,337 499,553 6,680.903 8.189.760
Det Or 11 & MIL. 4th wkJuly
70.812
67,518
207,200
Wabash
2,607,095 2.737.816 2,607,095 2,737.816
221,856
July
3reat North System July
6.570,267 7,515,727 6.570.267
7.515,727 Western Maryland_ June
711.148 718,044 8,267,736 7,832,674
ault & Ship Island_ June
184,803 1,995,766 2,114.620 Wheel & Lake Erie_ June
536,409 765,697 7,637,346 7.831.948
Socking Valley
June
476,936 723.500 7.021,145
June
Wrightsv
17,870
7.817.644
Tennille
&
15,111
352,118
306.583
Illinois Central
July
5,326.548
5,326,548 5,357,908 Yazoo & Miss Vall- July
819.680 807,830
819,680
807,830
Internet & Grt Nor 1st wk Aug 158,000 5.357.908
158,000
876,000
920,000
1 Interoceanic Mex_ 1st wk Aug
42.403 181,276
225,474
910,778
Kanawha & Mich._ June
165,825 296.772 3,110,148 3,303,229
Current
Previous
Kansas City South_ July
945,266 811,506
Period.
Various Fiscal Years.
945,266
811,506
Year.
Year.
1Lehigh & New Eng_ June
274,410 136.998 2.255.799
1,793,785
Enhigh Valley-.
June
3,621,628 3,743,478 39,783,564 43,043,372
$
3
nuisiana & Arkan_ June
12%367 127,092 1.741,872 1.717,290 Delaware & Hudson
Jan
to June 30 10,685,318 11,691,472
i Louisville & Nash 2(1 wit Aug 1,079,820 1,159,440 6,929,055 7,240,182 N Y Central & Hudson Itiver-tJan
to June 30 43,819.999 47,683.314
Vlacon & Birm'ham July
14,337
10,330
Ian
to
Boston
14,337
June
&
Albany
30 7,843,144
10,330
June
dein° Central
1,031.888 942,991 11,685.969 11,331,406
to June 3024.436.591 8.178.922
Lake Shore & Michigan South Jan
Aaryland & Penna. June
40,095
41,233
Jan
to June 30 2,685,282 29,034,354
Lake Erie & Western_n
532.417
506,881
2.876.257
i Mexican Railways 4th wkJuly 320,600 308.000
uthern_
Jan
to June 30 2,064,873 2.197,428
Chicago Indiana & S
755,400
884,000
11ilineral Range._ I2d wk Aug
18,226
Ian
6.372
to June 31 15.961,704 17,705.136
Michigan Central
113.617
71,878
slinn dr St Louis::) 2d wk Aug 206,126 197,710 1,146,911
1.01114_
Jan
_
_
to
Cleve
St
Cin
June
&
Chic
1,116,437
31) 16.408.877 17,608,956
Iowa Central_ _
Jan
to June 30
Cincinnati Northern
637.601
615,032
dinn St P dr 88 M_ 2d wk Aug i 539.932 625.654 3.467.499 3.753,945
,lIan
an
..0_u_i_
ton
Pittsburgh & Lake Erie...,
e 30 7
0:9
07
30
2:9
28
38
7
44issis.sippi Central_ June
I 80.450
86.672 1.027.097 1.054.566
St
Naw York Chicago &
June
6
9,9
14
28
4.8
17
25
7
141Mo Kan & Texas_ 24 wk Aug
600,199 665,782 3.809,274 3,918,823
Jan
Toledo & Ohio Central
to
June
39
2.018,588
2d wk Aug 1,196.000 1.182.000 7,482,042
2,728,769
2, Missouri Pacific
Ian
Total all line;
to June 39 129418814 144701
7,544,055
170
ashy Chatt & St L June
972.653 1.068.182 12.778,334 3,317.162
........
Jan
Pennsylvania Railroa 1
to June 30 82,816.157 9,253.421
a1 Nat Rys of Mex_t 1st wk Aug 208,408 603.778 1,583,461 3,327,255
Baltimore chesan & Atlantic_ Jan
ti June 30
149,439
ievada-Cal-Oregon 1st wk Aug
128,924
7.584
8.510
,
Cumberland Valley......... Jan
to June 30 1.701.952 1,764,391
.
sle* °Hi:rent Nor_ May
148,541 176.217 1,723.285 1.639,528
Ian
Lon; Island
to June 30 5,793,848 5.373,293
NYC & Bud Rh,June
7.985,097 8.489.109 95.870,170 98.130.583
Maryland Delays & Virrinia- Jan
to
June
30
60.251
60,317
Boston & Albany June
1.480.944 1.473.450 18.835.042 18.957.369
N Y Philadelphia & Norfolk- Jan
to June 30 1,793,062
1,911.454
Lake Shore & M S June
4,383,454 4,827,892 53,344,155 58,272.050
Northern Central.-......... Jan
to June 30 6,061,643
6,500,828
n Lake Eris & W.June
483,174
Washin-1ton
Ian
.
to
Halt
Piffle
k
5.743.648 6.062.324
June 30
0.328.278
Chic Ind & South June
.
340.536 4.329,895 4.407.455
West Jersey & Seashore..... Jan
to June 30 9.818,926
2,638.8622,646,716
Michigan Central June
2.839,363 3.015,718 34,268.450 35,379.492 Pennsylvania ern wing........Jan
to J
28,088,954
1,122.649
Ciev C C Ss St L I June
2.922,876 3.180.668 36.027.648 37,651.796
Ian
Grand Rapids & Indiana-to June 30
Peoria & Eastern!
Jan
to June 30 2,537.773 2.579,520
Pitts CM Chic & St Louis
1,165,198
Cincinnati North. June
118.370 122,935 1,459.274 1.416,920
Jan
to June 30 19,024.472
Vandalla
5,130.707 5,275,405
Pitts & Lake Erie June
1.383.415 1,735,242 17.622,027 20,040.506
to June 30 116568282
Total lines-East Pitts & Erie Ian
N Y Chi,& St L.. June
897,609 1,093.276 11.757.109 12,623,140
-West Pitts & Erie Jan
to June 30 53.915.219 124821529
1.329.803
Tol & Ohio Cent_ June
225.649 601.865 5.326.036 5,672,729
lan
W.to June 30
-All lines E &
186151332
Tot all lines above June
Dec
23053939 25395736 282583443 296514364 Rio Grande Junction
to May 31 170483501
411,000
452.185
I'0 Mobile & Chic June
Jan
166.899 166.074 2.204.370 2.490.052 Rutland
to June 30 1 673
760 1,711.746
S-Weekly and Monthly
•Weekly Summaries.
Current
Year.
1st week June (39 roads)._
2d week June (38 roads)......
31 week June (39 roads)___..
4th week June (38 roads)____
1st week July (38 roads). __ _
24 week July (37 roada____
3d week July (37 roads)........
4th week July (39 roads)......
1st week Aug (36 roads)_-__
9r1 wfaair
$
12,090,999
12,203.407
12,447,270
16.716.590
12.323.697
12.692.460
12.891.583
19.122.365
12.937.673
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Mileage. Cur. Yr. Prey. Yr.
X
3
s
$
13,389,559 -1,298,560 9.70
October _ -243.690 240.888 299.195.006 300,476.017 -1,281.011 0.48
13.313.869 -1,110,462 8.34
N°vein bei._ _ 213.745 241.45! 269,22(1.882 278.361 475 -11.143.593 3.35
254.218.891 266.224.678 -12.005.787
December -243.32'2 241.180 .
13.534.675 -1,087.405 8.03
4.51
January __ --243.732 241.469 33.073.834 240.953.841 -18.884,807 6.75
17.481,230
-784.640 4.37
February_ _ _211.925 242.928 209.23 3,003 231.051.143 -23.813.138 11.22
12.867,448 -543,749 4.39
245.200 243.181 . • .4 249.514.091
March
13.393.790 -701.330 5.24
+660.168 0.27
243.513 241.547 236.531,600 2 0.4 , 7 -4,517.270
13.810.687
April
-919,084 6.57
3.48
246.070 243.951 239.427,102 265.4 5.022
May
-686.762 3.47
19.809.127
-26.007,920 9.73
207,414
209,764
212.285.959
-840,332
6.10
June
13.778,005
222.681,955
-10,395,996
Ana. (914 rn,r10
11 4914 .19•2 19 4•24 490 -1000000 8.03
92.909 91.304 73.420.804 77.481.852 -4,081.018 4.67
July
5.22
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District By.from Nov. 11911. e includes
the New York &
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York By., the latter of which, being a Canadian road, does not
make returns to the
inter-State Commerce Commission. f Inaludes Evansville & Terre Haute and Evansville & Indiana RR. g Includes the
Cleveland Lorain & Wheeling
Ry. In both years. 11 Includes the Northern Ohio
RR. p Includes earnings of Mason CRY & Fort Oolge and Wisconsin Minnesota 3s Pacific. s ineludes Louisville & Atlantic
and
International.
the
it
Includes
Frankfort
I
Cincinnati.
Includes
&
the
the
Mexican
Texas Central in both years and
the. Wichita Falls Lines In 1912. beginning Nov 1. a Includes not only
operating revenues, but also all other receipts. r Includes St. Louis Iron Mountain & Southern. 'We no longer include the Mexican
roads In any of our totals.
THE CHRONICLE
AUG. 22 1914.]
—Int., Rentals, &c.— —Sal. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
S
$
$
$
10,702
11,227
14,454
14,753
Kansas Gas & Elect_ _ _ -July
166,217
224,343
169,197
177,906
Aug 1 to July 31
26.025
26,936
31,173
31,901
July
Pacific Power & Lt
277.344
327,797
317,835
365.373
Aug 1 to July 31
23,547
26,208
21,406
22,813
Increase. Decrease. Portland Gas & Coke_ __July
1913.
1914.
385.837
394,688
233.327
268.718
Aug 1 to July 31
$
71,700 z173.415 x146,277
76,667
Cal
Edison___July
Southern
61,113
x882.110
258,838
z866,226
481.405
319,951
529,787
31
July
to
Aug 1
117,400
436,900,
17.159
319,500
26,528
17,073
18,550
468,000 Texas Power & Light_ _ _July
2,162,000 2,630,000
262,877
250,692
159,884
253,213
Aug 1 to July 31
21,810
742,386
764,196
709
142,860
143,569
x After allowing for other income received.
51,158
314.315
263,157
38,400
520,500,
482,100
EXPRESS COMPANIES.
24,900
141,800
116.900
2,848
July 1 to April 3026,154'
April
23.306
1913.
14.534
1914.
80,8111
1913.
1914.
66.277
$
3
3
3
Canadian Express Co.—
2.764,494
81,488
2,730.240
276.922
1,150.198.
261,901
operation
from
Gross
receipts
1,068.710
121,473 1,253.387 1.268.619
113.178
Express privileges—Dr
79.620
155.448 1,476.852 1,495,974
148.722
Total operating revenues_
1,079,820 1.159.440
11.854
6,372
130,814 1,399.509 1.315,305
129,504
18.226
Total operating expenses_ _ _ _
8.416
197.711)
206.126
180.668
77.343
24,634
a ue
g r%uv ezi
19,218
28,500
85.722 One-twelfth
28.700
625,6541
3,000
539,932
3,000
65,583
665,782.
600.199
14,000
152.168
48.643
21.634
1,196,000 1,182.000
16,218
Operating income
1,900
236,223
238,123
1.007
12,488
11,481
22.000 ELECTRIC RAILWAY AND TRACTION COMPANIES.
246,000,
224,000
42,004
1.255,962 1.297,966
29.336
324,595
295.259
2.039
24.315
26,354
Jan. Ito latest date.
Latest Gross Earnings.
4,344
111,219,
106,875
Name of
Previous
Current
Previous
or
Road.
Week
Current
11.528,023 12,534,526 121.841 1.128.344
Year.
Year.
Year.
Year.
Month.
1.006,503
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second
week of August. The table covers 28 roads and shows
8.03% decrease in the aggregate under the same week last
year.
Second Week of August.
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Indianapolis & Louts-v..
Colorado & Southern
Denver & Rio Grande
Western Pacific
Detroit & Mackinac
Duluth South Shore & Atlantic..
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Haven & MIlw_
Canada Atlantic
Louisville & Nashville
Mineral Range
Minneapolis & St. Louis
Iowa Central
Minneapolis St Paul & S S
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ _ _
Total(28 roads)
Net decrease (8.03%)
For the first week of August our final statement covers
36 roads and shows 6.10% decrease in the aggregate under
the same week last year.
First week of August.
1914.
1913.
Increase. Decrease.
$
$
Previously reported (30 roads).. 12,115,052 12,909,538
305,327
289,213
Chicago & Alton
24,368
20.327
Detroit & Mackinac
40.872
38,936
Georgia Southern & Fla
8,510
7,584
Nevada-California-Oregon
468,822
446.573
Seaboard Air Line
20,568
19,988
Toledo Peoria & Western
$
70,822
$
865.308
16,114
4,041
1,936
926
22.249
580
12,937,673 13,778,005
70.822
911.154
840,332
Total (36 roads)
Net decrease (6.10%)
Net Earnings Monthly to Latest Dates.—In our
"Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle,' we give the June figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the June results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
Roads.
—Gross Earnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
InterestCharges and Surplus.
Earns.—
—Int., Rentals, &c.— —Bat. of NetPromo=
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Delaware Lacka & Western—
z2,101,487
April 1 to June 30
x3,765,934
2.311.420 2.446,298
Jan 1 to June 30
4,509,314 4,840,837 z4,879.091 x4,079.820
July 1 to June 30
10,007,325 9.714.521510,498,885z11,632,926
Ulster & Delaware—
April 1 to June 30
x30,646
x31.083
69,156
62,002
Jan 1 to June 30
127,548 zdef40,323 zdef10.986
119.043
z72,702
July 1 to June 30
xde16,380
249,754
254.848
Roads.
INDUSTRIAL COMPANIES.
Detroit Edison
94.759
July
74,005
55,191
Jan 1 to July 31
483.632
396,923 1,040.734
32,842
6,445
Ft Worth Power & Lt_ _July
7,732
353.815
Aug 1 to July 31
95,686
74,166
531
83.623
908.405
24,241
249.241
Companies
American Rys Co__ July
509,215 496.101 3,112,066 2,930,694
155.037
146,243
Atlantic Shore Ry_ _ _ June
29,863 34.419
905.236
938,710
cAur Elgin & Chic Ry June
186.770 184.786
349,820
368.686
Bangor Ry & Electric June
71,595 60,780
74.344
87.151
Baton Rouge Elec Co June
15.603 12.299
180.546
166,301
Belt LRyCorp(NYC) March
54.680 59.281
370.382
367,153
Berkshire Street Ry_ May
86.038 85.462
Brazilian Trac,L & P June
2013,832 1916.693 11.791.355 11,552.887
53,466
50,794
Brock & Plym St Ry June
11,458 12,102
Bklyn Rap Tran Syst March
2106,233 2103.039 6.063,037 5.820.852
174,626
167.321
Cape Breton Elec Co June
29,697 30.645
595.008
552,114
Chattanooga Ry & Lt June
91.477 101.635
188.540
196.293
Cleve Paineev & East June
42,596 40.989
575,158
596,846
Cleve Southm & Col_ June
110,026 111,601
288,533
326.401
Columbus(Ga)El Co June
54.120 49.093
Comwth Pow R y& L July
222.347 205,16C 1.718,006 al.122.835
May
Connecticut Co
720.693 760.408 3,064.841 3.174.390
Consum Pow (Mich)_ June
255,055 226,768 1,680.625 1,538.259
Cumb Co (Me)P & L June
217.868 200.339 1.137,586 1.044,980
Dallas Electric Co_ _ _ June
177.620 168,592 1.113.975 1.028.202
Detroit United Lines let wk Aug 241,132 259,657 7.216.013 7,678.807
143,310
DDEB&B(ReM
124.333
March
41,513 51.415
596.107
Duluth-Superior Trac June
636.735
111,812 110.530
.222
225.180 207,251 1,330.892 1,265.222
East St Louis & Sub.. June
439,011
515.602
80,051 68.169
El Paso Electric Co._ June
447.221
411.832
136.754 157,847
42d St M& St N Ave March
Galv-Hou Elec Co-- June
221.694 206.916 1,196.234 1.112,248
625,414
621.019
109,413 112.045
Grand Rapids Ry Co June
467.987
Harrisburg Railways. June
484,670
88,368 85.812
Havana El Ky.L & P
Railway Dept_ _ _ _ Wk Aug 16 52,246 56.108 1,770,159 1,781.428
148.635
140.152
24.508 26,163
Houghton Co Tr Co. June
473.462 464,440 2.384.930 2.329.273
biludson & Manhat_ May
646.174 627,668 4.038.628 3,789,048
Illinois Traction ____ June
2714,667 2591.271 17,515.941 16,760.701
Interboro Rap Tran_ June
59.531 56,702
331.498
382,679
Jacksonville Trac Co June
68.835
65,685
10,837 11,007
Key West Electric__ June
127.203
633,700
658.106
129.354
June
Ry_
Elec
Shore
Lake
176.469 148.222
794,463
861.083
Lehigh Valley Transit June
62.002 63,459
303,920
301.752
Lewis Aug & Watery_ June
14,431 16,204
44.901
43,637
Long Island Electric.. March
279.099 275.723 1,592.547 1,584.880
Louisville Railway__ June
480,995 479.432 3,023.671 2.965.341
Mllw El Ry & Lt Co- June
129.781 135.328
707,029
& Tr Co_ June
646.894
Milw Lt
90,857 78,737
442,066
494,717
Monongahela Val Tr_ June
50.525 47,374
135,790
148,040
N Y City Interboro__ March
24,712 30,214
83.561
75.895
N Y & Long Island__ March
15.799 15,504
5.090
76,740
N Y & North Shore_ June
94,418 107.248
301.373
283,341
N Y & Queens Co__ _ March
1199.849 1232,152 5.509.710 5.878.534
New York Railways_ May
39.305 33.709
132.550
159.534
NY Westch & Boston May
33.451 32.104
126.525
124.376
N Y & Stamford Ry.. May
69.510
17.783 16.124
72,258
Northampton Tree_ May
317.780 291,518 1.721.700 1.497.237
Nor Ohio Trac & Lt., June
181.432 174.568 1.038.786 1.009,294
North Texas Elec Lt.. June
162,100
31.098 32,756
162,399
Northw Pennsylv By June
14.086
15.962
5.535
Ocean Electric (L I)_ March
5,397
138.826
150,257
Paducah Tr & Lt Co_ June
24.613 23.760
138.566
138.472
Pensacola Electric Co June
24,364 24,050
Phila. Rap Transit Co July
1951.266 1996,612
530,974 568,875 3.271,659 3.293.523
Port(Ore)Ry,L&PCo. June
457.564
467.921
Portland (Me) RR June
93.108 93,150
PugetSound Tr,L&P June
668,255 683,957 4,236,645 4,148,286
248.874 248.792 1.503.821 1,422.492
Republic Ry & Light June
487,006 468.043 2.057.752 2.052.768
Rhode Island Co...__ May
73.679
71,862
Richmond Lt & RR_ March
24,230 25.923
StioSeph(Mo)Ry.i.t.
709,633
743.530
Heat & Power Co. July
108,888 105,701
264.034
271.360
Santiago El Lt & Tr.. July
41.185 39.149
402,994
423.394
Savannah Electric Co June
73,015 69.391
235,668
191,591
Second Avenue (Rec) March
01,668 83,136
41,401
47.565
Southern Boulevard_ March
15.772 14,829
52.008
51.291
Staten Isld Nildland. March
16.970 18,358
395.700
484,320
Tampa Electric Co.._ June
81.685 69,773
959.515
938.967
Third Avenue
314.002 331.143
March
Toronto Street Ry__ July
515,883 500,021 3,551,184 3.393,864
Twin City Rap Tran 1st wk Aug 183,414 173.141 5,517,224 5,169,929
Underground Elec By of London
London Elm By.... Wk July 25 £12.425 £12.550 £420,515 £419,075
Metropolitan Dist_ Wk July 25 £12.583 £12,757 £393,909 £393,719
London Gen Bus... Wk July 25 £73.731 £68,381 £1.910.406 £1,849062
586.831
_ 196,833
Union By Co of NYC March
1078.210 1073,783 6.312.782 6.221.722
United Rys of St L__ June
443,816 439,688 2,980,747 2,858.083
Virginia Ry & Power July
452.728
472,482
70.780 72,171
Wash Bait & Annap_ July
119,370
40,418 41.736
119.080
Westchester Electric_ March
91,570
23.516 22.114
90.856
Westchester St RR__ May
210.221 204.436 1,263.524 1.206.239
Western Rys & Lht June
59.298 58.167
391.074
359.877
Wisconsin Gas & Elec June
51.938 58,425
154,800
136.261
Yonkers Railroad__ M arch
66,348 67,193
July
455,440
432,256
York Railways
20.636 21,136
121.140 ' 115.676
Youngstown de Ohio_ June
16,849 15.176
82,972
Youngstown & South June
8,887
a Includes earnings on the addit onal stock acquired May 11913. b Represents Income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
THE CHRONICLE
532
[VOL. xcEC.
-Gross Earnings- -Net Earnings
DETAILS OF SPECIAL INCOME FOR YEARS ENDING JUNE 30.
Previous
Current
Previous
Current
Interest Received from1913-14.
1912-13.
1911-12.
Year.
Year.
Year.
Year.
Cash proceeds and deferred payments
$
$
$
$
for land sold
$492,136 $2,031,785 $1,817,774
12,102
11.458
2,588
3,122 Deposits and loans
Brockton & Plym_a__-_June
1,139.461
1,201,907
605,140
50,794
53,466
1,456
7,608 Can. Pac. Ry. 1st M. bonds acquired
Jan 1 to June 30
63,461
61,612
Minn. St. P.& S. Ste. Marie bonds
159,720
Commonvi'th Pow. Ry & Lt
159,720
159,720
205,169
213,916
Int.on stks.sub.cos_a_July 222,347
1c9,616 Duluth So. Sh. & Atlantic By. bonds
100,000
bonds
Mineral
Range
By.
50,160
Jan 1 to July 31
1,718,006 *1,122,835 1,650,579 *1.080,200
50,160
50,160
10,840
10,840
10,840
35,312 Toronto Ham.& Buffalo Ry. bonds_
75,010
68,370
Kentucky Secur Corp__June
36,790
Kingston & Pembroke Ry. bonds_ _
8,565
13,320
782,271
July 1 to June 30
742,884
369,762
341,376 Dominion
Government bonds
*91,250
182,500
182,500
90.857
78,737
Monongahela Val Tr b_June
53,242
51,323 Ontario Government bonds
*24,000
48,000
48,000
Jan 1 to June 30
494,717
442,066
305,446
290,411 British consols
*57,285
114.570
114,570
348,472
31,098
32.756
552,299
Northwest Penns Ry-_June
5,574
174,312
8,935 Mont.& Atl. bonds & other securities
Jan 1 to June 30
162,399
162,100
27.401
33.991 Berlin Waterloo Wellesley & Lake
17,040
17,040
By. bonds
July 1,951,266 1,996.612
Phila. Rap Tran
813,564
804,082 St.Huron
5,438
John Bridge & Ry. Exten. bonds_
Pug Sd Tr Lt & Pow a June 668,255
683,957
254,746
281,394 Esquimalt & Nanaimo By. bonds
193,280
Jan 1 to June 30
4,236,645 4.148,286 1,687,377 1,649,813 Dom, Atl. By. Extens. deb. stock__ _
50,068
36,987
St Jos Ry L 11 & P a_ _ _ July 108.888
105,701
42.833
45,250 Dom. Atl. By. 2d deb. stock
Dividends onJan 1 to July 31
743,530
709,633
316,105
304,754
ock
125,000
Nanalmo
By.
s
Esquimalt
&
Santiago El Lt & Trac__July
41,185
39.149
20,003
17,735 St.John Bridge & By. Ext. Co.stock_
50,000
70,000
75,000
Virginia By & Pow_b__July 443,816
439,688
160,000
240,000
231,579
200,000
230.099 Dominion Express Co. stock
890,645
corn,
stock
890,645
890,645
S.
M.
Minn.
St.
P.
&
S.
Wash Balto & Annan b_July
70.780
72,171
32,512
36.419
445,326
445,326
445,326
S. S. M.pref. stock
Jan 1 to July 31
452,728
472.482
191,209
229,448 Minn. St. P.& Irrigation
Co. stock_
245,242
Alberta Ry. &
July
York Railways b
66,348
67,193
31,157
33,121 West Koot. 1'. & Lt. Co. corn, stock..
33,000
27,500
52,250
Dec 1 to July 31
529,376
500,427
235,836
235,089 West Koot. P. & Lt. Co. pref. stock_
3,850
1,925
3,850
* Includes earnings beginning May 1 1913 on additional stocks acquired Totonto Ham.& Buffalo By.stock
57,012
164,246
at that time.
Consul, Min. & Smelt. stock
140,912
a Net earnings here given are after deducting taxes.
Berlin Wat. Well'y & L. Slur, stock..
12,500
b Net earnings here given are before deducting taxes.
783,678
Earnings from ocean steamships
Cash proceeds from town-site sales
550,304
Net earnings Pac. Coast SS., &e
Interest Charges and Surplus.
2.134,255
Rentals office buildings
151,145
-list., Rentals, &c.- -Bat, of Net Earns.
- Revenue from coal mines
294,857
305,238
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$5,158,585
$8,587,870
$6,598,151
$
$
$
s
Balance beginning of year
2.702,205
a1,858,942
2,460,791
Brockton & Plymouth- _June
1,085
1,116
1,503
2,006
Jan 1 to June 30
6,453
6,628
def4,997
980
Total
$7,860,790
$10,446,812
$9,058,942
Common'th P. By & Lt_July
55,329
49,167
158,587
150.443 Dividends (3% yearly)
5,400,000
5.700,000
g7,350,000
Jan 1 to July 31
405,958
137,636 1,244,621
942.569
Kentucky Secur Corp__June
19.642
Remainder
19,146
$3,096,812 $3,358,942 $2,460,790
z18.876
z17,996
July 1 to June 30
245,184
225,268
156.600 x146.049 -* Items so marked cover a period of six months only.
Monongahela Val Trac_June
25,535
24,127
27,707
27,196
a After deducting the quarterly dividend paid Oct. 1 1913. $1,500,000.
Jan 1 to June 30
152,946
144.660
152,500
145.751
g Includes the quarterly dividend payable Oct. 11914, $1,950,000.
Phila Rapid Transit-July 809,365
797.690
4.199
6,391
Pug Sd Tr Lt dr Pow__ _June 155,217
150,648
BALANCE SHEET JUNE 30(SEE TEXT ON SUBSEQUENT PAGE).
99,529
130,746
Jan 1 to June 30
922.267
894.550
765,110
1912.
755,262
1913.
1914.
St Jos By L H & Pow__July
20,833
20,133
Assets- $
22,000
25,116
Jan 1 to July 31
144.135
$338,084,0651491,340,460 452.320,781 382,829.051
140.596
171,969
164,157 Railway
equipm't 153.256,395J
Virginia Ry & Power___July 136,398
132.652 z101,525 z105,236 Rolling stock
Ocean, lake and river steamships____ 24,171.162 23,049,283 21,338.974
Wash Bait & Anna__ _July
24,076
23,845
securities (cost)
z10.063
107,867,741 100.207,934 80,525,353
z13,067
Acquired
Jan 1 to July 31
170,970
6,378,358
167,700
4,386,260
x33.984
x65,492 Real estate, hotels, &c
4,140,414
sales
July
&
town-site
York Railways
pay'ts
on
lands
22.116
21,200
9,042
11,922 Def.
in spec. inv. fund_ 42.666.511 1 b54,587,851 b51,557,557
Dec 1 to July 31
do
do
174,089
169,371
61,747
65,717
Govt. seeurs. in special invest. fund_ 10,088,735
x After allowing for other income received.
Depos. with trustee in spec. inv.fund 3,790,225J
12,330.195 12,072,812 12,360,998
Advances and investments
4,805,132
4,118,739
3,221,350
Agents. conductors, &c
120,713
533,997
Net traffic balances
5,023,469
7,013,832
Miscellaneous accounts receivable- 10,511.666
Advances to lines under construction_c35.571,960 13,750,205 16,654,402
Annual Reports.-An index to annual reports of steam Materials
17.686,235 18,628.207 13,017,432
and supplies
36,777,725 30.274,848 33,628,819
Cash
railroads, street railways and miscellaneous companies which d"Other assets,' Schedule B
133.022,495
Roads.
ANNUAL REPORTS.
have been published during the preceding month will be
given on the last Saturday of each month. This index 7111
not include reports in the issue of the "Chronicle" inw.hich
it is published. The latest index will be fotmd in the issue
of July 25. The next will appear in that of Aug. 29.
Canadian Pacific Railway.
(Report for Fiscal Year ending June 30 1914.)
The remarks of Sir Thomas G. Shaughnessy, President,
will be found on subsequent pages. Below are given the
comparative income account and also the balance sheet.
OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
x Miles operated
12.044
11,602
10,983
OperationsPassengers carried, No_ 15,638,312 15,480,934 13,751,516
Passenger mileage
1587368110 1784683370 1626577067
Rate per pass. per mile_
2.05 cts.
1.99 eta.
1.96 cts.
Earn, per pass. train m_
$1.69
$1.75
$1.75
Freight (tons) carried
27,801,217 29,471,814 25,940,238
Fgt.(tons) carr. 1 niile_108217488591147000187110391650965
Rate per ton per mile__ _
0.75 eta.
0.77 cts.
0.77 cts.
Earn, per fgt. train mile
$3.06
$2.99
$2.87
Earnings$
$
Passenger
32,478,146 35,545,062 31,812,208
Freight
81.135,295 89.655.223 79.833,734
Mail, express, &c
16,201.382 14,195.415 11,673.599
3
Total earnings
129.814,823
ExpensesTransportation & traffic 45,876,898
Maint. way & structures 16.426,582
Maint. of equipment- 16,617,247
General & miscellaneous 8,468,169
1910-11.
10,481
12.080,150
933,720,871 720,531,465 628,119,545
Total liabilities
1457332932
1.93 cts.
deferred
payments
on lands and town-site sales,
1913
in
Includes
b
$1.73
against $41,468,822 in 1912, and in 1913 and 1912 $10,088.735
22,536,214 $44,499.116,
Dominion Government securities; the special
in
investments
temporary
8062102013
formed on Dec. 8 1913.
0.81 cts. investment fund was also
advances to steamships.
c Includes in 1914
$2.75
active assets (total, $4,797,369), viz.; Stocks, $2,279,Consists
of
(1)
d
$
in Alberta and British Columbia, and Interest in other
28,165,556 369. and collieries
32,500,000; and (2) inactive assets ($128,225,126),
65.645,228 producing coal mines,
10,357,024 consisting mostly of unsold lands.-V. 99. p. 466, 463, 195.
139,395,700 123.319.541 104,167,808
49,451,280 41,803,850 34.160,800
18,498,741 17,719,795 15,561,086
17.198,573 13,608,708 12,056,260
8,001,232
6,888,945
5,689,832
Total expenses
87,388,896 93,149,826 80,021,298 67,467,978
Per cent of operating expenses to earnings_
(67.32)
(66.82)
(64.89)
(64.77)
Net earnings
42.425,927 46.245.874 43.298,243 36.699,830
SS. earnings in excess of
amts.in mthly.state's
1,245,563
1,104,449
1,118,350
Total
42,425,927 47,491,437
DeductInt. & s. f., incl. div. on
O.& Q.Ry.stock_ _ __ 2,495,249
3,742,318
Int. on debenture stock_ 6,805,520 6,337,188
Rentals & miscellaneous
926,542
796,845
y Div. on common (7%) 17,150,000 13,650.000
Div. on preferred (4%)_ 3,109,520
2,960.013
Transferred to special income account _z
2,115.842
Int. on installments on
new stock subscrip'ns
569,814
SS. replacement account
1,000,000
Pension fund
125,000
125,000
Manistee & North-Eastern RR.
(Report for Fiscal Year ending Dec. 311913.)
Vice-Pres., Treas. & Gen. Mgr. P. R. L. Carl, Manistee,
Mich., wrote in substance:'
The decrease in gross earnings was due in part to the general business
depression which existed during a portion of the year, and in part to a
most severe car shortage. During the fall months, hundre
hundreds of carloads of
freight were lost to water competition, simply because cars could not be
obtained. 225 box cars have been added to the equipment since February,
but as these cars were practcially all on other lines, no relief was afforded
the period of car shortage. The per diem earnings of these cars,
44,402,692 37,818,180 during
however,proved of great benefit, the result being that hire of equipment
account showed a credit balance for 1913 of $1,358, as against a debit
balancefor 1912 of $15,654.notwithstanding the lower rate in effect in 1912.
3,692,328 5,588,889A
3,684,294
satisfactory trackage contract has been entered into with the Michigan
6.024,478
Central RR. Co., which gives the trains of this company access to the new
737,888 military Encampment Ground on Portage Lake at a trifling cost. Since
808,132
12,600,000 12.600,000 our line is the only one reaching said Encampment Ground from the west,
2,253,867 it is reasonable to expect a considerable increase in passenger excursion
2,592,235
receipts during the encampment period.
1,000.000
125,000
1,000,000
80,000
Total
32,727.673 29.181.178 26,842,173 25,944,938
Balance, surplus
9,698,254 18,310.258 17,560,519 11,873,242
x This is the miles operated at close of year on which operations given
are based.
y Also 231% extra paid in 1910-11 from special income, viz.: X% in
Jan. and 31% each in April, July and Oct. 1911. and in 1911-12, 1912-13
and 1913-14. 3% extra (31% quarterly-see also below).
z Includes net earnings of Pacific Coast steamships, commercial telegraphs and news department transferred to special income account.
933,720,871 720,531,465 628,119,545
Total assets
Liabilities260.000,000 200,000,000 180.000,000
Common stock
63,451,668 16,806.621
Subscriptions to new stock
78.224,673 - 74,331.34066.695,097
Preference stock
173,307,470 163,257,224 153,823,707
Consolidated debenture stock
Bonds (see "Ry.& Indus." Section)_ 16,492,647 16,807,520 38,648,633
52,000,000
6% note certificates
Premium on ordinary stock sold__ 45,000.000
22,035,390 30.511,303 23.545,335
Current accounts
1,391.702
1,391,801
947,015
Interest and rentals
66,771,271 63.334,285 57,538.308
Net proceeds land and town-sites_
2,103.994
2,425,426
2.491.519
Equipment replacement fund
1.040.000
880,000
720,000
Equipment obligations
3,535,712
Apurop. for additions & improvem'ts __------ 17,912,997
3,569.463
4.382,618
encies
2,083,942
contin
Reserve fund for
6.682,069
5,061,338
5,721,852
d
Steamship replacement
127,253.783
Surplus in other assets
79,711,092 77.597,100 72,885.966
Surplus
RESULTS FOR YEARS ENDING DEC. 31.
1913.
Statistics1912.
1910.
1911.
199,727
Passengers carried
191,821
197.054
203,258
Passengers carried 1 mile 4,224,363 4.211,264 4,375,578
4.088.065
2.4 cts.
2.4 cts.
2.3 cts.
Rects. per pass. per mile
2.3 cts.
689.906
647,677
735.136
No. tons carried
722,614
28,057,965 28,683,294 26,373.621 21,926,166
Tons carried 1 mile
1.55 cts.
1.59 cts.
1.69 cts.
Recta. per ton per mile_
1.72 cts.
Earnings5101,980
$95,659
Passenger
$101,450
$102,225
switching
433,979
370,424
Freight and
455,979
452.698
26,771
20,470
Mail, express, &c
27,270
27,944
Total
$562,730
$584.699
$582,867
$486,553
AUG. 22 19141
THE CHRONICLE
ExpensesMaintenance of way,&c.
Maint. of equipment_ _ _
Traffic expenses
Transportation
General and taxes
1913.
$84,032
97.889
10,796
201,376
61,016
1912.
$88,172
87,026
11.956
207,051
60,800
1911.
$80,071
84.622
11,496
207,989
62,202
1910.
$95.985
75,421
10.057
190.357
57,763
Total
Operating income
Hire of equipment (Cr.)
$455,109
$107,621
1.358
$455,005
$129,694
$446,380
$136,487
$429.583
$56,970
Total income
Interest
Hire of equipment
Miscellaneous
$108,979
$72,094
$129,694
$71,894
15.654
281
$136,487
$74,565
15.816
281
$56,970
$70,778
12.374
281
Balance
sur.$36,885 sur.$41,865 sur.S45,825 def.$26.464
Of the surplus as above in 1913. $36,000 was used for the retirement of
bonds, Series A (the remaining $4,000 having been previously retired),
caving a surplus of $885.
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
AssetsLiabilities$
$
2,000,000 2,000,000
Road & equipment__1,706,288 1,702,060 Capital stock
1 332,000 1,371,000
UnextInguished dIrsc't
Funded debt
on capital stock_ _1,474,234 1,474,234 Individuals & corp's_ 147,643 118,151
Equipment
414,802 392,797 Replacements
56,017
45,341
Stock owned
1,750
180,102 143,390
1,750 Income account
Indivld'Ls & corp'ns_ 24,560
20.289
Cash & due fr'm agts 36,209
37,713
Material & supplies_ 57,919
49,040
Total
3,715,762 3,677,882
-V. 98. p. 912.
Total
3,715,762 3,677,882
Commonwealth Power, Railway & Light Co.
(Report for Fiscal Year ending June 30 1914.)
Pres. Anton G. Hodenpyl, N. Y., Aug. 1, wrote in subst.:
The directors on June 23 1914 declared the regular quarterly pref. dividend of 134% and common dividend of 1%, both payable Aug. 1 1914 to
holders of record July 17 1914. The statement of earnings herewith for
the year ending June 30 1914 includes a full year's earnings on the stocks
acquired as of May 1 1913 in the Union Railway, Gas & Electric Co.(V. 96.
p. 717). Michigan Railways Co. (compare Mich. Ry. Co., V. 98, p. 1993)
and Springfield (0.) Light Co.(V. 96, p. 1302), but the comparative statement for the year 1913 includes the earnings of those companies only for
the months of May and June of that year (V. 93, p. 1296, 1556; V. 98, p.
689, 1993).
CONDENSED EARNINGS STATEMENT FOR YEARS END. JUNE 30.
[Incl. earnings from May 1 1913 only on stocks acquired that date.]
1913-14.
1912-13.
1911-12.
1910-11.
Earns, on stocks owned
in sub-companies- _ _ _ $2,463,861 $1,500.209 $1,093,931 $1,015.539
Miscellaneous earnings_
517.823
155,306
82,238
45.759
$2,981,6e4 $1,655,515 $1,181,169 $1,091,298
Gross earnings
Expenses and taxes- - _ - $114,504
890,186
$64,865
$33,225
659,842
Interest paid
129.091
14.199
960,000
Divs. on pref. stocks__ _
*460,000
360,191
359.830
Divs. on common stock(4%)620.000(2%)275,000
Balance for replacements, deprec., &c.
$627,334
$741,914
$701,234
$668,243
*The pref. dividend charge in 1912-13 ($460,000) includes ¶100,000 to
cover dividend requirement for May and June 1913 on the $10,000,000 of
additional pref. stock issued as of May 1 1913.
CONDENSED BAL. SHEET AS OF JUNE 30 1913 AND DEC. 31 1912.
June 30'14 Dec. 31 '13
June 30'14 Dec.31'13
AssetsSee.& prop.owned39,539,492 40.483,137 Capital stock___237.000,000 37,000,000
Mich. Ry. 5-year
6% cony. bonds__10,000,000 8,000,000
6% note guar'y_
1
Contracts payable 350,000
350,000
Cash
2,606,547
6?4,148 Mich. Ry. Co.5%
Bills rec.(sub-cos.) 6,443,745 7,061,236
1
guar. note
Accts.rec.(sub.cos) 145,074
240,000
618,201 Prof. div. Aug. 1. 240,000
Int. rec. (sub.cos.) 126,617
155,000
31,258 Corn. clIv. Aug. 1- 155,000
Debt dise.(amort.) 110,922
2,483,563
23,516 Bills payable
133.165
Accrued accounts- 291,034
Due constlt. cos-- 453,716
b482,647 b439,768
Surplus
Total
48,972,398 48,851,496
Total
48.972.398 48,851,496
a capital stock above includes: Pref. stock outstanding. $16,000,000:
COM stock outstanding. $15,500,000; com. stock deliverable May 1 1915,
$2.500,000; corn stock deliverable May 1 1916. $3,000,000.
Of tho amounts standing to credit of surplus accounts of subsidiaries
there are accruing to the company
undisturbed earnings amounting to
32.259,084, additional to company's own surplus.
b After deducting dividends declared payable Aug. 1. $395.000 in 1914
and 1913.-V. 98, p. 1993.
Northern States Power Co., Chicago, Ill.
Dec. 31 1913.)
Pres. H. M. Byllesby, Chicago,*Feb. 14, wrote in subst.:
(Report for Fiscal Year ending
(Compare report of Standard Gas & Electric
Co.
-V. 90,P• 117, 118
'
)
Balance Sheet.-In the balance
the total bonded debt of the consolidated companies has increased sheet
Consumers
bonds
31.
of
by
$460,000
let
Power Co.. $70,000 1st M.bands of
Minneapolis General Electric Ca., and
$200,000 coupon notes of Consumers
has been an increase in the "bond discount" accountPower (30. There
of $284,169. being the discount on
securities sold during the year
and the discout on the sale of Northern
States Power Co. notes of $250,000
heretofore carried in "property" acct.
Earnings.-The surplus
companies for the
calendar year 1913 were earnings of the consolidated
$180,796 beyond taxes (which increased $45,717
over the taxes of 1912). operating
charges and pref.
interest
all
expenses,
dividend and after full maintenance
of all the properties but without any
arbitrary allowance for accruing
depreciation from current earnings. In
considering this statement
unsatisfactory financial and businesswe recall the uncertain and generally1913.
This
conditions during the entire year
led your officers to reduce the
the lowest
construction
to
appropriations
for
possible point. Had the
for taking additional consumers and
profitable extensions been demand
fully met, much larger increases in earnings
would have resulted.
Also the earnings of the
Light & Power Co., a subsidiary of
your company, operating inInterstate
the
of Northern
Illinois and Southern Wisconsin zinc and lead mining section
(V. 91, p. 1632) did not continuously increase during the year 1913,
owing to a temporary suspension of full operations in the mining territory
in consequence of
apprehended evil effects from served by this division,
the anticipated tariff reduction. Happily,
this menace was over-ostimated
are now running
companies
and
the
mining
on full time and developing their
properties as formerly, which is being
reflected in increased earnings.
Your steam-heating plants
have suffered severely in income from the
open winter so far encountered
this year. This, however,is exceptional.
Taxes.-The increase in taxation
is an item of serious moment. The
taxes in 1911 increased over those of
1910 $25.763: 1912 increased over
1911 356,373; 1913 increased over 1912
increase
$45,717;
in taxation in three years of $127,853,
out of
cta
om
l ieno
t°
makia ,
which
has, necessarily
net earnings and which in itself represents approximately
234% on the
outstanding common capital stock ofthe
Power Co. This
States
Northern
increase is out of all proportion to the increase
in the value of taxable property. Efforts are now being made fel.
..an:adjustment of taxation.
533
Dividends-Extensions.-No distribution has been made on the common
stock since the formation of the company, the earnings which have accrued
as applicable to that purpose having been re-invested in the plant and
extensions. This policy will be continued until such time as a more definite
program as to depreciation has been generally adopted or until the establishment of definite rules for same by the Public Utility Commissions.
Coon Rapids Development.-The entire capital stock of the Northern
Mississippi River Power Co. (The Coon Rapids Development) has been
lodged in the treasury of the Northern States Power Co. This hydroelectric development, when completed, will under the present program have
an installed capacity of five units, each of 2,100 h. p. capacity, the total
installed capacity being 10,500 h. p. All the power generated at this
development will be at the service of lthe subsidiary companies of the
Northern States Power Co. There is an immediate market for the sale of
the entire output and thisshould materially increase the net earnings ofthe
Northern States Power Co. and at the same time render unnecessary the
expenditure of large sums for the increase of the steam generating capacity.
which, except for this development, would have been imperatively necessary. (As to operation of 2,100 h. p., Aug. 1 1914. see V. 98. p. 473.
Constructi n.-During the past 12 mos. there has been charged to construction account of all of your companies $976.090, represented in part by
a distinctly profitable extension of the Fargo Street Ry. system to the
Northern Pacific Ry. shops at Dilworth, a distance of 3.6 miles, and the
remainder in the continuing extensions of distributing systems and minor
extensions to power-houses, gas plant 1 and gas-distribution systems.
Notes.-The authorization of $3,000.000, par value, of 334-year 6%
coupon notes of the Consumers Power Co., of which $400,000 have been
Issued and $200,000 sold to the public, was rendered necessary in order to
carry forward even the reduced construction program of your company
during the past year (V. 97, p. 1358)•
Financial Man.-The pioneering work of your company has now generally
been accomplished, and within a reasonable time a general re-financing of
the mortgage and coupon note indebtedmess of your company and its subsidiaries will be necessary. With a comprehensive plan for future financing
completed, your company will be able to take on this profitable business
and construct from time to time additional hydro
-electric developments on
Its numerous water-power sites and rapidly increase its earnings.
Oullook.-Throughout the territory covered by the operations of the
subsidiary companies of the Northern States Power Co. there is a constantly
growing demand for the use of electricity. This is particularly manifest in
the rapid rate at which the demand for electricity for power purposes is
developing. With the generally high cost of fuel throughout this section
there Is being found a market for the sale of power limited heretofore only
by the ability o your company to furnish the necessary funds for the development of the supply of power and the extensions
of Its service. At no
distant date a large demand for the supply of electricity
for the ope ation
of the greatsystem of rat road terminals
classification yards located at
and
St. Paul and Minneapolis will develop. The rapid growth of the cities of
St. Paul and Minneapolis and their suburbs makes
a continuing demand for
capital requirements for profitable extensions. Outside
of the city of St.
Paul, Minn., your company operates without competition.
In the ensuing 12 months it is proposed to complete the connection by
transmission lines of the water powers at Rapidan. Cannon Falls. Taylors
Falls, Coon Rapids, Somerset and Riverdale with each other and with the
large steam reserve plants at St. Paul and Minneapolis.
The completion
of this connection will result in the shutdown. except in cases of emergency,
of a number of the smaller steam plants and will enable the transference
from one hydro-electric station to another of any momentary or continuing
surplus of water newer beyond the requ rementa in the immediate district
of the hydro
-electric development in question.
RateS.-The franchise situations in general
are satisfactory. In the past
12 months a readjustment of rates has
been made by The Minneapolis
General Electric Co.. which has resulted in
satisfactory relations bemost
tween the company and its consumers and the
city government. In
Minot, N. D., Use City Commission passed an ordinance
reducing electric
rates. An action to set aside the ordinance as unconstitutional
was begun
in the Federal Court and the operation of the
suspended by
ordinance
was
temporary
a
injunction. The case has not as yet been finally determined.
In Mankato. Minn., the Utilities Commission of the city is now conducting
an examination as to gas rates. No decision has as yet been announced.
PROPERTIES AND POPULATION OF CITIES, TOWNS AND VILLAGES SERVED (NOT INCL.) GROWING RURAL POPULATION).
Localities Served and Character of Service ("Gas" is artificial)Pop'n.
Minneapolis and immediate suburbs,incl. St. Croix Div.-Electrictty337
.858
St. Paul and immediate suburbs-Electrldlyand in part steam heat_ _264,010
Stillwater, Minn., Div.-Electricity and gas in Stillwater; electricity
In White Bear. and gas in Hudson, Wis
18.000
Fargo N. D., Div.-14.5 miles of street railway; electricity, gas and
steam heat in Fargo gas in Moorhead, Minn., and electricity in
22,234
Ill.• and Platteville, Wis., Dlv.-Ejectricity, principally in
I
a°, rth
lefi
nvr
GaD
extensive'
zinc-mining operations
' 14,500
Grand Forks, N. D. Div.-Electricity, gas and steam heat in Grand
Forks; electricity and gas in East Grand Forks, Minn.; electricity • •
in Red Lake Falls
Mankato. Minn. Div.-Electricity and gas in Mankato, and elec- 17,100
tricity in surrounding territory
16,607
Faribault, Minn., Div.-Electricity, and in Faribault and Northfield
pas
Minot,N. D., Div.-Electricity, steam heat and telephone service_ _ _ _ 27
2:50
4°6
0
The population of the cities, towns and villages served (excluding purely
rural population, now estimated at 765,000), was by
U. S. Census in 1910.
645,886 (including St. Paul and Minneapolis, together aggregating 516,152),
and in 1900 471,680, a gain in the 10 years of 174,206. or 37%• It
believed that the total population as above has increased since the Census'
is
of 1910 to not less than 720.215.
PROPERTIES(GENERALLY MODERN AND OF HANDSOME DESIGN)
Electric Stations (Total rating of generators 76,677 EL h. p.)- Rated Caper
Reciprocating engines and turbines (Faribault, 775 h. p.:
Fargo. 2,480 h. p.; Galena, Ill., 6,350 h. p.: Grand Forks,
2.880 h. p.: Mankato, 1,910 h. p.;i M not, 700 h. p.; Minneapolis, 16,635 h. p.: St. Paul, 10,720 h. p.; Stillwater,
1,000 h. p.: other, 650 h. p )
44,10031:P•
Water wheels (op.elec.gener.)Minneapolis Div.,Taylor's Falls.
25,200 h. p_ and main station, 3,400 h. p.: Cannon Falls,
Minn., 1,800 h. ; Rapidan, Minn., 2,200 h. p.; Red Lake
Falls, Minn.. 400h.
p' p.: Riverdale, WI., 1,000 h. p.; Somerset,
rset, 800 h. p.; Faribault, 125 h. p.]
34,925 h. P.
Motor generators
erators, total
voltage transformers (in 40 cities, villages. &c.)
P.
Gas plants (at Faribault, Mankato and Stillwater, Minn.:
.h.s.11:
Fargo and Grand Forks, N. D.); serving in the aggregate
175 miles of mains (including 23 miles of interurban highpressure line): generating capacity per day (holder capacity, 1.318,000 Cu. ft.)
Cu.
Above total does no include equipment for Coon RaVids
generating
0°.0
ge
00
n ating
ft.
station, which will be in operation In 1914 with water wheels of 10.500 h. p..
,operating electric generators aggregating'
10,500 electric h. p.
Consumers Connected Dec. 31.
Service Connected Dec. 31.
1912.
1913.
Electric _ _ -29,7(3 37,17'9 45.51'
8 Motors, h. p
51.042
60.388
Gas
8.098
9.414
9.846 16 c.-p. equivalents836.314 955,439
Steam heat- 586
634 City arcs
585
2,694
3.060
Telephone- - 1,058
1,300 City incandescents. 5.101
1,188
7.894
Total k. w
86,398 105,572
Total
_39.510 48.366 57,298
Local _-pole line Dec. 31 1913, 925 m.; miles of transmission '
liner
437.
Gas output in year 1913. 263.118.100 Cu. ft.: gain over 1912, 20.006.115
cu. ft.; k. w. hour output 1913, 128.658,783; gain over 1912, 26,158,052.
[The pamphlet report contains a brief description of the physical property.]
INCOME ACCOUNT FOR YEARS 1913 AND 1912.
(Including Minneapolis Gen. Elec. Co. acquired May 1912,
12
1 ,for both Yrs.)
1913.
Gross income
$3.545.270 $3,887.408
Net earnings, after operating expenses
$1.772,210 $1.956,934
*$1.1827811: generalint7$22.113;:raiil _
S
t..1-e
59
7-47dit
Preferredstock dividends paid during year 1913
ssi4
Mb ...62fsir
Balance,surplus,for year ending Dec. 31 1913
.4 8180.796
- 1,
*Includes $625 dividends:on.Minneapolis:Gen.:Elec.
stock not pledged.
534
xcrx
THE CHRONICLE
COMBINED BALANCE,SHEET DEC. 31 1913(INCLUDING SUB.COS.)
Assets (Total $41.803.806)
$39,012,575
Plant and property. including franchises
Bond discount $875,971; 1st M. bds. Minn. Gen. Elec. Co.
876,744
e, (cash) sinking fund,$773; total
Minot Lt. & Teiep. Co.6% gen. 25-yr. bonds, due Sept. 1 1926,
$12.000; Consumers Pow.Co. coll. trust 6% notes,$200,000;
212,000
total
859.621
,144* accounts receivable $550,476; total
58.952
Note; payable, $24.757; bond interest deposited, $34,195; total
348,450
Due on account of sale of Northern Miss. River Pow. Co. bonds
330.932
Merchandise and supplies
Current suspense accounts. $46.980; expense accounts in pro104,533
cess of amortization, $57,553: total
Liabilities (Total $41.803,806)Preferred stock, $8,386.700; common stock, $5,975,000; total_$14,361,700
25,353.000
Funded debt (see details below)
628.188
Notes payable. $395,290; accounts payable, $232,898; total
Consumers' deposits. $23,639; uncliamed checks.$454; total
24.093
415,650
Accrued bond,&c.,interest, $179.853; taxes,$235,797; total
148,103
Preferred dividend accrued.$146,962; misc., $1.141; total_ _ _ _
Reserves: For depreciation, replacements and special maintenance. $481,751; for bad debts,$23,313; total
505064
368,008
Surplus
The funded debt. $25,353,000, includes: (a) Northern States Power Co'
6-year 6% coll, lien notes, due June 1 1917(V. 94. p. 1701; V. 95, p. 180)•
$5.000,000. (b) Consumers Power Co. 6% coll, trust notes, due May 1
1917.auth., $3.000,000; issued (V.97, p. 1358).5400,000. (c) Underlying
bonds-Consumers Power Co. 1st M. 5% 20-year gold, due Nov. 1 1929
(V. 96, p. 288), $6.845.000: Union Light. Heat & Power Co. 1st M. 5%
30-year, due June 1 1915,$4480,000; Red River Power Co. 1st M.5% 5-year
due AIM 1 1915, $300.000; Grand Forks Gas & Elec. Co. refunding 5%
20-year, due July 1 1925, $311,000; Mankato Gas Ss Elec. Co. 1st M.5%
20-year. due May 1 1920. $200.000. and Consol. and Ref. 5% 30-year. due
Nov. 1 1935(V.82,p. 1500),$50,000; Minot Light & Telephone Co. 1st M.
6%, 20-year, due Oct. 1 1925, $48,000. and Gen. Mtge. 6% 25-year. due
serially, $52,000; Northern Heating & Elec. Co. 1st M. 5% 10-year. due
July 15 1920 (V. 91. p. 467, 592), $800,000; Interstate Light & Power Co.
let M.6% gold,due serially (V.91,p. 1632),$614.000; Fargo & Moorhead
Street Ry. 1st M.5% gold, due Jan. 2 1925, $200,000. and 2d M.6%,due
Jan. 2 1925, $100.000 (d) Minneapolis General Elec. Co. 1st M.30-year
* 95. p. 180; V. 98. p. 1771),57,853,000. (e) Nor5%,due Dec. 1 1934(V.
thern Mississippi River Power Co. 1st M.5% clue June 1 1936 (V. 96, H.
1026, 1428). $2,100,000.
