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Bank & Quotation Section ''.
Railway Earnings Section '
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.
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For One Year....
For Six Months
Chicago :
......$10 00
j
Railway and Industrial (3 times yearly)
Electric Railway (3 times yearly)
; ...
Bankers* convention (yearly)
Terms of Advertising—Per Inch Space
j ri i
y
Six Months
m
Twelve Months
Chicago Office—Geo. M.
22 00
..
Detroit.
29 00
(26 times),60 00
(52 times).
87 00
COMPANY, Publishers,
Front, Pine and Depeyster Sts.«
Saturday
morning
by
*•'
Inc. or
Doc.
WILLIAM
DANA
B.
;
COMPANY,
Jacob Selbert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold Q. Dana, Sec.
Addresses of all, Office of the Company,
Indianapolis
Columbus
" V 1 ' i
;
j
The following table, made up by telegraph, Ad., indicates that the
total bank clearings of all clearing houses or the United States for the week
35,863,855
15,045,467
8,772,491
6,448,400
6,430,782
3,149,559
'{3,371,676
2,662,730
M 2,539,274
673,917
i
1,049,274
'
•
Peoria
-
Grand Rapids...
Dayton
EvansvUle.^ifc..
KalamazoO
...
111..
Fort
Wayne.j.
Lexington J-
1
_
.
.
Quiney
.
...
Decatur........
Springfield,
'
595,677^
_—
Rockford,
Youngatown
1,186,411
,,
Hl._
^
South Bend.-
875,369
VI ,622,929
791,393
j
f
596,613
807,440
>; 1,250,000
649,938
! I .• 587,095
600,000
420,477
422,710
494,740
't
380,000
452,600
271,857
271,091
148,000
t.
'
1910.
Mansfleld
Danville.
Lima
Owensboro
....
Jacksonville, 111.
Ann Arbor.
Adrian
Tot. Mid.West
'
19,913,682
16,761,512
13^346,198
-7,802,098
) 12,089,983
9,421,098
5,691,600
4,563,896
2,757,364
2,505,414
1,896,030
2,180,349
717,399
1,069,953
1,755,000
4,092,725
3,026,259
2,617,982
2,190,384
2,042,837
722,029
1,165,458
'1
+23.3
+3.2
—1.3
+24.2
+23.4
—9.3
-^—2.6
,
—2.9
+14.6
,
+ 16.0
+ 21.3
+ 11.2
584,409
r
1 f'
1+0.5
+ 19.1
'I
506,644
399,097
400,194
349,466
1
1,050,000
910,278
632,925
:
'
552,622
354,999
+7.0
300,000
247,608
187,173
34,396
+50.9
5
+9.7
+39.6
,510,256
1,015,987
635,644
S
484,903
507,293
357,112
379,149
356,304
367,511
275,000
283,213
157,709
J V
33,162
420,017,645
+3.5
373,362,836
,
.
i
■
5,347,900
695,673
.703,987
967,832
584,511
,
+ 15.5
!,:
,
?
909,584
r
—27.4
754,609
244,911,624
21,241,850
20,002,147
;
—12.8
-616,576
709,715
1,336,631
631,252
i
434,689,554
'
256,327,839
22,608,400
; 20,361,697
+4.0
+ 17.3
+3.7
+10.9
1,337,540
711,667
<
...i--..
<
,
*
'1,741,000
—
Lansing
CLEARING-HOUSE
RETURNS.
1911.
+ 1.7
+0.03
23,664,950
24,289,185
30,561,227
14,514,985
7,908,765
7,395,900
f
5,217,488
3,313,696
J
3,146,474
2,144,263
j - 2,058,971
742,024
1,076,431
1,793,000
1,035,377
820,119
,
'
,
Blooming ton
New York* I
280,702,814
25,269,832
j
'
|J
Toledo-
Jackson
every
—
Milwaukee
.
Shepherd, 513 Monadnock Bid A; TeLHarrison 4012.
Drapers' Gardens, E. C.
,
B. BANA
>;
ending August 16.
X
23,671,500
,
Canton
WILLI A HI
Published
i.
1912.
285,458,457
iPr
Akron
$4 20
..
London office—Edwards & Smith, 1
P. O. Box 958.
...4
Cleveland
Springfield,
?
Transient matter per inch space (14 agate lines)......
[*wo Months
(8 times).?..........
Three Months (13
times)...
<
1
Cinclnnati
6 00
Standing Business Cards
P.
%
Subscription includes following Supplements— '
.
Week
1913.
European Subscription (including postage).t.13 00
European Subscription six mouths (including postage)...............'
7 50
Annual Subscription in London (including postage)...............P^. £2 14s.
Six Months Subscription in London (including postage)..
so*
Canadian Subscription (including postage)
,
l.
Subscription—Payable in Advance
Bank and quotation (monthly)
Railway Earnlngs (monthly)
State and City (semi-annually)
-
NO. 2513
I
PUBLI8HED WEEKLY.
Terms of
'."'ij'
Electric Railway Section
ik j
Clearings at—.
:,-v r,; -i
■
L.)?/; Jj
Vr
-'.»{ Jii-'.j'f
SATURDAY, AUGUST 23,1913
'
!
.V
1 *{ V\- >) J.
'"< ^ ''i <v .'' *>«•.'
t;i> Bankers' Convention Section 51- j! '' State and City Section
: :j; v.
VOL. 97
}
Railway,& Industrial:Section L
,
^
*?*/'•'A
n
i.'
+ 13.8
—6.5
.
+3.0
+ 5.4
f
+5.6
.
■
+42'.l
*
,
+ 16.5
666,933
1,032,807
547,272
557,976
782,634
839,171
590,410
449,059
400,000
368,129
337,037
298,056
361,767
250,000
325,707
136,340
52,530
356,133,854
•
;
endingAug.23have been $2,794,521,124, against $2,788,849,219 last
-t
i
,•»
(
.....L-.
$1,250,670,015
104,269,036
124,317,031
27,320,138
246,683,540
60)485 >968
Boston
Philadelphia
1
Baltimore
■Chicago. *1.
r
:
'1912.
Per
j
Cent.
Portland
\
Spokane
Salt Lake
'
New York.
,,
1913.i
.
Sti Louis..________
$1,326,370,649
114,775,882
—9.2
107,130,103
27,510,002
+ 16.0
—0.7
VV 228,403,923
\
+8.0
62,313,591
—2.9
14,894,390
—9.1
$1,827,281,7.29
$1,881,398,540
—2.9
501,246,908
453,496,241
+ 10.5
-
New Orleans.4
;
■
.
13.536,001
City..
TacomaJ........
Oakland
....
Sacramento.
San DiegoPasadena.
....
i
.
Total all cities, 6 days___
=
2,328,528,637
465,992,487
All cities, 1 day._
—0.3
2,334,867,791
473.353,730
2,794,521,124
-
$2,808,221,521
'V-
Total all cities for week
...
1.6
J*
1 •'
—0.5
_
Stockton
Fresno
—u
San Jose
Seven cities, 5 days.
Other cities, 5 days-_-:-_-_-:-_____-
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 bo in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
Aug. 16, for four
noon,
years:
'i
„
,
—7.8
i2,044,655
+ 10.7
"11,620,590
4,045,644
5,918,201
—0.9
.3,315,777
2,822,741
2,300,196
»Ji
836,874
848,826
887,569
i-
Total Paclfl6:i
City:..:
Clearings
1912.
1910.
1911.
Dec.
New York..:...
1,480,811,835 1,755,034,687
Philadelphia
138,838,218
143,986,378
Pittsburgh
47,973,188
53,571,041
Baltimore
34,155,485
37,367,026
Buffalo.........
11,291,570
11,082,133
Albany.
5,693,378
5,817,083
Washington.
6,942,071
6,160,510
Rochester ..rr»:
4,294,355
4,667,533
Scranton
3,117,057
2,390,000
Syracuse .......
2,625,761
2,771,488
Reading........
1,850,776
1,625,863
Wilmington.
1,715,365
1,488,137
Wilkes-Barre.:
1,268,834
1,361,342
Wheeling...
2,049,483
1,979,546
Trenton :—_
1,624,533
1,864,606
—15.6
—3.9
—10.4
43,390,484
29,010,127
9,732,812
6,942,580
6,117,808
3,754,812
2,361,255
2,342,567
1,368,102
1,595,786
1,221,894
1,794,629
1,482,044
—^8.6
+ 1.9
!
+2.2
+ 12.7
m
—8.0
■
+ 30.4
.......
St. Paul.
Denver
.
"
St. Joseph.^Ji.—
Des Moines...
Sioux City..:...
—5.3
'
.
1
+ 13.8
+ 15,3
.
1
—6.8
_
.
.
York
.Erie
Altoona
»
Total
Middle- 1,749,842,430 2,036,429,782
Boston
136,780,364
149,693,744
7,326,300 !•. 7.613,400
4,160,547
4,084,034
3,252,398
,2,737,610
1,970,341
2,028,368
2,560,932
2.560,497
2,543,353
2,432,644
987,089
946,133
—14.1
Hartford
New Haven.....
Portland
...
Springfield ^..r.
Worcester
......
River....:.
New
'
Bangor
'
1,014,512
'
■'
,
559,131
+3.2
.441,018
+ 16.9
174,597,425
-7.1
173,853,849
,,
513,475
.
•
—2.9
+4.3
•
,.
.
r
+9.5
—11.7
836,460
782,114
458,397
792,061
,
'*■
468,801
413,116
410,900
1,940,617,917 1,700,707,864
+ 1.9
+ 18.8
;
•
,
,
I
137,453,263
■6,643,900
3,040,002
2,343,112
1,984,345
M,913,988
2,076,210
867,499
'929,666
t
473,051
488,665
456,338
325,768
1,603,348
1,050,000
1,270,514
923,689
■
338,502
162,183,207
Clearings
see
,335,369
433,351
220,000
"
2,618,768
,
■
,,
!
1,139,426
1,109,000
540,423
691,999
641,173
577,215
375,519
111,014,758
97,783,373
43,264,943
16,870,342
13,750,280
8,719,577
8,512.750
5,712,967
3,694,500
2,118,625
3,239,147
2,292,047
1,427,384
1,552,983
1,546,607
1,120,000
785,159
570,774
663,748
943,013
844,023
46.700,467
+0.7
+ 10.8
+3.9
.
;
—3.9
—18.2
—5.1
J
+6.0
+9.5
+ 3.7
+ 7.3
+ 20.6
+ 13.3
+ 7.4
+25.0
9,834,564.
9,011,560
5,555,620
3,621,004
2,372,286
3,219,730
316,497
118,728,377.
129,143,118
f
273,792
316,851
—0.9
+ 17.3
+ 14.5
+3.0
21,247,368
14,508,972
'
"
+ 11.0
142,624,336
286,627
3,347,569
1,401,935
1,292,468
1,170,397
,990,000
730,424
539,785
720,486
1,032,026
914,565
349,338
309,965
180,000
92,595
—6.4
+ 13.1
+40.2
+26.2
+ 13.5
198,153
330,846
'1
4,048,844
5,135,510
3,759,077
2.9
146,947,118
Tot. oth. West
9,041,606
—6.5
378,718
,
•
»
192,368
1:
1
St. Louis.
New Orleans..^.
Louisville
Houston
Galveston
1
Richmond.
Fort Worth
Memphis--*.
Atlanta
Nashville..-^-.Savannah
N or folk
'
Birmingham ..J.
Jacksonville
Chattanooga
Mobile--*..—U
Augusta.*
Oklahoma
...
Little Rock...
Charleston..*
Macon.
Austin
Vicksburg
......
Jackson
,...
f
,
'
44,177,032
13,544,475
10,096,679
*
336,535
264,261
'369,738
Hastings
Billings
.
*
1,606,164
700,006
Helena.
Meridian.*.-:*
Tulsa
,
Muskogee
:
79,500,320 —10.0
71,555,645
18,360,872 —17.6
15,129,716
+ 17.5
11,294,066
13,266,417
.7,855,370 Not Included in total
+6.2
8,000,000
8,500,000
—3.0
7,200,000
6,980,975
4,938,862 +28.0
6,322,272
—5.7
5,797,779
5,466,111
+0.8
9,837,030
9,913,022
—0.2
5,576,076
5,567,527
3,713,378 —13.9
3,197,456
+ 17.3
2,825,641
3,314,555
+5.9
2,571,372
2,724,489
+0.8
2,975,000
.3,000,000
+ 1.5
1,717,668
1,743,055
—6.9
2,280,575
2,123,575
—4.3
1 1,100,000
1,150,000
1,315,743 —14.6
1,123,022
1,298,615 +21.8
1,581,919
—7.1
2,001,500
1,860,698
1,233,870 —14.1
1,059,284
2,475,102 —13.1
2,150,000
1,722,449 + 20.9
2,082,059
;
—9.8
237,401
214,047
—2.9
363,598
353,219
1
!
253,774 +21.5
308,414
767,112 +50.3
1,153,294
+ 19.7
659,138
789,339
.
65,590,039
14,210,262
10,650,209
67,115,157
16,213,556
11,296,202
7,126,000
6,650,250
4,485,978
4,022,070
9,099,109
3,83 7,809
3,659,866
2,850,726
;
.
1,937,563
2,693,261
1,366,931
1,929,819
;
1.06-M96
1,242,947
,1,803.419
1,363,491
.1,044,681
2,404,378
1,936,392
163,587
299,773
250,000
458,113
t
613,828
:
.
6,489,500
-5,918,999
4,305,264
4,098,018
7,349,696
3,695,000
3,297,016
2,580,531
2,001,530
1,999,764
1,468,999
1,674,059
1,282,248
1,344,204
2,320,000
1,229,579
1,093,223
800,331
673,528
185,281
345,000
226,909
"Commercial and Miscellaneous News.
180,066,941
156,929,402
144,808,189
Total all.—— 2,788,849,219 3.080.020,933
—9.4 2,874,507,320
2,586,800,105
Total Southern
•
Tot. New Eng.
For Canadian
453,324
618,330
515,717
"926,776
1,669,857
1,386,911
<f
854,479
834,155
576,716
784,624
505,951
.476,000
462,000
i'
151,092,331
; 7,000,000
3,819,530
2.733,627
1,756,052
.-1,999,815
2,203,294
,
750,607
997,252
535,550
546,054
419,747
+0.02
*
+4.6
1
„
1,303,348
1,076,184
890,497
618,976
„
Aberdeen-
»
8,256,940
4,344,959
2,722,242
3,379,846
2,122,576
1,346,314
833,627
Knoxville
-f—3.8
.
...
4_
Holyoke:
1
<
Bedford...
Lowell'
t
<•
—8.6
,
Providence :uj-
Pall
1
.
....
Montclalr,_..__
r
-**12.9
'
Lancaster
Bingham ton
;
821,515
961,831 —14.6
.1,265,014
991,410 + 27.6
573,429
545,323
+ 5.1
1,352,971
1,307,908
+ 3.4
—6.0
556,767
592,034
733,120 T
622,110 <+40.4
664,000
465,500 +42.8
,428,575 Not Included in total
.
Chester
Greensburg_
+3.6
16,093,261
10,223,133
10,314,890
1,345,796
?
Fremont
5,653,901
3,324,745
,2,226,516
1,977,996
1,297,504
1,251,983
1,323,944
,
1,623,694
1,920*518
1,399,882
Waterloo.
26,825,944
9,086,802
5,334,113
;
2,981,583
3,502,147
3,662,049
...
Colorado Springs
43,913,367
'
+ 13.1
+ 11.7
55,073,326
19,495.970
Fargo..:
1,694,377,256 1,465,790,055
125,482,377
131,632,836
—13.5
784,964
'-744,776
■■
55,479,594
21,592,989
16,723,897
9,824,147
8,438,214
7,388,265
4,603,592
Pueblo*--t—---
%
—1.5
126,284,804
Minneapolis
Davenport
Cedar Rapids
Inc. or.
1913.!
.':
+32.1
—15.6
289,848
Lincoln
at—
—22.8
4,294^139
1,758,135
2.725,870
850,063
980,642
:
122,607.300
Topeka
16,
ending August
+ 3.5
—0.9
49,874,305
19,239,558
10,403,250
10,191,756
3,679,430
j
:5,008,837
2,524,746
3,321,274
1,723,268
1,550,000
;
'
639,014
t
998,296
'.
693,162
567,066
..
^-1.8
Reno
Duluth
Week
+6.8
325,000
310,041
Wichita
V>
—1.1
2,613,294
831,079
,
319,153
Kansas
i
4,322,381
.6,127,567
2,590,248
Omaha.
The full details for the week covered by
I
54,773,952
22,494,838
Yakima.^
North
:
i»
.
-
.
.'
13,338,866
11,520,630
Los Angeles.
!'
i
50,512,851
22,242,694
San Francisco...
Seattle
Clearings—Returns by Telegraph.
Week ending August 23.;
'
158,213,701
; i
outside N.•
172,579,610
Y.ll.308,037,384' 1.324,986.246!
-.hi
—1.3
....t—»
1,180.ISO.0ft4 1.121.010.050
it.
THE FINANCIAL SITUATION.
There is
of the
staged in Albany before
now
the world may confuse and miss the most
and
serious
lasting lessons which ought to be learned from
it, whatever
still
accept the fact, that he is
person
Mr. Sulzer
be its formal result.
may
unable to realize, or determined not t,o
seems
who has
and notoriety without
power
any
It may be that, as Governor, Mr. Sulzer
office.
We should note that other
recent disturbances in
in
a
We
can
would have
been
qufEe* satisfied with
him if
he
had not declared independence of it.
It
the whole
merely retalia¬
inquiry into his record
tion, taken
behind the
est
was
secret orders, and that the motive
up on
impeachment is partisan, and of the low¬
possible quality
true, but it is
longer
no
This
such.
even as
may
be quite
question of comparative
a
blackness between pot and kettle;
ing
be that
may
and in maintain¬
stubborn silence, except to denounce Tammany,
a
and in trying to divert attention
starting
from himself by
counter-investigation of public depart¬
which it is responsible, Gov. Sulzer has
a
ments for
shown himself
side of the
purblind to all beyond the personal
purblindness
may
affect the people, too.
stability and sober thought
written
constitutions—if
we
popular vote
another
recall.
striking touch by the fact thai
conceit that he could
a
particular
been
measure
upon
a
true because others have done the
version of
drifting.
Assemblymen just before the vote
peaching, and that
one
browbeat several
coax or
taken
was
earnest partisan says
on
a
situation
cal
the accused from
save
cpurt—all
these form
such
going before
an
(probably without
to
biased
intensely dramatic
parallel in the politi¬
a
history of this country, at least) that
liable
a
we
are
become absorbed in the spectacular side
and miss the fact that
we
ourselves
most
are
deeply
concerned.
This is
of the
of
question, not of individuals
so
much
as
responsibility of public servants and the quality
When
government.
view it
we
as
grip
a
of
wrestlers and wonder which will prove the stronger,
make
we
the
campaigns.
error
same
In those,
that
we are
besets
offices;
over
we
our
election
interested in the
personal question of which set of
the
at least one
men
will
discuss that vigorously, and
very
secure
we
slide
the real question of this or that public policy
and the vital issue of what shall be the
public administration.
The
another party and the success of one
candidates
are
a
quality of
dominance of
minor matter,
or
one
This is
a
per¬
halt.
a
The present
to revise
our
views
This impeachment
trial
us
lasting good if it checks Execu¬
aggressions and begins the. re-establishing of
the original basis
upon
of clear division into three fundamental
departments,
independent though co-ordinate.
The
the
new
section that
or
another set of
since party ought to
was
added in committee to
Banking and Currency Bill, granting to national
banks
is of
authority to- organize savings departments,
questionable expediency.
tended
as an
the national
Of/course, it is in¬
extra inducement for
system
or
drawing banks into
keeping them in.
Careful
provision is made for the separation of the savings
department from the general business of the banks,
and restrictions
a
public have be¬
im¬
State¬
wide movement" to prevent the trial will be made, in
order to
our
to
come
clear call for
a
serve
the less
before him,
government into a struggle for personal
situation sounds
cease
none
same
wonted and indifferent to it.
come
"emergency"
an
in this and in other States, and the
representative government
that Mr. Sulzer tried to
impeachnient.
an
special session, and this is
tive
as
Legislature to enact
he demanded and had
disobedience to his orders into
mere
requiring
tions
the flying rumors" since, such
special
a
constitution in magnifying
foolishly begun against surrendering executive func¬
into the case;
as
him with
He Went counter to the
will
woman
as a
refused, not only repeated the refusal to obey
him, but turned
the resistance
a
the
coerce
exactly
which the proceeding started;
pending disability; the voluntary entrance of
had it
case we
session, called by Governor Sulzer in his flattering
Tammany
cause;
embodied in
as
Further, the drama gets
the
a
saving
such frenzied partisan impulse
on a
and
that it is
easy
imagine that instead of
solemn determination of the Sulzer
The low morality in
belief
the
now
departments.
value of
ambition, and it must
struggle.
But this
the
as
draw another lesson—that of the
a
that Tammany
incidents, such
Sing Sing prison, the disaster
lization has possessed the State's
referred to any
or
now
indifference.
place of detention, show cumulatively how far demora-'
unable to
accomplish his avowed intention of becom¬
our
notorious ward of the State from his
Had nothing against Tammany except that he was
ing the party leader in the State,
xcVii.
the struggle
clothingshop in Binghamton, and
a
walk-out of
trial, and not another
on
Instead of merely thrilling us,
begun in the chief State ought to jar
danger that the extraordinary character
a
political drama
[Vol.
CHRONICLE
THE
474
ments of the
are
also imposed upon the invest¬
savings funds,
so as
to protect and safe¬
guard the little hoards of the depositors.
however, is not sufficient to reconcile
one
All this,
to the idea.
It is true, of course, that in the remoter parts of the
country
many
national banks
savings deposits,
authority for
so
are
already receiving
notwithstanding the absence of
doing; and
as
to such deposits there
no
restrictions whatever upon the investments
and no
provision for the segregation of such deposits
are
from the ordinary deposits.
proposal is
a
In that
distinct improvement
sense
over
the
new
the existing
condition.
It
nevertheless
remains true,
however, that .the
be regarded as only a means to an end; but in watch¬
functions of savings banks and of mercantile banks
ing the struggle for place
are
we
forget that the place
and the consequences are ours.
This is not
as
a
profound saying; it is
that twice two
our
one
political conduct.
of
gladiators,
without admission
for
are
we
are
in the
separate and distinct and the two should not be
combined.
as
elementary
The savings institution moreover is
so
distinctly local in character that it should be left to
four; yet it is overlooked in
the States to make
This contest in Albany is not
each State regulating investments according to the
offered
for
our
entertainment
price; the stake is really heavy,
arena
ourselves without realizing
provision for its establishment,
special circumstances that
may
exist in that respect
and which cannot be covered in any
law.
In
other
words,
the
general Federal
Federal
Government
ADO. 23
CHRONICLE
THE
1913.]
to itself functions of this kind
illy adapted for exercising them.
The
proposal is also a. violation of the principle of home
figures
rule.
which
arrogate
should not
since
it
is
The most vicious feature of the
rency
Banking and Cur¬
Bill, however, is that it proceeds
that bankers cannot
duct their
must not be trusted to
or
business—that
own
the theory
on
banking is
a
eon
dangerous
which the Government itself must take
power
over
regulate and dominate through Government func¬
or
We
tionaries.
can
imagine the bankers quite
pared to resign the banking business to the
the
pre¬
care
the
experiment
feel
that
tried
with
experiments
so-called
the
in
if
their
interests
capital.
be
to
are
of
the
They
undertaken
people,
they
issued; there
are
was, therefore, a decline of
the outflow of other articles, of
3 million dollars in
which manufactures form the greater part and upon
tend
is
principal reliance is
trade abroad.
our
now
laid to steadily
ex¬
This falling off, however,
inconsequential after recent phenomenal growth.
For the
seven
months of the calendar year 1913 the
total value of the merchandise exports was
$1,326,-
798,300, which, it is hardly necessary to state, is
record for the
period, the increase
high-water mark of last
over
of about
decline
being 78 millions.
year
having
been
and
$139,281,227
For the elapsed portion of the calen¬
$148,660,738.
dar year
a
9% millions from last year, the
totals
respective
a
the previous
Imports of merchandise for the month showed
of
Government, but, naturally, they will not want
475
(seven months), the aggregate falls
little
a
should be made with the people's money and not with
behind last year, but exceeds 1911 or any earlier
private capital.
year,
That is the real danger in the
the comparison being between $1,018,868,132
existing situation, namely that the national banks,
and
menaced
1911.
on
side, will withdraw from the Fed¬
every
eral system.1
Such
inclination would be
an
since Congress has
carry out,
yet, however, reached such
fact that the
the better in
and
reason
work
of
meets
already been altered for
essential respects suggests
common
until it fully
measure
requirements and is shorn of its objectionable
In other
the
that
words, there is
every reason
suggestions for amending the
which the bankers
assembled in
now
to
bill
Chicago will
make will receive most careful consideration if they
not
are
pared
with
the
in
previous
as
noted in
year,
two months of the last fiscal year
30
trade
export
our
com¬
all
but
(ended with June
1913), continued in July, the value of the ship¬
ments of commodities for that
period having
ciably exceeded the total reached
record for
hand,
fell somewhat
factory net balance in
The
a
below
year ago
the
full
wheat in
very
to
increased
the other
aggregate
a
year
was
of
seven
$307,930,168,
ond
millions
(of
was
dol¬
and the heaviest for, July
more
freely
greater by 134 million dollars than last year
values
cattle
of the
and
The
fair increase,.
over
aggregate
1912 is
1912,
seen.
compare
figure
sec¬
year ago.
leading cities in the United States
in line
whole,
showing
with
less
preceding
recent
during the month indicate
conspicuous activity, but at
144)
an
easing
up
we
Among these, tight
often mentioned,
as
lack
many
have returns (86 out
some
Vari¬
localities.
were
has
has been most
money
many
cases
much the scarcity of funds
so
of confidence
struction
permits
continuation
majority of the
a
but it is evident in
that it has not been
the funds
In
have, been given for the faliing-off this
causes
year.
in
of operations is apparent, with
comparatively little doing in
ous
a
the
as com¬
a year ago.
sections of the country, of course, the
issued
of
months
lessening of activity in operations
a
pared with the corresponding time
some
July 1913
are, on
in tjie operations
desired.
for which
Doubtless, building
con¬
been overdone in the recent past in
parts of the country, and with that the fact
slump is not surprising, especially with
general legislation acting
cidedly disturbing
as
a
de¬
factor in affairs.
In Greater New York the estimated cost of con¬
struction
issued
in
of
the
buildings for which permits
were
during July is $15,052,383, against $16,518,819-
1912,
an
2 millions
increase in Manhattan Borough of
being too small to offset the losses
divisions of the city.
the month's
cover
a
proposed outlay of
decrease of 8% millions
$67,064,246, which shows
a
from
nominal gain
Conspicuous gains
near
other,
Outside of Greater New York
contracts
1912, and
m
only
are
a
exhibited at
a
over
1911.
few of the larger
notably large at such
cities, but the declines
are
representative points
Baltimore, Buffalo, Wash¬
ington,
Rochester,
as
Newark,
Pittsburgh,
Boston,
Bridgeport, Worcester and Springfield in the East;
*
July
Atlanta, Richmond and Memphis at the South; and
with $148,885,355
Chicago, Cincinnati; Milwaukee, Louisville, Denver,
shipments
in
11% millions. A Omaha, St. Louis and Duluth in the West. Includ¬
already stated, was con¬ ing New York, the aggregate for the 144 cities is
by the commodities for which advance $82,116,629, as compared with $92,146,301 for July
or
an
augmentation of
gain of 14% millions,
tributed
were
gain of about 14% mil¬
merchandise
1913, at $160,515,941,
in
and including
hogs and cotton-seed, which
year, a
and
Combining the
above-named articles,
freely shipped this
lion dollars
a
a
The building construction returns for
from
is due in considerable
the increase in hog products being
mineral oils showed
a
year,
quite noticeable; the value of the cotton exported
was
months the favorable
only to that of 1909, and contrasting with 215
tariff and other
merely nominal.
Provisions, also, went out
year ago,
of $21,234>714, against only
balance in 1913 reaches
satis¬
very
particular), of which the total outflow
since 1901.
balance of exports
the. present
much greater than in 1912 (14% million
a
new
shipments of breadstuffs
lars against 4 millions)
than
on
favor is recorded this
our
the balance
gain in exports this
measure
A
a year ago.
1912, and it follows, therefore, that
whereas
appre¬
July has consequently been established.
Merchandise imports for the month,
foreign trade in July
municipalities from which
actually adopted in their entirety.,
expansion
and $881,800,156 in
our
$218,617 in 1912; for the
of
The
a
year
The net result of
that the
but will continue the
sense,
re-constituting the
features.
think
some
The
is
of the bill will not be deaf to the pleadings
sponsors
of
has
measure
Things have not
extreme pass.
an
to
to compel the
no power
banks to remain in the system.
easy
$1,033,318,464 last
as
and
1912
m
For the
gain of 10 million dollars.;;
months of 1913 the intended
a
seven
n
expen¬
•*•'»*'
reported at the 144 cities, ias we
millions and
two
preceding years, while outside of this
123
>
record, exceeding 1912 by 4 million dollars
by 42 millions,.;'
much the
was
'
-it
'
.
-
J
"
r
w,.'" '
.
"
'
•
'
The Mexican
public, announcement
specific in the
:
i.
then
"4,
course
; i'.i. •1
■ L
as
,
• A.1 V't • i
-
to what
I hi
■' ■'
n
_
yrould be pursued, but it was under¬
it meant the "severing of all relations
that
i: ".t r~-.' >•; si\i u
t
between the two countries."
y;.<' »
I
'.v
i j„
ii
.
, J i: 7,'«v '.TM. } < .r ■
The reply refused to
■
M
#.«.»
.
rj!, i
;.r
>{
1': ,-r
>•
accept mediation in the Mexican situation or any
similar
and 1911
*
'
suggestion made by
-Or,.;
l
v
i
l
•. *
tolerate
'■
J1
* U'«.'
•iVI
i
would
i ! i
f
+y.
'
interference
in the
foreign , government,
a
and President Huerta told the United States that he
'•
situation in July
in June, operations;
as
same
1
Government, the dispatch in question stated, was not
high
-i.
oi*. V,i
In the Dominion of Canada the
>:.•«'
1
'
.
recognize the Huerta Government.
city the
total at 456 million dollars establishes a new
r
envoy,
stood
millions,-respectively, in the
143
Wilson's
Mr. Lind, and had given the .United
States Government until midnight on that day to
l"
'• '
V
special
;
compile
the figures, is $558,594,590, against $595,848,860 in
the period of 1912 and 538 millions in 191E ..Greater
New York's operations at 102 millions compare with;
diture
xcvii.
plied to the note presented by President
Contrasted with
im 1911;
$83,923,374
1910, there is
[Vol.
CHRONICLE
THE
476
interference,
i
il J
j.
no
•
i
i \•'
L
!
though that
i" '
i
i i.w
characterized
might: be
mediation.
-even
J
'"
as
Later
a
.
friendly
indicated
dispatches, however,
considerable drop from a year
that either the original announcement had been in¬
ago;
due,\ however,*. to inactivity in «the West.
accurate or that the Huerta Government had sud¬
Twenty-six cities in the Eastern Provinces furnish
Late on Monday night
a total of contemplated outlay this year of $8,257,592, jj denly modified its attitude.
Mr., Lind, in Mexico City, denied that the Mexican
against $6,806,039;a year ago, but for 22 Western
aggregate showing a
:
comparison
the
;
trasting with
a
in
$43,850,281
hand, there is
whole
the
cities
Canadian
48
$100,030,338 for the
For
.
$112,715,246 last year and $80,558,598 in 191E
i.i
1
/•*?•
.'i>■
declarations
of 1913, while in the aggregate
little better than for the
corresponding period of
considered
cannot in in any real sense be
year ago
a
as
satisfactory to stockholders in general or as repre¬
senting
a
fair return
indicative of such
state of
a
industry ;
manufacturing
drastic-reductions in
tariff bill.
^
v
;
;;:j
■
)
showing
prosperity in the cotton-
as
r would -
pending
;;' ' ■]-'\y ; ^
--v
the
warrant
in; the
duties made
■/
,
.
have
made
no
returns
of 1913 and in fact
shareholders since
to
Furthermore the actual amount to be
the
period by; the thirty-seven establishments in¬
.
than in
our
compilation, while moderately greater
of 121%,
aggregate capital invested in the thirty-seven
against $308,116,
however, the
and in 1908
or
1.11%,
average was
was
1.50%.
a year ago.
1.64% in 1909
of
average
3.57%
is
No doubt is felt in
consumption.
according to
a
Capital, that the announcement was put out with a
object, and that the newspaper, corres¬
pondents to whom it was communicated accepted it
The Huerta Administration is in- *
authoritative.
as
sistent that it, should
receiye formal recognition by
the United States
condition precedent to further
consideration of
a
as a
our
Government's desire to
definite refusal, as was
reported in
some
.continue diplomatic exchanges unless
accorded./,
Aug. 16.
sand
|
.
;r,.y.
^
,„;
;.,
,
.
s
Government's
Mexican
in
serve
but there has not been a
mediatory capacity;
circles, to
recognition is
■./ •
note,
;'
^
.
dated
was
It is said to be a document of seven thou¬
words, and, generally speaking, to contain a
rejection of ah the suggestions made by the United
States.
ment,
A
telegraphic
summary
sent to the Depart¬
by Mr. Lind gave the,,impression that /the
American
proposals had been, rejected finally and
mills,
ground for encouragement in its general tone and in
In 1910,
the
impression its language created, for the view that
1.61%
the
negotiations had not been terminated.
was
For the nine months of the
;
announce¬
canard for
a
the
on
the total distribution of $1,046,775 and
current year
merely
was
flatly.But when the text of the note began coming
to
the State
Department, there obviously was
1912, is below the average of earlier years.
It reaches $352,675, or an average
home
deliberate
.
cluded in
the
1911.
paid out during
ultimatum
the
re¬
usually well-informed correspondent at the National
The
Altogether five corporations at Fall River omitted
dividends for the third quarter
as
Nor
the capital invested.,
on
does the exhibit for the nine months make a
of
Mexican
,i*
•/1 .j ;v- •.i:.-*
The Fall River cotton mills dividend
for the third quarter
a
i
yf;.v\-
————-'\
Vi
•
Washington
text of the Mexican note,
or
Government circles in Washington,
months this year, against
seven
at
an
,No official
,
but it is intimated that the sensational
ment
totals of
get- a
we
made
been
has
garding the contents
marked decline West, the comparison
being between $47,895,196 and $68,864,965.
Interior/repudiated
earliert statement attributed to; him.
announcement
any
recognition, and Senor Urrutia,
the Mexican Minister of the
?On the other
1912.
involved
Government
American
demand for American
record, con¬
$52,135,142 is a new high
the East at
the
to
note
is between only
$6,223,306 and $14,347,929, the totals ofj all (48
cities) being $14,480,898 and $21,153,968-T, For the
seven months of 1913 the projected expenditure in
municipalities
also better than
1912,
Mr. Lind
preceded the text of the Mexican response with a
brief statement that,
two
by invitation, he had spent
hours in conference with President Huerta
on
Mr. Lind, it is understood, did
which, by the way was considered a quite poor year, JMonday evening.
not telegraph the details in regard to his conversa¬
but compares with $1,094,492 and 3.94% in 1911,
tion with President Huerta; but the fact that the
and rates of 5.23%, 5.85% and5.42%, respectively,
in
the
three
month rate in
preceding
our
years.
The greatest nine-
record is that of 1907
(7.27%) and
conference
Huerta
was
was
at the
1.33% of 1898.
The week has been
nervousness
ted Press
one
of uncertainty
in the Mexican situation.
dispatch,, dated Mexico City
*
.
:
and
no
little
An Associa¬
on
Monday,
declared that Provisional President Huerta had
:
re¬
in
that
Huerta
Huerta
seems
actually did send
out that the
was
Washington's
satisfactory
explanation
the smallest the
latter's invitation, and that
"very cordial,"
quite
an
regarded
official
as
highly
circles.
reasonable
is
An
that
ultimatum to Mr. Lind,
latter, after receiving it, called
upon
and persuaded him to eliminate the objec¬
tionable feature.
It is reported that in his reply
„
Aug. 23
.,
,
ground that the Democratic Party
Huerta takes the
temporarily, and
States is in power
in the United
that recognition of his Government is a
argues
parti¬
question in the United States.
He intimates
that he has reached this conclusion on private advices
(
from
Washington.
Senate
the
In
representing France.
lary in the Republic of Mexico" to protect American
was
American
and
citizens
of
the basis
resolution
The
property.;
heated debate lasting for more
a
Redlich,
Prof.
Austria.
■'
an
alike
pleaded with Penrose and Senator Fall of New
V.: V
:;p Member of,. Parliament,
! •,
,
a
-
^
representing
Carnegie Endowment for Interna¬
report that the
u
Carnegie's
Mr.
implies that the has not been informed
statement
1
anything to do with the
Balkans.
the
in
trouble
recent
have
is to
Peace
tional
<
i
.
of the steps
are
TV.
,
.
Carnegie declares that there is no truth in the
Mr.
i
hour, in which Republicans and Democrats
than
-j
Pazskowski, of Berlin University, representing Ger¬
Prof.
as are necessary
sufficient number of troops as a constabu¬
a
Russian Duma, representing Russia,
crats in the
many.
requesting
resolution
a
President Wilson to "take such steps
place
v.!
;;
,
of the Constitutional Demo¬
Prof. Paul Milukoff, leader
Thursday Senator Penrose of
introduced
Pennsylvania
!
^
*
on
Train Dutton, of, Columbia University,
Samuel
Prof.
representing the United States
Justin Godart, Member of the Chamber of Deputies,
san
to
477
CHRONICLE
THE
1913.]
l
•'
1
j
]
/
Li
A,;
',
;
,
*
t
■
t
' >
.
,
_
the delegates of the Endowment Fund
taking.
•
,
,
Mexico,1 who supported him, not to precipitate the
"needless discussion" of the Mexican ques-
crisis by
"
'
'
i
•
ft
i
»
offered
.
f
of the
Last week's announcement of the collapse
r
amendment
an
deficiency appropriation bill seeking to ap¬
the
to
■
Senator Penrose also
tion.
revolution in Venezuela has received addi¬
Castro
On Thursday the
confirmation this week.
tional
propriate $25,000,000 for the purpose of protecting
Venezuela Government officially announced a com¬
and1 property of Americans in Mexico.
plete defeat and the capture at Coro of the Castro
lives
the
No action has yet
been taken
on
the resolution, which
specifically declared that.; "it is not the policy of
the Government of the United States to recognize
assist any
or
faction
or
factions in the Republic of
send to Congress in the course
a
special
understood,
President Wilson will, it is
Mexico."
message on
of the next few days
the Mexican situation in which
be will explain the exact
conditions-
•
;
•
r
Gen.
Simon
Castro and Julio
Castro's
The
question whether Turkey is to be allowed to
clearly has
and it is
intention of surrendering Adrianople
no
Thrace.
'
threatens to base
army,
against Bulgaria
upon
the
,
f
lumbia University,
whose
into the
is reported from London to have
international commission to
The commission, it is said, will
the Balkan War.
probably be constituted as follows:
'
ing the United States; Francis W. Hirst, editor of the Lon¬
don "Economist," -.Great
Britain; Baron d'Estournelles de
Constant, Senator and President of the French Parliamen¬
Group
Prof.
international
favoring
Paul Milukoff, editor ' and : leader
Democrats in
a
as
arbitration,
the
of ! the
Constitutional
Russian Duma, Russia, and Prof. Hein-
of the University of Vienna, well0 known
jurist, Austria-Hungary. ',
Professor Butler is
V
■
reported to have acted
upon
the
initiative of the Division of Intercourse and Educa¬
tion
of the
Carnegie Endowment Fund for Inter¬
national Peace
and
has appointed the above com¬
mittee, representing the United States, Great Britain,
France, Russia, Germany and Austria}, to make an
impartial inquiry into the alleged massacres in the Bal¬
kans
during the recent
quences
Paris
lowing
war
arising from the
on
and the economic
war.
At
a
conse¬
meeting held in
sTuesday ;of the Carnegie Bureau, the fol¬
persons were
delegated to proceed
on
Wednes¬
day to the various Balkan States to prosecute the
inquiry:
Dr. H. N.
on
that his
ace
that
hand at
is
unknown."
everywhere, and there is
reason
ignominious defeat ends his
the Venezuelan peace.
to
Castro
which has
utterly
to believe
career as a men¬
,
V
v5,
Brailsford, who has written extensive reviews
Balkan and Macedonian
Britain.
British
The
questions, representing Great
'V
,
Parliament
was
officially prorogued
Friday of last week, until Nov. 3, when the actual
oil
re-assembling will be announced.
This
probably will be in February, although it may, as¬
semble in
The King's speech, which was
January.
read in the House of
Lords,
colorless, the only
was
item of interest to the United States
being
a para¬
graph which expressed the hope that the recent loan
£3,000,000 to the
is
which
Government of the Sudan,
guaranteed by the British Government,
would result in increased
British cotton
sources
of supply
for the
industry.
France;
Phillipp Zorn, of the Bonn University, Germany; Prof.
rich Lammasch,
appears
support,
whereabouts
public
upon
failed him
of
-
Prof. John D. Prince, of Columbia University, represent¬
tary
It:
with the hope of capturing Castro himself,
present
date for its
.Butler, President of Co¬
inquire
allegations of atroc ties' committed during
an
intimate.
beginning, but had been delaying the final step
of capture
a new war
the alleged Bulgarian cruelties
Prof. Nicholas Murray
organized
Velasquez Castro; also Juan Liendo,
trusted
most
Parra
Vincente
nephews,
thal[Turkey, swayed by the Young
reported
Turks and the
in
Thd Porte
Adrianople has yet to be solved.
his
the Government had the Coro situation in
counted
retain
Bello,
brother-in-law,
Castro's
including
invading force,
It is announced from
Tokyo that the United States
Government has intimated its readiness to favor in
principle the payment of
an
indemnity to Japanese
subjects who have been affected by the California
alien land ownership
legislation, and
has also
recognized the right of Japan to adopt
similar
to
the
California
bill.
It
a measure
is intimated
in
Japanese official cirdes that it is unlikely that the
Mikado's Government will adopt
latest
desires
position of Japan
is
no
either idea.
The
to be that what it
permanently friendly relations with the
United States.
of the
appears
Therefore,
difficulty is sought.
a
fundamental solution
If the United States has
solution to offer, it is stated, Japan
allow the matter to remain
Administration
at
as a
will probably
grievance.
While the
Washington consistently adheres
to its refusal to make any
public statement concern¬
ing the negotiations between Japan and the United
States, it is intimated that in its efforts to deal fairly
owith the Japanese
Government the State Department
478
has
CHRONICLE
THE
indicated
a
proceedings that
facilitate
to
purpose
judicial
any
be brought to test the legis¬
may
lation.
of
[Vol.
gold in Germany is approaching
xcvii.
crisis.
a
The
Government is endeavoring to increase its gold re¬
the Imperial and Prussian
serve,
administrations,
notably those of the Post Office Department, having
The
foreign
markets
irregular and rather
have been
The
although fluctuations
some
give
a more
compromising
by Turkey's insistence
Powers
evacuation.
was
who
still
are
are
to
reserve
be the
only
upon
the London Stock
on
It showed
highest reported for August
At that time the Bank rate
1896.
the
England return
Exchange toward the close of the week.
since
hold¬
insisting
The favorable Bank of
stimulating influence
a
upon
Latest advices suggest that Turkey
the fortress and that Russia and Austria
European
pre¬
all other demands if permitted to retain
up
"invited"
and pay out
and should the political
Official
seems
confident feeling
method will be found of
the strain created
ing Adrianople.
been
retain all
to
only
the
gold they receive
paper money.
with the tone inclined to easiness.
narrow
improved and
vails that
the
ruled
have
securities
political situation in Southeastern Europe
to have
will
for
nervous,
was
2%,
differences in Europe show
bank
there is
as
Europe
have
we
have
been
not
already intimated,
disposition in London to expect
a
reduction
does
in
rates
changed, though,
early
an
by the Bank of England which when it
is not
occur
unlikely to be promptly followed
by the Bank of France.
In Lombard Street sixty
day- bankers' acceptances closed at 3%% (against
3%@3%
a
week ago) and long bills closed at 3 15-16%
(against 3 3-16%).
remains at
The private bank rate in Paris
3%% and in Berlin it continues
5%.
at
Money in Berlin is 4@4%% (against 4%% last week).
In Vienna the
closing rate is 5 11-16%(unchanged),
in Brussels it remains at 4
commercial bills
still
are
7-16% and in Amsterdam
quoted at 4%%,while ho
signs of fairly permanent settlement; cable advices
disposition to purchase finance bills is shown and
from London suggest that the
quotations
Governors of the Bank
will
reduce
still
reaching London from South America, but is in
demand
the
for
minimum
France
The Argentine is
discount
and
Gold is
rate.
especially for
Germany.
This is
of
Continent,
the
feature that is
operating in favor
especially of Germany.
Berlin
again looking, forward to the end of September
for the usual
strengthen
entirely
are
nominal.
London
4%%; Paris 4%; Berlin 6%; Vienna 6%;
5%, and Amsterdam 5%.
Brussels
by furnishing only French and German coin against
is
latter
rates
the
at
leading foreign
centres
are
endeavoring to check gold exports
notes.
a
the
for
Official
quarterly strain and is drawing gold to
The Bank of
strong
stands
now
England's statement
Its
one.
at
the total
ago
£1,459,000 and
£31,403,000, which is. the
point reported for August since the
year
unusually
was an
increased
reserve
£30,108,153
was
highest
One
1896.
year
and
in
1911
its
banking situation.
The Bank of £29,503,397.
The gold coin and bullion holdings
drawing gold and is, according to ad¬ .increased £1,228,112, making the total stock £42,297,vices from Paris, having its accumulation of bar gold 811. This, likewise, has not been reached for the cor¬
France is also
coined into French, money.
Bank's
reserves,
This will remain in the
but the conversion of the metal
into coin necessarily greatly circumscribes the
of the
gold for international
to the French markets..
has been
that
the
francs
entire
use
and restricts it
The French mint, it is said,
coining gold bars for two
of about 500,000,000
lated
purposes
bank
years
at the rate
and it is calcu¬
a year,
will
reserve
be
coined
before the end of the year 1915.
There has been renewed
ers
in London of
new
flotations.
for the
The
are
fares in that
a
fractional
Rand
ness.
The
was a
only important
loan of £2,500,000
city of Buenos Ayres through Baring Brothers.
proceeds
to be used for building big thorough¬
of
and
the
in
reserve
1911
£40,933,462.
liabilities
to
58.62%, against 58.07% last week and 49.86
Note
ago.
£231,000,
ordinary
circulation
public
deposits
for
the
deposits
increased
£573,000.
at
£27,813,000
The loan item
on
a year
comparing
with
£25,223,051 in 1911.
African
South
market
and
at
a year
decreased'
£1,001,000,
£1,004,000 and loans
than £7,000,000 below that of
in 1912 and
week
increased
The
stands
is
now
ago,
£35,103,208
Of the £800,000
gold available in the London
Monday, £600,000
more
standing
was
open
obtained by the
city, and the loan is already selling at, Bank of England, the remainder being secured for
The labor situation in the India.
Our special correspondent furnishes the fol¬
source
of
some nervous¬
Money in London closed at 2%@2%%, which
is identical with the figures of a week ago.
on
were"£40,912,288
proportion
was
Bank's gold holdings
premium.
gold fields is still the
securities
One year ago the
increased
discouragement by bank¬
offering at the British centre
responding week since 1896 when £47,474,951
recorded.
Balkan
the London Stock Exchange have ruled
lowing details by cable of the gold movement into
and out of the Bank for the
from
bought
in
(wholly
to
to 56 at the close after
from
one
point to
Imports,
Argentina, £90,000 from Brazil and £302,000
firm, Bulgarian 6s closing at 100%, comparing with
99% a week ago, while Greek Monopoly 4s reacted
having advanced
Bank week:
£542,000 (of which £100,000 from Uruguay, £50,000
the
the
open
Turkey),
market);
exports,
£100,000
and receipts of £786,000 net
interior of Great Britain.
57, and Servian Unified 4s closed at 80%, comparing
with
79%
Friday of last week.
on
main at 86, Russian 4s are
Imperial
closed at
3s
are
Turkish 4s
re¬
% lower at 90 and German
1 lower at 73%.
British Consols
73% against 73 13-16 last week.
The Bank of France in its statement
registered
an
Thursday
increase of 20,143,000 francs in gold
and of 1,338,000 francs in silver.
on
On the other hand,
the note
circulation
On the Paris Bourse Russian industrials have been
discounts
were
depressed by the Russian strike movement, but slight
disposition toward, activity has been shown at the
advances
French Center.
deposits and of 17,375,000 francs by Treasury depos-
Cable advices state that the
shortage
crease
of
were
was
reduced
39,475,000francs,
5,650,000 francs lower and the Bank's
reduced
5,025,000 francs.
38,750,000 franc?
was
shown in
An
in¬
general
aug, 23
its.
The Bank
gold, which
piled by the New York Clearing House.
with 3,301,450,000 francs one
increase in loans and discounts
compares
and 845,600,000
791,000,000 francs in 1912
Circulation outstanding is still well
francs in 1911.
ahead
earlier years,
of
and comparing
being 5,420,844,000 francs
with 5,036,248,255 francs
also excessive,
are
registering
a
total of 1,425,443,000
against 1,042,856,505
francs,
983,175,179 francs in 1911.
one year
Discounts
and 4,962,989,875 francs in 1911.
ago
francs
in
1912
and
in
The German
of
banks
a
gold but
loss of 4,348,000 marks for the
increase of 28,722,000 marks
an
Note circulation showed
cash, including gold.
contraction of 65,246,000 marks,
a
loans increased
8,184,000 marks and discounts decreased 23,478,000
There
marks.
increase of 5,865,000
was an
marks in
Treasury bills.
The total cash holdings of the Bank,
including gold,
are
to the current
1,460,267,000 marks, according
statement, which compares with 1,289,-
300,000 marks in 1912 and 1,202,248,000 marks in
1911.
Combining loans ahd discounts, we have
aggregate of 984,234,000 marks.
marks.
The
outstanding
in
marks
circulation
which
marks,
1,810,789,000
1,627,520,000
note
1912
aggre¬
compares
and
with
1,537,560,000
respectively, and the specie holdings have increased
$19,689,300, while legal tenders
$13,926,300 and
reduced
been
House indicated
a
companies included in that
The loans increased for the week $401,-
institution.
and
market has ruled steady but quiet.
$5,662,800.
reduction of $3,281,000 in deposits
in the banks and trust
000
and
$6,136,700
statement of the New York Clearing
cash
the
The latter item
was
decreased
reserve
counteracted by
a
$1,628,000.
curtailment of
$642,550 in the reserve requirement as a result of
decrease in
the
above
deposits,
requirements
that the cash surplus
so
reduced
was
only
$985,450,
making the total surplus above requirements $24,698,200, which compares with
$20,552y000
Call money
has ruled almost stationary this week,
234% being the highest and ruling figure on Monday,
On Monday 2%
Tuesday and Wednesday.
lowest,
Tuesday 1 54%
on
Wednesday 2%
range was
was
closed* at
2@2J4% with 234% still the ruling figure,
was
the
range
3%% for
a
^%%)> 454% for four months (against
turity.,, Another feature of the week
was
the sale of
money
(against 354@4%
days
sixty
with 234%
Time
ing funds quite freely at 5% for December 30
week
on
Thursday's
the lowest figure.
Friday 2@2J4%
on
the
was
the minimum and
was
A large international banking house has been offer¬
ma¬
year
a
agO.
again continuing the renewal basis.
The local money
year.
have decreased meanwhile $67,-
383,800 and $128,032,700 during the two periods/
and
marks in 1911.
$67,500 from September last
Individual deposits
an
a year
1,071,300,000 marks and in 1911 944,120,000
ago was
gates
The total
$4,012,800 is shown from, the June
statement and of
have
:
Imperial Bank in its statement issued
Monday reported
in
an
An increase in the security holdings of
1912.
the
Saturday's
week in
It shows
the date named of
on
Silver $54,814,500, comparing with the statement of June 4,
627,968,000 francs, comparing but a decrease of $6,518,300 comparing with Sept. 4
hand aggregates
with
holds 3,420,917,000 francs in
now
and 3,183,175,000 francs in 1911.
year ago
on
479
CHRONICLE
THE
1913.]
ago), 434% for ninety days (against 4)4@
5@534%)>
(against 554@6%), and
534@554% for five months
5
$1,000,000
house
at
paper
of
Western distributing
large
a
There is
5J4%> maturing in December.
evident in other directions quite a disposition to loan
up
to December,
which reflects
a
belief that the
situation for the remainder of the
money
considered to have been fully
year
protected by the
is
pro¬
posed deposits of Government funds in the banks of.
the
agricultural sections.
The
regarding the centres at which deposits will be
first:made.
Baltimore is to receive between $1,000,-
$2,000,000, and Richmond,
Atlanta and
Memphis each $750,000. These totals
are
and
or
,
will, it is understood, be increased
time progresses
tentative
reduced
as
in accordance with the requirements
of the various districts served
months'
5H@5y2%:
by these cities.
The
will be necessary next
will also the preparations for the subscrip¬
tions to the certificates of interest in the Union Pa¬
cific's
In
holdings of Southern Pacific stock.
There¬
as
we
have already noted, the
outlook for the remainder of the
year, as
banking
towards
circles,
does
stringency.
not
suggest
any
There have been
no
viewed in
approach
important
seasons so
vide
a
com¬
ex-
be
produce bills are
as
now
become in freer
soon pro¬
Exchange
exceptionally
position
strong
of
the
Bank
England and the Bank of France suggests easier
money
in the
would
naturally bring down
near
future in those centres.
discount and would act
are
delay in the final
are
as a
exchange from this
continuing
still
passage
on an
check upon the demand
a
by the
of the tariff bill, but exports
as
question
stated above, the largest
ever
some
recorded.
With
un¬
restriction in imports,
the natural trend of the exchanges
abroad, and
Importations of
centre.
unexampled scale, the total for
July, for instance, being,
for the month in
This
further the private
being handicapped
of this country.
Aug. 9 has been
may
against Canadian wheat is usually sold in New York.
banks in response to the
call of the Comptroller for
far
created by exports from our own country.
precedented exports and
v;
good supply of grain bills in addition to tho&e
demands by large corporations for capital this week.
The collective statement of all New York national
their report of condition as of
i
•
Cotton bills should
merchandise
degree of firmness shown by the imme¬
market, but,
during the week at
supply and exports of Canadian grain will
will be
diate
sold
;
/
termed^be^ween
concerned.
for
fair
were
sterling exchange the movement has been
fore, the expectation in banking circles is that there
a
Some choice three and
ceedinglyjight this week, it being what
of
as
notes
Others
of choice character.
four
The
week,
names
quoted at 6}4@6%%.
regular accumulations for the September dividend
disbursements
single
were
and
interest
Commer¬
554@6% for sixty and ninety-
day endorsed bills receivable and for four to six
months'
Thursday made its first definite announce¬
on
ment
and
cial paper closed at
Depart¬
Treasury
ment
000
534@554% for sixmonths (against 5 M%) •
should be in favor
Obviously, easier
money
prospects
good demand for funds at home pre- *
480
sent
the
THE
inducement for sterling rates to decline to
an
gold-import point.-
I [Vol. xcni.
CHRONICLE
banks for the week appears to have been a
Some indication of this situ¬
$1,913,000,
as
follows:*
r
<
:
ation is contained in the announcement of the im¬
Byron, due here from the Argentine next week.
understood
same
that
additional ^ importations
will
source
be announced in the
,
BatrtflT
i. J.
r
■
from the
near
•'
future.
—;
7—
The
considerable amount of gold to South America within
:
Banks
European account at times when
.1:
foreign exchange did not,
on
the surface at least,
It
Russia.
minated
and
a
movement
reverse
set
should receive back the metal in the
through which it departed.
same
.
_
Aus.-Hun.
Spain
we
Italy
Netherl'ds
channels
Nat.Belg.
that
in
.
Sweden
Switzerl 'd
;
:
-
Norway.
\
$7,013,000
5,100,000
$34,584,000 Gain
■
$1,913,060
■.
1
'/■.
...
_
Total.
Silver.,
£
42,297,811
136,837,120
56,647,000
161,807,000
50,606,000
18,480,000
46,034,000
12,275,000
8,076,667
5,701,000
8,027,000
2,512,000
..
Germany
natural, therefore, when the foreign demand has cul¬
:
£
England
seems
-""J
i\< fv August 21 1913.
Gold.
•.
France
justify exportation of the precious metal.
1
$7,184,000 Gain
27,400,000 Loss
.
$36,497,000
of
.
I
f
'—7—1
i
-
»»
———
y- •
••
t
.
principal European banks.
t
the
1 ' ■'
Net Change in
Bank Holdings.
-
.
following table indicates the amount of bullion
in the
It will be recalled that New York has lost
quite a
the last year on
-
,
$14,197,000
22,300,000
Sub-Tre^ury operations.
;It is
Banks.
,
\
i'"
Out of
Into
enping August 22.
;
t
Banks.
\
'
portation by Messrs. Heidelbach, Ickelheimer & Co.
of $500,000 in gold, which is
coming on the steamer
gain of
:
w
August 22 1912.
Gold.
£
£
V'
42,297,811 40,912,288
161,955,960 132,057,560
71,047,000 47,459,150
169,527,000 155,175,000
61,299,000 51,683,000
48,226,000 17,079,000
49,334,000 42,385,000
25",118",840
14,400,000
7,720,000
10,693,000
29,746,000
3,300,000
691,500
'
*
5,701,000
8,027,000
2,512,000
£
,
.....
<
40,912,288
31,639,840 163,697,400
17,006,050 64,465,200
8,150,000 163,325,000
11,940,000 63,623,000
30,037,000 47,116,000
3,650,000 46,035,000
909,100 12,884,100
3,607,667 10,823,000
5,374,000
i\
6,979,000
2,253,000
5,374,000
6,979,000
2,253,000
•
/
.
Total.
£
12,966,500 11,975,000
12,115,000 ; 7,215,333
4,038,333
:;
Silver.
y
The Continental
exchanges continue to rule against
Tot. week.
25.24% francs, which
was a
549,300,598
95,707,673 645,008,271 520,547,331 106,939,657 627,486,988
95,784,887 643,063,719 517,367,122 106,965,490 624,332,612
Prev. week 547,278,832
1
r( 1 !
London.; The London check rate in Paris closed at
r
•
reduction of % centimes
for the week,'while in Berlin the demand London rate
!
closed at
;
week.
20.44% marks—a loss of % pfennig for the
Berlin
cable last
is
an
exchange
;
on
Paris,
reported by
as
advance of 5 centimes for the week.
<
change
Saturday
on
a-
exceedingly interesting, and possibly
controversy has
very
im¬
to public attention this week,
come
through the appointment of
ex¬
mittee, made
firmer for demand and sixty
was
'
,
portant^ innovation in the matter of international
V
;v;
BALKAN WARN
An
evening, closed at 123.47% francs, which
Compared with Friday of last week, sterling
r
AN INQUIRY INTO THE "SECOND
;
international
an
com¬
of delegates of high character, to
up
days, which advanced to 4 8645@4 8655 and 4 83@
8310,, respectively; cable transfers, however, re¬
inquire into; the facts regarding the second Balkan
4
war.
mained
unchanged at 4 8680@4 8690.
the
trading
was
range was
8675@4 8685
4 8305
for
for
sixty
Tuesday, chiefly
ments and
4 8315.
4
to
4
4
4
was
easier
an
writer
tendency, with
was very
while
demand
8645@4 8655.
quiet,
United
remained
8680@
unchanged
Business in sterling exchange
tinued extremely
light
on
at
con¬
Thursday, at practically
of
members,
as
announced
affairs;
Columbia
are
Professor Samuel Train
University,
representing the
States; Justin Godart, member of the French
of
Chamber
fessor
Paul
Democrats
Russia;
Deputies, representing France; Pro¬
Milukoff, leader of the Constitutional
{
in
the
Russian
Duma,
representing
Professor Pazskowski of Berlin University,
representing Germany, an^ Professor Redlich of the
sixty days advanced
to 4
Its
dispatches of this week,
Balkan
on
Dutton
sixty days4 8305®
Wednesday the market
of the
i on
demand 4 8645@4 8655, cable
shade firmer in tone;
some
Dr. H.
Brailsford, representing Great Britain—a well-known
8295@
ruled ifirmer
8310@4 8325 and cable transfers
8690,
4
unfavorable Mexican develop¬
8680@4 8685; and
On
a
and
European selling of stocks in this market;
the range as follows:
though
transfers
days, -Sterling
on
in
4 8640@4 8650 for demand,
cable
before the close there
transfers
of International Peace.
dull and lifeless at slightly lower quota¬
tions;; the final
4
On Monday
The work of this committee will be done under
auspices of the Carnegie Fund for the Promotion
Reichsrath, representing Austria.
;
President Butler of
Columbia, who has been
asso¬
committee,
ciated with the movement to select this
,
describes its field of
tions—first,
the
inquiry
reasons
as
for
covering three
the outbreak
ques¬
of the
unchanged levels; -cable transfers
were again quoted4 second
Balkan war; second, the truth or falsity
8680@4 8690 and sixty days at 4 8310@4 8325, of1 outrages reported as .having been committed
although demand declined 5 points to 4 8640@4 8650. during that war by the combatants,1 especially the
On Friday the market ruled weaker on the
lowering mutilation of captives, outrages on women and
at 4
of
destruction of private property;
English discounts. ^ Closing^uotations were 4 83
@4 8315 for sixty days, 4 8635@4 8650 for demand
of economic waste involved.
bills and 4 8670@4 8685 for cable transfers.
understood
mercial
for
on
banks closed at 4 81 @4
payment finished
day grain
closed
4
bills
at
4
82%, documents
at 4 82%@4 83% and
at 4 85%.
82%@4 82%;
Com¬
Cotton
grain
for
for
seven-
payment
Sub-Treasury operations, which occa¬
$5,100,000, the combined result of
loss of
money
on
the
an
explicit
King of Greece himself,
committed
outrages
by
the
as to
retreating
It is to be observed that the Bulgarians
accusation against the Greeks and
Servians, and that even the Turks> on re-occupying
rency movements for the week ending Aug. 22. Their
receipts from the interior have aggregagted $14,197,000, while the shipments have reached $7,184,000.
the flow of
request
Bulgarians.
New
a
generally
charges, made during the recent fighting of the Allies
payment
York Clearing-House
banks, in their
operations with interior banking institutions, have
gained $7,013,000 net in cash as a result of the cur¬
Adding the
its
and endorsed by the
made
sioned
third, the question
It has been
Bulgaria itself asked for such
investigation,: basing
barbarous
83@4 83%. i
The
that
1
into and out of the New York
the
same
Adrianople,
the
Bulgarian
Which
any
gave
barbarities
army
of
of them
out
of
an
the
official statement regarding
Bulgarians at the time the
captured and held the city.
these
were
accusations
was
true—whether
true, por whether all of them
were
true—is something on which the outside world has
even
being
yet been unable to make up its mind.
This
so, the committee which has entered the field
might unquestionably
serve
a
useful
purpose.
It
THE/ CH] EtONICLE
tAua.2> 1913.]
481
__
could do so,
The mystery
first, because its membership, although
disinterested
war,
in which
savagely
upon one
of this second Ba kan
the victorious Balkan Allies turned
international in character, is personally
.
larger con¬
another, ^and which;.has cost,.the States involved,
sideration.^ Modern warfare, has tended more and
according to,the London: "Economist's" estimate,
and
non-political,,v But beyond this lies
of recent years
more
a
toward the exclusion of the
j
This
,
has,
,on—beginning
gone
the
strikingly in
Manchurian War—until in the recent campaign of
the Allies
against Turkey,, the exclusion, of
corres¬
pondents became virtually complete. The informa¬
by the, outside world regarding that
tion obtained
conflict
the
on
for long stretches of time based wholly
was
,
official
announcements
,
of
the, belligerent
governments, who naturally had their own purposes
to
Not
the
in
serve
only
to their source,
in
have been
but great battles, actually described
the
dispatches,
fought at all.
This may
they published.
these accounts conflicting, according
were
in .detail
which
statements
turned out
/
\
to
never
/
//..
I,.
have been unavoidable, under the
,
.,
!t
new
machinery of warfare;
but it must be obvious how
the rtew order of
may
things
have affected, and
hereafter affect, the conduct of a war.
•
may
People have
hardly begun to realize the extent to which, by draw¬
ing this veil of
secrecy over a
whole campaign, viola¬
tion of the rules of civilized nations might
easily be
They could, in fact, under certain cir¬
encouraged.
cumstances, not be discovered at all except by some
>
subsequent investigation, such
as
that which is
now
proposed,, From the Crimean War down to the pres¬
ent
on
the general conduct, of
war
correspondent and of the
time, the influence
armies in the field of the
publicity created by his dispatches has been of the
greatest importance.
The question, therefore, has
been
we are now
really urgent, If
to lose this safe¬
guard, what is to replace it?
The
of
That
inquiry.
of
terms
Aug.
own
the
definitely over/ The
of. Bucharest, as arranged on
war
peace
is
now
recognition of Bulgaria's crushing defeat by its
Under this treaty Servia gets con¬
recent allies.
siderable
hold
on
territory in Macedonia, naturally at
new
the expense
Aegean sea-coast, but,
frontier, getting one
the other
on
slice of its northeastern frontier terri¬
army
intervened in the last
stages of the second Balkan struggle.
;
up
conquests, has been forced
tory to Roumania, whose
,
r
It
seems s clear
that the Bulgarians
provoked the contest, though whether this was done
because of the belief that
they would themselves be
attacked if they did not move first; cannot positively
declared*1
be
At 'all
around the close of
events,
Bulgarian troops attacked
the
June
Servian
ments of the
located
army
detach¬
some
On
them.
near
July 6 Servia declared war on Bulgaria, whom the
Servian
of
proclamation
accused
treaty of alliance
"for the
King's
the
broken
having
of
purpose
wresting from Servia the old Servian territories which
war."
the Servians liberated in the recent
7 Bulgaria crossed
On July
four
separate
frontier at
the
Whatever the reason,
points.
,
Servia's
Bulgarian plan of campaign miscarried altogether.
been
have
There
{subsequent
of divided
reports
councils, and there have been other plausible reports
that the
efficiency of the Bulgarian armies was greatly
In the battle with the Ser¬
impaired by sickness.
vians
July 8 the losses of both parties were esti¬
on
mated at 50,000.
vanced
violence of the
by
time, the Greeks ad¬
same
Salonica, and the
fighting in that direction was shown
description sent to London by an eye-witness,
a
that
At the
the Bulgarians from
on
"wagon-loads of wounded Greeks blocked the
stations;,; ruined villages and smoking townships
country-side; discarded impedimenta lit¬
dotted the
tered the
roads, while at Sarigol the fields were en¬
cumbered
and
the
Turks
tainted
was
Bulgarian corpses."
The London
of that
air
;
by the
yet
as
..
;
"Times", commenting
on
the fighting
week, remarked that "if the Allies, hated the
they seemed to hate each other more.
They
Turkey,
but since they have quarreled among themselves
they have fought one another like wildcats.". The
end of this whole miserable episode was the retreat
plunged with ardor into the onslaught
of the beaten
on
Bulgarians to Sofia; declaration of war
Bulgaria by Roumania,
war
on
already in
progress
the ground that the
on
had been begun "by a series
:
Bulgaria, in addition to what it gives
a
wholly solved.
of
sudden; attacks on the part of the Bulgarians
Greece largely extends against the Servian troops, without any observance,
populous city in addition to by the Bulgarians of even the e ementary rules of
war.
to Servia from its recent
to surrender
,
territory to Montenegro
some
help in the second
Salonica.
Servia also strengthens its
of Bulgaria.
the
hand, has to concede
for its
its
less interesting a field
re-partitioned the Macedonian territory,
6,
with
:/
no
with jTurkey cost, has by no means yet been
war
unburied
general facts regarding the outbreak of the
second Balkan War will be
$85,000,000 in addition to the $260,000,000 which the
war
correspondent from the front, if not from the entire
area of, an army's active field of operations,
tion of
The question of the Aegean Islands remains in
and, finally, the occupa¬
Bulgaria by the Roumanians, and at length
the terms of peace.
The report of
tional
v
\
preliminary notification";
a
committee
;i
M
:
■
/
competent, unprejudiced interna¬
on
all
the
aspects of this extra¬
ordinary episode should be of the deepest interest;
abeyance, subject to the order of the Powers, and
What the committee cannot do is to cast its eye over
there remains for further settlement the
the
problem of
probable longer results of this second chapter on
Turkey and Adrianople.At the moment when the
the Balkan
Bulgarian
ing to attempt to make prediction as to these larger
former
city.
army
had been effectively routed by its
allies, <the Turkish troops re-occupied
This
was
that
in contravention of the Treaty of
campaigns.
considerations,:, The
harmony
preserved
It is difficult and discourag¬
bright spot has been the
one
by the
London, and the neutral Powers subsequently sent
under
to the Ottoman Government identical notes demand¬
Powers,
ing "most categorically", that the Turkish
month, "I honestly believe
army
be
withdrawn to the line subscribed in the Treaty
of
.London, which did not recognize Turkey's right to
Adrianople. Turkey has since refused obedience,
which
tion.
„•
*
,
may ; or
not
may
create
awkward situa¬
an
-
,
•
1
*
r
}
t
»
'
,
•
1
,
r*
if
'
r
■
I
,
,
-
'
\
»
the, severest
to-day.";
pressure on
of
these
The
was never
mere
less in jeopardy
fact that in exerting
the fighting Balkan Allies, Russia and
laid
aside
applied unitedamopg
neutral Powers
harmony
Mr. Asquith^declared at Birmingham last
than it is
Austria
great
The
test.
their
pressure
mutual
grievances
■
and
shows what the tendency is
the neutral States.
/
.?
.
-
./
482
THE
But the Balkan
problem itself remains, and will
unfortunately remain for
The
great many years to come.
a
complete financial, physical and
present
nomic
exhaustion
of
the
various
The
come.
proposal,
eco¬
belligerents
doubtedly insures their peacefulness for
to
CHRONICLE
un¬
time
some
much discussed
now
at
[Vol.
nished, before
of
in official reports, and of rail¬
now,
shares in the official statements of
way
important roads.
and collate
them, for they all
dency of recent
has been towards cutting the
years
the
States
qualified statement that the people
of military
restriction
their
submission of their
tions.
and
years,
on
entirely in point, though it is probable that circum¬
would have
stances
compelled what creditors wish
formally to enforce.
At all events,
will be
years
Even
While all these
aging few
Of
it must be
rations yet
Powers will be watched and guarded by their power¬
social
state.
ful
are
But it must be confessed that the
and bloodthirsty sequel to
savage
taken because of the generous
tian
ostensibly
a war,
wish to help the Chris¬
population of Macedonia, has been profoundly
discouraging
States involved.
States
will
judged to
side-light
as a
What the mutual relations of these
hereafter
be
flew at each other's throats
been
beaten.
months
All
after
this
unfortunately,
must,
large extent by the
a
the character of the
on
has
Lieutenant
manner
as
soon
be
in which they
Turkey had
as
happened in two short
Wagner, the historian of
Bulgarian's campaign, had predicted in his published
work upon
the
the subject that "the great^advantages
Balkan
States
alliance will be
have
far
so
conclusive argument
a
of such united action.
ance
War, which has had
so
from
their
for the continu¬
many
disagreeable
conse¬
in the Balkan peninsula that has
peace
so
long been the aim of European policy."
the
To
This
means
shrewd in
them
A
of
the
clamor
concerning
by it,
As
an
daily
inquiry
aid to
an
in
paper
list of
as
names
an
to who owns the banks is in point.
such
inquiry he incloses
St.
Louis
giving
and amounts of
a
of
page
a
alphabetical
an
such
point these
have been
as
man
angry envy
"the
people."
of
The notion that
few
a
tool
his hand.
to
bank is
a
capitalists for popular
holding of the stock¬
notion that
bank
a
nearly 8}^ millions, and
in
surplus and undivided profits account
capital of ten millions,
a
100,000 shares of the usual $100
over
were
by
this
list,
we
which
he
either disseminates
becomes loose in
road to ruin.
because
As
soon
methods, it heads
There
as
security,
solely
in
being
straight,
a
trust company, 3,660 shares
insurance company and 3,354 shares by
the
whole."
insecure.
It
there, and must
requires its debtors to
come
repayment, because it
comes
on
come
that
there, itself.
bank
a
There is
could
be
publicly
language which implied (or could easily be read
imply) that men have a natural right to credit,
to
with his fellow.
one
If this
nonsense
the many who
we
should
rency
based
Street"
do little
soon
on
or no
the
.
thinking for themselves,
be rid of wild
propositions about
take
place of business sinning, and
banking control
still
menace
an
The
entire
number
of
holders
ex¬
REPORTS
OF
CURRENT
Some
officials
correspondence
of
the
New
733 held not
only
tralized
thousand
over
as
a
one
over
certainly
or
more
no
each
as
had,
other direction.
INCOME
BY
INDUS¬
has
York
recently
Stock
passed
with
Exchange which
directly the question whether industrial
be
earnings the
date of June 18
a
letter
required to
same as
was
make periodic
the railroads.
Under
addressed to the Govern¬
of the
a
combined,
tion of monthly and quarterly statements of earnings
This is only
one
bank
reasonable to take it
exceptional in
Figures of the distri¬
bution of shares in national banks have been fur¬
of
Exchange by a certain concern (we with¬
name) suggesting the adoption by the Ex¬
change of such methods as will lead to the publica¬
cen¬
this, and the nine holders of
shares
up
returns of
ors
thousands, but it is
the
two, and 84
strong suggestion of
fair average type as to assume it
or
25 held 500
more;
ten shares each; 452 held
scarcely 22%% of the stock.
out of
or
each; 196 held not
control in
thousand
a
single share.
a
is
and
can
hands
TRIAL COMPANIES SHOULD BE REQUIRED/
or
There
of the
the country.
corporations should
held
out
bankers, and piost of the sectional jealousies that
brings
five
cur¬
and fury directed to "Wall
crops,
the chief
as
\
;
,
could be got out of the heads of
Nine held
over
in
the President of the United States has
ceeded 1,900, with an average holding of about 52
not
hazy
a
generous
only had generosity of disposition, and
shares.
more;
It
such.
because otherwise it would itself
straight to the mark
abroad
is
is
banking
the straight
on
A bank must be strict and
its;strength
become
utilizes.
or
nothing of the sort possible.
Looking
par.
individual, these three holdings being scarcely 15%%
of
a
do
find that the three largest holdings
8,720 shares by
an
can
just what it pleases is another convenient delusion
should
That bank had at the time about 64 millions
of
a
op¬
plausible appeal that it is
a
The
city.
a
by
and prosperity for him, and he is
peace
of the destructive notion that Government
deposits,
a
to others who
holders in the National Bank of Commerce in that
of
ma¬
into
came
persons
they and excite their
pression makes such
even
alleged Money
Trust and the suspicion that the banks are controlled
,
many gene¬
used
subscriber in St. Louis writes to suggest that, in
view
man¬
duping those whom he flatters by calling
concentration
notion
EHT/NWO
BANKS?
must
as
suggesting that the idle rich have robbed the working
poor is his ancient device and has not lost its power.
treatment if it
WHO
un¬
multitude of empty-handed
a
demagogue since
better off than
And thus the Balkan; exacts;
for Europe, will at least bring after it that
quences
lasting
derived
few,
a
expected that for
there will be
for
neighbors.
the
the rail¬
own
agents of the owning many.
are
course
terial
then, the mutual attitude of these new Balkan'
make
to
managed by
are
and rattle-headed persons,
contest.
safe
inevitably be true of all human affairs, the
re¬
quired to repair the devastation of.this sanguinary
It is
and the banks and all other financial institu¬
roads
disputes to outside arbitration, is
expenditure during the next ten
a
widely-scattered distribution of shares, and the ten¬
ownership still finer.
their
up
in showing
concur
Paris, for conditioning further loans to
on
number
a
It is needless to look them
London and
Balkan
xcvii.
hold its
by the industrial corporations whose securities
listed
on
the
Exchange.
T^e
forcible and effective argument
dom and
propriety of such
made to the many
a
letter
are
contained
a
in support of the wis¬
step.
Reference
was
millions of capital represented by
„
AUG. 23
the industrial
numbers
of
properties, and the fact that large
owners
hold relatively small
these
amounts of such
securities and have
ing informed
to the course of the business, of the
industrial
as
no
of keep¬
way
It
"than
once
a
and that
year
and often with
fiscal year
for
invest their
subject
this
savings."
It
importance
receiving consideration by
this
change
in
those which have heretofore
fullest
ject of
and
income
current
Reference
portant.
mendation of the
judgment. the
our
im¬
save
recom¬
The
sheets, income and
the
on
is in
of the inventories, we
score
instances
some
new
against rendering returns of current
recent
periods and the writer of the letters thinks it
re-valuation of unsold stocks and
which is to
commending itself to the good opinion of investors
would
as
securities
whose
of
will be
seen
earnings
and
manner
Stock
The
a very
courteous
following:
the
that
Stock
than
more
on
the basis suggested, esti¬
even
of the. returns
NEW YORK STOCK EXCHANGE.
,
so
New York, June 30 1913.
■
.
Dear Sir:
Your letter of June 18 1913, in the matter
received
and
referred
to
the
Committee
List for reply.
The Committee appreciates
suggestion that
you
change has always favored the utmost publicity
tinually urged
list
securities
on
upon
the
on
your
Stock
courteous
know "that the New York Stock Ex¬
ings and has encouraged it in
The Committee
•
many
as
to earn¬
ways."
Stock List in its
requirements has
broadened
are
accurate
reports
so
all corporations making application to
some
corporations cannot make
frequently than
more
once
a
corporations having vast interests distributed
are
year.
over
Such
the world
unable to make returns except upon definite inventories
taken
annually.
The Committee feels that estimated
turns would be much
more
re¬
undesirable for shareholders than
awaiting the actual figures for longer periods,*
We enclose you copy of Requirements for
Listing and have
only to say that the Comniittee is using every effort to force
more frequent statements of income
accounts qiid balance
sheets to shareholders.
'
~
'
.
.
Yours truly,
.
^
*
,
'•
policy of
a
the
exaggerate
to make some
no reason
why such
astray if an honest desire
arrive at the truth.
mitted to
if the character
secrecy,
obstacles
*
of
the
no
of
way
.
reliable
why undue
reason
weight should be attached to the arguments from
a
source.
Even
practice concealment
where
desire
no
or
exists
to
thereby, there is
to profit
inevitable reluctance to make any
has not been the
A company
reports
of
change where it
policy to give out periodic returns.
which has
can see no
never
good
made
reason
any
but annual
why the old practice
leaving the security-holder in ignorance concerning
the
course
any
of current
particular.
makes
the
same
business
should be altered in
And the unwillingness to change
obstacles
prodigious.
rent
GEORGE W. ELY,
I
Secretary.
,
com¬
it is natural to want to
in
periodic returns; but there is
<
corporation is
a
Railroad
frame of mind.
in
the
way
managers
Thirty
of
so
were
years ago
doing
once
income
to-day
are
even
as
many
loath to make the
seem
in the
the railroads
quite generally withheld information regarding
■
.
be far
Where the management
such
necessity of making frequent reports to
varied that
should
as
con¬
shareholders, but the conditions surrounding large business
interests
exist to
of
of industrial corporations, has
reports of current earnings
been
estimates
undesirable for
actual figures for
mates would be eliminated and
were
in¬
quoted
Exchange "feels that esti¬
awaiting the
But
above
The .letter
estimating unavoidable there is
>
cur¬
misleading
drawing
against
longer periods."
/
,
us
shareholders
by strong arguments.
up
guard
mated returns would be much
clear to complying with the request,
is evident from the
as
made in
tells
It
the value of the
a measure
income, that fact could be stated in a
ferences and deductions.
Exchange authorities, however, cannot
their way
see
backed
was
policy."
permanent
a
as
"their
on
make monthly and quarterly
the request was
or a
If important
putting the shareholder and the public
footnote,
corporations
and sold at the Ex¬
bought
change hereafter to
reports
industrial
influence
are
impair in
rent returns of
throughout the United States, to wit, to take such
action
inventories
goods.
changes have occurred in these items, the effect of
step in the direction
one more
It is
one.
embracing a re-valuation of goods
a year,
income without any attempt at new
properly take
real
a
inventories taken monthly
Exchange has instituted many-reforms within
"could
reports at all
no
is all that can reasonably be asked. But that
does not militate
accounts, &c."
event the point
any
The
of
if the cable
quarterly and doubtless even semi-annually. An in¬
and assets,
listed, including bal¬
expense
even
attempted.
are
one
impracticable to have
Exchange
or
ance
delay is not in
objection
ventory once
are
where business is
But
complaint is that
the annual
may suppose,
to financial condition of the
companies whose securities
the world.",
of, fast steamship lines exist for trans¬
The
of
as
income,
easily available for sending the few
Possible
issue.
at
should, however, adopt methods to compel the filing
frequent statements
general out¬
to acquaint
a
so as
mitting information of this kind with great prompti¬
tude.
sub¬
Chairman, to the fol¬
was
merely
and net income,
over
be not availed
Hughes Investigating Commission,
"In
effect:
the
on
made likewise to the
was
"distributed
from
increasingly
becomes
of which Horace White
lowing
information
earliest
certain
a
of these industrial
many
figures needed for the purpose
and
Accordingly
prevailed.
undoubtedly true that
and the cable is
after the enactment of
on
law under totally different conditions
new
the
manufacturing
duties,
tariff
mining will be carried
though possessing
letter,
the shareholders with the course of current
Under
Congress.
above
line of the gross
through the Tariff Bill
now
corporation.
reports with many details, but
at
policy
time, owing to the change in economic
quarterly returns of earnings as it is for
Yet it is quite possible to
or
corporations have "vast interests distributed over
the world."
No one, however, is urging elaborate
also urged that the
was
than usual
more
possesses
no
to make
concern
against making such returns, as summed up
the
is
desire to
or
industrial
an
degree of validity, are by no means conclusive. ' It
statement of the profits of the cor¬
which is about to be made
the
in
"usually in perplexity
apprehension until the 'end of each
a
for
be admitted that it is by
may
railroad
ments
as a consequence owners
porations in which they have invested
as
means
turns and
of their earnings oftener
their securities must wait
of
It
easy
porations.
exaggerate the drawbacks in the way of frequent re¬
a little reflection will show that the argu¬
pointed out that industrial corporations
was
rule do not make reports
as a
are
usually considered the main objections to the render¬
a
by the companies themselves.
here enumerates what
ing of periodic returns of income by industrial cor¬
monthly
except from the reports furnished
concerns
Stock Exchange
The
corporations, the vast body of owners
interested in these
483
CHRONICLE
THE
1913.]
cur¬
industrial corporations
fa^sNpublic.
CH iONICLE
THE
484
,
A
then
We well remember the objections that were
seriously urged against; railroads giving
out
monthly reports, and the attempts made, with
evident genuineness and sincerity, to decry the
value of such reports,
We were told that the
figures of gross earnings could have little value in
any event, since the revenues fluctuated so widely
from month to month. And many were the arguments
show
to
would
since
publication of monthly figures
the
that
really be
serious
a
they would be
took
the
'
,r
month, his conclusions would be pessimistic, it
argued, and if he took the results for
was
month of
a
JTol.
■
»
■
surplus left
in each.
over
In
Dec.
453^.
1912,
In Sept. 1912 it touched 77.
after
election, there
a
tremendous slump and the
price got down to 46while in Mar. 1913, after
the company had in January
suspended dividend
low
the
on
due to the election of
was
and
a
Democratic
removal of the
then asked to believe,
were
earn-
utterly
were
carried
on
results
useless
with any
degree of regularity, making the
for
even
comparison, inasmuch
the outlays for that purpose in
heavy and in the
light.
;:1
It
of
;7
the
'
almost incredible, but when the
seems
State
of
New
year
7^-: 'V,,;
'
York
might be
o^e year
month of ^another
same
as
;v.7'.
very
V':."...'
.
Legislature
undertook to
make it
obligatory for New York railroads to file quarterly
of
returns
earnings,
delegation of railroad
a
actually went to Albany to
.
under
Federal
the land, except the very minor lines, are
to render
monthly returns of
and
railroad
the
manager
gross
required
and net earnings,
who should be foolish
find
that1 he
meet at the bar of
resulted from the
had
difficult
a
public opinion.
regu¬
to
case
Only good has
publication of the monthly state-
then
previous
in May
company
of the great
cause
It
of the
shrinkage in
appeared that, while the
more
than
sugar
year,
bags against 1,623,724 bags and hence
523,283 bags unsold
close
of
the
had been
the
against
previous
Moreover,
year.
was
there
as
throughout
sugar
world, it had been able to realize
result
carrying
was
134,265 bags at the
over-production of
an
only $4.28
an
average
bag against $4.79 in 1911-12.
per
that its
of
The
receipts from operations for 1912-13
only $6,490,775 against $8,932,943 the previous
year
in
Not until the appear¬
on sugar.
namely 1,659,143 tons against
1,562,949 tons, it had been able to sell only 1,270,125
were
enough to advocate the abandonment of that
lation would
in the
Democratic President
a
had actually produced
company
men
steam railroad
every
the true
value* disclosed.
To-day,
the idea.
oppose
authority,
as
Congress with the prospective
duty
was
valueless, since repair and renewal work could not be
v
shares, the stock sold
common
25, and everybody then supposed the collapse
as
1913
we
Presidential
November
the
came
unduly optimistic, leading him to
ings,
■
In Sept. 1911 the
in Nov. 1911.
payments
stock sold at
of the annual report
prices for railroad securities. / Returns of net
xora.
;
sharply advanced after the beginning of divi¬
dend
ance
extravagant
i
■■
On the strength of the
exceptionally large business, his conclusions would be
pay
"
reports for these three years the price of the stock
was
to the investor,, payments
menace
to mislead.
If the investor
a" very diminutive business
sure
for
results
-
and $8,344,793 in the
suspension of dividends
year
outgrowth of the contraction in
precautionary
move
tamed
as
following" statement:
"On Jan. 1
of
sugar
the
rapid sale of
prices, the
had
company
and not
a
possible
a
duty. The annual report cobdepressing announcement the
further
a
revenues
in fortification against
removal of the sugar
The
preceding.
to have been an
was seen
1912, by reason
at comparatively high
outstanding bills payable.
no
"'
ments.
With
•*
"7; Similarly the industrial companies have
sumed
degree
a
of
importance
now
where
as¬
periodic
exactly the
company's outstanding bills payable
were
\
$2,435,000.''
statements of current business are an absolute require¬
ment in the interest alike of fair play and
good
mation in the
morals.
Possibly it is too much to expect monthly
yet, but quarterly reports should be in¬
as
Is it
right
or proper
months and
sisted, on, and it would be well if the New York
in
Stock
cial
many
Publicity, full publicity, is the solvent of
ills,
are
and
reprehensible
numerous
discredit
a
now
the
to
practices
Exchange would
disappear if it were no longer possible for designing
persons to trade upon the igno.rance of the outside
World..
an
complete transfor¬
a
important property
in the space of
occur
edge
on
twelve
no
was
stockholder had offi¬
on until the ap¬
going
pearance.
the
Can those
of the annual report.
sible for
conduct
securities of such
a
of
respon-
corporation
publicly dealt in
are
Afford to tolerate the continuance of conditions that
Beet
Sugar
whose fiscal year ends
excellent
Co.
The
the
on
The report
common
then put on a
shares—that
basis of 5%
is,
correct the evil?
to
informed through current returns of income of what
an
period of business, and in
Nov. 1911 began the payment of quarterly dividends
were
endeavor
revenues were
twelve-month
1 %%
an
high prices reached on the bulge at a time when
already on the decline if they had been
Beet Sugar Co.,
Mar .31, in 1911-12 had
without
was
case,
going
but
on.
are we
Perhaps
we
have cited
extreme
an
not right in contending that he who
buys at a public Stock Exchange is just
these
as
much
en¬
titled to knowledge of the condition of the thing he
per annum.
for 1911-12 showed that, after allowing is contracting to acquire as the buyer of grain, or
on the preferred shares, calling t.of produce, or of cotton, is entitled to know of the
for
6% dividends
for
$300,000,
and 5%
dividends
shares, callirigvfor $750,000,
Jibe
year
of
preceding
no
on
on
the
the
grade and quality of
common
of stock is
In the two years
shares
common
•'
•
"
.
*
'
■
i
*
0
*
■
.
•'
■
' '
■'*'
■
*
'
a
much
termining the grade
was
paid but according to the annual reports, the full
5% could, have been paid in both with a substantial
'
any
of these articles?
ously, to arrive at the condition and value of
surplus remained for
less than $518,601.
dividend
no
a
more
or
complex
quality of
process
an
duce, and our point is simply that
case
•
is entitled to
a
full
.
institution where the
an
Obviously, the purchasers would never have paid the
the part of the public is well illustrated by
American
shares
25%, and yet
knowledge of what
shares
last year's fluctuations in the common stock of the
*
condition of
permit suchjdisastrous losses to those purchasing the
The harm that is often done through lack of knowl¬
•
that such
complete ignorance thereof in the meantime ? : The
we have,seen in receipts from the previous
year was over
that
,
the
decline
the way.
■
year
Jan. 1 19.13
security-holders and the public be kept
Exchange, with its commanding position and
its potency and influence, could be induced to lead
;
on
'
should be allowed to
returns
conditions this
reverse
a
Obvi¬
a
share
than de¬
article of
pro¬
buyer in each
knowledge of all the facts.
<
I:
X
:
'<i
't
,
Ava. 23
:
.
/
1913.]
THE
Insecurity purchases
facts is the
revenue
;
t
,
It is too late in the day to urge that
be done.
few
The
answer
is that it is
the[thing cannot
being done.
Not
a
practice of making quarterly returns, while others
rapidly falling in line without compulsion.
its stockholders
The Vulcan Detinning Co. took
ports.
its shareholders to
be
quarterly
quarterly reports
shares for semi-annual statements,
nounced is the desire
the most
vote of
a
on
against 2,504
as
showing how
pro¬
the part of shareholders for
is the
success
move
Corporation, the world's largest industrial
cor¬
The Lackawanna Steel Co. and the American Steel
Foundries have also been doing
Among other
so.
industrial corporations that have taken the
the American Hide & Leather
same
step
Pittsburgh is
of the
one
interesting record of
an
large carrier of
a
Pennsyl¬
it realized
exceedingly low rates.
an average
and
mills
4.81
in
1910.
Thus,
there has been
ther decline in rates,
find the road
was
mills per ton
and if
an
back to 1904,
we go
mile.
operating
;
costs.;
this
was
accomplished is
when the traffic and tonnage statis¬
studied.
are
•
notwithstanding the rise in
How
.
;
:
and also in add¬
gross revenues
revenues,
made apparent
we
has succeeded, nevertheless, in
greatly expanding its
net
during
even
important fur¬
then receiving an average of 5.41
But the company
tics
ton
per
its,entire freight traffic, this comparing
mills per ton mile in 1912, 4.87 mills in
the last two years
ing to
In the late
of only 4.61 mills
on
with 4.80
1911
noteworthy because it is obliged
more
traffic at
mile
per
frequent kind of returns. The United States
poration, has long been making'quarterly reports.
have
vania to Buffalo and Lake Ontario and its continued
re¬
determine whether there should
that
bituminous coal from the mines in Western
year
semi-annual statements; 15,831 shares
or
voted in favor of
Steel
quarterly
pittsburgh
growth and development.' It is
recently announced that
hereafter to have
are
The
&
railway's progress.
roads
smaller
to
General Chemical Co. has
f;: ;
>
.
companies have already voluntarily adopted the
are
V
j
The Buffalo Rochester &
withheld.
are
? buffalo rochester
of which the
purchaser is kept in blind ignorance when periodic
returns of
485
important part, of these
an
of current revenue,
course
CHRONICLE
order to
In
compensate for the
Co., the Central
diminution in rate, the volume of traffic has been
Leather, the duPont de Nemours Powder Co., the
enormously increased—not only the coal traffic but
are
Pittsburgh Coal Co., the Pittsburgh Oil & Gas Co., the
all
Computing-Tabulating-Recording Co.,
the rise in expenses,
facturers' Light & Heat Co. of
the
Manu¬
Pittsburgh, the Ni¬
Falls Power Co., the Ontario Power Co., the
agara
Laclede Gas
Co., and
numerous
companies
copper
(like the Chino Copper Co., the Nevada Consoli¬
the
as
American
Western'Union
Telephone & Telegraph Co., the
Telegraph
Telegraph do., which last
Co.
are
and" the
Mexican
not, strictly speaking,
industrial companies in the commonly accepted
*
.
■
■
'
■
i
-
of the word.
'
.
.
There
t
■''
:
other industrial
are
which furnish semi-annual but not
Among these
the United
There
industrial
monthly statements.
the Calumet & Hecla
&
Steel Co.,
Co., H. B. Claflin Co. and
Dry Goods Co.
are
sense
companies
quarterly returns.
the Republic Iron &
are
the Associated Merchants
/ ^, C
x
companies that make
In this class
we
may
even
name
Mining Co., the Anaconda Cop¬
Co., Phelps, Dodge & Co., Sears, Roebuck & Co.
and
the
F.
Wool worth Co.
W.
The difficulty of
preparing inventories does not
seem
management of any of these.
If
take to
name
that make it
the
a
electric-light and
to disturb the
should under¬
we
list. We
.
are
companies
power
practice to furnish monthly statements
should have to add about three dozen
we
on
a
par
not
more
to the
arguing that it should be made obliga¬
development carried to
In both respects the Buffalo Roch¬
be
a
mile
surprise to hear that this little road
billion tons of
two
over
freight
2,040,358,520; this
was
three years
there* has been
movement of
compares
an
with only
In other words, in
addition
a
measure
operating
of what has been
way,
illustration.
to the
we
Gross
1904
revenues
years
•
$10,947,246.
tions in the
no
was
brought
In 1912 the
than 439 tons. '
rail
a
have ^increased
?
from $8,936,117
same
three years
have risen only from
easy
to see what
happened if operating efficiency had not
been further
promoted in such
As compared with the year
a
pronounced
manner.
immediately preceding,
earnings in 1913 increased $1,404,878, but net
earnings increased only $203,215, owing to
monthly returns.
mentation
to be insisted
the Stock
of
on.
If there
removing them.
the
are
returns
particulars.
We
can
what
conceive of
in every
public estimation.
excuses
com¬
charges,
most
The time
has
of for accepting them.
due not alone to the
made in wages of
employees, the higher cost of ma¬
terials, and, in addition to the ordinary maintenance
ascer¬
complete
can be compiled, and then insist
its being regularly furnished.
Nothing else
the Exchange could do would tend so much to raise
in
as
an aug¬
The report
some
quarterly return that
making
explains the augmentation
expenses.
where
cases
upon
it
$1,201,663 in
larger volume of traffic moved, but to "the advances
managements and
instance is the
of
to the task
might have to be incomplete in
- The
Stock
Exchange should
municate with the different
tain
difficulties in the way,
Exchange should address itself
to
The net earnings from the rail opera¬
tory as yet upon all industrial companies to furnish
Quarterly reports, however, ought
up
average
operations in the last
$3,032,212 to $3,281,355, but it is
would have
accomplished in
take the train-load for
.only 647 tons, in 1911 635
more
from
no
•
This for the late year was
lading of the trains
three
may
high figure of 710 tons.
tons and in
traffic
to
nearly one-third, with practically
change in the length of road operated.
vAs
mile in
one
In exact figures the freight movement
1,572,897,173 ton miles in 1909-10.
gross
a
with what has been done by the larger and
the late year.
an
offset
to
prominent railroad systems of the country.
It may
one
order
standards of efficiency have been
Pittsburgh has accomplished results that rank
moved
Mining Co., the Massachusetts Gas Cos., Kresge
per
higjh plane.
ester &
Copper, the Ray Consolidated Copper, the
Copper Co.), not to speak of such companies
traffic—and. in
of
classes
advanced and operating
new
more
dated
Utah
other
passed for
by expenditures for the improvement of
track and
of
rolling stock required by higher standards
efficiency"—all of which goes to show how many
are
the drawbacks and obstacles that railroad
gers
have to
overcome
in order to maintain
mana¬
a
basis
of net income sufficient for current needs.
The
Buffalo Rochester & Pittsburgh for a
time limited the dividend return
on
its
common
short
shares
It derives
a large revenue from
hiring out its equipment, the
effect of which has been to bring up "other income"
to
to
4%, but is
back to
now
a
6% basis.
$1,018,718, against but $552,380 three years ago.
Altogether, the income account for the late year
shows
6%
of
of
appropriations
equipment and for retirement of
surplus of $686,701 after the payment
a
$448,796 for
new
traversing Europe, under the aus¬
citizens, has been
our
investigate methods of agricul¬
and the like.
pices of this Government, to
banking, co-operative loan associations,
tural
Mr. Yoakum had told our farmers that
a
xcvii.
and others, of the highest type
A commission of educators
of
they
carrying
were
yearly burden amounting to billions in unnecessary
which
charges,
reduced
greatly
be
could
interest
under proper
methods of Governmental relief.
all classes of stock and after
on
[Vol.
CHRONICLE
THE
486
Little
heard
been
has
the
of
commission,
its plans
or
adopting Old-World methods to a newly settled country,
of
but, judging from some of the correspondence that has
equipment bonds.
been
published, the fundamental reason for the success of the
plans in
HALT.
CALLING A
Editor 11 The Financial Chronicle
published a special
cable from London on international finance.
The depres¬
sion in Canadian Pacific stock and the stringency at Berlin
were
attributed to the same cause—a universal shortage
of investment capital.
This was followed by a carefully
written news article in which a list of underwritings was
Sir.—The New York "Sun'' on June 3
given showing how large percentages of first-class
been left unsold in the hands of their promoters.
In
the
monthly reviews of municipal
recent
''Financial and Commercial
issues had
issues the
cities in this country
or have been
entirely withdrawn on account of the absence of bids, j These
have been shown to be of large amounts from municipalities,
offerings by States, counties and
of
that
partially successful,
only
been
have
amply solvent, in high credit,
and include States such as
Louisiana and Tennessee.
As
is
-
known, municipal and State
well
land. Approved
for savings banks, sinking funds and estates, where absolute
safety is placed above income return.
Hence, it is plain
vestment.
Our:
principal that has retarded in¬
;V"
'7'."'
especially for schools, without thought of check, and it
comes with a decided shock when the information is given
and
that these cannot be provided on account
Every
market.
investment
of the state of the
knows that as these im¬
one
needs will grow and much
will have to be provided in the future. *r •
provements are postponed, the
greater sums
caused
has
This
a
puzzled
state
Mr. Dooley
by the
of mind with many
Municipal authorities realize that to offer higher
unusual interest for new obligations will result in the
and in
scaling down of the market value of the old ones,
the municipality is forbidden to sell below par
or at a higher rate of interest than" 4 or 4^%.
So the loans
axe deferred and the improvements, however pressing, left in
Those familiar with the slovenly
name
of farming in this easy-going
proposed for
our
adoption.
pictured the confusion of Mr. Roosevelt's com¬
mission for the
uplift of farm
life
on
finding the farmer's
.That a
his farm without giving a
leaving the victrola to answer the telephone.
wife
can
borrow money
on
while holding them for a rise, has
the banks decline the loans,
mortgage, or on his crops
attractive sound, and when
an
owing to financial stringency, why should not
ment
step in and print and
the Govern¬
distribute what is needed, namely
"money" ?
That
a
great deal of what has been
produced by labor and
has been for pleasure or show, and has
real "wealth," is evident to any one who
effort of late years
added
will
stop to think.
of
to
The enormous increase in the output
liquor and tobacco,, as shown by internal revenue statis¬
tics, is
phase, which is followed by sales of automobiles
one
and the vast
of
sums
spent for amusements, enriching owners
kinemafograph halls,
form
capital.
new
or
patents, but not becoming im
•
That vastly
expensive amusement known as war,, while it
furnished
employment for "Krupps" and the powder
has
makers, has destroyed great amounts of real capital,
de¬
in the world's
that will have to be made up, in the old,
moralized whole nationalities, and left a void
total of
resources
and effort. Rusmusket and
powder-making • contributing to national "illth" instead of
painstaking
kin's
way,
at a great cost of time
words
scathing
come
to
mind
about
wealth.
people.
or
goes
cation of Continental methods is
to
legitimate expenditures, for public improvements,
borrow for
rule, all the family works in the
a
as
land, and with the attitude of the average farmers' family
to the source of their support, will be amused when an appli¬
any
have been accustomed
municipalities
growing
.•
,
practice that
not
bonds are the
highest standard of security known in our
that it is not the fear of loss of
and that,
fields, including the wife.
farmer
Chronicle" has given accounts
abroad is that the farmer works hard and in¬
vogue
tensively;
be taught, and the lesson
that we can not
something for nothing—that we can hot eat bur cake
Again
and
again
we
must
only learned in pain of bitter experience
get
many cases
and have it too.
abeyance.
perhaps, for schools and playgrounds,for awhile, it may in¬
duce some searchings of heart that will have results in charac¬
•
' '
.The financial journals
causes
'
r
•
have explained,'in dry terms, the
capital.
of the exhaustion of liquid
But the tighten¬
ing of loans and the widespread effects on governmental
bond issues have caused a misapprehension that has resulted
in
some
quarters in seeking a remedy that
will be
If
ter, and so be
A confusion of
thought
as
"cheap,"
as
the phrase
goes,
is
so
TO MUNICIPAL
on
LEGISLATION RELATING
INDEBTEDNESS.
the subject of this article was
Charles F. Gettemy, Director
Statistics, at the annual convention
rapidly that anything like a withdrawal of credit or curtailing
nooga*
That
seems
a
direct
common sense
learned
As
by
an
motors,
many
was
by
a
magician's wand, is
a
piece of
that will apparently have to be newly
in their generation.
instance,
a
much hard
chines
to the persons involved.
capital must be created by effort, and that it cannot
be evolved from space
plain
wrong
one
cites
a
large dealer in agricultural
labor-saving device, relieving the farmer from
work at a small outlay.
The sale of the ma¬
enormous,
corresponding
be largely in
sdale.
debt for
and the profits to the makers on a
the company was found to
material and supplies, and, on an
But
raw
had
been induced to buly by an offer to take serial notes for the
purchase money.
Of course, as the notes come due, this
untimely "stringency" interferes with payments and trouble
ensues.
If the buyer had been compelled to pay with wealth
actually produced from the land by previous toil, the sales
tion of Comptrollers
profits would not have been so large.
of the National Associa¬
and Accounting Officers, held in Chatta¬
speaking of the evils of municipal
prevailed in Massachusetts,
and explaining the provisions of the new law of the Common¬
wealth just enacted * Mr. Gettemy said in part:
Tenn., on June 6. In
borrowing wbdch have hitherto
When the
recommendations of the special committee appointed by the
actually acted upon by the Legislature this year,
supported by facts and conditions disclosed by three investiga¬
of Statistics and by the unanimous findings of two suocessive legislative committees.
I doubt, therefore, whether any State ca*
show an instance of legislation more thoroughly pre-digested,
if I may
use
the term,
than that which, without a dissenting voice in either
branch of the Legislature, has just been placed upon the statute books
of Massachusetts for the purpose of restricting and regulating the incur¬
rence of municipal indebtedness in accordance with sound financial prin¬
last
Legislature came to be
they were
tions of the Bureau
ciples.
Without enumerating the
accounting being had, it was found that the farmers
and paper
delivered by
of the Massachusetts Bureau of
readily extended in favorable times by an optimistic people,
wealth and its attendant comforts have increased so
and
of comfort
-
.JOSEPH D. HOLMES.
RECENT MASSACHUSETTS
is being brought to bear under that in¬
so
of righteousness
to the identity of capital and
An address
been
has
"good roads," and,
profitable; and though it for the present seem
August 13, 1913.
fluence.
Credit
on
Respectfully,
worse
"money," has made itself evident in some high
places, and pressure
spend less
grievous, it may yield "the peaceable fruit
unto them that are exercised thereby."
than the disease.
currency, or
have to slow up,
we
made by the
thirty-two different, specific recommendations
committee, it will be sufficient to say that in their more im¬
strike at four fundamental evils of municipal
Massachusetts ano)with which
ape'more or less
afflicted.
The particular practices referred to afre: (1) The in¬
of funded or fixed debt for current expenses; (2) temporary bor¬
portant aspects they seek to
borrowing which have hitherto prevailed in
I
imagine the municipalities of most States of the country
similarly
currence
rowings in anticipation
3) the diversion
of tax collections to a practically unlimited amount;
of the principal of trust funds to current expenses or other
Aug. 23
THE
1913.]
contemplated by the donor .with
purposes not
CHRONICLE
resulting perpetual obli¬
a
was
I will undertake to
point out
as
briefly
approved May 28 1913.
the
gation being, in effect, established; and (4) the inefficient, neglectful and
costly management of sinking funds.
same
1.
it
Borrowing for Current Expenses.
the
have
Therefore,
far
one, so
of
currence
funded
a
It is true,
their right
fixed
or
the other hand, that
on
debt
for
such
chusetts, hitherto, advantage has been taken of
the law,
funded
a
In
purpose. "
Massa¬
rather loose phrasing of
a
which, after specifiyng certain legitimate purposes for incurring
debt, provided that debt incurred for
any
other purpose shall be
limited to
a period of ten years—the plain inference
being that it was quite
permissible to borrow money for any purpose whatever so long as the loan
is limited to 10
years—whether it be for the support of the poor, the
ment of Insurance
chase of
premiums, the compilation of
a
pay¬
local history, or the
pur¬
town hearse—for all of which laudable objects of
a
public expendi¬
Investigations showed Massachusetts municipalities had incurred
ture our
fixed debt.
But the
existing law, containing
as
it did this defect, which threw wide
the door for great abuse, nevertheless had within it the suggestion of
open
It specified,
the remedy.
as
I have said, certain
purposes
for which munici¬
pal debt might be incurred and fixed the periods for which the loan in each
In view, therefore, of the impracticability of devising
working definition of the term "current expenses" for prohibitory pur¬
might run.
case
a
poses
in
general Act, it
a
was
decided simply to extend the list of authorized
and period for which debt might be properly incurred,
purposes
so as
to
include all that it might be considered safe to incorporate in a general stat¬
ute,
and then to prohibit unconditionally borrowing for any purpose or
for
longer period of time than
a
as
thus authorized.
Unrestricted Borrowings in Anticipation of Tax Collections.
2.
old law, cities and towns, by
loans in
made payable therefrom by such vote,
loans should be
Under the
majority vote, might incur debt for temporary
anticipation of the taxes of the current municipal
payable within
and it
year
and expressly
stipulated that such
was
after the date of their incurrence.
one year
No limitation was, in specific terms, set by the statute upon the amount
that might thus be borrowed, but obviously it could never have been in¬
tended to permit loans in
amount greater
was
than the
anticipation of tax collections to be made in
from which the
source
revenue to meet
the
an
same
to be derived.
But in certain
it
cases
was
found that loans had been made which actually
exceeded in amount the taxes against which they were issued, necessitating
in many cases recourse to
cancellation
the law.
the other hand,
loans to be incurred
to be made
tic
e.
only in anticipation of taxes and required payment
therefrom, the word "taxes"
liquor license fees.
been to
refunding whereby the date of actual
while the law authorized these temporary
interpretation, and payment
g.,
or
extended beyond the year, regardless of the clear intent of
was
On
renewals
was
sometimes given a very elas¬
made from
available revenues;
any
The remedy provided by the
recognize this latter practice
forth loans in
was
anticipation not merely of taxes in the
assessors' levy, but of revenue,
new
legislation has
legitimate and to authorize hence¬
as
narrow sense
preceding financial
levy of the
year.
The Diversion of Trust Funds.
3.
of the
payment to be made therefrom, but the
amount of such loans is to be limited to the amount of the tax
Since the agitation begun by the first
29 municipalities have been induced to petition the Legislature
years ago,
funds borrowed
or
used,
or
take up
to
$1*088,273 71 of such liabilities which
in this
principal of trust
outstanding demand notes, and
were
being treated
as
perpetual have
been refunded and definite provision made for
paying off the
manner
debt serially.
now,
Cities and towns having such liabilities still outstanding are
however, to be required to raise in the tax levy of 1914 the amount
necessary to restore the
funds,
if to do this would Impose too great
or
den, they may borrow for the purpose for
By
the
issued,
a
bur¬
years.
all outstanding demand notes, for whatever purpose
Act
same
are to
period not to exceed fifteen
a
receipts from taxes and income from all other sources; "majority
and
two-thirds vote," as applied to towns, mean the vote of a
majority or two-thirds of the voters present and voting at a town meeting
duly called, and, as applied to cities, mean the vote taken by yeas and nays
of a majority or of two-thirds, as the case may require, of all the members
of each branch of the city government, where there are two branches, or
of all the members, where there is a single branch'of city government, or
of a majority or two-thirds of the commissioners, where the city
govern¬
ment consists of a commission; and in every case subject to the approval of
the mayor, where such approval is required by the charter of the city.
Section 3. Cities and towns, and fire, water and watch districts, socalled, may, by a majority vote, incur debt for temporary loans in antici¬
pation of the revenue of the financial year in which the debt is incurred
and expressly made payable therefrom by such vote, and may issue a note
or notes therefor to an amount not exceeding in the aggregate the total
tax levy of the preceding financial year, together with the bank, corpora¬
tion and street railway tax received during the preceding financial year,
exclusive of special or additional assessments or revenue from any other
source except payments made by the Commonwealth in lieu of taxes on
account of property taken for institutions or for metropolitan district pur¬
poses.
Such notes shall be payable, and shall be paid, not later than one
year from the date thereof, and shall not be renewed or paid by the issue of
new notes, except as is provided in section nine.
Section 4.
Cities and towns may, by a majority vote, incur debt for
temporary loans for the payment of any land damages or any proportion
of the general expenses of altering a grade crossing which they are required
\primarily to pay under the provisions of law, or any proportion of the
expense of constructing a highway in anticipation of reimbursement by the
means
vote"
.
Commonwealth, such reimbursement first to have been agreed upon by the
Massachusetts Highway Commission, and may issue a note or notes therefor
and for a period not exceeding one year from the date thereof; and when
any money so paid is repaid to the municipality, it shall be applied to the
discharge of the loan.
Notes issued under the provisions of this section
shall not be renewed or paid by the issue of new notes, except as is pro¬
vided
4.
The Inefficient Management of Sinking Funds.
the way to resume
specie payments Was to
resume;
It
was once
and the
way
said that
to stop the
abuses of the sinking fund method of
paying municipal debt caused by
ignorance and inefficiency and to remedy its wastes is to stop the further
establishment of such funds.
which has
set the
now
example
issued and made
*
This is the very simple and effective
remedy
been applied in Massachusetts.
few
a
years ago,
The Commonwealth itself
and since then all State bonds have been
payable by the serial method; several of our cities
and towns
(including Boston) did likewise, and the
the prohibition of any
process is now to be hastened by
further creation of sinking funds and the require¬
ment that all debt shall be issued
in accordance with the serial plan. The ser¬
ial payment provision of the law requires
ment of all
guish the
at
account of any
the bonds
or
maturity, but
so
as
pay¬
will extin¬
that the first of said annual payments
loan shall be made not later than
one
year
on
after the date of
notes issued therefor, and so that the amount of such fl.nrma.1
in
payments
municipalities to provide for
except temporary loans "by such annual payments
same
any
year
on
account of such debts, so far as.issued,
not be less than the amount of
principal payable in
any
shall
subsequent year,
and such annual amount, together with
the interest on all debts, shall,
without further vote, be assessed until such debt is
extinguished."
Referring
limited
as
to
the
facility
with
which
municipalities,
to the
aggregate amount of debt which might be
incurred under the general law, were able to obtain from the
Legislature special Acts relieving them from this restriction
authorizing them "to borrow outside the debt limit,"
and
Mr.
Gettemy said:
Heretofore the
Legislature has generally had before it
only the ex parte
testimony of interested local officials, whose statistics and
statements in
support of their supposed necessities it has been
nobody's particular busi¬
ness to examine
critically, and which in the absence of
reliable, exact in¬
formation, could inot readly be? refuted.
But while nothing can
prevent
cities and towns from
continuing to petition the Legislature for similar ex¬
emptions from the provisions of the new law, the
duty has now been im¬
posed upon the director of the Bureau of Statistics to
examine all such meas¬
ures
which may
committee
condition
hereafter be presented and
having the matter Ih charge
of the petitioning
to transmit to the
Information
municipality,
as
to
legislative
the financial
The Act of the Legislature
carrying out the reforms dis¬
cussed above is known as Chapter 719 of the Acts
of 1913 ,^and
in
section
nine.
Cities and towns may incur debt, within the limit of indebt¬
prescribed in this Act, for the following purposes, and payable within
the periods hereinafter specified:
(1) For the construction of sewers for sanitary and surface drainage pur¬
poses and for sewage disposal, 30 years.
(2) For acquiring land for public parks under the prov'sions of Chapter
28 of the Revised Laws and amendments thereof, 30 years.
(3) For acquiring land for, and the construction of. schoolhouses or build¬
ings to be used for any municipal or departmental purpose, including the
cost of original equipment and furnishing, 20 years.
(4) For the construction of additions to schoolhouses or buildings to be
used for any municipal purpose, including the cost of original
equipment
and furnishings, where such additions increase the floor space of said build¬
ings to which additions are made, 20 years.
(5) For the construction of bridges of stone or concrete, or of iron super
Section 5.
edness
20 years.
(6) For the original construction of streets or highways or the extension
widening of streets or highways, including land damages and the cost of
pavement and sidewalks laid at the time of said construction, 10 years.
(7) For the construction of stone, block,.brick or other permanent pave¬
ment of similar lasting character, 10 years.
(8) For macadam pavement under specifications approved by the Massa¬
chusetts Highway Commission, 5 years.
(9) For the construction of walls or dikes for the protection of highways
or property,
10 years.
(10) For the purchase of land for cemetery purposes, 10 years.
(11) For such part of the cost of additional departmental equipment as
structure,
or
is in
excess of 25 cents per $1,000 of the
preceding year's valuation, 5 years.
(12) For the construction of sidewalks of brick, stone, concrete or other
lasting character, 5 years.
(13
For connecting dwellings or other buildings with public sewers, when
portion of the cost is to be assessed on the abutting property owners,
material of similar
a
5
years.
(14) For the abatement of nuisances in order to
health, 5 years.
(15)
conserve
the public
For
extreme emergency appropriations involving the health or
safety of the people or their property, 5 years.
Debts may be authorized under the provisions of this section
only by a
vote of two-thirds of the voters present and
voting, or of two-thirds of all
the members of a city council or other governing
body, taken
by yeas and
subject to the approval of the mayor, If such approval is required
by the charter of the city.
nays, and
be taken up and similarly paid, and the issue of notes of this
character hereafter is prohibited.
RELATIVE TO MUNICIPAL INDEBTEDNESS.
specified, apply to the city of Boston, but said city shall
preliminary Investigation of this subjcet by the Bureau of Statistics, two
for the necessary authority, by special Act, to restore the
print
the
this
body
no
would deliberately authorize the in¬
senses
we
this Act shall not, except as is hereinafter
remain subject to
provisions of all general and special laws applicable to it.
Section 2. In this Act, unless the context otherwise requires: "revenue"
that
so
of record,
Be it enacted, etc., as follows:
Section 1. The provisions of
has
am aware,
expenses"
prohibition in a| statute against^! borrowing for
mere
a
lawmakers in
I
as
meaning tinder all conditions and in all localities.
same
would be futile.
purpose
of
No
been able to define satisfactorily the term "current
will
ACT
AN
but prevent a recurrence of these evils.
ever
a matter
[Chap. 719.]
cannot
cases,
As
in full herewith:
possible the provisions of the
as
legislation which must inevitably check and, in most
new
487
Section
6.
Cities
and
towns
may
incur debt, outside the limit of in¬
debtedness prescribed in this Act, for the following
purposes and payable
within the periods hereinafter specified:
(1) For temporary loans under the provisions of Sections 3, 4 or 9,
one
year.
(2) For establishing or purchasing a system for supplying the inhabitants
a city or town with
water, or for the purchases of land for the protection
of a water system, or for
acquiring water rights, 30 years.
(3) For the extension of water mains and for water departmental equip¬
of
ment,
5 years.
(4) For establishing, purchasing, extending or enlarging a gas or electric
lighting plant within the limits of a city or town, 20 years; but the in¬
debtedness so incurred shall be limited to an amount not
exceeding in a
town 5% and in a city
2)£% of the last preceding assessed valuation of
such town or city.
(5) For acquiring land for the purposes of a public playground, as speci¬
fied in Section 19 of Chapter 28 of the Revised Laws and amendments
thereof, 30 years; but the indebtedness so incurred shall be limited to an
amount not
exceeding ±4 of 1% of the" last preceding assessed valuation
of the city or town.
Debts for all of the purposes mentioned In this section shall be
payable
within the periods above specified from the date of the first issue of bonds
or notes on account
thereof, and
may
provisions of existing law, except in
with the provisions of this Act.
or town shall be reckoned in
be incurred in accordance with the
far as the same are inconsistent,,
so
All other debts hereafter incurred by a city
determining its limit of indebtedness, and debts
authorized under the provisions of thus section.
except for temporary loans,
may be incurred only by a vote of two-thirds of the voters
present and
voting, or of two-thirds of all the members of a city council or other govern¬
ing body, taken by yeas and nays, and subject to the approval of the mayor,
approval is required by the charter of the city.
if such
Section 7.
Cities and towns shall not incur debt for any purpose or for
period of time other than as snecified in this Act or
(in Chapter 634 of
1913, and the proceeds of any sale of bonds or notes, except
premiums, shall be used only for the purposes specified in the authorization
of the loan:
provided, however, that transfers of unexpended amounts may
any
the Acts of
be made to other accounts to be used for similar
purposes.
Section
8; A city or town which has authorized a debt to be incurred
within the limitations as to amount and time of
payment prescribed by this
Act may issue bonds, notes or certificates of indebtedness therefor, properly
denominated
on the face
thereof, signed by its treasurer, and, if issued by
city, countersigned by its mayor, unless its charter otherwise provides, or
countersigned by a majority of its selectmen, and by
any other officers, boards or commissioners of a city or town whose counter¬
signatures may be required by law, at such rate of interest as may be deemed
proper, and such city or town may, except as provided in Section 9, sell
such bonds, notes or certificates of indebtedness at not less than par, at
public or private sale, or may use the same in payment of such debts:
provided, however, that if the amount of the annual payment and the period
of the loan are not specified by the vote
authorizing the debt to be incurred,
the officers authorized to issue bonds or notes therefor may issue the same
subject to the provisions and limitations of this Act.
The auditor or similar
a
if issued by a town,
officer in cities, and the town accountant in towns having such an officer,
and the treasurer in all other towns shall, not later than May first of each
year, notify the board of assessors in writing of the amount of debt falling
due during the current financial
year, the sinking fund requirements, ir
any,
and what provision has been made for meeting such requirements; and
the board
shall make such provision for meeting said debt
requirements in the tax levy of that year as
and sinking fund
in Its judgment may be neces-
gttry.
Section 9.
If a city or town votes to issue bonds, notes or certificates
in accordance with the provisions of law, the officers au¬
of indebtedness
the name of such city or town, make a
temporary loan for a period of not more than one year in anticipation of the
money to be derived from the sale of such bonds, notes or certificates or
indebtedness and may issue notes therefor; but the time within which such
securities shall become due and payable shall not be extended by reason of
the making of such temporary loan beyond the time fixed in the vote au¬
thorizing the issue of such bonds, notes or certificates of indebtedness; and
notes issued under he provisions of this section and of Sections 3 and 4 or
t.hta Act for a shorter period than one year may be refunded by the issue of
other notes maturing within the required period.'
>*
■
1
Section 10. Notes issued under the provisions of Sections 3, 4 and 9
of this Act may be sold at such discount as the treasurer or other officer
authorized to sell the same may, with the approval of the officer or officers
whose counter-signature is
required on said notes, deem proper; the
discount to be treated as interest paid in advance.
"
'
*•
Section 11. A city which, at a meeting of its voters held for that pur¬
pose, has accepted, by a vote of two-thirds of the legal voters present and
voting thereon, any Act to supply the city with water, may, by a yea and
nay vote of two-thirds of all the members of each branch of the city council
or other governing body, with the approval of the mayor when the charter
of the city requires such approval, incur debt and issue bonds or nates for
the purposes and to the extent authorized by such Act, in the manner pro¬
vided in, and subject to the provisions of, Section 14 of this Act.:
' •
Section 12. Except as otherwise authorized by Section 6 of this Act
or by Chapter 634 of the Acts of the year 1913, a city shall not authorize
indebtedness to an amount exceeding 2 H %, and a town shall not authorize
indebtedness to an amount exceeding 3 %, on the average of the assessors
valuations of the taxable property for the three preceding calendar years,
the valuations being first reduced by the amount of all abatements allowed
thereon previous to the last day of December of the preceding calendar
Vft8»P*
r
1 '1
'
'
t
». 1
>»
>
1
*
1 ■
Section 13. No further sinking funds for the payment of debt shall be
established by any city or town, but cities and towns shall contribute to
every sinking fund established prior to the passage of this Act until such
sinking fund, with its accumulations, shall be sufficient to extinguish at ma¬
turity the debt for which it was established, and all provisions of law re¬
lating to the manner of establishing, administering and investing sinking
funds which may be in force at the time of the passage of this Act shall
remain in force with respect to all sinking funds established prior thereto.
Section 14. Cities and towns shall not issue any notes payable on de¬
mand, and they shall provide for the payment of all debts, except1 those in¬
curred under the provisions of Sections 3, 4 and 9, by such annual pay¬
ments as will extinguish the same at maturity,
and so that the first of
such annual payments on account of any loan shall be made not later
than one year after the date of the bonds or notes issued therefor, and so
that the amount of such annual payments in any year on account of such
debts, so far as issued, shall be not less than the amount of principal pay¬
thorized to issue the same may, in
^
'
,
,
„
*
„
able in any subsequent year,
and such annual amount, together
with the
shall, without further vote, be assessed until the debt
is extinguished.
*
1
■ ' '
Section 15. Cities and towns may pay or provide for the payment of
any debt, whether incurred before or after the passage of this Act, at an
earlier period than is required by the provisions of this Act, and shall not
refund any debt except as provided in Section 9 of this Act; and cities
and towns may, for the purpose of reducing the whole debt for the redemp¬
tion of which sinking funds have been established prior to the passage of
this Act, or of reducing the amount to be raised by taxation for such funds,
add to any such sinking fund the excess of any appropriation over the
amount required for the purpose thereof, or add to such funds any sums
derived from taxation or from other sources not required by law to be ex¬
pended otherwise.:
f
■ '<
,
Section 16. No department of any city or town shall incur liability in
excess of the appropriation made for the use of such department, except
in cases of extreme emergency involving the health or safety of persons
or property, and then only by a vote in cities of two-thirds of the members
of the city council, and in a commission form of government by a vote of
two-thirds of the members of the commission, and in a town by a vote of
two-thirds of the selectmen.
^
•
Section 17. Trust funds, including cemetery perpetual care funds, unless
it is otherwise provided or directed by the donor thereof, shall hereafter
be deposited in savings banks or invested by cities and towns in securities
which are legal investments for savings banks.
Section 18.
Section 53 of Part I of Chapter 490 of the Acts of 1909, as
amended by Chapter 521 of the Acts of 1910, is hereby further amended by
striking out the said section and inserting in place thereof the following:—
Section 53. The taxes assessed in the city of Boston on property, exclusive
of the State tax and other amounts assessed upon the city by the common¬
wealth, the county tax and sums required by law to be raised on account of
the city debt, shall not in any year exceed $10 55 on every $1,000 of the
average of the assessors' valuation of the taxable property therein
for
the preceding three years, such valuation being first reduced by the amount
of all abatements allowed thereon previous to Dec. 31 in the year pre¬
ceding said assessment.
Any order or appropriation requiring a larger
assessment than is herein limited shall be void.
Section 19.
Within 90 days after the passage of this Act the city
council or other governing body of every city, except Boston, shall give a
public hearing in regard to establishing a tax limit for that city.
The time
and place of holding such hearing shall be duly advertised, and, after the
hearing, any city, except Boston, may provide by ordinance that the taxes
Interest on all debts,
'
~
_
.
.
assessed on property
therein, exclusive of the State tax and other amounts
the city by the Commonwealth, the county tax and sums
required by law to be raised on account of the city debt, shall not in any
year succeeding the adoption of such ordinance exceed an amount specified
i n the ordinance on every $1,000 of the average of the assessors' valuation
of the taxable property therein for the preceding three years, such valuation being first reduced by the amount of all abatements allowed thereon
previous to the 131st day of December in the year preceding said assess31
ent; and the tax limit so established by ordinance shall have the force of
law untYi t is annulled or modified by the action of the City Council or
other governing body of the city.
After such ordinance has been estab¬
lished it shall not be annulled or modified within one year thereafter, and
assessed upon
——
'
two-thirds vote
body of the city.
,
^
the annual organization of the city
government, the mayor of every city, except Boston and those cities having
the commission form of government, so-called, shall submit to the city
council the annual budget of the current expenses of the city, and the mayor
may submit thereafter supplementary budgets until such time as the tax
rate for the year shall be fixed.
The budget shall consist of an itemized
and detailed statement of the money required, and the city council shall
make such appropriations in detail, clearly specifying the amount to be ex¬
pended for each particular purpose. The city council may reduce or reject
any item, but, without the approval of the mayor, shall not increase any
item in nor the total of a budget, nor add any item thereto.
It shall be the
duty of the city officials, when so requested by the mayor, to submit to
him forthwith in such detail as he may require estimates for the next fiscal
year of the expenditures of their departments or offices under their charge,
which estimate shall be transmitted to the city council.
In case of the
failure of the mayor to transmit in writing to the city council a recommen¬
dation for an appropriation of money for any purpose deemed by the council
to be necessary, and after having been so requested by vote of the city
council, said council, after the expiration of seven days after such vote,
upon its own initiative, may make an appropriation for such purpose by a
vote of at least two-thirds of its members, and shall in all cases make such
appropriations in detail, clearly specifying the amount to be expended for
each particular purpose; and in cities having the commission form of govern¬
ment, so-called, each
commissioner or director shall, within 30 days
after the annual organization of the city government, submit to the com¬
missioner or director of finance estimates in such detail as he may require
of the amounts deemed necessary for the current expenses for their respec¬
tive departments, and the commissioner or director of finance shall within
30 days thereafter submit to the city council a budget consisting of an
itemized and detailed statement of the money required, and may submit
thereafter supplemental budgets until such time as the tax rate for the year
shall be fixed, and the budget or budgets shall be passed by a majority vote
of the city council
In case of the failure of the finance commissioner or
director to transmit in writing to the city council a recommendation for an
appropriation of money for any purpose deemed by the council to be necesosary, and after having been requested by vote of the city council, said
council, after the expiration of seven days after such vote, upon its own
then only after a
«
(Vol.
THE- CHRONICLE
488
appropriation for such purpose by a vote of at least
two-thirds of ail its members, and shall in all cases make such appropria¬
tions in detail, clearly specifying the amount to be expended for each particu¬
lar purpose.
In the period after the expiration of any fiscal year and before
the regular appropriations have been made by the city council, liabilities
be incurred and expenditures made payable out of the regular appro-,f
priations to an amount not exceeding in any month sums spent for similar
purposes during any one month of the preceding year, or may expend in
any one month for any officer or board created by law an amount not
exceeding one-twelfth of the estimated cost for that year, but all interest
and debt falling due in said period shall be paid.
.i
Section 21. The Supreme Judicial Court or the Superior Court, by man¬
damus or other appropriate remedy at law or in equity, upon the suit or
petition of the Attorney-General or of the mayor, or of one or more taxable
inhabitants of a city town or district authorized by law to incur debt or
of any creditor to whom a city or town or district authorized by law to incur
debt is indebted to an amount not less than $1,000, may compel such
city or town or district, and its assessors, collectors, treasurer, commis¬
sioners
of sinking funds and other proper officers, to conform to the
provisions of this Act. ' •
J
1
'•
J
1
;
Section 22. All Acts and parts of Acts and all provisions of any city 1
charter inconsistent herewith, except such as relate to sinking funds estab¬
lished prior to the passage of this Act, are hereby repealed, and all ordi¬
nances of any city and all by-laws of any town inconsistent herewith are
hereby annulled; but neither this section nor any other part of this Act shall
be construed as affecting the validity of any debt incurred by virtue of au¬
thority granted therefor prior to the passage of this Act, or as affecting the
right of any city, town or district to 10010:, renew, fund or refund any debt
in accordance with the provisions of any special Act passed prior to the
may
of this Act; nor shall the restrictions of
district authorized to incur debt from its
*
this Act exempt a city, town
liability to pay debts con¬
for which it may lawfully expend money; nor shall
anything in this Act be construed as prohibiting any city, town or district
authorized to incur debt from placing additional restrictions upon the man¬
ner of incurring debt, not inconsistent with this Act.
Section 23. The provisions of this Act, so far as they are the same as
those of existing statutes, shall be construed as continuations thereof and
not as new enactments, and a reference in a statute which has not been re¬
pealed to provisions of law which are revised and re-enacted herein shall be
construed as applying to such provisions as so incorporated in this Act.
The provisions of this Act shall not affect any act done, liability incurred,
or any right accrued and established, or any suit or prosecution, civil or
criminal, pending or to be instituted, to enforce any right or penalty or to
passage
or
tracted for purposes
.
gunish such offence under the authority of existing laws;Act. the proceedbut
lgs in any cases shall conform to the provisions of this
Section 24. Sections 13, 14 and 19 of this Act shall take effect upon Its
and cities and towns incurring debts in accordance with the pro¬
27 of the Revised Laws and Acts in amend¬
ment thereof, prior to Jan. 1 1914, shall make provision for the payment
thereof in the manner provided for by Section 14 of this Act; and the re¬
mainder of this Act shall take effect on Jan. 1 1914.
;
passage,
visions of Section 11 of Chapter
Approved May 28 1913.
'
'
Chapter 634 of the Laws of 1913, referred to in the above
Act, and which provides for the payment of outstanding
demand notes and. the restoration of trust funds by cities
and towns,
reads
follows:
as
•<
,
'' '
[Chap. 634.]
V
,
.
FOR THE PAYMENT OF OUTSTANDING
RESTORATION OF TRUST FUNDS
BY CITIES AND TOWNS.
AN ACT TO PROVIDE
.
DEMAND NOTES AND THE
Be it enacted, etc., as follows:
i
Section 1. During the year
1914 every city or town which has at the time
when this Act takes effect outstanding notes payable on demand, or which
has expended for the general expenses of the city or town trust funds which
have not been restored, shall
provide for the payment of such notes and for
the restoration of such trust /unds
in the tax levy for the year 1914, where
such provision is reasonably practicable; but where it would
burdensome for the city or town to provide in the tax levy
be unreasonably
of the year 1914
of its outstanding demand notes and for the restoration of
any trust funds heretofore expended for general expenses, such city or town
may provide for such payment and restoration as authorized by Section 2
for the payment
of this Act.
"
s..-
>
1
•
-
For the purpose of paying any notes of a city or town pay¬
this Act takes effect, and also for the
purpose of restoring any trust funds which were received by a city or town
and subsequently expended by it for the general expenses of such city or
town and not thereafter restored, any such city or town is hereby authorized
to borrow outside the limit of Indebtedness fixed by law for such city or
town a sum or sums of money not exceeding In the aggregate the amount
required for paying such demand notes and for the restoring of such trust
funds, and to issue notes or bonds therefor payable at periods not exceeding
fifteen years from their respective dates of issue.
Such notes or bonds
when issued by a city shall be signed by the treasurer and countersigned
by the mayor, and when issued by a town shall be signed by the treasurer
and countersigned by the selectmen or a majority of them; and shall bear
interest, and shall be sold or disposed of in such manner and on such
terms as the treasurer and mayor of the city or the treasurer and the se¬
lectmen of the town may determine, but they Bhall not be sold for less
than their par value.
V
1
Section 3. Cities and towns, at the time of issuing such notes or bonds,
shall provide for the payment threof by such annual payments as will ex¬
tinguish the same within the time prescribed in the preceding section,
and In such manner that the first of such annual payments shall be made
not later than one year after the date of the bonds or notes issued therefor,
and that the amount of such annual payments in any year shall not be
less than the amount of the principal payable in any subsequent year; and
such annual amount, together with the Interest payable in that year, shall,
without further vote, be assessed annually thereafter until the whole debt
is extinguished/'1
11
v"' ' 1 >'■
■ Section 4. This Act shall take effect on Jan. 1 1914.
'
V 1
Approved May 8 1913.
.
.
, ,
Section 2.
able
on
demand and outstanding when
.
public hearing, duly advertised, and by a
bf the city council or other governing
Section 20. Within 60 days after
initiative, may make an
xcvh.
BANKING,
The
LEGISLATIVE AND FINANCIAL NEWS.
public sales of bank stocks this week aggregate 143
shares, of which 133 shares were
Shares.
Low.
BANKS—New York.
*53 Commerce, Nat.
*80 Corn Exchange
10 Garfield
Bank of—
Bank_!
_
National Bank
i,,
•
•
"
.
company
High. Close.»
175
175
303
305
230
230
■
sold at the Stock Exchange
No trust
and 10 shares at auction.
175
°
.July
was
sold.
230
1913—1
275
>.
175
Aug. 1913—
June 1912—
305
•; ..is
V,
r.
stock
Last previous sale.
.
305
i,->
'
'
;
♦Sold at the Stock Exchange.
'
♦——-
j A transfer of a New York Stock Exchange membership
was
reported this week, the consideration being stated
$46,000.
This is
an
sale.:-
advance of $5,000
I
V
• v>\
^
...
♦
The members of the New York Stock
a
on
next Saturday,
taken
Aug. 30.
.
.
-•
•»
•
Exchange will enjoy
triple holiday over Labor Day, Sept.
Governors having voted on Thursday to
•
'l
<; -
as
the last previous
over
1, the Board of
close the Exchange
Similar action has also been
by the Cotton and Coffee exchanges, and by the
Philadelphia, Baltimore and Boston stock exchanges.
1
Aug. 23
THE
1913.]
CHRONICLE
>
The conference which opened in Chicago
yesterday at the
instance of the American Bankers' Association for the
extend
tion of section against
The New York
to-day (Saturday).
over
bankers
York
but
Hine, who
With
dent of the Narional City Bank.
191
clearing-house
associations
quoted
was
having stated
as
work, but to assist in the preparing of good currency legislation.
four fundamental features of the bill to which
almost
are
unanimously
the bankers of the
These features
opposed.
are
or
There
these
on
On the other hand, how simply, easily
of different localities through the operation
♦
»
*
*
*
*
of
one
central
*
♦
♦
will be the
Certain percentages of the reserves are
bank.
!
its
are
:
country
,
the Government-
required under the bill to be
deposited in twelve regional reserve banks; they will thereby be demobilized,
decentralized; withdrawn from the natural commercial centres and scattered
throughout the country in violation of the principles established by experi¬
and by sound reason.
ence
it is to be effective
The reserve money of the country should, if
be concentrated, that it
a reserve,
as
may
be used in
any
part of the country where the need is greatest, in order to protect
and
•
promote the interests of the country, as a whole.
it is probable that their action will take the form of resolutions protesting
branches
One bank with
result.
not
say
that the delegates
objecting to these features.
They represent
only the national banks, but the State banks, savings banks and
[
trust
companies.
a
formed yesterday.
committee of twelve
instrumentality
Prior to the opening of the
hopeful than
promise"
before "of
ever
con¬
the currency bill.
on
Mr. McAdoo and I went
bankers and the framers of the bill.
hear all arguments against the bill and appreciative of their
force.
All
The conference yesterday was opened by Mr. Hepburn,
who in his address said:
*'
The proposed banking and currency law contains many commendable
provisions, and recognizes valuable principles.
It creates
a
central bank,
|t establishes branch banking, It recognizes bank assets in the form of
com¬
continued
has
;
.
Democratic
cussion.
have
illustration, since the Secretary of the Treasury is now putting
At the present moment
we
be
to
the
on
Chairman Owen's
normal
a
stringency created by such tax absorption.
The Secretary, too, acting strictly within the law, recognizes bank assets
as
the proper security for Government
long contended for
tioned
a
us who
have
central bank and the other principles above
men¬
rejoice that this
may
Those of
deposits.
approved by the Adniinistration,
measure,
recognizes the truth of these principles and believes in the necessity of
their embodiment into law.
While there is
recognized,
we
principles.
reason
to
Committee.
rency
must regret that the
While
a
only partly embodies these
measure
central authority is created, with
more power
than
on
on
taken
up
for dis¬
a
meeting
Banking and Cur¬
According to the reports in the daily
the next day, Senator Owen at this conference allowed
in its preparation.
caucus
on
bring
was
brought
up
to the au¬
"some
was
as¬
way
bear to make the Chairman of the Cur¬
pressure to
or
members who know, tell who it
Disposing of the
was
rumors
which
of
as
in the House Democratic
hoped there
originally drew this bill."
would have expected the Government to give to a central bank, the meas¬
credited, at the time the
was
Monday, when Representative Callaway is
Committee,
ure
opposed to several
made known, with having assisted
were
serted to have declared that he
rency
was
These reports evoked keen
Incidentally, the question
thorship of the bill
that
atten¬
measure
Wednesday after¬
were
Tuesday, following
impression to gain ground that he
we
more
The proposed
the bill
of the main features of the bill.
to
1
rejoice that the force of sound principles has been
bill has received
of the Democratic members of tbe Senate
provisions of the bill
the
new
position with regard to the bill
interest, since Senator Owen
offset
to
the
subject of consideration by the
back into the channels of trade money which the excess of taxation over ex¬
and
be kept with
Banking and Currency, toward
penditures has withdrawn from business—an attempt to restore
condition
that the requirement
seen
must
of the House of Representatives, which
caucus
brought into question
was
the
in the sub-treasuries whenever the income from
up
Government expenditures.
amounts
when the pending amendments
noon,
of
exceeds
on
completed general debate
press
locking the surplus
It will thus be
certain
of the subscribing banks.
mercial paper as the normal and proper basis for bank currency; it provides
for keeping the current funds of the United States in current ,use,t intead
taxation
that
measure
tion this week than the bill itself.
points at issue between the
that is needed is patience, and we will reach a satisfactory solution.
correspondent banks.
new
the Administration currency
com¬
I found him willing and anxious to
the
Borrowing for general
and borrowing credit main¬
on
The question as to the attitude of Senator Owen, Chairman
Mr. Reynolds added:
most of the
over
satisfactory
but will have to be supplied with
new system,
of the Senate Committee
yesterday that he
a
exchange demands of the depositing
The necessity of providing for this exchange demand and borrowing
will remain under the
tained with
Secretary of the Treasury McAdoo in New York this week,
was more
•;
establishes a borrowing credit for the depositing
commercial purposes must still be carried
of
ference George M. Reynolds, President of the Continental
& Commercial National Bank of Chicago, conferred with
result of this interview he stated
.
regional reserve banks, purely as reserves, will curtail the loaning power
'
as a
this
Under the present practice, that portion of the reserves of country banks
deposited with their reserve agents not only serves the reserve requirement,
power
This committee consists of four members
associations represented.
for accomplishing
other ftrnds than those constituting the reserves.
Commission and four members of the clearing-house
an
best
.
bank.
ordered to be
was
of the various State organizations, four members of the Cur¬
and
the
afford
bank's customers, and also
■
rency
would
but furnishes balances which satisfy the
For the purpose of considering all resolutions offered dur¬
ing the conference,
of
reverse
that which would result from the establishment of a single central reserve
and suggesting amendments.
will be found to be in favor of
it
loan
bank, that could not be done without
The undoubted effect of the bill, as to reserves,
already known, and
scores are
as
bank to
reserve
bank with branches.
by the Government, and the stipulation for the refunding of the 2% bonds.
I believe it safe to
most
naturally this apportionment of funds Would be made to fit the re¬
quirements
control provision, the reserve feature, the portion referring to note issues
The ideas of the Association bankers
single central bank, the controlling
a
law, one Federal
under this proposed
prejudice of that locality.
to the
country.
It is not the idea of this conference to criticize the Administration
r
the
attracting attention to the borrowing locality in a way that would operate
the 21st inst. that:
on
in
count
through which
or
in the section of the country where
to another Federal reserve
money
Briefly citing the object of the conference, Secretary Farns¬
worth
With such
of all
reserve money
would
deposited,
was
This shifting of funds would be accomplished without ostentation
might do,
extended
the
of
branches,
central institution
that
which bank it
without notoriety, whereas, if a Federal board should require,
and
representatives of the 47 State bankers' associations
the
with
'
and
and
deposited
board might place its reserves
needed.
of the Currency Commission of the American Bankers' Asso¬
to the
of the whole plan?
single central reserve bank with
a
branch it was loaned.
repre¬
Vice-Presi¬
was
Is there not strong probability that in exercising that
aggregate, no matter with
In addition to the members
ciation, the invitation to join in the conference
one
Under the conditions that would exist,
the exercise of that authority fail to accomplish the just dis¬
banks
the
originally named
was
unable to attend, and Joseph T, Talbert,
was
bank to loan to another.
and permanence
Clearing-House Association^ and who
takes the place of Francis L.
reserve
by giving to the Federal Reserve Board the authority to force
tribution of funds?
William Wood¬
ward, President of the Hanover National Bank, who
reserve
authority factors would be created that would endanger the smooth working
Commission of the American Bankers' Association and Chair¬
sents the New
The
reserve
Secretary of the
of the Board of the Chase National Bank;
bank against
palli¬
would not
Association, A. Barton Hepburn, Chairman of the Currency
man
section,
bank?'
ate it
The meeting will
in attendance included Col. Farnsworth,
petition for cash holdings between Individual banks added to the competi¬
framers of the measure evidently recognize that danger, and seek to
con¬
sideration of the pending currency bill was the paramount
feature of the week in financial affairs.
489
stops short of providing for full benefits by creating twelve regional
banks.
It is true that these twelve banks
centralized by being placed
ar©
under the control and management of a Federal Reserve Board of seven
members; but the consolidation of reserves, which should be the true aim
In creating a central bank, is
inadequately accomplished by the
of these twelve separate institutions;
*
*
•
The
recognizes
measure
Indeed, if it works out
as
and
adopts the principles of
should
Why should
not
the
owners
principle,
not the law create
of
recognized,
once
pler, less cumbersome, and
cient.
certain in
more
There would then be
no
one section
be
power.
correctly applied?
central bank, which should have branches
one
Such
plan would be sim¬
a
operation, and far
effi¬
more
need to give the Federal Reserve Board
of the country
to loan
money
to another,
for the central
authority would then control all the deposits and all the loans
and they would make loans to those sections
of the country where most
needed.
United
There would then be
States
Treasury
no
need to authorize the
deposits
Those deposits would then be in
one
to
different
central
apportionment of
sections
of
the
country.
bank, and would flow naturally
to that section of the
country that needed them.
As
matters
exists,
to
our
stand
to-day, whenever stringency in the money market
twenty-five thousand banks begin competing with each other
strengthen their cash
gency and
strengthen
reserves.
aggravate the trouble.
their
individual
In doing so,
they intensify the strin¬
The disposition of bank managers to
institution
is
natural
and
drafted the
bate
I
on
never
bill, Representative Glass during the
inevitable.
In
heard of Mr. Stetson until this minute.
with the preparation of the measure.
I do not
Mr; Farwell
It is the work of President Wilson,
In
so
far
as
the
reports
are
concerned regarding the dis¬
satisfaction of Senator Owen anent the bill, tbe particular
features which the newspapers
favorably
were
claimed him
require all national banks to enter the
new
Following the publication of these reports
held
by Senator Owen
statements
tor
appeared
on
reserve
banks,
we
com¬
competition between
not, in the end, have
the
com
viewing
un¬
on
Federal system.
and
a
conference
Wednesday with President Wilson,
Thursday to the effect that the Sena-p
expected to support the Administration bill, but that he
held himself free to recommend such changes as he consid¬
ered advisable.
Later
on
it necessary to issue the
that day,
Chairman Owen found
following announcement definitely
the House and myself, and simultaneously
inevitably be
regional
as
the regional reserve plan and the proposal to
petition
the
know his
Banking and Currency Committee.
indicating his position relative to the bill:
between
even
had jnothing fto do
Secretary McAdoo and myself, working in conjunction with experts re¬
tained by the
viewing the proposed legislation, one of the most natural
questions, then, is
whether the establishment of these
regional reserve banks will remedy or
aggravate that condition;
Will there not
naturally and
twelve sections of the country, and
may
de¬
caucus
Monday said:
business, norj do I know where he lives.
central, dominating
a
wherever there is commercial need for them?
authority to direct
creation
central bank.
the sponsors of the law hope, it will make all in¬
corporated banks, together, joint
Why
a
were brought .into circulation that John V. Farwell
Chicago and Francis Lynde Stetson of New York had
„
The inference of the press that I was opposed to the
pared by the Chairman of the Committee
has no
justification.
I
am
on
bill, which was pre¬
Banking and Currency of
introduced by us in both Houses,
strongly in favor of the bill, have vigorously
490
CHRONICLE
THE
-
defended it in arguments
appearing in three Senate documents and on the
Senate, and hope to see it passed promptly.
I expect to do my
.'utmost to pass it.
•V-*..' •
'
floor of the
.
any
how difficult it has been to make
or even
improve^
suggest very important
meats in it.
•
The bill mobilizes and provides elastic currency under Government.conn
trol and releases hundreds of millions now hoarded as legal reserve or held
as
.current Treasury funds.
It will greatly help to give
stability to
The Senate conference
on
the part of
on
Tuesday is said to have indicated
Senator Luke Lea, extending the
:
Aldrioh-Vreeland Emer¬
gency Currency Act, amplified so as to place a form of spe¬
cial currency within the reach of all national banks.
Chairman Owen is reported to have expressed opposition to this
proposal, insisting that it1 Would commit the Democratic
Party to the Aldrich-Vreeland plan| and would be politi¬
cally objectionable; also because it contemplated the issuance
of notes by the banks—a form of currency which he strongly
opposes.
Senator Owen is reported to have introduced a
bill for the retirement of paper currency and the substitution
of Treasury notes his plan contemplating also the retirement
of silver certificates.
According to the "Journal of Com¬
merce, "the bill "would result in the banks getting par for
their large 2% bond holdings.
In other words, it would en¬
able them to convert their bonds immediately into fluid
resource at dollar for dollar, or, what is the same thing, would
enable them to surrender their bonds and get rid of the lia¬
bility for their bank notes at par." On Wednesday, at the
second meeting of the Democratic members of the Senate
and
Committee,
Currency
a
formal
argument
reserve
Shafroth of Colorado.
this, the "New
an
„
accomplished faeta;
The redemption of the second great promise—the giving to the country
a better currency system—is
just beginning; that is to say, the currency
bill has not yet been presented to> the House. s Having passed the first
stage—that is,, action by the Democratic membership of the House Com¬
mittee on Banking and Currency—whatever differences which exist among:
Democrats
being thrashed out ito the
are
them out.
After
questions for three
ate early to
action,
caucus
we
present a
years,
caucus,
wiU,
solid
the
proper
The author of the argument is George H. Shibley, a local
director of the American Bureau of Political Research.
economist and
Mr. Shibley is
close Wend of Senator Owen, and if, in the end, Mr. Owen
a
should abandon
the regional reserve idea, it is thought he might supplant it by
Mr. Shib-
should be
The Government control of the simpli¬
on
important'
front and send the bill to the Sen¬
September.
Abundant opportunity for debate and amendment will be offered.
body has
disposition to* railroad it through either the Senate
any
No¬
the-
or
House.'
.1
Originally, Democrats
divided to opposition as to whether
were
rency question should be disposed of at this session
toe
cur¬
oir should be postponed
till the regular session; but President Wilson, in the exercise of his Consti¬
tutional function, delivered his currency message, urging action, since
which
event the public expects currency legislation at this session, and business
of all sorts and sizes, miners, merchants, manufacturers and bankers,
men
desire
that
bill shall be passed, thereby ending the uncertainty of the*
a
situation.
A person does toot have to rate
that it is
a
toe
Glass-Owen bill
perfect to believe-
as
great improvement on the present patchwork system.
What will be counted
among the good features of the bill by
as
such
great constituencies as I represent is the fact that it makes provision in the
savings department for loans
on
improved farming lands,
brand-new thing
a
for national banks; another is the fact that it will tend to keep the people's
money
in the places where it is owned and not concentrate
so
much of it to
place; still another feature which rural folks will endorse is that it pro¬
one
hibits the loaning of the bank deposits for purposes of speculation in stocks
and bonds; but
,
the best feature of it is the Governmental control of the
na¬
tional banking system.
toe
It is objected that it confers too much power on
Federal Reserve-
Board, but power must be lodged somewhere, in somebody, and it is better
lodge it in
Government board than in private hands.
a
A President's fame will depend largely upon
the justice, wisdom
patriotism with which the Federal Reserve Board
uses
as any
the good of the
Cqggsseimtly,
its great
powers
and
and
President desire*
people and the whole peofMfand is jealous of his own famer
ability, character and patriotism on the Federal
he will appoint only men of
Reserve Board, and then keep close watch on them, to the end that
people may be treated impartially and that
It is
ley's suggestion, set forth in the prepared memorial, that the elastic cur¬
rency on security, such as is provided in the Owen-Glass bill,
place to thrash
have done
as we
discharges its important duties.
York Times" contains the following:
issued direetly by the Treasury.
can a political party deserve) to retain power,
:
first, great promise—to revise the tariff downward—is toOW practi¬
The
system was read by Senator
In its account of
A|
political conduct, and that is,
only,
way
to
against the regional
'
'•
*"
• «-•
the polls, to redeem every promise authorita¬
tively made in order to achieve the victory.
In that way, and ito that way
only, can a political party hope to retain power. ' In that way, afid In that
,
Banking
1
after winning a victory at
of
some
That was next in Importance to the prom¬
reform.
currency
There is only one safe and honest rule of
•
national industry and finances
our
of the members of the Com¬
mittee toward the enactment of a bill similar to that of
leaning
a
protoise Of
ise 'of tariff revision downward.
cally
and to inaugurate a new era of prosperity.
10VII.
Among the multitudinous promises inade in the Baltimore platform was:
the
It would be stupid to say that
it would be impossible to Improve it to
particular, but the long debate in the House by very able men shows
ffOL,
thing incredible that
a
any
our
prospertiy
President will
be
ever
may
so
ail the
increase.
base or regard
his
own name so lightly as to abuse the stupendous trust commended to
his keeping by the Glass-Owen currency bill.
fied system, according to this idea, would arise from the Government fix¬
ing the re-discoiitot rate and its limitation of the amount of the issue.
other suggestions were made.
'*
Many
Mr. Shafroth proposed that all outstanding
except silver certificates, might be withdrawn and replaced
by Treasury notes with a 50% gold reserve.
But Mr. Shafroth had no
paper .money,
plan ready whereby the gold reserve could be collected.
His exception
as a survival of the "Colorado
The
opinion of
ers' Association
a
committee of Group V of the Ohio Bank¬
on
the pending banking and currency bill is
concisely submitted in
the 1st inst.
of
pamphlet report issued under date-
a
The committeenamed at
a
in favor of silver certificates was regarded
idea."
Senator Reed of Missouri also suggested a plan for the is¬
the group
G.
held at Columbus
Deshler,
on
meeting of
July 23, consisted of John
the executive committee of the
member of
suance
of Treasury notes direct to the banks, but, according
Hayden-Clinton National Bank of Columbus; L. F. Kiese-
to the
"Times," neither Senators Shafroth
wetter, Vice-President and Cashier of the
solve the
question
to where
as
gold
a
nor
reserve
Reed could
for that issue
House
proceedings of the Democrats of the
caucus
the 19th, Representative Eagle, one of the "in¬
on
surgents," introduced his
the Administration bill.
vides for the issuance of
to be
bill
currency
as
substitute for
$500,000,000 of United States notes
deposited with national banking associations under
tain stipulations.
"radicals,"
on
Representative Henry, another of the
notes or bills secured
cultural products.
issued
on
the
reserve
banks to re-discount
by warehouse receipts
agri¬
Statements for and against the bill
were
or
17th by Representative Henry and Champ
Clark, Speaker of the House.
are
making slow progress
the currency bill.
bill—an asset
The-Bal¬
currency meas¬
Friday Mr. Underwood freely admitted that this bill undeniably
Practically every Democratic Representative
provides for asset currency.
now
freely admits that Underwood correctly interprets It.
And most assuredly, such being the
are
While
we
"
case', the Democratic Representatives
hesitant about embracing it as now written.
we
believe there Is need of currency
recognize that
in Congress
views of
The voters recently
re¬
com¬
assembled to meet such
recognize that
the present
as
a
soon,
and while
on
a
need, we
urge
them tofobtaln the
the subject to the fullest extent possible,
such legislation not alone affects the banks themselves, but
as
individual, firm
every
legislation
earnest effort is being made by our Representative*
practical, bankers
inasmuch
more
an
a
We
corporation in the business community.
or
beginning must be made somewhere, but we believe that
bill Is not satisfactory in many respects.
We look upon It
a foundation upon which to build, something to be
beginning,
changed from time to time
as
our
experience and the conditions in this
We therefore do not believe that too radical a
country may warrant.
departure should be made from existing conditions
for, fear that the ad¬
justment on the part of banks and business generally could toot be made
rapidly
as
as
provided In the bill without working great damage to
our
whole commercial structure.-
While the committee indicates both the features which it
favors and those which meet with its
■
on
In presenting its views, the
mittee states that:
In his utterances against the
timore platform declared against the Aldrich
On
liens
on
bill, Representative Henry said:
Naturally we
cer¬
the 20th inst. introduced his amendment to
specifically authorize the federal
ure.
a
Representative Eagle's measure pro¬
Ohio National Bank
Columbus, and W. W. Gard, Cashier of the Park National
Bank of Newark, Ohio.
could be produced.
During the
of
axe so
briefly set out
as
The committee expresses
creation of
a
opposition, its view*
to come within an eight-page compass.
itself
as
strongly opposed to the
Federal Reserve Board consisting entirely of
Presidential appointees, and is as strongly opposed to a Fed¬
eral
Reserve Board
to
be composed
entirely of bankers.
It believes that the Secretary of the Treasury,
the Secretary
pudiated the Aldrich asset currency bill, and have not yet passed upon this
one.
They have not reversed the commands of the Baltimore platform
of
and Instructed the Representatives to fasten this huge asset system upon
the country, and that, too, with an utter disregard for the rights of the
be members of the board, but that all the other member®
farmers and wage earners
should be
in
every
State in this Union.
In 1908 the Democrats in the Senate and House, upon the passage of
the Aldrich-Vreeland bill, voted against it because it carried
plan for
insisting that if this country must
permanently to the doctrine of asset currency, it should be fair to the
asset currency.
go
Many of
a
us are now
farmer and allow him to have money based upon
terms
his assets, upon the same
through which it is accorded to the banker and commercialist.
The farmer and wage earners should not :be. overlooked and will not be
if they will wake up
and demand, their rights.
The farmers*
rights should
be protected in such plain and unequivocal language in this bill that he who
runs
may read and a
wayfaring
man,
though
a
fool,
may toot err
therein.
The time for the farmer and wage earner to get beneficial monetary legis¬
lation is concurrently with the pressure and passage of such laws at the In¬
stance of toe banker and roriunerciatot.
*
'
Speaker Clark gainsays the foUowing in behalfof the bill:
Agriculture and the Comptroller of the Currency should
selected, not by
any one
holding any political of¬
fice, but in some equitable manner
so as
to represent the
varied business and labor interests of the country.
The
com¬
mittee is also opposed to the issuing of emergency notes a®
a
Government function instead of by the banks
and to the
requirement that one Federal reserve bank shall re-discount
paper of any other such bank; in expressing its opposition to
still Another provision^ that of including for re-discount pur*
notes or bills secured by the issues of any State, eounty
municipality, the Committee says:
l v
poses
or
^
We are trying to get away from a bond-secured currency.
national bank notes are
Our present
secured by United States Government bonds,wh*ch
Avg. 23
491
CHRONICLE
THE
1013.]
%
have
a
amount of issues not easily salable
balance maintained
incident to such deposit. That is to say all extransportation charges, premium on custodian's bond, tele¬
graph and telephone tolls and any other expenses growing out of or incident
decidedly lead to
an
inflation in
in
While
endorsed
Administration
general the
the bankers,
bill
was
Bellingham
the 7th, 8th and 9th,
on
their
-
requiring country banks to
vaults; the
own
Baltimore, it is
carry
in lawful
or
money
down.
on
the Senate
on
Bristow to abolish immediately
A proposal of Senator
the Dutch standard color test for sugar was
refusal
ever.
any
pay
interest
funds deposited by banks.
on
In their resolutions the bankers say "we oppose emphati¬
abolished
of next March, as
in the hands of
politicians."
The recommendations of the
endorsed, and Congress
were
bill
to
so as
was
urged to amend the
Bankers'
also
were
the
the bill, the Democrats defeated the
a compromise duty on sugar, the
against free
and the
sugar
Gallinger
maple-sugar.
Senator Bristow's
would have established a gradual reduction in
amendment
against free
amendment
duty from the present tariff of $1 90 per 100 pounds until in
by the American
adopted at
amendment
Norris
provide arrangements for the payment of interest
Association
law, instead
a
Bristow amendment for
currency
deposits similar to those proposed with regard to
Government deposits.
Resolutions disapproving the crea¬
tion of National and State bank sections
the tariff bill becomes
provided before the adoption of the amend¬
Louisiana supporting
bank
on
as
soon
as
With all but Senators Ransdell and Thornton of
ment.
Monetary Commission of the American Bankers' Association
adopted, how¬
Under this amendment the Dutch standard will be
cally taking control from
the stockholders and placing it
adopted
were
the 19th inst., all amend¬
the schedules affecting duties having been voted
to
ments
all
of 2% interest
payment
provisions of the tariff bill
The free-sugar
without change by
full 15%
Government funds deposited in regional banks and also the
to
on
following features of the bill:
with the regional reserve banks
reserve
in
made
was
and $2,000,000,
stated, will receive between $1,000,000
providing for the political control of the financial system
of this country;
received $750,000.
The latter three each
according to the 1 Seattle "Post-Intelligencer"
voiced their disapproval of the
funds
crop
Thursday in reserve cities in the Southern States, among
which were Baltimore, Richmond, Atlanta and Memphis.
Bankers^ Association at its
the Washington
by
annual convention in
currency
distribution of the
first
The
..
,
deposit.
to such
the present time unsalable even to bond dealers.
♦
or
pressage
class of issues many of which are at
a
such expenses as are
pay
would be pledged, our monetary system
It would
would be weakened and become much more rigid than it Is now.
:
bank will be required to pay 2% interest on the average
during the period of the deposit, and must in addition
The depositary
If we
tremendous
ready market, and which we all consider absolutely safe.
include the bonds of all the municipalities in this country, a
six years
meeting,
the tariff would have been $1 27
Under the
while the proposed one cent postage rate for letters is favored.
Cuban treaty
this would have established
W.
Cuban sugar,
which constitutes the bulk of the imports into
H.
Martin,
Vice-President
of
the
Pioneer
National
a
97-cent tariff
Bank of Ritzville has been elected President of the Associa¬
the United States.
tion.
amendment, but when finally forced to a vote it
P.
C.
Kauffman,
a
director of the Fidelity Trust
Association.
'
.
•
■
The arrangements under which Secretary of the Treasury
deposits intended to facilitate
marketing of the
issued
crops were
the, movement
announced in
by the Treasury Department
Government's purpose to distribute the
made known
on
Aug. 2.
1916
was
The details
as
ment of crops,
deposits
so common at
this
are
year,
incident to the
May 1 1916
on
bill
advances
and
cane
rejected by
was
second
to
The
flax
schedule
the Senate Finance Committee
and that the funds received by the banks will be used in good
not intended that such funds shall be utilized
Senator Norris's motion
provision putting all
raw sugar
viva
a
come
voce
again
up
reading in the Senate.,
the 16th inst.
on
It is
of the cotton schedule
likewise
was
The duty of one-tenth of 1%
pleted.
move¬
faith for this purpose and not for speculative or other transactions.
the
the
reported that this proposal will
approved.
made to prevent or mitigate the
period of the
Senator
Gallinger to strike out the
of this week, and the greater part
.
least 40% of the amount authorized by law.
It is understood that such
It is
when
outstanding circulation at the time of deposit equal to at
financial tension
and
Besides the sugar schedule, the silk schedule was disposed
Deposits will be made only in national banks located in such of the prin¬
as the Secretary may designate.
Such banks
an
the free list
vote.
made public this week state in part:
cipal cities of the several States
must have
strike out
on
The
additional funds
Republicans,
lost by a vote of 37 to 35.
was
to
July 31, and referred to in this department
on
defeated,
provision to make maple-sugar and glucose free of duty in
and
the 18th inst.
on
Lippitt,
and
A motion of Senator
39 to 38.
lengthy circular
a
was
Poindexter, Progressive, the vote probably would have been
McAdoo will distribute the $25,000,000 to $50,000,000 Gov¬
ernment
Sterling
Works,
;
V
A hard fight was made for the Bristow
It is stated that but for the absence of Senators
39 to 34.
Company of Tacoma, has been re-elected Secretary of the
on
and Thornton
by
a
on
almost
was
com¬
bananas fixed by
approved by the Senate
was
vote of 31 to 28, Senators Ransdell
voting with the Republicans against the tax.
by the depositaries selected
*
to
discharge their obligations to other banks, such
as
re-discounts
or
„
bills
•
payable, but in order that the legitimate purpose of the deposit may be
accomplished, the banks receiving same will he expected to extend the banks
in smaller towns such accommodations
as
may
be consistent with sound and
conservative principles of banking, and that in
ail
cases
the rate of interest
charged such banks will be moderate and reasonable.
In other words, since it is
in
selected
furnishing funds
expected to act
as
mediums of distribution
to the localities in need of them for the purpose stated,
of transporting and
As
are
marketing the
an
allotment must de¬
posit with the Treasurer of the United States bonds of the United States
Government, of
of deposit.
(1)
any
issue, equal in amount to at least 10% of the amount
or
other bonds which have been
proved by the Secretary, and which, when
as
so
ap¬
approved, will be accepted
security at 75 % of their market value.
(2)
and
By prime commercial
which, when
so
or
business paper approved by the Secretary
approved, will be accepted at 65% of its face value.
All such paper must bear the endorsement of the bank
The term
sense, and
firms
or
commercial
paper
offering it.
is here used in its general
,
not technical,
may consist of first-class business paper executed by individuals,
corporations of good standing
and
responsibility for legitimate
business purposes and not for
speculative transactions.
bly bear the
addition to
names
of not less than two
It should prefera¬
persons, firms or
corporations in
tjie endorsement of banks submitting it, though the Secretary
single-name paper endorsed by the bank if the standing of the
maker is regarded as sufficient.
which
No commercial
or
pointed for that
business paper will be approved
by the Secretary until
and recommended by a committee ap¬
to consist of six members, five of whom shall be
selected by and be members of the
clearing-house association of the city
in which the bank applying for the
deposit is located, the sixth to be desig¬
nated by the Secretary.
In those cities where there is a Sub-Treasury
of the United States, the Assistant;
Treasurer shall be 'ex-officio a member
in addition to the other six members.
This committee shall for conveni¬
ence
as
the securities committee.
The circular also states that "the
Lloyd Bryce, the Secretary of Legation, James G. Bailey,
the
of New
American
technical
York.
cases, except where in the judgment of the
Secretary, special
conditions justify a variation of this
rule, be made in two.
installments of 50% each of the amount allotted. ' In the
Southern States it is proposed to make a
deposit of 50% of
the
allotment
in
August and 50% in September."
interest to be paid on the funds is to be
2%, as also all
according- to the following paragraph
the birctilar:
- '*'
penses,
delegate, Charlps A.
The
ex¬
taken from
Conant
1
•
,
„
The Conference
adopted
uniform law
a
promissory notes, which
was
on
bills of exchange
approved by the leading
Continental Powers and many of those of Latin America.
The protocol was not signed by the British and American
delegates,
because there
were
certain differences
Amglo-American and Continental law which it
impossible to reconcile.
between
was
found
It is stated in the report that it
does not follow, from the refusal of the British and American
delegates to sign the protocol, that they
adoption by the signatory States
ferent to the effects of the
were
opposed to its
that they
or
were
proposed uniform law
tries.
It is declared that the
for bills of
mere
indif¬
upon
banking and commercial operations of their respective
the
coun¬
adoption of uniform rules
exchange in Continental Europe, Latin America
and
elsewhere will contribute greatly to the simplicity and
certainty of banking and commercial operations, and that
many
of the provisions of the uniform law make long strides
toward
that
policy of liberality and flexibility which dis¬
tinguishes the Anglo-American laws
deposit of funds will in all
The report is
signed by the American Minister at The Hague, the Hon.
purpose,
be referred to
embodied
are
the Conference at The Hague
on
International Bills of Exchange.
on
may accept
it has been unanimously
approved
questions
has been submitted by Secretary of
Bryan to Congress
in 1912
and
The remaining 90% may be secured:
By high-class State, municipal
tions between nations in commercial
and
crops.
security for such deposits, the banks receiving
important steps for bringing about closer rela¬
in the report
State
.
impracticable under existing conditions for the
Government to extend these deposits to the various smaller towns and cities,
the depositories
Several
on
from those of certain other countries.
adopted also looking towards
was
law
on
checks, but these
be considered at
a
be held next year.
One of the most
adoption of
States
may
a
were
uniform international
a
not put
into final form and will
future conference,
^ "/»>«;) '
•.
bills of exchange
A set of resolutions
which will probably
v
'.
striking acts of the Conference
..v*
was
,
the
resolution requesting the governments of the
"to examine the question whether it
represented
be possible to establish
a
general court for the uniform
law in the matter of bills of exchange."
This resolution was
adopted without dissenting votes, except that the delegates
United States and several other countries declared
of the
that, while they
in sympathy with its object, it did not
were
fall within the scope
in the debate
to enforce
this resolution that
on
It
of their instructions.
international court
an
uniformity and avoid conflicts in regard to bills
of exchange and other commercial matters
lished
admitted
was
could be estab¬
bodies
similar purposes
for
cited in the
was
debates and a strong hope, expressed that the end might
ultimately be attained.
,
they receive
no
as
previously derived from the same traffic when
express
and freight.
without pay, and it is especially un¬
No code of business requires service
States Government to require the railroads or
reasonable for the United
other interest to
any
Not only will
railroads for transporting it.
compensation for this increased business, but they will suf¬
fer the actual loss of earnings
carried
xcvii.
this business, but no provision
The Government will collect postage on
has yet been made to pay the
it without remuneration.
serve
Congress is in session and can immediately remedy this question in ac¬
cordance
with
suggestions made by the Committee on
Railway Pay in
letter to you July 30, which we endorse and urge upon your
only after long deliberation, but the case of other
international
[Vol.
CHRONICLE
THE
493
With regard to the differences
the
Office
Post
Western
R.
Burleson
between
pay
Department and the Toledo St. Louis &
R., it
announced by Postmaster-General
was
the 21st inst. that
on
consideration.
respecting mail
as
result of
a
conference
a
——•
between
A jury in the United States District Court at
San Francisco
*
found
,
Maury I. Diggs guilty
on
the 20th inst. of violating the
Mann White-Slave Act of California.
of orders from
It
the receipt
was
Attorney-General McReynolds to postpone
Caminetti, who was accused of
the trial of Diggs and Drew
the
offense, which brought about the resignation in
same
June of John L. McNab, United States
at San
Francisco,
Diggs trial
the
a
August
on
There
jury found
were
5
been
verdict of guilty
District
dismissed
was
from
the
The Caminetti trial
Special
Harrington,
Clayton
San Francisco,
Federal service on July 1.
Mr.
at
Herrington had been suspended June 25 without
Bureau (of
Sen¬
the first four.
on
2.
Department of Justice
the
the jury
reached
and
Following the resignation of
26.
McNab,
Attorney
of
Agent
for Aug.
set
The
pay
a
telegram to President Wilson appealing for
the removal of Attorney-General McReynolds
because of the
circumstances connected with the resignation of
Banjamin L. McKinley, who
on
pending the appointment of Mr. McNab's
signed
July 2.
on
Mr. McNab.
successor,
Hayden of San Francisco, who had been appointed by Attor¬
ernment in the
No
associate counsel for the Gov¬
Diggs-Caminetti trials, occurred
to Mr.
successor
as
Hayden
was
on
appointed, the
tinue mail
Mr.
calling
McNab,
July 22.
being
upon
the Attorney-
General for certain documents in the case, was ordered to lie
the table
on
on
the 1st inst.
*
A
sept to Postmaster General Burleson by the
of the establishment and recent extension
Th6 telegram was sent as
of the parcel post
the result of investiga¬
appointed by the railroads
.and bore the signatures of officials of the following roads;
tions conducted by a committee
Topeka & Santa Fe; Missouri Pacific-Iron
Kansas
Texas; Chicago Milwaukee & St. Paul; St. Louis & South¬
Atchison
Mountain; Chicago Burlington & Quincy; Missouri
&
western;
Chicago Rock Island & Pacific; Union
Pacific;
Wabash; Illinois Central; Chicago & North Western; Chicago
Great Western;
The petition reads as follows:
undersigned
are
It is
re¬
at the recent conference that
readjust the rates of
as soon as
possible.
■
,
_
The
confirmed
Senate
July
on
nomination
the
28
Charles S. Hamlin of Massachusetts
of the U.
who retired
Aug.
on
Mr. Hamlin served
1.
of
Assistant Secretary
as
S. Treasury, succeeding James Freeman
as
Curtis,
Assistant
Secretary of the Treasury during the second term of Grover
Cleveland.
Charles F. Marvin
to Willis L. Moore
Moore
was
nominated
July 29
on
as successor
Prof.
Chief of the Weather Bureau.
as
dismissed
was
office
from
by President Wilson
on
Prof. Marvin has been Chief of the instruments
April 16.
division of the Weather Bureau for more than twenty years.
♦
Royal Meeker of New Jersey
Wilson
the 22d ult. to
on
was
nominated by President
Commissioner of Labor Sta¬
be
tistics, succeeding Charles P. Neill, who resigned in May to
enter the service of the American
Smelting & Refining Co.
Mr. Meeker is Professor of Political Economy
University.
in Princeton
'
.
Secretary of State Bryan denied
on
the 18th inst. that he
intended to abandon his lecture tours, as has currently been
reported.
Mr. Bryan
says:
There has not been the slightest change in my plans and I have no
of abandoning
the
that I gave.
reasons
to take
vacation, just
a
thought
I expect to lecture just as I said I Would and for
lecturing.
only
reason
<
as
I take it for granted that I will have a chance
other officials have, and during my vacation I
prompted
why my lecture dates have been canceled during the last
three weeks is because I have felt that I should remain here,
work that the Department has at
so
In
hand.
much of it
as
I may find necessary for lecturing.
earlier statement, given out by him on
an
owing to the
But these conditions will not con¬
When the time comes for me to take my vacation I shall
tinue always.
utilize
the
16th
inst., Mr. Bryan entered into an explanation as to the neces¬
sity for his supplementing his
official income through the
point being as fol¬
medium of lectures, his remarks on this
lows:
When I announced
come
as
well
was necessary
I needed, the
question was at once asked: "Why is Mr. Bryan unable to
'
occurred to any one who was tempted to ask the ques¬
tion that the question
is not whether a Cabinet officer could live on $12,000
if he had nothing to consider except the expenses attendant upon hy¬
year
ing in Washington, but
to his other expenses
whether he could add the expense of official life
and meet them all out of his salary.
Every man who has reached a
position where he is likely to be appointed
be suspended when he
high office has assumed obligations which cannot
My obligations to church, charity, education and for my
office.
enters
year,
be discontinued.
and these, though the largest,
than half the
I
the most natural,
salary of $12,000 a year?"
It ought to have
to a
to supplement my official in¬
entirely legitimate, means of earning what additional income
as an
live upon a
a
that it
and that I would turn to the lecture platform as
insurance cannot
respectfully to ask you to consider
whether the United States Government is really dealing fairly with the
railroads of the country as to the matter of pay in connection with the
introduction and extension of parcel post service.
The testimony of the Post Office Department before the Senate Com¬
mittee July 25 showed that the first three months' business of the Depart¬
ment, after the installation of the parcel post, had a gross increase in postal
revenue of 14.54%, of which at least 9.16% was attributed to the new parcel
The
October 1st discon¬
♦
St. Louis & San Francisco; Denver & Rio
Grande; Texas & Pacific; Chicago & Eastern Illinois, and
Chicago & Alton.
disputants
unprofitable service.
an
the Department should undertake to
The
officials of
seventeen Western roads on the 16th inst.
The additional
^enumeration is asked for because of the extraordinary
demands which the roads are required to meet by reason
the
issue of Aug. 9,
expect to lecture as my needs may require.
telegram
service.
as
compensation for parcel post matter
•
petitioning the Government for increased
compensation for the handling of the mails by the railroads
was
carrying,
two
our
As indicated in
ported to have been agreed
sentative Kahn in the House of Representatives following the
of
the
between
trouble
the road had given notice that it would on
case
prosecuted by Messrs. Sullivan and Roche, the Govern¬
ment's principal counsel. A resolution, introduced by Repre¬
resignation
further
compensation.
that there
re¬
Another resignation—-that of Thomas E.
ney-General McReynolds
no
the
June 26 had been delegated
Acting United States District Attorney at San Francisco
as
would be
by the
Investigation of the Department of Justice after
he had sent
Ross of the railroad, it was expected
over
and
Stuart
Postmaster-General
Assistant
President
counts in the indictment and
six
tence will be pronounced on Sept.
has
District Attorney
reported in these columns June 28.
opened
the 20th.
on
as
Second
have
They amount to
more
but by no
all, will absorb more
salary -tfhich I receive ...
means
than $6,800
a
•
planned to forego for the next four years any additions tQ my
accumulations, and I don't regard it as a sacrifice to do so.
I
to
so
much appreciate the opportunity that the President has given me
join him in the service that he is rendering to the country that I would
gladly hold the position which I now occupy, even if to do so it were neces¬
sary to use a
part of the money laid aside as a protection against old age.
«—.—
post business.
On the basis of this statement,
less than $11,266,800 in revenue
the Government must have collected not
from the parcel post for the first six months'
It is announced that plans
have been perfected for the
compilation of the report of the Federal Commission
.
beginning Jan. 1.
As this was before any arrangement had been made to
taking care of this new feature of the postal
reimburse the railroads for
service, not one dollar of this big return was
paid to any of them for trans¬
porting the entire business referred to.
To remunerate the transportation companies for the additional parcel
post business transported,
gross
Congress provided, beginning July 1, a 5%
based upon rates, zones and weight-
increase in their mail pay,
limit in
the
original Act,
although the additional business
amounted to at least 946%,
transported
according to the testimony of the Post Office*
Washington with the Senate Committee
merce;
the American Commission
on
on
Inter-State Com¬
Agricultural Co-opera¬
tion, which has co-operated with the Federal Commission in
investigation into European methods, has also established
Department, or nearly double that provided ih the allowance.
its
tension of the parcel post to
itself in Washington, and will compile a report on the
The ex¬
be inaugurated Aug. 15, when the weight limit
is to be raised from 11 to 20 pounds, and
result in a, vast enlargement of business.
mileage increased, is certain to
on
Co-operative Finance and Agricultural Co¬
operative Associations, following the completion of its labors
abroad.
The organization has established headquarters in
Agricultural
net
to be submitted to the governors of
sub¬
thirty-six States
AUG. 23
and the
four Canadian provinces which were
premiers of
the American Commission. The
members of the American Commission recently returned
represented by delegates
three
a
rom
Europe
rom
months
they visited Italy, Hungary, Austria,
toured
also
Belgium,
Holland,
Norway,
Sweden,
A complete report
Scotland.
Commission
the
Ireland and Wales.
Sub¬
Russia, Denmark, Switzerland,
England,
Germany,
committees
having arrived home
In their quest for information on
July 26.
on
rural credit systems,
France,
on
trip abroad,
before
Commission's return,
the
Spain
the
of
Since the
year.
ion
organizations, in which he
governors'
says:
by prosecuting attorneys in the State.
The Commission
is
deeply
America without serious consequences.
may not
In this respect the
The agricultural interests of most
of the European countries visited by the Commission are organized
Credit, production,distribution and
of the following lines:
more
or
one
life.
social organization for the betterment of country
'
It is the opinion
of
along
.
...
.
...
of the leaders of this movement in Europe that
many
question of rural credit ought not to be divorced from co-operation for
the
and the general organization of community life in rural
business purposes
In
districts.
generally
some
countries visited, agriculture and country life interests
The studies of the
thoroughly organized and co-ordinated.
are
Commission emphasize the necessity of defining the functions, on the one
In some of these countries
great emphasis is placed upon the value of voluntary associations and such
State aid as involves governmental control over the activities of rural
organizations is deprecated
tending to stifle the initiative of the people.
as
Rural conditions, environment and temperament in Europe differ widely
in
America,
and temperament in
F. W.
follows:
as
♦
the
time,
same
co-operative
effort
among
value in developing methods suited to the
States and provinces.
be of great
should
gathered
the
facts
needs of the farmers in the several sections.
American Commission, with a membership in thirty-six
To this end, the
States and in four provinces
farmers and
moting
of
a
and
invites
aid and co-operation
the
all agricultural organizations and persons
prosperous
more
of
concerned in pro¬
The
same
of
The Commission has selected
report regarding the investigation.
•
general plans for the business program of the annual
outlined
are
follows in the August "Journal" of the Asso-
as
' ^
Executive council 2
Monday, Oct. 6., a. m.—Committee meetings.
Law, providing that the
substantial addition to the prior existing
insisting that this law was not a
Missouri, had not heretofore taken any authoritative action in
statutes of
This condition has been changed by the Attorney-
reference to the subject.
General
giving
written official opinion holding that the prima facie
the Anti-Trust Law is illegal and void.
This opinion
a
evidence section of
chief law officer of the State of Missouri, in the
law of the
being rendered by the
absence of
judicial determination to the contrary, represents the
opinion of your counsel, the conclusion that the statute
State, and, in the
safely be acted upon.
is void may
In addition to the foregoing,
the Attorney-General has also entered into
stipulations for the dismissal of all pending suits, which stipulations are
sufficient to enable your counsel to secure not only the dismissal of the
pending suits against the companies resuming business in Missouri, but on
condition that 75% of the companies resume business in Missouri the suits
all of them.
be dismissed as to
can
In
our
to
the conditions in Missouri have, in the above and
judgment,
other respects,
materially changed so as to make that State a safe one in
this view has had consideration from a large number
New York and
operate;
and managers of insurance companies, both in
of their concurrence in this view
Chicago, and we are able to advise you
of the subject.'
to do
•
expected that resumption of business by such companies as desire
It is
so
notified your agents to resume
you
that as soon as you shall have
writing insurance in the State of Missouri,
statement on the form herein in¬
shall forward to us at once a written
that you have resumed business.
closed, expressing the fact
If it is your
determination not to resume fire insurance business in the
pleas advise us at once of that fact.
State of Missouri,
Attorney-General's opinion respecting the constitu¬
The
*
'
.
Mr. David Ramsey,
*
:
.
New York:
.
Dear Sir .—Replying to your request
company
.
for
to addresses of
and
an
Hall,
Symphony
Addresses of welcome, President's address, and Response
9:30 o'clock a.m.
welcome.
Annual reports of the officers of the Association,
o'clock
Two
address.
p.
m.:
Address,
Commission and Report of the Committee on
Report of the Currency
Constitutional Revision.
Thursday, Oct. 9.—Convention called to order 9:30 o'clock a. nr.
Sym¬
posium of theJAssociation's Committee on Agricultural and Financial Devel¬
of the
by James J. Hill, President Vincent of the Uni¬
opment and Education, presided over by Joseph Chapman, Chairman
Addresses
Committee.
Debates and questions, and action on,
versity of Minnesota, and others.
report.
an
opinion as to the right of your
Prior to 1911 the insurance
Missouri.
to do business under the present laws:
Addresses, reports of committees, new busi¬
business,
unfinished
and
resolutions,
the right
him
the
to direct that they be raised
Law, which repealed the Act of 1911 and reinstated the Anti-
"Orr"
Trust
Laws
section
enacted
and
makes it
company
It is
a
new
pointed out that there
to be no entertainment
are
during the business sessions except for the ladies;
the week and the entire day of Friday,
evening during
Oct. 10.
This last
to or take
surance
anything from the Anti-Trust Laws, and is of no benefit to the
State, because prima facie evidence is simply evidence on
could be had upon
first appearance
conviction
such evidence alone.
The title of this Act did not in any way refer to the
serves
as
a
"sign board," I
companies which ceased writing business in the State
am
April 30
was
witnessed last week
the
as
my
companies and the State made at
10313A, makes it prima facie evidence of a conspiracy
companies to use the same rate book or write insurance at the same rat
the
State,
it is
my
between
the 7th inst.
a
conference in Jefferson
State
Under the agreement entered into
Attorney-General John T. Barker and the
attorneys for the companies, the former has consented to
dismiss
the
companies
suits
on
instituted
by him in April against the
condition that 75% of them
Attorney-General has also submitted
resume
a
It is my opinion that
the
to the effect that Section 10313a of the Orr
the 1913 session of the
the insurance
war,
the
use
writing of insurance at the
ies is not of itself
a
of the
question.
same
rate
He also holds
book and
the same rate book or write insurance at the same rate
by two
violation of the law, such violation only
rate. He furthermore makes known his intention to direct
dismissal of any proceedings brought contrary to this opin¬
guilty of a violation
but the only way insurance
violate this law is to conspire together with each other to
companies can
with each other,
same
conspiracy or agreement
they do not violate the law by writing insurance at
the
rate.
This has been my
position since this law was enacted, and if any prose¬
cuting attorney throughout the State brings a
suit against the insurance
companies contrary to this opinion, I will direct a
I have the authority to do under the laws
dismissal of such suit, as
of this State.
transact business in Mis¬
they transacted it for many years prior
Any insurance company desiring to can safely
souri to-day in the same manner as
to
1911, and in the same way as they transact
anti-trust laws similar
As I have
the
or more coinpan-
this State
is not of itself a
that they have entered into an agreement or con¬
charge the same rate, and in the absence of such a
will be brought for past
any company
offenses.
desiring to return to Missour
faith may do so with perfect
against them, and no other prosecutions
»
Trusting that your inquiry has been fully
very
business in States having
to Missouri.
repeatedly said,
safety, and I will dismiss any suit
resulting where the companies conspire together to charge the
State.
fact that insurance companies in
and continue writing fire insurance in good
same rate
and may use the same rate
themselves so to do, and may
violation of the law, but before these companies are
Legislature, and which precipitated
is unconstitutional, since the enacting
clause fails to refer to the section in
the belief that
Law, enacted at
this
mere
insurance companies may
that
spiracy with each other to charge the same rate;
business.
written opinion
opinion
book in the absence of an agreement among
of the law it must appear
on
desired,
the same while I am Attorney-General.
write insurance on property at the same rate
use
title, and it is
opinion that this section cannot be used by the State, even if
and it is not my intention to use
result of the
adjustment of the differences between representatives of the
of the opinion that this section, 10313A, is
invalid, because the Legislature failed to mention in it the
While this section,
by the foreign in¬
Section 10313A, and
in the title that this last section was added, and, as
Court of Missouri has repeatedly held that the title of an Act
maintain actuarial bureaus in
a
declaratory
add anything
and is not sufficient to warrant the bringing of a suit, and no
throughout
same
Section 10313A, which
of the Anti-Trust Laws and of the common law, and does not
for
The resumption of business in Missouri
to
as
book, paper or card.
section, 10313A, while it makes It prima facie evidence of a
conspiracy to use the same rate book or the same rate, is simply
.
'
♦
p
f
The
section, known
prima facie evidence of a conspiracy for any insurance
to use the same insurance rate, rate
there was no suggestion
entertainment has been arranged for every
City
This law was
lowered.
or
1913 the Legislature passed what was known as
and in
enforced,
never
the Supreme
features
on
in any
repeal the Anti-Trust Laws, but simply compelled insurance companies
file a schedule of rates with the Insurance Commissioner and then gave
to
of, the Committee on
report
Nominations, installation of officers.
■
of the Legislature a law was passed which did not
,
Afternoon session, 2 o'clock:
ness
.
.
sense
of the Association at
8.—Sessions
in the
legislation is conveyed
disputed
of' the
following:
p. m.
Tuesday, Oct. 7.—At the Copley-Plaza, a. m. and p. m., sessions Trust
Oct.
For the purpose of
12 1913.
will take place on or about Aug.
effecting the dismissal of such, we request
At that session
Company, Savings Bank, Clearing-House and State Secretaries' Sections.
Wednesday,
use of the
companies were under the provisions of the Anti-Trust Laws in
which is headquarters.
All at the Copley-Plaza Hotel,
safely
(
the enactment
by two or more
'
ciation:'
may
,
was
companies should be deemed prima facie evidence
violation of the law.
The authorities of the State, while heretofore
rate
tionality
convention in October of the American Bankers' Association
result of extended
the companies
business in Missouri
.
—•—*
The
a
in our judgment,
for discontinuance of
10313A of the Anti-Trust
of Section
as a
fire insurance in that State.
the business of
reason
- •
of these cases has been arranged with the State
which,
under
Missouri
of
which will devote their entire time to drafting the final
two committees
v.
pleasure in advising you that,
negotiation, a settlement
and contented rural life as the enduring basis
social and civil welfare.
material,
our
of Canada, has affected an organization, with
Washington,
in
headquarters
representing them in the dispute.
,
of officials
At
an¬
"
;
Dear Sirs.—We take
which
farmers of America might well be more generally employed and the
was
companies
bearing date Aug. 7, and signed by F. N. Jiidson,
Lehmann, Thomas Bates and Seymour Edger^on, is
therefore it may be necessary in some cases to modify
farmers.
American
conditions differ in our several States
as
in¬
This letter,
systems if they are to be adapted to meet the needs of
provinces:
these European
letter addressed to the insurance
a
concerned by the attorneys
in the various countries and also differ from rural conditions, environment
and
constructive
The settlement of the controversy
Legislature.
nounced
hand, of the Government, and on the other of voluntary organizations, in
promoting the development of country life.
for
legislation for enactment at the 1915 session of the
surance
resume
long be disregarded in
submit recommendations
and
States
vital importance of a
impressed with the
and united rural population.
thoroughly organized
study the insurance laws of Missouri and other
called upon to
'
countries of Europe offer a lesson'which
Governor Major
plans the appointment of a commission which will be
also
been issued by its
has
Director General, Dr. C. J. Owen, to the State
and farmers'
and
is to be made to Congress by
end
statement
a
Egypt,
493
CHRONICLE
THE
1913.]
answered, I beg to remain,
truly yours,
I
(Signed)
July 29 1913.
'
JOHN T. BARKER,
Attorney-General.
494
The suits
against the companies cannot formally be dis¬
missed before the
Court
CHItONICLE
THE
on
opening of the fall term of the Supreme
Oct. 14.
lic Bank of this city.
the
District Municipa
Second
;
v
,•
paid
was
on
.
the 11th inst. to the credi¬
The divi¬
Carnegie Safe Deposit Co. of this city.
dend amounts to 7.34%, and, with the previous payment
42.66% in June 1912, the total distribution thus far
Its vaults
acquired early/in 1912 through
were
representing
a
syndicate
11th inst. to the
of
expenses
$3,528,858,
Ralph W. Cutler,
mailed
on
the
total
on
latest
May 1 1909, 20%
on
of
assets
general
$4,394,258.
President, has guided the affairs of the
as
for twenty-six
H.
Charles C. Russ, Trust Officer,
Peaser Secretary;
Herbert
S.
Howard,
Safe
Deposit
The Providence
removed to
new
and
Officer,
Banking Co. of Providence, R. I., has
offices in the Turks Head Building, where it
occupies the main portion of the second floor.
to
papers,
for consultation
rooms
Oct. 1
The insti¬
quarters will be found the
new
a
telephone for customers'
a
statistical department second
and
use,
none.
—
aggregate of 55%
an
W.
Kendrick
Freeland
of the
Vice-President
elected First
was
People's Trust Co. of Philadelphia at
directors
May 11 1910 and 10% in July 1911.
on
and
-
This makes
previous payments being 10%
its
years.
He is aided by Chas. M.
j Joslyn, Vice-President; Frank C. Sumner, Treasurer; Henry
paid to the depositors since the institution suspended, the
1909, 10%
of
prominent financial
were
depositors of the failed Lafayette Trust Co.
Brooklyn Borough.
In
extra.
and taxes paid) of $543,603;
(Jess current
tution announces that in its
Deposit Co.
dividend of 5%
a
and 4%
12%
reported at
are
time been paying
some
of
•
Checks
of
dividends
deposits
aggre¬
The institution wajj/closed in September 1911.
behalf of the Mercantile Safe
on
recent sales
The company has for
share.
a
company
—
A second dividend
gates 50%.
$500
xctii.
statement—Aug. 9—the institution showed undivided profits
-
Court has resigned from the bench, his resignation taking
effect Sept. 1, to become Second Vice-President of the Pub¬
tors of the
The stock is in shares of $100;
regular
•—»-
Justice Leon Sanders of
iVol.
a
meeting of the
the 6th inst.
on
^—.
Over
The total deficiency in the Roseville Trust Co. of Newark,
which
the
E.
its
closed
doors
the
on
14th
following
inst.,
disappearance of its Secretary and Treasurer, Raymond
Smith, is placed at $358,000 by L. R. Vredenburgh,
Special
Deputy Commissioner of the State Banking and
Insurance Department.
Mr. Vredenburgh's statement
garding the condition of the institution
20th
inst., and is
was
issued
on
re¬
the
"Counting the assets of the institution found in the company's files at
book value, the capital,
and in addition
out,
surplus and profits of about $189,000
loss
a
to depositors of about
are
notes for losses
no
thereon in collection.
found in Mr. Smith's desk, and
of about $25,000.
In addition to the assets found in
to
hasty estimate indicates
a
depositors.
,s
a
value therein
If those notes belong to the trust company, whatever
be realized therefrom would reduce the said $169,000
of the
assets
and about $25,000
be held
can
be realized therefrom,
can
perscfns whose names are on those notes or the value of the collateral held
against some notes, but inquiry into these matters will be the
undertaking.
Whatever
next
step in
be recovered from the surety on the
Treasurer's bond of $20,000 is not included in the foregoing estimate of loss,
the surety company
The
may
has not yet admitted its liability."
missing Treasurer has not
as
institution,
was
The
Treasurer of the H. B. Claflin Co., is
burgh, of the State Banking Department, is quoted
of
fund
least
at
upon
$200,000
the depositors.
as
Edmund V. Cumming, of
Mr.
Cumming, who
William A.
on
seeking to raise
behalf of the depositors.
been
elected
was
already
President
of
forty-five
years
of
succeeded
age,
father, the late
>
new
plans aimed to benefit its employees
recently been inaugurated by the Guardian Savings &
The several meaps
whereby the in¬
stitution seeks to provide for the welfare of its
include the
adoption of
a
employees
pension system, the issuance of
$1,000 life insurance policy for each
person
in
its
and the offer to them of the company's stock at less than the
price.; Under the pension plan
a
fund is established
provide, in addition, cash to be distributed
employees
every
five
years.
provisions.
.
The pension plan enables
not
years,
to exceed
included in
are
an
employee to
$2,000
a
pay,
year.
the pension,
is to
contribute
$4,000
con¬
a
year
3% of his monthly salary (salaries up to
included), while.the bank will contribute
equal to at least
sum
the 3%.
The bank contributes
that this fixed percentage
of net earnings provides in
employees' 3% payments will be kept in
bank has taken out over 111
at regular
the
the
of
First National Bank of Freehold to enter the
management
of the Atlantic Highlands institution.
As Cashier of the
Leonard
continues
Hartford,
the
at
capital of the Hartford Trust Co. of
Conn., rendered
The bank
the premium on the insurance policies, and there is
At the time action
was
them¬
taken last June to increase
capital of the Guardian from $1,000,000 to $2,000,000,
new stock was offered to the shareholders
$750,000 of the
.—♦
An increase in the
is payable at the death
employee to the beneficiary named by him.
selves.
Vice-President.
as
the
employee;
every
contribution whatever therefor by the employees
no
by Henry C. Van Note,
of the bank since 1891; prior
the present promotion, Mr. Van Note had been Assistant
case
,
pension plan;
policies, covering
$1,000 insurance in each
an
pays
who has been in the employ
J.
v
The life insurance is distinct from the
excess
separate
a
fund, to be distributed in cash to the employees
the
cashiership, in which capacity he had
served since 1892, when he withdrew from the staff of the
John
a
a
certain fixed percentage of its net earnings, and all money
a
advances
to
a
how¬
The pension plan is
intervals, probably every fivel years.
Cashier.
as a
Members of the
and thereafter to receive, for
one-half his former
Highlands National Bank of Atlantic Highlands,
N. J., succeeding the late Jacob T. Stout.
Mr. Van Mater
latter Mr. Van Mater is succeeded
a
employ
optional with the present employees; each member joining it
Atlantic
from
shape.
per
the Baltimore banking house of
Cumming.,
number of
have
of the
has
follows:
—:—♦
ever,
President
$70,000, Mr. Odell contributing $25,000,
Mater
as
share; Aug. 6, 1,210 shares
to the head of the firm with the death of his
period of
director, $25,000.
Van
per
share is also announced this week.
retire at sixty years of age,
stating
Vice-President William Fairlee $20,000 and Edward
Dunn,
Charles
Exchange
Edmund V. Cumming & Co., died suddenly on the 11th inst.
the
are
Three of the directors, it is understood, have
sented to supply
the
capital of $1,200,000 in $50
a
staff, from the President to the office-boy,
that the stock of the trust company is non-assessable, the
Odell and other officials and directors
a
bonus to the
corrected, Mr. Odell's position with the latter being
announced in the latest reports as senior clerk.
Mr. Vreden¬
a
burgh at $65
which may
now
shortage, therefore, falling
of
share, and Aug. 20, 3,980 shares @ $70
per
market
yet been located.
reports in the Newark paper that William P. Odell, President
of the
The bank has
Trust Co. of Cleveland.
"No attempt has yet been made to ascertain the responsibility of those
as
® $50
A
company,
stock
The auction sales of its stock have been
July 30, 2,152 shares @ $82
■
the loss to depositors as it at present appears would be about $144,000.,
the
three weeks.
shares.
prima facie loss
"In other words, if those notes found in Mr. Smith's desk
as
of
sales of Adrian H. Muller & Co. of New York in the past
$169,000 is indicated.
deduction has been made from the face value of the
the files of the institution, a large volume of notes, mostly past due, were
can
shares
Pittsburgh have figured in the auction
wiped
The total deficiency, therefore, appears to be $358,000.
"In that estimate
of
Bank
The,sale at auction of 114 shares of the bank's stock in Pitts¬
follows:
as
thousand
seven
National
$200 per share
future
and
the other $250,000
was
reserved for
disposal, at the discretion of the directors.
announced that
It is
now
part of this $250,000 issue will go to the
by the growing re¬
quirements of its business, is about to be made.
The com¬
employees at a price not named, but which will be consider¬
pany—the oldest and
ably less than the market price.
at
present has
a
one
necessary
of the strongest in Connecticut—
capital of $300,000; under the recommenda¬
tion of the trustees, voted at a
proposed to issue $200,000 of
capital
to
up
meet
to $500,000.1
on
meeting
new
on
Horatio Ford
the 15th inst., it is
The
new
on or
Secretary of the Garfield
to
enter
the
real
-
a
estate
•
.
Vl:
stock
The process of winding up
before Oct. 2.
;
the affairs of the West Side
Bank of Columbus, Ohio, w&s begun on the
14th inst., following the decision of State Banking Superin-
Dime Savings
by
to be payable in full
as
of Cleveland
business with his father.-
will be offered to stockholders of record
Sept. 6 in proportion
their then holdings.
Subscriptions must be made
are
has resigned
Savings Bank Co.
The stockholders have been asked
Sept. 16 to ratify the plans.
.
—.—«
stock, thus bringing the
to
Sept. 25 and
a
AUG. 23
tendent
that
Lattaner
of $19,000
a
in its $25,000 capital,
maximum of $300,000 to
said to
also
a
arranged with
number of the larger banks of the
a
claim. This arrange¬
consented to by the banks when it was shown that
Side Dime Savings Bank would ultimately be
the
was
West
every
obliged to close, and that the usual liquidation proceedings
would entail not
only considerable
of the depositors' funds for
up
the institution is the culmination of
of
which
circumstances
as
the
with
1911
result of which
a
their
had
suspension of
a
The closing
series of adverse
a
in
beginning
the
December
Union National Bank,
the West Side Dime Savings
on
run
but the tying-
expense
long period.
a
than 47 shares of
that each director
71 shares for which
$225
that in order to fully protect
city to guarantee full payment of
ment
stock be reserved to piece out the fractional shares,'
stockholders.
which otherwise would go to
shall own at least 50 shares of the bank's stock.
Union
the
from
It is
share.
a
yield $450,000, according to the above plan, $300,000
will
toward the capital, making it $700,000, and the
would go
$150,000 premium would raise the surplus to $550,000; of
realized through the sale of the $50,000 stock
the $112,500
$225, $50,000 would bring the capital up to $750,000,
while the amount available for the surplus would make the
at
Cashier
victed
embezzling
of
of
$8,700.
the
Dime,
President William
and
arrested
con¬
of its funds, and in
$10,500
Octo¬
to the suicide of
The bank is said to have since
Little.
suffered losses through the
floods of last spring.
dation of the institution will be conducted
The liquid
which
from undivided profits,
sary
'
'
$465,145..
♦
Mr. Goodhart has resigned
because
institution
of
bis
examiner for Baltimore
receiver of the
as
appointment
national bank
as
and Washington.
The bank
pended in December 1911.
♦
for the
sus¬
\
•
It is announced that William R. Craven,
■
ciation,
on
who
'
.
.
presidency of the proposed United National Bank of
Cincinnati, has decided,
of the offer and to remain
p,s
Secretary of the
The plans for
are held in
abeyance, the Cincinnati "Enquirer" reports, pending the
outcome of the action with regard to currency legislation,
Dayton Savings & Trust Co. of Dayton, O.
the development of the
organization of the .bank
and the settlement of other
posed bank
r;-..
•'
.
The
disturbing conditions.
referred to in these columns
was
on
incorporation
Capital
State
Bank of
incorporated
Indianapolis,
on
the 15th ult.
formerly associated with
Churchman, who
the Capital
National Bank, is at the head of the new organi¬
was
The other officials of the Capital State
zation.
Bank
are:
McGinity and H. M. Evans, Vice-Presidents, and
.Emmet M. Smith, Cashier.
—-•
•i"-#
The Lake View Trust &
/
•
•
to raise its capital from $200,000 to $300,000.
issue, which will be offered
George D.
The head-'
quarters of the company will be at Madison.
The organi¬
zation is designed to insure deposits on which not more than
3% interest is paid; any bank in the State; whether it is a
Grand
Pease,
Vice-President,
Rapids,
to
succeed Charles Johnson
Mr. Johnson
pro
rata at par to the present
Budlong is slated
President of the institution,
as
Secretary
as
Otto J.
Gondolf, it is understood, will
r
;
.
•
.
The
A meeting
Sept. 2 to authorize the
having tendered his resignation, to take effect
not later than Oct. 1.
also retire
annual
-
»-
Chicago Savings Bank & Trust Co. of Chicago has a
officer in C. H. Fox,
Assistant
an
additional
'
bank in
Chicago National Bank of Chicago,
President, decided
on
the 12th inst. to place
Its charter had been kept alive
liquidation.
premium, which is 34 of 1% of deposits a year.
C. A. Robinson has become Cashier of the Idaho Trust
Savings Bank, Ltd., of Boise City, succeeding George
stitution.
Colonel E. S. Ready, receiver of the Bank of Helena, Ark.,
Burke of that city a state¬
suspension
on
The report shows that the insti¬
capitalized at $250,000, had total resources
the nominal amount of $2,099,674 and total liabilities
tution, which
in
the bank's affairs at the time of its
April 25 last.
was
leaving a nomi¬
The bank
was closed, as we stated in our issue of May 3, because of its
inability to realize immediately on large outstanding loans..
(not including capital stock) of $1,558,328,
nal surplus
of assets
'i
liabilities of $541,346.
over
*
—
'*•? John A. Thatcher, Vice-President of the First National
Bank of Pueblo and the Pueblo Savings & Trust Co., died at
his home in
who
Pueblo, Colo.,
in his
was
on
since his return in June from
and California.
men
He
was
•
is
both the
to
•'
-
contemplated
through
pending
plans
whereby
capital and surplus will be increased from $400,000
The proposition is to be put before the
stockholders for action
tional
.
of the Detroit Savings Bank of Detroit,
$750,000 each.
upon
•
*
on
Oct. 2, when
they will also decide
the particulars incidental to the issuance of the addi¬
stock.;
The ..Detroit
Mr. Thatcher,
had been in ill-health
trip through Idaho, Nevada
the 14th inst.
seventy-seventh
a
year,
reputed to be one of the wealthiest
He
was
a
stockholder in the First National Bank
of Denver, the International Trust
ous
"Free Press"
resident for fifty-one
in Pueblo/of which he had been a
years.
Co. of that city and vari¬
other Denver corporations.
J
\
♦
The Tradesmen's
State Bank of Oklahoma
State Bank (capital $35,000),
City, Okla.
and has merged it with its own.
enlarged Tradesmen's State Bank has moved to the
The
quarters which had been occupied by
It
tion.r
is
the absorbed institu-.
announced that while George W. Piersol and
and Vice-President of the.
Oklahoma State Bank, will devote most
■
Mich.,
Green retires from the
It is stated that, while Mr.
Green.
&
W.
cashiership, he still continues to be affiliated with the in¬
J. E. Piersol, retiring President
since the institution closed its doors.
The expansion
not, may join
(capital $50,000), has acquired the business of the Oklahoma 1
suspended in Dec. 1905, and of which the late John R.
Walsh had been
the
who has been made
Secretary.
The stockholders of the
which
or
The liability of the members is limited to the
the company.
.
new
and
Association
member of the State Bankers'
...
on
It is stated that Joseph J.
shareholders.
■'
Savings Bank of Chicago plans
of the stockholders will be held
new
filed early in July, the
were
has filed with Circuit Clerk A. G.
William F.
John W.
the
♦
capital of $200,000, began business
a
carry
completion.
being formed under the name of the Bank Deposit,
ment of the condition of
The
with
to
Bartlett, Milwaukee, Secretary and Treasurer.
pro¬
May 24.
named at the
was
Association
the
of
Limited, Mutual Insurance Co.
It has no capital stock.
The officers are: E. A. Dow, of Plymouth, President; Earle
?
his acceptance
indicated in these
was
committee of five
convention
The articles of
reconsideration, to withdraw
upon
a
plans for the development of the company to
slated
was
June 28,
annual
late
As
perfected.
been
has
columns
♦
receiver of the Union National Bank of Colum¬
as
projected by the members of the Wisconsin Bankers' Asso¬
has been named to succeed R. W.
Edward S. Munford
bus, Ohio.
Aug. 9 amounted to
on
-
organization of the bank deposit insurance company,
company
..
.
The
through the State
Savings Bank & Trust Co.
Goodhart
sur¬
plus to the desired figure of $750,000, the directors recom¬
mend that there be transferred to it whatever may be neces¬
J. Murphy,
Later L.
was
1912 the difficulties of the bank led
ber
In order to enlarge the
approximately $612,500.
latter
reported that there is due the bank
National
Assistant
The
disposal is thus specified are to be sold at not less than
.
Bank occurred.
It is proposed also that not
the new stock shall be sold to directors of the bank,
Through the proposed sale of the $300,000 stock, which'
depositors against loss, Superintendent Lat¬
and insure the
stock
that 24 shares of new
so
The
by $2,000.
new.
facilitate the working out of this plan, it is advised
more
the cost of operation is
exceeded the earnings
have
recommendations provide that no fractional shares of the
shall be issued and, to
impairment
an
decline in its deposits from
$130,000;
■"Ohio State Journal" reports
taner has
showed
the bank
of
The
It is stated
dissolve the institution.
to
examination
an
495
CHRONICLE
THE
1913.]
announces
bond and loan business, they
the
continuing
State Bank
and
J.
C.
Bosworth,
are:
bank.
of
officers
The
the
Tradesmen's
Frank J. Wikoff, President; A. W.
Cashier.
Anderson,
and Charles M.
The last-named was Cashier of the
McClelland,
Vice-Presidents,
Oklahoma State Bank.: '
'♦
that,
under the plan favored by the directors, $300,000 of the new;
issue will be offered pro rata to the present shareholders at
of their time to their
will be closely associated with
»r.\
A charter for the Central
was
issued
on
♦
•,
.
,
States Trust Co. of St.
Louis
the 14th inst. 7 It is stated that of the $200,000
with the trustees to be sold to outsiders at not less than $225.
capital which the company is to have, $100,000 has been
subscribed and $50,000 has been paid in.
It is reported ,
It is also.stated-that:
that the
$150 per $100 Share, while the other $50,000 will be
W
lodged
following
are
to be the officers
of the institution;
490
THE
CHRONICLE
Ashley Cabell, President; G. P. Moore, Vice-President, and
Bryan, Secretary and Treasurer.
F. E.
4
"What
Every Investor Should Know" is the title of
investment
on
securities.
certain
That
political and economic conditions
are
taking place is, the
casual
observer; that certain of these tendencies will affect, in
four main tendencies of the times which bear directly upon
security of the different classes of invest¬
discussed—governmental regulation,
Socialism,
the single tax and the tendency of cities to increase at
faster rate than the population as a whole, the
leading to what
book, i.
e.,
a
writer finally
to be the objective purpose of the
appears
to impress
the reader the fact that "the
upon
class of investments which
seems
least
any
mortgages."
The book has particular reference to the mort¬
of the modern, tendencies is real estate
bonds of the Title Guaranty Trust Co. of St. Louis,
which
secured
are
by the deposit of first mortgages
im¬
on
proved city real estate with the American Trust Co. of St.
Louis a*s
It is argued that "of all the bases for
trustee.
investment the land alone
shock of
as
ideal
an
be relied upon to
can
stand the
changing conditions, and to increase constantly and
certainly in value."
permit under the
new law regulating trust companies
requires that trustjcompanies must have a capital
The law
The report of the company showed
that, while it had been ^originally formed
$500,000, it had reduced this to $20,000
ing was unable to
secure
with
State permit.
a
an
authorized
which not only is not affected by any of these, but is actually strength¬
ened
by another tendency equally strong—that of increasing real estate
values due to the rapid growth of city population.
>
When informed of conditions,
the company reported to the .Corporation Commissi
ner
The Washington Exchange Bank of
Vancouver, Wash.,
taken over the Vancouver Trust &
Savings Bank.
Both institutions had
tinuing institution
a
capital of $50,000 each.
Murchison National Bank of
Wilmington, N. C., went into
the 12th
inst., in accordance with plans approved
by the directors on Aug. 6, and since ratified.
The Murchi¬
National, it is stated, expects
standing
$825,000,
at
Southern National had
a
before the consolidation
soon
to
to increase its capital,
least
at
$1,000,000.
capital of $200,000.
adds about $835,000 to the
The
The
the business in the quarters of the Vancouver Trust
were
in
the
neighborhood of $3,-
of the Southern
National, retires, to devote all his time to the
presidency of the Atlantic Trust & Banking Co. of Wilming¬
C. McQueen
H.
ton.
is President of the Murchison Na¬
tional.
J.
•
Crawford is Vice-President and Milton H. Evans is Cashier.
E. F.
Bouton, President of the absorbed bank, will retire.
The directors of the Union Bank of Canada
Quebec) have elected William Price
dent,
George H.
Mr. Price.
Banking Co. of Athens, Ga.,
wrecking the bank on the 3d ult., and
by Judge Brand to six and
Robert H.
June 27 to
ceived
a
was
Thomson
as
Vice-President
of their loss in the death of Mr.
by the directors.
Sharpies
however, they
on
the 5th
figures issued July 31 1913.
For statement of June 30 1913,
see issue
of July 26 1913, page 246; that of July 31 1912,
see issue of Aug. 24 1912,
page 459.
,
Amount
Interest
Title of Loan—
were
■
was
sen¬
on
♦
a
The officers
5
$
$
,
Aggregate int.-bearing debt..1,145,496,190 915.343,850 51,479,640 966,823,490
DEBT
ON WHICH INTEREST HAS CEASED SINCE MATURITY;
■
June 30.
July 31.
Funded loan of 1891, continued at 2%, called May 18
1900, Interest ceased Aug. 18 1900....$5,000
Funded loan of 1891, matured Sept. 2 1918
23,650
Loan of 1904, matured Feb. 2 1904
13,250
Funded loan of 1907, matured July 2 1907.
700,400
Refunding certificates, matured July 1 1907.
13,570
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
00
$5,000 00
00
23,650 00
13,250 00
695,550 00
00
00
00
•
13,530 OO
•
903,680 26
903,680 26
.$1,659,550 26
$1,654,660 26
....
Aggregate debt on which interest has ceased since
maturity .'.
DEBT
BEARING
NO INTEREST.
Old
53,152 50
National bank notes, redemption fund
22,092,806 00
Fractional currency, less $8,375,934 estimated as
or
July 31.
$346,681,016 OO
53,152 50
20,790,733 50
$346,681,016 00
demand notes....
lost
>
June 30.
United States notes
destroyed....
.......
•
.
'
,
„
.
'
6,854,60990
6,854,154 90
$376,681,584 40
$374,379,056 90
.......
RECAPITULATION.
pleaded guilty
violating the State banking
sentenced to five years' im¬
The institution
July 31 1913,
1
•
Interest-bearing
debt......
Debt Interest ceased..
Debt bearing no
Total
gross
$966,823,490 00
1,654,660 26
374,379,056 90
interest...
June 30 1913.
$965,706,610 00,
1,659,550 26
'• 375,681,584 40
debt.....$1,342,857,207 16 $1,343,047,744 66
a303,054,352 96
a314,489,641 47
Cash balance in Treasury *_
Increase (+) or
Decrease (—).
+$1,116,880 00
—4,890 00
—1,302,527 50
—$190,537 50
—11,435,288 51
■r—
capital of $1,000,000 and surplus of $500,are J. T. Young,
President; M. J. Bur¬
ton, Secretary; John D. Owens, Treasurer, and V.G.Young
Assistant
Total.
$
646,250,150 642,650,850
3,599,300 646,250,150
198,792,660
45,293,020 18,652,440
63,945,460
162,315,400 100,884,600 17,605,300 118,489,900
> 54,631,980
54,609,080
22,900
54,631,980
30,000,000
29,675,420
324,580
30,000,000
50,000,000
39,272,300 10,727,700
50,000,000
2,389,120
1,995,660
393,460
2,389,120
2Hs, Post. Sav. bds. 1913.J.-J. ■- .1,116,880
962,920
153,960
1,116,880
Total net debt.....
corporated with
Coupon.
■
men
The Trinity Valley Trust Co. of Dallas, Tex. has been in¬
000.
Outstanding
Registered.
re¬
January 1912.
*■'
1913.
Amount
Issued.
Payable.
2s, Consols of 1930
Q.-J.
3s, Loan of 1908-18
Q.-F.
4s, Loan of 1925.
Q.-F.
2s, Pan. Canal Loan 1906.Q.-F.
2s, Pan. Canal Loan 1908.Q.-F.
3s, Pan. Canal Loan 1911.Q.-S.
2>*Js, Post. Sav. bds.*11-13.J.-J.
Withjthe expectation
prisonment, they had the plea withdrawn.
closed its doors in
adopted
DEBT STATEMENT OF JULY 31 1913.
Aggregate debt bearing no interest...
they would merely be fined, both
as,
were
Manager.
„
McCrary, the former Cashier, pleaded guilty
implication in the wrecking of the bank and
in December 1912 to charges of
laws;
replace
The following statements of the public debt and Treasury
cash holdings of 4he United States are made
up from official
'
that
to
John Gait is President of the bank and
G. H. Balfour is General
found guilty of
half years' imprisonment.
three-year term in prison.
a
(head office
Honorary Vice-Presi¬
Both Messrs. Price and Thomson have long been
with the institution.
Resolutions expressing the
identified
sense
as
succeed the late Hon. John Sharpies, and have
to
chosen
subsequent to Jan. 1 1861
Griffin, former President of the defunct Athens
Trust &
tenced
•
.
W.
on
Street, between Fifth and Sixth, and will retain its
original capital.
Lloyd DuBois, President of the Washing¬
ton Exchange, will continue as the head of the
bank; W. P.
merger
deposits of the Murchison, which
It is understood that Charles N. Evans, President
635,000.
con¬
carry
Main
The consolidation of the Southern National Bank with the
son
The
the Washington Exchange—will
—
-
now
that it would dis¬
has
INTEREST-BEARING DEBT JTJLY 31
on
capital of
time ago, and on this show¬
some
solve.
investment, the writer closes with the remark
At a period when most other forms of investment are being affected ad¬
versely by such well-founded and far-reaching economic tendencies as
government regulation, socialistic legislation and the single tax, here is
effect
It
In suggesting these mortgage bonds
that—
one
on
voluntary liquidation.
followed the refusal by the Corporation Com¬
concern
a
of $100,000 to do business in Oregon.
likely to be affected
adversely by
gage
The action of the
missioner to issue
to do business.
on
the fundamental
view to its
a
a
permanent way, the value and security of certain types of
investments is something, it is added, which requires no
more than a simple
survey of the facts to establish.
The
are
The First Trust Co. of Portland, Ore., closed its doors
the 10th ult. with
a
in
changes
"Foreword" points out, apparent to even the most
ments
xctii.
is stated in the San Francisco "Chronicle" that—
book written by Walker M. Van Riper of the American Trust
Co. of St. Louis.
The work purports to be an inquiry into
the economic and political tendencies of the times and their
effect
[Vol.
Treasurer.
*
a
$1,039,802,854 20 $1,028,558,103 19
Includes $150,000,000 reserve fund.
Under the new form of statement adopted by
+$11,244,751 01
.
the U. S. Treasury
on
July 1,
"National bank notes redemption fund" is not only Included in the "Debt
bearing no interest," but appears as a current liability in the Treasury statement
of "Cash assets and liabilities."
In arriving at the total net debt, therefore, and
to avoid duplication, the amount Is eliminated as a current
liability, increasing
the item
to that extent
the cash balance in the Treasury.
The
F. H.
Los
Nichols, Cashier of the California Savings Bank of
Angeles since it started in 1904 has been made a Vice-
President
of the institution.
A. L. Crandall, heretofore
Cashier, succeeds to the cashiership, and B. P.
Assistant
Pentecost becomes
H. N.
an
Assistant Cashier.
Morris, who recently resigned
examiner for the San Francisco
as a
national bank
district, has become
President of the Central National Bank of Oakland.
The depositors of the defunct Kern
field, Cal., have received
10%, it is stated.
40%, and
doors in
was
Vice-
-
Valley Bankpf Bakers-
second dividend amounting to
The first dividend
paid in March 1912.
May 1911.
a
a
-—•—-
was
a
distribution of
The bank closed its
foregoing figures show a gross debt on July 31 of
$1,342,857,207 16 and a net debt (gross debt less net cash
in the Treasury) of $1,039,802,854 20.
TREASURY CURRENCY HOLDINGS.—The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first pf May, June, July and Aug. 1913:
Holdings in Sub-Treasuries—,
May 1 1913. June 1 1913. July 1 1913.AU0.11913.
$
$
$
$
coin and bullion
265,188,309 253,778,073 251,278,513 266,417,431
Net silver coin and bullion
26,152,514
28,144,677
25,406,960
25,022,760
Net United States Treasury notes
13,766
9,639
3,219
4 361
Net legal-tender notes
8,456,369
7,845,947
8,757,310
8,057,253
Net national bank notes
36,495,987
40,620,480 42,895,985
48,402,190
Net fractional silver
21,624,333
21,179,158
20,765,511
20,174,519
Minor coin, <fcc
...a
1,782,812
2,034,462
2,068,946
2,887,420
Net gold
Total cash In
Less
Sub-Treasuries..359,714,090 353,612,436 351,176,444*370,965,034
...150,000,000 150,000,600 150,000,000 150,000,000
gold reserve fund
Cash balance In
Sub-Treasuries..209,714,090 203,612,436 201,176,444 220,965,934
Aug. 23
1913. Aug. 1 1913.
$
$
79,749,299 64,369,295
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
May 11913. June 1 1913. July 1
Holdings in Sub-Treas. (Con.)—
Cash In national banks."
5,326,282
Cash In Philippine Islands
Cash
transit
in
checks
or
$
52,314,252
5,570,177
$
48,239,524
revenue—Ordinary..........
Internal
Corporation tax
23,000,000 V---
—
Miscellaneous..
Sub-Treas.263,279,896 261,496,865 308,149,356 290,163,867
121,946,852 127,519,583 143,659,715 137,109,514
Deduct current liabilities.a
141,333.044 133,977,282 164,489,641 153,054,353
National bank redemption fund.
.....
22,092,806 20,790,734
Balance
-
and
x Includes
1.
....
-
Department (excluding Public Buildings).
1,699,953 22
Government
set out in the following: '
The cash holdings of the
July 31
are
1,092,252,169 00
bullion..1,092,252,169 00
483,869,000 00
483,869,000 00 Sliver certificates
2,645,000 00
2,645,000 00 Treasury notes of 1890.
Silver dollars..."
Silver dollars of 1890...
Total trust liabilities. 1,
1, 578,766,169 00
Current Liabilities—
Oen'l Fund Holdings—
In Treasury offices:
Cert, checks on banks..
914,731 93
Gold coin and bullion..
24,725,675 90
Disburs. officers' bals.
Gold certificates
91,691,755 00
Outstanding warrants
13,290,883
9,590,589
2,141,288
8,057,253
4,361
48,402,190
20,174,518
Outst'g Treas. checks
...
Silver certificates
Sliver dollars
bullion
Sliver
"United States notes
..
Treasury notes of 1890..
National bank notes
Fractional
coin..
silver
00
00
22
00
00
22
86
Postal
Savings bals..
Judicial officers* bal¬
8,282,220 86
ances, &c
20,790,733
26,091,231
6,720,581
148,821
6,419,637
Redemption fund..
Nat. bank 5% Fund.
Assets failed nat. bks.
Coup, and Int. checks
Misc. (exchanges, &c.)
220,965,933 39
Tot. in 8ub-Trea8'ies^
94
14
78
98
24
National bank notes—
326 15
coin
71,338,021
3,022,506
10,021,254
10,842,942
1,499,735
P. O. Dept. balances.
1,972,361 11
Fractional currency
Minor
578,766,169 00
Subtract:
"
Total pay
Excess of pay
Panama Canal
50
74
*
92
15
19,896,741 65
145,380,946 54
Treas. Philippine Isl'da:
Cred. U. S.dls.offleers
Total in Philippines..
4,828,637
Judicial
officers'
6,535,043 66
879,869 16
ances, <fcc
'
2,998,683 99
2,105,704 09
Outstanding warrants
5,010,388 08
Total
Total cash reserve.....
44
282,263,619 46
to
New
give the
by our
Customs Receipts,
York.
Exports.
1913.
1912.
$
$
...
April
June
„
1912.
1913.
$
$
87,174,820
80,426,110
94,289,890
82,562,176 95,298,037
73,910,230 89,560,853
75,062,918 75,137,441
79,578,905 85,764,897
.
..
1912.
83,086,109
74,536,674
84,214,736
77,483,831
80,703,347
68,109,228
68,009,103
$
18,769,817
18,152,304
17,476,298
14,646,212
12,461,025
15,498,990
18,501,705
66,475,205
69,345,534
72,192,950
70,515,688
76,209,457
61,039,548
66,670,270
17,425,585
17,291,791
18,961,616
16,539,318
16,232,161
15,257,298
18,180,492
579,698,994 607,652,048 536,142,028 482,448,652 115,506,351 119,888,261
Imports and e?[ports of ?old and £silver for bhe
2,018,930,035 90
Grand total...
2,018,930,035 90
Grand total
March
_Total
Gold&bull. 150,000,000 00
150,000,000 00
Gold coin and bullion..
Movement
92,638,634
86,490,086
89,456,045
January..
July
Res've Fund:
•
$4,892,398 08
$
132,263,619 46
and
*
Reserve Fund Holdings—
16 $60,271,217 19
04
$734,883 69
15
4,157,514 39
1913.
May..;...
Made up of—
Available
338,747 86
2,230,110 86
3,328,301 73
2,512,471 29
3,221,046 79
at New York.
February
Total llab. against cash. , 157,900,247
Cash balance and Reserve—
37J
83
-
Imports.
Month.
7,414,912 82
Total In banks....
In Treasury Philippines:
Disburs. officers' bal.
461
$12,896,043 19
equipment, operation and maintenance.
Merchandise
bal¬
Outstand'g warrants.
87
76
1,950,856 62
1,057,840 81
47
;his department, made up from weekly returns, we
allowing figures for the full months, also issued
Slew York Custom House.
In Nat. Bank Depositories:
1,829,953 69
2,998,683 99
Credit Treas. of U. S.
Sites, construction,
26
85
FOREIGN
TRADE OF NEW YORK—MONTHLY
STATEMENT.—In addition to the other tables given in
64,369,294 83
;Tptal In banks
In
2,858 969
888,536
349,816
314,969
warrants (net).
—$69,914,206
warrants (deficit)
...—
$9,682,682
payments for construction, &c.
3,213,361
deficit..—
Total
94
68,603
4,496,545
12,768,990
-822,917
14,448,743 90
1,006,674 49
.....—.....$71,790,567 1.1 $60,888,074 05
—.......
1,876,360 95
616,856 86
warrants drawn
unexpended balances repaid
Less
Checks not
cleared
10,889,982 76
72,308 33
4,713,937 16
and "Indians".
-
Total pay
165,277,688 19
Total
57,834,251 17
6,535,043 66
Credit Treas. of U. S.
140,074 43
401,947 60
12,323,153 66
i
-
Indians
565,172 38
•
194,373 91
Department of Agriculture.;
...
Department of Commerce
,
............
Department of Labor
Independent offices and commissions.....
District of Columbia.
...
—.
Interest on the public debt—
...
...
In Nat. Bank Depositories:
Cred. U. S. dis. officers
1,350,983 40
-
(excluding "Pensions"
Pensions
Gold certificates...
Total trust fund
Department—Naval
Civilian.-.-Interior Dept.
$
Trust Fund Liabilities—
$
—i
Department of Justice.......-.- —
Post Office Department (not incl. "Postal Service")
Postal deficiencies.
Navy
LIABILITIES.
ASSETS.
Trust Fund Holdings—
Gold coin and
the items stood
as
,
230,088 02
4,629,326 73
—
-
Rivers and Harbors
TREASURY CASH AND DEMAND LIABILITIES.—
4,255,344 45
14,868,873 00
Department—Military
Civilian
$1,083,689 13
59,355 00
346,881 10
3,723,079 60
1,645,382 56
11,185,082 44
184,814 53
3,599,696 90
45,717 69
564,762 46
Public Buildings*
War
-
$1,240,516 48
Department..
State
Treasury
12,141,288 22 silver bullion
$2,887,410 19 minor coin, Ac., not Included In statement "Stock of Money."
Chiefly "disbursing officers' balances."
a
$60,231,524 12 $59,536,333 50
Total cash receipts
Pay Warrants Drawn—
Legislative establishment
Executive office
balance...-...141,333,044 133,977,282 142,396,835 132,263,619
Available cash
July 1913.
July 1912.
$27,806,654 54 $28,136,502 27
25,720,848 13
24,732,536 29
1,853,298 88
1,353,992 62
4,850,722 57
5,313,302 32
Current Receipts—
Customs
not
cleared
Net cash In banks,
4,828,638
4,223,613
497
CHRONICLE
THE
1913.]
Gold
Movement
York.
New
at
seven
months:
Silver—New York.
Month.
|PBttctauii1(£ommcucial£uglisft|£jcnrs
1912.
;
1913.
S
1913.
Imports.
Exports.
1912.
1913.
1913.
$
$
Exports.
Imports.
$
'
English Financial Markets—Per Cable.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
as
'
London.
Mon.
d. 27 5-16 27%
73 13-16 73 %
Week ending Aug. 22.
Sat.
Silver, per oz
d Consols,
2% per cents
98 %
88.35
76%
69 %
7%
98 %
99
99
d French Rentes (in Paris), fr.
74%
Amalgamated Copper Co
Am. Smelt. & Refining
b Anaconda Mining Co.
69%
7%
Atch. Topeka & Santa Fe.
.
.
"Preferred...
99%
99%
84
Baltimore & Ohio
Preferred
First preferred
niinois Central
Preferred
;
99
99
98%
99%
84
7%
99%
99
84
84
225
224
35
29%
38%
130%
38%
130%
38
129%
111
111
109%
138%
138%
23%
138%
23%
59%
58%
14
14
14
110
110
110
48%
38%
130%
110%
138%
23%
30
■
49
60%
60%
32%
32
40
41
31
109%
85
114 %
14%
101%
31
109%
85
114%
15%
101%
31
109%
85
114%
14%
101%
31%
45
45
Second preferred
Rock Island
45%
45%
18%
18%
45%
18%
45%
17%
Southern Pacific..
95
94%
92%
25%
94%
25%
93%
Southern
95%
25
25%
25%
Preferred
Union
157%
Wabash
82
158%
63%
...110%
86
66
111%
4
Extended
25%
81%
81%
157
158
86
86
64%
111*
65%
111
58
58
: 82%
82%
18
81
81
156%
86
4s
per
share,
32,469,433
9,960,619
30,362,954
1 '13.
in
-Money
Held in
Aug. 1
1913.
$
Circulation—-
Aug. 1
Treasury.c
$
1912.
$
606,015,613
174,725,676
91,691,755 1,000,560,414
72,173,431
565,633,020
9,590,589
470,578,117
13,290,883
155,408,145
175,582,664
20,174,519
2,640,639
4,361
2,645,000
338,623,763
8,057,253
346,681,016
710,891,001
48,402,190
759,293,191
.1,872,993,458
certificates.a
silver.
National bank notes
608,746,370
946,115,889
70,537,708
472,747,327
145,149,878
2,898,427
338,183,239
702,193,960
Population of the United States Aug. 1 1913 estimated at
a
capita, $34 44.
For redemption of outstanding certificates an exact
account of money
c
not
amounting to $57,834,251 17.
»
"*■
ment of assets see Public Debt Statement.
12%
13
13%
54%
55
55
54%
55%
here
■
.
AND IN
below tables which
in bank notes and in bonds
The statement for July 1912
DEPOSITED BONDS, &c.—We give
show all the monthly changes
and legal tenders on deposit.
Bonds and Legal Tenders
on
55%
d Quotations
For a full state¬
.
BANK NOTES—CHANGES IN TOTALS OF,
13
Ex-dividend,
as assets of the
the Treasurer of the United States,
4%
14
c
held
63%
5
4%
equivalent in amount of
in the Treasury, and is not included In the
Government.
This statement of money held in the Treasury as assets of the Government does
include deposits of public money in national bank depositaries to the credit of
the appropriate kinds of money is held
110%
4%
3,286,572,798
97,478,000; circulation
.3,722,828,349 365,937,226 3,356,891,123
Total
per
86
64%
110%
4%
b £ sterling,
.
156
11
Preferred
Price
45%
86
U. S. Steel Corporation
Preferred
a
-
82
Pacific
Preferred
70,401,626
Treasury notes of 1890:
United States notes..
45
Railway
13,930,803
.
114%
82%
a
13,863,744
STOCK OF MONEY IN THE COUNTRY.—The follow¬
Subsidiary
85
85
115
45
Company..._
First preferred
8,510,514
1,616,931
377,740
6,025,816
4,858,180
Silver certificates.a
31
82%
a
..
477,246
14,032,195
395,592
Standard silver dollars
109%
82%
45
Reading
Total
Gold
101%
109%
82%
45
45%
17%
a
July
1,665,013
1,602,250
3,024,221
1,838,482
2,464,940
Gold coin and bullion
39%
14%
B
58
58
June.....
1,567,157
1,599,914
1,942,672
$
31
42
31
...
.u...
4,935,045
4,159,853
4,467,353
5,091,924
4,342,287
3,729,273
3,637,219
60
32
86
__
April
2,358,323
1,099,776
1,624,950
1,169,116
1,354,742
871,525
1,482,187
States.
23%
58
Pennsylvania
March
1,750,573
10,507,393
7,332,800
1,894,791
1,441,106
In United
48
60
$
17,154,217
12,242,965
17,588,897
2,831,377
1,215,243
2,080,332
Stock of Money Aug.
28%
58
a
.
14
32
1
2,627,049
February
58%
109%
20%
59%
41
15
101%
.....113%
224%
58%,.
'■
ing table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given.
The statement for Aug. 1
1912 will be found in our issue of Aug. 24, 1912, page 461.
7%
98
'99
34%
29%
48%
'
109%
;
68%
98%
20%
,
41
Second preferred
14%
N. Y. Central &"Hud Riv...l01%
Northern Pacific
69
7%
99%
7%
98%
99%
34%
23%
32
Norfolk & Western
88.22%
74%
21
111
138%
Nat. RR. of Mex., 1st pref_.
N. Y. Ontario & Western
87.92%
75%.
29%
48%
38
130%
23%
59%
Preferred
73%
73 15-16
37
139
Missouri Pacific..
69%
27 5-16
7313-16
21%
29%
47%
37%preferred..130%
110%
Missouri Kansas & Texas
75%
27 5-16
73 15-16
20%
37
.....
Louisville & Nashville
88.50
Fri.
223%
Second preferred
Great Northern,
73%
73%
88.20
76%
68%
84
84
37
Erie....
73%
January..
May
Thurs.
225%
57%
14
109%
223%
Chesapeake <fc Ohio
57%
Chicago Great Western..
14
Chicago Milw. & St. Paul...109%
Denver & Rio Grande...
21%
Canadian Pacific
Preferred
27%
27 5-16
73%
73 15-16 73%
k
dFor account
Wed.
Tues.
$
Circulation Afloat Under—
Deposit for
1912-1913.
Legal
Legal
Bonds.
given are
$
flat prices.
Tenders.
Bonds.
Tenders.
Total.
$
$
$
$
July
CEnmme vcial atrflf&is cellatientts jgenrs
GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readersto-day the details o"
Government receipts and disbursements for the month o
July (the first month of the fiscal year) in 1913 and 1912.
31 1913
741,631,750
20,790,783 738,502,40S
20,790,783 759,293,191
June
30 1913
740,529,250
May
734,448,060
732,688,750
22,092,856 759,157,906
21,539,251 755,294,060
22,032,083 753,076,674
Mar.
31 1913
30 1913
31 1913
22,092,856 737,065,050
21,539,251 733,754,815
Feb.
28 1913—... 731,943,480
Jan.
31 1913
734,273,150
Dec.
31 1912
732,544,640
April
737,427,800
SO 1912— 731,366,680
Oct.
31 1912
730,257,280
728,984,230
Sept. 30 1912
727,317,530
Aug. 31 1912
Nov.
22,032,083 731,044,591
22,659,331 729,400,001
22,871,039 728,246,755
20,550,148 729,931,621
21,193,423 729,778,823
21,670,491 728,515,285
22,179,543 727,169,316
22,384,311 725,395,343
22,595,751 723,905,556
22,659,331
22,871,039
20,550,148
21,193,423
21,670,491
22,179,543
22,384,311
22,595,751
752,059,332
751,117,794
750.481.769
750,972,246
750.185.770
749,348,859
747,779,654
740,501,307
498
THE
CHRONICLE
[Vol.
xcvh.
The
following shows the amount of each class of bonds
held against national bank circulation and to secure
public
moneys
in national bank depositaries
Per
Name
July 31.
on
Bank
PublicDeposits
Total
in Banks.
Held.
Circulation. *.
3
S. Panama of 1936..
S. Loan of 1925......
S. Loan of 1908-1918
S. Consols of 1930....
62,854,360
33,307,500
22,019,700
604,509,550
28,940,640
....
8. Panama of 1938
District of Columbia....,
Various State, City and Railroad
11,638,700
527,000
29,467,640
...
933,000
14,785,600
14,785,600
10,000
10,000
1,941,000
5,927,000
1,801,000
17,621,700
898,000
1,941,000
5,927,000
1,801,000
17,621,700
898,000
64,480,100
806,111,850
Various Territory of Hawaii.
Philippine Loans
Porto Rico Loans..
-
U. 8. Panama of 1961
Philippine Railway
Total
741,631,750
July.
National Bank Notes—Total Afloat—
Amount afloat July 1
Amount of bank notes afloat
Aug. 1 1913...
Amount on deposit to redeem national bank notes
July 1 1913
Net amount of bank notes retired
during July.....
on
deposit to redeem national bank
notes Aug. 1
1913
Dividends announced this week
Per
Name of Company.
Cent.
Railroads (Steam)."
Alabama Great Southern, preferred
3
Atch. Topeka & Santa Fe, common
(qu.)
Baltimore & Ohio, common
3
Sept.
Sept.
Holders of
rec.
Holders of
rec.
2
Sept.
Oct.
Aug. 31
2
Oct.
1
Sept.
Sept.
Sept.
Sept.
Aug. 31
to
Oct.
Holders of rec. Sept.
(quar.)
Chicago Milwaukee
....
& St.
Paul,
3 f
rec.
Oct.
Holders of
rec.
IX
IX
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
1
1
2X
2
2X
3X
2X
IX
IX
(quar.)
Pennsylvania
2
(quar.)
75c.
Phlla. Germantown A Norrlstown
(quar.)
Pitts. Youngs. A
Ashta., com. A pf. (qu.)
Reading Co., first preferred (quar.)
Southern Pacific Co. (quar.)
(No. 28)...
Union Pacific, common
3
IX
1
1
IX
rec
Holders of
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.' 14
Holders of rec,
Aug. 21
to
Sept.
Holders of
Holders of
rec.
Aug. 26a
rec.
Aug. 30a
Oct.
Oct.
2
Oct.
75C.
Sept.
IX
IX
a*
ix
IX
ix
Sept.
2X
Sept.
1 Aug. 26
3
Sept.
1 Holders of
ix
2X
IX
IX
non-cum. pref..:
Portland (Ore.) Ry., L.A P.,
pref.(quar.)
Tennessee Ry., L. A P., pref.
(qu.)(No.5)
Terre Haute Traction A
Light, preferred.
Banks.
Chemical National
(bi-monthly)..,
Trust Companies.
Citizens' (Brooklyn)
Miscellaneous.
$3
...
,
...
__
American Power A Light, common
(qu.).
American Radiator, common (quar.)
Amer. Smelt. A Refg., com. (qu.)(No.40)
Preferred (quar.) (No. 57)
American Steel Foundries
(quar.)
American Sugar Refg., com. A
pref. (qu.)
American Tobacco, common
(auar.)___.
Associated Merchants, common
(quar.).
Common (extra)
Blackstone Valley Gas A Elec., com. (qu.)
Borden's Condensed
Milk, pref. (quar.).
Brooklyn Union Gas (quar.) (No. 50)
Buckeye Pipe Line (quar.)
Butterlck Company
(quar.)
IX
IX
3X
Extra
Cities Service
Co., com. (monthly)
Preferred (monthly)
A
Sandusky Brewing,pref.(qu.)
Columbus Gas A Fuel, common
(quar.)
Consolidated Gas (quar.)iii.
Continental Oil.»
Crescent Pipe Line.....
Cuban-American Sugar, pref.
(quar.)____^
Deere A Co., preferred
(quar.).
Diamond Match (quar.).
Dominion Textile, common
(quar.)..__.
rec
rec
to
IX
Oct.
2 Holders of rec.
5
Sept.
2 Holders of
IX
X
Aug. 30 Holders of
Aug. 30 Holders of
of rec.
IX
Sept. 2 Holders of
Sept. 15 Sept. 6
IX
Oct.
$5
X
IX
6
rec.
rec.
rec.
to
1 Holders of rec.
Sept. 15 Holders of
Sept. 2 Holders of
rec.
25 Holders of
rec.
Oct.
Sept. 26 Holders
4
Sept. 26 Holders
5-12
Sept. 1 Holders
X
sept, l Holders
1
Sept. 15 Holders
X
Sept. 1 Holders
IX
Sept. 15 Holders
3
Sept. 16 Holders
$1.50 Sept. 15 Aug. 21
Oct.
J Holders
IX
IX
Sept. 1 Holders
IX
Sept. 15 Holders
Oct.
1 Holders
IX
.
rec.
rec.
of rec.
-* to
of
rec.
IX
IX
...
...
4).
Oct.
1 Holders of rec.
Aug. 30 Holders of
Holders of rec. Aug. 30
Aug. 19
to
Holders of
IX
Sept. 1§ Sept. 3
IX
Sept.
1 Holders
2X' Sept. 2 Aug. 17
3X
Sept. 2 Aug. 17
IX
Sept. 29 Sept. 3
IX
Aug. 30 Aug.
5
,
rec.
Aug. 20a
Sept.
1
Sept. 1
Sept. 15
Sept. 15
Aug.dlSff
Aug. 30
rec.
rec.
Sept. 1
Aug. 20a
Sept. 20®
Sept. 20®
Aug. 22a
Sept. 15(f
to
of rec. Aug. 21«
to
Sept. 2
Sept. 2
Sept. 10
to
to
to
Aug. 17
rec.
X
(e)
1 Holders of
rec.
1 Holders of
rec.
Aug. 15
Aug. 20
(e)
1 Holders of
1 Holders of
rec.
Aug. 20
IX
Sept.
Sept.
Sept.
Sept.
rec.
Aug.
IX
Oct
Transfer books not closed for this dividend,
1 Holders of rec.
i
b Less Income tax.
At rate of 7% per annum for 5 months
ending June 30 1913.
On account of accumulated dividends.
Aug. 15-
9®
Sept. 10®
d Correction.
h Payable in
scrip.
!
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
not
.
Shares.
Per cent.
10 Garfield
National
Bank
Shares.
230
1
10 Consumers'
3,980 Exchange Nat. Bank, Pitts¬
burgh, $50 each
t..$70 per sh.
10 Meyer Jonasson <fc Co., Bos. 38
10 Chemical Refining Co
$5 lot
Brooklyn
Park
Percent.
Brewing Co., *"
1
$11 lot
5 United Wine &
Trading Co..$210 lot
Bonds.
Percent.
,
$1,000 Consumers'
Park
Brewing
Co. 1st6s.
...$300 lot
By Messrs. Francis Henshaw & Co., Boston:
Aug.dlOa
Shares:
■
47 Hey wood Bros. <&
$ per sh
Wakefield Co., rights
....
.
39c.
By Messrs. R. L. Day & Co., Boston:
Shares.
% per sh.
-
Aug. 24
3 Pepperell Mfg.
Sept. 13a
Shares.
% per sh.
36 Heywood Bros. &
Wakefield
1 Ware River RR. Co........165
Co
290X
;
Co., rights
2 Columbian Nat. Life Ins. Co.125
Sept.
2a
15a
Aug. 21
Aug. 21
Aug. 16a
Sept. 15
Sept. 13
Aug. 23
Aug. 18a
Sept. 30a
Sept. 9
Aug.
35c.
By Messrs* Barnes & Lofland, Philadelphia:;
Shares.'
% per sh.
80 W. Chester Kennett & Wilm.
Elec. Ry. Co., $50 each
$9 lot
,
:
5,250 Keystone Copper Co., $1 each,
$24 lot
1 Fourth Street Nat. Bank
20 Fidelity Trust
5 Franklin Trust
of rec. Sept.
9
oi rec. Aug. 15
of rec.
1 Holders of rec.
rec.
la
la
_J
1 Holders of
a
Aug. 20
Co
'
'
300
..625^-627
Co., $50 each 54
9 German-Amer. T. & T.
•
Co.,
;' $50 each
Shares.
i
$ per sh.
5 Am. Pipe & Constr. Co
55
50 Keystone Watch Case
Co... 90
3 The Eggette
Coal Co
$25 lot
8 Phlla.
Bourse, com., $50each 3X-A
16,000 Cannon Ball G. Mines
Co.,
*
$1 each.
$i lot
500 Am. Timber Ld.
Co., $10
each..it.._ ._.....$3 lot
500 Am.Coal
Mines Co.,$10 each.$2 lot
30 Pine Lake Park &
Impt. Co.,
100
"
*
15
30a
1 West End Tr. Co. (old stock),
$50 par
100
4 Germantown Pass.
Aug. 15
of rec. AUg.
Oct.
Holders of
Aug.
Nov.
Sept. 15®
Aug. 15a
Sept.
e
Aug. 31
of rec. Aug.
of rec. Aug.
of rec.
1
(quar.)
*
la
1 1-6
Sept.
30 Sept. 11
to
Sept. 16
30 Sept. 11
to*
Sept.16
1 Holders of rec. Aug. 22a
30 Sept. 23
tb
Sept. 30
15 Aug. 30
to
Sept. 7
to
IX
IX
2
:
Holders of
rec.
Sept.15
Sept.30
Sept. 30
Sept.
1
Sept.
1
3
...
1 Holders of rec.
1
1
Woolworth (F. W.) Co., pref. (quar.) .1
Holders of rec, Aug. 12
to
Aug. 22
Sept. 1
Sept. 2 Aug. 16
Sept. 30 Holders
7
5
,
Sept.
Sept.
15 Holders of rec. Oct.
White (J. G.) Management Corp., (No. 1)
Woolworth (F. W.) Co., com. (quar.)
Aug. 12
of rec.
3
*
..
....
......
16a
rec,
dAug.30 Holders
4
......
Aug. 14a
Sept. 8
Aug. 15
Preferred (monthly).
White (J. G.)
Engineer.tCorp.,pf.(No.1)
Aug. 29a
Sept. 2;
rec,
rec.
(Kansas) (quar.)
.
Preferred
8»-,
rec.
to
i__
Utilities Improvement, com. (monthly)...
Holders of
IX
X
$2
Aug. 30 Holders of
Sept. 15 Holders of rec.
Aug. 30 Aug. 12
to
Aug. 30 Aug. 12
to
Sept. 15 Aug. 27
to
Sept." 15 Aug. 27
to
2a
Holders of
rec
rec
1
■
8
3
2a
Holders of
Holders of
Holders of
rec.
2X
Aug. 21;
Aug. 15a
Aug.
rec.
rec.
U. S. Steel Corp., common
(quar.)..
Preferred (quar.)
1
1
Aug. 20a
Aug. 20a
Aug. 25a
Aug.
9a
Sept.
Sept.
Sept.
Sept.
Sept.
IX
1
2
...
Canadian Car A Foundry, pref.
(auar)...
Chesebrough Mfg. Co., Consd. (quar.)..
Holders of
Aug. 16
rec
rec.
Aug. 25 Holders of
rec.
rec.
United Dry Goods Cos., pref. (quar.)
U. S. Envelope, common
2 Aug. 12
to
Sept.
1
Aug. 25 Holders of rec. July 26a
Sept. 1 Holders of rec. Aug. 30a
Oct.
1 Holders of rec.
Aug. 30a
$3
...
Holders of
Holders of
Sept. 20 Holders pf
Sept. 1 Holders of
9a
15a
Sept. 16a
Aug. 21
Aug. 25
Aug. 25
Aug. 22a
Aug.
2a
Aug. 20a
Aug. 31
rec.
Aug. 30 Holders of
United Cigar Mfrs., pref. (quar.)
United Cigar Stores, pref. (qu.) (No.
Sept.
3
....
American Pneumatic Service, 1st
pref
Second preferred
'
rec
to
3
3
Philadelphia Co.,
American Express
American Gas (quar
Aug. 16
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Preferred (No. 16)
Rochester Ry. A Light, pref. (quar.)
Adams Express
(quar.)..!_.
Amalgamated Copper Co. (quar.)
American Coal.!
Holders of
Sept. 2 Holders of
Sept. 20 Holders of
Oct.
Underwood Typewriter, common
Preferred (quar.).....
±
3\
Holders pf rec. Sept.
Holders of rec. Sept.
Holders of rec. Sept.
1 Holders of rec.
Nov. 29 Holders of
Aug. 20a
rec.
la
rec. Sept.
0a
Holders of rec. Aug. 30a
Holders of
rec.
rec.
IX
.
Holders of
to
rec.
Holders of
IX
IX
3
....1
Stern Bros., pref. (quar.) (No. 11)
Studebaker Corporation, preferred (quar.)
Aug. 19;
Aug.
6a
Aug.
Holders of
Holders of
Oct.
5h
Standard Oil of Ohio (quar.)...
Extra.
Holders of rec. Sept.22
Sept.
Sept.
Sept.
Aug. 23
2
Extra
5a
Oct.
to
Oct.
IX
IX
75c.
Standard Oil of N. J. (quar.)
Aug. 11a
rec
1
$1.25
Extra.
Aug. 28a
Holders of rec. Sept.
rec.
to
Sept. 16
Sept.15
Sept.18
Sept. 2
75c.
._
rec.
15 Holders of rec.
Sept. 30 Sept. 13
15a
Sept, 5
Sept. 5
Sept. 27a
Aug. 16a
Sept. 16
Aug. 28
Aug. 30
Sept." 2a
Aug. 26a
rec.
Aug. 30 Holders of
X
;
Standard Oil
Aug. 16a
Holders of
Oct.
IX
IX
1
Aug. 22
Aug. 18a
Holders of rec. Aug.
Holders of rec. Aug.
Sept. 15 Holders of
Sept. 15 Holders of
2X
Aug. 16a
rec.
2
(quar.)
Cent. Arkansas Ry. A
Lt., pf.(qu.)(No.2)
Chicago Elev. Rys., pref. partic. ctfs. (qu.).
Columbus (O.) Ry., com.
(qu.) (No. 56).
Detroit United Ry. (quar.)
Federal Light A Trac.. pref.
(qd.)(No.l3)
Nor. Texas Elec. Co., com.
(qu.) (No. 16)
rec.
rec.
Oct.
...
Wisconsin Central, preferredStreet and Electric
Railways.
American Railways, com.
Cleveland
IX
IX
Holders of rec. Aug.
Standard Oil, California (quar.)...
Standard Oil (Indiana) (quar.)
2a
Holders of
IX
2X
(quar.)...
Preferred...
Holders of
rec.
30^c.
IX
IX
18Xc.
Extra
2a
Holders of
rec.
Holders of
rec.
Quaker Oats, common (quar.)
Preferred (quar.)
:
Preferred (quar.).....
Republic Iron A Steel, pref. (quar.) (No. 44)
Southern Pipe Line (quar.)..,
Holders of rec. Aug. 12a
Holders of rec. Aug. 12a
Sept.
Sept.
rec.
Holders of
IX
Pure Oil (quar.)
Holders of rec. Aug. 23a
Holders of rec. Aug.
9a
Holders of rec. Aug.
9a
Sept.
Aug. 30 Holders of
Sept. 1
Sept. 2
Sept. 1
Aug.30
Sept. 1
IX
IX
1
Holders of
to
Sept.
Aug. 23
Aug. 23
July 31a
IX
IX
Porto RIcan-Amerlcan Tobacco
1
2
Illinois Central (No. 117)
Minn. St.P. & S.S. M., com. &
pf.(No.21)
N. Y. Chic. A St.
Louis, 1st & 2d pref
N. Y. N. H. A Hartford
(quar.)
Norfolk A Western, common
North
Oct.
5a
Aug. 21a
Aug. 30
Sept.15 Holders of rec.
Aug. 30 Aug. 20
to
Sept. 1 Holders of rec.
Sept.15 Holders of rec.
Sept. 4 Holders of rec.
Sept. 1 Aug. 16
to
to
Sept. 1 Aug. 16
la
la
Oct.
common.
Preferred..
Pennsylvania (quar.)
to
*
Nov.
rec.
rec.
Philadelphia Electric (quar.)
Pittsburgh Brewing, pref. (quar.)...
Pittsburgh Steel, pref. (quar.)
Pittsburgh Term. Whse. A Transf.(mthly.)
31a
Aug.
Aug.
Sept. 20a
rec.
reo.
rec.
IX
•_
2 Holders of
1 Holders of
Sept.15 Holders of
Sept. 1 Holders of
Sept. 1 Holders of
Ontario Power (quar.) (No. 4)
People's Gas Light & Coke (quar.).....,
19a
IX
2X
3X
IX
„
Chicago & North Western, com. (quar.).
Preferred (quar.)
Cln. N. O. & Texas
Pac., pref. (quar.)...
Cleveland & Pittsburgh, reg.
guar. (qu.)_
Special guaranteed (quar.)
Cripple Creek Central, com. (qu.)(No.li)
Preferred (quar.) (No. 31).:
Delaware A Hudson Co.
(quar.)..
Hocking Valley (quar.)
(quar.) (No. 87)
Transit (quar.)..
New York Air Brake
(quar.)
5a
Aug. 21
....
Chesapeake A Ohio (quar.)
Holders of rec.
July
July
1 Holders of rec.
Nov. 15 Holders of
2
Preferred
Holders of rec. Aug. 30a
2X
IX
rec.
Oct.
Sept.
Sept.
3
Ogilvie Flour Mills, Ltd., pref. (quar.)
Holders of
2 Holders of rec. Aug.
9a
2 Aug. 15
to
Sept. 2
Aug. 30 Holders of rec. Aug. 22 "
IX
Mahoning Investment...
I.¬
May Department Stores, common (quar.)
Mexican Petroleum, common
(quar.)
Middle West Utilities, preferred
(quar.).
Montreal Cottons, Ltd., common
(quar.)
Preferred (quar.)..
;
—
Days Inclusive.
Sept.
Sept.
X
2
Ohio Oil (quar.)...
Extra
Aug.
Boston <fc Albany (quar.)
Canadian Pacific, common (qu.)
(No. 69)
Preferred.
Hill
Payable
Aug. 20a
IX
IX
Lehigh Coal & Nav. (quar.) (No. 139)
Liggett & Myers Tobacco, com. (quar.).
Books Closed.
rec.
rec.
rec. Aug. 20a
Aug. 30 Aug. 20
to
Aug. 29
Aug. 30 Aug. 20
i to
Aug. 29
Sept. 1 Holders of rec. Aug. 11
Sept. 2 Holders of rec Aug.
9a
2
N.Y. A Queens Elec. Lt. A
Pou>., pref.(qu)
North American Co. (quar.)
2
Preferred
Chestnut
When
Aug. 20
Sept.
4
Laclede Gas Light, com.
(quar.)
Lake of the Woods M
illing, Ltd., com. (qu.)
Preferred (quar.).;.
■
rec.
X
Preferred
National
•
Aug. 16a
Sept.15
1 Holders of
IX
2X
Biscuit, com. (quar.) (No. 61).
Biscuit, pref. (qu.) (No. 62)
National Lead, common (quar.)
printed in italics.
are
1 Holders of rec.
Sept.
2
Kings Co. EI. L. & P. (quar.) (No. 54)..
Lackawanna Steel, preferred (quar.)
for the
Sept. 1
AUg. 210
Sept. 19a
15 Holders of rec.
Aug. 30a
1 Holders of rec. Sept. 20
IX
IX
National
following shows all the dividends announced
future by large or important
corporations:
Sept.15
Sept.15
Aug. 22
Aug. 16
Oct.
IX
National
The
Oct.;
Sept. 2 Holders of
i
(qu.) (No. 2)..
DIVIDENDS.
1 Holders of rec.
Oct.
Sept. 20a
Sept. 1
July 31a
Sept. 15
2 Holders of
65c. Aug. 25 Holders of
International Nickel, common (quar.)...
'
Oct.
3
Internat. Smelting
Refining (quar.)
Internal. Smokeless P.AC., com.
(qu.)
$20,790,783
Sept. 15 Holders of rec.
Aug. 30 Holders of rec.
Sept. 2 Aug. 16
to
Sept. 2 Holders of rec.
X
Int. Harvester Go. of N. J., pf.
(qu.) (No .26)
Int. Harvester Corp., pf.
$22,092,856
1,302,073
1 Holders of rec.
IX
IX
IX
465).
Independent Brewing, preferred (quar.).
Prefered (extra)
Inland Steel (quar.)
T
$759,293,191
<.
Legal-Tender Notes—
1 Holders of rec.
1 Holders of rec.
Oct.
2
__n_
Harwood Electric Co., preferred
Homestake Mining (monthly) (No.
.$759,157,906
135,285
Net amount issued during July
Oct.
Oct.
IX
IX
IX
IX
Granby Cons. Mln., 8m. & P.,-Ltd. (qu.)
Towing (quar.)
HarbisonrWalker Refract., com. (quar.)...
■
rec.
IX
Great Lakes
The following shows the amount of national bank notes
afloat and the amount of legal-tender
deposits July 1 and
August 1, and their increase or decrease during the month of
reo.
IX
Goodrich (B. F.) Co., pref.
(quar.)
933,000
...
4% Manila Railroad..
(quar.)
1 Holders of reo.
Sept. 15 Holders of
Sept. 1 Holders of
2X
...
General Electric
Closed.
Inclusive.
5
Utilities, pref. (quar.) (No. 9)
General Asphalt, pref.
(quar.) (No. 25)..
General Chemical, common
(quar.)
Preferred (quar.)
54,128,360
36,771,700
25,678,600
616,148,260
Oct.
IX
IX
5
Federal
1,274,000
3,464,200
3,658,900
Books
Days
"
...
July 31 1913.
Amount
Payable.
...
Bonds on Deposit
4%
4%
3%
4%
When
Cent.
Company.
Miscellaneous (Concluded).
duPont Internal. Powder,
pref. (quar.)...
Eastern Steel, first pref.
(quar.)
Eastman Kodak, common (extra)
Eastman Kodak, common
(quar.)
Common (extra)
Preferred (quar.)..
Federal Mining &
Smelting, pref. (quar.)
U. S. Bonds Held July 31 to Secure-
2% U.
4% U.
3% U.
2% U.
2% U.
3.65%
of
Ry.. 105-105X
'
14a
*
Ann
1,000
525 each- — r:-r--i-----i,---$l
Am. Pneum. Motor
5 Frank. & S'wark Pass. Ry__365
2 Continental Pass. Ry......
120^
Bonds.
3 John B. Stetson Co.. com
Sept. 6
Sept. 16
385
$500 Pitts.
Sept. 15a
Shares.-
of rec. Sept. 15
.'
,
23 Munich
•
••
'
"
[.
^
By Messrs. Samuel T. Freeman
of rec.', Aug. 15a
of rec. Aug. 30a
&
Co., Philadelphia:
.....
'•
'
*
Percent.
&Susq. RR.i, 1st 5s. *40. 74
'
.
Studio of Fine
Art,
H.
.
/.% versh.
'
$50 each
<•
4
lOt
Co;, $10
A-l:'!-i,—i-—-$l1ot
; each
5,1
V.V'iH
f>t
;
;;
2X 1
v«
.5
:
23
AUG.
Currency, Treasury Department:
'
\
COMPANIES.
TRUST
On
Loans.
Surplus.
Trust Cos.
%
August 6.
VOLUNTARY LIQUIDATIONS.
Legals.
$
Bankers-.
4,243—The Maryville National Bank, Maryville, Mo., Aug. 1 1913.
Succeeded by the Farmers' Trust Co. of Maryville, Mo.
Liqui¬
dating agent, George R. Ellison, Maryville, Mo.
760—The First National Bank of Lexington, Ky., Aug. 5 1913. Consoli¬
dated with The Lexington City. National Bank No. 906, the title
of which is to be changed to "The First & City National Bank of
Lexington."
Liquidating agent: J. W. Porter, Lexington, Ky.
9,584—The First National Bank of Capitol Hill, Okla., July 22 1913.
Liquidating agent: F. P. Johnson, Oklahoma City, Okla.
$
%
%
18,959,0 15.0+11.0
99,078,0 15.0+10.6
29,132,0 15.0+13.6
14.9+15.4
15.1 + 18.0
1,857,0
32,626,0
23,863,5 151,367,0 14,314,0
622,0
7,368,0
1,324,0
Fidelity
5,776,2 16,961,0 1,361,0
Lawy. T. I.&T
Col.-Knickerb.
7.165.4 46,275,0 4,790,0
1,741,0
15,308,0
1.529.5
People's
43,100,0 4,017,0
New York..".. 11.939.2
968,0
9,259,0
Franklin
1,180,5
1,031,0
9,659,0
512,1
Lincoln '.
1,812,0
6,114,0 21,469,0
Metropolitan.
1,131,0
11,126,0
800,8
Broadway
42,0 2,426,0
1,090,0 4,394,0
1,073,0 20,413,0
240,0
742,0
350,0 1,257,0
730,0 4,918,0
383,0 1,943,0
332,0 3,521,0
182,0
925,0
213,0
944,0
9,0 1,982,0
480,0 1,830,0
Totals, Avge.T 95,669,7 566,455,0 55,836,0
6,865,0 64,109,0 413,555,0 15.1 + 13.4
Title Gu. &Tr. 11.355.1
394—The First National Bank of Westport, Conn., July 31 1913.
Liquidating committee:
Daniel B. Bradley, William H. Saxton
and H. M. Salmon, Westport, Conn.
Average.
708,0 2,371,0
430,0 11,771,0
603,0 4,672,0
Brooklyn
Reserve.
Deposits.
Banks.
$
3,571,5 24,127,0 2,128,0
14,874,3 123,473,0 14,453,0
4,455,2 35,931,0 3,775,0
U.S.Mtg.A Tr.
1,836,0
18,406,0
Astor
1,208,4
Net
Dep.
withC.H.
Average. Average.
S
%
10.431—The Farmers' National Bank of Tishomingo,
Okla. Capital,
$30,000.
B. R. Brundage, Pres.; R. T. Looney, Cashier.
(Con¬
version of The American State Bank of Tishomingo.)
Specie.
Average.
00s omitted.
CHARTERS ISSUED TO NATIONAL BANKS.
' '
OF
Comptroller of the
national banks is from the office of the
;
DETAILED RETURNS
regarding
Banks.—The following information
National
499
CHRONICLE
THE
1913.]
Guaranty
_
12,711,0
19,413,0
99,906,0
5,655,0
11,212,0
36,738,0
14,046,0
28,868,0
7,487,0
8,224,0
11,642,0
10,484,0
15.4+16.9
15.2 + 10.5
15.2 + 10.0
15.0+11.8
15.1 + 11.9
15.0+10.8
15.3 + 10.9
15.0+10.2
15.6 + 14.5
15.3 + 14.8
CHANGE OF CORPORATE TITLE.
906—The Lexington City National Bank, Lexington,
First and City National Bank of Lexington."
;
Ky., to "The
Canadian Bank Clearings.—The clearings for the week
ending Aug. 16 at Canadian cities, in comparison with the
same week of
1912, show a decrease in the aggregate of
9.4%.
:
Week
v.,
...
ending
August
figures
Actual
The capital of the
7,084,0:67,640,0 413,182,0
16 566,391,0 55,414,0
Aug.
15.1 + 14.3
trust companies Is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust. $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust,
$5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker. $2,000,000;
People's, $1,000,000; New York, $3,000,000: Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
SUMMARY
16.
COVERING BOTH BANKS AND TRUST COMPANIES.
Clearings at—
Inc. or
1912.
1913.
On Dep.
Week
1910.
1911.
Dec.
Legal
Canada-r-
Ottawa
Quebec
.
.3,006,677
:
3,076,255
2,586,556
Winnipeg
_
*
.......
Victoria...
Hamilton
Edmonton
St.
John
London....
r..—
Regina...—
Saskatoon
Moose Jaw
Lethbridge
Fort
Westminster...
+ 9.8
—13.3
—10.3
i8.9
+33.8
—9.2
+ 16.4
—7.6
—27.9
552,538
477,227
517,173
582,845
479,683
942,366
519,136
William.
New
867,862
+ 1.8
—14.4
—27.4
1,575,054
1,664,774
1,667,811
2,090,263
1,986,377
977,032
398,199
493,394
...........
Brantford..........
—26.0
—5.1
4,646,851
4,929,087
2,738,905
3,549,724
2,884,443
4,098,681
723,934
Brandon
—27.6
42,384,025
31,732,521
18,916,847
9,795,537
7,789,898
3,723,533
2,584,838
2,768,474
2,451,029
2,006,432
1,629,954
1,367,293
-1,284,074
1,322,773
1,129,474
—6.3
11,380,222
3,733,736
2,108,082
1,510,592
1,940,218
1,931,858
1,437,871
i....
Halifax
—13.0
60,819,170
38,301,273
22,118,264
50,884,403
35,896,066
20,986,356
11,590,125
3,978,033
3,576,421
fcl ont real
Vancouver
2,785,926
.
3,687,862
2,142,833
1,781,740
1,912,456
1,658,787
1,859,138
1,572,532
1,127,153
Deposits.
«
441,319
61.8,
City Clearing-House Banks
Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending Aug. 16.
The figures for the
separate banks are the averages of the daily results.
In
the case of the totals, actual figures at the end of the week
are also given.
'
For definitions and rules under which the various items are
Trust
"Chronicle," V. 85,
836, in the
p.
case
of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF
Total.
179,900,0 302,892,9 1,925,567,0349,995,0
79,276,0
1,358,886,0 292,058,0
566,391,0 55,414,0
74,341,0
7,084,0
64,109,01,783,935,0
.1
1,368,886,0
67,640,0
413,182,0
1,925,277,0347,472,0
81,425,0
67,640,01,782,068,0
..
'
Actual.
.
Banks.-...
Trust
cos.
Total.
._
Department also
Banking
State
The
......
furnishes weekly
trust companies under its
of the State banks and
These returns cover all the institutions of this class
compiled so as to
charge.
whole State, but the figures are
the
New
Statement of New York
made up, see
1,370,380,0
413,555,0
tot
-9.4 133,226,758 107,924,274
166,974,869
$
.
......
64,109,0
distinguish between the results for New York City (Greater
Not Include d in tot
Total Canada........ 151,280,825
$
72,411,0
6,865,0
in
439,502
I
$
$
133,650,0 207,223,2 1,359,112,0294,159,0
566,455,0, 55,836,0
46,250,0 95,669,7
returns
489,275
%
$
Averages.
Trust cos.
Banks
883,985
•
—7.3
+
36,583,649
26,515,775
17,358,304
7,612,815
543,417
-?
+3.4
a
485,349 Not include d in
Medicine Hat.......
and
Net
Banks.
%
Toronto.
Calgary
with C.H.
Tenders.
Specie.
Loans.
Surplus.
Capital.
ending
August 16
BANKS.
York) and those for the rest of the State, as per
following:
under which the various items
For definitions and rules
are
the
:
"Chronicle," V. 86, p. 316.
made up, see
STATE BANKS
AND TRUST
•
COMPANIES.
State Banks,
Week ended August
Trust Cos.
State Banks.
Trust Cos.
in
in
outside of
outside of
16.
Greater N. Y. Greater N. Y. Greater N. Y. Greater N.
1
1
<i
Y.
""
$
$
$
$
Capital as of June 4.....
22,850,000
65,900,000
Surplus as of June 4..rf..
164,444,200
12,463,100
296,580,900 1,031,663,200
+ 836,800
—56,300
119,544,600
+506,700
10,150,000
9,478,000
38,503,000
11,405,100
'
We omit two ciphers
(00) in all cases.
Loans
and
investments..
Change from last week.
Capital.
Banks.
Loans,
Surplus.
Legals.' Net Depos¬
Specie.
j
Re¬
*
$
%
Chemical..—
Exch.
600,0
7,410,4
526,8
Manhattan Co
Merchants'...
Mech. & Met.
America.
City..
...
Merch.
4,756,8
2,178,3
8,873,7
6,438,1
30,516,1
300,0
Greenwich....
500,0
Ex.
5,000,0
25,000,0
1,047,2
4,536,4
16,526,4
American
Commerce
500,0
975,4
Chat. & Phen.
2,250,0
1,342,5
People's
200,0
3,000,0
.
Hanover
Citizens' Cent.
Imp .& Traders
Park..J
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
River...
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
200,0
1,000,0
5,948,1
2,701,5
22,020,2
3,299,8
775,4
2,012,7
683,9
10,263,5
2,273,2
815,5
1,034,6
1.742,1
1,000,0
250,0
1,000,0
1,293,1
496,1
2,211,6
...
Market & Fult
Metropolitan
.
Corn Exchange
East
Fourth
Second..-..._
First
.....
Irving
Bowery
......
•
1,925,2
1,817,2
5,908,0
7,900,9
14,134,6
•
serve.
53,764,000
—435,200
21,191,500
+ 772,600
Specie
$
26.9
Legal-tender & bk. notes.
26.5
Change from last week.
19,925,0
54,580,0
26.3
1,856,0
23,358,0
25.6
-7,598,0
1,997,0
187,161,0
28.7
25,312,0
6,578,0
25.3
Reserve on deposits.....
89,487,500
25.9
Change from last week.
+ 397,800
110,883,700
—1,962,206
%
18,158,0
33,500,0
68,0
402,0
1,690,0
2,350,0
175,0
9,809,0
1,377,0
9,631,0
43,445,0
21,955,0 .8,088,0 ,112,436,0
693,0
4,443,0
539,0
18,782,0
3,090,0 1,663,0
156,0
391,0
2,196,0
19,080,0 2,755,0
79,699,0
611,0
21,133,0
4,955,0
27.7
211,0
26.0
Deposits
Change from last week-
+ 258,400
.
125,241,000
+ 986,000
183,333,700
—979,000
129,201,400
—2,224,600
23,339,80(1
23,702,900
—1,132,100
—223,400
'
25.7
P. C. reserve to deposits.
Percentage last week..
27,0%
3,284,0
8,278,0
3,842,0
20,603,0
294,0
5,676,0
2,953,0
25,246,0
"
156,0
1,262,0
3,110,0
63,0
701,0
14.0%
20.2%
14.5%
■
+ Increase over last week.
—Decrease from last week.
25.0
27.3
26.3
25.6
26.3
25.6
25.7
3,357,0
124,0
2,000,0
770,0
25.3
37,019,0
1,921,0
6,412,0
27.7
103,331,0
2,155,0
.
19.8%
17.1%
.
26.7
29,156,0
12,256,0
828,0
267,0
7,070,0
16.9%
27.1%
25'.3
11,880,0
8,820,0
14,039,0
61,388,0
23,667,0
88,890,0
1,537,0
1,258,0
1,803,0
1,392,0
;■
10,510,500
339,481,500 1,114,259,000
—695,500
+ 510,600
*
45,106,0
134,559,0
4,684,0
18,719,0
67,2
Nassau
$
1,493,0
1,877,0
8,722,0
14,536,0
2,294,8
466,9
its, Aver.;
990,0
1,632,0
1,432,0
2,625,0
$
7,248,0
3;815,0
11,597,0
4,145,0
46,279,0
4,419,0
189,508,0
29,024,0
6,595,0
2,159,0
71,313,0
22,285,0
10,782,0
9,062,0
13,405,0
52,136,0
26,432,0
87,331,0
1,454,0
29,067,0
13,457,0
112,382,0
36,544,0
3,250,0
8,428,0
3,952,0
91,123,0
12,391,0
3,582,0
5,045,0
14,499,0
Average,
3,902,0
19,932,0,
475,5
Pacific
1
57,342,0
24,220,0
127,2
Butch. & Drov
Average.
20,178,0
30,050,0
4,280,1
2,000,0
2,050,0
2,000,0
,,6,000,0
1,500,0
25,000,0
3,000,0
New York....
|
—..—
Change from last week.
Average.
00a omitted.
175,545,900
—17,500
,
24.8
Note.—"Surplus" includes all undivided profits.
"Reserve on deposits" include
4o iboth trust companies and State banks, not only cash items but amounts due
from reserve agents.
Trust companies in New York State are required by law to
25.2
lo¬
keep a reserve proportionate to their deposits, the ratio varying according to
cation as shown below.
The percentage of reserve required Is computed on
25.0
aggregate of deposits,
25.1
25.3
25.3
27.1
25.3
the
exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of ah amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca¬
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910). and exclusive of deposits secured (according to amend¬
ment of 1911) by bonds or obligations of the City or State of New York, and ex¬
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by tbe company or held In trust
8,468,0
3,824,0
110,377,0
14,122,0
3,353,0
5,806,0
14,407,0
•.
8,930,0
3,991,0
11,418,0
4,549,0
27,514,0
26,095,0
10,396,0
24.8
26.5
Required in Cash. Required, in Cash.
25%
16%
15%
15%
10%
20%
10% ...
Brooklyn Borough (without branches In Manhat )15%
7 H%
15%
10% •
Other Boroughs (without branches In Manhattan)15%
*20%
20%
15%
Brooklyn Borough, with branches In Manhattan. 15%
15%
15%
:■ i$%
Other Boroughs, wlih branches In Manhattan...15%
23,710,0
25.1
Cities of thp first and
14,613,0
24.6
Cbies of the third class and
Elsewhere in State
350,0
6,779,0
8,666,0
26.0
180,Oj
5,817,0
25.3
Totals, Avge.. 133,650,0 207,223,2 1359,112,0 294,159,0 72,411,0 1370,380,0
26.7
N. Y. County-
German-A mer.
5,000,0
100,0
Chase
Fifth
Avenue-
German Exch.
Germania
Lincoln.
Gar field.
Fifth...
....
Metropolis
.
...
West Side....
Seaboard
Liberty
—
...
N. Y. Prod .Ex
State
Security
Coal &
Iron..
Union Exch_P
•jNassau, Bklyn
Actual figures
•
••••■
••
"
•
200,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0 L
1,000,0
1,000,0
1,000,0
Aug.
' ■
16.
.
.
842,1
2,439,1
v.
1,236,0
.
12,271,0
543,7
6,647,0
9,044,0
7,269,0
994,1
1,153,7
825,0
244,0
523,0
965,0
306,0
1,805,0
1,932,0
445,0
1,883,0
881,0
5,577,0
6,058,0
2,370,0
5,570,0
2,355,0
1,234,0
1,805,0
1,293,0
*
255,0
2,702,0
8,782,0
18,379,0
.423,4
224,0
7,548,0
934,0
310,0
-
9,048,0
3,997,0
11,898,0
3,877,0
23,485,0
23,820,0
2,745,5
860,3
587,7
'
1,403,0
888,0
27,273,0
2,852,0
558,0
540,0
v
389,0
398,0
1,241,0
532,01
,•
1358,886,0 292,058,0 74,341,0 1368,886,0
r
■
i
29.0
31.5
26.8
25.9
24.4
.
.
by any public department
^
24.2
25.0
26.0
26.8
25.2
and
State
Totnl
Banks
r
Of
Total
Reserve
Trust Companies
which
Of
Reserve
-
which
Location—
Manhattan
Borough
-.10%
10%
second class
villages
The Banking Department also
rate
trust
5%
mwmm'
■
mmmrn
'
'
3%
'
•
m
<J'»
mm
•»
mm
'
16%
— —
24.8
26.7
—State Banks-
—Trust Cos.
Required for
Reserve
24.3
Circulation .—On the basis of averages, circulation of national banks in the Clearing
House amounted to $46,071,000, and, according to actual figures, was $46,083,000.
v
for It
25.6
-
6%
undertakes to present sepa¬
the State banks and
York not : in the Clearing-
figures indicating the totals for
companies in Greater New
House.
These figures
also the results
are
shown in the table below, as are
(both actual and average) for the
Clearing-
500
THE
House banks and trust companies.
oombined each corresponding
thus
affording
trust
CHRONICLE
Boston and Philadelphia Banks.—Below is
In addition, we have
xgvii.
a
summary
of the
weekly totals of the Clearing-House banks of Boston
and Philadelphia:
item in the two statements,
aggregate for the whole of the banks and
an
[Vol.
We omit two ciphers (00) in all these figures.
companies in the Greater New York.
"
NEW
YORK CITY BANKS AND
Capital
COMPANIES.
TRUST
and
Batiks.
Loans.
Specie.
Legale.
\
Clear.-House
Week ended August 16—
Member 8.
Clear.-House
Members,
ActualFigure
Stale Banks and
Trust
Boston
Cos. Not Banks dk Trust
June
Average.
of June 4
179,900,00C
179,900,000
27,550,000
302.892.90C
302,892,900
75,596,100
378,489,000
1,925,277,00(
11,925,567,000
+401,00(
+ 7,771,000
1,782,068,00(
—3,281,00(
21,783,935,000
Change from last week
Specie..
Change from last week
347,472,001
—3,398,001
349,995,000
—195,000
Surplus
June 4
aa of
Loans and Investments-
Change from last week
12.
19.
July
26.
2.
Aug.
Aug.
9.
Aug.
543,471,700 2.469,038,700
+ 6,862,100
—908,900
$
_
16.
-
Legal-tenders
63,219,300
—231,600
79,276,000
—78,000
67,885,700
+ 143,300
366,399,000
366,570,000
26.74%
12,402,900
13.90%
Trust cos.; cash in vault.
62,498,000
62,701,000
58,702,100
428,897,000
429,271,000
—273,000
71,105,000
—88,300
103,684,3
2.
103,684,3
9.
16.
500,376,000
—361,300
*
_
—1,628,000
$
4,074.0
4,327,0
4,093,0
3,709,0
3,625.0
4,054,0
274,343,0
263,246,0
259,772,0
258,517,0
263,016.0
103,684,3
103.684,3
103,684,3
$
8,094,0
8,609,0
8,802,0
9,376,0
9,566,0
9,558,0
9,351,0
9,387,0
263,335,0
270,663,0
266,802,0
131,285,2
167,938,4
142,433,1
179.828.1
134.189.6
137.742.0
128.268.2
136.780.4
89,412,0
89,151,0
90,459,0
92,093,0
89,664,0
90,313,0
1
88,027,0
*409, 904,0
*404, 378,0
161.405.8
175.479.7
156.380.5
161,260,7
140.390.6
161.628.9
103.684.3
375,360,0
376,195,0
374,902,0
373,535,0
371,501,0
372,970,0
374,391,0
103,684,3
372,752,0
90,470,0
*407, 637,0
11,324,0
143.647.1
138.338.2
103,684,3
♦414, 948,0
♦419, 892,0
•413, 615,0
♦416, 635,0
*407, 151,0
11,251,0
11,250,0
11,279,0
11,275,0
11,269,0
*.305.0
11,303,0
a Includes Government
deposits and the item "due to other banks."
At Boston
Government deposits amounted to $1,555,000 on August
16, against $1,563,000
on August 9.
'
121,403,100
Aggr'te money holdings.
Change from last week
19.
26.
Aug.
378,972,900
26.76 %
Ratio to deposits
5.
12.
Aug.
87,161,700
+ 65,300
81,425,000
28.
July
July
413,214,300
—426,600
+ 1,770,000
Change from last week
Banks: cash in vault
June
July
July
0546,611,900 2,330,546,900
+ 5,212,400
—409,600
+ 5,622,000
%
4,262,0
3,481,0
Pklla.
Aug.
Deposits
$
60,735,4 226,770,0 26,596,0
60,735,4 227.086,0 25,157,0
60,735,4 225,033,0 27,104,0
60,735,4 225,428,0 29,323,0
60,735,4 223,617,0 29,813,0
60,735,4 222,963,0 27,763,0
60,735,4 222,551,0 26,950,0
60,735,4 223,121,0 26,321,0
5.
July
207,450,000
aa
t
28.
July
July
$
Capital
Clearings
lation.
a
Total of all
in C.-II. Aver. Cos.
Average.
Circu¬
Deposits.
Surplus.
"Deposits"
were
include the item of "Exchanges for Clearing House," which
now
reported on August 16 as $12,123,000.
Imports and Exports for the Week.—The following are
imports at New York for the week ending Aug. 16; also
totals since the beginning of the first week in
January:
the
Money
on
deposit
with
other banks & trust
cos,
67,640,000
Change from last week
+ 5,431,000
64,109,000
+ 48,000
—247,800
81,472,400
—199,800
493,380,000
Total reserve.
496,537,000
Change from last week y'+4,803,000
17,363,400
88,468,400
—336,100
581,848,400
—561,100
—225,000
FOREIGN IMPORTS AT
For Week
Surplus CASH reserird—
Trust
cos.
1913.
.
Dry goods
Banks (above
25%)...
(above 15%)
24,177.500
520,700
23,975,000
667,750
Total
24,698,200
—985,450
15.12%
Cash
+ Increase
These
over
15.16%
13.42%
16.55%
1.40%
29.48%
Total.
28.58%
17.95%
last week.
$618,064,782.$635,638,891 $551,651,529 $596,256,107
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. 16 and from Jan. 1 to date:
—Decrease from last week.
EXPORTS FROM
are
included,
deposits amounted to $615,811,600, an increase of $161,200 from last week.
In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures.
6 Includes bank notes.
1913.
For the week
Clearing-House banks
Total 33 weeks.
and
trust
companies in Greater New York
compare as
follows for
a
outside of
the
series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
We
omit
two
ciphers
in
all
these
$9,731,567
510,198,582
Investments
Deposits.
Specie.
toney
Holdings.
Legale.
$
14
2.460.968.5
June
21
2,449,301,4
June
28
2,456,190,0
5
12—..
July
July
19—
26
Aug.
2
Aug.
9
Aug.
16
405,180,155
IMPORTS OF SPECIE AT
2,481,840,3
2,479,309,2
2.479.832.8
2.472.979.9
2,464,351,2
2.462.176.6
2.469.038.7
*
2.318.894.4 413.226,6
2,318,877,0 420,990,1
2,324,559,2 423,439,0
2.352.237.2 417,144,3
2.346.069.6 406,995,5
2.345.903.3
2.342.690.7
2,331,766,7
2.325.334.5
2,330,546,9
407,142,5
411,286,8
416.512.8
413.640.9
413,214,3
<
92.313.5
92,870,8
88.489.6
87,096,4
87.161.7
573.727,0
597.360.5
601,506.7
595.249.4
587,026,9
Imports.
Jan. 1
Week.
498.582.5
499,456,0
504.157.6
505.002.4
500.737.3
500,376,0
Great
Britain
France
1
„
'
$43,575,270
Germany
1
West Indies....
—
592,979,2
1
All other countries.
America-.--..;...
t
1
Total 1913..
•
a
Mexico.—.—————.,.,
South
594.713.6
582.409.5
581,848,4
Reports of Clearing Non-Member Banks.—The follow¬
I * 1(
1
II
»
I
1
t
1
»
.
714,000
;
"$1~3~, 600
....
409,306
39,042
38,457
$538,174 $12,631,062
32,508,133
5,000
Total 1912
$5l",369
283,851
5,171
22,448,389
1,716,015
$68,742,696
...
'
2,930,241
'287,149
591,185
Britain.
$552,451 $27,367,884
26,942
4,138,255
....
Germany
$13,983
"347
"36", 651
$18
135,750
America........
41,967
83,928
$579,740 $31,551,899
Total 1913.
$261,663
105(979
Legal
On
Total 1912.
1,217,913
Disc'ts
Tender
Deposit
Total 1911.
576,213
Sur¬
and
tal.
plus.
Invest¬
Bank
ments.
Notes.
Specie.
and
with
:
Desposits.
Banks.
Colonial
Columbia
Fidelity
—
Mount Morris
Mutual
New Netherland
Twenty-third Ward..
Yorkville
100,0
200,0
349.7
500,0
511,3
656,3
767,6
173.5
1,762,0
1,526,0
6,505,0
6,171,0
5,649,0
996,0
334.3
470.4
2,261,0
358,0
4,716,0
509,0
410,0
400,0
300,0
200,0
250,0
200,0
200,0
200,0
100,0
119,9
300.6
104.4
489,3
3,330,0
1,877,0
4,225,0
147,0
370,0
568,0
941,0
531,0
57,0
95,0
48,0
205,0
131,0
408,0
342,0
207,0
393,0
118,0
1,079,0
233,0
136,0
99,0
581,0
209,0
296,0
679,0
263,0
242,0
582,0
211,0
581,0
56,0
280,0
539,0
670,0
521,0
1,635,0
117,0
760,0
286,0
54,0
336,0
300,0
Manufacturers' Nat..
252,0
Mechanics'
1,000,0
...
....
National City
North Side
701.6
944.3
592,9
300,0
585.5
200,0
177.6
400,0
250,0
1,404,2
826.8
200,0
220,0
3,750,0
375,0
5,390,0
415,0
9,983,0 1,366,0
4,568,0
512,0
2,530,0
190,0
limiting and financial.
2,490,0
4,760,0
3,399,0
2,040,0
4,669,0
3,046,0
4,763,0
12,065,0
4,514,0
2,558,0
Jersey City.
First National
were
930,0
115 Issues of Listed Stocks
The
issues
are classified
by us as follows:
Investment, SemiSpeculative.
Investors interested in stocks can obtain
of this circular free of charge by sending for Circular
614,
Investment,
a
copy
"Railroad and
113,0
$6,311,220
6,209,330
4,933,679
imports for the week in 1913, $51,085
gold coin and $
American silver coin.
l;491,0
1,662,0
.5,970,0
6,255,0
6,184,0
Brooklyn.
First National
125,122
Of the above
American
New York City.
Manhattan and Bronx.
Washington Heights.
Battery Park Nat.
Century...
34,879,456
31,884,683
3,431,729
1,655,741
1,035,837
Net
C.-H.
"
909
1,200
All other countries
Loans,
Capi¬
58,555
23,024
92,351
+--■
—
West Indies
South
,
We omit two ciphers (00) In all these figures.
14,451,213
9,199,380
Silver,
Great
France,
Mexico...
results:
$47,821
911,682
6,653
703,814
7,429,502
2,291,214
1,240,376
...
584,407,2
ing is the statement of condition of the clearing non-member
banks for the week ending August 16, based on
average daily
Banks.
(Since Jan. 1.
$
505.124.2
513.722.3
516,809,9
505.704.2
YORK.
Gold.
onDeposit
$
91,897,6
92.732,2
93,370,9
88,559,9
91,587,0
NEW
Exports.
EntireRes.
Total 1911
.
475,817,298
1912 and 1911:
Week.
July
July
$12,106,366
.
EXPORTS AND
Tot
$
June
1910.
$14,306,462
The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 16
and since Jan. 1 1913 and for the
corresponding periods in
figures.
Loans and
Week Ended—
1911,'
1912.
\
GREATER NEW YORK.
;
.:
YORK.
$574,482,474 $519,930,149 $490,123,760 $417,286,521
and trust companies, combined with those for the State banks
Clearing House,
NEW
$14,834,851
559,647,623
....
Previously reported
The averages of the New York City
$16,178,165
$88,515,246 $100,413,908
463,136,283 495,842,201
$92,209,188
543,429,703
522,962,827
Total 33 weeks...
the deposits after eliminating the Item "Due from reserve
depositories
and other banks and trust companies in New York City"; with this item
a
$16,026,116
$95,101^955'
Since Jan. 1.
Dry goods
14.36%
dep. with bks.
on
$3,056,034
13,122,131
14,101,948;
reserves of trus t cos.—
Cash in vault
1910.
$2,828,702
13,197,414
_
General merchandise
% of cash
1911.
$3,354,374
18,145,568
$17,498,908; $21,499,942
General merchandise
24,642,750
—1,784,600
YORK.
1912.
$3,396,960
Total
Change from last week
NEW
253,0
235,0
332,0
1,627,0
60,0
431.7
4,634,0
3,247,0
2,424,0
114,0
134,0
540,0
501,0
4,362,0
3,297,0
250,0
190,0
66,0
55,0
489,0
419,0
78,013,0
76,271,0
76,325,0
EXCHANGE PLACE—NEW
Albany
1,628,0
1,531,0
16.--. 6,097,0 10,908,0 83,203,0 8,606,0 3,839,0 12,074,0
9
6,097,0 10,908,0 82,747,0 8,647,0 3,759,0 11,592,0
Totals Aug.
2
6,097,0 10,908,0 83,153,0.8,549,0 3,555,0 12,329,0
Spencer Trask & Co.
43
YORK
Boston
Chicago
4,881,0
1,700,0
1,468,0
682.4
283.7
Industrial Stocks."
Hudson County Nat.
Third National
Hoboken.
First National..,
Second National..
Totals Aug.
Totals Aug.
,125,0
White, Weld & Co.
Bonds and
WALL STREET
NEW YORK
THE
Investment Securities.^
ROOKERY
CHICAGO
111 DEVONSHIRE STREET
BOSTON
Aug. 23
Germany bankers' marks were 94 5-16 @ 94 7-16 for long and 95 H @95 3-16 less
1-32 for short.
Amsterdam bankers' guilders were 40 1-16 less 1-32@
(jtaette.
Imkzxs'
40 1-16 plus 1-32
The
Aug. 22 1913.
of
Situation.—The security
Money and Financial
markets showed
bouyant tendency On Monday in spite
a
caused by
losses
enormous
for short.