Of the Consumers Power Co. Gen. Mtge. 5% 25-year gold, due June 1
1937. $75,000,000 auth. (V. 90, p. 1298). $15,5130,000 have been issued but
are held as follows: Pledged as part collateral to $5,000.000 collateral lien
Dotes of Northern States Power Co.($5,000.000). and to $400.000 collateral
erust notes of Consumers Power Co.(5500,000). 55,500.000; deposited with
trustee to retire underlying bonds, 510,000,000.-V. 98, p. 1842.
St. Joseph Lead Co.
(Report for Fiscal Year ending April 30 1914.)
Pres. Clinton H.Crane,N.Y.,May 21,wrote in substance
Report.-This Is the firs; report of the reorganized management and
therefore is made fuller than is customary.
Properly.-The appraisal made for the stockholders' committee of the
St. Joseph & Doe Run Lead Co. showed a total of $26,079,69S, viz.:
St. Joseph Lead Co.: Property and plant. $2,469,195; lead
lands, $8,000.000
Prop.$10,469,145
Doe Run Lead Co.(95% owned by St. Joseph Lead Co.):
erty and plant, $2,635.246; lead lands, $5,500,000
8,135,246
St. Joseph Lead Co smelting plant
Miss. River & Bonne Terre By.(100% owned by St. J. Lead Co) 5
41:749
0M0
1:030
Francois
County
RR.
(owned
by
St.
M. R.& 13. T. By.)
372.170
Bonne Terre Farming & Cattle Co. (98.79%o owned by St. Joseph Lead Co).: agricultural lands. $431,254: houses and
buildings, 5330,084)
This appraisal shows that the value of your property is, roughly.
"1
.7
$2
36
3,000,000 exclusive of current assets (cash, coal, &c.). The mines, mills and
smelter are producing pig lead at the rate of 75,000 tons per annum. The
railroad is a well-ballasted, well-equipped railroad, with 46 miles of main line
and a total of 108 miles, including branches and side tracks. 3,000 employees are working for you, supporting a population of over 15,000 people.
Your companies own and manage about 1,000 houses for the housing of
employees. Your companies produce more lead than all the other companies in the southeastern Missouri lead belt combined, and employ more
people, paying the taxes which build the roads and run the school-houses.
In the earlier days this lead was taken mainly from the surface. It is only
since the formation of the St. Joseph Lead Co. in the late '603 that the
taking of lead in the form of galena from the limestone has been successful.
Consolidation and Finance.-The consolidation of the two properties was
carried out on Dec. 26 last by the purchase of about 94% of the stock of
the Doe Run Lead Co. The new board of directors consists of: Clinton
H. Crane, Hough N.Camp Jr., Daniel K. Catlin, C. M.Chapin, Irwin H.
,
Cornell, Pirmin Desloge, Robert Holmes, R. F. Howe, Max Kotany,
R. R. S. Parsons. Fred W. Shibley, E. C. Smith and M. F. Watts.
On Nov. 30 1913 the total consolidated indebtedness of the five companies, exclusive of current bills payable, was about 57,000,000. Of this
amount there was due inside of six months about 52.600,000, and there was
due.in addition, inside of 18 months,about $1,900,000. or a total due inside
of 18 months of abour $4,500,000. The greater portion of this floating
debt was carried on the company's notes and borrowed from the banks with
which your company kept deposits. Your directors were convinced that it
was imperative to fund at least a portion of this short-time indebtedness.
Your trustees sold at 92% and int, the company's 6% gold notes for
$2,500.000, due in installments up to Jan. 1 1917. The total cost of this
issue, including discounts, lawyers' and accountants' fees, salary of consulting engineer to protect the noteholders, printing and trustees' expenses,
amounted to about $276,000. This money was used solely to pay off the
bank loans and other short-time securities. The interest on the bank borrowings which were paid off by the proceeds was substantially the same.
The company's policy in regard to dividends is to set aside 61,000,000 per
annum out of net profits to reduce its debt. Any surplus remaining after
the setting aside of $250,000 each quarter Is available for dividends. Sinking fund payments have been so arranged that this plan may be carried out.
Operation.-In spite of a strike in August, which cost the company
approximately $100,000,of an increase in wages of 25 cents per day per man,
resulting from that strike, amounting, rougly. to $200,000 per annum
more, and in spite of the largest legal expenses in the history of the company, amounting to close to $100.000, a fire at the smelter which completely
destroyed the Faneltering plant building, and of the lowest average price
oflead since 190S.the earnings for the year, after paying these extraordinary
expenses, are distinctly higher than for the year ending April 30 1913.
The smelter produced for the year ending April 30 1914 65,563 tons of
pig lead. The mills produced 108,374 tons of lead concentrates: 103.331
tons were shipped to your smelter and 5,033 tons to the Picher Lead Co.
The average price received for lead at East St. Louis was 4.0196 cents per
lb. as compared with 4.34c. in 1913 and 4.20c. in 1912.
For years lead has been carried away in the waste waters of all milling
plants-lead so finely ground that no known method of recovery could save
It. In December last a method, already developed, was called to our
attention, which would enable us to save this lead at a very small expense.
Speaking in round figures. there was $20.000 a month profit which could be
had for the taking, on a capital investment not to exceed $60,000. By
March 10 the process was in partial operation, and it is now in full operation
at all the plants. In addition there is a vast amount of what has heretofore
been considered a grade too low to work, and the life of your property has
been substantially increased by this process (described in the pamphlet
report). By the further process, which is Just going into effect at your
Herculaneum smelter, the smoke which formerly carried off 2% of all the
lead smelted is led through a chamber containing bags 40 ft. in length,
which strain out these fine particles of lead and accumulate them in the bags.
Bonne Terre Farming & Cattle Co., the net earnings of these companies
can at any time, and in ample time, be turned into the treasury of the
parent company in the shape of dividends. As you are aware, the net
earnings of these companies for the quarter ending Jan. 31 were as follows:
Doe Run Lead Co-11200,207; Mississippi River & Bonne Terre By.,$53,453;
Bonne Terre Farming & Cattle Co.. 37,843.
Without admitting any legal obligation to do so, the trustees feel that,
dating from Dec. 26, when the St. Joseph Lead Co. obtained control of the
Doe Run Lead Co. by the purchase of more than 80% of Its capital stock,
It is to the best interest of the company to set aside at least $250,000 each
quarter from the net earnings of all the companies controlled by the St.
Joseph Lead Co. for the reduction of indebtedness before making any
dividend declaration. This policy would require the setting aside of
$83.333 for the month of January and $13,587 for the remaining days of
December, a total of $96,920. As the joint earnings for the period were
$437,182 and the total amount of the dividend to be paid on March 20
$140,289.it seems to me that we are to be congratulated on having exceeded
our agreed policy by the handsome amount of 6199,973.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
APRIL 30 1914(AFTER ELIM. INTER-CO. DIVIDENDS. ETC).
Total
St. Joseph Doe Run Mo.Riv.& Bon.Terre
Lead Co. Lead Co. B. T. Ry. F.&C.Co. (aft.Elim.)
Net profit from oper_ $906,854 51,073,668 $238.689 $20.921 52.240,132
18,436 161,634
1.690
87,596
145,873
Other income
Total net income31.052,727 $1,092,104 $400,324 522.611 $2,327,728
743.790
371,803 179,505
3,393
406,511
Income charges
2536,655
z589,295
949,666
Dividends
Balance, surplus-- $56,921 $670,332 $220,819 $19,213 $1,047,283
Tot. sur. Apr. 30'14-$2,434,195 $5,546,134 $304,429 $333.575 38,618,333
z Including $149,325 paid from previous surplus. y All paid from surplus. z Includes $219,294 paid from previous surplus.
ST. JOSEPH LEAD CO. BALANCE SHEETS APRIL 30.
1914.
1913.
1913.
1914.
$
Liabilities-$
Assets$
_ 14,722,520 10,000,000
6,725,342 6,725,342 Capital stock
Land
Bldg& & equipm't 3,763,678 3,238,338 6% note due Jan. 1
2,500,000
10,523,705 3,480,645
1918
Investments
6Wnotes (par)___ 260,000
M.R.& B.T. By.
loan due Oct. 1
Working, are., as1931 at 5%_.- 2,418,568 2,447,931
738,660
sets
732,260
Cash
777,746 Farm. & Min. Tr.
413,181
51,964
128,317
Co. in liquid'n_
Accounts recehele. 291,284
1,074,373 Notes payable_ _ _ _ 172,495 1,478,382
Notes receivable3etc
Accounts, wages,
Due from affiliated
330,524
319,431
&c., payable__ 103,965
13,185
companies
65,534
25,357
Deferred accounts 446,582
227,156 Accrued accounts_
Due affiliated cos_ 476,020
Reserve for deprec. 223,956
122,903
Profit and loss__ 2,434,195 2,304,931
Total
23,169.217 16,710,008
Total
23.169.217 16.710,008
BALANCE SHEETS OF SUBSIDIARY COMPANIES APRIL 30.
Doe Run
Bonne Terre
Miss. River &
Farm & Cattle Co. Lead Co.
Bonne Terre nu.
1914.
1913.
1914.
1913.
1914.
$
$
$
8
$
Assets3 775,826 3,788,091 781,740 1,015,545 14,486,682
Property and plant
18,070
2,430,755 3,012,187
Investments
53)56
Treasury stock,&c
136,619
4,729
36,386
Working assets
80,683
15,336
13,693
23,247
35,552
Cash
7,857
10,395
124.265 107,261 7,390
Accounts receivable
54,102
49,100
Materials, supplies, am
59,642
(net)
Store department
376,645
7,423
Due from affiliated companies.
10,486
10,456
Accrued interest
64,280
107,617
97,408
Deferred accounts
6 523,362 7,102,991 '846,632 1,105,647 15,175,892
Total
Liabilities3 000,000 3,000,000 500,000 500,000 6,578,300
Capital stock
1,291,000
2,783,500 3,411,100
Funded debt
358,099 316,922
Notes payable
33,1697,812
11,182
129,755
Traffic, &c., balances
19,188 137,903
Accounts and interest payable
84,656
24,977
Accrued liabilities, &c
1,981
1,414,345
Due to affiliated companies_
244,451
Bt. Joseph Lead Co. prop. acct
3,264
216,358
Reserve
304,429
98,990 333.575 350,014 5,546,134
Surplus
Total
-V.98, p. 1611.
6,523,362 7,102,991 846,632 1,105,647 15,11'5,892
Western Canada Power Co., Ltd., Montreal.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. C.H.Cahan, Montreal, April 17, wrote in substance:
Bonds.-Since 1st M. bonds in excess of $5.000.000 can only be issued
when earnings have reached a certain ratio to fixed charges, it was necessary
to finance the additions necessitated by the contract with the British Columbia Electric By. Co., Ltd., by issuing during the past year $4,000,000 5%
Refunding Mortgage bonds. dated Mar. 11913, which are subject only to
the $5,000.000 1st M. bonds now issued, and these Refunding M. bonds
are exchangeable for 1st M. bonds issued in excess of 56,000,000 as rapidly
as 1st M. bonds may _be issued under the agreement above referred to.
These Refunding M. bonds and 62,000,000 ordinary shares of this company were vested in Western Canada Public Utilities, Ltd., which also
otherwise purchased approximately $505,000 of the outstanding ordnary
shares of this company. In 11ayment for the $2,000.000 ordinary shares
this company received the same amount of 6% pref. shares of Western
Canada Public Utilities, Ltd., and for the First Refunding bonds it received
partly cash and partly 6% 3-year collateral gold notes of Western Canada
Public Utilities, Ltd., secured by a first charge upon the 54.000,000 Refunding bonds, and the 52.505,000 ordinary shares of this company. This
company, therefore, now owns 52.000.000 of pref. shares of Public Utilities.
Ltd.. and $1.374,000 par value of the 6% 3-year Collateral Gold notes
above referred to, which were taken at 94%, and int.. and the proceeds of
which, when sold, will be available for extensions. (See V. 96, P. I162)•
Power Development.-The Stave Falls development consists of a dam
converting Stave Lake into a storage reservoir 0(22 sq. miles, and a power
house designed for four 9.000 k. w. units having an ultimate capacity of
put in commission on Jan. 1 1912, and have
52.000 h. p. Two units were
been running continuously and each has successfully carried 10,000 k. w.
figure. The foundations for the extension of the
and may be rated at thisexcavated
and the structural steel made and depower house have been
to erect the whole
livered. During 1914 it is proposed
the structural
and install unit No. 3. In 1915.of
steel of the power househeight,
the dams should
the
final
power
their
house completed and the fourth
to
raised
be
these
developments
in
sight, we shall have at the end
unit installed. With
to a capacity of 52.000 h.
of 1915 a power house completed
p.. which, at
increased to over 60,000 h.
p.: and it can develop
some future date, may be step,
as
the market requires, with an expenditure
additional power, step by
of money closely proportionate to the amount of power developed, up to an
ultimate maximumhasofal4d0o.u0Obl0e.choirrsce-uipto6w0er.oo
0-volt steel-tower transmission
nnyg, built partly over private right-of-way
pelo
- and partly on Gov3e
mrles
linT
eh
3e
ernment roads, from its power house to its Ardley receiving station, of
18.000 k. w. transformer capacity, at a point midway between Vancouver
also a single-circuit 60,000-volt wooden-pole transand New Westminster;miles
long, which delivers power to the Puget Sound
mission line, about 22
Condensed Letter Written by Pres. Crane, March 17 1914.
Power
Co. at the international boundary.
&
Light
Traction,
From the
The net earnings applicable to dividends for the quarter ending Jan. 31
plant and from Ardiey receiving station, a system of 12,000were certified by accountants, to be $178,518. The dividend of Dec. 20 Stave Falls
distributing lines extends over a district 50 miles long
-volt
2.000
and
volt
Oct.
31.
ending
nuarter
1913 of $99,550 was declared out of earnings for the
including Vancouver, New Westminster, Port Moody,
Sinking fund requirements are no more properly chargeable against by 10 miles wide, and Sumas.
The company has 167 miles of pole lines
earnings than ary other maturing indebtedness. The trustees are perfectly Coquitlam, Mission
and 25 miles of underground cable in Vancouver and
district
this
covering
aware of these sinking fund requirements, and through their control of the
Doe Run Lead Co., the Mississippi River & Bonne Terre Ry.To. and the New Westminsterl
AUG. 22 19141
THE CHRONICLE
Connected Load.-In Jan. 1913 a 20-year contract was signed with the
British Columbia Elec. Ry.Co.for the sale of an amount of power commencing at 6,600 h. p. and increasing in definite periods up to 40,000 h. p. The
company is now taking between 6,000 and 8,000 h. p. and will probably take
from 10,000 h. p. to 12,000 h. p. after Sept. 1 1914. We have also made a
contract with the Puget Sound Traction. Light & Power Co. for the supply
of 6.600 h. p., which that company is now taking to the full amount.
While the company has a certain amount of lighting connections in Vancouver, its policy is to confine itself to wholesale and industrial power.
During 1913 the company added 5,500 h. p. in lighting, heating and industrial power connections, and at Dec. 31 1913 it had actually connected
to its mains a total of 15.500 h. to., exclusive of the quantities supplied to
the Puget Sound Trac., Lt. & Power Co. and the B. C. Elec. Ity. Co.,
which bring the total up to 30,000 h. p. connected. The power is supplied
for a great variety of purposes, including sawmills, shingle mills, planing
mills, box factories, sash and door factories, ice and cold-storage plants,
flour mills, structural steel plants, iron foundries, rock crushing and sand
and gravel plants, brick yards and tile works, wire-nail manufactories. &c.
The company also has a contract with the Provincial Government for supplying the power required for operating the pumps for draining the large
areas on either side of the Fraser River which are dyked to keep out the
flood waters; total motor (pump) capacity, 1,100 h. p., and 300 h. p. more
will be added during this year.
Output.-During 1913 the power house generated 55.000.000 k. w. hours,
of which approximately 20,000,000 were supplied to the Puget Sound Traction, Lt. & Power Co., 18,000,000 to the B. C. Electric Ry. Co. and 12,000,000 to this company's own distributing system. During Dec. 1913 the
power-house generated 5,700,000 k. w. hours,of which 1,850,000 were supplied to the Puget Sound Trac., Lt.& Pow.Co.,2.900,000 to the B.C.Elect
Ry. Co. and 940,000 to this company's distributing system; and the power
used at the plant and lost on the high-tension transmission lines was 309,000,
or less than 6%. Of the 940.000k. w.hours supplied to this company'sown
distributing lines, 142.000, or 15%, was lost In distribution, and 798,000
k. w. hours were sold for revenue.
In Dec. 1913 the average load on the power house was 7,660 k. w., and
for short periods, when by special arrangement the B. C. Elec. By. Co.
were taking abnormal peak loads, while making changes and connections
on their new lines and power house, the maximum demand was 17,000
k. w. Except for these abnormal peaks the maximum demand on the
power house was between 14,000 and 15.000 k. w. Under their contract the B. C. Elec. By. Co. must take 7.500k. w.from Sept. 1 1914, but
they may demand the maximum of 10,000 kilowatts.
The demand on the power house due to our industrial light and power consumers was about 3,000 k. w.(4.000 h. P.), or only about one-fourth of the
actual connected load. This demand was low on account of the large
number of connected motors lying idle, but when all mills are again in active
operation, the maximum demand for this service will doubtless reach 5,000
k. w. without any additional connections.
Hstimated Revenues.-In the cal. year 1913 48,196.000 k. w. hours were
sold, realizing $293,697. With the four units working to full capacity
on a load factor no greater than 50%, over 150.000,000k. w. hours per annum may be sold; at the same rate,this would produce a revenue of $900.000
per annum. The annual income from iight and industrial power now averages $37 50 per h. p., or about $50 per k. w.of the maximum demand upon
the power house.
Eitimate of Annual Gross Revenue from March 31 1914 to March 31 1917.
Light. Industrial. B.C.E.Ro. P.S.T.L.P. Total.
1914 to '15 max. est_ -$70,000 $175,000 $168,000 $120,000 $533,S00
150,000
130,000
110,000
455.000
1914 to '15 min. est__ 65,000
1915 to '16 max. est_ _$85,000 $250,000 $216,000 $130,000 $681,000
80,000
200,000
est..
_
180,000
min.
120.000
580,000
1915 to '16
1916 to '17 max. est_ _395,000 $325,000 $311.000 $150,000
270,000
250,000
140,000
1916 to '17 min. est. _ 90,000
750,000
The falling offin estimated revenues in 1913 is due firstly to unavoidable
delays in getting the B. C. Elec. By. contract into working order, and,
secondly, to the general depression in industrial business, which caused a
large proportion of the motors connected to the company's mains to be idle.
The financial depression of 1913 undoubtedly set back our earnings from
12 months to 18 months: and the first three months of 1914 have shown
poor returns on account of the shutting-down of mills in Jan. for the overhauling which occurs every year, but which was more general this year than
usual. Already, however, the mills are beginning to start.
535
the product was 121.257 tons; total for year. 804.645 tons. The linear feet
of underground development was 23,611, the copper ground developed
being of the same general character as described in the 1912 report. Diamond drill holes to an aggregate of 5,944 linear feet were drilled into the
foot and hanging walls in the lower levels of shafts No. 7, No. 2, No.6 and
No. 8, cutting some of the outlying parallel lodes, which showed wellmineralized cores. The copper contents of these outlying lodes seem to
diminish south of No. 2 shaft and also north of No. 6 shaft. toward No. 8
shaft. The underground development was 1.549 linear feet. on levels 27,
36, 44, 69, 70 and 71.
At the stamp mills, eight of the old No. 1 battery of boilers were replaced
by four 400-h. p. Babcock St Wilcox Co. Stirling boilers, built to carry 160
An
lbs. of steam pressure, as compared with 110 lbs. by the old plant.
electric centrifugal pump, of 20,000,000-gal. capacity, has been installed in
No. 2 pump-house as a reserve, driven by a 500-h. p. General Electric
Induction motor. Extensive changes and repairs were made to the coal
dock, shod and unloading machinery; 3.500 ft. of new track were put in the
shod, which greatly facilitated the unloading of vessels.
RESULTS FOR THE FISCAL YEAR ENDING DEC 31.
1910
1911
Mineral produced. lbs_ .. _18,161,575 30,040,360 32,550,440 34.177.380
Refined copper, lbs
12.184.128 20.634.800 22.252,943 22,517.014
Gross income
S1,921,199 $3,381,587 $2.854,805 $2.974,086
1,762,313
Mining expenses
1.176,790
1,786.460
1,778,825
219,647
Opening mine expense..
223,178
267,173
115,067
209,522
Smelting, transp n, &c
198.662
182,441
152,802
Taxes paid in Michigan
56.733
50,186
63.475
79,655
Strike expense
139,045
Total expenses
Net profit
Other income
Total net income
Construction, cost
Accident account
Dividends
$1.663,359 $2,291,913 $2.258.486 $2,248,215
$725,871
$596,319
$257,840 $1,089.674
28,732
18,929
17,859
15,245
$754,603
$276,769 $1,104,919
$614.178
$111,910
$172,774
$110.049
$106.581
27,835
34.091
(15)412,500 (20)550,000 (16)440.000 (20)550,000
Balance
def $336,310sur $410.779 stir $67,597 sur 392,693
GENERAL SUMMARY OF RECEIPTS FROM ORGANIZ'N TO DEC. 31.
To 1913. TO 1912.
To 1913. Pt 1912.
Expendituresfor$
$
ReceiptsIronsReal estate & perStock ($2,750,000)
manent improv_ 7,641,265 7,318,490
2,150.000 2,150,000
and scrip
Miscellaneous_ _ _
108,598
108,598 Copper & Silver...76,326,365 74,405,166
Operating expen_49,957,000 48,265,808 Interest
434,228
452,065
Dividends
20,842,500 20,430,000 Sale real estate,
Net current assets. 746,938 1,233,278
366.779
367,871
arc
Total
79,296,301 77.356,173
Total
79,296,301 77,356,173
* Represents sales of 512.975,275 lbs. of copper in 1913. against 500,791,147 in 1912.
Note -On Jan. 1 1914 the current assets, including cash, copper,supplies
and investments amounted to $857,118; accounts, &c.. payable, $110,180;
balance, net current assets as above. $746.938.-V. 98, p. 1004.
Asbestos Corporation of Canada, Ltd.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. W. G. Ross reports in substance:
The present statement is for the first full 12 months since the reorgani.
zation, and consequently embodies operations during the winter monthsThe last annual report was for seven months from June to Dec. 1912. the
profitable period of the year only, and showed a profit from operations of
$150.305. which compares with $270,932 for the entire cal. year 1913.
before providing interest on the bonds, and provision for renewals and betterments. The loss from Jan. 1 to April 1, apart from interest, amounted
to $16,481. Comparing the cal. year 1913 with the cal. year 19L1, the
profit and loss statement, before providing for interest and provision for
renewals and betterments, shows a profit for 1913 of $270,932. against a
BALANCE SHEET DEC. 31.
loss for 1911 of $64.614. The tonnage of asbestos produced showed an
increase over the preceding 12 months of 5,400 tons. The demand for
1912
1913.
1912.
1913
asbestos has been exceptionally good and prices have improved. The unLfaMittfesCost of properties*10,391,045 8,159,62( ',spital stock _____ 5.000,000 3,000,000 filled orders on hand amount to $1,278,387.
A contract for power was entered into with the Shawinigan Water &
Seems,other cos__ 3,291,560
1st M 5% bonds_ 4,999,613 4,999,613
Power Co. for a number of years on favorable terms. Offices in New York
Materials & supp_ 154,487
142,771 Rltdg. 5% bonds_ 4.000.000
Hamburg have been opened and sales agents appointed to look over
and
113,533
Acc'ts & bills rec__ 261,486
payable_
Accounts
164,079
30,959
our interests in the United States and Europe, respectively.
Rentals in advance
Bank loans and
508
The directors have decided to re-open the old Standard pit (the mills,
157,863
Cash
overdrafts
6,512
54,247
&c.,of which were burned down last year) by tunneling and using the B. C.
35,187
Net bond Int. seer
for extraction of the fibre. This will save the erection of a new mill
5,000
5,000 millswill
Contingent acc't
keep up the production of our Black Lake district, which has shown
and
13,311 a
Profit & loss surefailing off in part of the old B. C. pits. The amount spent on the_propof general maintenance, amounted during the year to 567.417,
14.153,333 8,339.866 erty. outside
Total
Total
14,153,333 8,339,866
which has been deducted from the profits of the year.
* Includes also franchises and works, discount on bonds and interest
PROFIT AND LOSS ACCOUNT FOR PERIOD ENDING DEC. 31.
charged to construction account, less netproceeds of sales of electric powe,
to date.-V.96. p. 1162.
Year end. 7Mos.end's
Year end. 7Mos. end.
Dec.31 1913.0ee.3112.
Dec.31 '13.Dec.31'12.
Quincy Mining Co., New York.
$270,932 $150,305 Renewals & better. b$67,416
Net profit
148,750
Bond Interest_ _
a82,223 Balance, surplus__ $54,766
$68,082
(Report for Fiscal Year ending Dec. 311913.)
Includes
interest
from
June
12
to Dec. 31 1912.
a
Pres. William R.Todd,N.Y.,March 2, wrote in subst.:
S Includes stripping charges amounting to about $30,000.
This report reflects the extraordinary conditions that have prevailed in
the Michigan copper district since last summer.
BALANCE SHEET DEC. 31.
On July 23 1913 the Western Federation of Miners ordered a strike at
1913.
1912.
1912.
1913.
all the copper mines of Michigan.
underground men at the Quincy
Assets-The
$
LiabliUtes8
Mine went out, but later some of them returned, and with others subse- Property
aceount_x9,065,704 9,112,012 Preferred stock _ _ _ 4,100.000 4.000,000
quently employed, work was continued,
although we were materially handl- Cash under tr. deed
Common stock_,, 3,000,000 3,000,000
camied by the active interference of the
strikers.
for ins.polieles,&e 40,140
First mortgage 5s_ 3,000,000 3.000,000
Those organizations have
inimical to the interests of our work- Bonds in treasury_
25,000
25,000
Accounts payable
men, who seemed happy and proved
contented until the advent among them of the Invlories (approx.
71,210
72,437
and pay-rolls. _ _
Western Federation of Miners,
a foreign body preaching Socialistic doctrines.
cost)
Y
30,591
344.163
404,206 Miscellaneous __ -21.218
and inciting class hatred and disloyalty. Free from such influences, we
Accts. & bills rec.
Surplus
68,082
122,848
had always paid good wages and well guarded our workmen.
(less reserve)_z_ 207,129
129,536
We, with all other Lake Superior copper companies, stand firmly against
9,976
8,649
the recognition of the Western Federation of Miners, believing that such Unezp'd ins., &c._
524,391
490.480
recognition would prove an irreparable injury to the company and would Cash
not benefit the men.
Total
10,216,503 10.169,883
Total
10,216,503 10,169,883
Data from Report of Gen. Mgr. Charles L. Lawton Jan. 10 1914.
Property account as above in 1913 was, after deducting recoveries under fire
Strike.-The strike brought about a
of
operations
for
cessation
insurance policies and sundry credits for property dismantled, less expenditure
ten days, after which the surface and complete
shops resumed work in a desultory on additions, $46,309.-V. 94. p. 1766.
way. The mine remained idle for about
a month, and it was not until
Aug. 22 that the hoisting 0
r
resumed. and then only In a
.coroner rock
small way on day shifts from shafts No. 2 was
No. 6. The hoisting of cop- Northern Idaho & Montana Power Co., Chicago.
per rock at those shafts on night shift was and
started on Dec. 22. No.8 shaft
(Report for Fiscal Year ending Dec. 31 1913.)
resumed hoisting copper rock on day shift
I, on night shift Jan 5 1914.
The strikers became aggressively active inOct.
their endeavors to stop all work.
Pres.
H. M. Byllesby, Chicago, Feb. 3 wrote in subst.:
and it was not until the middle of
to
regain
began
August that our shops
(Compare report of Standard Gas & Electric Co. in V. 99. p. 117. 118)
their normal appearance.
The smelter was closed from Aug. 5 until Oct.
19. when ono furnace was started up.
Organization.-The company was organized early in 1909 and acquired
At the time the strike was called, none of the shop or surface men at the the hydro-electric plant and the electric-lighting and power distribution
mine, and none of the men at
the stamp mills of the smelter, went out on system, the water-works system and the telephone system of Kalispell
strike, and it was estimated that not to exceed 15% of the underground men and the surrounding territory, and the steam-driven electric plant located
were in favor of idleness, as a great many men immediately signified their at Sandpoint. Idaho, and serving Sandpoint and its suburbs. In 1910
desire to return to work. The vicious
it also acquired the electric, gas and water-works properties in the Wilactivity of the strikers, however. lamette
induced a great many naturally well-disposed
Valley, the gas and electric plants in the Coos Bay district, Oregon.
men to remain away from the and about
mine, and later to Join the strike. The cavalry
same time the electric properties at Priest River, Clarks Fork
of the Michigan National and Hope,the
Idaho, and Newport, on the Washington-Idaho line. We also
Guard were indispensable in maintaining law and order and when they were
withdrawn on Nov. 15. 11 cavalrymen, acting as mounted police, protected made a contract under which the Washington Water Power Co. (V. 98.
p. 1539) has completed a high-tension transmission line of approximately
the property and the lives of tho working-men.
Development. &C.-We have ordered 100 improved one-man drilling 50 miles, connecting with our transmission line at Newport, and we have
machines of a superior kind for Feb. 1914 delivery.
This weighs but 90 lbs. the right to purchase up to 8.000 h.p. from the Water Power Co. at a price
(the mountings weigh 126 lbs.), and is adapted to all rock drilling to an 8-foot which is now profitable and which, with a return of development in that
depth of hole; with it. one man can easily drill more linear feet of holes in territory, will yield large net returns. Subsequently several minor propa given time in any position, than can two men
with the old 300-1b. erties were acquired tributary to the Kalispell hydro-electric plant and in
machine and its more than 300-1b. mountings. drill
the Willamette Valley and in the Coos Bay district.
Up to the time the strike was called-July 23-there had been 683,388 Let Territory Served.-Until about two years ago the section in which your
tons of copper rock sent to the stamp mills; during the balance of the year company operatesrras experiencing a marvelous development. Then
a
536
pause took place with a recession continuing until during the past year.
From this timeforward a recovery should ensue. In Sandpoint,the extensive
railway shops and terminal yards were until very recently barely used,
while the modern smelter has been shut down for over two years. In the
Willamette Valley the steam railroads began electrifying branches,and we
contracted to supply one of them with power, but thus far the purchases
for this purpose have been confined to small amounts under an old contract. Likewise, the Kalispell section or Flathead district, has come to a
pause. With larger population and better transportation facilities, the
depression should be of comparatively short duration and with their
marvelous natural resources these communities should eventually advance
to a greater prosperity and greater activity than at any previous time.
At present responsible mining interests are conducting extensive development work in the vicinity of Kalispell, which, if successful, will afford
a profitable sale of a large amount of power from the Big Fork plant.
The Coos Bay district has had no recession; its growth has been substantial and continuous, although relying entirely upon steamship and stagecoach communication. The Southern Pacific By. is now actively building
a connection from the Wilamette Valley into Coos Bay; 40 miles are in
operation and the balance, it is stated, will be finished within 12 months.
A modern pulp mill has recently been completed at Coos Bay. The great
coal deposits are being developed and there is every reason to believe that
the growth of that section will accelerate.
Property.-With minor exceptions the entire property is modern. The
191 miles of high-tension transmission line is sufficient to serve a greatly
increased volume of business beyond that now on hand. The hydroelectric plant at Big Fork, except a short section of wood-stave pipe and
certain parts of the headworks and diverting dam is now developed to a
hydraulic capacity of 10,000 h.p., the installed electric capacity being 1.600
k.w. of water-wheel-driven units operating under a head of 110 ft. When
the business revives and absorbs the unused portion of this plant very great
increased net earnings will accrue to your company therefrom.
Municipal Relations.-Your company operates without competition
under favorable franchises and also does the municipal lighting throughout
its territory, excepting only in the city of Eugene, Ore., where a municipally
owned and operated electric-light plant has absorbed about one-half of the
electric-light and power business.
We have been forced, in common with other public service corporations,
more or less constantly to lower our charges to the public, while at the
same time suffering increases in taxation and other expenses. The increase
:Or taxation in the past three years from $15,608 to $39,637 is reflected in
the net earnings.
Results.-In 1913 the net earnings showed a deficit of $62,765 below the
amount required for interest on bonds and floating debt. On Dec. 31 1913
the net floating debt was $346,459. During the year 1913 the company
had surrendered to it $550,399 of floating debt, which not only reduced
that item but diminished the charges for interest thereon to an amount
of about $33,000 per annum, which,if It had been effective for the full year
1913. would have reduced the deficit above noted from $62,765 to $41.850.
Bonds, etc.-Before the sale of the Kalispell Water Works, as of Nov. 30
913. $145,000 bonds were sold at 80 to cover construction expenditures.
Subsequently, by the sale of the ICalispell Water Works, $272,500 of bonds
were canceled, and included in these bonds so canceled were the $145.000
mentioned above, which were turned into the company at a very much lower
price. In connection with the sale, we contracted to supply the city with
the electricity required to operate the water works at a price of lc. per k.w.
hour. There will be a diminution in revenue following the sale of the
water works, but our general position has been improved thereby and a
large continuing expense due to the controversies with the city has ceased.
Outlook.-At some time a general revival of activity in the territory
served must take place and will surely result in greatly increased gross and
net earnings to your company. The capital for further developments will
then be obtainable under better terms than for the past few years.
After a careful analysis it is believed that in the 12 months to commence
Feb. 1 1914 your company will receive a gross income of $689,472 and a net
income over operation and taxes of $328.812,from which will be deducted
the interest on $738,000 underlying Willamette Valley bonds and interest
on $4,613,500 1st M.6% bonds of the Northern Idaho & Montana Power
Co. and interest on $456,459 of floating debt, leaving an estimated deficit
for the ensuing 12 months of $19,798. The increase of $110,000 in floating debt referred to in excess of that reported of Dec. 31 1913 results from
certain anticipated construction expenditures and the possible deficit in
full interest charges for the ensuing year. New contracts for fuel at various
points effective about July 1 1914, will save us about $33,000 per annum.
[The report contains a brief description of the physical property.)
As of Dec. 311913, the company had 17.130 consumers. viz.: Electric,
11.388; water, 2,290; gas, 2,092 (Eugene, 1.463; Springfield, 111: Marshfield, 518); telephone, 1,360 (Kalispell Div., 1,290: Poison, 70)•
The electric generating capacity aggregated on Dec. 31 1913 9,895 h.p.,
the power being supplied as follows: Water wheels at Albany, Ore.,
660 h.p. and at Big Fork, Mont., 2,820 h.p.; steam turbine at Springfield,
Ore., 4,000 h.p.; motor generators, 607 h.p.; steam engines. 3.860 h.p.,
including at Albany, Ore- 625; Dallas, Ore.. 775; Marshfield, Ore.. 226;
North Bend, Ore., 500; Poison,
335; Sand Point, Idaho, 1,400;
The gas-generating capacity per day
Mont.'
at Eugene, Ore., is 500,000 cu.ft.,
and at North Bend,
280,000 Cu. ft.; total, 780,000 cu. ft. Total
gas-holder capacity, 200,000
Ore.' cu. ft.
RESULTS FOR FISCAL YEARS ENDING DEC. 31.
1912.
1913.
1913.
1912.
Electric division_ 3468,717
$284,655 $310.244
earnings
Water division__ _ 94,215 $632,162 Net
Other income.._ _ _
8,426
Gas division
59,797
Telephone division 45,306
Gross income--$293,081 $310,244
Bond interest_ _-$317,5811$355,781
Gross earnings_$668,035 $632.162 General interest__ 38,265J
Oper. expenses_._ 383,380 321,918
Balance, defici;; $62,765 $45,537
Net earnings_ -*$284,655 $310,244
*Includes net earnings ($284.655) as above in 1913, $219,797 income
from operation for electric, $31,325 for water. $13,438 for gas and $20,095
for telephone divisions.
BALANCE SHEET.
•
Dec. 31 1913. July 31 1913.
rights
and
franchises
Assets-Property
$12,150,197 $12,267,736
Accts. and notes receiv.(less bad debts reserve),
$91,423; cash, $42.020: prepaid int., $25; total_
110,374
133,468
Materials and supplies
75,097
81,505
Insurance, $3,943; accounts in process of amortization, $7,192; sinking fund deposit with Germantown Trust Co. for redemption of under,lying bonds, $2,498; total
7,593
13.633
Bond interest deposit funds
147,230
Deficit
10,528
Total
$12,372,395 $12,624,966
Liabilities-Preferred stock, $2,500,000; common
stock, $4.000,000; total
$6,500,000 $6,500,000
Funded debt,$4,613,500; underlying bonds,$738,000;total
5,351,500
5,497,000
Notes payable, $243,760; accounts payable, $29.696; H. M. Byllesby & Co., $59,163; total_ _ _
449,230
332,619
Bond interest accrued, $124,325; taxes accrued,
$21,549; miscellaneous, $14,863; total
160,737
178,736
Surplus
27,539
Total
-V. 98, p. 693; v.91 p.341.
[VOL. xcix.
THE CHRONICLE
$12,372,395 $12,624,966
Consumers Company, Chicago.
(Report for Six Months endiny June 30 1914.)
BALANCE SHEETS OF JUNE 30 1914 AND DEC. 31 1913.
June 30'14 Dec.31 '13
June 30'14 Dec.31 '13
LiabilitiesAssets$
Preferred stock_
3,948,800 3,948,800
Real est., bldg.,&c.
incl. good-will__ 14,757,212 14,815,892 Common stock___ 6,000,000 6,000,000
153,904 Knick.I.Ms(closed) 4,500,000 4,500,000
S.I. Knick.IceCo.. 194.943
54,764 tat & gen. lien 6%
97,899
Notes receivable__
debs. (closed)_ _ 1,450,000 1,500,000
Accts. receivable.. 2,004,882 2,427.245
512,315
435,238 Notes payable_ _ _ _ 1,498,904 1,353,050
Cash
61,670,123 1,707,009 Accounts payable_ 1,123,510 1,563,248
Inventories
21,000 Accrued pref. div_
99,072
21,000
Investments
7,461 Accr.int..rent,&e. 177,084
212,238
7,697
Accrued interest
Merch. coupons__
91,604
60,681
Knick. Ice 1st M.
260,000 Res. for contIng__ 578,985
611,951
bonds in treas'y 200,000
141,667 Other reserves_ _ _ _
56,926
23,970
Discount on bonds 141.667
241,083
62,184 Surplus
153,354
59,158
Prepaid items_ _
Total
19,666,896 20,026,364
Total
19,666,896 20,026,364
* Includes $121,000 first mtge. bonds; $67.264 cash, representing sale of
property and miscellaneous items aggregating $6,679.
a After deducting $27,319 for reserve for bad debts and allowances.
b Includes inventories of coal,$705.357; natural ice,$435,278; and other
merchandise and supplies, &c., $529.487.-V. 98, p. 998.
GENERAL INVESTMENT NEWS. RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central Terminals, Ltd.-Compromise.-The
company and the bondholders' committee have arrived at a
compromise under which the bondholders and the company
will share the loss due to the failure of the Canadian Agency
to pay for £127,300 of the £527,300 1st M. 50-year bonds
purchased and offered by it.
(1) Each holder of Agency scrip for Terminal Co. bonds on payment to
the company or its nominees of 107 of the face value of his scrip, shall be
entitled to receive, on surrender oehis scrip for cancellation, his pro rata
proportion of the £127,300 bonds, carrying Aug. 1 1914 and later coupons,
and also of the £400.000 bonds held by the committee on behalf of the scripholders. (2) The Terminals Co. agrees to provide funds (a) to meet any
interest unpaid prior to Aug. 1 on scrip surrendered. and (b) to cover the
paymentsthe committee has to make for legal and other expenses. (3) The
company will assign to a trustee nominated by the committee on behalf of
the scrip-holders all rights and claims against the Canadian Agency in
in
respect of the last installment of purchase money All sums recovered
. such trustee. as to that
respect of such rights or claims are to be applied by
10% payment.
Proportion which represents scrip-holders who make the
Terminal Co.
on loehalf of such scrip-holders, and as to the balance, as the
0 payment are to
directs. (4) Only those scrip-holders who snake the 107
without preMbe entitled to the benefit of the agreement, which is made
dice to the rights of the Terminals Co. against the other scrip holders.
(Compare V. 99, 13. 268; V. 96, p• 1020.)
Second Mortgage Bonds.-The shareholders will vote Sept.
16 on confirming a by-law authorizing the issue of second
mortgage bonds.-V.97, p. 666.
American Cities Co.-New Officer.-Howard S. McNair,
formerly Sec. to the Pres., has been elected Secretary and
Treasurer to succeed R.E.Slade,who resigned.-V.99, p.266.
Atlanta Birmingham & Atlantic Railway.-Successor
Company-Proposed New Securities-No Reorganizaion
nor any
Plan Ready.-While no new plan of reorganization
modification of the old plan is yet available for the old RailAtlantic Railway Co.
road Co., the Atlanta Birmingham & (recently
the receiver)
has been incorporated with E.T.Lamb
Georgia
RR. Commission
as President and has applied to the
for permission to issue $30,000,000 common stock and $10,000,000 pref. stock, both in $100 shares; also $3,000,000 5%
mortgage bonds. The application will be heard August 26.
permission to issue these securities has
This is a formal step. After the
may take actual title to the property, now
been granted, the new company
the same at foreclosure sale
purchased
who
held by the two individuals the receiver's certificates.
of
by paying the face amount
rein•esentatives
of the General Proof
composed
-Committee,
The Sub
Committee, who are to
tective Committee and the Receivers' Certificate
have not as yet agreed on any
report back to their respective committees
definite plan.-Comparo V. 98, p. 1534, 1691, 1918; V. 99, p. 47, 195.
Brooks Morgan of Atlanta is Vice-Pres. and Floyd K. Mays Sec.& Treas.
-V. 99. p. 195, 47.
of the new company.
Atlanta & Charlotte Air Line Ry.-Bonds Ready.J. P. Morgan & Co. announce that they are prepared to deliver definitive 1st M.432% bonds, series A,in exchange for
their trust receipts, properly endorsed. Compare V. 98,
p. 1991; V.99, p. 195.
Birmingham Selma & Mobile RR.-211ortgage.-The
company has filed a mortgage to the Merchants' & Mechanics' Trust & Savings Bank of Birmingham, as trustee, to
secure an authorized issue of $800,000 bonds.
The proposed line will extend from Brent to Marion, Ala., 26 miles:
Brent to Blocton, 14 Miles. and Jerico to Selma, Ala., 27 miles' total. 67
'construcmiles. J. F. Johnston of J. F. Johnston & Co.. who have the
tion contract, is President.
Boston & Albany RR.-Earnings.-
/grating Oper. Income Other
Balance,
Interest,
June 30.
enye, (after Taxes). Income. Dividends,&c. Deficit.
Year.
$16,835,041 S3A03.847 $356,057 $4,543,460 $783,556
1913-14
16,957,367 4,118,837
204,839
266,497
4,590,173
1912-13
_v.98, p. 154.
Bullfrog-Goldfield RR.-Merger.-
See Las Vegas & Tonopah RR. below.-V. 98, p. 1918.
Canadian Northern Ry.-Financing.-President Sir
from London on Aug. 18
William Mackenzie on his return
was quoted (compare V. 99, p. 341);
/ succeeded in getting the underwriting for £3,000.000(or $15,000,000)
President Upham states the company has sold its hydrox department,
of $45,000,000 4% Government guaranteed bonds; of
which handled water and ice cream, at its book value, $122,300.
of the new issuepublic
had subscribed for 21%, a fairly good proportion
this amount the
SURPLUS ACCOUNT FOR SIX MONTHS ENDING JUNE 30 1914.
stringent
conditions. The remainder was apparently safe
recent
during underwriters. Just
when the flotation appeared to bo a success.
Total surplus Jan. 1 1914, $153,354; net income for half-year,
with the
declaration of war by Austria upon Servia. Now it is
$126,865; total
$280,219 however, came thewhat
will
say
become
of the flotation. The British morato
stock
paid Feb. 20 1914, $138,208, less
impossible
Half-year's div, on pref.
exempts both the underwriters and the subscribers
amount accrued to Dec. 31 1913, $99,072: balance
39,136 torium now in forceperiod
extending at least until Sept. 4, so we must be
from payment for a
A
$241,083 content to mark time until conditions assume their normal again.
Total surplus June 30 1914, as per balance sheet
Canada would help all Canadian financial concerns by a
The dividend on the pref. stock accrued from Feb. 20 1914 to June 30 moratorium inof
payments
until
normal.
their
postponement
conditions
reach
1914 and payable Aug. 20 1914, amounts to $99,072.
AUG. 22 1914.j
THE CHRONICLE
537
Capitalization, Approved by Public Service Comm., Second District.
I,..issued.
(1) Central New York Southern Railroad Corporation$375,000
Common stock, auth.,$1,275,000; issued for property
Pref. stock-cum. 0-3-4-5-6-7% (entitled to 3% beginning with
second year from issue,if declared, and thereafter on graduated
scale); non-voting unless in default. Callable at 150.
Form of General Guaranty Endorsed on the Guaranteed Securities.
Authorized, $725.000; issued for property, $325,000; for
By virtue of the powers conferred by an Act of the Parliament of Canada,
725,000
Ithaca Trac. Corp. stock at par, $400,000
being Chapter 20 of the Statutes of 1914, and of an order of the Governor- First
and Collateral Trust 5s, 1964, authorized. 84,000,000;
the
Dominion of
General-in-Council, His Majesty the King on behalf of
Issued (a) for property, $256,000; (b) for Ithaca Trac. 1st &
Canada hereby guarantees unto the lawful holder or holders and according
ref. 5s, at par, $488,000; (c) for cash, $256.000
1,000,000
to the tenor there°, the payment of the principal and interest on the
(2) Ithaca Traction Corp. (Controlled by Cent. N. Y. So. RR.Cor.)
respective dates of the maturity thereof,of all guaranteed securities from Capital
stock: auth., 81,000,000; issued for property and owned
time to time certified as therein required under the terms of a trust deed
by Cent. N.Y.South. RR.Corp
400,000
bearing date the 15th day of July 1914, made between the Canadian North& Ref. M.5s, 1964: auth.. $2,000,000; issued (a) for propern Ry. Co.,of the first part, Mackenzie, Mann & Co. Ltd., of the second First
erty, $211,000 and (6) for cash at 80. $277,000. All owned by
' Trust Co., Ltd..
part, National Trust Co., Ltd., and the British Empire
Central N. Y. Southern RR. Corp
488,000
of the third part, and His Majesty the King,acting on behalf of the Domin- Underlying
bonds (Ithaca St. Ry. 1st 6s, 1922, $175,000. and
ion of Cando., of the fourth part, the principal of the said guaranteed se2d 6s, 1922, $75,000, and Cayuga Lake El. By. 1st 6s, 1922.
curities being limited to an aggregate not exceeding $45,000,090, or its
275,000
$25,000)
equivalent in sterling money at the tixe.d rate of 34 86 2-3 to the fl sterling
and being payable on Sept. 1 1934 [unless previously called and redeemed Condensed Opening Entries, As Ordered by P.S. Comm., Effective April 1 1914
as
a
whole
or
either
when
int.,
and
drawn
by
roar
Ithaca
at
Y
C
e
n
t
.
N
.
Cent.N.Y
.
date
Ithaca
on any interest
$
$
$
lot-Ed.], and bearing interest meanwhile at the rate of 4% per annum`
$
half-yearly on the first days of March and Sept. in each year. Dated at Fixed capital_ _ _ 94.6,425 834,225 Common stock__ 375,000 400,000
of
day
_
1914.
[Signed
by
___
Minister
this
_
of
Material
&
supp.
9,575
Ottawa, Canada,
9,575 Preferred stock_ 725,000
Ith. Tr. Corp.sec 790,400
Finance and Receiver-General of Canada.]
1st & Collateral
Unamor.bond dis 1.48,800
97,600
Trust 5s
1 000,000 488,000
Provisions in Trust Deed Regarding Said Guaranty.
Cash
.275,000
204,800 221,600 Underlying bds_
Payments by the Government (Condensed Extracts from Article 13).
all
times
indemnify
the
Government
against
1. The company shall at
Total assets_ _2.100,000 1,163,000
Total liabirs_2,100,000 1.163,000
the payment of any money under the guaranty by the Government.
Directors.-Pres., R. B. Williams Jr., Ithaca, N. Y.• 1st V.-P. II. W.
2. If the company shall at any time be unable to provide for the next
'
ensuing installment of interest it shall notify the Government in writing Fitz, Pawtucket, R. I.: 2d V.-P. & Gen. Counsel, dhas. E. Hotchkiss,
at least 15 days before the same shall be due,and thereupon the Government 34 Nassau St., N. Y. City; 3d V.-P., Gen. Mgr. & Sec. H. A. Clarke,
' Bangor, me.;
may make such provision as may in its discretion be necessary for the pur- Ithaca, N. Y.; C. A. Austin, N.Y. City; Chas. H. Bartlett,
pose of preventing default of interest to the holders of the guar. securities. D. H. Bowman, Springfield, Mass.•, E. J. B. Huntoon, Boston, Mass.:
3. The Governor in Council may at the request of the company authorize H. C. Mandeville, Elmira, N. Y.• C. J. Rumsey, Ithaca, N. Y.; Francis
'
Williams, Ithaca, N. Y.
the Government to pay out of the Consolidated Revenue Fund of the E. Smith, Boston. Mass.; R. B.
The Treasurer and Purchasing Agent is T. P. Clancy, Ithaca, N. Y.
Dominion of Canada all or any portion of the first six half-yearly payments
of interest on the guaranteed securities falling due after the opening for The Ithaca Traction Corporation has th,e same officers;also the same directraffic of the through line of the Canadian Northern System from Van- tors, omitting only Messrs. BartletA$13t4wmai1 and Clarke. Office of each
couver to the city of Quebec. Any moneys so paid for interest shall, company, Ithaca. N. Y.
fo.4 •
together with interest thereon at 4% per annum, form a charge upon the
Chesapeake & Ohio Ry.=:Dlihdends May Be Semi-Annual
mortgaged premises ranking immediately after the guaranteed securities
and shall be secured hereby.
-The
directors
on
Thursday 'decided to postpone until
4. The Government may,if authorized by the Governor in Council from
time to time, with or without the request or consent of the company, ad- November the consideration of dividends on the $62,792,600
vance to the trustees, or to the company, any moneys which may be neces- stock, having in mind the feasibility of semi-annual distrisary for the purpose of preventing or remedying [as to the security holders, butions. Distributions have been
made quarterly, the rate
but not with respect to the company or its subsidiaries or constituent
co's-Ed.] any default in the payment of principal or interest of any bonds, from Sept. 1913 to June 1914 having been 1%,or 4% yearly.
debentures, debenture stock or other like securities or obligations heretoAnnual Dividend Rate (Per Cent).
fore or hereafter issued by the company, or by any of the constituent or 1899 to 1908.
1909.
1914.
1910.
1913.
1911.
1912.
subsidiary companies, and secured by existing or future trust deeds, mort1 yearly
3
4(
5
5
434
gages or charges or by any similar documents substituted therefor.
[Any such advances will be subrogated to all the rights of the holders
The
following statement was given out:
of the securities in question. The company covenants to repay the GovThe board decided to postpone consideration of the dividend policy of
ernment as stated in the trust deed.]
the company until the regular monthly meeting in November, having in
in
the
payGovernment
shall
at
any
time
be
made
by
the
default
mind the feasibility of semi-annual distribution. Since the inauguration
10. If
ment of the principal or the interest of the guaranteed securities on the day of the dividend policy of 1910, unexpected increases in wages and taxes
when the same shall become due, it shall be the duty of the trustees, upon now aggregate about 43i% per annum on the stock, and the decision of the
proceedings
holder
of
guaranteed
securities,
take
to
Inter-State Commerce Commission in the matter of a general rate increase
the request of any
against the Government by way of a Petition of Right for the purpose of asked for by Eastern roads was therefore a distinct disappointment.
Income account submitted by the Comptroller for the year ended June 30
obtaining the immediate payment by the Government of any amount
principal
securities,
or interest of the guaranteed
then in arrear in respect of
1914 shows net income enuivalent to 4.74% on the stock. Business for the
and every judgment so recovered by the trustees shall be held by them for new fiscal year starts off exceedingly well; the estimated increase in gross
the benefit of all the guaranteed securities rateably and proportionably. earnings July 1 to Aug. 14 1914 over the same period last year was $410,000.
The Guarantee (Article 26)•
or 9.6%, and for that period the gross earnings were the largest in the his1. The guaranty to be given by the Government as aforesaid shall be tory of the company. New development of coal properties for Western
absolute and unconditional, and the Government shall as between itself and Northwestern business has been very active this year, and it is believed
and the holders of the guaranteed securities and the trustees be in the same that coal exports through Newport News will now be much augmented.
The provisions of the note agreement of March 16 1914 do not at this time
position in all respects as the principal debtor for the principal and interest
determine the company's policy, but it Is essential to think of the future,and
of the guaranteed. securities.
of
guaranholder
it
is hoped that by November trade conditions can be more accurately
any
Under
no
circumstances
shall
it
for
be necessary
3.
teed securities or for the trustees to take any steps or proceedings for en- diagnosed. At present the unprecedented war conditions in Europe have
forcing their rights against the company or any of them for preserving caused such a dislocation of commerce and credit that extreme conservatism,
both transportation and industrial, Is imperative and will doubtless be
any security created.
5. The guaranty of the Government is to be a continuing guaranty and adopted in all quarters.-V.99. p. 118, 47.
accordingly is to remain in operation whilst and so long as these presents
Chicago & Milwaukee Electric RR.-Sale Postponed.remain in operation, that is to say, until all the guaranteed securities have
Judge Geiger in the U. S. District Court on Aug. 17, on
been paid or satisfied.
Government
under
its
6. .All moneys received by the trustees from the
application of the Master in Chancery, ordered that the reguaranty shall forthwith be applied by the trustees in or towards satisfaction of the moneys due to the holders of the guaranteed securities in sale directed by the U. S. Circuit Court of Appeals be postrespect of which the same shall have been received. Compare V. 99, poned for six months.
P• 341; V. 98,D. 1607, 1844. 1918.
Any party in interest may, meantime, if desired, file a motion for an
petition states that the present "financial condition caused
Grand Trunk Trackage into Ottawa.-An agreement was earlier sale. The was
has made it impossible to finance any proposition of
the European
by
by
which
the
signed on Aug. 17 with the Grand Trunk
considerable magnitude."-V. 98, p. 1629.
Guaranty for $45,000,000 of 4% 20-Year Securities.-The
deed of trust dated July 15 has in substance the following
regarding the guaranty of the issue:
company secures the right to use the Grand Trunk tracks
into Ottawa, with the use of the Central Station as its terminus there.
Chicago & Western Indiana RR.-Gen. M.Bonds Called.
One hundred and nine ($109,000) 6% gen. mtge. bonds of 1882 for
payment Sept. 1 at 105 at office of J. P. Morgan & Co. V. 93, p. 1920.
This gives the Canadian Northern a central station for their trains from
Toronto and Western points, instead of the present outlying station at
Hurdman's Road. The new arrangement will not affect the service from
Montreal until the cut-off is completed, which will give the Canadian
Northern direct service between Montreal and Ottawa. The Canadian
Northern line will join the Grand Trunk at the Rideau Bridge. Eventually
the Central Station will become
really union station for Ottawa, being
used by the Grand Trunk. GrandaTrunk
Pacific, Canadian Pacific, Canadian Northern and New York and Ottawa lines.-V.99.P. 341.