Exchange at Paris on London, 25f. 24 ^c.; week's range, 25f. 25 He. high
wwvwwwwsAWrfV»ywwwvvvvvw»<v»wvvw^>vvvwvvwwvvvvv<«*<vv'*w^w*ww»<vwvvv*vw*vw<<v»A'''»*»'»'*»''»»'»»»''
"Wall Street, Friday Night,
501
CHRONICLE
THE
1913.)
drought in the Southwest.
and 25f. 24He. low.
Exchange at Berlin on London, 20m. 44Hpf.J week's
pf. high and 20m. 44Hpf- low.
The range for foreign exchange for the week follows:
Checks.
Sterling—•
Sixty Days.
4 8655
High for the week—4 8325
reach
soon
a
favorable solution and money market conditions
reported at the close last week
as
perhaps
then: hoped that affairs in Mexico would
was
Moreover the
decidedly reassuring.
were
Government report
given
Monday
out on
showed that exports of agricultural products
for July have
rarely been exceeded in that month and not equaled since
1901.'
"
But
;/•
Paris Bankers' Francs—
High for the week___5 21K
Low for the week _ _5 21H less 1-16
Germany Bankers' Marks—
High for the week_ _ 94 7-16
Low for the week—
94:5-16
Amsterdam Bankers' Guilders—
High for the week
39 H phis 1-16
Low for the week
39 H
caused
London Stock
in
week
the
Exchange before the
volume of business
reduced
a
and
has not, however,
movement
proportions.
during the remainder of
assumed
At the moment there
little, aside from
appears
speedily solved and in
money
of the drought
market conditions
and the rather hopeful outlook for general
to
meagre
not much hope
view of the wide-spread and disastrous effect
there
than
more
seems
the Mexican problem will be
that
The latter
merchandising,
As to the money
of
market conditions referred to, the Bank
England reports
the largest at this season since the year*
of plethora—1896.
the
gain of $6,000,000 in gold, making
a
its present holdings
The Bank of France gained $4,000,000*'
past week and the surplus reserve of the New YorH
Clearing House banks is considerably larger than the
at this
'
season.
The
average
j
-
conditions
beneficial effect of these
hardly
can
over-estimated.
If credits here
bank
both sides of the Atlantic (for in any broafl
reserves on
financial outlook
than
they
now
from South
and
they must
were
widely extended an<J
be regarded
now
as
low, future business prospects would be far less
were
Europe
The open
unitj
a
favorably
being made
now
pori
America, chiefly from Argentina, to this
are
attracting attention because unusual.
market rate for call leans at the Stock Exchange
during the week
from
Shipments of gold
are.
stock and bond collaterals has ranged
on
2@2%%.
Friday's
rates
on
call
were^2@2j
day endorsements and prime 4 to 6 months' single
6% @6%% for good single
The
Bank
showed
week.
to liabilities
reserve
names
names.
of £1,228,112
was
Thursday
on
and the
per¬
58.62, against 58.07 lsat
The rate of discount remains unchanged at
fixed
April 17.
The Bank of France shows
an
4%%, as
increase of
are
value per
and are,
day—indeed,
'
i913.
.
issues 8
and
are
fractionally lower, 9
unchanged.
3
$
*
-
Reserve
held.
645,000
6,683,000
1,578,000
'306,000
Inc.
Inc.
Deo.
366,570,000 Inc.
342,595,000
ilus
Surplus
"5,660",666
Dec.
reserve
rest
Clearing House
on
now
week ending
Aug.
17.
Aug.
'$
19.
unnecessary.
United
ama
5
133,650,000
135,150,000
197,084,400
190,141,300
1,393,380,000 1,351,356,000
45,218,000
48,137,000
1,435,309,000 1,393,941,000
300,569,000
300,970,000
79,148,000
78,549,000
'
379,717,000
358,827,250
379,519,000
20,889,750
a
31,033,750
348,485,250
statement weekly, showing the actual
as well as the above averages.
The
Saturday morning,
figures, together with the returns of the separate banks and trust
companies, also
the summary Issued by the State
Banking Department giving the condition of
State banks and trust companies not
the second page preceding.
.
reporting to the Clearing House,
'
appear on
Foreign Exchange.—The market for sterling exchange
irregular during the earlier part of the week but weak¬
ruled
ened towards the close.
This
offerings
exceedingly backward demand.
so
much
as
the
was
not the result of active
fnrTSt vyd at^rifoE sterling exchange
sixty days, 4 8635@4 8650 for checks and 4
for
*■
were 4 83 @4 8315
8670(5)4 8685 for cables.
p
n
3 ^ 81 @4 82 H and documents for" payment
Payment 4 82 H @4 82H
4 82H@
@4 83 H
and grain for payment
The posted rat6s for sterling, as
quoted by a representative house
not changed during the week from 4
83 H for sixtv davs and 4 «7 for
To-day's (Friday's) actual rates for
-32@5 21 H for long -and 5 18%
for
are
a
market,
which has
been
;
States
I
t
-
Bonds.—Sales of Government bonds at
3s,
coup.,
at 100, and $1,000
&r2
less1-16@5T!m Su-32
3s, coup., at
102.
For
to-day's prices of all the different issues and for yearly range see
third
page
following.
Miscellaneous
Stocks.—Owing to con¬
doll and
irregular.
Operations have been restricted and the absence
of buyers, added to other influences, has resulted in a general
sagging off in prices. •
'
Some of the granger shares have been weak on the damage
suffered by drought and other stocks were sympathetically
affected., Southern Pacific, both the old and new "when
issued," declined on the prospect of liquidation.
On the
Railroad
and
ditions mentioned above, the stack market has been
other hand the coal carriers have advanced and
Chesapeake
Ohio is 3 points higher than last week, showing that a
reduction of its dividend rate from 5 to 4 per cent had been
&
over-discounted.
•
Of
the
;
industrial
list
Texas Co. is conspicuous for an
points higher than on the
advance of 4% which makes it 16
1st of the month.
.
-
General Electric is 3
points higher than at the close last
week, California Petroleum 2%, and Westinghouse 2%.
For daily volume of business see page 509.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Week ending August
Sales
22.
4 83
were
Lowest.
American Express
270 120
Can Pac subs, 4th paidChicago & Alton, pref__
.
100
100
Crex Carpet
10
Mackay Companies
100
_
100
_
Lowest.
Highest.
300 212
Colorado & Southern
Range since Jan. 1.
Range for Week.
for
Week.
Aug 18 122
Aug 21
115
Highest.
" Aug 175
Aug 212
Aug 22 212
Aug 22 212
12
Aug 25 H
17H Aug 21 17X Aug 21
27
Aug 18
23X June 33
Aug 18 27
74
74
July 77
Aug 18
Aug 18 74
84 H Aug 16
60
Aug 19
-
75%
July
60
Aug
75
100
2% Aug 19
2X
10 101
Aug 19 101
100 41
Aug 18 41
100 55
Aug 18 55 ;
200 90
Aug 18 90
Aug 19
Aug 19
2
July
16
July
Aug"
Feb
Jar*
Feb
Jan-
87
Aug 19
84 H Aug
60
Outside Market.—Active trading
X
Jan
4H May
Aug 18
37
July 105 H
July 54
Aug 18
50
July
90
Jan
Aug 18
90
Aug 125
Apr
96
Jan
Jan
in some of the industrial
particularly the Tobacco group, where sharp
recorded, served to relieve the monotony of an
otherwise dull week in "curb" securities.
United Cigar
Stores com. was run up from 88% to 93%, after which, on
heavy dealings, it reacted to 92.
The close to-day was at
92%. Tobacco Products made a gain of 2% points to 91
and then moved down again to 89%..
Business in BritishAmerican Tobacco during the week was only moderate; the
price first advancing from 22% to 22% and then dropping
to 22%, but to-day dealings were very heavy, with a jump
to 23, the close being at 22%.
Consolidated Rubber Tire
com. sold up from 22% to 27% and the pref. up from 83 to
85.
Standard Oil of N. J. improved 3 points to 378, fell to
372 and moved upward again, resting finally at 374%, exdividend.
A sale of Willys-Overland com. was recorded at
63.
In bonds trading was practically in the New Haven
deb. 6s "w. i." between 106% and 107% most of the week
until the closing days, when there was a "drop to 106.
The
"rights" weakened from 2% to 1 15-16.
Bklyn. Rap. Tran.
5% notes moved up from 95% to 96.
Mining stocks held
fairly well on small transactions.
Braden Copper eased off
from 6% to 6% and recovered to 6%.
British Columbia
Copper declined from 2% to 2%.
Greene Cananea, old
stock, was off from 7 to.6%.
The new stock recorded
transactions at 32%.
Mason Valley sold up from 6% to
6% aud down to 6%.
Goldfield Consolidated eased off
from 1% to 1 9-16 and recovered to 1 11-16.
Outside quotations will be/found on page 509.
issues,
more
advances
398,750
Inc.
Issues
Averages for
1,272,000
1,670,750
23,975,000 Dec.
condition of the banks
1911.
>
Averages for
■
apltal
urplus
Inc.
such
In
The market
Of a list of 20 active
correspondingly higher
unusually void of special feature, further comment seems
Vulcan Detinning, pref.
week ending
from
previous week.
133,650,000
207,223,200
Loans and-discounts.. 1,359,112,000
Circulation
46,071,000
Net deposits
1,370,380,000
Specie.
294,159,000
Legal-tenders
72,411,000
the
day aggregating that amount—
has, however, been relatively steady.
United Dry Goods, pref.
'
1912.
Differences
week ending
16.
on no
therefore, the smallest in recent years.
Wells, Fargo & Co
Aug.
limited to $12,000 N. Y. 4s, 1958, at 97%.
Exchange have averaged considerably below $1,000,000 par
Virginia Iron, Coal & C.
(.Not Including Trust Companies.)
Averages for
40H less 1-32
The transactions in railroad and industrial bonds at
Quicksilver Mining
YORK CLEARING-HOUSE BANKS.
NEW
.■
plus 1-32 40 H
40 1-16 less 1-32
State and Railroad Bonds.—Sales of State bonds at the
Board this week
Nor Ohio Trac & Light
•20,143,000 francs gold and 1,338,000 francs silver.
■
40 1-16
95H
95 3-16
Exchange.—Chicago, JOc. per $1,000 discount.
Boston,
par.
St. Louis, par. bid and 5c. premium asked.
San Francisco, 40c. per
$1,000 premium.
St. Paul, 10c. per $1,000 premium.
Montreal, 46Hc.
premium.
Minneapolis, 10c. per $1,000 premium.
Cincinnati, par.
STOCKS..
England weekly statement
increase in bullion
an
centage of
of
95 H less 1-32
,
Commercial paper on Friday quoted 5%@6% fo r60 to
and
95 3-16 less 1-32
the Board include $10,000 4s, coup., at 110%; $15,000 Pan¬
in financial circles generally.
or
5 18 H less 1-32
5 18 H less 3-32
Domestic
aggressive operations at the Stock Exchange
encourage
5 18 H
5 18 H less 1-16
—
opening here, resulted
steady falling off in prices.
a
the
on
4 8670
_
from Mexico, which had
news
sharp decline, especially for Americans,
a
_
;
Tuesday morning's
Cables.
4 8690
4 8635
Low for the week —4 8295
.
It
20m. 20.46 H
range,
were
503
—'
>
■
~r -r
occupying two paqes
•^.'v'^--For record of
STOCKS—HIGHEST AND LOWEST SALE PRICES
Sales of
the
Monday
Tuesday
Aug. 19
Aug. 18
957,
9634
9638
122
97
55*2
56
58
\
13*4
♦13*2
15
28*2
2938
.
106
28%
♦170
42
l5678
20
20
••33
37
>
27%
46i2
»35
.
'
12684
3512
IIO684
155s
>
33%
26*2
26%
60*2
10%
*59
25
*19
*58
60%
♦8*2
10%
»8%
♦20
25
•128
*128
132
132
16%
*15
•36
40
♦36
311«
*33
v
»13ia
.
;
5%
*5
7
12%
12%
*10%
28%
28%
19",300
46*4
*45%
46*2
1,900
37
37%
250
Do
108
106
108
15»4
60%
25%
♦59
*20
♦8%
♦59
10
16%
13,050
62
18,920
*59
9%
25
*128
132
*128
16
*15
36
♦36
40
40
134
♦3534 40
133% 133%
♦35%
133
♦140
145
13334
150
233s
14%
60
31%
45
31%
45
♦14
14%
♦1284
98
98%
98
99%
.♦297,
99%
98*2
*29%
30
106% 106% 106*2 106%
•80% 86
*80*2 86
111
1115s 11134 112%
1127, 113
1127, 113%
31
57%
.
14%
98
106
♦80*2
♦80%
9934
30%
106
111%
11234 113
90%
90%
113
92
117% ♦105
89
♦80
89
*80
89
♦80
89
*80
89
♦80
♦87
88%
18%
28%
6%
24*8
♦87
89
•86
89
♦86
88%
♦86
6
6
6
•23
25
♦20
6*4
,
6
67g
*20
26
24%
17%
2734
17%
173,
173s
17%
18
28%
28
28
28
28
16%
27%
*5
6
6
♦20
25
♦20
100
10*2
10%
11
♦10
11
11
11
10«4
600
28
27
27
27
27
♦25
27
•9%
♦25%
♦10
*25
27
§27
27
220
*65
683s
20*4
46
66
66
*65%
♦19%
66*
•66
66%
♦65
66%
♦65
100
20
•19%
66%
18*4
•Oh
V
,
\
\
»19%
*46*2
917g
*
94
♦19%
46
917,
928,
946,
246,}
20%
46
925,
947s
94%
80
25
*78
•16
17
•16
36
36
•11
•20
12*2
24*2
.
•IO6I4 106*2
161*4 1536s
•83
84*2
334
1034
4
1034
\\2%
,
•40
11
717,
94*8
93*2
25
25%
*78*2
79*4
79
79
91
16
16
•15%
♦23
24
44
44
4*4
12%
40*4
41
5
22
•18
11
11%
•10
11
50
♦46
49
*47%
50
♦44%
♦93
95
♦93
253s
*68*2
25*2
32*4
93*8
3334
93*8
45
46
"94
26
26%
*68*2
80
337,
34%
9334
4684
9384
473S
115
115
*33*4
*63%
69
♦43
44
23
44
373s
•5
6%
73
74*8
46%
♦44
*93
6
*94
96
4
4
96
♦4
10%
♦45
95
26
26
♦70
80
•70
80
33
33%
93%
94
46
46
96
♦94
4*4
;
44
20*2
22
22
22
10
10
•24*|
27
*24%
217,
♦9%
♦24%
22
10
27
.9%
*24*2
32
32
*32
33*4
33%
101% 101% ♦101
33
♦32%
102
102
♦94
22
22
♦9%
•24%
27
33%
10
•8
10
*8
10
♦48
49
♦48
50
♦48
49
♦48
50
♦82
84
•83
84
84
84
♦82
♦102
85
66*2
67*2
•100*4 101
•168
166
•100*2 102
68%
100% 101
65*2
♦8
6684
10
33%
6678
68
100% 100*2
10
*8
10
48%
♦48
49
85
♦83
85
166
♦160
166
*160
166
♦100*2 102
♦99
102
♦100
6684
102%
100
67%
66%
100%
Do
§99%
67
99%
♦160
166
•160
102
•100
102
preferred
American Locomotive
Do
.....
American
"""loo
Do
new
Dec
Jan
Dec
150*4 Deo
88% Oct
J'ly
57
J'ly
334 J'ne
12% J'ne
28
Aug 12
17% Aug 13
J'ne 11
28% Jan 13
11
Jan
7% May 5
40% J'ne 11
3
6
Jan
58*2 Apr 23
48
Feb
80% Jan
60
Feb
67
Jan
64% Dec
99
Jan
98
60*2 Jan
86
Aug 14
J'ne 10
J'ne 10
117
Mch
90
5
78*2 Jan
57% Jan
Nov
11% Feb
90o8 Feb
49
Feb
115
Feb
6
2
96*4
5%
28%
27*4
11%
31%
44%
J'ly
46i2 Deo
_
48*4 Jan
13
4
45% J'ne 10
79% J'no 12
68% J'ne 10
97
Mch
467s Jan 31
129*2 Jan 30
56% Jan
2
3034 Oct
75% Aug
45% Jan
2
Jan 10
Jan
8
Feb 10
20
Feb
Apr
18
Jan
95
Jan
9
Feb
Mch
30
6
2
Jan
3-
4
Jan 31
Jan 31
Jan
IO634 Jan
99% Aug 12
7% J'ne
Jan
14
61% J'ne 10
x44
J'ne23
J'ly 2
J'ne 28
J'ne 12
J'ne 17
J'ly 9
J'ne 10
Apr
Aug
Feb
92
131% Aug
126% May
111% Sep'
117
Feb,
179J4 Apr
93% Apr,
101*2 Apr
30% Apr.
69% Apr
29*2 Mch
6912 Janj
4334 Apr;
40% Oct.
80%
Oct!
27% Apr]
66% J'ne
115*2 Apr;
Deo
Jan
J'nolO
Jan <
Apr
Apr
J'ne
Dec
33%
60%
33%
'93%
3%
15%
36%
121%
142%
4138
119%
28
4
108
Jan
71
103
45
80*2 J'ne 10
36% J'ne 10
Apr
4734 Mch
9
3
J'nell
log Mch
66
108% Jan 23
162*4 Jan
6
93% Jan
6
35*2 Jan
3
63% Jan
2
2
70
3
8678 Oct
2612 Nor
4934 Jan
16% Mch
Jan
21
27%Jan,
§57
Jan
151*2 Aug
158
Aug
""32 " Sep"
6<
3
J'ly
Feb
Jan
Dec
Feb
3134 Feb
103
3
Jan
4*4 Jan
61% Jan
3
42
Jan
Jan
9
84
Deo
88
74% Jan 30
J'ne
6
107
Feb
150
Snuff
preferred,
18
44*4 Dec
103% Deo
8
27
preferred
American Malt Corp
Do
"""166
preferred
100 Amer Smelters Sec pref B
15,800 Amer Smelting & Refin'g
Do
751
preferred..
400
166
102
"MOO
Dec
Dec
Dec
Deo
Jan
22
Jan
1
6% J'ne 10
20% J'ne 10
32%
42%
17%
68*2
26*2
29%
68*2
Jan
17
104
22% Dec
9
29*4 Jan
Deo
92
46
American
Linseed
Jan
Sep
68*4
20%
33%
10%
J'ne 11
American Ice Securities
27
32
•101
13
Apr
53
"~26%
J'ne 10
420
preferred
Aug 14
Jan
2
Mch 26
Jan
8
Jan 2
6% J'ly ,8
"moo
23%
*8
100
2
32
American Hide Sc Leather
Do
preferred
Do
95%
28%
81%
22%
40*2
.
""226
4%
487g
♦83
100
♦160
*334
27
106
preferred
115%Jan
119% Dec
9812 Jan
108% Jan
148% Jan
87% J'ne
9
Jan 30
110
15% J'ne 4
101% J'ne 6
137*4 J'ne 11
79*4 J'ne 10
!
Jan
J'ne
88
Jan 11
20*4 Apr
1
48% Jan 29
10% J'ne 4
27% J'ne 10
7*8 J'ly
9
10
22
10
♦9*4
*24%
3284
Cities
29% J'ne
110734 Feb
Feb 11
29
J'ne 10
22
♦21
9%
Do
96
4
72
"2",500
•94
96
23
...
Can.;........
preferred
1,150
1,600 American Car & Foundry
Do
425
preferred
100 American
59
Dec
126
11
19*4 J'ne 10
Do
Dec
25% Deo
57*8 May
35
J'ly
62% Oct
26*8 Oct
106'g Dec
100
J'ne 25
168% Jan
2
92% Apr 10
95
Apr 10
24% Feb 4
44*4 Jan
2
19*4 Jan 11
19% J'ne 12
American Cotton Oil..
44
4
102
American
45*2
Jan
104
J'ne 12
92%J'no
20] 600
93%
44
44%
♦20
*8
68
93%
45%
2284
20
33%
preferred..
American Beet Sugar
Do
preferred
80
32%
•
4%
24
Do
"MOO
115
♦115
124
US
*33% 37*2 ♦33% 37%
*6384 65
♦6334 65
96
»4
*22
27
44%
•93
146
6
7
14% J'ne 10
13
90.400 Amalgamated Copper
700 American Agricul Chem_
Feb
Feb 13
75
89% J'ne 11
92% Aug 22
•
129
35% Jan 13
378 May
73
94
348a
2*4 J'ne 17
J'ne 28
3
Deo
18*2 J'ly
§40
Feb
3
122% Jan
12334 Jan
13
100 Wheeling 8c Lake Erie
2d preferred...
Jan
155% Feb
9
48
14334 Aug
6738 Oct
31% Sep
65% Mch
18
Apr
40
May
18534 Jan
170
Aug
13834 Mch
May
May
56
Apr 11
Mch
87
J'ne 10
J'ne 11
Wisconsin Central
Industrial
&
Miscall.
27
Jan
9
Jan 22
Jan
7
113*2 Jan
J'ne 25
J'ne 11
11
46%
11
J'ne 10
J'ne 10
38
Pacific
48
•93
Jan 29
129% Jan 10
33%Jan 11
12% J'ne 10
20% J'ne 10
.
♦9
72%
44*2
7
2
May
141*8 Jan
11% Jan
2
_
ll%May
May
Dec
30
27% Jan
2
109*4 Jan 30
11
86
City Rapid Transit
Do
7
46%Jap.
Jan
6
5% J'ne 17
J'ne 4
J'ne 12
preferred
120%
16%
53*8
2212
5
47
17
16
""160
5
Jan
35
84
♦
1st
Jan
61*2 Jan
11% Feb
151% J'ne 10
...
Do
Jan
36
19% Jan 30
65%Jan 30
28% J'ly 28
22
30
20
♦26
933s
24
,
Dec
126
3
59
.....
"
38
9
65
*46
73%
33%
93%
*45*2
*4
5
47*2 Dec
Jan 30
41
25
200
13%
6
♦18
10%
♦70
*22
•100*2 101*2
•5
80
93*2
24
9%
43
94
♦22
9%
♦40%
39% Apr
577, Apr
43% Jan
461
43%
23
Dec
26
Do
preferredUnited Rys Inv't of S F
Do
preferred
1,400 Wabash
Do
preferred
2,800
400 Western
Maryland.....
23
43*2
♦4%
♦12%
50
7234
45*2
4678
*113% 115
114% 114%
37*2
37% ♦33%
37%
65
*63*2
♦63% 69
44
43% 435s
4434
*94
23
Dec
132% Jan
41% Jan
128% Feb
89% Aug 16
101*4 J'ne 10
106% J'ne 4
86% J'ne 10
Third Avenue (N Y)
;.
Toledo St L 8c Western..
Do
preferred.
Union
14
30
35
Do
Twin
Sep
25% J'ne 10
St Louis Southwestern
Do
preferred
Mch
8
142%
133
J'ne 11 §150
29%
18% J'ne 10
52
J'ne 10
64%
100
Dec
2
J'ne 12
3,300 Southern v tr ctfs stmpd.
Do
preferred
do
400
125 Texas & Pacific
0
44*2
4%
1284
4284
33%
45
4*4
'
17
26*2
26
23*2
,
80
♦15%
3634
20
*46
74%
46%
♦93
>26%
•18
*
•94
24%
6
•5
21
73%
46%
95
25*2
*68*2
3234
93%
17
23
♦43*a
4*8
12%
•40%
13%
♦5*2
7478
46*2
♦79
80
-1,100
24
115% J'ne 11
preferred
90*4 100,450 Southern Pacific Co
Certificates (wh. iss.)_
93% 29,130
._u:«
"
♦18
*10%
7334
♦113*2 115
♦33*4
37%
65
♦63*2
•15*2
91
■
175*2 Feb
597
10
128% Dec
98
Mch
62% Apr
101% Apr
Dec
132% Feb
23% Jan
J'ly
9
J'ly
95% J'ly
98*2 Aug
25% J'ne
Apr
193
Aug
9
138
v
700 Seaboard Air Line
i
45
37
35*4
36%
37%
38% 12,600
♦11%
12%
12
200
12%
^♦11% 24%
23%
23%
24
200
106% 106% ♦105% 10634 •105*2 106%
125
153% 154*2 152% 153% 15134 153% 104,900
500
83% 83% ♦83%
84%
83% 8334
6
i*9
80
•78%
17
20
♦45
♦22
903g
93*8
93*2
25
367b
35% 3578
*11
12%
12%
♦20
♦20
24%
24%
♦105
10634 ♦104% IO684
1535s 1545s 152% 153*2
♦83
84
84% *83
24
24
23%
23%
*42
447«
43% 43%
4
5
4
484
14
13%
1234
127,
•40
42-2
403,
40»4
73*2
46%
"•41*2
91*4
25
4484
90%
92%
24*2
25
17
^46
49
,
17*2
45
*5
21
♦9
♦46
19
45
25%
80
19
45
45*_
9178
94%
♦17
Jr%
5*§
•17
.
20
45
45*4
91%
937,
2434
36%
♦11
24Ba
1*78
10%
1st preferred
2d preferred
Dec
Jan•
145
18*2 J'ly
34*4 J'ne
May 2
.32
adjustment pref..
Do
Do
95
142% Jan 10
.
25
6%
Jan 16
146
2
16% Jan
6
32*2 Jan
49*2 Jan 30
J'ne 11
-
6
25
45% Dec
Apr
85*4 Oct
20*4 Oct
39% Apr
117% Nov
8*2 Jan
1
12
Do
preferred-Reading
1st preferred
2d preferred
7,000 Rock Island Company
Do
preferred
3,600
1,600 St Louis & San Francisco
88%
17%
27*4
177f
28*4
17*2
288s
Jan 21
168% Jan
_
169",166
89
88
161j
,27
Nov
126% J'ne 11
127
J'ne 9
__
110
6
141% J'ne 10
.
160% 1613s
162,
Do
188
11
Jan
395
162
21% J'ne 5
56
J'ne 11
7,650 Northern Pacific
6,336 Pennsylvania
310 Pittsb Cin Chic & St L_.
111
111%
•87
\
,
200
86
Jan
Dec
Dec
J'ly
Dec
Dec
530
4
7
15%
30%
9938
139*4
134%
8
4
13,950 Missouri Pacific
Nat Rys of Mex 1st
pref.
Do
2d preferred
"2",200
j
1,650 N Y Central & H R__„__
NYNH4 Hartford
4,400
:
200 N Y Ontario & Western.
1,700 Norfolk & Western.
31
43
106% 106%
86
"
22%
*34
♦33
14%
14%
98
98*2
99% 100
30
59
30
148
2234
57*8
30*8
23%
*56
315s
♦35
42
14
14%
98%
98*2
99% 100%
30%
30%
99%
23
2334
♦58
31%
*37
9884
♦23%
60
♦138
148
*140
233g
9
68*4 Feb
Aug
Jan 13
J'ly 11
J'ne
45
Do
150
pref
2,000 Minn St P & S S Marie._
Do
preferred
2,400 Missouri Kan & Texas
Do
250
preferred
133% 133%
Jan
Jan
305
94% J'ly
Jan
2034 J'ly 23
Minneapolis & St Louis.
9
4
104% Apr
12% J'ne
.
16
2
Jan
91
283
23% Jan
41
Jan
25% J'ne 10
v t ctf_
pref
City Southern
Kansa
13
Oct
Feb
Aug
Apr
167
28% J'ne 10
115% J'ne 10
Interboro-Metrcp
Do
Jan
11134
104%
148%
i 11%
445
20% J'ne 10
33*2 J'ne 10
14,000 Lehigh Valley
310 Louisville & Nashville.
Manhattan Elevated.;...
132
♦15
10
;
1st preferred
2d preferred-
86ig Aug
76% Jan
226*2 Mcb
Jan
35
13% J'ne 11
23
J'ne 11
J'ne
*101% Feb
9
116% Jan
145
Jan 30
147% J'ne 11
J'ne 12
pref
153% 154%
152% 154
135% 135% §134% 134%
135
Ene
J'ne 10
390
5
22
17% Jan
98% J'ne 10
Do
pref
Lake Erie & Western
Do
60
*8%
*21
25
700
27%
*25%
80
103% Feb
Jan 10
88
123% J'ne 10 138
181
May23 §189
54
38% Aug 1
90
04*4
Apr 11
.
16
60*4
10
•8%
•20
25
108
*105
16%
6134
25%
60%
61%
25%
362
23
3,000 Great Northern pref
Iron Ore properties
,700
575 ILinois Central
125% 126
35%
♦34*4
106
16
163s
62
25*2
60*2
J'ne 11
9
Highest
101% Jan
zl30*4 Dec j
9
pref___
Do
3734
♦37%
126% 126%
*35% 36*2
266*4 Jan
Duluth So Shore & Atlan
Do pref
2884
*80
\
100
6*2
28%
46%
111%
1125s 1131#
1127g
92
92
♦90
92
*90
93
917, 9178 §92
.•100
117% ♦105
11712 ♦100
117% ♦105
117% ♦105 *
\ 169's 161
I6O84 161% 159% 160*2 160% 161% 1607g
j
*
♦5
16
42
•80*2 85
11158 112%
113
113%
100
37
*33%
6
29
92*4 May26
132% J'ne 12
pref
Do
Jan
Jan
Jan
Jan
J'ne 10
J'ne IS
J'ne 10
J'ly 9
■
Delaware & -HudsonDelaware Lack & West
Denver & Rio Grande
♦107S
135
31
♦297, 31
10634 IO684
700
12%
29%
47%
3784
127
127*2
3584
3534
153% 153%
♦58
31
llOlg 11188
37
135%
♦140
8OI4
»2912
•IO684
80%
♦33
132
31%
995,
35*2
*33*2
5*2
♦1078
28*2
47%
*3684
*15
5834
14
9812
100
100
60%
10%
36
♦98
14
98%
<100
•
140
22
♦128
2334
♦33
43
420
*20
152'4
133
150
238,
6884
31%
69
30%
>
♦140
2212
161
*400
22
159"
16
132% 1335s
148
223S
*159"
420
♦20
132
40
•58
160
♦400
106%
102%
] 33%
106%
9
J'ne 11
51% J'ly 11
10% J'ne 4
Cleve Clin Chic & St L
Do pref
800
90
•15
16%
•140
*
90
♦128
♦15
132% 132lt
42
40
Do
22
25
152
153*4 152
15084 152
♦134
1343s 1348), ♦134% 136
♦37
'
182
159
26
♦8*2
130
420
♦20-
33%
26
130
*170
159
IO884 108%
1584
155,
60
60%
25%
133
J'ly
275'
Pacific
Do
350
pref trust ctfs
10,410 Chicago Miiw & St PauL
Do
400
pref
.775 Chicago & North Western
105*4 106*4
-
268
♦400
7
♦5%
•1078
12%
28%
287,
4684 47
•36%
3734
126% 127%
♦35
36*2
61
.
29
29
.
14",200
13
♦132
129%
180
,
*
90
22
37
129
130%
♦
410
60%
•19
^
40
♦20
60
*58
<
40
158% 158%
2512.
;
182
40
410
CO
'•
♦170
41%
90
7
*5*2
7
12%
12lj *1078
2858 29*4
28%
47% 4734
46%
*37
38
37i2
127
127%
12684
36*4
3584
36
109
10634 ♦107
16
157,
1578
*5%
•10%
182
♦170
22
♦34
14*2
§28*4 2834
105*2 107
♦130
157
:
568,
130
'
420
♦20
»
132% 132% *131% 133 '•
«
90
♦395
v
♦2884
31
106% 107*2
♦40
420
•395
30
13378
130
182
*
•150~ 157"
14%
♦13
"59*4
57%
§13
*13
Lowest
Highest
90%
77%
/83%
208%
pref..
Central of New Jersey
Chesapeake & Ohio
Chicago Gt West tr ctfs
*285
57%
578s
107
106
130
218%
♦285
57
♦28%
*40
i
219
96
Previous
Year 1912.
112
Brooklyn Rapid Transit-
15,700 Canadian
Range for
100-share lots
of
92% J'ne 12
...
Atlantic Coast Line RB.
1,840 Baltimore & Ohio
Do
218% 219%
219
basis
Lowest
"~5~,8l6
89%
88%
8884
On
650
*
page
Range Since Jan. 1 '
^
Railroads
11,400 Atchison Topeka & S P..
Do
400
pref—
;
82
*81
82
8884
14%
♦132
130
♦81
89*8
219%
♦285
*13
*170
*40
i
8884
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
22
97
96%
57%
6684
106*4 10758
13234 134
(••13U2
| *129.
•170 ;
August
96
95%
94%
95%
96
96
♦96% 96«4
122
121% 121% ♦121
96*2
96%
96*2 97
96%
963s
121%
♦81
♦285
\
'f
963,
121
82
Week
Friday
82
; 96
89
8884
217% 218%
*285
*+285
August 21
96%
*81
219*8 220
( 21778
Aug. 20
121
96%
82%
89*4
89
Thursday
96*8
1121
97
•81
-
Wednesday
96
957,
96%
96*4
♦121
preceding
rales during the week of stocks usually inactive, see
J'ly
9
193
100
J'ne
6
105
Jan 22
Jan 21
7
66*2 Deo
102% Jan
123
Mch
99
Feb
36
Apr
111% Sep
176*4 Sep
96*2 Deo
397g Deo
69% Deo
934 May
2278 Apr
64*4 Mch
1134 Oct
36% Oct
17% Oct
62% Aug
9234 Oct
63% Mch
104% Mch
77
Sep
101% J'ne
4738 Oct
126% Sep
6358 Sep
120
May
60% Deo
83*4 Deo
60% Nov
99% Feb
7% Sep
34
Sep ■
3034 May
1778 Apr
43
Apr
Nov
Aug
Aug
Aug
J'ne
91
Sep
1093S Sep :
203% Deo
105
Aug
47%
110%
19%
69%
89%
BANKS AND TRUST COMPANIES—BROKERS" QUOTATIONS.
-
Banks
Bid
Ask
560
575
Amer Exch..
Banks
Bid
Ask
170
175
FidelityY
Chelsea ExYChemical
147
153
222
218
Battery Park
120
Bowery^
Fifth Ave Y-- 4500
Fifth
300
First
Fourth
425
Bronx
Nat..
120
Citizens'
City..
355
Coal
195
Colonial Y-~
Columbia If.
135
Commerce
Century
Chase .....
__
225
Corn Exch Y
Cen
& Iron-
_
•
215
635
645
..
_
Cosmopol'n I]
East
168
395
175
360
450
275
t305
85
105
on this day.
295
495
505
325
Irving
170
950
990
Liberty
170
178
Lincoln
330
Manhattan
330
175
Banks
Banks
Bid
Mt Morris YMutual Y
__
225
Art
190
200
625
New
NethY,.
210
225
350
615
Sherman
New York Co
New York-
850
875
State Y
405
23d Ward Y—
Union Exch.
275
West Side Y
Yorkvllle Y--
Art
175
Wash H'ts YWestch Avfl.-
450
Y
135
140
Mark & Fult.
230
240
Pacific Y
255
265
415
Mecb & Met.
230
237
Park
358
363
475
395
Merch Exch.
Merchants'..
150
155
People's Y
225
240
170
175
180,
Prod Exch Y-
160
170
Greenwich Y-
250
Metropolis Y-
325
350
PubilcU—_
225
275
Hanover
630
Metropol'n Y
180
87
Security Y
115
....
120"
135
185
145
205"
15*5"
90
t Ex-rights.
e
385
.....
Nassau
Gotham
80
Bid
430
180
400
■
Banks
Seaboard_l__
Second
250
290
325
1230
GermaniaY--
auction this week,
Ask
280
Ask
165
Germ-Amer %
German Ex Y
300
Bid
Harrlman
Imp & Trad.
Bid
Garfield
tl?5
t303
River..
a^-^K^ed_prices; no sales
at Stock.Exchange or at
Banks
160
150
Butch k
,
130
180
Bryant ParkY
Dr.
385
200
BoroY
Bronx
I
Chat & Phen.
New York
America Y___
....
450
645
,
190
-
Reserve
} Less than 100 shares.
If State banks, a Ex-dlv. & rights, b New stock
n Sold at private sal.aat this price.
* Ex-dlv»_ I Full
paid. *
First installment paid,
/
v-r
saw
160
590
I75"
600"
W
aeoum. dlv.
.
AUG; 23
1913.]
For record e> Mdn durli< the wok ef itecln awwlly lntctlTe, —
8T0CK&-HIGHEST
LOWEST
AND
SALE
PRICES
Sales of
the
Saturday
Monday
Tuesday
Wednesday
Thursday
Aug, 10
Aug. 18
Aug. 19
Aug. 20
August 21
31
•112
32
32
,30 V 30*4
317, 317, ♦31
•30V 311,
111V *109V 111V •110V 111V *109
1111, ♦109
111V
118
•114
114V 114V •114
116V 115V 115V *114
115V
130
130
130
130V 1129V 129V 130
130V 129V 1297,
129>4 1297,
•220
230
230
•99
102
•100
230
•1712
21
7812
78V
♦226
235
233
*223
♦100
18
•16
36 V
18V
36V
•10
37
•87
90
87
87
♦86V
*44
36i2
•80V 90
3684
46
•44
45
36V
45
•loov 105
•10012 105
83*4 3412
88
44
781,
17
•10
18
30
36V
36V
87V
•86V
44
45
357, 36
♦86V 87
•44V 45
♦1001, 105
45
♦100V 105
♦100t2 105
♦100V 105
♦34
34V
34
34
34V
♦34V 36
35V
73V 73V
73
72
73V 73V
721, 721,
♦120
*127
130
130
♦127
130
•127
130
♦127
130
♦125
129
♦20
•26V 28
*2084 28
28
♦20V 28
•26V 27
♦26V 27
20
♦19
20U
21V
20V 21V
21V 28
21V 217,
20V
*721,
34V
•72V
73V
35V
74
'
♦—
54
53
52
♦
*
52
■
53
"90"
♦.*—-
98
23
23
•23"
24
"23"
23
23
♦92 V
94
•93
94
•31
32
130
130
♦95~
94
40V
32V
132V
•92*4
39V
53
23
94
40
31V
*92*,
88*4
3112
♦130
98
40V
32
131
♦131
11
11
11
•00
08
*66
11V
68
'
95V
95
•13
14V|
14V
•11
14
*11
42
1411$ 142
*38
95V
•30lf
95
14V
18
42
144
145V
98
39V
39 V
40
81
•29V
81V
31V
•90
92
•90 V
92
•90
40
40
•44V
46ia
16ia
16V
•441,
15V
114
15V
•100V 107
•113
116
♦38
•38
•38
39
9V!
*7V
40
9V
•71|
*11
42
•37
42
♦35V
41
144
145
145
140
38
38
82
♦78
81
♦78
81
31V
♦90V
45V
15V
31V
♦29
31V
91V
46V
15V
92
90
91V
91V
46
46
46V *45
48V
15 V
15*4
15*4
15*4
15V
106V •106V 107V 1071, 107V •1061, 108
116
115V ♦113
115V ♦113
115V ♦113
•106
106
107
107
107
♦106
1071,
114
112
112
*112
•111V 114
115
4
4V
•41,
41,
4V
§41,
4V
17V *15*4 17V ♦15*4
17V •15V
16V
♦9
10
10
♦9
10
§97,
97,
♦38
39
9V
•71,
89
•38»,
*7V
33
•80
80V
♦80
87
♦80
87
38
9V
*20
•80
♦102
♦102
70
*66
*97V 100
•30
♦36
38
40
957,
31V
31V
91V
♦26
70
•65
89
38V
33
....
11
67
144V 145
♦321, 39
*73
•26
•97V 100
*651,
*947,
•71,
33
87
♦80
♦30
♦36
♦102
*667, 70
♦98V 100
38
38
38
•94
98
95
95
*94
96
95
95
95
♦212
217
♦209
217
♦212
215
•212
♦36
♦211
215
38
109V •107
109V
•80V 32V ♦30V 32V
•92
97
•92V 100
*82
•101
95
95
•93
•07V
109V
70V
•97
100
♦97
*100
58V
23
100
60
59V
69
23V
*97
♦95
100
567,
23
23
23V
122V 122V ♦121V 124
*13
15
•81
86
15
86
♦80
♦13
*81
.86
51
72
•21V
70
72
74
22*4
29V
•39
31
•33 V
34V
19V
24V
88V
19 •
59
28
128
128
♦23V
♦877,
18
•17
42
41
14V
•80
86
*80
70
~
72
717,
♦211,
♦65
•70
23
27 V
27V
20
27V'
114
*84
847,
25
847,
♦241,
85
241,
24V
*17
18
♦17
18
41
43
•41
43
41V •41
♦175
177
175V 176
•174V 184
31
31
30
29V 29V *29
♦33
34
33V 33V
33V
33V
89V
24V
♦83
89
17
»17
♦62
65
♦62
65
♦62
24
241,
*80
24V
♦23
25
86
86
♦80
31V
123
123
31
30V
122
1231,
30*t
30V
128
♦85
94
♦85
94
•85
94
♦85
94
111
♦105
111
♦105
111
•105
111
*105
*5
6
♦5
6
♦23V
26V
•23V
26V
•5V
•23V
•11
13
•11
13
•48
49V
♦48
6712
68
49V
68V
124
♦85
♦105
•5-
5*4
26V
•23
♦11
13
♦10V
6V
26V
121,
*48
67V
49V
*48
50
63V
631, 64V
107V 1077,
60V 51V
1071, 108
51V
50V
241, 241,
90
96
96
♦94
8V
♦23V ,26V
13
*11
•48
491,
67V 68
•23V
13
♦48
68V
07
♦67
68
07
50V
♦24V
95V
67
601,
60V
105, 105*,
61V 63
107V 107*1
95V
•94V
51V
251,
97
69
•60
68
*60
50V
25V
26
96
96V
*66
71
72V
72V 73V
72*4
71V 72V
70
70V 71V
119
•111
117V •112
119
117V *114
♦111
119
•111
93
93
93
92V
*92
94
92V] 931, 931, ♦92
•112
114
114
♦112
112V Mia
114
nia
114
nia
501,
69
71V
119V
"
94V
90
110
Jan
2
Deo
109
Oct
Sep
Oct
4
29
89V
105V
55V
10834
Oct.
Oct
Sep
Jan,
225
Oct
118
Aug
8
95
200
60
Feb 20
44
j'ne 9
105
116V Jan
767, Jan
105V Jan
78V Feb
26V Jan
128V Jan
1247, Jan
19 V Jan
92V Jan
56V Jan
107V Jan
20
Jan
821, Jan
8lVJan
311, Jan
22
2
46
13
Ir
.....
Corp (The)..
;—_
200
nited States Rubber...
Do
1st preferred
Do
2d preferred.'....
53
98
Do
1st preferred—...
Woolworth (F W)—
Do preferred........
109
131
1214 Feb
26
Feb
88
Feb
85
Nov
741, Jan
28*4 Deo
38
50
Jan
77
Jan
7
77
114
Feb
Jan 13
Jan
$16
2
9
2
7
4
Feb
6
Jan
9
Jan
3
75V Jan
9
79V Jan
2
119V Jan 17
112
Jan
2
J'ne 14
28*i Feb
96
69V Apr 4
109*1 Apr 9
81V Jan
9
69V Jan
2
110*4 Jan 30
60V Jan 2
43V Jan
3
3
Feb
10634 Feb
1681, Feb
27 V Feb
98 V Deo
Jan
115V Jan
8
Oct ;
Jan
Oct
5U, Jan
1051, Feb
JI8I4 Jan
9
Jan
J'ne
95V
08I4
1107,
524V
Jan
93V Jan 13
39V Jan
4
124
Aug 22
99V Jap 3
113
Jan 21
7V Jan
3
41V Jan
3
16V Jan 30
56V Jan 3l
102V J'ne 10
39V J'ne 10
22
J'ly 1
93
j'ne 30
58V J'ne 10
63 V J'ne 10
1077, J'ne 13
81V J'ne 20
preferred—a.
030V Sep
161
Apr
Deo
Jan
15*4 Feb
64i2 Feb
89 V Deo
99 V Deo
140
Jan
Nov
Sep
877, Aug
Sep
56V Apr
Deo
36
497, J'ne 11
Western Union Teleg...
Deo
122
I6S4 Mch
213V Jan 2
45V J-D 28
40V Jan 31
667, Feb 4
J'ne 10
J'ne 10
90 V Oct
114
45
92V Jan
99V Jan
J'ne 25
70V Jan
United States Steel.
62*4 Apr
S2$i, Feb
103
28V Jan 31
89V Aug 12
9V J'ne 10
44V J'ne 6
69V J'ne 11
....
Oct
Jan
2
35
Aug
88
112
36
J'ne 10
J'ly 10
118
Deo
8
165
v
2151, Oct
Apr
4
7
Jan 21
»
47V J'ly
105V Nov
92*4 Oct
105
Jan
118
J'ne 10
,.
69
Jab
Jan
J'ne 10
J'ne 11
22
14,540 Westinguouse El 8c Mfg.
114
14
22
101V Jan
4V J'ne 11
Realty 3c Improv't—
Do
8
22
78
Do preferred
:
2,360
18,950 dUtah Copper...Par 310
1,100 Virginia-Carolina Chem.
400
2
J'ne 10
89
100 Union. Bag 8c Paper
Do
preferred..———
U S Cast Iron Pipe 8c Fdy
312~i00
2
27
100
104
...
preferred
30
17
Par 525
5,825 ^Tennessee Cop
6.535 Texas Company (The)..
Underwood Typewriter..
Do
preferred
S
4
3
8
30
15
Do
preferred.....—.
Studeb&ker
Do
2
4
22V J'ne 11
90V J'ne 10
14*4 J'ly 15
36
J'ly 1
154*4 J'ne 12
23
J'ly 8
317, Apr 26
52i, May l
21*4 J'ne 12
821, J'ne 17
*26V J'ne 10
Mch
107*4 Jan
95
18 V J'ne 10
88V J'ne 10
J'ly 11
152
J'ne 10
72
167
,
24V
109
preferred........
200 Rumely Co (M)
Do
400
preferred
550 Sears, Roebuck 8c Co....
8.310
1,400
.700
9
14V J'neil
73
J'neil
Do
preferred.
J'ne 10
...
.preferred
4,950 dRay Cons GopperPar$10
1.260 Republic Iron & Steel—
Do
J'ne
16
Do
""45O
J'ly 16
60
Company
Railway Steel Spring.
Milling
J'ne 10
56
So preferred N J...
Serv Corp of
...
200 Standard
6
9
Jan 28
116
J'ne
150 V
Jan
Jan
Aug
J'ne 13
J'ne 10
May 29
6
6
J'ly 18
Mch
1021, Deo
Jan
105V Jan
36V t>ec
1021, Oct
90
J'ly
8
397, Jan
103
......
Mch
116V Jan 23
84
75
>
71
J'ne 11
5
«
Jan
845, Apr ;. C
9534 Oct
.
107
235
J'ne
34
.
100
6
9
Mch
19*4 May
627, May
5
4
J'ne. 4
-
4
J'ne
116
-
Feb
J'ne
97V J'ne 10
55
J'ly 18
20V J'ne 10
104
J'neil
.
Jan
497, Feb
104V Jan
__
>
81
7
4
*
102
89
....
t
77, Mch
26
Deo
J'ne ll
49V
68
63*4
107V 107V
25
5V
26V
♦11
"62V
25
96
07
93
5V
*5V
68V 69
61
61
61
61
•61V 01V
105V 105V •104V 105V •104V 1051,
68
94
111
.
3
J'ne 10
86
31
31V
307,
1221, 123V
Feb
23
65
24
♦80
86
94
,150
preferred—
200 Sloss-Shftffield Steel 8c
Mch
J'ly
«V Jan
,45?, Jan
J'ne 11
104
9601
4
15V
Deo
21
813 Pullman
19
616 V Dec
.
81
Sep
109i2 Sep
,062-3, J'ne
621V Oct
Deo
People'sQL&O (Chic).
300
Dec
12
100
97
D ec
63
91
1,000 Pittsburgh Coal........
Do
500
preferred........
300 Pressed Steel Car.......
26
105
047
.
9
9
195
preferred......
♦25
Feb
Jan
29V J'ne
2d preferred—
1531, 154
30
20V Jan 3
J'ly 29
1141, Aug 15
108*4 J'ly 29
113V May 7
4V Jan
19V Jan
12V Jan 30
481, Jan 30
18V Jan 9
304,
2,900
Jan
7OI4 May
60V Dec
Jan
•
122V Oct
27V Aug
100*4 Aug
-
407, Sep
103*4 Aug
1207, Aug
175
Aug
4034 Sep
105
Aug;
6241, Sep
35
Got
93V Oct
101
NOV
103V Oct
221
Nov
5934 Sep
39VJan
86
Deo
Jan
66
Oct
J'ly
49 V
Aug '•
Aug
May
Sep
J'n«
Sep
May
May
May
Oot
16V
Jan
53
30
90V J'ne
0341, Feb
81
Jan
95
Dec
110
J'ne
4VJan
35V Deo
13
Feb
50
Jan
67
Jan
45V Feb
105V J'ly
Jan
75
58V Feb
107V Deo
552V Jan
40*4 Deo
1147, Deo
71V Deo
66V Jan
1147, Jan
112i2 J'ly
93VJ1T
981,
647V
13QV
115*4
114V
177,
6734
22V
64V
86V
677,
116
J'ly
May
May
85V May
80*4 Sep
117
Sep
667V Sep
57 V Jan
122
.
Mch
86V Jan 1
891, Aug
126
Aug;
1177, Oot
116*4 J'lT
BANKS AND TRUST COMPANIES—BANKERS* QUOTATIONS.
Bid
Banks
Ask
Banks
Brooklyn
Coney lal'd $
135
155
First
280
300
National City
North Bide 1.
145
People's
Flatbush
...
«•
---
Green point..
_
85
Trust Co',
275
285
NY City
Central Trusi
—_
175
200
155
400
425
ill
Bid
Empire
.....
1000
88
92
Bid
Trust Co'i
Trust Go's
Ask
480
1050
1150
Astor
345
360
Fidelity.
210
220
140
Bankers'
Tr.
415
425
Fulton
290
140
N Y Life 8c
Tri
1000
172
NY Trust
590
610
Brooklyn Tr.
Citizens'
120
130
Title Gu & Tr
415
425
Franklin
425
Transatlantic
B'wajr Trust.
150
160
Guaranty Tr.
535
ASM
Hamilton
1010
....
470
490
\
145
155
{
\
—
_«
135
270
140
150
Mut'i
220
375
390
Home
108
US Mtg&Tr
445
455
Kings County
1110
Nassau
—-
(West¬
chester)...
.....
Washington
.
350
365
People's
Westchester
.
145
155
Queens Co
285
k"
•
Bid and asked
•took- Exchange
prloee; no sales on this
auction this week.
or at
—
.
*
Una 100 shares.
$ Eawighti.
« Ex-dir. and rights,
b New stock,
I Bank* aurked vlth a Daragraph CD are ptaif baa$8»^ 1
k jUxMnO.
d Quoted dollars pay Shan.
-. — • -
_
■
285
118-
130
545
—_
240
530
United States 1090
130
anee—.
200
Union Trust.
Metropolitan
315
220
Bid
Brooklyn
130
....
Mutual AW-
300
175
200
ill
AT Y CUy
475
465
City
N Y CUy
Hudson
168
990
Eatdnrtxx
Commercial.
Trust Co'i
NY
Bid
Trait Co'i
Columbia*
145
100
Mechanics'T[.
Montauk T—
Nassau
Ask
155
125
HillsideH
Homestead I
Manufact'rs
Bid
Brooklyn
-
•
..
.
lOOUDeo
36V Aug
2D4 Sep
5234 Sep
188V J'ly
427, Sep
82*4 Sep
Dec
IU4 Feb
37V Jan
155
.
'
110
100
100
24 V
•95
1st
Dec
20
107V Jan 22
58
J'ne 9
97
J'ne 10
ctfs
Do
75
99V Dec
.
Jan
Aug 18
.05V Jul
53V Jan
135*4 Deo
10
Jan
70
106V J'ly 22
co
.
81V Aug 18
Do
preferred..;
dNevada Cons Cop Par 55
New York Air Brake....
North American Co (new)
Pacific Mail——...
Pacific Telep & Teleg
200
110
18V
23 V
May 5
83
1,800 Mexican Petroleum
Par 53
2,565 dMiami Copper
1.700 National Biscuit
Do
200
preferred........
Nat Enamel'g 8c Stamp'g
96
41
"62 V
6
May Department Stores.
Do
preferred........
111
19
J'ne 12
9
22V J'ne 13
Do
Lorillard Co (P)
Do
preferred..
*95
94
63V 64 V
108V 108V
51
51V
•24V 25
36
Liggett & Myers Tobacco
♦93
19"
Mayi2
Mayi2
27# J'ne 10
12V J'ne 4
7V J'ne 10
Steel......
400 Laclede Gas (St L) coin
♦105
97
J'ne 10
95V J'ne 10
111
100 Lackawanna
96
111
61V 61V
105V 105V
111
Corp.
Kayser 8c Co (Julius)—a.
Do
1st preferred
Kresge Co (8 S)_.
Do
preferred..
110
18
•80
96
International Paper.....
Do
100
preferred.—
Internat Steam Pump.—
Do
preferred:
....
Lead
68
40*, J'ly H
141, J'ly 12
preferred
800 National
40
70
325 Int Mer Marine stk tr cts
Do
pref stk tr ctfs.
Do
MayiS
May 8
25
23V Feb
Jab
44
187
25V J'ne 10
89
J'ne^O
""""60
100
19
•85
•112
Do
MchlO
Dec
16V Feb
171, Jan 31
79V Jan 31
100 V Jan 16
21*4 Jan
2
18
Jan 22
J'ne 10
33
_
129V J'ne 10
preferred....
600 Internat Harvester
600
19
13
Smelt'g
600 Internat Harvester of N J
Do
100
preferred-.—.
74
113*4 113V *113
♦19
•105
•111
Do
,
Corp
—
21V
211,
27V
*
30V J'ne 10
24V J'ne 10
125V J'ne 10
7»s J'ne 10
611, J'ne 10
941,1 J'ly 8
9*4 J'ne 10
28. Nov
49V Dec
84
{
.
Sep
149
Aug
40J8 Apr
72V Oct
95V Oct
10U, Deo
33V Sep
1001? Oct
050*8 Nov
43*4 Sep
140V Aug
22V Oct
89V Oct
J an
800 Gen Motors vot tr ctfs...
300
241,
•88V
♦80
69
$2 5
3
Do
pref v t ctfs
•7001
1,075 Goodrich Co (B F)
Do
4001
preferred
*
1,200 dGuggenh Explor Par 525
15,300 d Insp'n Con Cop Par$20
70
89
86
61V 63
10784 108V
49V
50V
•24V 25V
47V Jan
411, Feb
142V Jan
Par 55
8
4
51 >3 Oct
Feb
—
3,780 General Electric
86
89
25
31V 31V
121V 123V
♦13V
120V
♦13V
14V
19V
247,
64
61
80
♦93
24V
88V
86
*116
19V
24V
•62
105
3
1547, 1547,
257, 257,
19V
♦80
105
97V Mch
Federal Mining 8c
100
•571,
227,
26
♦95 •
97
•22V
65V
60V
J'ne 10
110
17584 175*4 *1741, 1757|
•29
32
•28V 31
34
•33V 34V ♦33V
♦62
64V
64V ♦62
25
♦23
23V 23V
30V 31V
119V 120
x88
Leather—....
96
155V
261,
•39
174
•28
6
6
110
*94
,
•17
42
174
J'ne 10
Feb
86
5
May
80
997, Dec
17
♦95
155
*104
17
96
410 Distillers' Securities
300
1377, Jan 27
I
,'■>
127V Oct
60V Aug
108V J'ne
Feb
3
•109
♦25
26
97
17
72
26
26
23V
87V
23
70
107
156
♦94
19V
24V
88V
70
♦154V 156
♦154
•15484 158
26
•26
26V
19V
23V
88V
14V
80
•211,
27V
29V ♦27V 29V ♦27V
114V •113V 114V •1131,
18V
19V 20V ♦19
84V
84V
84V
83V
83V
•24V 25
24*4
•24V 25
90
95
1 95
97
*95
<96
111
•105
110
110
*109
•109
18V
18V
120
22V
271,
♦113
115
1141,
19 V
197S
197,
84V ♦83
85V1
24*4
241, 241,
•27V
97
128V
717,
♦70
22V
72
*113
•93
127
120
70
•65
"74
♦70
60
Feb
Feb
Mch
30
Do
preferred.—
40O| Deere & Co pref.
68V
50
491, ♦48
•471,
49V
107
107
♦107
•105
1091, ♦1061, HO
1091,
16
16
157,
16V
157,
16V
157,
16 V
70
>'
♦58
♦13V
*21
70
58V
23V
127V
102*4
2734
561,
13/i2
Aug 12
Jan
103V Feb
30i, Feb
200
113
♦97
6
9
74
31
500 Consolidated Gas (N Y)_
5,950 Corn Products Refining.
175V
♦48
50V 50V
49V 49V
♦106V 109
♦106V 109V
16
16
16V
16V
•60
100
*81
*48
♦97
121
23
125
*115
120
"l5_
•13"
102
581,
58V
23V
♦115
.
100
1051, J'ne
41V Jan
J'ne 10
56V Feb
Do
95
Dec
45
100
100
49
preferred
...
Case (J I) ThreshMpftr cfs
Do
♦93
175V ♦164
175V ♦105" 175V ♦161
175V ♦158"
110
♦105
106V 110
♦106V 109V ♦1071, 109V •108
♦67
♦67
70V *071,
70V ♦67V 70V ♦671, 70
8
Mch 27
preferred
200 Loose-Wiles Bis tr
♦162
53V Jan
1
;•
9412 Mch
413, May
548
Oct
$34
Feb
105V Feb
7
Aug 7
J 'ly 23
Aug 20
1.200 Colorado Fuel 8c Iron...
♦82
175
J'ne 10
31
251, J an
_
16
Do
preferred.
13,400 dChino Copper
213
100V Jan
Nov
Dec
25
v
111
♦107
111
109V 1091, *107
♦80V 32V
33V 347, ♦30V
35V
109V 109V
Jan
18
79
2
.
62V J'ne 10
i21 J'ne 10
25:
....
96
217
-
Feb
44V Oct
133V May
124
Sep
149V MCb
324VJ'ly
t ctfa.
600 Central
♦657#
70
♦98V 1Q0
Dec
Jan
Jan
32V Jan
41V Jan
120
Jan
25
Brooklyn Union Gas—
100
Highest
Jan
<
Jan
81
loov j'ne 25
.....
Butterick Co.
""loo
Jan 31
30V J'ne 10
J'ly 8
Do; preferred———
Bethlehem Steel.
Do
preferred
4,350 California Petrol
87
•212
•107
.
9*
*20
♦102
•65V Yd
♦98V 100
40
9V
33
•80
87
•102
67
•71,
•38
•26
♦977, 100
♦66
38
J'ly
16V J'ne
May
16
Aug
74
40
500
26
1131,
1151,
137V
241V
10H4
294*4 Jan 10
106V Jan 27
21
Apr 17
Locomotive....
V.600
40t, Feb
J'ne
87
14
33
*02
130
14
•20
•102
31
♦37
80
♦113
391,
31
♦11
*11
31
105V 100V ♦105V 100V 105V
•111*4 115
•111V 114
♦111*4
•4 V
4V
4V
•4V
♦41,
•1584
17V *15*4
17% •16
♦9
10
•91f 10V
♦9*4
39V
14
14V
40
106
40
14
14
30V
921,
14
95V
67V
95V
80
24
§921,
130V
111,
67U
♦95V 957,
♦13
141,
•65
41V
41V
1437, 144
39
•22V
;
1165s Jan 28
14Q
Jan 3
5,150 oAnaconda Cop Par 325
100 Assets Realization
200
94
J'ne
96
100
200
23
39
14
801e
30V
107
114
40
lis
*35
15V
23
... .
200
500 Baldwin
Lowest
118
200
500 American
99
♦95
31V
♦130" 132* ♦130V 13H,
10*4 11V
11V 11V
601,
95V
•14
•11
99
•92V
1,210 Amer Telephone 8c Teleg
517,
517,
31V
11
10*4
66V
♦94V,
80V
*291t
107
40V
97
25
Preferrednew—....
Woolen......
Do
preferred-..
200 Amer Writing Paper, pref
20
Highest
104*4 J'ne
—
_
PreHous
YearlQU
110V J'ne
1251, J'ne
Ref'ning
101
•77
17
18
36 V
American Sugar
Do
preferred
Range for
of lQOshdre lots
'
101
♦17V
*78
basts
Lowest
Industrial & Mise (Con)
500 Amor Steel Found (new).
100 American Tobacco.
21
78V
♦17V
On
Shares
'""200
503
page preccdlnt.
Range Since Jan. 1
...
NEW YORK STOCK
EXCHANGE
233
1021,
*
.STOCKS^.,
^
iicond
*225
233
■.
•10
1712
♦220
102
♦100
102
101V •100
17V
17V r *i7v 21
17V
78 V *77
78
78
78V
17V
•7012
45
Week
♦109
116V
♦10
Friday
August 22
*30
31
•10914 llU,
3
New York Stock Record—Concluded—Page
*
(A
'
295J
103
-New York Stock
Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1900 the Exchange method, ol Quoting bonds
BONDS
N.
Pries
Week's
Range or
U S 3s registered
Jtl918
Q-F
Jan. I
As* Lou
100
100
102
.
103
102
*1918 Q-F
U 8 4s registered
1925 Q-F
U 8 48 coupon
1925 Q-F
U S Pftn Canal 10-30-yr 2s *1936
Q-F
V S Panama Canal 3s g
1961 Q-M
103
IIOI4 112
110b112
98
Series 4^s
Sterling loan 4s
2d
F-A
5s exten debt. M-S
External loan 4^8
1949 F-A
flan Paulo (Brazil) trust 5s_1919 J-J
iTokyo City loan of 1912 6s
M-S
98ij Aug'13
s95i$ J'ly *13
101b J'ly '13
102
98
4
assessment bonds. .1917
Corporate stock
N
Y State—4s
1961
Canal Improvement 4s_..1961
\
'
Tenn
85
are v
rices
\
new
settlement 3s
r?'
Railroad.
Q-J
1995 A-O
Registered
>
«
*<
A1995 Nov
Adjustment gold 4s
Registered
Stamped..
hi 995 Nov
A1995 M-N
1955 J-D
,Conv gold 4s
..1955 J-D
vOonv 4s (issue of 1910)
1960 J-D
10-year conv gold 5s
...1917 J-D
Ooav 4s issue of 1909
\ Debentures 4s Series K
1913 F-A
.East Okla Div 1st
g 4s
1928 M-S
Short Line 1st 4s gold
1958 J-J
Oal-Ariz 1st & ref4Hs—.1962 M-S
S Fe Pres & Ph 1st g 5s
1942 M-S
Chic & St Louis 1st 6s
1915 M-S
;
*
■
<
Atl Coast L 1st gold 4s_._hl952
Registered
hi 952
Ala Mid 1st gu gold 5s
1928
\ Brans A W 1st
gu gold 4s. 1938
C Charles & S&v 1st gold 78.1936
LAN coll gold 4s—.—_ol952
'SavFA W 1st gold 6s
1934
,
•
'
M-S
M-S
M-N
J-J
J-J
M-N|
A-O
1st gold 5s
—1934 A-O
811 8p Oca & G gu g 4s
1918 J-J
f>ait A Ohio prior 3H8---1025 J-J
X>
Registered
__hl925 Q-J
.Gold 4s
hi948
Registered
20-yr conv 4
i
A-O
—.—hl948 Q-J
1933
98b
99b
74
'
General gold 5s
1937
Pitts Clev A Tol 1st g 6s__1922
Pitts A "West 1st g 4s....1917
Stat Isl Ry lstgug4H«--l®43
Buffalo RAP gen g 5s
85i2
"96 * "97
Sale
99ii
997s
99
90ii
CI A Mah 1st
gu g 5s
Roch A Pitts 1st gold 6s.
Consol 1st g 6s
91
Buff A Susq 1st reg g 4s
/Canada Sou
^
cons gu
1922 J-Dl
A|5s.l962
£8
Registered
...1962
Central of Ga 1st gold 5s_.pl945 F-A
Consol gold 5s—
.1945 M-N
\
Registered
..1945 M-N
r 1st pref income
g 5s.
pi 945 Oct
»
...
_
N
2d pref income g 5s
pl945 Oct
..2d pref income g 5s stamped._
13d pref income g 5s
pi945 Oct
3d pref income g 5s stamped._
<
Cbatt Div pur mon g 4s
1951
Mac A Nor Div 1st g 5s
1946
'Mid Ga A Atl Div 5s
1947
'• Mobile Div 1st g 5s
1946
Cen RR A B of Ga col g 5s.1937
Cent of N J gen'l gold 5s
1987
,
Registered .1
hl987
Brooklyn Rapid Tran g 5s_1945 A-O
1st refund conv gold 4s
2002 J J
; JBk City 1st con 5s__ 1916-1941 J-J
\ Bk Q Co A S con gu
g 58—1941 M-N
Bklyn Q Co A 8 1st 5s___1941 J-J
Bklyn Un El 1st g 4-5s
F-A
\
—
■,
1
Stamped guar 4-5s
Kings County El 1st
F-A
g 43.1949 F-A
1949 F-A
Stamped guar 4s
Nassau Elec guar gold 4s_1951 J-J
Chicago Rwys 1st 5s
1927 F-A
Conn Ry & L IstAref 5g 4
Ms '51 J-J
Stamped
guar
Det United 1st
4V$s
cons g
881*
....
9 fi j
Safo
92
92ie Sale
841*
83
106
99"
99
42"
w
70
49
797.
921$
921.
981.
98
881.
83
88
"
83
*4
70
16
81
....
841$
8714
8714
100
Apr 13
105
105*4
927$ IQgS,
98
105V
99
107
»
106
88
88
"41
415
89l|
9Ha
88*.
8fl"
10
9
91*4
901$
977$
97
VPs
821.
861$
106
101
89b
90*4
90b
100
101
106
106
1061$
981.
103"
106
103
97
103
95*4
10714 lTo'i
108U 1117$
38
"I§ 1041.
48
IO6I4
110"
110b
102
109
lO&b 106b
Deo'11
96
110b
104*4
95*4
Deo '11
106
Nov'll
Deo'11
107
851. Oot '10
90
90
Feb'13
90
90
1071. Jan *12
.,
115
Nov'06
109*4 May 11
99*4 1011$ 9934 J'ly '13 •15
1131$ Sale 1131$
114
1121$
1121$ Aug'13
1027.104
103b J'ne'13
100
100
J'ne'13
100i$ Jan 13..
~83b Sale" 83i$
831$'
.
99*4
1121.
1121.
103b
101*$
1193$
1181$
1051$
100
100
1001$ 100b
83
90
ror
income
1029 J-J
1939 M-N
Bid
Registered
hangu.
945$
104
..
96
...
104
1939 M-N
General gold 4Hs
1992 M-S
-
Registered
1992
Convertible 4Hs........ 1930
Big Sandy 1st 4s
1944
Coal River Ry 1st gu 4s__1945
Craig Valley 1st g 5s
1940
Potts Creek Br 1st 4s
R 3c A Div 1st con g 4s
IIII "98b
M-S
F-A
J-D
J-D
J-J
70b Sale
81b 87
1989 J-J
J-J
Greenbrier Ry 1st gu g 4s. 1940 M-N
Chic & Alton RR ref g 3s.. 1949 A-O
Railway 1st lien 3Us.
1950 J-J
Chic B & Q Denver Div 48.1922 F-A
Illinois Div 3M«
.....1949 J-J
Registered
.1949 J-J
Illinois Div 4s
1949 J-J
.....
or
Sale
53 CO
No.
High
J'ly
13
"'2
104
100*, Nov 12
941$
94b
"4
99bMch'13
79b
79 b
85b Feb IS
88b Oct 12
84*« Jan '13
J'ly '13
Mch'13
861$
89
86
83
89
87
67
64
Aug '13
641$ Aug'13
99b Aug'13
83b
84b
95
82*4
"63 "
55
98b
99*4
83
84
83*4
94*4 Sale
Registered....
....1949 J-J
Iowa Div sink fund &S...1919 A-O
Sinking fund 4s
....1919 A-O
Nebraska Extension 4s...1927M-N
Registered
1927 M-N
Southwestern Div 4s
1921 M-S
Joint bonds. See Great North
Debenture 5s
1913 M-N
General 4s
....1958IM-S
Chic k E 111 ref & imp 4s g_1955 J-J
1st consol gold 6s........1934 A-O
General consol 1st 5s
..1937 M-N
Registered
..1937 M-N
Pur money 1st coal 5s
1942 F-A
Registered
Chlcfc Ind O Ry 1st 5s...1936 J-J
Chic Great West 1st 4s
1959 M-S
OMcInd k Louisv—Ref 6s.lW47 J-J
-
"99" mi 201*4 Mch '13 k
:_1946 J-J
2d consol gold 4s.......1989
Last
As* Low
„
.
defaulted bonds,
Week's
Friday
August 22
1st consol gold 5s.....
ana
Price
.
EXCHANGE
August 22.
Chesapeake & Ohio—
Gen nmdlng & impt 5e
97
94
94*4
J'ne'13
I III
103*$ Feb '13
98*4 96*4 j'ne.13
....
941$ Aug *13
96b Sep '12
*§8" ni*
97*4 May'13
100
93
10
86b Aug 12
94*4
93
100b
Oct
Sale
92*4
70b 74t4 71
107
108b
99 b 100
100
101b 106b
96
97*4
Apr 13
93
71
Jly'13
Aug'13
Jan '13
Feb '13
...
Refunding gold 5s
Refunding4s SeriesO
...1947 J-J
1917 J-J
Ind & Louisv 1st
gu 4s...1956 J-J
Ohio Ind A Sou
50-year 4a
19561 J-J
Chic L 8 A East 1st 4
Hs-—1969
Chic Mil A St P termlg 5s__19l4
Gen'l gold 4s Series A
*1980 J-J
Registered
97
72
nn
105b j'iy *13
Sale
71b
72*4
115
118
108
901$
....
85
91
....
....
"99*4
....
|-J
J-J
J-J
J-D
J-J
J-J
Chic A Mo Riv Div 5s.
1926 J-J
Chic A P W 1st g 6s_.I_.1921 J-J
CM A Puget 3d
lstgu 4a. 1949 J-J
Dak A Grt Sou gold 5a
1916 J-J
Dubuque Div 1st s f 6a_..1920 J-J
Far A Sou assum
g 6a
La Crowe A D 1st 5a
1924 J-J
1919 J-J
1921 J-J
1920 J-J
Mil A No 1st cons 6a_.
1913 J-D
Extended4Us.
..1913 J-D
Chic A Nor West cons 7s—1915 Q F
Extension 4a
1886-1926 F-A
Registered
..1686-1926 F-A
General gold 3Hs-..1987 M-N
Registered _.....v——pl087 Q-F
Wis A Minn Div g 5a
Wig Vail Div 1st 6s_...
92b
....
102
90
102
91
82
96
Sale
96
Registered
nn
Registered
Refunding gold 4s
—..1934 A-O
...1932 J-J
P 4s
108
104
109
Choc Okla A G geng 5a._ol918 J-J
Consol gold 5s
1952 M-N
Keok A Des Moines 1st 5s. 1923 A-O
St Paul A KG ShL 1st 4^s'41 F-A
Chic St P M A O con 6s
1930 J-D
Cons 6s reduced to 3>$a..l930 J-D
Debenture 5s
—1930m-s
Oh St P A Minn 1st g 68—1918 M-N
North Wisconsin 1st 6s
1930 J-J
St P A S City 1st g 6s
1919 A-O
Superior Short L 1st 5ag0l93OM-8
Chic A West Ind gen g 6a__?1932 Q-M
Consol 50-year 4a
on
..19521 J-J
Dec '12
117
J'ne'13
109b
90b
106b
106b
103
....
108b 107b Jn'e'13
107b 107b Feb '13
114b Feb '13
__
113b Mch'13
90b
90b
115
J'ly '11
1081$ Mch'13
104b 1031$ J'ly '13
92*4
...
---
87 b
109
106
—
87b
91
"78b Sale"
79b Sale
781$
79b
Aug'lO)
87b
Dec
12
79b
79b
97
1914 M-N
___1918 M-N
2002 M-N
Registered
,..2002 M-N
R I Ark A Louis 1st 4H»-l°34 M-S
Bur C R A N—1st g 5S...1934 A-O
O R I F A N W 1st gu6s_1921 A-O
M A St L 1st gu g 7S....1927 J-D
*
Chic RIA Pac RR 4a
101
100b Aug'13
1007$ Aug'13
90b Sep '09
1988 J-J
20-year debenture 5s
Coll trust Series L 4s
95
104b Oct '12
104b 101
J'ly *13
114b
1988 J-J
Jan '13
817$
82
84*4 Jan '13
95
96
...
1917 J- J
8
....
...
General gold 4s
"2
102
lll*i Nov'll
106*4 106b
105b
104
May'13
102
Winona A St P 1st ext 7s.t916 J -D
Chicago Rock Isi A Pac 6S.1917 J-J
"70
88b
90
100b J'ne'13
106
J'ne'13
110
109
J'ne'13
101
102b 102b Apr *13
101
101b Jly '13
106*4107*$ 109*4 Feb 13
100
May'13
1001$ Aug '12
102b Aug'13
1027$ 103
96b May'13
91b
98
6S..1921 M-S
102
Sale
100
imp. s f gold 5S-1929 F-A
Ashland Div 1st
g 6a
1925M-S
Mich Div 1st gold 6a
1924 J-J
Mil Spar AN W lstgu 4s.1947 M-S
Northw Union 1st 7s g
1917M-S
... .
1001$
105b
1021 A-O
Ext A
10
""3
82
J'ne'11
May'13
104b May 13
1021 A-O
From Elk A Mo V 1st 6s__1033 A-O
ManG B AN Wlst5H»lWl J-J
Milw A S L 1st gu 3
1841 J-J
MU L S A West 1st
82
103
100*4
102
Sinking fund 5s
1879-1920 A-O
Registered -*.....1879-1929 A-O
1933 M-N
1033 M-N1
11
Aug'13
92b
98b Feb '13
86
107
Registered
Dec
92b
881$
88b
Sale 102*4
103b
101b J'ne'13
102b 103
101b Sale 100
101b
106
Debenture 5s
Registered
Sinking fund deb 5s
J'ly '12
90*4 Aug'12
"87b "88"
1087 M-N
1879-1020 A-O
Registered
89
103
..1879-1029 A-O
Sinking fund 6s_
95b Apr 11
100
91
80
118
105b Feb '13
104
...„el98» Q-J
Ga*1 gold 3Ha Ser B
41989
Registered
__el989
25-year deben 4s
.1934
Convertible 4 Us.
1932
Convertible 4Us (wh issued)
Gen 4Us (wh bs)
1 1989
Chic A L Sup Div g 5s...1921
MISCELLANEOUS BONDS—Continued
Sep '11
94*4 J'ne'll
in. "95
67
Sale
66b
67b
63b Jan '18
110
85
100
...
98
103
95
100
"94
97
..
J'ly '13
107b May'13
105b Sep '11
997$ May'13
106. Jan '13
96
89
797,
114b Sale 114*4
Aug'13
797$
114b
89b Dec '12
1001$ 101b 99b Aug'13
113
..1191$ Feb'13
113
129b May'09
1061$ 108b 106
Aug'13
...
—
..
90
1061$
....
...
...
87b
1071$ J'ne'13
84i$ j'ne'i3l
Next Page.
Street Railway
1001$ 100*4 ioob
88*4 Sale
88b
98
99b
..
80
82
84
....
77
98
Sale
100*4
19
88*4
Aug'13
23
100
98
Apr '13
101
100
101
May'13
99b
99*4
99b108b
84b 92b
1021$
100
3
98
98
101
w*.
101
99b 101b
99b 101b
8U$ 82
99b Aug '13
811$ J'ly '13
82
J'ly'13
75b
75b
2
75
78
98
2
96
98
98
81b
86
1017, J'ne'12
"55b
95i$ J'ne'13
69
Y. STOCK
Week Ending
g
io3i$io&$
J'ne'12
108b Aug '13
451$ Apr '13
105*4
1057J
10034 J.n 'ii
1106$ Mch 13
BONDS
N.
General 4s
19
: 10314
10314 103*4 103
106b Mch'13
99
95
106*4
861"$
108
106b
1087g
997$
107
1081$ 1031.
87
95I4
103b Apr'13
06*4 Mch '13
J'ly 08
107U J'ne '13
90
99
"931$
851$ 02
9614 1001$
10214 J'ne 12
1031$ Apr '13
IO6I2 Apr '12
1181$ Feb '12
97
May'13
91
10.1 lg
Till
88
93
93"
May'13
" "I
"
-
86
105lX 106
105
91
9H2
91*i May'13
92U
921$
84
" I07I4
94
86
991. 100
§81$
881 jj
1231, J'n«'12
..
Sale
69
89
93
F-A
98
981$ 1011.
101*4
13
..
95
94i2
76b Sale
thla week.
Get
1011$
101*4
Jan '12
J-D
v» No price Friday; lateat
Feb
86
99
Aug'IS
112
....
I60" I"
NI-S
A-O
:n:
891. J'ly '13
1951 J-J
4Hs_1932 J-J
98
1051$
101*4
80*4
97
1031$ Feb '13
901$ Aug *13
IOU3
110*, May'll
97
901$ 100
Oot '12
90ii 90*4 901.
Qos,
97b
Street Railway
100
5 100
Meh'13
841$
841$
99i$ May*13
971$ Aug'13
963$
9734
991$
997$
991$ J'ly'11
92
J'ly '13
881$ Aug'13
102
11
Apr '13
71*4 Aug'13
94*4
061,
100
....
88
1131 j
J-J
J-J
t-i
1
95
82
Am Dock & Imp gu 5s
1921
Leh A Hud R gen gu g 5s_1920 J-J
N Y A Long Br gen g 4s
1941 M-S
Cent Vermont 1st gu g 4s__«1920
Q-F
1
9084 978,
901* 97*4
91*4 97*4
997, 1051,
105
jf-D
J-J
M-N
J-J
"l
953, 100*4
99b 101»$
'06
120
J-D
dl951 J-J
27
861$ Dee '11
481$ Aug'13
98
91
1998 A-O
1943 J-J
.1921 F-A
481
961$
831$ 85
Of *5io£
1011$ 103*4 106*4 Feb '13
95
85b
Aug *12
105
1957 M-N
All A West 1st g 4s gu
7
J'ly '13
1081$ J'ly 'jo
107
ioib "I.
A-O
J
1937 M-S
\ Consol 4
j.
A-O
90
J'n»'13
86
SBs
vBouthw Div 1st gold 3 Hs.1925 J-J
v
J'ne'13
99
83
991$ 1021$
941$ 9714
961$ 971,
84
891$
921$ J'ly *13
84
J'ly'13
86
Cent OhioR 1st eg 4HS--1930 M-S
Ol Lor A W con 1st g 5s_. 1933 A-O
.Monon River lstgu g 5s
1919 F-A
Ohio River RR 1st g 54
1936 J-D
98
90*»
891$
751 $
99
99
48b
Sale
105
\
;
....
95
Pitta June 1st gold 68
1922 J-J
';P June A M Div 1st g 3 Hsl 925 M-N
vPLE A W VaSysref4s._1941 M-N
.
Sale 1001$
1001$
82*4 81*4 J'ly '13
97?g 973, Aug'13
92
83*$
821$
the b arts
97
991$
85
....
70
97
on
Sale 100*4
1011$
92
Sale
92*4
91U Aug'13
Sale 92^4
92*4
Sale lOli.
1011$
100i2 1001$ - 1001$
1015s 101%
IOH2
47
_
Ann Arbor 1stFe gen g 48.1995 A-O
g 4s
_7il995
tch Top k S
v
9712
97
1913
6s deferred Brown Bros cfcfs..
951$
May *13
97
97b
97U
Virginia, funded debt 2-3s__1891
1
101»$
9214
9224
92*4
10112
100i4
101i2
100i8
....
Canal Improvement 4s__.1962
.Canal Improvement 4s... 1960
South Carolina 4
20-40. .1933
97
Jly '13
—
80
High
101 >$
10114
1031$
IO334
114i$
11412
951$ IOOI4
9912 1031$
88b 88l«
.
-88b
88*4 88
Aug'13
80b Sale
8014
80U
*100b Sale IOOI4
IOOI4
1
96
94b J'ly '13
t
96b J'ly 13
84
847S 841$
8434
90
I
90
Aug'13
82
1054
110
110
100
97
89
'
—
10134
101*4
102
87
U 8 of Mexico s f g 5s of...1899 Q-J
Gold 4s of 1904
...1954 J-D
I These
f
'State and City Securities.
N Y City—4Xs
9611
1960 M-S
4Mb temp rects (w i) ....1963
95*4
*951$
IIOI4 Aug*13
110t2
11012
95i2 J'ly '13
91
v
4% Corporate stock
1959 M-N
4% Corporate stock
1958 M-N
4% Corporate stock
_1957|M-N
1957M-N
4H«.
New 4 J^s
1917
4H% Corporate stock...1957
Lost
88
1925 J-J
1931 J-J J
'Republic of Cuba
Rang*
High
991410012 100
Foreign Government.
97
Argentine—Internal 5s of 1909. M-S
iChinese (Hukuang) Ky 5s £
J-D X 90
Sterling loan 4^s
1925
rmperial Japanese Government
prices art now all—"and interest"—exceot
Since
Last Sate
U. S. Government.
Bid
U S 3s consol registered
98
dl930 Q-J
U S 2s consol
98
coupon
dl930 Q-J
r
GhptCged. and
Friday
August 22
Y. STOCK EXCHANGE
Week Ending August 22.
U S 3s coupon
u>as
69
20
68
997$
75b
Apr '12
08
....
931$
75b
3
76b
130
08
931,
98
71
81b
Interboro Rap Tr 5s Ser A.19S2 M-N
Manhat Ry (NY) cons g 4s. 1090 A-O
Stamped tax-exempt
...1990 A-O
Metropolitan Street Ry—
Refunding gold 4s—.—2002 A-O
Farmers Loan A Tr ctf
Stamped
Bway A 7th Av 1st e g 68.1943 J-D
WW
Sale 1047,
Third Ave
Ry 1st
g 5s
1937 J-J
Refunding A exten 4^8—1931 J-J
Minneap St 1st cons g 5s
1919 J-J
Duo ADtJL^sJCme May,..# Du<i Juao__ ADue Jubv
i Due Aug. _• Due QeL
^
9
88b Jly '13
60
64
100
101
100
98b 100
99
100
Third Av RR cons gu 4a_.2000 J-J
Central Trust Co certifs.
Cent Tr Co ctfs stamped
Met W S El (Chic) 1st g 48.1938 F-A
Milw Elec Ry A Lt cons g 5sl926 F-A
*15
90
90
881$
......—
Col A 9th Av 1st gu g 58—1993 M-S
Lex Av A P F 1st gu g 5s_1093 M-S
106
897$
May'12
62b Jan '13
59b Mch 12
Aug'13
99
J'ly 13
971$ May'13
J'ly 12
741$ J'ly *12
74
74
104
105
84
in:
104
Nov'12
104
93b JlF 06
io2i2 101
J'ne'13
01
Apr'13
102
Nov'12
92
yDut N9Y*. f.Duo Deo.
• Option
Aug, 231913.]
W.
New York Bond
'•
Price
WetKt
Friday
Rang* or
Week Ending August 22
Loot SoU
Jon. 1
Bid
CinH A D2dgold4>*s
1st & refunding 4s
J-J
J-J
J-J
M-N
M-N
1953 J-J
1931 J-J
1935 J-J
Oin 1 A W 1st gu g 4s_
Day A Mich 1st
-'Ind Dec &
cons 4
W 1st g 5s
1st guar
gold 5s
CleveCInCA StL
20-yr deb 4M8
80
100
91
89S4
87»4
8212
1st
pref 5s___dl938
Peo A East 1st
Income 4 s
1940
con 4s
92*8
89*4
87
61
100
.—
t-h
117
....
35
49*4
36*4
Purchased lines S^s
L N O A Tex gold 4s
26i2
947,
Registered
Cairo Bridge gold 4s
94*2
Litchfield Div 1st g
Louisv DivA Termg3^sl053
92*2
106
101
10234
94
...
Sale
100
94i2
85i2
85U
..
82
84*e
"90" 1;
99
67
D«C '12
84*4
97
Jan '08
110
84
....
82
.
96la
79*4
8514
78
81
95*4
84-88
82
95*4
»534
82
99*8
104*4 104*4
100
100
|100
1061| Mch'08
981, 102
10H«
...
110
111
1*0*1" III
101
111
87
75*2
~87l2 "89"
i
Chic A Erie 1st gold 6s_—1982 1
Olev A Mahon Vai g 5s—1938
86
73it
7Ua
102i,
104ia
100ia
73
.....
Sale
Sale
71
10514 110
108*2
1O012
1241#
107*2
106
iofii 169"
1946 1
1937
99*2...
2d gold 4^8—
General gold 5s
1937
1940
90
Terminal 1st gold 5s
1943 1
100
1940
100
82
,
...
....
93*4
1942
1926
96
108
100
1921
...
76
90
66
82*4
65
77*«
106
ioo"*8100*2
96
101*2
101*2 100
Nov'll
95
J'ne'12
Great Northern—
O B A Q coll trust
Registered h
1st A refunding 4
Registered
4s
....
"82 "
Sale
"65"" *70
.1921
92
1921
A 1961
94i2 Sale
941,
94U Sale
,
92
94*4
94S4
94l4
1933
115
1933
Reduced to gold 4j^s_1933
Registered
117*2 Aug '13
1942
J-J
30-year adj inc 5s
al942 A-O
Portland Ry 1st & ref 5s
1930 M-N
Portland Ry Lt & Pow 1st
A ref conv s f 5s
100*8
96
98*4
12412
117*2 119*4
99*4 104*2
City Cab
cons g
Third Ave 1st ref 4s
Adi inc 5s
101
al960 A-O
TriWJity Ry A Lt 1st s f 5s_1923
Underground of London—
*
4^s
.1
Income 6s
1933
A-O
J-J
1948
95*8
United Rys Inv 1st lien coll
trust 5s Pitts issue
1926 M-N
•
78*4
72*4 Sale
95*2
95*2
....
915*4
77
8584
72l8
79
60*8
5178
101
Jan'13
1G1
101
95
Mch'13
95
96
Nov '08
71
95
....
10312 103*2
43
71
a
63*2
7678
99*2
92l2
95*4
87
J'ly *13
825s
95
9212 J'ne'13
Aug'13
77*2
85
73
Hl»49
1034
~70* "76"
"94" "94"
104*"
J'ne *13
-
98
~ J'ly '08
if ay *13
53
60
5/
907a
937g
70*2
91
70
91
94
68
Oct '00
97
93
93
104
100
977,
""18 "sar "99**
'03
15
1
102*8
Aug' 13
io4*« 104*4 J'ne'12
101*4 101*4 J'ly '13
100*4 104*8 May'12
93*4 .... 93i2 Aug'13
100
106
...
102*2
IIII
84"
:***
111
»7
May *13
llUgDec '11
106*2 Mch'13
93
"... IOIT2
160" " 104*1
....
03*4
105*2105*|
immm
Meh
1937M-N
1946
...
"gg
""2
88
gu g
Bdge Co
on
"86" "94"
96*4 NOV'12
99*4 Oct '06
85
84
Aug'13
10412 Deo '08
84
Sale
89*2
"84"
""2
Nov *06
Jan '13
104
9414
Apr '13
104
87
Aug'13
86
....
3
...
103
105
106*2 109*4 105
99*2
112
...
108
•
...
91
J'ne'13
62
III
105*2 Mch '13
109
J'ly '13
69s8 Sep 12
66
87»4
88*2
8778 J'ly '13
111.
...
"89
84
id012 III
97l2
107*8 110
82
1 e 1.1 1
1
1
1
....
...
"83*8 "88*2
130*4
114*8 114*s
91
91
105*2 105*14
109
109
"87*2 "««
110
111
*88*4 "92*:
—
103
103*4
Feb '06
100i8 Aug'13
IOU2 Jan '13
IIOI4 Oct
109*8J'ly '12
5s....1936 F-A
106
J'ly '1
95
J
F
1t 11 11 11
11 1 1. 1
88*4 J'ne'13
83*2
F
105
I266
Apr '11
971, 10312 103U Feb *1
82
93*|
103" 1664
Jan '13
106
103*8
104
110*, 114J,
119*2 111
9112 99*8
J'ne'13
112
105*8
""25
163" foa"
103
104«4 May'12
12014 Mch'13
1141a Feb '13
—
89*,
96
Jan '11
111*8 1U5S 111*2
1115g
111
Mch'13
105*2
93
#3
93*4
93*4
96*2 Sep *12
103" "
89*2
HO
9ft2 104
'
89*2
103
...
Q
gu g 4s...1945 M-8
10/" 103*
....
88
97
LA N A M A M
1stg4>*s 1945M
LA N-South M joint 4S..1952
J-j
con
12
98*4 100
4s__.1987 j-j
Registered
hl952
N Fla A S 1st gu
g 5s
1037
N A O Bdge gen
gu g 4Hs 1045
Pens A Atl
lstgug 6s
1021
mmmm.'
«»•»«%.
mum mm
IIII
Mch'18
96*4 Mch '12
86
1039 J-D
m
mmmm
Feb'10
103
5
Louisiana A Jyrk
Louisville A Nasiiviae—
071|
110»| 111*4
mmmm
J'ne'12
107
101^ 107"
98*2
gn 6s_oJ932
1st* 5s
1927
10254
mm mm
1003,
*98" ' I
eon g
96*4 -
go
101*, 106*2
98-
"8912
0927
:
72
IOD2 1025s 102*8
99
102U 107
88*2 99H
62
64*4
1
89*4
Aug'13
May'13
97*2 Sale
Sale
"92" *937^
....
103*8
70*2 j'ly '13
63
j-D
cou'gtal 1935
General gold 6s
Goid 5m
105*2
Feb '11
'92**2 Au"g"'12
95
B 1st
N Y A BB 1st
g 6s
81
....
80
100*8 100*8
101*2 101*1
—
91*4 Mch *12
Next Page.
93*2
United Rys St L 1st g 4«._.1934 J-J
St Louis Transit gu 5s
1924 A-O
United RRs San Fr s f 4S..1927 A-O
Va Ry & Pow 1st A ref 5s__1934 J-J
71
83
mm*
7312 Mch'13
7314
73*1
69
m
69
72
51*2
93*2
67
95
Aug'13
55*2 Aug'13
rnrnm
95
95
May'13
100l2
102
Columbus Gas 1st g 5s....1932 J-J
Detroit City Gas g 5s
...1923 J-J
Det Gas Co. con 1st g 5s
1918 F-A
Det Edison 1st coll tr 5s
1938 J-J
d Due April,
ft Due July,
1031?, 102
k Due Aug.
e
Aug'13
55
1947 A-O
J'ne'13
Due Feb,
72*2
-
1945 JVI-N
Hudson Co Gas 1st g 5S...1949 M-N
Kan City (M6) Gas 1st g 5s 1922 A-O
o
-
56
1947 J-D
Oct '08
Due Jan,
69
*
Qas and Electric Llsht
Atlanta G L Co. 1st g 5s
Bklyn U Gas 1st con g 5s
Buffalo Gas 1st g 5s
,
Oct '09
103*8
89*4 89*4
88*2
m-8
11*04#
Eq G L N V 1st cod g 5s
1932 M-S
Gas A Elec Berg Co c g 5s..1949 J-D
Gr Rap G L Co 1st g 5s
1915 F-A
91
84
*74
No price Friday; latest bid and
asked this week,
85
6
103*2 Feb '13
79l2 79
79*4
Union Elev (Ohic) 1st g 5s_1945 A-O
I
8684 Feb '13
74U
74i2
5514
66*4
98
1942 F-A
5s. 1937 J-J
I960 J-J
"95*i
1032 J-I3
...
81
81
94" Feb"'l3
lOt" 105"
1»23M-8
Debenture goid 5a
Guar ref gold 4s
SAN Ala
....
....
Street Railway
83*4
7412 Sale
66*2 Sale
Portland Gen Elec 1st 5s.1935 J-J
St Jos Ry. L, H A P lstg 5s 1937 M-N
St Paul
10*3 J-D
Goid 4s...
Unified gold 4s.
MISCELLANEOUS BONDS—Continued
1st R £ & ref 4s
/»1931 Q-J
Kentucky Cent gold
Street
N Y Rys
6sJ*1031|q- j
General gold 4s.
Fern? goid4H*
96*4
117*2 May" 10
94i2 J'ly *12
1914 a-O
;
83
93
Oct"'l2
92
85*2
1045 m-$
1*14 A-O
Long Isld 1st cons gold
1st consoi gold 4a.;
96
79
......_.„IIIi»45m-s
E1C A N 1st prof 6s
LA Jeff
New Or!
III
815*....
j-J
96
118
Aug'13
108*4 J'ne'09
Railway
RyA Ltgen 4^8-1935 J-J
a-€>
a-O
j *. j
J-J
96*4
931j
100U 101*2 101
1933
4s_2063 M-N
93
96
88*2
Nov'00
90
J-D
2d gold 3s
1980M-S
Atl Knox A Cin Div 4s
1955 m-N
Atl Knox A Nor 1st
g 5s_.1846 J-D
Hender Bdge lfirt, s f
g 6s..1931 m-S
,97
"38
J-D
927g
107
9414
124
06*4
"72"" "76*2
98*4 Sale 98*4
98*4
J'ne'13
97i2 96
9914 93*2 J'ne'13
116
118
IISI4 118
—1961
Registered
92
Mar'13
1933
s ser
I
St Paul M A Man 4s
1st consoi gold 6s
987a 101*2
Aug 10
72
1H
Unified gold 4s
105" lio"
Aug'13
108
1930
Xplorida E Coast 1st 4 Ms
1959
-T ort St U D Co 1st
g 4^8 .1941
Ft W A Rio Gr 1st g 4s.
1928
85*2
Ill840
Leh ANY 1st guar
g 4s
"93*2 "96l2
May'13
10U, Oct '99
100
104
TerRy 1st gu g 5s
1041
Registered
.1941
Leh Vai Coal Co 1st gu g 64.1954
Registered
.......1033
1st int reduced to 4s
1»33
88*2
75*2 Mch'12
100
Registered
1940 j-j
Collateral trust gold 5a__. 10*1
M-N
E H Sc Nash 1st
g 6s
F»19 J-0
L Oin A Lex gold 4
Hs
1931 M-N
NOAM 1st gold 6s
1830 j-j
N O A M 2d gold 6s
.1030 j-j
PaducaJh A Mem div 4s.
1946 F-A
Pensacoia Div gold 6s___.1920m-8
St Louis Div 1st
gold 6s. .192 1m-8
"93"" "99"
93
J'ne'13
70
-
77
ioiuIII-
J-D
J-D
J-D
J-D
"81 " "87""
May'12
1923
1942
6s
Sull Co Branch 1st g 5s
J-J
J-J
North Ohio 1st gu g 5s...1045 A^O
Leh VallN Y 1st
sag 4J4S.104Q J-J
Registered
J-J
Registered
83
J-J
1931JM-S
I..1050 j. j
cons g
88*2
May'13
Aug *12
May'99
J'ly '13
123
99
70*2.
107*8 108
11U2 May'12
106
11.:
_._i:il041
L^teh Vail (Pa)
Leh V
887i "887a
75*8 Nov 12
81
84
84
....
J-J
J-J
J-J
Apr 1950 J-J
City Term 1st 4s
1056 J-J
Istg 5s. JIl®37 J-^J
ake Erie A W
JL* 2d gold 5s
Not 8h B 1st
81
Aug'13
107*s Feb *13
105
IIII "75*8
Kan City Sou 1st gold Js.1050 a-O
Registered
...106ft A-O
N
122" 124"
1031a Aug 12
96
J'ly '13
100i4 Dec '06
93
89
111
Deo '12
100*4 J'ne'13
1913
667,
120
J'ne'13
106
87
84
May'12
122
82
33
Apr '13
199
103*1
'85h
"45
Apr '12
Aug'13
.
115
84
' 75i2
73*4
7158
Apr '12
....
..1851 M-S
Gold guar 5s_
11
Aug'18
74*4
77
,
j
103""
Jan '12
115*4 J'no'12
86*a
86*4
84
-.1951 J
i0"9U
ids I ids
99*4 Oct '12
Mch'13
100
109
*74ii
111
103
...
,
,
108*, 1033,
Aug'12
I01*a J'ne'11
103
Feb '13
102*4]
86i«
Fab '11
103H Fab '13
110
94
"86"" "96i2
Jamestown Franklin A ..1069
.
Clearfield 1st 4s
T
84
78
....
J-J
Int A Great Nor 1st g 6s
^«1» M-N
Iowa Central 1st gold 5s....1033 j-d
Kansas
95*4 Sep '12
897,
90*8
79
J'ly '13
93*2 Apr 13
94*4 Jan '11
9478 J'ly 12]
8912
Ref A impt 5s
J'ne'13
J'ne'13
104
Registered
St L Sou 1st gu g 4s
Ind III A la 1st g 4s
Sap '04
84
93*2
1032 gj-8
l«6l J-D
Refunding gold 4s
104*4 Mch '13
Mar'13
loo* I
Registered
Memnh Div 1st g
11
82
96
90
1st general gold 5s
Mt Vernon 1st go. J
85
73*4
78
....
100
Mid of N J 1st ext 5s__
Wilk A Ea 1st gu g 5s.
Ey A Ind 1st con gu g 6s
Evans A T H 1st cons Cs
90
89l2
957,
Mch *08
1923 I
1920 j
N Y A Green L gu g 5s
NY Sus A W 1st ref 5s
88*4
801,
025t
" J'ly" 0®
93"i"2
105*2
....1051
-.1061
......1051
4s
1061
...1051
.....
Gold ZHs
99*a
83
Aug'13
Apr 'Ml
,
1935 1
1922 \
931,
80
97
93
1951 F-A
1®23 J-D
Bellev A Car 1st 6s
Garb A Shaw 1st g 4s
Chic St L A N O g 5s
921,
166' 1025,
Mar'13
100
1961 F-A
Western lines 1st g 4s
Registered
J-J
1»5S J-J
F-A
...
101*,
89*2
-
6Ua Apr
68
,
6s
97
73
80
5th ext gokl 4s
.1926 ,
N Y L E A W 1st g fd 7s—1920 i
Erie 1st con g 4s prior
1996 ,
g
lldsi
95*1 "98
J'ly '131
85
,
1996
107ia
86*2
IIII~77h
1937
5s..19411
*-'n« 1st consoi gold 7s.
19201
N Y A Erie let ext g 4s
1947 !
2d, ext gold 5s
19191
Long Dock consoi
3s..-l®^l J-J
Registered
Aug'13
"79" "I
g
Coal A RR 1st cur gu 6s
Dock A Imp 1st cur 6s
M-N
Registered
1051
Gold 3^s
1»51
Registered
1®51
Spring Div 1st g 3%s.._. 10fl
Registered __._rr
l®5l
10M|
....
1032 J-J
1953 M-N
Middle Div reg 5sli:illll02l
Omaha Div 1st g 3s
St Louis Div A term g Ss.1951
100
Sep '11
887, Feb '13
88*2 Feb 13
93*2 May'09
}053 M-N
-
97
109
j
1996
94
100
85*2
89*2
731$ Sale
,
1996
111*,
102ia 106*8
12Ha May'12
827,
827,
90
.
1916
4s A
1953
do
Series B._1953
Buff N Y A Erie 1st 7s.—1916
108
94
94
94
105*3
10
102*8 Fib 03
107ia
10/34
149
Aug 01
9634
967,
113
De*BivTun-TerTun4Ms-19611
conv
104
Mch'12
94
■
Registered
90
"66^ "97
-
50-year
111*, Dec
100
.
1939 ,
Mtge A col trust 4s A
1949 1
Utah Cent 1st gu g 4s_al917 j
DesMoi Un Ry 1st g 5s.
-1917 !
Dot A Mack 1st lieu g 4s
1995 <
Gold 4s
1995
Peon coil tr g 4s
108
IOII4 1031,
---
lofaj III
1940
1st consoi gen lien g 4s
90*4
102
..
Rio Gr West 1st g 4s
....
89
93
106
102t4 IOH4 J'ly '13
104
J'ly '13
11n "so
Improvement gold 5s
1928 .
1st A refunding 5s
...1955 ]
RioGr June 1st gu g 5s.
1939 .
Rio Gr 80 1st gold 4S__
1940 .
Registered
92
92
106
108*2
1085a Aug '13
102*4 107*8 102*2 J'ly '13
Alb A Sus conv JH*
..1946 i
Reus A Saratoga 1st 7s
1921 f
Denv A R Gr 1st con g 4s.. 1936 .
Consoi gold 4 Hs
1936 .
gold 5s
92
25
.—
.
35
06
"62"" "92*
98i2 100*4 Dec '12
91
1052 A-O
26
"3
Apr '13
9218 Apr '13
83
...
J-J
—JSt!
Registered
1922
J-J
1®51 A-O
1051 M-S
Coll trust gold 4s
160" MaV'lO
1943 I
ext
Registered
1st gold 3s sterling
Registered
25
92
—
1st ref 4s—
~92«4
91
1916
3d ext gold 4
120"
J'ly 13
J'ly '13
J'ly *13
10512 109
98"
"98"
96*2 100*2 Sep '08
1051 J-J
1®51 J-J
Extended 1st g ZH*
120
mmmm
104*2 110
85
95*2
9812
1ȣJ J-J
110*2 110*2
94" J'ly"'08
26
92
1st lien equip g 4^s
1st A ref 4s
4th
Registered
1st gold 3>^s
Registered
120" Mch '13
mtomm
126*124*1
10412 J'ne'13
90
J'ly '13
90
97
-
1055 F-A
Hous Belt A Term 1st 5s
1037
Illinois Central 1st gold 4S.1051
1
mmmm
,
163 8
82i2
""
89
19171M-S
Xpigin Jot A East 1st
Registered
Ool AH V 1st ext g 4s
Col A Tol 1st ext 4s
28
105
Registered
10-yr conv deb 4s
2d 6s
Du 80 Shore A At g 5s
90" "90"
....
J
1069 J-J
79
O/i
1923
—....
Mch'13
90
104
....
92
mrn+U
92», Mch'11
97
Sep '12
1141, Sep *12
120*8 J'ly '13
136*4 May'06
105*2 MJiy'13
97
HUH
96H
Lots
4
J'ne'11
_/,1952 J-J
35
....
Term A Improve 4s
1923
Warren 1st ref gu g 3 Hs
2000
Dal A Hud 1st Pa Div 7s...1917
Dul Missabe A Nor gen 5S.1941
Den A Iron Range 1st 5s
1937
Registered
___1937
1047, 10514
•?"•!
No.
02
98
.
»
Range
High
92
nrl2
95*4
87*2
87
108
119
lstconsg4>is._1996 J
79*4 Aug '13
823,
....
1921
Guaranteed
U
91
Apr '12
1047* Mch'13
9712 Nov 12
-
804i
2000
:
Deo
.
Ask Low
J-J
J- J
J-J
J-J
J~U
5s_.6l 952 J-J
Reeisfcered
tlock Vai
11
J-J
A-O
Registered
1915
1915
Construction 5s
'07
...
Del Morris AWestern—
el Lack A
Essex Ist7s.l914
Registered
Oct
107*s J'ly '12
101*2 J'ne'13
_
_
Gulf A S 11st ref A t g
90
Conn A Pas Rivs 1st g 4s..1943
5s g
1952
1st ref gu g 3 Hs
N Y Lack A W 1st 6s
92*8
89*4
Cuba RR 1st 50-yr
7s
89
Registered
1st guar goid 5s
Registered
1037
Will A 8 F 1st gold 5s.—1»38
90
...
J-D
__1990
consoi guar
86*4
Dec '12
90
91*4
100*4
Ool Mid and 1st g 4s
1947
Trust Co. certfs. of deposit
Colorado A Sou 1st g 4s
1929
Refund & ext 4 J^s
1935
Ft W A Den C 1st g 6s...1921
1st
88*4
1940
1948
1®22
1®37
1»S7
ext guar 4s £
E Minn Nor Div 1st g 4s
871a
92
Consoi sinking fund 78..1914
General consoi gold 6s._1934 J-J *116
Registered.
1934
Ind B AW 1st pref 4s
1940 A-0
82
O Ind A W
"
Jan. 1
Bid
86*1
107ij Dec '02
89
Aug *13
Sines
Last Salt
J®*7 J-D
Minn Union 1st g 6s
MontC 1st gu g6s
8834
Mch'13
...
J-J
_
Pacific
8914 Feb *13
90
J'ne'13
80
.*1936 Q-F
_
103
Week".
Range or
1552
98U 100**
90
84i4
1047s
91*4
*1930 Q-F
-
1st g 5s—.1923
O O C A 1 consoi 7s
1914
Registered
13
88
91
1920 M-N
con
St P M A M {Continued)—
Mont ext 1st gold 4s
11
86*4 Feb
High
85
1990 M-N
Registered
Mch
Lots
864*
78»4
81*4
1940 M-S
4s....1940 J-J
WW Vai Div 1st g
No.
Price
Friday
August 22
Y. STOCK EXCHANGE
Week Ending August 22
N.
-
_
O 1 St L A C consoi 6s
1st gold4s
...
_
90
1935
gen 4s..l993 J-D
1931 J-J
Registered
Spr A Col Div lstg4s
High
IOU4 10O»4 Oe» *12
9Hj
86*4 J'ne '12
87
98*4 98U Mch'13
.
Cairo Div 1st gold 4s
1939 J-J
Oin W A M Div 1st g 4s__1991 J-J
St L Divlst coll tr g 4s
1990 M-N
Oin S A CI
Ask Lots
Kong*
95
1987
1959
1st guaranteed 4s
1959
Oin DAI 1st gu R 5s
1941
O Find A Ft W 1st gu 4sg.1923
-
505
BONDS
Sines
August 22
BONDS
STOCK EXCHANGE
Y.
Record—Continued—Page 2
54
J'no'13
54
54
99*?
99
J'ne'13
99
100
10U2 IO6I4
90
8884
a.
100
9558 Sep '08
»
Sale
100
107
"99"" l02i*
IO6I2 Oct
100
100
97
101
12
Feb *13
100
J'ly '13
94
Aug'13
100" 100*
Oct '09
100*4 102*2 101
'mmmm
Due
Qefc,
s
Option sale.
101
1
94
* 103*t
94
506
New York Bond Record—Continued—Page 3
Price
Week's
Rang* or
Last Salt
Jan.,I
August 22
Bid
Manila HR—Sou lines tr rects.
exican Cent inc g 3s 4s_1936
Equip k colJ
g
5s
_
Mex luternat IsLcon
<r
1st & ref
Cent Er
92*4
gu g 4s
Cent Br U P 1st g 4s
91
76% Sale
M-N
98
98%
M-S
69
70
82% Salt
75
lot"
May'13
82
Sale 104
Aug'13
96
Aug'13
68"
75
80
81
110
"87" *90i4
1938 M-S
1947 F-A
100
'77"%
81
96
114
106
106
Jan '13
111
IO284 10412 1051* Jan '13
113
IO284
J'ly '04
70
6614
66%
13
111
1051* 105%
55
967*
80
82i2 Sale
....
91
81
50
45
87
U N J RR 8c Can
gen
79%
80%
87%
87
93
"80 ' "»0%
....
♦
90
80
7684
73%
...
80%
791* Aug '13
77
J ly 13
771* May'13
98
Apr '13
91%
"83"
90
76
75
80
76
G1 &
Im'II"
78
"88"
..
Oct '12
;
101
"08% Jan'13
Oct '02
105
"83" "."§6
"§712 Dec"i§
100" lo7"r2 107" Feb" "13
96
92
Aug '13
ii2i» mi
131%
102
J'ly '13
Series B 4Us
Series O 4s__
92
105i2
100
98% Aug'13
....
104
....
82
90
Idd"
108
106%
98% 98%
J'no'10
76
Apr '13
Aug'13
92
80
102
90" "90"
J ne'09
76
84
108
....
..1931 M-N
Q-M
93
1001*....
A-O
A-O
92%
119
90
~82_% mi
851*
93«4
981*
M-N
87
95
....
87
85
Flint & P M g 6s
1st consol geld 5s
Pt Huron Div 1st g 5s
"
Co gen g 4s
Registered
Jersey Cent coll g 4s
Atl&n City gu 4s g
84
89
99%
97%
89
A-O
A-O
99%104% 101% Jly '13
112
M-S
J-J
Ref and ext 1st g 5s
...1934 A-O
Milwaukee Gas L 1st 4s...1927 M-N
Newark Con Gas g 5s
1948 J-D
N YGELH & Pg5s
1948 J-D
Purchase money g 4s
..1949 F-A
Ed El 111 1st cons g 5s
1995 J-J
NY& QE1L & P 1st con g 5s 1930 F-A
X Y & Rich Gas 1st g 5s...1921
M-N
Pacific G & E1C o Cal G & E
Corp unifying & ref 5s
1937 M-N
Pac Pow & Lt 1st & ref 2b-yr
Is Internet Series.......1930 F-A
pat& Passaic G & E &s
1949 M-S
No price Fri4«;lato« fcU
atf Mkrt.
IOO" III
98
Registered
"23
40
9
65
1
Apr '13
115% Aug '11
107
Jan '12
J'ne'13
94
110
....
87% 88
99% 100
96
J'ne
12
91% Apr '11
11078 Apr '13
87%
99
87%
Aug'13
....
100% Aug '13
107
....
110
§9%
96% Sale
Mcb'12
99% J'ly 13
96%
967*
96% J'ne'13
"t9% 160"
99%
997*
100% 09% Feb '13
100
87%
Sep *12
99
99% J'iy *13
52
"2
..
102
Jan '03
101%
Ma"y'i2
"90 "III!
93
M
....
101%
101%
102% May'13
"85 " IIII 83% J'ly '13
84
84% 85% J'ne'13
101%
J-J
M-S
F-A
....
96%....
J-D
97
84
M-N
84% J'ly '13
82% J'ly '13
95
Aug *13
92% Feb '13
88%
83%
....
88%
-
95%
110
IOO* IIII
1942 A-O
1942 A-O
100
1948 M-N
1950 F-A
85
....
' HI
85
...
1940 J-J
J-J
J-J
95
M-N
100
J-J
.i..
...
95%...
98
92
1940 A-O
...
95
May 10
102% J'ne l2
102% Nov'12
95
J'ly'13
101
104
105% 103
106
88
...
1037*
....
....
60%
Mch'13
£ug'13
J'ne
11
92% J'ne'13
90
Apr '13
95% Jan '13
97% Jan 13
106
106
IIII "05
'05
109
"99"%
97%
Jan
102
J'ly '13
109% J'ly '09
91% Feb *12
90% Oct '12
90
May 08
86% J'ly '13
90% J'ly '12
101% Feb 13
....
IIII
J'ne'13
J'ne'13
Feb *13
93% Jan '11
54
Jan '13
45
547* May'13
„iod" 104
100% Apr '13
1930 A-O
i
98
Oct '12
Feb '13
90
96
96
901*
97
90% Aug '13
65
74
104
108
J-J
65"
108-
"65
13
Apr'13
113% Nov'U
J-J
J-J
94% Sale
A-O
"92" "93%
94
IIII
80
80
"I
Sale 108
108
1
..1927 M-N
1947 A-O
1951 J-J
1951 J-J
Refunding g4s—
on
65
90
101
I III "93"
J-
1951 J-J
Jo & Gr Isllstg4s
1947 J-J
O t Louis & San Francisco—
General gold 6s
1931 J-J
General gold 5s
1931 J-J
St L 8c S F RR cons g 4s_.1996 J-J
Gen 15-20-yr 5s
Southw Div 1st g 5s
9
100% 100% Aug'13
112
108% Aug'13
109
F-A
O t
931*
971*
83%
...
1931 A-O
.1943
1997
1997
1951
T> eading
86%
'11
94%
92
108
83
98%
947*
J'ly '13
J'ly *13
97% J'ly '13
72% J'ly '13
72
55%
"70" "7l"
54
54
95
54%
33
95
70%
70%
80% Mch'll
Next Page.
Gas and Electric Light
Lac Gas L of St L 1st g 5s_«1919
Q-F
•
90
.1940 A-O
-tL
82%
89%
Apr '13
1921 J-D
1920 A-O
1939 M-N
Ch & WM 5s
MISCELLANEOUS BONDS—Continued
Gas and Electric Light
Kings Co El L 8c P g 5s
IS
Purchase money 63..
10w f
Convertible deb 6s
1922
Ed El 111 Bkn 1st con g 4s.l939
M-S
66
87
1942 M-S
Phts Sh & L E 1st g 5s_
1st consol gold 5s
J'ne '08
J'ne'13
65
tz
'
.
Jan
104
....
Q-J
Q-J
Q-F
Sag Tus 8c H 1st gu g 4s
1931 F-A
Philippine.By 1st 30-yr s f 4s '37 J-J
J'no'06
82% Aug'13
851* Aug'13
94%
94%
97% Jan '13
M-N
Series B guar..
1942 A-O
Series C guar
1942 M-N
Series D 4s guar
1945 M-N
Series E 3Us guar g
1949 F-A
Series F gu 4s g
.1953 J-D
Series G 4s guar
1957 M-N
C St L 8c P 1st con g 5s
1932 A-O
Peo & Pek Un 1st g 6s
1921 Q-F
2d gold 4 Us
...51921 M-N
Pere Marquette—Ref 4s
1955 J-J
Refunding guar 4s_
1955 J-J
92%
Oct '12
Apr '12
98% Nov'11
M-S
A-O
88
98
J-J
M-N
88%
1026* not* 111% Mch'll
106
105
Apr *12
1101*
130% Jaa *09
110
123% Mch'12
IOOI4
ill"" Ja*"'12
IOH4
1940 J-J
Registered
1940
J L & S 1st gold
33^8
1951
1st gold 3 Hs
1952
20-year debenture 4s
1929
N YChic& StL lstg4s..1937
Registered
1937
Debenture 4s
1931
85%
84%
90%
89%
Aug'13
1047*
105
84% 86% 83
J'ly 13
100%.... 105% J a 11 13
84% J'ly '13
85%
94%
94% Sale
94%
91% J'ly *13
"66% "67% 66
66%
J-J
,....1933 J-J
POC& StLgu 4 Us A
92
Jai"'09
1031* 107
B
Int reduced to 3 Us
Series O 3 Us
Series D 3Us
Erie& Pitts gu g
105% 107
106" "
93
m" Sale"
"J'-D
1944 J-D
Series O
1940
Gr R & I ex 1st gu
g 4 Us_1941
Pitts Y & Ash 1st cons 5s_1927
Tol WV & Ogu
4UsA_._1931
986*
....
g
3Us B
98%
Mch'13
105% Aug'13
4sg._..1942 M-N
4Us
l®35 M-N
Pgengug4Us ser A 1942 J-J
Series
...
1931
CLn Leb & Nor gu
Ol 8c Mar 1st gu
771*
98
May'11
Sep '12
1996 A-O *.— 115
1191* Mch'12
90
1922 J-J
997* Nov'11
85
1997 J-D
855s 85%
85%
*
1997 J-D
85
84% May'13
1928 M-S
916* Sale
915*
91%
91
1931 M-N
92
91
91%
•
Guar 3 U« trust ctfs D
Guar 15-25-year g 4s
80%
98
100
98
104%
1921 J-J
1921
Guar JKs coll trust
reg
1937
Guar JW* coll trustserB.1941
Trust Co ctfs gu g 3
3^s
1916
Guar 3 Us trust ctfs O
1942
8664
76%
Pennsylvania Co—
Guar 1st g 4^s
Registered
May'12
80
82
4s_1936
4s„.l044
g
...
89
J-J
J-D
M-S
1923 M-N
101® M-S
.....
Sunbury 8c Lewis 1st
87%
'12
ne
96% J'ly -13
887*
93%
5s_.lfl46 J-D
.....
967*
76%
91
....
113%
4s_.1961 J-J
g
75
91
Sale
79%
ref
1st
ennsylvania RR—
>55
791* May'13
8I84
821*
83
J'ne'13
96
100
1917 A-O
55
1001* 102
.....
93
13
50
Sale
50
78
967* Feb '13
85
j
89% Feb *12
gen gujir g 4s
1942 M-S
DRRR & B'ge 1st gu 4s g '38 F-A
Phila Balt& W
lstg4s_..1943 [M-N
Sod Bay 8c Sou 1st g 5s...1924 J-J
" "88%
76%
Aug'13
02%
AHegV aj
65
99% VK. h"i2
83% Feb '13
85
J-D
1943 M-N
Convertible gold 3i4s._.ol0l5 J-D
Registered
©1015 J-D
Consol gold 4s
;
1948 M-N
108%
Feb '13
77
78
91
....
13
1st real est g 4s
Consol gold 5s
Consol gold 4s
...
75
Aug '09
115% J'ne'13
pacific Coast Co
101
111
87
107
114% 119
A
105
13
Feb '13
87
Apr
Oregon-Wash lst&
100
M-N
*5
117%
89" "89"
J'ne'13
90% Mt h
110
'88
Jan
80
857*
107% 109
J'ly'13
88
103
1st consol gold 4s
.1968 J-D
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st
g 6s_„1933
83%
96
92
12
118
112%112%
83
83
13
112
90% J'ne 'J2
-
86%
1941 M-N
1931 M-N
g6s_.1934
2d 5s
Jan '13
89
106"
J-J
J-J
81
100
105%
107%
106
"78~" "82%
107i2 J'ne'13
857* Dec '12
...
M-S
F-A
Ka A& G R lstguc5s
1938 J-J
Mahon O'l RR 1st 5s
1934 J-J
Pitts & L Erie 2d g 5s
al928 A-O
Pitts McK&Y lstgu 6s..1932 J-J
2d guaranteed 6s
.*.1934 J-J
McKees& B V lstg 6s
1918 J-J
Michigan Central 5s__
.1931 M-S
...
Sale
85"" III
.1917 J-J
J-J
J-J
100
Oct '12
Apr'13
11234 Jan '13
111
83
A-O
..1986 F-A
M-N
..2000 M-N
Aug'13
114
113
J-J
A-O
J-D
J-D
101% 103
96
W
J-J
J-J
J-J
93%
J'ly'13
IOI84 J'ne'13
79% Aug'13
807* Oct '12
"80% *82%
Iio%
J-J
90
90
91%
104
105
1926 M-S
1927 J-D
con g 4>4s_._1941
Og&L Cham lstgu 4s g 1948
Rut-Canad lstgu g4s
1949
StLawr&Adir lstg 5s
1996
Registered
"88""
90
102
....
"79~% "81
..1929 J-J
1933 M-N
Rutland 1st
4s
77%
Mch'05
J-J
F-A
N Y & Northern lstg 5S..1927 A-O
N Y & Pu 1st cons gu g 4s_1993 A-O
Nor& Mont 1st gug 5s
.1916 A-O
Pine Creek reg guar 6s
1932 J-D
R W & O con 1st ext 5s
hl922 A-O
Oswe& R 2d gu g 5s
el915 F-A
R W & OT R lstgug 5s..1918 M-N
'
" ~99~%
Dec'12
3>is_._.2000
Registered
81%
J-D
Cart & Ad 1st gu g 4s
1981
Gouv& Oswe 1st gug 5s_. 1942
Moh 8c Mai 1st gu g 4s
.1991
N J June R guar 1st 4s
1986
Debenture gold 4al__
25-yr gold 4s__
8U2
Sale
Apr
Aug'13
111-
123
ext
gen g 4s
1944
10-25-year conv 4s
1932
10-20-year conv 4s
1932
Convertible 4^3 (wh.is.)1938
Pocah C & C joint 4s
1941
C C & T 1st
guar gold 5s__1922
Scio VANE 1st gu
g 4s .1939
Northern Pacific prior 1 g 4s 1997
Registered
1997
General lien gold 3s_._._a2047
Registered
a2047
St Puul-Duluth Div
g 4s_.1996
Dul Short L 1st gu 5s
.1916
St P & N P
gen gold 6s
1923
Registered certificates..1923
St Paul & D.iluth 1st 5S..1931
96i2 May 11
*8112
-
2
J'ne'13
87
115% 121
ot
Div'i 1st 1&
64*" "7064
May'13
Beech Creek 1st gu g 4s
1936
.Registered...
1936
2d guar gold 5s
1036
Registered
1936
Beech Cr Ext l6t g 3Hs_&1951
Registered
103
91
86
1932 A-O
N 8c W Ry
lstconsg 4s... 1996 A-O
Registered
1996 A-O
95% 100
"68"
90
Mieh Cent coll gold SHs-1998 F-A
Registered
..1998 F-A
Utica & Blk Riv gu g 4s
Lake Shore gold 3J4s_
-
30
99% Nov
■%***
New River lstgold 6s.
.May *12
*65" *68*
No.
F-A
Improvement
101% 101%
103
106%
104
96
98
92
*
gold 6s
96
"943; "97""
Registered
.1997 J-J
Debenture gold 4s.......1934 M-N
Registered
1934 M-N
Lake Shore coll g 3 Hs
199a F-A
Registered
1993 F-A
2d
96
89
NO&NE prior lien g 6s
pl9l5 A-O
New Orleanc Term 1st 4s
1953 J-J
N Y Central & H R g 3^8-1997 J-J
■*
9714 J ly
High
73
111% Sale
1961 F-A
5s
Norf& Sou lstgold 5s.:
Norf& West gen gold 6s
877j<
108
98
13
May'13
1955
Norfolk Sou lst& ref A
104%
97% 101%
100%
•' 98
;
'■
95%
91%
92
100% J'ly 11
76
1045 J-J
1945 J-J
cons 5s
General 4s
102
101
•
97
Guaranteed general 4s
1977 A-O
Nat of Mex prior lien 4H»-1926 J-J
1st consol 4s
1951 A-O
N O Mob & Chic 1st ref 5s_1960 J-J
Registered
102
101l2 Mch'13
NatRysofMexprlien4>£sl957 J-J
Registered
78%
J'ly'13
96
g 6s___1923 J-J
McM M W & A1 1st 6s...1917 J-J
N Y & Harlem g
87
77%
98
104
Jasper Branch 1st
V
77%
79%
5s__1918
cons cy
§1
82
70
Providence Secur deb 4C..1957 M-N
N Y O& VV ref 1st g 4s____pl092 M-S
Registered $5,000 only_.crl002 M-S
99%
9834
1919 F-A
8tL& Cairo coil g 4s
el930
Guaranteed gold 4s.___.193i
T & P Branch 1st 6s
97%
67%
102% 101
~95
1938 M-N
NashvilleCh &gold 5s 7s 1913
1st consol St L 1st
1928
,
97% Aug '13
681*
68%
82i2
8314
7814 Apr '13
102
Apr '13
Derby
New England
Consol 4s__
or
Sale
95
847*
....
1056 J-J
1961 J-J
Housatonic R cons g 5s,.
1937 M-N
NYW'ches&B lstser 1 4Hs '46 J-J
95%
8I84
97
new gold 6s
1st extension gold 6s____/il927 Q-J
g 5s
74
99
98
102
General gold 4s
89%
76%
82
StL Ir M&S gen con g 5s_1931 A-O
Gen con stamp gu g 5s__1931 A-O
Unified & ref gold 4s
1929 J-J
Montgom Div 1st
Aug'13
Ask Low
Cent New Eng lstgu 4s
N II &
82
J-J
Met: & Ohio
92
J-D
96
Riv & G Div 1st g 4s
V erdi V I & W 1st g 5s
J'ne'12
May'12
Mch'll
F-A
..1920 F-A
1920 F-A
..1945 M-S
1948
Leroy & O V A L lstg 5s_1926
Pac R of Mo 1st ext g 4s
1938
2d extended gold 5s____1938
Registered
97U
96U
981*
9034
7634
627*
91*" "97"
Last
95% Sale
1056 M-N
__
Rang
/, 917* sale
..1955 J-J
ueben 4s_
54
56
—
•
J'ne'13
96%
~
2361 J-J
2361 J-J
Conv debenture Gs
.104* J-J
Harlem R-Pt Ches lst4s_1954 M-N
B & N Y Air Line 1st
4s_„1055 F-A
100
79«4 Dec '12
91
::*]
1959 M-S
conv 5s
Ry 1st
Non-conv
56
7934
Texas & Okla 1st gu g 5s..1943 M-S
Missouri Pac 1st cons g 6s__1920 M-N
Trust gold 5s stamped._al917 M-S
Registered
al917 M-S
R—(Con)—
88
95
M K&TofT 1st gug 58.1942 M-S
Sher Sh & So 1st gu g 5s__1942 J-D
1st collateral gold 5s
Registered..
40-year gold loan 4s
3d 78 extended at 4%.
McV'10
Not '10
Week's
1.
Frtday
August 22
Rid
Registered
88l2 Aug *13
60
Price
If
^0.
N Y Cent Lines eq tr4Us 1932 J-J
N Y New Haven A HartP—
-
Non-conv 4s
56
1935 J-J
1938 J-J
Kan C & Pac 1st g 4s___„_1090 F-A
Mo K& E 1st gu g 5s___r1942 A-O
M K & Ok 1st guar 5s
;il942 M-N
H
Conv debentu.e3
93
(len sinking fund 4
1936 J-J
St Louis Div 1st ref g 4Sj_2001 A-O
Dal & Wa 1st gu g 5s_w__t.1940 M-N
O &
110% Au* '11
88%
Mo Kan & Tex lstgold 4s__1980
2d gold 4s
(71990
1st ext gold 5s
.__.___1944
lst& refund 4s__
2004
High
Y
108
1949 M-S
gu
N
124i2 Ort >12
1934 M-N
Mississippi Central 1st 5s-. .1949 J-J
■'
77*
79
1st Chic Term I s f 4s
1941 M-hs
M 3 8 & A 1st g 4s int gu.1926 J-J
Low
Y( STOCK EXCHANGE
Week Endirig August 22
West Shore 1st 4s guar
I'll *75
100
No
Apr" 09
251*
..1921 A-O
__
High
N.
Since
mm**
110
1st consol go d 5s
1st and refund gold 4s_
Des M & Ft D 1st gu 4s
4sint
Ask Low
mm m-^
1977 M-S
1927 J-D
Stamp©! guaranteed
con g
.
1917 A-O
4s__1077 Al-S
Minn <fc StL lstgola 7a
PacificExt 1st gold Gs
M StP&SSM
r.i-N
BONDS
Hanoi
Friday
STOCK* 'JlkcnANOE
Y.
Week Ending August 22
N.
lYot, xovn.
Sale 112
124% 122
112
88% Apr *13
Aug'13
99% 99%
09%
88% 90% 88% Aug'13
101%
100% Apr *12
101%101% 101%
101%
827* Sale
82%
827*
mmrn
mmmm
101
101
99
106
106% Apr '13
J'ly '13
92% J'ly '09
100% 101
....
93%
....
97
----
101% 104%
107
88%
100
09
88%
88%
102%
1943 A-O
1947 M-S
Ch G-L & Cke 1st gu g 5s_1937 J-J
Con G Co of Ch 1st gu g 5sl935 J-D
Ind Nat Gas & Oil 30-yr 5s
102
Philadelphia Co
100% 103%
82
86%
106% 108%
99% 101%
93% Aug'13
91
90
95
94% Moh *13
941*
941*
conv 5s
Conv deb en g 5s_
Stan Gas & Elconv s f 6s
1919 F-A
1922 M-N
Utica El L 8c P 1st g 5s
Utica Gas 8c E ref 5s
Westchester Ltg g 5s
_
h
July.
03
92
99
96
94%
J-D
M-S
1950 J-J
1957 J-J
1950 J-D
J'ne'13
J'ne'13
93
Mch'12
99
95
95
Feb '09
.00
100
J-J
M-S
1933 M-N
Ref 8c ext 5s
L12
Aug'13
.00% J'ly '13
.02
1926 J-D
Syracuse Lighting 1st g 5s._1951
Syracuse L & P 5s_—.....1954
Trenton G & E lstlg 53.__.1949
Union Elec L & P 1st g 5s..1932
iJpue Jupo,
....
100
'36 M-N
Mu Fuel Gas 1st gu g 5s_.1947 M-N
90
113%
100% 101
—.1947 M-S
Registered..
94
....
Peo Gas & C 1st con g 6s
Refunding gold 5s
114
Dec '12
99
1
97% May'13
93
J'ly'13
94
.01
94
"lO
Deo '11
85% J'ne'12
100S4
.00
mmmm
mmmm
mmmm
mm
Feb '01
97
J'ne'13
92
J'ne'13
95
lOW* 104%
fiDat Wor.I t Optto* Mto.
lidi%
105%
AVQ. 23
KCFtSAM
\
con *
\
KC4MR&B 1st gu 58.1929
r Ozark & Ch C lstgu 5sg.l912
fit L S W 1st g 4s bd ctfs___1989
2d g 4s inc bond ctfs
pl989
Oonsol gold 48
1932
t
Gray's Ft Ter 1st gu g 5S.1947
pA4 A Pass 1st gu g 4s
1943
BFJiNP 1st sink i g 5s
1919
fieaboard Air Line g 4s..
1950
"
Gold 4s
stamped......
Registered
'
A-O
A-O
A-O
M-N
J-J
J-D
J-D
J-J
J-J
ol949 F-A
1959 A-O
g
Since
Lou Sals
Jan. 1
Atk Lam
4s__el933 M-S
1949 J-J
Car Cent 1st con g 4s
1918 J-J
1930 J-J
; Consol gold 5s
1943 J-J
Ga & Ala Ry 1st con 5s__ol945 J-J
Ga Car <fc No 1st gu g 5s
1929 J-J
I
Seab & Roa 1st 5s
1926 J-J
Southern Pacific Co—
'
Gold 4s (Cent Pac
v
104
*747, Sale"
mm-m*
mm mm
m
m
»
m
mm
Jfcl949 J-D
01929 M-S
1st guar 5s
1933 M-N
J-J
red
H & T C 1st g 5s int gu__1937
Gen gold 4s int guar
1921
Waco& N W dly lstg 6s 1930
A & N W 1st gu g 5s
1941
»•
J-J
Ore & Cal 1st guar g 5s..1927
So Pac of Cal—Gu g 5s
1937
So Pac Coast 1st gu 4s g_1937
San Fran Terml 1st 4s..1950
Tex & N O con gold 5s
1943
So Pac RR 1st ref 4s
<
J-J
M-N
1st ref and ext g
81
"
85*2
86
*66*2 ~77U
101
7
73
79
84*4
88
90
9178
103*4 103*4
102
89%
89l2
86% May'13
8718
877g
105
102*4 103*8
~87% Sale
93% Sale
89% 95
93
89
90%
895s
88
98
216
84
12
90
101
94l2 J'ly '12
J'ly '13
104
95*2
104
Mch 13
91%
100.;::::
105
100
12
J'ly '13
100"" ioo
94
94
\
'
J-J
J-J
J-J
J-J
..1948 J-J
2d 4s
Atl & Yad 1st g guar 4s__1949 A-O
Col & Greeny 1st 6s
1916 J-J
E T Va & Ga Div g 6s_—1930 J-J
'
'
Con 1st gold 5s
E Ten reor lien g 5s
J'ly '131
93
10412 106
Jan '13
106
.....
110
J'ly '13
106
105% J'ly '13
"
112
loo" HI"
101% J'ne'13
101% May'13
100
85%
110
101*8 102
101*2 101*2
91% Sep '12
863a Aug'13
86%
9718 10158 May'll
91U Sale
10638
105*4 107
Feb '07
100
89%
86%
ser
O 6s..
Series D 4-5s
t
Series E 5s
87
General
'
Va &
So'w'n lstgu 5s__2003 J-J
1958 A-O
1st cons 50-year 5s
W O & W.lst cy gu 4s
1924 F-A
West N O 1st con g 6s
1914 J-J
Spokane Internat 1st g 5s..1955 J-J
fTHer A of St L 1st g 4
Hs__1989
X
1st con gold 5s__.1894-1944
Gen refund sfg 4s
a_1953
St L M Bge Ter gu g 5s__1930
(Tex & Pac 1st gold 5s
2000
2d gold inc 5s
02000
J-J
A-O
J-D
Mch
La Div B L 1st g 5s
a_1931 J-J
WMinW&NW lstgu 5S.1930 F-A
Tol & O C 1st g 5s__
1935 J-J
Western Div 1st g 5s
1935 A-O
General gold 5s
1935 J-D
Kan & M 1st gu g 4s
1990 A-O
2d
95
J-J
J-J
.
1st extended 4s
|Y7andalia
■Y
....
gu
78*2
78*2 8612
102*4 107
79*8 88*2
87*4
Deo'Il
J'ne'13
103
106
J'ne'13
106
1095s
47%
51
Nov '12
1949
J-J
"45* *61%
Aug'13
102*2 J'ly *13
80
Aug'12
65
Apr '13
77
May'13
1025s
13
1578 Sale
....
...
102*2 107
*65" "65""
75
1578
19
1
.
2
81*2
90
....
79
81
10134-
—
80
3
82
82*2
"75"" "83%
103*4 107%
07
100' III; 100*4 J'ne'13
100% 101%
95
J'ne'13
95
100
99
99
Feb
13
99
78
73l2 Aug'13
98*2 Feb '11
8784
88
70
101*2
- 80%
....
~9<H
87*4
87*2 Sale
86*4
3
%
Oct *12
Feb
28';
1
Aug'13
2*2 Aug'13
82i2 J'ly *13
100
Sep '12
797»
80
103*4 May'13^
34
86
....
27%
11%
Aug *13
26%
11%
67
17
80
13
J'ne'13
3
73*2
88
1928 A-O
63~ ~64%
106
HO
112
79"" '79"
101*4 10212
103*2 103*2
Oct '06
107
104
103
90*4
99% 101
Feb '13
103*2 104
51
103%
101% 10334
nil "8678
9678 Sale
84
..i,.
84
53% Sale
....
SOU
100
84
....
98
84
955s
96
Distil Sec Cor
116
IIII "98
1944 A-O
s
VA v
1942 M-N
conv
1st g 5s_1927
91% Sale
99
91*2
~47% ~57%
54
Dec '12
"86% "91"
87*8
84
91%
89*4
87*2
89*4 Mch '13
90*2
"88 " ~89 ~
Apr 13
1027S Apr '13
85*2 J'ne'12
1027s 104*2
49
9534
94*4 Aug'13
9192U
95
98l2
176
82
86*8
88%
91
108*2
103*2
86*2
99*8
98*2
97
95l2
9334
112*8
109
93*8
99
A-O
J-D
J-D
F-A
M-S
1915 A-O
Paper Co 1st con g 6s..1918 F-A
conv sfg 5s
.1935 J-J
Int St Pump 1st s f 5s
1929 M-S
Lackaw Steel 1st g 5s
1923 A-O
1st con 5s Series A
...1950 M-S
5s
1951 ~
env 6s
_
A_'21
93
93
Mch'13
94
93
Oct '12
93
19H
98'4
97*2
Sale
Dec '12
Aug'13
47
63
94
1 95*4
95
101%
97%
98
95*4
93
J'ly'131
92% 95
98% 103%
70
76%
99*4 Aug'13
74% Aug'13
10234
i0234
101
99% Jan *13
91
~825g ~83"l2
1038s
94
Sale
*1*4 817»
935g Sale
97
90*2
91
96&s
94
95
58** Sale
84
75*4
104
116
J'ly'13
116
116
84
96*2
76
92% Aug'13
75%
76
Sale 103%
847a 8584
99*4 Sale
100
84
96
J'ly'13
953g Ji'no '12
823g
83
103*4 May'13
93%
94
817S
82
933g
93%
95*2 J'ly '13
96% Feb '13
9?% J'ly '13
9434 Feb '13
58%
59
85
9884 Sale
101
Sale
66*% Sale
9234 94
105
99%
99%
93
94 \
97%
"81" ~90%
103
17
103%
96%
86%
97
97%
96%
93%
96
70 1
90
95%
82
92%
31
79%
33
91%
96%
95*4
90
94«4
2
8
84
~~6
9
104
5
85*4
98%
85*4
99%
99%
14
98%
93%
120%
117% 117%
117% J'ne'13
A-O
2
,
54%
79%
92%
75%
101%105%
97% 100
81% 89%
98% 101%
105
101
101
1
100
84
84
2
84
91%
66%
67
37
59%
92*4
92%
5
91%
88%
96%
72
74
73% J'ly '13
958g Sale 95*4
95%
118
117%
11768 119
97*4 97*2 96%
97%
116
1161» 117*2 115%
95
96
96
Sale
Aug'13
97*2 95
71
"34
23
96
99%
94%
100
95
—
85
80%
93
116% 122%
22
94
99%
8 115
122%
31
95*|
85
Nat Enam &
Stpg 1st 5s__1929
Nat Starch 20-yr deb 5s
1930
84
88
88*2 Feb '13
88*2
83%
National Tube 1st 5s
1952
N Y Air Brake 1st conv 6s_1928
94ia
92i2
95
98i2
94%
98%
95
94
99%
98%
98*2 103
96
98
88i2
91
Latrobe Plant lstsf 5s..1921
lnter-ocean P 1st s f 5s..1931
tr 5S.1934
10-30-year 5s s f
;
1940 A-O
Standard Milling 1st 5s
il930
The Texas Co conv deb 6s. 1931
91
95
J'ly '13
Sale
85*2
9984 Sale
Aug'13
102"%
91
91%
85
102%
88% 92%
83% 89%
94%100%
J'ly '13
99%
9934
88
90
90
92
89
81
83
91*4 Jan '13
82i2
83
89*a
80%
91%
89
20
30
27
25
Paper 1st 5s_1930
Feb '13
Stamped
1930
U S Realty & I conv deb
g 5s.'24
U S Red & Refg 1st g 6s
1931
U S Rubber 10-yr coll tr 6s_1918
1015s Sale 101%
U S Steel
10038 Sale 100%
102%
100%
100%
100*2
1
92
92
5
S
f
Corp—/coup _.dl963
10-60-yr 5s\reg i.._dl963
Va-Car Chem 1st 15-yr 5s_1923
West Electric 1st 5s Dec 1922
s
97%
95%
102% Aug'13
102
92
Sale
May'13
100%
100*8 100% 100%
89*s
89S4
89*2 Sale
94
9584 96% Apr'13
f 5s_1931
10-year coll tr notes 5s..1917
Telegraph & Telephone
Am Telep & Tel coU tr 4s._1929
Convertible 4s
88
;__1936
100
Hs (wheniss) 1933
103
Chicago Telephone 1st 5s
1923
Commercial Cable 1st g 4s.2397
96
98*4
88*8
102
10034
Sale 102%
88%
82
conv 4
...
Registered
27
270
8
43
100
27
103%
96%102 <
98*2 102
90% 98
99% 102%
87%
94
96%
88*4
10034
103%
7
96%
1
142
90
97%110%
98% 104%
.82
82% Deo '12
83*2 Nov'11
2397
Cumb'd T & T 1st & gen 5s_1937
Keystone Telephone 1st 5s_1935
MetropolTel&Tel 1st s f 5s_1918
Mich State Telep 1st 5s„
1924
96*2
"97*4
997g 102 "
98*4 Sale
NYJcNJ Telephone 5s g.1920
NY Telep lst& gens f 4}*sl939
Pac Tel & Tel 1st 5s_
^.1937
"96%
South Bell Tel & T 1st s f 5s 1941
West Union col tr cur 5s
1938 JFd and real est g 4^s
1950 M-N
Mut Un Tel gu ext 5s
1941 M-N
Northwest Tel gu 4j^s g_1934 J-"
96%
99U
96%
89*2
967#
85
89
„
"93" Apr"
98'4 Sale
F-A
M-N
M-N
..1940 A-O
1962 M-N
Indiana Steel 1st 5s
20-yr
....
1962 M-N
A-O
93
57
50
.
....
90
111 Steel deb 4
Westinghouse E & M
Dec '12
92
9214 Sale
92J4
92
Aug'13
92% 91
109
Aug '13
108%
105%
IO584
10534
89%
907g
907| Sale
100
108
May'll
.1957 M-N
4>£s
1936
General Baking 1st25-yr 6S.1936
Gen Electric deb g 3Ks__.1942
Debenture 5s
1952
91%
80
953s
9434
"
94
89
....
IOO
91*2
v
68
107*4
106*4
"
100
90
Cent Leather 20-year g 5s.1925
Consol Tobacco g 4s
19.51
Corn Prod Ref s f g 5s
1931
1st 25-year s f 5s__
1934
Cuban-Amer Sugar coll tr 6s 1918
Union Bag &
102
....
Railway Steel Spring—
88*2~89~*4
100" "
102*4 103
1944 A-O
A
1st & ref 5s guar A
"
Nov'12
53t2
F-A
.
—
M-S
1951 F-A
Repub I & S 1st & col
99i2 Apr *11
106% Nov '04
102
Aug'13
10734 .l'neT2
100
May'13
9112 Feb *13
96l8
96%
84
Aug'13
65
81
92
993s J'ly '13
102i2 Apr '11
39
102
9578
92
J'ne'13
Aug'12
8934 May'13
86%
105
106i8 Sep '12
102
1025s 1023g Aug'13
20
105
108*4
102*2 1085s
111
108
76
9534
1951 F-A
Mexican Petrol Ltd
102
104
9734101
74-
f 5s.l919 J-J
Baldw Loco Works 1st 5s..1940 M-N
Beth Steel 1st ext m f 5s....l92« W rn
J-J
s A
104*4 10434
Mch *13
102% 10434 102% J'nel3
92
92
93
Aug '13
"9934 ioo~%
99
5-year convertible 5s
1915 M-S
Liggett & Myers Tobac 7a.l944 A-O
5s
.....1951 F-A
Loriilard Co (P) 7s...
1944 A-O
98*8 101
J'ly '13
92
81*2
A-O
Consol
102
105
100
M-N
M-S
Int
107*2 112
....
J-J
1919
......