Columbus (0.) Delaware & Marion Ry.-Suit on Guaranty.-Suit, it is reported, was filed on Aug. 14 for $598,146
in the Common Pleas Court at Columbus by the Troy(N.Y.)
Trust Co., as trustee under a mortgage for $500,000 of
the Columbus Marion & Bucyrus Ry.,on which the Columbus
Delaware & Marion guaranteed payment.-V. 96, p. 1700.
Central New York Southern RR. Corp.-ReorganizaColumbus Marion & Bucyrus Ry.-Suit.See Columbus Delaware & Marion By. above.-V.99, P. 198.
tion Completed-Mortgage.-This company, successor of the
New York Auburn & Lansing RR., has made a mortCumberland (Md.) & Westernport Electric Ry.gage to the Columbia Trust Co.of N.Y , as trustee, to secure Strike.-The motormen and conductors, about 40 in number,
an auth. issue of $4,000,000 1st & cc;11. trust 5% 50-year gave notice on Aug. 18 that they would go on strike at midgold bonds, dated May 1 1914 but callable as a whole at night because of the refusal of increased pay.
105 and in
The strike will affect about 75 men and tie up merchandise and express
Denom. $1,000 and $500. Int. M. & N.
traffic as well as
conductors demanded 26 cents an hour,
The Ithaca Traction Corporation, also (successor of the Ithaca Street Ry.
Co.) controlled by the Central New York
Southern RR. Corp. through
ownership of the entire $400,000 capital stock has filed a mortgage to the
Columbia Trust Co., as trustee, to secure 'issue of $2,000,000 First &
Ref. M.50-year 5% gold bonds (c*),
April
anril 1 1914. but subject to call
as a whole on any int. date at par anddated
int. Of these bonds, $488,000 have
been issued and are owned by the Central
N.
Y. Southern RR. Corp., and
the remainder is reserved for future requirements,
including the retirement
at or before maturity of the following prior undisturbed bonds, viz.: Ithaca
Street Ry.. $175,000 1st M. of 1892, due
1922. and $75,000 2d M. 6s
of 1894, due July 1 1922; Cayug Lake Elec
. $25,0410 1st 6s of 1894.
. By..
The principal and interest of bnoth the July
issues are payable, free
bond
from any U. S., State, county or municipal
n tax which the corporation
or the trustee may be required to pay
or retain therefrom under any law.
Digest of Statement by Pres. R. B. Williams Jr Ithaca, N. Y., Aug.14.
History.-Successor to N. Y.
& Lansing RR. lay purchase on
mortgage foreclosure sale under Auburn
bondholders' plan for reorganization of
that railroad and Ithaca Street By.
financed by syndicate
Reorganization
to purchase 131,000,000 1st and collateral trust is; fully subscribed. A connection with D. L. & W. RR. at Ithaca new freight terminal, passenger
station and office-building and general track improvement are in progress,
and large type McKean motor cars have been purchased.
Owns a steam railroad operating between Ithaca. N. Y., and Auburn.
N.Y.,38 miles,including 7-mile grade out ofIthaca operated by electricity.
Also owns the entire capital stock ($400,000) and all of the outstanding
First & Ref. M. 5s ($488,000) of the Ithaca Traction Corporation, which
owns and operates allot'the traction lines[aggregating 8.29 miles of track]in
the city ofithaca. The last-named company is successor of Ithaca Street
By. Co. by purchase on mortgage foreclosure sale under the aforesaid bondholders' plan; double-tracking and power-plant improvements are in pro
gross and new rolling stock ordered.
passengers. The
an increase of 3 cents, and the motormen the same amount, an increase of
1 cent, being the same pay as given the employees of the Cumberland Electric By. The management say that the company, because of the increase
In expenses and de-rease in earnings, is unable to comply with the demand.-V.95. p. 110.
Des Moines & Ft. Dodge RR.-Meeting Adjourned.-
See Minneapolis & St. Louis RR. below.-V. 99, p. 338, 196.
Fonda Johnstown & Gloversville RR.-No Common
Dividend.-The directors have decided not to declare a
dividend on the $2,500,000 common stock from the earnings
of the year ending June 30 1914. In 1910 to 1913 2% was
paid yearly (in 1912 and 1913 in Aug.). President J.
Ledlie Hoes says:
The board of directors has not felt Justified, because of recent events
affecting general financial conditions, in approving the payment at the
present time of a dividend on the common stock out of earnings for the
fiscal year ending June 30. Operations for the year show practically the
same surplus available for the dividends as the previous year, but it has
been considered advisable to conserve the company's cash resources.
-V. 97. P. 593.
Hampden Railroad Corporation.-Notes Extended.The notes amounting to about $2,000,000 which are endorsed by the Hampden Investment Co. have, it is stated,
been extended for one year to July 1 1915 at 6%.-V.9943.48.
538
THE CHRONICLE
[VOL.
xc rx
pany's lines was interrupted,the operation of the power plant was, however,
International & Great Northern Ry.—Deposit of Three- not
discontinued, and the water and drainage service was not affected
Year Gold Notes.—The notice to the holders of the 3-year 5% The gas plant was closed clowni3owetifitoFtelcale military
authorities having
erals and the Constitutionalfrom
the
1914
committee
of
which
Aug.
1
due
gold notes
ists
p
av
r
e
at
airti
co
ma
es
s
(
!igin
y
g
.
theotreubi
3
es
respected
propChairman,
urging,
as
Hemphill
is
stated
last
J.
Alexander
I erties. Our loss during the disturbances is principaliyeorm
eppraensLleby
earnings.
week, the deposit of those notes with the Guaranty Trust diminished
and power earnings would have shown a very large
over
Co., as depositary, will be found on another page of to-day's 19Light
had commercial conditions been undisturbed. The increase
ofpower
c omers under contract has been slightly increased, andnumber
"Chronicle."—V. 99, p. 467.
the
number
of
light customers materially increased. Water-works and drainage (cash)
Ithaca (N. Y.) Traction Corporation.—Status.—
earnings show an increase, and there has also been a reasonableincrease in
Gas
See Central New York Southern RR. above.—V. 97, D. 950.
connections.
water and drainage
earnings were sufficient to pay
expenses. Directors are of the opinion that when
normal conKansas City & Memphis Ry.—Third Receiver—Default operating
ditions obtain an appreciable net revenue should result from
the farm
on Equipment Trust.—Judge Frank A. Youmans in the U. S. operations.
Owing to the unsettled conditions and unknown future, and to the
Court at Fort Smith, Ark., on Aug.12, made permanent the exorbitant
transfers
of
upon
money
out
of
rate
exchange
the• direcreceivership, the stockholders and bondholders joining in the tors decided thatofIt would not be in the interests of the holdersMexico,
of debenture stock that the interest due in Feb. 1914, should be paid, and a circuproceedings, and appointed R. C. Bright of Little Rock lar
to that effect was issued. The item $329.230 in balance sheet showing
an additional receiver, along with John E.Felker and Oliver cash on hand and in bank at Mexico represents acctimulated earnings from
various sources, and includes $250,000 (Mexican) paid in Oct. 1913 by the
C. Lisma,n, both of Rogers, who were named receivers at Government
of Nuevo Leon on account of its liability under the 10% guarthe time the suit was instituted.
anty under the water-works and sewage concession. The matter of obThe Central Car Mfg. Co. of Boston has filed suit in the U. S. Court taining a full settlement from the Government is still in abeyance.
The liabilities item, $1.150.937, represents an amount spent on capital
for possession of equipment sold the railway, alleging that the latter has
broken its contract by failing to pay installments on the equipment. The account and in purchase of bonds of the water works company and the light
and power company, issued by these two companies,r espectively,to enable
amount involved is only about $3,000.—V. 99. P• 269. 467.
them to pay for capital expenditures. It also includes an amount borKansas City Mexico & Orient Ry.—Possibility of En- rowed by the company. This borrowing became necessary to avoid the
which would have resulted in taking money out of Mexico at the preforcing Claims.—Attorneys for creditors of the defunct loss
vailing rates of exchange and on account of non-payment by the State of
railroad company in circular of Aug. 19 say in substance:
Nuevo Leon to the water works company of moneys under the Government
An Injunction has been issued restraining the enforcement of your claims, 10% guaranty. Compare V. 99, p. 407.
except as you may intervene in the suit which is pending and in which the
Nevada Central RR.—Interest on Incomes.—The direcmortgage aginst the railroad was foreclosed. The question of the jurisdiction of the Court which foreclosed the mortgage to entertain these tors on Aug. 3 authorized an interest payment of 3
interventions is not definitely settled. An appeal has been taken from the ($26,250) out of net earnings on hand June 30 1914, payable
order of injunction and on Sept. 7 1914 a motion to advance the appeal will
be presented to the U. S. Circuit Court of Appeals in Denver. Evidently a upon demand to the holders of 750 1st M. income bonds at
few creditors cannot bear the burden of the litigation for the benefit
of the the New Jersey Title Guarantee & Trust Co., 83 Montgommany. Will you not co-operate? [Signed: New & Krauthoff, Kansas ery
St., Jersey City, N. J.—V. 93, p. 408.
City, Mo.; Houston & Brooks, Wichita, and McClintock & Quant. Topeka, Kans.]—See also V. 99, p. 196, 119.
New York Auburn & Lansing RR.—Successor Co.—See
Kentucky Securities Corporation.—Earnings.—
Including Kentucky Traction & Terminal Co. and the Lexington Central New York Southern RR.above.—V.97, p. 1115.
Utilities Co. (omitting inter-company charges).
New York Central & Hudson River RR.—Meeting
Gross
Net
June 30.
Other Sink. Fund Bond
Balance,
Earnings. Earnings. Income. Taxes,&c. Interest. Surplus. Adjourned.—The meeting of stockholders which was adYear—
5782.271 5369,761 $32,022 $43.249 $201,934 $156,600 journed on July 20 to Aug. 18, after approving the proposed
1913-14
742,884 341,505 29,941 31.042 194,225 146,049
1912-13
consolidation with the Lake Shore & Mich. Southern and
—v. 95, is. 176.
Las Vegas & Tonopah RR.—Agreemeng—Control— other allied lines, has been again postponed to Oct. 7 to take
Guaranty.—The stockholders on June 25 ratified an arrange- any action that may be deemed necessary to comply with
ment under which the company will acquire control of the requirements of P. S. Commissions or Courts in the several
Bullfrog-Goldfield RR., whose line parallels that of the States (V. 99, p. 270).
to
adjournedfor
The Lake Shore & Mich. Southern meeting has been alsodismissed
company between Beatty and Tonopah. The road is to be Sept.
1. The U. S. District Court at Toledo, 0., has
practically reconstructed between those points, the best want of Jurisdiction the suit brought by minority stockholders on the same
(V. 99, p. 343).
ground as a similar suit was recently dismissed in Detroit
parts of both roads to be used and other sections to be The
suit of the same nature which has been begun in New York may, it is
abandoned.
said, shortly come up for a hearing.—V. 99, p. 467. 407.
The plan has been approved by the Nevada RR. Commission and was
New York Chicago & St. Louis RR.—Not Yet Declared.
ratified by the stockholders of the Bullfrog-Goldfield
RR. on June 30.
The step is taken to avoid needless duplication
action had been taken up to yesterday on the declaraof
operations
having
—No
lines,
been unprofitable for several years.
paid in September
The capital stock of the Bullfrog-Goldfield Co. is to be reduced to $1.- tion of the semi-annual dividend usually
640,000. The 81,640,000 consol. M. bonds of that road have been for on the $5,000,000 first pref. and $11,000,000 second pref.
some time exchanged at the Fidelity Trust Co., Phila., for common stock
Dividend Record Since 1906 (Per Cent).
of that co. on the basis of $495 stock for $1,000 bonds. The Las Vegas
2
_1907. 1908. 1909. 1910. 1911. 1912. 1913. malr9.,14.ti
company receives in return for its guaranty
of the $216,000 let M. bonds First preferred_
5 yearly
51% of the Bullfrog company's stock. The latter co. gives the Las Vegas ec
4
referred
ain
on
n
t
d
m
is
t
company $68,000 2d M. bonds for canceled unsecured indebtedness.
earrVy Mar.—
4 MI:i.o"ne2'''
None-- —53 yyea
—V. 86, P. 1175*
—V. 98, p. 1538.
Dismissed.—
Lehigh & Hudson River Ry.—Earnings.—
N. Y. N. H. & Hartford RR.—Suit
June 30.
n tta
e hp.aa.S4
.tD
risltri7ciamisa
Gross
Ckar
)d
!ririv
.t Court
Net (after Other
Interest, Dividend Balance,
The suit brought on Aug. 3 by Tisla former
Year—
Surplus
Earnings.
Taxes). Income. Rents, &c. (4%).
for
1913-14
$1,774,792 $431,893 $4,099 $304,813 $53,600 $77,579 °11ta'
a
rt
renewal
to
prejudice
an
butc
1912-13
1.849,435 558,760 4,933 291.519 53,600 238,574
—V.97. p. 1894.
Northern Central Ry.—Listed.—The New York Stock
Lorain Ashland & Southern RR.—Completed.—The Exchange has authorized to be listed $7,737,000 additional
last rail was laid on Monday, thus completing the new line stock, which was recently declared as a 40% stock dividend
from Lorain through Oberlin, Wellington and Ashland to under the lease to the Pennsylvania RR.,on and after Aug.24
Custaloga. The company owns valuable terminals at Lo- on notice of issuance in exchange for temporary certificates,
rain, including right of way and the 3 miles parallel with the making the total listed $27,079,550.—V. 99, p. 343, 271.
fence of the Steel Corporation's plant, and will form a new
M. Bonds Called.—
Northern Ry. of Costa Rica.—First
connection between the Pennsylvania and Erie systems at
a)
t lastt
lla0yre0
ed
. Inane
aritp
One hundred aln9d00t,enf(
Lorain.—V. 96, p. 1423.
eOrldmoCrrloagye
dated Sept.Boston.—V. 98. p. 611.
Trust Co.,
Louisville & Nashville RR.—Bonds Called.—
Sixty-five ($65,000) Henderson
Oregon-Washington RR. & Navigation Co.—Cut-Off.
Co. 1st M.6%
for payment
at 105 and int. Sept. 1 at CentralBridge
Trust Co., N. Y.—V.bonds
99, p. 269, 197.
—The Spokane-Ayer line cut-off, it is announced, will be
Minneapolis & St. Louis RR.—Adjourned.—The special opened for freight and passenger traffic on Sept. 14.
distance between Portland, Ore., and Spokane.
The line shortens theand
meetings of the stockholders of the company and of the Des
is expect to reduce the running time 3 hours.
Wash., nearly 50 miles,
Moines & Fort Dodge RR.,to ratify the proposed consoli- The
at Spokane. costing, it is stated, about $500,000, will
union depot
be
dation of the physical properties of the two companies, have opened at the same time.—V. 94, D. 699.
been further postponed for 30 days from Aug. 18 and 17,
Pacific Gas & Electric Co. San Francisco.—Plan
respectively.—V. 99, p. 197.
Operative—Over 70% of the $12,500,000 New 1st Pref. Stock
Missouri Pacific Ry.—General Conference Committee.— Subscribed—Time for Payments Deferred.--The company's
The following "general conference committee" has been representative in N. Y. City on Aug.16 announced that, as
chosen to consider financial readjustment and rehabilitation, subscriptions had been received for more than 70% of the
the protective committees each choosing two men, viz.:
issue of 812,500,000 of new first pref. stock, the financial
For committee of holders of First and Refunding Mtge. 5% bonds, plan outlined in letter to stockholders dated June 3 1914
Alexander J. Hemphill and Jerome J. Hammier; for collateral 4% bond- was declared operative at a meeting of the board of directors
holders' committee, Otto H. Kahn and Benjaman Strong
Jr.; and for Aug. 15. The subscriptions, which exceed ,750,000, were
stockholders' committee, Frederick Strauss and Robert Winsor.
Any plan formulated, it is said, is not likely to differ materially from that received from approximately 3,000 subscribers, of whom a
outlined by Kuhn, Loeb & Co. in their letter of May last (V. 98, p. 1537), great proportion are new stockholders; the company having
when the need was pointed out for raising, without Increase of fixed charges,
835,000,000 cash—$10,000,000 for improvements and new equipment and almost doubled the number of its stockholders since Dec.31.
$25,000,000 to meet maturing notes. The stockholders will probably be
In view of the disturbed financial conditions brought about
asked to contribute $25,000,000(30% of stock outstanding), while the bondholders would be expected to subscribe for a sufficient amount of new securi- by the European war,and to avoid unnecessary hardship upon
ties to supply the remainder. Compare V. 99, p. 343, 197, 120.
subscribers, the directors have deferred the time of payment
of $15 per share from Aug. 15 to
Monterey (Mex.) Railway, Light & Power.—Annual of the second installment
third installment of $12 50 per share from
Statement.—The London "Financial News" Aug. 6 said: Oct. 15, of the 15
and of the fourth installment of $12 50
The accounts for 1913 show that the total net earnings amounted to Oct. 1 to Nov.
$444,251, and,after meeting fixed charges and interest on debenture stock, per share from Jan. 1 to Jan. 15 1915.
and providing for the dividend of 5% on the preference shares, there relarge number of the subscribers have either paid for their
mained a balance of $127,251, increasing a surplus brought forward to
An unusually
signified their intention of completing the full payment
in full or have
$601,098,out of which $150,000 has been placed to reserve for contingencies, stock allotment,
and the company is therefore expediting as much as possiincreasing that fund to $450,000.leaving a credit to profit and loss of $451.- unon
ble
printing of the permanent stock certificates. The fact
the
engraving
and
098. Up to end of year total net operating receipts were ahead of the corfor their stock in full instead of availing themselves
responding period of 1912. The fact that, apart from the question of ex- that so installment
many are paying
privilege
is attributed to the fact that the full-paid
change, the interest on the outstanding
the
earned
of
debenture stock was
is, certificates net 7.27% per annum
on the investment whereas only 63 is
the directors consider, exceedingly satisfactory.
Directors report that in October last the city was attacked for three days. paid on installment payments. Compare V. 98, p. 1846; V. 99, p. 121
and considerable damage was done. Although the operation of the com- 199, 271. 408.
1
AT;G. 22 1914.]
THE CHRONICLE
539
Proposed Interest Payments Aggregating $159,572.
July Sept. Oct. Dec. Mar. Apr. June.
Date Due. 1914. 1914. 1914. 1914. 1915. 1915. 1915.
holders of equipment obligations maturing on and after
3
$
$
$
$
$
$
Mar. 1914
950 ---- ---- ---- ---- ---- --March 15 1914 reports in circular dated Aug.6as follows:
1914
796 -----------------------In early March Judge Tuttle instructed the receivers to discontinue all Pullman Co. June
Sept. 1914
-------------------____
6
payments of principal and interest on account of the Pere Marquette
Series"C" Dec. 1914 ------------484 -----------funded debt, and since that time default has been made on all funded obliMar. 1915 ----------------325 ---5%
gations of every sort. An examination into the history of equipment
June 1915 ---obligation payments during the receivership showed (a) that .1. P. Morgan
23
& Co. and Guaranty Trust Co. have acquired approximately $1,700,000 Winthrop (April 1914
434%
10ct.
1914
1,710
ten
different
equipequipment obligations, principal and interest, of the
ment purchase agreements under which the road contracted for certain C.H.&D.RyiApril 1914 3,867 -----------------------of its equipment; (b) that under arrangements with the receivers these
Kleybolte Oct. 1914 --------3,093 ---- - -- - - --bankers had taken a like amount of receivers' certificates which were
4.]%
,i --Apri11915 --------------------2,320 ---secured(under an agreement between Guaranty Trust Co., trustee, and the P.-M.-Pull- {April 1914 36,300
of
all
which.
obligations,
according
equipment
receivers) by a deposit of such
man Co. Oct. 1914
33,000
to the order under which such receivers' certificates were issued, and under
April 1915 -5%
.29.700
the terms of such deposit agreement,were kept outstanding. Over $700,P.
M.
Eq.{June
have
obligations
1914
also
16,500
been
---- ---- --000 principal and interest of such equipment
Gold 5%_ Dec. 1914
____
____
____ 15.4011
acquired by these bankers, but have not as yet been presented to the rail14,300
road or the receivers for payment.
---Except for one or two small installments, all these acquisitions by the
Total..
58,436
641 37,803 15,884
325 32.020 14.463
bankers matured prior to March 15 1914. Your committee felt that all
The total amount required to coves these disbursements for principal and
these acquisitions, if placed on a parity with subsequently maturing obligations, would seriously imperil the security of the latter, and accordingly interest is $694,603, which the receivers will provide by an average monthly
approached the situation with a single eye to the protection of obligations appropriation of $57,833 60 during the 12 months ending June 30 1915.
had
has
committee
three
objects
The
March
15 1914.
maturing on or after
Such principal and interest payments in default July 1 1914, havIn view: (1) to provide for the payment of the obligations,(2) to Provide ing matured March 15 1914 to June 30 1914,inclusive(excluding those purfor the repair of certain of the equipment.(3) to subordinate the obligations chased by J. P.Morgan & Co.), all of which it Is proposed to meet under the
uncanceled.
outstanding
and
maturing prior to March 15
aforesaid plan, aggregate for principal $236,075 and for interest $58,436:
In April the receivers petitioned for a large issue of receivers' certificates, total, 3294.511. There will be
default July 1 1915 installments
among other things to provide funds with which to pay equipment obli- principal (all interest having been in
met) as follows:
receivers
certificates as
gations then matured and not taken care of by
Maturities in Default July 1 1915 after Payments Above Indicated.
well as those thereafter to mature. Hearings on this petition were held in Pullman
Co. Series C 59': Principal due Dec. 1914, 312,741: Mar.
Detroit on May 25 and 26, June 3 and 4 and July 6 and 7. Counsel for
1915, $12.901; June 1915, 313,062
338,703
the committee saw to it that sufficient evidence was introduced to make it CM.
34,372
perfectly clear that the equipment contracted for by the company under Pere Ham.& Day. Ry.-Kleybolte 4 % prin. due Apr. 1 1915_ _ _
the ten agreements was necessary for the continued operation of the road , Pere Marq. RR.-Pullman Co. gold 5%,prin. due Apr. 1 1915._ _ _ 132.000
Marquette
RR.
Equip. gold 5% prin. due June 1 1915
44,000
and that some arrangements should be made to pay for the same. Owing
to the strenuous objection by bondholders to the issuance of receivers
Total (being all installments of principal)
certificates to take care of equipment obligations, the Court finally limited
3249.075
the issuance of receivers' certificates to approximately 34.000.000• Judge
Receivers' Certfs., &c.-"Detroit Free Press" has said:
Tuttle. however, directed the receivers to confer with the committee and
receivers
The
report
they
have
been
unable
to
dispose
of
any
of
the serobligations
by
which the
represented by the ies B certificates
devise some equitable plan
outside of $600.000 contracted for by a committee of concommittee should be paid out of the earnings of the road. The committee. solidated bondholders
and those exchanged with creditors.
having ascertained that the receivers had allowed a considerable part of
The Farmers' Loan & Trust Co. asked permission Aug. 18 to join first
the equipment to deteriorate, has insisted that in addition to providing mortgage bondholders
for the payment of equipment obligations the receivers should set apart receivers' certificates in their appeal from the issuance of all the $2.000,000
which were placed ahead of the 1st M. bonds, except
such
equipment
of
repair.
of
as
is
out
repair
funds for the
the $500,000 applicable to State taxes of
1914 (V. 99, p. 121.)
Under date of Aug. 6 the receivers, replying to a letter from the commit[Judge Tuttle
tee, proposed a plan for the payment of equipment obligations and for the Mich. State RR.at Detroit on Aug. 13 referred to Lawton T. llemans,
Commissioner, as special Master,at the demand of some
repair of equipment during the ensuing year, which, in our judgment, is 450 clerks for increased
wages,
which would increase the pay-roll 312.000 to
satisfactory. -Under this plan $58,436 has been deposited with Columbia $15,000 annually. In
Trust Co..60 Broadway, N. Y. City, for the payment of interest coupons, -V. 99, p. 467. 121. July oper. expenses were reduced about $39.400.1
or interest on equipment obligations represented by your committee, and
there is every reason to believe that the receivers will be able to continue
Transit in New York City.-Bids.
their payments under the plan. In recommending that holders of equipThe Commission yesterday approved the form of contract for Section 2.
ment obligations present their coupons or claims for interest and the prin- of Route 48. being the
two-track subway to be operated by the Interborough
cipal of their obligations for payment at the times, month by month, see Rapid Transit Co. in William
St., extending from Beekman St. down
forth in the plan, the committee wishes to point out that after investiga- William and under Hanover
&mare to a point opposite the easterly buildtion of the current earnings of the Pere Marquette system, the committee ing line of Pearl St. The subway
will connect with the Seventh Ave.
of
favorable
a
plan
payment
be
as
as
now
devised
this
can
is
that
believes
(Manhattan) subway by way of Park Place
and West Broadwayand with
During the year 1915-16, by an expenditure of approximately $70,000 the Interborough subway
line in Brooklyn by the Old Slip tunnel.
per month,the receivers would be able to fund all equipment obligationsin
Bids will be opened for the construction of Section 3 of Route 33, which
default, principal and interest, as well as pay such obligations as mature will connect the
Brooklyn
Rapid
Transit tunnel from Whitehall St.. Manduring the year. In view of the representations of bondholders'conunitteesii hattan. to Montague St.,
Brooklyn, with the Fourth Ave. (Broolicyn) subthat the road may be reorganized within the ensuing year, the receivers are way in the Flatbush Ave.
disinclined to enter into a definite plan operating after June 30 1915. from Old Slip to Clark extension, and also the new Interborough tunnel
St.
with the present subway at Borough Hall.
Their hesitancy in so doing is confirmed by the attitude of Judge Tuttle, The lowest bid, it was
reported unofficially, was that of the Flinn-O'Rourke
who is extremely desirous of having the receivership end prior to such date. Co., Inc.. of $3,395,000.-V.
99, p. 468, 408.
Acceptance of payments under the plan does not waive claims for interest
upon overdue installments of principal. The receivers' plan does not inRates.
-Decisions of Commerce Commission.
ectuipment
obligaclude any payments to the bankers who have(acquired
The Inter-State Commerce Commission on Aug. 19 handed down a detions as aforesaid except interest on matured principal, and your committee
which, it is thought, may have a wide application on the question of
will continue their efforts to make clear the subordination ofsuch obliga- cision
passenger rates and result in a material increase of the same. The Commistions. as well as those now deposited as security for receivers' certificates. sion, in a case based
on complaint made by the Corporation Commission
The receivers have insisted that coupons and principal obligations paid of Oklahoma and others against
the Atchison Topeka & Santa Fe and other
held
by
the
de- roads, alleging that the inter-State
should be canceled, but principal obligations paid will be
passenger fare of three cents a mile
positary, Columbia Trust Co., as evidence of the holders' claim for inter- through Arkansas, Missouri and Oklahoma
is unreasonable and discrimiprincipal.
est on overdue
the
extent
to
natory,
that
it
exceeds
the intra-State fare of two cents a
The plan of the receivers is. of course, dependent upon the continuance mile maintained at the same time in those
States, holds that such unreaof earnings as shown for the year 1913-14, and in the event that the re- sonableness is not to be established by the mere
proof that a road maintains
ceivers fail to provide funds according to the plan for the repair of equip- a two-cent intra-State passenger rate.
ment, or for the payment of obligations, the holders of obligations will be
The opinion, written by Commissioner Clements, based the decision on
enforce
their rights.
free to
three conclusions:
[Committee: Howard Bayne, Harold Benjamin Clark and Robert L.
(1) The defendants did not voluntarily
and do not voluntarily
Bacon. will Columbia Trust Co. as depositary. 60 Broadway, N. Y. City. maintain the intra-State passenger fare ofestablish
two cents a
(2) Basing
and Spooner & Cotton as counsel.]
-State passenger fares in the States named on threemile.
inter
cents a mile not
Digest of Letter from R,eceivers. Dated at Detroit, Aug. 6 1914. found unreasonable; and (3) the three-cent
The receivers, acting under the authority of Judge Tutt.e, hereby pro- and the lawfulness of the two-cent fares notfares not being unreasonable
being in issue, the complaint
pose the following plan to provide funds for the payment of the principal
dismissed.
and interest on such equipment obligations in default since March 15 1914: is The opinion says: "This
complaint has been presented largely upon the
The receivers propose to apply the sum of $65,000 during each month contention of unjust discrimination.
It may be that a mileage scale of
beginning July 1 1914 to and including June 30 1915 to the repair of badrates applicable to both State and inter-State
order equipment, to which you call our attention, and this sum monthly Passenger
business somewhat
than three cents per mile would be reasonable in this territory,
will be exclusively devoted to the repair of cars under the various equip- less
and would
if adopted remove the alleged discrimination nett complained of. Without
merit issues until the equipment so covered is in good order.
expressing
an
opin ion as to this, we deem it not improper to suggest its
On the date hereof and on the last day of each month hereafter, the receivers will, if the earnings of the company permit, as hereinafter provided, consideration by complainants and defendants as a possible basis of a fair
deposit at 2% interest with the Columbia-Knickerbocker Trust Co., their adjustment of the controversy.
The Commission on Aug. 17, applying the principles laid down in the
fiscal agent for the purpose. certain sums with instructions that the amounts
so-called Shreveport case, held, on a complaint filed against
so deposited shall be used for
the Atchison
the
purposes of retiring equipment obli- Topeka & Santa Fe and
other roads, that the rate of 45 cents per 100 pounds
gations, principal and interest to sole
date of maturity, maturing on or after on canned goods
in carloads from Galveston. Tex., to Oklahoma City,
March 15 1914, except such as have been heretofore purchased by J. P.
Okla.,
is
discriminatory against Oklahoma City, as compared with the
Morgan & Co. The moneys so deposited will be applied,first, to the payment of all interest upon such equipment obligations to date of maturity, Texas intra-State rate emoted by the railroads to certain north Texas points
and, next, to the payment of the principal of such equipment obligations which compete with Oklahoma City. An order was entered directing the
roads
to cancel the existing rater on Nov. 1 and to put into effect a rate
in the order of their maturity. Annexed hereto is a plan for such proposed
payments, showing at what times payments, interest and principal, on from Galveston to Oklahoma City that shall exceed the rate from Galveston
to Gainesville and Denison, Tex., by no more than 10 cents per 100
particular series of equipment obligations will be made.
Pounds.
If the receivers find themselves in a position to set aside any additional -V. 99, I). 468. 4Ø55s5
sums for the payment of such equipment
obligations during the ensuing
Rhode
Island
Co.
-Tunnel
Opened.
year, these will likewise be deposited with the trust company, under direcThe company has opened the
tions to apply the same,first, to the payment
from North Main to Thayer St.
of interest to maturity, and, (express trains being run betweentunnel
the two points, 2.165 ft.). and disconsecond, to the payment of the matured
principal of such equipment obli- tinued the counterweight system
on College Hill. The saving in running
gations, it being the intention of the receivers to make such provision for
time
from some points is 5 and from others 3 minutes over the old schedule.
the payment of all equipment obligations as will leave all holders thereof
Another departure is in sending the west-bound tunnel cars through Exon June 30 1915 in the same relativeosition
as o June 30 1914.
change Place instead of Market Square and Westminster St.. adding 30
These proposed monthly deposits hlve as a basis an estimate of the net to
the 98 previously run during the 35-minute period ending at 6:20 p• in.
earnings of the company for the ensuing year, such estimate being based The
time limit is less than 17 seconds. When traffic increases it may, it
upon the gross receipts resulting from
operation of the road during the Is said, be necessary to
divert some of the East Side cars through North
earnings
for
fiscal year ending June 30 1914, and inthe
net
the
that
event
the
St. to Market Square to relieve the pressure on the northerly tracks
the current fiscal year do not justify the continuance of such deposits, the Main
in Exchange Place, but this is not contemplated at present. A third
same may be abated in the amount that the actual net earnings fall behind change
is the removal of many cars from Westminster St. the main retail
the net earnings contemplated in the estimate.
thoroughfare. See V. 98,p. 1461.
''t'-r
r.0°141
,
"P^I,
Proposed Payments of Principal of Equip. Obligations Aggregatingl$535,031 67kane & International Ry.
-Adjustment of Relations.
June 1
Feb.
Jan.
See Canadian Pacific Ry. under "Annual Reports."-V.89, p. 594.
Aug. 1
Dec.
1915.
1915.
Date Due. 1914.
1915.
1914.
Pullman Co.-. {Mar. 1914 $12,275
Stockton Electric RR.-New Office.
Series "C" 5% June 1914
Notice is hereby given that the principal place of business of the cor$12,429
dated 1910
poration will on Oct. 1 1914 be removed from San Francisco to Room
_ Sept. 1914
$12,584
R. Winthrop & 1Apr111914
Pacific Electric Bldg., Los Angeles. H. A. Culloden, the Secretary of775,
the
31,000
Co. 43 ;____IOct. 1914
$76,000 Pacific Electric Ry.,is now Secretary of Stockton Elec. RR.-V.76,p. 159.
C. H.& D. Ry.-(April 1914
Tennessee
Railway,
Light
&
34,372
Power Co.-Pref. Div.
Kleybolto 434 %1Oct. 1914
34,372 Deferred.-The directors
have decided to defer the usual
P.-M.Pullman
(Apr. '14
132,000
payment
quarterly
on
the
$10,250,000 6% cumulative pref.
& B, 1911)10ct. '14
5%
132,000
Pere M. Eq. 5% June 1914
stock. An official statement says in substance:
44,000
do
do
Dec. 1914
44.000 "="
1 vie - of the present unsettled financial and business
conditions
throughout the world, the board has decided that the
Total
onlylproper policy is
$12.275 $167,372 $56,429 $12,584 $286,372 to conserve our cash resources in every possible way
until the effect of the
Pere Marquette RR.-Plan to Protect Equipment Obligations.-The committee formed in April last to protect
540
THE CHRONICLE
war is more clearly determined. The:regular quarterly dividend on the
pref. stock will therefore not be paid on Sept. 1.
The dividend of June 1 1914 was made possible through contributions
of the four banking firms which organized the company without the creation of an obligation of any kind. The earnings during the past year have
naturally suffered from the business depression, but it was assumed that
with improving conditions due to excellent crops, and the completion of
construction work, the company could continue to pay the regular quarterly dividends on the pref. stock.
ko-Several large contracts for sale of power were about closed, or under
negotiation, and to provide for the increased business expected,a contract
had been made to purchase a large amount of power from the Brady plant
on the Tennessee River and the construction of the transmission line required for its proper utilization was commenced in May and has just been
completed. This will enable us not only to operate most economically,
but to take on new power contracts as fast as they can be secured.
Owing to the present uncertainty, however, it is impossible to close at
this time several large power contracts which were counted on to materially
increase the earnings. The retail light and power and the street railway
business will depend entirely upon industrial conditions. The company
has financed its requirements until June 1915, when bonds or a note issue
must be sold. There would be no difficulty under normal conditions in
doing this, but we have no precedents for the present situation, and forecasts of earnings or financial probabilities are of no value. The.wise
course, therefore, is to keep our cash position as strong as possible.
v. 98. P. 913.
Texas-Mexican Ry.-Appeal.-A press dispatch says
that an appeal has been taken to the Texas Court of Civil
Appeals from the order appointing the receiver.
xc
The affairs of the company are said to be working out
satisfactorily,
although progress is, of course, slow under present financial
conditions.
The business is being liquidated gradually.
The bank creditors' committee, of which G. M.P. Murphy is
Chairman,
has waived the requirement made last winter that
stockholders raise
$1,000,000 as a prerequisite to a year's extension of time
to the company.
The extension will run out Jan. 1 1915, but the company has
option of
a two-year extension, if necessary. It had been planned tothe
question of a reorganization this fall, but this is being held in take up the
abeyance as a
result of present general financial and industrial conditions.-V.
98, p. 996.
Butte & Superior Copper Co., Ltd.-Earnings.-
Quarters endingNet value (zinc concentrates)
Net value (lead concentrates)
Total
Other income
Total income
Operating costs
June 30'14. Mar.31'14.
$704,781
$638,316
161,540
161.676
$866,321
$799,992
2.896
5,875
$869,217
$805,867
531,974
492,882
Balance,surplus
$337,243
8312,985
The above earnings are computed upon the basis of 4.94
per lb.
for speltor for the quarter ending June 30 1914, against 5.14 cents
cents for the
previous quarter.-V. 98, p. 1539.
California Development Co.-Decision,
Judge Meyers in the Superior Court on March 2 ordered the Southern
Pacific Co. to give a bond for $2,250,000 to indemnify creditors
pending
the appeal from the recent decision of Judge 13ardwell permitting the forePending action on the appeal, the receivership, it is stated, has been closure sale of the ieroperty. The judgments as adjudged are in the order
held up on the promise of officials of the road to open the international named, the bondholdors. New Liverpool Salt Co. and Southern Pacific Co..
bridge across the Rio Grande to traffic. The bridge was to be opened on for about $600.000, $600,000 and $1,800.000, respectively. The Court
Aug. 13. I'resident Brown of National Rya of Mexico says that the bridge continued for two weeks the hearing on a motion for a new trial. The
was closed because the Constitutionalists, controlling the Mexican termi- demand by receiver Holabird that the company's contract with the Imperial
Mutual East Side Water Co. be abrogated was taken under advisement.
nals, refused to give the railroad any of the revenue.-V.99, p. 568.
-V.99, p. 409.
Toledo Railways & Light Co.-City Must Prove OrdiCanada Steamship Lines, Ltd.-Preferred Div. Deferred.
nance Reasonable.-Judge Killits in the U. S. District Court
company, incorporated in June 1914, has decided to
on Aug. 14 on the further hearing of the application of the -The
company to restrain the enforcement of the Schreiber ordi- defer for the present the payment of dividends on the 7%
nance providing for three-cent fares, ordered the city to be cum. pref. stock. President Carruthers says:
Under normal conditions there would not be any question about the diviprepared on Sept.8 to prove that the terms of the ordinance dend
on the preference shares, as the company at the present
has in
the bank ample funds to pay the interest on its debenture stocktime
are reasonable.
next week
and the initial
dividend on the preference shares, but every deThe city must show,the Court said, that the revenue under the ordinance partment of thequarterly
company's business has been disorganized
since the declawould pay operating expenses and leave a surplus sufficient to pay interest ration
Business
of
war.
up
to within ten days ago was even
ahead of last
on the company's securities. This, the Court said, an expert testified at year, but what has troubled the
directors most of all is to try and figure
the hearing last March could not be done. As under the terms of the ordi- what is to happen in the 4 months from
now to the close of navigation. It is
nance the City Solicitor was instructed to apply to the Court to enforce it impossible even to tell whether we will
be able to do any business at all.
as soon as the company refused to obey it, the burden, the Court says, has and for the past couple of weeks a large number
been upon the company ever since March 27 to ask the Court to pass on up in the ports, because they could not get ridof our boats have been tied
of their cargoes into
the question of whether the ordinance is reasonable, but this it has made no elevators
or outgoing ocean vessels. In addition, we cannot tell justthe
at
attempt to do.
our
number
boats
a
large
of
moment
will
be
what
taken over either by the
been
carrying free passengers who refused to pay more
The company has
Dominion Government or by the British Admiralty, and if this happens, of
than three cents fare, at a loss, it is stated, of about $1,000 a day. The course,
it will be impossible for us to have anything like the earning power
Court says that "the morals of the community are being impaired by the
general understanding that passengers may beat the company out of fares we should have under normal conditions.
There is ample grain in the West that will have to be moved out between
merely by showing three cents." Judge Killits stated during the argument that the company could stop the operation of cars on all tracks on now and the end of the season of navigation, and we will not be able to
which franchises have expired, or the city might order it to stop, either tell whether we will have an opportunity to bring it out or not. What the
without interference of the Court, but for the city to stop the cars without shareholders have to consider is that the dividend on the preference shares
arranging for a substitute service would be a calamity for which the city is cumulative, and the payment is only being deferred, and as soon as conditions are normal we could pay two quarterly installments at the one time,
alone might, if it wished, assume responsibillty.-V. 99, p. 408. 344.
making a half-yearly dividend, and in the meantime the cash position of the
Union Pacific RR.-Time Extension.-The company company would have remained strong.-V.99, p. 51.
has granted an extension of time from Sept. 2 to Oct. 2 for
payment of the last installment on U. P. warrants for the
Southern Pacific stock sold last spring to shareholders.V. 99, p. 199.
Union Station Co. of Chicago.-Capital Reduced.-A
certificate of decrease of capital stock from $50,000,000 to
$3,500,000 has been filed at Springfield, Ill.
The $3,500,000 stock, it is said, has been subscribed and a large bond
Issue is proposed. Work on the new $50,000.000 Union Station, it is stated,
will begin shortly.-V.99, p. 200. 122.
Virginia Railway & Power Co.-Listed.-The New York
Stock Exchange has listed $200,000 additional 1st and Refunding M. 5% bonds due 1934, and has also authorized
to be listed $550,000 on notice of sale, making the total to be
listed $12,253,000.-V. 98, p. 1696.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Akron (0.) People's Telephone Co.-Stock Authorized.
The Ohio P. U. Commission on July 16 authorized the company to issue
and sell at par on or after Dec. 31 1915 $380,000 7% cum. pref. stock to
retire $380,000 6% bonds maturing Jan. 1 1916. The Commission denied
the further application to issue $370,000 additional pref. stock, the proceeds
of which it was proposed to use for improvements and extensions, on the
ground that the plans therefor were in too hazy a shape to be capitalized
at this time. There is $500.000 common stock authorized, of which
$411,000 was at last accounts outstanding.
Canadian Coal & Coke Co.-Loan.
-
A Canadian paper some time ago stated that the company had received
a $500,000 loan from American bankers and that an option on the $3,000.000 1st M. bonds had been given to the American bankers who have been
assisting the company in its financing. See V. 98, p. 841.
This bond issue, when sold, will, it is said, provide for the retirement
of the $750,000 short-term notes and the liquidation of the $500.000 loan.
as well as for completing development work,and will also provide ample
working capital.-V.98; p. 841.
Caney River Gas Co.-Earnings.Bond
Gross (less Net (after
Year ending
DepreDivs. Balance.
June 30-- Gas Purch.). Taxes). Interest. elation. (8%). Surplus.
$338,915 $183.142 $14,455 $46,466 $80.000 $42,221
1914
165.576
17,777 61.738 80,000
312,671
1913
6.060
-V. 97, p. 1586.
Chillicothe (Texas) Light & Power Co.-Control.-
See Southwestern Cities Electric Co. below.
(H. B.) Claflin Co., N. Y.-Rumored Plan.-
A plan for the reorganization of the H. B. Claffin Co. and of the 23 retail
dry goods stores which the noteholders' committee is said to be considering
quite favorably, provides, it is rumored,for the yoayment of 15% in cash and
the issue of 3-year 5% notes to the holders of about $42,000.000 of outstanding obligations. The new notes, it is stated, would be endorsed by
President John Claflin, who, it is said, has turned over to the receivers
practically all his personal fortune for the benefit of present creditors,99. p• 410, 345.
Comanche (Lawton, Okla.) Ice Co.-Control.-
See Southwestern Cities Electric Co. below.
Comanche (Lawton, Okla.) Light & Power Co.-See Southwestern Cities Electric Co. below.
Consolidated Gas Co. of New York.-Note Payment.American Multigraph Co., Cleveland.-Usual Divs.The usual quarterly dividend of 1% and the customary extra payment The $5,000,000 43% notes due Aug. 25 will be paid
at
of
% has been declared on the $1,000,000 common stock, payable
Farmers' Loan & Trust Co.-V.98, p. 1696
Sept. 1 to holders of record Aug. 20. being the same amounts as those paid maturity at the
quarterly since Sept. 1913. In March and June 1913 and Oct. 1912 1%
Consolidated Gas, Electric Light & Power Co. of
was disbursed without any extra and in Oct. 1908 3i of 1% -V.
97, p. 1505. Baltimore.-Circular
as to Exchange of Pref. Stock for ComAmer. Pneumatic Service Co.-Subsidiary Div. Decrease. mon Stock, $ for 3.-Treasurer
John L. Bailey, Baltimore,
The Lamson Co., most of whose $2,000,000 stock is owned, has declared
a dividend of 1%, payable to Sept. 30 to holders of record Sept. 12. This Aug. 12 1914, in a circular addressed to the preferred
compares with 3% in March 1914 and Sept. 1913 and 2% in March 1913. stockholders, says in
substance:
The American Co. has declared the regular semi-annual
dividends of 33.
and 1% on the first and old pref. stocks, respectively, payable Sept. %
30
to holders of record Sept. 12.-V. 98. p. 1074.
American Soda Fountain Co.-Decision.-
vice-Chancellor Backus at Trenton, N. J. on Aug. 18. by consent of
both sides,dissolved the temporary injunction
'
obtained in the suit brought
by Alfred Cochran of Brooklyn on behalf of minority stockholders which
restrained the carrying out of the plan providing that the new company,
incorporated in Maine on Oct. 21 1911 with $1.250,000 authorized stock.
shall take over the New Jersey company of the same name (V. 93, p. 287).
It was claimed that the distribution of new securities is too favorable to
the first pref. shareholders and inequitable to the second pref. and common
stockholders of the New Jersey company.-V. 93. p. 1597.
Arizona Copper Co., Ltd.-Earnings.-
Year end.
Tot.Net Deb. Int.,
Lig. Preferred Ordinary
Vol.. Sur.
Sept. 30- Profits. Inc.Tax..&c. Res.
Divs.
Divs.
or Def.
1912-13-£366,774 .C29,124 £130,000 £24,531(55%)£208,986def.£25,867
1911-12 _ _ - 504,108 23,333 170,000 24.531(65%) 246,984 sur.39,260
Total net-profits as above include in 1912-13 £293.987 profit from copper,
against £431,280 in 1911-12 and £72.787 revenue from holdings in other
companies, against £72,828. Carried forward. E13,394.-V. 74, p. 914.
Assets Realization Co.-Reorganization Held in Abeyance.
The company. it is stated, has no interest in the suit filed in Common
Pleas Court, Philadelphia, on Aug. 18, by John Story Jenks and Theodore
Frothingham against various persons to recover balances alleged to be due
on shares of the Plantation Co., a Delaware corporation. The latter enterprise was one with which George E. Shaw and other interests in the Assets
Realization Co. was connected.
The company hereby offers to issue common stock in exchange, share for
share, for preferred stock now outstanding (55,272.4541. Contemporaneously the pref. stock so exchanged will be canceled and retired.
Any pref. stockholder desiring to exchange his pref. stock for an equal
number of shares of common stock may do so by delivering not later than
the close of business on Dec. 19 1914, either to the London Joint Stock
Bank, Ltd., 5 Princes St., London, E. C., England, or to the Continental
Trust Co.. Continental Bldg., Baltimore, depositaries, certificates for such
pref. stock duly endorsed in blank for transfer. The exchange in Baltimore will be made forthwith; in London, temporary receipts will be issued.
upon surrender of which certificates for common stock will be delivered as
eiv
oed from Baltimore.
soonlas
osto
re.ck issued in exchange for
new
shares
pref. stock de-livered to the depositary on or before Sept. 19 1914 will rank with the
existing common stock for the dividend a 1%% (i.e., at the rate of 7%
per annum) accruing and this day declared on the common stock for the
quarter ending Sept. 30 1914; any common shares delivered in exchange
after Sept. 19, but before Dec. 19, will rank with the existing common
stock for the dividend accruing on common stock for the quarter ending
Dec. 31 1914. For the quarter ending June 30 1914 all pref. stock will
receive the regular dividend at the rate of 6% per annum. Deferred shares
not exchanged for common stock will receive the regular dividend at the
rersitodich
oc
rep
fonrthps'
me
haestlixng
olsoeg
d er
enp
olders under powers of attorney must exattorney
to the depositary when delivering
of
power
the
hibit
certificates
for pref. stock. See also V. 99, p. 470.
Consolidated Telephone Co.-New Mortgage.-
The mortgage filed some time since to the U. S. Mortgage & Trust Co.
of N. Y., as trustee, secures an issue of not exceeding $2,000,000 "first
AUG. 22 1914.]
THE CHRONICLE
mortgage" 5% gold bonds dated Dec. 1 1913 and due Dec. 1 1953. but
subject to call, all or any part, on and after Dec. 1 1918 at 105 and int.
Denom. $1,000,$500 and $100(0). Prin. & int. (J. & D.) payable in gold
coin without deduction for any taxes which the company may be required
to pay thereon or to retain therefrom under any present or future law of
Pennsylvania for State or municipal purposes. Of these $2,000.000 1st M.
bonds,$773,800 were issuable forthwith. $400,000 are reserved for future
acquisitions, improvements. &c., on conditions stated in deed of trust and
$826,800 to refund by purchase, exchange, &c., the following existing
$866.000 1st M.bonds at not exceeding 95%,viz.: Lehigh Telephone Co. 5s
of 1901. due 1929. $170.000; Lackawanna Telephone Co. 5s of 1900, due
May 11930,$453,000; People's TelephoneCo.5s. due July 1 1929. $243,000.
A second mortgage was also filed to the Lehigh Valley Trust Co.of Scranton, as trustee, to secure $2,000,000 general mortgage 5% incomes, as
called for by plan of reorganization in V. 96, p. 1704. President. Wm. B.
Given, Hazleton,Pa.; Vice-Prest., H. C. Tresler, Allentown, Pa.; Secretary,
H. W. Daron; Treas., C. J. Kirschner. Hazleton, Pa.-V. 98, p. 157.
Continental Cotton Oil Co.-Dissolution.-
The company, which was incorporated in New Jersey in 1899, has filed in
the office of the Secretary of State of New Jersey notice of the giving up of
its charter in that State. The step is taken, it is stated, because of the
objections made to the methods of conducting business by the authorities
of Texas, in which State the company operates, and also of the laws of New
Jersey known as the "Seven Sisters.
The company had authorized stock
of $3,000,000 each of coin. and 7% cum. pref. stock, of which $1,758.639
corn. and $1,563,002 pref. were at last accounts outstanding.-V.70,p. 688.
Dayton (0.) Power & Light Co.-Exchange of Bonds.-
The Ohio P. S. Commission has authorized the company to issue $2,579,000 additional First and Refunding M. 5% bonds dated June 1 1911, in
exchange, at par, for an equal amount of Dayton Lighting Co. First &
Ref. 5s dated March 1 1907. This is done in order to unify the interest
payments,the interest dates on the first-named bonds being June and Dec. 1
and those on the latter March and Sept. 1. There were recently outstanding $600.000 Dayton Power & Light First & Refunding 5s and $395.000 Dayton Electric light Co. 1st gold 5s, due March 1 1921.-17%98.1).158.
. Duncan (Okla.) Electric & Ice Co.-Control.
See Southwestern Cities Electric Co. below.
Federal Mining & Smelting Co.-Dividend Reduced.--
A quarterly dividend of 1% has been declared on the $6,677,200 cumulative 6% pref. stock, payable Sept. 15 to holders of record Aug. 22. This
compares with
% paid quarterly 1912 to June 1914.
Dividend Record (Per Cent).
Dividends'04. '05. '06. '07. '08. '09. '10. '11. '12. '13. 1914.
Com., incl. ex_ _ _ 43 10 17 1434 0 13. 0 0 0 0
Pref. (7% cum.)_
In full to Dec.1911- 6 6 1% %
An official statement says: "In view of the stagnant condition of the
metal market, the directors have deemed it advisable to order the closing
of the Morning Mine. the largest producer of the company. In consequence of the above, the usual pref. dividend of 1)4% payable Sept. 15,
has been made 1%, which the company expects to be able to maintain.
provided the metal market suffers no further setback."-V.99. p. 52.
Granby Consol. Smelt., Min. & Power Co.-No Div.-
The directors have decided to omit the usual quarterly payment made in
Sept. From March 1913 to June 1914 1)4% was distributed quarterly.
Previous Dividend Record (Per Cent).
1903. '04-'05. 1906. 1907. 1908. 1909. 1910. 1913. 1914.
9
4
12
1(No.1) None
2
1
6
98, p. 1611.
Grand Rapids( Mich.) Gas Light Co.-Mortgage-Proposed Plan.-The Michigan RR. Commission on Aug. 14
authorized the company to issue $1,500,000 1st M.5% gold
bonds to be dated Feb. 1 1915, to provide for the $1,500,000
1st M.5% bonds maturing on Feb. 1 1915. The bonds are
issued under a new mortgage dated Aug. 1 1914, securing an
authorized amount of $7,500,000 bonds running for 25 years.
Denomination $1,000, &c. Subject to call on any interest
date at 105 and int. It is the company's present plan to
offer the holders of old maturing bonds the privilege of exchanging the same for the new issue, but on what basis is
not yet known. The exchange will not be made, however,
until the maturity date arrives. It is said that in case any
of the new bonds remain unexchanged, they will be marketed
at par and interest.-V.96, p. 1843.
Harwood Electric Co., Phila.-Pref. Dividend Deferred.
The directors have decided to defer the payment of the semi-annual
distribution usually made in September on the $688,000 6% cumulative
pref. stock. This, it is stated, does not mean that the dividend is finally
passed, as at the close of the year the directors will consider the declaration
of a dividend for the fiscal year then ended.-V.96. p. 1366.
Howard Gas Coal Co.-Bonds Called.-
Two first mortgage 6% bonds, Nos. 15 and 133. dated July 1 1904,
for
Payment on Sept. 5 at Real Estate Trust
Co,Phila.-V. 98, P• 1922.
International Steam Pump Co.-No Action Taken.The directors yesterday adjourned until Aug. 25 their meeting to consider the payment of the bond interest, due Sept.1.
In
addition to 1st M.interest duo Sept.
1 amounting to $237,170, there
are understood to be outstanding
maturing in October. For the yearabout $1',150,000 collateral trust loans
interest charges was $215,628. Theending Sept. 30 1913 the surplus.after
results for the current year are generally expected to be considerably less
favorable and readjustment plans
have, therefore, it is believed, been
receiving attention.-V• 99, p. 123.
541
Keystone Telephone Co. of Philadelphia.-Listed.The New York Stock Exchange has listed $582,000 additional
1st M.5% 30-year bonds due 1935, making the total amount
listed $6,025,000.
Total Expenditures (5939,520) on Account of Which $582,000 Additiona
Bonds Were Issued.
Commission and expense in sale of bonds
$150.000
Purchase 297,532 feet conduit, $121,534; 228.217 feet cable, 305,065
$183,532
4,027 telephones, switchboards and equipments. $305,826; aerial
and toll lines, city and suburban. $151.789
457,615
Real estate, including shop building
26.840
Earnings.-For years ending June 30:
Gross earnings__ _ ------$1,196,491 Other interest charges
Net, after tax,
es -4cc
640.745 Renewal reserve
es
Deduct-Bond interest__ _
292,219 Balance, surplus
-V.99, p. 273.
$19337:422985
117.803
Knox Hat Mfg. Co., Brooklyn, N. Y.-Consolidation.-
The N.Y.Supreme Court on July 20 dismissed the suit brought in March
last by Robert J. MacFarland and Charles E. Metzger, minority stockholders of the Hat Mfg. Co., to restrain the consolidation of the company
with the E. M. Knox Retail Hat Co., a settlement having been arrived at.
The syndicate headed by C. G. Brazier of Boston, who in June 1913 obtained control, has, it is reported, arranged to incorporate a new company
with $5,000,000 stock, to take over both concerns.-V.97, p. 1206.
Laurentide Co., Ltd.(Paper Mfrs.), Grand Mere, Que.
The shareholders, it is stated, will be asked to authorize a new issue of
6% bonds to a total of possibly $2,500,000. to provide for the retirement,
at or before maturity, of the present bond issue of $1,200,000. of which
$360,100 have been retired, and for completion of the power development
and extensions to the paper plant. See V. 97, p. 664. 240.
Louisville Gas & Electric Co.-Bonds, &c.-
See Kentucky Pipe Line Co.in V. 99,p.472.-V.97,p. 1507,731.
Mahoning Investment Co.-Dividend Reduced.-
A semi-annual dividend of 1% has been declared on the $4,200.000 stock.
payable Sept. 1 to holders of rec. Aug. 25, comparing with 15% semi-annually in 1912 to Mar. 1914 incl. In Aug. 1907 and Feb. and Aug. 1908
2% was disbursed.-V. 97. 1i• 593.
Mallory Steamship Co.-Stock Reduction.-
See Atlantic Gulf & West Indies SS Lines V.98,P.1314.-V. 88. p.234!
Mangum (Okla.) Electric Co.-Control.-
See Southwestern Cities Electric Co. below.-V. 97, p. 668.
Monon Coal Co.-New President.-
George G. Yeomans has been elected President to succeed Frederic A.
Delano, who filled the position temporarily after the resignation of Harry
N. Taylor.-V. 93, p. 50.
New York & Cuba Mail SS. Co.-Stock Reduction.-
See Atlantic Gulf & West Indies SS Lines V.98, p. 1314.-v.89. p. 229
New York Mills.-Sale of Bleachery.-
The stockholders will vote Aug. 31 in the village of New York Mills,
Oneida County, N. Y., on selling the bleachery and machinery therein
and the lands appurtenant thereto, to the Oneida Bleachery, incorp.
(a domestic corporation), in exchange for $299.500 of the latter's $300,000
authorized capital stock (par $100 a share).
W. L. Lowry is now Sec.; Wm. Pierrepont White is still President.
V.08, p. 1540.
New York & Porto Rico SS. Co.-Stock Reduction.Northern Central Co., N. Y.-Sub. Co. Bonds.-Status.
See Atlantic Gulf & West Indies SS Lines V.98.P.1314.-V. 88, p. 235
The Northern Central Co. was incorporated in Delaware Feb. 4 1913
and on May 14 increased its capital stock from 51,000,000 to $4,000,000
(Par $100) consisting of $500,000 cum.(6%) pref. (subj. to call) and $3.500,000 common, none of the pref. and only $1,955,000 of the common
being outstanding. No bonds authorized or issued. The company now
owns control of the Northern Central Gas Co. (V. 95, p. 240) and the
Northumberland County Gas & Electric Co. (V. 93, p. 1606; V. 94, 1).
1190) and the Columbia & Montour Electric Co.
IT. D. Walbridge; V.-P., J. K. Andrews; Sec., H. S.
Officers:
Pres..
F. E. Haag. Office .14 Wall St., N. Y.
Brown; Treas.,
Nova Scotia Car Works, Ltd.-Dividend Omitted.-
The directors have, it is reported, decided to omit the usual quarterly
dividend on the $800,000 7% cum. let pref. stock. Nothing, it is said,
has been done since the early spring, when 180 cars were completed, and
prior to that there was a long period of idleness. There is also outstanding
5220,600 7% non-cum. 2nd pref. and $345.200 6% non-cum. 3rd pref.
stock.-V. 97, p. 55.
Ohio Cities Gas Co.-Preferred Dividend.-
A quarterly dividend of 11107 was paid on the pref. stock, which is entitled to 531% Per annum. It is intended to make the next two payments
on Oct. 1 and Jan. 1 also 1 I%,and that for the last quarter of the year.
payable Apr. 1 1915, 13%.
-V. 99. P. 473, 274.
Ohio Oil Co.-Extra Dividend Omitted.-
A dividend of $I 25 (5%) has been declared on the $15.000.000 stock
(par 825). payable Sept. 21 to holders of record Aug. 25. This compares
with $1 25 and 75 cents in Mar. and June last and 51 25 and $6 75 in Dec.
1913. In Sept. and June 1913 75 cents extra was also paid. and in March
1913 $1 extra. In 1912. $I 25 was distributed quarterly, but without
any extra.-V. 98. p. 917.
Pecos Valley (Artesia, N. M.) Gas & Electric Co.-
See Southwestern Cities Electric Co. below.
People's Gas Light & Coke Co. of Chicago.-Listed.-Interstate Telephone & Telegraph Co. (of N. J.).- The New York Stock Exchange has authorized to be listed
on and after Aug. 25 the $3,500,000 additional capital stock
Vice-Chancellor Backes in the Court of
Chancery at Trenton, N. J.,
on Aug. 18 appointed James
of that city receiver of the property recently offered to shareholders at par, on notice of payon application by Edward S.Kearney
Green
of New York ,a bondholder, interest ment in full, making
on the bonds being in default. "Newark
the total amount listed $38,500,000News" a Aug. 12 said in substance: "Mr. Green charges that there
has been gross mismanagement and V. 98, p. 842.
that plant and equipment have been
quent failing off in business. The permitted to deteriorate, with a consePittsburgh Steel Co.-Preferred Dividend Deferred.company operates through New Jersey,
.
more particularly in the central
filiated with the Independent and southerly counties. It has been afAccording to Mr. Green, the Telephone companies of Pennsylvania.
company has outstanding $599,250 capital
stock, ‘1,000.000 1st M. bonds
and $2,231,500 2nd M. bonds, while a
report filed with the P. U. Commission
shows that the property during the
year 1013 was operated at a loss
of $34,563, not including a default of
$111.575 in interest upon its 2nd M.
officers, has a value of $1.846,662." bonds The plant, according to the
Vance
of Wheeling. W. Va.. until recently It is alleged that James M.
President has disposed of his large
holdings in the property to other
as 5230,000. See V.96,p.866. interests. The annual income is stated
Kansas Natural Gas Co.
-Decision.The U. S. Circuit Court of Appeals.
at St. Paul, Minn., has rendered a
decision that the receivers appointed
were
lawfully appointed and entitled to take by the Kansas State courts
charge of the properties of the company. The Federal receivers have
turned over to the State receivers all
books, money and other assets in their
possession. The funds turned over
include, it is stated. $1,000.000 in
cash, which will be available for extension of lines in Kansas, Oklahoma
and
so that an adequate
supply of natural gas may be supplied forMissouri,
the coming winter to domestic
and industrial consumers.
The Superior Court of Tulsa County,
R. W.
Kellough. a Tulsa attorney, receiver of the Okla., has appointed
company, the /garnet Mining
Co. and the Kansas City Pipe Line, the latter
two being leasing and Pining
subsidiaries of the Kansas company. This
is done to protect the State of
Oklahoma in its jurisdiction of the Property
of the three companies, the
Federal Court in Kansas City, Mo..and the Kansas
Court at Independence,
Kan., having each appointed receivers for them.-17.
99. p. 472.
An official statement says: "The directors have decided to defer the
declaration of the dividend on the preferred stock ($10,500.000 7%
cum.)
which is usually payable on Sept. 1. They do this in the interest of
the
company, for the purpose of conserving its cash resources and protecting
its credit. This action is taken notwithstanding the fact that the dividend
has been more than earned during the past 3 months. The uncertain
condition growing out of the European war has largely influenced this
action.-V. 97, p. 884.
Poole Engineering & Machine Co. Founders and Machinists, Woodberry, Baltimore, lid.-Reorganization.A reorganization has recently been effected of the Poole Engineering &
Machine Co. at Woodberry. Baltimore. Md., which company succeeded
the old firm of Poole & Hunt, a leading industrial enterprise of
the city
for nearly 70 years. Under the reorganization. S. Proctor Brady, for some
years V.-Pres, of the Fidelity Warehouse Co.. becomes President, succeeding Robert P. Simpson, who becomes Treasurer. Other officers are German II. H.Emory, V.-Pres.; John A. Finney, Sec.; Eli Frank, H.
Harris and H. R. Moyer. new directors. It is understood Patterson
the
capital stock is now 51,000.000. and that a mortgage has been filedthat
to Fidelity Trust Co. of Balt., as trustee, to secure $500,000 1st M.30
-year
bonds.
The constituent properties were organized as follows; Poole &
Ferguson,
1843; Poole & Hunt. 1851; Robert Poole & Son Co., 1889,
and Poole Engineering & Machine Co., 1903.
The plant occupies a 20-acre site and includes large foundry
and machine
shops, the foundry having an hourly capacity for 20
cranes having a capacity up to 50,000 lbs. It made thetons of iron and its
original
for
the dome of the Capitol at Washington.and is now
manufacturing
th
castings
est moulded gearings and turret tracks and
racks
for Used the
man
g e ea
542
battleships of the United States. In addition to the Poole Co 's wellknown lines of machine-moulded gearings, pulleys and power-transmission
facilities, it is the purpose of the new organization to enlarge its field of
operation, adding new lines as required. Additional capital has been furnished and new methods adopted to bring every department of the concern
up to a modern equipment.
Procter & Gamble Co., Cincinnati.-Earnings.-
The company has Issued a condensed statement of earnings for the year
year:
ending June 30 1914, which we compare with those of the previous
1912-13.
1913-14.
Total volume of business done by company and
$65,822,080 $55,913.797
constituent companies
Net earnings after all reserves and charges for
deprec'n, losses, advertising and special in3,813,111
4,247,706
troductory work
180,000
180.000
Dividends on preferred stock (8%)
$3,833,111
$4,067,706
Balance for common stock
to about
The balance for the common stock in 1913-14 is equivalent
the earnings and the volume of
Both
amount.
outstanding
the
on
%
323-i
1923.
p.
new
98.
records.
established
-V.
stated,
is
it
have,
business
Pure Oil Co.-No Dividend.-
The directors have decided to omit the usual dividend on the $4,535,245
common stock. In March and June last 5% was paid.
Dividend Record of Common Stock (Per Cent).
1914.
1911.
1910.
1906 to 1909.
5,5,0.20
sx
12)
8 yearly.
exports
all
off
shut
has
war
"The
European
says:
Murphy
President
of refined and lubricating oils and wax, this being about 70% of the total
business. As no one is able to tell how long the disturbance in Europe will
last, the directors considered it a wise plan to conserve its cash to meet
any unexpected demands on account of this trouble.
war not only affects the Pure Oil Co.,with its refined and lubricating oils, but extends clear back to the fields and pipe lines. Unless there
is some outlet provided, which at this time seems very remote, all branches
of the business, including producing and transportation of Pennsylvania
crude, must be at a standstill.
The earnings of the company are the best in its history. The month of
July shows net of $275,922. and the total net earnings for the 7 months
of the year, $1,723.504. However, most of the earnings for the last two
months are represented by oil, both crude and refined, the company having
800,000 barrels of crude in storage in Oklahoma and large stocks of the refined ready for delivery at Marcus Hook.
"We believe that, even with the above excellent showing you will agree
that your board has acted conservatively and wisely."-V.99, p. 411. 347.
Quanah (Texas) Light & Ice Co.-Control.-
See Southwestern Cities Electric Co. below.
Rockland Light & Power Co., Nyack, N. Y.-Merger.-
An order made by the P. S. Commission of N. Y. State on April 28 1914
(recently given publicity) authorized the company to issue $463,000 common stock (all sold) in order (a) to acquire the entire capital stock of the
Rockland Electric Co. of New York and to acquire and discharge some
$202,000 notes of that company; (b) to acquire $12.000 capital stock of
the Rockland Electric Co.of New Jersey and to discharge its $15,000 notes,
&c.; (c) to pay current obligations of the Rockland Light & Power Co.
Incurred for capital purposes. The company's total outstanding funded
debt on Dec. 31 1913 was $650,000, viz.: (a) $45.000 Nyack Gas Light &
Fuel Co. let 20-year 5s. due April 1 1918. (b) $605.000 Rockland Light &
Power Co. 1st M.30-year 5s, one Nov. 1 1938 (total auth. Issue, $1,000,000
-see V. 88, p. 104). Pres., D. E. Manson, 201 Devonshire St., Boston.
"Albany Argus" Aug. 7 said: "The generating plants at Orangeburg
and Hillburn, N. Y., will be connected by a transmission line and operated
in conjunction, and the Hillburn plant, the main generating station for the
system, will be largely extended. Among the communities to be affected
by the merger are the villages of Haverstraw, West Haverstraw, Spring
Valley, Nyack, Upper Nyack, Grand View, the towns of Stony Point,
Haverstraw, Ramapo, Clarkstown, Orangetown and the unincorporated
village of Thiells. In New Jersey the improvements will affect Milburn,
Suffern. Tallman, Hohokus, Orvil, Franklin, Mahwah, Wykoff, Ramsey,
Allendale, Cragmere, Saddle River and Upper Saddle River.
Boston.
Properties under Management of Charles H. Tenney &
80Pow Co.
Co.'
Montpelier & Barre Light
American Tar Co., Boston, Mass.
Barre&Montpeller(Vt.)Tr.&Pow.Co. North Boston Lighting Properties.
Bristol & Plainville Tram.Co.(Conn.)
Concord (N.TI.) Electric Co.
People'sGas&EI.Co.of0swego,N.Y.
Consol. Ltg. Co., Montpelier, Vt.
Rockland Electric Co., Closter, N.J.
Exeter & Hampton Electric Co.
Exeter Hampton ,!‘ Amesbury St. Ry. Rockland Elec. Co., Milburn, N.J.
Rockland Light & Power Co.
Exeter Railway & Lighting Co.
Fitchburg (Mass.) Gas & El. Lt. Co. Salem (Mass.) Electric Lighting Co.
Springfield (Mass.) Gas Light Co.
Haverhill (Mass.) Electric Co.
Malden (Mass.) Electric Co.
Suburban Gas&El.Co.,Revere.Mass•
Malden & Melrose Gas Light Co.
Compare People's Gas & Elec. Co. In V. 99, p. 473.-V. 89. p. 415.
San Antonio (Tex.) Land & Irrigation Co., Ltd.-
Judge Burns in the U. S. District Court at San Antonio, Tex., on Aug. 13
appointed Floyd McGowan of San Antonio as receiver on application of
the Empire Trust Co. of New York, mortgage trustee, the interest due
May 1 being in default. The earlier newspaper report that a receiver had
been appointed for the controlled Medina Irrigation Co. on the same dayis
not confirmed.-V. 99, p. 473, 411.
South Penn Oil Co.-Dividends Suspended.-
The directors have decided to omit the payment of the usual quarterly
dividend in September on the $12.500,000 stock. From Dec. 1913 to June
1914,3% and 2% extra were paid, and in Sept. 19133%,without any extra.
Payments of 10% quarterly were made on the former amount of $2,500,000
(prior to the payment of a 300% stock dividend, &c.) from June 1912 to
Tune 1913. both inclusive.
An official statement says: "The suspension of commerce between the
United States and the European countries now engaged in war has caused
such general and serious depression in the petroleum oil industry that the
directors, believing it to be for your best interest to do so, has decided to
suspend for the present the payment of dividends."-V. 98, p. 614.
Southwestern Cities Electric Co., N. Y.-Holding Co.
This company was organized in Sept. 1913 under Delaware laws to develop public service properties. Although no public offering has been
made, a syndicate headed by A.D.Converse & Co. expect to make a public
offering of the pref. and common shares in the fall. We have the following:
Issued.
CapitalizationAuthorized.
Common stock (par $100)
$44.000,000 $1,400,000
700.000
Cumulative pref. stock (par $100)
2,000,000
The pref. shares are entitled to dividends at rate of6% p. a. to Sept. 1915
and 7% thereafter, participating equally with the common shares after
each has received 7%. Redeemable at 125 and div. on 30 days' notice.
Dividend period quarterly, Dec. 15, &c.
Eq. Tr. Co., N. Y., registrars; Guar. Tr. Co. of N. Y., transfer agents.
Service Rendered.
Location.
Properties ControlledLawton, Okla.
Flee. light & power
Comanche Light& Power Co
Ice
Lawton, Okla.
Comanche Ice Co
Mangum El. Co. (bonds out $150,000. V.96, p. 1159: V.97. p.668)_Mangum, Okla. Elec. It., pow.& ice
Pecos Vail. Gas& Elec. Co.of N.M _Artesia, N. M. Elec. It., pow.& ice
Elec. It., pow.& ice
Quanah, Tex.
Quanah Light & Ice Co
Chillicothe, Tex. Elec. It., pow.& ice
Chillicothe Light & Pdwer Co
Duncan El. & Ice Co.(bds..350,000)_Duncan, Okla. Elec. It., pow.& ice
Statement of Earningsfor the Year Ending June 30 1914.
$10,000
Gross
$183,0451Bond charges
42,000
Net (after taxes)
$90,35116% $700,000 preferred
38,351
common
on
2.75%
to
equivalent
Surplus,
The net earnings, as computed by the accountants for the 12 mos. ending July 31 1913 (being prior to the consolidation), amounted to $71.992.
The entire consolidated management was taken over by Mr. Keys
Nov. 1 1913. Between this date and Apr. 1 1914 considerable time was
taken in putting in new units at Quanab and building a 14-mile transmission
line to connect up Acme. Quench and Chillicothe, in order that new contracts exceeding 500 h. p. could be put on the line, and these three centres
be operated from the one station. As a result, the four months ending
June 30 1914 show increase in net at a rate exceeding 27% in comparison
[VOL. xc rx
THE CHRONICLE
with the same period of 1913. If this same ratio is maintained, the net for
the current year will exceed $106,000. leaving a surplus amounting to
3.87% on the common. The management expect, however, that an even
lItl,bgeas
gh
seliw
or.
eed
rexh
traie
ere
lee
in
tironoof e
greeterrfate
other properties or plants, or the
ea
acquired
be
"without the written consent of the holdcan
thereof,
control
ardnianngs
ee
eu
d ofutssute
enthiss
ehtehre
flythw
ahndpirnogpeprre
r
xeepdts oon
oto
ethir
e, s
ties
pfantrersmo
eo
cpklan
tots:this
of
gether with the annual earnings of plants and properties then owned or
controlled, shall have been at least 50% in excess of the combined fixed
pref,
the
stock
of
requirements
outstanding
and to be issued for
dividend
the acquisition of such new plant or property."
J. G. White & Co. report that the properties are in good physical cona
o
di
m
si
b
w
u
e
s
n
r
e
o
h
yy
f
t
re
n
s
t
n
n
wm
no
geo
llpb
i
em
in
r
d
ae
i
n
tau
i
n
r
ts
eq
a
u
are t
iohneraendtho
ditT
comparatively
.
11)
ad
2du000lse
es$
1st M.5% bonds; $150.0000f these will ultimately be retired by sinking fund
covenants
that
company
it
will
Southwestern
not permit any addiand the
tional bonds to be issued on any of its subsidiary properties without the
written consent of the holders of two-thirds of the pref. stock.
Wistar
Morris
and
Stroud Jr. of Philadelphia;
Directors.-Frank Battles
Frank Enos and A. D. Converse (V.-Pres.), New York; B. L. Search
(Treas.), Rochester, N. Y.; John C. Keys (Pres.), Lawton, Okla.; W. L.
Maloney, Wilmington. Dale.
Standard Oil of Kansas.-Dividends Suspended.-
The directors have decided to omit the payment of further dividends in
1914. On June 15 1914 3% was paid, comparing with 3% and 7% extra
on Feb. 28 and 3% and 10% extra on Nov. 29 last, anc1.3 and 7% extra
'
stock was increased
from 1.000.000
on Sept. 301913. On June 30 1913 the
old capitalzaton having been 31
by a 100% stock div., payments on the extra
on Feb. 28 and 3% and 2%
and 7% extra on June 30, 3% and 4.7e
to the stockholders says: "In
extra on Dec. 14 1912. A statement issuedtrade
and the rather uncertain
view of the slackening of the petroleum
deemed it wise to conserve the refinancial outlook, the directors have payment
of further dividends during
sources of the company and omit the
the year 1914."-V. 98, p. 1541.
(A. L.) Swett Electric Lt. & Power Co., Medina, N.Y.
The P. S. Commission on Aug.3 authorized the company to issue $34,000
e% 20-year gold bonds, to be sold at not less than 90, to net $30,000, to be
relfuadnzugnMto
r3pyOgs„r
ern
outstanding
utusr
ou
ue
oaibIe
onfitiiriltti..aty
appliedso
be reserved to retire, $ for S. all
gold bonds, from whrch sufficient are to
then issue and sell, at
outstanding prior lien bonds. The company mayold
bills payable of 1911.
the
discharge
to
bonds
of
not less than DO.$303,000
-V.93, p. 875.
(Seth)Thomas Clock Co.,N. Y. and Thomaston,Conn.
with the Secretary of State
The company has recently filed a certificate
limit of capital stock from $600.000
at Hartford, Conn.. increasing theto
$1,000,000, to consist of $800,000
(all common and all outstanding)
(callable at 120% after 3 years),
common and $200,000 pref. 7% cumulative
May 27 were allowed to subscribe
all in $25 shares. Shareholders of recordLane,
N.Y., on or before June 30
at par at office of Treasurer,15 Maiden
for the $200.000 pref.. each to the
for the $200,000 new common and also Subscriptions
are payable to Treasextent of 33 1-3% of present holdings.
tol participate in Nov. I
urer on or before Sept. 1 (the new stock in this case
was nearly all sub.
issue
The
11915.
optionally
March
1914 dividend), or
the construction of a
scribed. The proceeds will be used next year for
the floor space
enlarging
Thomaston,
at
owned
now
land
on
factory
new
efficiency of the plant through bring20% or 25% and greatly increasing the
as a continuous process. Diviing the main operations under one roof
was incorporated in 1853
dend periods on both stocks, Q.-F. Company
the rate of recent years (since 1900)
and has had a long dividend record, or
debt
outstanding. Pres.,
funded
mortgage
No
a.
6%
been
having
p' Thomaston, Conn.; Treas., Seth E. Thomas Jr., and
Wm. T. Woodruff,
Sec., A. S. Hamlin, N. Y. City.
Union Oil Co. of California, Los Angeles.-Dividend
Action Rescinded-Time for Sale of New Stock Extended to
Kellogg in circular of Aug. 11 says:
April 1 1915.-Sec. Giles
the boards of directors of the Union Oil
Co. of
At special meetings of
Petroleum Co., held on Aug. 11
lifornia, Union Provident Co.and United
unanimously adopted:
the following resolutions were
1914,
Ca
conditions prevailing in Europe
"Resolved, That, in view of the abnormal
this board atits meeting of July 16 1914 in dn_
and America, the action ofpayable
Aug. 25 1914 to stockholders of record
daring a dividend of 2%.same
is. hereby rescinded. (V. 99, P. 204).
the
July 311914. be, and
between this company and Andrew Weir
"Resolved. That contract
of London. relating to the sale of treasury stock of
and R. Tilden Smith
the same is, hereby extended to April 1
Union Oil Co. of California. be, and
I915," (V. 98, p. 1698. 1465, 1396.)
in Europe of what threatens to be the most disThe sudden outbreakand
the consequent demoralization of international
astrous war in history, doubtless,
every thoughtful stockholder
business relations, has,as reached brought
by the directors. About 20% of the
conclusion
same
to the
is
of
California
foreign trade, and this portion
Co.
Oil
business of the Union
be more or less liable to serious interruptions
of the company's business willFinancial,
as
as manufacturing and merwell
come.
to
months
for several
are bound to feel the stress and strain of
cantile, institutions in America
i
nis.
onioo
eliat
ldurn
itailoninofwtohre
osv
phpea
ue
Th
the
Co. of California at this time is exceptionhas approximately $10,000,000 of quick assets,
ally strong. The company
is cash on hand and in banks, against
$1,000,000
than
more
of which
The current assets have largely
floating liabilities of about $3,500.000.
increased and tho current liabilities have lagrely decreased since the date
-Dec.
31
report
1913
(V.
annual
98, p. 1153).
of the last
The company's business for the six months ending June 30 1914 was
believed the complete figures will show net
very satisfactory, and it is the
figures for the first half of the year 1913.
profits equal to or exceeding
have for the reasons named felt it necessary
to
Your directors, however,time
this
at
against
all contingencies.-V.99,p. 474,347
assets
the
conserve
Union Tank Line Co.-Dividend Notice.-
The company announces, in connection with the declaration of the regular semi-annual dividend of 23 % on the $12,000,000 stock, payable Sept.
25 to holders of record Sept. 4, that on account of disturbances abroad,
dividend checks for foreign stockholders will not be forwarded, Canada
excepted, until the mail routes are permanently restored, unless such stockholders acimowledge the receipt of the dividend notice and furnish definite
instructions for the mailing of checks.-V.98. p. 615.
Glass Co., Pittsburgh.-E
United States
Manufacturing
June 30.
Year1913-14
Profits.
$161,435
77,382
Other
Extraord. OlassplaL
S
n.ingII
rd
Income. Exp
Surplus.
Co.Rep.
3154
$15 ,448
0152
1
1:2
313
116
$25,997
-V.97.
States
11 12.
137
9
U-IIied
-1912.
Worsted Co., Boston.-Earnin3
924
;
g8
"Boston Post," Aug. 9, had substantially the following:
six months to June 30
the United States
For its first half-year, the
profits of about $235,000.last.
This includes nearly
Worsted Co. realized net
Into property and which probably
back
put
was
which
will not show
$60,000
Had
wool inventories been taken on the basis of
up in income account.
for the half-year would have easily reached $350.000,
profits
prices,
30
June
7% dividends on the 35.000,000 pref. Considering diffior the full year created
by the new tariff and the general depression in
cult conditionsfirst half of
1914, this showing is regarded as very favorable.
the
in
business
are busy. The weaving mills at Lawrence are running
All of the plantsthe
departments are working virtually night and
full time, while at spinning
the rate of 180% daily production, and the Silesia at
day, the Saxony
the rate of 160%.-V. 98, p. 1005. 767.
Western Canada Public Utilities, Ltd., Montreal.-
See Western Canada Power Co., Ltd., under "Annual Reports."-V.96,
Sold
P. Yaryan Naval Stores Co., Brunswick, Ga.-PlantF'endig
The Empire Investment Co. of Brunswick, Ga., of which Albert
purchased for3425.000,at receiver'e sale,the Brunswick
is President,recently
by the Court.
plant of the company. The sale has not yet been confirmed
which
reported,
is
appeared for the Gulfport. Miss., plant,and
it
bidders,
No
E.
Yaryan
'I'.
Homer
July27.
James
on
S.
Brailey Jr.,
as to be sold
TV. Stetson are receivers.
•
AUG. 22 1914.]
THE CHRONICLE
543
pports anti Potnintixts.
PM... AS ADVERTSLMENTS
CANADIAN PACIFIC RAILWAY COMPANY
THIRTY-THIRD ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1914.
To the Shareholders.
requiring the railway companies to provide a Union Passenger
The accounts of the Company for the year ended June 30th, Station and Joint Terminals commensurate with the pas1914, show the following results:
senger traffic of the City, and to eliminate grade crossings by
$129.814,823 83 the elevation of their tracks in the Joint Terminals on the
Gross Earnings
87,388,896 15 water front, the Toronto Terminals Railway Company has
Working Expenses
$42,425.927 68 been organized with the sanction of Parliament, and a conNet Earnings
10,227,311 17 tract has been made between your Company, the Grand
Deduct Fixed Charges
$32,198,616 51 Trunk Railway Company of Canada and the Toronto
125,000 00 Terminals Railway Company for the construction and operContribution to Pension Fund
332,073,616 51 ation of the Union Passenger Station and Terminals, which
fixes the rental to be paid by each company for the use of the
Deduct Net Earnings of Pacific Coast Steamships, Commercial Telegraph and News Department, transferred
2.115.842 15 facilities at five per cent per annum on one half the amount
to Special Income Account
of the Terminals Railway Company securities outstanding at
329.957,774 36 any time,provides for the joint and
several guaranty by your
From this there has been charged a halfCompany and the Grand Trunk Railway Company of Canada
yearly dividend on Preference Stock of 2%,
paid April 1st 1914
31.545.02680
of the payment both as to principal and interest of the said
And three quarterly dividends on Ordinary
securities, and establishes the basis on which the expense of
Stock of 1%% each, paid January 2nd
1914, Aprll 151 1914 and. June 30th 19i4_12.600,000 00
operating the station and terminals shall be divided between
14.145,026 80
the companies. The Dominion Government and the City of
315,812,747 56 Toronto will participate in the expenae of carrying out these
From this there has been declared a second
works on a basis to be determined by agreement between the
half-yearly dividend on Preference Stock,
payable October 1st 1914
parties, or to be settled by the Railway Commissioners of
31.564,493 46
And a fourth quarterly dividend on Ordinary
Canada, but it is estimated that the portion of the cost to be
Stock of 1 %,payable October 1st 1914_ _ 4,550,000 00
6.114,493 46 borne by the Terminals Company will be approximately
$12,000,000. The contract will be submitted for your conLeaving net surplus for the year
39,698,254 10
In addition to the above dividends on Ordinary Stock,3% was paid from sideration and approval.
8. An agreement has been reached between the Kettle
Special Income.
THE FOLLOWING ARE THE DETAILS OF SPECIAL INCOME Valley Railway Company and the Vancouver Victoria &
FOR YEAR ENDED JUNE 30TH 1914.
Eastern Railway Company, covering the use by the latter
33.358,941 93
Balance at June 30th 1913
company for its trains of the Kettle Valley line between Otter
1,500,000 00
Less Dividend paid October 1st 1913
$1,858,941 93 Summit and Hope, a distance of about 54 miles, and for the
492,136 05 like use by the Kettle Valley Company of the Vancouver
Interest on Proceeds Land Sales to October 31st 1913
1,139,461 48 Victoria & Eastern.
Interest on Deposits and Loans
Company's line between Princeton and
Interest from Minneapolis St. Paul & Sault Ste. Marie Ry.
159,720 00 Otter Summit, a distance of about 38 miles, all in British
--Bonds----50.160 00 Columbia. In each case
Interest from Mineral Range By. Bonds
the lessee undertakes to pay a rental
Interest from Toronto Hamilton & Buffalo Ry. Bonds
10,840 00
Interest from Dominion Government Bonds for half-year_..91,250 00 equal to two and one-half per cent per annum on the cost of
Interest from Ontario Government Bonds for half-year
24,000 00 the other company's line used in common,
and its proportion
Interest from British Consols for half-year
57,284 72
of the cost of maintenance. By this means the unnecessary
Interest from Montreal & Atlantic Ry. Bonds and on other
Securities
348.472 18 duplication of 92 miles of railway through a difficult
country
Interest from Berlin Waterloo Wellesley & Lake Huron By.
Bonds
17,040 00 is avoided. Inasmuch as the Kettle Valley Railway Company
Interest from St. John Bridge & Ry. Extension Co. Bonds
5.437 50 has been leased to your company, your consent is required to
Interest from Esquimault & Nanaimo By. Bonds
193,280 00 make the agreement effective,
and, therefore, the agreement
Interest from Dominion Atlantic By. Extension Debenture
Stock
50,068 27 will be submitted for your sanction.
Interest from Dominion Atlantic By. 2nd Debenture Stock.
36.986 67.
lease
for
999
years
A
of
9.
the
Lake Erie & Northern Rail125,000 00
Dividendon Esquimault & Nanaimo By.Stock
Dividend on St. John Bridge & By. Extension Co. Stock---70.000 00 way,extending from Port Dover, on Lake Erie, through Sim200,000 00 coe, Waterford, Brantford and Paris, in Ontario, to a
Dividends on Dominion Express Co. Stock
conDividends on Minneapolis St. Paul & S. S. M. By. Common
890,645 00 nection with your railway at Galt, a distance of approxiStock
Dividends on Minneapolis St. Paul & S. S. M. Ry. Preferred
mately 51 miles, at an annual rental equivalent to the inter445.326 00
Stock
est on bonds issued or to be issued by the Lake Erie &NorthDividends on West Kootenay Power & Light Co. Common
52,250 00 ern Railway Company, with the consent af your company,
Stock
Dividends on West Kootenay Power & Light Co. Preferred
will be submitted for your approval. This line will provide
3,850 00
Stock
57.012 00 access to territory that is not now served by your railway,
Dividends on Toronto Hamilton & Buffalo By. Stock
140.912 00 and will at a later stage.be equipped for
Dividends on Consolidated Mining & Smelting Co. Stock
operation by elecDividend on Berlin Waterloo Wellesley & Lake Huron Ry.
12,500 00 tricity, in connection with your Galt Berlin & Waterloo
Stock
783.677 93 branch.
Earnings from Ocean Steamships
Revenue from Company's interest in Coal Mine Properties
294,857 17
10. There will be submitted for your consideration and
Cash Proceeds from Townsites Sales
550,303 49
Net Earnings of Pacific Coast Steamships, Commercial Teleapproval a lease of the Southampton Railway from a point on
graph, News Department and Hotels
2,134,255 21 the Gibson Branch
of this Company's railway, between MillReceived for space rented in Office Buildings
151,144 86
vile Station and the Railway Bridge crossing the Northeast
$10.446 812 46 Nackawick Stream to a
point in the vicinity of the Pokiok
Less—Payments to Shareholders in dividends:
January 2nd 1914, April 1st 1914 and Juno 30th 1914-- 5.400.000 00 Bridge in the County of York, all in the Province of New
Brunswick, a distance of approximately 13 miles, for a term
35,046,812 46
From this a dividend has been declared. payable October
of ninety-nine years, on the basis of a rental of forty per cent
1st, 1914 _____________________ 1,950,000 00
of the gross earnings as defined in the said proposed lpsse; a
2. The working expenses for the year amounted to 67.32 lease of that portion of the Fredericton
& Grand Lake Coal
per cent of the gross earnings, and the net earnings to 32.68 & Railway from a point on the Intercolonial
Railway at or
per cent, as compared with 66.82 and 33.18 per cent, res- near Gibson, in the County of York, to a point
at or near
pectively, in 1913.
Minto, in the County of Sunbury, to connect with
pres3. Four per cent Consolidated Debenture Stock to the ent line of the New Brunswick Coal & Railway, athe
distance
amount of £2,065,119 was created and sold, and of the of approximately 31 miles, for a term of nine hundred
and
proceeds the sum of £239,000 was applied to the construction ninety-nine years, on the basis of a rental of forty per cent
of authorized branch lines and £1,826,119 was devoted of the gross earnings as defined in the said proposed lease;
to the acquisition of the securities of other railway com- and a lease from the Glengarry & Stormont Railway Companies whose lines constitute a portion of your system, the pany of the whole of the Railway which that Company has
interest on which had, with your sanction, been guaranteed been by law authorized to construct, whether constructed or
by your Company.
to be constructed, from a point on this Company's railway
4. Four per cent Preference Stock to the amount of £800,- at or near the station known as St. Polycarpe Junction, in
000 was created and sold for the purpose of meeting capital the County of Soulanges, in the Province of Quebec, to the
expenditures that had previously been sanctioned by you.
Town of Cornwall, in the County of Stormont, in the Pro5. Your guaranty of interest was endorsed on the Four vince of Ontario, a distance of approximately 27 miles,
per cent Consolidated Bonds of the Minneapolis St.Paul gether with the appurtenances of the said railway, tofor a
& Sault Ste. Marie Railway Company to the amount of term of ninety-nine years from the date of completion
of the
$1,947,000 issued and sold to cover the cost of 97.35 miles said railway, on the basis of a rental of forty per
cent of the
of railway added to that company's system.
gross earnings and other terms more fully set out in the said
6. During the year 259,371 acres of agricultural land were proposed lease.
sold for $4,618,420, being an average of $17.80 per acre.
11. The capital expenditure of over $60,000,000 for cars
Included in this area there were 6,318 acres of irrigated land and locomotives in the years 1910-1913
which brought $66.93 per acre, so that the average price of that Your Directors decided that it would was so very large
be proper to spread
the balance was $16.57 per acre.
the payments for this year's deliveries, about
$14,000,000,
7. To give effect to an agreement with the city of Toronto, over a period of fifteen years,
under the terms of an ordiand to an order of the Board of Railway Commissioners nary Equipment Trust Agreement,
and, therefore, a con
544
THE CHRONICLE
tract was made with the Victoria Rolling Stock & Realty
Company to provide the equipment and receive payment in
15 annual installments, with interest at four and one-half
per cent per annum. All of the equipment has been delivered and the cost has been advanced by your Company pending the sale of the Rolling Stock Company's bonds, when your
Treasury will be recouped.
12. The accounts for the year show that $35,571,959 97
had been advanced from your current funds to meet the cost
of additional railway mileage and ocean steamers against
which no securities have been issued or sold. In ordinary
course, Four per cent Consolidated Debenture Stock would
have been utilized to meet this expenditure, but market conditions were not favorable to the sale of this security in
large amounts without unduly depressing the market price.
In these circumstances, your Directors decided to create a
Special Investment Fund composed of the deferred payments
on land sold, and securities in which land funds had been invested, to the amount of $55,000,000, and to issue against
this fund and the Company's credit ten-year Note Certificates to the amount of $52,000,000, carrying interest at the
rate of 6% per annum,to be offered to the shareholders at
SO% of their face value, thus providing all the money required for the present purposes of the Company, and at the
same time giving the Shareholders participation in the proceeds of land sales to the almount of about $10,000,000.
The issue was entirely successful. The Note Certificates, with interest, will be paid off in installments without
any encroachment on your revenues from traffic, and the
Four per cent Consolidated Debenture Stock can be marketed in such amounts and at such times as may be most advantageous.
13. Since the close of the last fiscal year First Mortgage
5% Bonds to the amount of only £64,700, or $314,873 33,
have been taken up and canceled, because the holders were
unwilling to surrender their bonds at a premium satisfactory
to your Directors. The outstanding Bonds, amounting
to £2,638,900, or $12,842,646 67, will mature July 1st 1915,
and on or before that date they will be paid off and canceled
with funds set aside for the purpose.
14. As mentioned in the notice to Shareholders, the Annual
General meeting will be made Special for the purpose of authorizing, if approved, an increase of the Company's Ordinary Capital Stock by the amount of $75,000,000, namely,
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 Government. Although, with the curtailment of
capital expenditure,no necessity exists for issuing any additional Ordinary Stock at this time, and there will be no resumption of works requiring any large amount of money until
a decided improvement in business conditions furnishes ample warrant, your Directors are convinced of the prudence
of making provision at this time for your capital requirements covering a considerable period in the future. No portion of this increased amount will, of course, be issued by the
Directors until the sanction of the Shareholders has been obtained at a Special General Meeting called for the purpose.
15. The death in January last of the Right Hon. Lord
Strathcona and Mount Royal, G.C.M.G., was a source of
sincere sorrow to your Directors. Lord Strathcona was one
of the prominent founders of the Company, and he remained
a member of the Board of Driectors until the time of his
death.
Your Directors also report with regret the death in April
of this year of Sir William Whyte, who had occupied a position of importance in the Company's affairs for many years.
As Vice-President in charge of the Company's interests
West of Lake Superior, he proved himself a most capable and
useful officer, and on his retirement from active service in
1911 he became a member of the Board of Directors.
Mr. A. M. Nanton of Winnipeg has been elected a Director in place of the late Sir William Whyte. The vacancy
caused by the death of Lord Strathcona has not as yet been
filled.
16. As foreshadowed at the last Annual Meeting, the General Balance Sheet has been re-cast so as to show in more specific form the active and inactive assets of the Company.
In the schedule of these assets which appears in the Annual
Report the estimated value per acre of the unsold agricultural lands has been placed at lower figures than had
been mentioned, in order that it might be quite on the safe
side, but your Directors and the Officers of the Land Department are satisfied that your unsold lands will eventually
command much higher average prices per acre than those
given in the schedule.
The values fixed for the townsites and other lands and
properties available for sale are on a conservative basis, and
the active assets taken into the schedule at cost could be
readily disposed of at figures very much higher than those
given.
Oh 17. Some years ago, for the purpose of securing access to
the State of Washington and other important territory in
the Northwestern United States, the Company entered into a
working arrangement with the Spokane International Railway Company,extending from Kingsgate,on the line of your
railway in British Columbia, to Spokane, Washington, a
distance of 141 miles, with branch line 22 miles in length.
The volume of traffic secured to your lines by this connection has beome so important that a more permanent arrangement is very desirable. Your Directors have not as
yet decided whether this could be best accomplished by the
[VoL. xclx. •
acquisition of the Capital Stock of the Spokane International Railway Company, by a guaranty of interest on its
bonds, or by some other means, and therefore they will ask
your authority to exercise their discretion in carrying out
such a transaction for closer and more permanent relations
with the Spokane International Railway Company as may
appear to be most desirable in your interest.
18. The net revenue of the Commercial Telegraph System
Pacific Coast Steamers, and News Department, that in
previous years had been incorporated in the revenue of the
railway, is deducted from the surplus shown in the Revenue
Statement this year and transferred to Special Income Account.
19. The undermentioned Directors will retire from office
at the approaching Annual Meeting. They are eligible for
re-election.
Sir THOMAS G. SHAUGHNESSY, K.C.V.O.
Sir THOMAS SKINNER, Bart.
For the Directors,
T. G. SHAUGHNESSY,President.
Montreal, August 10th 1914.
GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
Property Investment:
$338,084,064 89
Railway
153,256,394 79
Rolling Stock Equipment
24.171,162 30
Ocean. Lake and River Steamships
$515,511,621 98
(Cost):
Securities
Acquired
107.867.740 63
Schedule "A"
35,571,959 97
Advances to Lines and Steamships Under Construction
12,330,195 22
Advances and Investments
4.140,413 83
Deferred Payments on Lands and Townsite Sales
Fund:
Investment
* Special
Deferred Payments on Land and Town$42,666,510 87
sites
10,088,734 86
Government Securities
3.790,225 53
Deposited with Trustee
56.545,471 26
Working Assets:
$17,686,235 53
Material and Supplies on Hand
3,221.350 07
Agents and Conductors' Balances
533.996 70
Net Traffic Balances
10.511.66582
Miscellaneous Accounts Receivable
02
36.777,725
Cash In Hand
68,730,973 14
Other Assets:
74
133,022,494
Schedule "B"
$933,720,870 77
•Security for issue of Note Certificates, $52,000,000.
LIABILITIES.
Capital Stock:
$260,000,000 00
Ordinary Stock
78,224,673 03
Four Per Cent Preference Stock
$338,224,673 03
173,307,470 09
Four Per Cent Consolidated Debenture Stock
Bonds:
Mortgage
Canadian Pacific Ry. 1st Mortgage 5% _ $12,842,646 67
3650000 00
Algoma Branch 1st Mortgage 5%
16.492.646 67
52,000,000 00
Note Certificates 6%
45,000,000 00
Premium on Ordinary Capital Stock Sold
Current:
$7,809,598 58
Audited Vouchers
5,177.754 16
Pay-Rolls
9,048,037 42
Miscellaneous Accounts Payable
22,035,390 16
Accrued:
Coupons due July 1st 1914 and including
1757,20467
Coupons overdue not presented
189.81072
Rentals of Leased Lines
947,015 39
00
14,350,000
Obligations
Equipment
Realty
and
Stock
Rolling
Less Victoria
13,630,000 00
Co. Bonds on hand
720,000 00
Reserves and Appropriations:
2,491,518 64
Equipment Replacement
6,682.068 87
Steamship Replacement
2,083.942 12
Reserve Fund for Contingencies
11;257.529 63
Townsites
66.771,271 19
and
Net Proceeds Lands
79,711,091 66
Surplus Revenue from Operation
127,253.782 95
Surplus in Other Assets
$933,720.870 77
I. G. OGDEN,
Vice-President.
AUDITORS' CERTIFICATE.
Books
and
the
Records
of
Pacific
examined
Canadian
the
We have
Railway Co.for the fiscal year ending June 30th 1914.and, having compared
and
Sheet
Income
that,
Account
certify
Balance
we
therewith,
the annexed
in our opinion, the Balance Sheet is properly drawn up so as to show the
true financial position of the Company at that date, and that the relative
Income Account for the year is correct.
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England).
Montreal, August 8th, 1914.
FIXED CHARGES FOR YEAR ENDED JUNE 30TH 1914.
1st Mortgage Bonds 5% due July 1 1915-- $642,862 30
£2,641,900
St. Lawrence & Ottawa Ry.4% First Mort£200,000
gage Bonds
38,933 34
Man. S. West. Colnz. Ry. 1st Mortgage 5%
$2,544,000
Bonds, due June 1st 1934
127,200 00
975,129 56
£4,007,381 15 5 Ontario & Quebec Ry. Debenture Stock 5%
Ontario & Quebec Ry. Ordinary Stock 6% _
120,000 00
$2.000,000
Atlantic & North West. Ry. 1st Mortgage
£1,330,000
Bonds due January let 1937
323M33 34
Algoma Branch 5% 1st Mortgage Bonds,
£750,000
due July 1st 1937
182,500 00
New Brunswick Southern Ry. 1st Mortgage
$500.000
Bonds. 3%
15,000 00
Lindsay Bobcaneon & Pontypool Ry. 1st
$500,000
Mortgage Bonds, 4%
20,000 00
Shuswap & Okanagan Ry. 1st Mortgage
£256,800
Bonds. 4%
49,990 40
Rental, Toronto Grey & Bruce By
140.000 00
218,357 60
Rental, Calgary & Edmonton Ry
1,400 00
Rental, Farnham to Brigham Jct
23,800 00
Rental, Mattawamkeag to Vanceboro
372,829 74
Rental. New Brunswick Ry. System
23,221 29
Rental, Terminals at Toronto
37,258 21
Rental, Terminals at Hamilton
42,191 12
Rental, Hamilton Jct. to Toronto
2.050 00
Rental, St. Stephen and Milltown Ry
8,000 00
Rental, Joliette & Brandon Ry
939 96
Rental, Lachine Canal Branch
14,027 75
Interest on Montreal & Western Ry
45.466 67
Interest on Equipment Obligations
AUG. 221914.]
THE CHRONICLE
Brought forward
S3,421,791 28
4% CONSOLIDATED DEBENTURE STOCK.
£33,546,005
Interest from July 1st 1913—$6,694,741 04
£1,220,331
Interest from Jan. 1st 1914.118,778 85
Less received from subsidy
Northern Colonization By..
$6,813,519 89
8,000 00-6,805,519 89
$10,227,311 17
545
Brought forward
$4.797.368 74
INACTIVE ASSETS CONSISTING OF UNSOLD LANDS
AND OTHER PROPERTIES.
SURPLUS LANDS AND BUILDINGS available for sale
in the Provinces of New Brunswick, Quebec, Ontario,
Manitoba and British Columbia, representing mainly
those purchased in excess of the requirements when securing right of way,station grounds and shop sites, as being more economical than a resort to condemnation proceedings
$2,390,360 00
Acres.
MANITOBA:
Agricultural lands
217,368 at $10 00
2,173,680 00
SASKATCHEWAN:
Agricultural lands
28.258.945 00
2.173,765 at $13 00
ALBERTA:
Agricultural lands
3,340,262 at $13 00 43.423.406 00
A. R. & I. (500,000-acre tract, un320,495 00
der agreement with Government) 64.099 at $5 00
ALBERTA—Irrigated lands:
870,450 00
34,818 at $25 00
Western Section
16.855,48000
421,387 at 84000
Eastern Section
1,172.400 00
A. R.& I. Section
29,310 at $40 00
Land reserved in Irrigation Blocks
for right of way and operating pur745,641 00
57,357 at $13 00
poses
DEMONSTRATION FARMS:
75,000 00
Strathmore
15,000 00
Tilley
10,000 00
Brooks
5.000 00
Cassils
5.000 00
Lathom
108,000 00
Mixed Farms (12)
TIMBER LANDS AND MILLS:
Timber and Tie reserve in British
2,241,936 00
Columbia
560,484 at $400
67.500 00
A. R.& I. Timber limit in Alberta_ _
45.000 at $1 50
100,000 00
Bull River Mill and improvements_ _
BRITISH COLUMBIA.
31.618 00
Columbia & Kootenay Lands
15,809 at $200
Unsold portion of Esquimalt & Na5.000,000 00
naimo Land Grant
1.097,480
UNSOLD LANDS IN TOWNSITES:
Subdivided sites in Manitoba, Sas7.500,000 00
katchewan and Alberta
Unsubdivided land dajoining Town
Plots in Manitoba, Saskatchewan
5.000.000 00
and Alberta
137,868
Unsold lots in British Columbia, in4,500,000 00
cluding Vancouver
Unsubdivided land adjoining Townsites in British Columbia, includ5,000.000 00
ing Vancouver
NORTHERN COLONIZATION BY.
96,000 00
LAND GRANT IN QUEBEC,-- 96,000
COAL LANDS:
3,000.000 acres of coal-right reserved
under land sold and unsold in Alberta, to be developed on a roy100
alty basis
46,933 acres of coal land in British
469.330 00
Columbia
at SIO 00
25.000 00
Iron property in British Columbia_ _
NATURAL GAS:
Rights reserved in 100.000 acres of
land sold and unsold in Alberta.
(Revenue from area under lease to
100
June 30th.546.002 84)
PETROLEUM RIGHTS:
Rights reserved in 50,000 acres of
land sold and unsold in Alberta, to
1 00
be developed on a royalty basis IMP ROVED FARMS:
Buildings and improvements on improved (ready-made) farms Saskatchewan. Alberta and British
Columbia: investment being repaid with land installments with
1.364.105 96
interest at 6%
LOAN FARMS:
Buildings and improvements on loan
farms, investment being repaid
with land installments with inter214,492 80
est at 6%
LIVE STOCK:
Live Stock (horses, cattle, sheep and
swine)advanced to farmers having
land contracts with Company on
186,283 24
security lien notes
SCHEDULE "A"—ACQUIRED SECURITIES.
Par Value.
Securities of Leased Lines.
Atlantic & North West By. 1st Mortgage Bonds,5%
219,466 67
302,400 00
Eganville Branch 1st Mortgage Bonds.4%
3,240,000 00
Guaranteed Stock
176,000 00
*Capital Stock
2.396,000 00
Alberta Railway & Irrigation Co. *1st M.Bonds,4%
3.166,500 00
Ordinary Stock
2.240,000 00
Alberta Central Railway 1st Mortgage Bonds. 4%
• 50.000 00
Capital Stock
1.175,000 00
British Columbia Southern By. 1st Mortgage Bonds.5%-172,200 00
*Capital Stock
Berlin Waterloo Wellesley & Lake Huron By. *1st Mort426,000 00
gage Bonds, 4%
125,000 00
*Capital Stock
5,900.000 00
Calgary & Edmonton By. 1st Mortgage Bonds,4%
1,000,000 00
*Capital Stock
Oampbellford Lake Ontario & Western By. 1st Mort6,590,000 00
gage Bonds. 4%
125.000 00
*Capital Stock
30,000 00
Can de la Madeleine R *Capital Stock
Columbia & Kootenay Ry. 1st Mortgage Bonds.4%
1,277,500 00
*Capital Stock
250,000 00
Columbia & Western Br. 1st Mortgage Bonds.4%
5,691.000 00
—
*Capital Stock_
925.000 00
Dominion Atlantic By. Capital Stock
1,101.848 93
Preferred Stock..
1,310,20200
2d Debenture Stoc£
924,666 67
Extension Debenture Stock
1,423,500 00
Esquimault & Nanaimo By. *1st Mortgage Bonds.4% — 4,832.000 00
*Capital Stock
2,500.000 00
Great North West Central By. 1st Mortgage Bonds,5%....
1,375,000 00
*Capital Stock
450,000 00
Guelph & Goderich By. 1st Mortgage Bonds,4%
2,415,000 00
*Capital Stock
125,000 00
Georgian Bay & Seaboard By. 1st Mortgage Bonds.4%--4,840,000 00
*Capital Stock
250,000 00
Kettle Valley By. *Capital Stock
375,000 00
Kingston & Pembroke By. 1st Mortgage Bonds,4%
1,075,000 00
1st Preferred Stock
995,450 00
2d Preferred Stock
134.900 00
Ordinary Stock
1,970.900 00
Kootenay & Arrowhead By. *1st Mortgage Bonds,5% ---780,000 00
*Capital Stock
250.000 00
Kootenay Central By. 1st Mortgage Bonds,4%
2,970,000 00
*Capital Stock
250.000 00
By.
Pontypool
Bobcaygeon
&
*Capital
Stock_
200,000 00
Lindsay
2,627,513 33
Manitoba & North Western By. 1st Mortgage Bonds,6%_
2,520,000 00
1st Mortgage Bonds,5%
Shell River Branch 1st Mortgage Bonds, 5%
160.600 00
Debenture Stock, 5%
613.200 00
Preferred Stock.5%
415.000 00
*Capital Stock
5,613,113 63
Manitoba South West Col. By. 1st Mortgage Bonds,5%....
72.000 00
Capital Stock
700.000 00
Montreal & Ottawa Ry. 1st Mortgage Bonds.5%
1.636.250 00
*Capital Stock
227,200 00
49,000 00
New Brunswick Southern By. *Capital Stock
Northern Colonization By. 1st Mortgage Bonds. 4%
1,118.00000
*Capital Stock
300,000 00
Nicola Kamloops & Similkameen Ry. 1st M. Bonds, 4%
1,175.000 00
*Common Stock
250.000 00
Nakusp & Slocan By. *Common Stock
300,000 00
Ottawa Northern & Western By. 1st Mortgage Bonds.4%
3,075,000 00
*Capital Stock
804,000 00
Ontario & Quebec By. Capital Stock
5.000 00
Orford Mountain By. 1st Mortgage Bonds,4%
702.000 00
*Capital Stock
501.000 00
Saskatchewan & Western By. 1st Mortgage Bonds,5%.-181,040 00
232.500 00
*Common Stock
495.000 00
South Ontario Pacific By. *1st Mortgage Bonds,4%
20.000 00
*Common Stock
6,326 66
Shuswap & Okanagan By. 1st Mortgage Bonds,4%
736.000 00
Common Stock
466,000 00
St. Lawrence ‘Sc Ottawa By. *Common Stock
356,500 00
St. Mary's & Western Ontario Ry. *1st M.Bonds,4%---250,000 00
*Capital Stock
945.000 00
St. Maurice Valley By. 1st Mortgage Bonds. 4%
500.000 00
*Capital Stock
1.067.500 00
Tilsonburg Lake Erie & Pacific By. 1st M.Bonds,4%---8,291,007
$133,022,494 74
400,000 00
*Common Stock
Total
Vancouver az Lulu Island By. 1st Mortgage Bonds,5%455,000 00
*Capital Stock
25.000 00
'C"—DETAILS
OF
ADDITIONS
EXPENDITURE
ON
740.000 00 SCHEDULE
Walkerton & Lucknow Ry. 1st Mortgage Bonds,4%
AND IMPROVEMENTS FROM JULY 1 1913 TO JUNE 30 1914.
*Common Stock
19.000 00
EASTERN LINES:
Securities of Other Companies Controlled, but Not Leased.