Registered
Am Writg Paper 1st
uvvoi
477g
98*4
9912
9684
9212
99l2
j>1915 Q-F
4>$s
Am Thread 1st col tr 4s
Am Tobacco 40-yr g 6s__
"VVM
62
...1936 J-J
Gen'l Motors 1st Hen 6s
104
100
4^s_1934 J-J
(Virginian 1st 5s Series A
104*4
86*2
10334 Nov'12
10434 Jan '13
100
.1933 J-J
Consol 4s Series B
1
105% J'ly '12
64% 64i2 May'13
106
Aug '13
107% J'ne'13
105% Nov'12
79
Mch'13
cons g 4s Ser A.1955 F-A
Vera Cruz & P 1st
3
107*8
106
100
...
k
A-O
1949 M-S
1922 J-J
Debenture 5s
1931
Am Hide & L 1st s f g 6s...1919
Amer Ice Secur deb g 6
1925
Am Smelt Securities s f 6s_1926
Am
Spirits Mfg g 6s
,1915
72*2
....
100
F-A
J-D
J-D
1st refund g 4s
1952 A-O
Union Pacific—
( 1st RR & land grant g 4s_1947 J-J
Registered
„
1947 J-J
; 20-year conv 4s
1927 J-J
1st & ref 4s
02008 M-S
Ore Ry & Nav ;on g 4s__1946 J-D
Ore Short Line 1st g 6s
1922 F-A
1st consol r 5s__
1946 J-J
Guar refund 4s
..1929 J-D
Utah & Nor gold 5s.
1926 J-J
82%
103
101
100
10134 May'13
100>8 104
103% Jan *13
73
Sep '12
"98*4 102U 98% J'ly '13
A-O
to
"16
101
1927 J-J
20-year 5s.
Tol P & W 1st gold 4s
1917
Tol St L& W
pr lien g 3^8-1925
50-year gold 4s
1950
Coll tr 4s g Ser A
1917
,Tor
jXO Ham & Buff 1st g 4s__7il946
lster & Del 1st con g 5s_1928
27
7514
...
....
A-O
F-A
54
Aug'13
90
1st gen 4s
Registered
103
...
67
M-N
103
107
99
1936
5s
80
647t
45
51
Nov
Sup&Dul dfv & term 1st 4s '36 M-N
"90
" "94l»
10534
102
"108
IVI-N
1916 M-S
1921 M-S
80
46*2
50*2
64
..1930 F-A
Exten & Impt gold 5s
RR 1st consol 4s
E I du Pont Powder
J-J
...1926 M-S
1931 M-S
Series F 5s
,
104
103
Aug '13
75%
82i2
8OI4
Aug'13
101%.... 105% Sep '12
87% Jan *13
"sii 2 mi 82% Feb '14
J-J
M-N
J-J
A-O
98"% "98%
54*4
48
95
Gold 4s
63
91%
81
J-J
J-J
A-O
100
76
82i2 Sale
103
1945 J-J
Mortgage gold 4s.
Virginia Mid
10284 Sale 10284
100i2
75i2
106
Rich & Dan con g 6s.... 1915
Deb 5s stamped
1927
Rich & Meek 1st g 4s
1948
So Car & Ga 1st g 5s__._1919
Mch'13
5212
J-J
Trust Co ctfs deposit
Am Ag Chem 1st c 5s
94
110
103
1938 M
A-O
F-A
F-A
A-O
gold 4s
.....
.1943
Income 5s
dl943
Wheeling& L E 1st g 5s
.1926
Wheel Dlv 1st gold 5S...1928
Am Cot Oil ext
106
1956 M-N
Ga Midland 1st 3s
..1946
Ga Pac Ry 1st g 6s.
1922
Knox & Ohio 1st g 6s
.1925
Mob & Bir prior lien g 5s. 1945
Wash Terml 1st gu 3^s
1945
1st 40-year guar 4s.
1945
West Maryland 1st g 4s
1952
West N Y & Pa 1st g 5s... 1937
99*|
94%
12
53*2
50*2
Manufacturing & Industrial
119% Mch TO
100
J-J
1994 J-J
J-J
A-O
M-S
50
High
106%
101
1
May'13
50i2
53*4 Sale
...—
Allis-Ohalmers 1st 5s
104U May'12
109% Sep '12
108
100
J-J
A-O
Registered
1994
Develop & gen 4s Ser A..1956
Mob & Ohio coll tr g 4s
1938
Mem Dly 1st g 4H-5s
1996
St Louis dlv 1st g 4s
1951
Ala Cen R 1st g 6s
1918
Atl & Dany lstg4s_.
1948
J'ne
99
80
51
•
102% J'ly
1955 J-J
1st consol g 5s
Trust Co certfs
104*4
fiouthern—
\
Wab Pitts Term 1st g 4s__1954 J-D
Cent and Old Col Tr Co certa.
Columbia Tr Co ctfs
2d gold 4s
1954 J-D
Wis Cent 50-yr
95*2
90
III! 100"
Low
AJo.
102*2
....
20-year equip s f 5s
Winston-Salem S B lst4s__1960 J-J
83
High
.
Om Div 1st g 3^s.
1941 A-O
Tol & Oh Div 1st g 4s__—1941 M-S
96*2
*88" "91
88
Ask Low
.
102*8 Sale 102*2
95
957g 95*2
—
Equit Truat Co ctfs—
Do
Stamped.
Det & Oh Ext 1st g 5s...1941 J-J
Des Moln Div 1st g 4s
1939 J-J
9334
89
88
88*2
86*2
95
Jan. 1
—
Gen
10
Sines
Last Sals
....
4s—...1956 J-J
Cent Trust Co ctfs
Do
Stamped
"85*4
79*2
J'ly *13
9218
A-O
M-N ♦110
Morgan's La & T 1st 7s..1918 A-O
1st gold 6s.
a
1920 J-J
No of Cal guar g 5s
1938 A-O
1st lien 50-yr g
80
85
101% 10312 102*4 Apr *13
10618 105
May'12
90
1921 M-S
term 4s..1954 J-J1
90
101
88I4
1939 J-J
equip s fd g 5s
78
79*4
M-N
1939 F-A
gold 5s
8412
J'ne'12
10114 102l2 102
2d
99*8 100*8
Nov *12
107
VV
1st lien
J'ne'13
104
1059
Y\Tabash 1st gold 5s
Debenture Series B_
103% Jen '13
Cent Pac 1st ref gu g 4s__1949 F-A
Registered
1949 F-A
Mort guar gold 3Hs__Jfcl929 J-D
Through St L 1st gu 4s_1954 A-O
GH&SAM&P 1st 58.1931 M-N
Gila VGAtN 1st gu g Ss.1924 M-N
Hous E & W T 1st g 5s..1933 M-N
90
m'b
78
76
Wseks
Range of
Bid
High
113U
65
Oct '09
7411
"75
75%
76i2
84i4 Mch'13
7514 Sale
Week Ending August 22.,
105
Rangs
Price
Friday
August 22
EXCHANGE
STOCK
Y.
N.
Lou
"IB
85% Feb '13
85
.85
85
82i2
coll).*1949 J-D
Registered
20-year cony 4s
No.
.
..
Fla Cent & Pen 1st g 5s
1st land gr extg 5s._.
1
High
107ti 108% 107
Aug *13
70
7171%
71%
77% J'ly 13
"92" :::: 103ia J'ly '12
99
9914 May'13
86 , i 87
86i8
86%
79
79%
J'ly '13
7712 Sale 77U
77i2
101% Apr 07
"81" ~82 ' 81 Aug *13
A-O
1950 A-O
A-O
1950
...
Adjustment 5s..
Refunding 4s
Atl-Birm 30-yr 1st
Range
Bid
6s... 1828 M-N
A-O
K C Ft S & M Ry ref g 4s. 1936
Registered
1936
\
Week's
Range or
August 22
ISt JL & San Fran (Con)
507
BONDS
Pries
Friday
BONUS
Y.' STOCK
EXCHANGE
Week Ending August 22.
,
IN.
Record—Concluded—Page 4
New York Bond
1913-1
100
97
J'ly '13
98 •
98*4
103U May'll
9634
"96% 96%
97%
973s 97%
98*2
9!
Sale
J'ly *13
100*8 97
89%
89% 89%
104
~90*» IIII
101%
101%
97
21
"95"% "98"
"25
Aug'13
95
101
98
101 "
96
8
11
Jan'13
79
100%
102*1
88*2
96%
J'ne'll
93
96
100"
10
Aug'12
"93" "93"
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f 5s
!
Debenture 5s
•Col F & I Co gen sfg 5s
Col Fuel gen 6s
Miscellaneous
1932 J-D
al926 M-8
fit L Rock Mt& P 1st 5s...1955 J-J
1951 J-J
Tenn Coal gen 5s
Birm Div 1st consol 6s
1917 J-J
Tenn Div 1st g Cs
al917 A-O
'
Cah C M Co 1st gu g 6s__1922 J-D
Utah Fuel 1st g 5s
1931 M-8
Victor Fuel 1st s f 5s
1953 J-J
Va Iron Coal&Qoke lst g 5s 1949 M-S
♦
No prloe
97
J'ne'13
Adams Ex coll tr g 4s
J'ly'22
75
"75 " *75 "
■
1943 F-A
•
1919 M-N
Col Indus 1st & coll 5s gu__1934 F-A
Cons Ind Coal Me 1st 5s
1935 J-D
Cons Coal ofMdlst&ref 5s 1950 J-D
Gr Riv Coal& O 1st g 6s_./il919 A-O
Kan & II C & O 1st s f g 5s_1951 J-J
Pocah Con Collier 1st s f 5s. 1957 J-J
'
86
.
93%
103
97
106
83
83%
78
79
92%
..
.
...
91
95% J'ly '13
107% J'ne'12
83
85
93
83
73
"""B
86% J'ne'13
80
80
Aug'13
103
J'ly'13
92
Aug'13
80
92"
93
99%
77%
85
1945 M-S
74
92
•
•
1
III III
1
IO
1
IIIIII
1
1
86
98
87%
73
1
80*2
98
98*2 103
100%103
100% 102
103
103
1960 A-O
86
140
Bldgs 3s
guar tax ex
Inspir Cons Cop 1st 6s (rects)
Int Mercan Marine 4Hs
1922 A-O
Int Navigation 1st s f 5s...1929 F-A
Mge Bond (N Y) 4s ser 2..1966 A-O
10-20 yr 5s series 3
1932 J-J
Morris & Co 1st s f 4^s
1939 J-J
N Y Dock 50-yr 1st g 4S...1951
Niag Falls Pow 1st 5s
98
61% Sale
78*2 79%
96
101
1959 A-O
RayConsOopper 1st conv 6sl921 J-J
106
100
89*i
90
Aug'13
94
May'13
86
140
98%
61%
79%
34
90
90
107
107
102
89%
94
96
85%
J'ly *13|
37
100
2
61%
79%
3
94
190
94%108%
56% 66*|
75*2 79*4
99%
61
82
100
101
Deo
92
122
99% May'12
86% J'ne'13
82
May'13
92
82%
89%
88
86
99%
80%
84
10S%
*lfij
90
a
108
20
88%
M
«
4
97% IM
j
Option Ml*
]
Deo *121
Friday; latest bid and asked,..a Due Jan. A Due April., t Due Mar, a Due June, ft Due July,.* Due Aug, 0 Due Pot, s Due Nov. jDue Dee.
79
90%
88
Sale 101
90
Wash Water Pow 1st 5s
1939 J-J
86*2
81
1945 M-N
Pub 8err Corp N J gen 5s
79% 80
92
Sale
170
98*2 Sale
F-A1
...1922 J-J
Ontario Transmission 5s
78
90% Sale
85
89%
Chino Copper 1st conv 6s..1921 J-J
.
_
93%
Oct '12
99% 98*2
98*2
1006g 102
100% Aug'13
100%102
100% J'ly '13
_
I
Ja:
85%
.
•
J'ne'11
102% Apr '06
98
1 1 II
11I
'
Armour & Co 1st real est4>*s '39 J-D
Bush Terminal 1st 4s
1952 A-O
Consol 5s
.....1955 J-J
m
CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS—HIGHEST AND LOWEST
Saturday
Monday
August 16
August 18
30
90
•-.i.
♦
♦
Tueediy
August 19
30
July'13
93
94
94
94
26*
28
28
29*
7*
3*
29*
7*
30*
8*
♦2*
26*
7*
3*
25*
3*
*7
93
26*
7*
*2*
92*
*7
•15
•15:
♦30
*7
"18
6*
7*
♦2*
18
*15
*30
*6.
•6
Last Sale
18
40
38
„
♦6
33*
63*
32*
93*
33*
♦93.*.
♦
425
425
34*
94
327*
93*
01440
33*
93*
40
♦36
\ 41
♦36
97
♦96.
97
♦96
97
130
130.
I
41
*96
130
•
53
♦51*
78*
•
♦51*
♦77
78*2
♦
55
130
♦12912 130*
65
♦51* 55
79* ♦77
79*1
55
*-—
*51*
*77
*77
79*
*51*
51
51
*50~ 52
51*
51*
51*
•204* 205* ♦204* 20512 ♦204* 205* *204* 205*
148
148
149*
148* 148* 149
149* 149
11
11
♦11
11
11
11
11
11*
*50
*50
52
Last Sale 77
*103" ids"
102*4 108*
103* 103*
♦30
31
*30
31
♦30
81
*30
♦96*
*64*
97*
65*
*96*
♦64*
97*
65*
♦96*
*64*
97*
65*
*96*
64*
•74*
77
"
*74
*74"
77
"ii
*74"
77"
•120
121
•119
121
•119-
121
115
115
♦115.
115* *115* 120
*115* 120.
•113
115
♦113
115
♦113
122
125
•119
121
*119
121
92"
115
•40
92
*89
92
114
114
*114'
115
*85
Last Sale
86
42
*40
♦89
92
85
•82
85
•83
86
93
93
93
93
92
95
*16
18
•16
18
*16
18
*16
40
*38
40
*36
40
•38f
40
174
174*
178
175
♦119.
120
*119
120
120
120
*23-
26
*23
26
•25
25
Last Sale 23*
86
•83
86
•83
86
*83
86
Last Sale
.
104* 104*
105*
104* 105
105*
105* 105*
104*105
250
♦237
260
*237
260
♦237
260
103
108
104
104
♦103
104
103
103
*169
171
•166
170
♦166
170
♦160
170
168
Last Sale 230
A
167
168
"Y
*10
64*
63*
109* 109*
11
*10
"~1
63
62*
109
10912
10
10
6t* 64*
109* 109*
10
50
J'ne
40
Jan
45
100
Auk
Feb
106* Oct
133
Dec
198* Mch
70
Dec
135
Oct
61
3
39
Mch
89* Jan
6
55 -Jan 29
77
Mch
96
49
Feb
53* J'ly 25
44
Mch
65* May
65* Oct
5
J'ly
Feb
13T
Jan 13
103* Jan
Feb
71
8
47* J'ne 12
Apr 26
125* J'ne 10
J'ne
.
Feb
21* Got
77
Feb 11
77
Feb 11
87
Oct
87
98
J'ne 30
J'ly
63
Dee
94
Mch 18
Mch22
110* Feb 3
53
Feb 13
103
28
97
l>ee
Jaa
...100
Carbon
128*
Jan""3
114
118
Mchld
123
Jan 14
113
J'ne
122* Feb 17
122* Oct
193
Mch
115
Feb
2
118
Jan 25
J'ne 27
63
Jan 27
35
Dee
J'ly,
Sep
Aug
Apr
Map
186
Sep
120
Jaa:
67
Apr
■
....
65
85
J'ly 10
90* J*ljr 23
25
Apr 25
40* Aug 4
Wtpref^J...^...106
.100
Aug 14
10i* Jan 13
69
117
,pref*....._...loo
Feb 21
97* Feb 6
21434 Jan 2
124* Feb 17
J'ne 11
155
May 19
23* J'ly 29
34
Feb 13
mrnmmm
101
J'ne 11
"107*
195
J'ne 12
280
99* J'ne 24
148* J'ne 10
6* J'ly 81
1
Jab 17
■
Unit Box Bd ft P Cd.100
50
J'ne 11
1,925 U 3 Steel com...*.*.100,
182 Ward, Montg'y k Co pref 1051| Feb 19
9
85 Western Stone.____.l00
J'ly 22
Wool worth, com...**.100
87* Mcb24
May*13
73* Sep
126*
76*
161*
130*
May
61
x
i&TV'neio 'Il6* J'ly24
mmrnrn-tm
10
66
Ort
111* Feb
80* Sep
102* Mcb
105* Deo
115
111* J'ly 14
.
62*
Mcb
67
pref.........100
Rumely common
100
rights
J'ne
150
J'ne 12
Do
_Do
222
105
Studebaker Corp com. 100
Do
prof....
.100
637 Swift k Co..
100
The Quaker Oats Oo.lOO
85
Do
pref^.....^.l00
441 Union Carbide Co.
100
168'
93* Jan 14
76* Jau 31
Jan 23
Jan
135* Jan
J'ne 12
Pub Sery of No 111 com 109
Do
184
J'ly is
Pacific Gas A El Co. .100
90]
7
150* Aug 15
64
100
com.
Jan
212
106
Do,
preferred. *.^100
People's Gas L&Coke.lOO
Do
July'13
Last &zW91*
Sep
j'ly
Apr
91
325
10
1,646 Sears-Roebuck
mmmm
62
J'ne 10
J'ne 18
J'peii
16* Jan 31
Aug'13
Last Sale 1*
63* 62*
109* 109*
Oct
126
<06
J'ne
J'ne 10
891
AUg'13
mm
.
73* J'ne 10
-
m
47
8
mmmrntm+*
105.
105
11* Apr
62
.
Chicago Title k Trust 100
mmmm
Deo* 12
Last Side 8
"Y
Jan
mmmmmm
July'13
92
102*102*
"61* 61*
•109* 109*
139* Jan
120
120
•235
e"T~!
J'ne 10
Apr*13
Aug'13
25
*28
126
mrnrnmmm-
174* 177
176
81
prefi«....*.i.lO0
"Auarli
Last Sale 25
Last Sale 40*
Mch
Jan
IT* Jan
46* Jan 31
129* Jan 30
600 Feb il
135
May 1
2
3
25 National
92
mmmm
120
120
•83
175
174* 176
174*
92*
1
Aug? 13
Last Sale 85
Oct
6
-
5* Jau
25
Sep
50* JaA
14* AUK
35
.55
121
93
Jan
MctilS
45
Aug 16
J'ly 9
114*AUg'13
♦89
11
3
97
*115* 120
92
89
Mch 18
130
Internat Harvester Col 00
Knickerbocker lee pf.100
""220 National Biscuit
100
10
Do
pref... ______100
113* 114
18
♦38
pref*.
,
American
Goodrich (B.F.) com. 100
Hart Shafr 4c Marx pflOO
120
Last Sale 40
42
♦82
121
.
♦115* 120
115
42
*89"
113* 113* ♦113
*113
*119
127
J'ne
Oct
6
3
4
9* Jan
21* J'ne 10
pref....._„..100
195 Diamond Match...
100
Aug'12
120
128*128*
45
Do-
107" July"l3
127
19* Nov
Jan
Commonw'th- Edison. 100
500 Corn Prod Ref Co coml 00
Feb'13
Last Sale 76*
125
113*
♦40
*39*
♦89
122
122* 122*
J'ne
,18
6
Apr
38
40
5*"J'ne
100
25 ilinois Brick
Last Sale
16* J'ly 24
40
1*069
105
102* 102*
Last'Sale 30* Aug'13
Last Sale 97
Aug'13
97*
64*
..
♦0
200
♦103
31
103* 103*
31* Aug 21
8* Jan
2
4* Apr 5
6
J'ne
Shipbuilding...100
"
11
11
104*Jan
435
52
204i2Aug'13
148* 148* 147* 148*
11*
5* J'ne
Cat k Chic Canal & D 100
70 Chic Pneumatic Tool. 100
Last Sale
11*
93* Jan
Dec
10 Am ef
79*
July'13
Last Sale 50
55
NOV
May
83
5
Do
pref.........100
150 Aimer Telep & Teleg-.lOO
Booth Fisheries com. 100
"i
Do
1st pref....u.l00
June'13
Last Stole 50
79*
90
100
Radiator.. 100
pref____
__100
40
-
129* 129*
55
*77
I
55
40
...
25
J'ne 28
Do
6
Aug'13
98
130
Do
500
3
Jan 20
J'ne 10
14
Miscellaneous
.
1,500 American Can
440
♦_
Last Sale 130
40
"98"
18
Jan
91
10-'
J'lyie
Jan
2
Highest
30
70
,
33*
93*
93*
94
440
130
32*
33*
*«j *».!.• 440
130
•129
40
33*
93*
34*
93*
440
Rl30
130
83*
93*
24* J'ne
40 Streets W Stable C JL.100
Do
pref
__.____100
.
(1912)
Lowest
88
100
,
Nov'12
8
*6
6*
pref
6*
Mar'13
8
5*
Last Sale 45
38
J>o
260 Chic
95*
31*
Last Sale 41
"~e*
Lowest
Rys part ctf
9,831 Cblc Rys part ctf "2"...
775 Chic Rye part ctf
Chic Rye part ctf "4"___
Kansae City Ry k JLt.100
Do
pref.....
100
94*
28*
July'13
Last Sale 16* July'13
•30
*6
7
....
40
*
•15
•30
6*
7*
3*
*2*
Ye< r
,
Chicago^ lev Rye comlOO
June'13
Last sale 70
90
92
EXCHANGE
Shares
Last Sale 28'
30
90
02
Range for Previous
0HIC§5?<? a?Oc£
of the
Week,
ThursdayFriday
August 21
August 22
August 20
30
90
Sales
SALE PRICES
.Wednesday
92*
♦91*
26*
^
-
Mch
"6
Feb 15
Feb 15
Jan 10
J'ly 9
Feb 10
Jan 2
1Q9* Aug 4
14* Jan
2
108*
206*
6*
1*
6834
112
Jan
i65*JaT
122* Oct
'
Dec
94* Apr
x 98
Deo *107* Apr
94* Dec
98* Nor
* 99* Apr *103* Oet
140
Jaa
221* Nov
121* Jan
125* J'ne
49
30* J'ly
Aug
92
Deo
97* Aug
98* Jan
109* Apr
397
NOV
215
Jaa
80
x
105* Jaa
*135* May
mmmmt
•
Jaa:
Nov
110
234
mrn^rn
*May
58* Feb
1* Jaa
80* Sep
mm mm m mi mmm m
9" Sep
Nov
15
3
»
•
mmm
mmm\
DUrtdend Record
Chicago Banks and Trust Companies
Capital Surp. <ft
Stock, t Prom, t
NAME.
Dividend Reeord
V
Capital
NAME.
Stock.1
Profits t
(00s on Utsd.)
American State..
3200,0
Catamet National
100,0
200,0
Capital State....
Central Mfg DM.
250,0
Cont A Com Nat. 21,500,0
Corn Exch Nat..
3.000,0
Drexel State
300,0
Drovers' National
750,0
Englewood State.
200,0
First National... 10,000,0
FirstNatEnglew* d
160,0
Foreman Bros... 1,600,0
Ft Dearborn Nat.
2,000,0
Halsted St State.
HibernlahBkAasn
200,0
200.0
400,0
200,0
200,0
Lake View State.
Lawndale State..
1,250,0
Mech A Trad State
200,0
Nat Bk of Repab.
2,000,0
2,000,0
National City....
National Produce
250,0
200,0
200,0
North Ave State.
North Side St Sav
North West State
*200,0
200,0
Ogden Ave StatePeople'eStkYdsSt
Second Security..
Security
500,0
200,0
" 400,0
South Chicago'Sav
South Side State.
State Bank of Chic,
200,0
200.0
1,600,0
State Bank of lltaly
200,0
Stock Yards Bav.
250,0
Union Bk of Chic.
Washlngt'nPkNat
CentraiTr Co of III
Chicago City BAT
Chicago Sav B AT
Chicago Title ATr
Colonial Tr A Sav
Cont A Com Tr AS
Drovers Tr A Sav
First Trust A Sav
Ft Dearborn Tr AS
Franklin Tr A Sav
Greenebaum Sons
"Home Bank ATr.
Illinois Tr A Sav.
Kenwood Tr A Sav
Lake Vie wTr A Sav
LaSalleStTrASav
Liberty Tr A Sav.
Market Tr A Sav.
Merc'ntlleTrASav
Merchants'LATr
1911.
1912.
36,3
215,7
7,8
69,4
r623,8
255,7
T1,504,9
r750,8
rll4,9
101,2
11,1
64,4
210,6
2109,6
15,9
182,3
2138,5
20,1
22,661.8
49,8
1247,1
'
iod.
.
QJ July *13. 2
Q-M Jne 30'13, 4*
17
12 H Q-M JneSO'13,2*
ate Ba nk
Q-J July '13, $
8
ov
—
se
J-J
8*11
Q-J
10&2<
Q-M
52,0
In
Per-t
1912.
Last Paid.
lad.
% Bid.
Am.
6
6
7
6
6
ev. 27
10
Q-J
Q-J
Q-J
Q-J
Q-J
•12.
Q-J
us Nov I'll
Q-J
6
8
6
12
....
Northern Tr Co..
600,0
1,500,0
Nbr-west Tr A S.
250.0
Old Colony
200,0
600,0
Tr A S
People's Tr A Sav
I Pullman Tr A Sav
Bberldan Tr A Sav
300,0
200.0
330
.
159
217
133
^133
236
240
Armour A Co 4J4s._
110
116
Auto Elee 1st M Be
215
225
Price
Weekfs
Eds
Friday
period
Range or
Last Sale
Sold
Aug. 22.
Inter¬
Rtmge
for
Year lilt
133
Bid
Asa Tel A
Tel
1929 J - 3
1939 3 -D
cell 4s
.1928
91
*"77~
High No.
Ask Line
Feb
96
257
180
134
Chlo City a Con
217
222
Chicago Elev Ry Be
183
Chie Pneu Tool 1st 3o_.sl92I J-J
Chtoage Rys 5s
1927 F-A
88
89
98
Sale
89*
97*
143
*Ar"
"B
Chie Rys 4s....-series "C"
Chlo Rys cob 6«
1913
Chie Ry Pr «e M g 4e_rl927
CMS Ry Adj Ins 4s...<1927
Chicago Telephone fie—1923
A-O
90
92*
91*
250
130
195
110
___
260
135
800
3
BH 226
2H 217
175"
80
93.
100
F-A
J
Sale
J t
182
Gen Mot 6% 1st L notes.1915
tnt Har 8-yr B% g nbtee.1915
a-"o
98
100
100
Sale
99
Kan City Ry
5s
204
2
2H [013
e note <^) ■:
July '13, 2H 253
Dec30'll, 4
V. 92, p. 929
V.94, p.1030 160
205
a Light Co
—.—.—1913 M-N
Lake St El—1st fie
1928 J - J
219
Metr W Side El lst
?-
145
450
'12.
133
143
150
485
492
185
103
195
205
113
175
V. 95, p. 60S 116
1'12 V. 94, p. 484 160
425
Q-J July *13, 4
120
166
433
134
QJ July'13,
1H 129
10 '1 l.V.92,p.l004 205
215
Chi
J'ne30'13,2
320
325
J-J
July'13,
4
275
285
11 V 92. p. 1537 108
Q-J July 13, 2M 295
180
QQ J'ne30'13,2
Q-J July'13,
IH 133
113
300
77*
93
"*"9
M
72
46
1
2
101
Aug '13
90
75
6$
99* 101*
I
99* 103*
99* 1021»
99* 100»*
102* 100*
mmmmm
*
mm**mm
99
90
80
J-J
94
J
$ 86
104*
^4*
86*
$ 96
Sale
.
1952 M-N
A-O
Nor Shore El 1st g 5s—-1922
do
1st A ref g 58—1940 A-O
-A
Nor Sh Gas of 111 1st 5S-1937
North West El 1st 4s
1911 M- S
N W G L A Coke Co 3e._1928 Q-M
M-N
Ogden Gas 5s
1945
A-O
Peop Gas LA O 1st 6s—1943
M- S
Refunding gold 58—1947
J-J
Chlo Gas LAC 1st 56.193 7
Consum Gas 1st 5s
1936 J -D
M-N
Mutual Fuel Gas 1st 6s 1947
Pub Serr Co 1st ref g 5a_1950
South Side Elev 4 Vis.—.1924 J-J
Swift A Co 1st g 6a
—1914 J-J
Tri-Oity Ry A Lt eoU
trust lien s t 5s.___—.1923 A-rO
A-O
Union Elec (Loop) 6s—.1946
U 8 Gypsum 1st g 6s
1922 M- S
J Western Elbe Co 5s__.—1922
'13
.80
Aug'13
Aug'13
104* Apnl'12
95
AprU'12
86* Aug'13
100* May'12
103* April'12
Nat Tube 1st g 5a
96
100
100* Sale
99*
92*
$.—
92
$ 98*
82
76*
81
mmmm
""86*""»"
6
June'13
99*
98* April'12
85
AprU'12
$ 77
rnrnmm
99* July'13
""99* Yoo*
93*
7
2
103
100
mmmm
mmmm
——
-w*isr
vr
Note—Accrued interest mus t
be laddefl to all Chicago price s.
s,
«!»fe.twMw.
-
-
/
.
..
97
""99*Y6a"'
99* 100*
99* 100*
91* 97*
90* 93*
99* 100*
100 .May'12
$100"
""95" Yoo";
mm mm
94* Aug'13
115* Sept '12
100*
101
100*
100*
100
Aug'13
99* July'13
92* July' 13
92
Aug'13
99* July'13
96*
100* Sale
$:n:
78
mm mm
96
95* Sept '12
100* July *11
$ 95
"*87" *87""
mmmm
138
•
.
,
*12
Jan
81
81*
77
Oct
87
80
F-A $103
Morris A Co
165
J*ne30r13^^
J-J
4s...1938 F-A
1938 J - j.
MU El Ry A Lt let g 68.-1926
do
ref A ext 4XS..1931
100*/
94*
83*
90
99* June'13
103*
103*
99* April'12
09
July *13
6s__1928
Inland Steel 1st M g
330
Extension g 4s
96
"22
105* Aprti'12
220
July'13,
July'13,
""16
98*
94
96* Deo '12
101
-A
July'13,
300
July '13, 6
July '13, 1H 144
147
100
89
79*
92*
88
'12
72l2
AUg'13
100
91*
mmmmm
""99* "lOl*
2
Jan '13
Jan
49
J -D
99*
Cudahy Paek 1st M 6s—1924 M-N
$103*
Dla Match Con deb 6a_..1920
98
Aug'13
8314
72*
72Ui
60
Mayl t 46
Sale
$100
90
95
Cicero Gas Co ref G m_.1932 [J-J
Sale
Commonw-Edison 5s
1943 M- S $101
100*
Commanw Flee fie—.1>1943 M- S $100
-
95*
Aug'13
82
J-D]
$2* Sale
94*
At 92
rnmrnmm
June'13
96*
High
91 *
91
89*
101
101
143
300
May* 13,
Chie Rys 5a.....series
Clrfo Rys 4s
aeries
Sale
81
80*
961* Sale
Rysfis.41927 A-Oj
J
1914
Low
'13
90* Aug'13
82* AprU'12
96* May'12
90*
76
cai Oas a El utklf a ref 5e 1937 M-N t—Chicago City Ry 6e
1927 F -A 1101
July 13,
*12.
164
QM J'neSO'13,2
300
Q-M J*ne30'13,3
Q-J July 13,
%H 210
est
CHICAGO STOCK
EXCHANGE
Week ending Asm 22.
2&
SmSSiodtP
mmmm
BONDS
260
Q-J
1
'
-
180
429
"
ept. 5
18
12.
Chicago Bond Record
253
175
1H 180
July '13, 1H 162
July'_
13, ik 140
.July '13. lH 125
July'13,
1* A185
V.95, p, 1944 100
JUiyiS,
2 H 250
V.93, p. 1236
250
July '13, 2
215
July'13,
2
July'13,
1H 130
385
July '13, 3
2 V.95, p.523 140
July '13, 3
July'13,
3
10*1 1. V.92,p. 1004
9
July'13,
4
Q-J July '13. 154
Q-J July '13, 1H
y'10
us Jly
200,0
415
July'13,
6
12
us Apr
16A4*
7A2*
6
u». Ma
ec. 6
273,0 ....
....
rll2,5 Com.b us. Ap
12,908,6 • 8
8
pl50.4
8
8
51,9 Beg. b usJ'ne
1-224.5
8
'
304,2 - 8
8
161,0
S
400,0
Woodiawn Tr a 8
122
V. 95, pt 18. 118
Q-M July '13, IH 160
J-J July 13,
143
3
$25 <7 Org. J uiy 6
1421.0
6
6
61,2
8
11,631,3 842*
8A2*
nio.o 8AS«
9H
10
100,7
143
290
426
flj)
V. 95. p. 273.
July '13, 5
V; 92, p. 1004
July *13, 2
J'ne 30*13,3
2 V 95, D 603
Q-J
Q-J
Q-J
Beg. b us Aug 19 '1
Q-M J'nh 30*13.4
8
10
12
Beg. b
16A4*
7
6
Beg. b
Org. D
Org. S
Beg. b
3,000,0 27,233.1
15
200,0
©note
us .Aug 26 '1
QJ J'ne 30* 13,2
8
M-N
6
6
20,0
6 . ■
6 H Q-J
Q-J
4,600,0 22,115,9
8
8
600,0
396,2
10
10A2* J-J
1,000,0
311,7
6
6
Q-J
5,600,0 22,263,2
8
8
i600,Q
2460,5 8A2*
8A2* QJ
3,000,0 21,967,6 Notpu bllahed
Q-J
250,0
1171,2
8H
10
5,000.0 13,249.1
16
None Q-M
250,0
215,9 Beg. b us-Apr 3*11
' 300,0
101,9 Beg. b us Apr 8*12
Q-J
1,500,0
2286,2
2X
10
200,0
West 8t<WTr a Sav
Ill
200,0
1,200,0
130
1912
'12.
Standard Tr A Sav
Stockmen'a Tr A 8
3200,0
1,006,0
Union Trait On..
An
8
....
12
Am.
•13.
158,0
1,500,0 22,410,6
300,0
79.2
5,000,0 210438,1
200,0
101,8
200.0
86,7
1,000,0
2292.7
250,0
28,6
200,0
30,6
250,0
47,0
% Mi.
July '13. 1M 218
Jan '13,
160
6
V. 95, p. 1585 103
us. Oct 7 '12 V. 95, p. 944 140
Q-J July'13, 3 293
10
410
Q-J July '13, 4
16
QJ July '13. 1H 216
6
Q-J July '13. 2 H 250
10
2H
Nons
an. 27
25
Not published
Beg. b us Aug
10
10
Beg. b us.Apr
10
Beg. b
8
6
6
7
6
5
Org. N
9H
Beg. b
6
8
6
SoutbWMt Tr A 8
Last Paid*
Per¬
100,0 -
Michigan Ave Tr.
Mld-Clty Tr A Sav *
1%
6
21,6 Org. J
16,7 Beg. b
rl0640,l
10
f6,554,3
16
' 1118,9 ' 6
f393,9
10
6H
60,5 "
rl2l26,7
12
r233,3
12
2545,9
Prtr
r892,4
8 '
t<22,0 Org.N
600,0
Guarantee Tr A S
Harris Tr A Sav..
Hi
3101,3
r62,6
2,000,0 21,235,0
Hyde Park State.
Kaspar State....
Uvs Stk Exeh Nat
In
1911.
(00* am. ittedj
.A
Attg. 23
1913.]
THE
CHRONICLE
Volume of Business at Stock Exchanges
509
B.d
Telegraph and Telephone
Ask
TRANSACTIONS AT
...
THE
NEW
YORK
STOCK
«
Amer Teieg A Cable
100
56
Central A South Amer. 100
104
106
Comm'l Un Tel (N Y).._25
100
110
EXCHANGE
Stocks.
Railroad,
Week ending
State
Bonds.
Bonds.
Northwestern
•
173,730
224,918
230,825
187,889
208,909
.........
...
$16,203,000
20,594,300
21,455,500
17,406,400
18,526,850
17.681,500
191,380
...
Total
$537,500
793,000
783,000
862,000
72
40
60
Amer Typefounders com .100
100
78
66
Cos com
Preferred
26
"03
90
85
Sales at
$567,000'
$4,861,000
Week ending Aug. 22.
■>
Jan.
1
to
$26,000
Exchange.
1913.
1912.
1913.
1,217,651
2,044,780
$111,867,550 $186,375,500
Par value
Bank shares, par
$13,300
56,116,035
$5,071,571,050
84,001,745
$7,605,740,875
$110,000
$401,200
$354",5o6
$1,325,100
20,360,700
319,164,100
$1,052,000
16.814,000
475,350,500
RR. and misc. bonds..
bonds
7,550,000
$5,454,000
DAILY TRANSACTIONS
$7,904,000
AT
THE
$340,849,900
BOSTON
AND
Boston.
Philadelphia.
Bond
Listed
Unlisted
Shares.
Shares.
Sales.
Shares.
Shares.
Sales.
5,409
10,900
7,551
6,069
5,306
7,066
...
10,100
11,700
44,500
33,300
42,301
Tuesday
2,437
9,826
6,437
3,419
3,324
5,645
31,088
'$136,100
.........
1
$6,000
2,240
3,561
2,323
2,975
3,576
2,018
6s
HI
30,500
A-O
21,900
19,500
29,000
27,100
14,500
46,934
Cent
1914——J-J
4^s
5,939
16,693
•
bond
prices are
now
"and
Mo Kan A Tex 5s 1915.M-N
96
Street Railways
\
ill
Bid
York
Citv
2d
1st mtge 4s 1950
B'y A 7th Ave stk
..J-J
..100
.160
2d mtge 6s 1914
J-J
18
14
64
,
100
.
74
....100
74
754
75ia
.100
1st preferred
New
Bleeck 8t A Ful Fy stk.
100
66
—.-M-N
21 1914—A-021
9912
preferred
F-A
_
65
160
Preferred
100
*86lt
98
J-D
82
17
103
Osn Pk N A E R Ratock. 100
1
97i2
9914
974
4s
10
stock..100
1922
1951
Preferred
125
E
Cent Un Gas 5s 1927
Eighth Avenue stock
275
300
F-A / 99
220
240
100
Scrip 6s 1914
32
1st
6s
1910
e
150
3
So Fer 1st 5s 1919
90
A-O
220
100
Westchester 1st 5s '43.J-J
90
95
88
95
98
102
5s '31A-0
94
153
98
Nassau Elec 1st 5a 1944 A-O
•
•
Conn Ry A Ltg com
e Preferred
100
Preferred
100
«
Preferred
Louisv St 5s 1930
J-J
76
N
Nlles-Bem-Pond
Ohio
360
235
e
106
South
210
68
781a
*2
81
,
Madison Gas 6s
86
1926
A-O
38
90
103
125
M-S
97
99
No Hud Co Ry 6a 1914 J-J
7512
100
M-N
90
6s 1931.. J-D
103
98
73
741^
100
com. 100
16
Preferred
100
•Toledo Rya A Light
100
Trent P A H 6s 1943... J-D
70
Tobac.£l
•
46
145
155
85
95
55
2d
preferred
Royal Bak Powd
preceding
*
page.
lis t.
297,. 300
40
35
100
105
72
90
Texas Pacific, Land Tr. 100
90
Preferred
Stern
Bros
270
290
150
180
100
105
116
e
,
111
,
93
75
90
95
100
160
180
TonopahMln(Nev)-jSeaPhlla Stk E
200
Trenton
Porto-Rican-Amer
Tob.lOQ
20Q
225
Reynolds (R J) Tobacco. 100
245
260
Tobacco Products
100
120
m
m
m
m
com..
Preferred
<
•
95
100
100
United Cigar Mfrs
com
Preferred
100
.100
894
Trow
e
Young (J S) Co
240
300
109
120
100
Preferred
100
100
Weyman-Bruton Co
120
140
170
Adams Express
50
55
Directory
.—
4
7
88
U S Casualty
.,,—.100
U S Envelope com...
100
Preferred —————100
190
200
114
118
105
110
United
c
US Express—
U S Finishing
100
-
Alliance
76
Realty
100
40
100
*43la
50 ♦ 49la
Preferred
45
61
48
34
23
J-J
85
J-J
83
U S Steel Corporation—
Col 81 Apr 6s 1951 op 1911
113
•
5s 1929
US Indus Alcohol
•
Preferred
Col
f Apr 6s 1951 not opt
s
5
26
92
28
100
<
60
100
110
100
8
97
.
944 100
100
Con g
133
100
<4
—,.100
Dry Goods
100
Preferred —————100
Preferred
«
1st g 5s 1919
122
J-D / 74
Col tr g 4a 1947
90
7
100
new
..—.100
United Copper.....
100
Iadustrial&Mlscellaneous
•
list
4
Preferred
16
x
Potteries com..100
Preferred
904
42ia 50
*9314 102
92i2 9234
112
70
30
.
93
1H1|
llill
100
American
Book.—..
100
10
14
American
Brass
100
134
137
mm
75
45
55
American Chicle
100
195
200
«
Virginia Iron C A C—100
3912
50
98
99
100
96
98
«
Wells Fargo A Co
86
93
100
com—100
119
125
N Y A Hob 5s May *46..J-D
Hob Fy 1st 5a 1946..M-N
110
Preferred
«
101
com
American Express
Am Graphophone
95
Preferred
35
J-D
60
58
American
23
26
Amer
Malting 6s 1914..J-D
98
100
Amer
Press Assoc'n
b Basis,
.
—
.M-N
.
160
Hardware....100
100
170
60
—1(H)
25
Union Ferry stock...—100
Ex-rights.
Ex
J-J
1st mtge 5s 1919
dividend;
95
100
100
100
com
46
1712 N Y A N J 5s 1946......J-J
7212 10th A 23d Sts Ferry
100
94
Preferred—See Chic Stk
Singer Mfg Co
Standard Coupler com..
100
Helme (Geo W)
« Preferred
98
100
pref
100
Sulzberger A Sons Co pf. 100
Texas A Pacific Coal.—100
15
80
com...
,
65
2318
36
185
180
Preferred
100
102i2 104
112
Safety Car Heat A Lt—100
110
Sears.RoebuckACo—<S««N Y Stk E x list
e
♦2278
,-100
iio*
N Y A E R Ferry stock..100
1st 5s 1922
M-N
1st 5s 1920
a And accrued
on a
.100
—
2500
♦42
45
op.J-D
B A N Y 1st 6« 1911
ioo"»t
22
It any, will be found
100 2200
New stock (w 1)
Tobacco Stocks
Ferry Companies
20
y
Oil
Amer Bank Note com....60
Rapubllc Ry A Light... 100
Ex-div.
Waters-Pierce
100
com
Preferred
1st A ref g 5e 1941
107
s
31
Western States Gas A El—
100
subsidiaries,
•29
100
Western Power
76ljj
A-O
Per share,
10
100
180
99
*
173
1st preferred
77*4
100
102
168
76*4
120
32
100
100
35
100
11
28
100
Pratt A Whitney pref...
79
United Gas A Elec Corp.100
1st 5s 1921..
A-O
J C Hob A Pat 4s '49 M-N
8
100
Preferred
77
79lj
35*4
So J Gas El A Trac
Gu g 5s 1953
9II4
2?
130
784
..100
971,
14ig
361,
961,
*36
105
35
97
93
«
Preferred
29
89
...100
90
234
20
*13*4'
Realty Assoc (Bklyn)... 100
Remlngton fypewt'r 00m 100
86
60
78
98
Producers Oil
85
230
Preferred
Pittsburgh Steel pref..100
Pope Mfg Co com
100
si"
96
MacAndrews A Forbes..100
41*2
7H2
Rapid Tran St Ry
Tennessee Ry LAP
•
"
95
* 'At
D2
76 ^
Johnson Tin FoilAMetal 100
85
Preferred
..50
185
78
92
88
Standard Gas A El (Del) 50
106
1924
Preferred
401,
122
93
90
430
'26*
10
25
180
90
*34
144"
British-American
40*2
St Joseph Gas 5s 1937—-J-J
.50
50
170
193
Amer Machine A Fdy._ 100
100
100
100
81
1021,
*14
IH
105
100
283
108
*89*2
95
preferred..
120
204
98
188
Conley Foil
119
1st
,
35
278
Preferred
1004
102
100
Pettibone-Mulliken Co 100
«
•735
{See also Stock Exchange List)
Amer Cigar eom^
100
100
86
.100
com
Pittsburgh Brewing
380
376
100
'
142
70
85
373
10
Silver.
521,
125
190 - 210
100
724 United Electric of N J—.100
lat g 4s 1949
—J-D
9934 IOOI4
100
J-D
1914 opt
Standard Oil subsidiaries
United Cigar Stores com.100
Preferred
100
104
con
305
10
New'k Pass Ry 5a *30. J-J
2d 6s
295
100
100
com...
Copper Col
Ontario
Preferred
«
(old)..100 1110
35
Cons Traot of N J
Ext 5s
341
*94
78
Pat Ry
188
100
338
Standard Oil (Kansas) ..100 *360
415
Stand Oil of Indiana
Y Transportation.....20
Otis Elevator
149
186
"
42
66
Newark Gas 6s Apr '44.Q-J
Newark Consol Gas
...100
Preferred
104
76
J-J
.100 1207
•344
103
No Jer St 1st 4s 1948 M-N
Con M 6s 1928
Oil
143
80
Pat A Pas Gas A Elec...100
list
x
"
130
Pacific Gas A E com
Stk E
89
75
No Hud L H A P 5S 1938A-0
102i2 102*1
76
(
Penn
Sou West Pa Pipe Lines. 100
Standard Oil (California) 100
Washington Oil
135
,
10812 110
Standard Oil of Ohio... 100
Swan A Finch
100
100
127
Narragan (Prov) El Co. 50
"894
62
1
—A-O
N Y Mtge A Security
100
N Y Title Ins
Co...,...100
195
Standard Oil of N Y
.....F-A
Gas
60
41
National Surety
100
New York Dqck com.. 100
« Preferred
100
131
100
99
__
77*4
70
•
....25 ♦*129
96
Jackson Gas 5s g 1937..A-O
•Laclede Gas preferred
100
29
61
100
102
Stand Oil of N J.
Indianapolis
64
1st 5s 1933
98
Stand Oil of N J
4s 1958 opt
"71
89U
100
Pub Serv Corp ol N J—See
Tr ctfs 6% perpetual
316
10*4
1st g 6a 1952
•Nor Ohio Tr A Lt
.
310
130
New Orl Rys A Lt com. 100
• Preferred
100
*N Y State Rys com.... 100
com
New York Transit Co
100
Northern Pipe Line Co..100
74
ICO
Indiana Lighting Co....100
100
Mortgage Bond Co
•
70
1031* Hudson County Gas
20
e
10*8
96
..100
342
72
100
Preferred
Manhattan Transit
187
67
J-D
Manhattan Shirt.
337
4
"78"
60
121
J-J
100
1927.....
•57
..100
100
Val Coal Sales...50
146
Essex A Hudson Gas.... 100
Gas A El Bergen Co
100
•
;
60
115
J-D
Monotype
184
com..
350
*74
100
.t
50
Cumberland Pipe Line.. 100
102
68
1st 6s 1948
4
50i2'
Lehigh
Elisabeth Gas Lt Co.... 100
27i2
International Silver pref.100
Refining
100 A190
Southern Pipe Line Co.. 100
230
100
__
3
/
195
Vacuum Oil
70
•Havana Elec Ry L A P 100
•
78
*
5s 1938
66
Detroit United Ry
104
*671*
Gr't West Pow 6s 1946— >J
Federal Light A Trac.__100
655
Solar
100
100
100
Salt
1st g 5s 1951———A-O
190
90
63
104
Preferred
International
20
—.100
85
100
101
82
share
10
100
Union Tank Line Co.... 100
..100
1191,
80
200
Prairie Oil A Gas.
Consumers Power (Minn)
79
118
Lawyers' Mtge Co.
Con Gas of N J 5s 1936.. J-J
59
110 "
100
130
84
77
105
115
1st A ref 5s '29 opt T4M-N
57
8
100
100
95
102
100
Internat Smelt A Refg.. 100
77
100
95
—100
com
Lanston
—
5
40
Banking Co
660
46ia
..100
com..
3i2
35
120
650
Ohio Oil Co
.......
15
J 02
Buckeye Pipe Line Co
Chesebrough Mfg Cons. 100
•76
355
Preferred
1011,
7
99
100
*19
100
100 280
1300
60 ♦*154 157
Denver G A El 5s 1949.M-N
92
99
79i2
Per
£1
100
—J-J
com...
645
•441*
100
10
,62
International Nickel
78
Oil
60
Consumers' L H A Pow—
103
«
5
5
Products._100
Intercontln Rub
Internat
81
...100
...
62
Stand Oil of Kentucky
100
Stand Oil of Nebraska..100
1st 6s
Other Cities.
Preferred
31
Standard Oil Stocks
60
Preferred
...100
Columbia Gas A Elec...100
83
100
N Wmsburgh A Flatbuah—
1st 4^8 July 1941...F-A
Btetnway 1st 6s 1922
J-J
Buff St Ry 1st con 5s '31 F-A
Oom'w'lth Pow Ry A L.100
•28
♦56
50
Val
Ingersoll-Rand
c
Railroad Securities Co-
100
Buffalo City Gas stock
Cities Service Co com
82
2
1922.. J-D / 57
1st g 5s 1961
Galena-Signal Oil
Preferred
101
98
97
Preferred
142
—100
Indiana Pipe line Co——50 *119
National Transit Co
.25 ♦ 40
103 !a
55
96
95
preferred
Hocking
80
Preferred
100
J-J
104
55
Amer Power A Lt
102
Brk C A N 5a 1939
102
_
150
....
50
100
100
70
40
I1*
83
Hoboken Land A improve't
1st 5s Nov 1930
M-N
...100
45
Am Lt A Trac com..,
156
100
98
78
78
preferred
140
Other CUUs.
97
Brooklyn City RR
10
Bklyn Hgts 1st 5s 1941. A-O
Coney Isl A Bklyn.
100
lat cons g 4s 1948
J-J
Con g 4s 1955—
J-J
60
100
Preferred
103
B B A W E 6s 1933....A-O
56
2d preferred
Oil....
Continental Oil
101
105
♦1®8
..10
Water Co—
100
74
100
102
13
Hecker-Jones-Jewell Milling
1st 6s 1922...
..M-S
Herrlng-Hall-Marvlu ..100
345
Bay State Gas
con
100
com
71
25
Preferred
lat g 5s June 1
70
340
Am Gas A Elec com
Brooklyn
Atlan Are RR
60
100
Standard G L 1st 5a '30 M-N
260
Yonkers St RR 5s 1946. A-O
100
Crescent Pipe Line Co
99
17512 182
Havana Tobacco Co.,.. 100
Preferred
'
100
66
Eureka Pipe Line Co
100
100
1st preferred
30
65
100
North'n Un 1st 5a 1927.M-N
15
Twenty-third St stock.. 100
Union Ry 1st 5s 1942..F-A
28
100ia
102ia
N Y A Richmond Gas... 100
80
5
130
98
99
100
cum.
.
J-J
Consol 5s 1946
NY Mutual Gas L
98
Tarry WP A M 5s '28..M-S / 75
1st
85
Ref g 4s '52 op 1912... J-J
Kllburn com
100
25
v
33
100
Colonial
117
'
Preferred
28
'Consol 6s 1948 ctfS—F-A / 23
•Sixth Avenue stock..
112
100
103
Sou Boulev 5s 1945
J-J
8912 100
28 A 29th Sts 5s '96 ctls A-O /
«
9i2
N Y A Q El L A Pow Co.100
170
1
Kings Co El L A P Co. 100 *116
1st consol 5s 1948.....J-J
•
100
Second Avenue stock...100
•
76
~28
100
General Chemical
list
100
2d preferred
NY Chic A St L
"33"
Hale A
20
100
preferred...
Borne-Scrymser Co
10012 102la
N Y A E R Gas 1st 6s'44 J-J
M-S
Ninth Avenue stock
J-J
New Amsterdam Gas—
100l2
43d A Gr StFy stock-.-lOO
42dStM AStN Ave... 100
•
"27"
100
com
Goldfield Consol M
x
2
130
100
Empire Steel A Iron
100
15*4
"•Da
125
100
Preferred
•
86
92
Emerson-Brantlngham.. 100
140
e
Preferred
k Hackerisack
,.100
Preferred
Colo A South com
West Pac 1st 5s 1933.-M-S
New York City
e
75
100
Davis-Daly Copper Co
10
duPont(EI) de Nem Pow 100
120U
• 1st
Preferred
98i2
17
Anglo-American
Electric, Gas A Power Cos
100
15*8
com
98i2
9934
119
100
com
Preferred
Atlantic Refining
Christopher A 10th St stklOO 110
Dry Dock E B A Batt—
1st gold 6s 1932
J-D
97
Scrip 5s 1914....
F-A / 28
80
100
com
Preferred
..100
*21 ~
100
39
100
97
Ill C stk tr ctfs Ser A
3
J-J
Crosstown
1st mtge 6s
100
Crucible Steel
«
Chic St P M A Om—100
88
101
100
lat 6s 1924
Cent
60
36
100
2d
Preferred
100
.....
A-O / 58
Railroad
Pitts Bess A Lake Erie—.50
901*
West Penn TrAWatPow 100
Broadway Surface RR—
M-N
10
'89
e
75
Chic A Alton
314
*894
30
80
•
98*4
95
•
.100
Wash Ry A El Co
Preferred
25
75
9912
Ask
...100
•
99U 100
Rubber Tire....100
Debenture 4s 1951
99?s 1004
West Maryland 5s 1915.J-J
Northern Securities Stubs.
United Rys of St 1<—
Com rot tr ctfs.
100
70
9934
Westlngh'se El A M 6s 1915
78
United Lt A Rya com
60
95
Preferred
5%
5%
St L A S F 5s 1913 opt. J-D
6s Sept 1 1914 opt...M-S
e
Bid
57
100
Heating....100
9934
1916.
comlOO
Car
Preferred
9914
98i4
Seaboard Air L Ry5s'16 M-S
80
Consol
5%
Southern Ry 6s
80
100
Cluett.PeabodyA Co
96U
•
)
80
2d preferred
e
97
9534
NYC Lines Eq 5s 1913-22 b 5.50
4>$s Jan 1914-1925...J-J b 5.50
,
Street Railways—(Co*
93
l
Continental Can
«
Interest" except where marked *1"
87
75
Preferred
95
•
All
32
.-100
Claflin (H B) Co com..100
e 1 st
preferred
100
e
Consol
«
Inactive and Unlisted Securities
28
9934
South Pac Co 5s J'ne 151914
120
129
"99*14 "9984
92
M-vS
90
110
Preferred
9914
Michigan Central 4i2s_ 1914
Minn A St L g 6s 1914..F-A
85
100
1912..M-S
Lake Sb A Mich So 4i2s.T4
52
100
100
9912
K C Ry A Lt 6s
21,
49
of America. 100
97
99
'15. F-A
5s
6% notes Oct'17—See N Y Stk
Total
108
♦2U
Celluloid Co
9984 IOOI4
99is 99bs
96*4
Harvester
$114,100
5,905
11,059
118
105
_
Inter
N Y N H A Hart! 6a '13.J-D
7,956
_
114
Casualty Co
Int A Gt Nor 6s 1914..F-A
5s Apr
$2,100
6,180
9,895
100
com.
City Investing Co
9978 1004
list.
Bond
8aturday_»..
Monday
294
Hudson
4t2fl 1916
Unlisted
130
290
974
1915
81
122
100
Preferred
99
Companies—
Oet 15 1913—.A-015
"79""
50
com
__50
98*4
96
96i2
1914...A-O
N Y Cent 4^s 1914
Listed
Aug. 22 1913.
Friday..
8 1914—A-O8
98
95
1*8*
10
65
Preferred
..100
British Col Copper Co
5
Brown Shoe com
...100
96
965s
1
100
Borden'3Cond Milk
99*4
4«s Jan 1914-1927...J-J b 5.50
Week ending
1939
Bliss (E W) Co
99
J-J
984
•
EXCHANGES.
99
2
6s
Preferred)..
Missouri Pacific 6s 1914. J-D
$493,216,500
PHILADELPHIA
96
g
Preferred
Gen'l Motors 6s '15—See NY Stk Ex
1912.
$45,800
$26,000
667,000
4,861,000
State bonds
Wednesday.....
Thursday
April
Coll 5s April 1
Bonds.
Government bonds...
Total
6s
Coll 5s Oct 1
York Stock
Stocks—No. shares...
M-N
73
984
1915—M
Copper 5s
Bklyn Rap Tr 5s 1918...J-J
Ches A Ohio 4 t*s 1914—J-D
ChicElev Rys 5s 1914
J-J
Erie
Aug. 22.
96
Bond A Mtge Guar
Balto & Ohio 5s 1914
41*
43
96
Amal
185
93
Deb
Short Term Notes
116,500
-
.
100
9212
.25
4
Amer Writing Paper
100
Barney A Smith Car com 100
68
Pac Telep A Telcg pref.100
Southern A Atlantic
♦
40
~86~"
120
50
Teieg
5
100
-70
175
50
pref
Preferred
$26,665
64,000
1,098,000
,
e
96,000
113,000
787,500
1,217,651 $111,867,550
New
$41,000
136,500
<
F-A
60
A**
98
67
1935.A-O
112
Pacific A Atlantic
•
Saturday
Monday,———
Tuesday
Wednesday
Thursday
Friday
6s
100
Mack ay
•
V. S.
Bonds.
Par Value.
Bia
Miscell—{Con)
Fdy
100
•
<fcc„
Shares.
and
Steel
Deb 4s 1923
Teieg—.100
Franklin
eGold A Stock
Aug. 22 1913.
Am
American Surety
American Thread
Empire A Bay State Tel. 100
DAILY. WEEKLY AND YEARLY.
.
Indust
66
e
80
120
126
99*4 100*4
35
40
8
CJ S Tit Gu A Indem
Westchester
A
Air
Willys-Overland
Preferred
—
100
113
mm*
Bronx Title
A Mtge Guar—.
t W eating h'se
100
100
166
Brake.50 *130
com...
100
100
85
Worthlngton(HR)Co pf.100
usually inactive,
f Flat price.
» Nominal,
s Sale price,
t New 3took, u E*»
dividends and subscriptions.
• Ida ted on Stock Exchange but Infrequently dealt In; record ol sales;
it Listed oh "Stoek Exchange but
Includes all
new
stock
131
62lj
fiEx-300% stock dividend.
*
$
BOSTON STOCK EXCHANGE—Stock Record
510
Saturday
Aug. 16
Aug. 18
*96
200
•90
*199
92
92
;
•250
•250
66
90
66
♦55
66
♦55
52
52
*42"
52
166
15
66
♦164
166
♦55
•42
52
•42"
•164
166
*164
*166"
85*"
•83l4
84"
*
72S4
9914
9934
165
•163
154
84
•47
.70
.59
.65
.55
88
72
72
*163"
165
.55
f
.50
.35
2
2
June'13
Do
26
86" July" 13
.24
Do
May'13
.
.38
140
*72
73
73
73
*72
88
88
♦88
89
♦88
89
*88
46
"461?
10 West End
89
10
,
Do
*3
46
46
9334
93«4
9334
93»4
♦3.
'3%
3U
1934
191*
19I2
19i2
111
•110% 111
11512 115l2
,
115
111
78l2
"78"
6312
*63
♦94
95
*94
16
13
270
•272
273l2
1417, 142i2
•984 100
9034
90«4
92
31
63i2
95
95
95
1018
10*4
Ilia "l2i8
♦16
17
17i2
19
•12%
13
12i2
1212
*9
218
218
218
♦3
*3
3's
218
50
•30
♦671a
75
•671S
♦145
75
1531* I5334
♦15
*15
1047, 105
27% 2712
105
•27
27i2
•27
2712
♦27
27i2
*1
1%
•1
1U
168
169i2
—
154
154
15l«
15i8
218
Last Sale 3%
Last Sale 20
27
27
48
60
5012
51i2
50
51
27
2612
27
27
27
♦27
62%
6318
108
145
♦27
28
635s
64%
♦10758 108
112
169*4 173
50
5012
28
28
6278
108
•li4
2i4
214
285
19
18*4
*275
285
193g
18«4
"/
1*2
1U
36i2
iu
36%
74i8
2178
•1U
H2
H2
36%
72
73
7334
74i2
73i2
21
21
22
21*4
♦234
-
21
♦H4
3
»284
•.95
3
*234
*1
1%
17s
37
37
*:
178
♦l'«
35^8
7358
74l4
2H2
21
2H2
3
1*2 *.99
2i4
*2^
2
1U
278
3 I
lh
■
♦1
H2
7278
2H2
♦234
♦.99
H2
2i4
29
.99
430
2834
2878
64l2
64U
28%
28%
62i4
6234
'*
65
6334
64%
63%
430
435
14
14
•1334
39la
440
435
440
430
430
*425
14
♦14
15
14
4012
3912
39i2
40
40
38'4
3834
391*
121*
458
12i2
47g
"12%
♦2U
•.40
18
6
45,
6214
7
7
.50 ♦JJO
•5%
5l4
63
7
18*4
3912
3978
4&S
18
♦.30
6
6
8414
*83"
1914
195s
2012
*338
3i2
3i2
♦Us
3i2
3%
H2
*1%
6i2
4%
6%
6*4
♦3«4
6%
*63g
234
234
53
♦51
85
*83
4'4
7i4
3i4
♦358
65s
234
8
8
•2234
231*
H2
♦23
•43
44
16
16
43U
♦16i8
*1«4
*1
5312
85
84l2
84i2
2
♦!%
9
9
27%
1
4
'
*23
1*2
♦1
44
20
20
Dec
3
Aug
14
Mch
4'4
1U
6I2
♦35a
414
634
♦6*8
6*4
683
634
6%
*234
3i2
*2«4
3i2
,31.
7«4
♦227g
734
77g
23'g
♦2234
77fi
23%
*234
*784
23
231s
1%
43%
*1
43%
lh
43i2
1%
43l2
I6I4
43%
16%
*1»4
2
8»4
9
t
1
-4%
*1®8
♦.80
II4
4312
43i2
16
I6I4
2'
878
♦1«4
*834
275s
♦1*4
•84
27% <•2758
2
♦1%
..."
2
1
2734
'
4i8
50»2
.4
49
49
•37^
4914
4
4914
•49
50
49
81
80
80
80
80
*80
81
20'a
2014
2020
20
61
59%
59
20%
20l2
20%
20l2
60
61
60%
61
♦60
191*
191*
19%
19
19U
•19
1914
♦19
I9I4
35U
*35
36
*35
36
2U
634
f8
♦25i4
"".20
-
.
2
9i2
-.•505s:
61
--*1%
1%
---•11*
..45%
4512
•
.90
37%
91*
.86
*
-
2
1
*
26%
2%
4734
.*1^
2512
•28«4
*4i4
.99
-
*2
634
♦.13
4'2
4734
35
2*8
2512
25s
w
85i2
2'a
634
-
29
4*8
.
*35
-
25
•24*8
2%
•281a
•.85
<191*
35
214
-
•
48
25*4
234
30
4%
2«s
♦241a
•25s
*ii2
46
2*4
•241s
28
4i8 \4i4
.90
.85,/:
.90
♦1*4
"9%
50%
♦1
4ia
...90
37i2
*1%
46
♦44%
.90
2%
28«4
♦4ig
•.85
.90
371,
3718
473, .4712
47*4
1%.1%
71% 1%
93s
9
1
;
2
4512
9
51
/ ll2
"2
%
245,
2%
28«4
412
.
517,;
t..vf r:
♦Ha
74514
.90
A*n'T^>edd.
134
45U
93s
9%
*507,
;*1
♦n*
|44i2
**4 795
g iix-itook
..
£
Mch
Dec
00
2
2
Dec
27
28% J?yn 20
May
28
Jan
.85
28% Jan 15
i
Feb
13*4 Jan
98% Jan
5
Jan
2
Jan
4
J'ne 24
182
h 174
Sep
Jan
3
41% J'ne 10
.5534 Feb
4
26% J'iir24
28% Feb
3
J'ne 11
69
2
102% J'ne 10
111
147
50
u>8®4 J'ne 10
29% J'ne 11
Jan
46% Jan
27% Dec
58% Feb
107% Feb
Jan 30
2% J'ne
230
95
616
4%v
4%
37%
47%
47%
—"i»rrn1
9
9%
1%
200
57
;
.
'
"
35
Dec
GO
4% Mch
Feb
24% Feb
6
2
Jan
7
Feb
3
4
Jan
4
45
Jan
2
72% Jan
2
555
Jan
2
J'nelO
18
Jan
6
15% Dec
47% Jan
2
25I,«
Jan
2
48% Dec
Jan 27
3% Oct
51
53
t
4
15% Jan
4% Dec
il0ic J'ly
19% Feb
57% Feb
2
2
9
9%Jan
Jan
67« Sep
2
277, Jan 10
35
% May 8
3% J'ne27
44% J'ne 12
79
J'ly
1
59
7% Feb
22
Jan
33% Jan
Oct
16
3
May
Dec
..70
2
11% Sep
40% Jan
4
87% Jan 10
J'nelO
16
34 Jan
Jan
Feb
33
Apr 28
17
Feb
12% J an
2
25
Feb
405
2
Jan
73% Jan
J'nelO
5% J'ne 12
Jan
85
2
?20*4 Jan
2% Jan 14
1
Aug 14
3% J'ly 25
3% Feb
4
6% J'ne 19
3
25
5
3% Jfne 4
47g J'ne 12
2% J'ne 11
6% J'ne 10
20% J'ne lO
.96
J'ne24
26% Jan
5% Jan
10% Jan
6% Jan
15% Jan
2
6
Dec
2
26% Jan
3
2*4
23*8
1*8
50%
18%
Jan
Jan
Dec
Jan
25
25
5
1.
25
8
7
4
2%Jah
2
21*4 J'nelO
May,17
34% Jan
2»4Jan
2
%J'ne 6
3
Apr 30
3% Jan
83sJan
4
25
25
10
41*4 J'nelO
66
107
.
2
2
Jan
73% J'ly 12
Jan
2
9% Mch29
.99
25
Colony--—
Apr
4i<> Feb
%J„'nel0
8%« J'nelO
15
26
-
JanK
22*4 Deo
10% Dec
Jan
65
Apr
.80
3
1934 Jan
<13
5
—
2
2
2
J'nelO
40% J'ly 30
5
Copper 25
Jan
Dec
5*4
22*4
2%
1%
2%
Jan
Deo
Dec
Jan
Feb
44
Jan
100
Deo
15
J'ne 10
28% Jan
15
Mch
Quincy
—
25
Ray Consol Copper.- 10
65
J'ne 11
80
Jan
72% Deo
15% J'nelO
22
Jan
Mary's Mln Land. 25
33
J'ne 30
46
Jan
1
J'ne 12
3
—
Creek Coal
10
6% J'ly 10
16% J an
43
9
3
Jan 18
17
.16
Augl2
Superior
Superior fc Boston Cop 10
22
J'nelO
25
21
J'nelO
3
May 15
6
.60
J'ly 23
3% Jan 28
34
J'nelO
43% Jan
2
60
Jan^ 6
i-i—
1% Jan
:
-
40
1
25
,90
25
c ;1<
Wolverine--;..,—--ii
25
-
50 Wvandott
;
....
25
(LkiJHJiv. and righUu _.t.Unataameii.
_
.
28% Jan
.40% J'no 12
.40
24
Feb
4
1
Deo
Jan
3
26
Jan
Jan
9
4
Deo
2% Deo
34
Jan
47
<
Jan
*
2%Jan
3
11% Jan
J'nelO
9
2
«4% Feb
38
2
60
r
Jan
Jan
1
Nov
9% J'ly
52% Jan
2
2
'J'nelO
J'ne
Jan
Feb
% Deo
40% Jan
2
45% J'ly 7
1% May 6
7% May 6
----ii,-—_
Winona
Jan
2
Feb 19
.35
Deo
1
_
We Aug 15
13i2 Jan
21
100 Victoria--
v
3
2
Feb 10
5
2% Mavl3
9% J'ne 10
4% J'ne 9
Trinity
——
25
50 Tuolumne Copper--1
1,425 U: S Smelt Ref & Min. 50
Do
687
pref
50
400 Utah-Apex Mining.-5
115 Utah Consolidated—_
5
100 Utah Copper Co--—-10
1%
'»
Dec
37% J'nelO
260
....
37
2"
30% J'nelO
25
330 Tamarack-
28%
Apr
3
Dec
56% J'ne 11
Aug 4
100 South Utah M & S__.
2%
»
300
6
1% J'ly 14
25
45 St
24%
:
5
3
Aug
Jan
Jan
Jan
18% J'ne 10
585 Shannon
211 Shattuck- Arizona.
'
4
Jan
25
235 Santa Fe Gold & Cop.
'
Jan
6
J'ne
6
330
: ,197a
2%
42%
80%
32%
25
Mayflower
775 Pond
48
J'ne 10
16*4 J'ne 27
1
Us
28
May20
.15
1
Valley Mines.
75 Old Dominion Co
'
.20
r
10
6
% J'ne
25
80 Osceola
25%
.
214% Dec
2% Mch
158
108
10
Salle Copper
315 Old
■5
.20
•
Dec
14s% Oct
J'ne19
North Lake_._i.-_--
36
—
Apr
93
Apr
16% Apr
J'ne 12
26% J'ly 18
27
Mch28
Jan
103
z8is%. J'ly
165% Jan
151*4 J'ly 31
14% Apr 15
25
684
—
7
J'ne 18
101
155
13
2
91% Jan 11
160
Jan 11
14
Ojibway Mining
25%
-<
50
9
Aug
10% Aug
10% Jam
272% Sep
219% Apr 12
3% Feb 8
16
Apr
637a Apr
5
""405 Niplsslng Mines
2,203 North Butte
19
-
2%
Jan
3
17
26
pref..,
Copper
15 Michigan.--
58
•24%
J'ne14
209
25
1%:
51U
1%
1«4
44i2
♦34.4. #95
J'nelO
10
.
6%
26
5
Aug 22
Feb 8
Jan
Nov
x90% J'ne
93% Jan 22
95% Mch24
395
Creek Coal
New Arcadian
20%
-<
*35
/•
2
5078
86
10
85 Mohawk
49
19
r
6«4
♦.15
3712
475a
2
6%
28'a
*4it
48
askad prices._ «
241a' 24i2
♦258
2%
29
37*2
♦%; .95
•251*
2512
25
♦28
48
.99
2512
.14
60
*178
634
.20 ♦.15
371a
51%
17g
7
.<
25*8
48
,\*i% f 2
938
9%«
.•5ni
17g
6*4
37'4
r
.
*
25
.20 *.13
.90
37%
;
6*4
Apr 28
25
65 N evada Consolidated-
79%-.80
.
60
35
v
27% 27U
Aug'13
Aug'13
*37,
4%
♦80
201*
104
87
25
——_
35 Miami
I6I4
Aug'13
878
87g
•49%
60
•.13
43%
497g
4
75
288% Jan 10
18634 Jan
2
May26
10
20 Mass Oonsol——
♦16
87„
Z712
♦334
6
J'ne 10
95
25
Do
50 La
700
4
'
Iiecla
Hedley Gold..
Helvetia Copper
Mining
325 Mason
Last Sale 134
Last Sale .60
1
J'ne
130
25
20 Keweenaw Copper
1,095 Lake Copper Co
6%
..
81
49i2
•79
'•20
257
May 12
1,895 Isle Roy ale Copper..
iW» 4 We
Last Sale
2
15
J'ne 24
<
16
87s
27%
19
5
1
10 Kerr Lake..
Us
*1534
79% Nov
Jan 23
7
Nov
22
12% Aug 22
J'ne
Dec
11384 Dec
114% Dec
137% .fan
14
Jan
Copper
75 Island
6%
234
♦1
100
276
60 Indiana
32
H2
.'
Jan
75
9
Mining—— 25
—
•"""56
5212
61a
Mav27
10
10
95 Hancock Consolidated
"lV
612
41S
9
♦.80
4
5212
"19"
H4
612
9
25
.....
150 Franklin
85
6i2
*35g
8
J'ne
1,392 Granby Consolidated. 100
20
348 Greene-Cananea..
6
*1U
23%
J nel2
5
533 (CopperRange Con Co 100
Daly-West
20
2,21! East Butte Cop Min. 10
W* 3 We
'
Algomah
529 Chi no
.35
6
*3
2
28%
.35
558
3i2
*3%<
Dec
54
81% Feb
Jan
92*4 J'ly 23
6
Jan 10
100
90 Centennial
1734
Aug'13
19i4
312
Jan
89% Sep
98
25
33 Calunmt &
1734
5312
J'ne
41
152
Jan 11
,05
7
19
16%
9
2
•1«4
•.80 -
734
2314
27'4
7
.45
,
♦8312
2014
20
812
8i4
«1 ' -
5*8
♦51
rl74
6
99% Jan 2
4% Jan
3
2334 Jan 11
118% Jam 3
117% Feb
1
M0%Jan 3
21
Apr 30
81% Jan
7
Bos&CorbCop&SilMg
5
Cop 10
12
478
62>s
47g
62
714
1734
♦.30
6
♦52
52l2
"
*3'4
•612
•234
1734
.40
,
♦5i2
1%
6i4
U2
7
7U
Oct"
100
Alaska Gold
375
39i2
39l2
11%
,
Dec
128%
57
25
...
Corp
pref
3,940 Butte&Sup Cop (Ltd)
1,448 Calumet & Arizona..
Aug'13
5
62
18
.45 *.30
*5*2
*52
♦6I2
12
♦41a
6112
7
♦1724
.
Last Sale 30
62
•H8
11«4
5
7
39%
39%
Last Sale 2%
6212
♦46s
62
19%
.
397S
2i2
12U
12
63
84%
•
40
♦214
2l2
52
V
40
7
*17i2
"".45
"
*5i2
391g
1214
63l4
♦46s
6212
62i2
*6%
7
•17i4 j 1712
12
1234
40
176% Feb 11
36
Mch25
162% Jan
16*4 Feb 28
May 8
"
40
40l2
* 40
3
" 1334
♦13
723, Deo
126
9
Feb 21
130
J'ne 23
62
6134
62
425
425
14
5
NOV
860 Bu*te-Balaklava
435
14
14
40i2
.
Feb
Jan
We Aug 12
Oct
5,032 Amalgamated Copper 100
2,110 Am Zinc Lead & Sm_ 25
35 Arizona Commercial.
5
,2*884
29i8|
63341
2
Dee
25
726 A llonex
.99
2S4
2
29U
150
21
3
*2
2ig
291*
Y,494
36
7234
21
♦2*4
'
28
2712
63i2
Deo
96
100
Ahmeek
187a
1U
♦3514
72U
733s
i2
-16
Mining
18i2
36
4
J'ne
80
59
100
375 Adventure Con
2
187g
3512
Do
Dec
74
100
pref
U 8 Steel
22
July'13
185s
1U
36
8,650
.
2
214
Last Sale 290
19*4
6234
107l2 108
125
150
100 *136
pref
Do
35
"617s
6334
108
♦2l8
285
1834
•H»
-«
214
2U
♦275
193s
19i8
36ia
v
—
2l2
2l#
285
*275
49»4
491a
■
•275
173
171
Dec
13
Mch
29 "110
19*8 Feb
14
125% J'ne 10
Button-Hole..710
Do
83
110
Union Copper L & M 25
100
1,091 United Fruit
5,188 Un Shoe Mach Corp. 25
Aug'13
Mch 27
3
Torrington...—25
Aug'iai
271«
85
107% Oct
8
100
193 Swift & Co
271
Last Sale Us
Dec
124
100
pf" 100
pref
Reece
119
Mh> 15
100
14 N E Telephone
93 Pullman Co
145
J'ly
8
Feb 10
105
Elec Ilium...100
Do
260
Feb
126
2% J'ne 11
16% J'ne 9
10
N E.Cotton Yarn
Aug'13
145
Last Sale
*1
170
108
218
Aug'13
Mch 5
Jan 13
122
44% J'ne27
prer
..100
20 Morgenthaler Lino...100
Mexican Telephone— 10
June'13
Last Sale 75
♦27
169
169
•
145
27i2
1%
168U 169i2
50
507a
63%
64i8
61%
625s
108*2
107it 1071a ♦108
♦.— ,220
260
Aug 21
*91
Do
32
154
154
*154i2 15434
154l8 155
Last Sale 1518 Aug'13
15%
105
105
105
105
10458 105
169
I
91
107
9
16
8
11
Dec
J'ly 3
J'ly 15
""9I9 MassachusefctsGasCosl 00
91i4
91
20
79
85
100
Electric
McElwain (WH) 1st
♦15
1518
104l2'105
27
27l2
*27
27l2
*1
ll4
105
91l4
92
50
♦145
♦145
9H4
3lg
*30
75"
91%
165
70
Llloo
prer.
82 Edison
Feb 14
130
.24
100
803 General
1453s
166
J'ne 28
50
170 East Boston Land
Aug'13
92
♦3
3l8
144
Do
J'ne 19
Aug
May
90% Jan
9
.85
Aug 14
150
Feb 27
Amoskeag Manufacturing
1,151
•
7
50
45
Aug 22
....100
Do
5
pref
605 Atl Gulf & W I S 8
273
*272
Last Sale 100
91
81"
273
<
145U 14612
♦91
218
273
17
7
6
Jan 24
6
80% J'ne 10
Sugar Refin___100
pref
Deo
70
Men
7% Mch
.
Mcb
J'ne21
....
Do
65
Feb 25
26
.
*385
78'4
783s
63i2
Dec
J'ne 25
50
American Woolen
June'13
7834
63i2 63i2
♦94
91
•15
1
12978 130
130l4
Last Sale 173s
♦63
9H2
153% 15418
•261a
130
19
10
158
Do mPref—
-100
Amer Telep &
1,790
Teleg.100
106
95
9H2
•6712
145
115
63l2
...
91
75
1
110
115
7% Feb 19
139% J'ne 12
Agricul Chem.,100
510 Amer
110
114i2 115%
78%
63i2
9H2
*30
19
Dec
115
pref
....100
106 Amer Pneu Service.. 50
Do
220
pref
50
234
234
19
290
114 j'ly 22
100
St
Do
298
3
98l2 Aug 22
100
pref
847 Amer
45
9334
11012 110%
78i2
78%
91
♦217
14 5~
111
911a
50
•
110
3%
19
19
19
91
"3"%
•3
•30
•
270
3
314
19
12l2
142*4 145U
*9812 100
92
•216
93
•16
13
18
4412
9334
16
17%
"16*34
13
1212 ♦1212
273
273
2731a *270
145
145
14312 144
♦99
100
♦98i2 100
"l7%
•16
1§12
•121*
46
93%
*3
78U
*8
♦8
*8
46
9334
♦17
78
♦63
7712
•62l2
•94l2
46%
938s
18
*17
7734
46
114l2 114l2 ♦11412 11534
130
130
130i8
130i4
11534
12978 130i2
129% 1297s
'
•
9334
314
314
191*
1,9%
111
lllU
93i2
Jan
67
Miscellaneous
'
4612
•46
Dec
290
130
nref...
73
94
101i2 J'ne
J'ly
99% J'ly
*115
Aug
82% J'ly
100
Apr
12*4 J'ne
100
Do- Rights
Vermont & Mass
40",966
.40
Last Sale 130
.24
*127
Pacific
Nov
3
200
100
65 Union
202
Jan
'
100
Colony
Rutland, pref
Dec
112
Jan 27
97
163
xr1?,0.- pref stamped .100
25
165
26
73
...
10 Old
*163
165
9012
♦88
We
114% Jan 30
205
43
3,003 N Y N H & Hartford.100
Do
20,758
Rights
Northern N H
100
98% 100
Last Sale 115
♦163
118
.72
*71
9934100%
2
1 2 At
pref
pref
100
2 Maine Central
...100
10 Mass Electric Cos.-.100
84
140
"73"
*72"
88
v
72
Do
Fitchbur^ pref
100
Ga By & Elec stmpd.100
6
*"I~I; Ye"
29i2
#
Aug'13
♦71
*127
73
•72"
16
80
101%
26i2
2712 •25
♦2612
1527g 15318 ♦1533s 153»4 ♦15234 153
Last Sale
*83
84
8334
*83i4
154i4
♦83
16
| 2B3J >2%
163
*26
29
84
•83
163"
165
♦26
152
152
,
*163"
2612
2612
*100
9934 100%
2% 2li32
100-
84
841
x
1037s Feb
101% Nov
211% Sep
2
May 5
J'ne 12
5
Wore Elec Oos_
Connecticut River._ .100
July'13
100
101
84
1
*105%
—
101
♦71
pref
oc
pref
100 Ohic June lty & USY.100
166
*164
166
16
72%
9912 100
2%
2i4
♦IOO*
"72"
7214
9912 100
72%
VAt
2%
84""
16
Do
4
Jan
May 14
7i2 Feb 19
67i2 J'ne Q
Do
Last Sale 115
*
101l2
16
*14
16
"72^
-
♦166"
102
102
101l2
•101
84"
*
....
Boston
100
101
100
2
101*8 Feb
215
250
May'13
♦105'2
:
2 Boston & Providence. 100
Boston Suburban El Cos.
June'13
57i2 June'13
Last Sale 200
♦100
50
June'13
♦164
10512
*114
*115
♦1143s
•11412
IOO"
100
101
*100
101
*253
Ixist Sale
*200
♦200
♦200
181
100
Last Sale 7
**
164
164
105% 105l4
•105
,—100
Last Sale 43
m
•105
253
106% Jan
95% J1y7 9
Apr 30
83i2 J'ne30
190
157 Boston Elevated10 Boston & .Lowell
66
Year 1912:
Lotoest
Highest
J'no 12
94
_
104 Boston & Maine.
88
Last Sale 7i2
66
♦42
*7i2
•712
*56i2
66
253
"1*5"
*7
19
....
*65
♦253 *
15
Railroads
Top & Santa Fe„100
pref
-.100
Boston & Albany
100
Do
-
♦183
*7
15
88
♦65*
88
87i2
Lowest
Atch
9838 July' 13
♦198
200
198% 199
"e'e"
...
9512
Range for Previous
Range Since Jan. 1
basis of 100share lots
On
EXCHANGE
Shares.
Last Sale
•
64la
•252
.
Aug. 22
♦95i.t
199
.«
*183
Week.
965s
88
9H2
184
65
•66
66
66
199
200
90
183
•181
•181
-
•199
200
92
•199
♦96
96i2
961a
♦96l4
9614
9612
•9578
96%
97i8
*9578
•955b
96
961^
•9584
.
Friday
Aug. 21
j Aug. 20
Aug. 19
STOCKS
BOSTON 8TOCK
Sales
of the
Thursday
Wednesday
Tuesday
Monday
PRICES
CENTUM
PRICES—NOT PER
SHARE
'2
,1% Dec
*3% D6c
4% Jan -2
76
Jan
T'ne 12
iJW ealjk_J*. HaU paid.
,
65
.
Dec
r.Al'r.
DOC
AUG. 23
1913.]
Boston Bond Record
BONDS
~
BOSTON STOCK EXCHANGE
Price
Am
Jan. 1.
1928 A-O
1926 J-J
___.__1036 ttf-S
4s.
20-year cony 4^s__
Am Writ Paper 1st s f 5s
.1933
1919
g
High
9934 Apr '13
,88%
10334 Mch'13
j"-"i
Sale
Io3%
Am Zinc L & S deb 6s
Sale 10284
10314
ss78 Jn* 12
131
109
.f'ne'12
II"
..1015 M-N
Atch Top & 8 I«e gen g o
1095 A-O
-> Adjustments 4s
.July 1995 Nov
Stamped
Ask Low
"88"
88
No.
Low
-.July 1995 M-N
,.1955 J-D
~96 "
97'
10-year conv 5s
1917 J-D
Atl Qui & W 1 SS Lines 58.1959 J-J
•99%
cony 4s
Bos & Corb 1st
Boston Kiev 3
conv s f 6s
-vrg4s
Ixjwell 4s
Boston & Maine 4 ^s
Plain 4s
cons
1942
1918
6s.
F-A
J-J
K O Ft S 8c M Ry ref 4s
Kan OM4B gen 4s
Iowa Div 1st 4s
1922
101
95%
95%
94%
9378
82
1103 Oct '07
Old
95
* *98
100
100
98
May'13
997g 100 J'ly '13
9812 Mch'12
98% Dec *12
83
J'ly '13
"98%
F-A
1921 M-S
99
99
Sale
82
85
107
107"%
1065#
80
88
92
90
93
107
1926 A-O
1946 A-O
1918 M-S
Union Pac RR & id gr g 4s_1947 J-J
20-year conv 4s. 1
__1927 J-J
United Fruit gen s f 4H«
1923 J-J
Debenture 4 Hs
1925 J-J
U S Steel Co 10-60-yr 5s Apr 1963 M-N
92"
92
West End Street
8OI4 Sep '12
1940 M-N
97
Fitchburg 4s
1927 M-S
Frerat Elk & Mo V 1st 6s._1933 A-O
Unstamped 1st 6s
..1933 A-O
97
97%
95
Feb'13
122
Mch '12
I22"
5s
88
88
pays accrued Interest In addition to the purchase price lor all Boston bonds.
.
10034 Mch'13
90
III i6o%io<5%
93
....
953g
95%.
90
80
94
....
92
96%
93%
100l2
1915 F-A
97
9914
1917
103%
90
9538 J'ly '13
90
J'ly *13
94
.1910 M-N
Western Teieph 3c Tel 5s
Wisconsin Cent 1st gen 4s
122
100
Aug'13
Apr '07
1914 M-S
Ry 4s
4
Gold debenture 4s
Gold 4s
Oct *12
122
lHig
Gold
97" *9912
97
Aug'13
Jan '11
70U Dec '10
J'ly'13
97
95" "95"
Mch'13
IOOI4 Aug'12
92
J'ly '13
mmmwe.
103
90
95
*95
&117%125%-.
100
1919 M-N
98
11
110
1929 J-J
92%
101
99841011,
1111107
Shannon-Ariz 1st 6s g
J'ly *13
97% Sep '11
93
101
108%
Terre Haute Elec g 5s
g
90
88
80%
Torrlngton 1st
94
107
llOSg
79l2
J'ne'13
Deo
94%.
991,
97
Apr'13
100%
75
Puget Sd Elec Ry 1st 5s....1932 F-A
Repub Valley 1st s f 6s
.1919 J-J
Savannah Elec 1st cons 5s._1952 J-J
Seattle Elec 1st g 5s
1930 F-A
85%
93U
92i4 Mch'12
1173, J'ly '13
101
Apr *09
1077s 109ig 111% Oct *1:
g Cs
80
101%-
*94" "97""
90
100% Sale 100%
1922 F-A
Pond Creek Coal 1st 6s ...1923 J-D
98% 1003).
78
95
J'ne'08
101
...1924 F-A
Colony gold 4s
Oreg Sh Line 1st
1135s Feb '11
91
May'12
1920 J-D
92
83
99
7912 J'ne'13
1053s
1931 M-N
.1921 J-D
89»<
92
108l2 113
768, 76V
901, 901,
95% Aug '13
9384 Aug'13
Aug'13
~9<T "90%
NYNH&Hcon deb 3H»-1956 J-J
Conv deb 6s__.
1948 J-J
104% 104%
J'ne'13
99*4
9614.
957s
92
13
97
1932 A-O
5s
102
Feb
115
Telephone 1st 5s
1917 J-J
New Eng Cotton Yarn 5s_.1929 F-A
New Eng Teieph 5s
1915 A-O
J'ne'13
83
100%
Copper Range 1st 5s
1949 A-O
Cudahy Pack (The) Istg 5 .1924 M-N
NOTE.—Buyer
1934 [M-S
1934 M-S
New River (The) conv 5s..1934 J-J
Illinois Div
1949 J-J
Chic Jet Ry & 8tk Yds 5s_.1915 J-J
Coll trust refunding g 4s_194C A-O
Ch Milw 8c 8t P Dub D 6s__1920 J-J
Ch M & 8t P Wis V div 6s_.1920 J-J
Current River 1st 5s_
Det Gr Rap & W 1st 4s
Dominion Coal 1st a f 5s
85
92
Mich
i04% JTne"'13
1927 M-N
Ch & No Mich 1st gu 5s
Chic 3c W Mich gen 5s
! Concord 8c Mont cons 4s
50
91
....
Marq Hough 8c Ont 1st 6s..1925 A-O
Mass Gas 4JH>s
1929 J-J
Deben 4 Hs
Dec 1931 J-J
66
Feb '12
86
83
1919 A-O
Denver Exten 4s
Nebraska Exten 4s
B & S W sf 4s
"59" *
High
993g
93%
94lg
1077s 10836 108i2 May'13
768gJan *13
90% Feb *13
78U May'13
95
Aug'13
gu_1936 A-O
Assented income 5s
97
Low
117* Apr"'08
A-O
Kan C 8c M Ry & Br 1st 5s.l929 A-O
44
101
101
Spr 1st 5s___1926
No
94% Aug'13
Kan O Ft Scott« Mem 6s_.1928 M-N
97
66
95
s
*85% "85"%
J'ly'13
63
-J
*
f gen 5s. 1925
la Falls & Sioux O 1st 7s_._1917 A-O
Kan C Clin &
50
May'13
95ls Feb '12
IOOI4 Mch'09
1041; Oct '0>
Butte El & Pow 1st 5s
.1951 J-D
Cedar Rap & Mo Riv 1st 7s 1916
[M-N
Cent Vermt 1st g 4s
May 1920 Q-F
C B & Q Iowa Dlv 1st 5s
1919 A-O
•
Sale
1923 M-N
1935 M-N
_1916 J-J
..1944 J-J
Boston &
Bur & Mo Riv
66
97
1921
4s
Houston Elec 1st
997, 110% Mcil'll
50-year
Since
Jan. 1
Ask\ Low
High
983g 99ig 99% Apr *13
94% Sale
94%
94%
J-J
"93" "98
K7%Nov 12
85% Aug'13
Rang«
or
Last Sale
Bid
Registered
102i2 106
99
10414
'"16
Range
August 22
Gt Nor O B & Q coll tr 4s_.1921
89*4
Week's
Friday
Week Ending August 22.
General Motors 1st 5-yr 6s. 1915 A-O
102
80
95% Aug '13
"83 " *84%
1*
High
99
"21
Price
BOSTON STOCK
Since
Last Sale
Agricul Cbem 1st 5s
Telep & Tel ^oil tr 4s
Convertible
BONDS
EXCHANGE
Rome
Range or
Bid
Am
<
Week's
Friday \
August 22
Week Ending August 22.
511
97%
F-A
98%
1932 J-J
1949 J-J
Aug'13
933g
100i2
J'ly '13
J'ne'13
Feb '13
Nov'll
99
99%
99
877g
88iS
93% Feb '12
* No price Friday; latest bid and asked.
99
93
95%
987, 101%
97
97
99U
971,
9914.
971,.
6J 977,100%'
U Fiat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARE
PRICES—NOT
PER
CENTUM
PRICES
Sales
ACTIVE
STOCKS
Range for Previous
of the
Saturday
16.
Monday
Aug. 18.
•1081, in
•1111, 114
•112% 114
Aug.
109
109
17
27%
2714
108
Thursday
Aug. 21.
"if"
*109
110
*110
113
17
17
•16%
17%
67%
•57
58
*17
57%
116" 116"
116
19%
•4584
27%
46
Wednesday
Aug. 20.
58
•—.
46
108
17
•57
•18%
Tuesday
Aug. 19.
116
19%
*
116
116
*19%
"45%
27%
..
27%
•19
20
•45
45%
27%
20%
46
•45
46
27%
27%
27%
27%
108
108
111
108% 108%
•110
(For
•56%
-
•114
60
""95
16%
57%
Northern Central..
9
33
18%
Seaboard Air Line
Do
pref
135
27%
below)
Lowest
„
Highest
J'nelO
120
Jan 16
96
Jan
117
J'ne 12
120*4 Jan 31
101
Jan
126
14
J'nelO
101
56% J'ly
J'ly
14% J'ne
41% J'ly
60
114
.100
..100
United Ry 8c Electric.
1,682
Lowest
Highest
101
Houston Oil tr cfcfs
100
Do
pref tr ctfs.100
10
116
*17%
•44%
27%
see
Year (1112)
Inactive
and
Baltimore
Con Gas El L & Pow.100
Do
pref
100
111
16%
Bonds
Stocks
Shares
22.
Aug.
Range since Jan. 1
Week.
Friday
23
28
Apr
Jan
9
Apr
68
2
8% Jan
53*4 Jan
4
121
130
Dec
18
Dec
16
123
11
21
19
47% Jan 24
45% Mch
27% Apr
3
18% Jan
Feb
6
Jan 30
50
23
Jan
6
Cement...
50
2
Feb
6
American Railways..
Cambria Steel
1
50
37
J'ne 11
x49% Feb 24
50
41
J'nelO
53% J&n
9
12% Jan
9
54% Jan
9
-427, Feb 4
78
May 13
13% MaylO
31% Jan
9
93% Jan
3
84% Jan
3
May
Apr
26% Not
72% J'ly
Apr
27% May
66*4 J'ne20% Sep
Philadelphia
American
•38
39
46
46
•37%
46%
•47
48
•47"
•36
37
♦36
•72*4
•12U
73%
1234
•7284
♦12%
25%
25%
25%
853,
85%
38%
46%
85%
•76
76%
20%
•1984
•33
34
*33
86%
76
•20
66%
56%
•428,
43%
22%
22%
•228,
23%
797, 80%
4%
4%
•48«4
49%
•847,
85%
,
47%
"47%
37
♦72*4
•12%
73*4
13
36%
*72%
♦12%
*25
26
26
26
85%
*8484
76%
76
34
*85
*19
20
•19
33
33
*32%
33%
*32%
22
21%
221,
22%
23
80%
80%
4%
80%80%
4% 4%
•80% 80%
4%
49%
85%
♦48%
Bid
85
85%
Am Gas 8c Elec 5s '07.F-A
Am
Atl O Gas 1st
217,
22%
50
"48"
49
Bid and asked:
.80
6s
1
75% J'ne 10
4
J'ly 22
60
46% J'ne 10
50
80% J'ne 10
1
100
105
Asphalt 5s 1016.M-S
1943...F-A
62
-39
Consol
Consol 4
39%
43
6s
:
J-D
1923
1923
Annuity 6s
637,
116%
s
84%
.
J.M-N
Welsbach s f 5s 1930
J-D
Wil-B G&E con 5s '55_J-J
York Rys 1st 5s 1937.J-D
681,
88
901,
.
.
Atlan Ooast L (Conn) .100
100
99% Canton Co
Consolidation Coal
100
Georgia Sou 8c Fla
100
105%
1st preferred
....100
2d preferred
111 111%
.....100
101
G-B-S
Brewing....
94"
MarketStEl 1st 4s '55M-N
94
Prices
are
all
Con & coll tr 5s '51 M-N
Phil Elec gold tr ctfs.A-O
67%
5
"89 "
Trust ctfs 4s 1949..J-J
"ii"%
36
12% P & E
37*
■eHi en this day.
gen M 5a g '20.A-O
Gen M4gg 1920
A-O
1 Ex-div. and rights.
99
5s 1916
M-N
J-J
No Bait Dlv 5s 1942J-D
Cent Ry cons 5s '3 2. M-N
Ext &
Imp 5s 1932 M-S
Ohas City Ry 1st 5s'23 J-J
101% 102"
80% 80% Ohaa Ry G 8c El 5s '99MS
City & Sub 1st 5s 1922 J-D
99"
CIty&Sub (Was) 1st 6s '48
t 815 paid.
$ 13)4 paid.
3
2
23
Jan
60
Dec
49% Dec
||167, Jan
22% May
74% Jan
6
6% Jan 13
51% Jan
91% Feb
5 17H Paid./
Dec
49*4 Feb
86% Jan
9
3
BALTIMORE
Bit
Ask
93
95
A-O
Gen 4Ks 1954
Cons G E & P 4^s
97
109
*94"
con
'
-
5s '45 J-J
m
mm
87
'35 J-J
94% Fair & CI Tr 1st 5s '38 A-O
Ga & Ala 1st
I
103%
Consol Coal 5s 1950..J-D
86
-
-
-
-
*«*
74"* Georgia P 1st 6s 1922—J-J
„ M)
75% G-B-S Brew 3-4s '51.M-S
90% Houston Oil div ctfs—F-A
Knoxv Trac 1st 5s *28 A-O
104
91%
87%
87%.
99%
102
Ga Oar&N 1st 5s g '29 J-J
•
103
106
Ga So & Fla 1st 5s '45.J-J
.
1
1
mmmm
"93%
2371, 241
170
*94%
MaconRy&Lt 1st 5s'53J-J
Md Elec Ry 1st 5s '31 A-O
Memphis St 1st 5s *45. J-J
Monon V Trac 5s *42 J-D
Mt Ver Cot Duck 1st 5s._
NptN & O P 1st 5s'38M-N
N & A Terml 5s '29..M-S
"43%
f0()«2
96%
98%
68
80
3
08%;
97
"92"
Nor&Port Tr 1st 5s'36 J-D
92
"97
Norf Ry 8c L 5s '49
M-N
North Cent 4^s 1925 A-O
Series A 5s 1926..
J-J
88%
98%
103
J-J
103
Poto Val 1st 5s 1941;
Bait City 8 Us 1930... J-J
4s 1954-1905
Various
5-20-yr 4s 1925..
,,
28% Jan
84% Jan
Feb
877, MCh
78% Feb
8% Jan
Series B 5s 1926
B S P & C 1st 4 Kb '53 F-A
Bait Trac 1st 5s *29. M-N
87
24% Feb 14
Apr
99
Bitt Un Trac 5s 1997..J-J
J-J
People's Tr tr ctfs 4s_194S
P Co lst&coll tr5s'49M-S
8
Apr
6
27
101
100
Income 4s 1939...M-N
Pa & N Y Can 5s '39.A-O
Penn Steel 1st 5s '17..M-N
4s'3$
18
Jan
Sep
55% Oct
12% J'ly
588, Aug
39% D«C
73% DM
13
Sep
35% Sep
100
Sep
9>7, Jan
167, 3ep
32% Dec
63% Apr •
56% Feb
248, Sep
20
Sep
80% Apr
8% Apr
53
Sep
92% Aug :
59% Apr
I6o"
my m m
"and
Anacostia 8c Potom 5s A-O
Atl O'st conv deb 4s_M-N
Atl Coast L(Ct)ctfs 5s J-D
N Y Ph & No 1st
Jan
7
47
113%
97% "98" Consol Gas 5s 1939._J-D
interest"
NatLH&P serB 5s *10 J-J
New Con Gas 6s 1948. J-D
50
J'ne
Oct
Mch
J'ly
Jan
Coal 8c C Ry 1st 5s '19A-0
Coal & I Ry 1st 5s'20 F-A
Col 8c Grnv 1st 6s 1916 J-J
Ask
Bonds
141%
103
....
J'nelO
baltimore
Inactive Stocks
76
1st series B 5s 1935 M-S
/so*
20% J'ne 10
....
82%
m
f 5s 1926
4
J'nelO
1001, 100%
1st series A 4s 1935.M-S
7
.a, mm
86
mm mm
"95"
Gen cons 4s 2003
M-N
Leh V Tran con 4s '35 J-D
9
Stan'd Gas <fc El 6s'26 J-D
Stand Stl Wks lst5s'28 J-J
1
40%
41%
11%
52%
237, Mch 28
37% Mch 28
61% Jan 9
United Rys Inv 1st coll tr
""71*
"81%
;•
g
99% U Trac Ind gen 5s '19.J-J
Un Rys tr ctfs 4a *49 .J-J
.J-D
..J-D
4
Bid
1941 Q-F
P W 8c B col tr 4s *21..J-J
84
Read Trac 1st 6a '33..J-J
95% Roch Ry 8c L con 5s '54J-J
Spanish-Am Ir 6a '27._J-J
A-O
Peoples Tr tr ctfs.
4s
PHILADELPHIA
Terminal 5s
Rys tr ctfs 4s'49J-J
Leh V ext 4s 1st 1948.J-D
60
10
50
ilt
15% Jan
2
29% J'ne 12
50
25
Mining....
Union Traction
United Gas Impt
70% J'ne 10
Ph 8c Read 2d 6s 1933 A-O
Ex Imp M 4s 1947.A-0
1998.Q-F
....
'
16
50
Bid.
f 5s '60 J-J
Keystone Tel 5s 1935..J-J
Lake Sup Corp lnc 5s'24 O
Lehigh Nav 4^s '14.Q-J
Gen M4^sg 1924.Q-F
105% Leh V C 1st 5s g 1933.J-J
.100
no
S'tl
Interstate
30
50
.
•
20
50
198
,
Welsbach Co....
.100
West Jersey 8c Sea Sh. 50
Westmoreland Coal.. 50
"tt' W
arrants. 2 i.i
'
Wilkes Gas 8c Elec.
.100
Railway..
50
Reading
Tonopah
85%
A-O
Harw Elec 1st 6s 1942 M-S
58
100
' Preferred
Phila R T vot tr ctfs..
101
Fr Tac & H 1st 6s '40.J-J
Washington-Va Ry_._l00
Ybrk
Elec &
Gen
50
United Trac Pitts pref 50
Virginia Ry & Power. .100
!
Philadelphia Elect!..
49
Ch Ok 8c G gen 5s 1919 J-J
Con Trac of N J 1st 5s '33
Del Co
.......
Warwick Iron & Steel.
s
Edison Elec 5s 1946
60
Pennsy receipts $15 paid.
Pennsylvania Salt
50
Pennsylvania Steel
100
Preferred
100
Phila Co (Pitts) 6% prf 50
^ 6 % cumulative pref. 50
Rys 5s 1917.
Bethleh
10
Minehill 8c Schuyl H__ 60
Nat Gas Elec Lt 8c P..100
Preferred
100
North Pennsylvania.. 50
._
37
Berg&EBrew 1st 6s'21 J-J
50
t nited Cos of N J
Philadel Co (Plttsb)..
490
4%
Bonds
1%
Prices are all "and
interest"
99% 100
Alt 8c L V Elec 4 M«*33F-A
100
Inter Sm Pow & Chem
,
PHILADELPHIA
Ask
100
_
85%
J'nelO
7,516
22
22%
217,
23
49%
83%
81
50
4
1,138
217,
49
J'ne
53% J'ne
1,179
-
22
49
22
140
120
33%
56%
43
4%
9», J'ne 10
1,024
568,
43%
X22
J'ne 10
70% J'ne 10
Lehigh Valley
50
Lehigh Valley Transit 50
Do
50
pref
Pennsylvania RR
50
20
♦4284
43%
33
100
Leh O 8c Nav tr ctfs
75
272
76%
•
56% 56%
100
Keystone Telephone. 60
Lake Superior Corp. .100
325
86
11% J'ly 29
42% J'nelO
Gen Asphalt..
Do
pref
305
20
43
42%
Electric Co of America 10
Elec Storage Battery. 100
""26
"
76%
22%
22%
Kentucky Securities
100
Keystone Telep, pref. 50
Keystone Watch Case 100
Lit Brothers..
16
1
♦85
76% 77%
66% 56%
43%
7984 80%
4%
4%
48% 49%
85
85%
Preferred
....
26
76%
19%
Electric
.100
Huntington 8c B T_... 50
Preferred
26
85
Harwood
Preferred
•72%
♦12%
19 *
22
Preferred
im
Consol Trac of N J
Railways General
Tonopah Belmont Dev
36%
73%
13
268,
76%
22%
10
Phila German & Norris
Phila Traction
48"
36%
•72%
•12%
26% '
33
Amer Rys pref....
100
Cambria Iron
50
Central Coal & Coke. .100
Schuylkill
*47"
36%
73%
13
,
560]
*
Inactive Stocks
American Milling..;
Little
361,
82
38%
"46%
•46
48
•47"
47%
36%
73%
13
38%
46
85
66%56%
*42%
PHILADELPHIA
Insurance Co of N A.
38%
76%
33
56%
43%
43%
22%
22%
22%
22%
80% 80%
4%
4%
•49
49%
85%
85%
38%
38%
46% ,46
20
20
20%
56%
38%
46
•36
73»4
13
25%
38%
46%
"47%
*48
<37
38%
46%
"•
98
99
93%
99
I62
South Bound 1st 5s
A-O
89
90
Income
93%)
95
Funding
4s
5«
1949...J-D
1936..J-D
83
62%
87%
Conv notes 5s 1914 J-J
102%
Va Mid 3d
103
90
104
102
87
101%
103
Seab & Roan 5s 1926..J-J
U El L&P 1st 4 ^s'2ftM-N
Un Ry 8c El 1st 4s *£9 M-S
102
100
100% 102
Seab Air L 4s 1950...A-O
101
1021,
102%
100%
J-J
Sav Fla 8c West 5s '34 A-O
89%
92%
ser
6s
'16.M-S] 166'
4th ser 3-4~5s 1921 M-S
101
92%
100
5th series 5s 1926.-M-S
100:
Va (State) 38 new '32.J-J
Fund debt 2-3s 1991 J-J
West If O con 6s 1914. J-J
Wil & Weld 5s 1035..a_J-J
loo"
103
.A..
83%
t
CHRONICLE
THE
[Vol. xcvii.
Jmrestraewt and Railroad Intelligence.
■
*
-
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»
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EARNINGS.
GROSS
RAILROAD
earnings of every STEAM railroad* frim which regular weekly or monthly returns
give the gros3 earnings for^he latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsejuent page.
The
can
following table shows the
gross
The first two columns of figures
be obtained.
Current
Mon'h.
Ala N O & Tex Pac-
June
Atlanta Birm & Atl June
Atlantic Coast Line June
Chariest & W Car June
Lou Hend & St L June
Baltimore & Ohio. July
f
B&OCh TerRR June
Bangor & Aroostook May_.
Bessemer & Lake E June
Birmingham South- June
June
Boston & Maine
.
.,
.
Buff Roch & Pltfcsb. 2d wk Aug
June
Buffalo & Susq
_
Northern 2d wk Aug
2d wk Aug
Pacific.
Central of Georgia- May
Canadian
Canadian
_
.
Cent of New Jersey June
Cent New England- May..
-
Central
Vermont.
May
.
.
Ohes & Ohio Lines. 2d wk Aug
1st wk Aug
Chicago & Alton
Chic Burl A Quincy June..
2d wk
Aug
p Chic Great West.
2d wk Aug
Chic Ind & Louisv
June
Chic Milw & St P.
.
Chit Mil & PugS
tOhic & North West June
eOhic St Paul M &0
Chic Terre H & S E
Cin Ham A Dayton
Colorado Midland
—
—
June
June
b Colorado A South 2d wk Aug
June
Cornwall
Cornwall A Leban. June
June
Railroad
Delaware & Hudson June
Cuba
Del Lack &
West.. June
Denv & Rio Grande 2d wk Aug
2d wk Aug
Western Pacific.
_
Denver & Salt Lake 2d wk Aug
Detroit Tol & Iront June
Detroit A Mackinac 2d wk Aug
June
la
Dui & Iron Range
—
Dul Sou Shore & Atl 1st wk Aug
Elgin Joliet A East- June
El Paso & Sou West June
Erie
-_.-_-.i_- June
Fonda Johns & Glov June
..
..
..
Florida East Coast. June
Tune
Georgia Railroad-
Year.
$
S
..
7,626,494 7,252,257 86,510,709
1,417,742 1.347,477 17,223,996
142,830
127,873 1,929,552
931.268
819,769 10,071,297
127,695
133,273 1,828,335
251.352 I,757,909
306,443
240,851
17,687
18.596
414,019
28,014
30,204
318,818 4,632,040
399,100
1,953,503 2,275,294 23,999,532
3,392.183 3,251,840 40,518,045
479,400 3,034,900
505,800
874,200
137,600
113,300
203,570
33,054
38.414
137.407
136,475 1,673,286
163,368
26,155
24,432
953,235 7,121,719
1,052.769
393,052
74,691
70,998
1,149,451 1,154,545 13,350.782
8.657.716
655,801
691,680
5,356.891 5.029,106 62.647,359
988,324
86,442
85,566
304,150
352,783 5,037.056
222,973 3.117,765
221,804
161.091
Grand Trunk Pac__ 4th wkJuly
Grand Trunk Syst. 2d wk Aug 1,150,198
1st wk Aug
Canada Atlantic
Great North Syst.
Gulf A Ship Island
June
Hocking Valley
June
Illinois Central
July
Internat & Gt Nor
2d wk
July
...
Aug
2d wk Aug
Inter oceanic Mex
June
Kanawha & MichKansas City Sou— July
a
June
Lehigh Valley
Louisiana & Arkan. June
Louisv A Nashv.- 2d wk Aug
s
Macon & Birm'ham July
June
Maine Central.
....
Maryland & Penna June
a Mexican Railways 3d wk July
1st wk Aug
Mineral Range
\ 2d wk Aug
Iowa Central— I
Minn StPA SSM/ 2d wk Aug
Chicago Division)
Minn & St Louis—
Mississippi Central.
v Mo Kan & Texas.
• Missouri Pacific.
Nashv Chatt & St L
a Nat Rys of Mex._
N evada-Cal-Oregon
June
2d
.
wk Aug
2d wk Aug
June
2d
wk Aug
2d
wk Aug
June
.
SO MobUe & Chic.
Orl Grt North.
May-
ew
June
^iYO&Hud Rlv.
Lake Shore & M S June
n Lake Erie &W_ June
•
Chic Ind & South June
Michigan Central June
Oiev 0 O & St L.
Peoria & Eastern
Cincinnati North
Pitts & Lake Erie
•
-
_
.
.
.
_
June
.
June
.
June
June
i.
N Y Chic & St L. June
June
.,
Tol & Ohio Gent
_
77,047.447
15,371.367
1,827,351
9,825,321
1,830,166
1,553,245
196,751
308,573
3,819,253
21,142.929
35,492,527
2,994,600
753,400
180,288
I,762,327
152,534
6,684,438
388,802
10.720,752
7,613,456
56.492,370
932.168
4,432,304
3,378.734
524.050
1,698,423
147,894
47,500
52,471
1
37,472
46,197
50.631
7,508,171 6,468,921
154,587
180,725
723,501
666.227
5,331,518 5,097,005
172,000
176,000
164,958
155,222
296,772
296,931
813.884
833,797
3,743,478 3,649,193
127.092
135,241
1,142,305 1,085,675
10,230
14.739
942,991
913,329
41.233
37,168
173,900
169,100
5,546
15,902
199,463
198,626
625,654
7,341,885 6,849",973
710.074
780,070
231,814
254,709
247,675
281,463
6.468,921
7,508,171
1,982,323
2,110,542
7,817,644 7.303,679
5,331.518 5,097,005
1,146,000
1,085,000
1.165.184
1,088,210
3,303,229 3,145,253
813,884
833,797
43,043,372 36,905,935
1,533,572
1,717,289
7,159,510 6,658,400
10,230
14,739
II,331,406 10,643,051
506,861
445.792
535,731
•
"
508.500
80,782
663,600
65,504
1,120,268
1,114,609
3,753.946
3,293,223
86,654
84,982
1,054,547
636,945
561,496 3,835,793
1,133,000 1.286,000 7,346,311
1,068,182
995,858 13.317.162
638,204 ,340,024 3.979,531
6,531
9,382
57,136
166,074 175,847 2,490,052
170,2lf 145,515 1,639,528
9,962,558 9,125,467 115106531
4,827,892 4.433.597 58,272,046
515,045
447.045 6.062,323
315.190 .4,407,454
340,536
3,015,719 2.617.377 5f5.379.495
2,888,944 2,534.230 33.983,298
291.724
266.739 3,568,496
100,176 1,416,920
122,935
1.735.242 1.606.389 20,040,505
1,093,277 1,033,456 12,623,141
601,866
003,556 6,672,732
892,437
3,372,314
7,672,740
12,262,675
7,497,556.
67,558
2,002,728
1,489,825
106631635
60,661,871
5,550,211
3,975,554
31,342,468
30,700,843
3,160,453
11324,747
16,441.699
II,593.474
5,249,429
25394837 22983202 296542142 266632456
5,740,206 5,482,402 63,197,752 59,105,855
.
Tot all lines above June
N Y N H & Hartf.. May__.
.,
Previous
Year.
Year.
AGGREGATE'
01* GROSS
N Y Susq & West.. May..—..
Norfolk Southern
June
__
Norfolk & Western. June
June——
Northwestern
May
May
Pac:.
Pacific Coast Co
'
.
Vail June
.
Central June
Phil Bait & Wash June
W Jersey A Seash June
June
Pennsylvania Co
June
Rap A Ind
Pitts C C A St L- June
Vandalia
Total
3,490,447
6.839,095
7,236,166
571,839
141821.87 181830903 164191847
280.961
318,658
27.025
25,685
3.034.351
3,521,446
282,314
299,759
1,291,017 1,102,314 11,641,882 10,752,423
134,144
152,951
11,230
12,890
393,681
358.110, 3,781,498 3,424,153
1,106,921 1,077,482 13,334,941 12,548,664
1,783,321 1,755.362 21,103,722 19,297,502
6,351,118
6,351.136
610,073
570,745
6,154,779 5,912.294 86,573,352 56.909,515
5,182,221
451,881
419,301 5.519.073
3,649,063 3,568.028 44.510.399 40,756,700
884,236
840,343 11.204,406 10,020.042
June
Long Island
Maryl'd Del A Va June
N Y Phila & Norf June
Grand
8,527,944
3,374.288
3.284,822
300,692 3,603.666
3,457,322 43,739,921 39,375,237
5,514,438 72,676,139 83,423,947
3.172,187
301,463 3,355,916
9,451,349
235.145
645,357
15559930
Bait Ches & Atl. June
Northern
$
.
797,529
293,002
3,742.889
0,024,222
328,231
Pennsylvania RR__ June
Cumberland
Year.
S
S
816,012
321,333
N YOntfc West... June
Previous
Current
Year.
Month.
Northern Pacific
July 1 to Latest Date.
Current
or
S
148,816
Grand Trk West. 1st wk Aug
Det Gr Hav & M 1st wk Aug
Week
ROADS.
S
319,616
361,559
319,616
150,045
148,815
150,045
134,439
147,320
134,439
147,320
283,223
290,121
46,427
47,995
107752360
8,620,429 8,668,710 116896251
3,246,302
220,248 3.243,046
232,584
2,609,253 2.530,851 36,123,072 33,498,356
1,933,896
1,895,999
120,257
132,676
1.279.469
103.506
94,542 1,231,483
8,838,810 8,052,885 8,838.810 8,052,885
1.557.470
141.895
1,794,351
150,022
3,111.023
300,279
242,718 2,982.765
1,058,468 1,049,053 9.012,362 8.457.266
891,965
93,107 1,276,628
113,158
4,048,654 3,971,921 48,513.507 45.990,364
1,455,429
1,619,068
249,903
259,655
180,523 2,482,516 2,313.084
210,382
2,638,800
401,800 2,784,400
436,900
2,630,000 2,677,000 16.766,000 17.024.000
978,553 12.958,452 12,965,833
1,003,17^
2,407,234 2,511,964 28,405,757 25.887,738
3,167,020
252.194 3,411,644
306,863
3.732.915
358,935
335,284 3,824,956
745,956 4,222,860 4,237.270
223,125
1,536,918
306,308 1,624,597
296,328
7,495,788 6,884,366 94,374,486 86,723,068
1,635,093
298,095 1,758,105
307,698
814,878
854,877
133.973
142,339
7,631,916 6,799.651 94,084,055 79,255,356
June
June
Year.
Previous
Year.
361,559
N O & Nor East. July..
Ala & Vlcksburg. JulyVicks Shrev& Pac July..
2d wk Aug
Ann Arbor
Atch Top & S Fe
Current
Year.
or
Previous
$
Week
Latest Gross Earnings.
July 1 to Latcs. Date.
Latest Gross Earnings.
ROADS.
June
Lines
22331180 20836107 257089959 233879910
11275560 10860575 129316302 114226367
33606740 31696682 386406282 348106276
June
East Pitts & E
West Pitts & E__ June
All East &West June
Pere Marquette
1,309,768 1,347,978 17,406,755 16,676,428
June
Reading Co—
4,369,543 3,224,803 47,524,483 41,517,114
755,243 38,489.447 32.580,797
3,294,073
7.663,616 3,930,046 86.013.930 74.097,911
May
2.575,535
239,675 2,968,612
259,219
June
908,238
1,024,220
76.649
--75,787
May
&72,748
77,041
12,713
12,488
2d wk Aug
June
6,375,933 6,076.920 71.364,93 4 64,712.854
3,430,170
303.902 3 706,981
June
323,455
1,545,825
1.553.465
107,511
June
121,425
2,784,859 2,549.935 31.656,656 27.770,275
May
1,819.138
153,324 2,083.565
199,178
May
June
3,706,970 3,387,002 46,050,290 42,100,364
1,298,484 1.035,493 14,869,489 14,008,995
May
4,996,592 4,413,962 57.212.809 52.722.357
May
1,581,000
1,500,000
243,000
261,000
2d wk Aug
891,086 10,238,050 9,124,474
June
941.128
2,187.339
448,849 2,267:400
466,493
1st wk Aug
Phila & Reading- May
Coal A Iron Co_. May
Total both cos
Rich Fred & Pofcom
Rio Grande June
Rio Grande South-.
Rock Island Lines
Rutland
St Jos A Grand Isl'd
St L Iron Mtn A
St L Rocky Mt &
So
P
St Louis & San Fran
f Chic & East 111.
Total
all
lines
St Louis Soufchwst.
San Ped L A & S L.
Seaboard Air Line.
_
-
11644536 10540832 142774705 131525170
June
Southern Pacific
7,896,112
1.482,306
1,199.999
Southern Railway.. 2d w'k Aug 1,265,203 1,242,739
232,291
222,273
2d wk Aug
Mobile 6c Ohio
181,132
193,693
Cin NO & Tex P. 2d wk Aug
Texas 6c Pacific
;
June
2d
wk Aug
134,735
June
2d wk
311,468
8,882
24,315
108,041
Aug
Tidewater 6c West. June
Toledo Peor 6c W est 2d wk Aug
Toledo St L 6c West 2d wk Aug
Union Pacific Syst. June
Virginia 6c So West. June
Virginian
Wabash.
-
-
July
Western Maryland- May
Wheel 6e Lake Erie. May
Wrightsv & Tennille June
Yazoo 6c Miss Vail
12,222
1,684,335
1,940,303
106.535
155,503
600,063
96,570
7,563,761 6,905,927 93,633,459
1,806,626
6.189,760
2,719,750
6,914,635
153,155
411,428
499.553
—
—
241,160
5.341.466
10 249,
24,204,
145,809
June
593,891
84,437
44,106
412,261
2,356
132,542
285,744
91,404
43,890
458.910
1,942
Ala Great South. 2d wk Aug
1st wk Aug
Georgia Sou 6c F1
Spok Portl 6c Seatt
Tenn Ala 6c Georgia
Tennessee Central.
2,719,750 2,550,010
613,812
636,921
741,148
6,791,785
348,993
726,167
7,066,251
306,583
595.340
15,110
783.129
July
7,956.534
1,379,165
1,133,910
543,592
236,397
4.837,141
17,577
1,543,690
1,834,907
99,753
154,573
464,485
85,977,609
1,757.924
4.928,193
2,550.010
6,630,244
16,380
726.167
783,129
Previous
Year.
Current
Year.
Period.
Various Fiscal Years.
$
Jan
to
June 30
11,691,472 10,109.012
N Y Central & Hudson River.#.
Jan
Lake Shore & Michigan South
Jan
Lake Erie & Western.n
Jan
to
June 30
55,862,237 50,471,874
to
June
to
June
Jan
to
June 30
Jan
to
June 30
Jan
to
Jan
Delaware & Hudson.,—
Chicago Indiana A SouthernMichigan Central— —
_
Cleve-Cin Chic A St Louis—
Peoria & Eastern.
Cincinnati Northern—
Pittsburgh A Lake Erie.—_.
New York Chicago A St Louis
Toledo A Ohio Central
•Total all lines
—
30 29.034,354 25,045.918
2.653.559
30
2.876.256
Baltimore
Cumberland Valley..—
Jan
to
June 30
Jan
to
June 30
Jan
to
June
Jan
to
June
30
Jan
to
June
30
Jan
to
June 30
Jan
to
to
June 30
to
June
to
June
to
June
to
June
to
June
to
June
Long Island
— —
Jan
Maryland Deiaw A Virginia^.
Jan
N Y Philadelphia A NorfolkJan
Northern Central.
----Jan
^
Philadelphia Bait A Wash—
Jan
West Jersey A Seashore
Jan
Pennsylvania Company
Rapids A IndianaOincin Ohio Jfc St Louis
Grand
Pitts
Vandalia
Rlo Grande
to
June
Jan
to
June
Jan
to
June
Jan
to
June
Jan
to
June
to
June
—-—,
Total lines—East
Pitts A Erie
—West PittsA Erie Jan
—All lines E A W_ Jan
Dec
to
June
to
May
Jan
to
Junction
Rutland
2,025,790
2,197,428
17.705,137 15,237,392
15,963,877 14.694,814
1,645,078 1,506,447
616,754 *
615,031
9,948,825 8.070,435
6,124,178 5,727,271
2.728,770 2,419.065
144701171 128469308
89,253,420 82.030,115
June 30
Jan
Jan
RailroadOhesap A Atlantic-
Pennsylvania
to
June 30
June 30
June
30
112.674
128,824
1,764,390 1,634,303
5,373,294 4,918.067
48,888
60,317
30
1,096.145
30
1,911,454
30
6,500,829 6.010,602
9,502,597
30 10,326,278
30
2,640,717 2,690,837
30 31,122,649 27,499.721
2,495,718
30
2,579,521
30 21,165.198 20.258,380
30
5.275.405 4,819,709
30 124677341 114917004
30 60,896.243 55,749,841'
30 185573584 170666845
423,872
31
452,185
30
1,711,745 1,617,285
30
,
EARNINGS—Weakly and Monthly.
Current
Current
Year.
Weekly Summaries.
1st week June
2d
3d
week June
week June
14,155,296
(41 roads)
(39 roads)-
14,167,762
14.191,787
18,519.740
13,547.151
14,055.757
14,503,441
21,077,101
13,917,678
13,388.103
4th week June
(39 roads)
(41 roads
week July
4th week July
1st week Aug
2d
week Aug
Year.
(42 roads)
1st
2d
3d
week.July
week July
Previous
(41
(39
(36
(35
(29
roads)
roads)
roads)
roads)
roads)
—
13,5?6,071
13.900.378
13,870,253
18.044.170
13,206,284
13,955,741
14,292,486
21.220.128
14,349,697
13,836,334
Increase
or
Decrease.
4.27
1.93
2.35
2,64
1.90
0.72
1.48
0.68
3.00
3.23
SSober
237.217
237,376
238.072
January
235,607
February---240,986
March-240,510
November
December
April-
£jay
240,740
239,445
June
212,989
July—-
90,307
Mexican currency,
Increase ot
Year.
Decrease.
%
$
+35,264,683
233,545 293,738,091 258,473,408
+31,968.171
233,305 276,430,016 244,461,845
234,146 263,768,603 234.087,361 +29.681,242
246,663,737 208.535,060 +38.128,677
232,179
+ 14,389,312
237,756 232,726,241 218,336,929
237,295 249.230.551 238,634,712 +10,595339
236.515
236.619
245,170,143
263,496,033
88,321
76,369,850
210,288 230,803,204
13.64
13,07,
12.68
18.28
6.59
4.46
220,981,373 +24,188,770 10.90
232.879,970 +30,616,063 13.14'
214,741,091 +16,062,163 7.48:
+4,027,892 5.57
72,341,958
LIwhich h!»inz a^Canadian
New York Railway,.
^!nlRR VinEvansvilie & Terre Hjiute «d Evawvllie « Indiana
,
P
Tn^rllnnnS
lncJudM
Cincinnati.* Includes the Mexican
u ii oth2
Includes not only operating revenues, but also *U othee
b Does not include earnings of Colorado Springsfc Cripple
ton& Albany, the New York A Ottawa, the St. Lawrence A Adirondack and the Ottawa A
road, does not make returns to the Inter-State Commerce Commission.
£*hdudes
eludes the Cleveland Lorain A Wheeling Ry. in both years,
n Includes the Northern Ohio RR.
Wisconsin Minnesota & Pacific,
s Includes Louisville A Atlantic and the Frankfort A
the Texas Central in both years and the Wichita Falls Lines la 1912, beginning Nov. 1.
v
receipts,
x Includes St. Louis
Iron Mountain A Southern. "
- •;—- *
*
" '
'
a
Previous
Year.
Cur. Yr. Prev. Yr.
Mileage.
$
+579.224
+267,3
+321,5
+475.570
+250.967
+100,016
+210,955
—143,027
—431,919
—448.231
Monthly Summaries.
%
u
!
-
-
-
AUG. 23
CHRONICLE
THE
1913.]
513
INDUSTRIAL COMPANIES.
Latest Gross Earnings by Weeks.—In the table which
follows
we
sum
week of August.
The table
Week of August.
1913.
1912.
$
Ann
Arbor—;—_—
Colorado & Southern
Denver & Salt Lake
...
Detroit & Mackinac
;
46,427
249,903
401,800
2,677,000
745,956
298,095
133,973
251,352
33,054
479.400
113,300
24,432
1,568
9,752
35,100
1,098,423
51.775
9,603
8,366
55,091
5,360
26,400
24,300
1,723
J
172,000
1,142,305
1
Central
Iowa
__
199,463
625,654
636,945
1,133,000
638,204
6,531
Missouri Kansas & Texas
Missouri Pacific..
National Railways of Mexico.
_
N evada-California-Oregon
Rio Grande Southern
12,488
243,000
1,265,203
1,942
311,468
24,315
108,041
St Louis Southwestern
Railway
__
Tennessee Alabama & GeorgiaTexas & Pacific
Toledo Peoria & Western.
Toledo St Louis & Western
Total (29 roads)
...
Net decrease (3.23%)
*737,148
*614,078
1/28,150
1/136,790
29,300
162,738
20,809
151,099
8,899
62,340
9,072
60,524
*4,058
*46,615
*51,547.
.July
*
to July
1
31-.
153,000
701,820
2,851
380,912
202,128
operating revenue—-
20,950
15,930
871
218,839
6,316
178,783
631
20,318
15,059
212,522
173,940
Net
Latest Gross Earnings.
Name of
Road.
Arbor
48,979
Chicago & Alton
47,094
306,308
30,968
296,328
Denver 8c Salt Lake
Georgia Southern & Florida
N evada-California-Oregon
Tennessee Alabama & Georgia.
Total (41 roads)
Net decrease (2.22%)
.
33,052
43,890
8,675
1,743
959,877
41
covers
—
$
Dallas Electric Corp.
Detroit United Ry._
•
.
817,977
.
"9",980
"2",084
D D E B & Batt(Rec)
Duluth-Superior Trac
East St Louis & Sub-
"""216
44,106
9,474
,
El Paso Electric Cos.
799
42d St M & St N Ave
Galv-Houst Elec Co.
Grand Rapids Ry Co
:
2,356
613
390,027
829,595
Monthly to Latest Dates.—The table
gross
and net earnings of STEAM rail¬
roads and industrial companies reported this week:
-Gross EarningsPrevious
Current
Year.
Roads.
Year.
.July 8,838,810
■Net Earnings
Harrisburg
$
29,469
33,614
123,882
28,455
32,634
121,847
1 to Juhe 30——.10.243.518
Jan"-pt€rJune: 30
19,271,745
Del
Lack
& West.b—
A&r
Kansas City
South.b—July
Lehigh & Hudson River.faApr 1 to June 30
—
Jan
1 to June 30
7,799.117
16,318,212
3.574,201
6.724,588
1.940.071
4,907,864
813,884
833,797
283,724
282,945
492,755
930,308
379,301
823,080
1,621,890
156,004
300,780
606.828
101,010
272,135
558,657
657,817
7,496,912
87,518
1,182,112
1,086,511
July 1 to June 30—1,849,436
Pacific
Coast
June
July 1 to June 30
709,765
7,945,931
44,589
INDUSTRIAL COMPANIES.
—-Gross Earnings—
Current
Previous
Year.
July
Jan 1 to July 31—Detroit
Jan
to
Prevoius
Year.
Year.
S
127,086 '•
81,302
1,487,344
1,116,291
—July
398,941
July 31
3,100,414
Kings Co El Lt & Power, incl
Edison El of Bklyn. a. July.
420,453
Jan 1 to July 31.
3,209,139
—...
g
Current
$
Edison.
1
Mexican Lt & Power. .July
781,903
Jan 1 to July 31— 5*375,442
308,117
2,428,181
391,221
2,990,076
731,066
5,051,729
Nevada-Cal Power.b__June
Jan 1 to June 30
70,636
428,908
Shawinigan Wat & Pow July
Jan 1 to July 31
135,266
934,429
58,139
418,016
55,784
380,146
$
Net
earnings here given
b Net
earnings here given
g
These results
are
are
are
after
before
58,345
348,262
.
—_
Jacksonville Trac Co. June
Lake Shore Elec Ry. June
...
...
Long Island Electric. May
Milw El Ry & Lt Co. July
Milw Lt Ht & Tr Co. July
Monongahela Val Tr. June
Nashville Ry & Light June
NY City Interboro.
May
N Y & Long Isl Trac. May
N Y & North Shore— May
N Y & Queens Co
May —i
New York Railways. May..
_
...
Phila
514,425
3,602,753
48,959
287,889
—
Rap Trans Co. July
Port (Ore) Ry L& P Co June
Portland (Me) RR... June
16,904
109.324
dedcting taxes,
deducting taxes.
305,959
Heat & Power Co. June
39,149
.....
Second Avenue (Rec) May
Southern Boulevard. May
London Elec
Ry__ Wk
...
Aug 9
Aug 9
Aug 9
Metropolitan Dist. Wk
London Gen Bus.. Wk
Union Ry Co ofNYC. May
Union
Ry G& E Co (111) June
Rys of St L__ May
Yonkers
Railroad
May
July
Younsgtown & Ohio. May
Youngstown & South May
York Railways
c
93*923
36,021
69,391
65,016
92,230
19,359
26,110
69,774
354,363
85,295
12,099
23,901
61,874
100,513
Santiago Elec Lt 8c Tr July.
Savannah Electric Co June
173,141
Surplus.
-Bal.
of Net Earns.—
Current
Year.
Previous
Current
.
603,928
264,034
402,584
410,942
76.539
97,617.
395,701
1,642,213
5,128,279
567,156
227,964
363.021
371,559
50,369
91,916
370,101
1,549,731
4,741,862
...
£11,840 £11,765 .' £445,580
£439,995
£11,733
£419,924
£12,737
£402,413
£54,090 £1,987,883 £1,560,780
£70,246
246,884 222,458
1,048,503
963,533
2,304,759
354,373 272,714
1,751,320
5,144.938 4,901,759
1120,757 1085,013
51,072
212,176
50,450
214,847
182,981
204,435
1.206,239 1,065,436
65,544
66,898
261,794
287,111
78,041
66,817
432,435
403,012
21,020
18,683
94.540
89,9 '
14.585
13,558
63,692
59,206
Year.
Railway Net Earnings.—The following table
gives" the returns of ELECTRIC railway gross and net
earnings reported this week:
Year.
$
-Gross
Earnings-
Net Earnings
Previous
Current
Previous
Current
Year.
Roads.
Year.
Year.
Del Lack & Western—
Lehigh & Hudson River—
Apr 1 to June 30
Jan 1 to June 30
July 1 to June 30-——
•
These figures are for consolidated company.
Previous
Year.
S
Jan 1 to June 30
330,693
159,683
-
Electric
—Int., Rentals, Ac.—
Apr 1 to June 30—
1,600,220
StJoseph (Mo) Ry ,Lt,
Westchester Electric. May
Western Rys & Light June
*
1,781,428
*
Richmond Lt & RR. May
United
12,594
104,500
51.421
45,728
27,379
'
Northam Easton & W June
North Ohio Trac & Lt June
North Texas Elec Co June
North w Pennsylv Ry May
Ocean Electric (L I). May
Paducah Tr 8c Lt Co. June
Pensacola Electric Co June
56,108
,
123,875
1,091,979
in Mexican currency.
Roads.
Idaho Traction Co- June
Illinois Traction
June
Interboro Rap Tran. June
Third Avenue—
May
Twin City Rap Tran. 1st wk Aug
Underground Elec Ry of London
46,088
266,884
720.450
3
2,739,107
145,601
681,114
324,157
71,508
257,069
9,942,639
51,370
9,477,602
161,015
498,559
175,985
540.343
259,700
550,336
841,483
6,662,002
260,299
549,431
1,148,857
372,597
704,990
923,076
591,877
437,151
273,504
148.635
144,614
320,358 308,808
1,607,003
1,558,755
34,772
36,425
199,471
189,313
658,208 586,562
3,763,482 3,517,450
2591,271 2507,143 16.760,698 16,395,469
56,702
50,174
331,498
301.020
127,571
120,914
626,502
587,251
140,568
121,543
935,050
795,577
64,292
59,237
303,419
269,778
21,169
18,466
73,515
83,406
478,743 453,467
3,444,084 3,236,281
150,541
132,026
797,435
684,651
78,737
72,400
442,066
387,024
167,167
179,176
1,071,614
1,204,539
54,233
39,686
238,686
174,009
37,057
34,836
151.451
4143,060,
13,653
59,586
14.873
55,778
123,689
128,681
537,650
499,185
5,848,536
5.612.568
1232,153 1215.048
88,232
18,723
15,827
82,402
291,518 276,961
1,497.237
1,377,335
144,974
174,568
1,009,294
795.344
26,674
30.874
129,344
115,214
9,108
9,919
30,547
28,610
21,817
138,806
138,138
23,760
23,946
138,566
24,050
138,163
1996,612 1919,540
568,875 582,964
3,293",523 3,252,617
89,365
93,150
457,564
431; 137
683,957 660,647 4,148.286 4.084.569
32,095
133,047
128,648
32,753
Hudson & Manhattan May
Staten Isl'd Midland. May
Tampa Electric Co.. June
104,100
Interest Charges and
Houghton
Co Tr Co. June
111,887
1,022,864
564,022
349,821
74,343
50,039
26,163
June
Land Co
138,814
1,305,328
3,938,672
12.420
58,157
Wk Aug 17
(Railway Dept)
Honolulu Rapid Tran
75.946
1,040,137
146,671
1,218,037
61,590
155,037
Havana El Ry, L & P
106,504
1,394,857
717,956
Wisconsin Gas & El.a..July
Jan 1 to July 30—
a
Earnings-
'
Cities Service Co
,
Year.
$
Companies.
60,780
12,299
Puget Sound Tr L & P June
-Net
2,917,570
—
...
262,163
444,903
951,889
July 1 to June 30--
:
462,937
Railways
450,606
30,592
159,261
65,721
308,601
1916,693 1733,979 11,552.887
12,102
11,766
53,466
2203,201 2104,914
9,707.370
30,644
29,448
174,625
101,635
89,470
595,007
June
40,989
40,935
188.540
June
111,601
105,173
575,158
June
49,093
45,531
288,533
May
153,433 138,620
590,831
June
168,592
142,342
1,028,204
1st wk Aug
260,982 229,356
7,680,132
53,001
May
54,224
248,877
June
98,894
110,530
596,107
June
194,426
206,491
1,261,966
June
68,170
60,175
439,012
May
166,869 161,194
771,491
June
206,916 171,085
1,112,249
June
111,514 107,237
622,112
June
85,812
78,905
467,987
Lehigh Valley Transit July
$
490,472
34,419
168,721
July
Lewis Aug & Waterv. June
1,003,490
•
_
•—
$
Year.
2,392,411
1 to June 30
%
Previous
2.692,809
Jan
Year.
$
Year.
8,052,885
Boston Revere Beach & Lynn.b—
Apr 1 to June 30
'
267,782
Year.
Current
$
Baltimore & Ohio.b
Previous
Year.
Bangor Ry & Elec Co June
Baton Rouge Elec Co June
Belt Line
May
Brazilian Trac, L & P June
Brock & Plym St Ry. June
Bklyn Rap Tran Syst May
Cape Breton Elec Ry June
Chattanooga Ry& Lt June
Columbus (Ga) El Co
439,558
following shows the
Current
Year.
or
Atlantic Shore Ry— June
c Aur Elgin 8c Ch Ry. May
Decrease.
'
14,350,345 14,789,903
Earnings
Previous
Month.
&
Net
Jan. 1 to latest date.
Current
Week
Coney Isl & Bklyn—
$
4,842
ELECTRIC RAILWAY AND TRACTION COMPANIES.
American Rys Co
511,646
386,058
1,885
241,413
$
11,471
Previously reported (35 roads). 13,917,678 14,349,597
Ann
.
-
111
Increase.
1911-12.
$
584,672
365,833
""'414
$
•
■
8
25",724
1912.
$
1912-13.
36,009
20,079
Cleve Southw & Col-
1913.
-July 1 to June 30—
$
53,151
32,200
operating revenues.
Total operating expenses—_
Cleve Painesv & East
Week of August.
of June—
1912.
privileges—Dr
225
week last year.
First
COMPANIES.
622,325
18,000
final statement
*8,357
957,275
372,602
22,464
448,231
our
*54,190
58,900
22,890
Operating income
89,923
75,449
24,204
96,570
610,633
One-twelfth of annual taxes ^
837
13,388,103 13,836,334
August
,
54,982
87,203
34,051
Express
9,382
12,713
.
,
$
Co—
receipts from operation
Gross
4,000
9,736
261,000
1,242,739
2,356
285,744
83,623
908,405
1913.
56,630
535,731
561,496
1,286,000
1,340,024
56,905412,231
.
After allowing for other income received.
Includes sinking fund.
Canadian North. Exp.
roads and shows 2.22% decrease in the aggregate under the
same
510,970
1/16,788
1/104,146
-Month
*
For the first week of
*80,956
EXPRESS
J
Minneapolis St Paul & S S M„
Southern
176,000
164,958
1,085,675
198,626
155,222
Nashville
Minneapolis & St Louis.
74,242
to
Total
Interoceanic of Mexico
$
71,263
518,607
V
...
Internat & Great Northern
Year.
%
Kings Co El Lt & Power ,incl
Edison El of Bklyn....July
Jan 1 to July 31—
Jan
47.000
22,831
Year.
$
—'
July 31-.
1
Wisconsin Gas & El
Detroit Grand Hav & Milw.
Canada Atlantic...
Louisville &
.July
Edison
.June
Nevada-Cal Power
Jan 1 to June 30—
Grand Trunk of Canada
Grand Trunk Western
Year.
$
Jan
$
-Bal. of Net Earns.—
Current
Previous
Previous
Year.
55,191
396,923
Detroit
Decrease.
$
...
1,150,198
Chesapeake & Ohio
Chicago Great Western
Chicago Indianap & Louisville-
Denver & Rio Grande
Western Pacific
Increase.
47,995
259,655
436,900
2,630.000
723,125
307,698
142,339
306,443
38,414
505,800
137,600
26,155
—
Buffalo Rochester & Pittsburgh
Canadian Northern..
Canadian Pacific...—
Current
.
Companies.
29 roads and shows 3.23 %
covers
decrease in the aggregate under the same week last year.
Second
—Int., Rentals, Ac.
separately the earnings for the second
up
2,446,298
4.840,837
2,300,617
4,542,485
2,101,487
4,079,821
91,483
2,488,965
86,842
172,256
339,430
84,599
175,049
337,103
*71,,355
*131,026
*270,786
*20,356
*101,031
Apr
1 to June 30
Jan
1 to June 30
*236,470
July 1 to June 30--—
Atlantic Shore Ry b—June
Jan 1 to June 30—
Hudson Valley Ry.b—
34,419
155,037
194,955
355,946
714,425
$
30,592
$
Year.
$
145,601
6,311
24,008
7,857
20,723
149,854
275,463
632,598
65,922
107,863
269.760
46,517
76,060
220,140
-
—
514
CHRONICLE
THE
Current
Year.
Juno
Current
226,196
280,864
1,532,866
610,602
3,876,142
570,619
3,842,040
340,343
2,062,897
i...
306.565
2,000,621
Milw Elea Ry 9c Light, a July
478,743
Jan 1 to July 31
3,444,084
453,467
3,236,281
137,602
953,481
134.566
929,210
132,026
684,651
63,275
288,497
55,842
235,153
1
to
July
July 31
'
Miivr Lt, Ht & Trac.a.July
Jan 1 to July 31
—
150,541
797,435
Wash Bait & Annap
Jan X to July 31
July
72,171
472,481
65.933
436,948
36,418
229,447
33,460
215,735
Railways b
July
Jan X to" July 31-—A
66,817
432,435
78,041
32,746
403,042
200,510
28,259
183,125
York
*
~
"
Net earnings here given are after deducting taxes,
deducting taxes,
f These results are in Mexican currency.
b Net earnings here given are before
Current
Reads.
>
Year.
-
;.
Jan
72.399
defl5,712
def32,069
def25,393
def66,046
def67,600
*79,262
*529,530
def55,049
Milw Elea Ry & Light. .July
Jan I to July 31
64,133
435,072
443,726
*77,639
*539.848
Milw Lt, Ht 9c Trac
Jan 1 to July 31.
54,710
362,989
54,728
401,976
*53,851
*241,757
*46,464
*176,798
20.942
21,200
Railways
July
1 to July 31.
145,903
148,280
After allowing for other income received.
*11,922
*55,094
*7,702
*39,757
July
61,006
York
Jan
*
1
ANNUAL
1911.
1
-
120,713
;
7,015,832
5.023,469
13,750,205
-♦Total
11,191,254
10,088,735
Dom. Govt, see's.
5,421,315
8,996,904
13,017,432
10,088,735
30,274,8*8
m
Cash
16,654,402
18,628,207
33,628,819
10,088,735
34,371,551
-
.—..720,531,465 628,119,545 561,887,216
assets....
Liabilities—
144,332
291,165
82,226
164,017
304,831
1 to June 30
July 1 to June 30
1912.
^
''■
r
'
$
•
j
'
■ S"■
equipment
...452,320,781 382,829,051 343,595.230
Ocean, lake and river steamships
23,049,283
19,679,674
21,338,974
Acquired securities
100,207,934
80,525,353
75,979,653
Real estate, hotels, Ac...
4,386,260
6,378.358
6,180,693
Due on land sold and townsites
44,499,116
41,468,822
34,116,421
Advances and investments
12,072,812
12,360,998
9,637,202
Agents, conductors, &c
4,118,739
4,805,132
2,628,584
$
$
$
8
1913.
Assets*"-"
Cost of road and
Temp'y invests,
Mudson
Yalley Ry—
Apr 1 to June 30
$3,358,942 $2,460,790
Miscellaneous accounts receivable
-Bal. of Net Earns.—
Current
Previous
Year.
Year.
Previous
Year.
1
BALANCE SHEET JUNE 30.