Duluth South Shore & Atlantic By. Con. M. Bonds, 4%- 15,107,000 00
Additional Sidings, Buildings, Stations and
Income Certificates
Yards
$664,882 11
3,000,000 00
Preferred Stock
.100,00000 Permanent Bridges and Improvements of Line 1,164,10035
Ordinary Stock
Double-Tracking
4,045,223 88
6.100,000 00
Minn. St. Paul & Sault Ste. Marie By. fatM.Bonds,4%
Right of Way
7.12746
3.993,000 00
Preferred Stock. 7%
$5,881,333 80
6.361,800 00
Common Stock
Montreal Terminals
890,847 90
12,723,500
00
Montreal & Atlantic- By. 1st Mortgage
391.771 73
Windsor St. Station Extension
945,000
00
Bonds,
5%
PK Common Stock
128.923 90
Double-Track
Bridge
over
St.
Lawrence
River
2,160,000 00
St. John Bridge & By. Extension 43-0. isYM.
WESTERN LINES:
124.000
00
NOD
8
1
%
*Common Stock
Additional Sidings, Buildings, Stations and
00
200.000
Dominion Express CO. *Common Stock
Yards
$1,329,064 58
2,000,000 00
Chateau Frontenac Hotel Co. *Common Stock
Permanent Bridges and Improvements of Line 548,176 83
280,000 00
Fort
William Terminals, including Coaling
Miscellaneous Securities.
Alberta Stock Yards Co., Limited, Preferred
Plant
1,007.816 09
21,100 00
Stock
OviCommon Stock
East Winnipeg Yard
1.456.849 78
79,900 00
Canada North Wesilana-aon;Pany-aoiliMon
Winnipeg New Elevator
203,178 78
5,625
00
§i4Ser
Mineral Range By. 1st Mortgage
Winnipeg Station and Hotel
1,255.926 24
1.254,000 00
4%
Toronto Hamilton & Buffalo By. Bonds,
Calgary
'Total
1.289.92392
00
271,000
2d Mortgage Bonds,4%
Capital Stock
Vancouver Terminals
1,760,041 33
475,200 00
Town of Morris, Manitoba, Bonds
Double-Tracking
7.549,677 45
15,000 00
The Public Markets, Limited, of Manitoba
of
Way
Right
8,993 04
260,000 00
Stock
Canadian Pacific Ry. (Souris Branch)
16,409.648 04
1,946,666 67
*1st M. Bonds,4%
Pacific Steamships *4% First Mortgage,
1,776,268 64
Additions
to
Office
Buntlines
and
Hotels
00
3,504,000
£720,000_ Pacific Coast Steamships* 5% First
317.075 47
1,095,000 00 Rented and Temporary Sidings
Mortgage C925.000..
95,403 36
Telegraph Extensions and Additions
*Denotes complete ownership.
5162,606,069 56
$25,891,272
84
We have examined all the Securities, including those listed above, held
for account of the Canadian Pacific
the Treasurer,
by
Company
Railway
and have received certificates from the Custodians for those deposited SCHEDULE "D"—DETAILS OF EXPENDITURE ON LEASED AND
with the Banks and Trust
ACQUIRED LINES FROM JULY 1ST 1913 TO JUNE 30TH 1914.
for safe custody, and, having compared them with the records Companies
of the Company,find them correct and in order.
New Brunswick Railway:
CO.,
&
WATERHOUSE
Additionel Sidings, Bldgs., Stations and Yards.. $132.483 38
Montreal, August 8th, 1914. PRICE.
Permanent Bridges and Improvements of Line.. 205,913 96
Chatered Accountants (England).
475.154 25
St. John Terminals
SCHEDULE "B."—INVENTORY JUNE 30T1I 1914 OF THE ACTIVE
$813.551 59
AND INACTIVE ASSETS OF THE COMPANY, AS
Atlantic & North West Railway:
SHOWN IN THE GENERAL BALANCE SHEET.
Additional Sidings, Bldgs., Stations and Yards_ $93,186 36
ACTIVE ASSETS.
Permanent Bridges and Improvements of Line.. 189,452 00
26,190 Shares Consolidated Mining & Smelting Company
Double Tracking
268,650 79
Stock. cost
$712.273 32
551.289 15
11,000 Shares West Kootenay Power & Light
Ottawa
Railway:
Montreal
&
Company.)
Common Stock
Additional Sidings. Bldgs.. Stations and Yards- $8.485 45
cost 517,493 25
Shares
West
550
Kootenay Pow
Power & Light Company.
Permanent Bridges and Improvements of Line_
42,973 06— 51,458 51
Preferred Stock
Montreal & Western Railway:
Hull Electric Railway Company, cost to date
Additional sidings, Bldgs.. Stations and Yards.. $7,033 37
1,067,602 17
Company's Collieries in Alberta and British Columbia, and
Permanent Bridges and Improvements of Line.. 27,901 53
Company's interest in other producing coal mines.-2,500,000 00
Account Purchase of Road
13,731 90— 48,666_80
THE CHRONICLE
546
(VOL. xmx.
$85,383,451 49
$1,464,966 05 Brought forward
Brought forward
Securities Acquired—
Ontario & Quebec Railway:
Campbellford Lake Ontario & Western Ry.
Additional Sidings, Bldgs.. Stations and Yards- $449.617 15
1st Mortgage Bonds
36,590,000 00
Permanent Bridges and Improvements of Line- 155,983 37
St. John Bridge & Ry.Extension Co. Bonds
124.000 00
1,076,480 55
Double Tracking
Stock
Co.
Irrigation
&
Ry.
Alberta
4,500 00
31
1,243,638
Toronto Terminals
Dominion Atlantic Ry. Extension Deben7,650 65
Right of Way
1,423,500 00
ture Stock
2,933,370 03
35,000 00
Public Markets Limited Stock
Manitoba 8z North Western Railway:
300 00
Shuswap & Okanagan Ry. Stock
Additional Sidings. Bldgs., Stations and Yards- $48,111 55
Smelting Co. Stock
&
Mining
511.234
86
Consolidated
53
47,948
Line_
of
Improvements
and
Bridges
Permanent
8,688,534 86
1.956 09
Right of Way
160,000 00
98,016 17 Payment of Equipment Obligations
Advances
and
from
Investments
to
transferred
Amounts
Ry.:
Colonization
Manitoba South Western
2,780,406 88
Other Assets
Additional Sidings, Bldgs., Stations and Yards.. 819,348 52
Permanent Bridges and Improvements of Line- 22,355 58
897.012.393 23
41,704 10
941,971 46
Deduct Decrease in Material and Supplies on hand
Calgary & Edmonton Railway:
Additional Sidings, Bidgs., Stations and Yards- $238,543 64
896.070.421 77
Permanent Bridges and Improvements of Line- 55,517 87
Add Decrease in Liabilities:
709 38
Right of Way
622,035.390 16
Current Liabilities
294.77089
947.015 39
Interest on Funded Debt
Columbia & Kootenay Railway:
11,257,529 63
Reserves and Appropriations
Additional Sidings, Bldgs.. Stations and Yards_ $2,596 14
944 50
Permanent Bridges and Improvements of Line_
$34.239.935 18
3,54064
42,959.331 63
Amount at June 30th 1913
Columbia & Western Railway:
8,719,396 45
Additional Sidings, Bldgs., Stations and Yards- $ 6,024 28
Permanent Bridges and Improvements of Line.. 182,145 17
22
8104.789,818
seRsorom
79
339
Right of Way
36,777.725 02
188.509 24 Cash on hand
11.106 12
New Brunswick Southern Railway
6141,567,543 24
3,811 94
Cap de la Madeleine Railway
30.800 56
St. Maurice Valley Railway
3,316 91
Joliette & Brandon Railway
28,990 47 STATEMENT OF EARNINGS FOR YEAR ENDED JUNE 30TH 1914.
Ottawa Northern & Western Railway
2,952 57
Lindsay Bobcaygeon & Pontypool Ry
$32,478,146 58
63.989 90 From Passengers
Georgian Bay & Seaboard Railway
81,135,295 12
" Freight
41.393 40
Guelph & Goderich Railway
1,132,714 91
" Mails
25.045 32
Tilsonburg Lake Erie & Pacific Railway
and
Telegraph
Miscellaneous
15,068,667 22
Express,
Cars,
" Sleeping
12,885 13
Walkerton & Lucknow Railway
775
Great North West Central Railway
$129,814.823 83
Total
6,84801
Nicola Kamloops & Similkameen Railway
225.796 37
Haslo & Slocan Railway
65.481 821 57
RECEIPTS AND EXPENDITURES YEAMENDED:JUNE.30TH 1914.
Cash in hand June 30th 1913
830,274,848 30
Amount invested in Government Securities, $10.088.734 86, transferred to Security for Issue of Not Certificates.
Receipts.
829.957,774 36 ""
Surplus Revenue as per statement
8,587,870 53
Special Income as per Statement
38,545.644 89
Land Department—
Lands and Townsites:
Net proceeds of sales
"$7,246,214 99
Less Irrigation Expenditures
'Es 3,809,228 99
$3,436,986 00
Deferred Payments on previous years'
sales
4.123,729 12
37,560.715 12
Less amount remaining in Deferred Payments on year's sales
W. 6,431,538 04
1,129,177 08
Moose Jaw N. W. Branch Subsidy
218.682 27
Capital Stock—
Remaining Installments on $60,000,000 Ordinary Stock'
41,548 332 50
at $17500
Four Per Cent Preference Stock:
3,648,598 80
Amount realized from issue £800,000
Consolidated Debenture Stock:
'
9,695,125 60
Amount realized from issue £2,065,119
Note Certificates 6%:
"41,600.00700
Amount realized from issue $52,000.000
$166.660 409 44
Deduct:
Agents and Conductors' Balances
$3,221,350 07
Net Traffic Balances
533,996 70
Miscellaneous Accounts Receivable
10,511,665 82
$14,267.012 59
Advances to Lines and Steamships under
Construction
35,571,959 97
Advances and Investments
12.330,195 22
Amount at June 30th 1913
$62,169,167 78
37,076.301 58
25,092.866 20
$141,567,543 24
Expenditures.
Dividends on Preference Stock:
$1,486,626 79
2% paid October 1st 1913
1,545,026 80
2% paid April 1st 1914
Dividends on
% paid
2% paid
2;V paid
paid
25i
Ordinary Stock:
October 1st 1913
January 2nd 1914
April 1st 1914
June 30th 1914
$5,000.000 00
5,000,000 00
6,500.000 00
6.500.000 00
83.031,653 59
Lei
STATEMENT OF WORKING EXPENSES FOR THE YEAR ENDED
JUNE 30TH 1914.
$42,250,286 37
Transportation Expenses
16,426,582 05
Structures
and
Way
of
Maintenance
16,617,247 21
Maintenance of Equipment
3,626.612 08
Traffic Expenses
1,348,979 47
Parlor and Sleeping Car Expenses
1,183,397 40
Expenses of Lake and River Steamers
93
4,322,103
Expenses
General
64
1,613,687
Commercial Telegraph
$87,388,896 15
Total
STATEMENT OF SURPLUS INCOME ACCOUNT JUNE 30TH 1914.
$77,597.100 36
Balance at June 30th 1913
$29,957,774 36
Net Earnings of Railway
8,587,870 53
Special Income
38.545.644 89
$116.142.745 25
Less: Dividends on Preference Stock paid
October 1st 1913 and April 1st 1914- $3,031,653 59
Dividends on Ordinary Stock paid
October 1st 1913, January 2nd 1914,
April 1st 1914 and June 30th 1914_ _ 23,000,000 00
Discount on issue of $52,000,000 6%
10.400,000 00
Note Certificates
36,431,653 59
$79,711,091 66
From this there have been declared the dividends on Preference and Ordinary Stock payable October 1st 1914
38.064.493 46
amountinz to
APPROPRIATION FOR ADDITIONS AND IMPROVEMENTS.
$17,912,996 41
Balance at June 30th 1913
Expended during year. included in Schedules"C"and "D,"
$17,912,996 41
and written off Coal Mining and other properties
STATEMENT OF EQUIPMENT AT 30TH JUNE 1914.
Locomotives---------------2,248-----------------------*First and second-class Passenger Cars, Baggage Cars and Colonist
Sleeping Cars---------------------------------------------- 2,174
First-Class Sleeping, Dining and Cafe Cars
502
96
Parlor Cars, Official and Paymasters Cars
-------etaonra
ut
gh
onid
Fre
c
88,090
d Cattle Cars
---------1,427
Cars
Auxiliary
and
Steam
3,850
S
hovels
Boarding, Tool and
*Includes cars in Line Service as follows:
St. John & Boston Line.-4 First-class, 4 Second-Class, 4 Baggage; total.
12 Cars (80.04% owned by other lines).
Montreal & Boston Line.-2 First-Class, 2 First-Class and Smoking,
2 Dining and Smoking, 4 Second-Class, 4 Baggage and Express, total,
14 Cars (68.33% owned by other lines).
Toi onto Hamilton & Buffalo Line.-6 First-Class, 3 Second-Class, 2 Baggage and Smoking, 3 Baggage and Express; total, 14 Cars (63.96% owned
by other lines).
,---s
23,000,000 00
OCEAN. LAKE AND RIVER STEAMERS.
Construction of branch lines
Additions and Improvements, main line and branches,
Atlantic Service.—EmPress of Britain, Lake Manitoba, Lake Michigan,
irle Schedule "C"
25,891.272 84 Milwaukee, Montrose. Montcalm, Monmouth, Montfort, Mount Royal,
Additions and Improvements, leased and acquired lines,
Mount Temple. Montezuma. Montreal, Ruthenia, Tyrolia,
5,481.821 57
Pacific Service.—Empress of Asia, Empress of India, Empress of Busies,
.
ser
19,855,512 54 Em
stpan
aa
Rolling Stock Equipment
ssc ofoJ
periefi
pa
glev.er. Charmer, Melanope, Nanoose, Nitinat,
Bea
tea
Service.—
1.326.829 40
Shops and Machinery
Ocean. Lake and River Steamers:
Otter. Princess Adelaide, Princess Alice, Princess Beatrice, Princess Charr...,........
Princess
:07
Ena,
Maquinna, Princess May, Princess Mary,
Princess
ApAdditional Steamships and
lotte.
L:
'
purtenances for Pacific Coast
Princess Patricia, Princess Royal, Princess Sophia, Princess Victoria.
Tees.
City,
Transfer No, 1, Transfer No. 2, Transfer
Queen
71
57717;
$213.537
Qualicum,
Service
..—
.e4
ic
Nvo
re
anksefes
r rt
,eT
3p
.p
Less sale of Steamship "Joan' 60,000 00
Noti
Alberta, Athabasca, Assinibola, Keewatin, Mani8153,537 57
toba.
British Columbia Lake and River Serricc.—Aberdeen, Bennington, CastleLess Amount paid from
Hosmer, Kaleden. hokanee, Kootenay. Kuskanook,
gar. Columbia,Nelson,
Steamship Replacement__ 14.846 94 "
Nasookin, Naramata, Okanagan, Proctor, RossMinto, Moyle,
$138,690 63;
land, Sandon, Sicamous, Slocan, Valhalla, Whatshan, York, Yrolr.
t:
Additional River Steamers and
Service.—St.
George, Yarmouth,
Fundy
of
Bay
$263,295 07
rf.'
Barges
Ferry Service.—Michlgan, Ontario.
Less sale of Tug "Crulzer"
40.000 00
223,295_07
DESCRIPTION OF FREIGHT FORWARDED.
Payments of balance on account
of Steamships "Empress of
8,488,880
Year Ended 30th June
Asia" and "Empress of Russia"$639,482 73
1912.
1914.
1913.
Less amount paid from SteamBarrels..
8,802.250
Flour
ship Replacement
340,567 49
Bushels.. 1511:6
184.954,241
1:3
3
3
6
7
69
1
5
1
38
3
7
9
.6
,
2
3
09
'
8
171,95
Grain
298,915 24
Head_
2,481,360
Live Stock
—
460.978 151
Purchase of Steamship "St. George"
Feet_ 2,806,735,006 3,210
6 2,953,125.699
980
2.'09
86
70
1,3
1,121,879 09 Lumber
Cords
287,910
305,079
293,536
Firewood
1st Mortgage 5% Bonds redeemed
8,148,012
9,519,346
7.196,225
321,170 79 Manufact'd Articles_Tons_
at 102
8314,873 33
9,159.112
9,625.665
9.092,821
3,790.225 53 AlliOther Articles__ -Tons_
Deposited with Trustee of Special Investment Fund
El
AUG. 221914.]
THE CHRONICLE
FREIGHT TRAFFIC.
Year Ended 30th June
1914.
1913.
1912.
No. of tons carried
27.801,217
29,471,814
25,940,238
No. of tons carried 1 mile_ -10.391,650,965 11,470,001,871 10,821,748,859
Earnings per ton per mile.0.75 cents
0.77 cents
0.77 cents
PASSENGER TRAFFIC.
Year Ended 30th June
1914.
1913.
1912.
No. of passengers carried__
15.638,312
15,480,934
13,751,516
No. of poassengers carried
one mile
1,626,577,067 1.784.683.370 1.587,368.110
Earnings per passenger per
mile
2.05 cents
1.99 cents
1.96 cents
TRAIN TRAFFIC STATISTICS-FOR TWELVE MONTHS ENDED
JUNE 30TH 1914 AND 1913.
[Earnings of Lake and River Steamers not included in this Statement.]
Increase or Decrease.
Amount or
Per
Year ended
Year ended
Number.
Cent.
Train MileageJune 30th 1914 June 30th 1913
-809,962 3.63
Passenger trains
22,333,592
21,523,630
27,611,103 -3,446,861 12.48
Freight
24.164.242
+2.269 .12
Mixed
1.888,095
1,890,364
Total
"
Car MileagePassenger:
Coaches and P. D.
and S. cars
Combination cars_ _
Baggage. Mail and
Express cars
47,578,236
51.832,790
-4,254.554 8.21
106,852,513
2.904,782
110,347.064
3,206,048
--3,494,551 3.17
--301,266 9.40
47,355,009
46.677,110
+677,899 1.45
157,112.304
160,230,222
-3,117,918 1.95
526.194,125
169.768.349
26,196.664
581,397,285 -55,203.160 9.49
165,627.992
+4.140,357 2.50
30,617,975 -4,421.311 14.44
Total Freight cars
722,159,138
777,643,252 -55,484.114 7.13
Passenger cars per
Traffic Train Mile_
Freight cars per Traffic Train Mile
6.71
6.62
+.09 1.36
27.72
26.36
+1.36 5.16
Total Pass. cars_
Freight:
Loaded
Empty
Caboose
Passenger TrafficPassengers carried
(earning revenue)__
15.449.849
15.298,048
+151,801 .99
Pass. carried (earning
revenue) one mile__ 1,570,758,210 1.766.982,013 -196.223.803 11.11
Pass. carried (earning
revenue) one mile
132.825
per mile of road_ _ _ _
155,451
-22,626 14.56
Average journey per
101.67
passenger (miles)__
115.51
-13.84 11.98
Average amount re$2.06
ceived per passenger
-$0.22 9.65
$2.28
Average amount re2.03 cts.
ceived per pass. mile
1.97 cts.
+.06 ct. 3.05
Average No.of passengers per train milo_ _
67.09
-5.86 8.03
72.95
Average No. of passengers per car mile__ _
14.31
-1.25 8.03
15.56
Revenue from passengers per passenger
car mile
29.05 cts.
-1.67 5.44
30.72 cts.
Total pass. train earnings per train mile_ _
$1.69
-$0.06 3.43
$1.75
Total pass. train earnings per mile of road
-$379.81 10.20
$3,345.11
$3.724.92
Freight TrafficTons of revenue freight
carried one mile_ __ _10,601.426,321 11,242,690,998 --641.264,677 5.70
Tons of non-rev.freight
carried one mile__ _ 1.497,306,046 1.743,928,157 --246,622,111 14.14
Total tons (all classes)
freight carried 1 mile12,098,732,367 12,986.619,155 -887,886,788 6.84
Tons of revenue freight
carried one mile per
mile of road
-92.611 9.36
989,081
896,470
Tons of non-rev,freight
carried one mile per
mile of road
-26,809 17.47
153,423
126,614
Total tons (all classes)
freight carried one
mile per mile of road
-119,420 10.45
1,142,504
1,023,084
Average amount received per ton per
mile of rev. freight_
-.031 cts. 3.95
0.753 as.
0.784 cts.
Average No. of tons
of revenue freight
per train mile
+25.77 6.76
381.12
406.89
Average No. of tons
of non-rev, freight
per train mile
57.47
-1.65 2.79
59.12
Average No. of tons
(all classes) freight
per train mile
464.36
+24.12 5.48
440.24
Average No. of tons
of revenue freight
per loaded car mile_
20.15
+.81 4.19
19.34
Average No. of tons
of non-rev. freight
per loaded car mile_
2.84
-.16 5.33
3.00
Average No. of tons
of(all classes) freieht
per loaded car mile_
22.99
+.65 2.91
22.34
Freight train earnings
per loaded car mile_
15.17 cts.
+.02 cts. .13
15.15 cts.
Freight train earnings
per train mile
$3.06
+.07 2.34
$2.99
Freight train earnings
per mile of road_ _ _ _
$6,749.41
$7.750.78 -$1,001.37 12.92
STATEMENT OF CANADIAN
PACIFIC RAILWAY PENSION
DEPARTMENT TO JUNE 30TH 1914.
Balance at June 30th 1913____
8681.59660
Amount contributed by Company fiear-------------125,000 00
Amount received as interest------ _
__________________ 39,931 20
Payment of Pension Allowances for year
Balance in Cash and Investments
8846.527 80
197.581 38
-3648,946 42
NUMBER ON PENSION ROLL AT JUNE 30TH 1914.
Under 60 years of age ____ r ______________________________________ 68
Between 60 and 70 years of age____________________________________ 341
Over 70 years of age_____________________________________________ 268
Total________________________________________________________677
547
Whe Tomutertial Pmts.
COMMERCIAL EPITOME.
Friday Night, Aug. 21 1914.
Every effort is being made by the Government and by
various business interests to start up American trade which
was so suddenly prostrated by the great European war.
The shipping bill looking to the registry of foreign vessels
under the American flag and the assumption of war risks
and the purchase of ships by the Government are among
the recent new factors in the situation. Foreign exchange,
however, remains unsettled. Still, grain exports have increased. Large export purchases of wheat and oats have
been a noteworthy feature. Considerable "spot" cotton
has latterly been sold in New York and Liverpool. Efforts
are to be made by the Government to assist in financing the
cotton crop. Trade at the West has increased. The South
has naturally canceled trade orders to some extent.
LARD in moderate demand. Prime Western 10c., refined for the Continent 10.75c., South America 11.50c.,
Brazil 12.50c. Lard futures have been irregular, with a
downward tendency of prices at times, owing to larger receipts of hogs and a decreased demand. The cash trade of
late has been disappointing. Prices took an upward turn later,
when hogs and grain advanced. To-day prices advanced.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO...."
Sat.
Mon. Tues. g-'Wed.
Thurs. Fri.
cts_ 9.52
9.52
9.62
10.05
10.023i 10.00
9.67
9.65
9.77
10.17
10.10
10.15
10.02
9.97
10.52
10.35
10.05
10.40
Sept. delivery
October delivery
January delivery
PORK has been higher; mess $24 75(025; clear $23(025;
family $27@$29. Beef stronger; mess $23@$24; packet
$24(025; family $29@$30; extra India mess $40(045.
Cut meats higher, pickled hams 10 to 20 lbs., 16(4)17c.;
pickled bellies 6 to 12 lbs., 163/2@18Mc. Butter, creamery
extras 303'@31c. Cheese, State whole milk, colored specials 16M(4)163
/0. Eggs, fresh gathered extras 27M@29c.
COFFEE has been less active. No. 7 Rio, 7%c.• No. 4
Santos, 12 M@12Yic.; fair to good Cucuta, 13
Coffee futures have again been irregular, with trading less
active. Brazil has declared a moratorium of thirty days
and the banks there are paying 10% cash. Liquidation here
has caused more or less depression. September sold at 7c.,
December at 7.25c. and March at 7.35c. on the curb. The
Exchange has remained closed. Receipts have latterly increased a Brazilian points. Prices have been depressed of
late, owing to a belief that imports of coffee are to increase.
SUGAR has been lower; centrifugal, 96-degrees test, 643.;
molasses, 89-degrees test, 5.35c. The receipts at the six
principal Cuban ports were 3,000 tons. The entire Island
receipts for the week were 9,000 tons, against 14,000 last
week and 18,000 last year. The British Government is
said to have commandeered all available sugar supplies in
British possessions. It is also taking action to prevent any
great advance in prices of refined sugar. Refined lower at
7.250. for granulated.
OILS.-Linseed steady; city raw, American seed, 60c.boiled, 61c.; Calcutta, 70c. Cocoanut higher; Cochin 156
16c., Ceylon 13@14c. Olive higher at $1@$1 10. Castor
firm at 8Yt@83/2c. Palm steady at 12c. for Lagos. Cod,
domestic lower at 33(4)34c. Corn lower at 6.15@6.20c.
Spirits of turpentine 43(4)433/20. Common to good strained
rosin $3 75.
PETROLEUM steady; refined in barrels, 8.25@9.25c.•
as 10.75@11.75c. Naphtha, 73 to;
bulk 4.75@5.75c.; cases
76-degrees, in 100-gallon drums, 23Mc.; drums $8 50 extra.
Gasoline, 86-degrees, 26c.; 74 to 76-degrees, 25c.; 67 to 70degrees, 22c. Crude prices have further declined.
4@l4c.
Penns lvana dark $145
1 45
S
Tec
iona
n sand
1 45
Mercerttbell
C
1 05
Black
1 02
New Castle
1 02
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
85c. Somerset. 32 degr_ 85c.
1 28 Ragland
65c.
1 06 Illinois. above 30'
1 02
degrees
1 01
1 01 Kansas and Okla- 75c.
1 02 horns
TOBACCO.-Sumatra is firm with a moderate demand.
Cuban tobacco is quiet and steady. The New York State
crop of leaf is said to have suffered serious damage from
recent violent storms of wind and hail. Some reports are
to the effect that three-quarters of the crop or more has been
destroyed. The outlook for the Wisconsin crop is also far
from encouraging, owing to drought. There has been very
little doing in Connecticut tobacco since the outbreak of,the
European war.
COPPER has been dull and more or less depressed; Lake
/
sc.; electrolytic 123/sc. Some copper is being exported
123
to Great Britain and Belgium. Within a few days the total
has been about 3,500 tons. Tin has been irregular and lower,
but latterly rather firmer, with spot here 49c., recent sales
being at 45 to 50c. and earlier in the week at 39@40c. It is
understood that London is to ship rather more freely in the
near future. Promised shipments from the other side have
had a depressing effect. Spelter here 6c., with a fair business, and larger sales at St. Louis at 5.75@5.85c. Lead here
3.85c. with small sales. Pig iron has been quiet; No. 2
Eastern $13 50; No. 2 Southern Birmingham $10@$10 25.
There has been a rather better inquiry for plain and fabricated structural steel. Wire nails have been firm on the
basis of 1.60c. Ferro-manganese may be more plentiful
before long; increased supplies are promised from England;
sales of late have been at $100 to $150 Baltimore.
eisen $32@$35 a ton; recent sales have reachedSpiegeltons. England is expected to buy steel in the United 35,000
States.
xclx.
THE CHRONICLE
548
COTTON.
Friday Night, Aug. 21 1914.
CROP,as indicated by our
THE
OF
MOVEMENT
THE
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
4,795 bales, against 8,197 bales last week and 5,891 bales
the previous week, making the total receipts since Sept.
1 1913 10,262,613 bales, against 9,623,307 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 639,306 bales.
OnShipboard, Not Cleared forGerOther CoastGreat I
Aug. 21 at- Britain.1France. many. Foreign wise.
New Orleans....
Galveston
Savannah _ _ -Charleston
Mobile
Norfolk
New York_ _ _ _
Other ports_ _ _
3,553
639
124
__-
4.419
1.501
1,144
500
338
124
Total 1914.... 4,192
Total 191.. 7,151 6.493
Total 1912.... 16,296 15,035
525
Total.
9,240
3.165
338
12,852 12,852
6,258 1,644 13,377 25,595
5.132 10,769 6.801 36.346
8,576 8,6601 11.114 59,681
Leaving
Stock.
44.014
33.419
6.699
1,233
1.920
1,469
94,922
18.553
202,229
96,819
192.482
Speculation in cotton for future delivery has still been
suspended, the New York, New Orleans and -Liverpool
Exchanges not having reopened. Spot prices here have
latterly been nominal, the Exchange making no quotations.
640 During the week Liverpool spot prices have fallen to the
303
75
117
144
1
40 basis of 6.20d. for middling uplands, as against 6.50d. last
2
13
25
week. It is reported from Liverpool that the spot sales there
454 since the closmg of its exchange on July 30th have been
93
94
85
71
87
24
75
51
22
2
45,000 bales. At the same time it is said, that since the
4 closing of the Exchange here on July 31st the sales of spot
2
2
cotton have been 7,000 to 8,000 bales. The Jan.-Feb. quota144 tion in Liverpool has been reduced from 6.12 Md.last week to
101
7
2
34
25
25
5.90d. Some New York members of the trade have refused to
margin down their transactions in Liverpool to the basis of
353 1.440 4.795
353 1.710
691
248
Totals this week_
5.90d. and three well-known members of the Liverpool Ex(Aug. 22nd) for New York to
The following shows the week's total receipts, the total change are to sail to-morrow .
to settle this question.
since Sept. 1 1913 and the stocks to-night, compared with endeavor by personal interviews
According to rumor, the straddle account between New York
last year:
and Liverpool amounts to some 300,000 bales. The straddle
was originally made by Liverpool people selling in New York
Stock.
1912-13.
1913-14.
Receipts to
and buying in Liverpool. The "short" end here is thus held
Sep
Since
This
Sep
Since
This
Aug. 21.
by Liverpool, which, therefore, stands to net large profits,
1913.
1914.
We*. 11913. Week. 1 1912.
while the "long" end is believed to be held in this country.
43,859
36,58
2,7853,339,981 53,7323,887,614
Galveston
settled somehow be__- - 666.875
1,77
559 If these trans-Atlantic straddles can be
628 467,501
Texas City '
138.642
46.238
fore the opening of the Exchange, the resumption of trading
Port Arthur
3,784
_--_ 109,188 4.084 131.938
Aransas Pass.&cBoard here will be hastened. Efforts are being made
53,254
17,720 at the
640 1,880,140 1,551 1.435.200
New Orleans_ _
176
also to adjust the question of mill hedges, i. e., of purchases
Gulfport
2,258
121 227,026
2,160 of futimis made by dealers some time ago as a hedge against
40 434.375
Moblle
164.055
-- 124,899
Pensacola
380 sales of cotton to mills. This very important matter seems
145
29.245
-,-,
__
15.865
Jacksonville, &c,
15.989 in
6,699
454 1.815,688 2.720 1.287,076
Savannah
fair way of settlement. The big question of
323
291,500
234,334
Brunswick
a far graver
1,766 Southern hedges against the crop is
1,233
75 423,427 1.005 308,189
Charleston
110
problem. Determined efforts are being made to solve it.
Georgetown
5,772
398.751
27
342,753
7,753
Wilmington
financing the crop will be
7.641 A conference on the question of
14,321
4 586.003 1,224 558.518
Norfolk
714 117.717
held next Monday in Washington between Secretary of the
____ 149.764
N'port News,&c_
24,499
94,922
---15,326
6.732
New York
of the Chamber of Commerce
4,523 Treasury McAdoo and members
4,127
415
21.242
46,126
144
Boston
2.684 and the cotton exchanges. The Lever bill has become a law
2,337
418
77,528
96,611
25
Baltimore
1.506
2,413
---7.631
at this critical time, much to the regret of many GovernPhiladelphia --------1,996
of war risks and
4.795 10262613 66.011 9.623.307 227.824 133,165 mental measures looking to the assumption
aw...1.
the purchase of ships to promote commerce are under way
In order that comparison may be made with other years at Washington, also to license warehouses at the South.
The warehouse facilities of the South are entirely inadequate.
we give below the totals at leadmg ports for six seasons:
Crop reports have been in the main favorable. From Texas
1911. 1 1910. I 1909.
1912.
1913.
in particular the advices have been for the most part dis1914.
Receipts at19.523 tinctly favorable, though it is not denied that after the re46.129
70.733
68,425
53,732
2,785
Galveston -__
2,304
cent heavy rains and cooler weather a period of dry, sunny
4,084
628
Texas City,&c
3,099
7541
3.843
1.059
Oklahoma the outlook, which
1.551
640
New Orleans..
72 conditions is desirable. In
126
88
44
121
40
Mobile
10,167 at one time recently was rather threatening, has noticeably
3.535
12,222
601
2,720
454
Savannah
550
I
drought was relieved in good time. CondiBrunswick
133 improved. The
1,426
224
883
1,005
Charleston,&c
75
89 tions are also said to be better in Arkansas. Timely rains in
I
103
27
Wilmington_
414
2,686
1.1571
404
Norfolk
1,224
Louisiana had a very good effect,according to current advices.
4
II
N'port N..&c.
714
665 The conditions are also said to be in the main favorable in
1.923
283
182
All others_ _ _ _
833
169
Tennessee and Mississippi as well as in Alabama. In Geor34,162
56,579
91.5071
Total this wk.
71,598
4,795
66,011
gia much the same is said to be the case,aside from the SouthSince Sept. 1_ 1026261.3 9.6221/17 11574894 8.559.233 7.356.160 9,885,990 ern portions of the State, where picking has been,interrupted
by rain. Temperatures and rainfalls have been, it is stated,
The exports for the week ending this evening reach a total favorable in South Carolina and favorable developments
of 3,577 bales, of which 1,263 were to Great Britam, are also reported from North Carolina. In a word, as al5 to France and 2,309 to the rest of the Continent. ready intimated, crop conditions are on the whole considreed
Below are the exports for the week and since Sept. 1 1913.
favorable. What everybody wants to see now is action of
some kind which as far as possible will set the wheels of the
Week ending Aug. 21 1914.
From Sept. 1 1913 to Aug. 21 1914.
cotton commerce moving again. Resolute efforts are being
Exported toExported toitxPorts
made to this end. They seem unlikely to fail. Germany is
Great
ContiGreat
Contifromsaid to have declared a moratorium for three months on
Britain.Prance.nent&c. Total. Britain. France. nent, dte. 7bfal.
all debts prior to July 31.
882 1,9561.068.987 315.968 1,460,825 2,845,780
Galveston__ 1,074
349,058 26,888 80,896 456,842
Texas City.
The rates on and off middling,as established Nov.19 1913*
2,006
Pt. Arthur.
30,802 32,808
38,319 by the Revision Committee, at which grades other than
8,171
Ar.Pass,&e.
30,148
100 897,545, 187,142 617,966 1,702.653 middling may be delivered on contract, are as follows:
New Orrns_
100
145,819 73,997 151,685 371.681
Mobile
s
ivtirlidcdtilionwg
c Basis Good mid. tinged°
. Even
53,996 48,947 61,212 164,155 Fair
Pensacola
Mon.
Sat.
Galveston
Texas City
Pt. Arthur
Aran Pass.,&c_
New Orleans---Mobile
Pensacola
Jacksonville, &c_
Savannah
Charleston
Wilmington _
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia _
Savannah
Brunswick _
Charleston _
Wilm'ton
Norfolk
N'P't News
New York.
Boston
Baltimore
Philadella
inland, Me
San Fran
Pt.Towns'd
221
458
1,326
189
Tues.
106
Wed.
915
628
Thurs.
222
Fri.
863
Total.
2,785
628
1,326 229,368 240,990 774,742 1,245,100
89,608 22,954, 155,4(9 268,041
118,943
5,030 181,434 305,407
73,024 102,434 177,855 353,313
48,741
87,053 135,794
569
569
195 137,399
19,157 218,283 374,839
9,138 94,505
85,367
57,862 15,322 99,983 173,167
15,049 57,890
42,841
313
313
179,256 179,255
76 198
76 198
c1.75 on
middling.0.50 off
Strict mid. fair_ __i.50
1 30 on Low middling
1.25 off
Middling fair
_.0.90 on Strict goocl
mid._
_2.00 off
good
Strict
Good
on
ordinary.. .3.00 off
Good middling._ _0.65
on
_ 0.32 on Strict g'd mid. ting.0.45
Strict middling_
• Reaffirmed Feb. 4 1914.
Strict id. tinged-0.20 °If
Middling tinged...0.40 off
Strict low mid. ting.1.25 off
Low mid tinged .3.00 off
:stained 1.25 off
Middling
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 15 to Aug. 21Middling uplands
Sat. M1.0on. Tues. Wed. Thu vs. Fri.
11.00 1 0
--
Tot. '12-'13. 14 21/8.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotation for middling upland at New York on
Aug. 21 for each of the past 32 years have been as follows:
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard,not
cleared, at the ports named. We add similar figures for
New York.
1914-c__ --*11.00
1 .25
1913
11.80
1912
12.50
1911
16.40
1910
12.65
1909
10.00
1908
13.35
1907
•August 17.
1 263
5
2 309
3 5773 431 025 1 058 8234 386 7758 876 629
913. 26 840 42 0513 598 370 980 4823 982 4678 561 319
Note.-New York exports since Sept. 1 Include 14 894 bales Peruvian 75 bales
Brazilian, 52 bales West Indian to Liverpool: 31 bales West Indian to Havre and
22 bales West Indian to Bremen and Hamburg.
1908_c
1905
1904
1903
1902
1901
1900
1899
10.10
10.90
10.85
12.75
9.00
8.19
10.00
6.31
1898_ c
97
1896
1895
1894
1893
1892
1891
5.88
7.88
8.62
7.62
6.94
7.25
7.19
7.94
-c
IIRS
1888
1887
1886
1885
1884
1883
2 :75
11
10.62
9.75
9.31
10.31
10.75
10.12
549
THE CHRONICLE
A1.7(4. 221914.]
FUTURES.-There have been no transactions in cotton up from telegraphic reports Friday night. The results for the
for future delivery on the New York Cotton Exchange this week and since Sept. 1 in the last two years are as follows:
week.
-1912-13-1913-147-Since
Since
Aug. 21THE VISIBLE SUPPLY OF COTTON to-night, as made ShippedWeek. Sept. 1.
Week. Sept. 1.
Via St. Louis
2,613 570,544
up by cable and telegraph, is as follows. Foreign stocks,
1.123 569,418
Via Cairo
8309 8298.854
235 406.643
as well as the afloat, are this week's returns, and consequently
21,822
Via Rock Island
32
6.748
all foreign figures are brought down to Thursday evening.
94,234
Via Louisville
597
227 123,101
Via Cincinnati
243 132,958
16 117,815
But to make the total the complete figures for to-night
Via Virginia points
2,043 147,078
25 158.419
(Friday), we add the item of exports from the United States,
Via other routes, &c
397 385,561
346,250
including in it the exports of Friday only.
Total gross overland
• 6,234 1,651.051
1.626 1,728,394
Aug. 21Stock at Liverpool
Stock at London
Stock at Manchester
1914.
bales- 910,000
5,000
61,000
1913.
613,000
5,000
30.000
1912.
642,000
14,000
76.000
1911.
513,000
12.000
31.000
976,000
*29,000
*250,000
234.000
*4,000
*30,000
*36.000
*59,000
648,000
17.000
113,000
91,000
3,000
17,000
11,000
18,000
732.000
10.000
220,000
110.000
2,000
16,000
14,000
10,000
556,000
14.000
34,000
62,000
2,000
18.000
16.000
7,000
633.000
270,000
382.000
153.000
918.000 1.114,000
82,000
94,000
51,603
72.631
27.000
30.000
35,000
68.000
628,000 464,000
133.165 252,163
89,893
116.292
6.745
28
709,000
48,000
50,980
22.000
61.000
439.000
188,161
99,110
14,612
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
1,609,000
India cotton afloat for Europe
177.000
Amer. cotton afloat for Europe_ - 20,409
Egypt,Brazil,&c..aflt.for Europe.. 24,000
Stock in Alexandria, Egypt
*90,000
Stock in Bombay, India
700,000
Stock in U. S. ports
227,824
interior
U.
S.
towns
Stock in
113,419
U.S.exports to-day
2.120
Total visible supply
2,963.772 2.066,833 2.115.687 1,631,863
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales_
618,000 411,000 521,000 325,000
Manchester stock
41,000
18.000
59,000
20,000
Continental stock
*490.000 228,000 351,000 107.000
American afloat for Europe
20.409
72.631
51,603
50,980
U. S. port stocks
227.824 133,165 252.163 188.161
U. S. interior stocks
113.419 116,292
89,893
99.110
U. S. exports to-day
2,120
14.612
6.745
28
Total American
East Indian. Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, Ste
Total American
1.512.772
985,833 1,324,687
894,863
202,000
5,000
12,000
42,000
94,000
30,000
68,000
628,000
121,000
14,000
17,000
31,000
82,000
27,000
35,000
464,000
178.000
12,000
11,000
46.000
48.000
22,000
61,000
439.000
1,451,000 1,081,000 791.000
1,512,772 985.833 1.324,687
827.000
804.864
292,000
5,000
20,000
*143,000
177.000
24,000
*90.000
700,000
Total visible supply
2.963.772 2,066,833 2,115.687 1,631.863
Middling Upland, Liverpool
6.20d.
6.888.
6.60d.
6.62d.
Middling Upland, New York-- - al1.00c.
12.70c.
12.15c.
11.70c.
Egypt, Good Brown. Liverpool_ - 8.75d.
1034d.
9.958. 10 9-16d.
Peruvian, Rough Good,Liverpool 8.75d.
10.40d.
10d.
8.60d.
Broach, Pine, Liverpool
7%d.
5.60d.
634d. 6 5-16d.
Tinnevelly, Good, Liverpool_ 5.55d. 6 3-16d.
(iXd. 6 5-16d.
* Estimated.
a August 17.
Continental imports for past week have been 18,000 bales.
The above figures for 1914 show a decrease from last week
of 27,641 bales, a gain of 896,939 bales over 1913, an excess
of 848,085 bales over 1912 and a gain of 1,331,909 bales over
1911.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to Aug. 21 1914.
Towns.
Ship- Stocks
ments Aug.
Week. Season. Week.
21.
Receipts.
Movement to Aug. 22 1913.
Receipts.
I Ship- Stocks
I meets. Aug.
Week. I Season. I Week. , 22.
Ala.,Eufaula__
42 22,518
880
30
751
30 2I,396
Montgomery
254 156,828
175 3,030
264 3,693
293 158,972,
Selma ------76 26,495
777
813
120,628;
651
684
5
Ark. Helena---------85,812!- _
1,056
_
41,643 -- - _
102
Little Rock__
1 189,982
624 5,587
28 181,787 1,651' 6,078
Ga.,Albany__
108 27,762
5
1,239
24,124,
30
700
80:
Athens
1l8,57e
125 3,061__I 107,388;
500
727
Atlanta
88 232,56
91
86
924 -73, 185.4741
870
Augusta_ - 69 375,527
791
339,305'
2,457
9,484
6,161
490
Columbus
15 Sl,29ö
201 1,682
35 75,376;
450 4,766
Macon
1' 44.5031
41
688 1,180
26 38,829,
Rome -- - 21
58,519
100 2,869
150 3,501
71 52.129
41 194.885
La.,Shreveport
-3,240
111 3,200
50 141.284'
Miss.,Columb's
38.231
7627,652
_ _.
113
Greenville _
85,994
38
670
---- 40,334,46
08
Greenwood
142,295
2,500110,137
100
900
Meridian _ __.
SO 35,192
336 1,640
-iiii 59,061
208 1,781
Natchez ----------19,706
1,100
_
18,131
____
525
Vicksburg ---i 29,391
22
745
Yazoo City-- ---,.- 40,794
1,008
14 1,886
22,478
_
Mo.,St. Louis
849 577,580 1,123 14,350
1-,i48 573,1781 2,613 6.599
N.C.. Raleigh
14,973
37
125
2
122 11,7141
O., Cincinnati. 1,267 255,829
998 13,067 1,098 238.5491
705 24,360
Okla.,Hugo- -----37,135
30,200
B.C.,Greenw'cl.
13,498
406
217
48
--42 21,4451
Tenn.Memphi
2:11.128.898
63: 15,294 1,440 820,218
4,966 12,030
Nashville -----------10,988
57
21
7,853
13o
2
Tex., Brenham
67 17,861
765
466 2,090 22,328 1,797
Clarksville_ _ _ ------ 49,702 ----39
43,835 Dallas
150,513
ii ---4.20
---L 133,4311
iii 1-.7.35
Honey Grove_
33,202 - _ _
45,1371 ---. ---Houston
7.2732.718,775 5,5:15 -2-8-,i33 56,5603,387,366 53,029
31,872
Paris
114,944 -----------151,138I -- -Total. 33 towns 10.5107.225 71 cil in CIA n 1 1"an,
... .... ------------
05,51.5.500,000 5•
The above totals show that the interior stocks have decreased during the week 332 bales and are to-night 2,873
bales less than at the same time last year. The receipts at
all towns have been 53,733 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
-
Deduct shipmentsOverland to N. Y.. Boston, are.... 169
Between interior towns
15
Inland, &c., from South
5.124
Total to be deducted
5,308
Leaving total net overland *
833
102
636
146,611
126,140
111,819
1,571
384.570
126,581
184,625
175.869
487,075
z3.682 1,241,319
4,663 1,266,481
* Including movement by rail to Canada. b Revised.
z Deductions greater than overland.
The foregoing shows the week's net overland movement
has been ____ bales, against 4,463 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 25,162 bales.
-1913-14- -1912-13
/n Sight and Spinners'
Since
Since
Takings.
Week.
Week.
Sept. 1.
Sept. 1.
Receipts at ports to Aug. 21
66.011 9,623,307
4.795 10,262,613
Net overland to Aug. 21
4,663 1.266,481
x3.682 1,241,319
Southern consumption to Aug. 21 54,000 3,019,000 59.000 2,913,000
Total marketed
55.113 14,522.932 129,674 13,802,788
Interior stocks in excess
19.256
*6.837
*332
81.095
Came into sight during week
54.781
122,837
Total in sight Aug.21
13,822,044
14.521,837
Nor.spinners 'takings to Aug. 21- 1,361 2.719,642
22.021 2,561.737
*Decrease during week. z Deduction. h Less than Sept. 1.
Movement into sight in previous years:
Week1912-Aug.23
1911-Aug.25
1910-Aug.26
1909-Aug.27
Bales.
124,678
115,881
85,913
90.301
Since Sept. 11911-12-Aug. 23
1910-11-Aug. 25
1909-10-Aug. 26
1908-09-Aug. 27
Bales.
15,715.767
11.997.109
10,555,097
13,737.999
NEW ORLEANS CONTRACT MARKET.-There have
been no dealings at New Orleans this past week.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-The markets being practically all closed, no
quotations are obtainable, except for Augusta, which are
103
40. for middling uplands old cotton and 93
4c. for new
cotton.
WEATHER REPORTS BY TELEGRAPH.-Our advices
by telegraph from the South this evening are quite generally
of a satisfactory tenor. Further rains in Texas have broken
the drought in all sections, and cotton is reported to show
decided improvement. There are, however, complaints of
damage by army worms from that State. Picking is progressing well in early localities.
Galveston, Tex.-Heavy to excessive rains have occurred
in many counties. The drought is now broken in all sections. Cotton has shown a decided improvement, but dry,
sunshiny weather would be of benefit. Complaints of damage by army worm are increasing daily. There has been
rain on five days of the week,the rainfall reaching ninety-four
hundredths of an inch. Average thermometer 84, highest
88, lowest 80.
Abilene, Tex.-It has rained on one day of the week, the
rainfall being thirty-eight hundredths of an inch. Minimum thermometer 68.
Brenham, Tex.-There has been rain on four days of the
past week, the rainfall reaching two inches and thirty-two
hundredths. The thermometer has averaged 81, ranging
from 72 to 90.
Cuero, Tex.-We have had rain on three days during the
week, the precipitation reaching eighty-six hundredths of
an inch. The thermometer has ranged from 70 to 98, averaging 84.
Dallas, Tex.-It has rained here on four days during the
week, the rainfall reaching one inch and eighty-four hundredths. Minimum thermometer 72.
Henrietta, Tex.-There has been rain on two days during
the week, the rainfall being eighty-four hundredths of an
inch. The thermometer has averaged 80, the highest being
92 and the lowest 68.
Huntsville, Tex.-There has been no rain udring the week.
The thermometer has averaged 81, ranging from 70 to 92.
Kerrville, Tex.-There has been rain two days the past
week, the rainfall being ninety-six hundredths of an inch.
The thermometer has ranged from 66 to 90, averaging 78.
Lampasas, Tex.-Rain on two days of the week, one inch
and twenty-eight hundredths. Average thermometer 78,
highest 90,lowest 66.
Longview, Tex.-It has rained on five days of the week,the
rainfall being two inches and fifty-four hundredths. The
thermometer has averaged 83, the highest being 96 and the
lowest 70.
Luling, Tex.-It has rained on three days of the week, the
precipitation being .thirty-six hundredths of an inch. The
thermometer has averaged 82, ranging from 70 to 94.
Nacogdoches, Tex..We have had rain on four days during
the week, the precipitation
ec
reaching one inch and sixteen
hundredths. The thermometer haslranged from70itoi92,
averaging 81.
•efr,
550
THE CHRONICLE
[VOL. xcix.
Charlotte, N. C.—It has rained on one day, the rainfall
Palestine, Tex.—There has been rain on five days of the being
fifty-four hundredths of an inch. The thermometer
hunthirty-two
and
inches
two
reaching
rainfall
week, the
79, the highest being 93 and the lowest 68.
has
averaged
68.
lowest
92,
highest
80,
thermometer
Average
dredths.
N. C.—Rain has fallen on one day of the past
Goldsboro,
the
days
during
two
on
rain
been
has
Tex.—There
Paris,
of an week, the rainfall reaching eighty-three hundredths of an
week, the precipitation reaching eighty-six hundredths being
inch. The thermometer has averaged 83, ranging from
highest
the
82,
averaged
has
thermometer
The
inch.
to 98.
68
68.
lowest
the
96 and
Weldon, N. C.—We have had rain on one day during the
days
San Antonio, Tex.—There has been rain on three
week, the precipitation reaching two inches and nineteen
during the weeks the precipitation reaching one inch and eight hundredths.
The thermometer has ranged from 67 to 97,
hundredths. The thermometer has averaged 80, ranging
averaging 82.
from 68 to 92. •
Average therDyersburg, Tenn.—Dry all the week.
Taylor, Tex.—We have had rain on four days.during the
highest 97, lowest 67.
week, the precipitation reaching two inches and ninety-seven mometer 82,
Milan, Tenn.—There has been rain on one day during the
hundredths. Minimum thermometer 68.
fourteen hundredths of an
Weatherford, Tex.—There has been rain on two days of the week, the precipitation reaching
has averaged 78, the highest being
week, the rainfall reaching three inches and twenty-eight inch. The thermometer
hundredths. Average thermometer 76,highest 86,lowest 66. 93 and the lowest 62.
Memphis, Tenn.—There has been rain on one day the past
Ardmore, Okla.—We have had no rain during the week.
week, the precipitation reaching ninety-eight hundredths
The thermometer has averaged 82, the highest being 98 and of
an inch. The thermometer has averaged 80, ranging
the lowest 67.
Holdenville, Okla.—There has been no rain during the week. from 70 to 89.
The following statement we have also received by teleThe thermometer has averaged 81, ranging from 64 to 99.
named
Marlow, Okla.—We have had no rain during the week graph, showing the height of the rivers at the points
at 8 a. m. of the dates given:
The thermometer has ranged from 64 to 96, averaging 80.
Aug. 21 1914. Aug. 22 1913.
Feet.
Eldorado, Ark.—There has been rain on three days the past
Feet.
4.6
4.5
Above zero of gauge_
Orleans
week, the precipitation reaching one inch and eighty-nine New
7.3
gauge_
zero
5.4
of
Above
Memphis
hundredths. The thermometer has averaged 79,ranging from Nashville
7.4
Above zero of gauge_
7.9
3.8
9.6
Above zero of gauge_
Shreveport
65 to 93.
6.4
5.5
Above zero of gauge_
Fort Smith, Ark.—It has rained on one day, the rainfall Vicksburg
* Above.
being four hundredths of an inch. The thermometer has
averaged 82, the highest being 96 and the lowest 68.
MARKET AND SALES AT NEW YORK.
Little Rock, Ark.—There has been rain on two days the past
The total sales of cotton on the spot each day during the
week, the precipitation reaching six hundredths of an inch.
week at New York are indicated in the following statement.
The thermometer has averaged 79, ranging from 66 to 91.
convenience of the reader we also add columns which
Columbus, Miss.—Rain has fallen on one day the past week, For the
at a glance how the market for spot and futures closed
the rainfall reaching seventy-eight hundredths of an inch. show
days.
The thermometer has averaged 80, the highest being 95 and on same
the lowest 65.
SA&ES.
Futures.
Greenwood, Miss.—Ramon four days of the week, ninetyMarket
Spot Market
Spot. Contr'ct Total.
Closed.
Closed.
three hundredths of an inch. Average thermometer 93,
highest 80, lowest 66.
99
99
Saturday..__ Nominal
1.300
1,300
Vicksburg, Miss.—We have had rain on two days during Monday ___ Nominal
___ Nominal
the week, the precipitation being fifteen hundredths of an Tuesday
43
43
Wednesday.. Nominal
65
65
nch. The thermometer has averaged 79, the highest being Thursday
__ Nominal
1.104
1,104
Nominal
Friday
90 and the lowest 69.
Alexandria, La.—There has been rain on four days during
2.611
2.611
Total__
the past week, the precipitation reaching sixty-three hundredths of an inch. The thermometer has averaged 79,
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
ranging from 64 to 94.
following brief but comprehensive statement indicates
The
New Orleans, La.—We have had rain on four days during at a glance the world's supply of cotton for the week and
the week, the precipitation reaching one inch and sixty hun- since Sept. 1.for the last two seasons, from all sources from
dredths. The thermometer has ranged from 74 to 90, which statistics are obtainable; also the takings, or amounts
averaging 83.
gone out of sight, for the like period.
Shreveport, La.—There has been rain on three days of the
1912-13.
week, the rainfall reaching seventy-one hundredths of an
1913-14.
Cotton Takings.
Week and Season.
inch. Average thermoneter 80, highest 91, lowest 69.
I Season.
Week.
Season.
Week.
Livingston, Ala.—There has been rain on one day during
2.193,654!
2.991,413
Aug. 14
the week, the rainfall being five hundredths of an inch. Visible supply Sept.
I 2,135,485
2.055,351
1
Visible supply
The thermometer has averaged 80, the highest being 91 American
54,781 14,521.831 122,837 13.822.044
in sight to Aug. 21-_ _
5,000 2.702.000
b6,000 3,739,000
and the lowest 70. .
Bombay receipts to Aug. 20__ _
22.000; 554,300
91,4.000
32.000
ship'ts to Aug. 20_
Mobile, Ala.—Picking is progressing finely. There is Other Indiareceipts
100: 994,500
b100 1.015,000
to Aug. 19.
8,000; 346.000
364,000
4,000
19*
slight grade damage on account of heavy local rains. There Alexandria
Aug.
to
Othersupply
has been rain on four days during the week, the precipitation
3,088,294 22,609.188 2.351,591.20,554.329
Total supply
reaching three inches and sixteen hundredths. The therDeduct—
2,963,772 2,963,772 2,066,833! 2,066,833
Visible supply Aug. 21
mometer has averaged 80, ranging from 70 to 90.