-
:
Advances to lines under construction
Materials and supplies
and Surplus.
'Int., Rentals, &c.—
1911-12'
$9,058,942 $7,860,790
5,700,000
5,400,000
Remainder
Net traffic balances
a
Interest Charges
1912-13
.-$2,460,791 $2,702,205
Dividends (3%) yearly...
1,360,780
Jan
V
— —
■Total.
$
$
$
586,562
3,517,450
Mexico Tramways.
'
xcvii.
Year.
658,208
8,763,482
a
Jan X to June 30
-
Balance beginning of year
Previous
Year.
Year.
$
i
Illinois Traction
•
——Ne Earnings
-Gross Earnings—
Previous
•
'
Botit.
[Vol.
Common
stock
Preference stock
200,000,000
63,451,668
74,331,340
Consolidated debenture stock
163.257.224
Subscriptions to
new
Sales of land and town sites.
Equipment replacement fund
Equipment obligations
Approp. for add'ns and impts
23,545,335
1,391,702
...
38,648,633
17,203,652
1,392,317
49,258,770
57,538,308
2,525,426
2,103,994
2,658,364
880,000
1,040,000
3.535,712
1,200,000
7,119,286
4,052,906
5,040,667
55,374,493
17,912,997
3,569,463
4,382,618
5,061,338
77,597,100
Steamship replacement fund
Surplus
Total
57,076,666
142,861,462
16,807,520
and rentals
5,721,852
72,885,966
Reserve fund for contingencies
REPORTS.
180,000,000
16,806,621
66,695,097
153,823,707
38,648,633
30,511,303
Bonds (see "Ry. & Indus." Section).
Current accounts
Interest
180,000,000
1,391,801
63,334,285
stock
liabilities
720.531,465 628,119,545 561,887,216
Annual
Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month.
This index will
not include reports in the issue of the "Chronicle" in which
it is published.
The latest index will be found in the issue
-of July 26.
The next will appear in that of Aug. 30.
Canadian Pacific
OPERATIONS AND FISCAL
1910-11.
operated..:
1909-10.
10,271
10,481
10,983
11,602
Oerations—
Freight (tons) carried..
29,471,814
Trt.(tons)carried 1 mile.11470001871
Rate per ton per mile
0.77 cts.
Earn, per frt. train mile.
$2 99
11,172,891
1355266088
1.83 cts.
$1 75
$1 73
$1 64
25,940,238
22,536,214 20,551,368
10391650965 8062102013 7772012635
0.77 cts.
0.81 cts.
0.77 cts.
$2 87
$2 75
$2 65
Earnings—
Passenger.
Freight
Mail, express, &c__^.
31,812,208
79,833.734
11,673.599
Passengers carried, No.
Passenger mileage.....
Rate pot pass, per
mile.
Earn, per pass, tr'n
15,480,934
13,751.516 12.080,150
1784683370 1626577067 1457332932
■.
1.99 cts.
1.96 cts.
1.93 cts.
$1 75
mile
$
28,165,556
65,645,228
10,357,024
$
24,812,021
60,158,887
10,018,582
Total earnings ......139,395,700 123,319,541 104.167,808
Expenses—«
.,
'
•Transportation & traffic 49,451,280
41,803,850
34,160,800
Maint. way 9c struc's
18,498,741
17,719,795
15,561,086
Maint. of equipment... 17,198,573
13,608,708
12,056,260
General & miscellaneous
8,001,232
6,888,956
5,689,832
94,989,4901
35,545,062
89,655,223
14,195,415
—
Total
expenses..93,149,826
of operating
to earnings._
(66.82)
Net earnings.....
46,245,874
SS. earning in excess of
amts. in mthly. sfeat's
1,245,563
expenses
.
29,861,889
13,653,98n
12,567,494
5,066,213
80,021,298
J
67,467,978
61,149,534
(64.89)
43,298,243
(64.77)
36,699.830
33,839,956
Chesapeake & Ohio Railway.
(64.38)
1920
Net operating revenue
Taxes...
Total
.
47,491,437
—
909,235
■
Q. Ry. stock
Int. on debenture stock.
Rentals
and
miscel
on common
Rateof div.
Div,
on
Int.
on
new
,".
34,749,191
-
on
0.9c
I/Div
37,818,180
;
f., incl. div.
s.
on com..
preferred (4%).
Installments on
3,742,318
3,692,328
3,684,294
3,575,728
6,337,188
796,845
6,024,478
808,131
5,588,889
737,888
5,449,536
891,676
13,650,000
(7%)
2,960,013
12,600,000
(7%)
-2,592,235
12,600,000
9,750,000
(W%)
2,214,933
(7%)
2,253,607
'
stook subscrip...
569,814
k
'
1,125,000
1,125,000
417,179
1,080,000
29,181,178
26,842,173
25,944,938
23,279,053
18,310,258
17,560,519
11,873,242
11,470,138
For SS. & provision fd_.
Total.,
Balance, surplus.......
—
...
—
.
.
1,014,220
1,065,853
$9,723,943
1,560,814
$11,538,504 $12,448,532 $11,284,757
$8,240,001
$8,174,326
$8,056,473
♦(5)3,139,627 (5)3,139,627 (5)3.139.625
$158,876
—
$88,660
$1,134,579
♦
Supplied by Editor—not in company's statement.
As to reduction
in dividend payable Sept. 30, see item on subsequent page.—V. 97, p.
297, 175.
■
...
.
Seaboard Air Line Railway.
(Statement for Fiscal Year ending June 30 1913.)
'
Nelson, Cook & Co. of Baltimore furnish the following
comparative figures for the last two fiscal years, to which we
appended those for the two preceding years:
/
<
1909-10.
1910-11.
1911-12.
1912-13.
Operating revenue—$24,527,865 $22,921,904 $21,782,004 $20,068,772
Operating expenses
$16,725,613 $16,280,087 $14,480,567 $13,156,073
Taxes.
956.000
■.
917,000
818.000
748,406
Other
income-.
—
...
income....
$6,846,252
220,064
$5 714 817
j8j,378
$7,066,316
$5,908,195
adjestment 5s__
$1,735,854
Fixed charges
on
$6,483,437
*145,953
$6,164,293
*127,016
$6,629,390
$6,291,309
$3,844,751 *$3,672,451 *$3,723,624
1,249,658
1,248,975
832,650
$4,080,462
1,250,000
Balance, surplus.....
1,118,350
44.402,692
Deduct—
—
—
Dividends.
Int.
Int. &
1,375,863
Charges, rentals, &c
Surplus
-
1910-11.
$9,257,855 $10,639,969
2,280,648
1,808,563
Operating income
Total income...
1911-12.
$10,633,718 $11,654,189 $10,789,796
:...
Total net
'
,
,
$35,085,278 $34,289,870 $32,583,411
24,451,560
22,635,681
21,793,615
revenues
expenses.
Net after taxes
1,104,449
.
CPreliminary Statement for Year ending June 30 1913.)
have
,
Per cent
.
Otherincome.
RESULTS..
1911-12.
1912-13.
*Miles
.
Operating
Operating
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.
.
$15 77 per acre), and 1,697,994 acres in British Columbia.—V* 97, p. 439,
175.
■■■'•
1912-13.
Railway.
(Report for Fiscal Year ending June 30 1913.)
..
♦In addition to the above assets, the company owns 6,287,250 acres of
land in Manitoba, Saskatchewan and Alberta (average sales past year
$1,707,964
$813,786
$1,735,035
*
Comparisons with items of other income and fixed charges in last two
fiscal years is inaccurate (the figures' having been changed), but final re¬
sults remain unchanged.—V. 97, p. 445, 300.
.*/•
Pacific Gas & Electric
Co., San Francisco.
(Report for Fiscal Year ending Dec. 31 1912.)
Vice-President John A. Britton, San Francisco, April 8,
wrote in substance: .
■
•
„
Statistics.—The service of the company of gas, electricity, water
and street railway operation extends to 30 counties of Central California,
with an area of 37,755 sq. miles and a population at the 1910 Census of
Plant
*
are
This is the miles
based.
operated at close of year on which operations giyen
1
.
..
.
-
,
Also 1% extra paid in ,1909-10 from special income, viz.: >£% April 1
Oct. l: in 1910-11 2H% extra, viz.: \i% in Jan. and %% each
in April, July and Oct. 1911, and in 1911-12 and -1912-13 3% extra
%
quarterly—see also below).
"
y
and
.
DETAILS OF SPECIAL INCOME FOR YEARS ENDING JUNE 30.
Interest received
from—
1912-13.
1911-12.
deferred payments for land sold..$2,031,785 $1,817,774
Deposits and loans
1,201,907
605,140
Canadian Pacific Ry. 1st M. bonds acquired
63,461
61,612
M(nn. St. Paul & Sault Ste. Marie Ry. bonds
159,720
159,720
Duluth South Shore & Atlantic Ry. bonds
100,000
Mineral Range Ry. bonds..
50,160
50,160
"Toronto Hamilton & Buffalo Ry. bonds..
10,840
10,840
Kingston & Pembroke Ry. bonds..
8,565
13,320
Dominion Government bonds.....
182,500
182,500
*
-
Cash proceeds and
Ontario Government bonds.
British
Consols
Montreal & Atlantic
48,000
114,569
—
:
Ry. bonds and other securities.
Ry. bonds
Berlin Waterloo Wellesley & Lake Huron
Dividends on—
St. John Bridge & Ry. Extension
Dominion Express Go. stock j — —
r->
Co. stock..75,000
—— ——240,000
stock.;,:;
890,645
stock..:...
445,326
.
Alberta Ry. & Irrigation Co. stock
....
West Kootenay Power. & Light Co. common stock._
West Kootenay Power & Light Co. pref. stock
'"Toronto Hamilton & Buffalo Ry. stock...
"Net revenue from company's coal mines
,
33,000
'3,850
164,246
305,238
do
v
$6,598,151
,
.
'
1906.
50,000
160,000
890,645
445,326
245,242
27,500
■?
1,925
,_u_
pumping stations, No
Water pumped, 1,000 gals
Capacity reservoirs, 1,000 cu.ft.
Miles of street railway track
$5,158,585
carried
Gas.
—
99,095
— .131,235
—153,566
Number of Consumers—
1906
1908
— —
— —
—
— — -
1,910
66
6,119
10,191
4,595,981
16
6,187,583
41
— -
—
.177,510
—196,133
-
18,930
34
42
16,440
31,680
1,147
3
1,918
3
946,785
2,457,831
do
Total passengers
1912.
(9)90,227
1,289,068
1,696
1,257,613
1,555
(5)60,323
7,969
No
1,201,359
2,553,651
Water
"»
1911.
(9)75,200 (11)92,973
total capacity, 1,000 cu. ft..
Gas generators,
27.6
1_
.
39
(4)94,100
2,321
67
, 6,052
12,122
5,786,095
17
6,691,072
46
20,078
48
42,000
2,201
3
1,326,628
2,472,509
40
7,164,659 11,464,696 11,926,098
Electric♦
40,696
63,073
84,329
102,198
116,666
Water.
3,937
5,601
6,430
7,398
- 8,071
Steam.
i__
..."
.
v222
Total/
143,728
199,909
"244,325
287,106
321,092...
Commission.'—On March 23 1912 mir activities came under the RR.
Commission, excepting as to the rates in Incorporated" cities and towns,;
•.
'
,
total daily capac., 1,000 cu.ft.
Miles of gas mains...
'
-
■
reservoirs (1,000 cu.ft.) 1,256,733
High-tension transmission lines (miles)
Steam elec. gen. plants (No. &h. p.).... (6)42,315
Overhead lines, miles.
974
Underground conduit, miles
____
29
Street lamps—Arcs, No
—
3,716
do
do
—Incandescent, No..
2,494
Total connected load(basis50-watt lamps)
Gas plants, No. — — —
14
Gas sold, 1,000 cubic feet.
3,474,513
Gas holders in use, No.
34
Total cap. storage
174,312
-
Minn. St. Paul & S. S. M. Ry. common
Minn. St. Paul & S. S. M. Ry; preferred
(Compare map, &c., on pp. 117, 118, of "Electric Ry." Sec.)
Statistics—
48,000
114,569
552,299
17,040
-•
i,138,492.
Hydro-elec. installations, h. p.(also No.)
RR.
AUG. 23
CHRONICLE
THE
1913.]
awkward and unsatisfactory arrangement, as only about 4% of our con¬
are affected by rate regulation under the Commission.
Competition.—'The Great Western Power Co. on June 18 1912 obtained
a certificate to do business in Solano, Napa and Sonoma counties, and it
thereupon instituted a vigorous competition in that field. It had also begun
competing in Alameda, Contra Costra, Placer, San Joaquin and Sacra¬
mento counties prior to the adoption of the Public Utilities Act.
Rotes.—From Jan. 1 1912 and during the year voluntary reductions in
lighting and power rates were made, first to meet competition and second
to establish uniform prices.
These reductions show a diminishing effect
on our gross receipts, which, however, is only
temporary, and will be more
than overcome by the added business secured.
During the year all parts
of the electrie system except Sacramento and Rosevile have been placed on
a meter basis, flat rates being abandoned, and a large saving in kilowatt
515
BALANCE SHEET DECEMBER 31.
am
sumers
hours effected.
Offices.—A new office building to cost $104,851 is in process of erection
1912.
The total connected load on the company's system in electric department
on Dec. 31 1912 387,808 h. p.
The total kilo-watt hour input during
was
1912
was
557,586,888,
747.435,500 h. p. hours.
severe competition, this company secured the
or
Oakl'd land pur.
Sundry lnvest'ts
Results.—The gross earnings increased $140,042, notwithstanding rate
which benefitted about 90% of the company's customer to
more than $1,000,000.
Net revenue decreased $77,446 and
reductions
interest
charges increased $314,810.
The company made a net gain of
33,886 consumers, or almost 12%, representing a permanently increased
gross earning capacity, of between $1,200,000 and $1,400,000 per an mm.
The results since Jan. 1 1913 indicate that the corner has been also timed
with respect to net earnings (see statement, V. 97, p. 444, 365).
Taxes have increased from $247,262 in 1907 to $622,969 in 1912.
Acquisitions,-r-During 1912 the
company acquired the business and prop¬
companies which had theretofore been buying our electric
current wholesale, viz., (a) Los Gatos Ice, Gas & Electric Co., comprising
a gas-generating and distributing system in Los Gatos, Santa Clara County,
and an electrical distributing system serving Los Gatos and adjacent terri¬
tory.
(6) South San Francisco Light & Power Co., consisting of an elec¬
trical distribution system in South San Francisco and its vicinity.
There
was paid for these two properties $60,000 in common stock and
$290,949
in cash.
The sale of certain non-operative property of the Lo$ Gatos Co.
for $25,000 will reduce the cash cost to $265,948.
An agreeihent of Nov. 27 1912 for the purchase of the properties of the
Livermore Water & Power Co., consisting of electric and water distribu¬
tion systems in Livermore and Pleasanton and
vicinity, is now before the
RR. Commission (V. 96, p. 1015).
With three or four minor exceptions, the properties of the independent
distributing companies heretofore operating within our business field have
become an integral part of our property, and those still remaining have long-
of two
term
contracts
with
us.
subsld. cos...*31,696,867
Subsld.
32,697,817
10,000,000
10,000,000
24,986,000
bda. 50.912,800
cos.
Do In sk. funds.
Bills payable...
Accts.
12,341,410
51,756,000
1,712,000
2,056,200
647,924
888,918
payable,, 1,392,686
1,404,021
326,497
Consum. depos.
309,274
Bond int. accr'd
Sink. fds. accr'd
1,183,504
828,109
...
*
184,233
911,642
94,937
........
reserve.
2,789,447
Oth. res've funds
130,725
Due subsld. oo's
«e,666,844
Bds. In treas.,Ac
Unpaid
130,872
Com. stk. subscr
$
by
184,233
28,789
-.
dlvs
8,378,622
2.113,490
398,877
690,234
Drafts outstand.
Miscellaneous..
200,586
Surplus.
/3,011,680
...165,072,393 152,692,281
Total
Total...
125,377
4.990,458
.165,072,398 152,692,281
The stocks of
subsidiary companies owned are carried at a figure which
represents the proportion of the assets of the subsidiary companies to
a
which the Pacific Gas & Electrie Co. will be entitled on their dissolution.
The assets referred to consist of Pacific Gas & Electric Co. common stock
at par, $31,696,867, and notes and accounts due subsidiary
companies by
$2,666,844; total, $34,363,710.
All of the
companies have been assumed by the Pacific Gas &
the Pacific Gas & Electric Co.,
liabilities
Electric
of these
Co.
and
are
included
in
balance sheet.
the
b Sinking funds ($2,219,756 in 1912) include bonds of
subsidiary com¬
panies held alive at par, $1,826,200; investments of subsidiary companies
($230,000 par value), $215,962; and cash, $177,594.
c "Discount, premiums, &c.." includes discount and
expenses on General
and Refunding bonds sold and premium on General Mtge. and Collateral
Trust bonds and debentures redeemed (see foot-note a).
See foot-note a.
e
»
/After adding sundry accretions (net), $25,380. and deducting special
appropriation to reserve for depreciation accrued during 1912 and previous
years. $2,500,000.—V. 97. p. 444, 365.
•
.
American Agricultural
Chemical Co.,
New York.
{Report for Fiscal Year ending Juno 30 1913.)
Treasurer Thomas A.
the extent of
1911.
28,938,758
P. G. A E. bda.
125,378 Deprec.
Maint.Aop.exp.
'
June 10 1913.
held
Preferred stock.
?
Sink. fd. accruals
International Exposition Co., pre-, post-, and exposition periods, at a re¬
The installation will call for a maximum demand of
Data Furnished by V.-P. & Treas. A. F. Hockenbeamer
do
"37,517
Disc.,prem., Ac.
Miscellaneous
■).
76,619
c4,272,336
to consumers.
munerative figure.
erties
■
Cash for refunds
Exposition Contract.—After
.
IVl&fr.
Liabilities—
$
■>
Common atoek. 81,998,758
1,466,636
148,168
416,418
1,308,071
155,693
1,094,007
24,220
Cash....
exclusive contract to furnish light, heat and power to the Panama-Pacific
20.000 h. p.
1,418,588
Accts.A bills rec.
at Sacramento,
New Construction.—On July 3 1912 work was begun on the Lake Spauldtng and Bear River development, which is to add 101,876 h. p. to the in¬
stalled capacity of the company's hydro-electric plants.
Of this amount
30.000 h. p. will be in operation this year, the balance in 1914.
Work has
also begun on additional plants which will aggregate 50,000 h. p., making
a total new installation of 151,876 h. p.
The total cost will not exceed
$95 80 per h. p,, inclusive of lines to connect to present system.
Up to Dec. 31 1912 $2,046,861 had been spent on these developments.
The Spaulding dam will in 1913 be brought to a height of 250 ft.; 10% was
complete Dec. 31 1912.
The main tunnel, 4,456 ft. long, 58% completed
Dec. 31 1912; the Drum Canal, 8H miles long, 53% completed Dec. 31
1912; the Forebay 40%; power house, 50%;iand all material was on order
orfpipe lines, generators, water wheels, and tower lines.
Average No. of Employees .-—During 1912 was 6,111, a gain of 1,784.
Power Contracts.—The commercial department secured 1,681 new con¬
tracts for power during 1912, aggregating 60,104 h. p., with an estimated
annual revenue of $1,135,034, and it also secured renewals of power con¬
tracts aggregating 44,778 h. p., with an estimated annual revenue of $796,462.
These are exclusive of lighting consumers.
Additions.—The following additions to the physical plants were made in
1912: Hydro-electric sub-stations, 15 (making a total of 139); steam plants,
1, of 26,663 h. p.; steam mains, 2.6 miles; high-tension transmission lines,
141 miles; low-tension distributing lines, 411 miles; gas mains, 283 miles;
water mains, 7 miles; gas, elpctric and water services, 33,435.
Total gas
street lamps in operation, 8,442.
1911.
Plants,prop.,Ac. 116,677,072 108,791,049
Construe, funds,
1,657,753
1,076,563
Stocks sub. cos.a34,177,282
35,729,265
Sinking funds.. 62,219,756
1,713,875
93,636
Prepaid taxes,Ac
11,245
Disc. com. stk._
1,351.522
171,522
Material Asupp
1,723,042
1,483,552
Doe, Aug. 20, wrote:
After deducting all charges, including interest, betterments and renewals,
and setting aside $553,431 as reserve for freights, losses and contingencies,
there remained as net profits for the year $2,592,725, from which were
deducted four quarterly divs. on the pref. stock and four quarterly divs. on
the com. stock, aggregating $2,365,919, leaving a net balance of $226,807
for the year.
•
[On July 22 1913 fire destroyed a part of the large plant at Weymouth,
(capacity about 65,000 tons per annum), but the loss, stated at
$250,000, was fully covered by insurance.
A more modern plant of fire¬
Mass.
proof construction to replace the same will be ready for operation late in
the year.
In May 1913 the company also lost by fire acid-plants located
Buffalo, Baltimore and Cleveland, representing, it is said, a total loss
of $200,000, which was also fully covered by insurance.]
at
INCOME ACCOUNT.
Profits from—
Properties
owned
1912-13.
$
and
controlled
Other
1911-12.
'$
.
3,230,251
553,431
Total income
626,066
50,000
3,430,236
650,319
100,000
__
Total
676.066
2,554,185
1,209,363
(2)353,220
553,431
2,592,726
preferred stock._
1,632,687
Common dividends.,.—(4%)733,232
_______
on
$
•
x3,256,056
174,180
3,146,157
__L
sources.
Profits..
1909-10.
$
x2,850,4 25
379,826
Less res've for fr't, Ac._
Reserve for fire insurance
6%
1910-11.
3.060,121
86,036
3,587,223
180,502
3,767,725
759,851"
100,000
750,319
859,851
2,679.917
1,143,114
2,907,874
1,137,654
1,536,803
1,770.220
Bonds.—Allusion
was made in report for 1911 to a contract made with
Morgan & Co., N. Y., for the sale to them of $20,000,000 General
and Refunding Mtge. 5% 30-year gold bonds.
Delivery of these bonds was
made to the bankers in Jan. 1912, and in Sept. 1912 the same firm pur¬
chased $5,000,000 additional bonds of the same issue, making the total sale
to them during the year $25,000,000.
(See V. 94, p. 284, 351; V. 95, p.
891.)
The proceeds were applied: (a) To the redemption on Feb. 9 1912 of
$8,492,502 Gen. M. & Coll. Trust 5% bonds and on June 15 1912 of $4,000,000 Debenture Mtge. 6% bonds; and (b) to additions and improvements.
There remained Dec. 31 from this source $1,657,753 for future use.
Sinking Funds.—During the year there were purchased and deposited
in our various mortgage sinking funds bonds of the par value of $344,200,
and in addition bonds of the par value of $670,000 were
purchased for sink¬
ing funds and canceled, making a total of $1,014,203 bonds retired through
sinking fund operations during 1912. •
Capital Stock.—The company's common capital stock in the hands of the
public increased during the year by $3,060,000.
Of this new issue of stock,
$60,000 was utilized in part payment for properties and 28,831 shares ($2,883,100) were purchased by the stockholders at $60 a share, leaving a bal¬
ance of 1,169 shares that went to an underwriting
syndicate (V. 94, p. 830).
Capital Expenditures During Year.—For the acquisition of the properties
of other companies, $350,949; for additions,
improvements and better¬
ments, $7,470,764; total, $7,821,713, as follows: Electric dept., $5,092,033;
gas dept., $1,772,530; railway dept., $145,933; steam sales dept., $106,873;
water dept., $50,956; acquisition of Los Gatos and South San Francisco
properties, $350,949; overhead and miscellaneous, $302,439.
Including the foregoing, the company in the seven years since its organ¬
ization has expended the sum of $31,415,232 73 for
plant additions.
[No provision for depreciation has been charged directly to the income'
account for 1912, but the sum of $2,500,000 has been
appropriated from the
surplus account as a special provision for depreciation accrued during 1912
and previous years.
For suspension of dividends on common stock in
July 1913, see V. 97,
p. 55,118.As to sale in August 1(113 of
$4,500,000 of an issue of $7,000,000 6% col¬
J.
P.
,
v
lateral notes to mature June 26
1914, and expectation that before maturity
"of same it will be possible to float
ble General Lien bonds,
see
advantageously $5,000,000 6% Converti¬
444; V. 96, p. 654.]
below and V. 97, p. 365
INCOME ACCOUNT FOR
Gross Revenue—
1912.
1911.
Electricity
$7,672,570
$7,823,903
5,805,865
547,187
*719,029
5,735,219
533,520
511,967
Street
railway
Miscellaneous
127,871
Net inc. before dep..
$2,616,276
Preferred
Common
dividends...(6%)600,000
dividends._(5%) 1,520,435
Bal., surp. (seebelow)
$495,841
$7,678,665
4,860,034
452,396
500,193
$6,390,537
$6,123,255
$5,959,712
$3,254,133
$3,006,256
$2,988,522
75,672
47,220
$3,060,732
(6)600,000
$3,069,779
(6)600,000
$2,460,732
$2,469,779
(?)
(3)300,000
Miscellaneous gross revenue in 1912
includes $271,126 profit
chandise sales and sundry other income.
Note.—Surpluses
as
above
sinking fund payments.
are
JUNE 30.
1913.
Stocks and
bonds
1912
1,927,304
3,487,363
:
Other
investments..I
Mining properties..
Brands, patents, good-will, &c
Sinking fund (amount unexpended)
_
16,778,122
4,128,354
2,857
14,964,449
5,231,488
8,876,080
191,503
_
Accounts
receivable.
receivable
Merchandise and supplies..
Bills
Unexpired insur., taxes, &c________
Total assets
__
r
_____ _
3.885,912
15,651,547
"
668
11,672,047
3,698,209
7.800,390
458,388
pendit's chargeable to future op.,&c.
343,427
1,419:308
Cash in bank and in transit
Liabilities-^
$9,586,174
1,040,467
3,641,309
1,743 ,953
12,800 ,0001
I
50 ,200'/
16,803 .943
4,034 ,611
17 ,047
13,422 ,400
3,873 ,902
8,961 ,871
Guar, accts. receiv., new constr., ex-
Stock,
Stock,
1911;
$13,420,573 $12,494 ,496
254,024
1,485,739
1,574,693
$70,771,428 $66,146,550 $58,805,440
'*
1
~
*
..$18,330,900 $18,330,900 $16,991,300
preferred
27,112,700
27.087,700
19,206,400
Accts. payable, accrued int. & taxes.
977,514
1,024,458
1,026,978
Notes payable
4,825,000
First mtge. convert, gold bonds
11,087",000
10,163,000
10,578,000
Bills payable.
2,345.000
Reserve for freights, losses, &c______
986,082"
822,118
883,687
Reserve for renewals, fire ins.., &c
606,644
669,343
642,183
Profit and loss, surplus.
6,605,500
7,823,909
7,597,102
common
1
_______
.
^
Total
—V.
liabilities
96, p.
1425.
$70,771,428 $66,146,550 $58,805,440.
,
,
'
.
{Digest of Official Statement of Jan. 1 1913.)
This company's annual balance sheet has appeared from
time to time in the "Chronicle."
See adv. in issue of Jan. 25
brief comparative statement in V. 96, p. 357.
On
Dec. 31 1912, after having been in business nearly 25 years,
the company reported outstanding, in addition to its $100,000
and
capital stock, $13,265,748 6% debenture bonds (including
$8,993,022 "coupon bonds and full-paid certificates"; $4,272,726 for "installment payments received and interest
accrued
(?)
*
and
SHEET
■
1909.
1910.
$7,899,224
5,202,284
509,152
433,936
,
Bond disc., prem. & exp.
BALANCE
Assets
Land, buildings and machinery
Lighters, tugs, tools, &c
American Real Estate Go., New York City.
Total gross revenue..$14,744,651
$14,604,609 $14,044,596 $13,491,288
-Maintenance._ $1,085,959
$1,398,404
$1,243,859
$1,210,506
Operating expenses..
6,722,633
6,298,966
6,294,602
6,001,011
Taxes....
622,969
516,702
382,880
320,059
$6,313,090
$11,752
3,464,326
92,865
991,602
deducting other interest charges and repairs 7and renewals,
amounting to $511,232 in 1912-13, against $531,210 in 1911-12 (including
in the latter year also bankers' commissions) and $444,953 in
1910-11..;,
YEAR.
Deduct
Net earnings
Interest on floating debt
Int. on bonds outstand'g
Int. on sink, fund bonds
226,807
After
,
CALENDAR
Gw------
Surplus
x
shown
before deducting
on
mer¬
~
depreciation
on accumulative bonds and certificates") and $11,570,992 real estate mortgages.
On the other hand, the total
assets were given as $27,202,804 (embracing real estate and
improvements of $24,922,088) and surplus of $2,088,086. 1
The company's principal real estate holdings, all located
in N. Y. City and in Yonkers, near NV;Y. City line, and the
valuations, at which the total holdings of each class were
carried
on
the books Dee. 31 1912 and the amounts of
standing real estate mortgages thereon
appear
as
out¬
follows r
•>
,
510
THE
[Vol.
<1) Leading Rental-Properties (Total Value Dec. 31 1912, $14,276,500,
;
Mortgaged for $9,506,508).
(in Feet).
65x105
Sq.Feet.
6,825
yearly interest on the amount desired, during the term.
The accumulative bonds are intended to guarantee investors (1) at ma¬
turity the full sum invested and interest thereon at 6%, compounded an¬
nually and accumulated; (2) cash in event of death to the full amount in¬
vested with 4% interest to date of death; (3) various surrender privileges
200x68x34
10,200
before maturity, if the purchaser is unable to continue payments, protecting
investors from unforeseen contingencies to a degree not usually possible.
The 6% coupon bonds mature in 10 years from date of issue.
Par value
92)^x175
Con-
No.Aparts.
527 Fifth Ave. (bank & offices):
Vanderbilt Ave. Bldg., 42d to 43d
St. Completed since Jan. 1 1913.
(Contains 95 offices and 16 stores)
6 Stone
Fifth Ave., cor. 17th St.
(Merchants'Exchange Bldg.)
West 21st St.
(Mercantile
Bids.), between 5th & 6th Aves.)
16,187
Plot,
Frontages
straction,
Steel*
11
114-116
$100, $500, $1,000, $5,000.
18
Steel*
54-62
,
12
_
_
HE. 31st St. (Stockton Bldg. An.)
40-46 East 62d St. (apart, bldg.)__
50 East 62d St. (stable).
do
16
39-41 West 31st St. and 38-40 West
32d St. (Arena Bldg.)
5-9 East 31st St. and 6-10 East 32d
St. (Stockton Bldg-)
,
10,821
112
do
».
50-41
9,019
65-66
22
66
16
12,998
2,159
6,661
1,673
Interest payable semi-annually at
Chemical
Nat. Bank, N. Y. City.
Bonds negotiable and transferable by endorse¬
ment, or may be surrendered for cash, at option of owner, on any coupon
date after two years for a sum which with interest previously paid shall equal
their face value with interest from the date of issue at the following rates
On 5th to 9th coupon dates incl., 3%; on 10th to 14th coupon dates incl.,4%;
15th to 19th coupon dates incl., 5%.
They may also be turned in at par
on
11
do
5 Brickt
9(18) Steel*
2 Brickt
'
2841-2847 Broadway and 601 W.
110th St. (Hendrik Hudson An¬
,
nex), 5 stories, 58 apartments...12(58) Steel*
(б) In Borough of Bronx (Total Val. Dec. 31 1912,
'
15,907
■
_
„
v,:
26,808
207x120x135
any
time in payment for real estate for sale by the
its regular selling conditions,
after 5 years, at
and
are
company on
subject to call at par on coupon dates
option of company, upon six months' written notice,
nde"
value marked in all large cities, but which in New York has been an excep¬
tional source of profit through a century past.
(N. Y. Corporation.)
Officers and Directors.-—Edward B. Boynton, Pres.; Harold Roberts and
B. Hinckley, Vice-Pres'ts; Richard T. Lingley, Treas.; Francis
William
12,537
180x70x70
$3.469.500)—*Fireproof.
383-391 East 149th St. and 557-559
.
'
5 Steel*
175x80
14,000
do
Merc.Bldg.)
and int. at
.
91x175
,
614 West 111th St., 611 West 110th
&Riv.Dr. (Hendrik Hudson)... 8(72) Brick*t
220-234 Wadsworth Ave. (The Paul
Jones). 184th St. (Sold in 1913) 6(48) Brickt
Melrose Ave. (Areco
without capital sufficient for income investment to accumulate af
simply investing the equivalent of an
definite capital in a given time by
ordinary
(а) Manhattan Borough (Total Val. Dec. 31 1912, $10,711,000)—*Fireproof.
Stories tfe
person
ictii.
100x175
27,676
126x243
22,603
Sisson, Sec.;
Austin L. Babcock.
Asst.
Treas.
General
offices,
527
Fifth Ave., N. Y. City.—V. 96. p. 357.
Wayagamack Pulp & Paper Co., Ltd., Three Rivers, Que,
17,500
294x267
H.
561-569 Melrose Ave.
(Bronx The¬
atre
Bldg.),
seating
1,800; 3
stores, offices and hall
814-840 Westchester Ave. and 793-
(Report for Fiscal Period ending June 30 1913.)
815
Prospect
Ave.
(Johnson
Bldg., 13 stores and offices)
1032 Westchester Ave. and 1043-
2 Brickt
1053 Southern Boul. (ArecoCo'rt)
(7 stores and 91 apartments)
1040 Simpson St.(HollywoodCourt)
6(91)
3 stores and 44 apartments)
1040-1048 Westchester Ave.
6(44)
do
do
75x81
9,898
6(54)
do
100x100
Pres. J. N.
17,221
.
.
.
.
and
Lawrence and St. Maurice rivers.
1052-1058 Southern Boul. (Chester Hall, 7 stores and 51 apart.).
999-1001 East 163d St., 941 Simpson
Westchester Ave.
stores, 15 apartments)
....
1026-1028
(2
„
50
3,262
78
96x41M
7,899
4,042
do
do
do
107x41 H
80
200
4,385
8,320
21,500
do
do
50
80
6(15)
do
do
do
2 stores)
5(18)
5(38)
5(75)
1032-103 j
972-984
Simpson St
Simpson St
985-989
Southern
In
•
2
.
5(20)
...
6,529
8,383
(J) Partly cement.
(t) Partly stone.
(c)
.
163d
(E.
Boul.
St.), 2 stores and offices
977-985 Fox St.
Yonkers
(Total Value Bal. Sheet Dec. 31
1912, $95,000).
Park Hill, apartment
bldgs. on So.
adjoining the Park
Hill
Station
in
Yonkers
(24
apartments, 3 stores)
5(24)
,
Broadway,
(2)
Completely
Land
Developed
15,231
100
Brick
Properties (Val. Dec. 13 1912, $8,»
932.956, Mortgaged for $1,453,749).
(a) Leading Properties in the Bronx valued at $6,504,920.
Westchester
Ave. and Southern Boul. properties; va¬
rious parcels containing
contract of sale)
Parcels
on
382 plotted lots (27 under
981,560
—
Westchester Ave.
Edgewater Road
River
.'—
and
and water frontage on Bronx
Westchester Ave. and Home St
105,321
102x147
13,664
Westchester Ave., Bryant Ave. and East 167th St—120x105x150
Watson Areco Properties—Frontage of 10 city blocks
21,785
the East River,
^
887 lots
*
350,873
—
Woodlawn Road and Hull Ave. Property.
Two corner parcels at Minford PL, Boston
'
-
parcels fronting on the Bronx River, which
is navigable to
swing-bridge extending across Ihe channel, with sidings on the
steel horse-bridge, roads, drainage and fire protection, operatives'
a pumping and filtration plant with a daily capacity of 3.500,009
gallons.
Plant construction included machine and carpenter shops, pulp
mill and recovery furnaces,
paper mill, steam plant, electrical sub-station
to handle power from Shawinigan, as well as a modern saw-mill with doubleacting band-saws.
The plans called for an initial capacity of 50 tons of
pulp and 50 tons of finished paper, but the plant is so designed as to permit
of its gradual extension to an ultimate capacity of 200 tons of paper.
The pulp-wood plant was completed in time to operate during the summer
of 1912, thereby furnishing raw material for the operation of the paper
plant when started during the following winter.
Permanent running of the
pulp and paper plant on the standard product was begun on Jan. 1 1913. We
believe that the company possesses the most up-to-date and efficient plant
for the manufacture of sulphate pulp and "Kraft" paper now in operation.
A paper master, from Sweden, of wide reputation was secured as technical
manager, and the quality of the paper produced has caused it to be most
favorably received, not only in the domestic market, but in the markets
of New Zealand, Australia, South Africa and the United States.
The profit and loss statement submitted covers one year's lumbering
and the operation of the pulp and paper mills for six months.
The net
earnings, as appears from the statement, were $256,774, and every operating
factor indicates that the ultimate earning power will be far in excess of these
figures.
A third paper machine is being erected and should be running
by Sept. 1; the output will be readily sold in conjunction with the present
a
52x88
Bailey Ave. Property, 7 plotted lots, West 230th St__
Net earnings, after providing
Less bond interest
Net
(6)100x77/
229x100
14,067
•
12,600
Properties—Various parcels, providing for
254
about
residential
bldg.
plots.
Property
re¬
Lawrence Property—Various
2,513,000
BALANCE
.
•
Properties
in
Process
of
705
Will divide it into 19 city blocks with 658 plotted
lots fronting on 12 streets and avenues
1700x1900 (51 acres)
Broadway City-Line Properties—Frontage 750 ft. on
Broadway north of West 261st St. (1% acres lie
..
in the City of Yonkers)..,
750(15H ac's)
__
,
-
(б) Miscellaneous, Valued Dec. 31 1912 af $317,085, mortgaged for $89,890—
New hoiises ready for sale, $67,817; apartment houses, 4 Westchester
Ave., Bronx, $141,324, and 2 South Broadway, Yonkers, $89,959; 5 private
houses Park Hill, Yonkers, $17,985.
Note.—All of the company's holdings, we are informed, are owned in fee,
both land and buildings, except (a) land and building at 1455 Broadway,
which are held under 21-year lease with right to three renewals of 21 years
each and (b) the land on which the Vanderbilt Ave. building stands, the
building itself being owned by the Vanderbilt Ave. Building Corporation,
the control of which lies with the American Real Estate Co. as owner of the
major portion of the stock.
The land in this case is owned by the N. Y.
Central interests and could not be purchased, but it is held by the building
corporation named under 21-year ground lease, with right to two renewals
of 21 years each.
As to the changes since Jan. 1, Secretary Francis H. Sisson, writing on
Aug. 21, says: "Of improved properties we have disposed of the Paul Jones
apartment house, a sale involving about $300,000, and of unimproved
properties various parcels aggregating about $500,000.
We have acquired
a vacant parcel of land on University Ave. at the easterly end of Washing¬
ton Bridge valued at $150,000 and two business buildings, one located on
Westchester Ave. and East 165th St. and the other on Third Ave. and Eas180th St., aggregating approximately $400,000 in value."
The rentals received by the company in 1912 aggregated about $1,500,000.
'
in substance:
issued in either of the
following forms, one providing current income from capital already accumu¬
lated, the other accumulating capital out of current income: (a) 6% coupon
bonds—for income investment—to mature in 10 years and purchasable at
par in multiples of $100; (b) 6% accumulative bonds—for systematic saving
—purchasable on installments aiming 10, 15 or 20 years and enabling the
Profit and loss.
151,774
_
_
_
493,227
54,990
„
in April 1913, making $3,~
1751-
Rivers, P. Q.
(Report for Fiscal Year ending June
30 1913.)
C. R. Whitehead, Three Rivers, Aug.
1, wrote:
far in excess of the capacity of the original Wa¬
plant, and afford ample confirmation of the wisdom of organizing
St. Maurice Valley Cotton Mills, Ltd., and the construction of that
company's mill.
Your company holds the entire ($1,250,000) capital
stock of the St. Maurice VaUey Cotton Mills, Ltd., and the two mills will
be operated as one.
The St. Maurice plant is nearing completion.
The
finishing machinery is beginning to arrive, and we expect that by Dec. the
entire plant will be running to capacity.
The St. Maurice plant will in¬
crease our capacity from 600 looms and 25,000 spindles to 1,500 looms and
75,000 spindles.
With the larger output the profits should be more than
basso
the
Properties—Frontage over 1,700 ft. on White
Ave. and over 1,900 ft. on Boston Road.
Plains
company says
Oper. charges accrued
Reserve agst. conting., &c.
308,579
128,382
87,509
41,162
168,267
Accounts and bills payable
Loans
_*t
_
The orders on hand are
The bonds are sold by the company at par and are
—
Accrued bond interest
53,067
Pres.
$9,385,663).
Common stock...,.
$5,000,009
1st M. 6% 40-year bonds. 3,500,009
Wabasso Cotton Co., Ltd., Three
53,595
Development (Val. $1,713,623,
Mortgaged for $610,665).
Regarding its debentures the
145,787
wood,
Stock of paper on hand..
(154 lots)
(а) Borough of the Bronx (Val. Dec. 31 1912, $1,396,538; mtgd. for $520,775).
Mace
Pulp
(TOTAL EACH SIDE,
&c—$2,077,784
6,560,807
$145,952; lumber in yard
$61,566; logs in boom
and river, $285,709
.
'
Land
SHEET JUNE 30
Prop., limits, real est., &c.
cts. receiv—
Cash and accts. receiv
[A block of $500,000 1st M. bonds was issued
500,000 outstanding.]
See also V. 95, p. 1216,
parcels in 6 city blocks,
containing 154 plotted lots fronting on Riverdale
Ave.,.Ba/ley Ave., Hawthorne Ave., Purser PL,
Culver
St., Franklin Ave., Belvedere Pl. and
Valentine Lane, Yonkers
Various parcels on So. Broadway, Undercliff St., Van
Cortlandt Park and McLean Aves. and PortlandPl.
of admin_$256,774
105,009
Stores
stricted, private residence district in City of Yonk¬
ers, about Y mile from N. Y. City line
(3)
.
exp.
—$151,774
Buildings, mach'y,
Inventory:
(6) Leading Properties in Yonkers, Adjoining N. Y. City (Val. at $2,428,036)
Park Hill
ENDING JUNE 30 1913.
for all charges, incl.
profits
4,812
Road__(a)132Mxl74\
•
product and will complete the line of "Kraft" papers.
The company derives great benefit from the operation of its saw-mill in
conjunction with its pulp and paper mills, all timber cut being used either
for pulp and paper or the manufacture of lumber; while ail waste material
is used either in the manufacture of paper or as fuel.
Under our policy
of conserving the timber limits by the most modern methods, the supply
of wood is practically inexhaustible and will grow more valuable each year.
PROFIT AND LOSS ACCOUNT FOR 6 MOS.
on
Westchester Ave., along new Broadway-Lex¬
ington Ave. subway, with stations on the property,
in all 20 city blocks containing 887 plotted lots
(incl. 52 under contract of sale)
—
Various
railroad
island;
houses and
-
(18
Ave.
Westchester
22,577
225x100x100
do
apartments, 4 stores)...
5(18)
1204 Boynton Ave. (13 ap., 2 stores) 5(13)
1207 Boynton Ave. (18 apartm'ts,
1531-1535
Before building the plant it was necessary that there should be provided
a
^
5(84)
St. and 940 Fox St.,
Greenshields, K.C.. July 24, wrote in subst.:
Properties.—In Jan. 1911 the well-known Baptist properties were se¬
cured, consisting of 1,121 sq. miles of timber limits on the St. Maurice River
and its main tributaries, together with depots, logging, booming and other
river equipment, and extensive
properties in the City of Three Rivers.
Under the advice of Canadian, English and Swedish engineers, contracts
for the plant were let and work begun, the site being located on Baptist
Island, adjoining the deep-water ship channel at the confluence of the St.
PrffFhetiS^.a^Mauri^eValley
Cotton Mills, Ltd., was incorp. under the Ca¬
Act April 6 1912 and made a mortgage to Quebec Sav¬
as trustee, to secure not over $2,500,000 1st
and due June 1 1952, but callable on or afterJune 1 1917 at 105 and int.
Par $100, $500 and $1,000.
Int. J. & D. at
office of trustee.
Present issue, $1,500,000.
In June 1912 the trustee
offered a block of the bonds at 96, with a bonus of 50% in stock (later ex¬
changed, $ for $. for stock of Wabasso Cotton Co.).
The Shawinigan
Cotton Co. and Shawinigan Knitting Co. of Shawinigan Falls and the Ox¬
ford Knitting Co. at Woodstock, Ont., are controlled by the same interests.
Ultimate consolidation of all the properties is contemplated.]
nadian Companies
ings & Trust Co. of Montreal,
M
s. fd. 6s dated June 1 1912
RESULTS
FOR
YEAR
ENDING
JUNE 30
Profits, trade account, $123,374; rents, $177
Deduct—Bond
interest, $58,070; redemption
bad debts, $121
Bal. to surp.,
[making with $82,8-41 previous
1913.
$123,551
premium,
surp.,
$475;
58,666
$147,726],
$64,885-
BALANCE SHEET JUNE 30
Plant, machinery,
&c
1913 (TOTAL EACH SIDE $3,133,444).
$1,750,000
$1,398,511 Capital stock
951,009
386,710 1st M. 6% bonds
38,630
98,223 Accounts, payable, &c
Materials, supplies, &C-Cash and accounts rec le_
St. Maurice VaUey Cotton
Mills stock
•
1,250,000
Collateral & other loans,„
Profit and loss_„
246,087'
147,726-
capital stock, $1,759,000, includes $1,250,000 created in June 1912
and exchanged for $1,250,000 St. Maurice stock.
Total Wabasso bond
issue, $1,000,000; less redeemed, $30,000, and in treasury, $19,000; balance:
outstanding, $951,000, being 1st 6s issued under mortgage dated June 12r
1907, National Trust po., Montreal, trustee, callable at 105 and int.
The
AUG. 23
THE
1913.]
CHRONICLE
517
Northern Ontario Light & Power Co., Ltd.
Canada Cement Co., Ltd., Montreal.
(Report for Fiscal Year ending Dec. 31 1912.)
•.
(Report for Fiscal Year ending Dec. 31-1912.)
YEAR ENDING DEC. 31
INCOME ACCOUNT FOB
Gross earnings—Compressed air,
589; light, $102,923; sundry,
income, $2,080; total income
Pres. William C.-Edwards in
1912.
Additions.—In 1912 there
$232,579; electric power, $173,$12,514; total, $521,605; other
_—->—
—
ducing cement from clinker shipped from one of your Eastern mills.
20-year gold bonds, authorized,
$4,646,000; in treasury, $47,500; balance.Pref. stock, $2,400,000; common stock, $4,585,000; total—
Accounts and wages payable, $58,930; reserves, $10,692; int.
accrued on bonds, $75,630; total.-
mill
present output in the West, will enable
$4,598,500
6,985,000
145,252
-
134,876
and St. Paul.
(Report for Fiscal Year ending Dec. 31 1912.)
The report of Pres. E. H. Moulton and Treas. <3r. W. Rob¬
inson, dated March 1 1913, says:
new Canada Cement Transport, Ltd., of which your company holds
stock, has purchased two steamers that will be employed
transporting coal to your plants. .
Following the policy of serving as efficiently as possible the entire
Dominion, your management is endeavoring to obtain a satisfactory prop¬
erty in New Brunswick which will justify our constructing a mill.
Balance Sheet.—The increase in property account during the past year
is principally accounted for by the large expenditures made on the Winnipeg
plant, and the purchase of the site at Medicine Hat, referred to above. The
decrease in cash is chiefly accounted for by the increase in property account.
Current liabilities are considerably higher than on Dec. 31 1911, partly off¬
set by the increased value of inventories and accounts receivable, and also
by the appreciation in property account.
Prices.—The policy of price reduction has been continued, substantial
reductions in the price of cement having been made the past year.
The
in
*
RESULTS FROM OPERATION.
Plant, Extensions, &c.—The physical properties now owned and
operated
cities of Minneapolis and St. Paul, 36 ex¬
changes located at various points throughout the State and 2,925 miles of
long-distance pole line, connecting with 1,637 cities and villages.
During 1912 property has been acquired for two additional exchanges
^ithin the Twin Cities.
On one of these properties there has been erected
a modern brick and concrete fireproof building, in which work has been
started for the installation of a modern exchange to care for a district of
approximately 25,000 people.
Our toll boards at the long-distance head-
Net
Include 13 exchanges within the
that
1913.
The balance will be completed early in
year.
x
to
These
square
all
miles of territory.
*
It has been necessary to expend in maintenance a little over $202,000,
of which has been charged to operating expenses.
This is entirely
renewal work, such
exclusive of the amount expended in
as
an
increase
of about
has remained
a
ings of securities of connecting companies have been materially increased.
A large indebtedness in the form of notes has within the year been suc¬
cessfully funded into common stock, thus eliminating a heavy interest
charge and correspondingly increasing the net earnings available for divi¬
dends (V. 95, p. 360).
New Pref. Stock Provisions.—Recent amendments to the by-laws confer
added protective features to the pref. stock, as follows;
(1) Dividends are
made cumulative.
(2) Upon liquidation, precedence as to assets as well
as dividends.
(3) Without the consent of at least 75% of the pref. stock
then outstanding the
company cannot (a) pay dividends upon the common
stock unless the annual surplus earnings applicable to dividends are twice
the amount required to pay the pref. dividend at the date of the last pref.
dividend; (b) issue any stock which shall take priority over the present pref.
stock; (c) sell or dispose of its property, franchises or business in their
entirety; (d) increase the authorized issue of pref. stock, and any increase
can only be of an amount equal to 80% of the cost of properties acquired,
extensions or necessary improvements.
(4) The pref. stock is redeemable
in whole or in part on 60 days' notice at 110 and dividends.
INCOME STATEMENT YEARS END. DEC, 31 (Compare V. 93, p.
1912.
1912.
1911.
$
$
140,558
228,374
deductions.
dividends.
926,421
550,149
124,668
150,223
973,146
425,481
112,396
59,811
Balance, surplus..
'275,258
253,274
on
Total
Total Income
1,476,570 1,398.627
Net
income
Preferred dividends.
Deduct—
Oper.,
Common
gen'l
malnt.,
733,671
expenses, Ac.
Taxes.
52,302
69S.260
46,510
BALANCE
SHEET DEC.
1912.
Plant A equip't, incl.
Common stock
.real est. A bldgs..7,663,413
Securities owned
• 471,543
Material A supplies.
Notes & accts. rec'le
Cash....
Other
„
assets
149,921.
176,787
61,868
58,090
7,253,936
270,122
154,474
146,483
47,729
72,584
$
Liabilities—
Ordinary stock...13,500,000 13,500,000
Inventories
1st M.
ce¬
Preferred stock
1,739,009
Acc'ts & bills pay.
576,979
2,000
463,878
3,499
tenders
on
Interest accrued..
Pf.div .pay.Feb. 16
77,936
—
29,916
Surplus
719,436)1,236,817
315,000/
Total
8,581,622 7,945,328
The profits for the year 1912
BALANCE
stated
1911.
$
Assets—
are
31
32,830,507 31,911,2001
Federal
$
Sign
System
Chairman Samuel Insull reports in substance:
agreements with the Sangamo Electric Co., meter manufacturers, and with
the
Pittsburgh Transformer Co., transformer manufacturers.
It is the
company's policy to broaden its line of goods handled and to take advantage
of its large number of rental offices to extend and increase the merchandising
side of its business, which has shown a gratifying increase each year and
which dining the last 6 mos. of the year covered by this report has been over
37J4 % in excess of the business for the first 6 mos. of the year this part of
the business having for several mos. been at rate of $1,000,000 per annum.
INCOME ACCOUNT.
Years ending—
Gross Income
$1,533,674 $1,286,716
Exp. (Incl. deprec.) 1,331,191
1,106,151
Net Income
$202,483
-2,390,491
2,256,533
Total
$180,565
134,040
77,930
chged. agst.
inc. to absorb
$180,565
develop't acc'tRevenue (stk.dlvs.
from in vest'ta).
BALANCE
62,251
39,696
Balance, surp__
92,500
$98,692
$62,939
SHEET.
Mch. 3ri3.JWcft.28' 12.
Afcft.31'13. Af eft.28*12.
Assets—
Prop'ty,
Liabilities—
patents, Ac
Material
on
4,427,341
hand.
453,035
Acc'ts A bills rec.
3,997,062
340,021
291,646
18,925
127,032
Investments
190,426
154,066
439,472
Cash
chges.
(be¬
ing written off).
Miscellaneous
$
Preferred stock
franch.,
-V. 96, p.
466,413
2,016,160
3,109,550
Acc'ts payable—_
166,904
Notes payable—
70,734
Common stock.—
elec.
61,510
current
12,490
'•
971
Reserve for depr.,
&c
13,883
5,771,834
1705.
28,640
Accr'd charges for
Miscellaneous
...
1,795,900
3,053,600
—
203,624
203,890
148,648
r——
5,771,834
5,209,498
—
Total
5,209,498
170,220
National Grocer Co.,
Detroit, Mich.j
(Report for Fiscal Year ending Dec. 31 1912.)
The directors in Jan. 1913 declared
a
regular diviciend of 3% (an increase
of 1%) and an extra dividend of 2% on the common stock to stockholders
of record Feb. 10, making a total of 5%, or the same aggregate as paid from
the earnings of 1911, but with the component parts reversed—2% regular
3% extra having been paid in Feb. 1912.
As to Western Grocer Co., an allied concern, see
separate report below.
1912.
1911.
$
$
(6%)
Com. div. (5%)
Pref. div.
—
—
$
201,907
282,537
Balance, surplus.
_
1911.
$
90,000
100,000
90,000
100,000
190,000
11,907
190,000
92,537
BALANCE SHEET DECEMBER 31.
1911.
$
1912.
will,
marks,
1912.
Liabilities—
good¬
Preferred
stock
1911.
$
1911.
Assets—
Trade
$
[6%
Ac
cumulative]
2,000,000 2,000,000
1,500,000 1,500,000
Real est.A wareh'ses. a276,883
247,991 Common stock [par
Mach., furniture,Ac.
J5100L
640,283
2,000,000 2,000,000
40,844
Horses, wagons, Ac.
23,198
14,534 Bills payable
1,085,500 1,070,000
Cash
325,719
67,376
322,069 Accounts payable...
77,259
Accts. A notes rec'le. 1,011,964 1,04 7,473
Pref. dividend Jan. 1
45,000
45,000
Merchandise
.1,533,573 1,532,568 Undivided profits.— 513,744
"513,220
—2,390,491 2,256,533
Total--
Buildings, machinery &c., include
buildings, $108,657; land, $87,793;
machinery, equipment, &c., $103,501; tools (small), $10,699; furniture,
fixtures and crfflce supplies, $3,191.—V. 95.
p. 109.
$294,983
Pref. div. (7%)...
Total deductions
11,492
*
Mch.31 '13.Afcft.23 '12
Total net Income.
Amt.
Net earnings.—
1,716,388 Cap.stk.(all com) 1,800,000 1,800,000
13,688 Bills payable—1' 44,787
26,298
ills receivable100
4,171 Accounts pay'le.
40,853
45,309
Accts. receivable
34,778
65,455 Depos. on orders
12,778
1,700
*Bldgs.,mach.,&c 313,8411
456,548 Bonds payable in
Inventories (mer¬
1927
251,146
211,183
chandise)
313,891 J
Surplus & undi¬
Deposits
283
vided profits. 247,549
165,421
Total—,
Years ending—
Mch.SI '13. Mch.23*12
$82,129.
1,716,388
§ash
(Electric), Chicago.
During the year the company has acquired a controllihg interest in the
Chicago Miniature Lamp Works and has made favorable long-time sales
10,505,148 10,257,565
Gross profits
954,940
1,040,670
Exp., deprec., Ac.
753,033
758,132
1912.
Liabilities—
32,830,567 31,911,200
Total
(Report for Fiscal Year ending Mar. 31 1913.)
Total sales
1912.)
as
75,000
130,000
496,803
z Reserve funds in 1912 include $28,600 for contingent reserve for accounts
receivable, Ac., $75,000 for extraordinary repairs and renewals and $100,000 for cotton sacks outstanding.—V. 96, p. 490.
$
SHEET DECEMBER 31.
1912.
Patents
Dec.
56,061
781,062
Surplus
1912.
Standard Motor Construction Co.
Statement
93,854
183,750
Z203.000
stk.distrlb.plan.
Reserve funds
..4,000,000
998,970
-.1,972,460 1,889,480
-V. 96, p. 558.
(Financial
93,854
183,750
Prov.for employees'
$
debt—rl,162,550 1,035,000
Notes A accts. pay'le
249,315 2,651,490
Acer. taxes, int., Ac.
162,860
133,571
....8,581,622 7,945,328
340,270
32,152
554,009
DeferrediCharges to
operations
915,598
draft
27,124
39,243
Depos.
6,256,967
674,826
Bank loans & over¬
Bills receivable
Funded
Reserves
20-yr.gold..6,256,967
2,146,380
receivable-
Caab
and
Total
of
ment, coal, Ac.
Acc'ts
stock...10,500,000 10,500,000
Surplus
1911,j
$
Invest,
Total...
1912.
*
follows:
31.
1911,
$
as
1911.
$
Preferred
Def.
The surplus as above in 1912, $275,258, was appropriated
$175,258 to reserves and the remaining $100,000 to surplus.
Assets—
$
•
1912.
Liabilities—
$
1793)*
bonds, Ac...
Int.
oper'n.-l,455,37811,398,627
Miscellaneous revenue
21,192/
1911.
29,918,672 28,795,435
(at cost)..
42,234
293,302
1911.
$ ■
Earns, from
For three months ending Dec. 31 1909.
1912.
.
15%—the number of toll messages handled
the net earnings correspondingly increased.
normal and
v
-•
material increase in gross earnings, the operating ratio
Plant extensions amounting to about $400,000 have been successfully
financed from the sale of pref. stock and from surplus earnings.
Our hold¬
Surplus
Property acc't.:
being 900,392.
Financial.—With
$284,259
278,809
142,698
75,296
BALANCE SHEET DECEMBER 31.
Total
at
Crookston, St. Cloud, Moorhead, Lake Benton, Tracy, Balaton, Lamberton, Russel, Tyler, Lynd and Walnut Grove, and others are now pending.
Subscribers, &c.—Substantial gains in number of subscribers have been
made both within and without the Twin Cities.
The long-distance business
shows
1909.
the replacing
of any part of the plant that has become obsolete or worn out.
Franchises.—Franchises have, during the past year, been obtained
Balance
$735,000
735,000
735,000
the profits earned from various dates properties were acquired
are
Dec. 31
Pref. Div.
$375,418
368,230
300,000
1/75,000
---$1,394,677
.i 1,382,039
Calendar year 1910
—i 1,17(7,698
Period ending Dec. 31 1909—
zl50,296
Assets—$
approximately 37 miles of
underground conduit, and there has been installed in underground ducts
approximately 8,000 miles of wire in cables.
Our aerial cable plants have
been increased by approximately 1,600 miles of wire.
Our toll system has
been increased by approximately 1,400 miles of toll line.
These additions
to the system have given us added connections with
approximately 30
towns or importance throughout our territory, among which
are such
cities as Crookston and St. Cloud.
At 15 of these points we have connected
with companies already in existence and
serving approximately 4,500
Interest.
Calendar year 1912
Calendar year 1911
were
There has been added to our exchange system
Bond
Profits.
Period Covered—
Suarters have been increased by out for25% in50% of which care of theaddional toll lines which
laid about 1912, order to take were completed
during
us to supply
The future
growth will be provided for by the proposed Medicine Hat mill.
the entire capital
970, 1406, 1477, 1750.
Tri-State Telephone & Teleg. Co., Minn,
addition to our
in
the Western demand with cement manufactured in the West.
6%
Profit and loss account Dec. 31 1912
See also V. 95, p.
The
capacity of the Exshaw mill has also been largely increased.
We have purchased a
property at Medicine Hat, Alberta, and when
the additional deposits of shale in the vicinity of this property are proved,
intend to construct a mill in this locality.
The capacity of your Winnipeg
Assets—Properties, hydraulic and mechanical air compressors,
electric plants, &c
—
$11,539,720
Cash, $16,878; bond sinking fund, $65,500; guaranty deposit,
$21,000; total
103,378
Interest accrued, $1,101; charges paid in advance, $5,811;
Cobalt Hydraulic Pow. Co., LtdT, bds., $10,800; total..^
17,712
Accounts receivable, $89,677; stores on hand, $68,141; in¬
vestments in shares of other cos., $45,000; total——-202,818
mtge.
the
on
cement per annum.
This work is now well under way and will, we hope,
be completed this year.
The clinker grinding mill at Winnipeg, the con¬
struction of which was authorized in 1911, has been completed, and is pro¬
$72,681
GENERAL BALANCE SHEET DEC. 31 1912— Total each side, $11,863,628.
lAaibiHties—First
were not sufficient available steamers
St. Lawrence River and the Great Lakes during the short season of navi¬
gation to transport our materials; consequently our business suffered con¬
siderably and costs were also increased.
To overcome this difficulty, the
directors authorized the addition of a burning department to the Winnipeg
mill and an
increase in the capacity of this mill to 1,400,000 barrels of
$523,685
Deduct—Operation and maintenance, $137,046; purchased power,
$12,713; miscel., $651
...
.$150,413
Bond interest, $178,980; pref. dividends, $117,948; taxes, $3,663- 300,591
Balance, surplus for year
-
January last wrote in subst.:
.5,211,620 5,205,479
Total
5,211,620
5^205,479
a Warehouses and places of business owned by the company.
6 Machin¬
ery at coffee mills and printing plant and furniture and fixtures at branches'
after charging off 10% yearly.
Compare also V. 95. p. 46.—Y. 96, p. 422.
518
THE
National Brick Co; of Laprairie,
CHRONICLE
Canadian
Ltd.
(Report for Fiscal Year ending Feb. 28 1913.)
Pres. J. N.
Greenshields, Mont., April 21, wrote insubst.
on
•
The outlook for next
year
is
During the
year your company
Prior to our acquisition of the total capital stock of the Laprairie Brick
Co.; Ltd., dividends were paid by that company amounting to $36,570.
Deducting this sum, together with $90,197 interest on this company's
bonds, there remained $255,196 as the net earnings for the year.
Your
directors declared a dividend of 1# % ($25,000) for the three months ending
Feb. 28 1913, leaving $230,196 to the credit of profit and loss.
The balance sheet shows ample working capital, the liquid assets amount¬
ing to $369,383, against liabilities, including accrued int., of $75,596.
•
INCOME ACCOUNT YEAR ENDING
Net, earning*
Administration,
$396,732
legal
exp.,
&c-<
taxes,
14,769
_
$381,963
SHEET FEB.
1913.
28
$36,570
90,197
Divs.
v25,000
....
on cap.
Total
BALANCE
FEB.
Final div, Laprairie stock..
Bonds interest
1913
28
Bldgs., plant, mach., &e_*$4,284,322
Cash
71,608
_
stock {1H%)-
—
Balance surplus.
—
-_$151,767
....-.—$230,196
(TOTAL EACH SIDE.
$4,659,995)
Capital stock
.$2,000,000
Bonds issued
1
2,319,100
9,082 Accounts payable._$17,619
135,002 Accrued bond int.. 57,977
75,596
149,671 Reserve for bad debts
10,103
4,020 Profit and loss
255,196
6,290
Bills receivable
Accounts receivable
Stock on hand
Unexpired insuranoe
Other sundry assets, Jc«
Comprises land, buildings, plant, machinery, &c., at Laprairie, Del-
Junction and Montreal.
Note.—The sum of $273,100 carried by the Laprairie Brick Co., Ltd.,
as reserve for plant, depreciation and renewal, has been written off the
prop¬
erty account In the consolidated statement.
son
5.'owances to customers, dividends on pref. and com. stocks, as well as
dividends to minority shareholders of the Canadilan Rubber
Co. of Mon¬
treal, Ltd., amounted to $813,844.
*
A complete modern tire
factory is being erected at Berlin, Out., at a cost
of about $6°°,000, and will be
ready with its product for season 1913 and
1914.
Favorable arrangements were made with the city for a cash bonus:
and other considerations.
This plant will be operated by your
subsidiary,,
the Dominion Tire Co.. Ltd.
A spacious warehouse has been erected at
Winnipeg, at a cost of $113,000, induding 144,000 sq. ft. of land.
The great expansion of our business and the enormous
amount of detail
work occasioned by dealing direct with the retail trade and
large consumers
has made it
necessary to commence the coming year with a new method of"
accounting.
Owing to the decline in the price of crude rubber during the*
last two years, your directors have also decided to
commence the
coming
complete re-valuation of not only raw materials, but all manufac¬
This has been done on a most conserva¬
The ledger balance of lasts, patterns and dies has been
greatly
written down; a generous
provision for possible bad debts has been madeyear
by
a
tured stocks and goods in
process.
tive basis.
and other assets have been re-valued
i
Stock constit.
The price of raw cotton has ruled high
as
compared with the previous
year, in consequence of a decrease of 2,000,000 bales in the crop.
We were
fortunate in having a good quantity carried over from the previous season,
cos.
Material A supp__
and this fact, coupled with a generous demand for our products, enables
us to make a showing even better than in the year 1911-12.
The sales for the year were $4,407,164, an increase of $547,363 over the
•
previous 12 months.
The manufacturing profits, together with the rentals realized from leased
properties, and after making due allowance for depreciation, amount to
$648,517.
After deducting bond interest, dividends on pref. shares and
$20,000 carried to reserve for bad debts, there remains a balance of $205,213
carried to credit of profit and loss account, as compared with $174,477 car¬
ried forward the previous year.
'
The question of a dividend
the common stock has been favorably
considered by your directors, but to keep pace with the growing demand
for our products^ a considerable expenditure for new machinery will be
necessary during the coming year.
It has, therefore, been deemed advis¬
on
able to
on
as
defer definite action for the time being.
It will be noticed that the whole amount of the indebtedness to the bank
"general loan account" is now less than the value of raw cotton on hand
shown in the inventory.
RESULTS FOR
YEAR ENDING MARCH 31.
1913
1912.
1913.
Saies
..-$4,407,164 $3,859,801
Inventory Apr.'13
766,998
1,247,336
Net profits
1912.
$481,503
$434,000
167,008
155,977
$648,511
Rents, Mt. Royal
Spinning mill, Ac
$589,977
Total
..$5,174,162 $5,107,137
Inventory Apr,'12 1,247,337
1,259.464
TotalDeduct—
•
of material,
mfg., admlnis'n,
depreciat'n, Ac. 3,445,322
$207,500
3,413,673
Pref. divs. (6%)„
20,000
215,797
2147500"
$434,000
Balance, surplus
$205,214
$174,477
Cost
Net profits
1913.
$
1913.
Liabilities—
Ac.10,249,716 10,221,389
11,412
12,198
Cloth
Process & yarns..
Raw cotton
Supplies
unearned..
580,100
869,054
401,673
305,668
126,866
51,475
45,500
,000,000
937,372
148,407
343,235
106,172
Bills payable
Open
accounts.._
int.
accrued 1
13,758,159 12,718,423
debts
40,000
805,973
—
Total
YEAR
1912-13.
1911-12.
$89,680
Bond Interest
1912-13.
Assets—
(INCL.
SUB.
Res. for bad debts.
do
28,500
5,750'
cash dlsc't.
Profit and loss——
102,837
11,481,101
Total
233,839
10,719,12*
suspense.
Winnipeg, $1,518.—Y. 96,
1090.
p.
North
Butte
Mining Co.
n
(Report for Fiscal Year. ending Dec. 31 1912.)
Pres. Thomas F. Cole,
Duluth, April 21, wrote in subst.:
Properties.—The company has acquired an undivided three-fourths inter¬
est in the Sunset claim, which adjoins our John Emmitt claim on the east,
and has also secured title by U. S. patent to the Henry claim, which ad¬
joins our Leaf claim on the west.
We have also secured options and madepartial payments on some additional mining claims in the Butte District.
The company now owns a solid block of mineral ground, with all side and
end lines definitely defined, located in Silver Bow County,
Mont.
Smelting Contract.—Our agreement with the Anaconda Copper Mining
Co. for the reduction of ores was amended during the latter part of the year.
Instead of selling our ores as heretofore, the concentrating and smelting are
now done for us under contract and the metals produced are delivered for
pur account to the United Metals Selling Co., under selling contract.
Development Work.—The Granite Mountain shaft was sunk an additional
868 ft. and this work has been continued since Jan. 1.
The shaft is now
50 ft. below the 2,200 level and stations have been cut upon the 1,800 and
2,000 levels and 7 ft. of the station has been cut on the 2,200 level.
This
work will be continued until connections have been made with the lowest
levels of the Speculator shaft.
The Adirondack vein at depth has shown a very
important increase in
width and has become an important producer of ore.
On the 2,400 level
the Edith May vein has been found to carry excellent ore, and conditions
indicate that this improvement will continue.
The Jessie vein has been cut
by cross-cuts on the 2,600 and 2,800 levels and has been found badly
broken, but the probability of finding ore in this vein on these levels with
lateral development to be prosecuted later, is good.
In the Snowball vein
ore has been developed east of the faulted section.
It is our purpose ta
continue prosecuting a large amount of development work, directed toward,
and into, our unexplored territory.
New
.
,
Equipment.—Electric haulage was installed on all levels below the
of precipitates and there were treated at the smelter 425,248 dry tons of ore
and 49 dry tons of precioitates, of which 45,346 dry tons, or 10.7%, were
class, and 379,902 dry tons, or 89.3%, were second class.
This ore
produced 26,480,123 lbs. of fine copper, 1,347,468.44 ozs. of silver and
1,367.076 ozs. of gold.
*
Prices.—Settlements received for metals produced during the year were
based upon prices averaging as follows:
Copper, 16.369c. per lb.;- silver.
62.885c. per oz.; gold, $20 per oz.
$1
,
11,500
$11,969
$18,380
$50,546
1912-13.
Liabilities—
$
722,997
280,317
11,226
Accounts receivable.
Cash
*,
i
12,079
30,609
708,212
267,850
1,284
2,861
13,043
^—2,951,623 2,887,502
...
1911-12.
$
1,733,500 1,733,500
Bonded debt
a429,000
444,000
Accounts payable...
19,978
11,682
Dividends payable..
17,335
Bills payable
108,596
82", 374
Int. A wages accrued
23,995
20,004
Bank loans A adv...
352,500
354,272
Reserve for deprec..
106,568
100,000
Profit and loss
160,151
141,770
Total
26,480,123 lbs:
-24,816.669 lbs.
25,267,092 lbs.
COS.).
<,
.2,951,623 2,887,502
1912.
$4,082,881
$3,060,017
42,839
7,446
$3,132,011
40,654
6,486
$2,956,122
$3,110,302
$641,858
492,000
(8%)
$3,179,152
$610,340
446,000
" (7 1-3%)
$2,986,506
Total
expenses— —$3,449,603
—$1,670,719
Net earnings
Dividends
During the
(11 1-3%)
BALANCE
1912-13 $15,000
was released.
SHEET DECEMBER
1912.
1911.
$
Assets—
$
9,600
293,254
15,298
al,355,871
Investment account.
Total
1,600,000
(26 2-3%)
receivable.
31.
1912.
Liabilities—
$
1911.,
,
Capital stock
6,150,000 6,150,000
Divs. unclaimed.—.
;
2,420 '
2,440
138,797
9,600 Accounts payable... 600,507
2,800,779 1,827,060*
242,525 Surplus
property....7,876,172 7,489,174
Furniture A fixtures.
3,517
2,094
Mining
Inventory
$1,096,375
sur.$973,719 sur.$149,858 sur.$164,340 def.$503,625-
Balance for year
1
20,142
10,242
326,777
48,136
S,
-
-
.9,553,712 8,118,306
Total
..9,553,712 8,118,306-
equal amount of the,escrow bonds
Note.—'The company had on April 80 1913 a contingent
able under discount amounting to $217,380.—V. 96, p.
year
697,000
—
Accounts in suspense
an
1909.
$3,789,492
leased from escrow aDd held by company, $15,000; remainder, $429,000.
Of the
bonds $230,000 were on April 30 1913 held In escrow to redeem a like amount of
retired and
1910.
1911.
$3,752,160
Expenses—
Operating expenses.
$3,406,301
General exp., taxes, &c__
22»H§
Construction
21,124
Cash
were
Gold. \
1,367.08 oz.
1,280,95 oz.
1,195.99 oz.
$5,120,322
Accounts
Standard Shirt Mfg. Co. Ltd. bonds outstanding.
Silver.
1,377,463 oz.
1,134,300 oz.
988,190 oz".
YEARS ENDING DECEMBER 31.
RESULTS FOR
Total income
$750,000, less amount released from esorow and
canceled, $60,000, leaving $690,000; pledged as collateral security, $246,000; re¬
Bonds authorised and Issued,
Price per lb.
16.369 cts.
"12.561 cts.
12.7710cts.
Copper Produced.
—
1911-12.
$5,000
Capital stock
Inventories
Bills receivable
30
COMPANY AND ITS SUBSIDIARIES.
11,894,395 1,894,252
prepaid.,
APRIL
Deductions (ConcJ.)-1912-13.
1911-12.
$
Office furniture
END.
Reserve for bad debts.
Balance, surplus...
Property acct., good¬
Standard bonds
3,367,645
Accounts receivable in 1912 ($1,059,133) includes customers, $935,634;
$18,933; Canadian Consolidated Felt Co., $104,566.
1911""
1910l-
27,165
26,265
69,340
(4%)
Total
Bills payable
6 Accounts payable in 1912 ($186,960) includes sundry
accruals, $146,271;
accrued interest on bonds, $38,694;
unearned interest, $477;
1912
Depreciation reserve—
BALANCE SHEET OF THE
a
6186,960
303,507
cos.
PRODUCTION OF COMPANY {CALENDAR YEARS).
Profits of subsld. cos.$130,485
Deductions—
Insurance
...
constit.
sundry,
Period—
Montreal.
(Report for Fiscal Year ending April 30 1913.)
will, Ac
5,000
2,579,600
do
first
13,758,159 12,718,423
Canadian Converters' Co., Ltd.
PROFIT AND LOSS ACCOUNT
Dividend
51,851
11,481,101 10,719,126
—V. 96, p. 1426.
(The)
1,498,443
298,238
14,684
Bonds, 6%
Accounts payable,
20,000
600,760
|77,996
Div. pay. Apr. 4..J
Reserve
for
bad
463,800
advances, Ac
Total.
23,797
1,233,666
$
Preferred stock.
2,802,4401,972,860
2,579,600
277,540
1,224,100
1,753,749
6,000
1,600-ft., ahd has materially decreased cost of handling.
The new Ingersoll-Rand air-compressor, with a capacity of 4,000 cu. ft. of free air per
minute, gives us sufficient capacity of compressed air for operations at
present and in the immediate future.
We plan in 1913-14 to install a com¬
plete plant at the Granite Mountain shaft, including an electric hoist of
sufficient capacity to operate to a depth of 5,000 ft.
Production.—'•There were shipped 434,854 wet tons of ore and 78 wet tons
Stocks in oth. cos.,
.
48,270
1911.
$
2,802,440
1,972,860
,
3,575,000
2,715,500
3,800,006
1,303,956
47,950
523,632
160,000
796,300
._
292,839
Liabilities—
Common stock...
153,624
Funded debt
Surplus
agst.
liabilities
Common stock...
Bond
$
,661,500
,715,500
Bank advances...
702,701
431,941
350,209
550,190
156,391
1912.
$
Pref. stock
Open accts. A bills
rec.,net cash basis
$201,000
bad
1912.
$
Assets—
Bonds avail,
for
SHEET MARCH 31.
Mills, prop., pits.,
Insur.
interest
debts
BALANCE
Cash
Bond
Res've
$481,503
water pow.,
*
;
$3,926,825 $3,847,673
7,458,401
receivable_al,059,133
constit. cos. 2,162,543
Total
1912.
*
106,859
167,325
67,489
52,562
Freight prepaid...
a
$
200,727
7,458,400
Miscellaneous
says:
1911.
$
Plant,prop .Aequlp
do
Morrice, in report presented May 20,
accumu¬
BALANCE SHEET DECEMBER 31.
Assets—
Cash
Pres. David
written off.
surplus, there remained at the credit of surplus account Dec. 31 1912,
including net surplus profits for the year, the sum of $1,991,628.
The outlook for 1913 is very
satisfactory.
[An ally of the U. S. Rubber
Co., see Y. 85. p. 1464.]
Accts.
Canadian Cottons, Ltd., Montreal.
or
v"er Pr°7idlng for these extraordinary charges out of the total
x
lated
Ins.,tax,Ac.,prepd.
(Report for Fiscal Year ending Mar. 31 1913.)
Montreal.
total
1912.
♦
Ltd.,
Rubber
has acquired the property and plant of
the Laprairie Brick Co., Ltd., and we are now operating said plant in con¬
junction with your company's new plant at Delson.
The year's manufac¬
turing profit of the two plants amounted to $381,963.
Co.,
net sales for the calendar
year 1912 amounted to approximately
$8,000,000, showing an increase over 1911 of about 25%, divided as follows:
footwear, 24%; general rubber goods increase, 28%.
This large
increase justified the increased
manufacturing facilities provided last year.
Be*"n£, and distributing costs have been materially reduced,
i
♦
nej Profits of the company and its subsidiaries amounted
to
$832,847.
Bond interest, interest on borrowed money,
prepayment
bright, the orders
very
the books March 1 1913 being considerably in excess of those on hand
March 1 1912.
on
Rubber
President Dlorne McGibbon Mar. 28 1913 wrote in subst.:
and the demand for your company's products has exceeded our most san¬
guine expectations.
Consolidated
xcvii.
(Report for Fiscal Year ending Dec. 31 1912.)
The past year has been marked by great activity in the building business
•(
[Vol.
liability for bills receiv¬
1704.
Includes supplies at mine, $47,212, and copper and silver, $1,308.659—V. 96. p. 1301.
s
.»
"
"
"a ' '
a
r
AUG.
23 1913.]
York Transportation Co.
New
"
(Report for Six Months ending Dec. 31 1912
ending June 30 1912.)
'
Bell
The
•
.
519
Telephone Co. of Canada.
f
Fiscal Year
(Report for Fiscal Year ending Dec.
1912;)
■
Pres. C. F. Sise says
the company sold its taxlcab and electric vehicle business
During 1912
Yellow Taxlcab Co. See V. 94, p.
to th
770, 1511.
INCOME AND PROFIT AND LOSS ACCOUNT..
V
v
CHRONICLE
THE
in substance:y
\
1
>
\
•
»
Statistics Dec. 31 1912.—Number of stations owned, 192.74S; increase
31,514 in year. Number of connecting and miscellaneous stations, 55,337;
increase, 10,577.
Total stations, 248,085; increase, 42.091. - Number ©f
miles of wire, 529,436.
1
December 31
1885.
1900.
'
1905.
' 1910. >
1912.
-
Year end,
S mos. end.
•
Dec. 31*12. J'ne 30 *12
Gross Income... .1
$24,308
$114,868
Profit A loss credits
8,385
29,415
;
Gross earnings op¬
board,
eration,
26.623
$901,261
823,200
def$ 1,236
$78,061
125,387
repairs, aalea.Ac
1.
Oper.
expenses-__
Gross
surplus.. 1
Depreciation of
Net earnings..
....
5,082
def$6,318
$32,694
$67,354
47,514
$108,601
loss charges
Oper.
Income
Other
30,626
$144,283
ve¬
hicle equip, Ac.
Other
profit and
10,707
Income.
Taxes..
Year end.
6 mos. end,
Dec. 31 *12. J'ne 30 '12
15,779
56,065
Bal. for perlod.sur$16,915 def$20,383
BALANCE SHEET DEC. 31.
1912.
Assets—
bldgs...
Investments
455,800
327,005
'805,242
112,787
5,8371
Notes receivable....
loss
$
_
1,044
Accts.
stock
..4,700,000 4,700,000
36,385
134,040
payable
513
,
171
.
46,518
-
-
to
4,736,898 4.834,211
a "Investments" as above Includes capital stock of Fifth Ave. Coach Co., $326,935; of Metropolitan Express Co., $1, and Park Carriage Co., $1, and N. Y. Trans¬
portation Co. capital stock, $68; also railroad bonds and notes, incl. interest, $397,566, and real estate mortgages. Including Interest, $27,396.
b Includes Fifth Ave.
Coach Co., $608,581, Incl. Int., and Metropolitan Express Co., $143,579.
INCOME
6
Earnings—
12
Dec. 31
earnings... $396,909
Total
6
$633,907
20,303
21,237
$675,447
♦555,356
Livery calls
Advertising,
At
LOSS ACCOUNT.
Oper. expenses—i. ♦314,372
Total
In most Instances the company has taken payment part in cash and balance
In the North West Provinces the local governments proposed to inaugurate
local provincially owned and operated systems,
those points on mutually satisfactory terms.
charges....
Other interest
$40,812
41,725
$76,906
3,343
$43,185
3,426
$45,068
Income
512
857
$48,754
1,852
Real est.,
1911.
Franchises A rights.
Materials A supplies
52,984
Notes receivable
Accts. rec. less res've
540\
7,044/
Prep'd int., taxes,Ac
4,930
Real
$
$
Local
Companies.—The company has contracts for intercommunication
exchange of business with 474 local organizations and individuals,
owning and operating rural lines, which have in some cases been built by
the owners and are operated at a very low cost without a reasonable pros¬
pect of any return in dividends, &c.
Our relations with these companies
are satisfactory.
;
\
50,000
608,581
Y. Tr. Co..
655,242
a
REVENUE ACCOUNT.
,
'
rentals)
Long-distance
111,59/
payable
76,566
25,143
54,111
13,841
Total
receipts
257,314
281,049
$5,510,686
$4,949,197
1,819,033
...$7,638,304
$3,817,922
1,415,353
$6,476,848
$7,638,304
lines
Private lines
Operation expense
Current maintenance
2,647,863
1,403,339
1,535,000
171,917,
Taxes.
Interest
$3,781,116
$3,297,85$-
$-3,421,666
1,228,171
18,308
20,097
282,091
231,979
182,450
182,456
.$6,040,210
Net revenue.
-.$1,598,094
Div. (incl. Jan. 1913) (8%)1,148,961
$5,051,012
$1,425,836
1,000,000
$3,963,560
$1,547,126
1,000,000
$3,480,308
$1,468,889
$425,836
$547,126
Total
858.129
$468,889
expenses
1,000,00©
29,157
Surplus for
345,445
BALANCE
1912.
equipment, $594,636; reconstruction, $19,191; total, $613,827; rea1
bldgs., $111,332; shop tools, machinery, fixtures and furniture, $21,781.
of the Met. Ex.Co.Dec. 311912 shows capital stock, $1,00®
(no bonds), and real estate and buildings, $150,000.
The Income for the 6 mosending Dec. 31 1912 was $6,265, against $13,069 for the year ending June 30 1912.
Total surplus Dec. 31 1912, after crediting $530,700 bills payable to N.Y. Trans¬
The balance sheet,
portation Co. ($143,579 being the» due that company), was $10,341.
The balance sheet of the Park Carriage Co. shows capital stock $£00,000 (no bonds),
net income for the 6 mos. ending Dec. 31 1912 was, $39, against $75 for the year
$449,133
year.
«■
1,181,553
accrued amortisation of capital, $398,081; leaving a balance as above, $348,858
Assets—
Real
SHEET DECEMBER
1912.
Liabilities—
$
.
2,367,174
2,133,866
Telephone plant. 24,392,095 20,531,327
Furn., tools&supp. 1,284,182
770,413
Cash A deposits.
256,117
434,546
_
Unearned
657,988
Stocks and bonds.
534,983
2,685,509
2,730,052
45,894
revenue.
fund
180,000
8 272,/51
429,190
Surplus.
Total...
.
Employees' benefit
Repiac't A reserves
252 bills payable to N. Y. Trans, Co., was $197,034.—V. 95. p. 1092.
'
S
..15 ,000,000 13,482,899
Funded debt
6 ,649,000
4,899,000
Accounts payable.
715,356
696,976
Accrued liabilities.
395,417.
421,865-
and accounts
receivable
1911. I*
$
Capital stock
_
Bills
31.
1911.
$
estate
The profit and loss deficit Dec. 31 1912, after crediting $33,-
ending June 30 1912.
1909.
$4,552,015
1.632,021
19,270
273,542
Miscellaneous
Includes
a
estate and
1910.
1911.
Exchanges (less unearned
Total
20,000
Accr'd taxes, int., Ac.
Res. for renewals...
1,181,553
nor
bonus to any person or corporation.
The dividends paid
since organization are equal to 7.5% on the average paid-up capital stock,
but only 5.8% on the average amount invested in the plant, Ac., connected
with the public service.
(For sale of $3,000,000 new stock early in 191$
see V. 96, p. 287.
As to bonds, see V. 95, p. 113; V. 96, p. 556.)
as
mort¬
payable
Injury, &c_.
Res. for
.
,
Capital Stock.—The stock of this company has never been "watered"
Depreciation
50,000
estate
gages
2,595
460,902
858.129
Total
1911.
stock
Due N
Accts.
373,915
Profit. A loss
Capital
568,648
25,105
35,850
82,130
6,323
28,627
41,232
Cash..
ess
1912.
Liabilities—
equip., Ac. C348.858
plant to
manufac¬
Expenses—
BALANCE SHEET DEC. 31.
S
our
the
turing companies referred to, premiums on stock, and the proceeds of the
(or the property in which some or such proceeds
these bears any relation to the company's
telephone business.
•
•
1912.
Profit A loss charges
Bal.,sur..forper'd $44,281
$46,902
$16,657 charged as depreciation of vehicles for the 6 mos., against
$16,525 for the June 30 year, based on 33 1-3% per annum, and $28,004 reserved
for injury aqd damage claims, against $43,824.
1912.
sold
*
in
2,143
$45,925
1,644
for per'd
♦Includes
Assets—
we
stock
have been invested), but none or
46,611
Profit A loss credits.
35,830
1,025
18,063
and
are
sales above mentioned
$39,653
sur.
assets
,
cijedits.....
Gross
Co
Assets.—Included in the company's
?398
Profit from/oper
Income
Interest—N. Y.
Transpor'n
Properties Sold.—The company has from time to time found It expedient
sell its properties In different Provinces, notably Manitoba, Alberta,
distributed
$120,091
$82,537
$22,237
..
Year.
-
accounts
Gross
Net earnings
Taxes
mos,
Reserve for doubtful
12,
.
and
Co.
Year end.
J'ne 30
$370,735
12,296
13,878
Op. of stage lines
Coach
AND PROFIT AND
end.
mos.
Avenue
..
.
in fully-paid stock in the local companies.
The cash so received has been
re-invested in the plant of the company without any addition to the capital.
Total
Fifth
,
—- —
.
Saskatchewan, New Brunswick, Nova Scotia and Prince Edward Island.
Accrued taxes
>
*
......
4,736,898 4334,211
Capital
190,410
126,
343
526
*
501
456
Subscribers.
-—-*0,200
40,094
82,351
138,370 > 192,746
Long-distance pole miles
2.000
6.525
8,645 ^
8,861 >
9,136
In 1912 19,385 stations were removed and 50,899 new stations added; n*t
increase, 31,514.
The plant additions in 1912 amounted to $4,346,950.
The average annual revenue received for each subscriber's station 4a
1885 was $31 76 and in 1912 $29 91.
Manufacturing Companies.—In the earlier years this company took the
entire output of the Imperial Wire & Cable Co. and the Northern Elec. -A
Mfg. Co., but as time went on the business of these companies increased
and the proportion of their output taken by this company became less and
less, till in 1912 this company took about 30% of the output, the remaining
70% being taken by the Canadian public generally.
The prices paid by
this company are the market prices which are charged to and paid by our
competitors and others.
5,714
2,842,773 2,890,735
Liabilities—
22,102J
Materials A supplies
1911.
"
$
Total
}
receivable, less
reserve
(cont'd)
Prep'd int., taxes,Ac.
Profit and
«751,967
5752,159
163,749
.......
Adv. to sub. eos
Cash..
1912.
Assets
$
202,2221
5,044/
Tools, mach.,flx.,Ae.
Accts.
1911.
$
Real est. A
Exchanges..
.31,687,608 27,090,644
Total...
80,000
7,389,498
120,415
31,687,608 27,090,644
-V. 96, p, 556.
Baldwin Co- (Pianos,
Organs and Piano-Players), Cine.
(Report for Fiscal Year ending Dec. 31 1912.)
SALES AND
Total
Sales.
Earnings.
$441,912
313,302
1912
$5,462,230
4,793,683
1910--... 4,933,825
1909..... 4,970,002
1908._^. 4,277.522
1907.
4,549,124
1906
4,423,572
1911.....
*
330,260
411,130
306,031
360,775
372,278
Also a stock dividend of
Add.
Reserve.
Assew—
v'
$
Cash
Merchandise,
raw
Common.
A
1,448,823 1,338,286
Good-will, pat'ts.Ac. 690,000
690,000
Surplus.
$167,513
114,666
131,079
171,035
136,094
168,032
219,577
See V. 95, p. 1474;
$
$
Liabilities—
5,557,499 6,009,610
Total
Pres., now G. W. Armstrong Jr., Cincinnati.—V. 96,
p.
„
...5,557,499 5,009,610
489.
1912.
Div.
on
Div.
on com.
1911.
$64,500
stk.(4%)
86,024).
17,142
Accounts written off..
$64,500
86,024
13,060
1912.
$
Land, bldgs., mach.,
good-will, AC
5,167,684 5,079,754
1,504,187
Cash—
..........
45,560
16,996
Bills receivable
13,571
7,944
Acc'ts recetvable(less
Raw A manuf. stock.1,583,645
.
618,002
reserves)
512,088
Total
-.7,428,462 7,120,969
n
'
100,000
vs.
the company,
is
a
fundamental maxim of rate making that the rate per ton mile
as the distance
increases, but it is not a rule of such universal:
application that every shipper is, as a matter of right,
imperative
disregard this rulenecessity a discrimination.
Upon the facts disclosed by the record, complainants do not make out,
any undue discrimination, but
they show rather an unnatural and an
unreasonable rate condition.
Balancing the effect uoon the carriers by
reduction in revenues which must ensue upon a removal of this complaint,
against the slight benefit which would accrue to complainants, the Com-mission is of the opinion that no action
should be taken now..
creates of
Report of Acquisition Denied—See Oklahoma Central Ry.
97, p. 442, 363.
below.—V.
&
&
Drum
Ohio
Point
RR.—Successor
RR.—Favorable
Company.—~
366.
Earnings.—The
re>
$300,398, respectively.
31.
1912.
stock
Common stock
1st M. 5% bonds
Accounts payable
pay-rolls
Bills payable...
Reserve account
Profit
Commerce
and $2,692,809 net, compared with $8,052,885 gross and
$2,392,411 net in July 1912, an increase of $785,925 and
Liabilities—
Preferred
of
adjustment of rates from the Atlantic
100,000
reserve
Balance
M Iscellaneous
-V. 90, p.719.
1911.
Total deductions...$367,666
!
or
Baltimore
$100,000 $100,000
1911.
$
Chamber
port of the company for July, the first month of the current
fiscal year, shows that the system earned $8,838,910 gross
bonds
BALANCE SHEET DECEMBER
Assets—
ROADS.
$363,584
sur.$36,692df$22,236
on
Transferred to
pf. stk. (6%).
Boston
in the matter of the
See Baltimore & Virginia RR. below.—V. 54, p.
1912.
Interest
the
of
Baltimore
Penman's, Limited, Montreal.
$404,358 $341,348
ELECTRIC
entitled to the benefit of it, nor can it be said that to
(Results for Fiscal Year ending Dec. 31 1912.)
Net profits
Deduct—
INCLUDING
Topeka & Santa Fe Ry.—Seaboard Colorado
Rates.—The Inter-State Commerce Commission, in the case
It
stock
1,050,000 1,000.000
Pref.stk.(6% cum.).
800,000
800,000
Surplus earned..-..1,944,202 1,776,689
Reserves
828,831
732,432
Accts. pay'le A taxes
218,966
164,389
Bilis
payable
(incl.
ground rents__l._
715,500
536,100
Total..
RAILROADS,
Atchison
shall decrease
1911.
Common
_-.r_
NEWS.
seaboard to Colorado decided:
1912.
$
INVESTMENT
Added to
SHEET DECEMBER 31.
644,397
597,097
358,057
342,201
227,406
144,752
receiv.2.188,816 1,897,274
manufactured
on
(6%) $48,000 *(8%)$80,000
(8%) 80,000
(6%) 48,000
(8%) 80,000
(6%) 48,000
(6%) 48,000
(8%) 80,000
(6%) 48,000
(6%) 60,000
(5%) 50,000
(6%) 48,000
(6%) 48,000
(4%) 40,000
1911.
Real estate & bldgs..
Bills A accts.
Dividends
on
Preferred.
$96,399
70,636
71,181
112,095
61,937
94,743
64,701
5%, calling for $50,000.
1912.
Machinery
Dividends
to
GENERAL BALANCE
GENERAL
YEARS ENDED DECEMBER 31.
INCOME ACCOUNT,
Toted
and
loss
1911
$
$
.1,075,000 1,075,000
2,150,600 2,150,600
2,000,000 2,000,000
A
243,855
1,011,766
500,000
303,531
781,289
400,000
135
135
447,106
,410,414
Total.......... .7,428,462 7,120,969
The gross revenue for the month was $176,617 less than in June, arecord
month, but the total was $1,517,653 ahead of July two years ago, since
which time annual gross earnings have increased from
$88,145,000 to $101,a growth of $13,411,000, or 15%.
During July $1,258,439 was
expended on maintenance of way and structures, comparing with $1,137,679
in July 1912, an increase of $120,559, and for maintenance of equipment
$1,332,749, a decrease of $102,595.
The company is still paying "flood"°bills and will not be entirely through with expenditures on that aecouht
until the completion of its new bridges, which are now in an advanced stage
of construction.—V. 97, p. 363. 297.
'■
'f.
556,000,
Baltimore
&
Virginia RR.—New
Company.—
The company, which intends to build mostly over
of-way of
the
-
the abandoned right-
old Drum Point route (projected Baltimore 6c Drum Point
520
THE
CHRONICLE
RR.), has been authorized by the Maryland P. S. Commission to issue
$2,000,000 stock and $500,000 bonds.
July 19* that $200,000 stock
cash, and that
was
An official writes,
sold and
an
under date of
assessment of
10% paid in
a second assessment of 10% has been called, all of which
has been paid in except about $400, which was expected to be collected
within a few days.
It is proposed to start.construction work as soon as
■
'$100,000 more of subscriptions have been taken.
Organization was com¬
pleted May 7 1913.
Directors: Jacob W. Rook (Pres. Old Town Nat. Bank; City Collector
Baltimore, Md.), David B. Stewart (Pres. Stewart Fruit Co.), J. C. Leib
(J. C. Leib & Co., bankers), all of Baltimore, Md.; Benj. Watldns, farmer,
Chesterfield, Md.; J. Cook Webster, of J. F. Webster & Bro., Solomons,
Md.;
Wm. H. Stewart, New York.
Officers:
Pres., Jacob W. Hook;
(V.-Pres., David B. Stewart; Treas., James Cheston, West River, Md.;
-Sec., J. C. Leib.
„
Line
Belt
>
Ry.
Corporation,
New York.—Increase< of
on Sept. 3 hold a hearing
the application made jointly by the company and the
Third Avq. Ry. for an increase in the authorized stock of the
Stock.—The P. S. Commission will
on
former company from $600,000 (of which $481,000
is out¬
standing) to $750,000.
The stock is taken at par by the Third Ave. Ry. Co.
be used to double the present equipment of 40 storage
The proceeds wil*
battery cars.—V. 97
174.
p.
,
Brooklyn Rapid Transit Co.—Construction.-^The fol¬
lowing has been officially revised:
The New York Municipal Ry. Corporation has awarded the
for the construction of the physical connection between the Myrtle
•
contract
Ave. and
Broadway elevated roads and has filed with the P. S. Commission plans
and form of contract for the construction of the greater part of the Lutheran
Cemetery extension of the Myrtle Ave. elevated road from Wyckoff Ave.
to Fresh Pond Road.
The Municipal Ry. Corp. has also paid to the Comp¬
troller of the city, at the request or the Commission, $3,470,000 of its total
Of $13,500,000 toward the cost of construction of the new subways.—V. 97,
p. 442. 376.
the
California
Shasta
&
Ry.—Mortgage Filed
Eastern
—
The company has filed a mortgage to / the Anglo-California
Trust Co., as trustee, to secure an issue of $600,000 20-year
Compare V. 96,
6% bonds.
p.
947, 359.
Camaguey Co., Ltd. (Cuba).—No Dividend.—
The directors have decided to omit distributions during the current year.
Payments of 1% quarterly were made regularly from Feb. 1909 to May
1913 inclusive.
A circular to the stockholders states that during the past year 4 new cars
which were absolutely necessary to take care of the increasing business of
the company were purchased and that a further extension of the tracks
in Camaguey to a residential portion of the city is also caUed for.
Presi¬
dent Archibald says:
"Instead of issuing new securities to provide for these expenditures, which
under present conditions could only be done on most onerous terms, your
directors have concluded that it will be in the best interest of the share¬
holders to pay for those improvements and extensions out of earnings, and
in order to do this it will be necessary to withhold payment of the dividends
for the current year.
The board is of opinion that if these dividends are
withheld and the capital expenditure thus provided for the interests of the
shareholders will be greatly enhanced by placing the company in a position
Where future dividends will be more certain."
earnings of the company in 1912 were $80,552, an increase of
1911.
Business duping the year was affected by the negro revo¬
summer and also by the Presidential Electoral Campaign later
tU the year.
Compare Y. 95, p. 418.
The net
$2,597
[Vol.xcvh.
Chesapeake & Ohio Ry.—Dividend Reduced.—A quar¬
terly dividend of 1% has been declared on the $62,792,600
stock, payable Sept. 30 to holders of record Sept. 5, comparng with \\i% quarterly from June 1910 to June 1913, both
inclusive.
This reduces the annual rate from 5% to 4%.
Annual Dividend Record (Per Cent).
1909
1910
1911
1912
1899 to 1908
1 yearly
3
4M
5
1913
.
5
l^.lM.l.-'
Statement by Frank Trumbull, Chairman of the Board.
The reduction of 1% was considered conservative by the directors!
in view of the extraordinary conditions which interfered with the company's
prosperity last year.
For the last 4 years the company has earned an aver¬
age of 6.8% per annum.
We would have shown a 7% surplus this year
but for the unusual obstacles met with.
This is normally a 7% road.
The
floods and the miners' strike cost us about 2% on the stock.
The proi>erty loss from the ovetflow was only about $350,000, but loss of traffic and
other items brought this up to $1,000,000, all of which had to be taken out
of earnings.
The miners are back at work, with a wage schedule binding
on them for two
years, and the outlook is very good.
[See item on "Bitum¬
inous Coal Companies" under "Industrials. —Ed.]
I think we ought to
earn 7% this year.
We got our own lines repaired before the connecting
roads did, and we are stiH turning business over to them faster than they
like it.
To facilitate the movement of coal, we authorized to-day the ex¬
penditure of another $160,000 for the construction of a second unloader on
the pier at Toledo.
We have spent $1,000,000 already on that pier.
Our earnings statement will soon begin to make a more favorable com¬
parisons with corresponding periods of the previous year.
By Sept. 1
operating expenses will be compared with the tune last year when we began
to pay the higher wage scale, and by Jan. 1 we shall be comparing results
with those for the period when we began to show losses last year.
Our needs
have been financed by the recent note sale to the end of this fiscal year, or
June 30 next.
The Chesapeake's stockholders now number 6,100, as
against 5,100 last March.
Controlled
Co.
Increases
Dividend.—See Hocking Valley.
Report—See " Reports vabove.
V. 97,
p.
297, 175.
Chicago Milwaukee & St. Paul Ry.—Listed.—The N. Y.
Stock Exchange has listed $15,640,000 General M. 4]/^%
coupon bonds, Series "C," due 1989, and has authorized the
listing of $14,360,000 additional on notice of issuance in
exchange for outstanding temporary receipts, making a total
of $30,000,000.
The bonds were recently offered and sold
(V. 96, p. 1088, 1156; V. 97, p. 175).
Purposes for
To refund
an
?hich the $30,000,000 Bonds
Vere Issued.
equal amount of underlying bonds, viz.: $50,000
Southwestern Div. 6s, due July 1 1909, and$3,000,000 Chica¬
go
& Pac. Div. 6s, $5,680,000 Hastings & Dakota Ext. 7s
$928,000 Southern Minnesota 6s, all due
and $990,000 5s and
Jan. 1 1910
$10,648,000
For betterments and
improvements for Chicago terminals, new
docks at Milwaukee and Racine, enlarged yards and increase
of facUities at Montevideo, Galewood and other places;
en¬
larging shops at sundry places, construction of 2d, 3d and 4th
main tracks, round-houses, stations, platforms, telegraph and
telephone lines
-,4
13,358,371
For real estate in Chicago and Minneapolis
134,243
Additional equipment
5,859,686
—V. 97, p. 364, 360, 298..
over
lution last
,
Canadian Northern Ry.—Secured Sterling Notes.—The
issue of £1,500,000s 5% secured notes (part of a total author¬
ized issue of
£2,000,000 to bearer, repayable Aug. 12
successfully placed in London at £98% for the pur¬
by Lloyds Bank, Ltd., subscription books closing
ahead of the time fixed on Aug. 12, are described as follows:
1918)
Chicago Ottawa & Peoria (Electric) Ry.—Offering of
Underlying Bonds.—Bodell & Co., Providence, are offering
983^ and int. a small amount of Illinois Valley Ry. (closed)
1st M. 5% 30-year sinking fund gold bonds of 1905, guaran¬
teed p. & i. by endorsement by Western Railways & Light
Co.
Interest M. &\S. at Irving Nat. Bank, N. Y. City.
at
chasers
The bankers say:
Principal and int. (F. & A. 12) payable at Lloyds Bank, Ltd., London.
Par £1,000, £500 and £100 c*.
A 1st M. at less than $22,000 per mile on an interurban railway located
mostly on private right of way.
Earnings more than twice the bond int.
Issue already reduced from $1,500,000 to $1,304,000 by cum. sink, fund
which should retire practically the entire issue by maturity.
A prior Hen
to $3,723,000 Ch. Ottawa & P. Ry. 1st & Itef. M. 5s.—V. 92, p. 1374.
Deposited with Lloyds Bank, Ltd., Trustees, as Security
Security for Total Authorized Isuue.
Par.
An.Income.
25 1939, guaranteed
unconditionally, principal and interest, by Pro¬
vince of Alberta
£450,000
£18,000
Debenture 4% stock, due Jan. 23 1939, guaranteed
unconditionally, principal and int., by Province
of Saskatchewan
500,000
20,000
Debenture 4% stock, due June 30 1930, guaranteed
unconditionaUy, principal and int., by Province
of Manitoba
300,000
12,000
Debenture
Stocks
as
Canadian Northern Ry. Co.—
Debenture 4% stock, due Feb.
,
"
Cleveland Cincinnati Chicago & St. Louis Ry.—Application.—The company has applied to the Ohio P. S. Com¬
mission for permission to issue $758,000 general M[. 4%
.
—
,
bonds and to sell the
at 78..
same
Of the bonds, $748,000 are to be used to reimburse the company for addi¬
and improvements and $10,000 for bonds which have matured.—
tions
V. 96, p.
1628.
-
.
-----
—
—
750,000
Perpetual consolidated 4% debenture stock__
Canadian
Northern
Pacific
Ry.
Co.
4%
30,000
debenture
4
—
Total required for intJ on
The company reserves
550,000
22,000
£2,550,000 £102,000
the total (£2,000,000) authorized issue..£100,000
the right to redeem the notes at 101% and ac¬
whole, or in amounts of not less than£100,000,by
drawings, on any interest date on 60 days' previous notice; and in the event
»of any notes being redeemed before the date of maturity, the trust deed will
provide that the trustees shall release proportionate amounts of the Govern¬
ment guaranteed stocks and of
the perpetual consolidated debenture
stock respectively.
crued interest, either as a
William Mackenzie, Aug. 8 1913.
The company is at present operating 4,520 miles, which includes 644 miles
of leased lines.
In addition, about 408 miles of track has been laid on new
branch lines and will shortly be opened for traffic, and about 300 miles
more are
under
construction.
Years ending June 30; Those for 1912-13 Subj. to Final Audit\
1909-10.
1910-11.
1911-12.
0 1912-13 .
$3,032,687
$3,566,362
$4,344,390 $4,990,347 $5,881,045 $7,050,000
The available net earnings exceeded the amount required to pay the inter¬
est on the 4% perpetual consolidated debenture stock for the year 1909-10
by $1,030,757; 1910-11 by $1,007,695 ; 1911-12 by $1,250,200, and it is
computed, subject to final audit ..that there wiU be an available surplus for
the year 1912-13 of $1,600,000.
At June 30 1912 the company had accumulated surpluses to the credit
of profit and loss account: On account of land sales, $16,874,826; on ac¬
count of railway operation,
$5,986,553; total, $22,861,379.
Net Earning for
1907-08.
1908-09.
,
A
Canadian paper says:
tunnel through Mount Royal is progressing
rapidly.
Over three-quarters of the first bore has already been com¬
pleted, or about 12,500 ft. of the total 16,668.
Before the end of the pres¬
ent year the mountain will be pierced by a tunnel 9 by 12 ft., and entirely
completed ready for rails by the time their transcontinental line is finished.
["Eng. News or N. Y." for July 10 1913 contains illustrated articles aggre¬
gating 12
pages regarding these terminals and the Canadian Northern
Ry.]—V. 97, p. 442, 364.
Montreal Tunnel.--r-A
The
Canadian
Northern
Cape Breton (N. S.)
Electric Co —Earnings.—
Net
Interest
Sinking and
Balance,
Earnings.
Charges. Impt. Funds.
Surplus.
1912-13
$373,788
$173,045
$55,931
$14,380
$102,734
1911-12 r::::: 346:41?
>154,993
54.050 „
13,880
87.003
J. M. Robinson & Co. of Montreal this week offered at 95 and interest,
yielding 5H%, $25,000 1st M. 5% bondsJTotal bond issue $988,000.
Current net earnings are sufficient to pay the bond issue three times
over.—Y.j96, p. 1228.
June 30
Year—
Gross
Earnings.
on
incorporated under the laws of Kansas, purchased at fore¬
Northern RR., con¬
Aug. 6 the property of the Scott City
sisting of approximately 52 miles of standard-gauge railway extending from
— -
Digest of Letter from President Sir
The company,
closure sale
guaranteed unconditionally,
principal and int., by Province of British Columbiastock, due AprH 2 1950,
Total
Colorado Kansas & Oklahoma RR.—An officer writes:
Scott City, in Scott County, Kan., to Winona, in Logan County, Kan.
While the plans of the company are not ready to be announced, it is
probable that the line wUl be extended to the southeast in the direction of
Wichita, Kan.
The purpose of the construction is to afford a short line
or
cut-off between tne territory in the vicinity of Wichita, Kan., and
points in Colorado and the West.
The route to be followed by the new
construction has not yet been determined.—V. 97, p. 443.
Columbus
Sandusky & Hocking "Ry.—Dividend to
Creditors.—Receiver E. C. Irvine has, by authority of Judge
,
Bigger of the Common Pleas Court, paid a dividend of 10%
to creditors, making, with previous payments, a total of 30%.
—V. 88, p. 1252.
Denver & Salt Lake RR.—Car Purchase.—The company
has purchased about
of about 800
freight
300 additional box cars, making a total
ordered within the last few months.
cars
equipment has been received, but will begin to come to hand
about Oct. 1.
The earnings of the company are, however, it is stated,
increasing at a very satisfactory rate.
None of the
,
Lease and Guaranty
Abrogated.—The company, we are in¬
formed, has disaffirmed the lease of properties in Denver
owned by the Northwestern Terminal Ry. made by its prede¬
cessor, the Denver Northwestern & Pacific Ry., and has also
abrogated its liability as a guarantor of the $2,025,000
Northwestern Terminal Ry. 5% bonds.
A belt line about 6 miles in length has been built in Denver within the
last 90 days which
will give the Denver & Salt Lake
access to
the stock yards
and to all railroads in the city.—V. 97, p. 298.
Dry Dock
East Broadway & Battery RR.—Applica¬
on Aug. 26 hear the
appli¬
tion.—The P. S. Commission will
cation for authority to issue $4,300,000 4% refunding bonds,
per
plan V. 96, p. 1628.—V. 97,
Fonda Johnstown
p.
237, 116.
& Gloversville
RR.—Report.—
Tot. Oper. Net (after
Other
Total
Divs.
Revenue.
Taxes).
Income. Deduct'ns.
Paid.
1912-13
$988,323
$434,997
$31,952
$372,849
$80,000
1911-12,-—
932 168
427,072*
38,094
363:505
80,000
Dividends include yearly $30,000 (6%) on the pref. stock and
2%) on the common.—V. 95, p. 614.
-
June 30
Year
Balance,
Surplus.
$14,100
*21
001
$50,000
Aug. 23
1913.]
THE
CHRONICLE
RR.
Georgia
Railway & Electric Co.—Application.—The
applied to the Georgia RR. Commissioners
for authority to issue $430,000 first and refunding 5% bonds
to reimburse the treasury for expenditures for
improvements
and extensions during the first half of 1913.—V. 96, p. 1021.
.
Trunk1 Ry.—Additional
an
very expensive and therefore we are asking the "A" and "B" bondholders
to increase those bonds £500,000 of each class that we may be able to
The proceeds
was
will be used for additional rolling'stock.
The""£500,000
placed at 98M.
The issue price of the £1,500,000 block was 98,
are now quoted at IX %
premium.
Compare V. 97, p. 298,
deposit those bonds as security against loan.
[Bondholders' meeting was
adjourned till Aug. 13 for lack of a quorum.]—V. 97, p. 50, 237..
but the notes
Earnings.—For half-year (partly est.)
Half-Year to
1913.
1912.
£
,
£
Ju
June 30—
Gross
Oper.
1913.
••
•'
■
.
!>
r<
1
!
Balance
549,700
G.H.&M.deficitl
Divisible bal.
Guaranteed div.
•'
Bal.for half-yr.
-V. 97, p.
175
,
Second pref. div.
493,589
150,600/
f-1
I
50,680
•
399,100
298.
''
52,805
Bal.
390,104
Interest.—Because
£
399,100
12,800
First pref. div__
Canada Atl. def.
Mexico Northwestern
' 1912.
£
receipts__4,365,600 3,834,328 Bal.for half-year
expenses_3,284,100 2,826,790 Brought in
Net receipts._ 1,081,500 1,007,538
Charges.lesscred. 531,800
513,949
;
'
•
•
■
.
390,104
6,831
411,900
247,100
85,500
63,200
396,935
239,776
85,421
395,800
388,407
16,100
8,529
forward.
63,210
The company
Hocking Valley Ry.—On 8% Basis.—A quarterly divi¬
June
1913
an
extra
1901.
disbursement
*02 to '06.
3% yrly.
—V. 97, p. 298.
3H
4 (J'.&J)
r
7X
Eleven
1913.
IX. IX & 4X ext, 2,
1913.
1912.
1911.
$
$
Over 1912.
s
'"1
'
-
Terminal
RR.—Mortgage
summer
for $2,500,000, made by the Kentucky & Indiana
Bridge & RR., under which only $1,140,000 was sold, which
were redeemed from the proceeds of the new 1st M. of 1911.—
V. 95, p. 1403..
■■■
/■
.
Lincoln
(Neb.) Traction Co.—Deal Not Completed—The
which took
an option on the property last spring has, it is reported, failed
to complete the deal.
Detroit syndicate, known as the Moore syndicate,
Railway Corp.—Bonds, Earnings., dec.—
Land &
Impt.
Co.
under
.
&
County (N. Y.) Traction Co.—Mortgage Filed.—
filed its new mortgage to the Safe
Deposit & Trust Co. of Pittsburgh, as trustee, to secure an
The company recently
authorized issue of $5,000,000 bonds due June 16 1948, per
plan V, 95,
p. 1746; V. 96, p. 653.1 The
to call before maturity.—V. 96, p. 653.
"Industrials"
V
\
,
.
below.—V.
,
,
RR.—Receivership.—An ap¬
made to the U. S. District Court at St. Louis
Northwest
plication was
on Aug. 18
by creditors, including the Baldwin Locomotive
Works of Philadelphia, for the appointment of George W.
Hunter as receiver in order to protect allinterests.—V. 93,
p. 1462. D.',':
,
,.1 ..
.
..
Mahoning & Shenango Ry. & Light Co .—New Presi¬
dent.—R. P. Stevens, who has made an excellent record as
President of Lehigh Valley Transit CO., has resigned from
that position to become, on Oct. 1, President of
this
shareholders yesterday duly authorized the issue of
$67,552,400 convertible debentures; also 675,524 additional
shares to provide for the conversion of the debentures,
some 340,000 shares
being voted in favor of the plan.
The underwriters' syndicate, it is stated, will receive a commission of
2% and J. P. Morgan & Co. a commission of ^ of 1%, a total of 2X%.
See V. 97, p. 176,237.444.
'
Norfolk
&
Western
Ry.—Engraved Bonds Ready.—The
new convertible 43^% bonds to
subscription receipts on and after Sept. 2. , The
final installment of 50% will be payable between Sept. 2
and 5.
Application to Hst the bonds has been made to the
New York Stock Exchange.—V. 97, p.. 360.
will deliver its
company
holders of
Northwestern Terminal Ry.,
This company Is
the principal subsidiary of the Republic Railway & Light
Co., and it has made a good record for new business, improvements and
earnings.
Norman McD. Crawford resigned as President to devote his
energies to other enterprises with which he is connected.—V. 94, p. 982.
The
Manila Railway (1906).—Earnings, &c.—At the annual
meeting in London July 23 Chairman C. J. Cater Scott said:
acquisition of other properties.
186,000 tons,
also somewhat short,
'
New York New Haven & Hartford RR.—Authorized.—
company
the railway was only
subject
The
Denver.—Abrogation.—
See Denver & Salt Lake RR. above.—V. 90, p.
on
are
;
Chicago RR.—Suit.—A suit has
been filed in the N. Y. Supreme Court by Stanley Hess, as
assignee of Kuhn, Loeb & Co., to recover from the company
$219,583, being the balance, with interest, due on two loans
aggregating $633,000.—V. 96, p. 1840.
and of its subsidiaries.
Last year the rice crop carried
bonds
New Orleans Mobile &
deal involving the
control of the Omaha Lincoln & Beatrice Interurban Co.—V. 94, p. 912.
Louisiana
of 1914.
Morris
.
,
See Huntington
96. p. 487, 1365.
.
specken; Treas., James H. McGrew; Sec., Frank P. Weaver; Gen. Mgr.,
J. Ami Martin.
Office, Morgantown, W. Va.
Lehigh Valley Transit Co —Contract.—The company
recently closed a contract to supply electricity to the Phila¬
delphia Suburban Gas & Electric Co., a subsidiary of the
American Gas Co., the territory supplied being North Wales,
Pa., Lansdale, West Point and surrounding suburbs.—V. 97,
p. 443,365.
Angeles
...
ley.
1900
Los
...
ing, $80,300; par, $100.
There are outstanding $100,000,1st M. 6% 30-year
gold bonds, due Jan, 1 1941, issued by the Morgantown & Dunkard Valley
RR.; interest J. & J. 1 at office of Federal Savings & Trust Co. of Morgantown, W. Va., trustee.
Denomination c*&r, $100 and $1,000; subject
to call at 102 after Jan. 1 1916.
Pres., L. S. Brock; Vice-Pres., H. Car-
Can¬
celed.—A release has been filed of the 1st consolidated M. of
The same syndicate was; it is stated, interested in a
Other
Fixed
Add. & Balance,
Income.
Charges.
BetVts.
Surplus.
$277,455 $2,347,465 $15,302 $585,390
Morgantown to Cassville; W. Va., 8 miles, have approved
the proposition to issue $350,000 of its bonds in exchange for
the bonds of Morgan and Clay districts, and the system, it
is announced, will be extended at once from Cassville to
Blaeksville, 14 miles.
The line is to be in operation by the
Great
Indiana
\
>
.
Morgantown & Wheeling (Electric) Ry.—Status.—The
Northern
Ry.—Equipment
has sold to Blair & Co. and
the Equitable Trust Co. $1,000,000 5% equipment trust
notes dated Aug.
1 and maturing $50,000 semi-annually
from Feb. 1 1914 to Aug. 1 1923.
The bankers have re-sold
the issue on a 6l/i% basis.
The equipment covered cost
about $1,150,000—V. 96, p. 1488.
&
.
,] Net (after
Taxes).
stockholders of the company, whose road now extends from
S
Trusts Re-soldi—The company
Kentucky
Exchange
Division 5% mtge. coupon
1022, 1365, 1773, 1840).
ending May 3L 1913(subject to
1912-13—$11,306,966 $2,670,701
1911-12— 10,265,593
2,414,552
96, p. 1840.
3,517,450 3,276.069 246,032- 6.99% 487,413-14%
Net(aft.tax).1,532,866 1,360,780 1,239,558 172,086-12.60% 293,308-23%
See map, &c., in "Electric Railway" Section, p. 26 to 29.—V. 97, p. 49.
&
1629, 790.
—V.
Gross earns.3,763,482
International
Revenues.
—
Over 1911.
'
Operating
Mos.—
Increase in 1913
,
& Light Co.—Appeal.—
will, it is announced, appeal to the U.S.Supreme Court
Earnings.—For 11 mos.
readjustment June 30):
! v
Co.—Earnings of Operating Companies.
Six Mos. ending June 30—-*
\,
was made to make an
1910, the present manage¬
Compare V. 95, p. 680.
11
Illinois Traction
Ry.
has listed $2,500,000 St. Louis
bonds due 1927 (V. 96, p. 554,
of 4X%
3
conditions
Mobile & Ohio RR.—Listed.—The N. Y. Stock
.
Previous Dividend Record {Per Cent).
*07.
'08 to'11. Dec.'11.
'12.
IX'
Electric
50 cents.—V. 96, p.
Sept. 5, comparing with recent regular
quarterly payments of !%%• '
;
,
In
disturbed
from the decision of the State Supreme Court denying an injunction against
the order of the Railroad Commission requiring the sale of 13 tickets for
to holders of record
average of 7% on the common stock from Jan.
ment having obtained control early in that year.
continued
Mexico, which make the operation of the railway and of
the lumber mills at Madera and Pearson impossible, the
directors have decided to defer payment of the semi-annual
interest of 2^% due Sept. 1 on the ($5,600,000) 1st M.
bonds.
The 3% coupon due the same date on the £1,600,000
prior lien bonds outstanding will be paid.
Compare V. 96,
p. 285, 653,- 1229.
;•
•
V*
dend of 2 %has been declared on theSll ,000,000 stock($8,825
800 of which is owned by the Ches. & Ohio), payable Sept. 30
,
Ry.—To Defer Payment of 1st M.
the
of
in
Milwaukee
<
bonds held by this company.
awaiting favorable opportunity to sell].
The result of it all was that we
a balance of £199,861, which, with the £60,377 brought forward from
1911, gave us £260,238. From this we paid the [£155.000] interest on "A"
and "B" bonds and recommend a dividend of 1% on the [£2,000,000] pref.
stock, carrying forward £85,000.
This does not show quite our full
earnings because the American company
has in hand £9,000 which will
eventually come in as a dividend, so that in 1912 we actually earned about
£50,000 over interest charges, or about 2X% on the pref. stock.
The
prospects for the present year are most encouragingThe earnings bo
far are £80,000 gross in excess of 1912 and instead of having £225,000 of
Income from 450 miles, we would be disappointed,if we did not have £250,000 at the end of this year.
[Compare V. 96, p.*487.]
We face a large construction program and from time to time will have
to sell bonds.
The Manila RR. Co. of N. J. is under contract with the
American Government to build the various lines now under construction '
and It was considered advisable that we, as the holding company, should
become their contractors.
The amount of our locked-up capital in con¬
struction and in stores is not less than £700,000.
New work will also be
Notes.—The company
issue of £1,500,000 5-year,
5% secured notes dated Oct. 1, has sold an additional block
of £500,000 of exactly similar notes.
v
..}
issue
guaranteed 4%
had
Goldsboro (N. C.) Traction Co.—Foreclosure Decree.—
Judge Connor in the U. S. District Court at Raleigh, N. C.,
on Aug. 19, in the suit
brought by the Merchants' Trust &
Deposit Co., as trustee, ordered the foreclosure sale of the
property.—V. 97, p. 237.
«. *
"v
<.V, • /•..
v -<
Grand
(southern lines)
On the other side of the account "general interest", £15,970represents the
interest paid on advances against guaranteed bonds of the Am. Co [carried
company recently
which recently placed in London
Co.
521
Oklahoma
Ry.,
stockholders
Oklahoma
will
vote
on
,
503.
City.—Bond Increase.—
Sept. 12 on increasing the
thereof to refund
construction and
bonded debt by $1,200,000 or any part
the present floating debt and for the
Construction.—An
Gazette":
officer
t
writes
■
to
(t:
the
1
"Railroad
Age
and yet in spite of these drawbacks we fully maintained our revenue.
On
the northern lines we are operating some 296 miles out of a contemplated
•'
;•.
.
„
,»
The company, which operates a line from Edmond, Okla., south, via
Britton, and Oklahoma City to Moore, 24X miles, with a western line from
total of 350 miles.
a
against 230,000 tons in previous
year.
Sugar
was
Last year the northern lines gave a net traffic of 1,568,763 Philippine dollars over 1911 with working expenses 46.37%, an
Increase of nearly
1%%.
On the southern lines last year we operated
154 miles, as against 130 miles in the previous year, and they gave a revenue
of 691,160 Philippine dollars, or an increase of 281,900 Philippine dollars:
The operating expenses were 52.10%, an increase of very
nearly 4X%:
These figures show really a very hopeful prospect, for with a railway very
little more than half completed (450 miles built and 370 miles more to
build) not only are we earning full interest charges, but,,also something,
though not a very large amount, for the pref. shareholders.
The English company has received the full interest on its holdings of the
bonds of the American company, or £164,592; a dividend on the pref.stock
of the latter amounting
to £38,861 and £17,263 in interest on the Manila
,
,
,.
point midway between Oklahoma City and Britton via Putnam City,
Bethany, Yukon and Banner to El Reno, 29 miles, is laying tracks with its
own
forces
on
an
extension
building under the
name
of the Norman Inter¬
urban
Ry., from Moore, south, thence southeast to Norman, 8.2 miles.
The company expects to carry out the plans made some time ago to build
during 1914 the extension from the northern terminus at Edmond north to
Guthrie, 16 miles.
G. W. Knox is President and Guy Treat Chief Engineer
of the Norman Interurban.—V. 92, p. 1110.
'<•
Oklahoma Central Ry.- -Report Denied.—F. J. Lisman,
1st M. bon(
Ldholders' committee, yester-
Chairman of the
day denied the truth of the report that the Atchison Topeka
i
533
THE
CHRONICLE
& Santa Fe
Ry. had acquired the property.
President E. P.
Ripley of the Atchison also telegraphed: "Have not pur¬
Oklahoma Central and are not contemplating it."
—V. 96, p. 1089.
chased
Pacific
Elec.Ry., Los Angeles.—Bonds, Earnings, &c.—
See Huntington
Land & Improvement Co. under "Industrials" below.
1773. 1365.
—V. 96. p.
Pacific Gas & Electric Co., San
See "Annual
Reports"
on a
preceding
Francisco.—Report.—
described last week (p. 444).
Bonds dated July 1 1913, due July 1 1923, interest J. & J.
Par $1,000
Series "A" bonds convertible at holders' option into common stock
c*&r.
the following
prices (per $100 share): Till June 1 1917, $80: then till
1919, $85; then till June 1 1921, $90; then till July 1 1923 at $95.
subject to call by- company on any interest date, all or part, at 101
and interest.—V. 97, p. 444, 365.
June 1
Also
Pittsburgh & Susquehanna RR.—-Successor.—The
com¬
incorporated in Pennsylvania on Aug. 15 with
$2,000,000 auth. stock as a reorganization of the company
of the same name, which was sold at receiver's sale on June 2
last (V. 96, p< 1630).
Directors (and officers):
was
pany
O. H. Rowland
Canton, Pa.;
(Pres.), Phillipsburg, Pa.; L. T. McFadden (Vice-Pres.),
P. G. Leonard, Coudersport; H. P. Hartswick, Clearfield,
D. R. Cobb and W. Spaulding, of Syracuse.
and E. I. White,
Public Service
Corporation of New Jersey.—Stock.—
Three of the sub-companies on July 7 filed certificates of in¬
crease of authorized capital stock as follows, the new shares
to
to
on
be issued to the parent (holding) corporation from time
time, subject to approval of the State P. U. Commission,
account of improvements and additions:
Public Service Gas Co. of New Jersey
Public Service Electric Co
From $10,000,000 to $30,000,000
From
15,000,000 to
30,000,000
From
100,000 to
300,000
The Public Service Corporation then held $9,249,500 of the $10,000,000
stock of Public Service Gas Co., $12,999,100 of the $15,000,000 stock of
Public Service Electric Co. and $55,700 of the $100,000 stock of theTrac. Co.
The Gas Co. was on July 9 authorized to put out $750,000 of its unissued
stock and the Electric Co. was expected to issue shortly a farther $2,000,000.
On July 17 1913 Trenton Terminal RR. Co. and Elizabeth New Bruns¬
Paterson & State Line Traction Co
wick & Trenton RR. Co.
1913
consolidated under agreement dated June 30
RR. Co., all of whose $105,000 capital stock
were
the Public Service
as
(issued for a like amount of stock of the consolidated companies), except
directors'shares, is owned by Public Service Corp. of N. J.
Regular trolley
service between Newark and Trenton was inaugurated July 1 1913.—
V. 97. p. 445, 366.
Rapid Transit in New York City.—Contracts.—
The P. S. Commission pn Aug. 19 opened bids for the construction of
Section I of Routes Nos. 36 and 37, known as the Astoria Woodside &
Corona Rapid Transit RR., elevated roads, and to be jdintly operated
by
the Interborough Rapid Transit Co. and the New York Municipal
Ry. Cor¬
poration.
The contract
awarded
on Aug. 21 to Snqre & Triest Co.,
also held hearings on the forms
rapid transit lines in the Bronx, viz.:
the Jerome Ave. branch of the Lexington Ave.
subway, the remainder of
the Pelham Bay Park branch of the Lexington Ave. line and the White
Plains Ave. line, which will be a branch of the Lenox Ave. division of the
the
lowest
bidder.
was
The
Commission
of contract for the construction of
new
Sresent subway. All are to to be a subway from 130th St. of thepoint in
Pelham
lay Park branch, which is be elevated roads except a part to
a
Whitlock Ave. between Aldus and Bancroft streets
and an elevated road
to the terminal in Pelham Bay Park.
Compare Inter¬
borough Rapid Transit Co., page 452, last week.—V. 97, p. 445, 238.
from
that point
St. John (N. B.) Ry .—Stock Increase, See.—The
company
is, it is stated, making an issue of $200,000 stock at par,
making $1,000,000 outstanding, the total authorized issue.
The company does the entire street railway, electric-light,
power and gas
business in the city of St. John and vicinity, having recently built a trans¬
mission line from there to Rothsay, 9 miles.
Total track operated, includ¬
ing 6 H miles second track, 19. Street railway franchises exclusive till 1932.
The New Brunswick Legislature at its last session granted a charter to
the
Suburban Ry. (owned by other interests) to build and
operate in the St.
John suburbs.
In Feb. last an offer to purchase the stock
(on which
dividends have been paid at the rate of 6% for years) at $150
per share, was
refused.
The offer, it is understood, Was made by a syndicate
including
those in control of the Bangor & Portland (Me.) Street
Rys., and of the
New Brunswick Hydro-Electric Co., which was given
legislative authority
to develop power in St. John and Charlotte counties and sell
electricity for
light and power in St. John.
Bonds issued, as reported unofficially
1st M. 5% of 1895, due May 1 1925, $500,000;
1st & ref. M. of 1897, due
May 1 1927 ($700,000 auth.), $500,000; 3d M. bonds, due May 1
1927,
$300,000; debs, of May 1 1912, due May 1 1927, $250,000 auth.—V. 95.
1333.
p.
San Francisco-Oakland Terminal Ry— Extension Asked.
requested
one
an
charge of re-financing the company have
extension of time of company's notes for a period
year.
.
j
•.
Minority Shareholders.—The holders of the minority stock,
stated as about 20,000 shares, of the Oakland
Traction, San
Fran. Oakland & San Jose Consol. Ry. and San
FranciscoOakland Terminal Rys. was recently requested
by the com¬
mittee, Henry Wadsworth, Judge E. Nusbaumer and
R. Whitehead, San Fr., to send to Mr. Whitehead 10 cents
per share to meet the expense of preliminary examination.
This committee finds, after a careful examination of the
statements
rendered to the San Francisco-Oakland Terminal Rys. by
Price, Waterhouse & Co., that apparently there has been grave injustice
done the
minority stockholders.
They would, therefore, recommend that chartered
accountants be employed to make a thorough investigation of the
financial
condtions and expenditures for the past three years, with
mining if
a
view of deter¬
stocks, bonds or other properties belonging to these
corpora¬
tions have been diverted or appropriated illegally, and, if so, to take all
legal
measures to compel the same to be returned to the treasuries of the
cos.
Subsequently, in view of representations made by the Smith trustees,
it was decided to defer bringing suit.
any
Plan.—The tentative
plan presented
on
June 28 provides:
Digest of Circular from Anderson Committee, San Francisco June 28
When this committee took charge of the assets of F.
nterest of his creditors and
assets consisted of shares of
himself, it appeared that
a
Smith in the
large portion of the
pref. stock of San Francisco-Oakland Terminal
(or of Oakland Traction Co. or San Francisco Oakland & San Jose.
Consolidated Ry., which latter companies have been consolidated into
San
Francisco Oakland Terminal Rys.), and that most of the said shares
had
been pledged to and were held by Mr. Smith's creditors.
We were also
confronted with the fact that the San Franqisco-Oakland Terminal
Rys., in
addition to its bonded debt, was indebted in the sum of
$2,500,000 upon a
promissory note for $2,500,000 maturing June 12 1913, and that it had also
a floating debt of over
$800,000 and was in urgent need of a considerable
for improvements and development of its
The promissory note for $2,500,000 had been
money
No arrangement had been made to
pay said maturing and matured indebt¬
edness, and this committee, in the interest of F. M. Smith and his
creditors,
together with the committee
controlling the San Francisco-Oakland Ter¬
minal Rys. have used their utmost endeavors to
arrange some plan whereby
the $2,500,000 maturing debt
might be refunded for 5 years and additional
funds might be obtained to
pay certain portions of the
necessary
As
a
floating debt and for
improvement and development.
result of
conferences between the parties
n interest, a
tentative plan to this end was
finally arranged under date of June 12 1913
with the bond houses of N. W.
Halsey & Co. and E. H. Rollins & Sons.
Under this plan it is proposed that a new
company shall be formed with the
same amount of
capital stock as San Francisco-Oakland Terminal Rys., and
shall acquire all the
properties of the Oakland Rys. and issue its stock,
share for share, for the
outstanding stock of the San Francisco-Oakland Ter¬
numerous
minal
Rys.; that is to say, each holder of the pref. "A" stock of such com¬
will receive one share of the 6% pref. stock of the new
company,
cumulative after Aug. 15 1918, each holder of a share of
the pref. "B"
stock will receive one share of the
6% second pref. non-cum. stock of the
new company, and each holder of one
share or common stock will receive
one share of the common stock of the new
company.
The new company will also issue
$4,000,000 6 % 5-year notes, all of
which, less the expenses of carrying out the plan, will be used for
the
pany
refunding of the said $2,500,000 of the maturing indebtedness, and to
pro¬
vide for the payment of the
floating debt and improvement and develop¬
Francisco-Oakland Terminal Rys.; $2,000,000 additional
notes of the same issue will be
reserved, to be sold, if necessary, in the future
ment of said San
to
provide for future betterments and extensions.
The plan provides
new notes shall be secured
by all of the above-mentioned collateral
(other than the $2,500,000 note of the San Fran .-Oakland Terminal
Rys.)
and by certain notes (secured
by bonds) of the San Francisco-Oakland Ter¬
minal Rys., and that sufficient additional
shares
of the pref. "A" and
common stock of the San
Francisco-Oakland Terminal Rys. shall be turned
in by the other stockholders to make the
number of shares of such stock
pledged to secure these notes at least equal to the amount below
that these
mentioned.
Proposed Security for 5-Year 6% Notes at Time of Issue
of First $4,000,000
Oakland Traction Co. 5% bonds
____$1,843,000
San Francisco Oakland & San Jose 5s
1,413,000
San Francisco-Oakland Terminal Rys. stock,
&c., viz.:
(а) Stock at least $9,200,000 "A" pref., $1,000,000 "B"
pref.
_
and
$14,600,000 common
24,800,000
(б) Five-year 6% notes (secured by $4,500,000 of bonds)....
4,000,00
Oakland Terminal Co. capital stock
u._
:
All
The consummation of the
plan required the holders of stock Of the San
Francisco-Oakland Terminal Rys. to exchange their present shares for shares
in the new company so to be
formed, also that the shares of the new com¬
pany so to be issued in exchange shall be deposited in a
voting trust to
continue until the notes shall bo paid.
The plan contemplates that shares
in the Oakland Traction and San Francisco Oakland &
San Jose Consol.
Ry. shall first be exchanged for San Francisco-Oakland Terminal
Rys., and
the stock of the latter company then
exchanged for the stock of the new co.
The securities now pledged by Oakland
Rys. to secure its $2,500,000
notes are also pledged as
security for the
guaranty of that company for the
payment of an issue of $1,100,000, of notes of Oakland Terminal Co.
(V. 95,
p. 619, 544) primarily secured by $5,000,000 of 1st M. bonds of the latter
company, which notes mature Aug. 20 1913.
The plan contemplates that
this issue of notes shall be refunded
by a new Issue of 5)^-year notes which
shall have the same primary
security and be guaranteed by the new company,
such guaranty to be a second lien on all
of the securities above mentioned.
The arrangement so agreed upon was the best that the
committees could
make under the circumstances, and in the
opinion of both committees the
failure to cary out this plan will result in
legal proceedings which will in
all probability result in very
great dissipation of the values of the stock of
the.company.
The committees believe that if this plan be consummated,
the time thus secured will enable the San Francisco-Oakland
Terminal Rys.
to readjust its affairs and either to refund all of
its obligations by a bond
issue large enough to provide for future
necessary extensions or to effect a
sale of its
properties, should a favorable opportunity present itself.
It is impracticable in a letter of this character to set forth all
of the facts
involved, but this committee will be glad to give additional particulars.
The matter is urgent and calls for immediate action.
At the
present time
Unless sufficient holders of the stock
the arrangement is purely tentative.
deposit thoir stock for exchange as above outlined on or before July 15 1913
[time extended till Aug. 1.— Ed.], the bankers are under no obligation to
co-operate further, and if they do not, the plan will fail.
The committees,
therefore, urge you to forthwith deposit your shares of the pref. and com.
stock of San Francisco-Oakland Terminal
Rys. (or of Oakland Traction Co.
or of San Francisco Oakland & San
Jose Consol. Ry.) with Mercantile Trust
Co. of San Francisco, and to authorize that trust
company, under the direc¬
tion of this committee, to
exchange your stock for the said voting trust
certificates, if the plan is consummated.
[Signed by Frank B. Anderson,
Chairman, John S. Drum, Sec., Mortimer Fleischhacker, W. W. Garthwaite, C. O. G. Miller.]..
Application of $520,000 Held in Trust
to Construct Pier.—
Under order of Judge Mcran at San Francisco on June 25, the $520,000
held by the Union Trust Co. of San Fran., as trustee under mortgage of 1903
of San Fran. Oakland & San Jose Ry. (having been derived in consideration
for tidewater lands removed from lien of mortgage) is being expended in
connection
with the building of a second pier at Oakland, to cost about
$1,000,000, adjacent to present pier.-—V. 97, p. 118.
properties.
given to Oakland Rys. for
received from that company, and the latter had pledged this
note,
Union Elevated RR. of
A
Chicago.—Favorable Decision.—
jury in Judge Bowles' Court recently decided in favor
of the company the suit brought against it by the late Potter
Palmer in 1900, demanding $500,000 damages for alleged
injury to the Palmer House through the construction of
the loop structure.
In
similar suit brought by MrsY Palmer in her own behalf for $250,000
a
damages,
p. 1032.
a
jury in Judge Stough's Court disagreed
«
on
May 30.—V. 76,
.
Union Pacific RR.—Suit.—-The Government
through the
Interior Department on Feb. 27 began a proceeding before
the Inter-State Commerce Commission to enjoin an alleged
attempt on the part of the company to monopolize traffic
bound for the Pacific Northwest from points in the Middle
West and on the Great Lakes.
The
petition stated that the company
on
covering through shipments from points
Dec. 16 1911 published a tariff
the Mississippi and Missouri
on
rivers and the Great Lakes to points on the Oregon Short Line, the ratea
not to be applicable unless shipments were turned over to the Union Pacific
and
its
terminals
eastern
at
Kansas
Leavenworth, Kan., Omaha, Fremont,
City, Mo., Council Bluffs, Iowa,
Norfolk, Neb., this, it being con-
or
Short Line from promulgating through rates over other lines from
points mentioned in the petition to places on the Oregon Short Line.
gon
M.
Rys.
sum
together with certain bonds and shares of stock, to secure an issue of notes
in the hands of the public,
aggregating $2,500,000, and maturing June 12
1913 (V.95.P. 544,619; V.96,p.
1702,1773; V.97, p. 50).
The collateral
security for these notes was and is as follows: (a) Oakland Traction Oo.
5%
bonds of 1935, $1,843,000;
(b) San Fran. Oakland & San Jose cons. 5%
bonds of 1938, $1,413,000;
(c) San Francisco-Oakland Terminal Rys. "A
pref. stock, $3,811,200;
"B" pref. stock,
$1,000,000; common stock,
$13,710,100, and a 6% note due June 12 1913, $2,500,000.
.
—The trustees in
of
xcvii.
.
page.
Mortgage.—This company has filed its new General Mort¬
gage to the Guaranty Trust Co. of New York and Wm. C.
Cox, as trustees, to secure $5,000,000 General Lien 6% gold
bonds, to be pledged as part collateral for the one-year notes
at
[Vol.
Suit Involving
Title to Coal Lands Settled.—
Judge Riner at Cheyenne, Wyo., on Mch. 6,
on a
stipulation consenting
thereto, entered judgment in the suit brought by the Government restor¬
ing to the public
was
aUeged was
land was valued
about $1,000,000
United
domain coal lands
wrongfully obtained.
at $3,000,000,
for tonnage
Properties
and
on a
Co.
Hanna, Wyo., title to which it
Press dispatches state that the
near
that the Government is entitled
royalty basis.—V. 97,
of
p.
to
445, 366.
California.—Option, &c.-—
reported to have given R. G. Hanford an
option to purchase the electric lines controlled by the San
Francisco-Oakland Terminal Rys., good until Jan. 1
1911,
The trustees1;
are
THE
negotiations in London for the sale
See V. 97, p. 367.
See also San Francisco-Oakland Terminal Rys. above and
Union Water Co. and United Light & Power Co. under
"Industrials" below.—V. 97, p. 367.
to enable
of the
him
to open
properties.
Washington Water Power Co.—Purchase.—The com¬
pany has purchased the entire capital stock of the IdahoWashington Light & Water Co. &c., owning properties in St.
Maries, Moscow, Troy and Genesee, in Idaho, Tekoa,
Farmington, Pullman, Palouse, Garfield, Uniontown, Oaksdale and Colton in Washington.
The companies
will ultimately be disintegrated and the properties trans¬
Washington Water Power Co.—V. 96, p. 647.
ferred to the
Watsonville
(Cal.) Railway & Navigation Co.—Trus¬
been placed
tee.—E. P. Stoltz, a San Francisco broker, has
in temporary charge as trustee for creditors.
The San
new
it is stated, holds $79,000 of the com¬
debt of $55,000 incurred by the construction
Francisco Bridge Co.,
pany's bonds
of the
as
security for
a
wharf at Pt. Watsonville.—V. 92, p. 1376.
Wisconsin Minnesota
&
523
CHRONICLE
Pacific RR.—Circular to De¬
positing Bondholders.—The protective committee, James N.
Wallace, N. Y., Chairman, referring to their circular of
June 27 1913 (V. 97, p. 51), reported as of Aug. 14 in subst.:
(1) Aggregate deposits of 1st M. 4% bonds under agreement of Sept. 16
19i2, $5,489,000 lout of $6,232,000) and likely to be further increased.
12,
increan
(2) Aggregate amount assenting to sale of all deposited bonds and- coupons
on terms specified, $4,458,000 (over 80%).
(3) The committee has therefore formally resolved to make said sale.
As it may not be possible to conclude formalities incident to the" consum¬
mation of the arrangement in time to enable the Cash for Sept. 1 1913 coupon
to be distributed on that precise day, depositors, unless otherwise notified,
will understand that such payment will be somewhat delayed.
The com¬
mittee has, however, every reason to believe that on or about Oct. 1 1913
it will be in a position to distribute the new securities and the cash to which
depositors may be respectively entitled. See V. 97, p. 51, 178.
INDUSTRIAL, GAS AND MISCELLANEOUS.
(capacity 20,000 electric h.p. (Oct. 15 1912.
Since Dec. 1 1912 the entire
system has been operated without serious interruption.
We have in all
:
ower
sites (but
only two
so
far utilized)
upon
the New River in Carroll
Com¬
Pulaski counties, where there is a fail or 225 feet in 30 miles.
an
bined, these sites are capable of producing not less than 90,000 h. p., the
same water to be used repeatedly,
with a succession of dams to enable
storage.
We control also two sites for immense storage reservoirs on the
high reaches of the river.
The rainfall in the drainage basin is about 60
inches annually, and the conditions are favorable to a large, well-sustained
flow throughout the year.
Title to the property is held in fee simple.
Transmission system consists of 237 miles of high-tension lines, operated
miles of secondary lines operating at 13,200 volts,
(all aluminum), being suspended upon 45-foot chestnut poles
Three distinct lines radiate from the transformer
house at Byllesby, (a) through Bluefield to Switchback, 50.3 miles, and
thence to Coalwood, 16H miles; (b) northeasterly via Radford, &c., to
Roanoke, 69.4 miles; (c) west to Marion and the gypsum operations at
Saltville, 51 miles.
The two lines first named are further connected by a
50-mile line running through Pulaski to Switchback.
Seven 88,000-volt
sub-stations (brick, steel and concrete) at Byllesby, Roanoke, Pulaski,
Saltville, Bluefield, Switchback and Coalwood.
Steam reserve plants are
located at Pulaski, Switchback, Welch, Marion, Wytheville, Radford and
Roanoke.
An additional steam reserve station is planned for at Coalwood.
Duplicate transmission lines bring the energy into the coal fields, where
it is constantly being more generally used for lighting mines, cutting out
the coal, operating tramways to dumps and coke ovens, running elec¬
tric fans for ventilation, pumping water, &c.
In April 1913 the company
had connected in the coal operations 17,292 h. p., the largest customer
being the Pocahontas Consolidated Collieries Co., which is the most ex¬
tensive single operator in the field.
There are at present about 100 sepa¬
rate operations in the Pocahontas field, and 39 are already purchasing
our hydro-electric power.
There are 60 or more operations adjacent to
the zone at present served.
Electric current is wholesaled to the local electrical and street railway
utility companies operating in Roanoke and Radford.
In the other com¬
munities served, the local electric utilities are owned and operated by the
Power Co. In Bluefield the street railway line, which extends to Graham, and
at Welch the local water system, are owned and operated by the company.
The 11 counties in Virginia and two counties in West Virginia through '
which the transmission lines pass had in 1910 a combined population of
341,910.
The increase since 1900 in the two W. Va. counties (McDowell
and
Mercer
has
been
106%, and in the Virginia counties, comprising
long-settled and agriculturally productive communities, 19%, the cities
of Roanoke, Bluefield and Pulaski having gained at a much higher ratio.
The district served is so rich in minerals, hardwood timber and other natural
resources, and its location, climate, transportation and labor and living
conditions are so highly favorable, that inviting opportunities await fur¬
ther industrial development.
(See also V. 92, p. 1567; V. 93, p. 529, 874;
V. 95, p. 112, 1405. 1747.)—V. 96. D. 1158.
88,000 volts, and 165
at
the
wire
bearing oak cross-arms.
Armour & Co.—Indictments Dismissed.—
American Locomotive Co.—To Cease Automobile Manu¬
connected
facture.— Pres. Marshall on Thursday announced:
The directors
on
The three remaining
Aug. 13 decided to discontinue the manufacture and sale
The company assures all owners of Alco
indictments found in 1910 against 10 individuals
with the three groups of Chicago packers,
Armour, Swift and
Morris, In which conspiracy, monopoly and combination were charged under
the Sherman law, were dismissed by Judge Carpenter on Feb. 25 in the U. S.
of automobiles and motor trucks.
District Court at Chicago on motion
furnish them with repair parts
period of not less than 5 years to come, and, further, that it will fulfill
in every respect its obligations given under guaranty to its customers.
They were acquitted about a year ago on one of the four indictments.
Another indictment returned in 1905 also was dismissed, thus clearing the
vehicles that arrangements will be made to
for
a
Statement Issued Yesterday by President Marshall.
When the company went into the automobile business in 1905 it was be¬
lieved to be an attractive field of industry, but the business has not been a
profitable one to the company and the directors do not see any prospects
of making it so in the near future.
For this reason it has been decided to
discontinue that branch of our business.
As already stated in the formal
notice, the company in so doing will be careful to protect the interests of
of Alco
pleasure cars and trucks.
The guaranties given our cus¬
parts will be obtainable for at least 5 years.
building of locomotives is the principal business of the company,
and, while subject to considerable fluctuation, is of large volume.
For the
year ended June 30 the company did a gross business in locomotives of over
$50,000,000.
It is considered best to confine its activities to this line of
work, for which it is exceptionally well equipped.
owners
tomers will be fulfilled and spare
The
IMr. Marshall is quoted as saying that it has not yet been decided what
would be done with the abandoned plant at Providence, but intimating that
it would pot
plants
V. 96,
are
p.
be converted for the manufacture of locomotives, as the present
large enough to turn out all the business received.—Ed.J—
1300.
•
.
Amer. Pneumatic Service
Co.—Subsidiary Div. Increase.
has declared a semi-annual
payable Sept. 30, compared with 2 six
months ago.
The American Co. has declared the regular semi-annual dividends of 3H
and 1% on the first and old pref. stocks, respectively, payable Sept. 30
to holders of record Sept. 10.—V. 97, p. 44.
The
Lamson
dividend
of
Co.,
whose stock is owned,
3%,
American Public Utilities Co., Grand Rapids, Mich.—
Condensed Balance Sheet June 30 1913 (Total Each Side, $8,439,339).
Stocks and bonds owned. .$6,686,544
Common stock.
.$2,995,000
3,914,000
893,000
on bonds
10,975
Accounts & notes payable
50,654
Treasury stock—
?
Treasury bonds
Organization expense, &c_
364,470 Preferred stock.
234,500 Bonds
80,868 Interest accrued
Cash & accounts receiv—
501,668
urplus of
575,710
571,289 Surplus
Surplus c subsid. cos—_
"Surplus of sub-companies, $571,289,
is amount undistributed.
,
limit of
membership of the board was increased from 7 to 16,
following 13 being elected with power to select remainder:
Old—Charles B. Kelsey, Joseph H. Brewer, Warren H. Snow and
Rapids: W. B. Parsons, of. Winona; C. A. Boalt,
and W. J. Maloney, of Wilmington, Del.
(2) New—Joseph F. Hart. George H. Whiteworth and Charles McPherson, of Grand Rapids;
Henry S. Morris and E. Clarence Miller, of Phila.,
and II. L. Nason, of H. L. Nason Co., of Boston.
Executive committee:
Joseph H. Brewer, Chairman;
C. B. Kelsey,
George G. Whitworth, Joseph S. Bert, Blaine Gavitt, C. A. Boalt and
(1)
Blaine Gavitt, of Grand
of St. Paul,
rle
Charles McPherson.
The stockholders,
in view of existing conditions, unanimously decided
was "inadvisable at the present time to take any action increasing
the amount of dividend on the common stock, although the condition of the
that it
company's affairs and earnings would warrant such action."
p. 446.
-
American Sugar Mfg. & Ref'g Co.—Kansas
See
"Kansas" in
"State &
See V. 97,
Receivership.
City" Department, page 463, last weekk
until the $3,000,000 outstanding notes
earnings in accordance with the policy
1912 (V. 96, p. 1020).
The last divi¬
the treasury of the (then) parent com¬
pany, the Standard Oil Co. of New Jersey, and in 1903 170% was paid.
The debt to the Standard Oil Co. is being gradually liquidated.
The profits
for the year 1912 were $4,953,952.—V. 96, p. 1052.
tribution is not likely to be made
been paid off from current
have
announced in the annual report for
dend of 45% was paid in 1906 into
Bituminous Coal Companies.—Strike
The Coal Creek, W. Va.., miners have, it is stated,
Telephone & Telegraph Co.—Statement of
Policy.—President Vail, in an advertisement under the head¬
ing of "Mutual Relations and Interests of the Bell System
and the Public," describes at length, but in a general way,
the co's policy and purpose in the conduct of its business.
Settlement.—
accepted
a
settlement
agreed to in the strike of the miners of the Cabin and Paint Creek
districts. Which strike, after having continued 16 months, terminated sev¬
eral weeks since.
The strike affected 3,000 men employed by 5 companies.
The new agreement runs to April 1 1915.
Under it the union is not rec¬
ognized and the operators maintain the open shop.
The check-off, which
is a matter of great importance to the union, is not granted.
The mine
committee, the plan of the union for adjusting grievances, is also refused.
But an appeal will lie from the mine boss to the superintendent and from
him to 3 arbitrators, one Of whom is to bo president of the local union.
The
agreement provides that "under this contract nothing shall be done or
enacted that shall increase cost of producing coal to the operator."
The
short ton is substituted for the long ton at the same price.
This means
an advance of 11% in wages, and by revision of the scale a further advance
averaging 1% is given.
The operators also concede the 9-hour day and
semi-monthly payments.
Other concessions which are regarded as nominal
are the right to employ check weighmen at expense of the miners.
This
right is guaranteed by law, but while never denied by the operators, has
not been enforced.
The miners are also stated to have the right to trade
on
terms
where they please.
of certain abuses it
Brockton
The miners, it is said, have had this right, but in view
was
deemed advisable to reassert it.
(Mass.) Gas Light Co.—Authorized.—
The Mass. Gas & Elec. Light Commission has issued an
the petition of the company to issue $500,000 .additional
$120,000 is to meet outstanding notes and $380,000 for
order approving
stock, of which
plant additions
subsequent to Feb. 28 1913.
The order states that on Aug. 6 1912 the
issue amounting to $250,000, of which $115,000 was
to be used to meet outstanding notes and $135,000 to be applied to the cost
of additions to the plant made subsequent to Nov. 30 1911.
Since that date
the company has expended $257,162 for additions to the plant, or $122,162
in excess of the amount stipulated by the board.
Further additions to the
plant already determined upon may cost $530,000.—V. 80, p. 2400.
board approved an
*
Calgary Power Co., Ltd.—Listed in London.—
The London Stock
Exchange recently listed a further issue of £48,900
bonds of £100 each, making the total listed £460,000
(total authorized, $3,000,000).
[Incorp. Oct. ■■ 1909 under the Can. Cos. Act with $3,000,000 auth.
corp.
21
stock, 6f which in May 1910 $1,850,000 had been issued, and acquired the
1st M. 30-year 5%
property and franchise of Cal. Power & Transmission Co
water
there
rights
on
the Bow River, 45 miles west of Calgary.
£92% by the purchasers,
and additional
In
May 1910
offered in London at
through Parr's
Bank, Ltd., £256,800 1st M. 30-year gold bonds, par £100, due Jan. 1 1940
but callable all or part (for 1% sinking fund beginning in 1920) at 105.
were
Interest J. & J. at Bank of Montreal and N. Y. at $4 86 2-3 to £1.
limited in first instance
Americaii
against the packers.—V. 96, p. 282, 204.
Atlantic Refining Co.—Dividend Prospects.—
Regarding the rumor that a stock dividend of 400% would be declared
shortly on the $5,000,000 stock, we learn from a reliable source that"a dis¬
.
Directors—Dividends.—At the annual meeting Aug. 18 the
the
Federal Court docket of all charges
of Attorney-General Wickersham.
to
Issue
$3,000,000, of which $1,749,533 reserved for
to be only
further capital expenditure; additional issues beyond $3,000,000
for a like capital outlay when the annual net earnings are 1M
times
the
interest charge, including bonds then to be issued.
Original electric in¬
stallation, two units cf 3,750 h.p. each, one of 6,000 h.p.
Pres., H. S.
Holt, Pres. Montreal Light, Heat & Power Co.l
California Telephone &
Light Co., Santa Rosa, Cal.
are offering at 99 and int.
1st M. 6% bonds of 1913, due 1943 (but callable at 107 XA on
interest dates).
Total auth., $5,000,000; now issued, $350,000.
Par, $1,000, $500 and $100.
Int. A. & O. at Mere.
Tr. Co., San Fr., trustee.
S. fd., l}i% 1916 to 1925,
thereafter 2%.
No prior liens.
This is done because of the many inquiries occasioned by the suit brought
by the Government questioning the purchase of telephone properties in the
Northwest, as well as the pending investigation by the Inter-State Com¬
merce Commission.
The statement, without going into the merits of the
proceedings, gives in much detail facts showing how the company has rec¬
ognized the principle that its "interests were best served when the public
interests were best served," and its willingness and desire to submit to
proper Government regulation.—V. 971 p. 446, 239.
—Bonds.—Sutro & Co., San Fr.,
Appalachian Power Co., Rluefield, W. Va.—Status—
Prospects.—A handsomely illustrated pamphlet issued in
July by H. M. Byllesby & Co., Chicago, says in brief:
Incorporated in Cal. in 1911 and has absorbed by consolidation Sonoma
Light & Power Co., Russian River Lt. & Power Co., Clear Lake Consol.
Tel. & Tel. Co., Northwestern El. Co. and Bealdsburg Tel. Co.
Capital
stock, in $100 shares, all with equal voting power, auth., 16,000,000 com¬
mon and $4,000,000 6% cumulative preferred (p. & d.); outstanding, $766,000 common and $30Q„000 pref.
In June 1913 the Cal. RR. Commission
authorized the issuing of $75,000 bonds and $50,000 pref. stock in order to
•
Organized in May 1911 (incorp. in Va.) and before April 1 1913 had com¬
pleted and had been operating for several months two water-power devel¬
opments with a combined installed capacity of 29,000 h. p., and had con¬
structed 402 miles of transmission lines, to which was connected a combined
load of 26,173 h. p. in 14 municipalities, 39 mining operations and a num¬
ber
of
isolated
industries.
-
,Hydro-electric energy was supplied from the first development (No. 4.
capacity 9,000 electric h. p.) on and after Aug. 15 1912 and from No. 2
purchase the Cloverdale Light & Power Co. for $75,000.
Pres., F. L.
Wright; Sec., C. Pickerin.
In April last the company reported the earnings of the combined prop¬
erties for the year 1912 to thb Cal. RR. Commission as: Gross, $90,286;
profit, $40,211; interest, $10,917; balance, $29,293.
At that time the
r-
534
r
y
^
i r
THE
«
f \ i i 1 j *-'I
company was stated to be serving 1,419 telephone subscribers through
464 miles of telephone pole line, 1,763 miles of wire and 26,301 feet of aerial
cable, while in the electric light and power distribution system of the com¬
i
1
Manufactures a complete line
vegetables; also poultry and meat specialties, condi¬
jams and jellies, condensed milk and cream, &c.
Its ''Gallon
Apples" are largely exported to Great Britain.
Supplies over 80% of the
output of canned fruits and vegetables in,the Dominion of Canada, selling
Wine
Association, Winehaven, Contra
Cal.—Bonds Offered.—Sutro & Co., San Fran.,
are offering the company's new
6% convertible bonds at 98
and int., now issued, $3,000,000.
:
The mortgage is made to Union Trust Co. of San Francisco, trustee,
secure '■ an
authorized
issue
of
$5,000,000
Convertible
Mortgage
6% Debenture gold bonds, dated July 1 1913 and due Sept. 10 1925', but
subject to call, all or any part, on any interest date up to Sept. 10 1920
at 105 and int., and thereafter at par and int. and a premium of 1%
for
each unexpired year or fraction of a year, but exchangeable, at option of
holder, at Union Tr. Co., San Fran., each $1,000 bond, for common stock
as follows:
(a) Bonds Nos. 1 to 3,000, the present issue, till and Including
Sept. 10 1914, $1,500 stock; 1914 to 1916, $1,400; 1916 to 1918, $1,300;
1918 to 1921, $1,200.
(6) Bonds Nos. 3,001 to 5,000, until Sept. 10 1915,
$1,000 stock. Par $1,000. Int. M. & S. Auth. cap. stock, $20,000,000, in
$100 shares, consisting of $13,000,000 com. and $7,000,000 6% cum.
pref., whereof on June 30 1913 there were outstanding $4,754,200 com. and
$1,426,260 pref., and there were reserved to provide for conversions as
aforesaid $6,500,000 com. stock.
Sinking fund to receive yearly a sum
equal to 2of outstanding bonds, 1914 to 1917; 3H% 1918 to 1920,
and thereafter 5%, plus in each case an amount equal to any excess above
5% paid in dividends on stock; but debentures converted into stock to be
considered as payments to the sinking fund.
The mortgage covers as a first
lien certain real property in San Francisco city and county and in county of
Contra Costa, including
property at Winehaven in said county (where the
company's principal office is located) and on $999,500 stock of Calwa
Products Co., ana also, it is stated, on 50% of stock of Italian-Swiss Col¬
onies Co., whereof the company now owns 100%.
The mortgage is further
under well-known brands and
wholesale houses and jobbers.
The preference dividend is paid
same
to
.
on
capital account.
Directors.—F. R.
'
are
Prospects
to recoup the company
Drynan,
G.
P.
Asst.
Sec.-Treas.;
Grant. A.
H. B.
D. Marshall, M.P.; Sam Nesbitt, M.P.P.;
Mackenzie and W. P. Innes.—V. 96, p. 1632.
Eastman Kodak Co.—Decision.—
r
:
*
) Judge Hazel in the U. S. District Court at Buffalo last
week, in a suit
brought in 1902, held that the company has since 1898 infringed the Hanni¬
bal Goodwin film patent, which is owned
by the Goodwin Film & Camera
Co. and is in turn controlled by the Ansco Co. of Buffalo.
The Court says:
"It is not improbable that certain of the new features or
steps of the de¬
fendant involve novelty, but this of course would not
justify infringement
complainant's broad invention."* The Court also said, in reply to con¬
tentions that the Goodwin patent was not
perfect: "The patent law does not
est
of
an
inventor shall have succeeded in bringing his art to the
high¬
degree of perfection: it is enough if the skilled in the art understand
the process and the specification
points out a practical way of performing it.'
President T. W. Stephens says that the Goodwin patent is
given a broad
Com¬
construction, covering the widely used modern photographic film in all Its
branches, including the film packs, cartridge films and cinematograph
The Court decrees an accounting of profits,
which, according to
films.
newspaper
reports, are estimated to amount to some millions of dollars.
The Eastman company will
appeal from the decision.—V. 96, p. 1705.
Company.—
Electric
Coach
Line, New York.—New Company.—
See Fifth Avenue Coach Co., New York.
>; >
i '-"I; ';.
Electric Properties Co., New York.—Plan
Approved.—
Company.— v
incorporated in Maine on.1 Aug. 6, its authorized
capital stock being $6,000,000 pref. in $100 shares and $900,000 common
in shares of $5, and has taken over, per plan in V. 96,
p. 1842, the property
of the old Central Fuel Oil Co., which was
purchased under foreclosure
sale on July 29 for $1,000,000 by T. L. Herman, nominee for the
reorgan¬
company was
ization committee.
The sale took place in the N. Y. County Court House
under order of U. S. Dist. Court for Eastern Dist. of Okla.
President, J. S. Cullinan, Houston, Tex.; 1st V.-Pres., E. C. Lufkin,
Y.; 2d V.-Pres., D. F. Connolly, and Treas., J. E. Crosbie, Tulsa,
Okla.; Sec., Judge A. L. Beaty, N. Y.
Office, 17 Battery Place, N. Y. C.
for expendi¬
excellent.
Lalor, M.P., Pres.; H. W. Richardson, 1st V.-Pres.;
J. J. Nairn, 2d V.-Pres. and Gen.
Mgr.; R. L. Innes, Sec.- Treas.; W. R.
require that
Central Petroleum Co.—Successor
..
_____
The proceeds of this issue of bonds
ture
.
This
-
—
Wineries Co., $499,500; Great Western Vineyards Co., $499,500.
See Central Petroleum Go. below.
dividend at the rate of
.
—
.
certain other real estate in San Francisco and in counties
of Napa, Alameda and Santa Clara, Cal., and stock
(par $100 a share) in
sub. cos. as follows: California Wine Securities Corp., $2,999,500; California
.
Entire output is sola
.
a
6% per annum is paid quarterly on the common shares.
Appraised depreciated value of real estate, buildings, machinery and
plant (all under mortgage), $3,933,117; replacement value, $4,386,457.
Net liquid assets, including investments In other
cos., over current liabili¬
ties, about $1,481,883; total assets, abt.
$5,415,000, exclusive of all good¬
will, trade-marks, brands, &c.
r
Net Earnings, after Providing for All
Expenses, including Depreciation. 1 '•
-y-v
v J
;
\
1910. .J .
1911.
1912."
Net
-———-$408,825 ,7
$422,870
$563,409
Bond interest—
69,989
60,000
60,000
i
V
w'
.
h!,
f. '
*, jl
Surplus—
$338,836
$362,870
1 $503,409
on
originally authorized
gold 5s of 1905, due
Sept. 10 1925, convertible by holders into stock, $ for $, on or before Sept.10
1915 and thereafter callable by the company in 1915 at 110, in 1916 at 109.
and so 1% less each successive year.
Sink. fd. 5%
The company's total
assets are estimated at about $12,000,000.—V.
97, p. 52.
trade-marks.
quarterly and
to
pare V. 96, p. 1020, 1023, 1300; V. 97, p. 52.
There are also outstanding about $1,250,000 of an
issue of $2,000,000 20-vear First Lien Convertible
r .v
xgtii.
of canned fruits and
California
Central Fuel Oil Co., N. Y.—Successor
1
[Vol.
and the Alymer Condensed Milk Co.
acres
Costa Co.,
a
]
ments,
panies there were 224 miles of pole fine.
second lien
r *
CHRONICLE
The stockholders
-
Aug. 19 ratified the plan for the reduction and re¬
adjustment of capital stock (V. 96, p. 1126) and voted to sell the assets to
a new company
organized under laws of Virginia, to be known as Electric
Properties Corporation, with authorized stock of $4,000,000 6% cumulative
pref. stock and $4,000,000 common.—V. 97, p. 301.
Elk
Horn
on
Fuel
Co.—Allied
Enterprise.— '
See Elk Horn Mining Corporation below.—V. 96. p.
N.
1427.
,
Elk Horn
The company has submitted a proposition to the
city for an extension of
the street-lighting contract, which was made in 1906 and
Mining Corporation.—New Enterprise.—This
company is being organized with $6,750,000 or authorized
capital stock to develop under lease some 19,500 acres of coal
lands owned directly or indirectly by the Elk Horn Fuel
Co.,
fully described in V. 96, p. 1427.
Funded debt, if any, not
for
known.
Consol, Sugar Co. of New Mex.—Kansas
See
"Kansas"
in
"State &
City" Department,
Denver Gas & Electric Co
10 years.
Under the proposed
page
Receivership.—
463, last weeki
—Offer to City.—
new contract,
expires in 1916,
to run from
which is
the present date of maturity to 1926, provision is made for
reducing the
rate for the remaining 3 years of the present contract.
Under the old con,
ttact the city paid $60
lamp for lighting, while under the proposed
new agreement it will pay for the 3 years until 1916 at the rate of
$55.
Un¬
der the first 5 years of the extension the rate will be $50 and the the remain¬
ing 5 years from 1921 to 1926 $45.
This proposition is still under consid¬
eration and is expected to be accepted.—V. 96, p. 492.
per arc
Denver
(Col.) Rock Drill Mfg. Co.—Bonds.—The German-Amer. Trust Co., Denver, the mortgage trustee, offered
in April 1913, at prices to yield about 6%, $225,000 1st M.
6% serial sinking fund gold bonds dated April 1 1913.
Due in semi-ann.
installments, Oct. 1 1913 to Apr. 1 1921 incl. (14 oe
of $25,000).
Total auth., $325,000; the remaining
redeemable after 30 days' notice, in revered
of numerical order, on interest dates, at 105 and int. Par
$100, $500 an
$1,000 (c*).
Interest A. & O. in Denver or N. Y.
Principal and interes.
unconditionally guaranteed by personal
endorsement by Sec .-Treas
D. Bryant Turner and Vice-Pres.-Gen. Man. W. H. Leonard of Denver.
A first lien on all present and future property, also secured by
deposit with
trustee of 51% of the common stock, or absolute control.
Sinking fund, 25% of net earnings, but not less than bonds ma¬
turing; any excess to retire those last due at 105 and accr. int.
Also a sum
equal to 50% of any dividend on common stock.
The final $100,000
bonds can be issued for 75% of cost of improvements and
acquisitions, but
only when net assets are three times the bonds outstanding and the earn¬
ings six times the interest, incl. bonds to be issued.
EarningsNet for year 1912, $106,286: average net last four years
ending Jan. 1 1913, $100,458; interest on bonds for first year, $13,125;
bonds maturing first year, $25,000; bal., sur., $62,333.
Sales now show
$12,500,
then
two
$100,OO0, when issued, will be
a marked Increase over 1912.
Of the sales about 45% are in U.
S., 55%
in foreign countries.
Max. output 30 days or more oversold.
Successor of Denver Rock Drill & Machinery Co. (business
established
8 years ago), having acquired for cash all assets of the old company,
with proceeds of $225,000 1st M. 6% bonds and $100,000
stock.
The management continues with C. B.
7%
partly
cum.
pref.
Schley of Colorado Springs,
President; W. H. Leonard, V.-Pres. and Gen. Man., and D. Bryant Turner,
Sec. and Treas., of Denver, who, with A. C. Foster of
Denver, own con¬
trol and
the directors.
The stockholders have behind the bonds
actual investment of three times the bonds outstanding.
are
an
Approx. status of April 1 1913 (based on bal. sheet of Jan. 1 1913): As¬
sets—Cash,$17,622: acc'ts and notes rec., $ 113,651; merchandise,$150,590;
net quick assets of sub. co., $93,524; factory (3 yrs. old), on lot
875x125,
and warehouse on valuable leasehold, $136,616; machinery,
&c., $103,463;
deferred charges, $1,466; fixed assets of sub. cos., $5,626; co.'s own stock
(at price repurchased), $289,430; patents (9 to 15 years to run, chiefly 15),
patent rights, &c., $150,814; total, $1,062,802.
'
Offsets—Current acc'ts, $10,000; 1st M. 6% serial
sinking fund gold
bonds
(auth. $325,000; unissued, $100,000), $225,000; common stock
($600,000; unissued, $10,000), $590,000; pref. stock (auth. and issued),
$100,000; undivided surplus, $137,802; total, $1,062,802.
Dominion
The
London
Canners,
City &
Ltd.—Bonds.—
Midland
Bank, Ltd., and Messrs. Hoare were
applications as bankers for British,
Foreign & Colonial Corp., Ltd., London (the purchasers) for the purchase
99H % of $750,000 6% 1st M. sinking fund bonds to bearer, due April 1
1940, part of the final block of $1,000,600, the remaining $250,060 being
taken in Canada, of a total issue of $2,500,000, of which
$502,500 have al¬
authorized late last month to receive
at
ready been redeemed and canceled.
A first charge on entire property.
Par $500 and $1,000 c* (or £102
14s. lOd. and £205 9s. 7d. at fixed $4 86 2-3 per £).
Maturity April 1 1940,
but redeemable, all or any part, after 1920 on 6 months' notice at
110 and
nt.; also payable at 110% on liquidation.
Annual cumulative cash sinki¬
fund 1H% on all the bonds outstanding.
Trustee, Royal Trust Co.
Capitalization (auth. and issued, fully paid)—
Issued.
Authorized.
$2,170,000
$5,000,000
Common shares
2,148,600
5,000,000
First M. 6% bonds, all issued and full
paid; $502,500 redeemed and canceled by
sinking fund
1,997,500
2,500,000
Digest of Letter from Pres. F. R. Lalor, Hamilton, Ont., June 1913.
Incorp. in 1910 under Canadian Co's Act and acquired Canadian Canners,
Ltd. (34 factories), and 14 other canning
companies, canning fruits, vege¬
tables, &c., in Province of Ontario. Now owns and operates 54
canning fac¬
tories in fertile Southern Ontario; a can
factory, making most of the cans
required, a lithographing plant which manufactures labels; a farm of 900
ng
7% cumulative preference shares
An
authoritative
statement
shows:
,
,
,
.
_
Incorporated in Va. on July 17.
Maximum capital stock, $6,750,000 in
$000 shares, of which $3,000,000 is to be 6% pref. cum. after two
years
and $3,750,000 common stock.
The corporation purposes to lease from
the Mineral Fuel Co. (all of whose stock is owned
by the Elk Horn Fuel
Co.) about 4,500 acres of land and mineral rights in Letcher Co., Ky. and
also 15,000 acres or more owned by the Elk Horn Fuel Co. on the waters
of Beaver Creek and its tributaries in the counties of
Floyd and Knott, Ky.,
so leased in modern manner at a cost estimated
$2,500,000, the necessary funds for which are now being raised.
The Ches. & Ohio Ry. is building a line into the
property upon Beaver
Creek, which will be completed by Jan. 1 1914, and the Louisville & Nash¬
ville RR. already has a line extending through the property in Letcher Co.
The property to be developed carries the Elk Horn
coking, by-product
and gas-coal seam, both in Letcher
County and Floyd and Knott counties.
The work has progressed to such an extent that it is
expected the shipping
of coal from the Letcher County
property will begin within a few weeks
and from the Beaver Creek field as soon as railroad
transportation is avail¬
able.
The B. & O. RR. is also preparing to build in the Beaver Creek
field, and developments will be made along the line of this road and
ship¬
ments made over the same as soon as the road is
completed.
Directors (and officers): Pres., C. W. Watson, Fairmont, W.
Va.;
V.-Presidents, G. W. Fleming, Baltimore, Md.; J. N. Camden, Versailles,
Ky.; John G. C. Mayo, Paintsville, Ky., and George A. Baird, Chicago,
111.; Treas., S. D. Camden, Parkersburg, W. Va.; Sec., J. W. M. Stewart.
Ashland, Ky.; Walton Miller, Fairmont; Geo, T. Watson, Fairmont; G. B.
Slemp, Big Stone Gap, Va.; D. A. Langhorne, Scottsville, Va.; John E.
Buckingham. Paintsville.
and to
equip the property
at about
Fall River (Mass.) Gas Works Co.—Full Opinion.—
;
The "Banker and Tradesman" of June 21 last contains in full the
opinion
Justice Hammond of the
of
rendered
Supreme Judicial Court of Massachusetts,
May 23 last. On which the Court based Its decision reversing
the Board of Electric Light Commissioners and sustaining the
company's
right to issue $115,000 additional stock at $225 a share (par $100), as deter¬
mined by the directors, to pay obligations already incurred for construction
and for future additions.
Compare V. 96, p. 1683.
on
Fifth Avenue
Coach
Co.—Proposed Competition.—
The State Assembly recently passed the Pollock bill
previously approved
by the Senate, giving the Board of Estimate and Apportionment of this city
the power to grant a franchise on terms and over routes
po be prescribed
by it.
The restriction contained in the old law has heretofore prevented
<
competition with the Fifth Ave. Coach Co., which operates 10-cent stages.
The Electric Coach Line was recently incorporated
by George W. Loft,
the candy manufacturer; Henry L. Joyce; George
Mackay, banker; Charles
Berg, an engineer, and Harry B. James, Pres. of Brooklyn & Manhattan
Ferry Co., to run electric (noiseless) stages for a 5-cent fare and also later
cheap taxi-cab service.
An application by that company to run stages
number of streets is to be heard by the Board of Estimate and
Appor¬
on Aug. 28.
An application of the Fifth Avenue Coach Co. for
additional routes was heard by the Board on July 10; also
a
on
a
tionment
application of
the Manhattan and New York Motor Bus
companies (latter promoted
by
George W. Loft) for franchises on certain streets, which were opposed
by
the Fifth Avenue Coach Co,
(See report of N. Y. Transportation Co. on
a previous page.)—V. 96, p. 1091.
Fisheries
Co.—Decision.—
Vice-Chancellor Howell in Newark, N. J., on June
24, In the suit brought
by Marcus and William U. Goodbody of Tenafly and Haledon, N.
J., in
behalf of themselves and 40 more bond and
stockholders, some of whom
live in England and Ireland, against Ordener J.
Delaney of Moorestown,
N. J., ordered the latter to refund $354,096 19 to the
company, of which he
was General Manager, and.in which capacity he was
charged with having
diverted part of the company's profits to himself.
About $113,000 of the
amount named, it is stated, represents the value of the
property of the com¬
pany which Mr. Delaney was charged with having sold
improvidently as
receiver, and the remainder, profits made
from
leases
of
property
of
the
Fisheries
Co. to the Menhaden Fishing Co. for 1908 and
1909,
after he had been discharged from the
receivership and was
dent
It
was
of the rehabilitated
acting
company.
■
,
as
Presi¬
,
charged in the bill of complaint that in the first two years
Delaney
practically the sole owner of the Menhaden Company, owning 240 of
was
the 250 shares in the
During the period
name
of another person.
of the second lease the capitalization of the Men¬
it is stated, was increased from $250,000 to $430,000,
and as Mr. Delaney's interest was not shown to have been
increased, he is
called upon by the decree to account for only 25-43ds of the
profits, which
accrued from the 1909 lease.—V. 85, p. 114.
haden
company,
Am 23 1913.]
CHRONICLE
THE
(The) Fisk Rubber Co., Chicopee Falls, Mass.
Pre/, Stock,—-William Salomon & Co., Parkinson & Burr and
Estabrook & Co. offered in Feb. last 7% cumulative first
pref. (p. & cL) stock.
Tax-exempt in Mass. Dividend dates
Q.-F.
Callable as & whole or in part at 120 and div. on
60 days' notice.
Cumulative sinking fund for retirement of
first preferred stock begins in 1914.
/ I
j
; :
.
Digest of
Letter
from
Pres.
H. T.
Dunn,
Chicopee Palls. Feb. 1
Organization.—Incorporated In Massachusetts [Oct. 24 1912] and wil
acquire the property and business of the Fisk Rubber Co. of Delaware
8resent company), one of the five largest manufacturers of pneumatic
Ires and tire sundries for automobiles, motorcycles and bicycles.
The men
who have been in active charge of
the management will continue in that
capacity and hold a substantial part of the new 2d pref, and common stocks.
Authorized, Now Issuable.
Capitalization (will have no funded debt)
7% cumulative 1st pref. stock
_$5,000,000
$3,000,000
7% cum. 2d pref. stock (conv. into com. stock)_ 2,000,000
2,000,000
Common'stock
8,000,000
8,000,000
The company will have over $2,400,000 new cash, or an increase of
about 100% in net tangible assets, through the sale of
part of the present
$3^000,OQOfirst pref. stock and otherwise.
r
.
,
.
Company's Sales for Years ending Oct. 31, Showing Growth of Business
1907-08.
1908-09.
1909-10.
1910-11. 1911-12
Automobile "shoes"
Automobile Inner tubes
57,695
; 78,259
96,692
125,279
221,826
40,960
59,077
88,061
121,584
198,925
Bicycle tires
i
84,387
103,085
168.990
207.561
240,623
New Contracts.—The Hudson Motor Car Co. will during 1913 use some
7,000 sets of our automobile tires, and a 3-year contract for a much larger
quantity has recently been entered into with the Willys-Overland Co.
These contracts alone mean an Increase of at least $250,000 net profits per
annum beginning the next fiscal year, and the benefits will be partly realized
during the present year.
The plant has been working day and "night for
the
past year and at no time during this period has its production been
within 25% of its immediate requirements.
About 80% of the business is
for renewals, the life of a set of tires being probably 4,000 to 5,000 miles.
Only 1 % %of the net sales for 1911-12 was for replacements under guaranty.
Plant.—-The capacity of the plant was increased over 40% during the
Sast year,day, or alt the rate of 300,000 per annum, in 1,300 automobile
and the company is now manufacturing about comparison with
[res per
about 925 tires per day last April.
Present floor space 172,007 sq. ft.,
New fireproof steel and brick build¬
under way, adjoining the present plant, will increase the floor
■pace to 299,140 sq. ft. and the capacity to 1,800 automobile tires per day,
but for the current year it is estimated that the average capacity will be
about 1,600 automobile tires per day or 400,000 per year, with
1,500 l em¬
building modern Drick construction.
ings
now
ployees.
■
•
•,/'
,
. •
.
■,
Net Tangible Assets Oct. 31
1912, $5,000,000, Incl. $2,400,000 New Cash [Exclusive of good-will, patents or trade-marks.]
Land, buildings, machinery, &c. (partly based on appraisal)_.$1,037,637
Current assets (inventory, $1,829,508; accounts ana bills receivable, $1,111,543; cash,
$2,514,603; deferred charges,
$56,775), $5,512,429; deduct current liabilities, $1,550,066-- 3,962,363
Actual Net Earnings Applicable to Dividends as Determined by Price, Water~
house & Co.—Also Results After Adding $250,000 {Net) Expected
from New CorUxacts—Estimate 1912-13.
f
^
Actual.
New Bus.
Total.
Average four years ended Oct. 31 1912-—-$334,371
$250,000
$584,371
Year ended Oct. 31 1912--— J
-^^508,421
250,000
758,421
Estimate of Pres. Dunn for year_torAnd Oct. 31 1913, over j.
900,000
First preferred stock dividend requirements-.
210,000
Various Stock Provisions.—In .case four quarterly dividends remain Un¬
paid on the 1st pref, stock, the holders of the 1st pref. will possess exclusive
voting powers for all purposes as long as there shall be any arrears in said
dividends, except that at all times the consent of 75% of the 1st pref. and
75% of the 2d pref. stock and common stock must be obtained before (1)
disposing of any property unless the proceeds be used to increase the physi¬
cal assets or retire the 1st pref. stock; (2) creating any bonds secured by
mortgage or otherwise, or creating or guaranteeing bonds or notes having
more than one year to run.(3) Creating any stock having priority over
or ranking equally with the authorized 1st pref. stock.
(4) Issuing any
1st pref. stock in excess of $3,000,000, except for cash at par or better
when the net Income for the fiscal year or the average net income for the
preceding three fiscal years, whichever shall be greater, are three times the
annual dividends on the 1st pref. stock outstanding and so to be issued.
No dividends shall be paid on the common stock unless after such distri¬
bution the company's surplus available for dividend and sinking fund re¬
quirements of the 1st pref. stock shall be $450,000 add the net quick assets
125% of the 1st pref. stock outstanding.
Cumulative Sinking Fund for
mRgtfremtont 0f istPref. Stock.—Out
Prompt Retirement of 1st Pref. Stock.—put of
of
net earnings after payment of full dividends on the 1st pre * stock for the
Ividends
pref.
preceding cal. years: 1914 and 1915, amounts equal to 7 % % of the maxiznum amount of the 1st pref. theretofore issued, and
thereafter 15%
of the net profits, before paying dividends on the 1st pref. stock but not less
than 7H % of the maximum amount of the 1st pref. stock which shallhave
been issued.—V. 90, p. 505. 560.
-
.
,
pref. stock (pref. p. & d.).
...
»>-
"
yearly
,
Dividends Q.-F.
Redeemable
in part
on 60 days* notice at 110
pre?. stock could at his option exchange st
tion, properly endorsed, for an
any time before Jan. 1 1916.
iransier agent, u
b. uorp.
Registrar, Columbia-Knickerbocker Trust Co., New York;
whole
as a
'
or
Each holder of
Digest of Statement
Capitalization—'
by President A. Harris, Chicago, May 5 1913.
'■ ■
Auth.
;
Outst'g.
(Final $800,000 issuable only„
_
Pref. stock,, 7% cum.
to retire 1st
$1,200,000
8,000,000
5,000,000
bonds due serially 1914 to
800,000
[A dividend of 154 % was paid pn the pref. stock Aug* 11913.]
Organization.—Incorp. In Del. in April 1913 to acquire all the assets of
the Chicago House Wrecking Co., Harris Home Co. and Harris Steel 5c
yvire Co.
The Wrecking Company was incorp. in 1893 with $10,000 stock
and purchased successively the World's Columbian
Exposition, TransMississippi Exp. of Omaha, the Pan-Am. Exp. of Buffalo and the Louisiana
Purchase Exp. of St. Louis.
After some years we engaged in the general
lumber and materials business, selling, strictly by mail through catalogs
and other literature, throughout- the tJ, S.
A general mail order business
was thus gradually developed covering a full line of goods such as is handled
by Other large mail order houses, including furniture, household goods,
dry goods, clothing, shoes, hardware, machinery, iron and steel products,
lumber, building materials, &c.
This business, widely advertised, brought
our sales Into the millions.
The gross sales for January, February and
March 1913 exceeded the sales of a like period in 1912,
Plants located on
20 acres, extending on 35th St. from Iron St. west K mile, nearly to the
corner or Ashland Ave., and south to 36th St., one of the most valuable
industrial locations in Chicago, being within one block of Chicago River.
Insurance carried against fire, $1,681,000.
[In July 1913 the Chicago
House Wrecking Co. had bought outright from the U. S. Court the com¬
plete plants and physical properties of the Flanders Mfg. Co.* including
plants at Pontiac, Mich.; and Chelsea, Mich., inventory value given as
$2,000,000.]
Managemnt.-^Will be under the active control of myself, Frank Harris,
Samuel H. Harris and David C. Harris, we having accepted for our share
of the new business common stock only of the new company, the proceeds
of the pref. stock all going into further development [and, it is sgEraT-fcajpay
floating debt.—Ed.].
I
i
-i
»
\
Earnings.—Public accountants report net profits for the past two years'
three times greater than the amount required to pay divs. on the pref, stock.
Pref. Stock.—Sinking fund of 2 )4 % of outstanding pref. begins Jan. 1916
for redemption of pref. stock.
The unissued $800,000 pref. stock in the
treasury can be issued only to retire the bonds.
No further mortgage,
without consent of two-thirds of the pref. stock outstanding.
No divi¬
dends upon the common stock unless the net quick assets exceed the out¬
standing pref. stock.
Holders of pref. stock severally entitled to exchange
same for an equal number of shares of the common stock at any time be¬
fore Jan. 1 1916,
The pref. stock has no vote in the election of directors
until four quarterly dividends thereon shall be in default, in Which event
and until all such arrearages have been fully earned and paid, a majority of
the directors shall be elected exclusively by the pref. stock. '•
Common stock—
1st M. 6%
.
.
Dec.31 1912 $7,670,548, after Allowing for Present Financing
[Offsets: Capital stock, $6,200,000; 1st 6s, $800,000; surplus, $670,548.]
Assets
Real estate, machinery, buildings, equipment, Ac—--$2,298,975
ippi
Merchandise, materials and supplies_--._i_.______-_-„^—.1 1,068,209
Notes and accounts receivable, less reserve.—________
204,444
Investments in other companies, incl. Panama Canal contract..
157,787
881.186
Cash in hand, $360,326;^prepaid insurance, $20,860——
Cost of mailing list, good-will, &C-._-—
3,559.947
——
.
525
Haverhill (Mass.) Gas Light Co.—Injunction.—
decision of the full bench on
the information brought by Attorney-General Swift, decided
The Massachusetts Supreme Court by a
May "27,
on
to issue
from
Gas Co.
the
application to grant the Haverhill Gas Co. authority to issue stock
did not undertake to
permits granted to it
by municipal authority to lay itspipes.
It was contended that the new
corporation had licenses and permits in Its own right to maintain pipes
to be sold to it.
It was held that gas companies, like street railways are
public service corporations, which cannot sell their property and franchises
In such a way as to take away their power to perform their public duties
for the purpose, was sustained.
The Gas Light Co,
transfer its right to be a corporation directly, or the
Light Co. did not intend to sell or transfer any of its franchises, but to sur¬
The Court holds, however that the act would be essentially
the same as a direct sale,
Chief Justice Rugg wrote the opinion.
.
The company also brought suit to restrain the enforcement of the recent
order of the Mass. Gas 5c Elec. Light Commission reducing the price of
render them.
,
gas from 85 to 80 cents per 1,000,beginning with Feb. 1.
The company in
statement to consumers states that it is unable to comply with the order;
owing to recent advances in the price of oil, which is used in the manufac¬
ture of water gas.
It is Stated that the cost of oil for gas-making will b«
$30,000 more in 1913 than last year, the price having doubled to 6 cents a
gallon
A member of the State board says that the matter of higher prices
for oil was given consideration, and if this essential to water gas Is too high
to obtain a reasonable profit, the company should be in a position to supply
a
.
Giant Portland Cement Co.—Directors and Officers.—
Directors.—Edward B. Smith, Robert W. Lesley, Charles F. Conn,
Charles J. Rhoades, Frank Randolph, Charles Scott Jr., Frank H. Clement,
Gerald Holsman, Winthrop Sargent. C. A. Simpler and Wm,J. Maloney.
Officers.—President, Charles F. Conn; Vico-Pres., Charles J. Rhoades;
Vlce-Pres. in charge of sales, Robert E. Griffith; Sec. and Treas., F. J. Jlggens.
Ececutive Committee: Edward B. Smith, Charles Scott Jr., Robert
W. Lesley, Charles J. Rhoads and Winthrop Sargent, with Pres. ex-officio.
It is expected that the securities of the new company will be ready for
delivery on or about May 1.—V. 96, p. 793.
Gilbert
Transportation Co., Groton,handed down decision
May 2 Conn.—Decision*
Judge Holt in the, U. S. District Court
on
Judge Holt says that "in the case of a solvent corporation, while a going
remaining
unpaid on stock subscription; but in the case of a bankrupt corporation
the trustees can only sue the stockholders for such amounts as have been
determined by a preliminary investigation and assessment to be necessary
to pay the debts and expenses."
He says that it is doubtful if the valid
debts are sufficient to require this in this instance and questions the claim
of the bondholders that they are creditors to the amount of $250,000 in
view of the covenant in the mortgage that they shall have no recourse
ag&inst the stockholders and sustains the rights of the stockholders to a
full examination before a master to show how large are the real debts and
how much of an assessment will be required to meet them.
The suits brought against stockholders for the full amount due on stock
subscriptions are held to be unauthorized, unless the debts of the corporation
exceed the amount sued for.
Hearings are now going on before a master
appointed by the Federal Court to ascertain the amount of the debts.
This, it is stated, will have the effect of a stay on many of the suits in the
State courts.—V. 95, p. 52,
Harper & Bros*, New York.—Dismissal—No Appeal.—
■»«^ke U. S, District Court in this city, it became known this week,
a
on
decree dismissing the suit brought by the Govern¬
ment in June 1911 against the Periodical
Publishing
House, the so-called
"magazine trust, ' and others, including Harper & Bros., to enjoin the al¬
leged violation of the Sherman Anti-trust Law (V. 93, p. 49).
No appeal
will be taken by the Government.
The case was submitted to Judges
Lacombe, Noyes, Ward and Coxe, several thousand pages of testimony,
it is stated, having been taken.
Herbert S. Houston, President of the
clearing house, which was incorporated with only about $2,500 capital
stock, says that its purpose was accomplished when it focussed the attentionjof the magazine trade upon the demoralizing practices that had grown
up, and that the Clearing House, which was never an integral part of any
publishing business, was practically out of business when the suit was
brought.—V. 93, p. 49.
,
Harris Brothers Co., Chicago
(Mail Order House, &c.)V
—Pref. Stock.—Max Oscher Co., Inc., N. Y. City, and C. F.
Childs & Company, Chicago, offered last spring at par,
SlOOJper share, and div., $1,200,000 7% cum. convertible
rfsj
consumers
with coal gas, which
requires
no
oil in its manufacture.—
V. 92, p. 1112.
Hudson Motor Car
Co., Detroit.—Official Data.—
a $1,000,000 stock dividend, payable at
Aug. 4 1913, thus uncreasing our capital to
Par value $100 per share.
We sold 6,300 cars this past year,
and are now.shipping our 1914 models at thr rate of 35 a day.
Officers;
R. D. Chapin, Pres.; H. E.« Coffin and F.O. Bezner, Vice-Presidents;
R. B. Jackson, Sec.-Treas. and Gen. Man.
Compare V. 97, p. 447.
The dividend
we
declared
was
Once to all stockholders of record
$2,000,000*
a
concern, the directors in their discretion can call in all amounts
May 29 last entered
its
Huntington Land & Improvement Co.—Offering of
$4,000,000 6% Collateral Notes Guaranteed by H. E. Hunting¬
ton.—E. H. Rollins & .Sons offered publicly on Aug. 19
at prices to yield about 7% the unsold portion of the total
auth, issue of $4,000,000 collateral trust 6% serial notes.
By Friday the entire amount had been over subscribed.
Dated Sept. 2 19131
Due $1,000,000 annually Sept. 2 1914 to Sept. 2,
1917, incl.
Callable at 101 and int. oh 30 days' notice on any interest date.
Principal and int. (M. & S. 2) payable at the Bankers Trust Co., N. Y.,
and at Security Trust & Savings Bank, Los Angeles, trustee.
Par, 1914,
1915 and 1916 maturities, $1,000; 1917 maturity, $100, $500 and $1,000(c»).
Issue prices for the series, due as follows:
Sept.. 2 1914, 99)4 and int.;
Sept. 2 1915, 98)4 and int.; Sept. 2 1916, 97% and int.; Sept. 2 1917,
96% and int. (this,latter issue all sold).
> ■
Digest of Letter from V.-Pres. W. E. Dunn
Los Angeles Aug.111913•
Organization .—Incorporated in California Feb. 12 1902, to simplify the
development and management of the large land, holdings in California
belonging to H. E. Huntington, who owns the entire ($100,000) capital
stock.
Bonded debt none.
Collateral notes (this issue), $4,000,000.
Collateral, Par Value $7,900,000, to Secure these $4,000,000 6% Serial Notes.
$4,000,000 Los Angeles Ry. Corp. 1st and ref. 5s, due 1940,
1,500,000 Pacific Elec. Ry. Co. refunding 5% bonds, due 1961.
2,400,000 5% first mortgage on downtown real estate in Los Angeles.
This collateral has a market value of about $7,350,000 or over 1 % times
the total note issue.
A large equity is represented by the real estate mort¬
gage.
In addition, the notes are the direct obligation of the Huntington
Land 5c Impt. Co,, which has assets (exclusive of the collateral pledged)
largely in excess of $15,000,000, over 80% ($12,000,000) of which consists
of unincumbered real estate, practically all in Los Angeles and vicinity),
on which no mortgage can be placed during the life of these notes.
(Com¬
pare V. 91, p. 874, 948).
The annual interest from the bonds which are
to be pledged <exclusive of that on the mortgage) is more than sufficient
to pay the interest on the entire note issue/
Annual income from the $7,«
900,000 collateral over 1% times the interest on the notes.
Until all of
said $4,000,000 notes are certified by the trustee/bonds and mortgage are
to be pledged as nearly as possible pro rata according to the amount of
notes certified; provided, however, that for every $1,000 notes certified
there shall be pledged always at least $1,975 par value of bonds alone or
bonds and mortgage .combined, and, in addition tq the mortgage, when
pledged .always at least $1,000 Los Angeles Railway Corp. bonds and $375
Pacific Electric Ry. Co. bonds.
The notes are guaranteed unconditionally, both principal and int., by
endorsement by H. E. Huntington, who owns the entire $20,000,000 capital
stock of the Los Angeles Ry. Corporation and substantially all (98%) of
the $21,716,000 capital stock of the Pacific Light & Power Corporation, and
all the stock of the Huntington Land &
Improvement Co.
The proceeds from the sale of these notes will be used in retiring $1,500,00
notes of the company, of which $1,000,000 mature Sept. 1 1913 (V. 91, p.
874, 948) and $500,000 mature Sept. 30 1913.
The balance will be used In
the purchase of the 6% pref. stock of the Pacific Light & Power Corporation
(V. 97, p. 448), to be used by it for its extensions and betterments.
Description of Collateral.'
"
<1) Los Angeles Railway Corporation.—Does entire local electric street
railway business in the city of Los Angeles with a. system comprising over
371 miles of track.
The first and refunding mortgage 5% bonds are a
direct first mortgage on a very substantial part of the property, including
more than 85 miles of track and a large
proportion of the real estate, and are
a direct mortgage on all of
the property of the Corporation subject only to
$5,276*000 (less sinking fund investments) underlying liens.
These bonds
are part of an authorized issue of $20,000,000, of which $5,500,000 are re¬
served to retire underlying issues and $14,224,000 (less bonds in sinking
fund) are outstanding.
(V. 96, p. 487; V. 95, p. 1273; V. 92, p. 187, 262.)
n
>
.
Earnings of Los Angeles Railway Corporation for Years ending June 30
1911-12.
Gross income.$6,208,985
1912-13.
1911-12.
1912-13.
Int.
$6,885,811
Net(aft.taxes)$l,771,105 $2,098,561
charges—$1,067,795 $1,067,107
248,213
614,781
—
Earnings of Pacific Electric Railway Co. for Year ending June 30 1912.
Gross income
--$8,932,6591Bond interest...
——_$2;081,607
Net, after taxes & deprec.$2,613,299 I Balance, surplus
$531,692
The books are not closed for the fiscal year ending June 30 1913, but pre¬
liminary figures indicate that the gross income will be in excess of $9,800,000.
(3) Real estate 5% mortgage, Barry mortgage, so-called, dated April 17
1913, due on or before June 1 1923, a first mortgage on nearly 90% of the
block of land-bounded by 12th, Main, 11th and Hill streets, and on 17,500
sq. ft.on 11th St. in the city of Los Angeles, total appraised value $3,025,000,
This property has recently sold at considerably over this price
No collateral can be released unless a proportionate amount of notes is
paid and canceled.
All money paid upon the principal of the Barry mort¬
gage will be used to retire the notes, such payments entitling the company
to the release of $750 bonds (par value) for each $1,000 note canceled.
Other cash paid for retirement of notes will release $1,250 bonds for each
$1,000 notes so canceled.
Of the bonds released at any time, not to exceed
eight-elevenths shall be Los Angeles Ry. Corp. first and refunding 5s.
The company further covenants (1) not to mortgage any of its real
property; (2) not to pay dividends on its capital stock in excess of 6% per
annum, and not to increase its capital stock to more than $4,000,000; (3)
not to have at any time a floating debt of over $1 )00,000.
[Torrance, Marshall & Co. are offering a block of the notes in Los An¬
geles.]—V. 91, p. 948, 874.
Idaho-Washington Light & Power Co.—SaleSee Washington Water Power Co. under "Railroads."
Independent Harvester Co., Piano, 111.—Suit
It
been sold to 27,000 farmers, and that'$1,200.000 had been
spent
I
of stock and from interfering with the investigation of the books.
manu¬
in
facturing machinery that was sold for $800,000.
Pres. Thompson made a
statement denying the charges, but later resigned, he and other officers
bein? replaced by new men.
The Federal grand jury at Chicago has
Investigated for some weeks the charges filed with the postal authorities
n regard to the improper use of the mails in the sale of the stock.
,
J. E. Keim & Co., Inc. ("Shapkamaxon Mills ■')» Phila"
delphla, "Pa,.—Bonds.—Henry & West and Brown Bros. &
Co. of Philadelphia recently brought out at par and int.
$275,000 1st M. 6% sinking fund gold bonds, tax-free in
Penna.
A
circular
Dated April 1 1913, due'April 1 1933, red. as a whole at any coupon date
or for sinking fund as a whole or in part, after
April 1 1914, at. 102H and
Int.
Par $500 and $1,000 c*.
Interest A. & O.
Trustee, Penn. Co. for
Ins. oh Lives & Granting Annuities, Phila.
Data from Statement by V.-P. & Treas. Allen R. Mitchell, Apr. 22'13.
Successor to successful business begun July 1 1868.
Several of the man¬
agement have been with the business since its beginning.
Manufactures
cloths for men's suits known as "Shackamaxon fabrics," doing all the weav¬
ing; dyeing and finishing.
Modern 4-story mills with warehouse and execu¬
tive offices at 153 to 169 W. Allegheny Ave., Philadelphia,
Entire plant
is operated by electricity from company's power house.
Fire insurance
over $1,000,000.
Has 140 broad looms of latest models and 8 narrow looms
(for sample work).
Product over 1,000,000 yards of cloth a year, and other
goods imported, sold principally through jobbing department direct to
tailors throughout the U. S., &c.
Capitalization:
Issued,
I
Auth.
Issued.
1st M. 6% g. bds.$500,000 $275,000[6%non-cum.2d.pf$600,000 $535,000
cum. 1st pref.
100,000
100,000Common stock--- 700,000
700,000
The officers and managers have contributed cash equal to the first and
second pref. stock outstanding, and wiU purchase the additional 2d
pref.
stock at par at later date.
Present financing provides for
6%
development and
extension, for additional working capital and Other corporate purposes.
The bonds are a first lien on
plant appraised at $399,534. Net earnings
for past 10 years, after
depreciation and other charges, directly applicable
to the charges on these bonds have averaged $72,132.
Further bonds
issuable only when net earnings for previous six months applicable to inter¬
est on bonds issued and to be issued are 2H times said charges.
Sinking
fund (graduated) beginning April 1 1915, to retire entire issue by
maturity.
Kings County Electric Light & Pow. Co .—New Officers.
Nicholas F. Brady, elder son of the late Anthony N. Brady, has been
elected President of the Edison Electric Ilium. Co. of Brooklyn to succeed
his father.
James C.tBrady, younger brother, succeeds his father as di¬
rector and his brother as Vice-President.
The same men will be electa!
to
similar
positions
in the
Kings
County company early next month.
—V. 96, p. 1427.
Linde Air Products Co., Cleveland.—Stock Increase.—
This Ohio corporation filed on or about Dec. 24 1912 a certificate of in¬
of auth. capital stock from $1,750,000 In 100
shares, consisting of
$1,000,000 common and $750,000 6% pref. (all outstanding),to$5,750,000,
by raising the auth. common stock to $5,000,000.
Of the new stock, $1,-
crease
000,000
was to be offered at once at par
to shareholders of record.
None
informed, is issued as a stock dividend.
In 1912
(Q.-J.) and the common received 1M % (Dec.31)
The company produces chiefly oxygen for welding and other
purposes
in steel mills, and it has plants in
operation in Buffalo, Chicago, Elizabeth.
N. J., snd near Pittsburgh.
It is completing plants in Oakland, Cal., ana
near Philadelphia, has let contracts for a
$500,000 plant at Detroit, and
contemplates construction of stiU more plants, so that its establishments
literally will extend from coast to coast.
The directors (and officers) are: G. W.
Mead, Pres.; G. M. Godley,
of the new
stock,
we are
the pref. shares received 6%
V.-Pres.; M. E. Johnston, Sec.-Treas.; Hugo Reisinger and Frederick John¬
aU of New York; Charles F. Brush, John L. Severance, H. K- Devereu
and E. D. Burke Jr., of Cleveland.
N. Y. office. 79 WaU St.
■
■
son,
Lone Star Gas Co., Fort
Worth, Tex.—Sale of Stock
Interest.—Considerable amounts of the capital stock (au¬
thorized issue $3,500,0Q0) have been
bought up by stock¬
Louisville
Gas
&
Electric
Co*—Stock Increase.—Press
reports say that this Delaware corporation has increased its
authorized capital stock from $18,000,000 to $23,000,000.
The Kentucky Pipe Line Co., a
construction of
subsidiary, has awarded contract for
gas-pipe line from West Virginia fields to Louisville, a dis¬
tance of about 200 miles.
Arrangements have also been made to construct
a natural-gas belt line around Louisville to provide uniform pressure in
all parts of the city, feeding city mains in conjunction with two artificial
gas plants.-—V. 97, p. 54, 179.
Maryland Coal Co. of W. Va.—Offer—Opposition.—
The Hutchinson Coal Co. of West Virginia has offered to purchase a
controlling interest in the $2,000,000 stock (par$100) at $20 per share.
The purchasers desire to obtain 10,100 of the 20,000 shares, but are un¬
willing to take the stock unless holders of the income bonds release all rights
they may have in the quick assets. "A committee of stockholders who op¬
pose the offer has been formed which suggests a voting trust to hold the stock
deposited by those opposed to the sale.
A circular issued by the committee
states that quick assets are nearly $19 50 per share and that there has been
spent on coal property in West Virginia approximately $1,148,000, including
the original purchase price.
The total assets are given as $1,536,720,
against which there are outstanding income bonds of the par value of $705,400, leaving as equity for the stock $832,000, equal to over $41 50 per share.
Production is at the rate of 1,400 tons a day.
The 2,268 acres owned are
estimated to contain at least 20,000,000 tons.
President
Resigns.—William H. Ziegler has resigned
It is rumored that the plan
has failed.
A statement, it is
—'V. 92, p.
as Pres.
for the purchase by the Hutchinson Coal Co.
reported, will soon be issued by the company.
1705.
Massachusetts Lighting Companies.—Change in Stock.
The shareholders will vote at the annual meeting in October on authoriz¬
ing the issuance of one new pref. share and one new common share in ex¬
change for each existing share, so that the new shares shall "more truly
represent the cash paid in and the actual value of the assets."
The new
shares will probably have no par valUe.
Present shares are $100 par.
Balance
Sheet
of Dec.
31 1912, as Modified by Substitution of Proposed
Common and Preferred Shares.
.——$3,686,653 42,669 corn, and 42,669
Notes receivable965,900
pref. shares, say—
$4,266,900
Cash—
40,862 Notes & accts. payable
63,259
Accounts receivable-74,671
75,802 Dividend Jan. 15 1913--Surplus paid in & accrued364,387
In the consolidated income account for the 6 mos. ending Dec. 31 1912,
in V. 96, p. 1159, the only change resulting from the proposed plan would
be the substitution in place of "dividends paid, $149,341," of
dividends
on
pref. shares, $128,007," and "dividends on com. shares, $21,334,"
leaving the balance for reserve and depreciation unchanged at $56,493.
Stocks owned-
—
-
--------
-
12
-Business Connected J'ne 30-
Results of Operations—
Sales.
mos. end. June 30 1913--— $997,730
do
do
do
1912——
Custom's.
28,578
904,649
H. P.
4,915
4,251
26,420
Gas Stv
16,968
15,570
Statement Made by C. D. Parker & Co., Inc.
*
The trustees
at present
declaring from earnings a sum equal to 1\
shares.
This is equivalent to dividends of
shares and $1 per share On the propiosed new
common shares. If the shareholders ratify the plan, it is the intention of the
trustees, we are advised, to inaugurate dividends as stated above.
The net, profits of the Massachusetts Lighting Cos. and of the companies
whose shares are owned by it are now at the rate of about 93^ % on their
present share capital, shicn, after a deduction of $6 per share on the pro¬
posed new pref. shares, leaves a sum equal to about $3 50 per share on the
proposed new common shares.
Controls 18 companies serving 30 cities
and! towns in Massachusetts having a population or 207,231.-V.96, p.1159.
are
per annum on the present
on the proposed new pref.
Mexican Petroleum Co.* Ltd.—The
directors
on
Aug. 14
decided to offer to its stockholders of record Sept. 1 at par
shows:
Auth.
Supreme Court, on Aug. 18 tendered the owners of the
$500,000 4% bonds the amount of the back interest due (approximately
$100,000).
The offer having been declined, the money was yesterady
deposited with the Court, as permitted under ;the decision to be done on
or
before to-day.
No notice of appeal has yet been served, but the re¬
fusal to accept the back interest Is taken to indicate that further efforts will
be made to bring about foreclosure.
Compare V. 97, p. 369,241.
was
alleged that the officers had been "guilty of misrepresentation and misman¬
agement, and that within the last 2 years more than $3,000,000 stock had
York-*
accordance with the recent decision of Justice Green-
Net
Chicago to restrain Pres. W. C. Thompson and others from further selling
I
Long Acre Electric Light & Power Co., New
The company, in
baum of the N. Y.
—
A number of stockholders on May 2 filed suit In the District Court at
xcvn.
holders and other individuals friendly to the Ohio Fuel Sup¬
ply Co. at prices ranging, it is said, from 80 to 90 and above.
See V. 96, p. 206, 289,1706.
Depreciation-
Balance, surplus for year
$455,097
$416,673
(2) Pacific Electric Railway Co.—Operates an electric interurban railway
system radiating from Los Angeles, consisting of over 985 miles of track.
The refunding mtge. 5% bonds are outstanding to the amount of $25,373,000 of an authorized issue of $100,000,000, of which $26,726,000 are re¬
served to retire underlying bonds.
The balance may only be issued with
the approval of the Cal. RR. Commission for extensions and improvements.
These bonds are seemed by a direct lien on the entire property subject to
the said underlying bonds.
The entire capital stock and over $17,000,000
Pacific Electric Ry. Co. refunding 5s are owned by the Southern Pacific Go.
(V. 93, p. 872, 1463; V. 95, p. 750,1208; V. 96, p. 203, 1298, 1365, 1773.)
„
[Vdt.
CHRONICLE
THE
526
$1,000,000 Petroleum Transport Co. stock.
The $1,800,000 Transport Go. stock offered in the same manner earlier
by Pres. Doheny and Vice-Pres.* Canfield
(V. 96, p. 206), and it is presumed the present offering will be similarly
imderwritten.—-V. 96, p. 1844.
in the year was underwritten
Ohio
Oil
Co.^-Dividend.—
An extra distribution of 75c. per share (3%) has been declared on the
$15,000,000 capital stock, along with the regular quarterly dividend of $1 25
75%), both payable Sept. 20, being the same amounts as in June last.
In
March, June, Sept. and Dec. 1912 $1 25 was also paid, but without any
extra, and in March 1913 $1 extra (4%) was paid.—V. 96, p. 1493.
Omaha
(Neb.) Gas Co .—Franchise Defeated—
The electors on Aug. 19, by a majority of 2,933 in a vote of 11,177, re¬
grant the 20-year extension of the franchise of the company,
under the terms of which it would furnish artificial gas at $1 a 1,000 cubic
fused
to
feet net.
The present rate
Penn Central
for pas is $1.15.
V. 93, p. 536.
Light & Power Co., Altoona, &c., Pa.—
The shareholders will vote Oct. 20 on increasing the indebtedness from
$5,000,000 to: $7,500,000.
See V. 96, p. 493, 1844.
Philadelphia Suburban Gas & Elec. Co.—Contract.—
See
Lehigh Valley Transit Co. under "Railroads."—V. 96, p. 793.
Phillips Sheet & Tin PL Co. , Steubenville, O.—Injunct.
Judge Sater in the U. S.
District Court has issued
an
injunction against
members and officials of the Amalgamated Association of Iron, Steel & Tin
Workers: from interfering with the work or the. workmen of the company.
The decision sustains the right of
—V. 94, p.
the company to conduct
an
"open shop."
1702.
Portland (Ore.) Gas & Coke Co.-—Pref. Stock.—Since
April 30 1913 the company has sold the final $525,000 of its
$2,000,000 of authorized 7% cum. pref. (p. & d.) stock to
provide for improvements.
Low, Dixon & Co., N. Y., are
offering a small block of the new issue at 102 and div.
Divs.
Q.-F. m N. Y.
Transfer agent, Col.-Knick. Tr. Co., N. Y.
Registrar, Brooklyn Tr. Co., N. Y.
Condensed Extracts from Letter of Vice-Pres. E. W. Hill Aug. 111913.
Capitalization—
Authorized. Outstand'g.
div. beginning Jan. 1 1913)
$3,500,000 $3,000,000
Pref. stock, 7% cumulative.
2,000,000
2,00,0000
First and refunding mortgage 5s—
15,000,000
4,21,0080
Portland Gas Co. first mortgage 5s
Closed
371,000
During the past year $1,416,000 first and refunding mtge. 5s have been
issued in part payment for additions and improvements to the property.
The average amount of these bonds outstanding during the 12 months ended
June 30 1913 was $4,130,000.
Future issues, aside from sufficient to refund
the 1st M. bonds, are restricted to 75% of cost of additions and better¬
ments when the net earnings are 1 % times the total interest charge, includ¬
ing the additional bonds to be issued.
i
The pref. stock has preference as. to assets in case of liquidation and
dividends are cumulative at 7% per annum, payable Q.-F.
The issue Is
redeemable at 115 and div. upon due notice, by vote of a piajority of the
com. itockholders.
All the pref. stock issued has been sold at par for cash.
Com. stock (7%
— — —
—
A.UG. 23
1913.J
THE
CHRONICLE
Earnings (for Twelve Months ended July 31 1913.)
5 (/<
-
1912-13.
1911-12.
1911-12.
1912-13.
Gross earns__$l,247,345 $1,124,511 Int.
$182,164
charges__
$233,328
Net (aft. taxes)
$619,164
$558,800 Net for divs._
376,636
385,836
Annual dividend requirement on $2,000,000
7% pref. stock, $140,000.
Present gas plant has a daily
generating capacity of 4,500,000 cu. ft., a
holder capacity of 3.000,000 cu. ft.
Maximum daily send-out for any
24 hours to date, 5,540,000 cu. ft.
This generating plant has a river front
age of 200 ft., and, being centrally located, is valued at
$625,000, exclusive
of buildings, apparatus, &c.
On account or the steadily
increasing demands on the present plant and
land on which it stands, there is
being erected on the
Willamette River below the city limits on a tract of land
long in our posses¬
the value of the
sion and ideally located, a complete new
gas generating plant, embracing
three 20-ft. crude oil gas generators,
&c., for a 7,500,000 cu. ft. daily outThe new plant
capacity of
plant
Part of the
on these im¬
provements.
Contracts have been let for a 2,000,000 cu. ft. holder in East
Portland, giving us a total holder capacity of 6,185,000 cu. ft.
...
.
^--pressure main connects the new
,
with the city.
Estimated cost of improvements, $1,000,000.
proceeds of the present issue of pref. stock will be expended
1905.
1906.
413
346
Annual Sales of Gas in Million Cubic Feet.
1907.
1908.
1909.
1910.
1911.
612
755
816
975
1,146
1912.
1,277
Franchises, in the opinion of counsel, unlimited as to time and free from
burdensome restrictions.
Well protected from competition by low price
of gas (93c. net) and
by extent of service—652 miles of mains, 39,000
consumers' meters in use.
City population in 1890 was 46,385; in 1900, 90,426; in 1910, 207,214.
The pref. stock is followed by $3,0OO,OOO common stock,
which,repre¬
senting a substantial cash equity, is owned by the American Power & Light
Co., controlled by interests associated with the Electric Bond & Share Co.,
which in turn is controlled, through stock
ownership, by the General Elec¬
tric Co.
Compare V. 90, p. 1176; V. 93, p. 168.—V.
97,
Price
The
Bros.
Montreal
&
Co.,
Ltd.,
p.
121.
Montreal.—Listed.—
Stock
Exchange has listed £141,780 additional bonds,
being the block purchased a short time ago by the Royal Securities Cor¬
poration.
This brings the total outstanding issue up to $5,800,000, or
within $200,000 of the authorized issue.—V. 96.
p. 291.
Prince
Rupert
(B.
C.)
Hydro-Electric
Co.,
Ltd.—
Bonds.—The Canada Securities Corporation, Ltd., Montreal,
Toronto and London, offered some months ago a block of 1st
M. 5% sink, fund bonds of 1911, due July 1 1951.
Par $500.
per annum.
Earnings for year 1913-14 are estimated at $105,000 (or three
times the pref. dividend), and with the second machine installed, from cash
hand, should be $210,000.
Total assets (plant, machinery, &c., and
$100,000 cash), $750,000, or an equity of over $52 per share on common
bid).
Pres., Howard Smith; Mill Manager, H. C. Courtney-
on
stock ($40now
Standard
Data from
Prospectus of June 1911.
(in May 1911 under the Companies Act, Canada, and has
acquired the control of Tsimpsean Light & Power Co. and Continental
Power Co., Ltd., and water rights capable of developing 25,000 to 30.000
h.p., formerly controlled by those companies, on the Khtada and Falls
Rivers, branches of the Skeena River, about 42 miles from Prince Rupert.
Proposes to develop a 1,500 h.p. provisional power plant to supply imme¬
diate demands, and to complete a permanent installation of 15,000 h.p.
y the time the lirand Trunk facinc
Ry. reaches
the Pacific Coast..
The Khtada River drains a watershed of approximately
45 sq. miles, over which the precipitation of rain averages from 8 to 12 feet
annually, and flows into two lakes aggregating 6% miles in length and form¬
ing excellent storage reservoirs, and thence, in 1
miles, falls 340 feet to
the proposed power house.
Also proposes to install a gas-producing plant
in Prince Rupert, capable of supplying 75.000,000 cu. ft. of gas per annum.
Estimated revenues, 15,000 h.p. at $30, $450,000; net revenue from
electric power, $330,000; net from gas plant, $45,000; total, $375,000; 5%
on $2,500,000 1st M. bonds, $125,000; sinking fund, $30,000; bal.,
sur.,
$220,000.
'
'
Directors will include: H. C. Cahan, K.C., and R. F. Hayward (respec¬
tively Pres. and Gen. Mgr. of Western Canada Power Co., Ltd.), R. Bruti-
Organized
nel. director Pacific Pass Coal Fields. Ltd.; L. A. Herdt and H. A. Lovett.
Procter & Gamble
Co., Cincinnati.—Earnings.—Pres.
Wm. Cooper Procter, in a circular letter of Aug. 15 1913, says:
During the fiscal year [ended June 30 1913] the total volume of business
done by this company and constituent companies amounted to $55,913,797.
The net earnings, after all reserves and charges for depreciation, losses,
advertising and special introductory work have been deducted, amount to
$3,813,111.
The business is growing, and the outlook so far as we are
concerned is satisfactory.
We shall take pleasure in furnishing further in¬
formation to any accredited stockholder who is interested and who will
apply, in person, at the company's office in Cincinnati.—V. 96, p. 1776.
Producers'
Oil Co.,
Texas.—Pfcw Consummated.—
See Texas Company below.—V.
Sacramento
Valley
94,
p.
Co.—Financing—The
"San Fr. News Bureau" had the following from Sacramento:
President Alden Anderson of the Capital National Bank is in receipt of
information from Frank Freeman, general attorney fot this company, to
the effect that the
company, which has been in financial difficulties since
the failure of the First-Second National Bank at
Pittsburgh, Pa., early in
July, will be placed on a firm financial basis within 60 days and the devel¬
opment of 225,000 acres in Glenn and Colusa counties for colonization
purposes continued as planned four years ago.
It- is estimated that $7,500,000 has been expended in developing the company's properties.
The
company has 12,000 acres under irrigation.
It is said that 45,000 adres of
the entire project have been sold.
With the failure of the bank, operations
the great
project were conducted on a much smaller scale.
[Another
dated at Sacramento, Aug.
13, says that the Sacramento
Clearing House has decided to loan between $25,000 and $40,000 to the
on
statement,
Mills Orchard Co., one of the branches of the
irrigation company, as soon
as the securities "which have been found to
be substantial, are placed, and
that the loan will stand until the
re-financing in the East, which would place
the project again on a firm footing," so that the
development
acres
in Colusa and Glenn counties
may be resumed.]
V. 90, p. 56, 171.
St. Maurice
of
225,000
See V. 96, p. 1776;
Valley Cotton Mills, Ltd.—Status.—
See Wabasso Cotton Co.,
Ltd., under "Annual Reports."
offered recently at par,
carrying a bonus of 40% of common
stock, $50,000 of the 7% pref. (p. & d.) stock, cum. after
Jan. 1 1914.
The bankers report in substance:
Organized in July 1912 under the laws of Dominion of Canada
and
has
modern
loft-dried paper mill at Beauharnois, Que., about 20
Montreal.
Capitalization auth. and issued (par $100), pref.
stock, $475,000; common stock, $525,000. Purchased the goodr-will, trade
a
miles from
and water marks of the long-established Howard Smith
Paper Co. of Mon¬
treal, whose business will practically absorb the entire output.
Mill,
which has been in operation now for
nearly two
months, shares with only
other mill in Canada (Rolland Paper Co.) the production of
special
grades of paper, the annual imports of which a,re increasing over $1,000,000
one
of
California.- Legislation.-
pipe-line bill^ passed b;
Aug. 10.
have 30 days within which either to
take out State licenses, which will subject them to the payment of 50 cents
per barrel for all oil transported.
The latter alternative is considered pro¬
hibitive, and no company in the State is expected to adopt it.
No step has
yet been taken toward testing the Constitutionality of the law. The regu¬
lation of the pipe line business and the fixing of rates are placed in the hands
of the State RR. Commission, which is arranging the details by which the
law may be applied, the purpose of which is to secure a better price for the
producer, on the assumption that the pipe line companies control the means
of transportation and are "gouging" the producer.
The "Oil Paint and
Drug Reporter" of this city says:
"Here again they fail to take into con¬
sideration the law of supply and demand.
There are enough pipe line con¬
cerns in operation to afford a reasonable amount of competition, but there is
a market for only so much oil, no matter how much is produced.
It is well
within reason, judging from past experience, to believe that the mere fact
that pipe lines are common carriers might result in renewed drilling among
the smaller operating concerns.
Increased production, however, at pres¬
ent means nothing except perhaps lower prices, whether the producer can
get his oil to market more easily or not.
It will be interesting enough towatch developments.
The small producers are more excited over the affair
than the pipe line companies seem to be."
On Aug. 10 there also became operative the law regarding the marketing
of crude oil and its products, known as the "unfair competition bill."
The
purpose of the Act is to eliminate unfair competition and discrimination
in marketing any commodity of general use or consumption and
protect
the small dealer and prevent monopoly by price-cutting and other unfair
methods, being based on a similar law in force in Kansas.
[A law with
similar provisions is in effect in New Jersey.—Ed.]
The law provides that
no commodity in general use shall be sold at a lower rate in one section than
of the State than in another, after making proper allowance for difference
in cost of transporting it to the market, and states: "The inhibition hereof
against locality discrimination shall embrace any scheme of special rebates,
collateral contracts or any device of any nature whereby such discrimination
is
effected."
The
with
"Reporter" says: "The backers of the bill claim that, in conjunction
the common-carrier bill, the small producer is placed in as advan¬
tageous
a
position as the big marketers."—Y. 96, p. 867.
Standard Oil Co. of
Indiana.—May Purch. Retail Plants.
Attorney-General Barker of Missouri, according to press dispatches, has
company's counsel that it will not violate the terms of the decree
permitting it to remain in the State by the purchase of the plants and other
property of independent retail oil dealers.
He does not, however, hold that
the company may buy up independent and competing oil companies, which
the company's counsel says it is not intended to do.
The company, it is
stated, will enter into active competition throughout the State with the
Pierce Oil Corporation.
The Attorney-General s ruling will, it is said,
save
independent retailers their investments, not many of them being
financially able to stand rate cutting.—Y. 97. p. 241, 55.
advised the
Standard Oil of Kansas .—Dividend
on
Increased
Stock.
A
quarterly dividend of 10% has been declared on the $2,000,000 capital
stock, as increased by a, 100% stock dividend on June 30 last.
This com¬
pares with 10% on June 30, 3% and 4% extra on Feb. 28 and a payment
of the same
amount on
$1,000,000.
Dec.
14
See V. 96, p. 1428.
1912, all
on
the former capitalization of
,
Sulzberger & Sons Co., N. Y.—Sinking Fund for Pref.
Shares.—By by-laws recently adopted, the company has es¬
tablished an annual sinking fund to retire its pref. shares,
the amounts payable thereto being the following percentages
upon the amount of pref. stock outstanding on the last pre¬
ceding Dec. 31:
On
or
On
or
before Jan. 31 in the years 1914, 1915 and 1916
1'
before Jan. 31 1917 and in each year thereafter
-_2'
sinking fund is to be applied to the purchase or redemption of the
stock at not exceeding 125 and dividends.
New stock certificates
Such
pref.
containing
a reference to such sinking fund and the above-mentioned by¬
laws will be issued in exchange for the certificates now outstanding as soon
as they can be prepared, of which due notice will be
given.
rSee advertisement on another page.—V. 94„p. 1624, 491.
Texas Co —Listed.—The N. Y. Stock Exchange has listed
$3,000,000 additional stock and $2,000,000 additional 6%
convertible debenture bonds due in 1931, making the total
amounts of stock and convertible bonds listed $30,000,000
and $14,000,000,
respectively.
>
On or about June 10 1913 a syndicate was formed by 10 stockholders
of the Texas Co., who contributed $3,000,000 stock of the company (of
the then outstanding issue of $27,000,000)
by means of which they acquired
$3,150,000 bonds of Industrial Securities Co. issued under the collateral trust
agreement of June 2 1913, Illinois Trust & Savings Bank, trustee. On July 1
1913
the syndicate
gave
$2,100,000 of these bonds in payment for the
following-described properties of the Louisiana Company, which properties,
along with the remaining $1,050.000 of said bonds, were thereupon (on July 3)-
delivered
to the Texas Company for the $3,000,000 stock just
The properties in
question, all located in Louisiana, were 185 miles
listed.
of pipe
Ardis Junction to
Ardis Junction to
Logansport, Evangeline and Jennings to Lake Charles, Evangeline and
Jennings to Mermentau, Lake Charles to Toomey, Toomey and the Vinton
field, Tqomey to Echo, Toomey and Echo line to Big Eddy; (b) pumping
stations at Evangeline, Mermentau, Lake Charles, Toomey, Oil City,
Ardis and Vinton; (c) 67 steel tanks at said last-mentioned points, having an
aggregate capacity of 1,982,000 barrels; (d) 12 earthen tanks at Evangeline
and Oil City, total capacity 2,191,000 barrels; (e) gathering lines and tank
farms; (f) telegraph and telephone lines, &c.
'
The stock originally contributed to the syndicate by the members thereof,
as above stated, was
finally distributed after the exchange thereof to about
492 different parties in various sections, and the $3,000,000 of stock now
listed merely reimburses the syndicate members, or supplies them with the
amount of stock with which they parted.
The Industrial Securities Co.
(a holding company) was organized in
Maine in June 1913 with a capital of $30,000, paid up in full in cash, and
owns
and has deposited under said collateral trust agreement interestbearing bonds and dividend-paying stock of said Producers' Oil Co., or¬
ganized in Texas (V. 94, p. 490) described as follows:
The $2,000,000 6% convertible bonds just listed (compare V. 92, p. 467,
597; V. 93, p. 875) were, except for $34,000 sold at par for cash, given on
June 23 1913 in exchange for $1,966,000 bonds of Industrial Securities Co.,
issued under collateral trust agreement dated June 2 1913, and said Securi¬
ties Co. has in turn exchanged them for $1,966,000 bonds of Producers' OR
Co., issued under mortgage dated Jan. 1 1910, held by about 91 different
...
owners
(Howard) Smith Paper Mills, Ltd.,Beauharnois,Que.—
Pref. Stock.—The Canada Securities Corp., Montreal, &c.,
erected
Co.
line (chiefly 6 and 8-inch), viz.: two Vivian to Ardis, one
Ardis, two Ardis Line to K. C. S. tank at Shreveport, one
491,
Irrigation
Oil
The "common carrier
lature became effective on
Total auth. issue,
$3,000,000, of which $2,500,000 were offered for public
subscription in June 1911 at 92with 40% bonus in common stock.
Amount now out $0,000,000.
Capital stock authi, $5,000,000 in $100
shares, of which present Issue was to be $3,000,000, but only about $1,000,000 appears to have been put out to-date.
In September last it was an¬
nounced the hydro-electric plant,with an initial development of 5,000 h.p.,
would be ready for operation late in 1913, but that early in 1913 two Diesel
oil (auxiliary) engines of 750 h.p. .each would begin service in connection
with the 42-mile„transmission line then building to Prince Rupert and vicin.
Bonds dated July 1 1911, due July 11951, but
redeemable, all or any part,
on any previous J. & J. on notice at 105.
Sinking fund equal to 1% of
bonds issued to begin by July 1
1921.
Par $500, or optionally, £100,
($4 86 2-3 to £.) Interest J. & J. at Bank of Montreal in Montreal and
N.Y.or in London($12.50 equals £2 lis. 4Md.) Present auth. issue, $3,000,000 bonds (or debenture stock), but further issues ranking pari passu may
be authorized by the board to meet further capital expenditures made or
contracted for aggregating not less than the par value of such additional
issues, provided the annual net earnings are 1M times the interest, including
the proposed issue. 'Trustee, Royal Trust Co.
Pres., P. F. Brown; Sec.,
O. B. MacGallum.
Office,! Montreal.
537
in various sections.
Assets
of Industrial Securities Co. June 30 1913, $5,156,541.
[Offsetting Stock, $30,000; 6% bonds,
$5,116,000;
surplus,$10,541.)
Stock of Producers'
Oil Co., $2,985,660 par, $3,000,000,
paying 6% at this time, and $14,340 otherstocks,paying6%_$3,150,000
6% bonds of Producers' Oil Co., $1,966,000 face, of $3,000,000
authorized issue (mortgage closed)
1,966,000
Other 6% bonds, $34,000, and cash on hand, $6,541
40,541
In the balance sheet of the Texas Company as shown in V. 97, p. 440
"bonds and mortgages," $3,026,000, includes Producers' Oil
Co., $1,000,000; Industrial Securities Co., $1,966,000, and miscellaneous
$60,000.
The ''other investments, $1,445,232," also embraced foreign
terminals, $302,540; Louisiana Company, $852,300; furniture and fixtures,
$176,758; miscellaneous, $113,634.
the item of
New
Subsidiary, Successor of Central Fuel Oil Co.—
See Central Petroleum Co.—V. 97, p.
/
440, 449
X
i.
THE
528
Union Water Co., Oakland, Cal.—Suit
A suit
<fcc—
CHRONICLE
,
,
Capitalization (par $100 share)—
!
,
.
Investment
corporation."—V. 94, p. 566.
deposit with Old Colony Tr. Co., Boston, trustee of
<
»
,
;
750,000) can be issued (on same basis) only in case the net earnings are
1H times the interest charges, incl. the bonds to be issued.
---i
■
On Jan. 11918 or on any interest date thereafter, the bonds are converti¬
ble, at option of holder, into 7% pref..stock, $100 of bonds and $15 in cash
for $100 par of stock.
Subject to said privilege, the company can redeem
aU or any of the bonds at 105 and int. on or after Jan; 11918, after notice.
Incorp. in Maine Dec. 12 1910, an investment trust, with broad powers
to acquire and deal in bonds, stocks and other securities and properties
of electric power and light, gas and other public service enterprises, situ¬
ated chiefly In the U. S.
The object of the present issue of bonds is to dis¬
charge temporary loans and provide additional capital for the purpose of
increasing the investments. All the officers and directors are experienced
in this particular field of investment. Our holdings consist of securities and
stocks in 32 separate operating utility companies; many of these concerns
have only lately begun to acquire considerable
earning power, and it is
therefore Confidently anticipated that the income derived from existing
investments will steadily increase.
'
,
•
v
,
United Gas & Electric Corp. (of Conn.),
N. Y.—Earns.
—-Notes.—Bertron, Griscom & Co. offered early in 1913, at 98
and interest, $500,000 convertible 5% secured gold notes
of 1912 due April 1 1915.
Convertible after April 11914 at
holder's option, into 6-7% pref. stock, $ for $.
Interest
A. & O. at Central Trust Co., N. Y. (see V. 94, p. 1696).
88 and 89 of "El. Ry. Section."
5% Conv. ' 6-7% Pref.
Common
Notes.
Stock.
Stock,
Authorized$7,500,000 $25,000,000 $20,000,000
Issued
-J5,890,000
9,453,000
8,378,620
Out (excl. amount in treasury Dec .31)
5,890,000
9,254,800
8,320,120
The treasury holds $198,2Q0 of the prer. and $58,500 of common stock.
Capitalization Apr. 2 1913 [see
'
,
'
pages
;
\
'
•'
*
,
Net
________________
Expenses (incl. in 1912 int.
$12,732)
shares owned
_____$1,234,848
on $5,890,000 convertible notes (U. G. & E. Cor.) $294,500
Dividends on $9,254,800 preferred stock U. G. & E. Corp.--555,288
on
'
$141,365 $177,670 $319,035
borrowed money,
__________
___
i
18,335
.___
Total net profit.
28,183
9,848
_$ 123,030 $167,822 $290,852
$385,060
Average annual profit, $145,425; interest on present issue, $75,000, but
In the item "earnings on shares owned" are included the earnings ac¬
as the proceeds thereof should earn at least the interest upon the same, the
net available for bond interest should be approximately three times the sum
Balance earned for $8,320,120 common stock (4.63%)
,
on
Total.
$79,979 $195,758
97,691
123,277
$115,779
25,586
<YV:',^
„
,
„
1911.
1912.
Interest and dividends
Deductn-Interest
,
Profits for Past 2 Years (After Allowing for Int. Paid on Borrowed Money).
Net profits from sale of securities__i__._
Accruing Through Holdings of Constituent Cos.' Shares for the 12 Months
ending March 31 1913.
;
Earnings
certain stocks, bonds
and other securities which must always have a value in opinion of
trustee equal to 125% of bonds outstanding.
The remaining bonds ($2,-
Properties Co. of California,
.
____
_
itigation between Smith, Tevis and Hanford, "said fguaranty to be effec¬
tive, however, upon the final termination of any and all litigation that is
how existing or that may hereafter exist between F. M. Smith, Wm. S.
Tevis and R. G. Hanford, or either of them, over the control and ownership
a
$1,000,000
Oommon stock In $100 shares
5,000,000
5,000,000
First coll. tr. 6% conv. 30-yr; gold bonds
4,000,000
1.250,000
Par of bonds $500 and $100 (£102 15s. and £20 lis:) c*.,
Principal and
interest (J. & J.) in London and New York (£1 — $4 86 2-3).
Secured by
Is made de¬
.
and management of the affairs of the United
all shares will participate equally in add'l divs.)—$5,000,000
_
fendant.
1
a
The creditors have been asked
by the Hanford Investment Co. to sub¬
scribe to an agreement which provides that if the creditors transfer their
claims to the Hanford Investment Co., they will be guaranteed full pay¬
ment, together with interest at 6% per annum, upon the termination of all
,,,
Issued.
Authorized.
Pref. stock 7% cum., red. at 120 (after 5% on com.
brought against the company at San Francisco on Aug.12
was
to recover $241,531, said to have been lent it by the Hanford
Oo. in the last two years, and the United Light & Power Co.
[Vol. XCYH.
cruing to the corporation through its holdings of common stock of the In¬
ternational Traction Co., but these earnings are not being distributed
on the pref. stock of the Inter¬
national Traction Oo. are being rapidly paid off.
:
This company began business on June 6 1912.
However, for the pur¬
pose of ascertaining the amount applicable on the pref. stock of the new
company for a 12 months' period, there has been assumed the earnings from
the various companies which went into the consolidation covering the per¬
iod from April 1 1912 to June 6 1912.
.
l
Treasury holds $198,200 pref. and $58,500 common stock.—V. 95, p. 685.
required.
ings and investments Dec. 31 1912 were valued Feb. 24 1913 by Haskina
& Sells at $2,212,404 (subject to bankers' loans of $500,000).
Total net
assets (cash and marketable assets), incl. proceeds of present issue, about
2>4 times thepresent bond issue.
1
v
Directors: William P. Bonbright (Pres.), Irving W. Bonbright, George
R. Buckman, Starling W. Childs, Rt. Hon. Lord Fairfax of Cameron,
William F. Fisher, Charles P. Hamilton, Frederick V. Henshaw, Frederick
W. Stehr, Ernest B. Tracy (Secy.), Frederick O. Walcott and Orlando B.
Willcox.
Offices. 14 Wall St., N. Y. City.
.
»
United Light & Power Co.
(of N. J.).—Interest.— '
The semi-annual interest due June 1 on the $1,618,000 guaranteed col¬
lateral trust 6% 3-year notes (due Dec. 1 1914), which was not paid at
maturity June 1, will, it is announced, be disbursed on Aug. 26.
See Union
Water Co. below and compare V. 96, p. 1633; V. 97, p. 180.
a
United States
June 30.
Year—
—V. 95, p.
United
!
90,062
1911-12—J,
1276.
:
:
States
Washtenaw Gas Co.,
Co. Exp.
Exp.,&c.
$26,013
15,361
,
The new company, which is controlled by practically the same men as the
Ann Arbor Gas Co., made a mortgage to the Detroit (Mich.) Trust Co., M
—.""V 74,701
trustee, to secure hot over $1,200,000 1st M. 5% gold bonds dated Jan. 1
1913 and due June 1 1933, but callable 6n or after Jan. 1 1916 at 10214.
V 'V-
:
Par $500.
Int. J/. & J. at office of trustee.
In Feb. 1913 was authorized
by the Mich. RR. Commission to have a share capital of $750,000 and to
the aforesaid
bond- issue,
only
$300,000 of
the stock,
and
$550,000 bonds to be issued at present. The remaining $650,000 bonds are
reserved for future extensions and improvements.
Output capacity of
Lithograph Co.—Suit.—
A suit has been filed in the N. Y.
Supreme Court by Francis de Raismes,
make
stockholder, against Allan A. Ryan, J. W. Hutton of W. E. Hutton & Co.,
F. W. LaFrentz, President of the American Surety Co. Theodore Coucheu
a
Jr., Vlcfe-President of the American Audit Co., and officers of the American
Lithograph Co., to
recover
Slant is reported 53, 750,000 cu. ft. daily, maximum(10 lbs.). Capacity of
liles of mains, as of which 21 m. high pressure
output about 550,000.
$200,000 alleged to have been paid out in divi¬
dends from capital when net earnings were not available.
holders, 810,000 cu. ft.
Net price of gas, $1 to 80c.
Population district
served, 25,250; of city, 20,250. .Pres., Hon. E. D. Kinne; Sec.,> S. T.
Douglas; Treas., H. W. Douglas.
;
The company was merged in 1909 With the Consolidated Lithographing
Co.
It is alleged that at that time the directors named signed an under¬
.
writing agreement with the Morton Trust Co., as trustee, to purchase
on May 1 1911 about $1,000,000 pref. stock which remained unsold.
The
proceeds of the sale were to pay notes held by the Morton Trust Co.
The
plaintiff charges that dividends were paid out of capital to create a fictitious
market for the stock, so that the directors would not have to carry out the
agreement.
The payments, it is stated, were made on the report of an
audit company that net profits warranted dividends.—V. 95, p. 425.
,
Whipple Car Co.,
•
wbich
Unconditionally guaranteed as to prin. and int.
by the four stockholders, viz.. Pres. Walter W. Whipple (owner of real es¬
Providence) and Gen. Man, and Treas. C. R. Cooper, both of Chi¬
cago; E. O. Smith (Pres. Sherman Nat. Bank, N. Y.V; Albert Tuttle (Pres.
Montpelier Nat. Bank, Montpelier, Vt.).
Issue will retire a $300,000 un¬
secured 1-year note issue sold to N. Y. bankers in Dec. 1911 to acquire the
then outstanding minority capital stock of Chicago New York & Boston
Refrigerator Co., and for additional working capital.
Security, appraised at $1,097,931, viz.: (1) 1st M. upon 20-acre manufac¬
turing plant at 51st St. and St. Louis Ave.. Chicago, appraised at $536,902
(real estate, $50,000; buildings, $217,282; machinery and tools, $147,920:
power plants, siding. &c., $121,699). !
(2) First lien, through collateral
deposit of an entire issue of $300,000 car trust bonds issued by Chicago
New York & Boston Refrigerator Co. (entire cap. stock owned by Whipple
Car Co.) upon 500 standard refrigerator cars employed in the business of
that company (established over 30 years) of transporting dairy and other
products requiring refrigeration between Chicago and Middle West points
and the Atlantic Seaboard, $399,029.
(3) Equity (at present $162,000) in
300 new Sampson steel underframe refrigerator cars, constructed in 1911
and acquired under car trust lien.
Appraised value of cars, $360,000;
car trusts, $198,000 (originally $288,000 5&s, dated Feb. 11911, par $1,000;
int. F. & A. at Western Tr. & Sav. Bk., Chicago, trustee, or Chase Nat.
Bank, N. Y„ reduced by serial monthly payments of $5,000to $198,000.)
tate in
issue of $100,000 1st pref. stock was authorized but as
yet remains in the treasury.
A description of this stock and
an
~
\'.y r.:
;
V
;
First
pref. stock, $100,000, dividends payable Q.-F. Red. in whole or in
part at option of the company at any time after Feb. 11915 at 105 and div.
Also convertible into the common stock at par at any time within five years
from date of issue at option of holder.
Capitalization
(No Mortgage
or
Funded Debt).
"
.
First pref. stock, 7% cum. (pref., prin. and dividends)
None
Second preferred stock, 5% non-cum. until after 1st pref. has been
retired, when the 2d pref. will receive 8% per annum.
200,000
Oommon .stock, entitled to no dividends until after payment of
1st and 2d pref. dividends and sinking fund installments______ 450,000
Total tangible assets of corporation Feb. 1 1913 (after aUowance for
depreciation), $210,000, including only the value of the customers' accounts
receivable, drawings, manufactured goods on hand and patterns.
The 5
years ending Dec. 31 1911 showed net earnings averaging about $11,000 per
annum, notwithstanding that during this period the American Stoker
Oo. was recovering from a severe loss, due to the destruction of practicaUy
all of its patterns and stock on hand by the burning of its factory.
Re-
Annual
Total
business considerably increased,
to be set apart out of the gross profits, it is estimated that the $100,000 7%
first pref. stock should be retired within 20 years.
Officers and directors: Pres., R. G. Peabody; Sec, & Treas., E.W.Dodd
and R. C. Beadle. Mr: Beadle is also Sec.& Treas. of American Stoker Corp.
Interesting pamphlets, fully illustrated, may be obtained at the office,
11 Broadway, regarding the company's stokers.
Abstract of Letter from Pres. R. C. Peabody, N. Y., Feb. 11913.
Organization.—Incorporated in N. Y. State and [on Feb. 1 1913] acquired
[Cap. stock reported as $500,000.—
Ed.]
The officials and managers are purchasing the entire issue of $200,000
2d pref, stock and are retaining more than a majority of the common.
Business established in 1887, the American Stoker Co. being the pioneer
underfeed stoker co.
To-day has a national reputation.
Starting with
the "screw type" of stoker, within the last five years the oscillating feed,
together with the class "D" and marine types, have been developed and
have proven their superiority in certain classes of work.
Of the total in¬
dustrial horse-power developed in the U. S., 60%. it is estimated, is of such
a nature that stokers could be used with a saving to the
operators of from
10 to 25% in the fuel consumed, the average cost of equipment being, say,
$5 per horse-power.
Approximately 50% or Co.'sbusiness is done with the
various steel companies in conjunction with the treating of steel and iron
through the use of stokers.
[The American Sheet & Tin Plate Co. at Gary,
Ind», it is stated, operates 24 of these machines, and the Whittaker Glessner
Co. and affiliated companies operate over 100 of them.]
control of the American Stoker Co.
1906-1911,
--I—-
—
$154,539
1912—1913.
Estimate
>
Est. 1913.
Est. 1912.
$170,000
$120,000
•.
••
*
___
80,000
$200,000
.
80,000
$250,000
repairing of all freight equipment .
Its| customers include some of the largest
railway systems.
Has shown very rapid growth, and now has on its books
orders for 3,000 cars, nearly the maximum capacity of the plant for the
coming year.
[Oommon stock authorized $2,000,000, issued $1,000,000;
Preferred 6% stock $400,000.
Par of all shares, $100.)
Annual Net Earnings of Transportation Business.
i
'
v
1906.
<fcc.—William P.
Bonbright & Co. placed in London in. April, at 102, $1,250,000 (£256,875) first collateral trust 6% convertible 30-yr.
gold bonds of this public utility holding company, a circular
1907.
1908.
1909.
1910.
$50,786
United Utilities Co. (of Me.).—Bonds,
Average
The transportation business was founded about 1880 by the "New York
Dispatch Refrigerator Line" and the "National Dispatch Refrigerator
Line," profitable independent cos. which in 1893 were consolidated as the
Chicago New York & Boston Refrigerator Go.
Regular dividends up to
and including. 1911.
Has constantly in operation 857 refrigerator cars en¬
gaged in the transportation of refrigerated products between the Middle
West and the Atlantic Seaboard, maintaining offices in Chicago, New York,
Philadelphia, Boston, .Kansas City, Omaha, St. Paul and other principal
cities in the Central and Eastern States.
Its regular customers include
many of the largest shippers throughout the producing States.
In 1909, owing to supervision by the Inter-State Commerce Commission,
the Whipple Car Co. took over the manufacturing business, and acquired
at first a controlling interest and afterwards the entire outstanding $1,128,400 capital stock of the Chicago New York & Boston Refrigerator Co.
The Whipple Car Co. has outstanding $400,000 pref. stock, upon which
regular dividends of 6% per annum are paid, but since its organization all
surplus earnings, aggregating in the past six years over $800,000, have been
put back into its properties.
The company makes a specialty of steel un¬
derframe refrigerator cars, but is fully/ equipped for the manufacturing and
and the orders carried over, with the $20,000 filed in'January, amounted
to about $50,000.
Through the operation of a special reserve sinking fund,
showing:
Earnings,
Av. 1906-11.
le
For the calendar year 1912 the
Net
.
Manufacturing department-—__- $86,544
Transportation dept. (Chicago N. Y...
& Boston Refrigerator Co.)__—
67,995
8lacements charged during these years to expenses materially reduced
net earnings and prevented the
company from accepting larger con¬
tracts.
Central Trust Co.
Trust Go. of 111., trustee.
was
other official information follows:
Touching the $300,000 1st M. real estate and collateral car trust 6%
Dated Dec. 1 1912.
Par $500 and $1,000 (c*).
Due in annual install¬
ments on Dec. 1, $15,000 in 1913, $30,000 yearly 1914 to 1921 and $45,000
in 1912, but red.-at 102 and int. on any int. date.
Int. J. & D. at Central
Corporation, New York.—tows.
incorporated in N. Y. State in
1910 and has since been manufacturing, mechanical stokers,
acquired on Feb. 1 1913 a majority (over 80%) of the stock
of the (unbonded)(American Stoker Co.
In this connection
company,
Chicago .—Further Data.—
serial gold bonds offered recently at par apd int. by the
of 111., Chicago a circular shows in substance:
<
United States Stoker
—This
30 1912 to
extend the field of operations of the Ann Arbor Gas Co. (whose property It
took over) to Dexter, Chelsea and other places in Washtenaw County-.
Surplus.
$38,249
V $13,120
Ann Arbor, Mich.—Bonds. &c.—
This company was incorporated in Michigan on or about Dec.
Glass Co., Pittsburgh.—Earnings.
:
Mfg. '
Extraord.,
Glassp'tLd.
;
Balance,
Profits.
$77,382
1912-13——
In first two years' working has paid 7 % per annum on the.pref.
stock and accumulated surplus funds of $150,000, while the securities held
have appreciated $93,000 in value over the figures at which they stand in
our books Dec. 31 1912, making a total gain of over $243,000.
The hold¬
while the deferred accumulated dividends
$71,555
$83,438
$56,941
$54,498
V, 91, p. 1779),—'Y. 96, p. 66.
-
Average.
1911.
$67,995
$90,753
'
,
,
.
.
Wisconsin Gas & Electric Co.—History—Status.—.
Am. Co. under "Annual Reports" In V. 97,
and balance sheet in V. 96, p. 944.—Y. 96, p. 424.
See Nor.
ngs
^
'
For other Investment N6ws see page 533.
1
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CHRONICLE
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CANADIAN PACIFIC
RAILWAY COMPANY
>0
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I.
;.
THIRTY-SECOND
ANNUAL REPORT—FOR THE
To the Shareholders:
■' "-■
The accounts of the
Company for the
1913 show the following results:
Gross Earnings
,*
.
.
V'"•,
endedJJune 30
.V-'
year
1
;
.—^.—..$139,395,699 98
93,149,825 83
...
Working Expenses..
._ _
Net Earnings.
$43,245,874 15
Net Earnings of Steamships in excess of amount included
? ;,
in monthly reports.....
—_—_
Deduct Fixed Charges_
$47,491,437 18
10,876,352 15
:
,—_—_ —
.
_. —
1,245,563 03
>
_
1
,
$36,615,085 03
Surplus...
Deduct amount transferred to Steamship Re-
,
,——$1,000,000 00
placement Account
Contribution to Pension Fund
125,000 00
—>
'
.
1,125,000 00
'
$35,490,085 03
v'.
From
there
this
has
been
charged
half-
a
*
!
^
'
■
yearly dividend on Preference Stock of 2%,
paid April 1st 1913$1,473,386 53
three quarterly dividends on Ordinary
t
»■
Stock of IH% each, paid January 2nd
1913, April 1st 1913 and .Tune 30th 1913.-10,150,000 00
And interest on installments on New Stock
Subscriptions, paid October 15th 1912-.-569,813 87
v ;v
And
—
4,986.626 79
on
.
THE
\
FOLLOWING
'
:
ARE
THE
$18,310,257 84
Ordinary Stock, 3% was paid
;
" *
DETAILS
SPECIAL
OF
FOR YEAR ENDED JUNE 30TH
Balance at June 30th 1912..
—
INCOME
1913.
.$2,460,790 60
..—
Interest on Cash Proceeds and on Deferred Payments for land
sold
JL
2,031,785 05
Interest on Deposits and Loans..
...
...
1,201,906 69
Interest on Can. Pac. Ry. 1st Mortgage Bonds acquired....
63,461 33
-
Interest from Minneapolis St. Paul &
Bonds..
Sault Ste. Marie Ry.
159,720
50,160
10,840
8,565
182,500
48,000
-
Interest from Mineral Range Ry. Bonds—....
Interest from Toronto Hamilton & Buffalo Ry. Bonds
Interest from Kingston & Pembroke By. Bonds..
Interest from Dominion Government Bonds
Interest from Ontario Government Bonds.
2—
Interest from British Consols......
and
00
00
00
00
00
00
114,569 44
..—
Interest from Montreal & Atlantic Ry. Bonds
Securities
other
on
!552,298 89
.1
Interest from Berlin Waterloo Wellesley & Lake Huron Ry.
~
17,040
St. John Bridge & Ry. Extension Co. Stock
75,000
Dominion Express Co. Stock
;.—240,000
on Minneapolis St. Paul & S. S. M. R. Common
Stock.....
890,645
Dividends on Minneapolis St. Paul & S. S. M. Ry. Preferred
Stock
- 445,326
Dividends on West Kootenay Power & Light Co. Common
Stock
33,000
Dividends on West Kootenay Power & Light Co. Preferred
Stock...
3,850
Dividends on Toronto Hamilton & Buffalo Ry, Stock
164,246
Net Revenue from Company's Coal Mines.....:.305,237
Bonds
Dividend
on
Dividends
Dividends
on
—
—
—
.
-
—
..
-
-
-
00
00
00
00
00
00
93
$9,058,941 93
Less—Payments to Shareholders in dividends:
.i
v
I
October 1st 1912, January 2nd 1913, April 1st 1913 and
June 30th 1913
5,700,000 00
-
'
a
dividend has been
$3,358,941 93
declared, payable October
—..-$1,500,000 00
—
rant; two other lines, one< of which will run northeasterly
from Bassano, on your main line in Alberta, to a connection
with the Swift Current line, a distance of 118 miles, and the
from
Gleichen to
2.
The
working expenses for the year amounted to 66.82
of the gross earnings and the net earnings to
33.18 per cent', as compared with 64.89 and 35.11 per
cent, respectively, in 1912.
3. Four per cent Consolidated Debenture Stock to the
amount of £1,938,394 was created and sold, and of the pro¬
ceeds the Bum of £1,051,619 was applied to the construction
of authorized branch lines and £886,775 was devoted to the
acquisition of the bonds of other Railway Companies whose
lines constitute a portion of your system, the interest on
which had, with your sanction, been guaranteed by your
Company.
4.
cent
Four
£1,569,091
per
was
cent
Preference
Stock
to:
the
amount
of
created and sold, the proceeds being used to
meet capital expenditures that had your previous sanction.
5. Your guaranty of interest was endorsed on Four per
cent Consolidated
Bonds
of
the
Minneapolis St. Paul &
Saulte Ste. Marie Railway Company to the amount of
$2,623,000, issued and sold to cover the cost of 131.15 miles
of
railway added to that Company's system.
During the year 474,798 acres of agricultural land were
sold for $7,487,268, being an average of $15.77 per acre.
Included in this area there were 7,944 acres of irrigated land,
which brought $48.88 per acre, so that the average price of
6.
the balance was $15.20 per acre.
7. Shares of ordinary Capital Stock
to
the amount of
$2,000,000.00, being the difference between the Capital
Stock outstanding and the amount authorized by the share¬
a
distance of 40 miles,
These lines will serve
answer
your
all the purposes of a second track
between the
points mentioned for some years to come* The
Weyburn branch, running south of, and parallel to, your
main line in Saskatchewan and Alberta, to a connection with
your Alberta Railway south of Lethbridge, a total distance
of 436 miles, of which 196 miles have been constructed, or
are in process of construction, under
your authority, should
be further extended year by year until completed.
Branch
lines from GimH, Manitoba, in a northerly direction for a
distance of 26 miles, and from Snowflake, Manitoba, in a
westerly direction, a distance of 9 miles, and an extension
of the Suffield branch in Saskatchewan, 27 miles, will be of
substantial service to settlers in these respective districts.
Your Directors will ask you to sanction the construction
of such part of this mileage as you have not already au¬
thorized, and the issue, from time to time, of the requisite
4% Consolidated Debenture Stock to meet the expenditure.
9. Among the important additions and improvements
now in process of execution are, 29 miles of second track
between Islington and Guelph Junction,
) on the Ontario
Division, to cost $750,000; 133 miles of additional second
track between Sudbury and Port Arthur, on the Lake
Superior Division, to cost $5,300,000; 178 miles of additional
second track between Brandon and Calgary, to cost approxi¬
mately $5,000,000; 18 miles of second track and grade
improvements, including a double track tunnel, five miles in
length, between Six Mile Creek and the "Loop," near the
summit of the Selkirk Mountains, at a cost, without elec¬
trification, of about $8,000,000; 139 miles of second track
between Revelstoke and Vancouver, in stretches where it
will give the most immediate relief, to cost $6,350,000.
new
lines
between
Regina and Shepard, to which reference has already been
made, are constructed, there will be 200 miles of double
track betweeen Sudbury and Port Arthur, leaving 352 miles
to be provided in the future; between Port Arthur and
Calgary there will be 1,095 miles of double track, leaving gaps
aggregating only 165 miles, and between Calgary and Van¬
couver 158 miles of, double track, leaving 488 miles to be
built hereafter.
#
A second track
per
Shepard,
When this work is finished and the
00
00
:
From this
1st 1913
_
main line and will
$23,296,884 63
/
to provide present and in¬
coming settlers with transportation facilities, a line is pro¬
jected from a point near Swift Current, on your main line in
Saskatchewan, in a northwesterly direction to cross your
Lacombe branch at or about Coronation, and eventually to
reach Sedgewick, a station on your line between Saskatoon
and Edmonton, a total distance of 290 miles.
The first 115
miles of this line should be constructed without delay, and
the balance in stretches as circumstances may seem to war¬
important agricultural districts north and south of
half-yearly dividend on Preference Stock,
payable October 1st 1913
$1,486,626 79
And a fourth quarterly dividend on Ordinary
Stock otlX%, payable ^October 1st 1913. 3,500.000 00
Leaving net surplus for the year—
In addition to the above dividends
from Special Income.
branch lines in Western Canada
should be built within the next year.
second
a
be used for additions and improvements to your property►
8. In pursuance of your policy of building and extending
other
,
12,193,200 40
From this there has been declared
holders October 7th 1908, were sold in the market early in
the year and realized a premium of $2,860,821.80, which will
;
—
-
FISCAL YEAR ENDED JUNE 30 1913.
on
such
a
—
lar^e portion of your main line
between Sudbury and the Pacific Coast will relieve the con¬
gestion that has prevailed from time to time and will enable
you to
handle
your
traffic
more
expeditiously and econom¬
ically, and the construction of the long tunnel, between. Six
Mile Creek and the "Loop," will eliminate four and onehalf miles of snow-sheds that it would be necessary to recon¬
struct at very great expense
if the present location of the
were adhered to.
It is hot the
intention of your Directors to proceed with the second track
in the more difficult sections along the Thompson and Fraser.
rivers until your Kettle Valley Line is ready for traffic be¬
railway through that section
tween
Midway and Hope, in 1915, so that you may have an
alternative route available between Medicine Hat and Van¬
couver
via the Crows' Nest Pass if anything unforeseen
should
occur
during the prosecution of the double track
work to obstruct traffic
10.
on
You will be asked
the main line.
approve the purchase of two
steamships for the Atlantic trade, 500 feet
long, 64 feet beam, 11,600 gross tonnage, 15 knots speed, to
cost approximately £300,000 each, and two steamships for
the Pacific Coast service, 395 feet long, 54 feet beam, capable
of making 22^ knots per hour at sea, and to cost approxi¬
mately £200,000 each.
The two Atlantic steamships are urgently required for
your second and third class passengers and freight traffic
between European ports and Canada, and the two fast pas¬
senger steamers for the Pacific Coast will further improve
theiexeellent service that you are now providing for the
intermediate
to
530
•
large and growing
THE
.
CHRONICLE
business between Vancouver,
passenger
Victoria and other ports on the Pacific Coast.
11. When the last issue and sale of ordinary capital stock
was authorized by you, a
portion of the proceeds of the sale
directed to be aplied to the retirement of the outstanding
five per cent First Mortgage Bonds of the Company that
mature in 1915, and, therefore, your Directors deemed it
was
xcvii.
AUDITORS' CERTIFICATE.
"
We have examined the Books and Records of the Canadian Pacific Rail¬
way Co. for the fiscal year ending June 30th 1913, and, having compared
the annexed Balance Sheet and Income Account therewith, we certify
that, 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 rela¬
tive Income Account for the year is correct.
•
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England)
■
■
Montreal, August 8 1913.
desirable to give notice to the holders in May last
that the
Company would receive and pay for any of the Bonds that
might be surrendered before the end of the fiscal year.
Pursuant to this notice Bonds to the amount of £4,234,700,
or $20,608,873.33, were delivered and
paid for. These, with
the Bonds that the Company had previously acquired, make
a
total bf £4,487,900, or $21,841,113.33, that have been
retired and
canceled, leaving outstanding Bonds to the
amount of £2,703,600, or $13,157,520.00, to be redeemed
and canceled as opportunity offers.
12. For the convenience of those desiring to make transfers
m Montreal of shares of
your ordinary capital stock, the Bank
of Montreal has been appointed Registrar and the Royal
Trust Company has been appointed Transfer Agent for the
Montreal Register, and a by-law giving effect to 4he ap¬
pointments Will be submitted for your consideration and
approval.
13. It will be observed that the mileage covered by the
statement of gross earnings and working expenses has in¬
creased from 10,983 miles in 1912 to 11,602 miles in this
fiscal year.
The business of a number of these new lines
will naturally add but little to your gross income for a time,
while traffic is being developed, but meantime their main¬
tenance and operation have a marked effect on the working
expenses.
This, coupled with more liberal expenditure for
maintenance of way and equipment and advances in the
wage scale in some branches Of the service, will account, in
a large measure, for the abnormal increase in your working
expenses over the previous year.
'
14. The item "Railway and Equipment 99 in the balance
sheet is $69,491,729.27 more than it was in 1912, after apply¬
ing upwards of $10,000,000 from surplus accounts.
Of this
amount, $30,137,885.86 represents the cost of additional
rolling stock, $9,113,050.21 the expenditure for the con¬
struction of branch lines, $36,809,675,82 for additions and
improvements to your property and $3,126,347.32 for
additional shops and
machinery over the whole system.
[VOL.
FIXED CHARGES FOR YEAR ENDED JUNE 30 1913.
£7,191,500 1st Mortgage 5% Bonds due July 1 1915$1,749,931 66
£200,000 St. Lawrence& Ottawa Ry. 4% 1st M. Bonds
38,933 34
$2,544,000 Man. S. West. Colzn. Ry. 1st M. 5% Bonds
~
"
~
due June 1 1934
Toronto Grey & Bruce Ry. Rental
127,200 00
140,000 00
975,129 56
£4,007,381 15 5 Ontario & Quebec Ry. Debenture Stock 5%
$2,000,000 Ontario & Quebec Ry. Ordinary Stock 6%
£1,330,000 Atlantic & North West Ry. 1st Mi Bonds due
120,000 00
— .
Jan.
1937
1
l
323,633 34
_______
£750,000.Algoma Branch 5% 1st M. Bonds, due July 1
1937
182,500 00
$500,000 New Brunswick Southern Ry. 1st M. Bonds, 3%
15,000 00
$500,000 Lindsay Bobcaygeon & Pontypool Ry. 1st M.
Bonds,4%
20,00000
£256,800 Shuswap & Okanagan Ry.1st M. Bonds, 4%__
49,990 40
Rental, Calgary & Edmonton Ry
218,357 60
Rental, Farnham to Brigham Junction
1,400 00
Rental, Mattawamkeag to Vanceboro.23,80000
Rental, New Brunswick Ry. System
372,829 74
Rental, Terminals at Toronto
j
24,459 56
Rental, Terminals at Hainliton
36,817 60
Rental, Hamilton Jet. to Toronto.
42,19112*
Rental, St. Stephen & Milltown Ry___
2,050 00
Rental, Joliette & Brandon Ry
U
5,000 00
Rental, Lachine Canal Branch
939 96
Interest on Montreal & Western Ry_
14,733 42
Interest on Equipment Obligations
54,266 66
—...
______
__________
__
__
—
4% CONSOLIDATED DEBENTURE STOCK.
£32,225,428 Interest fy$ja July 1 1912—
£739,434 Interest from Jan. 11913
£581,143 Interest from July 1 1913---
$6,273,216 64
71,97155
$6,345,188 19
Less received from subsid
Northern Colonization
8,000 00
6,337,188 19
$10,876,352 15
.
15.
The undennentioned Directors will retire from office
at the
approaching Annual Meeting.
They
are
eligible for
re-election:—
Mr.
DAVID
Mr.
CHARLES
McNICOLL
R.
HOSMER
Hon.
JAMES
\
ROBERT MACKAY
Hon.
•
DUNSMUIR.
For the
'
.
«
Directors,
SHEET JUNE
_
_____
:
_
_
Properties Held in Trust for the Company.
Deferred Payments on Land and Town Site Sales.
Advances to Lines under Construction
Advances and Investments.____
Material and Supplies on Hand..—
....
_
,
—
__
100,207,933 88
4,386,260 00
44,499,115 78
13,750,205 47
12,072,811 65
18,628,206 99
Current A.ssets*
-.$4,118,739 47
120,713 25
7,013,831 74
Net Traffic Balances
Miscellaneous Accounts Receivable.
"11,253,284 46
——
Temporarily Invested in Government Securities
Cash in Hand.
______
10,088,734 86
30.274,848 30
$720,531,465~20
Note.—In addition to the above assets, the Company owns 6,287,250"
acres of land in Manitoba, Saskatchewan and Alberta
(average sales past
$15 77 per acre), and 1,697,994 acres in British Columbia.
Stock.
Payments
^
.$200,000,000 00
Stock
Subscription to New Issue Capital
($60,000,000 00m f75)—_ —63,451,667 50
on
Pour Per Cent Preference Stock.....
L
Pour Per Cent Consolidated Debenture Stock
74,331,339 79
163,257,224 32
_
Mortgage Bonds:
First Mortgage 5 per cent......
.-$34,998,63333
Less amount redeemed and canceled
21,841,113 33
Algoma Branch, 1st Mortgage.
Current Liabilities:
Audited Vouchers
_
_
_
_
_
13,157,520 00
3,650,000 00
_
Capital Stock
6,549,901 24
9,176,078 79
Stock
—
Berlin Waterloo Wellesley & Lake Huron Ry. *lst Mort¬
gage Bonds, 4%.
♦Capital Stock
—_______
—
Calgary & Edmonton Ry. 1st Mortgage Bonds, 4%
i♦Capital Stock
—
—;—
Columbia & Kootenay Ry. 1st Mortgage Bonds, 4%
♦Capital Stock
Columbia & Western Ry. 1st Mortgage Bonds, 4%
...
♦Capital Stock
-Dominion Atlantic Ry. Capital Stock-
—
Coupons due July 1 1913, and including
Coupons overdue not presented
Accrued, Fixed Charges
_
Lands and Town Sites Sales
Surplus._____
,
,
_
...
_
,
_
_
_
_
____
"
;
OGDEN, Vice-President.
925,000 00
1,101,848 93
-
1,310,202 00
924,666 67
4,832,000 00
2,500,000 00
.1,375,000
450,000
2,415,000
125,000
4,840,000
250,000
1 »075,000
—
♦Common Stock
Nakusp & Slccan Ry. *Common Stock
____
Ottawa Northern & Western Ry. 1st Mortgage Bonds, 4% -
1,968,400
780,000
2,970,000
250,000
200,000
300,000
1,175,000
250,0OO
300,000
00
00
00
00
00
00
00
00
00
3,075,000 00
804,000 00
'
5,000 00
702,000 00
♦Common Stocks-
501,000 00
181,040 00
232,500 00
___
495,000 00
Ry. *lst Mortgage Bonds, 4%
2Q,000 00
6,326 66
731,000 00
466,000 00
356,500 00
♦Common Stock
Shuswap & Okanagan Ry. 1st Mortgage Bonds, 4%
Common Stock
St. Lawrence A; Ottawa Ry. *Common Stock
St. Mary's 8c Western Ontario Ry. *lst Mtge. Bonds, 4%_
♦Capital Stock
f,
St. Maurice Valley Ry. 1st Mortgage Bonds, 4%
_,
♦Capital
00
49,000 00
1,118,000 00
—
South Ontario Pacific
00
00
00
00
00
2,627,513 33
2,520,000 00
160,600 00
613,200 00
415,000 00
5,613,113 63
72,000 00
700,000 00
1,636,250 00
227,200 00
Stock
—
:___
Saskatchewan & Western Ry. 1st Mortgage Bonds, 5%—
♦Capital
00
995,450 00
134,900 00
—
250,000 00
945,000 00
i
.____
500,000 00
1.O67.5O0 00
400,000 00
455,000 00
25,000 00
740,000 00
19,000 00
Stock
Walkerton 8c Lucknow Ry. 1st Mortgage Bonds, 4%
__________________
■
250,000 00
5,691,000 00
—_
_____ —
♦Common Stock
_
O.
1,000,000 00
1,277,500 00
Vancouver 8c Lulu Island Ry. 1st Mortgage Bonds, 5%
30,511,302 73
1,208,016 17
183,785 05
Equipment Obligations.
Equipment Replacement Fund
Steamship Replacement Fund.
Appropriation for Additions and Improvements
Reserve Fund for Contingencies.
I.
426,000 00
125,000 00
5,900,000 00
---
Ordinary Stock.
Kootenay & Arrowhead Ry. *lst Mortgage Bonds, 5%
Kootenay Central Ry. 1st Mortgage Bonds, 4%
♦Capital Stock.-_
i
_________
Lindsay Bobcaygeon & Pontypool Ry. *Capital Stock
Manitoba & North Western Ry. 1st Mortgage Bonds, 6%"1st Mortgage Bonds, 5%.
—
Shell River Branch 1st Mortgage Bonds, 5%_
...
Debenture Stock, 5%__
—;
—;_
Preferred Stock, 5%—
♦Capital Stock
Manitoba South West Col. Ry. 1st Mortgage Bonds, 5%—
Capital Stock
—
Montreal & Ottawa Ry. 1st Mortgage Bonds, 5%--♦Capital Stock
—.__
New Brunswick Southern Ry. *Capital Stock
Northern Colonization Ry. 1st Mortgage Bonds, 4%♦Capital Stock
Nicola Kamloops & Similkameen Ry. 1st Mtge. Bonds, 4%
Stock...
67
00
00
00
00
00
00
50,000 00
1,175,000 00
172,200 00
'__
♦Capital
♦Common Stock-
Funded Debt and Rental of Leased Lines:
-
—
_____;
—
British Columbia Southern Ry. 1st Mortgage Bonds, 5%—
Stock
Tilsonburg Lake Erie & Pacific Ry. 1st Mtge. Bonds, 4%--
$14,785,322 70
....
Miscellaneous Accounts Payable
on
.
♦Capital
Pay-Rolls.
Interest
_
Ontario & Quebec Ry. Capital Stock
Orford Mountain Ry. 1st Mortgage Bonds, 4%
LIABILITIES.
•
Capital
_
--
♦Capital
;
>
—______
Irrigation Co. *lst Mtge. Bonds, 4%__
—
Agents'and Conductors'Balances.
year
Stock
Ordinary Stock
Alberta Central Ry. 1st Mortgage Bonds, 4%
2nd Preferred Stock
.$452,320,780 60
23,049,283 21
______
_
♦Capital
Alberta Railway &
1st Preferred Stock
V-
Railway and Equipment..
Ocean, Lake and River Steamships
Acquired Securities (Cost):
A
Guaranteed Stock
,
30 1913.
ASSETS.-
$19,466
302,400
3,240,000
176,000
2,396,000
3,163,500
2,240,000
——
Eganville Branch 1st Mortgage Bonds, 4%
2nd Debenture Stock
President.
Exhibit "A"
Par Value.
Atlantic & North West Ry. 1st Mortgage Bonds, 5%_
Esquimalt & Nanaimo Ry. *lst Mortgage Bonds, 4%---*Capital Stock.
Great North West Central Ry. 1st Mortgage Bonds, 5%— '
♦Capital Stock
Guelph 8c Goderich Ry. 1st Mortgage Bonds, 4%
«...—
♦Capital Stock
—________
Georgian Bay & Seaboard Ry. 1st Mortgage Bonds, 4% — ♦Capital Stock
i
—______
Kingston & Pembroke Ry. 1st Mortgage Bonds, 4%'
Montreal, August 11th 1913,
CONDENSED BALANCE
"A"—ACQUIRED SECURITIES.
Securities of Leased Lines.
Preferred Stock
G. SHAUGHNESSY,
T.
EXHIBIT
__
Securities of Other Companies Controlled, but Not Leased.
j 39i gQi 22
'880^000
2,425,426
5,061,338
17,912,996
3,569,463
63,334,285
77,597,100
00
02
29
41
37
19
36
$720,531,465 20
Duluth South Shore & Atlantic Ry. Con. Mtge. Bonds, 4%
$15,107,000 00
Income Certificates
3,000,000 00
Preferred Stock—
5,100,000 00
Ordinary Stock.
6,100,000 00
Minn. St. Paul & Sault Ste. Marie Ry. 1st Mtge. Bonds, 4%
3,993,000 00
Preferred Stock, 7%.—>
6,361,800 00
Common Stock
12,723,500 00
Montreal & Atlantic Ry. 1st Mortgage Bonds, 5%-_.
945,000 00
Common Stock-.
:—_——
.'
2,160,000 00
St. John Bridge & Ry. Extension Co. ♦Oomraon Stock
200,OOO 00
Dominion Exp"oss
♦Common Stock
i
2.000,000 00
Chateau Frontenac Hotel Co.S*Common Stock
280,000 00
„
Aug. 23
CHRONICLE
THE
1913.]
EXHIBIT "D"—CONSTRUCTION—ACQUIRED AND
Miscellaneous Securities.
Alberta Stock Yards Co., Limited, Preferred Stock——
Common
Stock
$21,100 00
79,900 00
5,625 00
_
Canada North West Land Co. Common Stock
Mineral Range Ry. 1st Mortgage Bonds, 4%
Toronto Hamilton & Buffalo Ry. 2nd Mtge. Bonds, 4%-,
1,254,000
271,000
475,200
15,000
Capital Stock.-.
Town of Morris, Manitoba, Bonds
The Public Markets, Limited, of Manitoba, Stock
Canadian Pacific Ry. (Souris Branch) *lst Mtge. Bonds,4%
Pacific Steamships *4% First Mortgage
£720,000
Pacific Coast Steamships *5% First Mortgage
£225,000
West Kootenay Power & Light Co. Preferred Stdck—»
00
00
00
00
225,000 00
1,946,666 67
3,504,000 00
1,095,000 00
55,000 00
1,100,000 00
Common Stock
$154,798,069 56
♦Denotes
complete
ownership.
We have examined all the Securities, including those listed above,
held
for account of the Canadian Pacific Railway Company, by the Treasurer,
and have received certificates from the Custodians for those deposited
with the Banks and Trust
Companies for safe custody, and, having com¬
pared them with the records cf the Company, findt hem correct and in
order.
.-.471,756
-.666,699
—
Bassano-Irricana Branch
Regina Colonsay Branch
Estevan-Forward Branch
Waldo-Galloway Branch—
Moosejaw S. W. Branch
-
Wilkie N. W. Branch
Kerrobert N. E. Branch
——
Wilkie-Anglia Branch
Swift Current S. E. Branch
Swift Current N. W. Branch
Boissevain-Lauder Branch—"—
Suffield S. W. Branch.
—
Great North West Central Grant—
Acre.
$15 76
$7,433,135
10,653,198
Gimli-Riverton
—_——
—
EXHIBIT
235,884
1—
—
Branch
AND
OF
EXPENDITURE
ON
JUNE 30TH
19 31
20 80
15.77
$397,149 97
3,015,625
11,639,246
4,002,117
1,206,875
940,318
Field to Vancouver.
Banff Springs Hotel
Addition
.
-;
—
.—
Total main line
—
—
660,584
34
$25,565,482
1,703,663
269,231
429,827
229,417
—
69
09
—
J™-
——,
—
—
Telegraph Extensions and Additions.
Office Building, Toronto.
Office Building, Edmonton.
Office Building, Saskatoon.
Office Building, Hamilton
Rented and Temporary Sidings
Acres.
Acres.
26,710,400
under
6,793,014
-
92
85
599,225 75
. —
Hotel Vancouver
00
16
50
15 99
1913.
r
44
1913.
Field.
Chateau Lake Louise
7,487,268
10,710,143
,
—
64
\
Branch Lines.
Disposed of to the Dominion Government
agreement of March 30th 1886
34
ADDITIONS
Bonfield to Port Arthur
Totftl SftloG
Canadian Pacific—
79
03
58
1,115,533 45
334,933 75
Quebec to Bonfield
Empress Hotel, Victoria
of Land Grants at June 30th
92
95
8,549 36
—
'
Position
72
IMPROVEMENTS FROM JULY 1ST 1912 TO
18 83
15,465
16,640
801
800
474,798
.669,639
78
62
75
82
34
72
28,557 66
"E."—DETAILS
Port Arthur to
July 1st 1912 to June 30th 1913..
July 1st 1911 to June 30th 1912
52
85,464 23
Longue Pointe Extension, Montreal
Surveys of projected lines
— —
17 25
'
Jj
-
„
—
Branch
15 98
38,668
40,305
2,241
2,140
July 1st 1912 to June 30th 1913July 1st 1911 to June 30th 1912—-T—
—
Three Forks-Bear Lake Branch--
Main Line—
July 1st 1912 to June 30th 1913.——
July 1st 1911 to June 30th 1912
-
44
Average
per
Manitoba South Western Grant—
Grants
—
$9,113,050 21
Amount
Realized.
Acres.
July 1st 1912 to June 30th 1913
July 1st 1911 to June 30th 1912—
94 40
196,467
2,293,337
Cr.
477
61,554
180,911
180,528
483,201
25,352
103,005
74,667
404,564
97,092
138,044
1,412,370
106,134
824,817
—
SOLD.
"B"—LANDS
EXHIBIT
6.037 40
103,274 05
Weyburn-Lethbridge Branch
Langdon Branch—
Kipp-Aldersyde Branch
Snowflake W.
Chartered Accountants (England).
Canadian Pacific Land Grants—
Lauder Branch
$613,147 07
-
Bassano E. Branch
PRICE, WATERHOUSE& CO.,
Montreal, August 8th 1913.
BRANCH
LINES.
Moosejaw N.W.Branch
Craven-Bulyea Branch
Virden-McAuley Branch.
Stonewall Branch Extension
—
184,71115
112,980 05
245,673 67
— _
—---------
—
02
73
35
—
'
Total Main Line and Branches
•
19,917,386'
102,174
Purchased from the Hudson's Bay Co. January 1911
Acquired with the Alberta Railway & Irrigation Co.
March
1912
-
EXHIBIT "F."—DETAILS
OF EXPENDITURE ON LEASED AND
ACQUIRED LINES FROM JULY 1ST 1912 TO JUNE 30TH 1913.
209,559
——
20 229 119
Sales
to June 30th 1913
Less canceled during year
Quantity of Land unsold-.-.
14,134,804
New Brunswick Railway
Montreal & Western Railway
Manitoba South-Western Colonization Ry.:
Columbia & Kooetnay Railway—
6,094,315
-
—
Manitoba South Western—
Total
Ontario & Quebec Railway
Atlantic & North West Railway.-
14,235,633
100,829
Grant
—
—
—
Manitoba & North-West era Railway
1,396,800
.•
$1,938,513
912,698
686,418
52,499
Cr.5,958
1,317
503,055
359,310
318,553
78,437
14,032
35,743
6,018
32,120
—
—
\
Sales to June 30th 1913
Less canceled during year..
$28,740,986 75
j
1,304,050
161
1,303,889
;
Calgary & Edmonton Railway
Columbia & Western Railway
Montreal & Ottawa Railway
Nicola Kamloops & Similkameen Railway.
Lindsay Bobcaygeon & Pontypool Ry
Joliette & Brandon Railway
Tilsonburg Lake Erie & Pacific Railway
St. Maurice Valley Railway
;
Walkerton & Lucknow Railway
Guelph & Goderich Railway.
•_
New Brunswick Southern Railway
Orford Mountain Railway
.
Quantity of Land unsold
92,911
Great North West Central—
Total
»
Sales
•
Grant—
to
320,004
June 30th
1913
220,459
Less canceled during year
479
219,980
100,024
BRITISH
Columbia and
Total
COLUMBIA
•
P*
-
*
{i':
Quantity of Land unsold..
British
Columbia
Total
------
1 111111»1 1 ■ 1 ■ 1
,
-
—
1
-.
Acres.
^
.
27,324
Southern—
Grant.
—
Sales to June 30th
1913.-—
Less canceled during year
3,451,093
—
—
—
-a-
2,887,142
-
5,767 21
05
1
16,008
30,835
5,733
Cr. 137
43,859
98,784
Ottawa Northern &
Western
—;
Railway.':
—-
—_
of Port McNicoll Elevator
15
63
28
60
65
1,908,644 77
——
Kaslo &
Slocan Railway:
Acquisition of lease
a
Quebec Central Railway:
Acquisition of lease
Shuswap & Okanagan Railway:
Acquisition of lease
South Ontario Pacific Railway:
'
Acquisition of lease and completion of line
25,686 04
i.T—
,
250,798 32
382,418 65
—
■
367,529 20
>.
2,887,140
2
■
...
-
Cap de la Madeleine Railway,
Georgian Bay & Seaboard Railway
Acquisition of lease, completion of line and construction
<
Acres.
190.000
162,676
Grant
Sales to June 30th 1913---
6,287,250
—
LANDS.
Kootenay—
,
n
Quantity of Land unsold.
Total Agricultural Lands owned by the Company.
v
'
19
11
31
48
63
97
64
50
76
94
16
59
94
12
$8,068,689 07
Quantity of Land unsold
563,953
Columbia and Western—
Received
Grant
Sales
to
June
RECEIPTS AND EXPENDITURES YEAR ENDED JUNE 30TH 1913.
1,347,905
i
a
30th
1913
Less canceled during year.
-
_
1,325,919
827
Quantity of Land unsold
Cash in hand June 30th 1912
1,325,092
22,813
;
Esquimault & Nanaimo Railway—
Total Grant acquired
Sales to June -30th 1913
-
Less canceled during year
»
Quantity of Land unsold
316,256
160
—
Lands and Townsites:
Net proceeds of sales
1,400,000
;
$33,628,819 03
Temporarily invested in Government Securities
10.088,734 86
Receipts—
Surplus Revenue as per statement
$35,490,085 03
Special Income as per statement
6,598,151 33—42,088,236 36
Land Department:
E.& N.Ry. sales 1905 to June 30th 1912
316,096
—1,083,904
...
-
$7,691,757 74
3,457,033 00
>
•
$11,148,790 74
Less:
Total British Columbia Lands owned by the
Company
1,697,994
Cost of lands acquired with
E.&N,Ry
Irrigation expenditures
EXHIBIT "C"—DETAILS
OF
BALANCE
SHEET
$1,330,000 00
4,022,813 14—5,352,813 14
■,
Lands and Townsites—
14,134,804
6,793,014
acres
.acres
1886
-
Collection
^
.
and Townsites sold, amounting to
$105,283,167
disposed of to the Dominion Govern¬
in
ment
.
—
—
Less
10%
on
12,462,331 77
Payments
Add—
Proceeds Manitoba So. West. Col. Ry. Land Sales
Proceeds Great North West. Cent. Ry. Land Sales
Proceeds Manitoba & North Western
Ry. Land
Proceeds British Columbia Land Sales.
Proceeds
„
$3,038,497
1,001,815
65,535
2,963,987
4,116,631
Sales..
Esquimalt & Nanaimo Ry. Land Sales.-----t
son's
Bay Company
Cost of land acquired
malt & Nanaimo Ry.
53
61
86
53
48
$114,196,825 02
,
Less—Cost of lands purchased from Hud-
--.$1,396,591 54
with
on
7,463,720 45
amounts
Payments
on
remaining in
year's sales
.
$13,259,698 05
-
Deferred
-
Dominion Government Subsidy—
On Selkirk Branch—Gimli Extension__
"
$103,010,357 01
.
,
$5,795,977 60
.
'
•
'
10,494,014 35-1- 2,765,683 70
Bonuses:
Land
Grant Bonds retired and canceled
Deferred
'
.
$115,472,688 78
Less—Expenses, Cultivation rebate and
of
s
previous years' sales
78
10,189,521 00
-
.
ITEM.
$4,346 43
00—
Stonewall Branch
81,200
Properties held in trust for the Company.
Capital Stock:
Remaining Installments on $18,000,000
Ordinary Stock
$10,083,205
Sale of $2,000,000 Ordinary Stock.
4,860,821
Subscription to
$60,000,000 Additional
Ordinary Stock at $175 00:
Payments on installments
63,451,667
85,546 43
112,073 08
—
01
80
50—78,395,694 31
Four Per Cent Preference Stock:
Amount realized from issue £1,569,091
7,291,138 50
Consolidated Debenture Stock:
Amount realized from issue £1,938,394
Esqui¬
1,330,000 00
9,214,735 57
2,726,591 54
$183,670,661 84
„
J
$111,470,233 48
,
Deduct—
Expenditures
-
on
Irrigation
11,942,427 29
Add:
Advances to Lines under Construction—$13,750,205 47
Advances and Investments
12,072,811 65
11,253,284 46
Current Assets
'
,
Amount expended in Construction of
ment and deducted from cost of
$99,527,806 19
•\
Railway and Equip¬
Property
I
—
36,193,521 00
$63,334,285 19
'
'
Amount at June 30th 1912—-
-
*
$37,076,301 58
38,844.001 17—
1.767,699 59
$185,438,361 43
THE1
532
w
Expenditures—
Dividends
on
'
•
CHRONICLE
Preference Stock:
•
y/
2 per cent paid October 1 1912-2 per cent paid April 1 1913———-
Locomotives
.
$1,333,901 94
1,473,386 53
—
Ordinary Stock:
October 1 1912
2H per cent paid January 2 1913
2^ per cent paid April 1 1913-—2H per cent paid June 30 1913
on
2 H per cent paid
J'
$4,500,000
4,500,000
5,000,000
5,000,000
'
_—
"
Sleeping Cars.______
i
+
.
Conductors'
.
instalments
on
Subscription to
—
__
19,000,000 00
St.
Construction of acquired and branch lines, Exhibit "D"
Additions and Improvements, main line and branches,
Exhibit "F"_
_
.
OCEAN,
100,036 48
205,980 52
Cruizer.
,,
;
,
;
„
1,404,292 09— 1,710,309 09
,
33 22,256,599 32
■
'
.
>
■
-
.
DESCRIPTION
.
<
St.
Mary's & Western Ontario Ry. 1st M.
Bonds—
,
Esquimalt & Nanaimo Ry. Stock
Manitoba & North Western Ry. Capital
,
I
FREIGHT
20
! ; /
:
;
50 00
'
'
Deduct—
-
,
Current
Y.'
.
:
■
■'.**.
—$30,511,302 73
1,391,801 22 ?
Funded Debt
on
Equipment Replacement Fund
Steamship Replacement Fund
one
mile.
1,457,332,932 1,626,577,067
1.93 cts.
1.96 Qts.
—
'
-••••
.
■
,
1,784.683,370
1.99 cts.
i
TRAIN TRAFFIC STATISTICS—FOR TWELVE MONTHS
?
JUNE 30TH 1913 AND 1912.
hot included In this Statement.)
(Earnings of Lake and River Steamers
' ' x
(+)
Inc.
1
"
.
^
■
Cent.
+ 160,303
+14.00
+7.69
+9.28
46,957,511
+4,875,279
+10.38
+10.25
+2,742,565
22,333,592
27,611,103
Mixed trains
Per
or
Number.
June 30 1912.
19,591,027
25,638,692
1,888,095
1,727,792
Train Mileage—
Passenger trains
Freight trains
'
x
(—).
ir>Dec.
"
or
Amount
Year ended
Year ended
June 30 1913.
m
,
ENDED
,
,
$42,959,331 63
37,145,501 35—'5,813,830 28
Lessfamount at June 30 1912
.,15,480,934
13,751,516
Earnings per passenger per mile
'
5,061,338 29
3,569,463 37 V
1
1913.
1912.
12,080,150
2,425,426 02
1
Reserve Fund for Contingencies
s
Number of passengers carried..
Number of passengers carried
$150,888,608 55
•••
Liabilities.____
Interest
'
1911.
5,610,775 09
.
"*.+••;+;-'-Y
-'
10,391,650,965 11,470,001,871
0.77 cts.
0.77 cts.
—Year ended June 30th-
1
20,821,051 42
160,000 00
—
29,471,814
TRAFFIC.
PASSENGER
:
v1'/
1913.
1912.
25,940,238
one
mile—
-8,062,102,013
Earnings per ton per mile—
0.81 cts.
f
,
11
-
.
1911.
22,536,214
:
Number of tons carried
Number of tons carried
■?,"
,
67
94
Payment of Equipment Obligations—
Increase in Material and Supplies on hand
'
TRAFFIC.
Year ended June ZOth
?
225,000 00
271,500 00
■
1913.
8,093,936
,
/
,
00
50
25,568
54,637
321
924,666
1,083,853
Stock
_
'
1912.
8,459,850
,i.
151,731,691
171,952,738
Live Stock
.Head.
1,663,315
1,782,986
Lumber
___Feet_2,441,007,107 2,806,735,006 3,210,306.090
Firewood...
_____Cords_
298,345
305,079
,
293,536
Manufactured Articles._Tons_
5,759,344
7,196,225
9,519,346
All other articles
Tons.
8,971,037
9,092,821
9,625,665
—
r'
,
r
111,169,982
1,567,665
.
Public Markets Limited, Stock
—.
Toronto Hamilton & Buffalo Ry* Stock—
.
1911.
8,469,744
^Barrels.
.Bushels.
356,500 00'
Alberta Ry. & Irrigation Co. stock
Alberta Stock Yards Stock.*
_L__
,
Dominion Atlantic Ry. Preferred Stock— r
Dominion Atlantic Ry. 2nd Debenture Stock
',>■■■,'
?'
Grain
'
.
FORWARDED.
Year ended June 30th
Flour
^
$2,240,000 00
2,396,000 00
Esquimalt & Nanaimo Ry. 1st M. Bonds.
4,832,000 00
Georgian Bay & Seaboard Ry. 1st M. Bonds 4,441,000 00
Kingston & Pembroke Ry. 1st M. Bonds_
504,000 O0
Kootenay Central Ry. 1st M. Bonds
2,970,000 00
South Ontario Pacific Ry. 1st M, Bonds._
495,000 00
Shuswap & Okanagan Ry. 1st M. Bonds_
954 11
'
,
FREIGHT
,
V».