Montgomery, Ala.—We have had rain on three days during Total takings to Aug. 21a
124.522 19,645,416 284.758 18.487.496
103.422 14,051.416 198.658 14,201,696
Of which American
the week, the rainfall reaching one inch and fourteen hun21.100 5,594,000
86.100 4,285,800
other
Of
which
dredths. The thermometer has ranged from 70 to 92,
averaging 81.
*Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills
Selma, Ala.—There has been rain on five days of the week,
bales in 1913-14 and 2,913,000 bales in 1912-13—takings not
the rainfall reaching one inch and forty-two hundredths of an 3,019.000
being available—and the aggregate amounts taken by Northern and foreign
inch. Average thermometer 79, highest 88, lowest 69.
spinners. 16.626.416 bales in 1913-14 and 15,574.496 bales in 1912-13,of
11.032,416 bales and 11,288.696 bales American.
Madison, Fla.—We have had rain on four days during the which
b Estimated.
week, the precipitation being two inches and forty-seven
hundredths. The thermometer has averaged 81, the highest
NEW YORK COTTON EXCHANGE.—Aid of Mill
being 93 and the lowest 72.
Sought.—The following letter to cotton mill men and
Men
Tallahassee, Fla.—We have had rain on four days the past signed by Edward M.Weld, Chairman of a special committee
week, the rainfall being three inches and three hundredths. of the New York Cotton Exchange, appointed recently, is
Thermometer has averaged 80, ranging from 67 to 93.
self-explanatory:
Albany, Ga.—We have had rain on three days during the
A committee of the New York Cotton Exchange has been appointed to
through a scheme to enable Southern cotton merchants to put
week,the precipitation reaching one inch and two hundredths. try to put on
contracts which they have bought against sales of cotton to
up margin
are absolutely solvent find themselves in a position
The thermometer has ranged from 70 to 96, averaging 83.
the mills. Men whoand
upper millstone"—they have bought contracts
nether
the
'twixt
"
Augusta, Ga.—It has rained here on three days during the through New York and New Orleans
commission houses on which they owe
a large sum of money and they have sold, at what now
week, the rainfall reaching twenty-nine hundredths of an in the aggregate
equivalent
an
prices,
to mills both North and South.
amount
high
at
looks
inch. Average thermometer 81, highest 93 and lowest 69.
a very large sum of money, which is as yet
on which contracts is dueisthem
that these Southern shippers shall cancel the
idea
The
the
week,
unavailable.
the
of
each
day
on
rained
has
Ga.—It
Savannah,
contracts with the mills and renew them again in exactly similar form
is suggested that the price on all new contracts be
rainfall being two inches and thirty-eight hundredths. The old
except as to price. It
for middling, landed mills. The mills would give them
the
and
94
being
highest
the
80,
made say 1034c. -bearing
thermometer has averaged
note due on the last day of the month in which
-interest
their non
lowest 70.
shipment may be made them for the difference between the original price
new
contract
price. This note would be endorsed by
the
and
sale
the
who would turn over the endorsed note to the comCharleston, S. C.—There has been rain on five days of the of
the Southern shipper,
house in Now York or New Orleans. In consideration of the repast week, the rainfall reaching one inch and sixteen hun- mission such
note, the New York or New Orleans commission broker would
of
dredths. The thermometer has averaged 80, ranging from ceipt
guarantee the delivery of the cotton through the Southern shipper to the
mill at the lower price. To give a hypothetical illus72 to 89.
Northern or Southern Co.
owe the A B C mill 3,000 bales of middling cottration: Say Smith &
1,000 Oct. 1. 1.000 Nov. and 1,000 Dee. Smith &
Greenville, S. C.—There has been rain on two days the past ton
at 12Ac..shipment
against
this sale 3.000 bales of December through
purchased
The
inch.
an
of
Co. have
week, the rainfall being eleven hundredths
H. B. & Ca. at 11.75c. Smith & Co. would cancel the old contract and
for
the
thermometer has ranged from 65 to'92, averaging 79.
contract
of 3,000 bales of middling at 103ic..
delivery
new
a
make
and 1.000 Dec. The A D C mill would give three
1,000 Oct., 1.000 Nov.
due
Spartanburg, S. C.—There has been rain on one day of the non
-interest-bearing notes for $10,000 each, one due Oct. 31. one and
notes
week, the rainfall reaching one inch and fifteen hundredths. Nov. 30 and one due Dec. 31. Snith & Co. would endorse these
credit
would
Co.
B.
H.
& Co.. New York. H. B. &
turn them over to
Average thermometer 80, highest 95, lowest 65.
THE CHRONICLE
AUG. 22 1914.]
Smith & Co. with $30,000 and would in turn guarantee to the A B C mill
the shipment and delivery of 3,000 bales of middling cotton, 1.000 each
month, Oct.. Nov. and Dec., at 10%c.
Will you assist in securing the unanimous co-operation of the American
mills in carrying out this scheme? It is only an appeal to the mills to do
what they can to help out the general critical situation which exists, and
would go a long way toward assisting in the re-opening of the cotton exchanges in the near future and help materially in the rational marketing of
the South's cotton crop.
A meeting of the members of the New York Cotton Exchange will be held on Monday, Aug. 31 1914, at 12 o'clock,
noon, to consider the following proposed amendment to
Rule 5, which has been approved by the Board of Managers:
Amend Rule 5 by adding after words "certified check" in the first paragraph of the rule following: Provided $10 per bale shall be callable at
any time on all contracts for delivery in February, March, April or May
1915, which are subject to a tax under the provisions of the"United States
Futures Act."
Add to the second paragraph after the word "called" the words "except
as above provided for contracts maturing in February, March. April or
May 1915."
The paragraph will then read:
Rule 5-Either party to a contract for future delivery of cotton shall
have the right to call an original margin on from $1 to $5 a bale at the time
of signing the contract or at any time prior thereto, and may also demand
that $1 per bale of the amount so called shall within one hour after the receipt of such demand be deposited with the Superintendent of the Exchange in current funds or a certified check: provided, however,that original
margins of $10 a bale shall be callable at any time on all contracts for delivery in February, March. April or May 1915, which are subject to a tax
under the provision of the United States cotton futures Act. The party
calling must put up and deposit an amount equal to that called by him.
All demands for original margin on verbal contracts or slips must be
within 24 hours after the transactions upon which such original margin
is called, except, as above provided, for contracts maturing in February,
March, April or May.
The following notice has been issued by the Board of
Managers in view of the enactment into law of the Lever bill:
The Board of Managers is now considering and will shortly submit to
you changes necessary to be made in our by-laws and rules because of the
passage of the U. S. Cotton Futures Contract Act. As this Act becomes
effective in February 1915, all existing contracts maturing after that date
are subject to the tax of $10 per bale. In view of this fact, the Board of
Managers strongly urges members to obtain their client's consent to change
their contracts into December immediately, and in order to enable members
to protect themselves it has passed the attached amendment to Rule 5.
effective Aug. 31 1914.
551
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.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
unchanged. In other words, it continues quiet for both
yarns and shirtings, with prices nominal.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 3,577 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Aug. 15-Saxonla, 25 West Indian__
Aug. 20-Celtic. 164 upland
189
To Havre-Aug. 14-Rochambeau, 5 West Indian
To Martinique-Aug. 14-Parima, 1
1
GALVESTON-To Liverpool-Aug. 20-ConnsPUor, 1,074
1.074
To Genoa-Aug. 20-Mongibello, 882
882
NEW ORLEANS-To Gothenburg-Aug. 18-Texas, 100
100
SAVANNAH-To Antwerp-Aug. 18-Angio-Mexican, 1.174
1,174
To Hamburg-Aug. 18-Angio-Mexican, 52
52
To Bergen-Aug. 18-Angio-Mexican, 100
100
Total
3.577
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Eurpoe- Mex..
Britain. Ports. many. North. South. &c. Japan. Total.
New York
189
5
195
___
1
Galveston
1,074
------1,956
__-New Orleans_ _ _ ____
___ _
100 ---------__- - 100
Savannah
.326
___
___
52 1,274 ____
Total
1.263
5
52
1,374
882
1
___
3,577
The exports to Japan since Sept. 1 have been 251,255 bales
from Pacific ports, 32,670 bales from Galveston, 34,550
bales from Savannah and 10,550 bales from Mobile, 3,000
The following cable from the Liverpool Cotton Associa- bales from Wilmington and 5,872 bales from New York.
received
by President Cone on Thursday:
tion was
LIVERPOOL.-By cable from Liverpool we have the
Believing it best to all concerned that personal interview will do
to unravel the straddle between our markets than any cabling wouldmore
do, following statement of the week's sales, stocks, &c., at that
we have appointed William E. Whineray, James Arthur Smith and Thomas
port:
W. Cooke to sail Saturday to confer with your
committee. Please invite
New Orleans to meet delegates in New York.
The gentlemen named are members of the New York Cotton Exchange,
as well as of the Liverpool Cotton Association.
LEVER BILL SIGNED.-The Lever Cotton Futures
Bill was signed by President Wilson on Wednesday, Aug. 19,
and goes into effect six months from that date.
Sales of the week
Of which speculators took
Of which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
July 31.
26,000
500
600
21,000
2,000
51,000
856.000
618,000
40,000
23,000
64.000
35,000
Aug. 7. Aug. 14. Aug. 21.
3,000
7,000
5,000
3.000
24,000
874.000
612,000
45,000
14,000
52,000
21.000
2,000
17,000
908,000
625.000
53.000
28,000
37,000
5.000
2,000
14,000
910.000
618,000
17,000
4.000
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods.
, &c., from Great Britain for the month of June
Dealings in spot cotton during the week have been as
and since Oct. 1 in 1913-14 and 1912-13, as compiled by us follows:
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds.
Saturday. Monday. Tuesday. IlVednesday Thursday. Friday.
Spot.
Yarn &Thread.
0003
omitted. 1913-14 1912-13 1913-14
Lbs.
21,811
Nov _ _ 19,979
Dec
18,884
Cloth.
Total of All.
mid.UPI'ds
Sales
6.50
6.50
3.200
6.20 I
600
6.20
1,750
6.20
1,850
6.20
700
1912-13 1913-14 1012-13 1913-14 1912-13
Lbs.
Lbs.
Lbs.
Yds.
Yds.
Lbs.
Lbs.
24,703 630,937 666,18 117,932 124,521 139,743 149,224
19,897 563,650 568,94
105,355 106,345 125,334 126,242
20,007 530,692 554,370 99,194 103,621 118,078 123,628
BREADSTUFFS.
Friday Night, August 21 1914.
4th guar 60,674 64,607 1,734,279 1,789,501 322,481 334,487 383,155 399,094
Flour has fluctuated with wheat, at times being firmer
21,024 20,974 688.105 648,013 142,8711 121,202 145,903 142,266 and at others weak. It began the week rather depressed,
Feb__ _ 19,647 18,45' 583,452 563,606 109,056 105,437 128,70: 123,802
Mar _ 21,69C 19,031 500,375 560,90' 110,350 104,842 132,046 123,876 but later in response to a sharp rise in wheat, turned up2e1 quay. 62,367 58,463 1,861,932 1,773,424 344,285 331.571 406,652 390,034 ward. In fact, many mills ask quite a sharp advance. It
20,568 20,449 531,900 587,553 99,422 109,823 119,99
130,272 does not appear, however, that there has been any great
May_ . 21,783 19,586 572,913
6013,254 107,087 113,319 128,870 132,905 amount of business. There is a certain nervousness
June_ _ 18,869 18,632 498,505
in the
112,04
133,690
615,55.
93,179 115,05,
trade. Mills are not inclined to encourage buying for ex3d quer. 61,220 54,667 1,603,327
1,909,36 209.68 338,20 360,9081 396,867
tended periods ahead. There have been some rumors afloat
July -__ 21,612 18,364 628,770
638,971 117.627 119,434 139,139 137,798
of a good export business but in the main the market has
Stockings and socks
895
893
Sundry articles
35,884 39.984 been irregular, rather quiet for home consumption and generally in an unsatisfactory condition. If the Government
Total exports of cotton manufactures
1,326.633 1,364,670
assumes
war risks and buys ships to stimulate exports, howThe foregoing shows that there have been exported from
the United Kingdom during the ten months 1,326,633,OCO ever, it is inferred that the export trade will increase sharply.
ounds of manufactured cotton,against 1,364,670,000 pounds Chicago has reported a good demand for flour. The British
ast year, or a decrease of 38,037,000 pounds.
Government, it is reported, will take over the flour mills
EGYPTIAN COTTON CROP.-Reports to Messrs. of Great Britain and will also import flour freely. To-day
L. H. A. Schwartz & Co. of Boston, under date of Alex- Minneapolis reported large sales of flour. Nashville sold
andria, July 25 1914, are as follows:
30,000 barrels to New Orleans. Kansas mills made large
ZAGAZIG.-During the past week temperature has remained high and sales
to the Eastern markets of this country. New York
favorable. There are increasing
water,
insufficiency
of
of
complaints
which we believe to be greatly exaggerated. though some fields undoubtedly bid for 50,000 barrels at Evansville.
Here, within a day
have suffered. MA NSOURAII-Temperature
of the week has been favorable for progress of the crop. Flowering continues
and has become gen- or two the export demand has increased. Southwestern
eral. Water is sufficient. Eggs
of worms have nearly disappeared.
KAFR-EL-ZAYAT-Temperature this week has again been very high. flour markets have been very strong.
favoring the plants. Worms and eggs
disappeared. There is
Wheat has again been irregular and excited and at times
plenty of water. MAGAGA-Tjpper have nearly
progress is good, and, thanks, to high tdiaiPeitaturresin,cleofexces
y very active. Early in the week, it is true, prices were lower,
P
lvf.; humidity
insih
E
a"t
pro
noted each morning has not had unfavorable
influence on the plants.
Early plantations present a very satisfactory appearance
and the late fields with export business unsatisfactory and foreign markets
commence also to improve appreciably.
Dierout small arrivals are
expected the beginning of August, and by At
month picking down. But when -prices at Chicago touched a point 10 to
the
of
the
15th
will be in full progress from there upwards,
12 cents lower than the recent high level,some large interests
LANCASHIRE SHORT TIME.-CablesTfrom Lon showed a disposition to take hold on the buying side again,
are to the effect that it is expected that a minimum of thirty and prices rallied sharply. The talk to the effect that
the
hours' work a week shortly will be fixed by the Lancashire Government likely
to assume war risks and also buy ships
is
cotton trade. The English Government, it is reported, is
arranging to place piece orders for cotton goods to help the for the export trade has had a somewhat bracing effect.
industry.
, The passage of the shipping bill was another bullish factor,
F
552
THE CHRONICLE
whether it has any marked effect on the supply of American
tonnage at once or not. Furthermore, the weekly statistics were regarded as bullish. The world's wheat supply
decreased last week 2,217,000 bushels in very sharp contrast with an increase in the same week last year of 7,039,The world's wheat stock is now put
000 bushels.
123,050,000
bushagainst
bushels,
111,300,000
at
els this time last year and 96,250,000 bushels in 1912.
The export clearances last Monday of 1,306,000 bushels, all
domestic except 40,000 bushels, also had a good influence.
This in a way accentuated the effect of the big decrease
in supplies, whereas an increase had been expected. From
South Dakota, too some of the threshing returns had been
disappointing. The mills have been buying wheat more
freely than anybody had expected, probably being more or
less nervous over the decreasing supply in this country.
We have just spoken of the decrease m the world's supply
and the surprising contrast with the figures of last year,
but the American figures in regard to the American supply
are quite as striking in their way. They showed that the total
American visible supply decreased last week 317,000 bushels,
as against an actual increase in the same time last year.of
2,839,000 bushels. Yet, as already intimated, early in the
week prices were weaker. Liverpool declined, owing to
lower prices at Winnipeg and a larger movement of
American wheat. More cheerful crop advices, too,from the
Northwest had for a time their effect across the water.
Liverpool also noted with interest that the clearances of
wheat for Liverpool from America last week were 1,521,000
bushels. English country markets for a time declined
sharply, with new wheat arriving in good condition. In the
United Kingdom the weather has been fine and harvesting
has made rapid progress. The yield there is bountiful and
the quality of the wheat is good. From Italy comes the
announcement that the supply of foodstuffs is sufficient for
several months, adding, however, that the activity of the
army and navy makes it necessary for unusual feeding, and
that the elimination of Russian exports and the closing of the
Dardanelles are causing apprehensions and buyers are active.
It is also announced that the wheat crop of Italy is 10,000,000
to 20,000,000 bushels less than last year. But the idea is
general on this side of the water that with war risks assumed
by England, France and Belgium, and with the United
States likely to take similar action, the prospects seem to
point to big exports. And this many regard as tantamount
.promise of higher prices. New York banks have been
to a
buying export gram freely. One bank, it is stated, will
finance shipments to England and another to France. On
Tuesday 1,000,000 bushels were sold at New York to England. There has been some export business also at Chicago
and Kansas City. The demand for flour at Chicago has
been reported good. Russia permits exportations of wheat
and other grain to the United Kingdom, though it is not
understood that any has been shipped yet. The crop outlook in East India has been less favorable. The yield and
quality of the wheat in Bulgaria and Roumania are both
At
poor.
small.
Australian
shipments
been
have
Chicago a good deal of money has been released,
that had been tied up in grain loans. The buying of grain
bills by New York banks and the more favorable condition
of the foreign exchange market have been noteworthy factors
in the situation. Railroad men believe that the grain embargo will soon be removed. Four steamers cleared on Aug.
18 for Great Britain and France with 884,000 bushels of
wheat. The Franco-Prussian war, it is recalled, began
July 6 1870, and just before this red winter wheat sold m
Liverpool at 46 shillings per 480 lbs. In one week the prise
rose to 57 shillings. By the end of August the price was
back to 45 shillings, followed by an advance to 52 shillings.
When peace was declared in February 1871 wheat was selling
at 51 shillings. During the Russo-Tuskish war it is stated
wheat advanced in Liverpool from 51 shillings per 480 lbs.
to 66 shillings later falling to 46 shillings. Wheat crops in
Canada and Argentina are much smaller than last year.
As near as can be gathered, the following figures of special
interest at this time show the indicated crops of the following countries:
1913.
1914.
Russia
bushels _ 515,000,000
681,000,000
France
340.000,000
250,000,000
Italy
"
208,000,000
174,000,000
Germany
"
168,000,000
148,000,000
United Kingdom
55,800.000
58.600,000
46
Roumania
80.000,000
32.000,000
Belgium
4.600,000
4.400.000
Total
bushels 1,172.000.000
1.537,400,000
Here is a decrease this year of 365,400,000 bushels, to say
nothing of the decrease in Canada and Argentina. To-day
prices advanced sharply on a better export demand.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
No. 2 red in elevator
103
100
cts_ 96
10234 10234 102
September delivery in elevator_ _ -- 96
10134 10234
102
9534 101
December delivery in elevator----102
10134 10634 10734 10634 10734
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAG 0.
Sat. Mon. Tues. Wed. Thurs. Fri.
9634
94
96
September delivery in elevator_cts_ 8834 8934 94
December delivery in elevator__ _ 9434 9534 9934 10134 9934 10134
May delivery in elevator
10134 1023-4 10634 1083I 10531 10734
Indian corn early in the week showed some depression,
but recovered and advanced sharply. Some bad crop reports
have come from Iowa, Missouri and Kansas. The damage
in Iowa was confirmed to a greater or less extent by the
Government and State weekly weather reports. West of
[VOL. XCIX.
the Mississippi Valley much of the corn acreage needs rain.
There have been reports, too, from time to time, of export
business here. They have had more or less effect, even if
they have not been fully confirmed. It was assumed at one
time that the crop movement this week would be very large.
The receipts were large at the opening of the week, but on
the whole the country has shown less readiness to sell old
corn than had been expected. The available supply is put
at only 3,676,000 bushels, against 5,104,000 bushels at this
time last year and 3,110,000 two years ago. It is said that
in parts of Kansas farmers are cutting late corn for forage,
owing to the fact that it has been so badly damaged by
drought. Hot winds have been reported in Nebraska.
In Liverpool the firmness of American prices has offset the
effect of favorable weather in Argentina, and lower quotations at times for River Plate cargoes. To-day prices advanced. Holland is trying to buy corn in this country, it
is said.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
91
cts_ 91
9334 93
91
91
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN CFIICA00.311
Sat. Mon. LTues. Wed. Thurs. Frt.
cts_ 7634 783-4 7934 7934 7834 7934
Sept. delivery in elevator
6931 7034
December delivery in elevator_ _ 6731 6834 7031 70
May delivery in elevator
6934 6934 7131 7131 7034 7134
Oats have advanced on a sharlidemand for-export and also
heavy buying for domestic account by cash houses at Chicago
and elsewhere. Europe's demand for oats has been insistent
and enormous. Last Monday there were rumors that half
Further sales
a million bushels had been sold for export.
were reported later in the week. In a single day, i. e., last
Tuesday, the sales for domestic use and export reached
some 750,000 bushels. The British Government has been
a good buyer in the London market. Canadian afloat sold
there at 32 shillings and New Zealand at 33 shillings, both
both for 320 pounds. River Plate sorts sold at 26s.6d.to 30s.
for 304 pounds. Canadain crop advices are unfavorable and
thelforeign crops are said to be smaller than those of last
year, all of which for the time being at any rate offsets the
fact that the crop in this country is with one exception the
largest on record. Not only are foreign crops smaller than
those of last year, but the demand for the armies is naturally
great. The American visible supply is 20,220,000 bushels,
against 29,950,000 a year ago and 6,500,000 at this time in
1912. Within a few days 2,000,000 bushels have been sold
to Great Britain and France for early shipment. Spain has
Baltialso bought freely, taking half a million bushels.
mostly, it is
more's export purchases have been very large,
improbably
supposed, for France. Bulls estimate that not
25,000,000 bushels may be sold for export to Great Britain
active trade.
and France. To-day prices advanced on an
firm.
Export sales, 400,000 bushels. &Country holders
'111
11Erb-LO8INP1tICES-0E-OATS IN NEW Thurs. Frt.
*
---M
Wed.
Tues.
Mon.
Sat.
4934
49
49
cts 46%-47 4634-47 4734-48
Standards
4934 50
4934
47-4734 47-4734 48-4834
No. 2 white
IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
4134 4331 433-4 4334 4434
Sept. delivery In elevator__ _ __cts_ 41
45
December delivery in elevator_ _ 4454 4434 4634 4834
4734 4731 4931 4934 4834
May delivery in elevator
The following are closing quotations:
YORK.
18g
FLOUR.
55 10 $525
clears
Winter, low grades.....-$3 70 $390 Spring
35 Kansas straights,sacks- 4 70 4 90
5
00
5
Winter patents
4 70 4 90 Kansas clears, sacks --.. 4 40 4 60
Winter straights
6 85 7 00
4 40 4 60 City patents
Winter clears
4 00 4 50
5 75 600 Rye flour
Spring patents
3 80 4 50
5 35 5 60 Graham flour
Spring straights
GRAIN.
Corn,per bushel—
cts.
Wheat,per bushel—f.o. b.
No. 2 mixed
1934
@I
91
X
12
$1
1No.
Spring,
N.
No. 2 yellow
91
N.Spring, No.2
No. 3 yellow
1 03
Red winter, No. 2
Argentina in bags
87@ai
Hard winter, No.2,arrive
Rye, per bushel—
cts.
Oats, per bushel, new—
New York
4934
8834
Standard
50
Western
No. 2, white
49
Barley—Malting
No. 3. white
WEATHER BULLETIN FOR WEEK ENDING AUG.
17.—The general summary of the weather bulletin issued
by the Department of Agriculture for the week ending
oL
o--#1 s
Aug. l7 is aa follow
•
."44
the Central and Northern districts from the
Continued drought
westward
and
frequent
River
showers
over
the Southern
Mississippi
States were the marked features of the weather during the past week.
-growing
States
to
drought
westward
of
corn
the
Mississippi
great
the
In
continues with increasing severity, and corn and other growing crops
Over the principal corn-growing States
suffered further deterioration.
Mississippi
rains were fairly general, and the
to eastward of the especially beneficial
the late planted, was greatly improved.
condition of corn.
and Northern districts to the westward of the
Pastures in the Central
generally burning up and the ground is too dry for
Mississippi are very
plowing, while to the eastward pastures have greatly improved, tobacco is
in all sections, and plowing for winter wheat is under
progress
good
making
-wheat belt dry and moderately cool weather favored
way. In the springharvest,
and threshing is under way in all portions.
of
completion
the
frequent rains promoted plant growth, and favorable
In the cotton region
nearly all sections of the belt. Picking is becoming
progress is reported from
southern portions, but is being hindered somewhat by
quite general in the
some damage occurred from too much moisture and
too frequent rains, and
insect pests are reported from a number of localities.
from shedding, while
States from Virginia northward beneficial rains
Coast
Atlantic
Over the
occurred in nearly all portions, although severe drought still persists in the
and more rain would be beneficial in other
western portion of Virginia
localities. Corn, tobacco and other late crops and pastures made good
progress. but it continued too cool for corn over the northern portions.
of the Southwest continued In good condition
The great cattle ranges
reported as making satisfactory progress. Over the
and forage crops are
range country to the northward it was too dry for pasturage, but the
weather was favorable for making hay and harvesting and threshing wheat.
The Pacific Coast States continued without rain and drought is severe
in washlegton and Oregon, where all growing crops are suffering. In
California and other frurt-growing districts of the West the weather was
very generally favorable for fruit and drying; canning and shipping progressed as usual.
THE CHRONICLE
AUG. 221914.]
553
For other tables usually given here, see page 526.
packages, valued at $154,588, their destination being to the
The visible supply of grain, comprising the stocks in points specified in the table below:
-1914
granary at principal points of accumulation at lake and
-----1913----Since
Since
Week. Jan. 1.
seaboard ports Aug. 15 1914 was as follows:
New York to Aug. 15Week. Jan. 1
Great Britain
UNITED STATES GRAIN STOCKS.
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded,
Rye. Barley. Barley.
Wheat. Wheat, Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush, bush. bush.
105 ____
17
33
1,786
608
75
53
2
6
24
205 __
5
_
177
55
1,135 ---5
15
199
3,194.
94
181
2,758 __ 2,600
22410
2 -iii
5
140
1,450
2
4
643
1,137
11
248
31776
::::
46
58
456 8,507
6.108
622
61
636 ____
12 -i6E)
70
252
169 -___
35
191
10
7
24
44 ____
682
10
172
1
86
1,907 -_41
171
3,215 -___
24
4,042 ____
171
159
5
21 1,507
21 • ____
120
477
782 ____
22
843 ____
209
688
641
____
299
67
177 ____
9
113
g
Total Aug. 15 1914_33,885
338
Total Aug. 8 1914_34,323
584
Total Aug. 16 1913_44,426
970
Total Aug. 17 1912_18.144 1,196
2,070
2,717
3,603
2,226
15,593
10,111
19,834
2,099
67
305
537
94
183
208
511
291
880
971
1,348
350
7
7
118
64
CANADIAN GRAIN STOCKS.
Canadian
Bonded
Canadian Bonded
Wheat. Wheat. Corn.
Oats. Oats.
bush, bush, bush,
bush. bush.
In Thousdands5,167 -_-_
59
769
Montreal
Pt.Arthur 1,730 __-338
3,113 ---819
Other Canadian
Total Aug. 15 1914..10,010.
9,267
Total Aug. 8 1914
___
4,442
Total Aug. 16 1913
Total Aug. 17 1912._ 6,444
59 1.926
8 3,047
4 6,079
15 2,868
Canadian Bonded
Rye. Barley. Barley,
bush, bush. bush.
23
186
____
23
23
33
186
178
440
SUMMARY.
Bonded
Bonded
Wheat, Wheat, Corn. Oats.
Oats.
bush.
/n Thousands-bush, bush, bush. bush,
338 2,070 15,593
33,885
67
American
10,010 ---59 1,926
____
Canadian
Total Aug. 15 1914_43,895
Total Aug. 8 1914..43,590
Total Aug. 16 1913_48,868
Total Aug. 17 1912_24,588
338
584
970
1,196
2,129
2,725
3,607
2,241
17,619
13,158
25,913
4.967
67
305
537
94
Bonded
Rye. Barley. Barley.
bush, bush. bush,
880
23
7
23 1,066
231 1,149
544 1,788
350
291
7
7
118
64
THE DRY GOODS TRADE.
New York, Friday Night, Aug. 21 1914.
Although the dry goods trade is greatly unsettled by the
European war, business is active and prices are in most cases
advancing. Opinion varies radically in different quarters
concerning the outlook. Manufacturers are desirous of
increasing their output, but the very uncertain future prevents them from accepting business very far in advance.
Manufacturers generally look for an increased demand as
the war drags along, stating that foreign markets will need
all of our goods that can be obtained. On the other hand,
consumers are not covering ahead, expecting lower prices
following the absence of foreign demand for our cotton.
It is reasonable to expect, however, that the increased domestic output resulting from the heavy exportation of finished goods will take care of the raw cotton situation, and
that cotton will not sell much cheaper than at present. In
fact, many manufacturers and selling agents are warning
buyers that prices of domestic goods are subject to a sudden
advance any day, and that in the event of shipping being
restored there probably would immediately develop a
heavy
demand for our goods from abroad. Demand for imported
fabrics continues heavy, owing to the falling off of imports,
tions,and stocks of imported lines are being rapidly exhausted.
Handlers of silk piece goods have been hard hit by the falling
of of importations and fear that they will be compelled to
cancel considerable business, owing to their inability to get
supplies from abroad. The same is true of linens and imported woolens and worsteds. All these have been advanced
sharply in price and domestic competing fabrics have also
increased in value on the certainty that there will be no competition from abroad. The export end of the market continues deadlocked, owing to the paralysis of shipping and
the inability to establish credit arrangements with foreign
buyers. Exporters are encouraged over the outlook and
expect to establish markets in many places for fabrics which
have never been exported before, and believe that, once established, they will be able to retain them even after the
restoration of peace.
DOMESTIC COTTON GOODS.-Exports of cotton
goods from this port for week ending Aug. 15 were 2,345
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
2
36
15
219
8
426
36
2,681
1,883
48.409
15,078
9,412
6,047
30,029
358
370
14,564
743 36.953
490 46,334
-- 2.345 211.748
12
7,144
6
--380
667
48
1,096
751
53,193
9,950
23,610
18.856
23.912
1,644
390
10,287
550
34.180
470 42,878
-- -9,672 220.357
The value of these New York exports since Jan. 1 has been
$15,177,567 in 1914, against $17,026,312 in 1913.
Domestic cotton goods are active and firm, although most
of the business is for near-by delivery. Buyers of cotton
goods are pretty generally covered, through the fall months,
and are afraid to contract further ahead, believing that the
loss of the foreign market for our cotton will demoralize the
raw-material situation here, and that finished goods will be
available at much lower levels during the coming winter.
Selling agents, however, state that the increased foreign
demand for our products will enable domestic manufacturers
to utilize all the raw material available, and that the heavy
exportation of finished goods will maintain values. There
is a good demand for all grades of cotton goods suitable for
bagging purposes,due to the shortage of burlaps. Print cloths
are about the only line in which any weakness is displayed,
this being due to the fact that all transactions are for cash.
Printers and converters are very.much concerned over the
dye-stuff situation and are not anxious to book business ahead
which they are not sure they will be able to fill. Gray
4c.
goods, 38-inch standard, are quoted at 43
WOOLEN GOODS.-Woolen and worsted goods have
advanced sharply in price during the past week. Advances
as high as seven cents per yard have been common in both
dress goods and men's wear. The advances are based on
the high prices exacted for wool and worsted yarns, as well
as dye-stuffs. Many buyers who have not fully covered
their requirements for the fall are now much concerned over
the sharp advance in prices, with the result that demand is
urgent in many quarters of the market. Most manufacturers, however, state that they cannot make the deliveries
demanded. Spring lines have not yet been opened, but it
is expected that they will be priced on a parity with present
heavy-weight goods, which will mean much higher prices
than last spring.
FOREIGN DRY GOODS.-Importers of silks, velvets,
woolens, worsteds and linens have been kept busy during the
week supplying, as far as possible, the heavy demand which
has come forward. Stocks are rapidly disappearing and
prices are held at record levels. Many buyers who failed
to cover their requirements in linen goods are now facing
a famine, as stocks were low before the war broke out and
many lines are now unavailable at any price. Importers
state that even with a resumption of shipping, supplies will
be scarce and price records high, as the vast supply of Russian flax will be unavailable to foreign manufacturers and
production of anything like the required amount of linens
will be impossible. Burlaps rule firm and less active,
pending developments. Goods are scarce. Light-weights
are quoted unchanged at 7.75c. to Sc. and heavy-weights
at 90.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Aug. 15 1914 and since
Jan. 1 1914, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
Aug. 15 1914.
Since Jan. 1 1914.
Value.
Value.
Pkgs.
Pkgs.
Manufactures of$
Wool
759
223,756 63,362 17,878,938
tton
C
sionc
1,300
348,171 113,337 30,030,540
997
470,726 48,854 23.327,287
876
223,795 47.823 11.451.696
MFliscaxellaneous
1,428
122,809 96.713 8,933.436
Total 1914
5,360 1,389,257 370.089 91,621,897
Total 1913
7,192 2,275.777 294,183 70.707,383
Warehouse Withdrawals Thrown Upon the Market.
Manufactures ofWool
1,262
387,459 29.573 7,972.931
Cotton
1,399
417,480 25,274 6,954,318
Silk
9,312 4,038.965
567
216.633
Flax
1,640
17.529 4.495.711
396.196
Miscellaneous
1.944
180.268 67,707 3,964.777
Total withdrawals
Entered for consumption
6,812 1.598,036 149,395 27,426,702
5.360 1.389,257 370,089 91,621.897
Total marketed 1914
12.172 2,987,293 519,484 119,048,599
Total marketed 1913
10,611 3,193,470 420,039 89,841,048
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
652
174,388 22,559 6.693,009
Cotton
417
127,476 23,924 6,798.504
Silk
255
106.734
9,205 3.966,013
Flax
344
89,068
17,908 4,360,048
Miscellaneous
1,851
66,242 45.402 3,415.264
Total
3,519
563,908 118,998 25,232,838
Entered for consumption
5,360 1,389,257 370,089 91,621,98
Total imports 1914
8,879 1,953,165 489,087
Total imports 1913
11,662 3,396,960 452,501 t
THE CHRONICLE
554
STATE. MO CITY DEPAIITMENT.
News Items.
Dominion of Canada.—Notice of Resolution Authorizing
Increased Issue of Dominion Notes.—Notice has been given
of an important resolution in Parliament authorizing an
increased issue of Dominion notes on the gold security now
held in the treasury. (See item in our article entitled
"Incidents of the Situation," on a preceding page.)
New York State.—Attorney-General Holds that Savings
Banks May Invest in Bonds of Territory of Hawaii.—AttorneyGeneral Thomas Carmody, in an opinion which we print in
full below, holds that bonds of the Territory of Hawaii are
legal investments for the savings banks of New York State.
Chapter 339 United States General
subatvisicra 3. Section 239. Banking Law.Legislature
of the Territory of Hawaii.
Statutes at Largefor 1900. Acts of the
Investments by Savings Banks of this State in bonds of the Territory of Hawaii.
Bonds of the Territory of Hawaii are legal investments for the savings
banks of this State.
INQUIRY.
The State Superintendent of Banks has submitted for my opinion the
question as to whether the bonds of the Territory of Hawaii are legal investments for the savings banks of this State.
OPINION.
By Section 2 of Chapter 339 of the United States Statutes at Large for
the year 1900. It was enacted by the Congress of the United States that the
Hawaiian Islands "shall be known as the Territory of Hawaii."
By Section 5 thereof, it was provided that the Constitution of the United
States and laws thereof,with some exceptions,should apply to said territory.
By Section 12 of said Act the legislative power of the Territory was vested
In the House and Senate thereof.
By Section 55 thereof the Legislature was forbidden to authorize any debt
to become contracted except for the payment of interest, suppression of
insurrection and providing for the common defense, and except as to loans
for various public purposes, including the erection of penal, charitable and
educational institutions, public buildings, wharves, roads, harbors,and other
public Improvements.
It is also provided by said section that the total of such indebtedness
of any one year must not exceed one per centum of the assessed value of the
taxable property of the Territory, and that the aggregate indebtedness
must not exceed seven per centum of such assessed value.
By Act 42 of the Hawaiian Legislature, approved by the Governor
April 25 1903, the Treasurer of the Territory was empowered to Issue
from time to time, with the approval of the Governor, bonds of the Territory to an amount not exceeding five million dollars, the proceeds of which
are to be used for the erection of public buildings and institutions, and for
wharves, roads, harbor and other public improvements, such issuance
to be approved by the President.
This Act was amended by Act 89 of the Legislature of said Territory
approved April 14 1911, by which the amount of bonds authorized was increased to seven million five hundred thousand dollars, and further amended
by Act 134, approved April 29 1913,increasing such amount to nine million
dollars.
Pursuant thereto, by Act 170 of said Legislature, approved April 26 1911,
amended by an Act approved April 30 1913, the issuance of bonds of the
territory for various public 'purposes was authorized.
Pursuant to such Acts of the said Legislature, it is now Intended to issue
bonds amounting approximately to the stun of one million four hundred
thirty thousand dollars, and the question to be determined is whether such
bonds constitute legal investments for the savings banks of this State.
By Subdivision 3 of Section 239 of the Banking Law of this State as
amended in 1914, it is provided that a savings bank may invest its funds in
"the stocks, bonds or interest-bearing obligations of any State of the
United States upon which there is no default and upon which there has
been no default for more than ninety days: provided that within ten Years
immediately preceding the investment such State has not been in default
for more than ninety days in the payment of any part of the principal or
interest of any debt duly authorized by the Legislature of1878..
such State to be
contracted by such State since the first day of January,
By Section 47 of the General Construction Law of this State,it is provided:
"The term 'State', when used generally to Include every State of the
United Statas, includes also every Territory of the United States and the
District of Columbia."
By Section 110 of the General Construction Law it is provided:
"This Chapter is applicable to every statute unless its general object or
the context of the language construed, or other provisions of law, indicate
that a different meaning or a.
,pplication was intended from that required
to be given by this Chapter.
My attention has been called to an opinion of former Attorney-General
Cunneen dated May 20 1904, in which he held that properly authorized
bonds of the Territories of the United States constitute legal investments
for the savings banks of this State.
I am in accord with said opinion, and in view of the provision of said
Section 47 of the General Construction Law applying the term "State" to
every Territory of the United States, am of the opinion that the authority
. conferred by said subdivision 3 of Section 239 of the Banking Law upon
savings banks of this State to invest their funds in the bonds of any State
Includes the bonds of any Territory as well.
The Treasurer of the Territory of Hawaii has submitted a certificate
showing that there has been no default upon the part of said Territory
in the payment of its obligations, and also a certified copy of the approve
of the President of the United States to the issuance of the bonds under
consideration.
•If the bonds in question are in be issued for purposes not prohibited by
said Section 55 of Chapter 339. United States General Statutes at Large
for 1900 and Acts amendatory thereof, and if the indebtedness of the Territory does tilt exceed the limitations contained in said law, I am of the
opinion that said bonds are legal investments for the savings banks of this
State.
Dated August 10 1914.
THOMAS CARMODY, Attorney-General.
To Hon. George L'Skinner, First Deputy Superintendent of Banks,
Albany, N. Y.
Porto Rico.—BondTOffering.—Proposals will be received
until 2 p. in. Sept. 15 by the Bureau of Insular Affairs,
Washington, D. C., for $1,000,000 refunding, lot A;$1,000,000 public improvement, lot B, and $400,000 irrigation, lot
C, 4% gold registered tax-free coupon bonds, all of which
are issued in accordance with the authority contained in
Secs. 32 and 38 of the Act of Congress, approved April 12
1900, entitled "An Act temporarily to provide revenues and
a civil-government for Porto Rico-andffor other purposes."
Denom. 51,000 and $5.000 in proportions to suit purchaser and will be
interchangeable one denomination for the other. Date Jan. 1 1914.
int. from July 11914, payable J.& J. at the U. S. Treasury. Maturity as
follows:
Lot A,$1,000,000 Refunding Bonds (will mature July 1)—Series A, 1915.
.
$40,000 series B, 1916, $45,000 series 0, 1917, $40,000, series .
$45,000 series E. 1919, 1150,000 series F, 1920, $40.000: series G. 1921,
$45,000 series H, 1922, $40.000 series I, 1923. $100.000; series J, 1924,
$40,000 series H, 1925. $25.000 series L, 1926. $20,000: series M. 1927.
920.000 series N, 1928, $20,000 series 0, 1929, $20,000; series P. 1930,
$20,000 series Q. 1931, $20,000 series R. 1932, 920,000; series S. 1933.
980.000 series T. 1934, $20.000; series U. 1943, $100,000; series Y. 1953,
8150,000.
Lot B. $1,000,000 Public Improvement Bonds will be payable Jan. 1 1939.
but will be redeemable in whole or in part on Jan.1 1925.or on any interestpayinedate thereafter, at the option of the Government of Porto Rico.
[VOL. XCIX.
Lot C, $400,000 Irrigation Bonds (will mature Jan. 1)—Series A. 1951.
$100,000; series B, 1952. $100,000; series C,1953. $100.000; series D,1954.
5100,000.
Cert. check or bank draft in New York funds for 2% of the bonds bid
for, payable to the Chief Bureau of Insular Affairs, War Department, is
required. Purchaser to pay accrued interest. The United States Treasury
Department authorizes the statement that it will accept these bonds at
par as security for public deposits. The Postmaster-General authorizes
the statement that they will be accepted at par as security for postal savings deposits. These bonds will also be accepted by the Government of
Porto Rico as security for deposits of funds of that Government. Accepted
subscriptions will be payable on Oct. 1 1914 at a bank in New York City
to be designated by the Bureau of Insular Affairs, War Department,
and the bank so designated will make delivery of the bonds, or interim
certificates exchangeable for the engraved bonds, as soon as the bonds
can be issued.
The present bonded indebtedness of the Insular Government, amounting
to $5,925,000, consists of the following loans:
For Irrigation
$4,550,000
For road construction
1,075.000
For San Juan Harbor improvements
300,000
Total
$5,925,000
The population of the islands, according to the Census of 1910, was
1,118,012, and the assessed value of property in the island for the purposes
of taxation for the fiscal year 1913-14 amounted to $182,662,585.
The irrigation law provides special taxation upon the lands benefited
by the irrigation system, for the service of the irrigation loan.
The road-construction bonds are amply cared for by a special tax of
1-10% imposed on property.
On Mar. 31 1914 there was in sinking funds for the payment of outstanding Insular loans $558,587, and the amount due to the Insular Government
from municipalities and school boards on June 30 1914 was $743,095.
Pasadena, Cal.—Annexation of San Rafael Heights and
Linda Vista Favored.—The proposal to annex the residence
districts of San Rafael Heights and Linda Vista to the city
carried at an election held in Pasadena on Aug. 12. The
vote is reported as 2,708 to 199. As the districts themselves
have already voted in favor of annexation, they now become
a part of the city.
Saskatchewan.—Notice Concerning Applications for Authority to Issue Debentures.—The local Government Board in
Saskatchewan,under date of Aug. 8,sent out a notice as
follows:
In view of the present attitude of investors and bond buyers towards the
debenture market, as expressed in recent communications received by the
Board, the local Government Board has advised the various Government
departments having supervision over local authorities, that until further
notice it will be required that, in addition to the usual information submitted with applications for authority to borrow money by way of debenture, evidence satisfactory to the Board be submitted showing that arrangements can be made to dispose of,at a reasonable price, the debentures of
which authorization is applied for.
Referring to the above notice, the "Financial Post of Canada" in its issue of Aug. 15 says in part:
The effect of the above notice at the time of writing will be that practically no applications for authorization will be made. No bond house
at the present time is prepared to offer a satisfactory price for debentures.
nor will It be easy to get an offer of any kind for them. Brokers require
the aid of the banks in making purchases and the latter are not disposed to
advance money on any form of security. On the other hand, the brokers
if they bought municipal securities at the present time would have to carry
them. Some sales are being made to United States houses, but at prices
that may be considered normal. Inquiries are being made for our municipals if they can be had at practically panic prices. But there are no panic
prices. If the bond houses and the banks maintain their attitude until the
European situation clears up,it is quite likely that municipals will be marketable at figures which correspond with those prevailing before the declaration of war by England.
We might point out that prices already are low, lower than in the panic
times of 1907. For instance, Fort William debentures In 1907 sold at a
price to yield 5%;in 1911 43%. and within the last two months at from
5H to 5.20%.
Fort William may be regarded as typical of the trend of prices for Western debentures. In Toronto London may be taken as a good example.
In 1907 that city's debentures sold to yield 4.34%, in 1911 4H and in 1914
4.70. The latter quotation represents fairly accurately the general advance in the price of money. Fort William's securities suffered to a greater
extent than those of London because of the unrest on the part of Investors
with respect to the Canadian West as a whole. London is therefore more
representative of the increased cost of money.
Texas.—Legislature Convened in Special Session to Consider
Warehouse Legislation to Relieve Cotton Growers.—A special
session of the Legislature has been called for Monday
(Aug. 24) to consider the question of warehouse legislation
to relieve the cotton growers, The Governor's proclamation
•
convening the session is as follows:
"Whereas, On account of the lack of storage facilities in this State many
hundred thousand bales of cotton are stored in open yards, resulting in loss
and damage to the owners, estimated in Texas for the last season at several
million dollars; and on account of the unexpected outbreak of war between
the Nations of Europe which consume annually over 45% of the cotton crop
of the United States, the market for cotton Is greatly curtailed, thus making
some provision for storing and holding cotton in good condition and enabling
the owners to borrow money on it at reasonable rates imperative. There being no adequate law providing for the building and operation of warehouses
at the public expense by cities and towns of the State, or by individuals
and corporations under bond, and the need for such a law being apparent,
Justifies an extra session of the Legislature of Texas to act upon this very
important matter. Before the meeting of the regular session of the ThirtyFourth Legislature the cotton crop will have been picked and prepared for
market. To delay action, therefore, until the regular session of the Thirty.
Fourth Legislature would result in great loss and injury to the cotton
producers and the public generally.
Now, Therefore. Being desirous in every way possible to aid and assist
the producer of agricultural products and provide facilities for storing and
bolding the products of the farm; the extraordinary conditions above re.
forre.d to justify the Governor to convene the Legislature in extra session,
and I do hereby call the same to convene at the Capitol in the City of
Austin, beginning at 10 o'clock a. m., Monday, August 24 1914, for the
following purposes, to wit:
AUG. 221914.]
THE CHRONICLE
I. The enactment of an adequate law providing for a system of public
warehouses and for the enactment of an adequate law providing for a
system of bonded warehouses, in which the agricultural products of this
State may be stored and safely kept under public guaranties or under bond.
2. To consider and act upon such other matters as may be presented by
the Governor, pursuant to Section 40, Article 3 of the Constitution of
Texas."
Bond Calls and Redemptions.
Denver, Colo.-Bond Call.-The following bonds are
called for payment on Aug. 31:
Storm-Sewer Bonds.
Sub Dist. No. 2, North Denver Storm Sewer Dist. No. 1-Bond No. 12.
Washington Park Storm Sewer Dist.-Bond No. 132.
Sanitary-Sewer Bonds.
Sub Dist. No. 8, East Side Sanitary Sewer Dist. No. 1-Bonds Nos.
167 and 168.
Sub Dist. No. 10, East Side Sanitary Sewer Dist. No. 1-Bond No. 33.
Sub Dist. No. 11. West and South Side Sanitary Sewer Dist.-Bond No.8.
Part "A." Sub 15, West and South Side Sanitary Sewer Dist.-Bonds
Nos. 1 and 2.
Improvement Bonds.
Cherry Creek Improvement Dist. No. 2-Bond No. 43.
Cherry Creek Improvement Dist. No. 3-Bonds Nos. 45 and 46.
East Denver Improvement Dist. No. 4-Bond No. 118.
East Side Improvement Dist. No. 1-Bond No. 93.
East Side Improvement Dist. No. 5-Bond No. 12.
East Side Improvement Dist. No. 8-Bonds Nos. 1 to 19 inclusive.
North Side Improvement Dist. No. 1-Bonds Nos. 118 to 120 inclusive.
North Side Improvement Dist. No. 3-Bond No. 196.
North Side Improvement Dist. No. 4-Bond No. 66.
North Side Improvement Dist. No. 6-Bonds Nos. 57 and 58.
North Side Improvement Dist. No. 13-Bond No. 39.
North Side Improvement Dist. No. 17-Bonds Nos. 1 to 8 inclusive.
North Side Improvement Dist. No. 21-Bond No. 16.
South Denver Improvement Dist. No. 4-Bond No. 61.
Paving Bonds.
Alley Paving Dist. No. 10-Bond No. 18.
Alley Paving Dist. No. 15-Bond No. 18.
Alley Paving Dist. No. 28-Bonds Nos. 1 to 6 inclusive.
Market St. Paving Dist. No. 2-Bonds Nos. 62 and 63.
Sidewalk Bonds.
Downington Sidewalk Dist.-Bonds Nos. 1 and 2.
Curbing Bonds.
South Side Curbing Dist. No. 3-Bonds Nos. 98 and 99.
Upon the request of the holders of any of the above bonds received ten
days before the expiration ot this call the Treasurer will arrange for their
payment at the Bankers Trust Co.. New York City, but not otherwise.wl
555
ARCANUM, Darke County, Ohio.-BONDS NOT SOLD.-No sale
was made of 626.786 5% street-paving bonds offered on Aug. 10.
These bonds were awarded on June 15 to the Ohio National Benicia
Columbus(V. 98, p. 1931). but subsequently refused by that institution.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.-BONDS NOT
S
pOLD
2). No bids were received on Aug. 17 for the $20.500 5% 5_)3-Yr•
(aver.) Austinburg improved road No. 1 bonds offered on that day (V. 99,
ASPER/10NT, Stonewall County, Tex.-BOND OFFERING.-Bids
for $18,000 5% 10-40-year (opt.) waterway bonds will be received, it is
stated, until 3 p. m. Aug. 25 by J. B. Osborn, City Secretary. Certified
check for 10% required.
ATLANTIC CITY, Atlantic County, N. J.-BOND SALE.-On Aug.
15 an issue of $60,000 school and paving bonds was awarded to the Sinking
Fund at par, it is stated.
ATLANTIC HIGHLANDS, Monmouth County, N.J.-BOND SALE
-On July 2884.000 5% funding bonds were awarded to the Boro. Sinking
Fund Commission at par. Denom.$500. Date July 1 1914. Int. J. & J.
Due $500 yriy. Jan. I from 1916 to 1923 incl.
AULANDER GRADED SCHOOL DISTRICT (P. 0. Aulander),
Bertie County, No. Caro.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 1 by W.S. Dunning, Chairman Bond Committee.
for $12,500 6% coup. school bonds. Denom. to suit purchaser. Int.
ann. Due $1.000 yearly from 1925 to 1935 incl. and $1,500 in 1936.
Cert. check for 5% of purchase required.
AVENUE SCHOOL DISTRICT, Ventura County, Calif.-BOND
SALE -On Aug. 4 82.0005% bonds were awarded to the First Nat Bank.
of Ventura at par. There were no other bidders. Denom. 8500. Int.
F. & A.
AVERY SCHOOL DISTRICT (P. 0. Avery), Monroe County, Iowa.
-BONDS VOTED.-On Aug. 11 this district voted in favor of the issuance
of building bonds, it is reported.
BAINBRIDGE, Decatur County, Ga.-BONDS DEFEATED -The
proposition to issue the $20,000 hospital-construction bonds (V. 99,P. 359)
failed to carry at the election held Aug. 12.
BALTIMORE, Md.-BOND ELECTION.-Local papers state that the
questions of issuing 61.500,000 harbor-inapt, and $3,000.000 sewerage-aye
tern bonds will be submitted to the voters at the November election.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. Aug. 29 by John W.
Scheidt, County Treas., for the following 4 % highway-impt. bonds:
$8,000 Enzinger road bonds. Denom. 8400.
2,640 O'Haver road section No. 1 bonds. Denom. 8132.
2.400 O'Haver road section No. 2 bonds. Denom. $120.
Date Aug. 15 1914. Int. M. tlz N. Due one bond of each issue each
six months from May 15 1915 to Nov. 15 1924 incl.
BERCLAIR INDEPENDENT SCHOOL DISTRICT (P. 0. Berclair),
Goliad County, Tex.-BONDS VOTED.-The question of issuing $6,000
building bonds carried at a recent election.
BEXAR COUNTY
SCHOOL DISTRICTS, Tex.-130NDS
VOTED.-At a recent COMMON
election the questions of issuing $20,000 District
No. 25 and 620,000 District No.41 5% building bonds
Denver School District No. 1 (P. 0. Denver),
received a favorable
Bond Call.-Payment will be made on Sept. 1 at the offices vote, we are advised.
BILLINGS,
Yellowstone
Mont.-BOND OFFERING POSTof the District Treasurer of the following bonds of former PONED.-Reports state that County,
the offering of the $450,000 5% 15-20-year
school districts numbered 17 and 21, m the County of (opt.) gold water-plant
-purchase bonds which was to have taken place on
15
(V.
99,
Aug.
p. 212) has been postponed for sixty days.
Arapahoe, Colo.:
BLAINE COUNTY (P. 0. Halley), Idaho.-BOND OFFERING.Bonds Nos. 161, 162. 163 and 164, incl., of the first issue of Schoo.
Proposals will be received until 2 p. m. Aug. 26, it is reported,
District No. 17, dated Dec. 20 1897 and in denomination of $1,000 each.
by W. L.
Bond No. 48 of the first issue of School District No. 21, dated March 15 Adamson, Clerk Board of County Commrs..for $18,000 10-19-year
(serial)
coupon refunding bonds at not exceeding 6% interest, payable semi-annu1898 and in denomination of $1,000 each.
ally. Certified check for 5% required.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis, in
BLANCHESTER, Clinton County, Ohio.-BOND OFFERING.
their quotation pamphlet dated Aug. 15, include the follow- Proposals will be received
until 12 m. Sept. 7 by W. L. Hinson. Village
Clerk, for 55.000 54% electric-system-purchase and improvement bonds.
ing list of municipal bonds which have been palled for re- Auth.
Sec. 3939 and
Gen. Code. Denom. $500. Date Sept. 15
demption:
1914. Int. semi-ann. Due $500 yearly Sept. 15 from 1916 to 1925 incl.
Grundy County 4% bldg. bonds, dated Feb. 10 1902. Nos. 1 to 120, Certified check for 5% of bonds bid for, payable to the Village Treasurer.
required. Bids must be unconditional.
incl., for $500 each, have been called and were paid Feb. 10 1914.
School District of Bethany. Harrison
4% bldg. bond No. 1,
BRADENTOWN,
County, Fla.-BOND OFFERING.
dated Aug. 15 1905, for 61.000, has beenCounty,
called,and will 'CIO paid Aug. 15 Dispatches state that Manatee
William Kean. City Clerk, will receive bids until
1914.
p. m. Aug. 28 for 860,000 5% improvement bonds. A like amount of
School District No. 30, Township 64, Range 15, Greentop, Schuyler 7:30
County, 6% bldg. bond No. 6, dated Sept. 1 1907, for $250, has been bonds was awarded in July to John Nuveen & Co.of Chicago(V.99, p. 282)•
called and will be paid Sept. 1 1914.
a111
BREWSTER, Stark County, Chia-BOND OFFERING.-Proposals
will be received until 12 m.Sept. 12 by L. S. Lash, Village Clerk,for 821.000
Spokane, Wash.-Bond Call.-The following special 1-21-year
(serial) water-worlm and 816,000 1-16-year
sewerage
coupon bonds. Auth.. Sec. 3939, Gen. Code. (serial)
improvement bonds are called for payment at the office of 54%
Denom. 81,000
Sept. 1 1914. Interest annually in September at the
Date
Village
Treasthe City Treasurer on Sept. 1:
urer's office. Certified check for $500, payable to the Village Treasurer.
Bonds Called Up to required. Bonded debt, including these issues, $42,000. No floating
Name and
Name and
Bonds Called Up to
Assessed
value
debt.
1914, 1,055,536.
No. of District.
and Including.
and Including. No. of District.
Paving.
ra e.
BROWNSTOWN SCHOOL TOWN (P. 0. Brownstown), Jackson
Hamilton Street, 811
3 County,
118 Stevens Street, 640
Ind.
-BOND SALE.-On Aug. 15 the 86.500
Pacific Avenue, 21
58 (average) heating
44 13th Avenue,4
434% 7-year
and ventilating plant construction bonds (V.
Rockwood Boulevard, 899
11
99, p. 359
61 13th Avenue. 463
awarded, it is stated, to E. M.Campbell Sons &
Sprague Avenue, 161
Co.
of
9 were
Indianapolis
93 24th Avenue, 531-..
Sixth Avenue, 453
at par and cost of printing bonds.
19
Grade.
Arthur Street, 4
W
28
alk.
5
BRUNSWICK COUNTY (P. 0. Lawrenceville), Va.-BOND ELECButte Street, 35
16 Everett Avenue, 1021
5 TION PROPOSED.-Newspaper reports
Division Street, 687
that a petition is being
2 Howard Street, 1017
4 circulated through the Alberta District forstate
Everett Avenue, 1020
4 Maple Street. 419
14 ance of 8100,000 read-improvement bonds.an election to vote on the issuGrove Avenue. 41
17
22d
11
Avenue,
373
Ivory Street, 628
BUENA VISTA COUNTY (P. 0. Storm Lake), Iowa.-BOND
io Washington Street.819
5
Main Avenue, 570
OFFERING-Reports state thta W. W. Bennett, County Auditor, will
6e85er.
4
BW
Mission Avenue. 890
2 Browne Street
receive sealed bids until Sept. 15 for an issue of bridge bonds
4,
7
between
Pittsburg Street, 459
13 llth Avenue, 520
7 615.000 and 620,000.
Scott Street, 1
22 Fourth Ward. 4
115
Summit Boulevard. 166
BUREAU, Bureau County, 111.-BONDS VOTED.-Local papers
79 Lincoln Street,680
3
Stevens Street. 462
10 13th Avenue,699
5 state that the question of issuing $5,000 village-improvement bonds
16th Avenue. 586
18 Third Ward. 5
8 carried at a recent election.
CAIRO SCHOOL DISTRICT (P. 0.
Hall County, Neb.BONDS VOTED.-By a vote of 107 to 6 Cairo),
the question of issuing $12,000
building bonds carried, it is stated, at an election held Aug.
14.
CALEXICO SCHOOL DISTRICT, Imperial County, Cal.-BOND
SALE.-On Aug. 10 the 82,000 6% 24-year (average)
school bonds
(V• 99. p• 423) were awarded to Stephens & Co. of San Diego at 100.25
and interest.
AKRON, Ohio.-BONDS AUTHORIZED
ordinance was passed
by the City Council on Aug. 4 providing for.-An
-BONDS RE-ADVERTISED.-The
4%
the issuance of 865,000 5% 34CALIFORNIA.
4-year (average) highway bonds sold on June 16(V.98,$3,000,000
10-year coup. site-purchase and fire-station-erection
bonds. Denom.
p. 1932) and the
$1,000. Date Aug. 11914. Int. F.& A.at the National Park Bank, N. Y. 6800,000 4% 1434-year (average) highway bonds sold on April 7 1913
(V. 96. n. 1244) were re-advertised,and allotted on Aug. 11 to the original
ALBERTSON TOWNSHIP (P. 0. Warsaw), Duplin County, No. purchasers.
Caro.-BOND ELECTION.-An election
is stated.
15,
it
Sept.
held
be
will
CANTON, Stark County, Ohio.-BOND SALE.-On Aug. 17
• to vote on the question of issuing $25,000 5% 20-year bonds to aid the
eight ISSIMS of improvement bonds, aggregating 8256,600 (V. 99, p. the
• Central Carolina RR.
359).
were awarded, it is stated, to the First National Bank of Canton at 101.
ALBION, Orleans County, N. y.
-BONDS NOT SOLD.-No sale
CARBON INDEPENDENT SCHOOL DISTRICT (P. 0.
was made, it is stated, of the $165.000 reg.
water bonds offered on Aug. 10 Eastland County, Texas.-BOND OFFERING.-J.C. Gorman,Carbon),
(V. 99. P. 358)•
President
of the School Board, is open for bids on 815,0005% 10-40-year (opt.)
building bonds. Denom. $1,000. Date June 1 1914. Interest coup.
ALEXANDER COUNTY (P. 0.
annual
No. Caro.-BONDS at the Coal & Iron Nat. Bank.
N.
Y.
DEFEATED.-The question of issuingTayloraville),
No
deposit
required. Bond debt,
the $100,000'highway bonds(V• 98* including this issue, $16,600. No floating
debt Assess val.. $508,000.
p. 705) failed to carry at the election held June 9,
CARTHAGE, Smith County, Tenn.-BOND
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Stark County,
OFFERING.-Proposals
will be received until 12 m Sept. 1 by A. C. Read,
Mayor,for the 810,000
Ohio.-WINDS VOTED.-Tho voters on Aug. 11 authorized the issuance 6%
coupon taxable schoorbuilding bonds voted July
school
bonds.
18 (V. 99. p. 359)•
$50,000
The
of
vote, according to newspaper reports, was Denom. to suit purchaser. Int. F.
&
A.
in
Carthage. Due in 1944,
775 to 367.
subject to call after 10 years. No deposit required.
Bonded
debt (includARANSAS PASS, San Patricio County, Tex.-BONDS VOTED.
- ing this issue). 820,000: no floating debt. Assessed value, 8406,750.
An election held Aug. 11 resulted, it is said, in favor of issuing $5,000 addiCASCADE
IRRIGATION
DISTRICT
(P. 0.
tional water bonds and $8,000 for additional street improvements.
County, Wash.-BONDS NOT YET SOLD.-We Ellensburg) Itittitaa
are advised that up to
3940.
Bond Proposals and Nedotiations this week
have been as follows:
556
THE CHRONICLE
in
Aug .10 no sale had yet been made of the,$700,000 6% bonds mentioned
V. 98, P. 539.
CASSOPOLIS SCHOOL DISTRICT (P. 0. Cassopolis), Cass
County, Mich.-BONDS VOTED.-The election held July 13 resulted
in a vote of 45 to 6 in favor of the question of issuing $8,000 5% site-purchase and building bonds. Due $1,000 yearly Jan. 1 from 1916 to 1923
Incl. These bonds will be offered for sale about Dec. 1.
CENTER SCHOOL TOWNSHIP, Vanderburgh County, Ind.
BOND OFFERING.-Proposals will be received until 2 p. m. Sept. 1 by
John Fridy, Township Trustee, for $8.000 434% school bonds. Denom.
not over six years.
(1) $1.000, (10) $7010. Date Sept. 1 1914.onDue
Certified check for $8,000 plus premium,if any, an Indiana national bank
payable to Township Trustee, required. Bids must be made on forms
subscribed by State Board of Accounts, known as Form No. 9.
CEYLON, Martin County, Minn.-BONDS NOT SOLD.-No sale
was made on Aug. 14 of the $8,000 5% water and light bonds offered on
that day.
CHAGRIN FALLS VILLAGE SCHOOL DISTRICT (P. 0. Chagrin
Falls), Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m. Sept. 5 by Madge L. Kent, Clerk Board of Education, for $12,000 5% coupon building bonds. Denom. $500. Date day
of sale. hat. A.& 0. at Chagrin Falls Banking Co., Chagrin Falls. Due
Certified
$500 each six months from April 1 1916 to Oct. 1 1927. inclusive. bonds
bid
check on a bank other than the one making the bid,for 10% of
and
be
delivered
to
Bonds
required.
Treasurer,
for, payable to District
paid for within ten daysfrom time of award. Purchaser to pay accrued int.
CHARLEROI, Washington County Pa.-BOND ELECTION.Nov. 3 to vote on the question
'
Reports state that an election will be held
of issuing $75,000 paving and borough-building bonds.
CHATSWORTH, Murray County, Ga.-BONDS VOTED.-By a
vote of 58 to 8 the question of issuing $13.000 water-works-construction
bonds carried, it is stated, at a recent election.
CHICAGO JUNCTION, Huron County, Ohio.-BONDS NOT SOLD.
-No bids were received for the four issues of 53 % street-improvement
bonds, aggregating $27,561 35, offered on Aug. V (V. 99, P. 283). The
village expects to dispose of the bonds In the next few days at private sale.
CHURCHILL COUNTY (P. 0. Fallon), Nev.-BOND ELECTION.
The question of issuing the 350.000 Lincoln Highway construction bonds
vote
a
on
to
3.
Nov.
submitted
be
will
540)
(V. 98, p.
CICERO TOWNSHIP, Ind.-BOND SALE.-On Aug. 15 $5,000
school bonds were awarded, it is stated, to the Citizens' National Bank of
Tipton at par.
CLARENCE, Shelby Cotinty, Mo.-BOND OFFERING.-Proposals
will be received until Aug. 24, it is stated, for the $10,000 5% 5-20-year
(opt.) electric-light bonds offered without success on Aug. 10.
CLAY COUNTY (P. 0. Brazil), Ind.-BOND SALE.-On Aug. 17
the two issues of 43. % 53. -year (aver.) highway-impt, bonds, aggregating
$21,700 (V. 99, p. 489). were awarded to the Brazil Trust Co. of Brazil at
par and int.
CLEARFIELD, Clearfield County, Pa.-BOND OFFERING.-Reports state that J. D.Connolly, Secretary of the Council. will receive sealed
bids until 7:30 P. M. Sept. 1 for $38,600 semi-annual 4% 5-30-year opt.
impt. bonds. A certified check for 5% is required.
CLEVELAND CITY SCHOOL DISTRICT (P. 0. Cleveland), Cuyahoga County, Ohio.-BONDS VOTED.-The questions of issuing the
$1,000.000 site-purchase, constr. and equip. and $500.000 equip. and Impt.
bonds (V. 99, p. 360) carried at the election held Aug. 11. The vote was
19,553 to 14,446 and 19,786 to 13,423 respectively.
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County,
Ohio.-BOND SALE.-Reports state that on Aug. 17 the four issues of 5%
6-year (aver.) street-impt. bonds, aggregating 360,661, were awarded to
the Superior Says. & Trust Co. of Cleveland at par and int.
COLLEGEVILLE SCHOOL DISTRICT (P. 0. Collegeville), Montgomery County, Pa.-BOND OFFERING.-Proposals will be received
until 7:30 p. m. Aug. 24 by D. H.Dorfman,Sec. of School Board,for $20,000 4% 30-year coup. school bonds. Denom. $500. Date July 1 1914
Int. J. & J. without deduction of any tax. Cert. check for 3% of bid required.
COLUBIBIANA COUNTY (P. 0. Lisbon), Ohio.-BOND OFFERING.
-Proposals will be received until 12 m. Sept. 8 by the Board of County
Commissioners, H. R. Dickey, Clerk, for 151.000 5% inter-county highway
No. 86 improvement bonds. Auth. Secs. 1222-1 and 1223, General Code.
Denom. $500. Interest semi-annually at office of County Treasurer.
Due $5,000 yearly on Aug. 1 from 1915 to 1923, inclusive, and $6.000
Aug. 11924. Certified check on a bank other than the one making the bid,
for $500, payable to County Treasurer, required. Bonds to be delivered
and paid for on Sept. 14. Purchaser to pay accrued interest.
COLUMBUS CITY SCHOOL DISTRICT (P. 0. Columbus), Ohio.BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 1 by
Ed. B. MacFadifen, Clerk Board of Education,for 1210,0004%% 40-year
school-property-purchase and improvement bonds. Denom.$1,000. Date
Aug. 1 1914. Int. F.& A. at office of Treasurer of said Board. Certified
check on a local bank other than the one making the bid, for 2% of bonds
bid for, payable to "Board of Education." required. Bids must be made
on blank forms furnished by above Clerk, and must be unconditional.
Bonds to be delivered at office of above Clerk by noon on Sept. 1. These
bonds are part of an issue of $215,000, $5,000 of which was purchased by
the Sinking Fund Commissioners. Official circular states that the Board
of Education has never defaulted in the payment of principal or interest on
any of its bonds. Transcript of proceedings will be furnished successful
bidder on day of sale. These bonds were offered without success on Aug. 1
(V. 99. P• 489)•
COMMERCE, Jackson County, Ga.-BOND SALE.-The 38,000
school and 38.000 paving 5% 30-year bonds offered in January (V. 98.
p. 407) were disposed of recently to local investors at par and interest.
Denom. $500. Date Jan. 1 1914. Int. J. & J.
COMPTON SCHOOL DISTRICT,Los Angeles County, Cal.-BOND
OFFERING.-Bids will be received until 2 p. m. Sept. 8 by II. J. Lelande,
County Clerk (P. 0. Los Angeles). it is stated. for 550,000 534% 1-25-year
(serial) school bonds. Certified check for 3% required.
CONNEAUT, Ashtabula County, Ohlo.-BOND OFFERING.-Propose's will be received until 12 m. Sept. 11 by W. B. Colson Sr., City
Aud., for $4,051 65 5% Nickel Plate Ave. improvement bonds. Denom.
(1) $451 65. (9) $400. Date Sept. 1 1914. Interest semi-annUal. Due
1400 yearly Sept. 1 from 1915 to 1923, inclusive, and $451 65 Sept. 1 1924.
Bonds to be delivered and paid for within ten days from time of award.
Certified check for $20, payable to the City Treasurer, required. Purchaser to pay accrued interest.
CONVERSE COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Lost
Springs), Wyo.-BIDS REJECTED.-AR bids received for the $3.000
offered on Aug. 14 were rejected.
534% 10-20-year (opt.)coup.school bondsann.
at the County Treas. office.
Denom. $500. Date Sept. 11915. Int.
DEFEATED.
COOS COUNTY (P. 0. Coquille), Ore.-BONDS
of issuing the $440,000
question
the
that
Using newspaper reports, we stated
road bonds carried at the election held May 15(V. 98. p. 1630). We now
learn that the proposition was defeated.
CORNING SCHOOL DISTRICT (P. 0. Corning, Clay County,
Ark.-BOND SALE.-On Aug. 1 37,000 6% 17-year (average) building
bonds were awarded to Gunter & Sawyers of Little Rock at 99. Denom.
$500. Date Aug. 15 1914. Int. F. & A.
CROSS CREEK SCHOOL DISTRICT, Kings County, Calif.BOND SALE.-The Hanford Nat. Bank of Hanford has been awarded,
reports state, the issue of $8,000 school bonds at par (V.99,14• 360)•
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFERNG.-Proposals will be received until 10 a. m. Aug. 26 by E. G. Krause,
Clerk Bd. of Co. Comm'rs,for the following 5% coup. road-impt. bonds:
$17,905 Berea-Triskett road-impt. (assess.) bonds. Denom. (1) 5405,
(35) 3500. Due $405 Oct. 1 1915. 31,000 Apr. 11916, 1917. 1918
and 1919. $1.500 on Apr. 1 1920 and 1921, $2.000 on Apr. 1 and
Oct. 1 1922 and 1923 and $2.500 Apr. 1 1924.
[VoL.
42.920 Berea-Triskett road-impt. (county's portion) bonds. Denom.
(1) $920, (42) 31,000. Due $920 Oct. 1 1915. $2,000 on Apr. 1
and Oct. 1 1916 and Apr. 1 1917 and 53.000 each six months from
Oct. 1 1917 to Apr. 1 1923 incl.
11,298 Cook road-impt. (assess.) bonds. Denom. (1) 3298, (22) 3500.
Due $298 Oct. 1 1915 and on Apt. 1 as follows: $1,000 1916 to 1919
Incl., $1,500 1920 to 1923 incl. and $1,000 in 1924.
39,837 Cook road-impt. (county's portion) bonds. Denom. (1) $837,
(39)31.000. Due $837 Oct. 11915. $2,000 Apr. land Oct. 1 1916
and 1917. 33.000 each six months from Apr. 1 1918 to Apr. 1 1922
incl. and 164,000-Oct. 1 1922.
Date Sept. 1 1914. Int. A. & 0. at office of Co. Treas. An unconditional cert, check on a bank other than the one making the bid, for I% of
bonds bid for, payable to Co. Treas., required. Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued
interest. Separate bids must be made for each issue.
Proposals will be received until 10 a. m. Aug. 29 by E. G. Krause,
Clerk of Board of Co. Commrs., for the following 5% coup. Cedar Glenn
road-impt. bonds:
310,37. Due
$6•037 county's share bonds. Denom. (5) 31.000. (1)
$1,037 Oct. 1 1915. 31.000 Apr. 1 1916, $2,000 Apr. 1 1917 and
$2,000 Oct. 1 1917.
Due 3319
3,019 assess, portion bonds. Denom. (9) 5300, (1) 3319.
Apr. I 1915. $300 yrly. on Apr. 1 from 1916 to 1923 incl. and $300
Oct. 1 1923.
An uncondiDate Sept. 11914. Int. A. dr 0. at office of Co. Treas. bid
for 1% of
tional cert, check on a bank other than the one making the
delivered
be
to
Bonds
required.
Treas.
Co.
to
bonds bid for, payable
and paid for within 10 days from time of award. Purchaser to pay accrued
issues of
Similar
Issue.
each
for
made
be
must
bids
Separate
interest.
bonds were offered on July 22(V.99. p. 213)•
DADE COUNTY (P. 0. Trenton), Ga.-BONDS TO BE OFFERED
IN DECEMBER.-The $60.000 5'% 20-year road bonds voted March 25
(V. 98, p. 1182) will be offered for sale, we are advised, about Dec. 1.
Denom. $1.000. Date Sept. 1 1914. Interest annually in January.
DALLAS, Dallas County, Tex.-BOND ELECTION PROPOSED-A petition Is being circulated calling for an election to vote on the question
of issuing bonds to erect a municipal market house.
DALLAS SCHOOL DISTRICT,Kings County, Calif.-BOND SALE.
-Reports state that the Hanford Nat. Bank of Hanford was recently
awarded the $3,500 school bonds at par (V. 99, It• 360)•
DAMASCUS TOWNSHIP SCHOOL DISTRICT (P. 0. McClure),
Ohio.-BONDS DEFEATED-NEW ELECTION.-The question of issuing $35,000 school-building bonds failed to carry at the election held
Aug. 11 by a vote of 168 "for" to 178 "against." The same proposition
will be submitted to the voters again on Aug. 25.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND OFFERING.
-Proposals will be received until 12 m. Aug. 25 by John L. Clark. County
Treas., for the following 434% coup. highway-impt. bonds:
Denom. $155.
$3,100 Bert Streeter et al. road bonds in Washington Twp.
Twp. Denom.$110.
2,200 Ernest Osmon et al. road bonds in Washington Twp.
Denom. $250.
Steele
in
bonds
road
at.
et
5,000 John W• Chandler
Twp. Denom.$360.
7,200 T. J. Fisher et al. road bonds in Barr
issue each
each
of
bond
one
Due
N.
&
M.
Int.
1914.
15
Sept.
Date
six months from May 15 1915 to Nov. 15 1924 incl.
-BOND
Mont
41,
NO.
DAWSON COUNTY SCHOOL DISTRICT2 p. m. Aug. 26 by J. P.
OFFERING.-Proposals will be received untilfor
(opt.)
-10-year
5
$2,000
Bloomfield),
0.
Graber, District Clerk (P.
interest.
building, site-purchase and equipment bonds at not exceeding 6%
NO. 94, Mont.-BOND
DAWSON COUNTY SCHOOL DISTRICT
2 p. m. Aug. 26 by N. A.
OFFERING.-Proposals will be received until-10
-year (opt.) site-purchase,
Cole, District Clerk (P.0.Terry),for 31,0002
construction and equipment bonds at not exceeding 6% interest.
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.-BOND SALE.
434% 1034-year (aver.) tax-free gravel-road
-On Aug. 17 the $23,000
of Lawrencebonds(V.99, P. 489) were awarded to the People's Nat. Bank
N.
burg at par and int. Denom. $575. Date Aug. 3 1914. Int. M.&
10 a. m. Sept. 1 by
BOND OFFERING.-Proposals will be received until
bonds.
Andrew Burke,County Treasurer,for 316,0504%% free-gravel-road
DECATUR COUNTY (P. 0. Greensburgh), Ind.-BOND OFFERAlbert
Boling.
by
24
ING.-Proposals will be received until 2 p. m. Aug.
434% highway-impt. bonds. Denom. $410.
it is reported, for 38.200M.
& N. Due $410 each six months from May
Date Aug. 15 1914. Int.
15 1915 to Nov. 15 1924 incl.
DECKER SCHOOL TOWNSHIP, Knox County,Ind.-BOND SALE.
-On Aug. 10 the $4,050 434% school bonds (V. 99. p. 283) were awarded,
at par.
it is stated, to J. F. Wild & Co. of Indianapolis
-BONDS DEFEATED.-The
DELAVAN, Faisbault County, Minn.
ht-plant bonds failed to
question of issuing $3,000 municipal-electric-lig
carry, it Is stated, at an election held Aug. 11.
Ind.-BOND OFFERING.DELAWARE COUNTY (P. 0. Muncie),
be received until 10 a. m. Aug. 25 by G. G.
Reports state that bids will for
issues of 434% highway-impt. bonds,
Williamson. County Treas.,partfour
each six months.
aggregating 321.800. Due
SOLD.-The offering of $110,000
DES MOINES, Iowa.-BONDS NOT p.
489) was unsuccessful, accord434% bridge bonds on Aug. 15 (V. 99,
ing to local newspapers.
DILLSBORO TOWNSHIP (P. 0. Dillsboro), Jackson County,
Just been advised that the $15,000
No. Caro.-BOND SALE.-We have
p. 1839) were awarded on Jan. 1 to Sidney
6% 20-year road bonds (V. 97.
Spitzer & Co. of Toledo at par.
DONA ANA COUNTY (P. 0. Las Cruces), N. Mex.-BOND SALE.
On Aug. 6 the $50,000 5% 20-30-year (opt.) road and bridge-construction
and improvement bonds(V.99. p. 360). were awarded to John R. Sutherlin•
Chicago, at par and int. C. H. Coffin of Chicago bid $50.051, less $850•
DOWNEY SCHOOL DISTRICT, Los Angeles County, Calif.BONDS VOTED.-An election held Aug. 11 resulted, it is stated, in favor
of the question of issuing 335,000 granunar-school-building bonds.
DRAIN, Douglas County, Ore.-BOND SALE.-On Aug. 1 the $6.000
6% electric-light-system-installation bonds (V. 99. p. 214) were awarded
to the Drain State Bank at 99. Denom. $500. Date Aug. 1 1914. Int.
J. & J. Due in 15 years, subject to call after 3 years.
EA STON, Northampton County, Pa.-BOND ELECTION PROPOSED.-An election will be held to authorize $300,000 sewer bonds,
according to a local newspaper.
Columbiana County, Ohio.-BOND SALE.
EAST LIVERPOOL,
it is stated, for the $2,700 5% 3-year Lincoln Ave.
No bids were received,
offered
on
Aug.
bonds
19
National
(V.
99,
The
p.
284).
improvement
Brotherhood of Operative Potters subsequently took the bonds at par& Mt.
EAST PALESTINE, Columbiana County, Ohio.-BOND OFFERING.
-proposals will be received until 12 m. Sept. 8 by 0. L. Butts, Village
refunding
Auth. Secs. 3916 to 3918,inclusive.
Clerk.for $4,700 5% (8) $500.bonds.
(1) $700. Date June! 1914. Int. J. & D.
(len. Code. Denom.
Sept. 1 from 1920 to 1927. inclusive, and $700 Sept. 1
Due $500 yearly on
to Village Treasurer, required.
1929. Certified check for 5%. for
within ten days from time of award.
Bonds to be delivered and paid for
acOrIDedATinEtDeresSCCHOOL DISTRICT, Forrest County,
-Proposals will be received until 12 m. Sept. 'T
SFERING.
F
aNy
DOPO
t°C
N
ilyliesatrClerk Board of County Supers., (P. 0. Hattiesburg), for
0r t2G
OBOeer:
5
s
hat
i
0
8A
H
,s0
urciE
y
MP5
b
3
school bonds. Denom.$250. Date Sept. 1 1914. Int.
.0
ar
s
FLORENCE SCHOOL DISTRICT, Imperial County Calif.-BOND
n Aug. 10 the 32,500 6% 10-year (aver.) school'bonds (V. 99. P•
423) were awarded to Stephen & Co. of San Diego at 100.40 and Int.
FLOYDADA, Floyd County, Tex.-BOND OFFERING.-Reports
state that bids will be received until 11 a. m. Sept. 24 by W.T. Montgomery, Mayor, for $20,000 5% 14-39-year (opt.) water-works bonds. Int.
ann. Cert. check for 91.000 required.
AUG. 22 1914.]
THE CHRONICLE
FLOYD COUNTY (P. 0. New
Ind.-BOND
Proposals will be received until 10 Albany),
a. m. Aug. 29 by Claude A. Sittason,
County Treas.,for $9,320 4%% Louise.
John Jacobi,Cyrus Brown,
Miller,
et al. highway impt. bonds in New Albany Twp.
Denom. $233. Date
Aug. 29 1913. Int. M. & N.
FORT DODGE, Webster County, Iowa.-BONDS WITHDRAWN
FROM MARKET.-The $80,000city-hall bondsadvertised to be sold Aug.17
at an int. rate not to exceed 5% (V. 99, p. 360) were withdrawn from the
market Aug. 15 for present time.
FORT MILL, York County, So. Caro.-BOND SALE.-The First
National Bank of Fort Mill was awarded at par the $15,000 5% 20-40-year
(opt.) water-works bonds mentioned in V. 98, p. 1260. Denom. $1.000.
Int. A. & 0.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 10 by John Scott, Clerk,
Board of County Commissioners, for the following 5% inter-county highway-improvement bonds:
$30,500 highway No. 1 bonds. Due $3.000 yearly on Aug. 1 from 1915
to 1923 incl. and $3,500 Aug. 1 1924.
17,500 highway No. 50 bonds. Due $2,000 yearly on Aug. 1 from 1915
to 1922 incl. and 81,500 Aug. 1 1923.
Auth. Sec. 1223. Gen. Code, as amended April 18 1913. Denom. $500.
Date Aug. 1 1914. Int. F. & A. at County Treasury. Cert. check on
a solvent bank or trust company for 1% of bonds bid upon, payable to
F. M. Sayre, County Aud., required. Bonds will be ready for delivery on
day of sale. A complete transcript of all proceedings had in each of said
road 'amts. will be furnished successful bidder at time of award and a reasonable length of time will be allowed purchaser for examination ofsame.
These bonds were offered without success on Aug. 12(V.99.P. 490)•
FRE?dONT, Sandusky County, Ohio.-BONDS TO BE RE
TISED.-The $4,000 5% 234-year (aver.) water-main-impt. -ADVERbonds offered on Aug. 17 (V. 99, p. 284) will be re-advertised because the original
ordinance was amended on Aug. 4.
FULTON COUNTY (P. 0. Wauseon), Ohio.-BOND OFFERING.
Proposals will be received until 10 a. m. Sept. 8 by W. W. Ackerman, Co.
Aud., for the following 5% inter-county highway-impt. bonds:
$12.000 Toledo-Wauseon road bonds. Denom. $500. Due $1,000 each
six months from Jan. 1 1915 to July 1 1920 incl.
3,000 Archbald-Fayette road bonds. Denom.$500. Due $1,000 Jan. 1
and July 1 1915 and $1,000 Jan. 1 1916.
3,500 Archbald-Fayette road bonds. Denom. $500. Due $1,000 Jan. 1
and July 1 1915,$1,000 Jan. 1 and $500 July 11916.
6.500 Archbald-Fayette road bonds. Denom. $500. Due $1000 each
six months from Jan. 1 1915 to July 1 1917 and $500 Jan. 11918.
Auth. Sec. 1223. Ohio Laws 103. page 459. Date Oct. 1 1914. Int.
J. & J. at the Co. Treas. office. Cert. check for $200 required. Purchaser
to pay for bonds within 10 days after date of issue.
GARDEN VALLEY HIGHWAY DISTRICT (P. 0. Idaho City)'
Boise County, Idaho.-BOND OFFERING.-Proposals will be received
until 10 a. m. Sept. 1 by E. F. Glennon. Sec. Board of Highway Commissioners, for $12,000 coup. road and bridge impt. bonds at not exceeding 6%
int. Denom. $1,000. Date Sept. 1 1914. Int. J. & J. at office of Dist.
Treas. or at Nat. Bank of Commerce, N. Y. C. Due $1.000 Yearly on
Sept. 1 from 1924 to 1935 incl. A deposit of 20% of bid required. Bonds
will be ready for delivery on Sept. 5. Bids must be unconditional.
GARDNER, Worcester County, Mass.-LOAN OFFERING.-The
Town Treas., John D.Edgell, will receive bids until 6 p. m.to-day (Aug.22)
for the discount of a $40,000 loan due $20,000 Dec. 14 and $20,000 Dec. 28
Issued in anticipation of taxes.
GENEVA, Fillmore County, Neb.-BONDS VOTED.-An election
held Aug. 11 resulted, it is stated, in favor of the question of issuing $20000 city-hall and hose-house bonds.
GENEVA SCHOOL DISTRICT (P. 0. Geneva), Kane County, Ills.
-BOND ELECTION.-The election to vote on the question of issuing the
$30.000 building bonds (V. 99, p. 361) will be held Aug. 29, it is stated.
BONDS VOTED.-Local newspaper dispatches state that this district
recently voted in favor of the issuance of $15,000 site-purchase bonds.
GILMER INDEPENDENT SCHOOL DISTRICT (P. 0. Gilmer),
Upshur County, Tex.-BONDS VOTED.-A favorable vote was cast at
a recent election on the question of issuing $35,000 building bonds.
GIRARD, Trumbull County, Ohio.-BONDS VOTED.-Pire-dept.improve, bonds amounting to $15,000 were authorized at a recent election, it is stated, by a vote of 306 to 119.
GRAHAM SCHOOL TOWNSHIP (P. 0. Deputy), Jefferson County,
Ind.-BOND OFFERING.-Proposals will be received until 1 p. m. Sept. 5
by William A. Cook, Twp. Trustee, for $9,900 435% coup, school bonds.
Denom. $495. Date Sept. 5 1914. Int. F. & A. Due $495 each six
months from Aug. 1 1915 to Feb. 1 1925 incl.
GRANBURY, Hood County, Tex.-BOND ELECTION.-The voters
on Sept. 5 will, it is stated, pass on the question of issuing $20,000 waterworks-construction bonds.
GRANVILLE, Washington County, N. Y.-BOND OFFERING.
Dispatches state that M. D. Whedon, Village Clerk, will receive sealed
bids until 8 p. m. Sept. 5 for $18,000 annual 1-30-year serial highway bonds
at not exceeding 5% int. A certified check for $500 is required.
GROTON, Tompkins County, N. Y.-BOND OFFERrNo.-Proposals
will be received
until 8 p. m. Aug. 24 by C. 0. Rhodes, VII. Clerk, for
$1.000 steam-boiler bonds.
Denom. $500. Date Oct. 1 1914. Int.
(rate to be named in bid)
Due $500 yearly on Oct. 1payable A. & 0. at Mechanics' Bank, Groton.
from 1915 to 1922, incl. Cert. check for 10%
of bid required.
GROVER HILL,
County, Ohio.-BOND SALE.-On Aug.
14 an issue of $2.400Paulding
6% refunding bonds
warded to the First Nat.
Bank, Barnesville, for $24.011,
equal to wasa
100.458. Denom. (3) 5300.
(3) 3500. Date June 15 1914. Int.
M.& S.
GUERNSEY COUNTY (P.
Cambridge), Ohio.-BONDS NOT
SOLD.-No bids were received 0.
on Aug. 14 for the $17,000 5% 7-year
(aver.) Cambridge-Caldwell road-impt.
(assess.) bonds offered on that day
(V. 99, p• 284).
HALLS, Louderdale County,
6% 25-year coup. water and light Tenn.-BOND SALE.-The $25.000
bonds offered on Mar. 28 (V• 98, P• 942)
have been disposed of.
HAMBLEN COUNTY (P.
Tenn.-NO BONDS TO
BE ISSUED.-We are advised 0. Morristown),
the $100,000 school bonds proposed by
this county (V. 98, P. 176) will that
not be issued.
HANCOCK, Washington
County, Md.-BONDS VOTED.-A proposition to issue $30.000 municipal
Aug. 5,it is stated, by a majority water-works-constr. bonds carried on
of 53 votes.
HARLOWTON, Meagher
OFFERING.
Proposals will be received until County, Mont.-BOND
bonds at not exceeding 6% int. Sept. 17 for $15,000 water-works-extension
July 1 1934. sub, to call after 15 Auth. vote of 36 to 10 on July 27. Due
years.
HARTWELL, Hart
Ga.-BOND ELECTION.-An election
will be held Sept. 2 to County,
vote on the
propositions to issue 833.000 waterworks and $13,000 sewer 5%
bonds.
HAZLEWOOD (P. 0.
Waynesville), Haywood County, No. Caro.BOND OFFERING.-Proposals
will
be received until Attg. 31 by J. B.
Hoyle, Town Clerk, for 515.000
coupon water, sewer and light bonds.
Auth. Chap. 169, Private Laws of
July 1
1914. Duo July 1 1944. No debt 1913. Denom. 000. Date
p esent. Assess. val. 1914. $350,000. These bonds were previously at
offered
Mar.
25.
V. 98.
on
sale
for
p. 852.
HENRY COUNTY (P. 0.
Napoleon), Ohio.-BONDS NOT SOLD.
No bids were received for the seven
of 5% coup. road-impt. bonds, aggregating 376.000, offered on Aug.issues
17 (V. 99, P. 490)•
HERTFORD, Perquimans County, No.
Caro.-BONDS TO BE REOFFERED NEXT YEAR.-We are advised
by the Mayor that the four
Issues of 5% 50-year bonds. aggregating
350.000, offered without success on
Juno 15 (V. 98, p. 1709) will not be put on the market again until next
spring.
557
HILLSBORO COUNTY (P. 0. Tampa), Fla.-BOND OFFERING.
Bids will be opened Sept. 15, it is stated, for 3500,000 of an issue of $1.
000,000 road bonds. It was previously reported that proposals for $500.-000 5% 30-year road bonds would be received until Sept. 3.
HOLT COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Page), Neb.BOND OFFERING.-The School Board is offering at privtae sale $10.000
5% reg. bldg. bonds. Date about Sept. 1 1914. Int, payable at Page.
Due in 10 years. No other debt.
HOOD RIVER COUNTY (P. 0. Hood River), Ore.-BOND SALE.
On Aug. 17 the 875.0005% I0-19-year (ser.) Columbia River highway-imPt.
bonds (V. 99. p. 361) were awarded to S. Benson at par.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND OFFERING.ProposIs will be received until 10 a.m•Aug.29(and from day to day thereafter until sold) by Larry Ryan, Co. Treas.,for $4.100 435% Jos. W. Mills
road bonds in Clay Twp. Denom.$205. Due $205.each six months from
May 15 1915 to Nov. 15 1924 incl.
HUNTINGTON, Huntington County, Ind.-BOND SALE.-On
Aug. 17 the $50.000 43,5% 10%-year (aver.) water-works and the electriclight bonds, dated Aug. 17 (V. 99. p. 424), were awarded to E. M. Campbell's Sons & Co. of Indianapolis at 100.502 and int.-a basis of about
4.44%. Breed, Elliott & Harrison of Indianapolis bid 100.07 and int.
HUNTINGTON SCHOOL DISTRICT (P. 0. Huntington), Sebastian County, Ark.-BOND SALE.-On Aug. 1 $6,000 6% 1731-Year
(aver.) school bonds were awarded to Gunter & Sawyers of Little Rock at
99. Denom. $500. Date Aug. 1 1914. Int. F. & A.
INDEPENDENCE, Polk County, Ore.-BOND SALE.-The $18.868 76 6% 1-10-year (opt.) gold coup. street-impt. and sewer-constr.
bonds offered on July 15 (V. 99, p• 66) have been awarded to the Security
Say. Bank & Trust Co. of Toledo.
INDIANAPOLIS, Ind.-LOAN OFFERING.-Proposals will be received until 11 a. m. Aug. 28 by J. P. Dunn, City Comptroller, for a loan
of $50,000 dated Aug. 29 1914 and maturing Oct. 28 1914.
ITALY, Ellis County, Tex.-BONDS VOTED.-The proposition to issue $17.000 sewer bonds carried, reports state, at the election held Aug. 10.
JACKSON SCHOOL TOWNSHIP,Parke County,Ind.-WARRANT
OFFERING.-Proposals will be received until 2 p. m. Sept. 1 by J. A. McHargue, Twp. Trustee, for $2,840 5% bldg. warrants. Denom. $710
Int. ann. Due $710 yearly from 1 to 4 years incl.
JAY COUNTY (P. 0. Portland), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m. Aug. 28 by John B. Rapp, County
Treas., for the following 435% highway-impt. bonds in Wayne Twp.:
$10,000 S. J. King et al. road-impt. bonds. Denom. $500.
6,500 Chas. K. Watson et al. road bonds. Denom. $3325.
5,400 Chas A Hanlin et al road bonds Denom $270.
Date Aug. 15 1914. Int. M. & N. Due one bond of each issue each
six months from May 15 1915 to Nov.
15 1924 incl.
JENNINGS COUNTY (P. 0. Vernon), Ind.-BOND SALE.-On
Aug. 18 the two issues of 435% 5%-year
(aver.) road bonds (V. 99, p. 490)
were awarded at par and int. as follows:
$9,000 C. F. Lorton road bonds to F. Overturff of Vernon.
6.196 Benton Legg road bonds to the First Nat. Bank of North Vernon.
There were no other bidders.
JOHNSON COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Tecumseh), Neb.-BOND OFFERING.-Bids will be received until
m. Aug. 29
by Robert Lempka, Sec. Drainage Board, for $19,662 89 12
drainage
bonds. Int. semi-ann. Due in 5 years, payment principal 6%
to begin after
the fourth year. Bids may be submitted for all orofany portion
of bonds.
JOHNSTON COUNTY (P. 0. Iowa City), Iowa.-BOND OFFERING.
-The Board of Supervisors will receive bids until
to-day (Aug. 22), it is
stated, for $50,000 bridge bonds.
JONESBORO, Washington County, Tenn.-BOND SALE.-On
Aug. 15 the $15,000 6% 5-20-year (opt.) coup. funding and impt. bonds
(p. 99, p. 285) were awarded to E. J. Baxter, attorney. at 100.50
and int.
-a basis of about 5.875%•
JOSEPHINE COUNTY (P. 0. Grant's Pass), Ore.-BOND ELECTION CALLED OFF.-The County Clerk advises us that the bond election which was to have been held the latter part of December. 1913, was
called off, and says that he doubts very much if any election for the voting
of road bonds will be held during this year (V. 97, p. 1922).
KAUKAUNA, Outagamie County, Wis.-BOND OFFERING.-Proposals will be received until 4 p. m. Sept. 1 by L. C. Wolf, City Clerk, for
000 4%% coup. park bonds. Denom. $100. Date Aug. 1 1914.
$10.
Int. F. & A. Due $500 yriy. on Aug. 1 from 1918 to 1929 incl. and $1.000
yrly. on Aug. 1 from 1930 to 1933 incl., subject to call after Aug. 1 1910.
Cert. check for 2% of bonds bid for required. City will furnish bonds and
coupons. Bonded debt (not incl. this issue), $127,276: no floating debt.
Assess. val. 1913, $3,701.785.
KEITHSBURG, Mercer County, Ill.-BONDS DEFEATED.-The
question of issuing $6,000 bonds for corporate purposes failed to carry
at
the election held Aug. 11 by a vote of 101"for" to 279 "against," it is stated.
KENMORE, Summit County, Ohio.-BOND SALE.-No bids
were received for the $157.200 5% 234-year (aver.) sewerage system
constr. (assess.) bonds offered on Aug. 15 (V. 99, p. 285)•
Reports state that the above bonds were taken on Aug. 19 by the Central
Savings & Trust Co. of Akron. The bank bid par and was given accrued
esertGof $9OO.
intKIN
COUNTY UNION HIGH SCHOOL DISTRICT NO. "0,"
Wash.-BOND OFFERING.-Proposals will be received until 2 p.
m.
Aug. 26 by W. H. Hanna, County Treasurer (P. 0. Seattle). for $25.000
5-15-year (opt.)coupon construction and equipment bonds. Auth. election
held July 28. Denom. $500. Int. (rate not to exceed 6%)annually at
office of County Treasurer or at fiscal agency of State of Washington in
New York. Certified check or draft for I% of bonds bid for, payable to
County Treasurer, required, except with bid from State of Washington.
Bonds to be ready for delivery Sept. 15. Bonded debt none. Outstanding
warrants $2.050. Assessed valuation, $863.641. A similar issue of bonds
was awarded to the State of Washington on June 22 (V. 99, p. 66)•
KINSTON, Lenoir County, No. Caro.-BONDS NOT SOLD.-According to local newspaper reports, no sale has yet been made
of the $100.0005% 30-year paving and sewer
offered without success on July 15•
(V. 99. p.66)•
LAKE COUNTY (P. 0. Painesville), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Sept. 7 by the Board of County Commissioners, W. Albert Davis, County Auditor, for $17,000 5% coup.
Arnold and Ridge roads improvement bonds. Auth. Secs. 6903 to 6914
incl., Gen. Code. Denom. $500. Date Sept. 1 1914. Int. M. & S. at
County Treasury. Due $1,000 each six months from March 1 1915 to
Sept. 1 1924 incl.. except that $500 is due on March 1 1915. 1916. 1918,
1920. 1922 and 1924, instead of $1.000. Certified check on a Lake County
Bank for 5% of bid, payable to County Treasurer, required. Bonds to be
delivered and paid for within 15 days from time of award.
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND SALE.-On
Aug. 17 the 88,0004)4% 10%-year (aver.) Arthur S. Le Roy et al. Lincoln
Twp. highway-impt. bonds (V. 99, p. 491) were awarded to Frank J. Conboy, attorney, of La Porte, it is stated, at par. Denom. $200. Date
Aug. 151914. Int. M.& N. Due $200 each six months from May 15 1915
to Nov. 15 1934 incl.
LAREDO, Webb County, Texas.-BOND ELECTION.-The questions of issuing $24,000 storm-sewer-constr. and $8.000 Jarvis Plaza paving 5% 20-40-year (opt.) bonds will be submitted to a vote on Aug. 27.
Int. semi-ann.
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BOND
Proposals will be received until 2 p. m. Aug. 25 by Earl G.OFFERING.
Short, County
Treasurer, for 82,000 435% Isaac Fish et al. highway-improvement
in Pleasant Run Twp. Denom. $100. Int. M. & N. Due partbonds
each
six months.
LEMON CITY SPECIAL TAX SCHOOL DISTRICT
NO. 3, Dade
County, Fla.-BOND SALE.-On Aug. 13 the
825,000 6% 16-year
(aver.) coupon school bonds (V. 99, p. 285) were
to the Bank c.
Bay Biscayne, Miami, at par and int. There wereawarded
no other bids received,
558
THE CHRONICLE
LILLINGTON, Harnett County, No. Caro.-BONDS WITHDRAWN
FROM MARKET.-The $25,000 6% coupon sewerage and water-works
bonds (V. 98,1)• 86) have been withdrawn from the market.
LILLINGTON TOWNSHIP, Harnett County, No. Caro.-BOND
OFFERING.-W.P. Byrd, Secretary of Board of Road Commissioners, will
sell on or after Aug. 24 at Lillington, $20,000 6% 20-year road bonds.
Interest semi-annual. These bonds take the place of the $15,000 5%
40-year issue offered without success on June 1 (V. 98, p. 1709).
LIMESTONE TOWNSHIP (P. 0. Limestone), Alger County, Mich.
-BONDS VOTED.-By a vote of 28 to 22 the proposition to issue $15.000
road-improvement bonds carried, it is stated, at a recent election.
LIMESTONE TOWNSHIP (P. 0. Warsaw), Duplin County, No.
Caro.-BOND ELECTION.-The question of issuing $25,000 5% 20-3T.
Central Carolina RR.-aid bonds will, reports state, be submitted to a vote
on Sept. 15.
LINCOLN, Logan County, Ill.-BOND ELECTION.-A special
election will be held Sept. 1, reports state, to vote on the question of issuing
$68,000 sewer bonds.
LINCOLN COUNTY (P. 0. Toledo), Ore.-NO BONDS TO BE IS
SUED.-Concerning the newspaper reports that the issuance of $190.000
road bonds was contemplated (V. 98, p. 1014) we are advised that "no
bonds will be issued."
LINN COUNTY (P. 0. Marion), Iowa.-BOND OFFERING.-The
Board of Supervisors has decided to ask for bids, it is said, on $11,000
Drainage Dist. No. 11 bonds.
LONG BEACH, Los Angeles County, Calif.-BOND SALE.-It is
reported that Sidney Spitzer & Co. of Toledo have purchased at par and
accrued int. the $340.000 5% 1-40-year (ser.) gold coup. outfall sewer,
Series No. 2. bonds. These bonds, together with issues of $35,000 incinerator and $50,000 pier bonds, were offered without success on May 1
(V. 98. p. 1554).
LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Sept. 10 by Geo. N. Damon, City Auditor, for
the following 5% coup. bonds:
310,000 00 playgrounds and park-system bonds. Denom. $500. Date
July 15 1914. Due Sept. 15 1934.
12,821 14 paving refunding bonds. Denom. (25) $500. (1) $321 14.
Date Aug. 151914. Due $321 14 Sept. 151915. $1,500 yearly
on Sept. 1 from 1916 to 1922 incl. and $1,000 Sept. 15 1923
and 1924.
Int. M. & S. at office of Sinking Fund Trustees. Certified check for
$300 on a Lorain bank or any national bank, payable to City Treasurer,
required. Bonds to be delivered and paid for within 10 days from time a
award. A complete transcript of proceedings had relative to the issuance
of the above bonds will be furnished successful bidder on day of sale and a
sample copy of the printed refunding bond will also be furnished.
LOVELAND, Larimer County, Colo.-BOND ELECTION.-At the
November election a vote will be taken, it is stated, on a proposition to
issue $120,000 municipal-lighting-system bonds. The question of establishing the plant carried at an election held Aug. 11.
LOWNDES COUNTY (P. 0. Haynesville), Ala.-BOND SALE.
On July 13 $150,000 5% 30-year coup. tax-free road-improvement bonds
were awarded to Steiner Bros. of Birmingham for $150,500 (100.333)basis of about 4.979. Denom. $500 and $1,000. Date July 1 1914.
Interest J. & J.
LOWNDES COUNTY (P. 0. Columbus), Miss.-BONDS PROPOSED.
-Reports state that notice has been given that this county intends issuing
$50,000 Road Commissioners District No. 2 bonds.
LUFKIN, Angelina County, Texas.-BOND ELECTION.-On Sept.
10 an election will be held, reports state, on the question of Issuing $40,000
street-improvement, $25,000 water-extension and $10,000 fire-departmentimprovement bonds.
MC INTOSH, Corson County, So. Dak.-BONDS VOTED.-RePerts
state that the proposition to issue $6,000 municipal-lighting-plant bonds
carried by a vote of 63 to 7 at a recent election.
MC LENNAN COUNTY (P. 0. Waco), Texas.-BONDS VOTED.
Reports state that the proposition to issuei34,000 Common Sob.Dist. No.6
school bonds carried at the election held Aug.8.
McMINNVILLE SCHOOL DISTRICT, Yamhill County, Ore.
BOND SALE.-Morris Bros. of Portland on April 24 purchased at par the
-20-year
(opt.)
building
bonds
(V. 98, p. 1476). Deadm•
$30,000 5% 15
$1.000. Date April 20 1914. Interest A. & O.
MADISON TOWNSHIP (P. 0. Manhattan), Riley County, Kans.BONDS VOTED.-According to reports this township on Aug. 1 voted in
favor of the issuance of school bonds.]
0,
r04M11
MADISON COUNTY (P. 0. London), Ohio.-BONDS NOT SOLD.
The $30.000 5% coup. bridge bonds offered on Aug. 10 (V. 99. p. 362)
failed to sell. 54
0 0,.•0::
~01
KIN
MAGNOLIA PARK, Tex.-BOND ELECTION PROPOSRD.-Reports
state that this city proposes to call an election in the near furure to vote on
the question of issuing 3150,000 water-works impt. bonds.
MANGANESE SCHOOL DISTRICT (P. 0. Manganese), Crow Wing
County, Minn.-BONDS PROPOSED.-Reports state that the School
Board decided to hold a special meeting to vote bonds.
El
MAPLE LAWN SCHOOL DISTRICT, Tex.-BONDS VOTED.-A
Dallas newspaper states that the question of issuing $10,000 building bonds
,
carried on Aug.8 by a vote of 32 to 3. oan-gil as
tagriejilwrvqr•volitarstArfi
„MARBLE CLIFF, Franklin County, Ohio -BOND OFFERING.
Proposals will be received until 12 m. Sept. 19 by C. Newhouse, Village
Clerk,for $17,000 5% 10-year coupon Cambridge Place Ave.improvement
(assessment) bonds. Denom. $500. Date July 1 1914. Int. J. & J. at
Commercial National Bank, Columbus. Certified check for 1% of bonds
bid for, payable to Village Treasurer, required. Bonds to be delivered
and paid for within ten days from time of award. Purchaser to pay
accrued interest.
MARBLE FALLS, Burnet County, Texas.-BOND ELECTION.-An
election has been ordered for Sept. 5, reports state, for the purpose of determining whether or not the city will issue bonds for the purpose of erecting
a water and light plant, a garbage-disposal plant and for the erection of
44.0p7pgractin
.**01.",..4.PL,Pi
,
a bridge and improving the streets. 41
MARION COUNTY (P. 0. Indianapolis), Ind.-BONDS NOT SOLD.
-No bids were received on Aug. 17 for the $19,000 43,5% highway-Improvement bonds offered on that day (V. 99, P. 491)•
MASSILLON, Stark County, Ohio.-BOND OFFERING.-R.J.
Krisher. City Auditor, will receive bids until 12 m. Sept. 14 for $20,000
bonds. Denam. $1,000.
5% viaduct-bridge-construction (city's portion)
Date Sept. 11914. Int. semi-ann. at the State Bank of Massillon. Due
and
each six months from
1918
$2,000
and
1917
$1,000 April 1 and Oct. 1
check for 5% of bonds bid for,
April 1 1919 to Oct. 1 1922 incl. CertifiedBonds
to
be
delivered and paid
required.
Treasurer,
City
the
payable to
for within 10 days from time of award. General bonded debt, $157,783.
MEDICINE LAKE, Sheridan County, Mont-BONDS VOTED.
A recent election resulted, it is stated, in favor of the issuance of $18,000
••••:01 -TVA qied
40.14'01 1I
water-works-system bonds.
MFD1NA SCHOOL DISTRICT (P. 0. Median), Stutsman County,
it is
No. flak -BOND ELECTION.-An election will be held Sept. 8,
,11-400000,0
stated, to vote on the question of issuing building bonds. 0,MERCED SCHOOL DISTRICT (P. 0. Merced), Merced County,
Cal.-BONDS VOTED.-By a vote of 95 to 5,the question of issuing $3,500
site-purchase bonds carried, reports state, at the election held Aug. 12.
MIAMI COUNTY(P.O. Troy), Ohio.-BOND OFFERING.-Proposals
will be received until 10 a. m. Sept. 4 by Mahlon T. Staley, County Auditor, for $14.000 5% Shook Road improvement (assess.) bonds. Denom.
$500. Date Sept. 1 1914. Int. M. & S. at office of County Treasurer.
Due $2,500 Sept. 1 1915 and 1916 and $3.000 on Sept. 11917, 1918 and
1919. Certified check for 5%, of bid, payable to County Auditor, required.
Bonds to be delivered and paid for within 5 days from time of award.
Bond. debt $536,600. Assess. val. 1914, $72,200.000.
[Vin. xanc.
MICHIGAN CITY SCHOOL CITY (P. 0. Michigan City) Laporte
County, Ind.-BOND OFFERING.-Proposals will be received until
4 p. m. Sept. 3 by Henry Hunziker, Sec. School Trustees, it is reported,for
the $35,000 5% 20-yr. school bonds. These bonds were awarded to the
Fletcher American Nat. Bank of Indianapolis during June, but were later
refused by them (V. 99. p. 491)•
MID VILLE, Burke County, Ga.-BOND SALE.-The three issues of
6% bonds, aggregating $24,000, offered on Dec. 20 (V. 97. p. 1764), have
been disposed of.
MILLER COUNTY (P. 0. Texarkana), Ark.-BOND OFFERING.
Proposals will be received until 11 a. m. Aug. 26. it is stated, by L. Kirkland, Chairman of Board of County Commissioners, for $40,000 535%
drainage bonds. Int. semi-ann. Certified check for $500 required.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
The $600,000 434% 1-20-yr. (ser.) road bonds offered without success
on Aug. 17 (V. 99, p. 362) have been taken by local banks, it is stated, at
par.
MINIDOKA COUNTY (P. 0. Rupert), Idaho.-BOND SALE.-On
Aug. 8 $6,000 5% refunding bonds were awarded to Sweet, Causes'.
Foster & Co. of Denver at par. Denom. $1,000. Date July 1 1914.
Int. J. & J. Due $1,000 yearly from 1924 to 1929 incl., opt. after 10 Years.
MISSOULA COUNTY SCHOOL DISTRICT NO. 15, Mont.-BOND
OFFERING.-The Board of School Trustees, Mrs. Harry Brown, Clerk
(P. 0. Alberton), will offer for sale at public auction to-day (Aug. 22) an
Issue of $6,000 6% 5-10-yr. (opt.) bldg. and equip. bonds. Denom. $500.
Date July 15 1914. Int. J. & J. Cash or its equivalent for full amount
of bid required. Bids must be unconditional. These bonds were voted
July 14.
MODESTO IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus
County, Cal.-BONDS NOT SOLD.-No bids were received for the
$500,000 main-canal-enlargement and $110,000 canal-impt. 6% bonds
offered on Aug. 15 (V. 99, p. 362).
MONROVIA SCHOOL DISTRICT (P. 0. Monrovia), Los Angeles
County, Cal.-BOND ELECTION.-According to reports, an election
will be held Sept. 4 to vote on the proposition to issue $40,000 Orange Ave.
district building bonds.
MONTAGUE SCHOOL DISTRICT, Siskiyou County, Cal.-BOND
OFFERING.-Reports state that W. J. Neilson, County Clerk (P. 0.
Yreka), will receive bids until 10 a. m. Sept. 1 for the $12,000 6% building
bonds voted during July (V. 99, p. 286). Interest annual.