A cnirfv'Pcl——
Alberta Central Ry. 1st M. Bonds
Alberta Ry. & Irrigation Co. 1st M. Bonds
OF
.
.
21,022,411 40
—
,
;
•
\
.
.
1,234,187 92..
in Acquired Securities— 1,232,240 00
•
.
' V
,
British Columbia Lake and River Service.—Aberdeen, Bonnington, Colum¬
bia,
Castlegar,
Hosmer, Kaleden,
Kokanee,
Kootenay,
Kuskanook,
Minto, Moyie, Nelson, Nasookin, Okanagan, Proctor, Rossland, Sandon,
Slocan, Valhalla, Whatshan, Ymir, York.
,1 ;
|
>
Ferry Service.—Michigan, Ontario.
:
•
,
Y-\! v'\.
/
\
L
>
,
1st M. 5% Bonds redeemed
at 102—
_$21,841,113
Less Bonds previously held
'
-
•
basca.
>
.,
-
'
;
•
,
^
STEAMERS.
Pacific Service.—Empress of India, Empress of Russia, Empress of Japan,
Empress of Asia, Monteagle.
Pacific Coast Service.—Beaver, Charmer, Coronado, Czar, Joan, Nanoose,
Otter, Princess Adelaide, Princess Alice, Princess Beatrice, Princess Char¬
lotte, Princess Ena, Princess May, Princess Mary, Princess Maquinna,
Princess Patricia,
Princess Royal, Princess Sophia, Princess Victoria,
Qualicum, Tees, Transfer No. 1, Transfer No. 2, Transfer No. 3, Queen City
Upper Lake Service.—Alberta, Assiniboia, Keewatin, Manitoba, Atha¬
256,222 00
—:
RIVER
Michigan, Milwaukee, Montcalm, Montfort, Montreal, Montrose,
Monmouth, Montezuma, Mount Royal, Mount Temple, Ruthenia, Tyrolia,
$356,258 48
-
AND
Atlantic Service.—Empress of Britain, Empress of Ireland, Lake Manitoba,
Less
.
LAKE
Lake
.
Additional River Steamers and Barges
Payments on account of Steamships "Empress of Asia" and
"Empress of Russia"
$2,808,584 17
Less
amount
paid
from
Steamship Replacement. 1,404,292 08
—1
,
.
'
Amount paid from
Steamship Replacement
*
■
Class, 2 First Class and Smoking,
14
(68.33% owned by other lines.) «■
; ,,
Toronto Hamilton and Buffalo Line— 6 First Class, 3 Second Class,
Baggage and Smoking, 3 Baggage and Express; total, 14 Cars (63.96%
owned by other lines),
>\
••
•,
• ..r;,
,,
J
Line.—2 First
2
—
.
,
.
Second Class, 4 Baggage;
lines)!
Cars
8,068,689 07
:_
follows:
as
Line.—4 First Class, 4
Montreal and Boston
Rolling Stock, Shops and Machinery...,.
30,818,198 19
Ogden Shops at Calgary
—
2,446,034 99
Ocean, Lake and River Steamships: /
"
n~.
I
>
•
Additional Steamships and
:- , '
.
'
,t
Appurtenances for Pacific
Coast Service
$362,258 48
Vi; ; a
•
<w •'
Less sale of Steamship
"City of Nanaimo"
6,000 00
/ ;,
,
, ,
;
■
1
5.414
2 Dining and Smoking, 4 Second Class, 4 Baggage and Express; total,
lines,
—
_____
John and Boston
total, 12 Cars (80.04% owned by other
28,740,986 75
Exhibit "E''_ —-—-.i—,—:——
and Improvements, leased and acquired
1,274
* Includes Cars in Line Service
•
569,813 87
9,113,050 21
—
Additions
Vans
Boarding, Tool and Auxiliary Cars and Steam Shovels.
Ordinary
new
..79,085
i—__
.
.
on
Stock
436
84
,
Freight and Cattle Cars (all kinds)
.,
,
2,063
——
First class Sleeping, Dining and Cafe Cars
Parlor Cars, Official and Paymasters' Cars
'<
„•
00
00
00
00
——
Interest
2,052
♦First and second class Passenger Cars, Baggage Cars and Colonist
^ gQ7 2gg 47
Dividends
xcyii.
STATEMENT OF EQUIPMENT AT JUNE 30 1913.
i
..
[Vol.
+1,972,411
'
Y\V;$145,074,778 27
Temporarily invested in Government Securities.
Cash
on
Hand
_
10,088,734 86
30,274,848 30
—
------Y---.
$185,438,361 43
-
Total
Car
Mileage—
Passenger—
Coaches and P. D..
STATEMENT OF EARNINGS FOR YEAR ENDING JUNE 30 1913.
From Passengers
$35,545,061 67
3,206,048
100,088,130
2,917,523
+10,258,934
cars.
+288,525
+9.89
46,677,110
42,678,970
+3,998,140
+9.37
160,230,222
145,684,623
+14,545,599
1 +9.98
581,397,285
30,617,975
556,244,798
140,210,180
27,871,524
+25,152,487
+25,417,812
+2,746,451
+4.52
+18.13
+9.85
777,643,252
724,326,502
+ 53,316,750
+7.36
6.62
6.83
-.21
-3.07
26.36
26.47
-.11
-.42
+1,704,479
+12.54
Combination
"
89,655,223 33
921,682 92
13,273,782 06
_____
___
•
-___
___
"
Sleeping Cars; Express,,Telegraph and Miscellaneous
Total
„
_s—_'___ J
110,347,064
Passenger
cars
Total
...
Baggage, Mail and
Express cars
and S. cars..—
Freight—
Mails
51,832,790
trains—-_
.$139,395,699 98
—
Freight—
'Loaded.--—-
STATEMENT OF WORKING EXPENSES FOR YEAR ENDED
JUNE 30 1913.
,
Transportation
Expenses
__
Maintenance of Why and Structures
Maintenance of Equipment.
—
Traffic Expenses.
Parlor and Sleeping Car Expenses
____
:
Expenses of Lake and River Steamers
General Expenses.______
Commercial Telegraph._______
Total
_______
$46,074,299
18,498,741
_17,198,573
3,376,980
1,241,700
1,113,808
__'
3,953,769
1,691,953
165,627,992
Empty
•
Caboose
26
05
38
85
07
10
74
38
Total Freight cars
Passenger
Cars
per
Traffic Tram Mile
Freight Cars per Traffic Train Mile
Traffic—
Passenger
—
_^_„r_———
___
.
*
$93,149,825 83
—_
^^earning"revenue)6.
STATEMENT OF SURPLUS INCOME ACCOUNT JUNE 30 1913.
Balance at June 30 1912——*—
Net earnings of Railway & Steamship Lines_$35,490,085 03
—
Special Income
(as per statements)
_
.
$72,885,966 34
—
Passengers carried
earning
revenue)
one mile—
1,766,982,013
carried
(earning
revenue)
one
mile per mile
"
Passengers
6,598,151 33
_
15,298,048
42,088,236 36
Less:
Dividends
'
on
'
,
'
,
Preference Stock, paid
> Oct. 1 1912 and April 1 1913
And
dividends
on
Ordinary
b Oct. 1 1912, Jan. 2
and June 30 1913—
And Interest
on
1913,
Installments
$114,974,202 70
^
——
'
$2,807,288 47
Stock, paid
April 1 1913
—
—
on
P
+
.
1,610,251,856
,,
..
,
;
?
-
,,
+ 156,730,157
+9.74
,,
149,549
+5,902
+3.95
115.51
118.46
—2.95
—2.49
___-—-$
2.28
2.30
—.02
Average
ceived
'
'
22»377'102 34
' 569,813 87
journey
$92,597,100 36
15,000,000 00
Amount applied on account of Additions and Improvements
-
;
re¬
—.87
..
'1
passen¬
per
1.97
1.94
+ .03
+ 1.55
72.95
75.53
—2.58
—3.42
15.56
15.63
—.07
—.45
30.72
30.31
+.41
+ 1.35
1.75
1.75
3,724.92
3,471.85
+253.07
+7.29
Freight Traffic—
Tons of revenue freight
carried one mile.
11242,690,998 10180,782,322+1,061,908.676
+10.43
mile
cts.
number
of
ger
Average
mile
train
_
Average
number
passengers
$77,597,100 36
______
per
amount
passengers per
Total Surplus Income June 30 1913
>
155,451
Average
ger
19,000,000 00
New Stock
Subscriptions paid Oct. 15 1912
13,593.569
passenger
.miles
Average
amount re¬
ceived per passen¬
of road
+
'
per
of
car
mile
Revenue from passen¬
From this there have been declared the dividends
ence
and Ordinary Stock, payable
on
Prefer¬
gers
Oct. 1 1913, amounting
car
to
6,486,626 79
——
—
on
$3,535,712 14
—
passenger
cts.
Total passenger
earninps
APPROPRIATIONS FOR ADDITIONS AND IMPROVEMENTS.
Balance at June 30 1912
Premium on issue $18,000,000 and
W Ordinary Stock.
per
mile
per
mile
Total passenger
sale of $2,000,000
•
tram
-$
tram
per
earnings
of road
11,750,647 81
,
train
mile
$
Amount
appropriated as authorized at Shareholders' Meet¬
ing, October 1912—
?
_
"
1
-"
'
Less: Expended dining year, included in Exhibits "E" and
"F," and for acquisition and development of the Com¬
pany's Coal Mine Property
15,000,000 00
$30,286,359 95
_ _
Tons of non-revenue
freight
.
mile
12,373,363 54
-
Total tons (all
Amount
'
unexpended
*$17,912,996 41
-1,743,928,157 1,615,529,852
classes)
freight carried
mile
„
.
r
•
h
„
.
.
carried one
+128,398,305
+7.95
12986,619,155 11796,312,174 + 1,190,306,981
+10.09
one
Aug. 23
1913.]
THE
Inc.
Year ended
June 30 1913.
r
Tons
of
rev.
freight
?
carried one mile per
mile of road
-
Per
or
2Jhje femnuerdal ^imrs.
Cent.
'
945,519
„
+4.61
+43,562
-
•
•
153,423
150,039
+3,384
./ 'i ;\i
+2.26
/
per ton
•
1,142,504
:
per mile of
freight.cts.
revenue
car
,
372.02
+ 1.55
+ .012
v
:
:
+9.10
+2.45
+.09
:
-
...
59.12
,
,
mile
X
0.772
381.12
+4.29
+45
iy,n
mile
Average No. of tons of
(all classes) freight
per train mile
Average No. of tons of
revenue freight per
+46,946
i
,
loaded
;
■
•0.784
Average No. of tons •>
of revenue freight
per train mile
i
Average No. of tons of
: non-rev. freight
per
train
1,095,558
59.03
.
+
'
iI'
f
"
v.
■
440.24
,
vv
■j;»
431.05
' '■
+2.13
+9.19
,
V
i.i. 19.34
u
*
18.30
+1.04
.
+5.68
-
i
'
{
-'
:
'
*
Vt
3.00
:
,
22.34
■
(all classes) freight
loaded car mile
Freight train earns, per
per
car
2.91
.
Average No. of tons of
loaded
mile_cts.
;;'i:ir>
[
:i
■
21.21
>
;i
15.15
+ .09 I +3.09
\ + l-02
14.13
2.99
mile of road—$
7,750.78
STATEMENT
;
;
OF
'•'•.
+5.33
+7.22
i +■
train mile
.$
Freight train earnings
per
-per
I
+ 1.13 ;
1
Freight train earnings
,
,
.
:
2.87
,;+.12:,+4.18
;
7,298.71
CANADIAN1
-
PACIFIC
+452.07 y +6.19
RAILWAY
PENSION
DEPARTMENT TO JUNE 30TH 1913-r.
:
Balance at June 30th 1912-.:
.————./..-..t —$685,404 32
Amount contributed by Company for year
125,000 00
Amount received as interest-,.-—
40,521 44
'
X
..i
j. ' ,-.,v.X
Payment of Pension Allowances for year——
/'v
■
.
...
■
•
—
,
..,..$850,925 76
169,329 16
,
Balance in Cash and Investments.
NUMBER
ON
PENSION
Under 60 years of age
Between 60 and 70 years of age
Over 70 years of ago"
,
-!
Total
—
$681,596 60
ROLL AT
—
JUNE
-
30TH
;
73
294
—
„
—
———.
Seabury in the Supreme
1913.
.
——
Court
on
Aug.
20,
238
605
-
Yellow Taxicab Co., New York.—Decision.—
Justice
^^XXr'
after hearing
16
motions of taxicab companies (including the Yellow Taxicab
Co., MasonSeaman
Transportation Co. and New Taxicab Co.) and hotels for injunc¬
tions to restrain the enforcement of the new ordinance
abolishing private
hack stands and fixing a lower schedule of
fares, which was to go into effect
on Aug. 1, sustained the law in
every respect and vacated the
temporary
injunctions previously granted.
The Mason-Seaman Transporattion Co.
on the following day
applied for a new license under the ordinance, thus
accepting the decision.
\ /
;
-1
The Court, in answer to the objection raised that the new rates
are un¬
reasonable and confiscatory and therefore
unconstitutional, states that
the old rates not only afforded a fair
profit but also defrayed the large
amounts the taxicab
companies paid abutting owners for special stands
and that present rates should yield a
profit with such payments eliminated.
The Yellow Taxicab Co. stated in its
complaint that the business coming
directly to its offices or garages amounted to only 17% of the total and that
the hotel business furnished its only
opportunity to realize a return on its
investment.
An affidavit of a public accountant was
presented, according
to the "New York Sun,"
showing that the company had never paid a divi¬
dend and has not earned enough from its taxicab business to
pay the inter¬
est on its debt.
The gross revenue for the year
ending May 21 1913 were
stated as $2,228,959 and the deficit for the
year as $8,947.
The rates im¬
posed by the new ordinance would, it is stated, have reduced the revenues
by $599,212.—V. 94, p. 1512.
/
,
,
—The Fidelity Mutual Life Insurance Co.
pf Philadel¬
phia, which made in 1913 the largest dividend distribution
to Fidelity policy holders in its
history, has published the
annual report of the President, L. G.
Fouse, in booklet
form for general circulation. - Full
particulars of the com¬
pany's business operations for 1912 are carefully detailed.
The 34th annual statement shows
growth in all times, until
now paid insurance in force is
$130,771,679; the total pay¬
ments to policy holders since
organization amount to $27,-
898,666.
806 65.:
v
The aggregate assets Jan. 1
1913
were
$26,664,-
Copy of the annual statement will be mailed
application.
'';-'"X
"'X
X
upon
"
•
'V
-—The present bond market has been described as the
"investors'
harvest,'] and the bond house of William W.
#
Eastman Co., McKnight Bldg.,
Minneapolis, Minn., is issu¬
a very attractive circular of investments covering
railroad,
ing
corporation and local issues, which ought to appeal strongly
to institutions, trustees and
private investors. About twenty
different issues of bonds are described which will net the
buyer from 5% to 6%.
Descriptive circulars and full in¬
formation will be furnished
upon request.
■—Kennett Cowan & Co.,
bankers, of
.'«•
-
Chicago and
New
York, announce the opening of an office in Detroit at 615
Ford Bldg., under the
management of Alfred Rice, formerly
of McLaughlin, Rice & Davis.
Mr. Rice will represent the
firm in Detroit and the State of
Michigan.
—Allerton, Greene & King of Chicago announce that, on
account of the
increasing volume of business in Detroit, they
have moved their Detroit office from the Union
Trust Bldg.
to more commodious
quarters in the Dime Bank Bldg.
J. L. Stockard is manager of the office.
-—Brown Bros. & Co. and
Harris, Forbes & Co. of New
are
jointly offering in our advertising columns to-day
£926,000 ($4,506,500) City of Toronto, Ontario, four per
cent gold bonds at 84 and
interest, yielding about 5 per
York
cent.
Complete information on request.
—Borton & Borton,
Cleveland, have just published a little
pamphlet describing the principal rubber cos. of Ohio, viz:
B. F. Goodrich Co
Firestone Tire & Rubber
Co., Republic Rubber Co.,
Goodyear Tire & Rubber Co., Miller Rubber Co. and Swinehart Tire &
Rubber Co.
-
follow
Average No. of tons of
freight per
loaded car mile
•
,
non-rev.
EPITOME.
Friday Night, Aug. 22 1913;
i
Sentiment in commercial circles continues generally op¬
timistic, though the Mexican situation, naturally, makes
for conservatism.
Damage to the corn crop does not appear
to have checked the cheerful feeling in the West,
It is evi¬
dent that a hand-to-mouth buying policy necessitates re¬
plenishment of supplies regardless of temporary uncertain¬
ties.
Rains came too late to save the corn
harvest;; but
satisfactory yields in other agricultural staples tends to re¬
assure industrial circles.?
Cutting of steel prices has resulted
in increased demand, while pig iron is firmer.
Bank clearingsjhere in the East are not up to the level of a year ago.
LARD rules firm in sympathy with the corn situation.
The trade, however, is moderate, as buyers do not care to
-
v
;
•V,
freight carried one
: ; mile per mile of road
Average amt. received
COMMERCIAL
v
1
,
533
(—).
Dec.
or
Number.
;
•
-
(+)
Amount
,
+'
989,081
•
Tons of non-rev. freight
carried one mile per
mile of road__
Total tons (all classes)
Year ended
June 30 1912.
CHRONICLE
/
Prime Western is quoted at $11 55;
Continent, $12 15;
South American, $12 80;
Brazil in kegs, $13 80.
Lard futures have been stronger
during the week.
Packers who sold recently on the bulge
in corn,covered contracts.
It is argued that the freer offer¬
ings of hogs would be only temporary, and that later on the
country would experience a scarcity. .Farmers do not care
to feed high-priced corn, and ship their stock to
market.,'4
advance.^
the
refined
to
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO, i
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri. >
.
September delivery cts_ 11.15*
October delivery—^-11.20 ;
January delivery
-10.6734
11.2734
11-25
11.35
11.35
11.30
11.3734
10.8234 (10.90
10.9234
11.30
11-37^
10.95
11.22H
11-3234
10.87>4
PORK firm; ^mess $23 @$23 50;
clear $20 50 @$22 50;
family $24 50@$26 50. 1 Beef lower; mess $18 @$19; packet
$19 @$20;
family $20 @$22; extra India mess $28 @$30.
Cut meats easier; pickled hams, 10 to 20 lbs.,
15%@16c.;
bellies, clear, f. o. b. New York, 6 to 12 lbs., 15@1734c.
Butter, creamery extras, 28@2834c.
Cheese, State whole
milk, fresh colored specials, 1534c.
Eggs, fresh gathered
extras, 28@30c.
.•
-v
*-.o.
;
OILS.—Linseed steady; City raw, American seed
53@54c.;
boiled
54@55e. ,, Calcutta
70c.
Cottonseed
oil
higher;
winter 9.25c.;
^ummer white 8.50c.
Cocoanut oil steady;
Cochin 14@15c.; Ceylon 11 }4@11 He.
,Chinawood in good
demand
at
73^@734c.
-
Corn
firm
active at 38@40c. '+ •;'•' 'V
COFFEE is easier in sympathy with
at
6.65@6.70c.
■"/.
Cod
.'rV.",.L
,
'
the market for futures.
The country persists in its hand-to-mouth attitude.
The
roasters feel that an active primary movement must send
down values.
On the spot, Rio 7s a e quoted at
934c. with
good Cucuta at 113^c to 12c.
Futures are lower on
liquidation by local roasters and short selling.
The expected
fair to
frost
scare
better.
failed to materialize and the weather has turned
Receipts
at Santos are larger but planters are
holding for an advance.
They feel that the U. S. and
Europe must purchase for shipment soon.
Closing prices
follow:
;
■
August
.8.83 @8.87 December—9.12@9.13 April
September. „8.87 @8.89 J anuary
„9.22@§.21 May—
October
—8.95 @8.97 February
9.28 @ 9.30 June
No vember.—9.04 @ 9.06
March—9.35@9.37 July—
—9 40@9.42
9.46@9.48
_9.50@9.52
9.54@9.55
SUGAR.—Raw was firm.
The visible supply of sugar in
the world is estimated at 1,970,000 tons, against
1,450,000
last year. > European cables
have
latterly
been
higher.
Stocks in the United States and Cuba together are 602,400
tons, against 636,217 last week and 453,753 last year. / Cen¬
trifugal, 96^degrees test, 3.73c.; muscovado, 89-degrees test,
3.23c.; molasses, 89-degrees test, 2.98c. Refined quiet and
steady at 4.70c. for granulated.
PETROLEUM steady; barrels 8.70@9.70c.; bulk 5@6m;
cases ll@12c.
Pennsylvania crude $2 @$2 50; Kansas and
Oklahoma $1 03; Corsicana, Tex., 80c.@$1; North
Lima,
$1 89; South Lirpa, $1 34; Indiana, $1 34; Illinois, $1 30.
Naphtha firm; 73 to 76-degrees test, in 100-gallon drums,
25c.;'drums $8 50 extra.
Gasoline, 89-degrees test, 29Hc.;.
74 to 76-degrees test,
2534c.; 68 to 70-degrees, 2234c. and
stove 21c.
Spirits of turpentine 41 @4134c.
Common to
good strained rosin$4 20.
*
,TOBACCO.^-Some business reported, locally, with West¬
ern buyers, but the
purchases of Connecticut broad-leaf were
as a rule not
large.
The tendency is to go slow until the fall
months.
Cigar manufacturers will then be in the market
for needs.
They are not well supplied with wrapper, which
commands full prices., Contracting is reported in
new-crop
Connecticut and Massachusetts leaf, but the manufacturers
and packers are confining interest to the better
quality.
Su¬
matra is moving slowly, as the trade is fairly well taken care
of for the moment.
In Cuba, Remedies are moving well
and high prices are paid.
American manufacturers are in
the market, packers being temporarily less m evidence.
COPPER is firm in tone, with no pressure of supplies.
Recent strikes and the steady consumption keep the statisti¬
cal position strong.
On the other hand, the buying is for
requirements, as manufacturers seem skeptical of the ad¬
vance
holding.
Much will depend upon the situation
abroad, London ruling irregular and quiet.
For Lake
15J4c. is repeated, but electrolytic is firmer at 15?4c.
Tin
is easier in sympathy with foreign cables.
There is a fair
demand at 41.40c.
Spelter is higher at 5.8234c., but trade
is light.
Lead is firmer at 4.75c. Pig iron is steady with a
moderate amount of new business.
No. 2 East, $14 75@$15;
No. 2 Southern, $10 75@$11.
An easier tendency is noted
to finished products. The cut in wire has stimulated
inquiry.
•
•
-
.
CHRONICLE
THE
534
[Vol.
On
COTTON.
...
-
...
THE MOVEMENT OF THE CROP, as
indicated by
For the
week ending this evening the total receipts have reached
66,011 bales, against 24,995 bales last week and 16,639
bales the previous week, making the total receipts since
Sept. 1 1912 9,623,307 bales, against 11,574,894 bales for
the same period of 1911-12, showing a decrease since Sept.
1,951,587 bales.
Total.
6,907
12,276
10,945
8,911
"128
"439
"153
"Il4
62
25
28
4
"607
■""577
2,720
"107
"393
l",605
7,755
53,732
4,084
691
1,551
2
121
City
Arthur
IJt.
l",0"l3
Aransas Pass,&c.
26
New Orleans
Mobile
"459
""99
"337
"574
"404
"164
Savannah
"""3
Georgetown
Wilmington
""25
"350
"184
277
Norfolk
""27
20
1,224
714
191
202
714
N'port News, &c.
New York
Boston
"415
"334
*"81
;
"418
418
13,666
66,011
Baltimore
Philadelphia
Totals this week.
7,7171
8,959
13,497
10,268
11,904
total
The following shows the week's total receipts, the
since Sept. 1 1912, and the stocks to-night, compared
with
last year:
This
m
.
Aransas Pass, &c_
New Orleans
J.
w
Mobile
m m m
-
mm
Savannah.
Brunswick
\
«#'»
m.
mm
44
mm mm
mm
mm
mm
'
~
'
»
'
601
'
M,
Charleston
mm
mtm
«•
—
—
'mm
27
Norfolk
mm
883
714
N'port News, &c_
York
mm
—
—
—
'
415
418
BostonBaltimore
Philadelphia
Totals
comparison
mm
»m
mm
mm
mm
m,
m.
mm
4m.
mm
mm
mm
mm'
'
3,784
17,720
mm
mm
mm
im
mm
23,143
mm
m mm
2,160
mm
<m-mm
mm m,
mm
mm'mm
2,129
m.
380
"13,978
15,989
323
'
—
1,766
mm
m mm
-mm*
mm mm mm mm
mm
mm
mm
mm
3,864
mm
_
239
5,772
7,641
548,064
751,611
39,352
6,961
63,038
123,678
mm
404
±
"■
(/■
11,465
.
—
118", 955
2,988
24,499
4,523
2,684
.1,506
71,598 11574894
133,165
252,163
mm
mm
77
105
—-
2,654
1,478
1,966
be made with other
may
give below the totals at leading ports for six
we
mm
..m
"
66,011 9,623,307
In order that
.'
'
1,169
'
342,753
558,518
117,717
15,326
46,126
77,528
7,631
1,224
72,292
559
79,681
1,656,457
64,802
383,770
216,114
50,419
2,379,535
404,363
415,743
110
Georgetown
Wilmington.
1912.
43,859
200,569
mm
mm mm
227,026
124,899
15,865
2,720 1,287,076
1
234,334
308,189
1,005
mm
mm
•
&c_
mm
1,059
-
121
Pensacola.
Jacksonville,
1913.
1911.
1
-
mm
—
Gulfport..______
Sep
68,425 3,600,112
'mm
586,468
:
__
Since
Week.
53,732 3,887,554
666,875
138,642
131,938
4,084
1,551 1,435,200
Port Arthur
New
This
Since Sep
1 1912.
Week.
Galveston
Texas City
Stock.
1911-12.
1912-13.
Receipts to
August 22.
years,
seasons:
'
1913.
Receipts at—
1911.
1912.
1910.
1,551
1,059
44
Texas City,&c
New Orleans.
Mobile
Savannah
601
68,425
~
,
*
"T,005
Charleston ,&c
Wilmington
48,158
"3", 099
"*3", 397
72
3,191
10,836
i
■
"""883
126
•
3,535
550
10,167
4,728
"
'""133
~2~ 686
""404
,1,157
833
"""182
283
1,923
Total this wk.
66,011
71,598
91,507
56,579
Since Sept. 1_
9,623,307
Norfolk
1,224
714
N'port N.,&c.
All others
The exports
of
278
"""665
352
34,162)
71,720
11574894 8,559,233 7,356,160 9,885.990 8,382,007
for the week ending this evening reach
and
913 to France
Below
344
"
bales, of which
42,051
2
414
103
434
89
~1~,426
224
27
__
16,523
12,222
Brunswick
1908.
1909.
'.""""754
88
2,720
53,732
4,084
j
46,129
70,733
2,304
3,843
121
Galveston
14,298
26,840
Great
to
were
a
total
Britain,
the rest of the Continent.
to
From Sept.
Week ending August 22 1913.
Exported to—
„.
1 1912 to Aug. 22
Exported to—
1913/'
I
Great
I
Conti¬
Britain.[France.
nent.
Total.
15,783
22,5281,321,876
from—
Galveston..
0,475
Texas City.
Pt.
Arthur.
Ar.Pass.&c,
404
Orl'ns
New
Mobile
810
2,746
1,532
...
Britain.
400,308
,31,480
12,921
742,415
60,464
Penaacola.
24,345
Savannah.
134,786
Brunswick
111,491
73,367
106,043
16,614
Charleston.1
Wilm'ton
_
J
Norfolk
N'p't
New
7,149
103
11,761
4,509
1
102
102
Baltimore..1
4,914
4,914
Boston
Phlladel'la.1
France.
"400
York
New
Other ports
344,961
148,308
8,676
53,517
nent.
27,949
16,048
151,797
25,562
34,791
63,269
Total 1912—
"V,000
59,673
500
291
54,620
223",409
"3",877
66,593
8,555
11,111
622,990
159,419
79,146
62,072
507
104.413
3,716
_
P'tland,Ore
—•
*11—*12.
14,298
21,191
913
337
20,840
42,0513,598,370
7,151
16,296
20,212
still rather
are
6,493
15,035
1,999
36,346
59,681
53,892
96,819
192,482
134,269
100
5,132
8,576
22,700
10,769
8,660
7,629
over
6,801
11,114
1,352
Oklahoma has been hot and
are
also said to be
unfavorable.
dry most
Street has sold pretty
Wall
has
The short interest is believed to have been reduced
houses.
the
upturn.
To-day prices declined on unex¬
pected weakness in Liverpool, where there was general sell¬
ing on reports sent from this side of good rains in Northern
Texas.
The official weather report showed only a light pre¬
on
recent
cipitation at four stations in Texas, but showers were pre¬
dicted for the eastern portion of that State and also for Okla¬
homa, and there was free selling by local traders, Wall Street,
the South and Liverpool.
Covering of shorts checked the
de ine.
Spot cotton here has been quiet.
Middling uplai
s closed at 12.15c., showing an advance for the week of
clnfci.
1 '•
e official quotation for middling upland cotton in the
New York market each day for the past week has been:
25
.
.
ri.
Sat.
Mon.
Tues.
Wed. Thurs.
12.00
22—
16 to Aut
12.00
12.00
12.15
YORK
NEW
12.15
1912-;
-11-80
1911-__12.60
1910--- —16.40
1909—
12.65
1908
-10.00
1907—
13.35
190610 10
1913-C
—
QUOTATION
1905-C—— 11.05
1904
,.11.00
1903
1902.
1901
1900---
.12.75
9.00
8.31
10.00
FOR
1897_c_
Fri.
12.15
12.25
1889.
8.62
1895.
1894.
7.62
6.74
7.31
7.25
1888—-—.10.62
1887— 9.81
—__
1893.
1892.
1899
6.31
1891.
1898
5.75
1890-
c-
—11.50
1886
-
1885
1884
8.00
9.31
10.31
10.75
1883
11.50
10.12
1882.
.13.00
MARKET AND SALES AT NEW YORK.
The total sales of cotton, on the spot each
day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
week at New York are
on
same
I
days.
Futures
Spot Market
SALES.
Market
Closed.
Spot.
980,482 3,982,467 8,561,319
24,448 bales Peru, Ac., to Liverpool,Ac,
YEARS.
32
7.88
1896.
Closed.
In addition to above -exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
eleared, at the ports named.
We add similar figures for
.
'
on
Steady, 10 pts. adv.
Steady------Quiet
-----Steady, 15 pts. adv.
Steady, 10 pts. adv.
Quiet, 10 pts. dec
Saturday.-.
Monday
Tuesday
Wednesday.
Thursday
—-
New York.
2,000
3,200
1",206
,100
the advapce to liquidate long accounts, and there
been liberal selling by local operators and commission
freely
262,867
104,413
3,710
29,4354,255,9211,163,008 5,029,21210448141
7,907
Note.—N. Y. exports since Sept. 1 Include
"300
badly needed in that
State.
Reports of serious deterioration in the condition of
the crop have been received more numerously from both
Texas and Oklahoma, and of late they have been given more
credence.
It is insisted in many dispatches and letters to
various firms in the trade that much irreparable damage has
occurred.
The official weekly weather report, though in
many respects favorable, was bullish in its reference to Texas
and Oklahoma.
From parts of Arkansas less favorable re¬
ports have latterly been received.
The effect of all this has
been reflected in an increase in the speculative demand.
Not only has there been active covering of shorts on the
gloomy crop accounts from the Southwest, but there has also
been considerable new buying by commission houses.
Wall
Street firms and spot interests have also purchased the fall
and winter months and New Orleans operators of promin¬
ence have given support.
At times Liverpool has shown
noteworthy strength, influenced by the lack of needed rains
in the Southwest and by bullish crop accounts from this
side.
At times, also, recessions in prices have occurred.
Light, scattered showers have been reported in Texas daily.
Temperatures
in that State, and also in Oklahoma,
have latterly been lower,
It is contended by not, a few that
the situation in the Southwest has been greatly exaggerated,
as has so often been done in the past, for speculative effect.
Rains in the near future, they argue, would be likely to show
that very little damage of an irreparable character had taken
place.
From many sections east of the Mississippi excellent
crop accounts continue to be received, and some take the
ground that too little weight is attached to the favorable
outlook in that section of the belt.
Meantime, the movement
of the new crop to market is expanding and hedge selling is
increasing.
There are some who affirm that the movement
of the new crop will ere long become sufficiently heavy to
have a depressing effect upon prices, at least for a time, de¬
spite unfavorable crop reports from the Southwest.
The
demand for the actual cotton from spinners continues light.
Trade reports from Manchester and other European centres
'
Total....
4",66o
Speculation in cotton for future delivery has been more
prices have advanced.
The principal stimulating
and strengthening factor has been the lack of needed mois¬
ture in parts of the Southwest.
In Texas showers have oc¬
curred at some points, but the precipitation has been too
light, it is stated, to afford much relief from the drought,
Total.
79,213
138,642
8,606|
37,575
453,8231.,348,035
57,122
143,148
65,963
125,099
636.412
834,467
100,328
211,819
150,111
228,478
152,115
317,831
55,332
72,440
262",867
Fran..
Pt.Towns'd
Tot.
"ioo
3,000
■Total 1913,-
Aua.
390,643 1.,455,2883 167,807
t,
146,753
87,490i 640,551
507
P'tland, Me
San
4",000
16,709
17,724
15,989
1,766
2,160
3,641
22,499
16,331
Contt-
291
News
York.
2,801
.
Middling upland
Exports
Great
Stock.
1,011
26,135
.
the exports for the week and since Sept. 1 1912:
are
8,973
Norfolk
of the time and rains
Brunswick
Charleston
496
4,438
6",393
Leaving
Total.
Mobile
while the weather
Pensacola
Jacksonville, &c.
294
3,530
Coast-
active and
3,071
6.938
Galveston
Texas
Fri.
Thurs.
Wed.
|
Foreign] wise.
many.
Savannah
Charleston
Total 1911
Tues.
France.
221
_
Galveston
'
•
Mon.
Sat.
Receipts at—
New Orleans.
*
Other
Ger¬
Britain.
Aug. 22 at—
our
telegrams from the South to-night, is given below.
1 1912 of
Shipboard, Not Cleared for—
Great
Friday Night, August 22 1913.
.
xcvii.
—
__
FridayTotal
'
Steady
Steady
Steady...
Very steady
Steady.
Steady.-'
Contrct.
Total.
"200
ii 1•1l1
ii.I
lll
4-
"200
"200
"205
tOl ©»
200
220
20
600
620
i
i
_
-
•
Aug. 23
1113.]
THE
CHRONICLE
FUTURES.—The highest, lowest and closing prices at
New York the past week have been as follows:
Saturday,
Monday,
Aug.. 16. Aug.
Tuesday, Wed'day,[Thursd'y, Friday,
19. Aug. 20. Aug. 21. Aug. 22.
18. Aug.
535
AT THE INTERIOR
TOWNS the movementr-that
is,
receipts for the week and since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period for the previous year—is set out in
the
Week.
detail below.
August—
I
11.69-.79
5S-.65 11.60-.71
.75-.84
73-.92 11 .72-.77 11.55-.92
11.75-.75
55- .57 11.70-.72
.81-.85
82-.83 11
11.38-.44
15-.27 11.25-.37
.41-.58
61-.74 11 .52-.56 11.15-.74
Closing. _11 11.39-.41
Oct.—'
15-.16 11.38-.40
.64-.67
65-.67 11
11.18-.25
04-.18 11.15-.29
.35-.S7
49-.69 11 .43-.55 11.04-.69
11.19- ,20
,07-.18 11.27-. 28
.56-.57
57-.58 11 .47-.49
Range
_
Closing.
Sept.—
I
Range
.
•
Range
_
Closing.
I
Nov.—
.55-.57|
f
45-.65 11 .38-.52 10.95-.65
51-.52
52-.53 11 .42-.43<
10.98-.15
21-.44
37-.56 11 .28-.43 10.85-.56
Augusta
Closing.
90-.91 11.13-.14
43-.44
43-.44 11 .34- .35
11.02-.03
jlO.
Feb.—
11.04-.06 10.,92-.94 11.15-.17
45-.47
45-.47 11
11.07-.14'l0.,93-.06
11.07-.24
29-.51
11.08-.0910. ,98-.99 11.22-.24
_
Closing.
50-.51
47~.65 11 .38-.50 10.93-.65
53-.54 11 .42-.43.
—
32
304
35
75,376
450
4,766
275
26
36,829
52,129
141,284
668
71
50
...
«.
«
108
....
_«
11.09-.17 10.98-.06 11.08-.26 11.31-.51 11.52-.65 11.41-.51 10.98-.65
11.11-.13,11.01-.02 11.25-.26 11.54-.55 11.57-.58 11.44-.45,
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks,
as
well as the afloat, are this week's returns, and conse¬
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
1913.
613,000
bales.
1912.
642,000
14,000
76,000
Stock at London._
5,000
Stock at Manchester
30,000
.......
Total Great Britain stock
Stock at Hamburg
648,000
1/ ,000
Stock at Bremen-
113.000
Stock at Havre....
Stock at Marseilles
Stock at Barcelona
11.000
18,000
270,000
Total European
556,000
14,000
34,000
7,000
153,000
918,000
709,000
50,980
557,000
62,000
69,332
22,000
35,000
455,000
238,156
48,303
1.487,791
16,000
382,000 "•
1,781
72,631
Egypt,Brazil,&c.,aflt.for Europe.
30,000
68 ,000
628,000
464,000
ports..'...133,165
116,292
252,163
89,893
6,745
28
61,000
439,000
188,161
99,110
14,612
__.-_2, 066,833
2, 115,687
1.631,863
94,000
Stock in Alexandria,
Stock in
Egypt
Bombay, India
Stock in 17. S.
;
Stock in tJ. S. interior towns.
S. exports to-day.
U.
_—
Total visible supply
48,000
15
1,147
30,200
21,445
820,218
Dallas.......
Of the above, totals of American and other descriptions are as follows:
bales.
411,000
18,000
228,000
72,631
2
Continental stock..
American afloat for
Europe
U. S. port stocks
U. S. interior stocks
U. S. exports
521.000
59,000
351,000
51,603
252,163
89,893
^28
Total American
1,324,687
985,833
235,000
19,000
143,000
50.980
188,161
99,110
14,612
894,863
133,165
116,292
0,745
to-day
325,000
20,000
107,000
69,332
.
238,156
48,303
7,000
48
406
4,965
12,030
"463
21
57
7
765
1,500
1,797
-
«
London
202,000
..
stock
121,000
178,000
12,000
5,000
14,000
12,000
17,000
42,000
94,000
31,000
82,000
30,000
68,000
27,000
35,000
628,000
Continental stock.
India afloat for
Europe..
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
:
....
414,000
Total East India, &c
TotalAmerican
439,000
1,081,000
.■
91,000
8,000
6,000
55,000
11,000
46,000
48,000
22,000
61,000
.
Manchester stock.
791,090
1,321,687
985,833
>
«»
-
-
179
OVERLAND
827,000
804,864
728,000
759,791
Total visible
supply
.2,066,833 2,115,687 1,631,863 1,487,791
Middling Uplands, Liverpool
6.62d.
•
6.60d.
6.88d.,
8.14d.
Middling Uplands, New York
12.15c.
11.70c.
12.70c.
16.40c.
Egypt, Good Brown, Liverpool._
9.95d.
10 9-I6d.
10%d.
13%d.
Peruvian, Rough Good, Liverpool
8.60d.
lOd.
10.40d.
10.75d
Broach, Fine, Liverpool...
^
6%d.
6 5-16d.
7%d.
7%d.
Tinnevelly, Goad, Liverpool:
6 3-16d.
6%d.
6 5-16d.:
7%d.
-
.
.
The above figures for 1913 show
of
126,821 bales,
qf 434,970 bales
a
decrease from last week
QUOTATIONS
FOR
MIDDLING
COTTON
AT
OTHER MARKETS.—Below are the
closing quotations
of
middling cotton at Southern and other
markets for each day of the week.
Week ending
August 22.
Saturday.
Galveston
New Orleans.
Monday
11 13-16
12
Tuesday. Wed'day. Thursd'y.
11%
12
12
Friday.
12
79
12
12
12 1-16
"170
19,970
38,477
30,427
658,502
24,168
287,150
8,489
17,173
969,960
7,282
20,762
28
2675
11^
11%
11
Norfolk
11%
12%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
12,
12
12.25
12.40
(.
Philadelphia -.J
Augusta
Louis
Houston
,
12
•
...
12.40
"825
,
Little Rock
4,725
35
13
.
2,740
21J06
50
90
100
1,014
6,170
•
1,383
80.918
89.893
THE
WEEK
AND
statement
a
Since
Week.
1
109
2,613
Via Cairo
Via Rock Island
Via
32
21,822
597
94,234
243
2,043
397
132,958
147,078
385,561
Louisville__
Via Cincinnati_
_
_
^
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipments-—
Overland to N. Y., Boston, &c__
Between interior towns
6,034
1,581,251
833
146,611
126,140
111,819
102
Inland, &c., from South
636
1,571
Leaving total net overland *
Including movement
by rail
to
384,570
4,463
.
♦
Sept. 1.
570,544
229,054
1,196,681
Canada,
a
1911-12Since
Week.
18
Sept. 1.
656,426
a249,129
8,458
173,458
129,515
192,047
451,283
1,886
1,860,316
825
a282
"365
329
67
182
3
196,665
103,351
1,342
1,527
392,899
359
1,467,417
i
Revised.
The
92,883
.
foregoing shows the week's net overland movement has
been 4,465 bales, [against 359 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 270,736 bales.
-1912-13In
Sight and Spinners'
Takings.
Week.
Receipts at ports to Aug. 22
66,011
Net overland to Aug. 22
4,463
Southern consumption to Aug. 22 59,000
Since
Sept. 1.
9,623,307
..
Total marketed
Interior stocks in excess....
1,196,681
2,913,000
.129,474
*6,837
13,732,988
19,256
Came into sight during week..i22,637
Total in sight Aug. 22.-.-.
13,752,244
s
Nor. spinners'
*
Decrease
takings to Aug. 22.
during week,
Movement into
a
Week—
21,821
NEW
2,491,937
Less than Sept.
Bales.
1.
years.
Since
Sept. 1
-..115,881 1910-11—Aug.
85,913 1909-10—Aug.
90,301 1908-09—Aug.
ORLEANS
OPTION
■
Since
Sept. 1.
71,598 11,574,894
359
1,467,417
56,000
2,684,000
127,957 15,726,311
*3,279
ol0,544
124,678
sight in previous
1911—Aug. 25
1910—Aug. 26
1909—Aug. 27
-1911-12
Week.
MARKET.
'
15,715.767
.
1,649
2,609,496
Bales.
..11,997,109
.10,555,097
...13,737,999
The
highest,
lowest and closing quotations for leading .options in the New
Orleans cotton market for the past week have been as follows:
Saturday, Monday,
Aug.
16. Aug.
Tuesday, Wed.'day, Thursd'y, Friday,
18. Aug. 19,. Aug. 20. Aug. 21. Aug. 22.
August—
Range
11.63-.69 11 59.60 11.68-.75 11.80-.90
11.63-.64 11 57-. 59 11.73-.75 11.91-.93
Closing
September—
Range
Closing-_
11.39
—
11.23-.25 11.14-.16 11.39-.41 11.62-.64
October—
Range
Closing.
11.18_
11.18-,
.01-.14 11.16-.30 11.34-.57
.07-.08 11.28-.29 11.56-.57
11.18-,
.02-.10
November—
Range
Closing
90-. 00 11.86-.99
93-.98 11.99
Range
Closing
January—
Range
Closing
—
11.48 —
.54-.56 11.53-.54
•47-.65'll.39-.53
.48-.49,11.48
—
11.49-.50
11.15-
.01-.03 11.25-.27 11.57-.59 11.48-.50 11.46-.48
11.14-,
.01-.13 11.14-.30 11.32-.58
11.17
.05-.06 11.27-.28 11.57-.58
11.16-
.00-.14 11.15-.29 11.34-.60 11 51-.69 11.42-.56
.06-.07 11.28-.29 11.59-.60 11 53 — 11.50-.51
I
11.17-,
48-.67 11.41-.55
50-.51 11.48-.49
Range
Closing
Range
Closing—
May—
Range
Closing.
11.15-.17 11.04-.06 ll.2fr-.28 11.57-.59 11.S1-.53 11.49-.5
11.24-.31
11.11—.20*
ll.26-.36 11.40-.64 11.60-.78 11.53-.6
11.24-.26 11.13--1411.36- .36 11.67-.68 11.61-.63 11.60-.6
'
11%
11%
11%
11%
11%
11%
12
12
12
12
12
11 13-16
11%
12
12
11%
11%
11%
.
827
304
431
March—
12
12.50
11%
.
Memphis
St.
12.25
12
"
2,300
15
77,639 7,920.594
FOR
give below
Via St. Louis.
12 1-16
Mobile
Baltimore
45
500
February—
Savannah
_.
1,018
""37
December—
on-
981
106
22",963
-1912-13-
principal cotton
Closing Quotations for Middling Cotton
593
2,065
"125
70,801
August 22—
Shipped—
a
1909.
325
72,744 3,125,572
167,016
71,080116,292
MOVEMENT
.,
loss of 48,854 bales from 1912, an excess
over 1910 and a gain of 579,042 bales over
630
16,043
13
_
^
1,079
117
showing the
overland movement for the week and since
Sept. 1, as made
up from telegraphic reports Friday night.
The results for the
week and since Sept. 1 in the last two years are as follows:
Continental imports for the past week have been 62,000
bales.
350
1,710
50,664
62,000
16,000
35,000
455,000
334
581
for Louisville, Ky.
SINCE SEPT. 1.-—We
400
1,400
....
64,243 7,268,905
are
3,082
27
21
1,725
151,138
♦Last year's figures
"402
54,775
98,650
31,872
....
~
_
-
53,029
759,791
East
Indian, Brazil; &c.—
Liverpool stock.
6,599
40
5
133,431
45,137
56,360 3,387,366
Paris
7,000
American—
Liverpool stock__
Manchester stock.
"808
37
24,360
2,090
Total, 33 towns
.
1,886
125
.
1,114,000
82,000
51,603
27,000
35,000
India cotton afloat for Europe—
2
■
705
.
stocks
Amer, cotton afloat for Europe..
1
745
2,613
7,853
•22,328
308
105,699
27
525
14
1,890
95,091
238,549
2
Houston..
16,000
2,000
18,000
206
43,835
198,000
62,000
900
573,176
11,714
1,440
Honey Grove.
359,000
I.2,000
75,000
72,000
2,000
II,000
19,000
7,000
110,000
2,000
16.000
14,000
10,000
3,000
Total Continental stocks..
8,000
25,000
31,000
10,000
220,000
17,000
Stock at Genoa..
Stock at Trieste
1910.
326,000
12,000
732.000
91,000
"
1911,
513,000
100
"l
96
22
Clarksville...
THE VISIBLE SUPPLY OF COTTON
4
113
42
Tex., Brenham
up
3,200
46
122
Nashville
Closing.
111
'm
1,098
1,148
Mo„ St. Louis.
_
"80
'22,476
City..
N.C., Raleigh..
O., Cincinnati.
Okla., Hugo*..
S.C., Greenw'd
Tenn.,Memphis
.
1,160
3,501
,29,391
1
■
150
27,652
49,334
110,137
59,061
18,131
^
-
309
84
88
211,702
32,760
184,013
279,056
547,626
84,305
70,304
68,295
143,289
37,602
44,604
25
670
6,161
Natchez
August 22—
Stock at Liverpool
727
•
23.
79
70,588
86
"
Closing.
July—
,
25
500
Aug.
25,139
196,312
145,272
102
2,457
Yazoo
Range
—
Greenwood...
June—
t
""20
700
165,474
Greenville
Mag—
'
6,078
30
339,305
Meridian
Range
1,651
73
Vicksburg
_
48
490
Mlss.,Columb's
_
Range
57
777
107,388
■
...
La., Shreveport
.36-.38^
Range
Closing.
Closing.
3,693
813
14
Rome
April—
■
860
Macon
—
I
I
Range
'
......
Stocks
Week.
Season.
264
181,787
24,124
Ship¬
ments.
Week.
Columbus
45-.47 11 .36- .40 10.91-.47
Closing.
March—
80
Athens
28-.38
—
August 23 1912.
Receipts.
30
41,643
|
-
28
Little
Atlanta
I
.
—10..91
—
—-
_
m'-
f
_
Rock..
Ga., Albany...
*
I
I
_
—
Ark., Helena.
50- 52 11 .40-.42
22.
120,626
11.12-13,11. OO-.Ol 11.23-.24
Closing.
Range
651
29-.52
Jan.—
Range
293
Selma
11.08-.50
—
1
to
Aug.
21,396
158,972
Ala., Eufaula..
—
10.99-i07|10,,85-.99
.
30
Montgomery
—'
—
Stocks.
Week.
Season.
Week.
48-.50 11 .42
I
Range
Ship¬
ments.
11.09-.1810 .95-10 11.09-.25
Closing.
Receipts.
Towns.
11.08-.10
11.08-.13
11.10-J210.98-.00 ll.2l-.23.ll.49-.51
Dec.—
Movement
—
1
Range
.
Movement to August 22 1913.
.73-.75^
11
13-16
11
15-16
11%
'
11%
11%
'
11.36 —
11.40 — 11.60- 61 11.82-.85
11.33-.35 11.21-.22 11.44-.46 11.77-.78 11.71-73 11.70-.7
—
Tone—
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady. 1 Steadt.
Firm.
Steady.
Steady."
Steady
Steady.
Steady
THE /(CHRONICLE
536
[Vol.
zero.
as
WEATHER REPORTS BY TELEGRAPH.—Our
:
Vicksburg, Miss.—The week's rainfall has been fifty-nine
hundredths of an inch on two days.
Average thermometer
83, highest 96, lowest 71.
Mobile, Ala.—Showers have helped the situation, but some
advices
by telegraph from the South this evening are to some extent
of
a
less satisfactory tenor.'
from South
Damage by drought is reported
are claimed to be needed in
Texas and rains
other sections of the State and in Oklahoma,
tricts along
the Gulf.
favorable.
more
Texas and is
and in
some
localities report that damage from drought continues.
The
week's rainfall has been one inch and forty-three
hundredths,
dis¬
day.
The thermometer has averaged 83, the highest
being 94 and the lowest 73.
Montgomery, Ala.—We have had no rain during the week.
The thermometer has averaged 82, ranging from 69 to 94.
Selma, Ala.—Rain has fallen on one day during the week,
the rainfall being twenty hundredths of an inch.
The ther¬
mometer has ranged from 69 to 93, averaging 81.
Augusta, Ga.—Rain has fallen on three days of the week,
the rainfall being one inch and fifty-three hundredths.
Average thermometer 78, highest 90? lowest 66.
Savannah, Ga.—There has been rain on four days during
the week, the rainfall being fifty-eight hundredths of an
inch.
The thermometer has
averaged 78, the highest
being 87 and the lowest 69. V '
"
'
Washington, Gcl.—*There has been rain on one day of the
week, the precipitation reaching five hundredths of an inch.
The thermometer has averaged 76, ranging from 64 to 88.
Charleston, S. C.—Rain has fallen on one day of the week,
the rainfall being eleven hundredths of an inch.
The ther¬
mometer has ranged from 69 to 86, averaging 78.
Greenville, S. C.—Rain has fallen on three days during the
week, and the precipitation has been thirteen hundredths
of an inch.
Average thermometer 76, highest 91 and low¬
est
61v
,;.,7
..." L''• ;
•:
Gainesville, Fla.—We have had rain on two days during
the week, to the extent of thirty-four hundredths of an inch.
The thermometer has averaged 80, ranging from 69 to 91.
Madison, Fla—We have had rain on one day during the
week, the precipitation reaching eight hundredths of an inch.
The thermometer has ranged from 70 to 90, averaging 80.
Tallahassee, Fla.—The week's rainfall has been thirtyeight hundredths of an inch on one day.
Average ther¬
mometer 80, highest 93, lowest 67.
Dyer.sburg, Terin.^-The week's rainfall has been ninety
hundredths of an inch on one day.
The thermometer has
averaged 85, the highest being 97 and the lowest 72.
Milan, Tenn.—We have had rain on three days during
the week, to the extent of one inch and eighteen hundredths.
The thermometer has averaged 84, ranging from 70 to 98.
Memphis, Tenn.—Rain has fallen on two days during the
week, the rainfall being one inch and thirty-nine hundredths.
The thermometer has ranged from 68 to 92, averaging 80.
Charlotte, N.' C.—We have had rain on two days during
the week, the rainfall being one inch and thirty-four hun¬
dredths.
Average thermometer 78, highest 93, lowest 63.
Lumberton, N. C.—We have l^ad rain on one day during
the week, the precipitation being one inch and four hun¬
dredths.
The thermometer has averaged 76, the highest
being 92 and the lowest 60.
Raleigh, N. C— Rain has fallen on one day during the week,
and the precipitation has been one hundredth of an inch.
Average thermometer 74,highest 88 and lowest 60.
on one
From Atlantic sections reports are
Picking is progressing well in portions of
beginning in other early localities.
Galveston, Tex.—Crop in South Texas
. s
has been irreparably
damaged by drought.
Rain there now would do more dam¬
than good, lowering grade, retarding movement and
grounding open cotton.
Condition in North Texas is be¬
coming very serious on account of lack of general rains;
Showers doing harm.
No general rain will occur except
from disturbances in Gulf.
The week's rainfall here has
age
"
thirty-two hundredths on two days.'
Average thermometer 81, highest 92, lowest 70.
->.
been
and
inch
one
,
Abilene, Tex—We have had no rain
;Lowest thermometer 70.
;
\
during the week.;
.
#
Brenham, Tex.-—There has been rain on one day of the
week, the precipitation reaching fourteen hundredths of an
inch. 1 The thermometer has averaged 85, ranging from
■72to98..''..■ v
i
Cuero, Tex.—Rain has fallen on three days of the
week, the
being eighty-four hundredths of an inch.
The ther¬
mometer has ranged from 70 to 98, averaging 89.^;.
!
rainfall
-
Dallas, Tex.—Rain has fallen lightly on one day
during the
highest 103 and lowest 68.:
'week.'' Average thermometer 85,
Henrietta, Tex.—Dry all the week.
The thermometer
averaged 77, the highest being 102 and the lowest 72.
Huntsville, Tex.—We haye had no rain during the week.
The thermometer has averaged 83, ranging from 70 to 96. <
Kerrville, Tex.-r-We have had light rain on three days dur¬
ing the week, the precipitation reaching thirty-four hun¬
dredths of an inch.
The thermometer has ranged from 62
has
.
■
-
96, averaging 79. ..vV ,}•/;;
a •,>
Lampasas, Tex.—We have had no rain during the week.
Average thermometer 83, highest 100, lowest 66.
Longview, Tex.—There has been no rain during the week.;
The thermometer has averaged 86, the highest beiqg 100
and the lowest 72.
,.v'
Luling, Tex.—It has rained on three days during the week,
the precipitation "reaching one inch and thirty-two hun¬
dredths.
The thermometer has averaged 84, ranging from
,to
■
•
...
*
#
70 to98.'"
c;
.-r,
Nacogdoches, Tex.—Dry all the week.
The thermometer
has ranged from 68 to 94, averaging 81.
Palestinej Tex.—This week's rainfall has been two hun¬
dredths of an inch; light showers on two days.
Average
thermometer 84, highest 96 and lowest 74. f'
Paris, Tex.—There has been rain on one day of the week,
to the extent of twenty-eight hundredths of an inch.
The
thermometer has averaged 86, the highest being 102 and the
lowest 70. ■
' -• -p.v w' y; i';V.'■<" r
'1'' p■> a^">■.;'
San Antonio, Tex.—There has been light rain on two,days
the past week, the rainfall reaching eleven hundredths of an
inch.
The thermometer has averaged 83, ranging from 70
•
to
96,
•
•
..
•;
7
1
I*'
•
•'
t
''
•
.
COTTON CROP CIRCULAR.—Our Annual Cotton Crop
#
Review will be
Taylor, Tex.—We have had rain on two days during the
week, the precipitation reaching ninety-eight hundredths of
inch.
'
Minimum thermometer 70.
.
ready in circular form about Friday, Sept. 5.
quantities, with their business
Parties desiring the circular in
-\
card
Weatherford, Tex.—Rain has fallen lightly on one day of
rainfall being eighteen hundredths of an inch.
Average thermometer 85, highest 100, lowest 70.
Ardmore, Okla.—The week's rainfall has been thirty-four
hundredths of an inch, on one day.
The thermometer has
averaged 86, the highest being 104 and the lowest 68.
Holdenville, Okla.—We have had rain on one day during
the week, to the extent of thirty-four hundredths of an inch.
The thermometer has averaged 86, ranging from 68 to 104.
Marlow, Okla.—We have had no rain during the week.
The thermometer has ranged from 69 to 104, averaging 87.
EldoradoArk.—Rain has fallen on one day of the week, the rainfall being thirty hundredths of an inch.
Average
thermometer 82, highest 98, lowest. 66.
.Helena,,. Ark.-—We have had rain on one day of the past
week, the rainfall reaching ninety hundredths of an inch.
The thermometer Has averaged 83, the highest being 96
the week, the
'
printed thereon, should send in their orders as soon as
possible, to secure early delivery.
EXPORTS
OF
COTTON
BRITAIN .—Below
we
and since
Oct.
1
exports
1912-13 and
we
GREAT
of cotton yarn,
the month of July,
as compiled by us
1911-12,
from the British Board of Trade returns.
that
.
FROM
GOODS
give the
&c., from "Great Britain for
goods,
1
,
It will be noticed
have reduced the movement all to pounds.
'
and
the lowest 70.
V
and
the lowest 71.
#
Total of AU.
*
Lbs.
"Lbs.
Yds.
1911 12.
Yds.
1912 13.
Lbs.
24,139
666,185
22,681
20,508
554,370
663,504
580,682
517,204
124,521
568,946
Dec.—-
24,703
19,897
20,007
1st quar
64;607
67,328 1,789,501 1,761,390
Jan.
20,974
22,674
22,086
648,913
559,693
18,455
563,606
19,034
25,817
560,905
2d quar.
April—
1911 12.
Lbs.
j
Columbus, Miss.—It has rained on one day during the
week, the precipitation reaching twelve hundredths of an
inch.
The thermometer has averaged 83, ranging from 65
1912 13. | 1911 12.
:
Lbs.
Nov
Lbs.
148,15*
131,222
149,224,=
126.242:
103,621
124,019
108,541
96j673
123,628
117,181
334,487
329,233
399.094
396,561
121,292
105,437
104,842
104,615
91,501
116,324
142,266:
489,529
622,341
127,289
113,587
123,876j
142.141
58,463
70,577 1,773,424 1,671,563
331,571
312,440
390,034
383,017
20,449
19,586
18,632
20,880
22,708
21,663
524,131
560.800
109,823
113,319
115,058
97,968
104,822
130,272'
132.005:
118.M8
127,539
519,865
97,171
133,690
118,834
58,667
Oct
65,251 1,809,365 1,604,796
338,200
299.961
396.867]
365,212
18,364
22,548
106,345
\
,
Ark.—There has been rain on one day the past
week, the rainfall reaching one hundredth of an inch.
The
thernkometer has averaged 82, ranging from 70 to 95.
'
Alexandria, La.—We have had rain on two days during the
week, the rainfall being forty-five hundredths of an inch.
The thermometer has ranged from 70 to 94, averaging 82.
New Orleans, La.—This week's rainfall has been one inch
and ninety-two hundredths, on* two days.
Average ther¬
mometer 80, highest 93 and lowest 66.
'
Shreveport, La.—There has been no rain during he week.
The thermometer has averaged 83, the highest being 95
Little Rock,
'
Cloth.
Yarn & Thread.
000s
omitted. 1912 13 1911 12 1912 13.
FebMar
—
May
June.—
587,553
606,254
615,558
3ji quar. 181,737 203,156 5,372,290 5,037,749
1,004,258
635,361
119,434
9
mos—
July-a
638,971
123,892
941.634 1,185,995 1,144,790
118,756
137,798]
893'
Kt.nnklntrs and socks
Snnrirv articles
39,984
141.304
872
40,555
1,364,6701.327,521
Total exports of cotton manufactures
The foregoing shows thai there had been exported from
101.
7
" v y
7
" -/
■
the United Kingdom during the ten months 1,364,670,000
Meridian, Miss.—Rain has fallen on two days during the
pounds of manufactured cotton, against 1,327,521,000
week, the rainfall being one inch and sixty-eight hundredths.
The thermometer has ranged from 66 to 92, averaging 79.. [■ pounds last yearj an increase of 37,149,000 pounds.
to
■
<1
536
by telegraph from the South this evening
of
are
hundredths of
to some extent
other sections of the State and in Oklahoma,
tricts along the
favorable.
more
Texas and is
Gulf.
and in
some
it
dis¬
day.
The thermometer has averaged 83, the highest
being 94 and the lowest 73.
A A'
A
Montgomery, Ala.—We have had no rain during the week.
The thermometer has averaged 82, ranging from 69 to 94.
A Selma, Ala — Rain has fallen on one day during the week,
the rainfall being twenty hundredths of an inch.
The ther¬
mometer has ranged from 69 to 93, averaging 81.
Augusta, Ga.—Rain has fallen on three days of the week,
the rainfall being one inchand fifty-three hundredths.
Average thermometer 78, highest 90, lowest 66.
Savannah, Ga.—There has been rain on four days during
the week, the rainfall being fifty-eight hundredths of an
inch/
The
thermometer
has averaged 78, the highest
being 87 and the lowest 69.
"
' A. AWashington, Ga.—There has been rain on one day of the
week, the precipitation reaching five hundredths of an inch.
The thermometer has averaged 76, ranging from 64 to 88,
Charleston, S. C.—Rain has fallen on one day of the week,
the rainfall being eleven hundredths of an inch.
The ther¬
mometer has ranged from 69 to 86, averaging 78. " A
■A"' Greenville, S. C.—Rain has fallen on three days during the
week, and the precipitation has been thirteen hundredths
of an inch.
Average thermometer 76, highest 91 and low¬
est
61.
aaa^a"./:7 ...A AA..:.v7 A. :: a:.. A A." • A;'a_A
Gainesville, Fla—We have had rain on two days during
the week, to the extent of thirty-four hundredths of an inch.
The thermometer has averaged 80, ranging from 69 to 91.
AI Madison, Fla.—We have had rain on one day during the
week, the precipitation reaching eight hundredths of an inch.
The thermometer has ranged from 70 to 90, averaging 80. A
Tallahassee, Fla.—The week's rainfall has been thirtyeight hundredths of an inch on one day.
Average ther¬
mometer 80, highest 93, lowest 67.
,
,
Y A; ■
From Atlantic sections reports are
on one
Picking is progressing well in portions of
,
beginning in other early localities.
Galveston, Tex.—Crop in South Texas has been irreparably
damaged by drought.
Rain there now would do more dam¬
age than good, lowering grade, retarding .movement and
grounding open cotton.
Condition in North Texas is be¬
coming very serious on account of lack of general rains j
Showers doing harm.
No general rain will occur except
from disturbances in Gulf.
The week's rainfall here has
been
inch
and
one
Abilene,
Tex.—We have had
no
«
days.i
thirty-two hundredths on two
Average thermometer 81, highest 92, lowest 70.
'
rain during the week.
Lowest thermometer 70.■
* 'V
^
V
Brenham, Tex—There has been rain on one day of the
week, the precipitation reaching fourteen hundredths of an
•inch.
The thermometer has averaged 85, ranging from
.72 to 98. ;v'
; ,v\a,
,A;. X• A-A;
...AAU.J '; A'^ :
Cuero, Tex.—Rain has fallen
i
three days of the week, the
on
The ther¬
J7 _A'-v\
Dallas, Tex.—Rain has fallen lightly on one day during the
week.
Average thermometer 85, highest 103 and lowest 68.
Henrietta, Tex.—Dry all the week.
The thermometer
has averaged 77, the highest being 102 and the lowest 72, Aa A
Huntsville, Tex.—We have had no rain during the week.
rainfall being eighty-four hundredths of an inch.
mometer has ranged from 70 to 98, averaging 89.
The thermometer has averaged 83,
ranging from 70 to 96.
;
,
83, highest 96, lowest 71.
r
.• ■ ■- ~
Mobile, Ala.—Showers have helped the situation, but some
localities report that damage from drought continues.
The
week's rainfall has been one inch and forty-three hundredths,
less
satisfactory tenor.: Damage by drought is reported
from South Texas and rains are claimed to be needed in
a
xcvii.
Vicksburg, Miss.—The week's rainfall has been fifty-nine
an inch on two days.
Average thermometer
WEATHER REPORTS BY TELEGRAPH.—Our advices
:
,
[Vol.
THE; CHRONICLE
_
.
•
Kerrville, Tex.—We have had light rain on three days dur-
iing the week, the precipitation reaching thirty-four hun¬
dredths of an inch.
The thermometer has ranged from 62
96, averaging 79.
A V ■ '/,7. AA* A* A*, 7*A'<"
!; Lampasas, Tex.—We have had no rain during the week.1 A*!
\Dyersburgj Tenn.—The week's rainfall has been ninety
Average thermometer 83, highest 100, lowest 66a"AAa AVA:. hundredths of an inch on one day.
The thermometer has
Longview, Tex.—There has been no rain during the week.
averaged 85, the highest being 97 and the lowest 72. ;
The tnermometer has averaged 86, the highest beiqg 100
A Milan, Tenh.-—We have had rain on three days during
and the lowest 72.
-7V"."
■7C ■ A':'Aa,vv
the week, to the extent of one inch and eighteen hundredths.
Luling, Tex.—It has rained on three days during the week, The thermometer has averaged 84, ranging from 70 to 98.
the precipitation reaching one inch and thirty-two hun¬
Memphis, Tenn.—Rain has fallen on two days during the
dredths.
The thermometer has averaged 84, ranging from
week, the rainfall being one inch and thirty-nine hundredths.
70 to 98, ;
The thermometer has ranged from 68 to 92, averaging 80.
Nacogdoches, Tex.—Dry all the week.
The thermometer
Charlotte, N. C.:—We have had rain on two days during
has ranged from 68 to 94, averaging 81.
i the week, the rainfall being one inch and thirty-four hun¬
Palestine, Tex.—This week's rainfall has been two hun¬ dredths.
{ Average thermometer 78, highest 93, lowest 63.
dredths of an inch; light showers on two days.
Average
Lumberton, N. C—We have had rain on one day during
thermometer 84, highest 96 and lowest 74.
the week, the precipitation being one inch and four hun¬
Paris, Tex.—There has been rain on one day of the week,
dredths.
The thermometer has averaged 76, the highest
to the extent of twenty-eight hundredths of an inch.
The
being 92 and the lowest 60. •
7
«
thermometer has averaged 86, the highest being 102 and the
Raleigh, N. C —Rain has fallen on one day during the week,
lowest70.
v A• A.- < r
■ a-A ^v-'V-{ and the precipitation has been one. hundredth of an inch.
San Antonio, Tex.-—There has been light rain on two .days
Average thermometer 74,highest 88 and lowest 60.
>
>
the past week, the rainfall reaching eleven hundredths of an
to
<
-
•
.
8
■"
•
.
•
inch.
The thermometer has
to 96".'
■'.•V
'
averaged 83, ranging from 70
' 7/
,.
.
4
COTTON CROP CIRCULAR.—Our Annual
A
Review will be
Taylor, Tex.—We have had rain on two days during the
week, the precipitation reaching ninety-eight hundredths of
inch.
Minimum thermometer 70.
V
.
1T.'-.-.-A
Parties desiring
V.'vA
Weatherford, Tex.—Rain has fallen lightly On one day of
the rainfall being eighteen hundredths of an inch.
Average thermometer 85, highest 100, lowest 70.
Ardmore, Okla.—The week's rainfall has been thirty-four
hundredths of an inch, on one day.
The thermometer has
averaged 86, the highest being 104 and the lowest 68.
Holdenville, Okla.—We have had rain on one day d.uring
the week, to the extent of thirty-four hundredths of an inch..
The thermometer has averaged 86, ranging from 68 to 104.
;•
Marlow, Okla.—We have had no rain during the week.
The thermometer has ranged from 69 to 104, averaging 87.
Eldorado,' Ark.—Rain has fallen on one day of the week,
the rainfall being thirty hundredths of an inch. ' Average
thermometer 82, highest 98, lowest 66.
; "a. A''
Helena, Ark—We have had rain on one day of the past
week, the rainfall reaching ninety hundredths of -an inch. :.
The thermometer has averaged 83, the highest being 96
the week,
7A'-A ;
Little Bock, Ark.—There has been rain on one day the past
week, the rainfall reaching one hundredth of an inch.
The
thermometer has averaged 82, ranging from 70 to 95.
Alexandria, La.—We have had rain on two days during the
week, the rainfall being forty-five hundredths of an inch.
The thermometer has ranged from 70 to 94, averaging 82.
;
New Orleans, La.—This week's tainfall has been one inch
and ninety-two hundredths, on two days.
Average ther¬
mometer 80, highest 93 and lowest 66.
i
Shreveport, La.—There has been no rain during he week.
The thermometer has averaged 83, the highest being 95
and
and
card
the lowest 71.
A
possible, to
•Meridian, Miss.—Rain has fallen on two days during the
week, the rainfall being one inch and sixty-eight hundredths.
,
secure
early delivery.
COTTON
OF
EXPORTS
BRITAIN.—JBelow
goods,
we
give
{, v
66 to 92, averaging 79.
f.
GOODS FROM • GREAT
the exports of cotton yarn,
from Great Britain for the month of July,
1 1912-13 and 1911AL2, as compiled by us
Trade returns.
It will be noticed
have reduced the movement all to pounds.
&c.,
and since Oct.
from the British Board of
that
we
.
•.
000s
1911 12.
omitted. 1912 13 1911 12 1912 13.
Lbs.
Lbs.
Yds.
1912
1?.
Lbs.
Yds.
; ' •
/-
•
/
.
*
Total of All.
cioth.
Yarn & Thread.
1911 12.
1912 13.
Lbs.
Lbs.
1911 12.
Lbs.
103,621
124,019
108,541
96,673
149,224
126,242
123,628
148,158
131,222
117,181
334,487
329,233
399,094
396,561
559,693
489,529
622,341
121,292
105,437
104,842
104,615
142,266
91,501
116,324
123,892
123,876
127,289
113,587
142,141
58,463
70,577 1,773.424 1,671,563
331,571
312,440
390,034
383,017
20,880
22,708
21,663
524,131
109,823
560.800
130,272
132,905
118,848
127,530
519,865
113,319
115,058
97,968
104,822
June..:
20,449
19,586
18,632
97,171
133,690
118,834
3d quar.
58,667
65,251 1,809,365 1,604,796
338,200
299,961
396,867
365,212
663,504
Dec.--.
24,703
19,897
20,007
666,185
24,139
568.946
22,681
20,508 / 554,370
517,204
1st quar
64,607
67,328 1,789,501 1,7^1,390
Jan....
20,974
18,455
19,034
22,674
2d quar.
April...
Oct...!
Nov
580,682
124,521
106,345
'
Feb
Mar
...
May
9
moa_.
July.-..
22,086
25,817
648,913
563,606
560,905
587,553
606,254
615,558
181,737 203,156 5,372,290 5,037,749 1,004,258
18,364
22,548
119,434
638,971 '635,361
941,634 1,185,995 1,144,790
118,756
137,798
141,304
■
.i
Stocking•s and socks.
"
,
893
Sundry
Total exports of cotton manufactures.'.
.....
872
39,984
j_,
40,555
1,364,670 1,327,521
foregoing shows that there had been exported from
during the ten months 1,364,670,000
pounds of manufactured cotton, against 1,327,521,000
pounds last year, an increase of 37,149,000 pounds. (
\
The
.to 101.
The thermometer has ranged from
:
the circular in quantities, with their business
printed thereon, should send in their orders as soon as
the lowest 70..
Columbus, Miss.—It has rained on one day during the
week, the precipitation reaching twelve hundredths of an
inch.
The thermometer has averaged 83, ranging from 65
Cotton Crop
ready in circular form about Friday, Sept. 5.
the United Kingdom
.
Total bales.
,
-To Liverpool-
NEW YORK-
glance the world's supply of cotton for the week and
since Sept.. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
at a
out of sight, for the like period;
NEWS.—Shipments in detail:
SHIPPING
WORLD'S SUPPLY AND TAKINGS OP COTTON.—
brief but comprehensive statement indicates
The following
gone
537
CHRONICLE
THE
1913.]
AUG. 23
Aug. 20—Celtic, 6,003 upland, 1,146
Peru
7,149
103
16—Rochambeau, 100 upland, 3 Sea Island
18—Friedrich der Grosse, 1,200
1,200
To Genoa—Aug. 16—Prinzess Irene, 1,028; Taormina, 1,375-—
2,658
Aug. 18—Carpathia, 255
To Naples—Aug. 15—Prinzess Irene, 1—Aug. 18—Carpathia,
To Havre—Aug.
To Bremen—Aug.
/;
___
51
1911-12.
1912-13.
Cotton Takings:
Week and Season.
To
""--I—"11111—II"!
Japan—City of Edinburgh, 600--
600
GALVESTON—To Liverpool—Aug. 20—Aidan, 6,745
Season.
Week.
Season.
Week.
6,745
4,271
9,132
2,380
20—Castano, 4,271
Bremen—Aug. 15—Chemnitz, 9,132Antwerp—Aug. 14—Earl of Forfar, 2,380
NEW ORLEANS—To Liverpool—Aug. 16—Senator, 404
To Hamburg—Aug.
"
To
Visible supply Aug. 15
.Visible supply Sept. 1
2,193,654
American in sight to Aug.
2,158,166
1,603.418
124", 678 15,715,767
7,000 2,299,000
450,000
39,000
300
968,100
302,000
16,000
2,135,485
122,637 13,752,244
5,000 2,702,000
22,000
554,300
22
Bombay receipts to Aug. 21
Other India, ship'ts to Aug. 21
Alexandria receipts to Aug. 20Other supply to Aug. 20 *
-
_
100
994,500
346.000
8,000
—-
To
To
To
404
810
Havre—Aug. 20—St. Laurent, 810
Antwerp—Aug. 19—Sallust, 291
291
391
■
To Genoa—Aug. 18—Sicilia, 391——
To Barcelona—Aug. 20—Himalaia, 200
—
200
20—Himalaia, 650
16—Cincinnati, 50--——
To Yarmouth—Aug. 13—Calvin Austin, 52
BALTIMORE—To Bremen—Aug. 16—Koenigen Luise, 4,914—
650
50
To Trieste—Aug.
BOSTON—To Hamburg—Aug.
2,351,391 20,484,529 2,345,144 21,338,285
Total supply
Deduct—
Visible supply Aug. 22
Total
Of which other
*
229,457 19,222,598
156,157 15,243,498
3,979.100
73,300
284,558 18,417,696
198,458 14,131,896
86,100 4,285,800
Total takings to Aug. 22
Of which American
Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
New York
His first venture
on
his
1911-12.
Receipts at—
Since
<
Week.
5,000 2,702,000
Bombay—
bales from New York.
Since
Total
3,950
52
600
11,761
22,528
2,746
102
4,914
42,051
\
LIVERPOOL.—By cable fromLiverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
-
•
Sales of the week-
—
Of which
speculators took
Of which exporters took
Aug. 1.
42,000
—
_
Sales, American
s
Actual export
Forwarded-
.
Of which American
Amount afloat
3,000
4,000
34,000
3,000
51,000
-766,000
566,000
1Total stock—Estimated-
27,000
12,000
39,000
10,000
-
-
-
,
Since'
Week.
Sept. 1.
Aug. 15. Aug. 22.
33,000
32,000
1,000
2,000
1,000
2,000
23,000
25.000
6,000
4,000
56,000
53,000
613,000
655,000
411,000
459,000
20,000
14,000
2,000
6,000
54,000
42,000
29,000
17,000
Aug. 8.
37,000
1,000
1,000
26,000
7,000
76,000
702.000
502,000
19,000
5,000
35,000
10.000
...
The tone of the
Sept. 1.
6,000 2,489,000
7,000 2,299,000
For the Week.
2,671
Of which American
Since
Week.
Sept. 1.
—
913 19,567
"
Total imports of the week
Of which American
1910-11.
,.|
14,298
—
The exports to Japan since Sept. 1 have been 361,974 bales
from Pacific ports, 300 bales from Savannah and 12,200
INDIA COTTON MOVEMENT FROM ALL PORTS.
1912-13.
——
Total
changes being to Farrar & Jones, Jones, Eure & Co., Jones
& Shutt, and lastly George F. Jones & Son.
As a member of
the Executive Committee, the Floor Committee, the Re¬
vision Committee and in other official capacity he rendered
very efficient and valuable service to the Exchange.
August 21.
'
Baltimore
member of the firm of Colton & Jones, subsequent
'
810
Boston
account
own
1,200
13,403
103
404
New Orleans
—Oth.Eur ope— Mex.,
North. South. &c. Japan.
2,709
600
2,380
291
1,241
52
50
4,914
Ger-
Ports, many.
7,149
6,745
Galveston
—Mr. George Jones, a member of the New York Cotton
Exchange for some 32 years, died at Rockland, Maine, on
Sunday morning, Aug. 17.
He was born in North Berwick,
Maine, in 1850, came to New York when a boy and began
his business career in the office of March, Price & Co.,
merchants.
French
Great
Britain.
This total embraces the total estimated consumption by Southern mills,
2,913,000 bales in 1912-13 and 2,684.000 bales in 1911-12—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 15,504,696 bales in 1912-13 and 16,538,598 bales in 1911-12, of
which 11,218,8 <6 bales and 12,559,498 bales American.
cotton
42,051
—
-
-
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
The
a
was as a
52
4,914
_
2,115,687
2,066,833 2,115,687
2,066,833
_
Liverpool market for spots^ and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
"
each
September 1.
Wednesday.
Tuesday.
Monday.
Saturday.
Spot.
Exports
Friday.
Thursday.
.
-
Great
Great
Conti-
Britain,
nent.
AChina
Conti-
Britain.
nent.
Japan
from,—
Total.
Japan
Total.
China.
&
Fair
Market,
Moderate
Dull.
■
business
demand.
12:15
1912-13-
20,000
1911-12.-
7,000
2,000
1910-11..
36,000
7,000
2,000
16,000
41,000
957,000 1,502,000
831,000 1,227,000
615,000 1,585,000
504,000
12,000
384,000
57,000
913,000
Calcutta—
LOOO
2,000
1912-131911-12-.
3,000
3,000
6,000
6,000
29,000
38,000
5,000
48,000
18,000
4,000
4,000
22,000
69,000
70,000
71,000
37,000
26,000
1,000
'6,000
1,300
8,000
'
1910-11--.
1,000
1911-12..
*
2,000
6,000
1,000
2,000
13,000
6,000
<.
4,000
200
4,200
8,000
26,000
46,000
13,000
8,000
6,000
2,000
17,000
20,000
10,000
31,000
25,000
300,000
214,000
76,000
325,000
1910-11..
27,300
38,000
73,500
2,000
119,500
1911-12..
2,000
1910-11-
2,000
10,000
2,000
127,000
103,000
59,000
458,000
342,000
460,000
3,000'
Steady gen
Futures.
Market
-
6.62
7,000
500
800
300
300
"Steady
500
..
Easy
.
4 points
\
*
7,000
500
Spec.&exp.
Steady
Steady
Easy,
5@6 pts.
5@7 points
7k @8 pts. 2@2k Pts. 5k @7 pts.
advance.
decline.
advance.
advance.
advance.
decline.
Firm
opened./
Quiet
Steady
Firm
Firm
Barely st'y,
Market,
4
All others—
1912-13.-
6.67
6,000
5,000
6.56
8,000
Quiet.
'
Sales
Madras—
1912-13..
Quiet.
,6.49
6.45
6.51
Mld.Upl'ds
Quiet.
doing.
P. M.
Bombay—
9k@10k
P. M.
5@6 pts.
9@10k
pts. adv.
advance.
dec.
pts.
pts.
12k@13k 6k @7 pts. 9@10
advance.
decline.
pts. adv.
The
prices of futures at Liverpool for each day are given
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
below.
Total all-
1912-13—
2,000
37,000
19,000
1911-12,.
3,000
3,000
27,000
13,000
16,000
2,200
1910-11
79,000
855,0001,122,300 2,056,300
47,000
662,0001
868,000 1,677,000
146,000 1,332,000
711,5002,189,500
58,000
46,000
18,200
The
to
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1912-13.
Alexandria, Egypt,
August 20.
Sat.
12k
Aug
12k
12 k
d.
d.
week
1,000
7,458.860
6
—.
Since Sept. 1
6
6
Oct .-Nov.
2,500
7,260,994
6
Dec.-Jan
7,571,118
6
Nov-Dec.
\Exports
To
Week. Sept.
(bales)—
To Continent and India.
To America—
_
Total
This
Week. Sept.
1.
This
Since
Since
Week. Sept.
1.
1.
exports—
1,750 208,441
204,664
6",250 421,475
800 125,125
3,250 205.007
231,877
l",506 395,861
2,500 120,789
1,500 218,991
220,094
1,250 416,941
500 125,128
8,800 959,705
Liverpool
To Manchester
.
Since
7,250 953,534
12k
4
d.
23 k
08
02,
99
03
93 k
93 k
98
94 k
96
98k
97
98
on
i
6
02
6
03
6
"
04k
6 05 k
6 06k
6 07k
6 07k
16k
07
00
02
99
03
03
98k
6
07
.
.
.
■
Egyptian bales, weigh about 750 lbs.
MARKET.—Our
report received by
to-night from Manchester states that the market is
firm for yarns
and quiet for shirtings.
Merchants are not
prices.
We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
willing to
d.
d.
40k 42k 36
34 k 35 k 29
26 k 27
21
22k 23k 17k
17k 18k 12
17k 18k 12
18
119
12k
19k 20 k 14
21k 15k
22k 16k
23 k 17
_123 k 17
21k'22k 16
4
02
.
,
1
BREADSTUFFS.
Friday Night,
MANCHESTER
12k
3,250 981,154
..
Note.—A cantar is 99 lbs.
cable
4
..
98
99
12k
d.
12k
4
19k
20k 12
11
02 k
Feb.-Mch.
Mch.-Apr.
Apr .-May
May-June
June-July
July-Aug_
4
27 k
Jan-Feb.
This
Fri.
Thurs.
Tues.
d.
Aug.-Sept.
Sept .-Oct.
Receipts (cantars)—
This
Mon.
.
Aug. 22.
1910-11.
1911-12.
Thus: 6 27 means 6 27-100rf.
prices are given in pence and 100ths.
Aug. 16
pay present
Flour continues
Aug% 22 1913.
rule quiet
and uninteresting, for the
trade is unwilling to anticipate pending a readjustment in
to
wheat.
Buyers feel that the strength of the latter com¬
modity is in sympathy with corn, and that, sooner or later,
prices must recede.
Minneapolis is doing more business
and the market is considered in a healthy condition.
But
^
see no object in contracting ahead in view of the
carrying charges for deferred new-crop shipment.
Foreign
sales are small, as buyers are skeptical of prices holding.
The production last week at Minneapolis, Duluth and Mil¬
waukee was 385,430 barrels, against 359,675 last week and
buyers
1913.
1912.
8 k lbs. Shirt-
d.
Cot'n
infft, common
32a Cop
Twiet.
Mid.
32a Cop
UpVs
Twist.
to
d.
a.
finest.
d.
s.
d.
d.
8 k lbs. Shirt¬
d.
Cot'n
ings, common
Mid.
d. s.
Upl't
finest.
to
d.
d
s.
a.
July
10 H
©
11
2
@11
6
10 k
10M
©
©
@11
6
9 15-16
11
11
@10K
2
18
25
1
9 13-16
©10k 6
4
n
6.70 9k
6.76 10
@
10 13-16 6
2k@ll 4
6.86
@ 10 15-16 6
3
@11 5
7.07
@ 10 15-16 6
6.61 10 1-16 @ 11
6
4
3k@H 5
@11 5
7.31
Ok^H 3k
6.57 10k
4k@H 5
7.37
4
lk@H 6
1
@11
4k
6.69 10
7.24
Aug.
8
9«
10k 6
10k '6
@11
3
6.43
9k
9k
©
©
0
15
0
ft*11
3
6.40
9k
22
9k
•
10k,6
0k @U 4
6.62 9k
@
6
@
10k 6
'@«10k
:@
10k
6
3
6
3
@11
.
4
6.96
(a 11
4
6.72
@11 4
6.60
360,325 last year.
Wheat has ruled firm in sympathy with corn.
Rains in
the Northwest have also had a stimulating effect, for har¬
vesting is thereby checked in both the United States and
Canada.
But, on the other hand,it is pointed out that these
In the American Northwest
rains will benefit the late crop.
yield of 175,000,000 to 200,000,000 bushels is predicted.
Harvesting is general in Canada, and, while some sections
a
538
complain of the returns, the prospects favor a good crop, pro¬
vided frost does not come early.
Freer receipts both here
and abroad are indicated in the increase of 7,039,000
bushels
for
the
world's
visible, which compares with
a
decrease
last
year
of
1,072,000 bushels.
There
will be no shortage of wheat, though excessive rains in
Europe may reduce the yield there from recent expectations.
Russia and France have suffered in this regard, while Ger¬
many complains of too much dry weather.
There can hardly
be too much wheat, however, even if the Government fig¬
ures of 781,000,000 bushels
proves correct.
The shortage
of corn would be otherwise a calamity.
The farmer shows a
tendency to hold back supplies because of the rising tendency,
but the movement is nevertheless
proceeding satisfactorily.
The
falling off in the primary receipts should be only tem¬
for a reaction would stimulate the desire to unload.
It is not likely that the banks will foster withholding wheat,
for money conditions do not warrant this policy.
Talk of
wheat being used in place of corn for feeding purposes,
though possibly true in exceptional cases, can be passed over
with slight attention, for the difference in price is still pro¬
hibitive.
Our surplus for export may be smaller than would
otherwise be the case, but Europe will need the usual amount
to eke out its crop, especially in view of the Balkan war,
which checked production.
It is argued, therefore, that
prices may not recede materially, though the speculation for
porary,
the rise
To-day prices were
improved weather in the Northwest and the failure
of frost to develop in Canada.
Crop estimates were larger
for Northwestern States.
V
easier
apparently has been overdone.
on
.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
No. 2
red__
_cts_
95%
September delivery in elevator
December delivery in elevator
DAILY
CLOSING
95%
98%
WHEAT
OF
PRICES
95%
95%
95%
94%
98% 98%
FUTURES
IN
CHICAGO.
87%
90%
95%
86%
90%
95,
87%
90%
95%
87%
90%
95%
96
95%
98%
95%
95%
98%
Wed. Thurs.
Tues.
Mon.
Sat.
September delivery in elevator cts_
December delivery in elevator
May delivery in elevator
95%
95
98%
Fri.
87%
90%
95%
87%
90%
95%
New
high records were made for corn, which is the centre
speculation.
The news was distinctly bullish,
and little encouraging to the bear side is noted.
Rains
came, it is true, but rather too late to repair the damage
which had already been done.
Kansas, which is the worst
sufferer, received tardy showers, but expects only 20%
of a crop in some counties.
Of course, allowance must be
made for possible exaggeration in crop estimates, " but
private figures predict only 2,370,000,000 bushels as this
year's total crop.
The "Price Current" makes the prospec¬
tive total even less—2,250,000,000 bushels.
A falling off
of some 900,000,000 bushels from last year, however, seems
hardly credible, and probably will be modified as the crop
reaches the end of the harvesting.
Certainly, in some sec¬
tions, improvement may result from the rains.
But the
offerings are light and farmers are holding back stocks
from the market.
The visible supply decreased 1,827,000
bushels for the week as against an increase last year of
735,000.
Contract stocks in Chicago are 490,000 bushels
of
Cash
corn
is
so
hard to obtain in the West that
;
WEATHER BULLETIN FOR WEEK ENDING AUG.
18.—The
general
of the weather bulletin issued
summary
the Department of Agriculture for the
by
Aug. 18 is
as
week ending
follows:
A further continuation of the long period of excessive heat and drought
the Middle West, and the comparatively cool weather prevailing at
same time in the far West and extreme eastern districts were the marked
features of the weather for the past week.
"
.
over
the
the Westward of the Mississippi
ho beneficial rain occurred over
portions.
Local rains occurred in portions of Iowa,
Nebraska, South Dakota, and Southern Minnesota, but the amounts were
generally less than normal, though affording temporary relief.
In the
In
great corn-growing States to
heat still prevailed and
the
River
extreme
much of the southern
principal corn-growing States to the eastward of the Mississippi sunshine
and high temperatures prevailed and sufficient rainfall occurred to tem¬
porarily relieve the drought in much of the northern portion of the belt
and to some extent in Kentucky, but over Southern Illinois, Southern
Indiana, and much of Ohio and Tennessee there was but little beneficial
rain and all vegetation continues to suffer.
In the spring-wheat region more moderate temperatures, with abundant
sunshine and occasional showers, were favorable for ripening and harvest-
jit'the
over
several weeks
portions of the belt continued generally through¬
cotton region the favorable weather of the past
the central and eastern
Temperatures were moderate and local showers frequent
but the rainfall was mostly insufficient and more would now be beneficial.
In the western States of the belt high temperatures continued as for
out the week.
previous weeks and rainfall was generally insufficient.
In Texas
points and good rains in a few locali¬
ties, but with the continuation of high temperatures the amounts received
afforded only temporary relief and more is very generally needed.
In
Oklahoma and Missouri it was hot and dry the entire week, and such
rain as fell afforded but little relief from the severe drought.
Over the Atlantic coast States from Virginia northward partly cloudy
and cool weather, with beneficial rains, greatly improved vegetation in
the southern portions, and moderate temperatures prevailed in the more
northern portions till near the end of the week, when some unusually high
temperatures occurred.
But little rain fell in the northern portions and
drought continues in much of New York and Pennsylvania and more rain
is again needed in New England.
Over the districts to westward of the Rocky Mountains the week was
several
moderate showers occurred at many
very
and
and the ripening
harvesting
favorable for
generally cool, dry and
curing of fruit.
''
v
breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. " The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
The statements of the movement of
Receipts
Oats.
Corn.
Wheat.
Flour.
at—
Rye.
Barley.
beyond the limits warranted.
showers
To-day prices reacted, owing
cooler weather
and
caused speculative
in
the
Southwest.
This
profit-taking.
'
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
'
'
'
"
Sat.
Cash
cts .Nom.
corn.
Tues.
Mon.
Nom.
Wed. Thurs.
Fri.
Nom. Nom. Nom. Nom
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
September delivery in elevator cts.74%ft 75%
December
delivery in elevator
69%
,70%
May delivery id elevator
74%
68%
70
69%
70%
75%
69%
70
bbls.l96lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu.56 lbs.
74%
74%
69% 68%-%
70%
69%
were
rather bearish than otherwise.
The country
is
selling and receipts keep up well.
This is indicated by the
which is reported by Bradsjtreets as increasing
3,429,000 bushels, as compared with an increase in 1912 of
299,000 bushels.
Another similar straw is the gain of 819,000
bushels in the contract stocks at Chicago.
Snow makes the
first returns from the threshing 27 bushels to the acre.
To-day prices declined fractionally in sympathy with the
other grain markets. •
visible supply,
DAILY
CLOSING
PRICES
OF
Mon.
Sat.
Standards cts_48@ 48%
No. 2 white..
49
48@48%
IN
NEW
Wed.
YORK.
Thurs.
48%
48%
48%
Sat.
The following are closing
Tues.
Mon.
43%
45%
48%
42%
45%
48%
3,000
70,000
53,000
Cleveland...
Louis...
.
Peoria.....
25,000
1,045,000
6,006
,
78,000
1,936,000
978,000
Kansas City.
Omaha.
Winter clears
Spring patents
Spring straights
4
4
4
Wed. Thurs.
42%
45
47%
42%
44%
47%
Fri.
42
44%
47%
Spring clears
$4
Kansas straights, sacks. 4
Kansas clears, sacks
3
City patents
5
Rye flour
3
OOl >S4 25
4 40
25<
75i
951
50(
400
6 50
3 85
4 00<
4 75
Standards
No. 2,
Corn, per bushel—
$100
98
96
97%
cts.
47% @48
white-.
No. 3-
S tearner
....
elevator Nominal
c.i.f. Nominal
Rye, per bushel—
No. 2-State and Pennsylvania
Barley—Malting
—
...
.....46%@4
4,000
7,955,000
5,155,005
4,156,520
841,000
648,142
437,276
417,000
218,606
129,677
•Since Aug. 1
1913.....
1,160,000
33,277,000
22,334,980
18,628,797
7,163,000
6,806,791
7,188,966
18,134,000
13,120,185
15,139,038
2,374,000
1,257,398
1,103,578
905,000
540,005
898,370
933,388
1912—..
1911
Total receipts
of flour and grain at the seaboard ports for
16 1913 follow:
the week ended August
Flour,
bbls.
189,000
Receipts at—
New York
Boston
46,000
Philadelphia
34,000
Baltimore
56,000
64,000
New Orleans*-..
Newport
News..
—
Galveston..
5,000
45,000
Mobile
Montreal
St. John.—.
*
Corn,
- '
bush.
119,000
1,000
25,000
25,000
36,000
Wheat,
bush.
1,535,000
525,000
514,000
1,334,000
810,000
144,000
885,000
•
Rye,
bush.
.
bush.
7,000
5,000
212,000
26~66O
•
3,000
339,000
8,000
30,000
1,483,000
48,000
90,000
.....
439,000
7,278,000
244,000
1,222,000
Since Jan. 11913.13,597,000 118642,000 43,068,000 35,899,000
Total week 1912.
361,066
3,254,396
175,206
1,210,752
Since Jan. 11912.10,546,81Q 71,944,921 25,976,076 30,210,112
Receipts do not. Include grain
Barley,
Oats,
bush.
554,000
53,000
149,000
66,000
58,000
Total week 1913.
on
392,960
302,000
38,000
15102000 2255,000
46,281
4,263
3979.926 298.573
passing through New Orleans lor foreign ports
through bills of lading.
,
from the several seaboard ports for the week
ending August 16 are shown in the annexed statement:
The exports
Rye,
Barley,
Peas,
bush.
bush.
bbls.
bush.
bush.
bush.
bush.
1,745,360
690,597
3,009
4,1,248
17,056
Wheat,
Exports from—
Corn,
Flour,
Oats,
839,027
"3",060
86,305
15,505
13,000
1,011
New Orleans....
601,000
12,000
9,000
1,000
News—
144,000
8,000
17,000
8,000
5,000
38,000
3,000
297,000
181666 lOO",606
•43,069 175,821
89,491 159,078
368,332
378,150
60,770 100,000
90,826
New York
Boston
536,000
Philadelphia
Baltimore
Newport
...
Galveston. ...—1,255,000
------
—
Montreal.
.
St. John
-•
1,025,000
48,000
26,084
25",714
Total
week....6,883,984
2,935,351
Week 1912
The destination
July 1 1913 is
as
Exports for week and Aug. 16.
t
since July 1 to—
bbls.
86,398
47,815
Sou. & Cent. Amer. 12,440
West Indies
23,662
Brit. Nor. Am. Cols.
2,236
Other Countries
270
United Kingdom...
Continent
...
.....
3",il7
of these exports for the week and since
below:
-Wheat-
July 1
-CornSince
Since
Week
July 1
1913.
Week
Aug. 16.
July 1
1913.
bbls.
bush.
bush.
bush.
btish.
538,347 2,425,889 14,930,306
318,495 4,442,935 15,464,836
153,466
15,160
182,202
224,584
13,010
6,847
17,000
151,270
348,243
227,897
385,580
Aug. 16.
22",450
22,569
1913.
300
420
20,000
750
4,701
....175,821 1,247,877 6,883,984 30,610,354
1912........159,078 1,094,669 2,935,351 12,951,466
43,069
89,491
1,118,111
464,061
6,138
elevator Nominal
No. 2
No. 3
"32I660
2,987,764
-Flour-
GRAIN.
Wheat, per bushel—f. o. b
N. Spring, No. 1
N. Spring, No. 2
Red winter. No. 2
Hard winter, No. 2__
Oats, per bushel, new—
•
56,000
2,343,000
2,035,371
Week
Graham flour.
~""3l66o
9,496,000
7,352,818
5,033,301
Since
Winter patents
Winter straights
155,000
8,000
.1
401,000
301,062
275,246
Same wk. '12
quotations:
$3 10@$3 50
5 40@ 5 75
4
141,000
46,000
794,000
477,000
512,000
562,000
Same wk. '11
Tot. wk. '13.
FLOUR.
Winter, low grades
707,000
448,000
.
434,000
48%
OF OATS FUTURES IN CHICAGO.
September delivery in elevator cts- 43%
December delivery in elevator
45%
May deUvery in elevator
-.48%
38,000
49,000
20,000
7,000
' 209,000
148,000
290,000
508,000
255,000
"81666
Detroit
Mobile-
Fri.
47@47% 47@47% 47% @48 47% @48
49
DAILY CLOSING PRICES
OATS
Tues.
77,000
135,000
325,000
228,000
1,072,000
Minneapolis.
51,000
33,000
245,000
335,000
84,000
292,000
Toledo
St.
3,705,000
990,000
186,000
59,000
Duluth
*
Oats have followed corn and wheat, but the prevailing
influences
3,623,000
208,000
Chicago
Milwaukee..
some
manufacturers of glucose are talking of closing down.
For
this reason, a break in the market would come as a relief
to business interests, who argue that the speculation has gone
•b.
xcvii.
active
less.
to
[Vol.
CHRONICLE
THE
70
Nominal
70@76
Total
Total
The
world's shipments of wheat and corn for the week
ending August 16 1913 and since July 1 1913 and 1912 are
shown in the following:
•
AUG. 23
Exports,
1,080,000
Australia—
584,000
India
1,848,000
Oth. countr's
96,000
Argentina.
__
The
quantity of wheat and
mentioned
corn
July
1.
1.
41,270,000
prices.
goods from this port for the week ending Aug. 16 were 9,672
packages, valued at $553,442, their destination being to the
points specified in the table below:
—1913
'
.
48,726,000
51,666,000
afloat for Europe on dates
Week.
12
16—
Great Britain.
Corn.
Wheat.
Total.
Bushels.
Kingdom.
Bushels.
Continent.
Bushels.
Bushels.
Bushels.
Total.
91913.. 18,160,000 15,912,000 34,072,000 11,127,000 22,686,000 33,813,000
8,517,000 24,046,000 32,563,000
Aug. 17 1912.. 21,072,000 12,832,000 33,904,000
4,938,000 5,933,000 10,871,000
Aug. 19 1911.. 21,184,000 16,032,000 37,216,000
supply
of
grain, comprising the stocks in
at principal points of accumulation at
seaboard ports August 16 1913 was as follows:
granary
Amer. Bonded
Amer. Bonded
Amer.
Wheat. Wheat.
.
Corn,
Oats,
bush".
bush.
bush.
46
78
1,004
82
1
43
152
473
3
85
168
67
142
75
196
1,548
105
1,371
Philadelphia
Baltimore....
New Orleans
....
1,562
12
112
46
19
9,096
1,437
9,798
258
71
544
52
Detroit
97
80
"39
"21
■
■
182
Milwaukee
Duluth
St. Louis
City
59
97
453
....
48
914
98
158
105
732
18
8
425
66
2
1,482
~183
453
1,640
Indianapolis
Omaha
.2
113
731
107
Peoria-
10
552
""4
96
4,224
8,223
2,610
7,885
Minneapolis
Kansas
68
201
afloat
207
20
1,160
27
1-....
879
440
122
27
159
On Canal and River...
105
34
129
511
118
468
1,348
1,284
291
350
64
96
693
On Lakes
190
Total Aug. 16 1913..44,426
.Total Aug.
9 1913..41,546
1912..18,144
Aug. 19 1911-47,642
Total Aug. 17
Total
54
537
537
94
3,603 19,834
5,222 17,157
2,226
2,099
4,793 17,196
970
941
1,196
....
8
CANADIAN GRAIN STOCKS,
Canadian
Canadian Bonded
Corn.
Oats.
bush.
bush.
bush.
...
Ft.William & Pt.Arthur
Other Canadian
Total Aug. 16 1913.
.
Total Aug.
9 1913.
.
Total Aug.
17 1912.
.
Total Aug. 19 1911.
.
4
1,205
1,076
1,561
.
4,442
4
5,065
6,444
4,081-
22
'
15
394
bush.
bush.
33
1,444
2.596 '
bush.
440
....
2,039
,
Bonded
Rye. Barley. Barley,
Oats,
bush.
bush.
Montreal
Canadian
Bonded
Wheat. Wheat.
„
....
6,079
6,155
2,868
5.071
33
33
....
440
446
....
"18
IIII
bush.
American
Canadian..
.........
Total Aug. 16 1913.
Total Aug.
Total Aug.
Rye. Barley. Barley,
bush.
bush.
bush.
Oats.
bush. {bush.
970
.48,868
970
.
9 1913. .46,611
941
.24,588
1,196
Total Aug. 17 1912.
Bonded
Oats.
.44,426
4,442
19 1911. .51,723
bush.
bush.
3,603 19,834
4 6,079
537
3,607 25,913
5,244 23,312
2,241
4,967
5,187 22,267
'
511
1,348
33
440
537
544
118
537
501
1,788
1,730
94
291
350
64
96
711
118
8
Friday Night, Aug. 22, 1913.
A generally good demand is reported in all branches of the
drygoods trade, and leading factors are optimistic concerning
the outlook. The chief source of encouragement is the non-ac¬
cumulation of stocks in any line, despite the fact that buying
is conservative, orders being for small quantities and for im¬
mediate or nearby requirements.
The feature of the week
has been the exceptionally good demand for silks, and
striking advances in prices have been recently made owing
to the scarcity of supplies through both the strikes and poor
raw material situation.
The larger silk mills report a better
demand than usual for hosiery, while ribbon and dress silks
are
requested to a degree much exceeding the supply.
Another feature of interest has been the opening of one large
corporation line of woolen and worsted dress goods for
Spring 1914.
There was a good attendance at the opening
and considerable interest in the offerings, which consisted
chiefly of a broad assortment of new fancy lines.
Prices,
though difficult to compare with last season owing to the
introduction of new lines, were
generally much lower. Much
interest was also displayed in the openmg of further lines of
men's wear during the week, and buyers express much
satisfaction with the assortment of fabrics offered.
Demand
in men's
fancy
wear
has
woo ens.
so
Sales
far favored
are
staple lines of serges and
reported to be well up to the mark
for this period and much satisfaction is
expressed over the
popularity which low-priced lines are meeting. The lowpriced fancy woolens have been exceptionally active and a
good business has been placed.
The effect of foreign com¬
petition in woolens and worsteds is still overhanging the
market and after this doubtful factor is disposed of a much
better business is expected..
In cotton goods a fair demand
together with a sharp recovery in the price of cotton has
dispelled all hope of further reductions in the price of finished
goods for the time being. Buyers of gray goods and print
$17,026,312 in 1913, against $17,261,056 in 1912.
Markets for domestic cottons are developing a steadier
undertone, and while it cannot
be said that trade is particu¬
larly active, there is little doubt that the demand is broaden¬
ing and supplies in many sections light.
Buying for the
most part at present is confined to immediate and nearby
needs, future operations being restrained by.the tight money
situation and tariff uncertainties.
As soon as these factors
are removed, however, and the crop money begins to circu¬
generally believed a larger forward purchasing
will develop.
The prolonged drought in the
Southwest, according to some, is beginning to be felt, as
requests are being received to defer shipments as well as to
revise orders for future delivery placed sometime ago.
Trade
so far affected, however, is said to be unimportant and good
orders are being received for all lines from a wide territory.
Fancy cotton, denims, wash fabrics and other staple goods
are
selling well.
Deliveries of many goods, particularly
sheets and pillow cases, are backward, and as a result
requests for shipments not due until next month are being
received.
Retailers continue to be active buyers, reporting
that their stock have been reduced more than usual.
Ging¬
hams are in moderate demand, duck rules fairly steady
and it is not expected that new prices, to be named on percale
before long, will show any lower values of importance as
mills are said to be well booked and will not be likely to
offer concessions in order to stimulate
business, Print
cloths have developed greater activity than for some time
past and prices have been advanced.
Gray goods, 383^-inch
standard, are quoted 3^c higher at ,5c.
WOOLEN GOODS.—Markets for men's wear and dress
is
it
goods have developed greater activity with large factors
as
having booked a substantial business, A
number of lines have been sold as far as mills care to go
prices named.
Smaller manufacturers have also trans¬
quite a satisfactory business and claim that it has
been easier to secure a wider distribution than for some time
acted
Retailers continue active buyers of dress goods. .
DRY GOODS.—Buyers of linens
are be¬
ginning to display more interest in goods for Spring delivery
and as a result of the increasing demand^ it has been found
necessary to withdraw from bond quantities of goods that
had been held to await the settlement of the tariff revision.
past.
FOREIGN
THE DRY GOODS TRADE.
New York,
New York exports since Jan. 1 has been
at
Bonded
Corn.
Wheat. Wheat.
...
reported
SUMMARY.
Bonded
1,347
...
,
....
•
15
...
movement
2
18
-
—
The value of these
late
683
Toledo
Chicago
1
1
42
792
Buffalo
Amer. Bonded
Rye. Barley. Barley,
bush.
bush.
108
37
10
bush.
272
272
543
1,307
1,776
1,100
New York..
Boston
Galveston
Amer.
Oats,
bush.
bush.
lake and
STOCKS.
STATES GRAIN
UNITED
■ul
271,576
countries
Other
Aug.
visible
3,026
—
South America
Total.
Continent.
Aug. 16 1913.. 17,928,000 19,768,000 37,696,000 12,682,000 21,947,000 34,629,000
The
220,357
*
Central America
United
United
Bushels.
72
880
61
323
1,176
498
-
..—.
-
Mexico
3,289
380
667
48
390
550
470
;
-
-
Jan. 1.
51,319
19,541
37,637
18,534
30,835
2,047
14,357
46,341
46,329
—
__.7,149
6
Indies
Since
Week.
<'
1
751
53,193
9,950
23,610
18,856
23,912
1,644
10,287
34,180
42,878
;•
-----
Arabia
West
Jan. 1.
1,096
—.9,672
Other EuropeChina
India
Africa
Kingdom.
1912
Since
New York to Aug.
follows:
was as
still able to pick up odd lots at values slightly
market, but otherwise the price situation on
DOMESTIC COTTON GOODS.—The exports of cotton
59,000
2,236,000
5,161,000
511,000
3,291,000
3,248,000
44,616,000
the
of lower
Bushels.
Bushels.
77,520,000! 72,471,000 8,526,000
13936000
Total
Bushels.
17,000
20,536,000
391,000
12,167,000
476,000
5,768,000
2,524,000!
14,922,000 7,642,000
5,052,000
5,264,000
2,768,000
13,672,000 15,112,000
570,000,
1,198,000
88,000
Danube
July
39,394,000
11,044,000
8,144,000
2,096,000
Russia
Aug. 16.
Bushels.
Bushels.
Bushels.
North Amer.
1.
are
staple cottons is firm.
The export trade in cotton goods
continues dull owing to large stocks abroad and expectations
Since
Since
Week
Since
July
1.
July
1912.
1913.
1912.*
Since
Week
Aug. 16.
cloths
below
Corn.y
Wheat.
1913.
539
CHRONICLE
THE
1913.J1
good demand has developed for household goods,
particularly crested goods, and mills are well booked ahead.
Burlaps continue active and firm with the demand confined
largely to lightweights.
Despite the fact that arrivals have
been larger, stocks continue very light and jute values have
reached the highest levels on record.
Lightweights are
quoted 6.50 to 6.55c. and heavyweights at 8.00c.
A very
Importations and Warehouse Withdrawals of DryGoods
and Since Jan.^1.
Imports Entered for Consumption for the Week
Week Ending
Manufactures of—
1,680
216.830
'■
Wool
Cotton
Silk
781
2.361
1,154
1,216
1913.
Value.
$
-■
226,369
718.989
812.841
; 300.748
Aug.
Pkgs.
;
,
——
—
Flax
Miscellaneous
———
Since Jan. 1 1913.
Pkgs.
Value.
16
.
19.248
88,285
47.546
58,386
$
4,649.704
24.742.789
20,989,088
12,678,190
80.718
7,647,612
7,192
2,275,777
294,183 70,707,383
Total
10,238
2,736,895
332,944 73,775,494
Warehouse Withdrawals Thrown Upon the Market.
Total
1913
1912
————
Manufactures of—
Cotton
Silk
L—
Flax
I
Miscellaneous
Total
158,530
315,563
159,074
150.515
134,011
641
945
437
673
723
Wool
Total marketed
125,856
19,133,665
2,275,777
294,183
70,707,383
10,611
14,539
1912
917,693
7,192
1913
Total marketed
3,193,470
3.422,973
420,039
89,841,048
91,781,539
Imports Entered for Warehouse
Manufactures of—
Wool.
17,040
28.816
8.159
24,427
79,876
4,038.529
8,201,152
3,165.427
4.470
1,121,183
2,275,777
158.318
294,183
24,394,572
71,92
—11,662
-13,295
3,396,960
3,354,374
452,501
488.475
—
Silk
Total
—
—
-
-
—
Entered for consumption
Total imports 1913.
,
Total imports 1912
487,987
During Same Period.
176,729
343.856
170,727
.240,707
189,164
i
Cotton.—
Miscellaneous
2,728,716
6,578.241
2,773,476
3,917,119
3,136,113
3,419
withdrawals
Entered for consumption
Flax
10,970
22,333
6,900
18,777
66,876
—
675
1,297
486
1,050
962
5,375.161
3.614,313
70,707,383
95,101.955
"92,209,188
540
THE
CHRONICLE
part of public utilities the city may also issue bonds, other than
public
utility bonds, the same to constitute a direct obligation of the city and not
to exceed in the aggregate 5% of the taxable
property therein.
No. 3.
Adds to Article X. a new section to be known as
Ornr XtefAHTMswr.
providing for
creation of
News
xcvii.
in
or
8tat£:anp
[Vol.
items.
No. 4.
a
Section 27
a State tax of 10 cents on the $100 assessed
valuation, for the
special road improvement fund.
Amends
Section 16 of Article IV. and fixes the
salary of members
$1,000 per annum. At present the pay is fixed at not
exceeding $5 per day for the first 70 days and not
exceeding $1 a day for
the remainder of the
session, except during "revising sessions" when the
pay,is $5 a day for the first 120 days and $1 for each
day remaining.
r?'
Ail9ws a city containing 100,000 or more inhabitants to become
indebted m a larger amount than
specified in Section 12, Article X., not ex¬
ceeding an additional 5% of the value of taxable
property, for the construc¬
tion or acquisition by purchase or
otherwise, within its corporate limits, of a
subway or subways, with land, approaches and other
appurtenances neces¬
sary for the construction and operation
thereof, to be owned exclusively
by such city for the transportation of persons,
baggage, express and freight,
and for pipes, wires and cables used
for .public service
purposes.
No
such debt shall be
incurred, however, without the assent of two-thirds of
the qualified voters
voting for or against the same.
Provision must also
of the Legislature at
Akron, Ohio.—Election on New City Charter.—The Char¬
ter Commission has set Aug. 26 as the date for a special
election when voters will pass upon the proposition to change
the form of government of this city.
The proposed new
charter provides, it is said, for a commission of three, at a
salary of $5,000 per year, in whom the entire legislative and
executive power of the city is to be vested.
.
Alpena, Mich.—Election on Commission Form of Govern>r
question of adopting a commission form of gov¬
a vote on Sept. 17.
ment.—The
on
ment of
Columbus,, Ohio.—Bonds Declared Valid:—In a decision
rendered Aug. 19 Judge James I. Allread in the Franklin
County Court of Appeals affirmed the ruling made Jan. 27
by Judge Kinkead in the Common Pleas Court upholding
the validity of the $700,000 grade-crossing-elimination bonds
voted in May 1912.
See V. 96, p. 374.
This, ir
adopted, will be known as Section 12b. of article X..
No. 6.
Adds a new section to Article
X., to be known as Section 23.
This section provides that, in addition to
the taxes authorized to be levied
purposes under Section 11, Article X. and in addition to the
for colxnty
fecial levy for road and bridge purposes authorized by Section vote, make
22, Article
..the qualified voters of
road district may, by
majority
any
axmuallv
'
'
\-,v;
Amends Section 47 of Article IV. so as to
permit the Legislature
to provide for pensioning the
deserving blind.
No. 8.
Changes Section 16 of Article IX. concerning the
framing of
Charters of cities having over 100,000 inhabitants.
The section
as
V:;;
2,000 copies,one of which shall be a daily
newspaper printed in the Ger¬
language and which has been published continuously for 52 weeks
such publication
which snail be made once each week on the
same day, the
last publication to be within 2 Weeks of the date of such
1913 session
man
next before
election.
to
decide
of
on
the
question of establishing
a
government.
Michigan.—Validity
of
"Blue
Sky"
Law
Attacked
—
Suit to prevent the enforcement of Act No. 143, Public
Acts of 1913, known as the
"Blue Sky" law, has been
,
present
amendments
are
published for at least 30 days in
largest circulation in such city, one of which is a
language.
newspaper printed in the German
-
1
form
At
three newspapers of the
La Grande, Union County, Ore.—Election on Commis¬
sion Form of Government.—Reports state that an election will
commission
amended
provides that charter amendments must be published for at least 3 weeks
m 2
newspapers printed in such city and having a circulation therein of
Adjourns.—-The Georgia Legisla¬
shortly after 10 o'clock on the
night of Aug. 14.
A "Blue Sky" law was enacted just
prior to adjournment.
be held Oct.
on
No. 7.
Georgia.—Legislature
ture ended its
a
special levy for road purposes only of not to exceed 65 cents
a
the $100 valuation.
Ennis, Ellis County, Tex.—Election of Commission Form
of Government.—An election will be held Oct. 7, reports state,
to vote on the adoption of the commission form of govern.
,
be made for the collection of an annual tax
sufficient to pay the interest
such debt as it falls due, and also constitute
a sinking fund for the
pay¬
principal within 30 years, if payment of such interest and
principal
be not provided for from the
operation or lease of such subway or subways.
ernment will be submitted to
ment.
j
Mt.
Carmel,
Pa.—Voters
• Defeat
Commission Plan of
Aug. 18 defeated the plan to
abolish borough control and become a third-class
city with
Government.—The voters
on
commission form government.
Nevada.—Taxation of Mortgages.—The 1913
Legislature
following provision for the taxation of mortgages,
deeds of trust, &e.:
'
*
started in the District Court of the United States for the
Eastern District of Michigan upon a bill of complaint
made the
prepared by Hal H. Smith of Detroit, counsel for the Michi-
Chap. 289.-*-An Act supplementary to an Act entitled "An Act to provide
revenue for the support of the Qovernment
of the State of Nevada x and repeal¬
ing certain Acts relating thereto," approved, March 23 1891. v
[Approved April 1 1913.]
The People of the State of
Nevada, represented in Senate and Assembly,
do enact as follows:
Section
1. A mortgage, deed of trust, contract or other
obligation
by which
debt is secured and which is a lien or encumbrance on real
prop¬
erty shall, for the purposes of assessment and taxation, be
deemed, consid¬
tankers Association of America in the proceedings to have
fan Bankers Association, who is representing the investment
the Act declared unconstitutional.
The parties to the injunc¬
proceedings are the Alabama & New Orleans Trans¬
portation Company, an issuing company described as
an
"investment
company," and the following dealers:
N. W. Halsey & Co., A, B. Leach & Co., Continental &
Commercial Trust & Savings Bank, Chicago, and Lee,
Higginson & Co> The law is attacked, it is said, on the ground
that the commission created by the same has no right to re¬
strict the right of contract; that the law forbids inter-State
commerce in certain securities; that no provision is made for a
hearing to determine whether the buying of the securities
will result in a loss to the purchaser; that there is no
appeal
from the decision of the commission; that the commission is
vested with arbitrary power; and that it is an administrative
tion
body;, but is given both judicial and legislative
powers.
It
charged that the commission has issued blanks asking
for information impossible for the dealers to supply, and has
approved certain manuals that list insolvent as well as
solvent companies.
■
also is
Missouri—Constitutional
Amendments.—The Legislature
passed resolutions providing for the submission to
the voters at the general election in November 1914, of the
following eight proposed amendments to the State, Consti¬
of
1913
tution:
No.
/
,
I.
Amending Section 57 Of Article IV.
so as
to
provide that here¬
after initiative and referendum petitions shall be filed with
county clerk,
instead of the Secretary of State, and that the genuineness of the
signatures
thereto shall be examined and certified to by the county court.
In the
City
of St. Louis such petitions, it is
the Board of Election
as
provided, must be filed with the Secretary of
Commissioners, which board is to'examine and certify
to signatures.
The amendment also provides that the powers of initia¬
referendum "shall not be used to pass a law or constitutional
tive and
amendment
authorizing any classification of property for the purpose of
levying different rates of taxation thereon, or of authorizing the levy of any
single tax on land or land values, or land sites at a higher rate or by a dif¬
ferent rule than is, or may be, applied to improvements
thereon, or to
personal property, or to authorize or confer local option or other local powers
in matters
of taxation
in
of the counties, municipalities or
to repeal, amend or
modify these
Whenever any measure submitted
under the initiative or referendum shall be rejected, neither the
same meas¬
ure nor any measure having the same or similar effect shall
again be sub¬
or
upon any
political subdivisions of the State,
provisions relating to
taxation."
mitted for
:J
a
or
term of five years.
No- 2. Adding a new provision to Sec. 12 of Art. X, so as to allow Kansas
City to incur indebtedness outside the present limit for the acquisition, by
purchase, condemnation or construction, of water works, gas works, electric
light works, street railways, telegraph and telephone systems,
heating plants
or any other plant or public service institution within or
outside the dty lim¬
its, for use of the citizens in said city. For this purpose the city
may issue,
with the assent of two-thirds of the voters voting thereon at a
general or
special election, "public utilities", bonds not to be included in the indebted¬
ness limited by prior provisions of Section 57 and not
exceeding in the
aggregate 20% of the value of taxable property in the city.
The principal
of these bonds shall be payable out of the earnings or sale of the
utility
or plant acquired and shall not constitute an
obligation enforcible out of
funds raised by taxation.
The interest on such bonds and a sinking fund
for the payment of principal at maturity shall be
paid out of the earn¬
ings or sale of the utility, or out of funds raised by taxation, or both, as
provided in the ordinance authorizing the bond issue.
Power is also given
the city to execute mortgages on the
property to secure the payment of the
bonds and in case of default in payment of principal or
interest, bondholders
may apply to any court of competent jurisdiction sitting in Jackson
County
and said court may, if default continue, appoint a receiver to
take charge
and operate the property pending final decree of foreclosure
and for one
year thereafter, during which .period the city may, upon the
payment to
bondholders of past due indebtedness and court
costs, retake said property.
If not retaken by the city within said
period of redemption, the property is
to be delivered to such party as the court in such
action may order, and
thereupon all liability of the city on the bonds and its rights as owners
shall cea^e, the plant to be
operated by the party named by the court in
.conformity with and subject to the provisions of the ordinance authorizing
the acquisition and issuance of bonds therefor.
For the payment in whole
ered and treated
as an
to railroads and
interest in said real property
thereby affected, except
other quasi-public corporations, and the several
asses¬
in their respective counties in the State shall, in
assessing and fixing
the value of the real estate affected by any such
mortgage or other instru¬
ment herein mentioned, treat, consider and deem such instrument as
as
sors
an
interest in the real property and the assessment of the real
estate affected
thereby for the purposes of taxation shall be deemed and taken as the as¬
sessment of such mortgage or other instrument;
provided, that in no case
shall the valuation for taxation fixed exceed the value of said lands.
Sec. 2. All taxes so levied and assessed under the
provisions of this Act
shall be a lien
upon the property and the same may be paid by the owner
thereof or the holder of any such security as they may
stipulate in such mort¬
gage or other instrument.
Sec. 3. All taxes levied and assessed under the
provisions of this Act
shall be lien upon the property and collected as other taxes are collected.
In the event any mortgage or other instrument mentioned herein shall
con¬
tain
a stipulation requiring the holder thereof to
pay such taxes, and if such
holder shall fail to make such payment, then the owner of said
property shall
pay such taxes and shall be entitled to a
cured to the amount so paid.
discharge of the debt thereby
se¬
Sec. 4.
The provisions of this Act shall in no manner repeal or affect
any
law now in force relating to the assessment of
mortgages held, or owned
by any bank or trust company in this State.
Sec. 5. All Acts and parts of Acts in conflict with the
provisions of this
Act are hereby repealed.
State Loan and
Refunding of Outstanding Debt.—Chapter 57
of the Laws of 1913, approved Mar. 11, authorized the issu*
ance of $300,000 20-year bonds to State funds for the
pur¬
pose
of enabling the State to transact its business
upon a
basis
and .to refund its outstanding indebtedness.
provisions of this Act have been carried out, the details
of the bonds issued being given in the May number of our
"State and City Supplement," page 165.
cash
The
New York City.—Municipal Year-Book.—The
Mayor's
Secretary, Robert Adamson^with the assistance of the Bureau
of Municipal Research and its representatives, has
prepared
a municipal year-book containing useful information for
citi¬
zens regarding the city government.
This is the first-year¬
book in the history of this city,
although, as stated in the
introduction of the book, "every municipality in the world
of any importance, except
tion.
'''
:•
New York," issues such
a
publica¬
.
New York
State.—Attorney-General Holds that Lieutenantnow Acting Governor.—In response to a com¬
munication from Secretary of State Mitchell May, the At¬
torney-General, Thomas Carmody, on Monday afternoon
(Aug. 18) gave his opinion as to the status of the Governor
and Lieutenant-Governor pending the trial and determina¬
tion of the impeachment charges against the former.
Mr.
Carmody holds that, with the passage of the impeachment
resolution by the Assembly, the duties and powers of the
Governor
Glynn is
Governor's office devolved
upon
the Lieutenant-Governor,
H.
Glynm
The State constitution in Section 6
of Article IV. provides that this shall happen in case of the
"impeachment" of the Governor, but it was suggested by
some that
the; word "impeachment" as used in this section
meant conviction on the charges preferred.
The AttorneyMartin
General decides otherwise and goes exhaustively into, the
history of constitution-making, in^ order to show that under
the implied meaning of the constitutional proviso the Gov¬
ernor is barred from exercising his powers and
performingfcthe
Aug. 23
THE
1913.]
amount of the new loan to be contracted, and such bonds shall be counter¬
duties of liis office until his acquittal.
Concerning the claim
that the Legislature was without power to act on the impeach¬
ment resolution because it; "was in special session and the
subject was not submitted by the Governor for consideration,
the opinion says in part: "After an examination of the ques¬
tion I have come to the conclusion that it is clearly based
upon a misapprehension of the nature of the functions of
the Assembly when adopting and presenting the articles.
This is in no sense a legislative function; it is judicial."
Last week Governor Sulzer in refusing Lieutenant-Gover¬
nor Glynn's demand that he surrender his office suggested
that steps be taken to secure a court decision as to who was
entitled to exercise the duties of Governor.
In declining to
act on this suggestion, Mr. Glynn said in part:
I know of
jusify
me
to, and I
541
CHRONICLE
no way by which I could make, and no condition that would
in making, any such stipulation.
The constitution was designed
advised and believe does, specifically and completely cover the
am
Juncture now existing and It supplemented power to barter away any Legisis is beyond my by statutes passed by the of the
ature and
in force.
now
impeachment.
Any attempt on my part to do so, or to stipulate a method by which it
might be done, would properly place me in the position you now occupy
—that of being impeached for malfeasance in office, and I cannot and
signed by the Treasurer and Auditor of Porto Rico; provided, however, that
such counter-signatures shall not be required on the coupons of the bonds,
if any."
•
Section 14 gives municipal corporations and school boards, additional
authority to borrow money directly from banks, other financial institu¬
tions or individuals, the money so borrowed to constitute a first lien upon
the revenues of the municipal corporation or school board, to be deducted
therefrom by the Treasurer of Porto Rico.
Section 15 authorizes the payment of principal and interest in Wash¬
ington, D. C. or New York City, should the bondholder give notice in
writing that he wishes payment in the United States.
■ •
f
Section 16, in order to facilitate the sale or hypothecation of bonds or
other evidences of indebtedness authorized by the Act, pledges irrevocably
faith of the People of Porto Rico for the payment of both prin¬
cipal and interest.
;
Section 17 provides that all money loaned or covered by bond issue
shall be applied only to the purposes specified in the ordinance authorizing
the loan.
It is also provided,however, that the cost of engraving or pre¬
paring the bond certificates shall be borne by the place making the loan.
Such certificates may be obtained through
the insular treasury, the
Treasurer being authorized, with the approval of the Executive Council,
to prepare such certificates for use by the municipal corporations or school
the good
boards.
18 requires the Treasurer of a municipal corporation or school
borrowing money from the Government or from any bank, finan¬
individual, to furnish an additional bond of 20% of the
Section
board
functions attaching to the office in which I am placed by your
cial institution or
will not attempt to do it.
The entire matter is now in the highest court of the State—the court of
mutually agreeable to both contracting parties, to substitute new contracts
for existing contracts evidencing indebtedness, upon such terms arid con¬
ditions as may be approved by the Executive Council of Porto Rico.
Section 20 gives the Executive Council the authority to'sell, transfer,
impeachment— the most august body known to our system.
No order
that any lower court could make, no judgment that it could render, would
have the slightest binding force upon this high court.
No member of the Court of Appeals, certainly no member of the lower
body, the Supreme Court, can, in any degree nor under any circumstances
interfere with the jurisdiction or the decision of such court of impeachment,
save and save only as the members of the Court of Appeals shall cast their
individual votes as such members of the court.
The decision of the court of impeachment once made is binding on every
coiirt and every
person in the State and must be so respected and treated.
Any attempt to interfere with the jurisdiction or the proceedings of such
court
of
impeachment by any members of any lower court—and every
other court
the State is
in
lower one—would be as futile as would an at¬
a
tempt of a justice of the peace to enjoin the Chief Judge of the Court of
Appeals from exercising his functions as Chief Judge.
Norwood, Ohio.—Commission Plan Defeated.—The elec¬
tion held Aug. 19 (V. 97, p. 188) on the proposed new charter
providing for the commission plan of government resulted
same.
The vote is reported as 1,102
"for" to 1,510 "against."
in the defeat of the
Neb.—Trust
Omaha,
>
Company
Offering
Certificates
of
Ownership in City Bonds.—Beginning at 10 a. m. Wednesday
(Aug. 20) The United States Trust Co. of Omaha offered at
par ,4% certificates of ownership in city bonds.
These
certificates will be issued in denominations of $10
or
multi¬
exchangeable for city bonds, but not in sums
less than $500, which is the denomination of the bonds.
Interest to be adjusted as of the date of the transaction.
Certificates are redeemable on demand at any time, at face
ples, and
are
value and interest.
Philippine
Islands.—President
Appoints
Governor.—
on
Aug. 20 appointed Francis Burton
Wilson
President
Harrison, Representative in Congress from the Twentieth
to be Governor-General of the Philip¬
pines to succeed W. Cameron Forbes.
The nomination of
Mr. Harrison was confirmed by the U. S. Senate on Aug. 21.
New York District,
loan prior to
pledge or hypothecate, unless
evidences of indebtedness representing
assign,
Rico.—Act
Porto
Fixing
Maximum
Indebtedness
to
be
Corporations.—The borrowing cappacity of the various municipal corporations in the Island
of Porto Rico is now governed by Act No. 4 of. the Laws
of 1913, which took effect immediately after its approval
on Feb. 19 1913.
The provisions of this Act may be sum¬
Contracted By Municipal
marized
\
follows:
as
•
provides that no municipal corporation shall incur debt, in¬
cluding all existing municipal and school board indebtedness, in excess
Section
1
of
7% of the aggregate tax valuation as ascertained by the last assessment
insular purposes previous to the incurring of such debt.
Including
indebtedness for all purposes other than school board indebted¬
ness, the debt of a municipal corporation shall pot exceed 6% of the tax
valuation.
The debt of a school board shall not exceed 1 % of the assessed
tax valuation of the municipality in which such school board is located.
Sections 2, 3 and 4 specify the purposes for which debts may be created
up to the limits mentioned in
Section 1.
Municipal corporations are
allowed to contract indebtedness, borrow money ana issue bonds for the
"taking up or making payments on its floating indebtedness and liabilities;
refunding its existing bonded indebtedness, constructing or purchasing
water works, sewers, public buildings or bridges; grading and opening
streets and roads or for other necessary public improvements."
A school
board may incur debt for "taking up or making payments on its floating
indebtedness and liabilities; refunding its existing bonded indebtedness;
building school buildings, or making additions or necessary repairs to its
property."
Municipal corporations may also become indebted to assist
for
all existing
the
school
board
in
the purposes specified.
Section 5 provides that in addition to the above-named purposes, "any
municipal corporation or school board may, in case of emergency, request
a temporary loan from the insular funds,
for increasing existing or pro¬
viding new budgetary appropriations for other than administrative ex¬
penses."
.
.
Sections 6 and 7 provide that any municipal corporation or school board
desiring to incur indebtedness, borrow money or issue bonds on its own
credit shall submit to the Executive Council of Porto Jtico an ordinance
duly passed and approved, which shall recite the circumstances rendering
the loan desirable, the amount of same (if bonds, their form and denomi¬
nation) and purpose or purposes for which it is to be devoted and shall
provide for the repayment or discharge of the same with such interest
and on such terms as the municipal council or school board shall deter¬
otherwise prohibited by law, all
funds loaned to municipal corpora¬
boards.
authorizes the
tions and school
Section
21
Treasurer of Porto Rico to accept at his
of the bonds or other evidences of indebtedness
collateral security in any case where such security
discretion, at par, any
described in this law as
is required.
j.
Under Section 22 the Treasurer
of Porto Rico, "subject to the approval
Executive Council, may sell, transfer, assign, pledge or hypothecate
of the People of Porto Rico any bonds or other evidences
of indebtedness, which may have become the property of thel People of
Porto Rico by forfeiture, and he may, as between himself as Treasurer
of Porto Rico and the People of Porto Rico, treat any bonds or evidences
of indebtedness of any municipal corporation or school board in Porto
Rico, as cash, in which event he shall be entitled to a credit amounting to the
of the
for the benefit
par
or
value thereof, provided the same
were'accepted by him at pari*
Section 23 exempts from all insular and municipal
other evidences of indebtedness issued in favor of
Section 24
empowers
a
provide in any ordinance, as incident to
loans, that any public work or improvement
tract and
or
taxation all bonds
the Government by
school boards.
municipal corporation or school board to con¬
and
municipal corporations
the obtaining of advances
included within the pur¬
of said ordinance shall be constructed in accordance with plans and
specifications approved by the Commissioner of the Interior and the
municipal corporation.
The section also stipulates who shall enter into
every contract for the construction of such public works.
Section 25 gives the Executive Council full power to require an account¬
ing of the expenditure of moneys borrowed by municipal corporations
and school boards.
The residue from any loan which may remain,after
poses
purpose for which it was created has been accomplished, ,shall be
applied as the Executive Council of Porto Rico, may approve.
Section 26 prohibits the creation of loans by municipal corporations
and school boards without the approval of the Executive Council of Porto
Rico, and provides that if such approval is given it shall be binding until
the indebtedness is discharged and revocable only with the mutual con¬
sent of the contracting parties and the approval of the Executive Council.
Section 27 ratifies and declares to be valid bodies corporate, school
boards now or hereafter organized the territories of which are co-terminous with the municipalities in which they are organized.
Section 28 appropriates out of the insular treasury such sums as may be
required to carry out the provisions of the Act. ■:
Sections 29 and 30 repeal all legislation in conflict With the provisions
of this Act,provided, however, that the same shall in no way affect the
law now in force governing loans to school boards from school building
the
funds
-
*
Section 31, the last section, provides that
effect. '
a
„
the law shall take immediate
•
-
•
Paul, MinnSale of Certificates of Participation of
St.
4
the negotiation of the same.
all municipal corporations or school boards, when
Section 19 authorizes
City Bonds.—In the "Chronicle" of July 5 reference was made
a sale started July 1 of 4% certificates of participation in
city bonds.
As stated at that time, these certificates were
offered at par and issued in denominations of $10 and multi¬
ples.
They are redeemable at par and interest at any time,
and the bonds against which they are issued are held in trust
for the holders by the sinking fund.
Up to Aug. 16 the tjotal
amount of these. certificates sold over
the counter was
$610,820 40.
The bonds purchased through this fund are
$17,000 4library bonds, $200,000 4J^% water ($50,000
due 1918, $70,000 due 1933 and $80,000 due 1943) bonds,
and $235,000 tax-levy certificates.
The sale of the library
bonds and $150,000 of the water bonds was referred to in
V. 97, p. 315.
The sinking fund also expects to take over
some 4M% sewer bonds that were recently authorized and
for which the city does not find a rea<Iy market at par and
accrued interest.
These sewer extensions, we are advised,
to
are
absolutely
necessary,
and the bonds must be sold.
PaVoters
Reject
Commission Fofrm of
Government.—A special election was heM in this borough
Aug. 18 on the proposition to become a third-class^ Oity with
Shamokin,
^
commission government.
Newspaper returns
the question failed to carry.
indicate that
.
Sunbury, Pa.—Commission form of Government Defeated.
question of abandoning the borough form of govern¬
becoming a third-class city with the commission
system met defeat at an election held Aug. 18.
—The
ment and
mine.
Section 8 specifies what steps shall be taken to levy a special tax, of not
exceeding 25 one-hundredths of 1% of the assessed valuation, should the
ordinary receipts of a municipal corporation be insufficient to pay the in¬
terest and principal of any loans which the corporation or school board
desires to make.
Sections
9
and
10 deal with
their
the
signing and recording of bonds and
coupons.
Section
11 says that bonds must draw not exceeding 6% interest,pay¬
able in lawful money of the United States on Jan. 1 ana July 1.
Section 12 provides that the Insular Government may loan funds at
the request or a municipal corporation or school board, if, in the judgment
of the Executive Council, the loan be advisable and the Government finances
safely permit.
In the
case
of school boards, the money loaned shall be
first lien upon the revenues of the school board to be deducted there¬
from by the Treasurer of Porto Rico.
,
Section 13 provides that where loans from the Government are to be
a
covered by a
in each case
bond issue, the ordinance requesting such loan shall provide
"for the refunding of all outstanding indebtedness to the
People of Porto Rico which may exist at the time such ordinance is passed,
and the bond issue shall cover the total of such indebtedness plus the
Bond Calls and Redemptions.
Missouri.—Bond Calls.—Whi taker & Co .of St. Louis, in
quotation pamphlet dated Aug. 15, include the
fol¬
lowing list of municipal bonds which have been called for
redemption:
Morgan County Sch. Dist., Florence, Twp.
No. 1, for $400, dated
44-19.-6% building bond
July 1 1908.
Morgan County Sch. Disc. No. 30, Twp. 41-18.—7% building; bond No. 1
dated Dec. 6 1907, for $125.
Morgan County Sch. Dst. No. 55, Twps. 41 and 42, Ranges 17 and 18.—
6% building bond No. 1, for $100, dated May 21 1910.
Pettis County.—4% funding bonds Nos. 155, 225, 228 and 229, for
$1,000 each, dated May 1 1898.
.
..
Ralls County.—4% bonds of 1898, 15-20s, Nos. 267 to 273.
Schuyler County Dist. 30-64-15, Greentop.—6% building bonds Nos.
1 to 5 incl., for $250 each, dated Sept. 1 1907.
THE
542
Bond Proposals and Negotiations
have been as follows:
CHRONICLE
this week
AITKIN, Aitkin County. Minn.—BONDS
state that the
Village Council
for the issuance of
on
AUTHORIZED.—Reports
Aug. 12 adopted a resolution
$27,000 refunding bonds.
providing
AKRON, Ohio.—BIDS REJECTED.—All bids received for the $53,250
5M% 1-10-yr. street-impt. bonds offered on Aug. 20 (V. 97, p. 310) were
rejected.
DISTRICT
VOTED.—The
Ohio.—BONDS NOT SOLD.—No bids
received, it is stated,for the $1,300 5% 10-year.public-square-impt.
ALLIANCE,
bonds offered
Stark County,
on
Aug. 161(V. 97,
p.
310).
ALPENA, Alpena County, Mich.—BOND ELECTION.—On Sept. 17
taken, it is stated, on the question of issuing $50,000 sewer-
vote will be
system bonds.
AMHERST, Lorain County, Ohio.—BOND SALE.—The nine issues
coupon street-impt. bonds, aggregating $66,550, offered on Aug.|15
(V. 97, p. 389), were sold to the Amherst German Bank Co. of Amherst at
par and accrued interest.
of 5%
ANDERSON, Anderson County. So. Caro.—BOND ELECTION
PROPOSED.—Reports state that petitions are being circulated calling for
an election to vote on the issuance of $75,000 street-paving bonds.
ANITA, Cass County, Iowa.—BONDS VOTED.—By a vote of 248 to
36,the question Of issuing the $15,000 water-works-system bonds (V. 97,
389) carried, it is stated, on Aug. 11.
p.
ARANSAS COUNTY COMMON SCHOOL DISTRICT NO. 1, Tex.—
BONDS REGISTERED.—An issue of $800 5%
bonds
O.
the
Boone), Iowa.—BOND ELECTION.—An
question of issuing the $200,000 5% courfc-
BOONVILLE, Oneida County, N. Y —BOND OFFERING—Proposals
will be received until 7 p. m.
Sept. 1 by J. A. Bateman, Vil. Clerk, for the
$9,000 reg. water-works bonds at not exceeding 5% int. CV. 97, p. 189).
Auth. Sub-division 6 of Sec. 128, Vil. Law, and by vote of 56 to 39 at an
election held July 29.
Denom. (1) $1,000, (4) $2,000.
Date "day of
sale."
Due $1,000 in one year and $2,000 yearly thereafter.
^BRANCH HILL SPECIAL SCHOOL DISTRICT
Clermont
County,
(P. O. Branch
Ohio.—BONDS NOT SOLD.—No sale was
Aug. 16 of the $17,000 5% 18-year (average) site-purchase and
building bonds offered on that day (V. 97, p. 311).
made
on
BRAWLEY UNION
SCHOOL
(P. O. Alamo), Crockett County,
question of issuing the $12,000 5)4%
10-16-year (opt.) building bonds (V. 97, p. 188) carried by a vote of 75 to 3
at the election held Aug. 4.
a
(P.
a vote
.
ALAMO
Tenn.—BONDS
were
COUNTY
election to submit to
house-constr. bonds (V. 96, p. 1715) will be held Sept. 2.
Hill),
.
XCTII.
BONHAM, Fannin'County, Tex.—BONDS REGISTERED.—The State
Comptroller on June 9 registered the $75,000 5% 20-40-yr. (opt) bldg. bonds
voted April 8 (V. 96, p. 1170).
BOONE
ADAIR INDEPENDENT SCHOOL DISTRICT (P. O. Adair), Adair
County, Iowa.—BOND OFFERING.—M. L. McManus, Sec. Bd. of Ed.,
will sell at private sale $10,000 and $14,000 5% coup, or reg. bonds.
Denom. $500.
Date Sept. 1 1913.
Int. ann. at the First Nat. Bank of Adair.
Due 1923, subject to call 1 or 2 bonds yearly after 5 years.
Cert, check for
$100, payable to the Sec., required.
Bonded debt Aug. 19, $3,500. "Float¬
ing debt, $1,200.
Assess, val. 1912, $253,798.
[TOL.
was
registered
on
10-20-year (opt.) building
July 2 by the State Comptroller.
ARCOLA, Douglas County. 111.—BOND ELECTION PROPOSED.—
Reports state that an election will be held in the near future to vote on the
proposition to issue $12,500 water-works bonds.
AUDUBON,
Audubon
County.
Iowa.—BOND
SALE.—Reports
issue of $8,000
HIGH SCHOOL DISTRICT
(P. O. Brawley),
Imperial County, Cal.—BOND SALE.—According
of $50,000 school bonds offered without success
to reports, an issue
Feb. 4 will be taken up
on
by the State Board of Control.
BRAZORIA COUNTY (P. O. Angleton), Tex.—BOND ELECTION.—
—Reports state that an election will be held Sept. 23 to vote
sition to issue $60,000 Brazos River bridge constr. bonds.
CALEXICO,
Imperial
Cal.—BONDS
County,
SOLD.—No
award has been made of the $9,000 6% municipal
improvement bonds
offered on July 5.
Denom. $1,000.
Date July 10 1913.
Int. J. & J. at
office of City Treasurer.
Due $1,000 yearly on July 1 from 1914 to 1922.
inclusive.
\
,
CALIFORNIA.—BONDS NOT SOLD.—The State refused to accept
of the bids received on Aug. 15 for the $3,000,000.4% highway bonds
offered on that day.
A portion of the issue could have been sold, but all
the bidders demanded a commission of 10%.
According to a San Fran¬
cisco newspaper. State Treasurer Roberts said:
"We face the situation
of having a $500,000 appropriation from which to pay a
10% sales com¬
mission on $7,000,000 in unsold bonds, and we cannot figure how we are
to make it go around if the bonds are sold in small lots and a 10% commis¬
sion is paid in each instance.
Besides, we cannot see where it is good bank¬
ing or good business to pay out $300,000 in commissions to sell $3,000,000
in bonds when the State has enough money to buy the securities itself.'*
The sale was postponed until Aug. 18.
any
CAMERON COUNTY (P. O. Brownsville), Tex.—BONDS PROPOSED.
—The issuance of $25,000 road bonds in Raymondyille Dist. is being con¬
templated by the county.
.
CANTON,
Stark
County,
Ohio.—BOND OFFERING.—Proposals
Sept. 8 by E. C. Brumbaugh, City Aua., for
bonds:
* •
>
bonds.
Denom. $1,000.
Date Mar. 1 1913.
Due
will be received until 12
m.
state that the Farmers' State Bank of Audubon purchased an
the following 5 H % coupon
6% 1-year bonds.
$50,000 park-impt.
AUGLAIZE COUNTY (P. O. Wapakoneta), Ohio.—BOND SALE.—
On Aug. 15 the $43,000 5H% 12-year (average) refunding bonds (V. 97,
128) were awarded to Seasongood & Mayer of Cincinnati for $44,527,
equal to 103.551.
Other bids were:
Hayden,Miller&Co.,Clev_$44,445 00 Field, Longstreth & Rich¬
ards, Cincinnati—_^__$44,292 00
Stacy & Braun, Toledo— 44,418 00
N. W. Halsey & Co.,Chic_ 44,241 00
Mayer, Deppe & Walter,
Cincinnati—
44,410 40 Wm.R.ComptonCo.,St.L_ 44,217 00
A. E. Aub & Co., Cin._._ 44,354 50 Harris,Forbes&Co.,N.Y__ 44,035 81
Hoehler & Cummings.Tol. 43,957 00
Breed, Elliott & Harrison,
Cincinnati
44,345 90 Auglaize Nat. Bank, Wa¬
Davies-Bertram Co., Cin_ 44,333 00
pakoneta
43,778 30
Weil, Roth & Co., Cin___ 44,310 00 Spitzer, Rorick& Co.,Tol. 43,721 50
First Nat. Bank, Cleve... 43,479 90
Tillotson & Wolcott Co.,
Cleveland
44,294 30
p.
■*
■
.
Mar. 1 1938.
AUDUBON, Camden County, N.
J.—BOND SALE.-^-Reports state
that M. M,. Freeman & Co. of Philadelphia have been awarded an issue of
$65,000 tax-free sewer bonds and that they are now offering them to in¬
vestors on a 5% income basis.
*
the propo¬
on
NOT
'
5,000 police-station-impt. bonds.
Denom, $1,000.
Date Sept. 1 1913.
Due Sept. 1 1923.
t
25,400 W. Tuscarawas St. paving (city's portion) bonds.
Denom. (24)
$1,000, (1) $1,400:
Date Mar. 1 1913.
Due Mar. 1 1923. ■
9,800 Twelfth St. N. E. paving (city's portion) bonds.
Denom. (9)
$1,000, (1) $800.
Date Mar. 1 1913.
Due Mar. 1 1921.
4 500 Oxford Ave. N. W. paving (city's portion) bonds.
Denom. (4)
$1,000, (1) $500.
Date Mar. 1 1913.
Due Mar. 1 1921.
13,100 Allen Ave. S. E. paving (city's portion) bonds.
Denom. (12)
$1,000, (1) $1,100.
Date Mar. 1 1913.
Due Mar. 1 1921.
1,600 Twelfth St. S. E. sewer bonds.
Denom. (1) $1,000. (1) $600.
Date Mar. 1 1913.
Due $1,000 on Mar. 1 1917 and $600 Mar. 1
..
1918.
2,900 Ninth
St. S. W. sewer bonds.
Denom. (2), $1,000, (1) $900.
Date Mar. 1 1913.
Due $1,000 on Mar. 1 1916 and 1917 and
$900 Mar. 1 1918.
2,700 sanitary-sewer-constr.
Date Mar. 1 1913.
Denom.
bonds.
(2)
$1,000,
(1)
$700.
Due $1,000 on Mar. 1 1916 and 1917 and $700
—
BANCROFT, Cumming County, Neb.—BONDS VOTED.—By a vote
to 54, the question of issuing $17,000 5% 5-20-year (opt.) sewer
of 61
bonds carried at
an
election held Aug.
12.
BARBOURSVILLE, Cabell County, W. Va —BOND SALE— On
Aug. 14 the $12,500 6% coupon water-works-construction bonds offered on
Aug. 12 (V. 97, p. 389) were awarded to the Ancient Order of United Work¬
men, Grand Lodge, W. Va., at par and int.
C. H. Coffin of Chicago bid
par and Hoehler & Cummings of Toledo bid par less $500 for commission.
on
Mar. 1
COUNTY
(P.
O.
Columbus),
Ind .—BOND
SALE.—The two issues of 4}4% tax-free gravel-road bonds, aggregating
$9,820, offered on Aug. 16 (V. 97, p. 389), were awarded at par and int. as
follows: $3,340 to Fred. Donner of Columbus, $1,620 to Henry Overmeister
of Jonesville, $2,916 to Wm. Armuth and $1,944 to Henry Blessing,
Date May 151913.
BATAVIA, Genesee County, N. Y.—BQND SALE.—On Aug. 21 the
1-10-yr. (opt.) paving bonds (V. 97, p. 464) were awarded to
$125,000
local
banks.
<
-
BATESVILLE, Panola County, Miss.—BOND OFFERING.—Propos¬
>
5,600 sanitary-sewer-constr.
bonds.
Denom.
(5)
$1,000,
(1)
$600.
Date Sept. 1 1913.
Due $2,000 on Sept. 1 1915 and 1916, $1,000
on Sept. 1 1917 and $600 on Sept. 1 1918.
<
•
Int. semi-ann.
Cert, check on a Canton bank for 5% of bonds bid for,'required.
Bonds to be delivered and paid for within 30 days from time of
award.
Successful bidder shall print at his own expense the necessary
blank bonds on special bond borders and coupon sheets to be furnished by
the said city.
CARBON
BARTHOLOMEW
1918.
'
.
COUNTY
SCHOOL
DISTRICT
NO.
'
Keeler Bros., Denver.....
$4,050 Wm. E. Sweet & Co., Denver..$4,020
4,040 C. W. Burdick, Cheyenne
4,020
4,021
Date July 1 1913.
Interest annually in January.
J. N. Wright & Co., Denver._
C. H. Coffin, Chicago
Denom.
$500.
CAROLINE COUNTY (P. O. Denton), Md.—BOND SALE.—We are
advised that the $35,000 5% road and bridge bonds offered on Aug. 19
(V. 97 p. 465) have been awarded jointly to Baker, Watts & Co. and Nelson
Cook & Co. of Baltimore at 100.816.
T. C.
Other bids
place to be agreed
were:
Townsend Scott & Son, Baltimore (entire issue)
Hambleton & Co., Baltimore (entire issue)
Chas. W. Wright, $5,030 for $5,000 worth
No deposit required.
upon.
,
Bonded debt Aug. 14
(V.
97,
p,
Assessed valuation
success
on
July 28
251).
BEE COUNTY (P. O. Beeville), Tex.—BONDS DEFEATED.—'The
proposition to issue the $100,000 highway bonds (V. 97,p.
189) failed to
carry at the election held July 23.
BELL
COUNTY
(P.
O. Belton),
Tex.—BOND OFFERING DE¬
advised that the sale of the $50,000 road-impt. bonds,
which was to have taken place Aug. 13 (V. 97, p. 389), has been deferred
until about Jan. 1 1914.
FERRED.—We
are
BELMOND, Wright County, Iowa.—1'•BONDS VOTED.—The question
of issuing the $14,000 water-works-ext. bonds (V. 97, p. 464) carried at the
election held Aug. 18 by a vote of 297 to 38.
BENSON,
state that
an
County,
Neb.—BOND
D. E. Fodd. $1,001 for $1,000
Denom. $1,000.
Int. J. & J.
BENTLEY TOWNSHIP (P. O. Estey), Gladwin
County, Mich.—
OFFERING.—Proposals will be received until Sept. 2 by H. Chubb,
Township Clerk, for $80,000 5% 15-year highway-impt. bonds.
Denom.
$1,000.
No bonded debt.
-
BERLIN, Coos County, N. "EL.—BOND OFFERING.—Proposals will
BEXLEY (P. O. Columbus), Franklin County, Ohio.—BOND OF¬
FERING.—Proposals will be received until 12 m. Sept. 16 by G. E. Fry,
Vil. Clerk, for $17,000 5% 15-year
water-supply and sewage-disposal bonds.
Sec.
A. & O.
quired.
award.
3939, Gen. Code.
Denom. $500.
Date Apr. 1 1913.
Int.
Cert, check for 5% of bonds bid for, payable to Vil.
Treas., re¬
Bonds to be delivered and paid for within 10 days from time of
Purchaser to pay accrued interest.
BIG SPRING, Howard County, Tex.—BONDS PROPOSED.—This
place is considering the issuance of $10,000 water-works bonds.
BLOOMINGTON DRAINAGE DISTRICT (P. O.
Bloomington),
Victoria County, Tex.—BOND SALE—On
July 26 an issue of $56,680
5% drainage bonds was awarded to the J. B. Arpine Dredging Co. of
Houston at par and int.
Denom. $1,000.
Date June 10 1913.
Int.
A.
&
O.
Due $5,000 every five years.
BOISE
three
CITY, Ada County, Idaho.—BOSfDS RE-AWARDED.—The
of 7% gold coupon assessment bonds,
aggregating $58,972 86,
Feb. 27 to Wm. E. Sweet & C6. of Denver (V. 96, p. 891),
issues
awarded
but later
•
Due July
on
declined, have been re-awarded to the New First National Bank of
Columbus for $59,575 86 (101.022) and interest.
.
1930.
CARRINGTON, Foster County, No. Dak.—BONDS VOTED.—The
question of issuing the $26,000 5% 20-year water bonds (V. 97, p. 390)
carried at the election held Aug. 15 by a vote of 171 to 3.
CENTER INDEPENDENT SCHOOL DISTRICT (P. O. Center),
Shelby County, Tex.—BONDS REGISTERED.—An issue of $8,500 5%
bonds was registered by the State Comptroller
20-40-year (opt.) buildii
on June 17.
CENTER TOWNSHIP
(P.
O.- Muncie),
Delaware County, Ind.—
BOND OFFERING.—C.-E. Pittenger, Twp. Trustee, will receive proposals
until 12:30 p. m. Aug. 25, it is stated, for $55,000 4^% 15-yr. school-
'
i
'
i
:
CHADRON, Dawee County, Neb.—BOND ELECTION PROPOSED.
—It is reported that a vote will be taken on the proposition to issue $10,000
sewer-extension
bonds.
,
\
CHAMBERS
COUNTY ROAD DISTRICT NO. 4, Tex.—BONDS
REGISTERED.—On Aug. 8 the State Comptroller registered an issue of
$100,000 5% 10-40-year road bonds.
be received until 8 p.m. Aug. 28 by F. C. Hannah, City
Treas., for $150,000
4H % coup, public-impt. bonds.
Denom. (120) $1,000, (60) $500.
Date
July 1 1913.
Int. J. & J. at Old Colony Tr. Co., Boston.
Due $7,500
yearly July 1 from 1914 to 1923 incl.
These bonds will be certified as to
genuineness by Old Colony Tr. Co., which will further
certify that the
legality of the issue has been approved by Ropes, Gray & Gorham of Bos¬
ton, whose opinion will be furnished to the purchaser without charge.
__$35,248 53
35,238 00
35,179 55
;
ELECTION.—Reports
BOND
Auth.
Horsey & F. A. Goldsborough (entire issue)
house bonds.
'Douglas
election will be held about Aug. 26 to vote $44,500 sewer bonds.
•
(P. O. Dixon),
Wyo.—BOND SALE.—On Aug. 1 $4,000 6% 20-year building bonds were
awarded to the State Treasurer at 101.46Other bids were:
als will bp received until 8 p. m. Sept. 2 by J. B. Carothers, Town Clerk,
for $18,000 6% 20-year coupon tax-free water-works bonds.
Auth. Chap
Denom. $500.
Date July 28 1913.
99, Code of 1906.
Int. J. & J. at
1913 (including this issue)
$32,000; no floating debt.
1913, $525,000.
These bonds were offered without
•
27
CHARLESTOWN,
Jefferson
ISSUED.—Under date of Aug.
,
u
County,
W. Va.—NO BONDS TO BE
18 the Town
Clerk advises
us
reports stating that this town intends to issue $35,000 bridge
that
the
bonds are
erroneous.
GRAMMAR SCHOOL DISTRICT (P. O. Chico), Butte.
Cal.—BOND ELECTION.—An election -will be held Sept. 2, re¬
the proposition to issue $50,000 bldg. bonds (V. 96,.
CHICO
County
ports state, to vote on
p.
1716.)
,
CHICOPEE, Hampden County, Mass.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Aug. 28 by the City Treas., J.J. O'Con¬
nor 2d, for the $9,000 4^ % coup, tax-free bridge bonds authorized May 12
(V. 96, p. 1716).
Denom. $1,(500.
Date Aug. 1 1913.
Int. F. & A. at
Old Colony Tr. Co., Boston.
Due $3,000 yearly on Aug. 1 from 1914 to
1916 incl.
These bonds will be certified as to genuineness by the above
Trust Co. and their legality approved by Ropes, Gray & Gorham of Boston,
a copy of whose opinion will accompany the bonds when delivered, without
charge to purchaser.
CHILLICOTMK, Livingston County, Mo.—BOND ELECTION.—An
election will be held Aug. 27 to submit to the voters the question of issuing
the following
4H% coup, bonds:
$20,000 high-school
and library bldg. bonds.
Denom. $1,000.
Due
$2,000 in 1914 and $3,000 yearly thereafter.
800 Vine St. school property impt. bonds.
Denom. $400.
Due
$400 in 1914 and 1915.
1,500 Elm St. school property-impt. bonds.
Denom. $750.
Due $759
in
1914 and
1915.
Interest semi-annual,
,
Aug. 23
CHRONICLE
THE
1913.]
CINCINNATI, Ohio.—BOND OFFERING.—Proposals will be received
m. Sept. 15 by I. D. Washburn, City Aud., for the following 4H %
until 12
$340,000 tuberculosis-hospital bonds..? Denom. $500.
Date July 1 1913.
Due in 30 years.
'V
:
•
51,000 street-impt. (city's portion) bonds.
Denom. $100.
Date Aug. 1
1913.
Due in 20 years.
Interest semi-annual.
Cert, check for 5% of bonds bid for, payable to
.
<
"
All
City Aud., required.
Purchaser to pay accrued interest.
be made on forms furnished by the City Auditor.
bids must
i
CLANTON, Chilton County, Ala.— BOND ELECTION PROPOSED.—
Reports state that in the near future the proposition to issue water-works
sewerage-system-installation bonds will be voted upon.
543
ing bonds (V. 96, p. 1571) have been awarded to Ed. Schermerhorn and
Dave Westfall as 5s.
DRESDEN, Muskingum County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Sept. 9 by M. B. Taylor, Vil. Clerk, for
$8,500 5% coup, tax-free Main St. paving (village's portion) bonds.
Auth.
Sec. 3939, Gen. Code.
Denom. $425.
Date Sept. 1 1913.
Int. M. & S.
at Dresden.
Due $425 each six months from Mar. 1 1915 to Sept. 1 1924
incl.
Cert, checkfor 10% of bonds bid for, payable to Vil. Treas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay-accrued interest.
Bonded debt (not including this issue)
Aug. 19 1913, $3,200; no floating debt; assess, val., $997,000.
Jackson County, Ore.—BOND SALE.—The First
Point was awarded in July an issue of $10,000 6%
at par.
Denom. $500. Date April 1 1913.
Int
EAGLE POINT,
ana
State Bank of Eagle
CLARENDON, Donley County, Tex.—BOND OFFERING.—Proposals
will be received until Aug. 25 by E. H. Powell, City Secretary, for $16,000
5% 20-40-year (opt.) tfater-works bonds.
Cert, check for $500 required.
10-year road bonds
CLARKE COUNTY
(P. O. Vancouver), Wash.—BONDS VOTED.—
-The proposition to issue the $500,000 Columbia River bridge-construction
bonds (V. 97, p. 390) carried at the election held Aug. 12.
The vote is
given unofficially as 5,397 to 810.
*
CLARKE COUNTY
SALE.—On Aug. 2 an
awarded to the State of
CLARKE
DISTRICT
SCHOOL
Wash.— BOND
issue of $5,000 school-site-purchase bonds was
Washington at
SCHOOL
COUNTY
par
NO,;6,
for 5s.
Due Aug. 2 1933.
DISTRICT NO.
A.
O.
.V-
.
County, Cal.—BOND SALE.
—According to reports, the $2,500 bldg. bonds recently voted (V. 96, p. 190)
have been sold to R. A. Forsyth at 94.
EAST AURORA, Erie County, N. Y.—BOND SALE.—On Aug. 19 the
$17,000 water-ext. bonds offered without success on June 24 (V. 97, p. 129)
awarded to the First Nat. Bank of East Aurora for $17,100 (100.588)
and int. for 5s.
Denom. $1,000.
Date July 1 1913.
Int. J, & J.
Due
$1,000 yrly. on July 1 from 1916 to 1932 incl.
'
Douglas Fenwick & Co. and Adams & Co. of N. Y. each bid par for 5s.
were
58, Wash.—BOND
SALE.—On Aug. 2 an issue of $29,000 20-year building bonds was awarded
to the State of Washington at par for 5s.
A similar issue of bonds was
awarded to the State of Washington on May 24 (V. 96, p. 1644).
&
EAGLE SCHOOL DISTRICT, Sonoma
EAST BATON ROUGE PARISH (P. O. Baton
Rouge), La .—BOND
ELECTION.—According to newspaper
,
Sept. 6 to decide whether or not this
despatches an election will be held
parish shall issue $15,000 5% 20-yr.
road bonds.
CLINTON COUNTY (P. O. Frankfort), Ind—BONDS NOT SOLD.—
No bids were received on Aug. 14 for the twelve issues of 4J^ % highway-
impt. bonds, aggregating $54,240 offered on that day (V. 97, p. 390).
CLINTON INDEPENDENT SCHOOL DISTRICT (P. O. Clinton),
Clinton County, Iowa.—BONDS DEFEATED.—The question of issuing
the $300,000 high-school-construction
at the election held July 2>
bonds (V. 96,
p.
CLIO, Genesee County, Mich.—BONDS DEFEATED.—At the elec¬
1853)
90,
defeated, reports state, by a vote of 73 "for" to 171 "against.
was
COALDALE,
Schuylkill
County,
Pa.—BOND ELECTION.—Ac¬
cording to local newspaper reports, an election will be held Sept. 9 to vote
on the question of issuing $17,000 fire-apparatus bonds.
COALGATE, Coal County, Okla.—BONDS VOTED.—Local papers
state this city recently voted to issue $35,000 sewer-ext. and $5,000 city
park bonds.
CODORA
SCHOOL
ELECTION.—Reports
decide whether
or
Glenn
DISTRICT,
state
that
an
election
County,
Cal.—BOND
will be held Aug 26 to
not this district shall issue $8,000 building bonds.
COITSVILLE TOWNSHIP SCHOOL DISTRICT (P.
town R. D. No. 1), Mahoning County, Ohio.—BOND
bids
7,000 water-closet-system bonds.
Date Sept. 1 1913.
Due $500 yrly.
on July 1 from 1920 to 1933 incl.
Denom. $500.
Int. semi-aim.
Cert, check for 4% of bonds bid for
on refunding issue and $300 on $7,000 issue, payable to Dist. Treas., re¬
quired.
Bonds to be delivered and paid for within 10 days from time of
award.
Purchaser to pay accrued interest.
EAST
YoungsSALE.—The
were
ST.
Louis),
LOUIS
SCHOOL DISTRICT NO.
County,
Clair
St.
189
(P.
O. East St.
111.—BONDS NOT SOLD.—The Secretary
Board of Education advises us, under date of Aug.
yet been made of the $60,000 43^ %
received on June 2 (V. 96, p. 1717).
15, that
award has
no
building bonds, bids for which
were
EDEN, Hancock County, Me.—BOND OFFERING.—Proposals will be
received until 2 p. m. Aug. 28 by F. E. Walls, J. W. Silk and O. E. Brewer,
Municipal officers, for $19,500 4% 16-year reg. funding bonds.
EDISON
O.
received for the $8,000 53^%103^-year (average)
school bonds offered on Aug. 15 (V. 97, p. 390):
*
Stacy & Braun, Toledo. —.$8,225 601 Seasongood & Mayer, Cin_$8,126 40
Hayden.Miller&Co.,Cleve. 8,128 00|Tillotson & Wolcott, Cin— 8,090 40
following
,
from 1920 to 1923 incl.
1853) was defeated
tion held July 7 the proposition to issue the $7,600 paving bonds (V.
p.
EAST PALESTINE VILLAGE SCHOOL DISTRICT (P. O. East
Palestine),
Columbiana County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Sept. 1 by A. J. Fraser, Clerk, for the
following 5% school bonds:
$2,000 refunding bonds.
Date July 1 1913.
Due $500 yrly. on Sept. 1
County,
SPECIAL
tion to
SCHOOL
Ohio.—BOND
newspaper reports an
issue
DISTRICT
ELECTION
(P. O. Edison), Morrow
PROPOSED.—According to local
election will be held shortly to vote
on
the proposi¬
bonds to raise sufficient money to defray the expense of main¬
taining the schools for the coming year.
EFFINGHAM,
Effingham
County,
111.—BOND OFFERING.—Pro¬
COLUMBIA, Maury County. Tenn.—BOND ELECTION.—A special
of issuing bonds
posals will be received until 7:30 p. m, Aug. 25 by Gus Stahlings, City
Clerk, for the $5,000 5% coupon taxable Sewer-extension and construction
bonds voted July 22 (V. 97, p. 312).
Denom. $500.
Date July 1 1913.
COLUMBIA COUNTY (P. O.
July 1 from 1915 to 1919, inclusive.
Certified check for 2% of bid, payable
"City of Effingham," required.
Bonded debt, $12,000.
Floating
debt, $22,000.
Assessed valuation 1912, about $848,000.
This Item was
inadvertently placed under the head of Effihgham, Wash., in last week's
election will be held Sept. 11, it is stated, on the question
for the purchase of the Columbia Water & Light Co.
Int.
Bloomsburg), Pa.—BOND OFFERING.
of
deficiency bonds (V. 97, p. 465).
Bonds
—Further details are at hand relative to the offering to-day (Aug. 23)
the $20,000 4%
will be sold
at
tax-free coupon
public auction at 9 a. m. by the County Commissioners.
Int. F. & A. at office of County Treasurer.
Date Aug. 23 1913.
COLUMBIANA,
Columbiana County, Ohio.—BOND SALE.—An
12-24-year (serial) sewer and sewage-disposal bonds
April 7 to theUnion Banking Co. of Columbiana at 101,168
issue of $25,000 5%
was
awarded
Denom.
on
$500.
Date March
1
1913.
Int. M.
&
S.
COLUMBIA
TOWNSHIP, Lorain County, Ohio.—BOND OFFER¬
ING.—Proposals will be received until 2p.m. Sept. 15 by M. Laird, Deputy
Clerk (P. O. Columbia Station R. F. D),.for $50,000 5% road-impt. bonds.
Denom. $1,000.
Date Oct. 1 1913.
Int. A. & O. at Savings Deposit
Bank & Trust Co., Elyria.
Due $1,000 each six months from April 1 1915
to Oct. 1 1929 incl. and $2,000 each six months from April 1 1930 to Oct. 1
1934, incl. These bonds were offered without success on Aug. 11 (v.
97, p. 465).
COLUMBUS, Muscogee County, Ga.—DESCRIPTION OF BONDS.—
4M % gold coup, hospital bonds validated by the Superior
on July 30
(V. 97, p. 390) are in the denomination of $1,000 and
The $60,000
annually on July 1 at the City Treasurer's office.
Due $1,000 yearly
to the
"Chronicle.
ENOSBURG FALLS, Franklin County, Vt.—BOND SALE.—On
Aug. 15 the $13,000 4% ll-year (av.) coup, tax-free refunding water bonds
V. 97, p. 312) were awarded to the Enosburg Falls Sav. Bank & Trust
o. of Enosburg at 96 and int.
.There were no other bidders.
8
EPHRATA
SCHOOL
DISTRICT
(P.
O.
Ephrata),, Lancaster
County, Pa.—BOND OFFERING.—Proposals will be received until 12 m.
Sept. 1 by J. II. Hibshman, Secretary, for $22,500 4 % 5-30-year (opt.)
coup, (tax-free school bonds.
Denom. $500.
Interest M. & S..
Certi¬
fied check for 2% of bid required.
.
ERIE TOWNSHIP (P. O. Erie), Whiteside County, 111.—BONDS
NOT TO BE OFFERED THIS YEAR.—We are advised by the Town Clerk
under date of Aug. 16 that the $5,000 road-impt. bonds voted June 27
(V. 97,
p.
130) will not be offered for sale before next
year, on
account of
the change in the road laws of the State.
Court
bear
date
on
Jan,
1
Int, ,J.
1914.
&
J.
Due $2,000
yearly
on
Jan.l
from 1915 to 1944 inclusive.
COLUMBUS CITY SCHOOL DISTRICT (P. O. Columbus), Ohio —
BOND OFFERING.—Proposals will be received until 10 a. m. Sept. 2 by
E. B. MacFadden, Clerk-Treas. Board of Education, for $80,000 5%
coup, school property impt. bonds.
Denom. $1,000.
Date Sept. 2 1913.
Int. M. & S. at the office of Clerk of Board of Education.
Due Sept. 2
1923.
Bonds to be delivered Sept. 2 1913.
Bids must be unconditional.
on a local bank for 2%
of bonds bid for, payable to the
Board of Education, required.1 Bids must, be made on blanks furnished by
the Board.
These bonds were offered on Aug. 19 (V. 97, p.311)» but
Certified check
none
of the bids received were accepted.
COOK
COUNTY
(P.
O.
Chicago),
ERIE TOWNSHIP SCHOOL DISTRICT
(P. O. La Carne), Ottawa
County, Ohio.—BONDS NOT SOLD.—No pale was made of the $12,000
5% coup. bldg. bonds, it is stated, offered op Aug. 16 (V. 97, p. 465).
EUCLID VILLAGE SCHOOL DISTRICT (P. O. Euclid),
County,
12
111.:—BONDS PROPOSED.—Re¬
ports state that the County Highway Commission proposes to issue $2,000,000 road-construction bonds,
Ohio.—BOND OFFERING.—Proposals
COON
RAPIDS,
on
Carroll
County, Iowa .—BOND ELECTION.—An
issuing water-works-plant-construction
the question of
bonds will be held Sept. 9, reports state.
CUYAHOGA COUNTY
(P. O.
Cleveland), Ohio.—BOND SALE.—
On Aug. 20 the $1,000,000 5% coup. Detroit-Superior bridge bonds (V. 97,
p.
391) were awarded jointly, it is stated, to Hayden, Miller & Co. and
Otis & Co. of Cleveland at 101.786.
The four issues of 5%
coup, road-impt. bonds, aggregating $137,465)
(V. 97, p. 390), were awarded as follows:
$63,126 (2 issues) Emery Road (assess, and county's portion) bonds offered
on Aug. 16 have been awarded to the Provident Sav. Bank & Trust
Co. of Cincinnati and Hayden, Miller & Co. of Cleveland.
No
other
74,339 (2
bidders.
.
"
issues)
Kinsman Road (assess, and county's portion) bonds
offered on Aug. 20 have been awarded to Hayden, Miller & Co. of
Cleveland for $74,347 (100.01) and int.
No other bidders.
DEDHAM,
Norfolk
County,
Mass.—NOTE
OFFERING.—Reports
state that
proposals will be received until 4 p. m. Aug. 28 for $13,000 5%
notes, payable in one to three years.
DELAWARE,
Delaware
County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Sept. 11 by F. D. King, City Aud., for
the
following 5% coup, bonds:
$5,317 65 Delaware Water Co. judgment bonds.
Denom. (1) $317 65,
(10) $500.
Due $817 65 Sept. 1 1916 and $500 yrly. on Sept. 1
from 1917 to 1926 incl.
2,000 00 sanitary-sewer-constr. (assess.) bonds.
Denom.
$200.
Due
$200 yrly on Sept. 1 from 1914 to 1923 incl.
Date not later than Sept. 1 1913.
Int. semi-ann. at Sinking Fund
Depository.
- \
DENVER, Colo.—BONDS A UTHORIZED.—Reports state that an ordi¬
has been passed by the City Council, it is stated,
providing for the
issuance of the $260,000 Colfax-Larimer viaduct bonds voted
May 20
(V. 96, p. 1571).
•
nance
DE QUINCEYSCHOOL, DISTRICT
(P. O. De Quincey), Calcasieu
Parish, La .—BOND ELECTION.—Reports state that an election will be
held Sept. 23 to vote on the question of
issuing building bonds.
DERBY
INDEPENDENT
SCHOOL
DISTRICT
(P. O.
Derby),
Lucas County, Iowa.—BOND SALE.—The
Secretary of Board of Edu¬
cation advises us under date of Aug. 18 that the
$7,500 5-year (av.) build¬
Cuyahoga
be received until
FALL RIVER, Mass.—BOND OFFERING .—The Treasurer will receive
10:30 a. m. Aug. 27 for $45,000 4M% bonds, according
sealed bids until
to reports.
election to vote
will
Sept. 5 by L. Harms, Clerk Board of Education, for $11,000 5}4%
coupon site-purchase and construction bonds.
Auth. Sees. 2294, 7627 and
7629, Gen. Code.
Denom. $1,000.
Date "day of sale."
Int. A. & O.
at office of District Treasurer.
Due $1,000 yearly on Oct. 1 from 1921 to
1931, inclusive.
Certified check on a bank other than the one making the
bid, for 10% of bonds bid for, payable to District Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
m.
FIFTH
"
LOUISIANA
LEVEE
'
DISTRICT
(P.
O.
Tallulah), La.—
TEMPORARY LOAN.—Reports state that a loan of $100,000 has been
negotiated with local banks at 7% int.
BONDS PROPOSED.—The Levee Board is contemplating the issuance
of $250,000 levee bonds, according to local
newspaper reports.
FITCHVILLE
TOWNSHIP
(P. O. Fitchville),
Ohio.—BOND SALE.—The $40,000 419-year
Huron
County,
road-improvement
bonds offered without
success on Dec. 31 1912 (V. 96,
p. 301) were awarded
Jan. 31 to Spitzer, Rorick & Co. of Toledo at 99 8125.
Denom. $500.
Date Dec. 15 1912.
Interest J. & D.
\
on
,
FLANDREAU,
Moody
County,
So.
Dak.—BOND
OFFERING.—
Proposals will be received until 8 p. m. Aug. 25 by Ira F. Blewitt, City
Aud., for $7,500 5H% city-hall, jail and fire-engine-house-constr. bonds.
Int. annual.
Due $3,000 in 10 years and $4,500 in 15 years.
Cert, check
for $100, payable to the "City of Flandreau," required.
Bonded debt
(March 1) $17,000.
FLINT, Genesee County, Mich.—BONDS PROPOSED.—'This city is
contemplating the issuance of $70,000 4>£ % Parkland school-building bonds,
Due beginning March 1 1937.
reports state.
FLOTDADA, Floyd County, Tex.—BOND ELECTION.—The
ques¬
tion of issuing $20,000 water-works bonds will be submitted to a vote on
Sept.
15
FONTANA
HEIGHTS
SCHOOL
DISTRICT,
San Bernardino
County, Cal.—BOND SALE.—Reports state that the $18,000 5% 16-yr.
(av.) gold bldg. bonds offered without success on July 21 (V. 97, p. 312)
have been awarded to the San Bernardino County Savings Bank.
FORT BRAGG, Mendocino County, Cal.—BOND SALE.—An issue
of $10,000 5% water-works bonds has been purchased by the Commercia
Bank of Fort Bragg at par and int.
Denom. $1,000.
Date Nov. 1 1912.
Int.
M. & N.
Due serially from 1915 to 1924 inclusive.
FORT LUPTON CONSOLIDATED
AND 9,
SCHOOL DISTRICTS
NOS. 8
Colo.—BOND SALE.—We are advised that the $17,000 building
(V. 97, p. 130) have been sold to Causey, Foster &
bonds voted June 30
Co.
of Denver.
FORT
•
WORTH, Tarrant County, Tex.—BOND SALE.—This city
on Aug. 16 fold, it is stated, the $300,000 5%
10-40-yr. (opt.) water-works
and $175,000 5% sch,-bldg. bonds voted April 8 (V.96, p. 1171) to E.E.
THE
544
CHRONICLE
HOBO KEN,
B&ldridge, Pres. of the Waggoner Bank & Tr. Co. of Fort Worth, for ac¬
int.
It was reported that the $300,on Sept. 1 (V. 97, p. 252),
The water
works bonds were registered by the State Comptroller on Aug. 16.
count or Eastern financiers, at par and
Londrigan, City Clerk, for $300,000
Bidders to state prices
(P. O. Franklin), Johnson
County, Ind.—BONDS NOT SOLD.—BOND OFFERING.—No sale was
made of the $7,500 4% building bonds offered on Aug. 16, reports state
(V. 97, p. 312).
The bonds have been re-advertised for sale Sept, 13as4)4s.
SCHOOL
TOWNSHIP
FREMONT COUNTY SCHOOL DISTRICT NO. Si
will be certified
and their
(P. O. Dubois),
to genuineness by the
as
legality will be passed
upon
Columbia-Knickerbocker
Tr.
Co.
by Hawkins, Delafield & Longfellow"
The official notices of this bond offering will be
found among the advertisein this Department.
BONDS AUTHORIZED.—An ordinance
N. Y.—BOND OFFERING.—Proposals
F. Summerville, City Chamberlain,
int. Denom. (50)
& S.
Due $4,000
23 on Sept. 1 1943.
Bids mustl)e made upon forms furnished by the City Chamberlain and must
include the payment of accrued interest.
Bonds to be delivered and paid
for at the office of U. S. Mtge. & Tr. Co. in N. Y. City at 11 a. m. Sept. 17.
will be received until 8 p.m. Sept. 2 by
the issuance of $85,000 4)4 %
$50,866 23 paving bonds at not exceeding 4)4%
$1,000, (1) $866 23.
Date Sept. 2 1913.
Int. M.
vearly on Sept. 1 from 1931 to 1942 incl. and $2,866
-
bonds
Int. J. & J.
ments elsewhere
ment bonds.
for
FULTON COUNTY (P.
Council, J. H.
re-pavement
of N. Y. City.
County,
Oswego
or reg.
coupon
bonds bearing int. at 4 )4 % and 5%.
on
Due 30 years from July 1 1913. Cert, check for $5,000 required. These
bonds
Wyo.—BOND OFFERING.—Proposals will be received until to-day (Aug.
23) by G. Nipper, Clerk of School Trustees, for $1,500 6%
FULTON,
xcvii.
Hudson County, N. 3.—BOND OFFERING.—Proposals
will be received until 4 p. m. Aug. 27 by the Mayor and
000 water-works bonds were to be sold
FRANKLIN
[Vol.
was
30-year coup,
Denom. $1,000.
passed Aug. 13 providing for
or reg.
Ferry St. re-improve¬
Int. J. & J. at office of City Treas.
HOLMES COUNTY (P. O. Bonifay), Fla.—BONDS PROPOSED.—It
is reported that this county is
contemplating the issuance of $40,000 road
bonds.
HUBBARD
SCHOOL
DISTRICT
(P.
O.
Hubbard), Hill County,
7£x'f^BONpS VOTED.—By a vote of 110 to 8 the question of issuing the
$20,000 building bonds (V. 97, p. 392) carried, reports state, at the elec¬
tion held Aug. 11.
O. Wauseon), Ohio.—BOND OFFERING.—
Proposals will be received until 10 a. m. Sept. 8 by C. J. Ives, County Audi¬
tor, for the following 5% road -improvement bonds:
$30,000 road-impt. No. 28 bonds. Denom. $1,000.
Due $3,000 on Jan. 1
and $2,000 ori July 1 from Jan. 1 1915 to July 1 1920 Inclusive.
8,000 road-impt. No. 41 bonds.
Denom. $100.
Due $800 each six
months from Jan. 1 1915 to July 1 1919 inclusive.
Date Oct. 1 1913.
Int. J. & J. at office of Co. Treas.
Cert, check or
bank certificate of deposit for $200, payable to City Treasurer, required
with bids for $30,000 issue.
Cert, check or bank certificate of deposit for
10% of bonds bid for, payable to Co. Treas., required with offers for $8,000
issue.
Bonds to be paid for within 15 days from day of sale.
HUNTSVILLE, Walker County, Tex.—RESULT OF BOND ELEC¬
TION.—The question of issuing $8,500 water-system-ext. bonds
carried,
proposition to issue the $25,000 sewerage-system bonds
was defeated at the election held
Aug. 13.
t
it is stated, and the
_
HURON COUNTY (P. O. Norwalk), Ohio.—BOND
SALE.—Reports
that the Cleveland Trust Co. of Cleveland was awarded at
104.3
$40,000 5)4% 11)4-year (av.) coup, court-house bonds offered on
Aug. 18 (V. 97, p. 312).
state
the
HUTCHINS SCHOOL DISTRICT (P. O.
.
Hutchins), Dallas County.
GALAX, Grayson County, Va.—BONDS VOTED.—The question'of
Issuing water-works and sewerage-system bonds received a favorable vote,
reports state, at an election held Aug. 7. jej
•• -:a
Tex.—BONDS TO BE OFFERED SHORTLY.—The
Secretary of the Board
of Education advises us under date of
Aug. 15 that the $10,000
GALVESTON, Galveston County, Tex.—BOND ELECTION.—The
questions of issuing $75,000 fireboat and station, $300,000 city-hall,
$200,000 public-school, $150,000 water-supply and sewer-system and
$175,000 street-impt. 5% 40-year bonds will be submitted to a vote on
Sept. 30.
—BOND
PV
GALVESTON COUNTY (P. O. Galveston), IT ex—BOND ELECTION
—Galveston newspapers state that an election will be held Sept. 26 (not
Aug. 26 as at first reported) to vote on propositions to issue $300,000
Galveston sea-wall extension and $250,000 road 5% 40-year bonds.
GEORGIA.—TEMPORARY LOAN.—The
sum
of $475,000 has
been
borrowed from the following Atlanta banks at 3% interest to pay school
teachers' salaries: Atlanta National Bank, $200,000; Fourth National,
$100,000: American National, $75,000; Fulton National, $50,000;
National, $25,000, and Lowry National, $25,000.
Third
GIBSON COUNTY (P. O. Princeton), Ind.—BONDS AWARDED IN
Denom. $480.
GLOVERS VILLE,
POSTPONED.—We
Date July 15 1913.
Int. M. & N.
County,
N.
Y .—BOND
OFFERING
advised that the sale of the $21,000 4)4% local-
Fulton
are
improvement bonds which was to have taken place Aug. 19
466) has been adjourned until 2
p. m.
(V. 97, p.
building
131) will probably be offered for sale in
ILION SCHOOL DISTRICT (P. O. Ilion), Herkimer
County, N. Y.
SALE NOT CONSUMMATED.—'The sale of
$95,000 4)4%bonds in January to Adams & Co. of New York
(V. 96, p. 376) was not con¬
summated, it appears from
accounts in local newspapers.
A defect in the
proceedings was alleged and the bonds were subsequently
Act of the Legislature.
There is talk now of offering the
denominations to local investors.
legalized by
issue
in
an
small
IONIA, Ionia County, Mich.—BOND ELECTIQN PROPOSED.—
Local papers state that an election will be held in the near future to vote on
the proposition to issue $5,000 park-site-purchase bonds. J
ITASCA COUNTY SCHOOL DISTRICT NO. 1, Minn.—BONDS NOT
was made of the $40,000 5%
15-year high-school bonds
on Aug. 11 (V. 97, p. 313) •
An election has been called for Aug. 30,
it is stated, to increase the interest rate.
SOLD.—No sale
offered
PART.—On Aug. 19 $9,600 of the two issues of 4)4 % 1-10-year (ser.) gravel
road bonds, aggregating $26,400 (V. 97, p. 466), were awarded to local in¬
vestors at par and int.
bonds voted recently
about three weeks.
(v. 97,
p.
Aug. 26.
GRAND FORKS, Grand Forks County, No. Dak.—BOND SALE.—
The $12,000 4% municipal abbatoir bonds (V. 97, p. 466) authorized by
vote of 286 to 127 at the election held Aug. 12, have been sold to the State
of North Dakota.
Due in 1933, subject to call after 1924.
GRAND RAPIDS, Kent County, Mich.—BOND OFFERING.—Pro¬
posals will be received until 3 p. m. Sept. 2 by J. Schriver, City Clerk, for
4)4 %
20-year coup, tax-free water-works refunding bonds.
•Denom. $1,000. - Date Oct. 1 1913.
Int. A. & O. at the City Treas. office.
Cert, check for 3 % of bonds bid for, payable to the City Treasurer, required.
Official circular states that there is no question as to the legality of the cor¬
$225,000
porate existence of the city or the terms of the officials; also that the city
never defaulted payment on any bonds on maturity and the legality of a
has
bond issue has never been questioned.
JACKSON COUNTY (P. O.
Brownstown), Ind.—BOND OFFERING.
Price, Co. Treas., will receive proposals until 1 p. m. Sept. 5, it is
10-yr. drainage bonds.
—H.
stated, for $1,446 87 and $1,762 84 5%
JACKSON COUNTY
(P. O. Jacksonville), Ore.—BOND ELEC¬
TION.—The question of issuing the $500,000 5% road bonds (V. 97, p. 466)
will be submitted to
a
vote on
Sept. 9, reports state.
JACKSON SCHOOL TOWNSHIP (P. O. Connergville), Fayette
County, Ind.—BONDS AWARDED IN PART.—On Aug. 16 $3,600 of
the $3,720
5)4%
2J4-year (av.)
coup,
awarded, It is stated, to the Farmers
school bonds (V. 97, p. 392)
& Merchants' Bank at par.
were
JASPER COUNTY
(P. O. Rensselaer), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. Aug. 26 by A. A. Fell, County,
Treasurer, for the following road-improvement bonds:
$6,500 4)4% T.' F. Maloney et al. road bonds.
Denom. $325.
Due
$325 each six months from May 15 1914 to Nov. 15 1923 incl.
R. O. Yeoman et al. road bonds.
Denom. (1) $29 32, (9)
$700.
Due $29 32 on June 11914 and $700 yearly thereafter.
6,329 32 6%
7,380 80 6% Everett Halstead et al. road bonds.
Denom. (1) $180 80
(9)
$800.
Dpe $180 80 June 1 1914 and $800 yearly
thereafter.
GRANVILLE, Washington County, N. Y.—BOND OFFERING.—
Proposals will be received until 8 p. m. Sept. 3, reports state, by M. C.
Whedon, Vil. Clerk, for $30,700 highway bonds.
Cert, check for $500
required.
GREENCASTLE TOWNSHIP (P. O. Greencastle), Putnam County,
Ind.—BONDS NOT TO BE RE-OFFERED AT PRESENT.—We are advised
that the $5,000 4)4% school-building bonds offered without success on
July 7 (V. 97, p. 130) will not be placed upon the market again in the
near
COUNTY
(P.
O. Longview),
Tex.—BOND ELECTION.—
The proposition to issue $50,000 hospital bonds will be submitted to
on
a
vote
GROSSE POINTE PARK, Wayne County, Mich.—BONDS VOTED.
to newspaper reports, this village recently voted to issue
$115,000 Jefferson Ave. trunk-line-sewer-construction bonds. ■
—According
HADDON SCHOOL TOWNSHIP
(P. O. Carlisle), Sullivan County,
Ind.—BOND OFFERING.—Proposals will be received until 10:30 a. m.
Sept. 6 by J. F. Sproatt, Twp. Trustee, for $14,113 4J4 % coup. bldg. bonds.
Denom. (13) $1,000, (1) $1,113.
Date Sept. 1 1913.
Int. M. & 8. at
People's State Bank, Carlisle.
Due $1,000 yrly.
on
Mar. 1 from 1915 to
1927 incl. and $1,113 on Mar. 1 1928.
HALEDON SCHOOL DISTRICT (P. O. Paterson), Passaic County,
J.—BOND OFFERING.—Proposals will be received until 8 p. m.
Sept. 5 for $8,500 5% building bonds.
Auth. vote of 70 to 22 at an elec¬
tion held July 9.
Denom. $500.
Due $500 yearly Aug. 1 from 1923 to
N.
inclusive.
HAMILTON COUNTY (P. O. Cincinnati),
Ohio.—BOND OFFER¬
ING.—Proposals will be received until 12m. Sept. 5 by A. Reinhardt, Clerk
Bd. of Co. Commrs., for $336,888 13 4% % 30-yr. flood emergency bonds.
Denom. (673) $500, (1) $388 13.
Date Aug. 1 1913, int. F. & A. at
office of Co. Treas.
Cert, check for $5% of bonds bid for,
payable to
Board of County Commissioners, required.
These bonds were offered
without success as 4)4 % on Aug. 1.—(Y. 97, p. 391).
HAMTRAMCK TOWNSHIP SCHOOL DISTRICT NO. 3, Wayne.
County, Mich.—BOND OFFERING.—Proposals will be received until
4 p. m. Aug. 25 by II. Lange, Secretary of Board of Education (care of
American Radiator Co.. Detroit, Mich), for the $18,000
5% 15-year
building bonds voted June 23 (V. 97,
semi-annual.
....
COUNTY
JAY
66).
Denom. $1,000. AInterest
Certified check for $500 required.
^
p.
HARRISBURG, Dauphin County, Pa .—BOND OFFERING.—Acoording to reports the City Comptroller will receive proposals until Oct. 1
for an issue of $110,000 4% improvement bonds,
.
HARRISON COUNTY (P. O. Corydon), Ind.—BOND OFFERING.—
Reports state that proposals will be received until 2 p. m. Aug. 30 by J. D.
Pitman, Co. Treas., for $12,600, $5,600 and $9,120 4)4 % gravel-road bonds
was
«
made
ditch-impt. bonds offered
(P.
O.
Portland),
on
Aug. 20 of the $1,846 95 5%
that day (V. 97, p. 466).
on
Ind.—BONDS NOT TO BE REus under date of Aug. 14
OFFERED AT PRESENT.—The Co. Treas. advises
that
action has
yet been taken looking toward the re-offering of the
$8,300 4)4% highway bonds offered without success on June 24 (V; 97,
no
131).
JAYTON SCHOOL DISTRICT (P. O.
Jayton), Kent County, Tex.—
BOND OFFERING.—W. M.Morrow, Sec. Bd. of School Trustees, is offor-
for sale the $12,000 5%
(V. 97, p. 131).
ng
Oct. 18.
1939
semi-annual.
F. W. Powers
p.
future.
GREGG
Interest
BONDS NOT SOLD.—No sale
10-40-year
(opt.) bldg. bonds voted July 1.
JEFFERSON COUNTY (P. O. Steubenville), Ohio.—BOND SALE.—
on Aug. 16 (V. 97,
The $35,000 5% coup. 15-year (av.) road bonds offered
6,ank ofwere awarded, 100.29. state, to the Miners '&Merchants' Exchange
313) Smithfield at reports
JEFFERSON PARISH (P. O. Gretna), La .—BOND OFFERING.—
Proposals will be received until 12 m. Sept. 3 by the Police Jury, F. L. St.
Martin, Pres., for the $100,000 Dist. No. 1 and $100,000 Dist. No. 2 5%
coup, road bonds voted June 2 (V. 96, p. 1718).
Int. semi-annual.
JEROME TOWNSHIP
(P. O. Sanford), Midland County, Mich.—
OFFERING.—Proposals will be received until 12 m. Sept. 1 by
Allswede, Township Clerk, for $6,000 5% highway-improvement
bonds.
Denom. $1,000.
Date Sept. 1 1913.
Int. M. & S.
Due $1,000
yearly on Sept. 1 from 1918 to 1923 incl.
Certified check for $200 required.
BOND
W.
H.
JOHNSON
COUNTY
(P.
O., Franklin), Ind.—BOND SALE.—
Reports State that the two issues of 4)4 % highway-impt. bonds, aggrega¬
ting $27,700, offered on Aug. 19 (V. 97, p. 466), have 'been sold at par as
follows:
$9,700 to the First Nat;,Bank of Greenwood and $18,000 to the
Citizens Nat. Bank of Franklin/
CITY SCHOOL DISTRICT (P. O. Johnstown).
Pa .—BOND SALE.—On Aug. 18 the $170,000 4)4%
tax-free school-impt. bonds (V. 96, p. 1854) were awarded to the
Johnstown Savings Bank for $170,775 (100.445) and int.
There were no
JOHNSTOWN
Cambria County,
coup,
other bidders.
KEEN CAMP SCHOOL
DISTRICT, Riverside County, Gal.—BOND
6 the $2,500 6% 8-year building bonds offered without
July 21 (V. 97, p. 313) were awarded to the State of California
and int.
Denom. $500.
Date June 4 1913.
Int. J. & D.
SALE.-On Aug.
success on
at par
KENNEDY FLAT SCHOOL DISTRICT (P. O. Jackson), Amador
County, Cal.—BONDS VOTED.—The question of issuing $1,200 building
bonds carried, reports state, at the election held Aug. 11 by a vote of 84 to 3.
KENT COUNTY (P. O. Dover), Del.—BOND OFFERING.—Proposals
until 12 m. Sept. 2 by J. L. Wolcott, Attorney, it is re¬
p. 392).
will be received
HARRISON TOWNSHIP SCHOOL DISTRICT (P. O.
Philo), Mus¬
kingum County, Ohio.—BOND SALE.—On Aug. 15 the $1,000 6%
5-year coup, flood-emergency bonds (V. 97,
W.
Wells of Philo at
100.5.
There
were
p.
no
391) were awarded to Joseph
other bidders.
n-asna-*.
HARTFORD, Van Buren County, Mich.—BONDS VOTED.—The
question of issuing the $4,000 5% water-works-ext. bonds carried by a vote
of 103 to 23 at the election held Aug. 11 (V. 97, p. 391).
Denom. $500.
Date Sept. 1 1923.
Due serially from 1923 to 1930.
HAWTHORNE, Passaic County, N. 3.—DESCRIPTION OF BONDS.
are
advised that the $30,000
street-improvement bonds recently
We
voted
in the denomination of $1,000 and bear date of
Sept. 1 1913.
Int. M. & 8.
Due $2,000 yearly on Sept. 1 from 1916 to 1930 inclusive.
are
HEMPSTEAD (Town) COMMON SCHOOL DISTRICT NO. 2$ (P. O.
Long Beach), Nassau County, N. Y.—BOND OFFERING.—Proposals
of Trustees for $65,000
will be received until 5p.m. Aug. 30
by the Board
school bonds.
Denom. $5,000.
Date Aug. 11913.
Int. (rate to be named
in bid) annual at the Bank of Rockville Centre, Rockville
Centre, to the
holder thereof in N. Y. exchange.
Due $5,000 yearly April 1 from 1919
to 1931 incl.
Certified check, cash or bank draft for 10% of bonds re-
squired.
N. W.
Goddard is Clerk.
»
1
ported, for the $30,000 5 % 22>4-yr. (av.) road bonds (V. 97,
KERN COUNTY (P. O. Bakersfield), Cal.—BOND OFFERING.—
Proposals will be received until 11 a. m. Sept. 6, reports state, by I. L.
Miller, County Clerk, for $240,000 of
an issue of $2,500,000 6% 6-25-year
(ser.) highway-impt. bonds voted July 8 (V. 97, p. 313).
KING
COUNTY SCHOOL DISTRICT NO. 51,
Wash.—BOND
OFFERING .—Proposals will be received until 11 a. m. Aug. 30 by W. H.
Hanna, County Treasurer (P. O. Seattle), for $47,000 6-20-year (opt.)
coup, construction and equip, bonds.
Auth. election held July 26. Denom.
$1,000.
Int. (rate not to exceed 6%) ann. at office of Co. Treas. or at
fiscal agency of State of Washington in N. Y.
Cert, check or draft for 1 %
of bonds bid for, payable to Co. Treas., repuired, except with bid from State
of Washington. Bonds to be ready for delivery Sept. 15 1913. Bonded
debt,
none.
Outstanding warrants, $27.
Assessed
val.,
$1,551,813.
KING COUNTY SCHOOL DISTRICT NO. 176, Wash .—BOND
OFFERING.—Proposals will be received until 10 a. m. Aug. 30 by W. H.
Hanna, County Treas. (P. O. Seattle), for $3,500 5-10-year
(opt.) coup,
funding bonds.
Auth. ©lection held July 30.
Denom. $500.
Int. (rate
not to exceed 6%) ann. at office of Co. Treas. or at fiscal agency of State of
Washington In N. Y. City.
Certified check or draft for 1% of bonds bid
Aug. 23
with bid from State of Wash¬
Sept. 15 1913. Bonded debt
Assessed valuation, $456,040.
KANSAS.—BONDS PURCHASED BY STATE.—The following fortyfour issues of bonds, aggregating $189,392 94, were purchased by the State
for, payable to Co. Treas., required, except
ington.
Bonds will be ready for delivery
$15,000.
Outstanding warrants $4,392.72.
of Kansas during July at par:
Amount.
$7,900
2,000
2,000
1,500
1,200
Place—
Rate.
00
00
00
00
00
Anderson Co. S. D. No. 69.School-house July 1 1913 July
May 31 1913 Jan.
Barton Co. S. D. No. 31._
do
July
1 1913 July
Brown Co. 8. D. No. 44__
do
July
1 1913 July
Butler Co. S. D. No. 45...
do
Butler & Cowley Counties
July
1 1913 July
Jt. S. D.No. 121 & 130.
do
July
1 1913 Jan.
Clark Co. S. D. No. 3.__.
do
July
1 1913 July
Clark Co. 8. D. No. 77. _
'do
July
1 1913 Jan.
Cowley Co. 8. D. No. 133.
do
July
1 1913 Jan.
Comanche Co. S. D. No. 3
do
July
1 1913 July
Comanche Co.8.D.No. 107
do
5%
6%
5%
5%
5%
5%
5%
5%
5H
00 5%
00 5% Dickinson Co. S. D.No. 55
800 00 5% Dickinson Co. S. D. No. 60
700 00 5% Dickinson Co. S.D.No. 110
5,000 00 5% Dickinson & Saline Coun¬
2,500
1,200
1,600
1,000
1,600
1,000
00
00
00
00
5%
6%
5%
5%
5%
5%
1'14-'25
1 '14-'21
1 '14^23
1 '14-'18
7 1913 July 1
T4-'23
June
June
2 1913 Jan, 1 '15-T9
July
July
1 '14-'28
1 'lA-'ll
1'14-T6
1 T4-'25
2 1913 July 1 T4-'23
1 1913 July 1 '14-'24
7 1913 July 1 '21-'28
May 20 1913 Jan.
Apr. 29 1913 Jan.
1 '15-'17
1 T6-'18
July
July
June
July
June
Jan. 1
1
May
May 20
July 1
July 1
LeavenworthCo.S.D.No.35
do
July 1
Marion Co. 8. D. No. 97..
do
Apr. 26
Mitchell Co. 8. D. No. 75.
do
July 1
Mitchell Co. S.D.No. 76.
do
July 1
1
Moline
Water & LightJuly
1
Neosho Co. 8. D. No. 32..School-house July
1
Norton.
.Funding
May
Osborne Co. S. D. No. 64-School-house June 16
1 '15-*33
1913 May 1 T5-'34
1913 Jan.
1913
1913
1913
1913
1913
1913
July
July
July
July
July
July
1
1
1
1
1
1
1923
1933
'14-'26
T4-»18
'15-*22
T4-*16
'14-'18
T4-'43
1913 July 1 *14-'23
1913 May 1 1933
1913 July 1
1913 July 1
-
KLAMATH
FALLS, Klamath County, Ore.—BONDS
REFUSED.—
$30,000 20-year city-hall, $8,000 10-year fire-apparatus and $2,550
20-year garbage^plant-site 6% bonds awarded in June to the Security
Savings Bank & Trust Co. of Toledo (V. 96, p. 1787) have been refused
by that bank, owing to its attorneys' inability to approve the legality of
The
the issue.
-
(P. O. Waukegan), 111;—BOND ELECTION PRO¬
POSED.—According to local newspaper reports, an election will be held in
the near future to vote on the question of issuipg $100,000 or $200,000 roadLAKE
COUNTY
constr. bonds.
,
O. Paris), Tex.—BONDS AWARDED IN PART'
10-40-year (opt.) gold Precinct No. 1 road-imp t
on July 28
(V. 97, p. 191), $48,000 has been
awarded at par and int., $12,000 to each of the foUowing banks of Paris:
City Nat. Bank, American Nat. Bank, First Nat. Bank and the First
LAMAE COUNTY (P.
—Of the $100,000
Series "2"
State
bonds
5%
offered
Bank.
•
.
LANCASTER,
;
Lancaster County, Pa.—LOAN DEFEATED.—Re¬
loan of $80,000 for water-system improvement was de~
ports state that a
feated at the election held Aug. 19-
LAWRENCE, Essex County, Mass.—BONDS TO BE SOLD OVER
advises us that the $100,000 4% coup,
paving loan of 1913 bonds offered on Aug. 1 will be sold over the counter.
Denom, $1,000.
Date June 1 1913.
Int. J. & D. at the Old Colony
Trust Co., Boston, or at, the City Treasurer's office.
Due $10,000 yearly
June 1 from 1914 to 1923 incl.
These bonds are exempt from taxation in
COUNTER.—The City Treasurer
Massachusetts.
LAWRENCE
COUNTY
(P.
O.
Bedford), Ind.—BOND SALE.—On
97. p. 467) were awarded to T. A,
Date Aug. 15 1913. Int.M. &N.
Aug. 18 the $2,900 4H% road bonds (V.
Holland at par and int.
Denom. $145.
Due $290 yearly for ten years.
LEESBURG TOWNSHIP SCHOOL DISTRICT (P. O. Marysville),
Union County,
Ohio.—BONDS VOTED.—The election held Aug. 19
resulted, it is stated, in a vote of 58 to 23 in favor
the $10,000 bldg. bonds (V. 97, p. 467).
of the proposition to issue
COUNTY (P. O. Tallahassee). Fla.—BOND ELECTION.—
Reports state that an election will be held Oct. 14 to submit to a vote the
question of issuing $150,000 good roads bonds.
'""LEON
CENTRE, Henry County/ Ohio.—BOND
cording to reports, the $7,500 coup, sewer bonds offered on
(V. 97, p. 392) were awarded on Aug. 18 to Spitzer, Rorick &
atjpar for 6s.
fea
LIBERTY
SALE.—Ac¬
Aug. 16 as 5s
Co. of Toledo
.
LINCOLN COUNT YISCHOOL DISTRICTING.
held to vote
53, Wash.—BOND
PROPOSED.—Reports state than an election
the question or issuing3$1,500 bldg. bonds.
willjjshortly be
on
LOCKPORT, Niagara'County,rN. Y.—BOND OFFERING.—Proposals
Hutcheson, City Treas., for
will be received until 12 m. Aug. 25 by B. M.
$47,080 5% Market St. and Lake Ave. impt. (city's portion) bonds.
De¬
nom. $2,000 and $1,080.
Date Aug. 25 1913.
Int. ann. at the City Treas.
office.
Due $2,000 yearly Dec. 1 from 1914 to 1936 incl. and $1,080 Dec. 1
1937.
Bonds to be ready for delivery 4 p. m. Sept. 1 1913.
Cert, check
for $1,000, payable to the "City of Lockpcrt," required.
Bonded debt
July 17, $759,699 74.
No floating debt.
Assess, val. 1912, $11,237,182.
BONDS AUTHORIZED.-—Reports state that the Common Council ion
AugJTljapjwoved^the issuance of $1.000 trunk-sewer^bonas.
(P. O. Beliefontaine), Ohio.—BOND OFFERING.
—Further details are at hand relative to the offering on Sept. 3 of the $18.500 5H% coup, ditch-constr. bonds (V. 97, p. 467).
Bonds will be sold
at public auction at 1 p. m. on that day by J. S. Van Hise, County Aud.
Denom. $500.
Date Sept. 3 1913.
Int. J. & J. at office of County Treas.
Due $2,000 each six months from Julv 1 1914 to Jan. 1 1918, incl., and
LOGAN COUNTY
$2,500 July 1
1918
t
.
flfli
fp7o7 Chatfield).
Crawford' CountyJOhio.
—BOND SALE.—We learn that the $14,000 5% 10 2-3-year (average)road
bonds offered on Aug. 16 (V. 97, p. 313) were awarded to the Second Nat.
Bank of Bucyrus at par.
A condition of the sale was that the money be
left on deposit until paid out on estimates for road work done this year.
Other bids were:
Spitzer, Rorick & Co. of Toledo bid par, with the condition that the
money is to be left with them until expended.
Hoebler & Cummings^of
Toledo bid $14,003, less $490 for attorneys'^fees.
LYKENS TOWNSHIP
P*MAITLAND, Holt County, Mo.—DESCRIPTION OF BONDS .—The
$14,800 water-works-installation bonds sold on July 26 at 100 25 (V. 97,
500,and $100.
Date the 1 1913.
S. 467) bear interest atAug. rate of 6%Int. A.are O. the denominationstl of
and & in Due inf1932.
MAMARONECK, Westchester County, N. Y.—BONDS OFFERED.—
Proposals will be received until 8:30 p. m. Aug. 27 (date changed from Aug.
19) oy E. L. Howe, Vil. Clerk,' for $35,000 reg. paving bonds at not ex¬
ceeding 5% int. (V. 96, p. 467).
Denom. (25) $400, (25) $1,000.
Date
Sept.ol91o.
Int. M. &S. at First Nat. Bans, Mamaroneck.
Due$l,400
check, payable in N. Y.O.
1
MANASSAS, Prince William County, Va.—BONDS VOTED.—The
question of issuing the $75,000 water, lights and sewerage-system bonds
carried, reports state, at the election held Aug. 12 by a vote of 102 to 38.
MANCHESTER, Ontario County, N. Y.—BONDS NOT SOLD.—The .
received for the $5,000 bonds offered on Aug. 13 were rejected.$500.
Date Aug. 15 1913.
Int. annual. Due $500 yearly on
Aug. 15 from 1914 to 1923 incl.
two bids
Denom.
field
Sav. Bank of
Ohio —BONDS AWARDED IN
County,
Richland
MANSFIELD,
Mansfield at par.
MARGATE CITY (P. O.
Atlantic City), Atlantic County, N. J.—
OFFERING.—Proposals will be received until 4 p. m. Aug. 25, sale
adjourned from Aug. 18, by A. B. Repetto, City Clerk, for $39,000 5%
30-year coup, or reg. paving bonds (V. 97, p. 467).
Denom. $1,000. Date
Sept. 1 1912.
Int. semi-ann. at Margate City.
Cert, check for 2%, paya¬
ble to City Clerk, required.
»
/
BOND
Phoenix), Ariz.—BOND OFFERING.—
Clerk of the Board of Supervisors, will receive proposals
for $10,000 6% annual 10-20-yr. (opt), road bonds.
certified check for 10% required.
James Miller Jr.,
until 10 a; m. Sept. 2
A
MARIETTA, Love County, Okla.—BOND ELECTION.—According
to reports, the question of issuing $35,000 water-works and seweragesystem-extension bonds will be voted upon at an election to be held Aug. 25.
MARION
COUNTY
(P. O.
Marion), Ohio.—BOND SALE.—On
Aug. 18 the $12,500 6% 2 3-5-year (av.) coup. Brooks Free Turnpike
road bonds (V. 97, p. 313) were awarded to the First Nat. Bank of Barnesville
100.768 and interest.
at
that a 6%5 note of $12,000 in anticipation
bond issue was issued on Aug. 18 to the City Nat. Bank
NOTE SALE.—Reports state
of
an
emergency
of Marion.
MARQUETTE, Marquette County, Mich.—BOND SALE.—On Aug. 4
(aver.) tax-free city-hall refunding bonds (V. 97,
the $45,000 4H % 5-year
g.ank and theawarded to the First Nat.Marquette at par.
313) were Marquette Nat. Bank of Bank, the Marquette
COUNTY
MARTINS
A.
W.
County Sav.
(P. O. Shoals), Ind.—BOND OFFERING.—
will receive proposals until 10 a. m. Aug. 25,
•
Sheeks, Co. Treas.,
$4,200 4K% highway-impt. bonds.
MARYSVILLE
SCHOOL DISTRICT (P. O. Marysville), Perry
County, Pa .—BONDS AWARDED IN PART.—Of the $14,000 (unsold
portion of an issue of $20,000) 4% bldg. bonds (V. 97, p. 131) $4,000 were
sold at par on July 1 to local parties. •
MASSACHUSETTS.—TEMPORARY LOAN.—Dispatches state that
a loan of $500,000, due Oct. 20, has been negotiated with Bond & Goodwin
reports state, for
of Boston.
City) ,Tex.—BOND OFFERING.—
$100,000 5% road bonds on April 10 1914
10 1915.
These bonds are part of an issue
of $300,000 voted Mar. 1, of which $100,000 has already been sold (V.96,
p. 813).
'. •.
MAYFIELD SCHOOL DISTRICT, Santa Clara County, Cal.—
BOND OFFERING.—Reports state that the Clerk of the Board of County
Supervisors (P. O. San Jose) wHl receive proposals until 11 a. m. Sept. 2
for an issue of $1,000 6% 2-year school bonds recently voted (V. 97, p. 253).
MATAGORDA COUNTY (P. O. Bay
This county will offer for sale
and a similar amount on April
Denomination $500.
COUNTY SCHOOL DISTRICT NO. 8, Mont.—BOND
noon on Aug. 27 C. E. Wight, Dlst. Clerk (P. O. White
MEAGHER
OFFERING.—At
Sulphur Springs) will offer for sale at public auction $16,000 10-20-year
(opt.) coup. bldg. bonds at not exceeding 6% int.
Denom. to suit pur¬
Date July 1 1913.
Int. J. & J. at White Sulphur Springs.
No
deposit required.
No bonded debt, no floatingjdebt. Assessed val. 1913,
$1,300,000.
chaser.
MEDFORD, Jackson County, Ore.—BOND
reports state that an election will be held Sept.
issuing $500,000 highway construction bonds.
ELECTION.—Newspaper
9 to vote on the question of
<
„
MENOMINEE, Dunn County, Wis.—BOND ELECTION PROPOSED
Reports state that an election will be held in the near future to vote on the
question of issuing water-works-system and filtration-plant bonds.
MERIDIAN COUNTY COMMON SCHOOL
BONDS
State
REGISTERED.—'The
DISTRICT NO. 3, Tex.—
Comptroller registered $10,000
5%
5-40-year (opt.) building bonds on Aug. 4.
DISTRICT (P. O. Meridian),
MERIDIAN INDEPENDENT SCHOOL
Bosque County, Tex.—BONDS REGISTERED.—An
40-year school-building bonds was registered on Aug. 4
issue of $3,000 5%
by the State Gomp.
DISTRICT (P. O. Mertzon)r
MERTZON INDEPENDENT SCHOOL
REGISTERED.—The State Comptrolle,
bonds on Aug. 5.
O. New Brunswick), N. J .—BOND
SALE.—On Aug. 18 the three issues of coup, or reg. road-improvement
bonds, aggregating $143,500 (V.
97, p. 393), were awarded to R. M.
Grant & Co. of N. Y. at 100.678 for 5s.
Irion
County,
registered
an
Tex.—BONDS
issue of $8,000 5% 40-year building
MIDDLESEX
COUNTY
MIDDLETOWN,
VOTED.—Local neswpaper
$20,000 water-works bonds car¬
of 305 to 146.
*
;"
LENNOX, Taylor County, IowaJ—BONDS
reports state that the proposition to issue
ried at the election held Aug. 6 by a vote
ELECTION
yearly on Sept. 5 from 1918 to 1943 incl.
Cert,
on a duly incorporated bank for 5%, required.
MARICOPA COUNTY (P. O.
1 1913 Jan.
1 1913 Jan.
1 1913 July
1 1913 July
84 5%
00 5%
1913 Jan. 1 '15-'25
July
1 1913 Jan. 1T4-'19
00 5% Ottawa Co. 8. D. No. 5— - - do
July
1 1913 Jan. 1 T5-'28
00 5% PottawatomieCo.S.D.Nol5
do
July
1 1913 Jan. 1 T4-'20
00 5% Republic Co.S.D.No. 105.
do
May 8 1913 Jan. 1 '14-'18
1,500 00 5% Rice Co. S. D. No. 32....
do
May 19 1913 July 1 '17-'22
600 00 5% Seward Co. 8. D. No. 16..
do
July
1 1913 Jan. lT4-*22
6,170 00 5% Shawnee Co. 8. D.No. 42.
do
June 16 1913 Jan. 1'14-'18
1,000 00 5% Sheridan Co. S. D. No. 34.
do
July
1 1913 Jan. 1 *15-'21
1,400 00 5% Smith Co. 8. D. No. 78...
do
May 19 1913 Jan. 1 T4-'16
1,500 00 5% Stafford Co. S. D. No. 32.
do
1,527 10 5% Winfield
Improv't....June 1 1913 June 1'14-'23
All the above bonds are subject to call at any interest-paying period.
10,105
1,800
3,000
2,500
3,500
•
1 '21-*23
1 T5-'27
do
ties Joint 8. D. No. 1
00
00
00
00
00
00
1 T4-'22
1 T4-T7
1 T4-'17
1 '14-T8
do
do
do
1,500 00 5% Ellsworth Co. S. D. No. 62
do
800 00 5% Ellsworth Co. S. D. No. 65
do
900 00 5% Ford Co. S. D. No. 4
do
1,200 00 5% Ford Co. S .D. No. 50
do
2,500 00 5% Franklin Co. 8. D. No. 6__
do
2,200 00 5% Geary Co. 8. D. No. 12...
do
do
10,000 00 5% Greenwood Co. S. D. No. 1
5,000 00 5% Hamlin
Light
40,000 00 5% Jewell
Water
3,500 00 5% -Johnson Co. 8. D. No. 93-School-house
7,000 00 5% Kensington
Light
2,500 00 5% Kingman Co. S. D. No.30.School-house
3,000
1,200
1,000
1,200
40,000
1,200
Due.
Date.
Purpose.
...
545
CHRONICLE
THE
1913.]
(P.
Butler County,
Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Sept. 12 by W. Gibbins, City Aud., for
$10,000 5% fire-engine-purchase bonds.
Auth. Sec. 3939, Gen. Code.
Denom. $1,000.
Date Apr, 1 1913.
Int. A. & O. at Nat. Park Bank,
N. Y. C.
Due in 1923.
Cert, check for $600 required.
Bonds to be
delivered and paid for within 10 days from day of award.
Aug. 15 for the $1,786 10
day (V. 97, p. 313).
BONDS NOT SOLD.—No bids were received on
5% sewer (assessment) bonds offered on that
MIDLAND COUNTY
(P. O.
Midland), Tex.-—BOND
OFFERING.—
Knowles. County Judge, is offering at private sale the $50,000 5%
5-40-year (opt.) road-impt. bonds voted Apr. 22 (V. 96, p. 1316).
Auth.
vote of 130 to 86.
Int. ann. on April 10.
Bonded debt (incl. this issue),'
$72,000.
J. H.
MILLVILLE, Cumberland County,'N. J .—BONDS NOT SOLD.—We
advised that no bids were received on Aug. 15 for the $5,000 of an issue
4H% 20-year coup, or reg. street-impt. bonds offered on that
day (V. 97, p. 192).
are
of $60,000
MILTON,
Northumberland
BONDS
Pa.—NO
County,
TO
BE
ISSUED.—We are advised by the Clerk that the reports stateing that this
borough is considering the issuance of $431,000 reservoir bonds are erroneous.
MINATORE,
favorable vote
5-20-year
Scott's
Bluff
County,
polled Aug. 2 on the
water-works bonds.
was
(opt.)
MISSOULA
COUNTY
Neb .—BONDS
VOTED.—A
question of issuing $14,500 6%
SCHOOL DISTRICT
NO.
1,
Mont.—BOND
OFFERING.—Proposals will be received until 6 p. m. Sept 11 by M.
R. Hardenburgh, Dist. Clerk, (P. O. Missoula) for $25,000 5% 6-20-yr.
(opt.) coup, building bonds.
Auth. vote of 294 to 44 at an election held
Aug. 6.
Denom. $1,000.
Int. semi-ann. at Co. Treas. office.
Ceirt.
check for $500 required.
Official circular states that this district has
never defaulted in the payment of principal and interest on any debt.
OF CAPITOL
BUILDING BONDS.—
an Act approved March 29 1913, the Board of Fund Commis¬
proceeding to refund the $3,500,000 3H % Capitol Building bonds
disposd of in the spring (V. 96, p. 1378).
As originally authorized:, these
bonds were payable in 13 years, but subject to call after 8 years.
The
new bonds, of which about $1,300,000 had been issued up
to Aug. 18
bear the same rate of interest but mature at earlier dates.
The first ma¬
turity is in 1914, when, we are advised, about $360,000 will be paid, with
an equal amount to be taken up each year thereafter.
The new bonds have
all been sold to the Mercantile Trust Co. of St. Louis, which purchased
MISSOURI.—REFUNDING
Pursuant to
sioners is
the bulk of the original issue.
MITCHELL,
DAVISON
COUNTY,
So.
Dak.—NO ACTION YET
TAKEN.—The Mayor advises us that no action has yet been taken towards
offering of the $60,000 10-20ryr. (opt.) municipal-telephone bonds,
the
at not exceeding
5H % int. voted June 10 (V. 97, p. 68.)
MOLINE, Elk County, Kans .—BOND SALE.—The $40,000 5%
20-
water-works and electric-light bonds voted March 25 (V. 96, p. 1041)
awarded during May to the State School Fund at par.
Denom. $1,000.
Date July 1 1913.
Int. J. & J.
year
were
nnAiriVii
CHRONICLE
THE
546
MORGAN COUNTY (P. O. McConnelsville), Ohio—BOAT) OFFERING.—According to reports, proposals will be received until 1 p. m. Sept.'3
by J. E. Patterson, County Aud., for $20,000 5% 1324-year (aver.) bridgerepair bonds.
Cert, check for $300 required.
MOSINEE, Marathon County, Wis .—BOND ELECTION PROPOSED.
—An election to decide whether or not this village shall issue $10,500 water¬
works-installation bonds will be held shortly, reports state.
MT.
•
W.
xcvii.
POLK TOWNSHIP (P. O. Marysville), Nodaway County, Mo.—
VOTED.—According to newspaper reports, the question of issuing
$50,000 road-construction bonds carried at the election held Aug. 14 by a
BONDS
vote of 921
to 394.
POMONA, Los Angeles County, Cal .—BOND ELECTION.—Reports
state that
an election will be held
Sept. 30 to vote on the
issue $75,000 good-road and $15,000
fire-apparatus bonds
propositions to
PORTER COUNTY
KISCO, Westchester County, N. Y.—BOND SALE.—On Aug. 19
Cook was awarded the following reg. bonds (V. 97, p. 393) at par
H.
for
[Vol.
(P. O. Valparaiso), Ind.—BOND OFFERING.—
Newspaper reports state that proposals will be received until 10 a. m. Aug.26
by B. H. Urbahns, Co. Treas., for $3,700 4)4 % 10-yr. highway-impt. bonds.
Due $528 yearly on July 1
PORTLAND, Ore.—BOND OFFERING.—Proposals will be received
until 11 a.m. to-day, Aug. 23 by A. L. Barbur,
City Aud., for $75,000
4% 25-year gold water-works bonds.
Denom. $1,000.
Date Aug. 1 1913.
Int. F. A A. at office of City Treas. or in N. Y. C. Cert, check on a Port¬
land bank for 5% of bonds bid for, payable to Mayor, required.
Bids
5s:
$13,200 sewer-constr. bonds.
Denom. $528.
from 1918 to 1942 incl.
2,500T)onds.
-
Due'$500 yearly on July 1 from 1918 to
Denom. $500.
'
1922 incl.
Date Aug. 30 1913.
.
•
.
Int. semi-annual.
MOUNT
PLEASANT, Titus County, Tex.—BOND ELECTION.—
16 the question of issuing $20,000 city-hall and crematory constr.
On Sept.
bonds will be submitted to
vote, reports state.
a
MULTNOMAH COUNTY (P. O. Portland), Ore.—BOND ELECTION
PROPOSED.—Reports state that an election will be held in September to
vote on the question of issuing $750,000 bridge-construction bonds.
must be unconditional.
Bidders are requested to submit separate or alter¬
nate proposals based upon the place of payment.
A similar issue of bonds
was offered on Aug. 13 (Y. 97, p. 314).
PORT
OF
ASTORIA
(P.
O.
Astoria),
Clatsop
County.
Ore.—
BONDS TO BE OFFERED
SHORTLY.—Reports state that $200,000 of the
$800,000 5% gold dock bonds authorized April 25 (V. 96, p. 1318) will
shortly be offered for sale.
•
'
p.
MUSKINGUM COUNTY (P. O. Zanesville), Ohio.—BOND SALE.—
Reports state that the $75,000 5% 21-year bonds offered on Aug. 19 (V. 97,
314) have been awarded to Davies, Bertram & Co. of Cincinnati for
$76,534, equal to 102.045.
PORT OF BIU8LAW, Lane County, Ore.—BONDS VOTED —Ac¬
cording to reports, the commissioners of this place on Aug. 14 voted to issue
$180,000 north jetty impt. ext. bonds.
NASHVILLE, Tenn.—BONDS AUTHORIZED.—Reports state that
bill was passed by City Council on Aug. 14 providing for the issuance of
$33,000 street-paving bonds.
PULASKI COUNTY (P. O. Winamac), Ind.—BOND OFFERING.—
Proposals will be received until 3 p. m. Aug. 25, it is stated, by P. H. McKinnis, Co. Treas., for an issue of $3,300 4)4 % 10-yr. highway-impt. bonds.
a
BRAUNFELS
NEW
SCHOOL
INDEPENDENT
DISTRICT
(P.
NEW CONCORD, Muskingum County, Ohio.—BOND SALE.—We
advised by the Village Clerk that the $5,000 6% Main St. improvement
(village's portion) bonds (V. 97, p. 132) have been awarded to the First
are
Bank of Barnesville.
National
NEW HANOVER COUNTY (P. O.
Wilmington), No. Caro.—BOND
OFFERING.—Proposals will be received until 3:30 p. m. Aug. 25 by Board
M. S. Willard, Chairman, for $50,000 of an issue of
$100,000 road and $75,000 of an issue of $175,000 school-impt. 5% 25-yr.
coup, bonds voted Mav 27 (V. 96. t>. 966).
Date July 1 1913.
Int. J.&J.
Certified check for 1% of bid required.
These bonds were offered as 4)4s
on Aug. 18 (V. 97, p. 254), and the only bid received was one of par and
interest from the Murchison Nat. Bank of Wilmington for a block of
$10,000.
This offer was rejected.
of Commissioners,
NEWPORT,
CAMPBELL
PART.—Of the
July 16 (V. 97,
NINEVEH
County,
COUNTY, K7.—BONDS AWARDED IN
30-yr. coup, street-impt. bonds offered on
$10,500 have been disposed of at par and int.
$50,000 4 %
p.
254).
SCHOOL
TOWNSHIP
Ind.—BONDS
NOT
(P.
sale
on
SOLD.—BOND
Franklin),
Johnaon
OFFERING.—Reports
no sale was made on Aug. 16 of the $7,500
4% bldg. bonds of¬
that day (V. 97, p. 314).
The bonds have been re-advertised for
state that
fered
O.
Sept.
13
as
NIOBRARA,
4)4s.
Knox County,
Neb.-r-BONDS VOTED.—By
a
vote of
84 to 11, the question of issuing $14,000 5 >4 % 5-20-year (opt.) water bonds
carried at an election held Aug. 12. >
NORTHAMPTON,
One
of the
Hampshire
County,
Mass.—CORRECTION.—
bidders for the $60,000 434 %
534-year (av.) tax-free school14 to N. W. Harris ft Co. of Boston at
101.43 and int. furnishes us with the following correct list of bids received:
N.W.Harris&Co.,Inc.,Bost.l01.43
Merrill, Oldham & Co., Bost.101.169
Blodget & Co., Boston
101.40
Perry, Coffin & Burr, Boston 101.15
R. L. Day & Co., Boston
101.399 W. Li. Raymond A Co., Bost_101.14
Blake Bros. & Co., Boston. 1101.33
Wm. A. Read A Co., Boston. 101.073
Estabrook & Co., Boston
101.23
Paine, Webber A Co., Bostw_101.03
Curtis A Sanger, Boston____101.17
Adams A Co., Boston.
100.81
The list cf bids reported in last week's
Chronicle" was furnished us by
the City Treasurer.
building bonds awarded
,
.
„
„
Aug.
on
~
.
NORTH HEMPSTEAD (Town) UNION FRXK SCHOOL DISTRICT
NO. 7 (P. O. Great Neck), Nassau County, H. Y.—BOND OFFERING.
—Proposals will be received until 3 p. m. Aug. 28 (not Aug. 26 as first re¬
ported) by J. C. Spaulding, Clerk of Board of Education, for the $80,000
5%
PUTNAM
O.
New Braunfels). Comal County, Tex.—BOND ELECTION.—The ques¬
tion of issuing $14,000 school bonds will be submitted to a vote on Sept. 9.
(with privilege of registration) building bonds.
Denom. $1,000.
Date Oct. 1 1913.
Int. A. & O. at the U.S. Mortgage A Trust Co., N. Y.
Due $8,000 yearly Oct. 1 from 1923 to 1932 incl.
Bids must be made on
blank forms furnished by the District Clerk or the above trust
company.
Oct.
1,
unless
a subsequent date shall be mutually agreed upon.
The
as to their genuineness by the U. 8.
Mtge. A Trust
legality will be approved by Caldwell, Masslich A Reed,
N. Y., whose
opinion will be furnished the purchaser.
Total bonded debt,
including this issue, $106,000.
Assessed valuation, 1912, $3,385,2904}
NOXAPATER, WINSTON COUNTY, MiM.—BONDS NOT TO BE
bonds will be certified
Co.
and
their
OAKLAND, Cal.—BOND OFFERING.—Proposals will be received until
m. Aug. 28 by
thedity Council for $990,000 of an issue of $2,940,000
5)4% tax-free municipal impt. bonds of 1913 voted July 22.
Denom.
$1,000.
Date Aug. 1 1913.
Int. ,F. A A. at the City Treasurer's office,
or at the National City Bank, N. Y.
Due $33,000 yearly Aug; 1 from 1914
to 1943 incl.
Certified check or cash for 2% of amount of bid,
payable
to the City Clerk, required.
Bids must be made on forms furnished by
the city.
Opinion of Dillon, Thompson A Clay of N. Y. as to the legailty
of the bonds will be furnished.
J. Forrest is Commissioner of Revenue
and Finance.
A similar issue of bonds was offered without success as \5s
on Aug. 11
(V. 97, p. 468b
*,
12
Ottawa), Ohio.—BOND OFFERING.—
m. Aug. 30 by J. E. Roose, County
RSD LARS COUNTY (P. O. Red Lake Falls), Minn.—BOND SALE.—
On Aug 15 an issue of $21,000 534%-20-yr drainage bonds was awarded to
Wells A Dickey Co. of Minneapolis, at par.
Denom. $500.
Date Aug 15
1913.
Int. F & A.
RICMYALE SCHOOL DISTRICT (P. O. Richvale), Butte County,
Cal.—BONDS VOTED.—A favorable vote was cast at the election held
Aug. 9, reports state,
issue of bonds
was
on
A similar
the proposition to issue $10,000 bonds.
May 17 (V. 97, p. 69).
voted
RIDOXWOOD
DISTRICT
(P. O. Ridgewood), Bergen County, N. J.—BOND SALE.—The $35,000 5% 7 2-5year (average)
coupon bonds offered without success on July 7 (V. 97,
p. 133) have been sold at par and interest.
TOWNSHIP
BCMOOL
ROCMESTXR, N. Y.—NOTE SALE.—On Aug. 18 the $100,000 8 mos.
(V. 97, p. 468) were awarded to the Rochester
Savings Bank of Rochester at 5.25% interest.
Other bidders werer
school-construction notes
Bidder—
5.40%
.—_5.40%
Co., New York
Parkinson A Burr, New York
Estabrook A Co., New York
Bond &
Premium.
Int.
H. Lee Anstey, New York
J. S. Bache A
.....
....
Goodwin, New York
Union Trust Co., New York.
1_
$12.00
--
5.45%
....-5,50%
5.75%
6%
4.00
—
,
31.00
—
ROCK ISLAND, Rock Iiland County, 111.—BOND ELECTION.—
Reports state that an election will be held Aug. 26 to vote on the question
of issuing $161,000 public-impt. bonds.
ROSEAU
bids
12
were
COUNTY
(P.
O,
Rosaau), Minn.—BIDS.—'The following
offered on Aug.
received for the $25,000 20-yr. court house bonds
(V. 97, p. 395):
Minnesota Loan A Trust Co. Minneapolis.. 1
C. O. Kallman & Co., St. Paul
$25,750 and int. for 6s.
/
Commercial
Invest.
ROUNDUP,
Co., Duluth
Musselshell
par
and int. for 6s.
County, Mont.—BONDS DEFEATED.—
6% 10-20-year (opt.) sewer-system
the election held Aug. 18 by a vote
The proposition to issue the $20,000
bonds (Y. 97, p. 469) was defeated at
of 56
"for" to
68 "against."
-
•
SAGINAW, Saginaw County, Mich.—BOND SALE.—We are ad¬
vised by the Comptroller under date of Aug 16 that $20,000 sewer-east
and $10,000 sewer-west 4% 1-10-yr. (ser.) bonds have been sold to local
investors.
Denom. $1,000.
Date July 1 1913.
Int. semi-ann.
ST. JOSXPM COUNTY (P. O. South Bsnd), Ind.—BOND OFFER¬
ING.—Proposals will be received until 10 a. m. Aug. 26, it is stated, by
F. W. Martin, Co. Treas., for $8,100 4)4% highway-impt. bonds.
ISSUED
THIS YEAR.—The Town Clerk advises us under date of
Aug.
16 that the $15,000 school bonds recently authorized will not be
put on
the market until probably about Jan. 1.
•
(P. O.
RANDOLFM COUNTY (P. O. Winchester), Ind.—NOTE SALE.—
Reports state that the $12,000 5% Y>4-yr. (av.) notes offered on Aug. 15
(V. 97, p. 254) have been awarded to the Randolph Co. Bank of Win¬
chester for $12,100, equal to 100.833.
o
coup,
Certified check on an incorporated bank or trust company for
5% of bonds
bid for, payable to the District Treasurer, required.
Bonds to be delivered
COUNTY
Proposals will be received until 12
Auditor, for $30,000 6% J. W. Butler joint county ditch impt. bonds.
Auth. Sec. 6489, Gen. Code.
Denom. $1,000.
Date Sept. 1 1913.
Int.
M. A S. at office of County Treasurer.
Due $15,000 in 1914 and 1915.
Certified check, or cash, on an Ottawa bank for $1,000, payable to County
Auditor, required.
Purchaser to furnish blank bonds.
These bonds were
offered without success as ,5s on Aug. 4 (V. 97, p. 394).
ST. LOUIS COUNTY (P. O. Duluth), Minn.—NO BOND ELECTION.
—We
are advised that the reports stating that the proposition to issue
$300,000 bonds would be submitted to a vote on Aug. 19 (V. 97, p. 469)
are erroneous.
' :
ST. FAUL, Minn— SALE OF TAX LEVY CERTIFICATES.—'The
city has now disposed of the entire amount of $2,293,500 4% certificates,
anticipation of taxes. As 6tated in V. 97, p; 69$1,960,800 of these
certificates had been sold up to June 28.
.
in
SALE OF CERTIFICATES OF PARTICIPATION IN CITY BONDS.—
Up to Aug. 16 the city had sold "over the
certificates of participation in city bonds.
counter" at par $610,820 40
See "news item" on a pre¬
ceding page.
DEPARTMENT STORE BUYS BONDS FOR SALE TO CUSTOMERS.—
,
OGDENSBURG, St. Lawrence County, M. Y.—BOND
Aug. 18 the $56,000 4)4 % 9 5-6-year (aver.) improvement bonds (Y. 97, p.
394) were awarded to local banks at par;
•
NOTE SALE.—The $4,834 39 2 34-year (aver.) assessment notes offered
Aug. 15 (V. 97, p. 394) have been awarded to local banks at par for 5s.
OKANOGAN COUNTY, CONSOLIDATED SCHOOL DISTRICT MO.
Wash.-^-BOJVD SALE.—On Aug. 2 an issue of $5,000 20-yr. school
on
103,
bonds
was
awarded to the State of
Washington
at par for 5)4 s.
It is also
•stipulated that these bonds may be redeemed after 1 year.
Other bidders
„
v
were:
•
Causey, Foster A Co., Denver, par for 6s less $145 for fees.
O. II. Coffin, Chicago, $5,005 for 6s less $150 for fees.
J. N. Wright A Co., Denver, $5,050 for 6s less $250 for fees.
-
Int.
ann.
at
office of Co.
Treasurer.
and
int.
PARIS, Henry County, Tenn.—BOND SALE.—Reports state that
the $65,000 5% 30-year coupon sewer-system, school and water and
light
plant-impt. bonds offered on May 27 (V. 96, p. 1379) have been sold at par
'less legal expenses.
O.
Rockville),
Ind.—BOND OFFERING.—
Proposals will be received until 1 p. m. Aug. 25 by J. H. Rush, County
Treasurer, for $4,717 Michaels, $9,876 McAllister, $4,204 Milligan, $6,984
Smiley and $5,379 Kelly 4)4% coupon road-impt. bonds.
Date Aug. 5
1913.
Int. M. A N.
Due each six months.
PARMER COUNTY (P. O. Farwell), Tex.—BONDS VOTED.—The
proposition to issue the $50,000 6% 40-year court-house bonds (Y. 97, p.
69) carried at a recent election.
PERRY,
Wyoming County, N. Y.—NOTE SALE.—The $16,000
1-16-year (serial) fire department building notes offered on Aug. 5 (V. 97,
p. 314) have been awarded to local parties at par for 5s.
1
PITTSBURGH, Pa.—BOND SALE.—The City Comptroller advises
Si
A)lg* 18 that arrangements have been made to place
$150,000 434% Corliss Street
burgh, at par and int.
bonds with
$523,484 05 Robert St. and $274,350
paving assessment bonds.
A syndicate of local bankers is
purchase these bonds.
that the $280,000 4)4% 30-year park bonds
dated June 1 1913, recently authorized by Council, will be advertised on
Aug. 23 and will be sold, it is expected, by Sept. 10.
Handy will sell at noon on Aug. 27
Summit Ave.
being formed, It is said, to
A local newspaper says
SALEM, Imi.—TEMPORARY LOAN.—It is reported that
ORANGE, Essex County, N. J.—BOND SALE.—The two issues of
5% 10-yr. bonds, aggregating $100,000, offered on Aug. 18 (V. 97, p. 468)
have been awarded to Blodgett A Co. of N. Y. at 100.57,
reports state.
(P.
partment Store, which will re-offer them over the store counters at the same
price.
A block of $100,000 6% paving assessment certificates, offered by
this store in May, was sold within two days.
See V. 96, p. 1508.BOND OFFERINGS.—Local newspapers state that City Comptroller
a
loan of
National Bank of Lynn.
bonds were awarded to N. W. Halsey A Co. of Chicago at 100.3
Denom. $1,000.
Date Aug. 15 1913.
Int. F. A A.
COUNTY
ment
$200,000, maturing Dec. 5,1ms recently been negotiated with the Central '
„
OMAHA, Neb.—BOND SALE.—On Aug. 1'4 $50,000 5% 20-year bark
PARKE
13 about $89,000 6% 3-year Snelling Ave. paving special assess¬
bonds, offered on that day, were sold at par to the Golden Rule De¬
On Aug.
SALE.—On
the Union Trust
Co.
of Pitts¬
SALEM,
Washington County, N.
Y.—BOND
SALE—On Aug.
15
the $6,000 Main St. paving bonds (V. 96, p. 1648) were awarded to Jennie
Johnston of Salem at par for 4)4s.
Denom. $500.
Date Sept. 1 1913.
Interest annual.
Due $500 yearly from 1918 to 1929, inclusive.
SALEM, Columbiana County, Ohio.—BONDS NOT SOLD.—Reports
state that no bids were received on Aug. 19 for the $40,318 25 5% 8-year
refunding bonds offered on that day (V. 97, p. 395).
SAN ANTONIO, Tax.—BOND OFFERING.—Local newspaper reports
state that this city would offer for sale about Oct. 1 $3,450,000 municipalimprovement bonds.
•AN AUGUSTINE COUNTY (P. O. San Augustine), Tex.—BOND
ELECTION.—Reports 6tate that an election will be held Nov. 8 to submit
to the voters the question of issuing $90,000 court-house-construction bonds.
•AN DIEGO COUNTY (P. O. San Diego), Cal.—BOND ELECTION
PROPOSED.—Reports state that an election will be held in the near future
to vote on the question of issuing $1,000,000 consolidated bonds for county
and city bldgs.
SANDUSKY, Erie County, Ohio.—BOND SALE.—On Aug. 20 the
$20,000 4)4% 6-year (average) coupon fire-department-equipment bonds
(V. 97, p. 315) were awarded to the Third Nat. Exch. Bank of Sandusky
at 100.075.
There were no other bidders.
SAN
FRANCISCO,
Cal.—BONDS
OFFERED
OVER
COUNTER.—
Local newspapers state that the City Treasurer, John E. McDougald, will
■
Aug. 23
sell
at
over the counter at par $963,000 5% bonds. Including hospital bonds
maturing 1914 to 1932, school bonds maturing 1914 to 1938, city-hall bonds
maturing 1917 to 1960.
Denom. $1,000.
privately the $50,000 5% gold
bldg. bonds offered without success on Apr. 10 (V. 96, p. 1248).
This is the final
ques¬
to be
O.
Scottsburg),
SI ADRIFT,
Calhoun
County,
$3,000
SEA
recent
10-40-year (opt.) Bosque County Com. Sch. Dist. No. 13 bonds,
April 10 1913.
This is a monthly payment on the total issue of
was contracted for at a former meeting of the Board.
There
yet remains $1,000 to be paid on this issue.
$2,375 10-40-year (opt.) Eddy Ind. Sch. Dist. bonds, dated June 2 1913.
This is a monthly payment on the total issue of $19,000 which was contracted
for at a former meeting.
There yet remains $7,125 to be paid on this issue.
$2,100 20-40-year (opt.) Nevada Ind. Sch. Dist. bonds, dated May 1 1913.
This is a monthly payment on the total issue of $17,100 which was contracted
for at a former meeting of the Board.
There yet remains $5,000 to be paid
SCHOOL DISTRICT NO. 7, Mont.—BOND
are at hand relative to the offering on Aug.
paid
dated
$8,000 which was contracted for at a former meeting.
$3,000 to be paid on this issue.
$2,500 20-40-year (opt.) Harris County Com. Sch.
„T
^
bonds,
$2,500
(opt.) Blue Ridge Ind. Sch. Dist, bonds, dated May 1
former meeting of
be paid on this issue.
$1,500 Milam County (Granger) Com. Sch. Dist. No. 4 bonds, dated
April 10 1913, due onb each year.
This is the final payment on the total
issue of $3,000 which was contracted for at a former meeting.
$2,000 20-40-year (opt.) Angelina County Com.. Sch: Dist. No. 41 bonds,
dated May 12 1913.
This is a monthly payment on the total issue of $8,500
which was contracted for at a former meeting.
There yet remains $4,000
$2,000
10-40-year
The total issue of $6,500 was contracted for at a
1913.
SCHOOL DISTRICT (P. O. Sherman), Chautauqua
Ohio.—BOND OFFERING.—Proposals will be received until
8 p. m. Sept. 2, reports state, by F. L. Morris, Clerk Board of Education,
for $35,000 4fi% school bonds. ■.
e
-
the Board.
SMITH COUNTY (P. O. Tyler), Tax.—BOND ELECTION.—An eelction will be held Aug. 28 to decide whether or not $30,000 road bonds shall
be issued in Bullard District.
O. Atlantic City), Atlantic County, N. J.—
on
Dist. No. 23 bonds;
April 19 1913.
$1,300 5-20-year (opt.) Grimes County Com. Sch. Dist. No. 24
dated April 10 1913.
This is the final payment on the total issue of
which was contracted for at a former meeting of the Board.
SHERMAN
received
No. 10 bonds,
total issue of
There yet remains
dated
County,
were
this issue.
on
$2,000 25-40-year (opt.) Carson County Com. Sch. Dist,
Oct.
1
1911.
This is a monthly payment on the
„
bids
•
$4,000 10-40-year (opt.) New Braunfels Ind. Sch. Dist. bonds, dated
July 1 1913.
This is a monthly payment on the total issue of $44,000 which
was contracted for at a former meeting.
There yet remains $30,000 to he
UNION FREE SCHOOL DISTRICT NO. 5
(P. O. Sherman), Chautauqua County, M. T.—BOND OFFERING.—
Proposals will be received until 8 p. m. Sept. 2 by F. L. Morris, Clerk
Bd. of Ed.,
for $35,000 4H% registered school-bldg. bonds.
Auth.
Chap. 140,* Art. 15, Sec. 480, Education Law 1910.
Denom. $500.
Date Sept. 1913.
Int. ann. on Nov. 1 at the State Bank of Sherman,
Sherman, in N. Y. exchange.
Due $1,000 yrly. Nov. 1 beginning 1913
for 9 yrs. and $2,000 yrly. on Nov. 1 thereafter.
No deposit required.
No debt at present.
Assess, val. 1912, $530,000.
(P.
this issue.
on
(Town)
There yet remains $2,500 to
to be
paid on this issue.
$2,000 1-40-year (opt.) Normangee Ind. Sch. Dist. bonds, dated May 15
This is a monthly payment on the total issue of $10,000 which was
contracted for at a former meeting of the Board.
There yet remains $4,800
to be paid on this issue.
$750 5-20-year (opt.) Nacogdoches County Com. Sch. Dist. No. 16 bonds,
dated April 16 1913.
This is the final payment on the total issue of $1,500
which was contracted for at a former meeting.
$1,000 10-40-year (opt.) Frio County Com. Sch. Dist. No. 13 bonds,
dated April 10 1913.
This is a monthly payment on the total issue of $7,000
which was contracted for at a former meeting.
There yet remains $3,000
Aug. 9 for the $25,000
1913.
that day.
on
40 bonds,
of $15,000
There yet remains $4,000 to be paid on this
$1,200
10-20-yr. (opt.) bldg. and equip, bonds (V. 97, p.
469).
Proposals for these bonds will be received until 2 p. m. on that day
by the Dist. Trustees, C. E. Comer, (P.O. Medicine Lake) Clerk. Auth.,
election held May 17.
Denom. $500.
Int. payable ann. at Co. Treas.
office. Cert, check for $100, payable to School Trustees, required.
Bonds
to be delivered and paid for on day of sale.
SOLD.—No
.
$7,500 which
28 of the $3,000 6%
SOMERS POINT
A
dated
OFFERING.—-Further details
BONDS NOT
.
,
be paid on this issue.
previously contracted for.
SHELBYVILLE,
Shelby County, 111.—BOND ELECTION PRO¬
POSED.—Reports state that an election will be shortly held to decide
or not this city shall issue paving bonds.
5% bonds offered
_,
10-40-year (opt.) De Witt County Com. Sch. Dist. No.
This is a monthly payment on the total issue
$3,000
dated Dec. 1 1912.
whether
SHERMAN
contracted for at a former meeting.
remains $2,000 to
•
the $48,000 5% 30-yr. refunding bonds offered with¬
(V. 97, p. 133) are being disposed of at private sale.
COUNTY
was
^
ATELY.—The Director of Dep't. of Revenue A Finance advises us under
SHERIDAN
Sch. Dist. No. 40 bonds,
$11,000 to be paid on this issue.
$2,500 5-40-year (opt.) Giddings Ind. Sch. Dist. bonds, dated Feb. 1 1913.
This is a monthly payment on the total issue of $20,000.
There yet remains
$4,000 to be paid on this issue.
$2,000 5-40-year (opt.) Dallas County Com. Sch. Dist. No. 39 bonds, dated
March 10 1913.
This is a monthly payment on the total issue of $8,500
which was contracted for at a former meeting of the Board.
There yet
Cape May County, N. J.—BONDS BEING SOLD PRIV¬
ISLE,
Com.
$4,000 10-20-year (opt.) Kingsville Ind. Sch. Dist. bonds, dated May 1
1913.
This is a monthly payment on the total issue of $40,000 which was
contracted for at a former meeting of the Board.
There yet remains
election resulted, it.is stated, in favor of issuing street-impt. bonds.
date of Aug. 16 that
out success on July 2
Bexar County
This is the final payment on the total issue of $15,000
April 10 1913.
which
SALE.—On
VOTED.—A
(ovt.)
20-40-year
dated
$8,800 4f$ % 5^-year
Aug. 16 (V. 97, p. 469),
T ex.—BONDS
_.
„
April 10 1913.
This is a monthly payment on the total issue of
$21,000 which was contracted for at a former meeting.
There yet remains
$4,000 to be paid on this issue.
$2,000 1 0-20-year (opt.) Galveston County Com. Sch. Dist. No. 7 bonds,
BONDS NOT SOLD.—No sale was made of the
on
this issue.
(opt.) Bogota Ind. Sch. Dist. bonds, dated March 15
the total issue of $12,000 which was
on
10-40-year
dated
Aug. 16 three issues of 4 lA %
5^-year
(average)
road-impt.
bonds,
aggregating $11,600 (V. 97, p. 469) were awarded to the Scott County
State Bank, the Scottsburg State Bank of Scottsburg and the Lexington
Bank of Lexington at par and interest.
(av.) L. McClain et al. road bonds also offered
owing to peqding litigation.
paid
$2,000
OFFERING.—Pro¬
Ind.—BOND
Irving Ind. Sch. Dist. bonds, dated Feb. 1 1913.
monthly payment on the total issue of $13,000 which was con¬
a former meeting of the Board.
There yet remains $2,000
a
1913.
This is the final payment on
contracted for at a former meeting.
posals will be received until 8 p. m. Aug. 25 by E. C. Hoyt. Village Clerk,
tor $8,000 coupon sewer bonds, to be issued as of Aug. 1 1913.
Denom.
$1,000.
Interest (rate not to exceed 5%) P. & A. at Schenectady Trust
Co., Schenectady.
Due $1,000 yearly on Aug. 1 from 1918 to 1925, incl.
Certified check for 2% of bid, payable to Village Treasurer, required.
A
similar issue of bonds was offered on Aug. 4 (V. 97, p. 315).
(P.
Ind. Sch. Dist. bonds, dated April 5 1913.
issue of $12,000 previously contracted for. There yet;
be paid on this issue.
$2,000 5-40-year (opt.)
This is
SCOTCH-IRISH TOWNSHIP, Rowan County, No. Caro.—BOND
ELECTION.—According to reports, an election will be held Oct. 1 to sub¬
a vote the propositioh to issue $20,000 road-cOnstruction bonds.
COUNTY
Dist. bonds, dated April 10 1913.
total issue of $15,000 previously contracted for.
tracted for at
mit to
SCOTT
on
$1,200 10-20-year (opt.) Celeste
This is part of an
remains $1,200 to
SCIOTO COUNTY (P. O. Portsmouth), Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Sept. 1 by T. C. Patterson, County
Auditor, for $440,000 5% flood-emergency bonds.
Denom. $500.
Date
Sept. 1 1913.
Int. M. & S.
Due on Sept. 1 as follows: $10,000 yearly
from 1916 to 1920, incl.;
$15,000 yearly from 1921 to 1941, incl., and
$10,000 yearly from 1942 to 1947, incl.
Certified check for 5% of bonds
bid for, payable to County Auditor, required.
Y.—BOND
payment
$3,000 20-40-year (opt.) Gonzales Ind. Sch. Dist. bonds, dated April 1
1913.
This is a monthly payment on the total issue of $30,000 previously
contracted for.
There yet remains $5,000 to be paid for.
tion of issuing $63,000 water-extension and $12,000 fire-department equip,
a vote on Sept. 11, it is stated.
N.
on
paid on this issue.
$2,000 10-40-year (opt.) Slaton Ind. Sch.
bonds will be submitted to
County,
There yet remains $4,000 to be paid
Childress Ind. Sch. Dist. bonds, dated March 1
$1,400. HMO-year (opt?) Falls County County-Line Com. Sch. Dist. No. 15
bonds, dated Feb. 15 1913.
This is a monthly payment on the total issue
of $11,800 previously contracted for.
There yet remains $1,000 to be
SAN RAFAEL, Marin County, Cal.—BONDS VOTED.—The questions
issuing the $100,000 street-impt., $40,000 municipal bathing-park,
$25,000 incinerator, $25,000 dredging canal and $25,000 street-impt. plant
and rock-crusher bonds (V. 97, p. 395) at not exceeding 5% interest, carried,
reports state, at the election held Aug. 11.
'
Schenectady
Board.
issue
1912.
This is a monthly payment on the total issue of $30,000 previously
contracted for, and completes the payment.
of
SCOTIA,
former meeting of the
$2,000 15-40-year (opt.)
coup,
Orange County, Cal.—BOND ELECTION.~^The
a
this
SANGER UNION HIGH SCHOOL DISTRICT, Fresno County,
Cal.—BONDS TO BE SOLD PRIVATELY,—We are advised that arrange¬
ments have about been made to sell
SANTA ANA,
547
CHRONICLE
THE
1913.]
SOUTH BOUND
BROOK
SCHOOL DISTRICT
(P.
O.
Bound Brook), Somerset County, N. J.—BOND SALE—The
South
$21,000
5% bldg. bonds offered on Aug. 6 (V. 97, p. 315) have been §old.- •• Denom.
$1,000.
Date July 1 1913.
Int. J. & J.
Due $1,000 yrly. beginning 1920.
.
ST. PAUL, Dakota County, Minn.—PURCHASER OF BONDS,
advised that the purchaser of the $11,000 6%
1-3-yr (ser.)
water-main bonds (V. 97, p. 395), awarded on Aug 4 at par and int.,
SO.
—We
are
the
was
1913.
Capitol Nat. Bank of St. Paul.
Int.
385
the
F.
Denom. $500.
Date Aug. 1,
to be
& A.
WILLIAMSPORT,
Spartanburg
SPARTANBURG,
County,
So.
194)
was
37i
to 29.
Due Aug. 1 1943.
proposition
(V. 97, p.
on
.
M.
Bechtel &
SULLIVAN
Co.
voted July 7 (V. 97,
p,
1 the
134) were awarded to
$2,000 10-40-year (opt.)
SALE.—On Aug.
20 the $50,000 4)4
tax-free park-impt. bonds (V. 97, p. 469) were sold
The total amount of bids received was
$134,700; of these, $56,600 offered premiums amounting to $164 13.
Y.—BOND
reg.
$1,000 10-40-year (opt.) Nally Independent Sch. Dist. bonds, dated March 1
1913.
This is a monthly payment on the total issue of $5,000 contracted
a former meeting.
There yet remains $2,000 to be paid on this issue.
$1,500 10-40-year (opt.) Star Ind. Sch. Dist. bonds,
TEAGUE, Freestone County, Tex.—BOND ELECTION.—An election
on the proposition to issue $15,000 water-works-impt. bonds will
16, reports state.
to vote
TEANECK
TOWNSHIP SCHOOL DISTRICT,
B«rg®n County,
N. J.—BOND SALE.—On Aug. 19 the $17,000 5% 9-year (average) coupon
school bonds (V. 97, p. 396) were awarded to the Palisades Trust & Guar¬
100.147.
There
JB* TENNESSEE.—BONDS TO BE OFFERED SHORTLY.—We are advisedfunder date of Aug. 16 by the Secretary of the State Funding Board
that there will be placed on the market in the near future 1-yr. 5% bonds
for^the^purpose of raising funds to pay off $1,600,000 bonds maturing
'
TEXAS.—SONDS PURCHASED BY STATE.—The following 5%
school-house bonds were purchased at par and interest on Aug. 11 for the
benefit of the permanent school fund:
1
$3,000 5-40-year (opt.) Athens Ind. Sch. Dist. bonds, dated April 1 1913.
a monthly payment on the total issue of $40,000 which was contracted
This is
a
.
v
?
dated June 15 1913.
monthly payment on the total Issue of $6,000 contracted for at a
There yet remains $1,950 to be paid on this issue.
$2,500 5-40-year (opt.) Go]dthwaite Ind. Sch. Dist. bonds, dated June 1
1913.
This is a monthly payment on the total issue of $15,000. ' There
yet remains $7,500 to be paid on this issue.
$1,500 20-40-year (opt.) Bandera County Com. Sch. Dist. No. 1 bonds,
dated April 25 1913.
This is a monthly payment on the total issue of
$8,900 contracted for at a former meeting.
There yet remains $4,400
to be paid on this issue.
1
$1,000 10-40-year (opt.) Spur Ind. Sch. Dist. bonds, dated Feb. 1 1913.
This is a monthly payment on the total issue of $5,000.
There yet remains
$2,000 to be paid on this issue.
$1,000 Strawn Ind. Sch. Dist. bonds, dated July 1 1913, due one each
year, no option.
This is the first monthly payment on the total issne
of $16,000.
$1,000 10-40-year (opt.) Driscoll Ind. Sch. Dist. bonds, dated May 28
1913.
The total issue of $10,000 was contracted for at this meeting.
$1,000 10-20-year (opt.) Williamson County Com. Sch. Dist. No. 65 bonds,
dated June 1C 1913.
The total issue of $2,000 was contracted for at this
meeting.
$1,000 15-40-year (opt.) Wolfe City Ind. Sch. Dist. bonds, dated July 1
1913.
The total issue of $9,500 was contracted for at this meeting.
This is
former meeting.
be held Sept.
equal to
a
former meeting.
for at
Fla.—BONDS NOT YET SOLD.—No
award has yet been made of the $400,000 (unsold portion of $500,000)
5% gold impt. bonds offered without success on July 1 (V. 97, p. 134).
County,
anty Co. of Englewood for $17,025 and int.,
were no other bidders.
This is
a
bonds.
the counter to local investors.
Hillsboro
Willow Grove Ind. Sch. Dist. bonds, dated July 1
montnly payment on the total issue of $8,000 contracted
There yet remains $3,000 to be paid on this Issue.
$2,000 10-40-year (opt.) Mineola Ind.-Sch? Dist. bonds, dated April 1
1913.
This is a monthly payment on the total issue of $17,500 contracted
for at a former meeting.
There yet remains $10,500 to be paid on these
1913.
for at
authorize.
FPTAMPA,
,
dated April 15 1913.
SUMAS, Whatcom County, Wash.—BONDS DEFEATED.—'The
questions of Issuing $7,180 37 funding and $7,000 municipal improvement
bonds was defeated, it is stated, at the election held Aug. 12.
The vote
on the funding issue was 96 "for" to 91
"against" ind on the improvement
bonds 82 "for" to 112 "against."
A three-fifths majority was necessary to
SYRACUSE, N.
,,
dated May 1
paid on this issue.
■,
< '
$1,000 10-20-year (opt.) Matagorda County Com: Sch. Dist. No. 2 bonds,
This is a monthly payment on the total issue of $5,000
contracted for at a former meeting.
There yet remains $2,000 to be paid
on jthis issue.
«
$3,000 1-40-year (opt.) Angleton Ind. Sch. Dist. bonds, dated May 1 1913.
This is a mnothly payment on the total issue of $15,000 contracted for at
a former meeting. 1 There yet remains $8,000 to be paid on this issue.
COUNTY
10M-year (aver.)
,
(opt.) Sour Lake Ind. Sch. Dist. bonds,
be
of Davenport.
W.
over
issue.
of $5,000 contracted
a
be paid on this issue.
$1,000 10-20-year (opt.) Matagorda County Com. Sch. Dist. No. 14 bonds,
dated March 14 1913.
This is a monthly payment,on the total issue of
$5,000 contracted for at a former meeting.
There yet remains $2,000 to
(P., O. Sullivan), Ind .—BOND OFFERING.—
Howard, Co. Treas., will receive proposals until 12 m. Aug. 26,
reports state, for $12,598, $11,000, $8,799 and $3,250 4)4% 10-yr. roadimprovement bonds.
s
W.
'
This is a monthly payment on the total issue
former meeting.
There yet remains $2,000 to
1913.
for at
STORT CITY, Story County. Iowa.—BOND SALE.—On Aug.
$8,000 5% light-plant bonds
Geo.
this
$1,000 10-20-year
(P. O. Knox), Ind.—BOND OFFERING.—Re¬
ports state that proposals will be received until Aug. 25 by F. Joseph,
Co. Treas., for an issue of $5,000 4)4% highway-impt. bonds.
COUNTY
STAREE
this issue.
on
.
Caro.—VOTE.—We
advised that the vote cast at the election held July 8 on the
to issue the $100,000 43^ % street and sidewalk impt. bonds
are
paid
$2,000 20-40-year (opt.) Longview Ind. Sch. Dist. bonds, dated June 24
This is a monthly payment on the total issue of $10,000 which was
contracted for at a former meeting of the Board.
There yet remains
$5,000 to be paid on this issue.
$1,500 5 40-year (opt.) Edna Ind. Sch. Dist. bonds, dated April 10 1913.
This is a monthly payment on the total issue of $8,000 which was contracted
for at a former meeting of the Board.
There yet remains $3,500 to be paid
1913.
Pa.—BONDS VOTED.—By a vote of
to 96 the proposition to issue $23,000 <4H% street bonds carried at
election held Aug. 12.
Due 1943, subject to call after 4 yrs.
SOUTH
taMaUmWaiaatm
548
THE
CHRONICLE
$1,000 J.O-40-year (opt.) Decatur Ind. Sch. Dist. bonds, dated July 10
The total issue of $2,700 was contracted for at this meeting.
$700 10-20-1/car (opt.) Hopkins County Com. Sch. Dist. No. 4 bonds,
VERNON
1913.
dated April
14 1913.
$1,000 10-20-year (opt.)
dated May 1 1913.
$1,000 5-20 -year
dated April 10 191
$800
3-20-year
Sch. Dist. No. 78 bonds,
(gpt.) Henderson County Com. Sch. Dist. No. 50 bonds,
10-2W^ear^(opt.) Fannin County Com. Sch. Dist. No. 61 bonds,
Api "
1
$1,000 10-20-year (opt.) Rusk County Com. Sch. Dist. No. 48 bonds,
dated May 25 1913.
*
$700 10-20-year (opt.) Rusk County Com. Sch. Dist. No. 51 bonds, dated
May 25 1913.
$1,000 10-20-year (opt.) Rusk County Com. Sch. Dist. No. 55 bonds,
dated May 25 1913.
TOLEDO,
Aug.
20
for
bonds offered
Ohio.—BONDS NOT SOLD.—No bids were received on
$200,000 4K% 16-year coup, fire-dept. improvement
that day (V. 97, p. 255).
TRENTON, N. J.—BOND SALE.—On Aug.^O the two issues of 4H %
registered bonds, aggregating $214,900 (V. 97, p. 469), were awarded to the
Mechanics' Nat. Bank of Trenton at 100.01 and int. - There were no other
bidders.
advised
are
that
will be submitted to
O. Groveton), Tex.—BOND ELECTION.—
the
question of issuing $100,000 good-roads bonds
vote on Sept. 16.
a
TROY,
N. Y.—BOND OFFERING.—Proposals will be received until
10 a. m. Aug. 27 by W. H. Dennin, City Comptroller, for $200,000 5% taxexempt certificates of indebtedness or revenue bonds.
Denom. $25,000.
Date Aug. 27 1913.
Due Dec. 31 1913.
Certified check for 1% of bonds,
payable to the "City of Troy," required.
Bonds to be delivered and paid
for within 10 days from time of award.
Purchaser to pay accrued interest.
Official circular states that the city has never defaulted on any of its
obligations.
.
tr*
UNION COUNTY (P. O. Marysville), Ohio.1—BONDS NOT SOLD.—
No bids
were received for the $51,400 5% 3-year (average) flood-emergency
bonds offered on Aug. 16 (V. 97, p. 470).
UNION SCHOOL DISTRICT, Santa Clara County, Cal.—BONDS
NOT SOLD—NEW OFFERING.—No bids, were received for the $7,000
school bonds offered on Aug. 4 (V. 97, p. 255).
New bids are asked until
11 a. m. Sept. 2.
.
_
UPPER
.
O.
Mt.
VOTED.—Reports
COUNTY (P.
O.
VALDOSTA, Lowndes County, Ga.—BOND ELECTION.—An elec¬
$35,000 paving
1.
VALLEY
TOWNSHIP
SCHOOL
DISTRICT
(P.
O. Derwent),
Guernsey County, Ohio.—BONDS NOT SOLD.—No bids were received,
is stated, for the $15,000 5%
15-yr. bldg. bonds offered on Aug. 18
(Y. 97. p. 255).
it
VENICE UNION HIGH SCHOOL DISTRICT, Los Angeles County,
Cal.—BONDS NOT SOLD.—rReports state that no bids were received on
Aug. 4 for the $250,000 5% building bonds offered on that day (V. 97, p.
316).
L8*NS.
NEW
$300,000
WALLA WALLA COUNTY SCHOOL DISTRICT NO.
75, Wash.—
SALE.—An issue of $5,000 5)4%
5-10-year (opt.) building bonds
to the State of Washington at
par.
Denom. $1,000.
WASHINGTON COUNTY (P. O. Marietta), Ohio.—BOND OFFER¬
ING.—Proposals will be received until 12 m. Sept. 10 by H. Burton,Co. Aud., for $80,000 5% bridge-impt. bonds.
Auth. Sees. 2434 and 5638,
Gen. Code.
Denom. $1,000.
Date Sept. 1 1913.
Int. M. & S.
Due
$5,000 yrly. on Sept. 1 from 1915 to 1930 incl.
Cert, check for 2% of
bonds bid for, payable to Co. Treas., required.
_
WASHINGTON TOWNSHIP (P. O. Bowling Green), Clay County
Ind.—BOND
SALE.—The
$3,500
4)4%
Public
a
notice
is
resolution
County, N. J.
hereby
WATER
BONDS
given
in
of the Council
terest at the rate or four and one-half per cent
(4H) and five (5) per cent per annum, payable
semi-annually on the first days of July and Janu¬
ary in each year.
Bids will be received for any part or parts of
said bonds.
All
proposals to be addressed to
the
Mayor
and Council of the City of Hoboken, N. J., and
endorsed "Proposals for Re-Pavement Bonds,"
and
or
shall
be
cash for
accompanied by
the
sum
dollars.
of
Five
a
school-builuing
bonds
on July 25 (V. 97, p. 70) have been awarded to tho First
Nat. Bank
of Center Point and the Riddell Nat. Bank of Brazil at
par.
WASHINGTON TOWNSHIP (P. O. Corydon), Harrison
County,
Ind.—BOND SALE.—On Aug. 16 the $1,500 4)4% school-building bonds(V. 97, p. 470) were awarded, reports state, to the Corydon Nat. Bank at
par.
Denom. $150.
"•
WASHINGTON TOWNSHIP (P. O. West Toledo), Lucas County,
Ohio.—BOND SALE.—The $40,000 5H% 4 5-6-year (average) school
6-ye
site-purchase and buildim bonds offered on Aug. 16 (V. 97, p. 316) have
been sold, it is stated, to Racy & Braun of Toledo at 100.3425.
WELLESLEY,
Norfolk County,
Mass .—TEMPORARY LOAN.—
According to newspaper reports, F. S. Moseley & Co. of Boston have beena three-months' loan of $60,000 at
5.21% discount.
awarded
WELLINGTON,
Sumner
County,
Kans.—BOND
ELECTION.-—
of issuing the $240,000 bonds to construct a water-system
1723) will be submitted to a vote, it is stated, on Sept. 23.
The question
(V. 96,
p.
WELLS SCHOOL DISTRICT (P. O. Wells), Elko County, Nev.—
BOND ELECTION PROPOSED.—An election will be held in the near
future,
it is stated, to vote on the question, of issuing $20,000
high-school bonds.
WELLSVILLE,
Columbiana County; Ohio.—BONDS TO BE SOLDare advised by the City Auditor that
the two issues
offered without
issues
of
success
will
be
success on
5% streetJt-paving bonds,
June 6 Cf. 97, p. 134),
on
disposed of at private sale.
WELSH, Calcasieu Parish, La.—BOND ELECTION.—The question
of issuing the $15,000 electric-light-plant-construction bonds will be sub¬
mitted to the voters on Sept. 9, reports state.
WILDWOOD
SCHOOL
DISTRICT
(P.
O.
Wildwood),
Sumter
Fla.—BONDS VOTED.—The question of issuing the $15,000*
(not $10,000 as first reported) building bonds (V. 97, p. 471) carried, re¬
ports state, by a vote of 53 to 16, at a recent election.
County,
WILLIAMSON
COUNTY
(P.
O.
Georgetown),
T ex.—BONDS
VOTED.—We are advised that the proposition to Issue $50,000 road bondsin District No. 2 carried at an election held recently.
LOANS
to km.
$4,000
Town of Malta,Montana, Town of Malta9Montaiia»
accordance
of the City of
Hoboken, passed on the Thirteenth (13th) day
of August, 1913, and duly approved on the Four¬
teenth (14th) day of August, 1913, that sealed
proposals for the purchase of bonds of the City
of Hoboken. to be known as Re-Pavement Ronds,
in the amount of $300,000, to run for a period of
Thirty years from July 1, 1913, coupon or regis¬
tered, at the option of the bidder, will be received
at the meeting of the Council to be
held on
WEDNESDAY, AUGUST 27, 1913,
at 4 o'clock, p. m.
Bidders to state prices on bonds bearing in-1
with
coupon,
offered
$33,000
H0B0KEN,
RE-PAVEMENT
recently
PRIVATELY—We
tion will be held Sept. 15 to vote on the question of issuing
and $15,000 water-main 5% bonds.
Due yearly on Jan.
Hudson
township
Raleigh), No.
PROPOSED.—An election will be held, reports state, to vote on the question
of issuing $25,000 municipal-lighting-plant bonds.
CITY OF
this
highway bonds.
BOND
SANDUSKY, Wyandot County, Ohio.—BOND ELECTION
NEW
that
state
has been awarded
„
TRINITY COUNTY (P.
We
(P.
xcvii.
Caro.—-VOTE.—We are ad¬
vised that the vote cast at the election held
Aug. 12 on the proposition to
issue the $1,000,000 road-construction bonds
(V. 97, p. 470) was 377 "for"
to 2,524 "against."
the
on
TOWNSHIP
Mich.—BONDS
voted to issue $6,000 State trunk line
WAKE
Lamar County Com.
[Vol.
certified check
($5,000)
Thousand
'■
BONDS.
SEWER
NOTICE IS HEREBY GIVEN that the Town
of Malta, Valley County, State of Montana, will
offer for sale at the office of the Town Clerk. In
the Town of Malta, Montana, on SATURDAY,
THE SIXTH
DAY OF SEPTEMBER, 1913,
p. m., its issue of water
bonds,
amounting
to
thirty-three
thousand
($33,000) dollars, of the par value of one thousand
($1,000) dollars each, said bonds bearing intereat at not to exceed six (6)
per cent per annum,
payable semi-annually on the 1st day of January
and the 1st day of July of each
year, the said
bonds to bear date of January 1st, 1914, due
twenty (20) years after date, and redeemable at
the option of the said Town at
any time after fif¬
teen (15) years from the date of issue.
Princi¬
pal and interest payable in lawful money of the
at the hour of 2 o'clock
United States at the office of the Town Treasurer
of said Town, or, at the
option of the holder, at the
banking house of the Hanover National Bank
In the City and State of New York,
The money
reject any and all bids if deemed in the interest
of the city so to do.
By order of the Council.
JAMES H, LONDRIGAN, City Clerk.
6TH
payable
or
Malta,
a guaranty that the bidder will take and
pay
for said bonds as soon as the same are signed and
ready for delivery.
less
than
Council
par
No bid
and
reserves
can
be received for
The Town
accrued interest.
the right to reject
any
or
bids.
By order of the Town Council.
H. M. KIRTON, Town Clerk.
Dated Malta, Montana, July 23, 1913.
all
Low Rental
1913,
at
the
semi-annually
on the 1st day of January and the
1st day of July of each year, the said bonds to
bear date of January
1st, 1914, due twenty (20)
redeemable at the option
time after fifteen (15)
years from the date of issue.
Principal and in¬
terest payable in lawful money of the United States
at the office of the Town Treasurer of 6aid Town,
or, at the option of the holder, at the banking
house of the Hanover National Bank in the City
and State of New York.
The money received
years
after
of the said
the
date,
and
Town
sale
of
construction of
purposes
a
at
any
said
bonds
main
In said
sewer
to
be
used
for
the
and septic tank for
Town.
The bids to be accompanied by a certified
sum of five hundred ($500) dollars,
payable to the Town Treasurer of the said Town
of Malta, as a guaranty that the bidder will take
and pay for said bonds as soon as the same are
signed and ready for delivery.
No bid can be
received for less than par and accrued interest.
The Town Council reserves the right to reject
any or all bids.
By order of the Town Council.
Dated Malta, Montana. July 23, 1913.
H. M. KIRTON,
check In the
Town Clerk.
Bolger,
Light Offices
SEPTEMBER,
amounting to
four
thousand ($4.000>
dollars of the par value of one thousand ($1.000)
dollars each, said bonds bearing interest at not to
exceed
six
(6)
per
cent per annum,
payable
sewer
Town
OF
bonds,
from
to the Town Treasurer of the said
DAY
hour of 2 p'clock p. m., its issue of sewer-system
in said Town to supply said Town with water.
The bids to be accompanied by a certified check
la the sum of five hundred ($500) dollars,
as
The legality of the issue of the aforesaid bonds
will be passed on by Messrs. Hawkins, Delafleld
& Longfellow, and prepared and certified to by
the Columbia-Knickerbocker Trust Company.
The Mayor and Council reserve the r4ght to
Notice Is hereby given that the Town of Malta,
Valley County, State of Montana, will offer for
sale at the office of the Town Clerk, in the Town
of
Malta,
Montana,
on
SATURDAY,
THE
received from the sale of said bonds to
for the construction of a water
be used
plant and system
SYSTEM BONDS.
Mosser & Willaman
MUNICIPAL
BONDS
Legal for Savings Banks,
136-138-140 FRONT STREET
Postal Savings and Trust Funds.
SEND
Block Front, Pine to De Peyster
.
FOR LIST.
St., New York
29 South La Salle
St.,
CHICAGO
Formerly occupied by Federal Sugar Co.
Modern building; good elevator service
Apply
on
premises
or
to
BLODGET
Cammann, Voorhees & Floyd
84
William
Street, New York
&
CO.
BONDS
90
STATE
STREET. BOSTON
so PINE STREET, NEW YORK
STATE, CITY A RAILROAD BONDS
Aug. 23
WILLIS, Montgomery County, Tex.—BOND
10 to vote on the question
tion will be held Sept.
works bonds.
ELECTION.—An elec¬
of issuing $7,000 water
BRADFORD, Ont.—LOAN VOTED.—Reports state that the question
$20,000 to be granted as a loan to the Watson-Smith Co., manu¬
(V. 97, p. 398), carried at the election held Aug. 12.
of raising
facturers of wire screens
BURNABY,
COUNTY (P. O. Oshkosh), Wis.—BONDS NOT TO
AT PRESENT.—The County Clerk advises us, under
•date of Aug. 10, that the matter of re-offering the $30,000 hospital bonds
offered without success on June 21 (V. 97, p. 134) has been put over to
the November session of the County Board.
WINNEBAGO
SCHOOL DISTRICT NO. 39 (P. O. Winside), Wayne
Neb.—BONDS NOT SOLD—BOND OFFERING.—No sale was
made of the $8,500 6% 9-year (average) coupon and registered building
"bonds offered on Aug. 15 (V. 97, p. 317).
Proposals will again be opened
for the above bonds on Aug. 30.
DORCHESTER STATION, Ont .—DEBENTURE OFFERING.—W. B.
WIN SIDE
Mass.—TEMPORARY LOAN.—
Oct. 17, was negotiated, reports state,
4.25% discount, plus $8.
WORTHINGTON TOWNSHIP (P. O. Butler),
Ohio.—BOND ELECTION.—
BOND
was
$110,452 50 (100.411)
Co. of Cleveland for the $110,000 5%
bonds offered on Aug. 14 (V. 97, p. 471)
SALE.—ReportsVstate that the bid of
from C. E. Denison &
7 1-6-year (average) water-works
received
accepted.
Canada, its Provinces
and Municipalities.
Ont.—DEBENTURES NOT SOLD.—No sale has yet been
made of the $6,000 434 % 30-year debentures offered on July 24.
We are
advised that an effort will be made by the Council to increase the interest
ATHENS,
rate to
534%.
ORANGEVILLE, Ont.—DEBENTURE ELECTION.—Reports state
an election wiU be held to-day
(Aug. 23) to submit to a vote the
that
SANDWICH,
issuing $75,000 school debentures failed to carry, it is stated, at an
tion held Aug. 19.
The vote was 52 "for" and 102 "against."
SOURIS, Man .—DEBENTURE ELECTION.—On Sept. 2, it is reported,
of issuing $40,000 electric-Ught-installation debentures will be
*
.
the question
submitted to a vote.
TORONTO,
Ont .—BONDS
OFFERED
BY BANKERS.—Harris,
Co. of New York have purchased and are
offering to investors at 84 and interest £926,000 ($4,506,500) 4% gold cou¬
pon (with privilege of registration as to principal- only) municipal-electric
fight and power system bonds.
Denom. £100 and £500. Date £551,000
July 1 1908 and £375,000 Jan. 1 1912.
Int. J. & J. in London in sterling
ana in New York and Toronto at fixed rate of exchange of $4 86 2-3.
Due
July 1 1948.
Total debt, including this issue, $52,553,296.
Water and
light debt and general sinking fund, $24,202,203.
Water and light sink¬
ing fund (not included), $L551,360.
Net debt, $28,351,093.
Assessed
valuation for taxation, $436,120,049.
Exempt property (not included),
$52,961,546.
{See advertisement on a preceding page.)
TEMPORARY LOAN.—The city has also sold $5,000,000 534% 1-year
treasury notes to Lloyd's Bank of London.
,
WILD WOOD SCHOOL DISTRICT NO. 2922,
SALE.—An issue of $1,200 634% school-building
on
Alta.—DEBENTURE
debentures was awarded
Date
School Supply Co. of Edmonton at par.
Int. annually on Dec. 23.
Due Dec. 23 1923.
June 23 to the Alberta
June 23 1913.
DISTRICT NO. 2748, Alta.—DEBENTURE
Supply Co. of Regina have been awarded, at
SALE.—The Western School
£ar, an issue of $2,000 7 %
>ue in 1923.
$3,000 school-impt. and $3,000 town-hall-impt. debs.
Ont.—DEBENTURES DEFEATED.—The question of
elec¬
question of issuing
•
.
SCHOOL
ATORADO
•
•
Forbes & Co. and Brown Bros. &
question
on the
will
for $15,000
and $10,000 30-year water-works and sewerage-
MEDICINE HAT, Alta.—RESULT OF BOND ELECTION.—The ques¬
tion of issuing the $14,000 5% 20-year park debentures carried by a vote
of 74 to 16. while the question of issuing the $20,000 hay-market debentures
was defeated at the election held Aug. 12 (V. 97, p. 398).
■6%
YOUNGSTOWN, Mahoning County,
»
12 m. Aug. 25 by D. Paterson, 8ec.-Treas.,
20-year local improvement
extension 6% debentures.
Richland County,
Reports state that an election will be held Nov. 4 to vote
■of issuing $800,000 grade-crossing-elimination bonds.
proposals until Aug. 25 for $6,500 5%
Sask.—DEBENTURE OFFERING .—Proposals
CREEK,
MAPLE
be received until
Ohio.—BOND OFFERING .—Proposals will be received until 1 p. m.
to-day (Aug. 23) by E. E. Plank, Clerk of Board of Education, for $3,000
6% coupon tax-free school-building bonds.
Auth. Sec. 7,625. Gen. Code.
Denom. $300.
Date Aug. 25 1913.
Int. A. & O. at office of Township
"Treasurer.
Due $300 each six months from Oct. 1 1914 to April 1 1919,
inclusive.
No deposit required.
No debt at present.
WYTHEVILLE, Wythe County, Va.—BOND SALE.—The $5,000
2-6 year (serial) reservoir-construction bonds voted June 24 (V. 97,
p. 135) were awarded on Aug. 1 to E. L. Gray of Waverly, Va., at 101.0625.
C.—LOAN.—An issue of $1,500,000 6% 10-year
been sold in London, according to newspaper reports.
Lane, Township Clerk, will receive
20-year debentures, reports state.
County,
WORCESTER, Worcester County,
B.
treasury notes has
BE RE-OFFERED
On Aug. 19 a loan of $300,000, due
with Bond & Goodwin of Boston at
519
CHRONICLE
THE
1913.]
WYNWARD, Sask.—DEBENTURE ELECTION.—The propositions
$1,000 mill-site laud-purchase and $7,440 street-impt. debentures
25. it is stated.
to issue
building debentures. Interest annually in April.
will be submitted to a vote on Aug.
MISCELLANEOUS.
MISCELLANEOUS.
OFFICE OF THE
Stone & Webster
ATLANTIC MUTUAL INSURANCE COMPANY.
New
The Trustees,
PUBLIC SERVICE CORPORATIONS
Total
1918,
22d.
January
(hi
31st December, 1912.............. —$4,069,457
Premiums on such risks from the 1st January, 1912, to the
Premiums on Policies not marked off 1st January, 1912
SECURITIES OP
York,
in conformity with the Charter of the Company, submit the following statement of Us watts on
31st of December, 1912.
fTie Company's business has been confined u> marine and inland transportation insurance.
.....
66
763,427 33
—.............
Premiums.............................................................$4,822,884 99
$4,065,834 06
1912, to December 31st, 1912....
Premiums marked off from January 1st,
received during the year—.$302,088 79
Interest on Deposits in Banks and Trust Companies, etc
.......
42,787 34
Rent received less Taxes and Expenses...
........................
130,987 28
Interest on the investments of the Company
STONE & WEBSTER
Losses paid
during the year...
.......................
....
Less Salvages
Re-Insurances
ENGINEERING CORPORATION
$197,204 74
........
544,616 02
195.79
......
Discount..
CONSTRUCTING ENGINEERS
Premiums
$91,649 86
—
Expenses, Including officers' salaries and clerks' compensation, stationery, advertise-
STONE I WEBSTER
ment8, etc..
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OP
PUBLIC SERVICE
of
741,416 55
$1,362,840 93
>
Returns
475,863 41
$2,104,257 48
.............
——
,
/
563,285 21
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid te the holders
thereBf, or tneir legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1907 will be redeemed and paid to the holders thereof, or their
legal rapreseatatives, on and after Tuesday the fourth of February next, from which date all interest thereon
wul cease.
The certificates to be produoed at the time of payment and oanoeled.
CORPORATIONS
A
divided ef Forty per cent Is declared on the earned premiums of the Company for the year ending 31 at
dividend, for which, upon application, certificates will W
December, 1912, which are entitled to participate in
issued on and after Tuesday the sixth of May next.
By order of the Board,
TRUSTEES.
CHICAGO
,
5 NASSAU ST.
FIRST NAT. BANK BLDG.
philip a. s.
charles m. pratt,
dallas B. pratt,
george w. qotntabd;
anton a. raven,
john j. riker,
douglas robinson;
adolf
waldrqn p. brown;
jchsn claflin
g®»kae c. clark,
cleveland h. dodqej
cornelius eldert,
richard h. ewart,
MUNICIPAL AND
herbert l. griggs,
anson w. hard,
thomas h. hubbard;
lewis cass ledyard;
charles d. leverich^
george h. macy.
hn n. beach,
^EST O. BUSS,
.non h. brown,
147 liILK STRCET
NEW YORK
william sloane,
louis stern.
ON
.
franklin}
BALANCE SHEET.
SEAS0NG00D & MAYER
Bonds
New
York City
New York Trust
Stocks.........
Railroads.—.
and
Securities ———
Special Deposits in Banks
and Trust
If
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Rani Estate en Staten Island (held under
No better Securities
Tit
481 .Laws of 1887)
Premium Notes.
4,299,426 04
75,000 00
592.766 69
JERSEY CITY
in hands of European Bankers to
losses under policies payable in
foreign countries
—
...
pay
Temporary Investments
paid
Return Premiums Unpaid
Reserve for Taxes
Re-Insurance Premiums
Claims not Settled, including
104,822 76
110,025 16
CHRONICLE VOLUMES
Compen¬
sation, etc
FOR SALE
rears
prior to
good
for
(payable Janu-
400,875 00
$11,020,500 flf
balance of.
Interest on Bonds on the 81st day of December. 1912, amounted to...........
$40,804
In New York, on the
19l2, amounted to 31st day of Deoember,
188 ftront St.. New York
Company's valuation by
—
CHRONICLE
fe Mm basis of these Increased
66
96
^ ^
da ▼ of ~De*mberj "l912,"Counted to—
The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in eaceas ef the Book Value given above, at.....—.
ceeded the
FINANCIAL
.68,606.260 71
——
And tbB property at Staten Island hi excess of the Book Value, at
the Market Value of Stocks, Bonds and other Securities on the 31st day
&
22,556 09
$*68,309 M
Certificates oI Profits Outstanding.
Un^roi^dD^lnsiu^c"e3rerolums on t he 31 st
Note:
1908
COMMERCIAL,
22,598 02
r
298,641 20
994,862 29
e-lnsuranoe due or accrued, In companies authorized
gents due and accrued on the 31st day of December,
condition
~
Certiflcates of Profits Ordered Redeemed!
Withheld for Unpaid Premiums-
Thus leaving a
Accrued
la
203,725 55
-
$13,623,861 38
volumes
,
Estimated Losses and Losses Unsettled
$2,174,958 ••
in process of Adjustment....
767,950 94
Premiums on Untermlnated Risks
262,924 06
Certificates of Profits and Interest Un¬
615.303 16
Cash in Bank
Second-hand
-
ash
EXCHANOE PLACE
and
900,000 00
-
provisions of Chapter
1,777,900 00
2,716,537 00
282,520 00
-------
Companies
761
$670,000 00
Companies and Bank
Other
No better State
■
•.
LIABILITIES.
York
......
.........
Stooks and Bonds of
NEW JERSEY SECURITIES
.
william a. street;
george e. turxube.
ASSETS.
United States and State of New
EDWIN^R. CASE
-
schieffelin,
a. a. raven, President.
cornelius eldert, Vice-President.'
walter wood parsons, 2d Vice-President.
charles e. fayj_3d Vice-President.
john h. jones sfEWART, 4th Vice-President.
APPLICATION
CINCINNATI'
pavenstedt;
james h. post,
RAILROAD
Ingalls Building
_
william j.
BONDS
LIST
G. STANTON FLOYD-JONES, Secretary.
.
BOSTON
vnkwMons the balance wouM bo..
at Deoember, 1612, ex¬
.
26,696
43,Wl
•
466.673
68,790
1.666,027
M
$5,166,644 28
550
CHRONICLE
THE
[Vol.
xcvn.
%UQ%XX£tX*.
Smut fflxrropatde*.
CHARTERED 18C3.
United States Trust Company of New York
45-47 WALL STREET
Capital,
«
-
v
$2,000,000 00
-
Surplus and Undivided Profits
G. WHITE COMPANIES
'
-
ENGINEERS
-
-
-
THE J
MANAGERS
-
$14, $25,643 12
FINANCIERS
This Company acts as Executor, Administrator, Guardian, Trustee, Court
43 Exchanft
Place, - NEW YORK
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
Chicago,
San Francisco,
London,
personal, for estates, corporations and individuals,
..
Manila, Para, Buenos Aires, Santiago, Chili.
EDWARD W.
SHELDON. President.
WILLIAM M.
KINGSLEY, Vice-President
WILLIAMSON PELL, Asst. Secretary
WILFREM^ypRCESTER, Secretary
CHARLES A. EDWARDS, 2d Aaat. Secy,
*
TRUSTEES
Alfred E. Forstall
JOHN A. STEWART, Chairman of the
WILLIAM ROCKEFELLER
ALEXANDER B. ORR
WILLIAM H. MAOY JR.
WILLIAM D. SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN OLAFLIN
JOHN J. PHELPS
OGDEN MILLS
FORSTALL AND
EDGERTON L. WTNTHROP
CORNELIUS N. BLISS JR?
HENRY W. de FOREST
ROBERT I. GAMMELL
,
Investigations and Appraisals of Gas
Institutions.
MAIN OFFICE, 80 BROADWAY
Plaza Branch,
786 Fifth Avenue, corner 80th St.
88th St.
Capital $3,000,000
Engineering and Construction
Plans, Methods, Examinations
Public IJtihries and Industrials
REPORTS
k(R
Bankers Trust
Modern Safe Deposit Vaults at both Branches#
•
NEW YORK CITY#
G. YOUNG
Fifth Avenue Branch,
corner
and
Electric Properties for Owners or Financial
William St.,
UNION TRUST COMPANY OF NEW YORK
Avenue,
ROBISON
EHGINEERS
.
CHARTERED 1864
428 Fifth
Charles D. Roblson
Board*
WILLIAM M. KINGSLEY
WILLIAM STEWARTsTOD
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
EDWARD W. SHELDON
CHAUNCEY KEEP
GEORGE L. RIVES
ARTHUR CURTISS JAMES
Surplus (earned) $5,231,000
FINANCING
B^dg., New York
Attn 8. MH1.T
Alex. O. Humphreys
HUMPHREYS & MILLER,Inc
ALLOWS INTEREST ON DEPOSITS
Acts
ENGINEERS
Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.
as
Power—Light—Ga«
16S BROADWAY
.
.
NEW YORK
.
3§SMtthx0
otic
"ga
H. M. CHANCE A CO.
chicago
Capital and Surplus,
$15,000,000
Mining Engineers. and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel BIdg.
Pays Interest
PHILADELPHIA, PA.
.
Time Deposits, Current and Reserve Accounts®
on
Deals in Investment Securities and ForeignExchange.
Transacts
a
General
Trust
CORRESPONDENCE
Business#
'
INVITED
Adrian H. Mullcr & Son
AUCTIONEERS
Regular Weekly Sales
OF
■
v
'
»■
'
Mellon National Bank
STOCKS and BONDS
PITTSBURGH, PA.
EVERY WEDNESDAY
8-26
£ ;,
y';
Office, No. 58 WILLIAM STREET
3%
on
is
RESERVE ACCOUNTS
Corner Pine Street
paid by this bank
Correspondence is invited
AMERICAN
CAPITAL,
•
-
MFG.
CO:
$6,000,006
MANILA, SISAL AND JUTE
•
•
•
•
'
'
'
CORDAGE
Acts
as
Girard Trust
Executor,
Trustee,
Administrator,
Guardian,
Agent.
CAPITAL and SURPLUS, $10,000,000
B. W.
Interest allowed
on
*
Brooklyn, N. Y.
and
Registrar
Transfer
PHILADELPHIA
Sales Office!
Nobis & West Sts.,
Chartered 1830
Receiver,
•
Company
deposits#
£• B# Morris, President.
Strassburger
SOUTHERN INVESTMENT SECURITIES
-
MONTGOMERY, ALA.
1
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@FedFRASER