MORGAN COUNTY (P. 0. Deer Lodge), Tenn.-BOND OFFERING
POSTPONED.-We are advised that action toward the sale of the $50,000
5% 20-year pike bonds advertised to be sold Aug. 17 (V. 99, p. 286)
has been postponed until Aug. 24.
MORO, Sherman County, Ore.-BOND SALE.-The $10,000 6%
refunding bonds (V. 98, p. 1477) were awarded on June 30 to the Burlington Trust Co. of Burlington, Vt., at par. Date June 30 191,4. Denom.
$1,000. Int. J. & D. Due $1,000 yearly, subject to call at any interestpaying date.
MORRISON, Whiteside County, Ills.-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport were awarded on July 28 the $8,000 5%
water-works-improvement bonds voted July 7 (V. 99. p. 216). Denom.
to 0
$50
1.D
923. ate Aug. 1 1914. Int. ann. on Aug. 1. Due from April 1 1918
MOUNTAIN VIEW SCHOOL DISTRICT, Santa Clara County,
Calif,-BOND OFFERING.-Proposals will be received until 11 a. m.
Sept. by Henry M. Ayer, Chairman Board of Supervisors (P. 0. San
$1,000. Int. M.& S.
Jose) for $5,000 6% coup. school bonds. Denom.
yearly from 1 to 5 years incl.
at office of County Treasurer. Duo $1,000
Certified check for 5% of bonds bid for, payable to IIenry A. Pfister, Clerk
of above board, required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued Interest. Bids must
be unconditional.
MT. PLEASANT, Isabella County, Mich.-BOND ELECTION
WITHDRAWN.-We are advised that the election to vote on the question
of issuing the $35,000 filtration-plant-construction bonds which was to have
been held Aug. 18 (V. 99, p. 362), has been withdrawn.
MUROC SCHOOL DISTRICT, Kern County, Calif.-BONDS NOT
SOLD.-No bids were received, it is stated, for the $3,600 5% coup.
school-site-purchase and building bonds offered on Aug. 4. Denom. $200.
Interest semi-annual. Due $200 yearly July 7 from 1916 to 1933 incl.
No outstanding indebtedness. Assessed valuation, $166,635.
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.-BOND OFFERING.-Proposals will be received until 11 a. m.Sept. 14 by Fred.C.Werner,
Clerk of Board of County Commissioners, for $200,000 5% coup. floodemergency bonds. Denom. $1,000. Date Oct. 11914. Int. J. & D. at
office of County Treasurer. Due $50,000 yearly on Dec.11 from 1925 to
1928 incl. Certified check for 3% of bid, payable to County Auditor,
required. These bonds were offered without success on Aug. 10 (V. 99,
p. 491).
NELSONVILLE, Athens County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. Sept. 19 by the City Auditor for the following
5% bonds:
$3,000 00 water-works-impt. bonds. Denom. $300. Date Aug. 22 1914.
Due $300 yearly Mar. 22 from 1915 to 1924 incl.
5.995 64 Walnut St. impt. bonds. Denom. $599 57. Date Sept. 19
1914. Due $599 57 yearly Mar. 1 from 1915 to 1921 incl.
876 38 Harper St. impt. bonds. Denom.$87 64. Date Sept. 19 1914.
Due $87 64 Yearly Mar. 1 from 1915 to 1924 incl.
Int. semi-ann. Bonds to be delivered and paid for within 10 days from
time of award. Cert. check for 2% of bonds bid for, payable to the City
Treas., required. Purchaser to pay accrued int.
BONDS NOT SOLD.-No bids were received, it is reported, for the $4,028 17 5% 535-year (aver.) Pleasantview Ave. impt. bonds offered on
Aug. 15 (V. 99, p. 425)•
NEVADA, Story County, Iowa.-BOND ELECTION.-On Aug. 28
vote will be taken, it is stated, on the question of issuing $15,000
waterworks-Improvement bonds.
NEW BREMEN VILLAGE SCHOOL DISTRICT (P.O. New Bremen)t
Anglaise County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. Sept. 5 by August F. Isern, Clerk of Board of Education, for
$2,000 53,5% school bonds. Auth. Sec. 7629, Gen. Code. Denom. $500
Date Sept. 5 1914. Int. M.& S. Due $500 each six months from Sept.
1 1916 to March 1 1918 incl. Certified check for 5% of bonds bid for,
payable to above Clerk, required. Bonds to be delivered and paid for
within 10 days from time of award.
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Philadelphia). Tuscarawas County, Ohio.-BONDS NOT SOLD.-No bids
were received on Aug. 15 for the $20,000 5% school bonds offered on that
day (V. 99. P. 286)•
NEWPORT TOWNSHIP,Carteret County, No. Caro.-BOND SALE.
-The $5,000 5% 42-year tax-free road bonds offered in March (V. 96. P•
708) were sold at that time, we have just been advised, to Sidney Spitzer
o.
& CNEWaTOTNoled:OUNTY (P. 0. Kentland), Ind.-BOND OFFERING.
Proposals will be received until 11 a. m. Aug. 25 by F. C. Rich, County
Treasurer, for $10;000 44% Wm. H. Kessler et al highway-improvement
bonds in Beaver Twp. Denom. $250. Date Aug. 3 1914. Interest
Trumbulluepart yearly.
County, Ohio.-BOND OFFERING.-Proposals
S, D
N'
&LE
.I
MNILES.N
will be received until 2 p. m. Sept. 14 by Homer Thomas, City Auditor,
paving
5%
bonds:
following
for the
$12,867 40 W.Park Ave. paving bonds. Delwin.$643 37. Due $1,286 74
yearly on Sept. 1 from 1915 to 1924 incl.
4,694 10 Linden Ave. paving bonds. Denom. $469 41. Due $46941
yearly on Sept. 1 from 1915 to 1924 incl.
14,035 20 Cherry St. paving bonds. Denom. $467 84. Due $1,403 52
yearly on Sept.. 1 from 1915 to 1924 incl.
11.04600 Washington Ave. paving bonds. Denom. $552 30. Due
$1,104 60 yearly on Sept. 1 from 1915 to 1924 incl.
AUG. 22
1914.]
THE CHRONICLE
559
7,811 00 Hartzell Ave. paving bonds. Denom. $390 55. Due $781 10
RED OAK TOWNSHIP SCHOOL DISTRICT (P. 0. Nashville),
yearly on Sept. 1 from 1915 to 1924 incl.
Nash County, No. Caro.-BONDS NOT TO BE OFFERED AT PRESENT.
Auth. Sec. 3914, Gen. Code. Date Sept. 1 1914. Int. semi-ann. -The District Secretary advises us that the 810.000 farm-school-construcCertified check for 2% of bonds bid for, payable to City Treasurer, re- tion bonds voted Dec. 6 1913 (V. 97, p. 1766), will not be offered for sale
quired. Bonds to be delivered and paid for within 10 days from time of until next spring.
award. Purchaser to pay accrued interest.
REDONDO BEACH UNION HIGH SCHOOL DISTRICT, Los AnNOBLE COUNTY (P. 0. Albion), Ind.-BONDS NOT SOLD.-No geles County, Cal.-BOND OFFERING.-Proposals will be received
sale was made of the $17,040 414% 534-year (average) gravel-road bonds until 2 p. m. Sent. 8 by H. J. Lelande, County Clerk (P.0. Los Angeles),
offered on Aug. 17 (V. 99,P. 492). Denom. $852. Date Aug. 20 1914.
it is stated, for $150.000 534% 3-32-year (serial) building bonds. Certified
Int. M.& N.
check for 3% required. These bonds were offered on June 1 but no sale
was made, owing to an Injunction having been issued against disposing of
NORTHAMPTON COUNTY (P. 0. Eastvine), Va.-BOND SALE.
- the bonds.
We are now advised that the $16.000 5-30-year (opt.) jail-construction
bonds offered on March 2 (V. 98, p. 542) were sold and the jail is very
RIPPERDAN SCHOOL DISTRICT, Madera County, Calif.-BOND
near completed.
OFFERING.-Bids will be received until 3 p. m. Sept. 21, it is stated, by
NORTH BEND, Dodge County, Neb.-BONDS VOTED.-The voters the Clerk of the Bd. of Co. Supervisors (P.O.Madera) for $3,500 6% 1-7on Aug. 7 authorized the issuance of $37.000 electric-light and sewerage (sex'.) school bonds. Denom. $500.
bonds, according to reports.
ROANOKE, Va.-NO ACTION YET TAKEN.-The City Clerk advises
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-During the us that no action will be taken towards the issuance of the 8150.000 434%
city-hall
bonds voted Mar.3(V.98,p.783) until the early part of 1915.
month of June the following eight issues of 4% bonds. aggregating $48.350.
were purchased by the State at par:
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
PlacePurpose.
Date.
Amount.
Due.
until 2 p. m. Aug. 26 by
S. Osborne, City Comptroller, for $100.000
moon Bathgate Spec. S. D. No.25__Bui1ding June 1 1914 June 1 1934 water-works-improvement E.
and 833.200 park-improvement notes, payable
11,000 Colgate Special School District__Building June 1 1914 June 1 1934 three months from Aug. 31 1914. They will be drawn with interest and
Sch.
Dist.
No.
Crafte
52
Building May 8 1914 May 8 1929 made payable at the Union Trust Co., N. Y. Bidder to designate rate of
1.200
Building May 8 1914 May 8 1934 int.,denom.of notes desired, and to whom
3,500 Hathaway Sch. Dist. No. 22
(not bearer) notes shall be made
Building June 1 1914 June 1 1934 payable.
15,700 Holmes Sch. Dist. No. 3
Building June 1 1914 June 1 1929
1.200 Manley Sch. Dist. No. 2
ROCKY MOUNT, Franklin County, Va.-BONDS WITHDRAWN
2,750 Sargent Co. Sch. Dist. No. 1-Building May 8 1914 May 8 1934
5.099 York School District
Refund. May 2 1914 May 2 1924 FROM MARKET.-The $40,000 514% water-works and sewerage bonds
advertised to be sold Aug. 15(V. 99. p. 287) have been withdrawn from the
NOSAPATER, Winston County, Miss.-BOND SALE.-On Aug. 4 market.
the $14.000 5% 13 1-5-year (aver.) coup. agricultural high-school bonds
ROME SCHOOL DISTRICT (P. 0. Rome), Oneida County, N. Y.awarded
to
were
E.
217)
John
Sutherlin
of
Kansas
p.
(V. 99.
City, Mo.,
BOND OFFERING.-The 525.000 434% bldg. bonds voted July 21 (V. 99.
at par.
287) will be offered for sale, reports state, on Sept. 15.
p.
OCONTO, Oconto County, Wis.-BOND ELECTION PROPOSED.
ROUND HILL, Loudoun County, Va.-BOND OFFERING.-ProThere is talk of calling an election to vote on the question of issuing $40,900
posals will be received until 11 a. m. Sept. 1 by Johnson Taylor, Recorder,
street-improvement bonds.
for $12.000 5% coupon water and street-improvement bonds. Auth.
OKEMAH, Okfuskee County, Okla.-BOND SALE.-The $25,000 Sec. 1038 E, Code of Virginia. Denom. $500
and $100. Date Aug. 1
water-works-system
-year
bonds
success
offered
on
without
25
Jan. 25 1914. Int. F. & A. at the Loudoun National Bank. Leesburg. Due
6%
from
(V. 98, p. 468) have been awarded to John Nuveen & Co. of Chicago 10 to 20 years from date; subject to call, any or all, after five years. These
at 100.712.
bonds are exempt from local municipal taxes. Certified check for $250,
OKTIBBEHA COUNTY (P. 0. Starkville), Miss.-BONDS PRO- payable to the Recorder. required. No outstanding indebtedness. AsPOSED.-According to newspaper reports, this county is contemplating sessed value 1914, $223,290.
the issuance of road bonds for Supervisors' Dist. No. 1.
ROUNDUP, Musselshell County, Mont.-BONDS VOTED.-The
election held Aug. 4 resulted in favor of the question of issuing $20.000
OLEAN, Cattaraugus County, N. Y.-BONDS NOT SOLD-NEW sewer
bonds (V. 99, p. 363). The vote is reported as 41 to 15.
OFFERING.
-No bids were received for the eleven issues of 434% coupon
SACRAMENTO, Calif.-BOND SALES OVER COUNTER.-The Corn
or registered tax-free street-improvement bonds, aggregating $59,613,
offered on Aug. 17(V.99. p. 492). New bids will be received until Sept. 10. missioner of Finance advises us under date of Aug. 14 that 8978,000 434%
-year (ser.) coup. bonds have been sold "over the counter." The folORANGE COUNTY (P.O. Santa Ana), Cal.-BONDS NOT SOLD.
- 40
lowing is a description of these bonds:
The County Clerk advises us that no sale has yet been made of the $26,000
Amount
of
Amount
Date of
Anaheim-Fullerton road division bonds (V. 98. P. 177)•
Purpose.
Issue.
Sold.
Issue.
8724,000 Jan. 1 1913
ORDENA SCHOOL DISTRICT, Kern County Cal.-BOND SALE. $887,000-New levee
33.000 July 1 1913
-The $3,500 6% 6-12-year (serial) bonds voted Jtine 1 (V. 98, p. 1936) 1.329,600__New water mains
_Sacramento
sewer
and
1,032,000_
drainage
211,400 July 1 1913
have been sold, it is stated. to Mrs. M.E. D. Smith of Santa Rosa at par.
208 000__Sacramento Hall of Justice
None July 1 1913
ORLAND, Glenn County, Cal.-PRICE PAID FOR BONDS.-We
113.600Sacramento elec. distribution system_ _ _
9.600 Jan. 1 1914
paid
for
the
price
the
that
$12.000
advised
water
$3,000
and
sewer
are
The sale of $555,600 of the above bonds was previously reported in the
bonds awarded to the State Board of Control on Aug. 5(V. 99, p. 492) was 'Ch ni
par.
'
UN
COTY
ST. JOSEPH
(P. 0. South Bend),
OFFEROSCEOLA TOWNSHIP SCHOOL DISTRICT, Houghton County, ING.-Proposals will be received until Sept. 25 for anInd.-BOND
of $100,000 4%
Mich.-BOND OFFERING.-Proposals will be received on or before gold coupon bridge bonds. Denom. $1,000. Dateissue
Sept. 1 1914. Int.
Sept. 1 by William M.Harris, Secy. Board of Education (P. 0. Calumet), M. & S. at Chemical National Bank, N. Y. City. Due
$50,000 Sept. 1
for $75,000 5% coupon Dollar Bay high-school-building bonds voted 1929andl9
R.7
30.
37.. mAs,
April 7. Denom. $1,000. Int. A. & 0. Due $15,000 yearly Oct. 1 from
Auglaize County, Ohio.-BOND OFFERING.-Pro1920 to 1924, inclusive. No bonded debt. Assessed value 1914, 6.879,posals will be received until 12 m.Sept.5 by C.F. Buchholz, City Aud.,for
870.
the following 5% bonds:
OTTOVILLE, Putnam County, Ohio.-BOND SALE.-On Aug. 10 $1,900 sewer-impt. bonds. Denom. (7) $100, (10) $120. Due $120 on
the $3.000 6% street-lighting bonds (V. 99, p. 217) were sold, it is stated.
Oct. 11915, 1916 and 1917 and $220 yearly on Oct. 1 from 1918 to
to George Miehls of Ottovllle, the only bidder.
c1
1d2e4wianuc.
s
l9
impt. bonds. Denom. (2) 3350, (3) $200. Due $550 on
1,300
OTTUMWA, Wapello County, Iowa.-BONDS AUTHORIZED.
and 1918 and 3200 July 1 1917.
1916
July
1
The City Commissioners on Aug. 11 ordered the issuance of $12,000 5%
semi-annually at office of Sinking Fund Trustees. Cert. check for
Int.
fire-equipment bonds. Denom. (6) $1,000, (12) $500. Interest semi- 2% of bonds bid for, payable to City Aud., required.
Purchaser to pay acannual. Due part-yearly from 1915 to 1918 incl.
rued int. Bids must be made on forms furnished by the City And.
PARKE COUNTY (P. 0. Rockville), Ind.-BONDS NOT SOLD.
MARY'S, Pleasant County, W. Va.-BONDS NOT SOLD.-No
ST.
No bids were received on Aug. 15 for the two issues of 434% 534-year gale was made of the 512.000 5% 10-34-year (opt.) water-works
-improve(aver.) highway-Improvement bonds, aggregating $8,530, offered on that ment bonds offered on Aug. 12 (V. 99. P. 363)•
day (V. 99. p. 426).
SALT CREEK TOWNSHIP (P.0. Houston), Jackson County, Ind.
PEEVER, Roberts County, So. Dak.-BONDS DEFEATED.-The -BOND OFFERING.-According to reports, proposals
will be received
proposition to issue the $8,000 water bonds met with defeat at the election until 10 a. m. Sept. 9 by Thos. E. Conner,
Twp. Trustee, for 35.000 6%
held Aug. 11 (V. 99, p. 363).
5-yr. school-house bonds.
PENSACOLA, Escambia County, Fla.-BOND OFFERING POSTSALUDA, Polk County, No. Caro.-BOND SALE.-The $10,000
PONED.-Because of unsettled conditions, proposals for the $400.000
light and sewer bonds (V. 97, p. 1924) were awarded on
% 30-year gold Dock & Belt RR.improvement bonds offered on Aug.15 20-year water,
Jan. 26 to Sidney Spitzer & Co. of Toledo at par.
(V. 99, p. 287), were withdrawn.
SAN MARCOS, Hays County, Tex.-BONDS VOTED.-The quesPETALUMA, Sonoma County,
-BOND ELECTION.-The elec- tion of issuing $20,000 city-building bonds
tion to vote on the question of issuingCal.
at an election held Aug.
$75,000 Thompson Creek elimin- 13. Newspapers report the vote as 192 to carried
ation and E. Washington St. pavingthe
2.
426)
will
be
held
p.
99,
bonds (V.
Sept. 22, it is stated.
SANTA BARBARA, Santa Barbara County, Cal.-BOND SALE.Aug.6 560,000 5% 20-year (serial) coupon mission-tunnel water-worksPOCATELLO, Bannock
Idaho.-BOND ELECTION.-An On
bonds were awarded to the Santa Barbara County National
election will be held Aug. 25County,
to vote on the questions of issuing $15.000 extension
Bank at par and int. There were no other bids. Denom. (50) $100.
park, $20.000 street-improvement,
city-jail-improvement and (50) $500 and (30) $1.000. Date
$6,250 hospital-Improvement (city's $10,000
Nov. 1 1913. Int. M. dr N. These
-year (opt.) coupon
portion)
10-20
bonds at not exceeding 5% interest, payable annually. This item was In- bonds are the remaining portion of the $120,000 issue, $60,000 having been
advertently reported under the head of
sold on March 19 to Parson, Son & Co. of Chicago (V. 98. p. 1017).
Ohio,
In
V.
Pocatello.
99.
p.
363.
A vote will also be taken on Aug. 25 on the question ofissuing
$400,000
SEASIDE HEIGHTS, Ocean County, N. J.-BONDS PROPOSED.
water-supply bonds.
Reports state that $10,000 bonds will be issued for a municipal light plant.
POPLAR SCHOOL DISTRICT, Kern County, Cal.-BOND SALE.SEBASTOPOOL
SCHOOL
DISTRICT
Sonoma County, Cal.The $2,800 6% 3-9-year (serial) bonds offered without success on
Aug. 4 BOND OFFERING.-Proposals will be received until 12 m. Sept. 10 by
(V.99, p.492) have been sold, it is stated,
to Mrs. M.E.D.Smith of Santa W. W. Felt Jr.. Co. Clerk,(P. 0. Santa Rosa), for the 520.000
5% school
Rosa at par.
bonds during July (V. 99, p. 364). Denom. $1,000. Date Oct. 1 1914.
Int. ann. Cert. check for not less than 10% of bid, payable to Co. Clerk,
PORTER COUNTY (P. 0.
-BOND
OFFERING.Ind.
Valparaiso)
Proposals will be received until 10 a. m. Sept.
required. Bonded debt. 518,333. Assess. bal. of district, $1,060,845.
1 by B. H. Urbans, County
Treasurer, for $7,000 414% Thos. J.
Ransom highwaY-improvement bonds
SHELBY COUNTY (P. 0. Memphis), Tenn.-BONDS PROPOSED.
In Center Twp. Denom. $350. Date
M.
&
N.
Due
Int.
It
was recently reported that this county was considering the issuance of
1914.
15
$350 each six months from May 15 1915Aug.
5325.000 Jail bonds. We are advised, under date of Aug. 14. that it has
to'Nov. 15 1924 incl.
PORTLAND, Cumberland County, Me.-BIDS REJECTED.-Dis- not been decided when and how these bonds shall be issued, if at all.
patches state that only two bids
$150.000 4%
SHOSHONE, Lincoln County, Idato.-BONDS VOTED.-The ques17-year (average) coupon tax-free were received foronthe
Aug. 20 (V. 99. tion of issuing $18,000 bonds to purchase the water-works-plant carried,
fund bonds offered
p. 492) and they were rejected.
reports state, at a recent election by a vote of 87 to 5.
PORTSMOUTH, Rockingham County. N. H.-BOND SALE.-On
SKAGIT COUNTY SCHOOL DISTRICT NO. 83, Wash.-BOND
Aug. 17 the $35,000 4% street-paving
bonds (V. 99, p. 492) were awarded SALE.-On July 25 $2,000 1-10-year (opt.) building bonds were awarded
to the Board of Sinking Fund Commissioners
interest. Date to the State of Washington at par for 534s. There were no other
and
par
at
bidders.
Sept. 1 1914. Int. M.& S. Due $5,000 Sept. 1 1915 and 1917. $10,000 Denom. $250. Date
Aug. 15 1914. Interest annual.
Sept. 1 1918 and MAW Sept. 1 1919
1920 and 1921.
SOLVAY, Onondaga County, N. Y.-BOND SALE.-On Aug. 18 the
PULASKI COUNTY (P. 0. V7inamac),
-BONDS NOT SOLD.
% 9-year (average) tax-free general improvement bonds
550,000
The 83.740 434% road bonds offered on Aug.Ind.
14 failed, it is said, to attract (V. 99. p. 493) were sold to a local bank, with arrangement for payment
as
a single bidder (V. 99, p. 363),
money is required.
PUTNAM COUNTY (P. 0. Greencastle)Ind.-BONDS NOT Sorb
SPARTA,
County,
Sussex
N.
J.
-BONDS
AUTHORIZED.
-There were no bidders on Aug. 15 for
the '$4,860 434% road bonds of- special school meeting held Aug. 12 the taxpayers voted, it is -At a
fered on that day.
stated, to
authorize the Board of Education to float $12,000 school-bldg. bonds.
SCHOOL
RAY
TOWNSHIP (P. 0. Paragon), Morgan County, Ind.
SPRINGFIELD SCHOOL TOWNSHIP (P. 0. Monga), La
-BOND OFFERING.-Purther details are at hand relative to the offering County, Ind.-WARRANTS
Grange
NOT SOLD.-No sale was
on Aug. 28 of the $6,000 5% school-irnpt. bonds
99, p. 492)• Prn_Ponals 83.5005% school-house warrants offered on Aug.8(V. 99. p.made of the
for these bonds will be received until 1:45 p. (V.
288). They
by Joe A. will be re-advertised.
day
that
m.
on
Blakenshlp, Twp. Trustee. Denom. $600. Int. F. & A. Due $600 each
SPRINGFIELD TOWNSHIP (P. 0. Bergholt),
six months from Aug. 1 1915 to Feb. 1 1920 incl.
Jefferson- County.
Ohio.-BOND OFFERING.-Proposals will
be
READING, Hamilton County, Ohio.-BOND SALE.-On Aug. 17 Sept.
until 1 p. m.
19 by Loman Allensworth. Chas. Graham or received
Ed. Peterson, Township
the $1,200 5% 1-10-year (serial) town-hall-improvement bonds (V. 99. P. Trustees. for $24.000
5% road-improvement bonds. Denom.
297) were awarded to the Reading Bank, it is stated, at par.
$500. Date
Aug. 14 1914. Int. F.& A. at office of Twp. Treasurer,
Due $1,000 on
560
THE CHRONICLE
incl. and $500
Aug. 1 and $500 on Feb. 1 from Aug. 1 1916 to Feb. 1 1919
Certified check for
each six months from Aug. 1 1919 to Aug. 1 1938 incl.
Two. Trustees, required. Bonds to be
50/ of bonds bid for, payable toPurchaser
to pay accrued interest. These
delivered on or before Sept. 26.
bonds were reported sold to Field, Richards & Co. of Cincinnati on July 14
(V. 99, p. 218).
STEVENSON, Skamnia County, Wash.-BOND ELECTION RESCINDED.-The election which was to have been held Aug. 5 to vote on
the question of issuing $8,000 water-system bonds was called off.
SUNSET SPRINGS SCHOOL DISTRICT, Imperial County, Calif.
-BOND SALE.-On Aug. 10 the $3,000 6% 714-year (aver.) school bonds
(V. 99. p. 427) were awarded to Stephens & Co. of San Diego for $3,010
(100.333) and int.
SUSANVILLE, Lassen County, Cal.-NO BOND ELECTION AT
PRESENT.-It is not expected that the question of issuing the water-workspurchase bonds (V. 98, p. 1556) will be submitted to a vote this year.
SYLVANIA, Lucas County, Ohio.-BONDS AUTHORIZED.-Ordinances were passed on June 19 providing for the issuance of the following
514% street-impt. (village's portion) bonds:
$4,900 impt. bonds. Due $350 each six months from Apr. 1 1917 to Oct. 1
1923 incl.
2,100 impt. bonds. Due $350 each six months from Apr. 1 1924 to Oct. 1
1926 incl.
Denom.$350. Date Jan. 1 1915. Int. A.& 0.at Sylvania Says. Bank,
Sylvania.
TALLMADGE TOWNSHIP RURAL SCHOOL DISTRICT, Summit
County, Ohio.-BOND OFFERING.-Proposals will be received until
Op. m. Sept. 5 by Henry Bierce, Clerk Board of Education (P. 0. Akron),
for $5,000 5% building bonds. Auth. Secs. 7629 and 7630. Gen. Code.
Denom. $500. Int. A. & 0. Due $500 yearly on Oct. 1 from 1915 to
1924, inclusive. Certified check for not less than 5% of bonds required.
TAYLOR SPRINGS, Montgomery County, Ill.-BOND ELECTION.
-Reports state that an election will be held Aug. 26 on the question of issuing $7.000 bonds for the purpose of paying off the outstanding indebtedness of the city, building walks, sewers and making other necessary impts.
TEMPLE SCHOOL DISTRICT (P. 0. Temple), Bell County, Tex.BONDS VOTED.-The question of issuing the $10,000 school-impt. bonds
carried at the election held July 25 by a vote of 425 to 98.
(V. 99, p.
TEXAS.-BONDS REGISTERED.-The following 5% bonds were
registered by the State Comptroller:
During the week ending Aug. 1
Due.
Purpose.
Place
Amount.
County C. S. D. No.57
10-40-years
$5,000_ _Fayette Coty
School
10-40-years
6,000_ _Liberty County C. S. D. No. 13
Street dr alley 10-40-Years
20,000.. Clarksville
School
20-35-Years
2.500 Longview Ind. Sch. Dist
School
10-40-years
8.000 __Bagwell Ind. Sch. Dist
School
5-20-years
3.700_ _Birome Ind. Sch. Dist
School
1.500__Sand Springs Ind. Sch. Dist
10-20-years
School
2-20-years
1,000__Houston County C. S. D. No. 50
20-40-years
30,000__Hiland Park Ind. Sch. Dist
School
During the week ending Aug.8
Purpose.
Option.
Rate.
Due.
Amount. Place.
Paving and Grading_5% 20 years 40 years
$12,000 City of Bryan
40 "
2,000 Tarrant County_ _ C. S. D. No. 57
5% 10 "
40 "
10 "
20.000 Zavalla CountyRoad Dist. No. 4_ ---5
C. S. D. No. 20
40 "
20 "
50,000 Harris County
Indep. Sch.
40 "
10.000 Elkhart
20 "
School-House
40 "
5% 20 "
5,000 City of Cooper
47,000 Brazorla County_ _ _Road Dist. No. 2----.5% 40 " 181.000
leach year
C. S. D. No. 4
10 years
5
5%
1,000 Jack County
134.000
100,000 Matagorda County_Road Dist. No. 1__--5% 40
leach year
507 20
None
2,000 Wharton County___C. S. D. No.8
40 Years
5% 20
4.500 Wharton County_ __C. S. D. No. 42
"
40
__Bridge
Co.
Patricio
10
5%
10,000 San
40 "
5
5%
1,250 Nacogdoches Co_ __C. S. D. No. 20
.
During the week ending Aug. 15
0. 44 Due Opt.
se.
.oN
P.uisp
c.s
Place.
Amount.
5-20 Yrs.
$1,500_ _Shelby County
5-10 yrs.
C $ D. No. 32
1,000_ _Robertson County
5-10 Yrs
C & D. No. 43
500. _Robertson County
Yrs'
5-16
7
No.
D.
S.
C.
County
-Dimmit
2,500_
5-20 Yrs.
C. S. D. No. 69
2,000_ _Coleman County
1-20 Yrs.
C. S.D. No. 23
1.000- _Lee County
City & Fire Hall 10-25 yrs.
5,000_ _City Of Calvert
1-40 Yrs.
C. S D. No. 1
6.500--Titus County
Road Dist. No.2 10-40 yrs.
125,001L..Hardin County
yrs.
5-20
104
No.
D.
S.
C.
1,200_ _G•rayson County
1-20 yrs.
Ind. Sch. Dist.
2,000__Bedias
20-40 yrs,
School House
200.000--City of El Paso
TIPPECANOE COUNTY(P.O. Lafayette),Ind.-BOND OFFERING.*
-Proposals will be received until 2 p. m. Sept. 11 by Harry G. Leslie.
County Treasurer, for 84,800 414% Andy Howerton et al highway bonds
In Wayne Twp. Denom. 8210. Int. M.& N. Due $240 each six months
from May 15 1915 to Nov. 15 1924 incl.
TOMAH, Monroe County, Wis.-BONDS PROPOSED.-An ordinance
providing for the issuance of 1115.000 coup. water-works-refunding bonds at
not exceeding 507 int. passed first reading of the City Council on Aug. 4.
Denom. $100. Date Oct. 1 1914. Int. A. & 0. Due $500 on Oct. 1
1915 and 1916. $3,500 on Oct. 1 1917 and 1918 and $2,500 on Oct. 11919.
1920 and 1921.
TOPPENISH, Yakima County, Wash.-BOND OFFERING.-Prop.als will be received until 8 p. m. Sept. 7 by C. A. Wyckoff, City Clerk,
Due in
for 830.000 6% coupon water revenue bonds. Denom.to$500.
the "City of
series of 17 years. Certified check for $500, payable
Toppenish," required.
TOWN CREEK TOWNSHIP (P. 0. Town Creek), Brunswick
County, No. Caro.-BONDS VOTED.-Local newspaper reports state
that the question of issuing $10,000 road bonds was approved by the voters
on Aug. 18.
TROY, N. Y.-BOND OFFERING.-Proposals will be received until
10 a. m. Aug. 24 by W. H. Dennin, City Comptroller. for 8200.0005% taxexempt certificates of indebtedness or revenue bonds. Denom. $25,000.
Date Aug. 24 1914. Due Dec. 30 1914. Certified check for not less than
1% of bonds, payable to "City of Troy." required. Bonds to be delivered
and paid for within five days from time of award. Purchaser to pay accrued interest. Official circular states that the city has never defaulted on
any of its obligations.
TRUMBULL COUNTY (P. 0. Warren), Ohio.-BONDS NOT SOLD.
Aug. 10
-No bids were received for the 8160.0005% road bonds offered on
(V. 99, p. 364)• The county is now negotaiting with the State Industrial
Commission for the sale of the bonds.
TUCKAHOE, Westchester County, N. Y.-BOND SALE.-On
Aug. 11 the following 5% bonds were awarded to a New York firm:
May 1 as
$19,800 paving bonds for $19,820-equal to 100.104. Due on
follows: $1,075 1919. 1920, 1921 and 1922; 81.050 yearly from
1923 to 1928. incl.; 8875 1931, 1932, 1933 and 1931 and $950
yearly from 1935 to 1940. incl.
2,300 sewer bonds for $2,302 50-equal to 100.108. Due $750 May 1
1941 and 1942 and $800 May 1 1923.
Date May 1 1914. Int. M.& N.
UHRICHSVILLE, Tuscarawas County, Ohio.-BOND SALE.
paving
On Aug. 15 the $7,500 5% 51,4-year (aver.) taxable Newport Ave.
Uhriehsof
Bank
Commercial
the
to
awarded
were
bonds (V. 99. p. 427)
villa for $7,510 (100.133) and int.-a basis of about 4.973%. There were
no other bidders.
UNION COUNTY (P. 0. Marysville), Ohio.-BOND OFFERING.
Reports state that proposals will be received until I p. m.Sept. 1 by Charles
A.Morelock, County Auditor, for $11.300 5% 2U-year (average) highway
bonds. Certified check for 5% required.
[VOL.xcix.
VAN BUREN TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 8,
Montgomery County, Ohio.-BOND OFFERING.-Bids will be received
until 2 D. m. Aug. 31 by J. M. Fauver. Clerk Board of Education (P. 0.
H. F. ). NO. 8, Dayton). for $1,400 534% coupon building-equipment
bonds. Auth. Secs. 7629 and 7630. Gen. Code. Denom. $700. Date
Aug. 101914. Int. M.& S. Due $700 March land Sept. 1 1916. Certified
check for $100, payable to the District Treasurer, required. Bids must be
unconditional. 'These bonds were offered without success on Aug. 10 (V.
99, p. 943).
VAN WERT COUNTY (P. 0. Van Wert), Ohio.-BOND SALE.
On Aug.8 the $7,000 5% coupon Kisling Free Turnpike No.86 improvement
bonds(V. 99, p.364) were awarded to the First Nat. Bank of Van Wert at
par.
VENTURA COUNTY(P.O. Ventura), Calif.-NO BOND ELECTION.
-Using newspaper reports, we stated some time ago (V. 98,10. 1341) that
an election would be held to authorize the issuance of about 8250,000
road and bridge bonds. The county officials now advise us that the reports were not true.
VICTORIA COUNTY(P.O. Victoria), Tex.-BONDSDEFEATED.The question of issuing the $40,000 Road Precinct No. 1 bonds (V. 99,
P. 364) failed to carry at the election held Aug. 16.
WAKULLA COUNTY (P. 0. Crawfordville), Fla.-BONDS PROPOSED.-The question of issuing road bonds is being agitated, according
to newspaper reports.
WALKER COUNTY (P. 0. Jasper), Ala.-BOND OFFERING.-It is
stated that the Board of County Commissioners is advertising for bids
for $88,000 road bonds, the first installment of an issue of 8250,000.
WARREN, Trumbull County, Ohio.-BONDS NOT SOLD.-No
bids were received for the four issues of 5% street-impt. bonds, aggregating $52,000, offered on Aug. 15 (V. 99, P. 219)•
WELLINGTON,Sumner County, Kans.-BOND SALE.-On Aug. 10
the 5240.000 15-30-year (opt.) water-works-ext. bonds (V. 99, p. 427) were
awarded to John E. Sutherlin of Kansas City, Mo. Reports state that the
bonds bear
% interest.
WESSINGTON SPRINGS, Jerauld County, So. Dak.-BONDS
VOTED.-The question of issuing $20.000 electric-light bonds carried by
a vote of 109 to 32 on Aug. 11.
WEST BRANCH SCHOOL DISTRICT (P. 0. West Branch),
Ogemaw County, Mich.-BONDS VOTED.-The question of issuing
56,000 5% 15-year building and equipment bonds was authorized at an
election held Aug. 10. Denom. $500. or more to suit purchaser.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.-BOND
SALE.-On Aug. 20 the $13.500 5% 1514-year (average) registered highway bonds (V. 99, p. 494) were disposed of at a small premium.
WESTMORELAND SCHOOL DISTRICT, Imperial County, Cal.BOND SALE.-On Aug. 10 the 35.000 6% 7-year (average) school bonds
(V.99. p. 427) were awarded to Stephens & Co. of San Diego at 100.30 and
interest.
WHEATFIELD (TOWN), Jasper County, Ind.-BOND SALE.99, p. 428)
On Aug. 15 the 82.6005% 514-year (average) school bonds (V.
were awarded to Maria Biggs for $2,606 (100.23) and interest-a basis of
were:
about 4.953%. Other bids
$2.605
Meyer-Kiser Bank, Indianapolis
$75 discount
Breed, Elliott & Harrison, Indianapolis
Denom. $260. Date Aug. 1 1914. Interest annually on Aug. 1. Due
$260 yearly Aug. 1 from 1915 to 1924, Inclusive.
WHISMAN SCHOOL DISTRICT, Santa Clara County, CawBOND OFFERING.-Proposals will be received until 11 a. m. Sept. 8 by
Supers., (P. 0. San Jose), for $10,000
Henry M. Ayer, Chairman Bd. of$1,000.
Int. M. & S. at office of Co.
6% coup, school bonds. Denom.
10 years incl. Cert. check for 5%
Treas. Due 81.000 ,yearly from 1 to
of aboveboard,required.
of bonds bid for,payable to Henry A.Pfister. Clerk
10 days from time of award.
Bonds to be delivered and paid for withinbe
unconditional.
Purchaser to pay accrued int. Bids must
WILKES COUNTY (P. 0. Wilkesboro), No. Caro.-BONDS NOT
YET SOLD.-The Chairman of the Railroad Committee, T. B. Finley, Is
bonds restill open for bids for the 820,000 5% township raliroad-constr.
ferred to in V. 93. p. 710. Denom. $1,000. Date July 1 1913. Int.
J. & J. Due from July 1 1923 to 1943.
WILLIAMSON SCHOOL DISTRICT (P. 0. Williamson), Pike
County, Ga.-BOND SALE.-The 86,000 6% bldg. bonds voted in Jan.
(V.98, p. 255) have been sold to local people at 102.50.
WOODBURN, Marion County, Ore.-NO BONDS PROPOSED.-The
newspaper reports stating that the city contemplates the issuance of water
bonds are denied by the Mayor. V. 98, p• 1481.
WOODHULL, Henry County, Ill.-BOND OFFERING.-Proposals
will be received until Sept.4 for the 83,0005% water-works-extension bonds
authorized by a vote of 108 to 40 at the election held Aug. 7(V.99. p• 365)•
Due from 1919 to 1924. inclusive.
WOODLYNNE SCHOOL DISTRICT (P. 0. Camden), Camden
County, N. J.-BONDS NOT SOLD.-No bids were received on Aug. 15
for the $3,700 5% school-bldg.-completion bonds offered on that day
(V. 99, p. 494)•
WOODSDALE (P. 0. Wheeling), Ohio County, W. Va.-IIONDS
NOT YET ISSUED.-The Town Recorder advises us that the 88,000 firedept.-impt. bonds voted April 25(V. 98,p. 1482) have not yet been issued.
WOOSTER, Wayne County, Ohio.-BONDS AUTHORIZED.-An
ordinance was passed by the City Council on Aug. 3 providing for the
Issuance of S2,998 95 534% 5-year coup. sanitary-sewer-construction
(city's portion) bonds. Denom. $599 79. Date Sept. 1 1914. Interest
M. & S.
WEIGHTS SCHOOL DISTRICT, Santa Clara County, Calif.BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 8 by
Henry M. Ayer, Chairman of Board of Supervisors (P. 0. San Jose), for
$1,800 514% coup. school bonds. Denom.$200. Int.M.& S. at office of
County Treasurer. Due $200 yearly from 1 to9 years incl. Certified check
for 5% of bonds bid for. payable to Henry A. Pfister, Clerk of above Board.
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued int. Bids must be unconditional.
WRIGHT TOWNSHIP (P. 0. Midland), Green County, Ind.WARRANT OFFERING.-Proposals will be received until 8 a. m. Sept. 1
ltt3s,000
a
(adtu
D
eesSeep
.
11522
t.11 19
os.
by N• 0. McIntosh,TwP
)and $3,500
5.
914
.
ta
tax-frruedstewe'afrorar
16)
B9ank
t.atl.1
SetpN
eirs
asuF
(d
,6Pasonville. No bonded or floating debt. Assess. val.
$1,100,000.
yAK,mA
COUNTY SCHOOL DISTRICT NO. 57, Wash.-BOND
SALE.-On Aug. 15 the 83.450 1-20-year (opt.) coupon site-purchase and
were awarded to the State of Washington at
building bonds (V. 99, D. 365)
par and interest for 5345. There were no other bids received.
YAKIMA COUNTY SCHOOL DISTRICT NO. 94, Wash.-BOND
OFFERING.-Proposals will be received until 10 a. m. Sept. 5 by Jas. F.
10-20-year (opt.) coup, site-purchase and
Wood, County Treas., for 81.500
construction bonds. Date day of issue or the first day of some month
(rate not to exceed 6%)payable ann. at office of
to suit purchaser. Int.
were voted Stan election held Aug.7. Bonded
County Treas. These bonds
debt $14.500. Assessed and equalized val. 1913, $767,650
0. Prescott), Ariz.-BOND OFFERING.(P.
COUNTY
YAVAPAI
reports. R. T. Belcher. President of the Board of Supervisors.
tosea
eienived
rclg
wicielore
A
led bids until 10 a. m.Sept. 23 for $250,000 semi-annual 5%
93.1-year (average) court-house bonds. A certified check for 5% required.
YORK COUNTY (P. 0. York), Neb.-BONDS DEFEATED.-On
Aug. 12 the voters turned down a proposition to issue $220,000 bonds for a
county-owned telephone system. The vote is reported as 952 "for" and
1.951
y 'against.,"
Washtenaw County, Mich.-BONDS VOTED.-It is
reported that the election held July 28 (V. 99. p. 290) resulted in favor of
5% bonds. 3110.000 for the acquisition of the plant
issuing
of
question
the
of the Ypsilanti Gas Co. and $20,000 for fixtures and supplies.
AUG. 22 1914.]
561
THE CHRONICLE
Canada. its Provinces and Municipalities.
BEVERLY, Alta.-DEBENTURES PROPOSED.-This town, it is
stated, will issue $75,000 improvement debentures.
BIGGAR, Sask.-DEBENTURES PROPOSED.-The issuance of
$18.000 water-works-extension debentures and $1,750 for fire appliances is
proposed, according to reports.
CHATHAM, Ont.-LOAN ELECTION.-The tax-payers will, it is
stated, vote on a by-law to borrow $80,000 for school extensions.
COLDWATER, Ont.-DEBENTURE ELECTION CALLED OFF.The election which was to have been held Aug. 10 to vote on the issuance
of 86,500 street-improvement debentures (V. 99, p• 290) has been called
off, it is stated, because of unsettled conditions.
DOMINION OP CANADA.-SALE OF SCHOOL DISTRICT DEBENTURES.-The Alberta School Supply Co. of Edmonton purchased the
following school-building debentures, aggregating $10,400, durin_g July:
Due.
Price. Rate.
Date.
Name & No. ofDist. Amt.
Int.
Carlyle S. D. No. 3083.
Alta
$1.500 July 1 1914 Par 8% 10 yes. 7 mos.
Doroshenko S. D. No.
1,200 July 16 1914 Par 7% 10 Yrs. 12 mos.
3165. Sask
Friedland S. D. No.
1,500 July 21 1914 Par 7% 10 Yrs. 12 mos.
3095, Sask
Rinear S. D. No. 3004.
8% 10 Yrs. 7 mos.
1.500 July 1 1914 95
Alta
Lewisville S. D. No.
8% 10 Yrs. 7 mos.
1.200 July 1 1914 95
3041. Alta
Osceola S. D. No. 3176.
7% 10 Yrs• 18 mos.
2,000 July 7 1914
Sask
Willow Glen S. D. No.
1,500 July 1 1914 Par 7)% 10 Yrs. 7 mos.
3084. Alta
ENGLEHART, Ont.-PRICE PAID FOR DEBENTURES.-The 'price
paid for the $28.000 6% 30-year water-works debentures awarded on May I
to C. H. Burgess & Co. of Toronto (V. 99. p. 495) was 96. Date May 1
1914. Int. ann. May 1.
GUELPH ROMAN CATHOLIC SCHOOL DISTRICT, Out.
DEBENTURE SALE.-According to a newspaper report, $13,000 building
bonds were taken up by members of the congregation of the Church of Our
Lady.
HAMILTON, Ont.-DEBENTURES DEFEATED.-The question of
issuing the $50,000 library, $175,000 street, $75,000 Dunlop quarry-purchase and $125,000 hospital debentures (V. 99, p. 290) failed to carry,
reports state, at the election held Aug. 17 (not Aug. 12, as first reported).
LONDON, Ont.-DEBENTURES AWARDED IN PART.-We are
advised that an option was granted on an issue of $200,000 4 % 30-year
debentures at 96.10. $31.000 of this issue was sold by Wood, Gundy &
Co. of Toronto.
MOOSE JAW, Sask.-TEMPORARY LOAN.-A loan of £100.000.
re-payable May 1 1915. with interest at 5%, has, it is reported, been
negotiated with Wood, Gundy & Co. of Toronto, the city's fiscal agents.
NELSON, B. C.-DEBENTURES VOTED.-The election held Aug. 5
resulted, it is said, in favor of the issuance of the $30,000 5% 20-year
hospital debentures.
PENTICTON, B. C.-DEBENTURES NOT SOLD.-No bids were received for the $18,700 6% debentures offered on Aug. 8 (V. 99. p. 290)•
The sale has been postponed,we are told,because of the European situation.
RED DEER, Alta.-DEBENTURE ELECTION.-An election will be
held Aug. 24, it is stated, to vote on propositions to issue the following
debentures: $2,000 for exhibition grounds, $1,400 for discount on debentures, $12,000 for a skating rink, $3,000 for boulevard purposes.
RICHMOND (P. 0. Eburne), B. C.-DEBENTURE SALE.-The
issues of $40,000 and $24,500 5% 40-year dike-building debentures (V • 98.
p. 1871) have been sold, reports state, to R.C. Matthews & Co.of Toronto
at 873t. It is also reported that the $40.000 5% 40-year water-worksextension debentures(V.98, p. 1871) were purchased by Geo. A.Stimson &
Co. of Toronto and Dow, Fraser & Co. of Vancouver at 89%.
ST. BONIFACE, Man.-LOAN ELECTION PROPOSED.-It is thought
lpik
arek
ls
y.that a vote will be taken on the question of expending $200,000 for
SALMON ARM,B. C.-LOAN AUTHORIZED.-The voters on July 28
ratified a lean of $2,500 as a grant to the Salmon Arm and Shuswap Lake
Agricultural Society.
SANDWICH, Ont.-DEBENTURES DEFEATED.-An election held
Aug. 7 resulted, it is stated, in the defeat of propositions to issue $10.000
fire-hall and $10,000 public dock debentures.
Fon
SASIEATCHEWAN.-NOTICE CONCERNING APPLICATIONS
AUTHORITY TO ISSUE DEBENTURES,-See "news Item" on a preceding page.
SUDBURY,Ont.-DEBENTURES WITHDRAWN FROM MARKET.
-The $15,000 5% 15-ann. installment coup. ornamental street-lighting
debentures advertised to be sold Aug. 10 (V. 99, p. 429) were withdrawn
from the market for present time.
WALLACE (Rural Municipality) (P. 0. Virden), Man.-DEBENTURES NOT SOLD.-No sale was made of the 32,000 5% 20-year telephone debentures offered on Aug. 7 (V. 99, F. 366)•
WATERLOO, Ont.-DEBENTURE ELECTION.-An election will be
held Aug. 28, it is stated, on the question of issuing 318,000 King Street
widening debentures.
NEW LOANS
INSURANCE
$30,000
ATLANTIC IVIUTUAL INSURANCE COMPANY.
NEWBERN, TENN.,
New York, January 22d, 1916.
Fee Drumm, in conformity with the Charter of the Company,
submit the following statement of Us affairs on Vie
31.11 of December, 1913.
The Company's business has been confined
to marine and inland transportation innanna•
SCHOOL BONDS
Premiums on such risks from the lit January, 1913, to the list December, 1913
53,600,334 83
Premiums on Policies not marked oil 1st January, 1913
767.01094
The Board of Mayor and Aldermen will offer
SEPTEMBER 1ST. 1914. $30,000 6% Twenty- Total Premiums
$4,387,385 TI
Year School bonds. Sealed bids and $2,000 Premiums marked off
from January 1st, 1913. to December 31st; 1913
certified check required. Further information
33,712.602 61
apply to
Interest on the investments of the Company received during the year-$308,419 46
H. J. SWINDLER, Mayor.
Interest on Deposita in Banks and Trust Companies, etc
38.877
94
Beet received less Taxes and Expenses
130,212 32 478,600 72
Bolger,Mosser&WIllaman
MUNICIPAL BONDS
•
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.'
CHICAGO
BLODGET & CO.
BONDS
60 STATE STREET. BOSTON
30 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
H. M. Byllesby & Co.
Incorporated
New YORK CHICAGO
TACOMA
Trinity Bldg. Cont.& Comm.
Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas,Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
Losses paid during the year
Less Salvages
Re-Insurances
Discount
$1,790,888 82
$233,482 06
320,813 71
47 58 554,343 35
51.236,544 97
Returns of Premiums
*105.03385
Expenses, Including officers salaries and clerks' compensation, stationery, advertisementa,etc
650,942 08
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holden*
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 they
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 net
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.
0. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
SAMUEL T. HUBBARD,
JOHN N. BEACH,
CHARLES M. PRATT.I
THOMAS H. HUBBARD,
F.RNEST C. BLISS,
DALLAS B. PRATT,
LEWIS CABS LEOTARD,
WALDRON P. BROWN;
ANTON A. RAVEr;
WILLIAM H.LEFFERTS,
JOHN CLAFLIN
JOHN J. RIKER,
CHARLES D. LEVER1CH;
GEORGE C. CLARK;
DOUGLAS ROBINS0_____N•
GEORGE H. MACY, _
CLEVELAND IL DOD0131
WILLIAM J. SCH1EFFBLEN
NICHOLAS F. PALMERI
CORNELIUS ELDBRT.
WILLIAM SLOANE,
HENRY PARISH.
RICHARD H. EWART,
LOUIS STERN,
ADOLF PAVENSTEDT,
pLIT
A. S FRANKLIN/
ul
WILLIAM A. STREET'
JAMES H. POST,
HERBERT L. GRIGGS.
GEORGE B. TURKU
ANSON W. HARD,
RICHARD H. WILLIAMIL
A. A, RAVEN, President.
CORNELIUS ELDBRT, Vice-President.
WALTER WOOD PARSONS. 2d Vteo-PresWad.
CHARLES E. FAY; 3d Vice-Preetdost,
ASSETS.
LIABILITIES.
United States and State of New York
Fistimated Losses and Looses Unsettled
Bonds
5670.000 00
In process of Adjustment
$1,806,024 00
York
Trust
New York City and New
Premiums on Unterminated Risks
Companies and Bank Stocks
1.783 700 00 Certificates of Profits and Interest Un6
264
54;13
83
6 25
28
2,737 412 00
Stocks and Bonds of Railroads
paid
282,520 00 Return Premiums Unpaid
Other Securities
108,788
90
Trust
Banks
and
Special Deposits in
Reserve for Taxes
28,906 88
Communes
1,000,000 00 Re-insurance Premiums
221,485 08
Real Estate cot. Wall and William Streets
Claims not Settled. Including Compenand Exchange Place, containing offices 4,299,428 04
sation, etc
70.799 43
Real Estate on Staten Island (held under
Certificates of Profits Ordered Redeemed;
provisions of Chapter 481,Lawa of 1887)
75.000 00
Withheld for Unpaid Premiums
22,556 09
475.727 45 Certificates ^.. Profits Outstanding
Premium Notes
7,240,320 00
605.891 79
B Ils Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
177,8,51 39
foreign countries
636,485 es
Cash In Bank
Temporary Investments (Payable Janu505.000 00
ary and February, 1914)
10.000 00
Low.
,
113,259,024 16
810.017,798 87
Thus leaving a balance of
58,841.227 29
Accrued Interest on the list day of December. 1913. amounted to
151,660 26
Rents due and accrued on the 31st day of December, 1913, amounted to
28,378 26
accrued,
authorized
or
In
companies
In
New York. on the 31st day of December;
Re-Insurance due
1913, amounted to
166.83000
Unexpired re-Insurance premiums on the 31st day of December, 1913. amounted to
58.903 22
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above, at
450.573 96
And toe property at Staten Island in excess of the Book Value, at
83.70000
fke Market Value of Stocks. Bonds ant: other Securities on Um list day of December, 1913, exceeded the Company's valuation by
1,268,075 10
,elution.% the Daltnee would be
n the basis of three Increased'
$4,926,338 GI
•••
THE CHRONICLE
562
[VoL. xcix.
Cruot CompaniesS
__—
CHARTERED 1853.
jfinantiai
United States Trust Company of New York
August
45-47 WALL STREET
•
Capital,
Surplus and Undivided Profits
- $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.
EDWARD %V. SHELDON, President.
WILLIAM M. KINGSLEY. Vice-President
WILFRED J. WORCESTER. Secretary.
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. SecY*
TRUSTEES
JOHN
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
EDWARD W. SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HEMEY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
The Union Trust Company of New York has renewed for a
term of years its lease of the quarters occupied as a Branch Office
at the corner of Fifth Avenue and 38th Street. This gives the Company two permanent and well-equipped branches for its uptown
business—the 38th Street Branch in the heart of the busy Fifth
Avenue Shopping district, and the Plaza Branch at Fifth Avenue
and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by
the Union Trust Company, conducts modern safe-deposit vaults
at both Branches.
Mellon
National Bank
PITTSBURGH, PA.
OPPORTUNITY squarely confronts you.
The unusual depression of market prices has made it possible
to secure investments of highest
grade on most attractive terms.
DO NOT FAIL to give attention
to immediate investment of available funds in bonds of the character offered by this Bank. A selected descriptive list may be had
upon application.
BOND DEPARTMENT
Illinois Trust&
SavingsBan
Capital, Surplus and Undivided Profits, *15,500,000
La Salle and Jackson Streets
CHICAGO
engineers
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS
43 Exchange Place. - NEW YORK
8-26
Chicago
3% on RESERVE ACCOUNTS
San Francisco
London
Manila, Para, Buenos Aire% Santiago, Chill
is paid by this bank
Correspondence Is invited
Alfred E. Forstall
Resources over - $65,000,000
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Acts as
Eseetiter,
Truetee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
Interest allowed
on deposits.
E. B. Morris. Prosident
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institution.
84 William St.,
NEW YORK CITY
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
met. 0. Humphreys
Mountain States
Telephone
BELL SYSTEM IN COLORADO.
NEW MEXICO. ARIZONA. UTAH.
WYOMING. IDAHO AND MONTANA
7% STOCK
No Bonds—No Preferred Shares
BOETTCHER, PORTER
St COMPANY
DENVER
Aitun S. miller
Adrian H. Muller & Sou HUMPHREYS& MILLER,Inc
ENGINEERS
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street
Power—Light—Gas
165 BROADWAY
NEW YORK
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchango Sales ROOMS
14-16 Vesey Street
~Rtntngengineers
H. M. CHANCE & CO.
Mining Engineer• and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER