The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fluantiat
The
INCLUDING
lirontrie
Railway Sr Industrial Section
Bankers' Convention Section
Bank Sc Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, AUGUST 29 1914.
VOL.99
A Wixe Thrrinicit.
NO. 2566
Week ending August 22.
Clearings al
1914.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
1913.
$10 00
6 00
13 00
'7 50
£2 14..
21 11..
$11 50
1911.
239,675,544
21,080.900
17,410,092
16,396,915
11,596,142
8,726,153
4,712,200
3,500,904
2,839.889
2,175,966
1,601.909
1,928,614
600,115
976,164
892,962
1,023,962
793,154
1,267,400
706,183
916.006
477,666
412,281
641,571
533,191
430,951
355,841
315.000
400,000
334,791
388,128
259.684
130,631
24.110
370,535
342.895,454
41,454,436
15,240.358
10,296,203
9,294.201
5,373,605
3,550,053
2,569,945
2,784,609
1,568,656
1.550,000
802.122
537,194
627,516
632,288
344,981
278,514
I
00
000!10
10
" 0
tVic?'V
mo.oweiv.vomcom.00ma.noom.4moolo
1°77+1+11117+741717+17T-71
96,884,681
42,573,761
16,781,414
13,029,134
9,655,816
7,750,118
5,697,682
3,371,407
2,204,974
3,139,874
3..313,642
1,455,903
1,260.155
1,213,258
978.274
619,609
636,219
547,363
289,647
1,082,459
936,785
260,812
156,884
254,017
117,208,178
63,259.759
-6.9
72,789,941
16,502,632
-9.0
17,996,423
10,362,443
--18.8
11,275,754
-27.9
3,417,500
-38.5
4,070,000
6,176,343
+3.7
7,500.000
8,314.181'
---5.9
9,261,565
3,608,043
-4.4
4.689,399
3,685,990
5,140,644
---1.9
4,722,791
-9.4
4,983,119
4,959,288
-14.9
4,104,510
2,525,699
--1.3
2,903,408
1,973,927
-9.2
2,709.579
1,550,000
+17.1
1,578.590
1,954.598
2,082,122
+12.1
2,419.318
2.775,000
-14.1
964,383
1,193,590
--10.8
1,378,552
1,554,556
-24.4
1,133,051
1,361.475
+3.4
1,051,989
1,280,149
+1.5
1,636,248
1,560,638
---3.8
2,254,198
2,394,509
+22.2
1,840,378
2,106,247
-40.4
154,649
204.423
-- 5.0
,
261,649
376,874
+0.6
204,609
247,547
-7.4
603.461
694,553
+19.3
503,209
714.887
+44.6
165,639.772 147.118,886
---8.4
-20.82,802,378,182,2,503,153.9 1
9
-5.9 1,205839,0131 1,075,438,94
For returns of condition of National Banks under last three calls of Comptroller of Currency see pages 597, 598 and 599.
1912.
$
267,830,415 288,196,109 -Z.) 266,964,570
22,251,250
24,067,800
21,744,600 +10.7
20.587,628
20,543.321
21,838.376 -6.0
20,886,774
25,937.232
25,400,047 +2.1
12,048,667
+8.2
14,500,000
13,403,541
6,312,889
8,400,000
7,474,119 +12.4
5,506,400
5,950,000
5.974,800 -0.4
4,707.136
5,079,742
5,359,256 -5.4
3,237,828
3,911,684
3,145,236 +24.4
2,636,265
3,098,886
2,824,590 +9.7
1,783.953
1,932,890
2,343,677 -17.5
1,003,359
1,057,620
1,094,7.57 -3.4
594.022
615,367
620,317
1,060,149
960,178
920,000 +4.4
999.690
1,253,099
1,115,110 +12.3
1,367,120
1,250,394
1,421,614 -12.0
775,755
535,293 +7.5
575,000
2.212,000
2,334,000 -30.6
1,621,000
790,999
862,650 --8.9
785,669
1,108,018
1,225,000 +11.8
1,380,095
608,409
536,911 +10.1
590,077
516,000
685,037 +31.2
899,946
488,495
539,142 +38.6
747,827
609,579
741,815
• 626,477 +18.4
383,745
464,250 +10.6
513,416
597,943
478,011 -17.2
396,247
325,000
531,971
482,415 +10.2
542,399
458,497
575,000 -20.3
375,664
411.381 +14.3
470,439
345,765
457,512 -3.8
440,000
289,653
330,230
275,616 +20.0
132,277
184,132
151,529 +21.5
50,276
37,312
70,524 -47.1
318.152
380.067
363,057 +4.7
397,472,368 413,949,954 -4.0 382,417,799
47,599,043
41,706.786
49,117,337 -15.1
19,498.897
21,135,298
20,113,100 +4.5
11,247,945
12,325,906
12,123,904 +1.7
9.013,908
9,324,588
10.083,131 -7.5
5,907.042
6,326,782 -26.2
4,670,000
4,017,541
3,093,943
3,684,626 -16.0
2,583,701
2,608,738 -18.1
2,137,916
4,086,443
3,444,779 -10.0
3,098,304
1.589,251
2,111,062
2,777,489 -24.0
2,428.872
2,244,545 -11.0
1,989,544
874.997
786,244 +11.1
876.778
714,583
649,322 +10.8
719,001
763,171
895,502 -1.9
878,570
689,451
667,071
665,364
305.251 +13.3
306,499
345,599
275,000 +1.8
277,175
280,000
545.764 Not included n tots
111,577,039
105.359,019 116,125,201
57,855,149
54,782,698 +5.6
46,639,818
22,811,453
20,337,776 +12.2
17,762,109
16,000,000
16,169,439 -1.0
15,215,569
8,768,138
9,442,191 -7.1
10,213,335
8,285,700
8,770,139 -5.5
7,764,084
5,730,349
6,728,351 -14.8
6,724,709
4,204,790 +7.3
4,510,838
3,693,895
2,814,350
2,660,409 +5.8
2,800,081
3,408,556
3,482,147 -2.1
3,435,559
3,759,972
3,879,748 -3.1
2,829,795
1,737,349 -5.5
1,640,307
1,340.241
1,783,856
1,774,423 +0.5
1,498.101
1,353,155
1,460,899 -0.5
1,294,288
1,465,873
1,352,077 +8.4
1,106,582
695,561
735,472 -5.5
755,622
986,605
352,289 +180.1
312,968
596,870
613,027
603,433 -1.1
331,850
422,324 -21.5
272,528
1,091,944
1,439,124 -24.2
1,213,573
1,071,232
1,049,654 +2.1
792.581
557,531
314,18- +7.8
342,753
222,235
200,000 +11.1
190,764
459,176
372,485 +23.4
289.161
146,200,700 142,271,399 +2.8 127,101,143
Chicago
Cincinnati
Cleveland
Detrolta
Milwaukee
Indianapolis
_
Columbus
Toledo
Subscription includes following Supplements
Peoria
SANE AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids_ _ _
BAILwAY EARNINGS(monthly)
Dayton
ELECTRIC RAILWAY(3 times yearly)
Evansville
STATE AND CITY (semi.annuall,y) BANKERS'CONvgarrIoN (yearly)
Kalamazoo
Terms of Advertising-Per Inch Space
Springfield, Ill_
Fort Wayne _ --Transient matter per inch space(14 agate lines)
Youngstown __ Two Mont s
(8 times)
t2 00 Lexington
Three Months (13 times)
29 00 Akron
Standing Business Cards
Six Months
(26 times)
50 00 Rockford
Twelve Months(52 times)
87 00 Canton
CHICAGO OFFICII-Geo.M.Shepherd,513 Monadnock Ble.,k;TeLHarrison 4011 South Bend
LONDON OFFICE
-Edwards 80 Smith,1 Drapers' Gardens,E.C.
Springfield,0
Bloomington _ _
WILLIAM( B. DANA CORIPANYi Publishers,
Quincy
Decatur
P.O.Box 958. Front. Pine and Decorator Sta., New York.
Mansfield
Lansing
Published every Waturday morning by WILLIAM B. DANA COMPANY
Jackson
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana
Lima
vice-presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company
Danville
Jacksonville, Ill_
Ann Arbor
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Sm., Indicates that the total Adrian
bank clearings of all the clearing houses of the United States for the week Owensboro
Tot. Mid.West
ending to-day have been $2,065.307,138, against $2,188,041.416 last week
and $2,769,947.892 the corresponding week last year.
San Francisco__ _
Los Angeles
er
Seattle
Clearings-Rdurns by Telegraph.
Portland
Week ending Aug. 29.
Cin:.
1913.
1914.
Salt Lake City
New York
$150,869,981 $1,297,277,608 - 2.1 Spokane
Boston
92,111,247 - 12.6 Tacoma
80,531,073
Philadelphia
115,481,913 - 11.8 Oakland
101,882,048
+8.2 Sacramento
Baltimore
24,787,052
26,814,138
Chicago
234,562,049
• 8.2 San Diego
215,220,312
St. Louis
57,439,438 - 10.4 Stockton
51,447,021
+6.1 San Jose
New Orleans
14,823,063
15,722,289
Fresno
Seven cities, 5 days
$1,242,486,862 $1,836,482,370 - 32.3 Pasadena
+1.7 North Yakima_ _
469,076,924
Other cities,5 days
477,217,803
Reno
Total all cities, 5 days
$1,719,704,665 $2,305,559,294 - 25.4 Long Beach
All cities, 1 day
464,388.398 - 25.6
345,602,471
Total Pacific
t9 ARC .507 Igit 52 769.947.692 - 25.4 Kansas CityTotal all rittra fn, Valvar
Minneapolis ---One day estimated.
Omaha
The full details for the week covered by the above will be given next
St. Paul
Saturday. We cannot furnish them to-day,clearings being made up byl the Denver
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated as we go to press Friday night. St. Joseph
We present below detailed figures for the week endingwith Saturday Des Moines
'
Sioux City
noon, August 22, for four ea
Wichita
Duluth
Topeka
Week ending August 22.
Clearings at
Lincoln
Davenport
Inc. or
1911.
1914.
Cedar Rapids__ _
1912.
1913.
Dec.
Colorado Springs
5
$
Fargo
$
$
New York
985,193.532 1,483 599 279
1 596,539,169 1,428,214,962 Pueblo
Philadelphia
*131,601,192 147,563,966
'127,995,581 113,747,778 Fremont
Pittsburgh
44,418,291 Waterloo
52,042,520
52.972,512
49,195,147
Baltimore
29,601,827
28,405,337 Helena
657
32,271,801
32 287,
Buffalo
10,618.466
8.55 .
9 178 Aberdeen
10,507.937
'
10 388,321
Albany
5,414,882 Hastings
5,581,299
6'351,168
5,817,083
Washington
581,813 Billings
6,248,86'
6,569.913
Rochester
:283,077
3,785,759
5
3
3
6 3 5
4,007,602
5i94 , 51
3 7 4 57
Tot. 0th. West
Scranton
2,372,010
2,717,952
2,600,000
2,822.692
Syracuse
2,013,362
2,547,776
2,771,488
3,040,320
St. Louis
65,371,671
70,230,320
Reading
1,287,206
1,619,619
1,448,492
1,550,607
15,555,965
Wilmington
17,091,839
1,305.298
1,104,73
9 New Orleans_ _ _ _
1,590,970
1,604,946
10,714,623
12,729.811
Wilkes Barre __1,553,286
1,227,20
4 Loulsville
1,459,515
1,316,062
6,748,846
9,365,472
Wheeling
1,568.831
1,662,434 Houston
1,853,905
1,866,068
Galveston
2,607,012
Trenton
4,239,000
1,521,553
1,334,568
1,386,558
1,718,366
6,732,946
York
6,494.525
773,165 Richmond
760,000
845,193
823,359
9,635,436
Erie
10,238,128
746,373 Atlanta
882,460
939,674
1,077,341
4,751,867
Chester
4,968,089
509,415 Memphis
614,027
480,087
596,739
Greensburg
5,370.125
5,471,762
770.000
433,936 Nashville
524,207
813,793
5,254,699
Binghamton _
5,788.540
560,400
432,300 Fort Worth
553,600
646,300
2,947,463
Altoona
3,462,375
420,575 Savannah
532,837
495.419
640,331
Lancaster
3,287,030
3,330,872
1,440,811
745,065 Norfolk
1,302,781
1,253,241
Birmingham _ _
2.436,602
Montclair
2,682.687
330.937
348,748
Knoxville
1,866,543
1,594,543
Chattanooga__ _ _
2,437,124
Total Middle_ 1,243,400.250 1,759,831,5712,173.687
-29.3 1,854,312,933 1,652,777,670 Jacksonville
2.397,896
2,792.036
Boston
1,000.000
1,120,525
109,921,960 130,225,946 -15.6 138,659,054 125,998,447 Mobile
947,421
Providence
1,330,360
6,518,100
6,216,500 Augusta
6,715,600 -3.9
7,154,500
1,788,599
Hartford
3,184,683 Little Rock
4,408,311
1,728,514
3.380,358
3.754,665 +17.4
1,163,595
New Haven
1,148,216
3,187,599
2,236,374 Charleston
2,572,071 +23.9
2,377,756
Portland
1,866,700
1,772,691
1,829,672 Oklahoma
1,939,457
1,735,299 +21
1,940.982
2,469,473
Springfield
2,323,373
2,021,232
1,666,267 Macon
2,075,934
2,104,474 +10:4
Austin
1,081.251
Worcester
2,333,687
1,819.936
1,838,235
2,441,554 -4.4
2,251,092
158,145
1,032,811
736,119 Vicksburg
Fall River
169,058
899,125 +14.8.
016,035
315.447
333,428
928,867
914,583 Jackson
New Bedford
040,961
1,029,233 -9.8
300,000
652,927
323,810
398,382 Meridian
Lowell
592,771
+64.6
396,189
865,317
725,901
515,000
573,707 Muskogee
Holyoke
523,838 -1.7
611,667
1,511,270
376,113 Tulsa
Bangor
1,045,386
419,678
413,128 +1.6
428,386
Total Southern 161,594,075 176,368,399
.....1 Ia. onn Ana 145 QM 1141
7.111 Now rttn_ 134.111F 11441 152 Alt too
•
Total all
2,188,041,416 27761,357,646
-For Canadian clearings see "Commercial and Miseellaneous News."
Note.
Outside N. Y. 1,202,848,884 1,277,758,387
* Partly estimated.
Per One Year
For Six Months
European Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
Inc. or
Dec.
564
THE CHRONICLE
[Vora. atom
have to suffer from causes beyond their control.
Butitis a dangerous practice nevertheless and one vioTHE FINANCIAL SITUATION.
The financial developments seem to indicate a less lative of correct principles for the Government to
tense situation both here and abroad. Everyone is assume the burden that belongs to a class and which
apparently settling down to the belief that the Euro- that class ought to bear for itself. When any compean war is not going to be a short affair, and that modity enjoys a large legitimate rise in price, it is
that the fortunate class should
so long as it continues we must reconcile ourselves to considered proper
nary expedients for dealing with receive the benefit of the rise. But when prices go
the use of extraordi
to go down, a different rule is
an extraordinary situation. No doubt it will be a down, or threaten
of the class concerned being obliged
considerable time before normal conditions are re- applied. Instead
to bear the consequences,it is deemed proper to ask
stored.
In Great Britain the disposition is to accept the the Government to step in and arrest the decline,
situation and be governed accordingly, and yet not no matter what the cost.
Perhaps the least excusable and most objectionable
to relax any effort to bring about, by degrees, an
The United States has of all the propositions at present before Congress is
approach to the normal.
had no part in causing the present gigantic and one to aid the silver producers. Last Saturday the
devastating conflict, and hence is an innocent suf- United States Senate actually passed a bill authorizferer. The great conflict has brought problems to us ing the Secretary of the Treasury to purchase 15,no less than to Europe, and many of them are ex- 000,000 ounces of silver. This strikes one as an echo
tremely complicated problems, without a parallel in of the silver era of by-gone days. The bill, as
our own or the world's history, which require skilful originally introduced, called for the purchase of
handling. Blundering at such a time would be worse 25,000,000 ounces of silver, but the Senate Finance
than a crime. We must proceed deliberately and Committee,instead ofthrowing out the bill altogether,
cautiously, and not impetuously or impulsively. We reduced the amount to 15,000,000 ounces. In that
must not let ourselves be carried away by the excite- shape it passed the Senate by the decisive vote
number of votes cast is eviment of the moment or forget that there are certain of 39 to 11. The small
many Senators were absent from their
underlying economic principles which cannot be dis- dence that
posts, but the overwhelming vote by which the bill
regarded with impunity.
average legislator
We say this because there are marked evidences was approved shows how prone the
to yield to class demands of this kind having behind
of a tendency to hysteria—to hysterical action and is
. The
hysterical utterances—on the part of many men in them a certain amount of public sentiment
curtailed by the war in
public life, particularly members of the two Houses demand for silver has been
step in
of Congress at Washington. The disposition to in- Europe, and accordingly the Government is to
the deficiency.
voke the aid of Government, long in evidence, is and make good
The bill confers authority upon the Secretary of the
becoming increasingly manifest, and there appear to
the requirements of the
be few leaders courageous enough to oppose the Treasury "to anticipate
Treasury for silver bullion for subsidiary coinage."
movement. Yet, ill-advised action may not only
r is objectionable on its own
have lasting consequences of a detrimental nature, While the propositio
account, it is additionally so because it disregards
but involve immediate dangers. In an effort to
the public treasury. Since
work our way out of the extraordinary dilemma in entirely the condition of
importations here have
which we find ourselves, through no fault of our own, the conflict in Europe began
and Government revenues
we may,by ill-considered action,cause infinite havoc dwindled to small figures
dingly shrunk.
here and add still further to the financial complica- from customs duties have correspon
Government is now casting
tions abroad, thereby increasing the strain in Europe The result is that the
instead of relieving it. It is a time for sober think- about for new sources of revenue to make good this
loss in customs duties. It is elementary that at such
ing and calm reflection.
No one who has kept close watch of current hap- a time expenses should be pruned in every direction.
penings since the outbreak of the war can fail to Instead, here comes a proposal to add to the expenses
in
have noticed that danger besets the country from by anticipating the requirements of the Treasury
coinage.
two directions. First, from the disposition, already the matter of purchase of silver for subsidiary
The same comment is to be made upon the measreferred to, of rushing promiscuously to the Government for aid, asking it to assume new burdens of a ure which would authorize the Government to engage
00
very extraordinary and onerous nature—this with in the ship-carrying business and spend $10,000,0
00 for the purchase of ships for this
a view to relieving certain classes of the population to $30,000,0
the
from the unfortunate consequences growing out of the purpose. The occasion which first suggested
. In the second place idea has passed and there are now apparently enough
present European cataclysm
there is menace to our financial stability in the private owners of ships ready to engage in transport
United States
inclination to encourage the issuance of emergency ing goods and products between the
for
notes to an unlimited extent and for the same pur- and other countries, thus removing all necessity
action in the premises. The most
pose as in the other case, namely to prevent private Governmental
conclusive objection, however, is that the Governdistress and to ameliorate its ill effects.
into the busiCongressional activity is almost endless in the one ment has no money available for going
direction and Governmental activity nearly so in the ness.
Even greater menace seems involved in the scheme
other. It would take too much space to attempt
warehouses, storing products in them,
to recount all the measures now before Congress for erecting
warehouse receipts against them, and then
intended to deal in a paternalistic fashion with the issuing
these warehouse receipts the basis for further
troubles that have arisen, or seem likely to arise, making
of emergency notes. The suggestion originally
out of the cutting-off of the European demand for issues
up in connection with cotton. The so-called
some of our products because of the war. It is, came
-warehouse bill, which was favorably reported
of course, too bad that any class of our people should cotton
AUG. 29 1914.]
THE CHRONICLE
by the Agricultural Committee of the Senate, was
passed by the Senate on Aug. 24 without a roll-call.
Before it passed, however, it was amended in a number of particulars, so as to widen and extend its
• application. The bill provides for the Federal
licensing and inspection of warehouses, the idea being
that this will add to the value of the warehouse certificates issued against the products stored therein.
Last Saturday an amendment extending the provisions of the bill to tobacco and naval stores was
agreed to and on Monday Senator Lane was successful in having an amendment adopted permitting
the issuance of warehouse certificates even against
canned salmon. Other amendments have added
other products, and the bill now applies to tobacco,
naval stores, canned salmon, grain and flax-seed,
besides cotton.
If all these commodities are to be stored in warehouses and the warehouse receipts representing the
same made the basis of emergency currency issues,
with no gold reserve except the 5% minimum fixed
in the law, we will soon have to face the possibility
of unlimited paper-money issues. There is a further
danger, namely that a heavy ultimate loss may
result from a decline in price, the products failing
to realize the value placed upon them. We know
that the notes will have behind them the collective
resources of the respective currency associations,
but it should not be forgotten that it is contemplated to enter the warehouse business on a wholesale
scale. Under these circumstances a large decline
in price might easily become a serious matter.
It must be admitted that in the case of cotton, with
the foreign demand for several million bales cut off,
the matter is one of real hardship to the planter. It
is also plain that the planter, unable to sell a large
part of his product, will be hard pushed for cash for
a time. But why should he not be obliged to accept
the situation instead of extraordinary measures being devised to enable him to realize on the cotton before it is actually sold, and thus get him deeper into
debt? Producers always have extravagant ideas
as to what they ought to get for their output, and
that has always been particularly true in the case of
the cotton producers. Various State conventions
of planters in the South have been held the present
month, and they have all been advising the planter
not to let his cotton go for less than 12 or 121 cents
A
a pound. There is no objection to his acting in accordance with this advice and certainly so long as
Europe is not taking its customary supplies of the
staple the planter ought to hold a considerable portion
of his crop off the market. But why should not the
planter himself assume the burden of carrying his
surplus cotton, even if he be temporarily pinched
by the act? Certainly he should not be encouraged
in false notions as to prices. The experience of the
last few years has led him to expect inordinately
high values. He must now be made to understand
that this level of values cannot be maintained even
if new currency issues are put out ad infinitum.
When the New York Cotton Exchange closed on
the morning of July 31 the spot price for middling
upland cotton in this market was 123/e. and at
2
leading Southern markets the price was 13c. and
above. For several years past that has been about
the average of values ruling, showing how extraordinarily well the planter has fared. At such a level
of values it ought to have been possible for the
planter to keep out of debt and also to have laid
565
enough money aside to enable him to tide over the
present critical situation without serious embarrassment. At all events, 12@13c. is in effect a famine
price, just as the 6c. a pound ruling in 1898 and 1899
was a panic price. If the warehouse scheme is to be
carried out, the planter must be made to see that for
borrowing purposes the recent high level is a thing
of the past.
We notice that at this week's conference with the
cotton and the tobacco men, Secretary McAdoo
took a firm stand against valorization schemes of
any kind. He also showed a proper appreciation
of the danger of paper-money inflation involved in
a too free use of the privilege of putting out papermoney issues, not adequately secured by gold. He
spoke with much asperity, saying: "There is enough
currency authorized by law to-day to wreck the
United States of America and the danger in this
situation is that, by ill-considered views and illconsidered actions, we may put out so much inflationary paper money that we will ruin the country."
These remarks were made as a rejoinder to the
request that he consent to the issuance of some form
of State bank-notes. But Mr. McAdoo also announced that he would allow the use of warehouse
receipts for cotton and tobacco as a basis for the
emergency currency issues. His words were as
follows : "I stated here yesterday that it was my
purpose to accept from the banks of those currency
associations, notes and obligations secured by cottonwarehouse receipts properly certificated and issued
by responsible warehouse men or warehouse companies . . . I said we would accept the receipts as security under this Act. "What does
that mean? It means that the national banks of
this country can borrow to the extent of 70% of
their unimpaired capital and surplus on notes secured by warehouse receipts for staple products,
not alone cotton".
It is open to question whether there is any warrant
in the law for the use of such warehouse receipts as a
basis of emergency issues. The point of importance,
however, is that the use of warehouse receipts against
all classes of products involves dangerous possibilities
in various ways. In particular it may, sooner or
later, put in jeopardy the maintenance of gold payments, the aggregate amount of notes that can be
issued being practically unlimited. It is evident
from the Secretary's remarks that he is not unaware
and not unmindful of such a possibility. But is not
this the time for putting into effect adequate and
proper safeguards? Should he not insist that the
gold reserve for the redemption of the notes shall be
increased beyond the 5% minimum fixed in the law?
He has full authority to do this. The statute says:
"He shall require each bank and currency association
to maintain on deposit in the Treasury of the United
States a sum in gold sufficient in his judgment for
the redemption of such notes, but in no event less
than 5 per centum."
The emergency notes recently issued are now
coming back to the banks and it cannot be long before there will be a redundancy of currency issues,
the stock exchanges being closed and there being no
speculative demands for money, while trade and
business are at a low ebb, reducing the mercantile
demand for funds to a small basis. The effect, therefore, of further issues of notes must be to expel gold
from circulation, which would then flow abroad,and
we have indicated on previous occasions how im-
566
THE CHRONICLE
portant it is that we should not allow our stock of
gold to be drawn down any further. Is it,not hence,
the part of wisdom to require that further issues of
emergency notes shall be fortified with adequate
gold reserves?
The foreign trade figures of the United States for
July, issued this week, emphasize the fact that our
external trade was unsatisfactory even before the
outbreak of war in Europe. The diminution in
exports as compared with 1913, noted in all but one
month of the first half of the year, continued in July.
Merchandise imports, on the other hand, were very
much greater than for 1913. It follows that again
(or the fourth time in as many months)a net balance
against us is recorded, whereas a year ago in July
and in earlier months of that calendar year the balances were uniformly and largely in our favor. In
the latest month the most decided check in the outflow of goods was to Canada, while from almost
every direction the inflow of merchandise was of
greater volume than a year ago.
The outbreak of war in Europe has now completely
disorganized our foreign trade and the statement for
August will be awaited with much interest. The
event will not have been without compensating advantage, if it directs our attention to the desirability
of developing our trade in new directions. Thus
South America offers a fruitful field for exploitation.
While some measure of success has already been
attained by us there,the results are dwarfed in comparison with what has been accomplished by Great
Britain, Germany, France, Belgium and Italy. In
outlining in a monograph, "South America as an
Export Field," the conditions necessary for the successful sale of goods there, the lines of manufactures
required and the standing of the leading nations as
contributors to those requirements, the Department
of Commerce cites many instructive examples. Argentina, for instance, imports large quantities of
manufactures of the class produced in the United
States, but Europe supplies very much more of them
than we do. France sells there five times as many
automobiles, Germany twenty times as many iron
beams, three times as much cotton goods, and England twenty-five times as much coal and twice as
much machinery. The same disparity in favor of
European countries extends to many other articles
and to practically all countries of South America.
Under conditions as now existing, therefore, the
United States has an excellent opportunity to appreciably extend its export trade with South America,
and especially in cotton goods. It is essential, however, that to be successful the methods followed by
others should be given close study,and this is rendered,
easy by the information the Government is in a
position to furnish.
As regards the July merchandise exports, the loss
from last year is to be found largely in manufactures
and miscellaneous articles, the exports of breadstuffs, owing to comparatively large shipments of
wheat, having covered a much greater value than in
1913, and a gain is also to be noted in cotton and
mineral oils. In fact, the articles for which advance
reports are issued, including, beside the above, provisions,cotton-seed oil and cattle,&c.,"furnish a total of
61 million dollars, against 479 millions in 1913, or
a gain of 133 millions. The decrease in manufactures, &c., is, therefore, 20 millions, the aggregate
merchandise exports for the month having been
[VoL.
$154,082,225, against $160,990,778. For the seven
months of the calendar year 1914 the total value of
the merchandise outflow at $1,200,925,440 compares
with $1,327,273,137 in 1913—the high-water mark
for the period—and $1,248,501,558 in 1912.
Imports of merchandise for the month exhibit a
gain of 213' million dollars over last year, the respective aggregates having been $160,178,133 and
$139,061,770. For the seven months the total by
over 122 millions exceeds last year, thus establishing a new high record. The comparison is between
$1,141,094,215 and $1,018,648,675. The net result
of our foreign trade in July is a balance of imports
of $6,095,908, this contrasting with an excess of
exports of $21,929,008 in 1913. For the seven
months of 1914 the balance of exports is only $59,831,225, whereas in 1913 exports were greater by
$308,624,462 and in 1912 by $215,183,094.
The movement of gold was largely against the
United States in July 1914, the drain being almost
wholly to fortify stocks of the metal in Europe.
The exports reached $33,669,424, of which some
10 millions to France and over 20 millions to Great
Britain. Against this there were imports of but
$3,391,715, leaving the net outflow $30,277,709.
For the seven months the net exports of gold from
here have been no less than $83,508,822, against
$36,619,478 in 1913.
The check that has been received by the Allied
troops by Germany has still further delayed the
opening of the London Stock Exchange. A meeting
of London bankers with the Stock Exchange Committee was held at the Bank of England on Monday
to discuss conditions affecting the resumption of
business in securities. No decision was reached
and press dispatches suggest a prevalent opinion
that it would be impossible to reopen in anything
but a highly restricted way, such for instance, as
confining dealings to Consols and a few selected
securities of the highest grade until the war seems
in fair way of ending. This impression was strengthened later in the week after the determined onslaught
of the German troops. The Stock Exchange Committee virtually suspended the rule prohibiting
members of the Exchange from engaging in other
business, indicating that efforts to arrange a working scheme had been unsuccessful and that the Committee did not see an early opportunity of re-starting.
An idea of the extent of the decline in the prices of
securities on the London Stock Exchange may be
gained from the figures published by the "Bankers'
Magazine", which have been cabled to this side.
These show that the aggregate value of 387 securities dealt in on the Exchange decreased between
July 20 and the date the Exchange closed, July 30,
£187,992,000, or 5.6%. British and India funds
declined £44,254,000, or 6.4%; American rails
£27,750,000, or 8%; American mines £9,759,000,
or 17.6%; foreign government stocks £47,522,000,
or 6.4%; and home rails £13,647,000, or 5.1%.
Tenders for an additional £15,000,000 British
Treasury bills on Tuesday amounted to £40,193,000.
Of the proceeds of the bills £10,000,000 will be
loaned to Belgium. The average discount rate was
0
slightly above 397.
discounting of pre-moratorium bills by the
The
BankioUngland has continued heavy. While no
AUG. 29
1914.]
THE CHRONICLE
567
decision to recede from the policy of taking all unless the banks obtain court permission, which they
approved bills has been reached, a rule was promul- are not likely to seek.
gated requiring notice of applications to be given in
With the exception of a reduction to 6% from
advance for rediscounts. Those wishing to discount pre-moratorium bills must now lodge applica- 63% in the Swedish bank rate, there have been no
tions daily before 4 o'clock in the afternoon. They changes reported this week in official European
will be informed an hour later as to how many bills bank rates. In Lombard Street private rates of
4% down and call balls
the Bank will take from them individually the follow- discount ranged from 51
move, it was are about 3%. The East India bill market is
ing morning. The object of this
stated, is to prevent joint-stock banks from dumping now reported to be doing a little business and
large parcels each morning at 9 o'clock, thus crowding sterling exchange with Paris is growing more
out smaller discounters. The Chancellor of the normal. Sterling exchange with Belgium is flucExchequer, in a statement in the House of Com- tuating around 28 francs. Official bank rates at
mons, criticized the English banks for not assisting the leading foreign centres are: London, 5%; Paris,
the trade of the country in the present crisis. "We 5%; Berlin, 6%; Vienna, 8%; Amsterdam, 5%, and
must keep the machine of commerce and industry Brussels, 7%. The Amsterdam rate was reduced
going at all costs," he said. "It is for this purpose from 6% on Aug. 20, but the news was not cabled
that the Government came to the help of the banks. to this side until Saturday.
Many banks have behaved well, but some have not.
The banks opened in Mexico City for business on
It may be necessary to name the latter, but I hope
will adopt a more Wednesday, but little business was accomplished.
that before this is done they
liberal policy." A London dispatch states that the Bank officials have not yet been notified that all
Treasury Department had contemplated thelorma- notes are legal tender; hence they have declined to
tion of a State bank to finance industrial activities accept them as deposits. There is some fear enterunless the joint-stock banks relaxed from their atti- tained that the Government may issue a decree
declaring notes worthless, although announcement
tude of holding aloof and declining to help.
The Chancellor introduced a resolution in the has already been made that they will be recognized
House of Commons on Wednesday as a basis for a by the new administration. Foreign exchange in
war-loan bill. He said that it would differ from Mexico City continues highly unsettled. The banks
previous war-loan bills in that the actual amount of at that centre are reported to be buying American
money to be taken has not been fixed, the sum to be dollars at the rate of three to one and selling them at
raised including not only the credit of £100,000,000 the rate of five to one. It is expected that the
already authorized but also the sum by which the Government will soon issue a bank-note decree. A
revenue will be diminished by the war. It will also force of 20,000 of Carranza's troops left Mexico City
differ in that it will not indicate the precise method on Thursday for Coatzacoalcos to disarm the Federal
by which the money is to be raised, this being left armies there and in the garrison towns of Yucatan,
to the discretion of the Treasury: Lloyd-George Tabasco and Campeche. Numreous minor disorders
also announced that the Treasury will issue certifi- are taking place daily at the Mexican capital. Gen.
cates to joint-stock banks to re-enforce their credit Eduardo Hay, recently appointed Secretary of War,
instead of putting out notes. The banks thus far has resigned. No reason is given for his retirement
have paid 6% to the Government for Treasury notes and a successor has not yet been appointed. Memand it is believed that the charges for the new certifi- bers of a commission which went to confer with
cates will be smaller. This, according to press Emiliano Zapata, the chief of the revolution in the
dispatches, is regarded as an important step to re- South, have returned and informed President Carranza that Zapata was willing to lay down his arms
lieve the situation.
and submit to the new Government provided the
Sept. 4, partition of land was carried out and other agrarian
The British moratorium, which expires on
is to be modified or ended. The Chancellor has for- reforms introduced. Zapata says he desires no
warded inquiries to traders and bankers as to the public office, and as soon as the desired reforms are
desirability of continuing the moratorium. He has made will retire to private life.
received 8,000 replies, 4,500 of which favored ending
Military operations, titanic in scope, have taken
it and 3,500 continuing it. He has, therefore, it is
understood, decided to cancel the moratorium as place this week throughout Europe. As is usually
such and to institute instead legislation to prevent the case in war, reports of operations are repeatedly
creditors from exercising unfair legal treatment denied and reiterated and are undoubtedly colored
towards debtors who really cannot pay. On the by the source whence they come. But in a broad
other hand, he will relieve creditors from debtors sense it is evident that the German troops have been
who are taking unfair advantage of the moratorium. successful in driving back into France the Allied
A bill was introduced in the House of Commons on troops of France and England, so much so that it has
Wednesday by the Government designed to prevent been considered necessary to prepare Paris for a state
harsh action by creditors and to insure careful super- of siege. Meanwhile the Russians have been advision in the courts after the termination of the mora- vancing into Germany at a surprising rate, meeting
torium. Creditors may sue debtors, but the latter very little opposition. The advance of these latter
are to be relieved from payment until after the war troops across the Vistula River in Germany and
if they can prove disability due to the war. This across the Dniester in Austria, which are movements
will apply to all debts; also to loans granted by of great strategic importance, seems to offset the
banks and to deposits held by banks. Under the retreat in France of the French and British. Engpresent moratorium, banks are refusing to permit land is hurrying reinforcements to France with all
withdrawals of more than 10% of deposits. Under possible rapidity. The port of Southampton has
the new conditions full withdrawals may be made been closed to merchant shipping to facilitate the
568
THE CHRONICLE
[VOL.
speedy movenent of transports across the Channel. war." Assurances have been received at WashingNo secret is made of the British Government's reali- ton of Japan's intention to confine her operations
against Germany to the Orient. fapan's Ambassazation of the seriousness of conditions.
from Berlin yesterday giving the Ger- dor, Viscount Chinda, denied an intimation atA dispatch
man version of operations declared that official an- tributed to him that Japan might extend her hosnouncement has been made at Army headquarters tilities outside the China Sea. He also denied a
that German troops had been victorious over the report from London that Japan would meet Austria's
French and British everywhere along the battle line declaration of war by sending a squadron to the
in nine days of fighting. General Von Kluk, the Adriatic. The Japanese Legation at Peking have
dispatch said, defeated the English at Maubeuge; asked the Chinese Government to remove the ChiGenerals Von Buelow and Von Hansen drove back nese troops from the fifty-kilometer zone (the area
a Belgian army of eight corps; the Crown Prince of extending thirty miles around Kiao-Chau) in order
Bavaria repulsed an attack near Nancy; Gen. Von to preclude the possibility of disagreement. The
Hoeringen is in pursuit of the French in the Vosges Japanese are blockading the German leased terriMountains and four Belgian divisions attacking from tory of Kiao-Chau.
A general mobilization of the entire fighting forces
Antwerp were repulsed with the loss of many guns
while many prisoners were captured. Germany has of Italy is announced from Rome. The Italian
called out the last corps of her reserves to guard her Foreign Office reports that it has received no word
lines of communication. Premier Asquith made the from Austria regarding the request for an explanation
following statement in the House of Commons yes- of the landing of Austrian munitions of war to arm
terday (Friday):
the Albanians for service against Servia. It seems
that Italy may soon become involved in the
"We have heard from Field Marshal Sir John probable
conflict.
French, Commander-in-Chief of the British expeIn the British House of Commons yesterday Sir
ditionary force, that in the fighting which took place
between his army and the enemy on Wednesday, Edward Grey said that it had been reported to him
Aug. 26, and which appears from French official one day that the German Ambassador in London
reports to have been in the neighborhood of Cam- had suggested that Germany might remain neutral
brai and Le Cateau, our troops were exposed to the in a war between Russia and Austria-Hungary if
attack of five German army corps, two divisions of
Britain would remain neutral and obtain the
cavalry and a reserve corps of cavalry and a second Great
neutrality of France. The Foreign Secretary replied
cavalry division.
Ed,
"Our second corps in the fourth division bore the that this seemed possible. It transpired Sir
German Ambassador's
brunt of the cavalry attack, while our first army ward explained, that the
corps was attacked on the right and inflicted a very proposal was that Great Britain should remain neuheavy loss on the enemy.
tral and obtain the neutrality of France if Germany
"Iregret to say that our casualties were heavy,but went to war with Russia.
the exact numbers are not yet known. The behavior
of our troops was in all respects admirable. General
Premier Viviani and the entire French Cabinet
Joffre, the French Commander-in-Chief, in a message
Wednesday, and at the request of the
published this morning, conveys his congratula- resigned on
the Premier succeeded in forming a new
tions and sincere thanks for the protection so effec- President
Cabinet with Theophile Delcasse as Foreign Minister
tively given by our army to the French flank."
members of the unified Socialists, Jules
The French and British armies on a battle line and two
and Marcel Sembat in the Ministry. The
250 miles across are strenuously opposing the ad- Juesde
follows: President of the Council,
vance of the German forces across the French fron- new Cabinet
without portfolio, Rene Viviani; Minister of Foreign
tier, while the Germans have occupied the French
Delcasse; Minister of War, Alexcities of Valenciennes and Robaix. The official Affairs, Theophile
Minister of Justice, Aristide Briand;
report from the French War Office still takes an ander Millerand;
Interior, Louis J. Malvy; Minister of
optimistic view. The Germans also captured the Minister of
;
forts and city of Lille, but abandoned them. The Marine, Victor Augagneur Minister of Finance,
Ribot; Minister of Public Instruction,
former North German Lloyd steamer Kaiser Wilhelm Alexandre
Marcel
der Grosse has been sunk off the west coast of Albert Sarraut; Minister of Public Works,
Sembat; Minister of Commerce, Gaston Thomson;
Africa by the British cruiser Highflyer. The German
boat was armed with ten four-inch guns. There Minister of Colonies, Gaston Doumergue; Minister
Labor
was much excitement at Lloyds, London, when the of Agriculture, Fernand David; Minister of
immediate effect was a Bienvenu Martin; Minister, without portfolio, Jules
news was received, and an
25% drop in insurance premiums on all vessles to Juesde; Under Secretary of Fine Arts, Albert Daimler.
Among the members of the new Cabinet are several
South Africa or South America.
Austria, in order to concentrate against Russian ex-Premiers and many members of former Cabinets.
the
invasion, has abandoned its attack on Servia. On Premier Viviani in announcing to the President
collectively said
Friday of last week the Germans entered Brussels in decision of the Cabinet to resign
conclusion
force, the Belgian army having retreated to Antwerp. that he and his colleagues had come to the
which the country
On Saturday the Germans began their attack on the that in the circumstances through
wider scope
Allies between Namur and Mons. On Monday they was passing the Cabinet should have a Republican
in the
entered the city of Namur, though the forts still and comprise all the best men
advancement.of
held out and there is still doubt whether all have groups. It is considered that the
is now certain.
yet fallen. On Sunday Austria claimed a victory younger generals to high commands
after a three-days' battle with Russians at Krasmik,
although
The Bank of England's weekly statement,
in Poland. On Tuesday Austria declared war on
is still only
liabilities
Japan, although dispatches from Tokio state that the proportion of reserve to
59.49% a
may be 17.83% (against 15.80% last week and document.
the situation between Japan and Austria
satisfactory
scribed as "a rupture of diplomatic relations, not year ago), is, nevertheless, a
AUG. 29 1914.]
THE CHRONICLE
It shows an increase in gold coin and bullion holdings
of £5,513,563 and of £7,129,000 in the total reserve.
Public deposits, representing in part the proceeds
of Treasury bills, increased £10,212,000; other deposits expanded £15,798,000, notes reserved increased £7,170,000, Government securities expanded
£3,738,000 and note circulation decreased £1,615,000.
Loans (other securities) showed a further large expansion of £15,178,000, indicating the activity
of re-discounting by the Bank for Lombard Street.
The loans now stand at the large total of £109,903,000, which compares with £27,672,873 one year ago
and £36,369,903 in 1912. The bullion item aggregates £43,473,352; one year ago it was £43,160,580
and two years ago £41,737,225. The reserve is £26,351,000, against £32,361,610 in 1913 and £30,993,930
in 1912. Outstanding circulation aggregates £35,571,000, against £29,248,970 in 1913 and £29,193,295
in the year preceding. The public deposits are
£23,886,000, against £9,986,409 in 1913 and £17,233,510 in 1912. Other deposits are £123,891,000;
in 1913 at this date they were £44,416,050 and in
1912 £45,416,619. Our special correspondent furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
week: Imports, £4,334,000 (of which £240,000 from
South America, £3,026,000 bar gold and £1,068,000
American gold coin bought in the open market),
exports, £38,000 (of which £25,000 to Malta and
£13,000 earmarked Straits) and receipts of £1,218,000 net from the interior of Great Britain.
It is definitely announced that the weekly statement of the Bank of France has been discontinued
until the present crisis has ended. Comparing the
last statement issued (that of July 30) with that
of July 28 1870, after the declaration of the FrancoPrussian War, it is to be noted that the proportion
of liquid funds to note issues is only slightly less in
1914 than in 1870, namely 70%,as against 75%; but
the quality of the reserves is superior at present,
owing to the phenomenal increase of the gold reserves.
The figures follow:
Coln and bullion
Securities
Advances to State Department
Advances on securities
Note issues
Advances to Treasury
Private current accounts
1870.
Francs.
1.144.839,000
1,019.839,000
176.176,000
1.527.288,000
178,893.000
583,361.000
1914.
Francs.
4.766,673,000
2,144,204.000
200,000,000
743,772,000
6.683.184,000
382.561.000
947,571,000
A cable dispatch from Amsterdam purports to
give the present reserve of the Imperial Bank of
Germany at 1,738,000,000 marks
with 4,000,000,000
marks in circulation. The latest
report of the
Reichsbank received direct
was that of July 23,
which showed cash holdings of 1,722,
758,000 marks
and note circulation 1,890,893,000 marks The gold
.
in the Reichsbank amounts to 1,528,000,00 marks
0
and private deposits to 2,620,000,00
0 marks.
In local money circles the under
tone continues one
of distinct firmness, though this obviou
sly is due to
limited and cautious offerings
rather than active
demands from mercantile or
industrial borrowers.
Some large corporations have
had to apply to the
banks for funds, however, owing:
to their inability to
sell short-term notes under curren condit
ions.
t
The attitude of lenders is not surpri
sing in view
of the strained condition of the banks as presen
ted
in the Clearing House statement of averages last
Saturday, showing a deficit of $42,71
9,900, which
569
is a slight improvement over the week preceding, when the deficit was $47,992,250, but compares with a surplus above reserve requirements
of $23,895,700 one year ago and $18,136,150 in
1912 at this date. There was, it is true, an increase of $4,862,000 in the average cash reserve, a
reduction of $410,350 in reserve requirements and
therefore a decrease in the cash deficit of $5,272,350.
But the position is not a comfortable one. Loans
reduced $7,029,000 and deposits decreased $99,000.
Note circulation (representing emergency bank notes)
increased $14,522,000. The banks reported an
increase of $5,406,000 cash in vaults and trust companies, a decrease of $544,000 cash in vaults but
,
an
increase of $791,000 cash in banks.
Time moneyis virtually held on an 8%basis for all
maturities. Call money has continued pegged
at
6@8%, with renewals at the lower figure the
,
latter
being the rate which, according to the
Stock Exchange
committee, must be charged on outstanding contra
cts
between members of the Exchange during the
period
that business is suspended. Commercial
paper is
passing moderately at 63/2@7% for
the choicest
names, chiefly atthe higher figure, howev
er.
the country banks have been taking choice At7%
names in
moderate volume. There has been
no specifically
active demand for funds either
from mercantile or
manufacturing sources. The banks have
in some
instances retired Clearing-House certifi
cates. According to an official statement by
the Comptroller
of the Currency the amount of
emergency currency
issued or directed to be issued under
the provisions
of the Aldrich-Vreeland Act (as
amended) up to
Aug. 19 1914 was $154,085,000, leavin
g $1,287,866,000 still issuable in the discretion of the
Secretary of
the Treasury. Of the amount issued
$9,428,000
was taken by national banks in Massachuse
tts and
$97,964,000 in the Eastern States, includ
ing New
York, New Jersey, Pennsylvania; Delaware,
Maryland and the District of Columbia. The
amount
issued to the thirteen Southern States was
$8,768,000 and the amount of additional
currency still
issuable to the national banks of these
Southern States
is $169,883,000. The Secretary of the
Treasury on
Thursday outlined to the banks his
plan for aiding
the cotton-producers of the South.
It calls for the
issuance of emergency currency upon
the security of
loans on cotton warehouse receipts
at 75% of face
value. The details of the plan are
presented in
another column. The proposal is an
interesting one
so far as New York is conce
rned, since it would
appear to mean a corresponding
absence of demand
from the South upon New York for
funds.
The banks, it is understood, have in
instances been
intimating a desire for more effective
action by
some of their clients in the matter of payin
g off call
loans. There is no market, of course, on
which securities that are pledged as collateral can
be sold in
the event of requests for payment not
being complied with, although customers who desire to
stand
well with their banks are not unlikely to do
their
utmost to heed such requests for payment.
The
Comptroller of the Currency has notified
several
banks by means of a confidential letter that
complaints have reached his office that nation
al banks in
New York are imposing unnecessary and
unreasonable hardships upon borrowers whose
obligations
are secured by collateral and that
certain'banks are
throwing out loans of in some
cases high-class or
approved interest or dividend
-paying securities. The
570
THE CHRONICLE
[VoL. xcix.
ions of manufactured prodComptroller therefore asks banks to send promptly few weeks in exportat
President or Cashier ucts. This latter, however, is very apt to prove
over the sworn signature of the
temporary if the present opportunity to secure
the information called for below:
foreign markets for our manufacturers is taken full
1. A descriptive list of those securities (not accounts held)
of. Meanwhile the important factor to
which you were carrying for borrowers prior to Aug. 1 1914, advantage
have requested borrowers either be taken into consideration in sterling exchange calwhich since that time you
to withdraw from loans or to pay the loans upon which they culations is that the war is not unlikely to interfere
were security, because of dissatisfaction with such collateral. in a spectacular way with importations. Hence
2. A descriptive list of all securities upon which you have
presumably, soon to face a complete revision
required, or are requiring, borrowers to maintain a margin we are,
indicating approximately, as to such se- of recent conditions. Instead of imports preponof more than 25%;
curities, the prices at which you are now loaning to bonowers derating on a large scale, we are to have a phenomenal
on those securities which have been thus discriminated export movement, which means not only the rapid
against.
elimination of our present adverse international
3. The amount of your call loans, secured by bond and
the creation of a cumulative credit
stock collaterals, which you have "called" for payment trade balance but
.
in London. Under such circumstances there is
since the closing of the New York Stock Exchange
4. The amount paid off in response to such calls
added inducement for a calm handling of the present
5. Amount of call loans held by you for account of cor- acute situation.
respondents which you have called since Aug. 1 1914.
With the moratoria existing abroad there cer6. Amount paid off in response to such calls (account
tainly should be sufficient banking ability available
correspondents.)
7. The amount of new call loans made by your bank since at this centre to bridge the space existing between the
Aug. 1 1914.
present unfortunate position and the much easier
8. The amount of securities, if any, which you have sold, one that is in sight, without a hysterical onslaught
or ordered sold, for account of borrowers since Aug. 1 1914
supply at a time when foreign countries
because of the omission of borrowers to pay call loans (se- on our gold
are locking up their own stocks of the metal, with no
cured by collateral), or maturing collateral notes.
statement showing the condition of your bank at the prospect of permitting a return when in due course
9. A
close of business Monday, Aug. 3 1914, as called for on the tide of trade turns our way. The trouble has
pages 1 and 2 of form enclosed.
been created by the unceremonious withdrawal of
Referring to money rates in detail, quotations for credits that have been available abroad and by the
call loans have each day of the week covered a range sudden sale of American securities. Those who are
of 6@8%, the lower figure being the renewal or rul- urging the immediate payinent of our balances in
ing rate. Time money remains without change at gold might with equal propriety advocate placing
8% for all maturities up to five months and 7@8% the country's trade and industry at one swoop upon
for six months. Commercial paper is not being a complete cash basis, wiping out all established
pressed for sale. Choice names are quoted at means of exchanging credits. It is not desirable
its
632@7% for sixty and ninety-day endorsed bills to forget that New York,so far as foreign business
one branch of a greater money
receivable and four to six months' single names. is concerned, is merely
close of July a rather startMost business is passing at the higher figure. market. We had at the
of the folly of endeavoring to keep the
Names less favorably known require as high as 732%. ling lesson
New York Stock Exchange open as the "only free
market.in the world." It is now a matter of everyprogress was day knowledge that the New York market was nearly
In sterling exchange a fair amount of
ary and foolhardy
noticeable early in the week toward more sAtled overwhelmed by the unnecess
It is to be hoped that
conditions. Later, however, the German victories exhibition of self-confidence.
seemed to again upset matters. Transactions are the lesson thus learned is not to be ignored in the
still entirely a matter of individual negotiation, equally serious situation that has arisen in the foreign
but the point of interest is that it is possible to exchange situation. As a member of the associated
handle, subject to more or less indefinite delay, world's financial centres, it is necessary to conduct
exchange on the principal European points. Ger- our business on the same terms as other members
many is being reached by way of Copenhagen. of the association. There is no question as to the
This, at any rate, is encouraging. Grain has been soundness of affairs not only in New York but
going forward freely, but the demand for grain bills throughout the country. The first duty not only
has exceeded the supply, and at the close the parity to ourselves but to our foreign connections is to
of wheat at New York being above that of London, maintain this enviable position.
Aninstance of how the foreign moratoria are
the grain-buying movement was checked. It is expected that there will be moderate shipments of gold affecting the textile trade is contained in a resolution
either to London or for London account to Ottawa unanimously adopted this week at a meeting of more
within the next few weeks. Every effort, however, than fifty representatives of important silk trade
will be made to restrain the movement in order that interests, dry goods exporting and importing houses,
shipments of products may go forward instead of the general textile interests and delegates of theAmerican
precious metal. It is estimated that something like textile mills held at the rooms of the silk trade
300,000,000 bushels will be available out of this year's association. The resolution follows:
wheat crop, and the surplus of the old crop, for exWe are informed that foreign acceptances made
port before the 1915 harvests become available.
and payable in England, France or Germany are
This is an average of about 1,000,000 bushels a day subject to the provision of the moratoriums promulfor a year, and at the current seaboard price for wheat gated in those countries, respectively, if the acceptis equivalent to, say, $1,250,000 gold per day. ance was made before the moratorium became
Other grains and foodstuffs will also go forward effective. We are also informed that the moratorium
actively. True, the cotton export movement is operates in France and Germany to extend the due
the
hardly likely to reach normal proportions in the near date of such acceptance until the expiration of moratorium period and in England, upon reaccept
future, and there will be some restraint in the next
AUG. 291914.]
THE CHRONICLE
ance, until one calendar month after the original
due date, and that payments of such acceptances
cannot be required of the acceptor until the expiration of the extension period.
We have also been advised by counsel and by
leading domestic bankers, and it is the sense of this
meeting, that such acceptances must be regarded as
not maturing until the expiration of the extension
under the moratorium and that payment before that
date cannot be required. Payment of such drafts
cannot in any event be made without risk except
upon the surrender of the original draft.
At a meeting of a committee of bankers identified
with foreign exchange on Thursday, a number of
important phases of the current situation were discussed and resolutions adopted which we print on a
subsequent page under the heading "Incidents of
The Situation." The committee expressed the hope
and recommended that in view of the chaotic conditions now prevailing in the foreign exchange
market banks and bankers dealing in foreign exchange
co-operate in accordance with the resolutions agreed
upon. The committee consists of John E. Gardin,
Vice-President of the National City Bank; R. Y.
Hebden, Manager of the Bank of Montreal; Max
May, Vice-President of Guaranty Trust Company;
A. Pavenstadt of J. Amsinck & Co., and Henry
Ickelheimer of Heidelbach, Ickelheimer & Co.
Definite arrangements have been made for the
payment of the first installment of New York City's
revenue notes that mature abroad early in September,amounting to between $2,000,000 and $3,000,000,
and it is expected that details will be completed in
the near future for a new loan by the City of about
$125,000,000 to provide funds for the $82,000,000
of obligations in England and France maturing
before January 1st, as well as to provide for the
current needs of the City. There was a conference
of prominent banking interests of this city at the
offices of J. P. Morgan & Co. on Tuesday to discuss the plans.
Compared with Friday of last week, demand bills
and cable transfers on Saturday showed but little
change, being quoted at 5 023/@5 03 and 5 05, re2
spectively; seven-day grain bills were firmer at
4 96©4 97. On Monday the volume of transactions
was light at a slightly lower level; demand sterling
sold at 5 02 and cable transfers at 5 04; the predominant feature continued to be
the activity in
seven-day grain bills, which were advanced to 4 97
et4 98; exchange conditions
were essentially unchanged, the position being an
abnormal one and
quotations more or less nominal. A
more active
inquiry with small offerings
brought about decided
firmness on Tuesday, demand
bills advanced to
5 033/@5 04 and cable transfers
to 5 043/2@5 053/2;
grain bills touched a new high record of 99@5 00;
4
reported German victories had a depressi effect
ng
as tending to prolong the conflict, and also aided
in strengthening quotations. On Wednesd
ay rates
advanced sharply; cable transfers
went as high as
5 06@5 07 and demand reached 5 05@5 053/; grain
2
bills are still in good demand and moved
up to 5 02;
the chief influence appeared to be a scarcity of exchange, and rumors were current that finance bills
would be offered. Increased firmness
was apparent
on Thursday for demand bills, which were quoted at
5 053/@5 059, while cable transfers ranged at
5 063/@5 06%; trading, however, was extremely
limited, and quotations were hardly more than
571
nominal, although some business was done in sevenday grain at 5 01@5 02. On Friday demand sterling was firmer at 5 073/2@.5 083 and cable transfers
at 5 07@5 083'; sixty days nominal. Commercial
on banks, nominal; documents for payment,nominal;
seven-day grain bills at 5 01%@5 03. Cotton for
payment, nominal; grain for payment, nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $5,427,000 net in cash as a result of the currency movements for the week ending Aug. 28.
Their receipts from the interior have aggregated
$11,460,000, while the shipments have reached
$6,033,000. Adding the Sub-Treasury operations
and the gold exports, which together occasioned a loss
of $2,780,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a gain of $2,647,000, as
follows:
Week ending Aug. 28.
Into
Banks.
anks' interior movement
ub Treas. operations and gold exp_
Out of
Banks.
Net Change in
Bank Holdings.
$11,460,000
15,163,000
96,033,000 Gain 85,427,000
17,943,000Loss 2,780,000
826,623,000
Total
923.976,000 Gain 92,647,000
The following table indicates the amount of bullion
in the principal European banks.
Aug. 27 1914.
Banks of
Gold
£
England__ 43,473.412
France_ _a 165,653,68:
Germany 67,842,85
•
Russia __c 174,438,10 i
Ails-Hun. 51.578,00
Spain__.• 21,740,000
Italy
45,339,000
Netherl'ds 13.510,111
Nat.Bel_b 8.472,111
Sweden
5,723,000
SwitzTd.. 8,034, I I
Norway_
. 3,091,0
Silver
Aug. 28 1913.
Total
£
Gold
£
£
43,473.412 43,160,58I
25,013,2• I 190,868,960 137,911,400
16.727,050 84,569,900 57,684,300
7,279,000181.717,000 181.807 1 SI
12,140,000 63.718.0001 50,635,000
29,101,0001 50.931,000118,512.000
3 000 000 48,339,0001 46,037.000
. .
665,800 14,175,8001 12,280,111
4,236,000 12,708,0001 8,396.667
5.723,0001 5,701,011
8.034.0001 8,027,101
3,091,000 2,512 I i i
Silver
Total
£
£
43,160,580
25,322,760 163,234.180
14,476,050 72,160.350
7.720.
169.527.000
10,798.0001 61,433,000
29,880.000148,392.000
3,300.000149,337,000
765,3001 13,045,
4,198.333 12,595.Ill
5,701,000
8.027,000
2,512,000
Tot. week 608.894.942 98,252,130,707,147,072 552,663,947 96,470,44364
Prey.week 803,248,579 97,977.4301701,226,009 549,300,558 95,597,423 9,124.390
644,897.981
1
Data for 1914 Is for July 30. b Data for Aug. 6. c Data for Aug. 20.
PROGRESS OF THE EUROPEAN CAMPAIGNS.
The three or 'more military campaigns now being
prosecuted in the European war have reached a
stage of most remarkable interest. Military developments of the past week have, in fact, created a
series of situations which involve in even greater
obscurity than before the ultimate issue of the conflict, and which have inspired certain political and
military experts, here and abroad, to revise their
predictions of a short and decisive war in favor of
forecasts which admit the possibility of a prolonged
and complicated struggle. Such predictions, however, may conceivably be modified by the occurrences of the next week or two.
The actual events of the past week comprise, in
the first place, the apparently disastrous defeat of
the French army in Lorraine by the Germans; the
subsequent advance of the German army in Belgium,
leaving Brussels and Liege behind them, and the
slow retreat of the main Anglo-French army into
Northeastern France, after a destructive three-days'
battle, in which the pressure of the large mass of
German troops and the apparently superior strategy
of their leaders had forced the abandonment by the
Allies of their original position in Belgium. The unexpected event in that campaign—an event greatly
disconcerting to the French and as yet unexplained—
was the prompt fall of the principal forts of
Namur,
on Belgium's western frontier, which had
been regarded as more powerful than the
fortifications of
572
THE CHRONICLE
[VoL. xclx.
captured nor seriously demoralLiege. As the week closes, a German army is ad- neither crushed,
as the French army holds together,
vancing into France toward Paris, the Allied army re- ized. So long
the task of the Germans must become more difficult
treating in the face of it.
has been the in proportion as their army approaches the powerful
The second development of the week
itself.
advance of a powerful Russian army into North- defences of Paris
Nevertheless, the high strategic advantage up to
the railroad line which leads
eastern Prussia, along
German side; apparently they have
from St.• Petersburg through the frontier town of date is on the
as a whole than those of
Eydtkuhnen to Berlin. This advance has continued put in the field better troops
commanded by better generals.
steadily and, apparently, with little effective re- their antagonists,
into Prussia also presents
sistance by the German army of defense, which is But the Russian advance
not existing in 1870. It is doubtless easy
necessarily weakened through the concentrating of a problem
e of the Russian
military resources on the Belgian campaign. This to overrate the strategic importanc
a point invasion up to the present time. The territory west
Russian army seems now to have reached
of the Prussian northeast border, over which the
some forty miles within Prussian territory.
been advancing, is a
The third development is the acknowledged de- northern Russian army has
waste lands or farms. Adfeat of the Austrian invading army by the Servians, level plain, made up of
apparently after hard fighting, and the consequent vance of a hostile army over such territory should
real military reexpulsion of the Austrians from Servia. This opera- be comparatively simple. The
Russians will be tested when their army
tion, like the Russian invasion in Northeastern sources of the
rg, which ought
Prussia, was undoubtedly facilitated by the diver- reaches the fortified city of Koenigsbe
within the next few days. The general
sion of Austrian troops to oppose the advance of to happen
has for many years
Russia's second army into Eastern Austria, and per- reputation of the Russian armies
of an army corps or two to assist been that they are powerful in defence but not nearly
haps by the sending
so formidable in invasion. This was abundantly
the German campaign in Belgium.
c campaigns, but
Of the fourth area of fighting, determined by the proved, not only in the Napoleoni
Russian campaign against
advance of the Central Russian army through Po- in the Crimean war. The
successfully
land into Eastern Prussia, details are obscure. On Turkey in 1877, which was conducted
was the one exception of the
the Austrian frontier, Austrian successes against the along aggressive lines,
as
Russians are claimed at Vienna; but here, too, par- past century; but Turkey is hardly to be classed,
antagonist, with Germany.
ticulars are lacking. At no time since the middle of a military
As for the Servians, their army does not appear to
the Eighteenth Century has any international conflict been marked by so great initial diversity of have taken the initiative through invading Austria.
military fortune and by so widely distributed an It is reasonable to suppose, considering the condition
1913,
area of conflict. Even in the Napoleonic wars—at of that country after its devastating wars of
been exhausted by the efforts
any rate until 1812—attention always converged on that the Servians have
. The prothe central campaign waged by the main French army. already made in the present campaign
the Russian campaigns in Poland and to the
Indeed, the nearest parallel to the present situation gress of
wholly unknown.
must be looked for in the Seven Years' War, which South is still almost
sum the matter up,it would seem at the moment
To
began in 1756, with Austria, France, Saxony, Russia
victory which should be deand Sweden on one side, and Prussia, England, Por- that, in order to gain a
must not only defeat the French
tugal and the smaller German States on the other. cisive, the Germans
surrender of at least a part of
In that celebrated conflict, while Frederick the Great, armies, but cause the
eliminating them as a fighting force. This
after the initial defeat of his Prussian army, had them,
a substantial body of German
turned and beaten the French in Western Prussia, would at once release
confront the Russians in Northeastern
a Russian army was overrunning Northeastern Prus- troops to
is at yet in hand to point
sia and overwhelming the Prussian General in charge Prussia. But no evidence
such utter collapse of the French campaign.
of operations at that point. While Frederick was to
driving back the Austrians, the Russians captured Meantime,important developments, showing the real
be
Berlin; and at the very same time, England was de- possibilities of the Russian invasion, cannot now
On this question, quite as much as
feating France, on the sea,in Canada and in India. long delayed.
The varied fortunes of that war ended in a peace on the German advance into France, depend the
whereby the principal fruits accrued to the most immediate fortunes of the war.
Incidentally, much also depends on the attitude
brilliant general in the contest, who was Frederick
war
of Prussia; but the numerous other opponents re- of Italy, whose people evidently want to declare
Austria,. but whose Government as plainly
tained for the most part territory which they had cap- against
prefers to remain neutral. If the Italian people
tured and held during the war.
their way, and Austria were to be inWhat then of the present situation? The inter- were to have
vaded on the south, an important diversion of Ausest of all observers naturally centres on the German
would result, which would weaken the
invasion of France. Evidently, the plan of the trian forces
resistance against the Russians. But attenGerman General Staff has been to destroy the French line of
still be directed chiefly, first to the German
army and, if possible, capture Paris; then to turn on tion will
in France and then to the Russian movethe Russians. But the problem of invading France campaign
on the north. Time is on the whole in favor
is by no means so simple as in 1870. In view of this ment
Allied armies; but the German commanders
week's events, it would seem that it might have been of the
have shown their appreciation of that fact through
equally simple had the French alone been in the field
rapidity, precision and dash of their operaagainst Germany; but England controls the seas, the
against the French. The next week can
and, meantime, the French armies, which had been tions
to throw most important light on the
defeated and separated in a series of contests in the hardly fail
movement of events on the larger scale in
celebrated campaign of forty-four years ago, has as probable
published, been this extraordinary war.
yet,
so far as details have been
AUG. 29 1914.]
THE CHRONICLE
573
strom, is our precious asset; we imperil it as soon as
WILD PROPOSITIONS OF RELIEF.
we enter upon such a scheme as this.
The bill for war insurance by Government was
For other objections, the suggested 10 millions
modified for the better in course of its swift move- is inadequate. The proposed joint public and priment through the Senate without a roll-call, by vate ownership is bad and impracticable. One plea
changes which made it more distinctly a temporary urged is that an object is to keep down rates (the
measure and abandoned attempt to put American familiar monopoly talk), while another is the plainly
shippers and ship-owners on as good a footing as fur- inconsistent one that the public will have an indUcenished to those of any belligerent by their respective ment to join by the high profits to be made. Still
governments. Still, there remain two distinct ob- worse, this is a straight proposition to set the Govjections: that the measure is one step for bringing this ernment into competition with private companies
country indirectly (which is liable to become con- in the business of oversea commerce, after all the
verted into directly) into the war movement, and professed endeavor to help private ownership therein,
that it may become a piece of competition with pri- the new law for registering foreign-built ships being
vate underwriting. The most important marine a part of the professed endeavor.
belligerent, Great Britain, has announced her own
Furthermore, there are at least two separate bills
insurance scheme, carefully aiming to supplement of this kind, and one of them proposes a line of Govand encourage, rather than in the slightest degree ernment-owned and Government-built ships, to
to discourage, private capital in underwriting; she operate exclusively between ports of the three Amermay be somewhat confidently trusted to keep the icas, instead of ports of the other hemisphere. This
seas clear, thereby lessening the occasion for any is a scheme to strangle new "American" commerce
aid from our own Government. Further, the condi- in its infancy, unless it begins Herculean enough to
tion of the proposed aid is apparent inability, "in beat a Government competition that has back of
any trade, to secure adequate war insurance." it all resources of taxation. If this is not a form of
This condition may become broader than it looks, subsidy proposed under cover of excitement in an
for the adequacy may turn upon either the character exaggerated war emergency, it may be deemed someof the goods or the agreeableness of the rates. Thus, thing else quite as bad.
Mr. Underwood says of the Alexander bill in the
in the one case, questions of the obligations and good
faith of neutrality may arise; in the other, there may House that it "may not be pushed"; if the ships for
be a competition with private capital which is trans- transportation purposes come forward, "the bill will
acting underwriting as a business and has no neu- not be pushed; if the ships are not forthcoming," the
trality which belligerents can inquire into. The safe Government "must do something and we will go
and prudent course is for Government to hold aloof ahead with the bill." Thus viewed, this is a menace
held over private capital, which is told that it
from this venture.
must
Yet this is harmless as compared with the propo- move or be pushed off the ocean. It may be taken
sitions to set the Government into business as ship as sure that the ships will be forthcoming when they
buyer, ship builder, and ship operator, between are needed. There are as many now as there were
ports of each of the three Americas "and elsewhere," on July 1, and after all the excited talk there is not
"to meet the requirements of the foreign commerce of a shred of evidence to show that there is any lack of
the United States." So many and weighty are the them; there may be a lack of ships in movement, but
objections to this that we hardly know which to men- that is different. Ships will move, when they have
tion first; but, to begin with, there could hardly be cargoes ready and other conditions reasonably favor;
a plan more liable (if not likely) to drag this country an artificial addition to their number (even if such
into the great maelstrom which grows wider in addition could be provided overnight) would not stimreach and more powerful in its drag as country after ulate movement.
Has there ever been a time when this country had
country enters it. No man can foresee just where,
geographically speaking, or just how, politically or more need than now of that cool, patient, cautious
in some incidental way, or just when in the matter of practical wisdom which studies upon all possible
time, a powerful current towards the vortex may results of action before acting? And is there not a
thrust against the United States; but if any man who plain lack of this? Men are jumping up to propose
can think will stop and think, he must see that this this and that, and insisting that something must be
hysterical proposition would be precisely fitted to done, and done very quickly. If this
seems overpush us nearer, whereas it should be our constant statement, recall the inconsistent propositions: one
endeavor to keep at the farthest possible distance man in Congress would have exports put under
penal
away. Regulations concerning contraband goods prohibition, while another offers a • Constitution
al
or ships and the conduct of neutrals are printed and Amendment to allow a tax for that purpose,all in ordiscussed, but they are not formulated so definitely der to hold food down from going higher in price and
as to exclude disputes which can be decided by any reserve it for our own use; others in Congress are at
belligerent according to its own apparent interest at the same time insisting that exports must go out
the time, nor is there any authority for enforcing (of course including food as certain to be among
other views except the authority of arms. Is the them) and are trying to turn the Government into
.
,
Hague Tribunal, or any other, a safe appeal just an exporter direct.
now? Suppose a ship is caught by a belligerent and
Against this hysteria and hurry set the clear certhat belligerent chooses to view it as hostile in some tainty that sharply-needed goods will make their
part of its cargo or its destination, that would be bad way to their customers. The means will be forthenough for private owners; but suppose the United coming when the time arrives. If any Government
States is owner or part owner? Need this line of aid was required it was furnished by the bill
which
practical suggestion be followed farther? Our ad- sought to remove an ancient practical embargo
from
vantage as neutral and the only great neutral, for American ships and owners. All needed now is
that
which we may bless our distance from the mael- Government refrain from wild financial
schemes
574
THE CHRONICLE
than 1905 it had been deemed remarkable that the
gross should have gotten up to 50 million dollars.
For 1913 the net in approaching the 50-million mark
proved almost as large as the gross had been only
eight years before. With the gross now reduced
only from $139,395,700 to $129,814,824 and the net
no more than from $46,245,874 to $42,425,928, the
Canadian Pacific must be regarded as having passed
creditably through a trying period in Canadian industrial affairs.
The traffic statistics tell the same story of a
relatively slight setback after many years of steady
and remarkable expansion. The effect of the decreases sustained in 1914 is to leave the totals for
THE CANADIAN PACIFIC IN A YEAR OF the latest year still the very largest on record, with
DEPRESSION.
the single exception of 1913, and in the case of some
by the present report of the leading items of traffic there was actually further
The year covered
growth.
Canadian Pacific Railway Co.(ending June 30 1914) growth in 1914 on top of the large antecedent
the entire
to 1913
was a period of unfavorable conditions, and as a In the three years from 1910
is obliged to show a freight tonnage of the system had risen from 20,consequence the company
14 tons, being a gain of
considerable loss in both gross and net earnings. 551,368 tons to 29,471,8
decline in 1914 was only to 27,40%. The
The gross aggregated only $129,814,824, against over
801,217 tons, leaving the 1914 tonnage still nearly
$139,395,700 in the twelve months immediately
greater than it had been in 1910. The tonnage
preceding and the net only $42,425,928, against 35%
movement one mile in the three years from 1910 to
$46,245,874. The losses look large, and yet in the
1913 increased not far from 50%, having risen from
case of a system of the size and with the record of 7,772,012,635 ton-miles to 11,470,001,871. Now,
that of the Canadian Pacific,they are not, relatively for 1914 there is a decrease only to 10,821,748,859
one
speaking, of very great magnitude. The Canadian
ton-miles. The number of passengers carried
Pacific has in recent years been experiencing phenom- mile between 1910 and 1913 increased from 1,355,enal growth, and the falling off in 1914—the first 266,088 to 1,784,683,370 and now for 1914 is down
of any consequence in a long time—must be meas- to 1,587,368,110. The falling off was entirely in the
ured in the light of this extraordinary previous long-distance traffic, as would be expected. The
growth.
actual number of passengers moved was actually
In reviewing the report for the previous year and larger for 1914 than for 1913, the comparison being
noting that the indications then pointed to a re- 15,638,312 with 15,480,934.
The falling off in freight was entirely in the items
action in trade in the Dominion of Canada,with the
trade,
likelihood that this would involve the temporary that fluctuate with the condition of general
contraction, while of considerable
interruption of the upward course of the traffic and and here the
of undue proportions, having in
revenues of the Canadian Pacific, we commented on extent, was not
the large preceding expansion. The tonnage
the nature and extent of the company's growth and mind
ured articles, for instance, in the three
development. We stated that in extent of absolute of manufact
1913 increased from 5,468,548
increase in traffic and revenue over a short period years from 1910 to
tons and in 1914 dropped to 8,of time,no parallel to the case of the Canadian Pacific tons to 9,519,346
traffic in merchandise and
could be found anywhere in the world's history. 148,012 tons. The
freight (denominated "all other artiMany great railroad systems in the United States miscellaneous
even better comparison, having
had in the past, from time to time, made striking cles") makes an
in the three years from 7,567,052 tons to
additions to their revenues from year to year and increased
declined in 1914 only to 9,not infrequently the gains had been continuous over 9,625,665 tons and
tons. The lumber traffic, after having
long periods, but the achievement of the Canadian 159,112
3,210,306,090
Pacific in that respect appeared to eclipse anything risen from 2,292,821,963 feet in 1910 to
feet in 1913, fell only to 2,953,125,699 feet. The
of the kind ever accomplished.
n
It is important to bear in mind these facts with excellent grain harvests gathered in the Dominio
dly made it easier for the
reference to the prodigious previous expansion of last season undoubte
depression
traffic and revenues in considering the significance system to endure the effects of business
would otherwise have been the case. At all
of the late year's contraction in income. The than
grain and live-stock movement, and
Dominion during the past twelve months has suf- events, the
particularly the former, was of unexampled dimenfered from pronounced trade depression—apparently
184,954,241
more severe than that experienced by the United sions. Of grain, the system carried
bushels in 1914, against 171,952,738 bushels in 1913
States—and in the light of that circumstance and
982 bushels in 1911; of flour 8,802,250
the way the revenues of the system had previously and 111,169,
were carried in 1914, against 8,093,936
expanded,the Canadian Pacific clearly makes a much barrels
1913 and 8,469,744 barrels in 1911.
better exhibit than might have been expected. barrels in
flour at its equivalent in wheat, the system
While in 1913 aggregate gross earnings had come Counting
bushels of
r
close up to 140 million dollars—in exact figures moved altogethe (roughly) 225,000,000
in the late year, which shows how largely it is
$139,395,700, as already stated—only two years grain
Canada.
before the gross revenues had for the first time passed dependent upon the agricultural yield in
We believe that the promise for an extraordinarily
the 100-million-dollar mark, the amount of the gross
as it
for the twelve months ending June 30 1911 having large yield the present season is not as good
reached $104,167,808. Moreover, no further back was last season.
(proposed, similarly, because-of the groundless notion
that more "money" is required as an emergency relief), and to keep from any step which tends towards
Involving the country in some other step which may
bring it nearer and nearer the awful maelstrom, until
the downward drag becomes irresistible. The essential condition is that this obsession of an emergency
to be immediately and forcefully relieved be abandoned and matters be allowed time to correct themselves. For this end, the sound conservative opinion through the country should rally itself for becoming felt.
AUG. 29 1914.]
THE CHRONICLE
575
Another point in the condition of the company ditions furnishes ample warrant." It should be
deserves emphasizing. The ordinary shares of the noted that in February 1913 $60,000,000 of new stock
company have suffered a serious decline during the was offered to shareholders at 175, yielding $105,twelve months, and this might encourage the belief 000,000, that in February 1912 $18,000,000 of new
that the company was no longer earning the 10% stock was offered at 150, producing $27,000,000, and
dividends that are being paid on these shares. As a that in 1910 $30,000,000 was offered at 125, yielding
matter of fact, notwithstanding the falling off in $37,500,000. But these new issues of ordinary
earnings and a coincident increase in the amount shares represent only a portion of the new capital
of the stock outstanding, a large balance remains additions from year to year. Consolidated debenture
above the dividend requirements. While the com- stock has been issued from time to time, also 4% prefpany pays altogether 10% on the ordinary shares, erence stock, and in the late year $52,000,000 of
only 7% of this comes from operation; the remaining 10-year note certificates were issued at 80 and also
3% is paid from land sales and special income. The $14,000,000 of equipment trust certificates. It is
income account shows that over and above the 7% not, however, necessary to go into details,as the facts
from operation, there remained a surplus for the. are fully set out in the company's report.
We always make it a practice in reviewing the
twelve months in the considerable sum of $9,698,254.
At the same time the special income out of which annual report of this company to advert to the large
the extra 3% is paid was $1,237,870 above the amounts of money that have been put into the propamount required for the purpose. In other words, erty from time to time in one shape or another and
there was altogether a surplus on the year's results against which no capital obligations have been issued
of $10,936,124 above the amount needed for the 10% or are outstanding. The general balance sheet has
dividend. The special income is now shown in a now been re-cast "so as to show in more specific form
separate statement and the company includes in it the active and inactive assets of the company,"
the income derived from the Land Department. It and in the process of the change an item has been
should be clearly understood, however, that only the added designated "surplus in other assets," amountcash proceeds from land sales and the interest on ing to $127,253,782, this representing chiefly the
deferred payments for land sold is counted. The estimated value of unsold land. Nevertheless we
principal amount of the sales, which reaches a large think we can repeat what we have said in the past,
aggregate yearly, and which for the late year that inspection of the balance sheet does not suffice
was $11,369,944, ($7,246,215 being the net to indicate the enormous amounts of surplus earnproceeds of the late year's sales and $4,123,729 ings and donations from various sources which have
being the collection of deferred payments on ac- gone into the property to provide for its extension
count of previous years' sales) is not counted and development.
The profit and loss account this time shows no
at all.
pointed out by us, the company's such special appropriations as those of the previous
As previously
tremendous earnings are obtained from very low year, when $15,000,000 was appropriated out of suraverage freight rates. For the late year there was plus income for account of additions and improvea further decline in this average, which now is only ments and the premium of $11,750,647 realized from
a trifle over % of a cent per ton per mile—inexact the sale of new stock was applied in the same way,
3
figures, 0.753 cent—on the entire freight tonnage but it does show that the whole of the appropriaof the system. Low rates of course are inevitable tion for additions and improvements remaining on
in the case of such a system as the Canadian Pacific, June 30 1913 was written off.
It should also be remembered that nine years ago
since much of the freight traffic has to be hauled long
hence, there was a previous reconstruction of the balance
distances to market and low average rates are,
indispensable. We note developing efficiency in the sheet, the effect of which was to eliminate certain
operation of the property. The ratio of expenses to items representing large money investments. The
earnings keeps rising because of higher wages and item of "cash subsidy from Dominion and Provincial
other causes beyond the control of the managers, Governments and Municipalities" and so much of
so it is not surprising to find that for 1914 this ratio the proceeds of land sales as had been applied on
was 67.32%, against 66.82% in 1913 and 64.89% in construction and equipment account were then
1912. That, however, growing efficiency of opera- transferred from the credit side of the balance sheet,
tions is being steadily promoted (the rise in operating where they had previously appeared, to the other
cost occurring in face of that fact) is evident from side of the account, and applied in reduction of the
the circumstance that the average train-load for 1914 item "Cost of Railway and Equipment." The prowas 464 tons, against 440 tons for 1913 and 431 tons ceeds of land sales expended in construction aggregated at that time $36,193,521 and the subsidies and
for 1912.
The company's new capital requirements from year bonuses received amounted to $30,752,195 more,
to year to provide for the extension and development making $66,945,716 altogether. Adding to this the
of the system are enormous and stockholders are to $57,180,426 of accumulated income or premium
last nine
vote at the annual meeting on a proposition to in- from new stock issues appropriated the
years on account of additions and improvements,
crease the ordinary shares in amount of another
also the $79,711,091 of accumulated surplus still
$75,000,000, raising it from $260,000,000 to $
335,- standing on the books June 30 1914, likewise the
000,000. But it is announced in the report that no
$66,771,271 of income from the Land Department,
intention exists to put out any of the new stock at
and finally the $127,253,783 of surplus in other
the present time, that in view of prevailing trade assets, we get a grand total of over 397 million dollars
conditions in Canada there is to be a curtailment of ($397,862,287), representing money that has actually
capital expenditure for the time being and "no re- gone into the property or will ultimately become
sumption of works requiring any large amount of available for the improvement of its physical and
money until a decided improvement in business con- financial standing.
RAILROAD GROSS AND NET EARNINGS FOR
-YEAR.
THE HALF
compilation of the gross
We present to-day our
and net earnings of United States railroads for the
first half of the current calendar year. It was a
period of very unfavorable conditions for the railroads. We enumerated these conditions three weeks
ago in reviewing the results as to gross alone, and
therefore need not go over the same ground again
here. Suffice it to say, therefore, that the showing
as to net is as unsatisfactory as was that in the case
of the gross. Indeed,it is less satisfactory, inasmuch
as the percentage of decrease in the net is necessarily
much heavier than that in the gross, it having been
found possible to offset only a comparatively small
part of the loss in gross by reduced expenses.
Stated in brief, there was a diminution in the
gross as compared with the first six months of last
year of $85,033,426, or 5.72%, while expenses could
be cut down no more than $34,373,218, leaving,
therefore, a loss in net of $50,660,208, or 12.82%.
In [other words, the roads (our compilation
covers 245,312 miles of road, and therefore comprises
nearly the entire railroad mileage of the country)
earned only $1,401,010,280 in the six months of
this year, against $1,486,043,706 in the six months
of last year, and earned net of $343,835,677, against
$394,495,885 last year.
To appreciate the significance of this contraction
in net of over $50,000,000 for the six months, or at
the rate of over 100 million dollars a year, it is necessary to recall that the capital obligations of the railroads are all the time being augmented (in order
to meet the public demand for better service and to
provide for the growing volume of traffic), and hence
an increase in net earnings is necessary merely to
keep the railroads on an even keel in the matter of
the relation of dividend and interest charges to income. It happens, too, that the bulk of the whole
loss in net income,namely that represented by groups
1, 2 and 3, comes from the roads which recently
made application to the Inter-State Commerce Commission for a 5% increase in freight rates,and failed
in the effort, the Commission granting authority
to make only a very trifling increase in rates over a
portion of the territory affected.
Jan. 1 to June 30.
(489 Roads).
Mlles of road
Gross earnings
Operating expenses
[VOL. xcEr.
THE CHRONICLE
576
—Increase or Decrease—
1914.
1913.
Amount.
245,312
243,185
Inc. 2,127 0.87
81.401,010,280 31,486,043,706 Dec.385.033,426 5.72
1.057,174,603 1.091,547,821 Dec. 34.373.218 3.15
Net earnings
3343,835.67
3394.495,885 Dec.350.660,208 12.83
What makes matters worse is that the unfortunate
condition under which the railroad industry has been
laboring has existed fpr a long while, and the cumulative effects of the strain are now threatening disaster. In the first six months of last year the volume
of traffic was still satisfactory, and as a consequence
a substantial addition to gross earnings was then
recorded, it amounting to $136,168,743, or 9.97%;
only
but such was the augmentation in expenses that
gross was carried forward
$26,799,669 of this gain in
showing was
as improvement in net. In 1912 the
in gross was only $56,still poorer. The increase
net
349,506, and this was converted into a loss in
the increase in expenses.
of $2,037,477 because of
both
In 1911 there was for the half-year a loss in
in the former and $25,gross and net—$28,958,798
717,377 in the latter. In the first half of 1910
business was very active and gross earnings registered a gain of no less than $179,089,522; but aug-
mented expenses consumed $142,271,707 of this,
leaving an increase in net of only $36,817,815. In
1909 the showing was much better. The railroads
were then recovering part of the large loss in gross
earnings sustained after the panic of 1907, but were
still practicing rigid economy in every direction;
as a consequence, in the six months of that year there
was a gain of $120,332,208 in gross and of $76,640,239
in net. But this succeeded tremendous losses in
1908, the latter being the period of industrial depression following the panic of 1907. At that
time large numbers of roads withheld their figures,
the returns being so very bad. Our compilations
then embraced an aggregate of only 168,839 miles
of road reporting both gross and net. On this mileage the loss in gross for the six months of 1908 aggregated $172,868,595. Over 30,000 miles more of
road, however, had made reports of gross without
furnishing the figures of net; hence in the case of the
gross alone we had a footing covering 202,172 miles,
on which the loss in gross reached no less than $197,085,791. That still left about 30,000 miles of road
unrepresented, and careful computations which we
made showed that for the whole railroad mileage of
the country the loss in gross must have reached
$235,000,000. In the net we estimated that for
the full railroad mileage the amount of the loss then
must have been about $85,000,000.
Going back to 1907, prior to the panic of that year,
we find that at that time, too, rising expenses were
the most pronounced feature of the returns. For,
while the addition to gross revenues in the first half
of that year, according to the roads making returns,
was $114,656,528, the increase in net was no more
than $19,273,550. In the following we furnish the
half-yearly comparisons back to 1897. We give the
results just as registered by our tables each year, and
it should be borne in mind that in 1908 and prior
years a portion of the railroad mileage of the country
was always unrepresented in the totals,owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
Net Earnings
Gross Earnings
Year
Olsen
Year
Preceding
Increase or
Decrease
Year
Given
Year
Preceding
Increase or
Decrease
Jets 1 to June 30
—2,160,737 121,059,320 115,43/.318 +5.032,003
1897 405,003,731 407,164.46
189 460,528,13 410.596,441 +49.931.689139.585./17 131,895,682 +17,690,035
189 489.509,765 461.991,05 +27,516,70 150,599,074 140,545,535 +10,053,539
677,149,664 506,366,34 +70.783,319 180.718,4371155,591,468 +25,126,969
1
+57,912,8 206,218,32 179,495,14 +26,723,180
1901 638,334,794 580,421,9
,398.926 631,494,2
09.973.7031202,250,79
. .
+38 904 6462
906
190
.
190 727,932.367 687.699,839 +90,232,52 218,024,056 198,256,826 +19,767,230
731.774,531 744.160,13 —13,085,604 198,807,547 224,157,42p 25,349,8/3
1
84/.334,204 790,321,7
+57,012,454234,333,810215,417,468 +18,916,342
1
923,554,2681 815,486,025 +108,068,243 272,101,047 226,345,855 +45,755,192
19
1907 999.082.6911 864.436,163 +114,656,528 280,697,496 261,433,946 +19,273,550
1036,729.
172,868,59 231,254,071 294,738,973
863,8 ,
1
3,484,902
1909 1172,185,403 1051,853,195 +120,332,208371,591,341 294,951,10 +76,640,239
191 1351.570,83 1172,481,31 +179,089.52 408,380.483 371,563,66 +36,817,815
.
1911 1310.580,76511339,289 663 —28.958,798378,282,053404,569,430 35,717,377
191 1365.355,85811309.006.35 +56,349,504373,370,171 375,407,648 —2,037,477
191 1502,472.94211366.104.199 +136,168,743400.242,544 373,442,875 +26,799,669
191 1401.010.28 1486,1:M3,70 —28,033,426343.835,677 394,495.885 50,660.208
Note —In 1897 the number of roads Included in the total Is 170; in
1869, 165; In 1900, 170; In 1901, 172; In 1902, 154; in 1903, 159: in 1898. 179: in
1904, 136; In
1605, 148; In 1906. 143; in 1907. 148: in 1908 the number of miles represented was
166,839; in 1909, 233,902; in 1910, 239.652: in 1911. 341,923; In 1912,237,698; In
1613, 239.983; in 1914, 245,312. Neither the Niezlean roads nor the coal-mining
operations of the anthracite coal roads are included in any of these totals
It is not necessary to make any extended remarks
with reference to the changes for the separate roads.
While results vary more or less, there are few roads
that have escaped losses in gross and in net alike.
Some of the Eastern trunk lines have been more successful than others in offsetting losses in gross with
reduced expenses. The Pennsylvania on the lines
directly operated east and west of Pittsburgh has
lost $13,633,685 in gross but only $1,791,242 in net.
The New York Central System, on the other hand
(including the various auxiliary and controlled roads,)
Atm. 29 1914.]
THE CHRONICLE
lost $23,590,602 in gross and $17,601,444 in net,
while the Baltimore & Ohio falls behind ,349,317
in gross but only $982,498 in net. Among the roads
in the Western half of the country, the Northern
Pacific has succeeded in converting a loss of $3,455,473 in gross into a gain of $212,657 in net, and the
Milwaukee & St. Paul has changed $1,146,312 loss
in gross into $1,499,677 gain in net, while the St.
Paul & Omaha has $512,070 gain in gross and $137,298 gain in net. As opposed to these results, however, we find the Great Northern reporting $4,094,019 decrease in gross and $3,185,428 decrease in net
and the St. Louis & San Francisco $1,195,963 loss
in gross and $3,130,575 loss in net. Other important
Western systems also have larger or smaller losses
in gross and in net.
In the South the Southern Railway has only $111,030 decrease in gross, but $1,152,748 decrease in net,
while the Louisville & Nashville falls $1,447,016 behind in gross, but runs $192,807 ahead in the net,
and the Chesapeake & Ohio holds an exceptional
position in having an increase in both gross and net
$957,241 in the former and $266,384 in the latter.
In the following we show all changes for the separate
roads for amounts in excess of $500,000, whether
increases or decreases, and in both gross and net:
577
in groups or geographical divisions, and it is found
that every division without any exception registers
a decrease in gross and also every division a decrease
in net, the heaviest amount of loss coming from the
first three groups to whom an advance of 5% in
freight rates has just been denied by the InterState Commerce Commission. Our summary by
groups is as follows:
SUMMARY BY GROUPS.
Gross EartasWs
Jan. 1 to June 30.
1914,
1913.
Inc.
(+)OrDec.
(-)•
Section or Group
Group 1 (18 roads), New England... 67,235,196 69,168,002 -1,932,806 2.78
Group 2(85 roads), East & Middle__342,918,481 369,412,070 -26,493,589 7.17
Group 3 (65 roads), Middle West_ _188,017.910 210,914,446 -22,896,536 10.85
Groups 4 & .5 (92 roads), Southern_199,285,457 200,423,909 -1.138,452 0.56
Groups 6 & 7(80 roads). Northwest_300,314,553
Groups8&9(99 roads), Southwest__218,247,626 319,531,147 -19,216,594 6.02
4.42
Group 10 (50 roads), Pacific Coast__ 84,991,057 228,349,977 -10,102,351 3.70
88,244,155 -3,253,098
Total(489 roads)
1,401,010,280 1 486043706 -8.5,033,426
5.72
Na Earnings
1913. Inc.(+)orDec.
(-)•
8
$
%
14,798.363
-632,118 4.17
100,568,893 -17,399,741 17.30
44,103,823 -15,111,636 34.27
54,978.478 -2,569,614 4.67
90,805,326 -7,680,235 8.45
57,065,046 -4.870,094 8.44
32,175,956 -2,396,770 7.45
-Mileage1914.
1914. 1913.
$
Group No, 1
7,772 7,846 14,166,245
Group No. 2
26,866 26,549 83,169,152
Group No.3
25,156 25,126 28,992,187
Groups Nos.4& 5_ 41,413 41,151
Groups Nos.6 & 7_ 67,901 67,545 52.408,864
83.125,091
Groups Nos.8& 9_ 57,900 56,994 52,194,952
Group No. 10
18,304 17,974 29,779,186
Total
245,312 243,185 343.835,677 394,495,885 -50,660,208 12.82
NOTE.-Oroup I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania
except that portion west
of Pittsburgh and Buffalo; also all of New
Jersey, Delaware and Maryland. and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan
except
Peninsula, and that portion of New York and Pennsylvania west of the northern
Buffalo and
Pittsburgh.
Groups IV. and V. combined
east of the Misetztdppi River. include the Southern States south of the Ohio and
Groups VI. and VII, combined include the northern
Minnesota, Wisconsin, Iowa and Illinois; all of Southpeninsula of Michigan, all of
Dakota and North Dakota
PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS. and Missouri
north of St. Louis and Kansas City; also all of Montana. Wyoming
Increases.
Decreases. and Nebraska, together with Colorado
north of a line parallel to the State line
$957,241 Cleve Chic Chic& St L__ $1,200,079 naming through Denver.
Chesapeake & Ohio
512,070 St Louis as San Fran (4).. 1,195,983
Groups VIII. and IX. combined include all of
Chicago St Paul NI & 0_
Kansas, Oklahoma, Arkansas and
Rock Island (2)
1,178,881 Indian Territory, Missouri south of
and
Representing 2 roads
Wabash
1,175,814 of Denver the whole of Texas and St. Louis of Kansas City; Colorado south
the bulk
In our compilation__ $1,469,311 Colorado & Southern (3)_ 1,148,027 New Mexico north of a line running from the Louisiana; and that Portion of
northwest corner of the State
Decreases. Chicago Mllw & St Paul_ 1,148,312 through Santa Fe and east of a line
running from
a$13,633,685 Delaware & Hudson_.. 1,008,152
Pennsylvania (3)
Group X. includes all of Washington, Oregon, Santa Fe to El Paso.
Idaho, California. Nevada. Utah
Lake :Shore & Mich Sou_ 4,597,784 Delaware Lack & West._
964,864 and Arizona and the western part of New Mexico.
4,349,317 Boston & Maine
Baltimore & Ohio
905,471
898,203
N Y Cent & Hud River-- 94,199,094 Hocking Valley
4,094,019 Denver /4 Rio Grande__ _
Great Northern
888,214
3,455,473 Duluth & Iron Range::
Northern Pacific
805,312
Atch Top & S Fe (8)__- 2,472,382 Bessemer& Lake Erie_ _ _
781,013
2,211,440 Chicago & Eastern Ill_ _ _
Minn St Paul & 88 M
717,448
Chicago Burl & Quincy
x1,990,002 Buffalo Roch & Pitts__ 681,864
Pittsburgh & Lake Erie_ 1,975,888 Toledo & Ohio Central_
680,201
Philadelphia & Reading- x1,982,343 Union (Pa)
664,919
Lehigh Valley
1,953,752 Chicago & Alton
1525,884
Union Pacific (3)
1,825,392 N Y Chic & St Louis_ _ _ _
584,890
Elgin Joliet & Eastern
1,745,783 Pere Marquette
550,994
Michigan Central
1,743,431 Norfolk & Western
544,131
Southern Pacific (12)-__ 1,557,369 Chicago & North West533,938
Missouri Pacific (2)
z1,498,149 Phila JBalto & Wash_ ___
507,352
Louisville & Nashville_ _ _ 1,447,016
Erie (2)
1,410,695
Duluth Missabe & Nor
1,392,163
Representing 74 roads
NYNH& Hartford._._ 1,238.513
in our compllation_ _S80,125,374
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
The figures in parenthesis indicate the number of roads so combined.
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $6.437,264 decrease, the Pennsylvania Company $5,055,695 loss and the P. C. C.& St. L. $2,140,726 loss. Including
Gross Earnings.
all lines owned and controlled which make monthly returns to the InterNa Earnings.
Mth
State Commerce Commission, the result is a loss of $15,137,114.
1914.
1913.
Inc. or Dec.
b These figures cover merely the operations of the New York Central
1914. I 1913. Inc. or Dec.
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
%
$
8
$
I
&c., the whole going to
System, the result Is Jan.233,071,834 249,958,641 -16,884,807 6.75 52,749,86965,201,441-12,451.572
Feb 209,233,005 233,056,143 23,823,138 10.22 39,657,965
a loss of $23,590,802. form the New York Central
59,553,012,-19,89.5,047
Mar 250,174,257249,514,091
z These figures are for five months only.
+660,166 0.2767,993,951,64.889,423 +3,104,528
Apr_ 236.531,600245,048,87
PRINCIPAL CHANGES IN NET EARNINGS FOR SIX MONTHS. May 239,427,102 265,435,022 -8,517,270 3.48 59,398,711 60,024,235 -825,524
-26,007,920 9.7357,628.765 73.385.635-15,756,870
Decreases. June 230,751,850 241,107,727 10,355,877 4.31 66,202,41070,880,934 -4,678,524
Increases.
Chicago Milw & St Paul.. $1,499,677 Delaware
& Hudson....$1,145,992
Yazoo & Miss Valley_ _ _ _
Note.
-Percentage of Increase or decrease in net for
1,015,200
666,118 Wabash
Texas & Pacific
Jan.. 19.10% dec.: Feb.. 33.41% dec.; March, 4.78% the above months has been
582,738 Del Lack & Western_ _-- 1,12,
0
Inc.: Apr., 1.04% dec.: May.
Wheeling & Lake Erie_ _ _
21.47% dec.; June, 6.60% dec.
1,011,437
537,981 Bessemer & Lake Erie
In January the length of road covered was 243,732 miles; In
Missouri Kansas & Tex1,001,97
8
559,073 Western Maryland.__
February, 244.925
982,498 miles; In March, 245,200 miles; in April, 243,513 miles; in May, 246,070 miles; in
Baltimore & Ohio
Representing 5 roads
914,144 June, 222.001 miles.
Gine Ham & Dayton_ _ _ In our compilation-- $3.845.585 Union
777.557
Pacific (3)
Decreases. NYNH& Hartford__ 740,509
Pere Marquette
$3,478,154 Atlantic Coast Line
739,205
Great Northern_,
3,185,428
x721,128
St Louis & San Fran (4)- 8,130,575 Missouri Pacific (2)
683,215
Lake Shore & Mich Sou_ 2,989,815 Clev Chic Chic& St L.....
656,415
Union (Pa)
Pittsburgh & Lake Erie_ 2,041,911
645,881
Philadelphia & Reading_ 52,029,359 Duluth & Iron Range-636.843
Buffalo Roch & Pittsb_
NY Central & Hud Riv_ 91,985,397 St Louis South West
633,847
(2).
Erie (2)
1,947,478 LehighValley628
,780
Pennsylvania (3)
01,791,242 NY Chic & St Louis...
609,920
Southern Pacific (12)
1,537,871 Toledo & Ohio Central
589,254
Duluth Missabe & Nor
1,432,941 Chicago Bur/& Quincy.. z546,633
Minn St Paul & S 8 M
1,309.947 Hocking Valley
527,793
Michigan Central
1,298,841
Elgin Joliet & Eastern.- 1.286.633
Representing 58 roads
Central of New Jersey
1,115,711
in our compilation_ _$47,918.738
Southern
1,152,748
a This is the result for the Pennsylvania RR.,
vania Company and the Pittsburgh Cincinnati together with the PennsylChicago & St. Louis, the
Pennsylvania R. reporting $2,499,711
SUMMARY BY GROUPS.
decrease, the Pennsylvania Company $298,140 loss and the P.C.C.& St. L.
$1.006,609 gain
Gross Earnings
lines owned and controlled which make monthly returns to • Including all
the Inter-State
Section or Group.
1914.
1913. Inc.(+)or Dec,
(-).
Commerce Commission, the result is a loss
June
of $2,172,281.
b These figures merely cover the operations of the New York Central Group- roads) New England
1(13
11,827,355 11,284.359
+542,996
Including the various auxiliary
itself.
and controlled roads, like the Group 2(75 roads) East & Middle.... 58,522,427 62,008,607 -.3,486,180 4.81
Michigan Central the Lake Shore, the "Big
5.62
(5roads) Middle
Four," the "Nickel Plate,"
33,089,928 37,490,342 -4,400,414 11.74
&c. the whole going to form the New York Central System, the result is Group 3 & 5 (88 roads) West
Groups 4
Southern.... 30,705,303 30.443,803
+261,500 0.8.5
a hiss of $17.601,444.
Groups 6 k 7((4 roads) Northwest
47,998,976 50,942,079 -2,943,103 5.78
Groups 8 & 9(94 roads) Southwest.... 33,212,879 33,338,600
-125,721 0.41
Group 10 (48 roads) Pacific Coast.... 15,394,982 15,599,937
-204,955 1.31
It remains to be said that the falling offin earnings,
speaking of the roads collectively, extended through
all the months of the half-year except that in March
there were trifling gains, due to the fact that coalmining in the bituminous regions of the Middle and
Middle Western States was pushed rather hard in
fear of a suspension of mining with the first of April
on the wage question (a fear which was found to be
well grounded in a number of cases), and due in
part, also, to the fact that comparison was with the
period of the tremendous floods in the Middle
Western States the latter part of March last year.
We annex a summary of the monthly totals.
The totals for June in the foregoing differ from
those given in our article of last week. This is due
to the fact that since that article was published several important roads which had been delinquent
(among others the Boston & Maine, the New York
New Haven & Hartford, the Northern Pacific, the
Central of New Jersey and the Central New England)
have filed their June statements, and we have accordingly revised our totals to include the same. We also
reprint our summary by groups for the month of
June revised in the same way and for the same reason.
The unfavorable character of the half-year's
exhibit is emphasized when the roads are arranged
Total (457 roads)
230,751,850 241,107,727 -10.355,877 4.30
THE CHRONICLE
578
-Mileage1914. 1913.
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5
Groups Nos.6 & 7
Groups Nos.8 & 9
Group No. 10
Total
7,163
25,449
24,989
39,229
51,276
49,971
17,924
1914.
$
7,273 2,982,814
25,151 17.558,545
24,977 7,451,949
38,847 7,818,474
56,762 15,408,036
49,051 8,942,159
17,630 6,040,433
Net Earning
1913. Inc.(+) or Dec.(-).
$
%
$
3,514,354 -531,540 15.12
18,510,018 -951,473 5.14
8,753.369 --1,301.420 14.87
-3,494 0.64
7,821,968
17,465,856 --2,057,820 11.78
8,371,214 4-570,045 6.71
8,444,155 --403,722 6.26
222,001 219.691 66,202.410 70,880,034 -4.678,524 6.60
[VoL. xcrx.
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate."
&c., the whole going to form the New Yorjk Central System, the result is
a loss of $189,571.
c These figures are furnished by the company.
We now give our detailed statement for the halfyear. It shows the result for each road separately
for all the groups.
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
Net
----Gross1913.
Inc. or Dec.
1914.
1913.
1914.
Group I.
$
S
$
$
6
New England.
170,061
108,850
+61,211
940,253
880,754
Atlantic & St Lawr_
779,626
480.630 +298,996
1,655,981
2,013,096
Bangor & Aroostook
Boston & Maine...... 21,993,758 22,899,229 3,479,330 3,879,964 -400,634
125,705
76,719
-48,986
926,734
799,667
Can Pac Lines In Me
253,760 -135,881
Net Earnings.
117,879
Gross Earnings.
Central Vermont__ y1,523,279 1,1,636,607
15,622
+10,000
25,622
52,290
61,783
Year.
Grafton & Upton...
Year
-2,114
Year
10,805
Inc. (+) or
Inc. (-) or Hoosac Tun & Wilm
8,691
Year
Year
56,148
50.343
1,277,950 +315,222
Preceding. Decrease(-). Maine Central
Preceding. Decrease(-). Given.
Given.
5,640,776 5,418,588 1,593,172
+4,899
22,993
27,892
132,149
141,228
Montpel& Wells R_
$
$
$
June,
NY N H & Hartf- 31,494,814 32,733,327 7,405.946 8,146,455 -740,509
-5,726
48,680,992 47,044,545 +1,636,447 14,371.918 13,120,127 +1,251,791 Newport& Richford
104,347 def41,073 de135,347
1897
97,285
+167
29,948
+898,182 Portland Terminal_
30,115
47,036
1898-- 50.274,300 46,902,366 +3,371,934 14,943,497 14,045,315
51.498
+21,311
277,246
298,557
1899-.- 55.978,068 48,138.823 +7,841.245 17,855,957 14,068,508 +3.787,449 Rutland
1,711,746
1,673,761
-18,143
37,227
1900 - 67,883.647 60,652,419 +7,231,228 21,843,152 19,666,585 +2,176,567 St Johnsb'y & L Ch
19,084
190,501
178,637
-2,414
22,092
1901 -- 78,026,161 72,941.846 +5,084,315 26,223,611 23,318,642 +2.904.969 Sandy R & RanLake
19,678
92,024
86,617
+12,368
60,452
1902 --- 82,996.635 76,865,429 +6,131,20626.679,487 25,455.584 +1.223,903 Sullivan County...._
72,820
255,066
248,393
-7,466
25,614
1903-- 81,053,177 70,435,646 +10.617,531 23,988,925 22,106,804 +1,882,121 Union Freight
18,148
67,574
66,220
+642.431 26,894,483 24,594,095 +2,300,388
+5,581
1904-- 87,298,783 86,656,352
58,397
63,978
248,402
233,287
Vermont Valley
1905.- 92,831,587 84,537,809 +8,293,758 27,567,407 26,391,704 4-1,175,703
1906-- 100,364,722 90,242.513 +10,122,209 31,090,697 27,463,367 +3,627.330
14,186,245 14,798,363 -632,118
Total (18 roads)- 67,235,196 69,168,002
1907-- 132.060,814 114,835.774 +17,225,040 41,021,559 36,317,207 +4.704,352
1908-- 126,818,844 153,806,702 -26,987.83841.818.184 46,375,275 -4.557,091
Net
-Oros
1909 -.- 210,356.964 184,047,216 4-26,309,74874,196,190 59,838,655 +14,357,535
1913. Inc. or Dec.
1914.
1913.
1914
Group!!.
1910-- 237,988,124 210,182,484 +27,805,640 77.173,345 74,043,999 4-3,129,346
$
$
$
Middle.
$
East de
231.980,259 238,499,885 -6,519,626 72,794,069 77,237,252 -4,443,183
1911
10,769,767 11,752,285 -982,498
6
8
243,228,498 228,647,383 +14,579,115 76,223,732 71,689,581 +4.534,151 Baltimore & Ohio- 44,757,477 49,10 ,694 def12,038
1912
-13,965
1,927
68,245
40,228
Benwood & Wheerg
1913 -.- 259,703,994 242,830,546 4-16,873,448 76,093,045 76.232,017
-138,972
+483
11,676
12,358
39,669
50,574
1914... 230,751,850 241,107,727 -10,355,877 66,202,410 70,880.934 -4,878,524 Bloomsb & Sullivan
264,181 -234,519
29,662
932,752
675,824
Buffalo & Sum RR_
+90,750
def8,968 def99,718
311,952
195.964
Buffalo & Sum lig_
-In 1896 the number of roads included for the month 9f June was 121; In
Note.
907,477 1,544,320 -636,843
Utah- 4,609,782 5,291,646
&,
Roch'
1897, 106: in 1898, 116; in 1899. 95: in 1900, 99; in 1901, 94; In 1902, 94; in 1903, Buff
+25,847
11,737
85.521
37,584
137.327
& Indiana..
86; In 1904, 80: In 1905, 77: in 1908, 80: in 1907, 84; In 1908 the returns were based Cambria England-. 1,812.113 1,788,650
765,331 -334,538
430.793
New
on 147,436 mlles of road: in 1909, 234,183: In 1910, 204,596: In 1911, 244,685: In Cent
-29.099
64.
119,087
34,992
80,262
Cornwall
1912,235.385;in 1913.230.074:In 1914,222.091. We no longer Include the Mexican Couderspt&PtAlleg
-7,440
23,883
16,443
57,981
62,324
roads or the coal-mining operations of the anthracite coal roads in our totals.
-65,182
127,466
484.635
62.284
423.891
Cumberland & Penn
For 1909, 1910 and 1911 the figures used are those furnished by the Inter-State Delaware & North'n
-526
8,011
63,979
59,273
7.485
Commerce Commission.
Delaware & Hudson 10.885.320 11,691,472 3,151,114 4,297,106 -1,145,992
18,306,881 19,271,745 5,712,157 6,724,589 -1,012,432
Del Lack & Western
-13,644
7,396
def6,248
87,771
83,115
Sussex
-23.726
def2,412
73.502 def26,138
43,989
Dorora Southern....-21.817
98.981
77,164
152,373
175,386
E Br Top RR & C.-10,135
5,457
def4,678
: 8
,5 31
0
, 540
E Jere RR & Term- 24,429: 9 25,920 L
6,981,240 8,755,011 -1,773,771
Erie
Chic & Erie-See Group III.
-12,321
228.015
215,694
472,171
467,155
Fonds Johns & Glov
-1,573
55,580
54,007
3,408
6,9110312
97,410
Genesee & Wyoming
-7,864
36,772
28,908
55,853
Greenwich &Johnsdef1,094
+4,497
71,866
ManninoHoboken
-22,540
1,130,587
49
,23
y108,047
1,280,809
Hunt& Br Top Mtn y245,672
+2,078
50,371
120,482
104,417
Ironton
140,228
-17,789
:78
122 43
24 9
305,431
303,295
Lack & Wyom Vall.
43,395
-18,606
115,889
78.351
Lake Champ & M....
270,482
300,780
-30,298
930,308
PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
852,951
Lehigh & hind River
580,134
381,708 +198,426
882,296
1,290,876
Increases.
Decreases. Lehigh & New Eng_ 18,546,942 20,500,694 5,33170.7 8 5,953,554 -828.786
896
24:404,
Atch Topeka & Santa Fe.. 4650,934 St Louis & San Francisco- $294,671 Lehigh Valley
-49,836
7
59,892
09 3
154:693
111.238
NYNH& Hartford-- 362,765 Union Pacific
264,196 Ligonier Valley 9e,
+1.879
:3 47
129 3
242 812
55.569
16 4
144 121
2 :4,
,
Atlantic Coast Line
Maryland rt P0
241.819 Wabash
260,842 3,ceos & cenn _..
4,785
-10,503
6,
def5 717
:6 8
El Paso & Southwestern
144,382 Cleve Cinc Chic & St L.-- 257,792
-16,536
23,173
47.583
& Erie_
Lehigh & New England
137,412 Hocking Valley
246,564 Morristown Conn.
-22.201
99,849
77.648
9 939
14 ,
441: 83
Kansas City Southern.._ _ _
126,487 Wheeling & Lake Erie_
229,288 Monongahela
9
134809
84 . 92 de1161,092 def22,660 -138.432
.s
New Jei
Chesapeake & Ohio
221,123 Montour
100,662 Minneap St P & SS M
403.739
92.797
119,767
-26,970
397,264
N Y..
ey &
Chicago & Eastern Illinois 218,861
+242
,
8,780
8.518
52277
6,3.,
y
y C i u9 Enia_ 91.
218,821 N y& PInlsy1val
Representing 7 roads in
Rock Island
143 55,862,237 11,515,569 13,500,966 -1,985,397
our compilation
$1,764,461 Buffalo Rochester & Pitts 206,340
Buffalo see Group III.
For lines West of 4,148.073 4,407,988
973.811
245,211
1,219,022 195,667
Decreases. NY Chicago & St Louis
Western
519,977
-22,127
176,355 N Y Ont & West
5
Pennsylvania
;67
97 8 0
4136
a$2,735.854 Michigan Central
1,478,457 1,479.326
+1.696
152,260 NY Susq & & B_
Baltimore 8c Ohio
__
def8,807 def10,503
1,214,124 Louisville &
43 4
104 1539
77,253
16,178
-2,602
Great Northern
131,147 Northampton Law
686.327 Kanawha & Michigan_ _ _ _
40.463
Norwood & St
Duluth Missabe & Nor__ _
122,599 Pennsylvania-lines East a Pitts & Erie
517,870 Union (Pa.)
NY Cent & Hudson Riv_ 1496,518 Lehigh Valley
7
3 1
4313 21.601,022 --2,499,711
121.849
Pennsylvania RR- 82,816.157 89,253,421 19,101;
Lake Shore & Mich Sou
36.174
2
--11,801
76.328
444,437 Colorado & Southern_ _ _ _ c118,837
52.796
Balt& Spar r/..
Elgin Joliet & Eastern..
13,609
4-5,783
102,988
19,392
128,823
387,530 St Louis Southwestern......
149,439
Att.
Balt Ches &
Toledo & Ohio Central
59,786
--49,815
9,951
c100,261
376,216 Southern Pacific
206.589
144,082
Cornwall & Leban
Northern Pacific
609,143
669,497
4-39,646
366,585
1,764,390
Cumberland Val_ 1,701,952
Pittsburgh & Lake Erie
1,189,273 4-223,854
1,413,127
351,827
Representing 30 roads
5,793,848 5,373,295
Long Island
Duluth & Iron Range_ _ _ _
---10,150
in our compilation_ _311,512,894
295,139
60.317 def32,467 def22,317
60,252
Maryl Del & Va..
369,135
514,967 863,553
-145,832
-All the figures in the above are on the basis of the returns filed
. 636.509
Note.
_
Monongahela__
291.908
1,911,455
424,574 -132,666
1,793.061
with the Inter-State Commerce Commission. Where, however, these
N Y Philo & Norf 6,061,644 6,500,829
387,874
525.403 --137,529
Northern Central
returns do not show the total for any system, we have combined the
Pennsylvania Term-See Groups IV. &933V.
:42
8 43
. 47
3222 18 1,567 0 8 1,574,746
separate roads so as to make the results conform as nearly as possible to
-6,723
,
18:376
38 92 10,1,66..27
.
a
slig B & Was
P laBI ltterw h 9,8
270
67,507
-67,237
those given in the statements furnished by the companies themselves.
930,612
359198..949833
750,795
816.426 217,963
Union RR of Balt
a This is the result for the Pennsylvania RR.,together with the Pennsyl60,018
--2,651
10,099
Waynesb & Wash
vania Company, and the Pittsburgh Cincinnati Chicago & St. Louis ,the
718
+74,365
04 „
245,628
,
Sea ,
v687..:
West JerSeY 6c
III.
Pennsylvania RR. reporting $1,298,638 decrease, the Pennsylvania ComFor lines West of Pitts & Erie see group
pany $1,101,568 loss and the P.O.C.& St. L.$335,648 loss. Including all ReadtmaCom pavge
ici
caing , & FnYT v66
4
6
29. 9
y43, 29
8684.712
+10,920
y18,509
Atlantic City
lines owned and controlled which make monthly returns to the Inter-State
,032
y102,261
-41,316
y17,793
1159.109
Commerce Commission, the result is a loss of $2,823,241 in gross and a gain
of N J.. 13,092,858 13,490,686 4,056,010 5,171,721 -1,115,711
Cent RR
885,247
v4% 5
8 7 62
9
-13,203
8
0
of $205,838 in the net.
856,832
Chester & Del Riv
482
:
y342,93250
v279:012
8
8 1 846
+21,900
ydef18,242
b These figures cover merely the operations of the New York Central
&e
i ttyemt ilarris
l 9nhsb &pema_ tav844 7
-11.335
ydef 2,473
Itself'. Including the various auxiliary and controlled roads, like the
-31,149
Y148,498
p7 rt &R&
pe 9omeneadmNeolicnrta,
h 1
R 18,670,321
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,",
633 9 87.863,318 -2,029,359
y20,632,664 7
9P
1
865,984
+6,927
y8,39...139 20
vil651
, 7 ydef2,357
ydef9,284
&c., the whole going to form the New York Central System, the result Is
Philo Newt& NY
y603,483
1,422,614 -112,055
Port Reading.- _
a loss of $2,340,012.
-16,967
Colum y152,243
y36,083
Iltgg
Reading &
14
49i 89
01,,,162
-21,165
10,786
def10,379
PRINCIPAL CHANGES IN NET EARNINGS IN JUNE.
Pitti Aga
pitts
-9,842
207,244
197,402
Increases.
Decreases.
-31,017
98,048
117.435
5.153
42,170
Potato Creek
$470,877 NYNH& Hartford.,..
Northern Pacific
$422,037 Raritan River
+818
119,247
50,154
49.538
Central & Hud Rh'.... b403.772
NY
415.452 Reynoldsv & FallsC
0
30 4 6
-10,718
134:315
45,354
18,232
330,853 Union Pacific
Lehigh Valley
1
2 g51.
f
313 .2?5
380,942
68:861
234 769
-4.898
7 819
def5:00
def1,011
4
St Clair Terminal...
Atch Topeka & Santa Fe_ c321014 Southern
369.732
242,288 -180,997
61,291
302:764Boston & Maine
South Buffalo
Loulsvil e& Nashville_ _ _ _
413.
312,041 9StufterNIsRalanpdTr
+13,609
4,927
def8,682
Missouri Kansas & Texas.. 295,808 Elgin Joliet & Eastern.. _
294.651
+22,683
340
406.185
126,409
149,092
211.113 Pittsburgh & Lake Erie:: 293,856
& St Paul__
Chicago Milw
-9,881
120,059
123.241
7,339
def2,542
Susquehanna & NY
203,136 Illinois Central
Cleve Cinc Chic & St L...._
288,169
-35,427
450,446
497.269
Delaware..
110,284
74,857
174,675 Toledo & Ohio Central__ _
Texas & Pacific
280,825 Ulster & Co. Pa.. 1,513,094 2,17 . 7 de12 ,114
20 2
68, 13
9
/2
384,301 -656,415
Union RR
Wabash
173,374
Maine Central
253,343
240.830
+18,500
254,437
70,102
88.602
Side Belt_
142,928 Rock Island
enve • & Rio Grande__ __
245,547 West
Maryland. 3,957,194 3,840,385 def306:244
695.332 -1,001,976
0
167 6 2
Dtiluth & Iron R
e6t_ r _
138.106 chicago s, Northaz4e_ e- n
Nashl lhatt & St Louis.....
238,737 Western & East......
+18,777
387.789
335.949
148,425
B
135,192
Kansas City Southern_ __ _
175,168 Wilkes
65,113
+4,007
17,175
N Br_
21,182
I
119,089 Hocking Valley
164,771 W lliamsp &
Lehigh & NOW England__
157,455
°ler do & Southern........ c110.970 Central of New Jersey
m04_342,918,481 369,412,070 83,169,152 100.563,893-17,399,741
Total (85
Chicago & East Illinois__ _
145,234
Central New England_ _
126.634
elyMenting 15 roads
--Gros
Net
125.676
Jur compilation--$3,533,671 Lake Shore & Mich Sou.. _
1914.
Inc. or Dec.
1913.
1913.
Group!!!.
1914.
Spokane Port & Seattle_
119,138
$
S
Middle West.
N Y Chic & St Louis
Decreases.
118,543
+1,145
120,310
31,837
di South_
180,394
32,982
$778,590 Union (Pa.)
116.881 Aliquippa
Baltimore & Ohio
-24,616
938.857
271,636
984.924
247,020
0.14,082 Ann Arbor L Erie. 3,200.485 3,981.498
Cinc Hamilton & Dayton.. 687.469 Southern Pacific
440,883 1.452.320 -1,011,437
Bessemer &
580,842
St Louis & San Francisco_
+11,948
141,612
39,593
132,343
51,541
B C Gayl& Alpena_
Representing 27 roads
516,048
Great Northern
17,939 -173,707
in our compilation_ _ 38,146,143 Chicago & Erie_ __ _ 2,659,875 2,629,687 def155.768 def36.321
424.280
Duluth Missabe & Nor_ _ _
+ 70,501
473,460
34,180
437,743
Det& Can Gr Tr
Ch
y588,819 r-61,940
b These figures merely cover the operations of the New York Central Chic Indianan kLou 2ms7,995 li 2.757,116
y526,879
-26,160
55,923
140.567
29,763
180,368
Itself. Including the various auxiliary and controlled roads, like he Chicago River & Ind
We likewise reprint our June totals for a series
of years past, with the 1914 figures changed to accord
with our latest totals, as follows:
Finally, we bring forward our summary of the
changes for the separate roads with the roadsincluded
whose returns have been received since last week.
_This summary shows all changes for the month of
June for amounts in excess of $100,000, whether increases or decreases, in both gross and net:
AUG. 29 1914.]
------Gros
1914.
1914.
1913.
$
S
$
-Con.
Group ill.
143,779
9752,779
Chicago T H & S E. y843,543
13,744
74,843
83,137
& Por
Cha Georget'n
4,491,961 def508,774
Cin Ham & Dayton 4,665,619
def40.017
112,511
121,202
On Saginaw & Mac
def3,657
65,438
71,683
Dayton & Union_ _ _
de123,151
61,088
74,818
Delray Connecting_
161,768
608,240
589,811
& Mackinac
Detroit
350,113
701,736
739,363
Det & Tol Sh Line_
def9,394
1,157,961
Det Gr Hay & Milw 1,188,994
110,733
137,789
215,290
Detroit Terminal__
752,959 def573,381
705,136
Det Tel & Ironton4,493
52.126
47,363
Frankfort dz Mein_
489,495
3,685,147
Grand Trunk West_ 3,474,345
684,417
3,636,749
Hocking ValleY---- 2,738,546
8,606
59,034
52,213
Kal L S& Ch Ry Co
356,101
1,601,917
Kalawha & Mich__ 1,358,468
def7,382
322,902
228,288
Lake Terminal ____
6,980
89,249
61,245
Lakeside & Marbleh
115,578
132,636
158,071
Lenin & West Va
71,753
291,189
295,217
ManIstes& NorEast
def457
50,203
45,821
Marietta Col & Clev
def52,828
90,682
106.983
_
Michigan Air
-See Group It.
N Y e& II R.
292,224
2,197,429
Chic Ind & South 2,064,873
30,947
102,166
93,248
Chic Kalam & Sag
def11,108
615,030
637,600
.
Gino Northern_ _
1,201,195
*0 C C & St L__ 16,408.876 17,608,955
def1,434
44,801.
net & Charlevoix
24,778
174,898
175,332
Dunk All V & Pitt
-See Groups VI & VII
Ind Harbor Belt
458,902
West 2,685,262 2,876,257
Lake Erie &
5,753,250
Lake Shore & M S 24,436,590 29,034,354 3,477,032
Michigan Central 15,961.705 17,705,136
614.438
6.124.179
St L_ 5,539,289
N Y Chic &
2,672,363
• Pitts & Lake Erie 7,972.936 9,948,824
75,796
2,728,769
Tol & Ohio Cent_ 2,048,568
def67,775
224,569
151,316
Zanesv & Western
29,721
347,539
280.065
Newburg & So Shore
9.008
101,989
106,805
Ohio River & West_
Pennsylvania-Lines West of P & E.
def8,511
103,074
102,241
Central Indiana__
67,242
291,752
274,462
Gin Leb & Nor._
384,479
2,579,521
Gr Rapids & Ind_ 2.537,774
5,610,529
28,066,954 31,122,649
Penn Company
41.985
194,274
146,293
Pitts Char & You
Pitts CC & St L. 19,024.471 21.165.197 3.900.630
Tol Peo dr W. See Groups VI& VII.
808,638
5,275,407
5,130,708
Vandalia
Waynesb & Wash. See Group II.
def2.204,294
Pere Marquette_ _ _ _ 7,605,912 8,156.906
det29.889
112.588,
Pontiac Oxford & N
16.714
113,863
61,437
Pullman Railroad
116,893
185,792
181,780
CoSt Clair Tunnel
17,915
105,975
103,568
Tionesta Valley_ _ _ _
def56,173
83,470
84,660
Toledo Sag & Musk
669.678
2,222.471
Toledo St L & West 2,153,249
5,748
195,973
196,497
Toledo Terminal_ _ _
1,607,823
13,713,529 14,889,343
Wabash
35,272
397,508
346,863
Wabash Pitts Term
5,272
69,269
86,458
Western Allegheny.
927,033
3,464.209
Wheel & Lake Erie_ 3,152.388
57,869
115,170
120,440
Youngstown & Ohio
579
THE CHRONICLE
Net
1913.
112.982
def1.622
407,3/0
def49.734
7,616
def9,886
195,450
387.109
def24,158
62,647
def350,568
4.529
718,506
1,212,210
16,124
473,154
29,785
27,833
91,495
75,031
8,193
def46,104
Inc. or Dec.
+30.797
+15.366
-914,144
+9.717
-11,283
-13.265
-33.682
-36,996
+14,764
+48.086
-222,813
-38
-229.011
-527.793
-7,518
-117,053
-37.167
-20,853
+24.083
-3,278
-8,650
-6,724
--Gros
1913.
.1914.
$
$
Group IV.&V.-Con.
285,226
275.249
.
Northern Ala_ _ _
466.484
595,031
South Ry In Miss
78,376
64,261
Tallulah Fails_ _ _
916.089
947,219
Virginia & S W..
58,812
52,701
& Hem..
Standard
102,129
80,415
Tampa Northern__
68,452
42,961
Tenn Ala dr Georgia
829.257
818,838
Tennessee Central_
54,488
48.303
Tidwater & West_
y44,556
950,922
Union Ry (Memph)
65,642
56,731
Vu & Caro South__
56,937
44,198
Virginia Carolina __
3,165,478
2,957,515
Virginian
52,766
54,119
Wadley Southern
704,548
681,787
Washington South.
703,893
7011,684
Western Ry of Ala_
241,288
274,855
Winston Salem Sou
145,259
158,761
Wrightsv & TennIlle
5,315,290
Miss Vail. 5,786,854
Yazoo &
1914.
$
73,034
88,570
8.966
254,493
6,794
16,217
def7,375
170,598
3,199
96,453
22,905
21,736
1,234,205
1.511
206,447
136,784
125.280
39.038
1,611.231
Net
inc. or Dee.
1913.
$
4-390
72,644
A-151,050
def62,480
--3,449
12,415
-29.336
283,829
--19.028
25,822
-21,I90
37.407
-10,856
3,481
-60.285
230.883
--5.681
8.880
--12.858
919,311
-5,110
28,015
--8,8I7
30,553
1,394,629 --160.424
-4,209
5.720
-12,275
218,722
--18,648
155,432
4-15,518
109.762
4-20.515
18,523
945,113 4-666.118
Total (91 roads)_199,285,457 200,423.909 52,408,864 54,978,478 -2.569,614
*These returns are for that portion of road operated by steam only.
Net
-Gross
Die. or Dee.
1913.
411,197 ---118,973
1914.
1913.
Groups VI. & VII. 1914.
---6,849
'
$
37,796
$
$
$
Northwest.
4-4,974
+9,230
14.720
23,950
def18,082
49,239
58,768
Ahnapee & Western
-66,281
172,034
105,753
1,864,410 --663,115 B &0Ch Term RR.
843,515
684,050
--2,759
545,712 +119,574
1,325
865,286
1,580,807
1,560,357
--11,306 Belt Ry of Chicago.
-7,760
31,624
23,864
36.084
71,880
70,972
Big Fork & Int Falls
144,639 +123,054
287.693
672,848
745,923
--67.743 Butte Anacon & Pee 95,170,867 95,796,731
+01.977
382,308
526,645
444,285
Chicago & Alton_ _ _
+32.498
1,153.221
8,723,065 --2,969,815 Chic & East Illinois 7,093,447 7,810,893
1,185,717
+5,203
11,167
4,775.873 --1,298,841
16,370
72,822
96.385
& Ill Midland_
+11,531
def6,439
1.214,358 --609,920 Chic & Illinois West
5.092
69,510
75,402
Chic
-87,380
10,182.397
4,714,274 --2,041,911
38,647,114 39,181.052 10,095,017
West_
+26.746
de1386
645,050 --589,254 Chic & North
26,360
68,377
129,409
--87,304 Chic & Western Ind
19,529
,009 936.165.011 y9,233,070 99.779,703 -546,633
--34.297 Chic Burl & QuIney.934,175
+14.419
64,018
ydef9,906
94,513
1/356.170
Quincy 0& K C. 9328,786
--2,991
11,999
-80,170
1,564,562
1,484,372
Chicago Great West 8,726,936 6,719,829
-87,758
305,754
217.978
987,107
949,351
4-93 Chicago Junction__
-10.298
def8.804
2,870
def7.3118
237,570
201,979
--13,385 Chic Maw & Gary80,627
43.581,298 13,475,249 11,975,572 +1.499.677
A-68.753 Chic Milw & St P.1 42,434.986
315.726
Chic Milw & P SI
-26,944
5,908,669 --298,140
25,429
def1,515
767.378
805,814
---55,847 Chic Peoria & St L.
97,832
2,115.489 +137,298
2,252,787
7,829,510
Ch StP &
8,341,580
-15,580
2,894,021 +1,006.609 ChicagoM Omaha
36.397
20,817
105,694
75,039
Short Line_
-26,160
65,923
29,763
180,368
140,567
4-44,803 Chicago Rty & Ind.
763,835
-22,971
47,900
24,929
157,178
Ch W Pullman & So
110,672
-27,956
99,576
71,620
347,043
280.967
1,273,860 --3,478,154 Copper Range
-7,101
dent)
det7,481
69,869
48,314
Day RI dr Northw_
A-4,131
de134.020
def25.920+8,001
defl 7.919
35,983
39.688
--24.006 Den Laramie & N W
40,720
+38.375
40.266
78.641
487,461
554,661
Denver & Salt Lake
--7,784
134.87/
+1,888
47,578
49,466
182,692
196,476
+3,524 Des Moines Union_
14,391
1.103.659 --645,881
457,778
2,584,932
1,779,620
-14,813 Dul & Iron Range
def41,560
-3.383
79.919
78,536
234,244
222,535
Duluth & No Minn_
754,200 --144.524 Dui
1.416.887 -1.432,941
def16.054
3,171.236
Mlasabe & Nor 1,779,073
--18,159
23,807
354,669 -248.571
106,098
959,096
811,185
Win & Pao_
2,623,023 --1,015.200 Duluth So
--47.585
312.874
265,289
1,689,111
Sh & Atl 1,578,498
Duluth
A-21.030
14,242
-12,265
89,812
57,547
229,662
240,108
A-4,413 East St Louis Conn.
859
2,754,922 -1,286,633
1,468.289
6,703,044
A-537,981 Elgin Joliet & East. 4,957,261
389,052
-3,514
95,623
92,109
210,136
222.669
-1-8,762 Escanaba dc L Sup_
49,107
-20.059
13.806
def6,253
32.308
51,180
Farm Grain & Ship.
-6.433
7,200
767
40,156
50,984
Gallatin Valley._ _ _
28,992,187 44,103,823-15.111,636 Great Northern.... 30,449,844 34.543,863
8,048,172 11,233,600 -3.185.428
Total (65 roads)_188.017,910 210,914,446
+15,770
def429
15,341
80,464
56,726
Great Western
+4.697
106,839
111,536
379,589
360,951
Green Bay & West.
•Includes Peoria & Eastern.
+11.053
def8.124
2.929
58,410
61,589
Hannibal Connect'g
Net
Gross
+256,281
6,744,161
7,000,422
31,465,665 31,095,862
Inc. or Dec. Illinois Central_ _
1913.
1914.
1913.
1914.
-21,474
93,317
190,213
.
71,843
214,289
Illinois Northern_ _
Groups IV. & V.
$
$
$
+10,548
58,006
Southern.
244,727
68,554
264,838
-77,011 Illinois Southern._ _
185.833
108,822
919.173
856,498
-4,233
43.728
39.493
140,047
151,510
Alabama & Vicksb_
+16.092 Illinois Term RR
76.898
92,990
193,328
-29,604
423,273
221,339
393,669
1,654,039
Indiana Harbor Belt 1,634,917
Ala Tenn & North.
-23,521
50,993
27,472
135,479
+5.603
102,756
45,295
111,209
95,871
50,898
Appalachicola Nor.
+7,041 Kewaunee Gr B &W
11.422
18,463
82.263
76.091
58,147 -104.516
107.794
240,286
def46.369
Ashland Coal & Iron
-3,984 Lake Sup & Ishpem
39.642
35,653
+767
120,068
110,215
1,60.225
ydef9.754 ydef10,521
y51,250
And Bay.
P&P
Atl & St
+3,995 Laram Hahn's
137,101
141,186
598,148
+8.160
12.386
91,596
86,781
20.546
617,255
Atlanta & West Pt-2,567 Litchfield & Mad's.
232,827
230,260
+12,122
6,833
1,573,167
64,868
18,955
81.003
& L Sup
All Birm & Allan. 1,567,356
Manistique
-2,119
9,683
5,706,640 6,445,845 -739,205 Manufacturers'June
7,564
48,165
43,309
Atlantic Coast Line 19,379,061 19,144,620
-37
20,059
-2,762
12,884
10,122
20,022
41.647
43,790
42,350
53,691
Birmingham & N W
& North
245.664 -138,734 Mineral Pt
+13.882
71,433
85,315
106,930
414,956
694,540
341,936
526,321
Birmingham South_
+8,077 Mineral Range.... y100,748
59,154
+24.181
4/29,636
953,817
67,231
981.824
243,991
238.759
Carolina & N W._
-153.630 Minneap & Rainy R 4,595.914 4,555,977
693,209
1,174,207
1,324,128 -149,921
539,579
1,247,911
Carolina Clinch &0 1,125.804
-3.703 Minneap & St L..
39,104
35.401
75,790
71,785
Iowa Central_ _ _
Cam CI & 0 of S C
-9,177
1,212,625
3,762,918
5.072,865-1,309,947
1,203,448
Minn St P dr SS M 12.616,105 14,827,545
Central of Georgia. 95,661,479 y5,833,080
-1,998
45,413
43,415
104.093
Wisconsin Cent_
91,894
Cent W Va & Sou
+30.405
199,342
167.144
--68.508
98,636
516,808
229,747
483.983
952,382
Minnesota & Intern
Charleston .1.•• W Car 1,024.240
A-3.308
10,977
4.1,725
10,452
8,727
61,615
14,285
80.200
47,691
54,751
Charleston Term Co
+10,422 Missouri&Louisiana
def59,557
A-671
26,384
27,055
def49,135
83,614
69,565.
154,476
225,022
Char Her & North.
+591 Mont Wyom dr Son
19,292
--15,679
49,548
244.638
65,227
19,883
238,497
48,372
44.827
Munis Marq dr SE.
Chattahoochee Vail
4,732,395 +266.384
4-212.657
4,998,779
Pacific... 29,498,928 32,954,401 10.953,773 10,741.116
Chesapeake & Ohio 18,077,887 17,120,646
+26,997 Northern
--50.764
18.610 def12,387
58,097
469,832
106,861
461,862
71,944
Union_
88.644
Chic Mom & Gulf
1,611,879 -142,970 Pee & Pekin
--6.316
15,507
113.035
21,823
1,468,909
116.966
5,265.209
Cin N 0 & Tex Pan 5,411,138
-26,285 Peoria Ry Term Co.
109,956
--18,6S0
14,414
83,571
128,959
det4,276
122,702
490,263
478,423
Coal & Coke
+20,236 Pierre Rap Cy&NW
41,619
--2.666
45,633
62,855
42.967
96,783
100,340
161,049
Colum Newb & Lau
177,152
-7,505 TO Trans of Minn
mum
--36,340
75,631
36,420
164,349
71,760
122,290
168,211
Durham & South
157,782
+155 Rock Island South_
0e13,314
--10.121
def3,159
11,138
1,017
109,416
104,427
24,688
Eastern Kentucky.
24,685
-10.501 St Louis & Hannibal
54,325
--37,882
78.680
43,824
135,375
38.798
E Tenn & W N Car
96,006
111,457
100,680
+23,310 St Louis & O'Fahlon
def2.4116
4-4,823
17,844
20,904
106,648
22,667
Fernwood & Gulf_
124,772
58,389
85,152
L
1,135,757 +279,086 St Troy & Eastern
4-423
1,414,843
77,701
26,668
Florida East Coast_ 3,306,137
27,091
90,471
3,137,520
+18,588 St Paul Lidge & Ter
3,635
--22,I63
22.223
46.160
Gainesville Midland
139.381
23,997
75,034
152,761
94,025
South Dakota Cent
-7,225
40.183
& West
32,938
11,010 --12,133
def1,123
Georgetown
65,755
169.104
72,847
152,999
-3,603 Stan Merrill & Phil'.
31,690
-80,732
Georgia & Florida..
93.284
29.087
12,551
391.892
668,148
409,780
579,128
-27,779 To! Peoria dr West.
41,860
Ga Fla & Ala
13,881
8,872.071 --524,593
288,875
281,476
8,347,478
22,246.886 22.956,853
+13,203 Union Pacific
179
18,1
Georgia Northern
32.182
109,088
97.238
Oregon Short Line-See Group X.
+129,849
190,517
Georgia
320,366
1,567,804
1,562,080
-See Group X
Ore Wash RR & Nay
+7.041
11.934
+76,881
Ga Southw & Gulf_
def13.110
80,094
18,975
68.771
48.654
691,185
742.656
St Jos & Gr Isle
403,762 -183,181 Un Stk Yds of Om_
-4,460
Gulf & Ship Island_
911,652
64.143
220,501
1,107,209
59.683
227.387
236.895
+8,038
28,028
+9,396
Gulf Fla & Ala_ _ _
68,874
36,086
def5,932
3,464
52,746
54,684
58,461
Wab Chester & Wes
-9,807
17,529
-127
Harriman & N E
48,331
58,028
11,202
17,722
11,075
70.846
75,935
-15.187 Wisconsin & Mich
def162
-17,891
Interstate
61,693
68,233
90,760
def15,349
72,869
181.513
186,972
-8,772 Wyom & Northwest
26,873
Kan Glen Jean & E.
47.380
53,846
18,101
-29,206
60,417
Kentucky & Tenn_
74,853
91,781
31,211
Total (80 roads).300,314,553 319,531,147 83.125,091 90,805,326 -7,680,235
587
+7.
32,418
Kentwood & East
116,153
127.421
40.005
Net
-23,176
-Gross19,939
53.035
Lancaster & Ches.
51.828
def3,237
Inc. or Dec.
1913.
1914.
1913.
Groups VIII. & IX. 1914.
80,057
+5,169
11.500
Live Oak Perry & G
63,255
16,765
$
Southwest.
69
-1,5
17,904
Louisiana Southern
66.012
67,674
16.335
+2.747
17,681
20,428
62,130
64,782
807 Abilene & Southern
6.084.842 +191,
Loulay & Nashville. 28.092,369 29,539,385
6,277,649
-5.284
def22.154
def17,438
41,438
42,735
+46,7411 Ark Loutsiana&Gulf
y73,806
Lenin'Hend & St L 9541.780
9490.103
y120,554
+2,838
3,452
6,290
45,839
47,507
+11,035 Arkansas Central
def3,756
73,319
Macon & IlirmIngh_
7,279
70,163
+3,025
43,720
46,745
66.187
65,067
+10,907 Atch & East Bridge
29,858
Macon Dub & Say.
251,276
234,443
40.865
45.130,850 47,191,139 16,171,959 16,380,861 -208,902
-21,601 Atch Top & S Fe_
453.580
Mississippi Central_
178,173
156,572
498.864
X.
-24.177
Grand Canyon-See Group
Nashy Ch & St L
1,337,079
8,254,292 6
+20.822
1,312,902
.686,843
def5,590
15,132
148,906
152,169
Gulf & I S of Tex
-60,403
479,576
1,946,230
New On & N East. 1,907.758
410,173
+92.886
986,830
1,079.716
6,154,934
Gulf Colo & S Fe_ 5,849,588
-67,097
y353,271
9743.214
New On Grt Nor
+81,588
9809,533
257.708
9286.175
330.294
1,139,733
Pecos & No Texas 1,117,464
373
+30.
N 0 Mobile & Chi_ 1,051,974
270,497
1.109,276
-8.901
927,967
300,870
919,068
9109,543
-15.787
RIO Cr & El Paso y108.018
9401
NO Natalbany & N
y31,118
-17,222
945.608 ydet15,295
228,395
211,173
683,329
658,314
So Kan Ry of Tex
-8,049
40,426
Nod & Ports Belt L
123,321
-26,830
21,092
127,622
31,477
def5,738
177,005
141,917
Texas & Gulf.... _
*706,466 -255.316
Norfolk Southern
*2,038,754 *1,993,067
-23.353
36,162
12,809
*451,150
62,758
48,277
Norfolk & Western_ 21,056,853 21,600,984 0,838,246
7.010,613 -172,367 Brimst RR & Canal
-4,871
def1,420
def6,291
58,256
57,337
-7,210 Butler County RIL.
16,337
NW of So Caro_
62,277
22.837
-26,898
54,914
9,127
def4.061
57,230
25,248
-15,629 Colorado & So East
Southern....
30,704
Ocilla
56.310
1,179,620 -267,792
57.806
911,837
15,075
4,250,857
3.427,013
Colorado & South
+13,283
82,013
246,793
Pennsylvania Term
+65,670
234.998
95,306
418.429
484.099
Ft Worth dr DenC 2,096,122 2,409,957
-59,929
672.599
Richm Fred & Pot. 1,605,049
1,618,041
+27,358
56,221
28,863
612,770
y253,011
Wichita Valley -. 11241.663
-6,705
27,870
Sandy Val & Elkh
98,334
102,809
21.165
+83,307
1,136,399 def160,571 def243,878
941,730
Brazos Val
TrIn&
-99.513
4,327,867
Seaboard Air Line_ 13,012,088 12,872,595
4,228,344
196,408
-57,912
138,496
473.064
371,959
+231 Colorado & Wyom_
116,327
41,066
South Georgia
109,023
41.297
def32,553 6e157,5l1
+24.958
712,856
761,498
Colorado Midland
8.740,452 -1.152.748
33,168,442 33,279,472
Southern
7,587,704
2,906,120
2,816,393
+89.927
0 Deny & Rio Grande 10,013,142 10,899.356
2
601,709 -482,40
Alabama Grt Sou 2,554,182
,610,596
419.219
268,741
261,803
+6.938
593,820
610,105
.
+3 591 Fier & Cripple Crk_
111.130
Augusta Southern
9,649
81.855
13,230
def40,541
def11,129
280.717
-29,412
263,732
Western
+13,743 Ft Smith &
7,197
94,023
Blue Ridge
83,642
20,940
14,381
118,925
32,720
-18,348
125,953
-71 Fort Worth Sen.__
164,184
Danville & West.
57,572
158,694
57,500
18,157
130,508
25,689
139,174
-7,532
-58.044 Galv Hens & Rend.
1,300,112
270.125
Georgia Son & Fla 1,247,376
212.181
2,623
29,035
242,494
+26,412
246,137
1,607,528 -393.861 Galveston Wharf...
6.303,330 6,241,558
Mobile dr01110
1,213,667
THE CHRONICLE
580
Gross
1914.
1913.
Groups VIII. & IX. 1914.
6
3
Cont.
5
74,859
49,365 '''• def9,730
Gulf & Sabine River
62,122
51,777 def26,467
Gulf Texas & West_
341.117
Intern 4, Grt North 4,342,868 4,794,061
133,782
117,027
1,265
Jonesb L C & East_
181,121
175,767
32,104
K c chn & Spring(_
448,120 de176,408
412,148
K C Mex & Orienty386,784 ydef104,458
K CM & Or of Tex_ 5420,827
1.985,367
Kansas City South_ 5,549,699 5,195,589
192,636
204,002 def22,917
Kansas City Term_
847,225
862,473
261,369
Louisiana & Arkan_
150,375
152,564 def20,478
Louisiana & N W..
119,893
24,316
131,387
Louisiana & Pacific_
940,772
890.274
204,599
La Ry & Nay Co__
8,706
13,812 de114,517
Manitou & Pike's P
61,632
119,857 def25,027
Mfrs Ry of St Louis
88,146
103,066
def16,910
Marshall & E Texas
132,965
125,653
39.373
Mem Dallas 4, Gulf
52,786
48,874
21,640
Midland Terminal_
716.517
Midland Valley_ _ _ _
89,454
683.988
343,603
357,337
155,342
Miss My& Bonne T
606,552
593,485 def33,269
Missouri & No Ark_
Missouri Kan & Tex 14,245.044 14,721,971 3,788,451
59,120
54,755
6,160
Mo Okla & G of Tex
535,522
Missouri Okla & G.
539,168 de177,824
Missouri Pacific... 59,802,209 1110,607,025 y1,566,415
St L Iron Mt& Soy13,284.678 y13,976,011 y4,819,736
83,602
99,327
Missouri Southern_
33,966
37.072
47,982 def20,680
New Iberia AZ Nor__
59.540
47.873
def6,402
N 0 Sou & Grd Isl.
100,863
Oklahoma Central_
132,457 def32,939
93,178
Ouachita & Northw
93,695
def9,709
73,454
Paris & Mt Pleasant
38,090
18,368
41,716
Prescott & Northw_
40,440
def3,886
73,777
Guanah Acme& Pac
102,682
23,202
Rip Gr & Eagle PasS
69.640
67,927
28,892
274,380
Rio Grande South__
319,386
89,040
Rock Island
Chic R I & Gulf.- 1,281,931
1,624,984
267,988
Chic R I & Pao- 30,682,398 31.518,026 6,954,129
19,596,239 20,679.625 3,932,442
St L & San Fr
373,518
382,345
Ft Worth & Rio G
24,484
Paris & Grt Nor47,487
94,052 def72,935
633.429
St L S F & Tex
690,614 def71,968
Beaum S L & W.
308,374
310.598 def29,863
Louisiana Sou-See Groups IV & V.
750,312
725,616 def42,632
N0Tex & Mex
107,138
Orange & Northw
81.232
11,494
St L Browns & M 1,409,857 1,497,965
288,735
907,290
988,673
St L Mer Bdge Ter_
164,567
111,160
St I, Rocky M & P.
96,634
16,032
St Louis Southwest_ 3,869,038 4,194,274
1,251,840
St L S W Ry of T 1,952,219 2,022,013 def280.554
211,233
207,559
St Louis Transfer
54,030
San Ant& AranPass 1,965,497 2,173,983 def31,381
220.967
190,838
San Ant Uvalde & G
16,603
Southern Pacific-See Group X.
-See Group X.
Arizona East
Corvallis & East -See Group X.
Galv Harrisb &SA 5,701,548 5,690,984
709,689
189,219
181,065
Houston & Shreve
95,394
Howl & Tex Cent 2,872,926 3,094,042
117,162
713,992
691,656
Hous E & W Tex
175,813
Charles & N
120,035
101,532
Lake
49,947
Louisiana West_ _ 1,179,208 1,186,961
336,653
MorIa&TRR&SS 2,186,161
2,189.098
402,391
Texas& New Orl_ 2,022,782 2,159,563
85 388
Coos Bay Roseb 4t ERR & N-See Group X.
Term Assn of St L. 1,337,052 1,432,230
,
Texas & Pacific.... 8,549,982 8,171,713 1,525,461
49,538
Texas Southeast...
62,645
de1848
Term
87,307
97.794
Texas City
27,911
Texas Mexican_ _ _ _
162,048
188,570
19,823
301,379
339,934
Texas Midland_ _ _ _
17,735
115,864
123.301
Texas Okla & East_
19,078
127,107
_
Tremont & Gulf_ . 118,642
15.697
110,189
143,624
I/Utah
24,575
832,130
847,095
Vicks Shreve & Pan_
160,372
68,679
77,378
Viet Fisher & West_
9,061
62.639
78.683
19,691
Weath M W & NW
Net
1913.
Inc. or Dec.
$
$
def20,I40
+10,410
def14,529
-11,938
654,824 -313,707
9,326
-8,061
42,025
-9,921
15,126
-91,534
ydef24,216
-80,242
1,788,896 +196.471
def13,962
-8,955
327,877
-66,508
9,270
-29,748
13,520
+10,795
168,518
+36.081
de114.014
-503
38 768
'
-61,786
def90
-16,820
31,999
+7,374
•
17,383
+4,257
50,657
+38.797
128,231
+27,111
2,922
-36,191
3,229,378 +659,073
def16,927
+23,087
def42,894
-34,930
y2,034,860 -468,445
115,072,419 -252,683
47,908
-13,942
def9,828
-10,852
def38,684
+30,282
13,635
-46,574
25,286
-34,995
14,511
+3,847
def10.594
+6,708
48,426
-25,224
23,554
+5.338
123,361
-34.321
[VOL. xcnr.
EFFECT OF EUROPEAN WAR ON MUNICIPAL BONDS.
We made mention two weeks ago of the effect of the
European war in restricting purchases of municipal bonds.
Since then conditions have become still more pronounced,
and further evidence of the existing paralysis has developed.
Our records show that since the first of the month more
than 9 millions of bonds advertised for sale were not disposed of. In a majority of cases not a single bidder appeared.
Bonds actually placed amounted to only 5M millions,
while those withdrawn from the market after a date for
receiving tenders had been fixed amounted to 6Y millions.
4
The conditions responsible for the present inability to place
new municipal loans are well known, and were intelligently
set out in a letter from a member of the firm of Rhoades &
Co., printed in our issue of last Saturday on page 510. No
hasty conclusions should therefore be drawn as to the present
value of this class of investments.
Below we print a table of bonds offered without success
since Aug. 1. The list does not include issues disposed of
privately after failure to sell at public sale. As far as we
know, the bonds given are still unsold.
Place offering bonds- Amt.
Asbury Park, N.J
550,000
Allen County,Ind.
(Ms.) 68.000
Acton West and South
Woos Supply Dist..
mater
9,000
Alblon, N.YN. Y
61,249 -133,21565,000
26,786
2,268
-32,129 Arcanum. Ohio
Ashtabula County, 0.- 20.500
78,494 -121,126 Biddeford. Mahle
25,000
def22.951
+34,445 Benicia Sch. Dist., Cal_ 18,000
273,233
+15,502 Breckenridge, Minn.__ _ 12,000
140,064
+24,503 Billings, Okla. (2 is.)-- 30,000
Cutlerboo sob. mot.,
75.000
def52,725 -642,708+68 757 Bolom Mo
0. 210.000
1,794,548
10,000
flef189,415
-91,139 Clarence, Mo
5 11111
1,0Mo
100,000
45,725
+8,305
8,000
192,813 -224,194 Ceylon,
50,830
-34,227 Chicago Junction, 0_ _ _ 27,561
ty
,
Nv 10
Conoerse County S. D.
3,000
150,000
Clay County, Fla
25,500
715,517
-5,828 Cass County,Ind
150,000
93,446 -1+651;293491 Do tor and,
Curerleoun
4,360
ty5
M Ind.__
.
282,883
117,954
+57,859 Decatur County,Ind_ _ - 8,200
42,389
+7,558 Defiance County, Ohio_ 11,000
Defiance County, Ohio- 5.200
336,121
168,953 +23+3.453382 Delaware, Ohio (2 is.). 10,050
8,400
179,048 -113,662 Delaware County, Ind_
15,000
Delta. Ohio
110.000
462,114
-12,508 Des Moines, Iowa
16,044
942,725 +582,736 Delphos,Ohio
5
3 :000
7,261
-8,109 Dunbar Twp.S. D.,Pa_ 250 000
29,009
-1,098 Essex County, N. J-- - 37.877
-18,054 Fostoria, Ohio (2 issues) 23,450
5,912
+11,823 Franklin County, Ohio
(2 issues)
38,622
-19,644
58
4 ,222
2
33,978
-18,281 Floyd County,Ind
16,000
15.000
,
55,727
r
G orme
-31,152 Goan gery TeX
Ohio 17,000
161,084
-712
5 000
.150
def21,670
+30,731 Guernsey County,Ohio_ 45,
25,337
-5,646 Glendale, Ariz.(3 holies) 27
.
000
420
Grant County, Ind.... 4,
Total (99 roads)_218,247,626 228,349,977 52,194,952 57.065,046 -4,870,094 Gler
o ollow Sch. Dist..
Group X.
Pacific Coast.
484,625 -216,537
7,236.371 -282,242
6,812,054 -2,879,612
4 182
15 15
9
--5225:542021
----CrOn------
1913.
1914.
1914.
1913.
N7
Inc. or Dec.
$
3
$
$
212
533,683
478.878
249,435
261,923
.488
174,829
148,184
61,240
67,499
-6,259
893,484
652,871
548,076
334,973 +213,103
28,564
22,867
def7,260
def7,295
-7 3
13
0
5
39,386
48,764
def4,704
2,626
48,405
51,449
5,925
13,254
-7,329
206,572
306,869
70,073
114,852
-44,779
4,691,473 4,436,800 1,981,262 1,618,912 +382.350
169,920
198,093
61,176
64,733
-3,557
232,8.59
323,133
91,071
+21,154
94,419
92,952
945
def7,237
62 218
+8,183
132,014
150,496
13,005
18,134
-5,129
57,441
54,036 def18,560
def8,830
-9,730
151,289
161,724
6,048
36,177
-30.129
58,975
63,254
352164
17 55
4224 5
12 61
:22
+4,599
847,124
852,712
-3 16
- 13
9 3
1
42,327
49,044
3.754
5,167
33,077
41,100
4,714
-6 3
15:4 8
3
:537 - 53
244
1,649.699 1,659,348
345,076
361
10
89,226
87,300
def2,210
def2,872
2,5
+ 15
- 662
68,285
73.301
1,381
•
83.587
92,750
5,141
12,316
114,376 def66.417 def138,561
126,617
+7 ,17
7 144
2 5
205,159
216,169
269,195
155,414
+60,755
94,186
15,952
68,663
3,700
+12,252
5.604
32,744
35,258
7,972
-2.368
195,277
16.065
188,819
1,831
+14,234
329,188 def57,327
20,744
179,217 -236,544
1,722,237 1,577,671 +144,566
5,291,307 5,057,301
1/19,572
y49,775
y24,894
y35,824
-5,322
75,122
199,084
84,497
177,737
-9,375
Arizona & New Mex
Bellingham & Nor__
Bingham & Garfield
Boca & Loyalton___
Bullfrog Goldfield__
Butte County
Columbia & Pug kid
El Paso & S W Co
Grand Canyon...._
Idaho & Wash Nor_
Las Vegas& Ton...
McCloud River RR
Morenci Southern
Nevada-Cal-Oregon
Nevada Co Nar Gau
Nevada Northern
New Mexico Cent
Nor Yakima & VailNorthwestern Pan
Oregon Trunk
Pacific & Idaho Nor
Pacific Coast
Pac Ry Jr Naviga
Ray& Gila Valley
Salem Falls C & W_
Salt Lake & Los A
San Diego & S E.-Sail Joaquin & East
San Peel LA & S L.
Shannon Arizona
Sierra Ry of Calif
Southern Pacific
Pacific System... 43,089,853 44,305.267 15,808,236 17,263,833 -1,455,597
14.148
43,585
+1.241
46,816
Coos Bay R & E.
y504,149
5514.388
-10.239
Arizona Eastern_ y1,191,577 y1,186,099
del136,199 def47,808
-88,391
,
Corvallis & East_
For remainder of system see Groups VIII & IX.
728,255 1,140,762 -412,507
Spokane Port & Sea 2,157.679 2,540,662
-36,418
208,664
172,246
,
.
Spokane Internat._
-3,661
27,045
23,384
133,776
148,753
Sumpter Valley_ _ _ _
-56,085
148,836
92,751
352,225
208,512
Sunset
-21,080
87,234
66,184
336,709
266.633
Eastern_ _
.
Tacoma
12851:212129
114,958
340,682
3/1,437
Tonopah & Goldf_ _
73,488
-4-46 713801
:
178,491
191,272
Tonopah & Tldewat
16,643
+12,821
29,364
94.804
71.090
Tooele Valley____.
Union Pacific-See groups VI is VI
357,249
09,332 3,836,659 4,193,908 Oregon Short L__ 9,543,665
2,244,006 +104,285
42,566 2,348,291
Ore & W RR & N 7,592,808
+2,580
def1,824
758
16,458
109,986
United Verde& Pan
-11,944
33,830
21,886
131,952
121,358
Virginia & Truckee_
+3,023
84,054
87,077
216,324
Wash Ida & Mont__
216,150
442,613
641.451 198,938
Western Pacific_ __ _ 2.542,742 2,833,108
61,531
-28,303
33,228
Yosemite Valley__
101,881
129,668
Total (50 roads). 84,991,057 88,244,155 29.779,186 32,175,956 -2.398,770
Grd. tot.(489 rds.)1401.010,280 1486,043.706 343,836,677 394,495,885-50,660,208
V These figures are for five months only.
int.
Int.
Rate.
Place offering bonds- Amt.
Rate.
435% New Boston, Ohio
,
434% Northfield Sch.D.,Ohio
New Vienna, Ohio
1
:
E ii
Newton County, Ind.__
7,182 5%
4%
Newton County,Id... 10,000 435%
New Boston S. D., Ohio 2t,gla
5%
Nelsonville, Ohio
5%
New Philadelphia Sch.
4%
Dist., Ohio
20,000 5%
5%
Noble County, Ind_ _
.
. 17;
5 040 0
0
5%
Normal, Ill
6%
New Athens, Ohio
2,940
5%
Olmstead Twp., Ohio__
8,325 5%
434% Olean, N. Y.(11 issues) 59,613 434%
5%
Oxford, Ohio
6,500 8%
434% Painesville, Ohio (2 las.) 8,500 5%
5%
Poplar Sch. Dist.. Calif. 2,800
514 % Piqua School Dist., Ohio 50,000 21%
Pulaski Sch. Dist., Va.- 58,000 8%
534% Parke County,Ind.(2 iss.) 8,530 435%
535 % Portland. Maine
160,000 4%
435 % Pulaski County, Ind.-3.740 435%
431% Putnam County,Ind.__ 30 860 431%
4
:000
431% Piqua, Ohio (2 issues).- 29,498 431 %
435% Portage, Wise
5%
Paulding County, Ohio_ 1145:,000000 n%
6%
Rocky River, Ohio
5392
5%
IUpley, Tenn
435% San Diego, Calif
400,000 6%
5%
Sandusky. Ohio
41,000 435%
435'% Sandusky. Ohio
70,000 435%
5%
Summit County, Ohio._ 89,794 5%
25,000 438
41% Salemey0ollow. Minn.. 8,000 6%%
5
S ok 11 o
m
hi
5%
Soum A mbow vs
st. thary,o. y,.N J__-. 1 0
.
3
5%
Springfield Sch. Twp.,
434%
Ind
3,500 5%
5%
Sulphur Springs,Tex_ _
. 30,000 5%
5: Ban Angelo, Texas
4 %
80,000 5%
6%
5
Sandusky, Ohio
70,090 438%
Trumbull County, Ohio 22,000 5%
(2 issues)
Trumbull County, Ohio 160,000 5%
5%
Thief River Falls, Minn. 10,000 5%
435 % Toledo. Ohio
180,000 434%
Trenton, N. J
170,000 431%
5%
Trelipe. Minn
'Utica, N.Y
5%
5%
Van Buren Twp. B. D.,
5%
Ohio
4105 0 !
1, 70 43 %%
'
'
4
5
6
5%
Veblen Ind.S. D.,So.D. 25,000
5%
Williamson, W. Va
150,000 5%
Waterbury, Conn
100,000 431%
51% Wyandotte County,Kan.500,000
4
Wyandotte,Mich.(2isi.) 40,000 4%%
Wood County, Ohlo_ _ _ 24,833 5%
434% Winston-Salem, N. C.. 428,000 5%
431% Warren, Ohio(4 issues). 52,000
Woodlynne S. D., N.J.. 3,700 5%
5%
5%
Washington C.H., Ohio
1,875 431%
Wilmington, Ohio (31ss.) 47,162 8%
555%%%
Yankton, So. Dak
issues
)
60,000 6%
Youngstown, Ohio (12
114,050 5%
6: Yuma County, Ariz_
5
-_ 500.000 5%
*Offered without success on two differ.
8%%
5
cot occasions, first as 434s, then
8S 4348.
.....
Hamilton County, Ohlo*800,000
Henry County, Ohio
76.000
JHoeh(nrynsitossuCwnoe4+tOyhiOhio...
2 50
31,416
Lakewood, Ohio
79,000
Lake City. Fla
5 :0
6
0
Lamar County, Texas
Larchmont, N.Y
Lorain County,0.(21g.) 37,000
2 00
%
8
Multnomah Co., Ore__ _ 62 000
Marion County, Ind.
(2 issues)
19,000
County,County,
hi
, 0 -o
In5- Mercer
131,000
(10 Issues)
Co.,Ohio_ _ 22350000:.000000080
Mlam1n gum
us31, Fla
Madison County. Ohio_
Mriricestt,°Calfgation Dia616.
0 000
.
ha
oy
. .Dt ,0 ll_fi
Muroc Schounmist., Cio
54orioo c
Montrose
10 600
3,.000
4,000
MediaP°118' Iowa list would no
above .
The
40
02
53
2,
4
U0
ta
doubt be larger were it possible
to ascertain the results of all the sales scheduled to take
place in August. In many cases where bonds were advertised we have been unable to get a report, presumably because the sales were unsuccessful.
Among the bond sales postponed or withdrawn since our
previous article in the "Chronicle" of Aug. 15, page
447,
are the following: Pensacola, Fla., $400,000 4%s; Billings,
Mont.,$450,000 5s; Fort Dodge, Iowa, 0,000 at not exceeding 5%; Lillington, No. Caro., $25,000 6s; Rocky
Mount, Va., $40,000 53/2s, and Sulphur Springs, Tex.,
$30,000 5s. Mt. Pleasant, Mich., Stevenson, Wash. and
Sumter County, Ga. have all rescinded proposed bond elections because of unsettled conditions.
So far we have referred only to long-term municipal bonds.
There has been difficulty also in negotiating temporary loans.
Ordinarily municipalities in Massachusetts borrow quite
frequently on short-time notes. This month only a few
such loans have been negotiated. We also notice this week
that the Treasurer of the city of Worcester, Mass., has recalled/requests for bids which he had sent outlfor:a loan of
AUG. 29 1914.1
THE CIIRONICLE
$150,000 in anticipation of revenue. This action was taken,
it is said, after the Treasurer had been assured that the lowest rate of interest obtainable was 6%. The County of
Middlesex, Mass., asked for bids until Aug. 11 for a loan of
$100,000 due Nov. 11 1914. No bids were received, but
one-half of the loan was later negotiated with a Boston
house at 6%.
Municipalities in Canada had difficulty in floating new
issues before the outbreak of war in Europe. This latter
has imposed a further embargo. An instance is found in the
ease of the city of Ottawa, which advertised for tenders for
$965,950 432% and $190,000 5% debentures. Not a single
offer was received. Bankers who made advances to the city,
pending the opening of bids, will not give further loans, it is
said, until the debentures are disposed. of and in the meantime it is feared that municipal work will have to be suspended. Other recent offerings by Canadian municipalities
have been unsuccessful and much contemplated borrowing
has been curtailed.
INCIDENTS OF THE SITUATION.
One of the chief events of the week has been the conference in Washington of financiers and cotton producers
called last week by Secretary of the Treasury McAdoo and
subsequently extended to cover the tobacco producers also.
Evidence of the purpose of the Government to do all within
its province to co-operate with the cotton, tobacco and
grain interests in coping with the situation arising from the
disturbed conditions was furnished in the remarks addressed
to the conference by Secretary McAdoo. Mr. McAdoo
plainly indicated his strong disapproval of any project
having for its aim the valorization of cotton, and likewise
of the suggested issuance of currency on warehouse receipts
by State banks. As a means of aiding the cotton interests
the Treasury Department has decided to place warehouse
receipts on a par with securities acceptable to the extent of
70% as a basis for emergency currency notes issued under
the Aldrich-Vreeland Act, instead of classing the receipts
witlicommercial paper, which national banks are allowed to
offer as security to the extent of but 30%. The conference
this week lasted two days—Monday and Tuesday—and was
attended by more than one hundred bankers and brokers,
delegates from the cotton and tobacco States, and Government representatives. At the opening session on Monday
Secretary McAdoo,in stating that "we will probably have to
carry 4,000,000 bales of the cotton crop," added that "if
a plan can be devised to handle the necessary portion of the
crop, it will be a small matter to care for the surplus crop.
The nation," he said, "cannot sustain a loss on the crop
without the entire country suffering in the year to follow.
I am satisfied that the Government is in a position to aid
the banks through the Federal,reserve system and the
emergency currency Act."
The principal observations of Secretary McAdoo came
during the second day's session, after it had been urged by
Representative Sisson of Mississippi that the issuance of
currency by State banks on warehouse receipts be sanctioned.
Mr. McAdoo's views on this point and his declarations
regarding the Government's plans for furthering the financing of the cotton crop are quoted extensively in the New York
"Times," from which we take the following:
581
views and ill-considered actions we may put out so much inflationary paper
money that we will ruin the country. You gentlemen must remember
that the Issuance of currency Is not Government money. The Government
has not got money that it is going to hand out to anybody. The only
money in the Treasury of the United States to-day is the gold fund, the
surplus over and above its liabilities, amounting to about $130000000. and
that is none too much to enable this Government to carry on its business
and to take such reasonable measure of protection for the general interests
of the country as the use of any surplus part of that fund may enable
It to do.
"The issue of currency that you are speaking of is currency issued to the
national banks of this country upon live assets, and even that currency cannot be Issued with safety unless those bahks put behind it a fair measure of
gold reserve, because, after all,in order to get a safe basis of credit and a safe
basis for the conduct of the business of the country, you must have a metal
base behind this currency proposed to be issued, and therefore the law imposes the duty on the Secretary of the Treasury of requiring that a gold redemption fund, not less than 5%. shall be put behind this identical currency,and that at any time when it becomes necessary in his judgment to require an increase of that redemption fund,he shall exactit, and that is exactly what he Is going to do. So long as he has power to deal with this situabon he intends to see that all these currency issues are safe, because I tell
you, gentlemen, you cannot bring upon this country a greater disaster than
an inflation of currency to a point that is going to wreck the whole fabric of
credit.
"Will you permit one Interruption?" asked Representative Sisson. "Do
you believe, then, that under the present law, if the cotton security is
offered, the banks under the present law are able to take care of the situation?"
"Why,they can get all the currency that is necessary to take care of this
situation," replied Secretary McAdoo. "I stated it here yesterday.
and
I repeat it now."
Here one of those present caused laughter by remarking: "Tell us how
to do it and let us adjourn."
"I will tell you how to do it, so far as getting the currency
is concerned."
Mr. McAdoo answered. "But I cannot tell you how to defy every law of
nature and every law of business In order to do it. What you must do,
gentlemen, is to consider this: That nobody can arbitrarily fix prices.
The National Government cannot do it. Let us get away from that; let
us try to be practical. The States cannot fix prices for
one commodity, or
for all commodities, and get away with it. The history
of civilization
shows that nations have been strewn with wrecks of that character."
"If you will keep your head, Mr.Secretary, while all around you are
losing
theirs and blaming the situation on you, you will save the country and
prove yourself the man we believe you are," one member of the conference
interjected.
Then Secretary McAdoo went on: "If you attempt to valorize, In the first
place it could not be done, because nobody can pass such a law. It is a
perfectly wild and ridiculous expedient and should not be resorted to in any
circumstances. When you seek to do that, what have we then? I received
a telegram this morning from a man representing the canning industry,
asking me to do something of the same sort and saying that if any valorization was going on they wanted to share in it. Of course they do
and ought
to have it.
"If we are going to go into that we shall have to valorize everything.
You
will have to valorize canned salmon, wheat and corn. You
will have to
valorize every single thing produced in this country, because, as I
tell you,
gentlemen, the shock of this great cataclysm in Europe has affected for the
moment every line of industry.
Of course somebody is going to get hurt. You cannot help that. It is
our business not to see that nobody shall be hurt, but it is our business to
keep in touch with the situation, and, If possible, to prevent anybody from
being hurt any more than is absolutely necessary, and that is all you can
expect to have accomplished. I want to say. In connection with this emergency currency or this national bank currency which the Secretary of the
Treasury is authorized to issue, that the conditions are simply these: I
have encouraged throughout this country the organization of what we call
national currency associations. These are associations of the national banks
of this country. Those national banks constitute a homogeneous, strong
financial bulwark in this situation.
"I stated here yesterday that it was my purpose to accept from the banks
of those currency associations notes and obligations secured by cotton warehouse receipts properly certificated and issued by responsible warehousemen
or warehouse companies. I do not say that these warehouses have got to
be built of brick,stone,steel, or anything else,or that they must be bonded.
All I ask is that these warehouses shall be of such a character as to protect
the cotton itself from deterioration or destruction, with adequate insurance
against fire and backed by responsible agencies, so that when their warehouse receipts are issued we know that they represent something actually in
storage there, something that may be had on presentation of receipts. I
said we would accept the receipts as security under this Act. What does
that mean? It means that the national banks of this country can borrow
to the extent of 70% of their unimpaired capital and surplus on notes secured by warehouse receipts for staple products, not alone cotton, that I
think it is safe to lend on.
"Now,is not this the simplification of the situation? The Government
has no agencies, and it ought not to attempt to do this business. All that
these banks and associations have got to do is to make application for cur
rency under that Act and comply with Its provisions. I believe that I
they will do that, acting always with prudence, that all the money that
this country needs or ought to have for the financing and carrying of this
cotton crop until it can be marketed and sold is largely in hand.
"The national banks, if they get plenty of circulation, ari going to let the
State banks participate in it. Why? Because even if they did not want
to do so they could not help themselves."
"With all due respect to Congressman Sisson, we did not come here to
discuss the question of State bank-note issues. I am perfectly willing to
have It discussed if you gentlemen think that this is of more importance
than toe real issue. It is not, however, necessary for a single State bank
to issue a single dollar of currency to deal with the situation; and,furthermore, let me say to you that the integrity of the financial structure of this
country to-day depends on the national banks. They are the only ones
that have come into the Federal reserve system and stood like rocks in
this situation; and they are the only ones that have got the supervision that
makes the issuance of national bank currency safe in thla country, and
that every dollar which passes from one end of this country to the other will
be accepted at par and without the slightest doubt or hesitation upon the
part of the man who takes it that he will get dollar for dollar for every
Postmaster General Burleson and H. R. Eldridge, Vicepiece of paper of that character that comes into his hands.
two
"I am not old enough to know what happened prior to the Civil War,butI President of the National City Bank of New York, were
day's session. Mr.
do know this from history—and we cannot
ignore history—that before the of the principal speakers at the first
National Bank Act was passed every man to whom
a circulating note was Burleson spoke of the purpose to keep the 3,000,000 to 4,000,offered in payment for anything had to get
the Secret Service, or a detective
agency, or a commercial agency, or
000 surplus bales of cotton off the market to circumvent any
something of that sort in motion to
trace up that issue and ascertain whether or
said:
not it was worth anything' and attempt to depreciate its value, and
if you are going back to the day of
the detriment
would
wildcat State issues of currency you will
'
"T0thrust this on themarket dependbreak cotton prices to of gold, The
destroy the whole financial fabric of this
for our credit balance
country. I make this statement
of all, for on the cotton crop we
gentlemen, because I think it is important
that It should be understood now. Federal reserve is going to do all it can for prompt and substantial relief.
"Enough power exists in the Secretary
of the Trees
to-day to issue but we must look the situation squarely In the face. Whatever is done must
more currency than you can ever use to
finance the cotton crop and all the be done within the pale of the law and must be in strict accord with some plan
other crops in this country. If you will
pardon me for a moment I think consistent with sound financiering. What laws have we? The Federal reIt is important to clarify the atmosphere.
You cannot Issue such Currency servo and Aldrich-Vreeland laws? There is no earthly use talking about
any way, so what is the use of talking about
it? Let us get down to a Issuing currency to State banks that are not members of the Federal reserve
practical basis, and try to solve these
problems.
system or are not members of the Aldrich-Vreeland currency associations.
"There Is enough currency authorized by law
"The State banks, however,can go to the national banks with cotton ware
to-day to wreck the United
States of America, and the danger in this situation is that by ill-considered house certificates and get the money—if the cotton is in proper
warehou
582
THE CHRONICLE
The truth is that the State banks ought to become members of the Federal
reserve system. But if they don't, the means are still at hand. What
we want to do is to keep this 3,000,000 or 4,000.000 surplus bales off the
market so as not to beat down the price of cotton."
[VOL. xc
of Agriculture, and J. M. Carver, in the office of Markets
and Rural Organizations of the Department of Agriculture.
to confer with the committee.
Mr. Eldridge suggested that 30% of the crop be stored
An outline of the plans worked out by the Treasury Deand that warehouse certificates be issued thereon. These partment to aid in the movement of cotton and tobacco
pointed out, should be made uniform and
certificates, he
through the issuance of warehouse receipts as security for
should be presented to the banks with insurance certificates emergency currency was made by Secretary of the Treasury
attached. He furthermore said:
McAdoo in the following statement:
Federal ReserveAct,authority is given member
Under the terms of the
banks to accept drafts having not exceeding six months to run arising
from import and export commercial transactions to an aggregate amount
of not exceeding one-half the unimpaired capital and surplus of the accepting bank.
The Act should be amended to permit of acceptances by member banks
for a period not exceeding six months of all drafts drawn against import,
export and domestic commercial transactions not exceeding the amount
of the unimpaired capital and surplus of each member bank, subject to the
urther limitations now provided for in the Act. Paper secured by the
fpledge of commodities held in storage is commercial paper in every sense
and would be eagerly sought by buyers knowing it was safeguarded not
only by the responsibility of the maker and the value of the pledged commodities, but also by the credit of the acceptor. The acceptor would be
protected by the pledge of the commodities and a guaranty of proper
margins being maintained, and if its credit be high the draft could be
drawn for delivery of documents upon acceptance and the bill sold upon
the high credit standing of the acceptor. These bills could be made payable at the acceptors' office or at any centre or centres where the acceptor
had correspondents,thus making them a most desirable form of investment.
The acceptor would be assuming practically no risk as his contract would
provide against all market declines by automatically requiring more margin
or the sale of the collateral. Where it is probable some sales may be
made, as with factors and buyers, such acceptances should be given only
by banks whose standing is well known,for it would not in such instances
be convenient to have the warehouse receipts accompany the acceptances, owing to substitutions at times being necessary and such not so
well known banks desiring to place such facilities at the disposal of their
clients could undoubtedly make arrangements with their better-known
correspondents under properly authorized guaranties. The acceptance
feature could very properly be extended by the banks to individuals,
factors, cotton buyers and spinners, against cotton stored, under contracts made with acceptors, or against actual sales made, with or
without marginal agreements, and in other pursuits to individuals, mercantile houses and corporations employing funds in all proper commercial
transactions,whether secured or unsecured, thus furnishing to the discount
markets of the country an ample supply of short-term paper far superior
and much better safeguarded than what we now term commercial paper,
and so hedged about that it would be prima facie commercial paper within
the meaning of the Federal Reserve Act. Such paper would prove a
bulwark to our gold reserves, would be given the'preference by commercialpaper-buying banks, and being always eligible for re-discount with the
Federal reserve banks would ever command the best prevailing rates.
Little fear need be entertained of the unwise use of the acceptance
power if accorded member banks. It would be employed when local rates
are out of line with the open discount market, thus giving to the business
community an opportunity to frequently avail itself of lower rates, and
when certain sections are experiencing very heavy demands, as during
crop-moving seasons, thus affording a safe and effective method by which
the surplus credit of one section may be utilized in another temporarily
deficient to the mutual advantage of both. As the very existence of a
bank depends upon its credit reputation, littleifear need be had of overindulgence of the acceptance privilege. The market itself would prove
too discriminating and offending banks would find their credit reputation
impaired to such a degree as to limit their usefulness and jeopardize their
very existence.
The Aldrich-Vreeland Act should be amended to permit of not less
than 75% of commercial paper being accepted as security from National
Currency Associations for currency issued. Not only is the margin demanded by the Act sufficient to make passed-upon commercial paper
amply safe, but the joint responsibility of the associated banks makes it
good beyond peradventure. Few banks in the South buy bonds as an
Investment and a hardship is placed upon them by the present provisions
of the Act which should not be.
The recent amendment to the Aldrich-Vreeland Act provided that State
banks giving notice of their intention to Join the Federal Reserve system
within fifteen days of its passage would be eligible for membership in
national currency associations. The full value of this privilege was not
at the time realized by the great majority of the State banks. Should it
be deemed advisable, the Act might be amended to permit such privilege
to the State banks upon application for membership in the Federal reserve
system if made within thirty days after the passage of such further amendment, and doubtless many would avail themselves of it.
The South is entitled to a reasonable profit over the cost of production
of cotton, but it must not command an unreasonable figure. It is idle to
expect as good prices as have at more propitious times prevailed. The
South must co-operate with the balance of the country and not attempt to
hold too large a proportion of its cotton in the effort to realize high prices.
If it does, proper support will be lacking and it cannot expect the hearty
co-operation of the spinners and the banks.
At the concluding session on Tuesday Secretary McAdoo
named the following committee of eighteen to draft a report
embodying suggestions for the solution of the problems presented at the meeting:
Producers—C. S. Barrett. Union City. Ga.; P. M. Coker, Hartsville,
S. C.; J. 0. Thompson, Birmingham, Ala.
Manufacturers—G. Ounby Jordan, Columbus, Ga.; E. Farnham Greene,
Boston, Mass.; Lewis W. Parker, Greenville, S. C.
Bankers—A. H. Wiggin, Now York City; Royal A. Ferris, Dallas, Texas;
Festus J. Wade. St. Louis, Mo.
Warehouse and Transportation—S. T. Morgan, Richmond, Va.; Harry
Walters, New York City; B. L. Mallory, Memphis, Term,
Tobacco—D. Y. Cooper, Henderson, N. C.; William Elliott. Henderson,
Ky.; F. G.Ewing. Cedar Hill, Tenn.
Commercial Interests—W. D. Thompson, New Orleans, La.; Richard II
Edmonds, Baltimore, Md.; R. G. Rhett. Charleston, S. C.
Theodore H. Price of New York was appointed Secretary
of the committee. Secretary McAdoo also designated
W. P. G. Harding, of the Federal Reserve Board; C. J.
Brand, Chief of the Division of Markets in the Department
Among the eligible securities to be used as a basis for the issue of currency
I have decided to accept from national banks, through their respective national currency associations, notes secured by warehouse receipts for cotton
or tobacco, and having not more than four months to run. at 75% of their
face value. The banks and the assets of all banks belonging to the currency associations will be jointly and severally liable to the United States
for the redemption of such additional circulation, and a lien will extend to
and cover the assets of all banks belonging to the association and to the securities deposited by the banks with the association, pursuant to the provisions of law, but each bank composing such association will be liable only
in proportion that its capital and surplus bear to the aggregate capital
and surplus of all such banks.
This plan ought to enable the farmers to pick and market the cotton
crop if the bankers, merchants and cotton manufacturers will co-operate
with each other and with the farmers and will avail of the relief offered by
the Treasury within reasonable limits. Such co-operation is earnestly
urged upon all these interests. The farmer cannot expect as high a price
for cotton this year because of the European war, yet he should not be forced
to sacrifice his crop. The banker and merchant should not exact excessive
rates of interest, and the manufacturers should replenish their stocks as
much as possible and pay reasonable prices for the product. If this is
done—and it can be done if every one displays a helpful spirit—a normal
condition can be restored and there ought to be no serious difficulty in
taking care of the cotton problem.
This is a time when the entire country expects that purely selfish interest
shall be subordinated to the common good; that undue advantage shall not
be taken of the necessities of each other. I am happy to say that this spirit
seems to animate those who attended the so-called cotton conference held
at my request in Washington on Aug. 24 and 25.
Since the law leaves it entirely in the discretion of the Secretary of the
Treasury to issue or not to issue the currency to which I have referred, I
shall not hesitate to refuse it if I am convinced that it will be used merely
for speculative purposes instead for of the operation of harvesting and carrying the crop until a reasonable market can be found, and for the needs of
legitimate business.
It is not my purpose to prescribe the character of warehouses in which
cotton and tobacco may be stored. The banks will be relied upon to see
that warehouse receipts issued by responsible warehousemen or warehouse companies alone are acaepted and that the cotton and tobacco
stored in such warehouses is covered by adequate fire insurance and is protected against injury by the elements.
In order to obtain such currency, the following things should be observed by banks applying therefor;
I. Not less than ten national banks in any given territory, each having
its capital unimpaired and a surplus of not less than 20%. desiring such
currency, shall form a national currency association, with an aggregate
capital and surplus of not less than 35,000,000, as required by the Act.
Full particulars and blank forms for this purpose may be had upon application to the Comptroller of the Currency. Washington, D. C.
2. Any national currency association formed in accordance with law,
will receive the approval of the Secretary of the Treasury. Already thirtyseven such associations have been organized in the various States.
3. Under the law. the Secretary of the Treasury may accept as security
for currency:
A—Bonds of any State or of any city, town, county, or other legally
constituted municipality or district in the United States which has been in
existence for a period of ten years and which, for a period of ten years
of
previous to such deposit as security, has not defaulted in the payment
of any funded debt authorized to be
any part of either principal or interest
Indebtedness does not exceed 10%
contracted by it, and whose net funded
prpoerty, to be ascertained by the last preof the valuation of its taxable
taxes.
ceding valuation of property for the assessment of
B—Any securities, including commercial paper, approved by the Secand made available through
retary of the Treasury, held by a national bank
association under the direction and control of the
a national currency
ry
Secretary of the Treasury at not exceeding 75% of the cash value of such
paper.b
na co
securities or tio
permitted to issue circulating notes based
nal banal
malercik shall
alone in excess of 30% of its unimpaired capital and
ial
on commercial paper
surplus.
4. The total amount of currency issuable to any bank, including its
circulating notes issued against United States bonds,shall not be more than
125% of its unimpaired capital and surplus.
5. Each bank or currency association receiving currency must maintain
In the Treasury at Washington a redemption fund in gold of at least 5%•
The Secretary of the Treasury may, at any time, require such additiorial
deposits in gold as, in his judgment, may be sufficient for the redemption of
such notes.
I am convinced that there is adequate power under existing law to issue
through the national banks all the currency to meet any reasonable demand that may develop in any part of the country, and that it is not necessary to extend the note-issuing privilege to State banks.
The Secretary of the Treasury already has the power to issue $1,000,000,000 of additional national bank currency, if it should be required, but
I cannot imagine a condition when any such need will arise.
The cotton warehouse bill, favorably reported by the Senate Agricultural Committee on Aug. 18, was passed by the
Senate on Aug. 24 without a roll-call. Originally intended
to provide for the Federal licensing and inspection of cotton
warehouses, thereby adding to the value of cottbn warehouse
certificates, the bill was amended in the Senate so as to apply
to tobacco, naval stores, canned salmon, grain and flaxseed.
The amendment extending the provisions of the bill to tobacco and naval stores was agreed to on Aug. 22; Senator
Lane on the same day offered the amendment intended to
permit the issuance of warehouse certificates against canned
salmon, but action on this proposal went over until Monday,
AUG. 29 1914.]
THE CHRONICLE
583
when it was adopted by a vote of 25 to 24. The amendment
extending the provisions of the Act so as to include elevators
and warehouses for the storage and inspection of grain and
flaxseed and to provide for the issuance of receipts therefor
was offered by Senator Gronna and accepted on the 24th
without a record vote. It was also sought to extend the provisions of the bill to apples and peaches, tanks, tankage and
pipe lines for the storage of oil, but the general amendment
embodying these various proposals was lost by a vote of
36 to 12; a modified amendment intended to enlarge the provisions of the bill by making the legislation apply to oil
was then offered, but was laid on the table by a vote of 25
to 23. A clause was incorporated in the bill on the 24th
stipulating that its provisions shall remain, in force for only
nine months after a treaty of peace has been ratified between
Great Britain and Germany, and that in no event shall they
remain in force longer than two years after the passage of
the bill.
It is agreed and understood that if as much as 3,000,000 bales are not
pledged in the cotton States, each man's pledge is to be returned to him.
We believe if we can get pledged and put in warehouses one-third of this
year's crop fixed by power of attorney, so that it cannot be sold for less
than l2% cents, that the remaining two-thirds can then be sold by the
farmers themselves, without aid to finance.
In the event we can get pledged the minimum of 3.000,000 bales proposed
above that we call on merchants, bankers and other business men to see
that a liberal loan is made on cotton so placed. At the same time that the
township committee secures the pledgeto store one-third of this crop we
recommend that each farmer be asked to sign a pledge to reduce his acreage
50% which acreage,with intensive methods of cultivation,will be sufficient
enough to supply the world's needs when the amount carried is taken into
consideration. No one is to be requested to reduce his acreage if he plants
not more than eight acres of cotton to the plough. This pledge to reduce
acreage shall also become null and void if the canvass fails to retire one-third
of this crop for the minimum price of 123 cents.
Resolved, That the South Carolina Cotton Congress endorse the principles of what is known as the Farmers' Union warehouse bill.
Resolved, That we request that no one sell a bale of cotton at any price
before Oct. 1 unless offered 12 cents for it. as we recognize that there is
demand for cotton at present and any attempt to put it on the market
will cause the price to drop below the cost of production.
At the conference of the Southern Cotton Congress in
Washington on Aug. 14, Representative Wingo outlined a
plan providing for the issuance of Federal reserve notes to
producers of cotton. A bill embodying his ideas was introduced in the House of Representatives by Mr. Wingo on
the same date and referred to the Committee on Banking and
Currency. It authorizes the Federal Reserve Board to
issue Federal reserve notes to either State or national banks
on one-year notes secured by cotton warehouse receipts or
mortgages on cotton. The plan calls for the issuance of
currency to the extent of 75% of the value of the cotton,
based on the average price of cotton for the past five years.
The bill also stipulates that currency shall be issued only
against notes secured by cotton which bear less than 4%
interest. Mr. Wingo's proposal received the endorsement
of the Cotton Congress, which also approved the amendment to the Aldrich-Vreeland Act proposed by Senator
Ransdell of Louisiana, intended to permit the issuance of
emergency currency upon the security of cotton warehouse
receipts. It is stated that at a conference in the office of
the Secretary of the Treasury McAdoo on the 15th inst.,
participated in by Mr. McAdoo, W. G. P. Harding of the
Federal Reserve Board and Senators Ransdell, Smith of
Georgia and Simmons of North Carolina, an understanding
was reached whereby the Ransdell amendments will not be
pressed until the Reserve Board determines what can be
done to help out the cotton situation under the present Act.
Resolved, further, That a committee of nine be appointed by the Chair
to take in hand the matter of a definite plan for the State warehouse system to operate harmoniously with any Federal legislation, and that when
this committee has accomplished this object, it be empowered to request
the Governor of this State to call a special session of the General Assembly
to enact such legislation as may be necessary to render such State warehouse effective and permanent.
• A resolution which provides that no cotton be sold or offered for sale at less than twelve cents a pound was adopted
at a meeting in Atlanta on the 17th inst. of three hundred
bankers,merchants and farmers,representing all parts of the
State of Georgia. The meeting was held at the instance of
John D. Walker of Sparta for the purpose of discussing the
cotton situation. The delegates also adopted a resolution
calling for the development of permanent plans for the marketing of the Southern cotton. In a further resolution
municipal governments are urged to form cotton-holding companies, and bankers are asked to use their best endeavors
to maintain prices by lending money on the staple.
The farmers of South Carolina recommended on the 20th
inst., at a meeting at Columbia, that one-third of the crop
of each individual be stored and that that portion be held
for a minimum price of 12% cents a pound; a resolution requesting that no bale of cotton be sold before Oct. 1 at a
price lower than twelve cents was adopted at the same
time. The creation of the South Carolina Division of the
Southern Congress was effected at the meeting, which
brought together farmers, bankers, merchants, cottonseed and mill men. The resolutions indicated above were
offered by the newly-elected President of the organization,
Dr. Wade Stackhouse of Dillon,and as adopted are as follows:
Whereas. From 3.000,000 to 5,000,000
bales of this cotton crop is going to
be surplus, more than the mills of the world
will spin, and will need to be
carded over into next year by the farmer or
his friends;
Resolved. That the South Carolina Cotton
Congress adopt the following
plan, and recommend it to our sister
cotton-producing States:
We suggest that at the earliest
possible moment every cotton farmer be
canvassed and requested to store one-third
of his crop in a secure werehouse and fully insured, so that he can obtain
a loan on it.
• That at the time he is canvassed he be
requested to hold this part of his
crop for a minimum price of 123 cents per
pound, basis middling, and that
he give power of attorney to holder of the
warehouse receipt, authorizing
him to hold the cotton for a period of one year,
if necessary, and sell only
in the event he can get a minimum
price of I2X cents.
When the canvass of the county is completed,if it
be found that as much
as one-third of this year's crop has not been pledged, the business men
of that county ought to be asked to store enough cotton to make up that
County's share.
The following resolution of C. P. Hodges of Bennettsville
was also adopted at the meeting:
The committee named under the last resolution consists
of R. G. Rhett of Charleston, G. T. Riser of Olar, C. E.:
Summers of Newberry, A. B. Calvert of Spartanburg,
J. T. Stivers of Kershaw, D. R. Coker of Hartsville, C. G.
Ronald of Sumter, T. B. Stackhouse of Columbia and J. L.
McLaurin of Bennettsville.
On the 25th inst. one thousand farmers met at Dublin,
Ga., and adopted resolutions urging the Federal Government
to put a production tax on the 1915 cotton crop in order to
reduce the yield.
Steps were taken at a meeting in St. Louis on Aug. 21
toward the development of plans to provide temporary warehouses in that city for at least 250,000 bales of this year's
surplus cotton. The meeting, held at the instance of the
Business Men's League, was addressed by Festus J. Wade,
President of the St. Louis Clearing-House Association and
President of the Mercantile Trust Co. Mr. Wade in endorsing the movement said in part:
A plan of this kind will permit St. Louis manufacturers and wholesalers
with a deep interest in the welfare of the Cotton country to aid in solving
the problem. For instance, there isn't a large jobbing establishment on
Washington Avenue which could not clear a whole floor of its building and
allow cotton to be stored there until exporting begins.
The same applies to many of the large manufacturing plants. It would
be a simple matter for them to devote much space in their plants to temporary warehouse purposes. The banks cannot properly lend the money
with which to carry this surplus cotton unless they know that the warehouse receipt is good; that it actually represents a specified quantity and
grade of cotton stored in a specified place.
It is just such men as you (who are not in the financial business) who
must work out a plan to make it possible for the bankers to meetthesituation. We cannot loan on cotton in the fields.
We cannot put cotton in our vaults, nor can we take the receipt of Tom.
Dick and Harry for a bale of totton on which we loan.
Therefore it is the duty of such organizations as this to immediately appoint a committee to ascertain where cotton can be warehoused in St. Mills.
upon which the banks of St. Louis may lend their money, being sure the
Cotton is in the warehouses.
With your aid and assistance we can easily convert sufficient buildings
in St. Louis into temporary warehouses to care for 250,000 bales of cotton.
Let us set an example to the nation by providing temporary warehouses to
carry our share of the surplus cotton during the period bankers must carry
the load.
A movement having in view the standardization of cottonwarehouse receipts so as to make them suitable as collateral
for bank loans and re-discounts was started in Chicago on
the 25th inst. The movement is engineered by leading
wholesale merchants of Chicago and all the banks in the
Chicago Clearing-House Association. As a result of the
conference on Tuesday, the following telegram seeking cooperation toward the enactment the legislation sought
(national or State) was sent to the Governors of ten cotton
raising States:
If you have not already acted, we would suggest that you carefully consider the wisdom of co-operating with the Government at Washington or
taking State action on the prompt passage of a comprehensive licensed
cotton-warehouse bill, which will standardize cotton-warehouse receipts
and make them one of the safest kinds of collateral for bank loans and for
re-discount purposes in the reserve cities or in the new Federal reserve banks.
Such action, we believe, will increase the confidence in the world in all
Southern enterprises and help materially to tide over the present situation
in the cotton States.
The telegram was signed by Marshall Field & Co., John
V. Farwell & Co., Carson, Pine, Scott & Co., Selz, Schwab
& Co., Sprague, Warner & Co., Hart, Schaffner & Marx,
Reid, Murdoch & Co., Franklin MacVeagh & Co., James V.
584
TILE CHRONICLE
Forgan, President First National Bank; George M. Reynolds, President Continental & Commercial Trust& Savings
Bank; Ernest A. Hamill, President Corn Exchange Bank;
Orson Smith, President Merchants' Loan & Trust Co., and
John J. Mitchell, President Illinois Trust & Savings Bank.
Senator Smoot's bill authorizing the Secretary of the
Treasury to purchase 15,000,000 ounces of silver was passed
by the Senate on the 22d inst. by a vote of 39 to 11. The bill
as originally introduced called for the purchase of not exceeding 25,000,000 ounces of silver, but the amount was reduced to 15,000,000 ounces by the Senate Finance Committee. The pending legislation is a development of the European war, which has served to curtail the demand for silver,
and it is with a view to keeping the mines of the West in
operation that the measure was proposed. In furtherance
of plans for aiding the miners, the Treasury Department on
Aug. 12 issued an order for the purchase of 1,175,000 ounces
of silver for delivery at the mints in San, Francisco, Denver
and Philadelphia. The purchase price was 52 cents per
ounce—one-half cent cheaper than the previous purchase.
It has been the practice of the Government to purchase between 3,000,000 and 4,000,000 ounces of silver bullion a
year forithe coinage of subsidiary coin, and the pending bill
authorizes the Secretary of the Treasury to anticipate the
purchase of silver for that purpose. As passed by the Senate, the bill reads as follows:
Be it enacted, &c., That the Secretary of Treasury is hereby authorized
to anticipate the requirements of the Treasury for silver bullion for the subsidiary coinage by purchase of bullion to an amount in the aggregate not
exceeding 15,000,000 ounces, such purchases to be of the product of smelting works located within the United States, and to be made from time to
time in his discretion, but liinited to the period of six months from and after
the passage of this Act: Provided, That the price paid for such bullion shall
not in any Instance exceed the average price ofsilver bullion in the New York
market for the six months beginning with the month of January 1914 and
ended with the month of June 1914.
As a result of the Senate's action, officials of the Copper
Queen Mining Company announced at Bisbee, Ariz., on
Aug. 22 that the company's southwest mine would be reopened the following day, that the silver and lead slopes
would be worked, and that married men laid off three weeks
ago, when the mines closed, would be again taken on.
The Administration's bill authorizing the United States,
acting through a shipping board, to subscribe to the capital
stock of a
poration to be organized to purchase, equip,
maintain and operate vessels in the foreign trade, was introduced in the House by Representative Alexander on the 24th
inst. The bill provides for the incorporation of a $10,000,000company,to own and operate ocean steamers under supervision of a shipping board composed of the President, the
Secretary of the Treasury, the Postmaster-General and the
Secretary of Commerce. The Government would subscribe
for not less than 51% of the capital stock by an appropriation. The purchase of the ships would be affected through
the sale of Panama Canal bonds to an amount not exceeding
$30,000,000.
[VOL. xonc.
I do not know just when the registry bill was signed by the President
and became a law,but I assume thatit was sent to him at least one week ago.
We have various other emergency matters that are likely to be presented
and urged on the ground thattve must act immediately on account of the
great emergency. Although the ship registry bill was passed more than
a week ago,the regulations under which it is to be administered have not been
issued by the President. We were told when we passed the bill that it was
to meet a great emergency. Apparently the departments that deal with
these great emergencies forget the emergency as soon as Congress has acted.
We appropriated $2,750,000 some weeks ago to bring home American
citizens abroad. I have no disposition to criticize, but I wonder why we
cannot get the machinery in motion so as to actually take care of the people.
President Wilson left Washington for a brief vacation at
Cornish, N. H., on the 27th, taking with him several proposals dealing with the registry of American ships, which he
will study preparatory to making his pronouncements in
the matter. Besides the United States Steel Corporation,
the Standard Oil Co. and the United Fruit Co. have notified
the Government of their intention to put their fleets under
the American flag, under the new law extending home registry to foreign-built craft.
The decision of these three companies to place their vessels under the American flag creates a nucleus of anew American merchant navy of nearly 100 steamships, with a total
gross tonnage of about 400,000. The Standard Oil fleet
of tankers numbers 70, of which 25 are British,35 German,
and the rest Italian and Dutch. The United Fruit Co. controls 23 vessels and the United States Steel Corporation
5 vessels flying the British flag. Foreign vessels owned by
other American corporations, added to this fleet, would increase American tonnage to 1,000,000, it is estimated.
Problems affecting foreign exchange have continued to be
the subject of consideration by local bankers during the week,
but nothing of moment has developed in the situation.
On Thursday the committee of five representing the
foreign exchange bankers issued a statement reciting its
conclusions relative to the settlement of maturities of commercial letters of credit covering acceptances prior to Aug.4,
the settlement of drafts bought and sold in the open market and the settlement of documentary exchange. The
statement was issued over the signature of John E. Gardin,
Chairman of the committee, the other members of which
are Max May, R. Y. Hebden, Henry Ickelheimer and A.
Pavenstedt. We print the statement herewith:
With reference to the settlement of maturities under commercial letters
prior to August, it has been suggested by a
of credit covering acceptances
great many bankers that some definite solution of the question be recommended to the bankers of New York. The committee has taken the question under advisement and given it considerable thought, with the result
that the general consensus of opinion of this committee is to the effect
that to make any change at present regarding settlement of such maturitherefore recommended that the present
ties would be inexpedient, and it is
arrangement be continued until further notice.
has come up before the committee relative to the settlement
The question
and sold in the open market by banks and
of drafts that have been bought
bankersfrom and to each other. A great many of these drafts have not been
arises what is an equitable settlement on return of
paid. and the question
and approved by the committee that
the drafts. The suggestion is made
and duplicate, or furnishing of a
upon return of the drafts, both original
satisfactory guaranty,settlement will be made at the rate at which the draft
other words, the seller will pay the
was bought plus interest at 6%. In
plus interest as above.
exact amount that was received for the draft
A further question has arisen regarding the settlement of documentary
exchange covering shipments to Continental ports. As many of these shipments have been diverted to other ports and are there being sold, and insomuch as a different currency is being received for the proceeds of the
collateral underlying the drafts, it is proposed and recommended as a fair
means of ttlement that where a draft is liquidated in a currency different
from that in which it has been drawn the rate of conversion take place at
that prevailing at the time the draft was bought.
In view of the chaotic conditions now prevailing in the foreign exchange
market, the committee asks that banks and bankers dealing in foreign exchange co-operate in accordance with these recommendations.
Criticism of the Administration for delaying the issuance
of a proclamation making effective the ship registry bill
recently passed by Congress and approved by President
Wilson on the 18th inst. was entered by Representative
Mann in the House on the 26th inst. Mr. Mann, in taking
exception to the delay, read a telegram from James A.
Farrell, President of the United States Steel Corporation, in
which the latter stated that a number of ships available for
In its issue of the 22d the -Journal of Commerce" presented
transporting American products were being held in various
ports at very heavy expense, awaiting advices in the matter. some suggestions made by August Ulrich, of Ladenburg,
Thalmann & Co., looking to a solution of the questions
The telegram was as follows:
Our steamer Bantu, loaded for Uruguay and Argentina, and steamer affecting foreign exchange. Mr. Ulrich is quoted to the
Crofton Hall, loaded for Chile and Peru. in New York Harbor ready to
following effect:
sail; steamer Kentra ready for grain or cotton Atlantic Coast or
(1) I am starting from the idea that America under the present conditions
steamer Santa Rosalia, Puget Sound, ready for wheat; steamers San Franpossible. However, in
Gulf'.
cisco, Buena Ventura, Ikaria, Industry, Matoppo and several others
available for transportation of American products, and we are patiently
awaiting issuance of proclamation in order to be in an intelligent position as to whether we can put these steamers under American flag immediately and operate them competitively with steamers in oversee
trade under other flags, as our steamers are being held in various ports
at very heavy expense. Would appreciate advices as to about when information will be available to enable us to determine what to do. Capt.
Dollar and other American owners of ships now under foreign flags are in
same position.
The provisions of law prescribIngithat the watch officers of veessels of
the United States registered for foreign trade shall be citizens of the United
States should be suspended for a period of at least three years. and the pro-.
visions of law requiring survey, inspection and measurement by officers
of the United States should also be suspended for the same period. Further,
until the War Risk Insurance Bill has passed the House and becomes effective, we would be without such insurance in the event of transfer.
Representative Mann, in his strictures, said:
should ship as little gold to any foreign country as
a specie-point
order to make a start in the lowering of exchange rates to
in the beginning
basis. I would suggest that some gold should be released
near future. As soon
the
to take care of obligations maturing abroad in
well under way and working
as the scheme which I am outlining below is necessary, as instead we will
more gold shipments will be
in good order,no
American products.
ship grain, cotton and other
think it will be nec • sazy that the inter(2) To cope with the situation,I
mostly in the shape of loans now pending between
national transactions,
should be dealt with by a comthe United States and European countries,
and under the supervision
mittee consisting of merchants and bankers,
country. This committee should deal with a
of the Government in this
London, with another committee in Paris and with a third
committee in
committee in Berlin: perhaps also with a fourth committee in Milan.
These foreign committees must be just as representative in every way as
by the
the American committee. The object which will be performed
American committee on the American side, and each of the foreign committees in London, Paris, Berlin and Milan, on the other hand, will be for
(reprothe purpose of relieving foreign money markets of finance drafts
AuG. 291914.]
THE CHRONICLE
585
senting foreign loans) which are at present running and in the portfolios 3 P. M. daily and from 11 A. M. to 1 P. M. Saturdays,
of foreign central banks. Since most of these finance drafts are secured to facilitate the adjustment of outstanding accounts.
by a deposit of American securities in this country, these drafts simply
representing foreign loans, they ought to be transferred for the time being
to America, because to extend those drafts abroad would be utterly ruinThe Canadian Parliament brought to a close last Saturday
ous to our merchants and bankers, on account of the high discount rates.
which are augmented by additional exorbitant commissions which may be (Aug. 22) a five days' session—the shortest in its history.
charged by the foreign accepting bankers. I propose to take up the loans During the session, occasioned by the war abroad, an Act
abroad, always through the intermediary of the American committee and
was passed authorizing the Dominion Government to declare
the foreign committees, in the following manner:
Supposing a firm in this country should owe £100.000 in London which a moratorium at any time conditions may warrant during
matures within the near future. If the American firm were forced to buy the period of the European war. It is the accepted view
bills of exchange it would put up the rate for sterling to such an extent
that there exists no present necessity for a moratorium,
that it would not only seriously harm the firm having to remit this amount,
but also every merchant and banker in this country who may have debts nor is it thought that there will be any coming need for it,
to meet abroad. I therefore suggest that the American firm owing the but authority for its declaration was considered advisable in
£100,000 shall be supplied with funds in dollars at the rate of $4 8666, or,
in other words,the foreign acceptance house shall be credited by the central case any unforeseen circumstances might call for such a
committee in America with $486,660 in settlement of the debt incurred course. According to the Monetary Times," 'the clause
by virtue of drafts of E100,000 maturing abroad. The central committee of the Canadian bill referring
to the moratorium authorizes
here shall supply the above $486,660 and take over the collateral which
heretofore has secured the foreign loan. The central committee, in turn, the Governor-in-Council, in so far as the same may be within
will have to be financed by the Federal Reserve Bank in some way or other. the legislative authority of the Parliament of Canada, to
I suggest that the central committee will draw a draft in dollars for the proclaim
the postponement of the payment of all or any
exact amount of the loan made on the beneficiary here, the beneficiary or
drawee accepting the draft and the central committee re-discounting this debts, liabilities and obligations, however arising, to such
draft with the Federal Reserve Bank. The central committee should pass extent, for such time and upon and subject to such terms,
upon the collateral loans.
(3) By this means the foreign countries will have their debts paid, their conditions, limitations and provisions as may be specified in
discount market will be relieved, by drafts running abroad in foreign cur- the proclamation."
rencies being taken up in the same measure as they are being replaced by
The session was also marked by the enactment of legislathe central committee in America.
(4) The credit balancesin favor of foreign countries would be used here tion providing for a war appropriation of $50,000,000, and,
as indicated last week, the imposition of higher tariff duties
for purchases of grain, produce, cotton, &c.,for cash.
The invoice amounts for the grain, produce, cotton, &c., &c., purchases on sugar, coffee,
tobacco, liquor, &c.
to be reduced into sterling, francs, marks, lires, at fixed specie points (for
The Canada Gazette" summarizes as follows the legisinstance, $4 8666 per pound sterling), such foreign equivalents to be writmaturing lation passed at the
ten off by the London, Paris, Berlin and Milan committees against
brief session:
American obligations.
1. An Act to conserve the commercial and financial interests of Canada.
(5) The foreign committees to send over representatives to New York,
2. An Act to confer certain powers upon the Governor in Council and to
because exchange on Europe can be better handled here than New York amend the Immigration Act.
exchange can be handled abroad.
3. An Act respecting Dominion notes.
4. An Act to amend the customs tariff, 1907.
5. An Act to amend the Inland Revenue Act.
Cables sent to American embassies on the 27th inst. by
6. An Act to amend the Naturalization Act.
7. An Act to incorporate the Canadian Patriotic Fund.
Secretary of State William J. Bryan urge as speedy a return
8. An Act for granting to His Majesty aid for military and naval defence.
of Americans from Europe as possible. Secretary Bryan
says:
A three-months' moratorium covering all debts, except
civil law debts and coupons,until Oct.10 is reported to have
been voted by the Danish Parliament on Aug. 22. The effect is to prevent the institution of any proceedings for
a debt contracted abroad after Aug. 1.
In London on the same date Herbert C.Hoover,Chairman
of the American Committee, in advising Americans to return
The Swiss Government on the 22d inst., according to cable
home at the earliest opportunity, said :
extended the moratorium to Sept. 30.
American traveler by spending dispatches,
It is bad economics to consider that an
Americans in Europe are advised to return home as soon as they can secure transportation facilities. War creates uncertainty, so that predictions about the future cannot be made with any certainty or accuracy.
It is not wise, therefore, for Americans abroad to delay their return longer
than necessary. This does nct mean that every one should try to take
the same ship, but it means that there should be no unnecessary delay.
money here is doing any good. He is consuming foodstuffs and increasing
the difficulties in financial exchange. All Americans not able to justify
their presence in this country by some productive effort, or who have not
brought actual gold with them, should reconsider their decision to linger
In these islands.
A committee of the London Chamber of Commerce recently submitted to the English Government resolutions
drawn up as a result of conferences with representatives of
trade sections and associations urging the support of the
Government of the banking community to the end that
industrial and trading communities be protected. The
communication follows:
1. That the General Purposes Committee, acting for the Council, urges
the importance of the banking community being afforded the fullest possible
measure of support by the Government, but emphasizes the fact that it is
vital to the best interests of the country that the industrial population
should be maintained in employment to the utmost possible extent, and
that the support of his Majesty's Government to the banking community
should only be given on the clear undertaking that the bankers in their turn
will afford similar support to the industrial and training communities in
the exceptional circumstances in which they are now placed.
2. That strong representations be made to the Chancellor of the Exchequer that pressure should be put upon British banks having branches
in the overseas dominions and foreign countries to continue to make advances against documents on reasonable
terms.
3. That while anxious to afford every support to his Majesty's Government in meeting the requirements of the War Office in the matter of transport, this meeting urges that careful discrimination should be exercised in
requisitioning commercial vehicles and horses, so that the industries of the
country may be continued and unemployment of workpeople prevented as
far as possible, and that special consideration be given in the case of manufacturers and traders engaged in the Preparation and distribution of food
products and fuel.
4. That this meeting strongly urges the Cabinet Committee on Food
Supplies to fix prices above which the staple articles of food may not be
sold.
5. That this committee is of opinion that the steamship lines trading with
the overseas dominions should do their utmost to maintain a service, even
at an enhanced freight rate.
6. That it is undesirable that the present terms and system of credit in
the food products trades should be unreasonably curtailed.
The London Stock Exchange Committee on the 25th
decided that the posts of clerks who have been mobilized
for service be kept open until their return. The Committee has also suspended the rule forbidding members to
take other occupations. All members have been requested
by the Committee to open their offices from 11 A. M. to
We learn from the "Journal of Commerce and Commercial
Bulletin" that other countries which are known to have de-.
elared a moratorium or taken extraordinary measures to protect their credit in the present crisis are Italy, Turkey, Brazil, China, Argentina and Uruguay. This, of course, is
independent of England, France and Germany, the facts
as to which are known. The "Bulletin" under date of
Aug. 25 says:
In England a moratorium was declared for thirty days beginning Aug. 4;
the suspension of payments applying only to long bills of exchange. The
suspension, however, is not complete, and the banks are honoring some
drafts, depending on the circumstances. So far as the Bank of England is
concerned. the Bank Act has been suspended and the institution is issuing
paper irrespective of the gold security. The denominations of Bank notes
have been extended to include those of Ll and 10s. The Bank rate has
been reduced from the high of 10% to 5% and the institution is
discounting
quite freely.
In France the moratorium, which was extended to Aug. 31, is wider In
Its application, and includes suspension of payments on sight drafts, as
well as long bills. The large banks in Paris have been making the most of
the moratorium, but lately there is a disposition to be more liberal. Depositors are now allowed to withdraw 10% of deposits. The Bank of France
has not suspended discounting and has been meeting promptly all drafts
on it, but is fully exercising its prerogative of paying out in currency only.
The Bank rate, which went to 7%.has been reduced to 5%.
The true financial status of Germany is not quite clear, owing to the lack
of communication with that country. It was at first stated that no moratorium existed in Germany and that the banks were meeting all payments
unreservedly, but according to recent advices a three months' moratorium
has been declared. The Reichsbank's rate is given as 6%, although it
is quite possible that this is an error and that a higher rate exists. The
institution has resorted liberally to note issues, with complete suspension
of the usual tax.
Italy has declared a moratorium for a month, and probably more, on
precautionary grounds. The rate at the Bank of Italy is 5%.
Turkey announced a moratorium of one month on all obligations except
coupons.
A four-months' moratorium was declared in Brazil, which is exercising a
bullish influence on the price of coffee in that country.
China is said to have declared a moratorium, although to what extent is
not known.
A bill is pending in the Argentine Government to provide for a thirtyday moratorium on 80% of expired credits and those about to expire:
and for a suspension during the same period of gold withdrawals.
Uruguay is providing for an increase of paper currency, a suspension of
the conversion of notes of the Bank of the Republic for thirty days, with a
general moratorium for fifteen days.
Switzerland declared a thirty-day moratorium, which has been extended
to Sept. 30.
586
THE CHRONICLE
[VOL. xcix.
Returning refugees are furnishing interesting facts re- week by the Johnson Advertising Corporation of Chicago,
garding monetary conditions in the war centres. R. A. C. and is in part as follows:
Armour & Co.invites the fullest possible inquiry into current food prices.
Smith, Dock Commissioner of this city, returned on the
Italian steamship Principe di Udine; he is quoted in the New It is ready to co-operate in such an inquiry with public officials, Governmental committees, or any authoritative agency anywhere without reserYork Evening Post" of the 24th inst. as saying:
vation.
When the war broke out I was in Venice with my wife and daughter.
I had exactly fifty lire. That is a good deal more than many Americans
had, but I thought it just as well to have a little more on hand. The banks
had suspended payment without any notice at all. On the 31st of July
you could have gone into any one of them and have drawn out any amount
In gold to the extent of your credit. When the banks opened up the next
morning you couldn't get enough cash for a postage stamp.
I accordingly wired an Italian friend in Florence and explained my situation. He immediately wired back for me to stay in Venice, as he was sending a messenger there with 10,000 lire for me. That put me on"
easy
street", and also enabled me to help others who were not so fortunate.
From the first moment of the food price "scare" every scrap of information in Armour & Co.'s possession has been available. When the morning
papers of Friday, Aug. 14, announced that food prices would be investigated by the Federal authorities, Armour & Co.immediately got into communication with the United States Attorney for the Chicago District,
who was then out of the city. Its representative met him the following
morning, Saturday. Aug. 15. and tendered to him, without reservation,
any and all information he might desire that could be obtained from the
books, documents and records of Armour & Co.
riftWhen all Europe went war
-mad a little over two w eeks ago, every newspaper in America proclaimed or predicted in one way or another a rise in
prices of almost every article of commerce. That alone would cause, as it
did, prices to rise, because both consumers
dealers everywhere were
On the 13th inst. two Austrian banks having branches Immediately prompted to anticipate the riseand quick and heavy buying.
by
London, the Oesterreichische Landerbank and the Anglo- Food prices were affected first, of course, and a "scare" was on. Then
in
Austrian Bank, were closed, and a notice to the following the "scare" was exploited and that still further stimulated the buying impulse. Unprecedented demand was created and higher prices grew with it.
effect was posted:
Families which ordinarily buy sugar and flour by five and ten pounds
Owing to the state of war between this country and Austria-Hungary, were buying by the barrel. Retailers who
ordinarily buy in five and tenthese offices will be closed until a license can be obtained from his Britannic case lots were buying, or trying to buy, in fifty-case lots.
As a consequence
Majesty's Government for the resumption of business. An application wholesale and retail houses report an
unheard-of volume of business in the
for such license has already been made.
last week or two—more volume in a week, in some cases,
than in the whole
It was later announced that permission had been granted month of July.
Under
both institutions by the English Government to carry on lated by such conditions, and particularly when the conditions are stimusensational exploitation of
no
business subject to limitations and conditions similar to can control, regulate or modify price reckless statements,law human power
tendencies until the
of supply and
demand is repealed.
those imposed upon the German banks. The following are
the terms on which the German banks reopened:
1. That the permission shall extend only to the completion of the trans-
Investigation will prove that meat prices have
been less affected than
prices of many other foods by the European war
excitement. The wonder
is they have not been more affected with this "scare"
added to an accentuated live-stock shortage in recent weeks.
Receipts of cattle at the six large markets. Chicago,
Kansas City, St. Joe,
South Omaha, St. Louis and Fort Worth,for the six
weeks ending Aug. 15
1914, were only 531,000, a decline of 28% from
the corresponding period
1
of.1 91p. of this shortage, In spite of the stoppage of
s3 te
beef importation from
Argentina becasue ships could not be had after war
was declared, and in
spite of fluctuations on account of the high price
"scare." the average
wholesale selling price of beef, during the six
weeks preceding Aug. 15,
advanced in no large city in the United States as much as
three-quarters of
a cent a pound. In Chicago the advance was seventy-four
hundredths
of a cent; in Pittsburgh, forty-six one-hundredths; in Baltimore,
sixty onohundredths; in New York,seventy-one one-hundredths. The
average advance throughout the United States on all beef actually
sold through
Armour & Co.'s 350 branch houses was fifty-six one-hundredths of
a cent
a pound.
actions of a banking character entered into before Aug. 5 1914, and that
no new transactions of any kind save such as may be necessary or desirable
-mentioned transactions shall
for the purpose of the completion of the first
be entered Into by or on behalf of the British establishments of the bank.
2. That the business to be transacted under this permission shall be
limited to such operations as may be necessary for making the realizable asset
of the bank available for meeting its liabilities, and for discharging these
liabilities as far as may be practicable.
3. That all transactions carried out under this permission shall be subject
to the supervision and control of a person to be appointed for the purpose
by the Treasury, who shall have absolute discretion.
(a) To refuse to permit any payment that may appear to him to be contrary to the interest of the nation.
(b) To permit any such new transactions as are in his opinion necessary
or desirable for the purpose of the completion of the transactions first mentioned in paragraph 1.
(c) To permit or refuse to permit the completion of any particular trans
The packers have been accused of piling up vast quantities of fresh
meats
in ram storage and holding for high
action whatsoever.
prices during this period of agitation.
4. That any assets of the bank which may remain undisturbed after the Armour & Co.'s stock of fresh meat products of all kinds on hand
Aug. 15
liabilities have, so far as possible in the circumstances, been discharged was nearly 30% less than it was six weeks before. Stocks in
hand are now
about the same as last year at this time, although considerably less
shall be deposited with the Bank of England to the order of the Treasury.
than in
A. Wunnenberg, the agent in this city for the Anglo- other years at this time.
Austrian Bank, has received advices from the office in London that permission has been granted by the British Government for the institution to carry on banking business in
the United Kingdom subject to certain limitations, conditions, supervision and requirements as to the deposit of
money and securities. All transactions carried out under
this permission are subject to the supervision and control of
Sir William Plender, chartered accountant, who has been officially appointed by the Treasury as the comptroller.
In a statement bearing on the pending inquiry in this city
by the Department of Justice into the high price of foodstuffs, Assistant United States Attorney Roger B. Wood
on the 24th inst. said:
Reasons for the extraordinary advance witnessed in
the
price of sugar since the breaking out of the European war
are contained in a circular addressed to the retail grocery
trade by the American Sugar Refining Co., and which is
published to-day in an item under the name of that company
in our "Investment News" Department on another page.
The increase in the price of sugar is also commented upon
this week by Claus A. Spreckels, President of the Federal
Sugar Refining Co. Mr. Spreckels says:
"
The market has gone up here because England,
needing about 175,000
tens,of sugar a month, immediately began to compete
with American
refiners for Cuban sugars when her main source of supply under
normal
conditions was cut off by the war. The rise was accentuated
also by the
action of domestic consumers who,fearing the worst, rushed In and
bought
Judging by the results of our inquiry so far, there is no wholesale raising granulated sugar far in excess of their usual
amounts. Households which
of prices in this district. There have been increases in some foodstuffs, ordinarily take, say ten pounds at a time, have
bought sugar by the barrel.
such as sugar, meats, flour, dairy products,&c., but these in many cases are England thus far has probably taken 150,000
tons out of this market and
based on natural causes. I will admit, however, the possibility that the will probably have to buy more later on.
timeliness of our investigation put a stop to the attempts of greedy whole"While we are having a lull in the market for the
moment, if the war
salers and retailers to justify high prices by the European situation.
continues—and I'm afraid it is going to be a
long-drawn-out affair—
I do not say that there have been no concerted efforts to raise prices, there is no telling where Prices may go.
The countries at war produce
but if such conspiracies exist the facts disclosed fall to show them This about 8,000,000 tons of beet-sugar
annually, or about 45% of the world's
phase of the inquiry has failed to show that manufacturers or wholesalers
supply, and have a largo surplus for export. Even if the troops do
are hoarding up their goods so as to limit the distribution, and raise prices.
not
destroy most of the beet fields, it is likely that many will
go to seed, owing
The rise in the price of meats is beyond our jurisdiction,since they origito the lack of labor for harvesting; and then there is the labor needed to
nate in the West. We can only give the Western investigators leads by operate the factories for slicing and
refining. It is a most serious situation,
furnishing them with statistics as to the prices at which retailers and wholeand one that is likely to influence the sugar market for a
time to
salers are buying meats in this district.
come. If half the European beet crop is made into sugar, long
which seems
I understand that there are not many shipments of Argentine beef being questionable now, there will still be
a dangerous shortage in
the world's
made. Three ships expected to arrive here with meat from South America supply, and prices are liable to go
to any height. No one can
possibly
have not put in an appearance as yet. This may be due to reluctance of
tell. We are as much at sea on that point as the general public."
foreign shipowners to expose their craft to the danger of capture on the
seas.
Suit was brought in the Federal Court at Portland, Me.,
on the 24th inst. by the Guaranty Trust Co. of New York
against the North German Lloyd Steamship Co. to recover
damages of $1,040,467 43, claimed to have been suffered
through the failure of the company's steamer, the KronThe United States Attorney in the Middle West submits a detailed report prinzessin Cecile, to deliver in London the
trust company's
of his investigation in his State and announces that he has evidence tending
shipment of $4,942,937. The steamer sailed from New
to show the use of improper methods by the beet-sugar Interests in his State gold
in an effort to advance the price of that commodity. He reports that while York on July 27 with a consignment of $10,697,000 of gold
his State produces substantially seven times the amount of sugar that it
for bankers in Paris and London, but when nearing Plymouth
consumes, nevertheless the people are compelled to pay the highest price
received instructions to return at once to the nearest Amerifor sugar asked for in the United States.
can port, as war was imminent. For several days nothing
A statement emanating from Armour & Co., dealing with was known as to the whereabouts of the steamer until her
the advance in the price of foodstuffs, was made public this unexpected arrival at Bar Harbor, Me., on Aug. 4. The
The Department of Justice at Washington on the 26th inst.
gave out the following statement bearing on the investigation under way by its agents in the Middle West into advanced food prices; this statement said:
AUG. 291914.]
THE CHRONICLE
trust company in its complaint alleges that a state of war
between Great Britain and Germany did not exist until
11 p. m. Aug.4. Greenwich time, and that prior to that time
the ship, in the ordinary course of her voyage, would have
reached Plymouth and discharged and delivered the gold in
accordance with the contract. The suit is based upon the
loss incurred in exchange by covering the obligations of the
trust company on the transaction. At the time of the engagement of the gold by the company, sterling cables were
quoted at about $4 89. When it was necessary, through the
arrival of the steamer at Bar Harbor, to cover the trust
company's commitment with the Bank of England by remittance from New York, sterling cables were quoted at $6;
with this difference of over $1 on the consignment of approximately $5,000,000, the trust company figures its loss at
over $1,000,000.
With regard to the disposition of the $10,697,000 of gold
on the Cecile, the -Herald" printed the following on Aug. 26:
belonged 31,The Credit Lyonnais of Parts, the institution to which
posses000.000 of gold undelivered by the Kronprinzessin Cecile,recovered
National City
sion ot that money yesterday through its agent here, the
bank.
Bank. The money was placed to the credit of the French
At the National City Bank it was believed other portions of the $10,Sub000,000 shipped in the Kronprinzessin Cecile are still lying in the
Treasury here. Officials there, however, would give no information on
587
The following was also issued from the same source:
ClearReferring to notice this morning separate lists must be sent to the
one
ing House,one for borrow and loan, one for buy and sell of odd lots and
-share lots and multiples thereof. Odd lot lists will
for buy and sell of 100
be good for the day only, all others G. T. C.
Suggestions and plans of various kinds are being made as
to how the exchanges of the country might be re-opened, one
this week advancing the scheme that the officials of the
various exchanges forbid their members to do any trading
for foreign account. According to Stock Exchange officials,
it was said no such plan had been submitted to the Exchange
and such an idea had never been thought of.
An interesting point in connection with the above was
the consideration of the re-opening of the New York Consolidated Stock Exchange to limited trading by the managers at
a meeting on Wednesday. The matter was referred to a
committee of six consisting of President M. E. de Aguero,
C. C. Perpall, J. Frank Howell, E. H. Heath, A. J. Marks
and L.J. Dietz. President de Aguero said of the plan now
under consideration:
the subject.
The belief at the National City Bank that more of the Cecile's shipment
the
s still in the Sub-Treasury is based on the length of time required for
selfbank to comply with the technicalities which the Government, in
Lyonnais's
protection, insisted on before it would transfer the Credit
$4,000,000. If it took until yesterday in that case,it was argued,it must
have required as long a time or more to make compliance in others.
In the case of the Guaranty Trust Co.'s $5,000,000 which was on board
the Kronprinzessin Cecile, proceedings were more simple. That company,
in consequence, recovered possession of the gold almost immediately after it
to
had been returned from Bar Harbor to this city. It forwarded it at once
Ottawa, where it was placed to the credit of the Bank of England, for
whose account it had been obtained here.
Whether the National City Bank. as shippers of the Credit Lyonnais's
$1.000,000, will institute any proceedings for the recovery of interest loss
could
and other damage suffered through the non-delivery of the gold,
that
not be ascertained. In its action the Guaranty Trust Co. maintains
of the Kronthe war clause in the bill of lading does not apply in the case
prinzessin Cecile because war had not actually been declared between
Great Britain and Germany when that vessel turned back.
Trading would be confined within a limited range of prices, the minimum
being an average of about 1% below the closings of July 30, all trades to
be for delivery on the following day, and no marginal trading to be allowed.
The latter rule would eliminate short selling.
It may be that there will be established three calls daily, say at 9.30. 12
and 2 o'clock, the advantage being that bids and offers made on the calls
would be open to the whole room and an actual bona fide market thus
established.
The committee of five representative of investment banking houses, which was appointed last week to investigate the
feasibility of resuming business in bonds, met on Wednesday
at the office of Harris, Forbes & Co., but reported no action
taken other than to suggest the addition of two more concerns
to its number. The members of the committee at present
are Harris, Forbes & Co., Guaranty Trust Co., White,
Weld & Co.,Brown Bros. & Co. and Kissel, Kinnicutt & Co.
In a circular sent to members of the Boston Stock Exchange
by the Special Committee of Five,the request is made that,
in order to facilitate the execution of orders through the
The decision to remove the embargo placed upon through Committee: clerk of your office be on hand to receive reports quickly
That the order
export bills of lading from inland points several weeks ago and be well informed regarding orders placed with the Committee.
trunk
That all execution of orders reported by the Committee be confirmed by
by the export freight traffic managers of the Eastern
you with
line roads was reached at a meeting of the traffic managers customer.the broker with whom you trade before report Is made to your
on Thursday. The "Journal of Commerce" reports that
That no publicity be given to transactions.
Please transmit all orders to the Committee in writing and specify whether
Chairman C. C. McCain of the Trunk Line Association has
issued notice to the trunk lines and their connections that they are good until canceled or for the day only.
the issuance of through export bills of lading on exportfreight
Regarding the resumption of trading in unlisted securities
to European countries via New York, Philadelphia and in Boston, the following letter has been sent to all the brokthe following
Baltimore may be resumed at once, subject to
erage houses of that city:
conditions:
At a meeting of the dealers in unlisted securities on Aug. 26, at 11 a. m.,
prepaid.
First—Inland freight charges to the Atlantic seaboard must be
at which you or your representative was present, the following resolution
until contract
Second—No through export bills of lading should be Issued
was unanimously adopted:
effected through foreign
or booking for ocean transportation has been
"It was voted that the dealers in unlisted securities represented at this
agents; in the latter case only meeting pledged themselves not to buy or sell any security, commonly
freight agents of trunk lines or steamship
when confirmed by the steamship agent to the r ailroad agent.
as 'unlisted security,' at a price less than that quoted on July 30
to the ocean known
Third—All through export bills oflading must have attached
1914, without first submitting the transaction to the Committee of Five,
lines, which can be
conditions war clauses as designated by trans-Atlantic
agents. and receiving their approval."
obtained from foreign freight agents of the trunk lines or steamship
This committee is composed of L. Sherman Adams. Chairman, Alonzo
the G. Walsh, William Hotchkin, Walter S. Place and William V. Ellis.
removing most of.
The action of the trunk line roads in
pomts
To make this effective and to know that its terms will be accepted,we
shipping limitations on merchandise from inland
kindly ask that you show your assent by sending your name to the Chairman
destined for European ports, the "Bulletin" adds, may be of this Committee. It is the Intention to follow the provisions of this
said to mark the resumption of export trade and shipments resolution until such time as it is deemed advisable to call a meeting for
of American merchandise as well as foodstuffs to those further action.
from 12 noon until 1 p. m
Committee of Five will be in session
ports of Europe which are still open, a basis which is prac- in The 320, No. 50 Congress Street. daily
Room
August.
tically normal for the first time in the month of
We trust this action meets with your approval.
Very truly yours.
The improvement, however, is limited to those steamship
COMMITTEE OF FIVE,
lines flying the British flag and other neutral Powers which
(Signed) L. SHERMAN ADAMS. Chairman.
have now reached the stages of definite services between
open ports.
Practically the same plan for trading purposes as that prepared by the New York Stock Exchange was adopted by the
Governing Committee of the Chicago Stock Exchange at a
meeting Aug. 13, when a committee of five members of the
Exchange was appointed, consisting of Frank W. Thomas
(Chairman), Walter S. Brewster, Allan M. Clement, F. C.
16.
Aldrich and Charles T. Atkinson, with full power to regulate
August 26.
Members desiring to act as dealers in odd lots must do so in conjunction
all dealings between members of the Exchange while the
with the Clearing House, under regulations which will be explained on
Stock Exchange remains closed. The Special Committee
application to the Committee on Clearing
House.
The Stock Exchange also issued the following under date on Trading has issued the following ruling,effective Aug.14:
Members of the Exchange desiring to buy securities for cash may send
of August 28:
of the same to the Committee at the Secretary's office. Chicago Stock
In addition to the rulings previously made by the Special
Committee of Five of the New York Stock Exchange and
reported in these columns last week, a further ruling NM
made the present week as follows:
In sending buying or selling orders for securities to the Clearing House, a list
Exchange. giving the amounts of securities wanted and the prices they
members are requested to send separate slips, such as are used on the floor,
are willing to pay. No offers to buy at less than the closing prices of
for each order in each stock or bond, beginning Monday. Aug. 311914.
Thursday, July 30,will be considered. Members of the Exchange desiring
Ely of the New York Stock Exchange gave out to sell securities, but only in order to relieve the necessities of themselves
Secretary
or their customers, may send a list of same to the Committee at the Secrethe following on August 22:
the amounts of securities for
Members desiring to buy or sell, loan or borrow,securities in conformity tary's office, Chicago Stock Exchange, giving
than the closing prices of Thursday, July 30, will be
with the rules, are requested to send before 12 o'clock noon Monday. sale. No prices less
Aug. 24 1914, new and corrected lists showing their requirements as of considered.
Members of the Exchange are prohibited from furnishing the facilities
10 a. m. that day, including offers to buy and sell odd lots, which must
of their offices to clear transactions made by non-members while the Exhereafter be placed at the Clearing House of the Exchange.
588
THE CHRONICLE
change remains closed. Any member who has orders to buy and orders to
sell the same security may make the transaction in his own office, rrovided
the prices are not below the closing prices of July 30, and regular commissions are charged on both purchase and sale, and purchases and sales so
made shall be reported at once to the Special Committee on Trading.
The Committee will meet each day at noon for the purpose of transacting
such business as comes before it for consideration
The Pittsburgh Stock Exchange held a general business
meeting on Aug. 27, but no change in the situation was announced. Trading is still to be continued through the
Clearing-House Committee on the basis of final prices as of
July 30.
The Cincinnati Stock Exchange, the only exchange of
importance which has not closed, reports transactions this
week in Cincinnati Suburban Telephone stock at 190; Cincinnati Street Ry. stock at 10334 and 104; Ohio Cities Gas,
common, at 65; Procter & Gamble, common, at 550; $500
Cincinnati 4% viaduct bonds of 1922 sold at 1003i and
$500 Cincinnati School 4s of 1948 at 1003; Columbia Gas
& Elec. stock is quoted 83'@)83'; Procter & Gamble, pref.,
180@,200; Northern Ohio Tree. & Light, com., is offered at
65,and the preferred at 101.
[Vot. XCIX
Cleveland is the centre), and all banks in
West
Only a small part of West Virginia is included Virginia.
in Federal
Reserve District No. 4, which also takes in
Western Pennsylvania, Ohio and a part of Kentucky. It is
stated that
the action of the Pittsburgh Currency Association
was taken
at the request of a number of banks desirous of
taking out
emergency currency. The Pittsburgh "Dispatch"
of the
19th inst. gave the following comments by Charles
President of the Pittsburgh Clearing-House McKnight
Association,
on the banking situation of that city:
Although the Pittsburgh Clearing-House Association
issuance of clearing-house certificates between members authorized the
in
balances because of the European war scare, the Association payment of
has deemed
It unnecessary to do so at the present time. The issue of
$7,500,000 of
currency by the National Currency Asosciation of Pittsburgh,
which is
really the Government of the 'United States, has been sufficient
to meet
all needs of banking concerns, and, to my mind, all dangers of a
financial
panic are over. Confidence has been restored and the banking
situation,
not only In Pittsburgh, but throughout the entire country, Is rapidly
improving.
The banks of this regional district are helping the Pittsburgh
clearingHouse Association and the Association is helping the banks of the district
In return. Currency is flowing back into the natural financial
channels
of Pittsburgh, and indeed all over the country, and, as a result, there
is
little trouble experienced either by financiers or the general public
over
money matters.
Every pay-roll In the Pittsburgh district has been met with cash and
the
amount of currency available in this section gives full assurance of
not
only meeting our own demands but also caring for all needs of adjoining
territory.
The governing body of the San Francisco Stock Exchange
(mining and oil) announced Aug.20 that trading in the Goldfield and Tonopah stocks would not be resumed on Aug. 21,
as originally planned, but would be postponed until WednesAt their request the banks of Toledo, Ohio, have been
day morning, Aug.26.
included in the National Currency Association of Cleveland. The by-laws of the Cleveland Association, which
It is reported from Montreal that bankers and members heretofore included fourteen counties in Northeastern had
Ohio,
of the Exchange there are discussing the advisability of open- have been amended so as to embrace the Northwestern
ing to cash transactions along the lines adopted by the N. Y. territory, thereby bringing within its bounds nineteen Ohio
counStock Exchange. The matter is reported to have been taken ties. Toledo and Sandusky, it is stated, are the
important
up with the Toronto Stock Exchange. News from the latter banking points in the additional territory.
place, however, holds out little hope of a resumption in business, the war reports of the last few days having been a disAt a meeting in Des Moines, Iowa, on the 4th inst. the
couraging factor. The Standard Stock & Mining Exchange
National Currency Association of Iowa was formed, eightyof Toronto began business on a limited basis on Monday last.
four national banks of the State joining the Association.
The following rules were laid down to govern trade:
(1) That the Exchange will reopen on Monday at 10 a. m. and close The by-laws of the Currency Association of New York were
at 12:30 p. m.
used by the Iowa organization, with some slight changes.
(2) That there will only be one session a day.
The officers of the Iowa Association are: President, Homer
(3) That the trading will be for cash.
A. Miller, President of the Iowa National Bank of Des
(4) That minimum prices will be quoted on all stocks by the
Standard
-President, J. G. Rounds, President of the CitiExchange, the prices being fixed for the purpose of preventing
any possible Moines; Vice
raid on any particular stocks, and for the purpose of protecting the
zens' National Bank of Des Moines; Secretary, P. W. Hall
public.
(5) That sales will not be permitted at a lower price than the
minimum of Des Moines, and Treasurer, A. H. Gale, President
of the
fixed by the Exchange.
City National Bank of Mason City. Arthur Reynolds,
The organization of a National Currency Association was President of the Des Moines National Bank, is Chairman of
perfected in Providence, R. I. on the 24th inst. at a meeting the Executive Committee.
of representatives of twelve national banks of the State.
The National Currency Association of North Carolina
It is to be known as the National Currency Association of
Rhode Island. Eight Providence banks, three Newport was created on the 12th inst. at a meeting in Raleigh of naInstitutions and one in Woonsocket make up the Association; tional bank representatives from thirty-one cities of the State.
the institutions are: the Blackstone Canal National Bank, The amount of capital represented in the organization is
895,000, in addition to a surplus of 82,313,000. The
the National Bank of Commerce, the National Exchange $5,
Bank, the Mechanics' National Bank, the Merchants' Na- Association is officered by President Joseph G. Brown,
tional Bank, the Phoenix National Bank, the Providence President of the Citizens' National Bank of Raleigh; ViceNational Bank and the United National Bank, all of Provi- President, T. E. Cooper,President of the American National
dence; the Aquidneck National Bank, the National Ex- Bank of Wilmington, and Secretary and Treasurer, E. B.
change Bank and the Newport National Bank of Newport, Crow, Cashier of the Commercial National Bank of Raleigh.
and the Producers' National of Woonsocket. M.J. Barber,
President of the Providence Clearing-House Association,
In South Carolina, at Columbia, on the 19th inst., repreat whose instance the currency association was formed,issued sentatives of thirty-nine bankers of the State organized the
South Carolina Currency Association under the Presidency
the following statement concerning the movement:
Goodwyn Rhett, President of the People's
There is no apparent need at present, and there Is no probability
that any of R.
National
bank will avail itself of the privilege of taking out emergency currency
Bank of Charleston. The other officers are Vice-President
unless conditions should materially change. However, the
Association J. pope Matthews of the Palmetto
National Bank of Columis formed, and should occasion arise where more circulation is needed
In
this community, a material amount could be obtained at short notice. bia; Secretary, John T. Melton, Cashier of
the National
The financial Institutions of Providence are in good condition. The immeState Bank of Columbia, and Treasurer, W.A. Clark, Presidiate needs of the manufacturers and merchants are being looked
after
the Carolina National Bank of Columbia. The
by the commercial banks. There is no appreciable amount being with- dent of
drawn from the savings banks,and there is no great scarcity of currency.
banks joining the Association have a capital and surplus of
The National Currency Association of Philadelphia took
action on the 27th toward admiting to its membership the
Worth,Tex., on the 5th inst.,the Currency Assocountry banks of the Philadelphia Reserve District. The $8' i:
8 7 Fort
0n o;Worth was organized by bankers of Tarrant,
oF r F
ciat
In
3
association is at present limited to banks in Philadelphia. Johnson and Parker counties. Its officers are: President,
The Secretary of the Treasury has requested that the asso- W. E. Connell, President of the First National Bank;
ciation be extended to cover the Philadelphia Reserve Dis- viee-president,Ben. 0. Smith, President of the Farmers' &
trict so as to give country banks facilities for taking out Mechanics' National Bank; Secretary, John N. Sparks,
emergency currency. The association adopted certain President of the Stock Yards National Bank, and Treasurer,
amendments to the by-laws which are subject to the approval Elmo Sledd, Vice-President of the Fort Worth National
Bank.
of the Treasury Department.
An amendment to the by-laws of the National Currency
The National Currency Association of Oregon, Ore., was
Association of Pittsburgh enlarges its scope so as to admit organized at a meeting in Portland on Aug.20. The meeting
banks embraced in Federal Reserve District No.4 (of which was attended by representatives of eleven national banks--
AUG. 29 1914.]
THE CHRONICLE
the five in Portland; the First National banks in the cities
of Eugene, Albany, Astoria, Baker and The Danes, and the
Capital National Bank of Salem. The association is under
the direction of C. F. Adams, Vice-President of the First
National Bank, Portland, President; R. Lee Barnes, VicePresident of the United States National, Portland, VicePresident; George W. Bates, President of the Lumbermen's
National, Portland, Secretary, and P. E. Snodgrass, President of the First National of Eugene, Treasurer.
Confirmation of the report that the coupons due Sept. 1
on the 250,000,000 francs Central Pacific loan of 1911 and
the £5,000,000 Union Pacific refunding sterling loan had been
provided for in Paris and London,respectively, was made last
week by Kuhn, Loeb & Co.
THE ENGLISH GOLD AND SILVER MARKETS.
At the present time information regarding the sources
from which Great Britain is deriving her new supplies of gold
and the calls for the metal she is obliged to meet, as also
the course of the silver market, possess much interest, and
we accordingly re-print the following from the weekly circular
of Samuel Montagu & Co.of London, written under date of
Aug. 13 1914:
GOLD.
During the last fortnight over two millions sterling arrived in the form
of bar gold. Of this, only a very small portion was sent to the Continent
last week. The rest has been, or will be,received by the Bank of England
The stock in the Bank (depleted by the financial situation) is being
rapidly supplemented by consignments of bar gold and American gold
coin from New York-already foreshadowed in our last Bullion Letter. A
transfer of Indian Government balances has also been made from London
to India: this process releases gold here, and provides cash in India, at the
disposal of the Government.
The exceptional condition of finance impelled the Bank of England to
raise its official minimum rate of discount on July 30 from 3% to 4%,on
July 31 to 8% and on Aug. 1 to 10%. On two previous occasions the same
high figure was fixed, namely May 12 1866 and Nov. 9 1857.
The energetic action of His Majesty's Treasury (comprising amongst
other measures the suspension of the Bank Act, which became operative on
Aug.7),assisted by suitable precautions on the part of the Bank of England,
regained control of the financial situation so rapidly that the Bank of
England was able to reduce its IllirliMUM rate of discount to 6% on the
6th inst. and to 5% on the 8th inst., at which the rate now remains.
The extremely important announcement has been made that the Bank
of England is willing to purchase gold at Ottawa,by the intermediary of the
Canadian Government, and to pay cash in London there against,for which
purpose the price of gold bars has been fixed at 77s. 6d. per oz. standard
and united States gold coin at 76s. Md. per oz.
The following amounts were received by the Bank:
July 30. £174,000 in sovereigns from Brazil.
" 30.
73,000 in bar gold.
" 31.
139,000 in "
Aug. 1.
56,000 in
"
7. 2,155.000 in United States gold.
"
7. 874,000 in bar gold.
di
7. 447,000 in sovereigns from Brazil.
"
7.
90,000 in
"
" Argentina.
7. 2,000,000 in sovereigns released from the amount set aside for the
Secretary of State for India.
Se
8. 602.000 in bar gold.
4.
8.
145,000 in sovereigns from Argentina.
10. 438,000 in bar gold.
.4
10. 2,195,000 in United States gold coin.
de
11.
32,000 in bar gold.
SS
11.
64.000 in United States gold Coln.
di
11.
25.000 in sovereigns from Uruguay.
Se
11.
100,000 in
Argentina.
44
12.
172,000 in bar gold.
d•
12. 258.000 in United States
geld COin•
1$
12.
30.000 in sovereigns from Brazil.
Withdrawals were made as under:
July 30. £971,000 in sovereign
s for France.
" 30.
150,000 "
"
Gibraltar.
" 30. 100,000 "
"
Egypt.
" 30.
60.000 "
"
Switzerland.
" 31. 572.000 "
"
the Continent.
" 31. 548,000 "
"
Belgium,
" 31.
143,000 "
"
France.
" 31.
80,000 "
"
Malta.
Aug. 1.
100.000 "
"
Gibraltar.
1.
16,000 "
"
France.
"
7. 230,000 "
"
7.
12,500 "
" {set aside account.
" 10.
12.500 "
" Straits Settlements
" 12.
12,500 "
"
note reserve.
During the fortnight the net
influx amounted to the heavy sum of
£7,061,500.
The net import of gold into India
for the month of July 1914 was £421,500
(approximately).
589
The English Mint has bought freely, and the price has risen by leaps and
bounds, although a temporary reaction took place on the 11th inst.
It is to be noted that silver is contraband of war, and that until shipping
upon the high seas is free from interference by the enemies of our country,
fresh supplies of silver will be unusually difficult to obtain.
The stock in London at the period when hostilities were commenced
was in the neighborhood of 5,000,000 standard ozs., and is now naturally
much reduced.
The rapid advance in the price prompted Eastern operators, fortunate
enough to hold silver in London, to take handsome profits, and, the time
at
of writing, business is confined to selling or buying
against contracts falling
due, and to fulfilling the requirements of the English
Mint.
The United States Government has made a purchase
of 1.175,000 ozs. for
mintage. This is the first transaction of that character
for a very long time.
Several other governments have under consideration the advisabili
ty of increasing their silver coinage.
The cash price-the only quotation now
fixed-rose from 233id• on the
30th ult. to 26d. on Aug. 7, to 27d. on Aug.
8, and to 27%cl. on Aug. 10.
On Aug. 11 a reaction ensued to 263d.,
followed by a fractional recovery
to 26%d. on Aug. 13, at which price
it remains to-day.
Statistics for July are appended:
Highest Price
26% cash, 26 3-16 2 months.
Lowest Price
23% " 24 1-16 2 months.
Average Price
25.218 " 25.3
2 months.
On one day
-the 31st
-there was no quotation. On the remaining 26
working days both quotations were
identical on 3 days, on 17 days silver
for forward delivery was at a premium
of 1-16d., on 4 of 34d., on 1 of Md.,
and of 1 of 5-16d.
No shipment has been made from
San Francisco to Hongkong since our
last letter.
The quotation to-day for cash silver
is 2%cl. above that fixed a fortnight
ago.
Quotations for bar silver p. o.std.
Aug 7. 26 cash.
.
Bank rate
5%
No
Bar gold, per oz., standard_ __ _77-9
10. 27%
quotation
French gold coin per oz_ _ _nominal
for
German
forward
U.S. A. "
"
_nomina
26% "
delivery.
tor week_ _26.75
11:
INCOME TAX REGULATIONS AND
The decision of the Treasury Depart DECISIONS.
ment to accept a
compromise for penalties imposed for the
returns within the required time, in cases failure to make
where there was
no intent to evade the law, was
made known on August 14
In the following announcement
:
COMPROMISES OF PENALT
IES
-MINIMUM AMOUNTS WHICH
WILL BE ACCEPTED.
(T. D. 2,015.)
TREASURY DEPARTMENT.
Office of Commissioner of
Internal Revenue,
Washington, D. C., August 13 1914.
To Collectors of Internal Revenue:
The fact has been developed that
a great number of individual
s and
corporations failed to make returns
of
tax, either through ignorance of the annual net Income for the Income
requirements of the law or through
a misunderstanding of its
requirements, and it has been
determined by
the Treasury Department to accept offers in
compromise of the specific
penalty for failure to file returns, within the
period prescribed by law, in
a minimum sum as follows: $5 from individual
s: $10 from corporations
which are organized for profit.
In the cases of all corporations not organized
for profit, the specific
penalty will not be asserted this year, provided the
required return has
been or shall be filed before December 31 1914. The
United States Distrist
Attorney should be requested not to institute
proceedings in such cases.
The foregoing applies only to those cases where
there was no intent to
evade the law or escape taxation.
In all cases, however, wherein a return is not
made until the liability
to make a return is discovered by investigation
of collectors of internal
revenue or revenue agents, the above schedule
will not necessarily apply,
but each individual case will be decided upon
its own merits, and the
amount of the offer in compromise which
may be favorably considered
will be determined accordingly.
ROBERT WILLIAMS JR.,
Acting Commissioner of Internal
Revenue.
Approved:
W. G. McADOO.
Secretary of the Treasury.
The Treasury Department this week
gave a further interpretation of the provision in the Income
Tax Law relating
to deductions allowed on account of losses
incurred in trade.
Its latest edict was given in response to
a number of queries
which, according to the Department, could
be embraced in
the following general question:
"What constitutes 'losses incurred in
trade' within the meaning of the
Income Tax Law ?
"
In deciding this question the Treasury Departm
ent said:
INTERPRETATION OF "LOSSES IN TRADE.
"
In reply you are advised that upon further
consideration of the question
of losses the clause In Paragraph 131 of the
Act of October 3 1913, reading,
"losses actually sustained during the year.
incurred in trade * • • is
Interpreted to mean that losses actually sustained
during the tax year as
a result of any lawful investment made for the
purpose of gain or profit,
SILVER.
which gain or profit would be income subject to
The silver market was closed from
the income tax, are held
July 31 to Aug. 6, inclusive, as a con- to be "losses incurred
sequence of the hostilities entered
in trade" and may be claimed as an allowable
upon by the German Government, in
deduction, even though the person sustaining the loss may
the course of which Belgium was
not be
invaded. Belgium having appealed to engaged
in the business in which the investment was made. regularly
this country for help. Great Britain
To be an
declared war on the 4th inst. upon the allowable deduction
G01111911 Government, which had
, however, the loss must be actually
violated the neutrality of Belginni•
determined during the tax year for which the deduction sustained and
So prolonged a period without a
is sought to be
Weekly Bullion Circular Letter was quotation was unprecedented. and our made, and must be the result as ascertained upon an
actual, a completed,
not issued last week, for the first time
since its institution.
a closed transaction.
The course of public events has had
a considerable effect upon the silver
market. For instance, no price for
The taxability under the Income Tax Law of
forward delivery has been fixed since
July 30, owing to a general indisposition
Commiss
on renewal premiums on Insurance was the subject ions
A desire to close contracts for forward to make forward contracts.
of a
delivery already in existence, and
the fact that only cash silver is dealt
recent decision of Internal Revenue Commissioner
in, presents a peculiar feature of the
Osborn.
s tuation.
We print his ruling in the matter below.
590
THE CHRONICLE
ON RENEWAL PREMIUMS ON
TAXABILITY OF COMMISSIONS
INSURANCE.
(T. D. 2,011.)
TREASURY DEPARTMENT.
of Commissioner of Internal Revenue.
Office
Washington, D. C., July 28 1914.
To Collectors of Internal Revenue:
are income when reCommissions on renewal premiums for insurance
in which received. Therefore, commisceived and income for the period
between March 1 and December 31
sions on renewal premiums received
and should be included in returns
1913 are taxable income for that period
of income for 1913.
received by individuals beWhere commissions on renewal premiums
(including commissions on renewal
tween March 1 and December 31 1913
1 1913 and payable and paid
premiums on business written prior to March
in returns of income of such
subsequent to that date) were not included
returns and include in such
Individuals for 1913, they should file amended
commissions on renewal premiums.
amended returns the amount of said
were not made by individuals in
Where returns of annual net Income
because of insufficient income
receipt of commissions on renewal premiums
and such showing of insufficient income was
to require a return of income,
of said commissions on renewal
caused by the exclusion from the return
and file returns of income and
premiums. such individuals should make
ons received by them on renewal premiums
Include therein the commissi
r 311913.
within the period from March 1 to Decembe
W. H. OSBORN,
Commissioner of Internal Revenue.
Approved:
W. G. McADOO,
Secretary of the Treasury.
ced
On the 26th inst. the Treasury Department announ
ng ruling exempting from the tax, non-resident
the followi
aliens owning domestic corporation securities.
NoN.russinENT ALIENS OWNING DOMESTIC CORPORATION
.
SECURITIES, EXEMPT
ons and dividends on stock
"Interest on bonds of domestic corporati
by non-resident aliens, and whether such
of domestic corporations owned
or without the United States,
within
bonds and stock be physically located
tax."
are not subject to the income
THE
SPECIAL GOVERNMENT DEPOSITS WITH
BANKS—HOW TO BE OBTAINED.
for
Instructions governing the issuance of Treasury funds
by
-moving and business purposes were recently issued
crop
Department,supplementing Secretary McAdoo's
the Treasury
announcement of July that approximately $34,000,000 would
applibe deposited with the national banks which had made
cation for funds for these purposes. The instructions are
published this week by the "Journal of Commerce" as follows:
ent funds may be
To national banks with which deposits of Governm
the crops and to assist
made to facilitate the movement and marketing of
of the Treasury
business, pursuant to the announcement of the Secretary
made July 25 1914.
Location and Purpose of Deposits.
located in such of the
Deposits will be made only in national banks
Secretary may designate.
principal cities or towns of the several States as the
prevent or mitigate the
It is understood that such deposits-are made to
the year incident to the
financial tension so common at this period of
by the banks will be used
movement of crops, and that the funds received
ve or other transactions.
in good faith for this purpose and not for speculati
by the depositaries
It is not intended that such funds shall be utilized
as re-discounts
selected to discharge their obligations to other banks,such
of the deposit
or bills payable, but in order that the legitimate purposes
will be expected to extend
may be accomplished, the banks receiving same
be consistent
to the banks in smaller towns such accommodations as may
in all cases
with sound and conservative principles of banking, and that
reasonable.
the rate of interest charged such banks will be moderate and
under existing conditions for the
In other words, since it is impracticable
towns and
Government to extend these deposits to the various smaller
of distribucities, the depositaries selected are expected to act as mediums
them for the purpose
tion in furnishing funds to the localities in need of
stated—of transporting and marketing the crops and of assisting legitimate
business.
In apportioning the funds among the banks in each city.consideration
by the applicant bank and
will be given to the character of business done
ndent banks.
the extent to which it is lending money to its country correspo
Particular consideration will be given to the willingness of the banks receiving such deposits to lend to their country correspondent banks at
reasonable rates of interest. The Secretary is deeply interested in having
as to enable the ultimate
a
the Government money distributed in such way
borrower to get it at the lowest possible rate of interest.
Collateral Security Accepted.
Deposits made under the provisions of this circular may be secured—
ent bonds of any issue.
(1) By United States Governm
l or other bonds which have been
(2) By high-class State, municipa
Secretary and which, when so approved, will be accepted
approved by the
as security at 75% of their market value.
(3) By prime commercial or business paper approved by the Secretary,
accepted at 75% of its face value.
,
and which, when so approved will be
ent of the bank offering it.
All such paper must bear the endorsem
in its general, not technical,
The term commercial paper is here used
paper executed by individuals,
sense, and may consist of first class business
and responsibility for legitimate
good standing
firms or corporations of
ve
ons. It should preferbusiness purposes and not for speculati transacti
names of not less than two persons,firms or corporations,in
ably bear the
of banks submitting it, though the Secretary
addition to the endorsement
paper endorsed by the bank, if the standing of the
may accept single-name
sufficient.
maker is regarded as
business paper will be approved by the Secretary until
No commercial or
approved and recommended by a committee apit has been unanimously
to consist of six members, five of whom shall be
pointed by that purpose,
selected for and be members of the clearing-house association of the city
for the deposit is located, the sixth to be desigIn which the bank applying those cities where there is a sub-treasury of
In
nated by the Secretary.
Assistant Treasurer shall also be ex-officio a memthe United States, the
six members. This committee shall for conin addition to the other
ber,
the securities committee.
venience be referred to as
[VOL. xc
In cities where there may be no clearing house the committee shall be
composed of officers or directors of local banks, recommended by the Secretary's local representative and accepted by the Secretary.
Custody of Security for Deposits.
All securities for such deposits shall be deposited with a custodian designated by the Secretary. In cities where sub-treasuries are located, the
Assistant Treasurer may be the custodian. In other cities the Secretary
will designate either the member of the securities committee selected by
him or some bank or trust company located in such city. Such custodian
will be required to execute a bond in a penalty to be fixed by the Secretary,
and in no case to be less than the face value of securities deposited. The
condition of this bond shall provide for the safe keeping of such securities
and the delivery of same to party entitled thereto upon the direction of the
a
Secretary. Such securities shall be kept under seal in safe-deposit box
, which safe-deposit
or safe, separate from all other papers and securities
the securities
box or safe shall be in a fireproof vault or building approved by
g such securities shall
committee. The seal on box or package containin
presence of a committee of
be broken and securities removed only in the
designated by the
three, to consist of a representative of the custodian
a representative of
Secretary, a representative of the depositing bank and
the bonding company.
the depositary
Should the representative of the bonding company or of
to break
bank fail to appear after notice from the custodian that he intends
ask any two
the seal of the securities in question, such custodian may
thereupon
members of the securities committee to be present and may
break the seal and remove the collateral security for any purpose necessary
under the conditions of the deposit of same.
How Deposits are to be Obtained.
A national bank located in one of the cities named, desiring to be designated as a depositary and to receive an allotment of such deposits,should
proceed as follows:
First, a list of the securities offered by the bank should be prepared in
quadruplicate and submitted to the securities committee. When such
list has been unanimously approved and recommended by said committee
(such approval to be evidenced by the signature of each member), three
copies shall be forwarded to the Secretary, together with a copy of the resolution of the board of directors of the bank naaldng the application, authorizing the request for deposit and the pledge of the securities in question.
If the Secretary approves the securities offered, the lists submitted will be
forwarded to the custodian designated to receive such securities, with the
Secretary's approval noted thereon. The custodian will thereupon receive and check up such securities and will return to the Secretary one copy
of the list of same, bearing his certificate that the securities enumerated
have been received by him. He will deliver one copy bearing similar certificate to the depositary bank as its receipt and will retain the third copy
will be
for his files. The fourth copy furnished by the bank applying
by it.
retained by the securities committee as its record of paper approved
or one of the
Upon receipt of list forwarded to the Secretary,the Treasurer
directed to deposit funds
Assistant Treasurers of the United States will be
thus secured with the designated bank.
where in the judgment
The deposit of funds will in all cases, except
variation of this rule, be
of the Secretary special conditions justify a
amount allotted.
made in installments of 25 or 50% each of the
Exchange of Securities.
to the Secretary a list
Banks desiring to exchange securities must submit
of any securities it
of offerings at least fifteen days before the maturity
same manner as
desires to withdraw. Such lists will be handled in the
the list of original offerings.
to the Secretary at Washington
The time necessary to transmit such lists
lists of securities to be
should be taken into consideration in submitting
the approval of the
exchanged and ample opportunity given to obtain
Secretary.
Collateral Maturing in Custodian's Possession.
in the possession of the custodian,it must
Should any note mature while
by him or his representative at the bank at
be presented for payment
maturity, provided such note is payable at
which it is payable on date of
bank located in the same city. If,
depositary bank or at some other
the
in some other city, the custodian should
however, such note is payable
the depositary bank at least five days before
resent it for payment to
y bank may have ample time to forward
maturity, so that the depositar
case such note shall be paid by delivering
note for collection. In either
such
draft for the amount due thereon made payable to the
to the custodian a
and drawn on a national bank located in
Treasurer of the United States
United States has established and maintains a Subany city in which the
will thereupon transmit such draft to the TreasTreasury. The custodian
will
United States for collection and when collected the proceeds
urer
Treasurer as a withdrawal of that much of the deposit
be credited by the
such bahe
is ot tnk
purpose of the Department to make withdrawals in this
with*
not
It
impose this duty of collection upon the custodian.
way, however, nor to
to make provision for the exchange of securities in
The failure of any bank
, necessitate the withdrawal of the entire deposit.
due time may, therefore
of notes maturing in the hands of the custodian will be
The presentation
any release of the indorsers. Should any
necessary in order to prevent
so presented, the custodian will cause the same to
bank fall to pay a note
protested and demand will be made by the Secretary upon
be immediately
for the payment of the entire deposit. Should the
the depositary bank
stated a
depositary hank fail to pay to the custodian in the manner above
in some other city and presented by the custodian
note, made payable
d
before maturity, the custodian shall thereupon fornot less than five days
notify the
ward such note for collection through some other bank and shall
condition.
Secretary of the failure of the depositary bank to comply with this
Withdrawal of Deposits.
notice,
All deposits will be payable on demand and without previous
the relief intended and to facilitate the movement
but in order to afford
variations
it
and marketing of crops. is expected that, except in cases where
of the total
of this rule may be deemed desirable by the Secretary, 25%
be withdrawn by the Government on December 11914; 25%
deposit will
February 1 1915, and 25% on February 15
on January 1 1915; 25% on
Govern1915. Depositary banks will therefore accept this as notice of the
make withdrawals on the dates indicated if not withment's intention to
drawn earlier.
at an
Banks shall have the right to return the deposits to the Treasury
earlier date if they so elect.
funds by the Government the custodian will be
Upon withdrawal of
amount of
directed to surrender to the depositary banks a proportionatehaving the
collateral security deposited with such custodian. Paper
in the opinion
earliest maturity will be surrendered in such cases, unless
variation of this rule should be made.
of the Secretary a
at any
The Secretary reserves the right to call for additional security
time when in his opinion:it may be desirable.
AUG. 29
1914.]
THE CHRONICLE
Interest and Expenses of Deposits.
The depositary bank will be required to pay 2% interest on the average
balance maintained during the period of the deposit, and must in addition
pay such expenses as are incident to such deposit. That is to say, all
expressage or transportation charges, premium on custodian's bond, cost
of custody, if any, telegraph and telephone tolls, and any other expense
growing out of or incident to such deposit.
The foregoing terms and instructions have been set out in detail in order
that the purpose and conditions of these deposits may be fully understood,
and the accomplishment of their object facilitated.
As the members of the Securities Committee, as well as the custodian
of the securities, are expected to act without compensation as a matter
of public service, it is the desire of the Secretary that all routine matters
should be so arranged as to make their duties as little burdensome as circumstances will • permit. For the same reason the method of handling
the securities deposited as collateral has been arranged to minimize as far
as possible the responsibility assumed by the custodian.
For convenience in handling and to facilitate verification, banks having
other accounts with the Government are directed to carry these special
deposits in a separate account.
Blank forms of custodian's bond, certificates to be signed by the SecurL
ties Committee, Ste., will be furnished upon request, and every assistance
will be afforded by the Department to expedite and facilitate the placing
of deposits, in order that their purpose may be fully and promptly accomplished.
Special Instructions.
To facilitate the deposit of funds under this circular, the following resume
of instructions herein contained is called to the special attention of the
applicant banks. These instructions must be carefully followed.
Bills receivable offered should be listed in the order of their maturities
on forms furnished by the Department, which may be obtained by the
banks from the Securities Committee. Other securities should also be
properly listed on the forms heretofore provided.
All applications should be made and executed in quadruplicate and the
four lists prepared by the bank should be inclosed within and fastened to
four separate folders furnished by the Department—each separate list
in a separate folder.
The application of the bank should then be filled out and signed and the
resolution of the board of directors certified to by the Cashier under the
seal of the bank.
When this has been done, all four lists so prepared should be presented
to the securities committee, and when the approval of this committee has
been obtained in the manner hereinbefore prescribed, three copies should
be forwarded to the Secretary of the Treasury, accompanied by the surety
bond of the custodian, duly executed by such custodian and a surety company approved by the Department.
When the three lists containing the certificates provided for in this circular, duly signed and executed, have been received by the Secretary, and
when he shall have approved the securities offered in said list, the bond of
the custodian will be immediately delivered to the Chief of the Bond Division of the Treasury, whose certificate will thereupon be attached, and the
three copies will be promptly returned by this office to the custodian with
authority to receive and receipt for the securities so approved.
The custodian will thereupon execute the certificate provided for this
purpose on the inside page of the back cover when the securities enumerated
shall have been delivered to him, and will deliver one of the three copies
sent to him to the bank making the application; will retain one copy for
his files, and return the third copy to the Treasurer of the United States,
who will forthwith authorize the deposit to be made with the bank designated.
The bond of the custodian should be executed for an amount equal to the
face value of commercial paper and other securities which are to be deposited
with him for safekeeping. Where the market value of securities may be
in excess of their face value, the bond must cover the market value.
Where a bank or trust company may be designated as custodian, the
surety bond should be executed by the said bank or trust company through
its duly authorized officers.
W. G. McADOO. Secretary of the Treasury.
THE COTTON FUTURES ACT.
We give below the text of the Smith-Lever Cotton Futures
Bill which became a law with the signature of President Wilson on Aug. 18. As heretofore noted in these columns, the
bill imposes a tax of two cents on each pound of cotton
($10 a bale) sold for future delivery where the provisions of
the Act are not complied with, and provides that trading
shall be in accordance with standards fixed at various times
by the Government, no grade to be altered under one year's
notice. The law goes into effect six months after its passage.
AN ACT TO tax the privilege of dealing on exchanges, boards of trade.
and similar places,in contractsof sale of cotton for future delivery, and for
other purposes.
lie it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled, That this Act shall be known by the short
title of the "United States Cotton Futures
Act."
Sec. 2. That, for the purposes of this Act,
the term "contract of sale"
shall be held to include sales, agreements of sale, and agreements to sell.
That the word "person," wherever used in
this Act, shall be construed to
import the plural or singular, as the case demands, and shall include individuals, associations, partnerships,
and corporations. When construing
and enforcing the provisions of this Act,
the act, omission, or failure of any
official, agent, or other person acting for
or employed by any association,
partnership, or corporation within the
scope of his employment or office,
shall, in every case, also be deemed
the act, omission, or failure of such
association, partnership, or corporation
as well as that of the person.
Sec. 3. That upon each contract of sale
of any cotton for future delivery
made at, on, or in any exchange, board
of trade. or similar institution or
place of business, there is hereby
levied a tax in the nature of an excise
of 2 cents for each pound of the cotton involved in any such contract.
Sec. 4. That each contract of sale
of cotton for future delivery mentioned in Section 3 of this Act shall
oe in writing, plainly stating, or evidenced by written memorandum
showing, the terms of such contract, including the quantity of the cotton involved
and the names and addresses
of the seller and buyer in such contract, and shall be signed by the party
to be charged, or by his agent in his behalf. If the contract or memorandum
specify in bales the quantity of the cotton involved, without giving the
weight, each bale shall, for the purposes of this Act, be deemed to weigh five
hundred pounds.
591
Sec. 5. That no tax shall be levied under this Act on any contract of sale
mentioned in Section 3 hereof, if the contract comply with each of the
following conditions:
First. Conform to the requirements of Section 4 of, and the rules and
regulations made pursuant to, this Act.
Second. Specify the basis grade for the cotton involved in the contract,
which shall be one of the grades for which standards are established by the
Secretary of Agriculture except grades prohibited from being delivered on
a contract made under this section by the fifth subdivision of this section,
the price per pound at which the cotton of such basis grade is contracted to
be bought or sold, the date when the purchase or sale was made, and the
.
month or months in which the contract is to be fulfilled or settled: Provided,
That middling shall be deemed the basis grade incorporated into the contract if no other basis grade be specified either in the contract or in the
memorandum evidencing the same.
Third. Provide that the cotton dealt with therein or delivered thereunder shall be of or within the grades for which standards are established
by the Secretary of Agriculture except grades prohibited from being
delivered on a contract made under this section by the fifth subdivision
of this section and no other grade or grades.
Fourth. Provide that In case cotton of grade other than the basis grade
be tendered or delivered in settlement of such contract, the differences
above or below the contract price which the receiver shall pay for such
grades ether than the oasis grade shall be the actual commercial differences.
determined as hereinafter provided.
Fifth. Provide that cotton that, because of the presence of extraneous
matter of any character or irregularities or defects, is reduced in value
below that of Good Ordinary, or cotton that Is below the grade of Good
Ordinary, or, if tinged, cotton that Is below the grade of Low Middling,
or, if stained, cotton that is below the grade of Middling, the grades mentioned being of the official cotton standards of the United States, or cotton
that is less than seven-eighths of an inch in length of staple, or cotton
of perished staple or of immature staple, or cotton that is "gin cut" or
re-ginned, or cotton that is "re-packed" or "false-packed" or "mixed
packed" or "water packed," shall not be delivered on, under or in settlement of such contract.
Sixth. Provide that all tenders of cotton under such contract shall be
the full number of bales involved therein, except that such variations of the
number of bales may be permitted as is necessary to bring the total weight
of the cotton tendered within the provisions of the contract as to weight;
that, on the fifth business day prior to delivery, the person making the
tender shall give to the person receiving the same written notice of the date
of delivery, and that, on or prior to the date so fixed for delivery, and in
advance of final settlement of the contract, the person making the tender
shall furnish to the person receiving the same a written notice or
certificate
stating the grade of each individual bale to be delivered and, by
means
of marks or numbers. Identifying each bale with its grade.
Seventh. Provide that, in case a dispute arises between the
person
making the tender and the person receiving the same, as to
the quality, or
the grade, or the length of staple, of
any cotton tendered under the contract, either party may refer the question to the Secretary of
Agriculture for
determination, and that such dispute shall be referred and determined,
and
the costs thereof fixed, assessed, collected and
paid, in such manner and in
accordance with such rules and regulations as
may be prescribed by the
Secretary of Agriculture.
The provisions of the third, fourth, fifth, sixth and
seventh subdivisions
of this section shall be deemed fully incorporated into any such
contract if
there be written or printed thereon, or on the memorandum
evidencing the
same, at or prior to the time the same is signed, the phrase.
"Subject to
United States Cotton Futures Act, Section Five."
The Secretary of Agriculture is authorized to prescribe rules and regulations for carrying out the purposes of the seventh subdivision of this
section. and his findings, upon any dispute referred to him under said
sub-division, made after the parties In interest have had an opportunity
to be heard by him or such officer, officers, agents, or agents of the Department of Agriculture as he may designate, shall be accepted in the courts
of the United States In all suits between such parties, or their privies, as
prima fade evidence of the true quality, or grade, or length of staple, of the
cotton Involved.
Sec. 6. That for the purposes of Section 5 of this Act, the
differences
above or below the contract price which the receiver shall pay for
cotton
of grades above or below the basis grade in the settlement of a contract
of sale for the future delivery of cotton shall be determined by the actual
commercial differences in value thereof upon the sixth business
day prior
to the day fixed, in accordance with the sixth sub-division of
Section 5,
for the delivery of cotton on the contract, established by the sale of spot
cotton in the market where the future transaction involved occurs and is
consummated,ifsuch market be a bona fide spot market; and in the event
there be no bona fide spot market at or in the place in which such future
transaction occurs, then, and in that case, the said differences above or
below the contract price which the receiver shall pay for cotton above or
below the basis grade shall be determined by the actual commercial differences in value thereof upon the sixth business day prior to the day
fixed.
in accordance with the sixth sub-division of Section 5, for the
delivery of
cotton on the contract, in the spot markets of not less than five
Places
designated for the purpose from time to time by the Secretary of
Agriculture, as such values were established by the sales of spot cotton, in such
designated five or more markets; Provided. That for the purposes of this
section such values in the said spot markets be based upon the standards for
grades of cotton established by the Secretary of Agriculture: And provided.
further, That whenever the value of one grade is to be determined from the
sale or sales of spot cotton of another grade or grades, such value shall be
fixed in accordance with rules and regulations which shall be prescribed for
the purpose by the Secretary of Agriculture.
Sec. 7. That for the purposes of this Act, the only markets which shall
be considered bona fide spot markets shall be those which the Secretary of
Agriculture shall from time to time,after investigation, determine and designate to be such, and of which he shall give public notice.
Sec. 8. That in determining pursuant to the provisions of this Act,
what markets are bona fide spot markets, the Secretary of Agriculture
is directed to consider only markets in which spot cotton is sold in such
volume and under such conditions as customarily to reflect accurately the
value of middling cotton and the differences between the prices or values
of middling cotton and of other grades of cotton for which standards shall
have been established by the Secretary of Agriculture: Provided, That if
there be not sufficient places, in the markets of which are made bona fide
sales of spot cotton of grades for which standards are established by the
Secretary of Agriculture, to enable him to designate at least five spot markets in accordance with Section 6 of this Act, he shall, from data as to spot
sales collected by him,make rules and regulations for determining the actual
commercial differences in the value of spot cotton of the grades
established
by him as reflected by bona fide sales of spot cotton, of the same or
different grades, in the markets selected and designated by him, from
time to
592
THE CHRONICLE
in value of cotton of
time, for that purpose. and in that event differences
pursuant to Section 5 of this
f
-errous grades involved in contracts made
rules and regulations.
re% shall be determined in compliance with such
Sec. 9. That the Secretary of Agriculture is authorized from time to time
by which its quality or
to establish and promulgate standards of cotton
length of staple.
.Tue may be judged or determined:including its grade,
.
,
EFength of staple,..color, and such other qualities, properties and condimay be standardized in practical form:which, for the purposes of
irons as;
Act
ihis- - shall be known as the "Official cotton standards of the United
replace the standard for any grade of
States," and to adopt, change, or
for the Departcotton established under the Act making appropriations
June 30 1909 (35th Statutes
ment of Agriculture for the fiscal year ending
at Large. page 251), and Acts supplementary thereto: Provided, That any
standard of any cotton established and promulgated under this Act by
the Secretary of Agriculture shall not be changed or replaced within a period
less than one year from and after the date of the promulgation thereof by
the Secretary of Agriculture: Provided further, That, subsequent to six
months after the date Section 3 of this Act becomes effective, no change or
ri3placement or any standard of any cotton established and promulgated
under this Act by the Secretary of Agriculture shall become effective unt1
after one year's public notice thereof, which notice shall specify the date
when the same is to become effective. The Secretary of Agriculture is
authorized and directed to prepare practical forms of the official cotton
standards which shall be established by him, and to furnish such practical
forms from time to time, upon request, to any person, the cost thereof, as
determined by the Secretary of Agriculture, to be paid by the person requesting the same, and to certify such practical forms under the seal of the
Department of Agriculture and under the signature of the said Secretary
thereto affixed by himself or by some official or employee of the Department
of Agriculture thereunto duly authorized by the said Secretary.
Sec. 10. That no tax shall be levied under this Act on any contract of
sale mentioned in Section 3 hereof, if the contract comply with each of the
following conditions:
First. Conform to the rules and regulations made pursuant to this Act.
Second. Specify the grade, type, sample, or description of the cotton
involved in the contract, the price per pound at which such cotton is contracted to be bought or sold, the date of the purchase or sale, and the time
when shipment or delivery of such cotton is to be made.
Third. Provide that cotton of or within the grade or of the type, or according to the sample or description, specified in the contract shall be delivered thereunder, and that no cotton which does not conform to the type,
sample, or description, or which is not of or within the grade speciffed in
the contract shall be tendered or delivered thereunder.
Fourth. Provide that the delivery of cotton under the contract shall
or "ring" settlement, but only by
not be effected by means of "set-off"
- 40
the actual transfer of the specified cotton mentioned in the contract. -7
of the first, third and fourth sub-divisions of this section
The provisions
deemed fully incorporated into any such contract if there be written
shall be
or printed thereon, or on the document or memorandum evidencing the
same, at or prior to the time the same is entered into, the words "Subject
to United States cotton futures Act. Section 10."
This Act shall not be construed to impose a tax on any sale of spot
cotton.
This section shall not be construed to apply to any contract of sale
made in compliance with Sec. 5 of this Act.
Sec. 11. That upon each order transmitted, or directed or authorized
to be transmitted, by any person within the United States for the making
of any contract of sale of cotton grown in the United States for future
delivery in cases in which the contract of sale is or is to be made at on
trade,or similar institution or place of business
or in any exchange, board of
in anyforeign country,thereis hereby levied an excise tax at the rate of two
the cotton so ordered to be bought or sold under
cents for each pound of
such contract: Provided. That no tax shall be levied under this Act on any
In
such order if the contract made pursuance thereof comply either with the
conditions specified in the first, second, third, fourth, fifth and sixth suball the conditions specified in Sec. 10 of this Act,
divisions of Sec. 5,or with
in the contract may be exexcept that the quantity of the cotton involved
pressed therein in terms of kilograms instead of pounds.
Sec. 12. That the tax imposed by Sec. 3 of this Act shall be paid by the
seller of the cotton involved in the contract of sale, by means of stamps
such contracts, or to the memoranda evidencing
which shall be affixed to
compliance with rules and regulations which shall
the same, and canceled in
of the Treasury. The tax imposed by
be prescribed by the Secretary
by the sender of the order and collected
Section 11 of this Act shall be paid
and regulations which shall be prescribed by the
In accordance with rules
Secretary of the Treasury.
of cotton for future delivery mentioned
Sec. 13. That no contract of sale
does not conform to the requirements of SecIn Section 3 of this Act which
necessary stamps affixed thereto as required
tion 4 hereof and has not the
be enforceable in any court of the United States
by Section 12 hereof shall
party to such contract or his privies. That no
by, or on behalf of. any
in
contract of sale of cotton for future delivery, made pursuance of any order
mentioned in Section 11 of this Act, shall be enforceable in any court of
on behalf of any party to such contract or his privies
the United States by or
requirements of Section 4 hereof,and the tax imunless it conforms to the
order for such contract shall have been paid
posed by Section 11 upon the
Section 12 of this Act.
In compliance with
Secretary of the Treasury is authorized to make
Sec. 14. That the
and regulations as he may deem necessary
and promulgate such rules
by this Act and otherwise to enforce its proto collect the tax imposed
purpose, he shall require all persons coming
visions. Further, to effect this
records and statements of account as
wAhin its provisions to keep such
disclose all transactions mentioned in sections
will fully and correctly
he may appoint agents to conduct the inspection
3 and 11 of this Act: and
otherwise to enforce this Act and all rules
necessary to collect said tax and
hereof, and may fix the compenregulations made by him in pursuance
and
sation of such agents.
liable to the payment of any tax imposed
Sec. 15. That any person
evade the payment
pay, or evades or attempts to
by this Act who fails to
otherwise violates any provision of this
of such tax, and any person who
hereof, shall be deemed
made in pursuance
Act, or any rule or regulation
fined not
upon conviction thereof, shall be
guilty of a misdemeanor, and,
Court; and,
in the discretion of the
than $100 nor more than $20.000.
1
imprisonment
addition, be punished by
In case of natural persons, may,in
of
than three years,in the discretion
for not less than sixty days nor more
the court.
punishment there is hereby
Sec. 16. That in addition to the foregoing
a penalty of $2,000. to be
Imposed, on account of each violation of this Act,
name of the United States
recovered in an action founded on this Act in the
amount shall be paid
as plaintiff, and when so recovered one-half of said
such recovery was
over to the person giving the information upon which
to whom satisbased. It shall be the duty of United States attorneys,
prosefactory evidence of violations of this Act is furnished, to institute and
cute actions for the recovery of the penalties prescribed by this section.
[VOL.
Sec. 17. That no person whose evidence is deemed material by the officer
Prosecuting on behalf of the United States in any case brought under any
Provision of this Act shall withhold his testimony because of complicity by
him in any violation of this Act or of any regulation made pursuant to this
Act, but any such person called by such officer who testifies in such case
shall be exempt from prosecution for any offense to which his testimony
relates.
Sec. 18. That the payment of any tax levied by this Act shall not
exempt any person from any penalty or punishment now or hereafter
f
provided by the laws of any State for entering into contracts of sale o
cotton for future delivery, nor shall the payment of any tax imposed by
State or municipality from imposing a
this Act be held to prohibit any
tax on the same transaction.
Sec. 19. That there is hereby appropriated, out of any moneys in the
Treasury not otherwise appropriated, for the fiscal year ending June 30
1915, the sum of $50,000,or so much thereof as may be necessary,to enable
the Secretary of the Treasury to carry out the provisions of this Act.
Sec. 20. That there is hereby appropriated, out of any moneys in the
Treasury not otherwise appropriated, available until expended, the sum of
$150,000,or so much thereof as may be necessary,to enable the Secretary
of Agriculture to make such investigations, to collect such data, and to use
such methods and means as he may deem necessary to determine and
designate what are bona fide spot markets within the meaning of this Act,
to prescribe rules and regulations pursuant to Sections 5, 6 and 8 hereof,
to establish and promulgate standards for cotton and to furnish practical
forms thereof as authorized by Section 9 hereof, to publish the results of
his investigations, to pay rent and to employ such persons as he may deem
necessary, in the city of Washington and elsewhere. The Secretary of
Agriculture is hereby directed to publish from time to time the results
of investigations made in pursuance of this Act. All sums collected by the
Secretary of Agriculture as costs under Section 5, or for furnishing practical forms under Section 9 of this Act, shall be deposited and covered into
the Treasury as miscellaneous receipts.
Sec. 21. That Sections 9, 19 and 20 of this Act and all provisions of this
Act authorizing rules and regulations to be prescribed shall be effective
immediately. All other sections of this Act shall become and be effective
on and after six months from the date of the passage of this Act: Provided.
That nothing in this Act shall be construed to apply to any contract of
sale of any cotton for future delivery mentioned in Section 3 of this Act
which shall have been made prior to the date when Section 3 becomes
effective.
Approved. Aug. 18 1914.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
A New York Stock Exchange membership was posted for
transfer this week, the consideration being $42,000. This is
the same price as the last preceding transaction. Reports in
circulation to the effect that Exchange members were offering
their seats at bargain prices without finding purchasers
were denied by Stock Exchange Governors, the "Evening
Sun" reporting one member of the Board as saying "the
report is absolutely without foundation. There is no pressure against any of the members which would make such a
move necessary. The report is not worth considering."
The above price is $5,000 above the lowest consideration for
which a membership has been transferred in recent years,
$37,000 in July 1913 being the lowest since 1899.
Indications that President Wilson had finally consented to
the pressure for the postponement of further action on the
railroad securities bill was furnished in dispatches from
Washington on the 27th. Administration Senators who have
been considering the advisability of dropping the railroad
securities bill for the present feel that the enactment of such a
law just now would require a too rigorous readjustment of
conditions that would be disturbing to business in its already
perturbed state, due to the European war, and the President is understood to have reached the same conclusion.
This bill has already passed the House and is on the calendar
of the Senate for consideration after the Clayton Anti-Trust
Bill, now before that body, is disposed of. The House and
Senate have passed differing Trade Commission bills. The
Senate has about completed its labors on the Clayton bill.
The latest compilation of income and corporation tax
returns, made public this week, shows but a slight change in
the figures of aggregate yield as reported immediately following the close of the year ending June 30 1914, and published
In these columns July 4. The revised figures are presented
In a preliminary report submitted to Secretary of the Treasury MoAdoo by Internal Revenue Commissioner Osborn on
the 23d inst. The yield is shown to be $71,381,274 69, of
which $43,127,739 89 represents the tax collected from
corporations and $28,253,534 80 the tax collected from individuals. The earlier figures placed the total revenue at
$71,386,156 13—the income from the corporation excise and
corporation income tax.being placed at $43,079,879 44 and
the return from the individual income tax at$28,306,336 69.
Details of the revised figures are embodied in Commissioner
Osborn's statement to Secretary McAdoo, given out as follows on the 23d inst.:
Sir—I have the honor to submit the following preliminary report of the
operations of this bureau for the fiscal year ended June 30 1914.
The collections from all sources of internal revenue for the year as compared with the previous year were as follows:
AVG. 29 1914.]
Ordinary Collections
1914
1913
Decrease
Excise and Income Tax Collections
1914
1913
Increase
Aggregate Collections
1914
1913
THE CHRONICLE
$308,627,619 27
309,418,154 04
$790.534 74
$71,381,274 69
35,006,299 84
$36,374.974 85
$380,008,893 98
344,424,453 85
$35,584,440 11
Increase
The collections for last fiscal year were the greatest in the history of the
Bureau. The principal item comprising the decrease in ordinary collections
was distilled spirits (including the special taxes), amounting to $4,781,165 23. while the principal items of increase were as follows:
82,666,116 22
Cigarettes (small)
814,522 85
Fermented liquors (including the special taxes)
The collections from corporations and individuals were as follows:
$10,671,077 22
Corporation excise tax
32.456,662 67
Corporation income tax
28,253,534 80
Individual income tax
$71,381.274 69
Total
The amount of income tax collected from corporations was computed
on net incomes accruing for calendar year 1913, five-sixths of the tax being
reported as income tax and one-sixth as excise tax, as provided in the Act.
The excise tax was further augmented by similar collections of taxes
assessed on account of business done during prior years and amounted in
the aggregate to $10,671,077 22.
The exact amount of expenses incurred in the collection of internal revenue cannot be stated until all the accounts for the fiscal year have been received and adjusted. The amount of such expenses, however, approximates $5,765,000. as compared with $5,484,600 in round numbers for the
previous fiscal year.
The approximated expenses do not include the money returned to proponents on account of rejected offers in compromise, as this in no sense
Is an expense, notwithstanding a specific appropriation is made for the purpose. For the fiscal year the appropriation for such purpose was $50,000.
Of this amount the sum of $14,000 in claims has been allowed to date.
In computing the cost of collecting the internal revenue the salaries
of officers and employees of this Bureau are included for the fiscal year
covered by this report, as has been done for all previous years.
The cost of collecting the internal revenue for the fiscal year was approximately $15 17 per thousand dollars, or 1.52%. The cost of collection
the previous fiscal year in which the largest sum was collected prior to
the fiscal year 1914 was $1592 per thousand dollars, or 1.59%. The
average cost of collection since the establishment of the Bureau is $25 14
per thousand dollars, or 2.51%.
Individual income tax was computed upon five-sixths of net incomes
accruing for the calendar year 1913. The collections from this source
as classified to conform to provisions of the Act were as follows:
$12,728,038 02
Income tax, normal
Income tax, additional—
Net incomes exceeding $20,000 and not more than $50,000 $2,934,754 40
Net incomes exceeding $50,000 and not more than $75,000 1,645,639 30
Net incomes exceeding $75,000 and not more than$100,000 1,323,022 61
Netincomes exceeding $100.000 and not more than$250.000 3.835,948 40
Netincomes exceeding $250,000 and not more than$500,000 2,334,582 95
3.437,850 23
Net incomes exceeding $500,000
Offers in comprise, &c
13,698 89
Total
$28.253.534 80
Reports from collectors have not yet been audited as to details of collections and in consequence only the aggregate of collections by districts and
by States and Territories can at this time be given.you.
All the figures contained herein are subject to slight modification upon
the final audit of collectors' accounts for the fiscal year.
The regular annual report will furnish you detailed information in regard
to all of the revenue collected and the expenditures relating thereto.
Respectfully,
W. H. OSBORN, Commissioner.
According to the latest reports, New York State supplied
$22,288,708 94 of the yield—the largest amount of any one
State; Pennsylvania came second with $9,272,400 66, and
Illinois third with $6,369,820 79. The returns of New York
State were made up as follows:
Corporation excise tax
Corporation income tax
Individual income tax
Total
$2,318,311 41
7,447,600 19
12,522.797 34
$22,288,708 94
To force the attendance of a majority of its members, the
House on the 25th passed a resolution presented by Representative Underwood, authorizing the Sergeant-at-Arms to
deduct the salaries of absentee members whose non-attendance was due to causes other than sickness. The resolution, passed by a vote of 213 to 27, is as follows:
Resolved, That all leaves of absence heretofore granted to members are
hereby revoked.
Resolved further, That the Sergeant-at
-Arms is hereby directed to notify
all absent members of the House by wire that their presence in the House
of Representatives is required and that they must return without delay to
Washington.
Resolved further. That the Sergeant-at
-Arms is directed to enforce the law
requiring him to deduct from the
salary of the members their daily compensation when they are absent for
other causes than sickness of themselves or their families.
Mr. Underwood in offering the resolution, because of the
inability to keep a quorum, said:
I do not offer this resolution as a
matter of criticism of my brother members, I offer it as a Governmental necessity. I realize and appreciate the
difficulty of every member of this House
that has been confronting him for
the last six months, and will confront him in the two months to come, that
this is a political year, and he naturally wants to be at home a part of his
time, but the question that confronts us is:
Are we going to stay here and
attend to the Government's business or are
we, going to go home and attend
to our political business? Now I think, Mr. Speaker, it is far better for
this House and for the country for us to stay here and attend to business and
keep a quorum on the floor, so that business may be attended to by a majority of the House.
593
The action had the effect of bringing back a number of
absent members, who for each days' absence would lose
$20 50.
Three bills amending the Federal Reserve Law were introduced by Chairman Owen of the Senate Banking and
Currency Committee on the 27th inst. One of these would
permit national banks to issue emergency currency notes on
commercial paper up to 75% of their unimparied capital and
surplus, instead of to the extent of only 30%, as at present.
The second bill reduces the amount of capital which a State
bank is required to have to enter the Federal system from
$25,000 to $15,000, but provides that the amount must be
raised to $25,000 within a year and a-half. The third measure would allow Federal reserve banks to discount acceptances
with maturity at the time of discount of not more than three
months, and endorsed by at least one member bank, based
on importation or exportation of goods or domestic sale or
consignment of goods to be delivered to purchaser or consignee on or before maturity of such acceptances.
The necessity in the present circumstances for advances in
railroad rates is pointed out by Francis L. Leland, President
of the New York County National Bank,in a letter addressed
to Senator O'Gorman, Mr. Leland says:
"An extremely grave situation confronts us on account of the certain
overwhelming of the investment markets of this country by the enforced
liquidation by foreign holders of their investments in American railroad
securities.
"A close study of the investment markets for over fifty years has convinced me that the popularity of investment in railroad securities has been
seriously impaired in recent years by reason of -oppressive national and
State legislation. In view of that fact the question arises, what can be
done with the deluge of our securities which will be poured out on us from
the other side as soon as the exchanges are opened, and which must be
paid for in gold?
"Unless immediate relief is given the railroads so as to restore their securities to popular favor with investors, no market can be found for those
held by foreigners and no money can be raised by the railroads to provide
facilities for carrying on the business of the country.
"A joint and concurrent resolution of the House and Senate is imperative
because of the emergency situation with reference to railroad securities, to
review and revise the decision in recent application of the Eastern railroads
and in their discretion and in view of the great and extraordinary necessity
for this action to promptly grant further and adequate advances to all the
railroads."
A letter on the same subject, written to Representative
Rouse of Kentucky by Charles E. Clark, Vice-President of
the People's Savings Bank & Trust Co. of Covington, Ky.,
was printed on the 22d in "Financial America" as follows:
My Dear Mr. Rouse.—I hand you herewith a special letter issued by
J. S. Bache & Co., bankers, New York City. I have written these gentlemen that I would write you and urge the passage ofsuch remedial legislation
as will enable the railways of this country to properly perform their functions as the great common carriers of the nation: and at the same time
enable them to earn sufficient money to reasonably reimburse the owners
of their securities by paying the interest on their bonds and a reasonable
dividend on their capital stock.
We are not dealing with a theory but facing a condition. I have been
over much of this country and in my fifty-two years of life have actually
walked over hundreds of miles of their road-beds. and I know the necessity
for public safety, that many improvements in the shape of new ties, heavier
steel and better ballast is always necessary, to say nothing of the new
bridges and trestles that are constantly required, as the roads deteriorate
from the flight of time,through heavy use,from floods and through attacks
on their physical properties, by muskrats, moles and other physical causes.
You are well aware that the outlay for labor is heavy. And the strikes.
accidents and many contingencies in the shape of floods and fires are ever
cutting into the treasury and earnings of the roads.
Now, hundreds of thousands of innocent stockholders and bondholders
own the securities of these railways, while millions of dollars of them
are held by the banks and trust companies all over the land as well as
by insurance companies, the banks holding same as collateral for loans
and the insurance companies owning these securities outright.
In the one case the banks have invested their capital stock and the
depositors'money in the loans secured by this class of collateral and in the
other case the insurance companies have invested the countless premiums
collected from their many policy-holders all over the land in the purchase
of these securities as an investment for their funds,so that,in the final analysis, the general public—that is, every man who has saved a dollar which he
has banked,or has paid in as premium on his policy of insurance for the
protection of his family, is the real owner of the railway.
Let us be sufficiently liberal and just by permitting the roads to earn and
charge ample freight rates as will enable them to continue to pay reasonable
wages and to provide for a proper upkeep and extension of their properties,
as is necessary for safety and demanded by their ever-growing trade and
our increasing and scattering population, with new commercial centres
ever arising over this broad land, and which earnings will be sufficient to
meet the interest on the bonds and provide the necessary sinking fund for
their retirement and pay a reasonable dividend to their stockholders.
If our country is to grow and we are to be properly and safely served by
our railways, an increased freight rate is absolutely essential; for it will not
only serve the railways by enabling them to provide for a proper upkeep,
with ample betterments,including the necessary double-tracking and siding
and the maintenance of fast schedules, but it will assist in the upbullding
of our cities, communities and States and permit of our larger and better
growth.
Kindly give this matter your most serious attention, because it is vital to
the interest of the people at large. As the roads suffer, we stagnate. We
must clear our minds of demagoguery and consider the question from a
practical, patriotic standpoint.
Sincerely yours,
(Signed) CHAS. EUGENE CLARK,
Vice-President.
594
THE CHRONICLE
In accordance with the decision of the United States
Supreme Court last May under which tap lines, or short lines
of railroads serving industries, were held to be common carriers, the Inter-State Commerce Commission issued an order
on the 25th inst. reversing its own ruling, which took a
contrary view. Under this week's order the divisions of
rates which obtained prior to May 1 1912 will be re-established and tap lines permitted to make joint rates and through
routes with trunk lines. The Commission, however, adheres
to its original reports respecting the milling-in-transit rates
on logs, holding that the restoration of such privileges cannot
be sanctioned. The Supreme Court decision was discussed
in an editorial article in our issue of May 30 1914, pp.
1651-1653.
[VoL. xc
business on Aug. 1 in the Old South Building. It had been
planned to establish the company with $500,000 capital, but
the decision was finally reached to start with a capital of
$200,000. The institution has a surplus of $40,000. It
does a general banking and trust business. Its officers are
John R. McVey, President; Sidney Conrad and Francis L.
Daly, Vice-Presidents; Robert Bean, Treasurer, and Frederick Potter, Assistant Treasurer. Mr. McVey was formerly President of the Hibernia Savings Bank of Boston.
Darius Miller, President of the Chicago Burlington &
Quincy RR., and a director of a number of financial institutions, died at Glacier Park, Mont.,on the 23d inst.,following
an operation for appendicitis. He was fifty-five years of
age. Mr. Miller began railroad work as a stenographer for
the Michigan Central RR. before he was twenty years old.
A few years later he became a clerk in the general freight
office of the St. Louis Iron Mountain & Southern. Then he
was made chief clerk to the General Manager,and in 1883 was
promoted to the post of generalfreight and ticket agent of the
Memphis & Little Rock. He later became general freight
and passenger agent of the St. Louis Arkansas & Texas, now
a part of the St. Louis Southwestern. Soon after he was
promoted to the position of traffic manager of that,road. In
1890 he was made traffic manager of the Queen & Crescent.
He entered the Missouri Kansas & Texas as traffic manager
in 1893, later becoming Vice-President; in 1898 he was made
Vice-President of the Great Northern RR. at St. Paul,and
in 1902 was elected First Vice-President of the Chicago
Burlington & Quincy RR., with headquarters at Chicago,
becoming President in 1910. Mr. Miller was a director of
the Continental & Commercial National Bank of Chicago,
the Commercial National Safe Deposit Co. and the Union
Trust Co. of Chicago.
The first annual convention of the Farm Mortgage
Bankers' Association will be held in Chicago Oct. 7 and 8 at
the Hotel La Salle. F. W. Thompson, of the Merchants'
Loan & Trust Co., Chicago, is President of the Association.
The Vice-Presidents are K. N. Robbins, Rochester, N. Y.;
0. M. Corwin, Minneapolis, and J. E. Maxwell, Kansas
City. H. M. Hanson, Chicago, is Secretary and Treasurer. The above officials report that the membership of the
Association is rapidly growing and that the outlook for farm
mortgage bankers is bright, irrespective of the situation
brought about by the war. The Secretary has recently
addressed a letter to all county recorders, approximately
3,000, asking for detailed information concerning farm mortgages outstanding. Although, according to estimates, there
is a billion dollars invested in farm mortgages in the United
States, no complete statistics regarding this form of investment have ever been compiled. Twelve leading life insurance companies own approximately $500,000,000farm mortgages. Trust companies also have a very large investment
in the aggregate in this form of security. Six per cent is
the customary rate of interest, although where the security
A consolidation whereby the Lumberman's State Bank of
is exceptionally good,5% mortgages are not uncommon.
Bay City, Mich. (capital $50,000), is to be taken over by the
Bay County Savings Bank (capital $50,000) has been arW. H. Macintyre, agent of the Standard Bank of South ranged. The charter of the Lumberman's State Bank runs
Africa, Ltd., at 55 Wall Street, received a cable from the until Dec. 31, and the bank will be continued as a separate
head office of the bank in London on the 27th inst. reading institution until that time. The First National Bank of
as follows:
Bay City is said to have an important interest in the combina"Subject to the usual audit, the directors have declared
an interim tion. S. 0. Fisher, a former Congressman, and principal
dividend at the rate of 14% per annum less income tax."
owner in the Lumberman's Bank, becomes a director of the
consolidated organization. The deposits of the LumberEdgar T. Welles, Vice-President of the Wabash RR.,
man's are close to $1,000,000, while those of the Bay County
and identified during his lifetime with various industrial inSavings Bank amount to about 1h million dollars.
terests, died at his home in this city on the 22d inst. Mr.
Welles was a son of Gideon Welles, Secretary of the Navy in
The Philadelphia "Ledger" states that the stockPresident Lincoln's Cabinet. He was appointed Chief Clerk holders of the failed Bank of Pine Bluff at Pine Bluff, Ark.,
of the United States Navy Department in 1866 and held it were assessed $100,000, the full amount of the capital stock.
until 1869, when he resigned and became Treasurer and This is the first assessment against bank stockholders under
Manager of the Gaging Gun Co. of Hartford. Other ca- Arkansas's new banking law. The law places a double
pacities in which he had served were: President of
the liability on stockholders of banks operating under the State
Granby Mining & Smelting Co. of St. Louis; President of the Banking system.
Consolidated Coal Co. of St. Louis; receiver of the National
Bank of the State of Missouri in St. Louis; President of the
The four officials and two directors of the defunct Bank of
International Co. of Mexico and of the Mexican Steamship Rogers at Rogers, Ark., waived examination in Court last
Co. and their subsidiary organizations; Vice-President of the week and furnished bonds for $2,500 each while awaiting
Wabash Railroad Co., Vice-President of the National the action of the Grand Jury in September. W. E. Talley,
Heating Co., director in the Ohio & Mississippi Railroad Co., President; W. R. Felker, Vice-President, and Lee Graham,
the Wabash Railroad Co., the Peoria & Pekin Union Rail- Cashier; J. D.Hall,Assistant Cashier; J. F.Little and George
road Co. and the United States Trust Co. of Hartford, Conn. M. Jennings, directors, are charged with having received
Mr. Welles was in his seventy-first year.
deposits when they knew the bank to be insolvent.
Francis B. Sears, formerly Vice-President of the National
Shawmut Bank of Boston, and since January 1913 ViceChairman of its Board of Directors, died on the 26th inst. at
his summer home at Weston,Mass. He was in his sixty-fifth
year. Mr. Sears was a director of the Mercantile Fire &
Marine Insurance Co., trustee of the Bankers' Electric Protective Association, director of the Judson L. Thomas
Manufacturing Co., Lanett Bleachery & Dye Works, Riverdale Cotton Mills, West Point Manufacturing Co. and the
Boston Y. M. C. A.; Vice-President and director of the
Chattahoochee Valley RR., Treasurer and director of the
Equinox Mills and Glack Mills, Vice-President and trustee
of the Wells Memorial Association, Weston Electric Light
Co., Weston Water Co. and Workingmen's Co-operative
Bank; President and director of the Workingmen's Loan
Association and Treasurer and director of the Workingmen's
Building Association.
The Commercial National Bank of Macon, Ga., was consolidated with the American National Bank of that city on
the 1st inst. The combined institution is conducted under
the name of the American National Bank with a capital and
.
surplus of over $1,000,000. With its resources increased to
the largest bank in Middle Georgia.
nearly $5,000,000,
The respective standings of the two institutions before the
merger were as follows: American: capital,$500,000;surplus,
and profits, $510,749; deposits, $3,041,241. Commercial:
$300,000; surplus and profits, $110,000, and decapital' 00179; The officers of the American National
$1,
0.
are: R.J. Taylor,President; B.J. O'Neal and L.P. Hillyer,
Vice-Presidents; E. C. Scott, Cashier, and W.E. Bozeman,
Assistant Cashier. E. N. Lewis, Cashier of the Commercial
National, will probably be an officer of the larger bank.
The Crown City Savings & Trust Co. of Pasadena, Cal.,
has received authority from the Superintendent of Banks to
add a trust department to its commercial and savings busiThe Old South Trust Co. of Boston, whose proposed for- ness.
mation was referred to in these columns on March 28, began
gommerictai ana VatsceilancausBruis
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
CHARTERS ISSUED TO NATIONAL BANKS AUG. 4 TO AUG. 17.
-The First National Bank of Crosby, N. D. Capital, $25,000.
10,596
E. F. Volkman, President; Harry H. Martin, Cashier. (Succeeds
The Divide County State Bank of Crosby, N. D.)
-The People's National Bank of Columbia, S. C. Capital. $100,10,597
000. Jas. A. Hoyt, President; A. S. Manning, Cashier. (Conversion of The People's Bank of Columbia. S. C.)
-The First National Bank of Lipan, Tex. Capital, $25,000.
10,598
W. S. leant, President; W. H. Roach. Cashier. (Succeeds The
Farmers' & Merchants' Bank of Lipan. Tex.)
-The First National Bank of Lawler, Iowa. Capital, $30,000.
10,599
C. M. Parker, Pres.; G. E. Hines, Cashier. (Succeeds the Bank
of Lawler, (ows.)
-The Merchants' National Bank of Detroit, Mich. Capital,
10,600
$1,000,000. John Ballantyne, Pres.; Benj. G. Vernor, Cashier.
10.601-The First National Bank of Alpha, Mids. Capital, $25,000.
Morris E. Richards, Pres.; Peter Garrigan, Cashier.
-The clearings for the week
Canadian Bank Clearings.
ending Aug. 22 at Canadian cities, in comparison with the
same week of 1913, shows an increase in the aggregate of
15.5%.
iVeek ending August 22.
Clearings at1914
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
Peterborough
Medicine Hat
Total Canada
44,988,575
33,916,704
19,634,681
8,117,574
3,934,693
3,368,328
2,132,853
2,730,967
1.402,087
3.163,026
1,830.440
2,370,998
2,648,561
1,733,140
434,869
879,701
757,003
402,211
489,744
805,149
354,425
324.455
438,434
1913
Inc or
Dee I
% I
60,184,975 -25.2
35,794.090 -5.2
16.9
23,640,932 10,770,277 _24.6
4,141,376 -5.0
3,011,141 +11.8
2,096,057 +1.7
3,1132,681 -10.0
1,431,435 -2.0
20.6'
4,361,581 +9.3
1,766,706
3,130,820 -24.3
3,555,877 -25.5
2,080,373 -16.7
540,279 -19.6
1,692.634 --48.0
1,103,079 -31.4
14.4
469,902 511,946
941,207 -14.4
43.0
621,083 Not incl. in total.
631,837 -30.5
1912
52,795,277
36,674,249
25,230,277
12,582,060
4,687,599
2,935,757
1,928,465
3,169,260
1.879,346
5,530,186
1.437.522
3,821,524
4,139,7611
2,091,894
615,172'
2,186,8031
1,262,256
674,809
564,768
663,472
1911
41.874,263
29,941,014
19.676,681
10,698,178
4.400,723
3.080,091
1,527,648
2,283,977
1,459,610
5,082.973
1,290,729
2,424,626
2,413,081
1,243,006
474,703
1,243,035
946,743
549,286
434,897
15.5 164,206,895 131.045,264
139.834,503 165,510,188 -
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Rooks Closed.
Days Inclusive.
Railroads (Steam).
31a
Atch. Top.& S.Fe,com.0111.4 (No. 37)-- 1;4 Sept. 1 Holders of rec. July
$1.50 Sept. 10 Sept. 1 to Sept. 10
Atlantic Coast Line Co. (guar.)
rec. Aug. la
Sept. 1 Holders of
3
Baltimore & Ohio, common
Sept. 1 Holders of rec. Aug. la
2
Preferred
Sept.30 Holders of rec. Aug. 31a
2
Boston & Albany (guar.)
14
24 Oct. 1 Aug. 22 to Oct. 14
Canadian Pacific, corn.(qu.)(No. 73)_ _ _
Oct. I Aug. 22 to Oct.
2
Preferred
Sept. 3
144 Sept. 4 Aug. 21 to
Chestnut Hill (guar.)
24 Sept. 1 Holders of rec. Aug. 120
Chicago Mite, & St. Paul, common
344 Sept. 1 Holders of rec. Aug. 126
Preferred
Chicago & North Western, corn. (guar.)134 Oct. 1 Holders of rec. Sept. la
Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
22a
Ctn. N.0.& Texas Pac., pref.(guar.).14 Sept. 1 Holders of rec. Aug.
Cleveland & Pittsburgh, reg., guar. (cm.) 144 Sept. 1 Holders of rec. Aug. 104
Special guaranteed (guar.)
Sept. 1 Holders of rec. Aug. 10a
1
Cripple Creek Cent.. corn (gu.)(No. 19) 1
Sept. 1 Holders of rec. Aug. I50
Preferred (guar.)(No. 35)
Sept. 1 Holders of rec. Aug. 156
1
Aug. 28a
Delaware & Hudson Co. (guar.)
281 Sept.21 Holders of rec. Aug. 31a
Erle & Pittsburgh (guar.)
134 Sept. 10 Holders of rec.
0
10
Illinois Central (No. 119)
214 Sept. 1 Holders of rec. Aug. 21a
M.St. P.& 5.5. M.,corn.& pt.(No. 23) 3)4 Oct. 15 Holders of rec. Sept.
Norfolk & Western, common (guar.)_ _ _
14 Sept. 19 Holders of rec. Aug. 31a
Pennsylvania nn. (guar.)
14 Aug. 31 Holders of rec. Aug. la
pitta. Youngs. & Mist., corn. &
14 Sept. I Holders of rec. Aug. 204
Reading Company, first pref. pf.(cm.)250
(guar.).
Sept. 10 Holders ot rec. Aug.
- 1
Southern Pacific (guar.)(No. 32)
14 Oct. I Holders of rec. Sept. la
Ia
Union Pacific, common (guar.)
2
Oct. 1 Holders of rec. Sept. Ia
Preferred
2
Oct. 1 Holders of roe. Sept.
Street and Electric Railways.
American Railways, common (guar.)
75e. Sept. 15 Holders of rec. Aug. 27a
Brooklyn Rapid Transit (guar.)
134 Oct. 1 Holders of rec. Sept. 9
Cent. Ark. By.di L. Corp..pf.(911.)(No.6) 14 Sept. 1 Holders of rec. Aug. 15a
Detroit United Ry. (guar.)
134 Sept. I Holders of rec. Aug. 150
Eastern Power & Light Corp., pref.(tsar.)
. 134 Sept. 15 Holders of rec. Aug. 31a
prank!. & Southmark Pass., Phila.(guar.)_
$4.50 Oct. 1 Holders of rec. Sept. la
Galveston-Houston Elec. Co., COM.(No. 11)
344 Sept. 15 Holders of rec. Sept. 5a
Preferred (No.
3
Sept. 15 Holders of rec. Sept. 54
LOM.SMIER Traction, common (guar.)
1
Oct. 1 Holders of rec. Sept. 12
Preferred
244 Oct. 1 Holders of rec. Sept. 12
Northern Ohio Tree. & Light, COM. ('so.)
14 Sept. 15 Holders of rec. Aug. 31a
Nor. Texas Elec. Co., corn ('su.)(No.
200
20) 134 Sept. 1 Holders of rec. Aug.
Preferred (No. 18)
3
Sept. 1 Holders of rec. Aug. 204
Philadelphia Co. 5% non-cum. Prof
244 Sept. 1 Holders of rec. Aug. 10a
Rochester Thy. & Light, pref. (quar.)__ _ _
14 Sept. 1 Holders of rec. Aug. 250
Second & Third Sts. Pass., Phila.(guar.)
Oct. 1 Holders of rec. Sept. la
Terre Haute Traction & Light, preferred $3
Aug. 23 to Sept. la
_
3
Washington (D.C.) Ry.& El., COOL
(W1.) 181 Sept. 1 Aug. 16 to Aug. 17
Preferred (gnarl
134 Sept. 1 Aug. 16 to Aug. 17
Banks.
Chemical National(hi-monthly)
234 Sept. 1 Aug. 27 to Aug. 31
Trust Companies.
Citizens' (Brooklyn) (guar.)
144 Sept. 1 Holders of rec. Aug. 20
MisrnlIsneous.
Adams Exprer (guar.)
$1.50 Sept. 1 Aug. 18 to Aug. 31
Amalgamated Copper Co. (guar.)
14 Aug. 31 Holders of rec. July 25a
American Coal
3
Sept. 1 Holders of rec. Aug. Sin
American Gas ('sum%)
1)4 Sept. 1 Holders of rec. Aug. 19a
American Locomotive, preferred (gwar.)
13( Oct. 21 Sept. 22 to Oct. 21
American Pneumatic Service, first pref_ _ 81.75 Sept. 30 Sept. 13 to Sept. 18
Second preferred
75c. Sept.30 Sept. 13 to Sept. 18
American Power & Light,corn. (as.)(No.7) 1
,e. 2Sa
Sept. 1 Holders of rec. A,
595
THE CHRONICLE
AUG. 29 1914.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
244 Sept. 30 Sept. 22 to Sept.30
American Radiator, common (guar.)..
American Sewer Pipe
34 Oct. 1 Sept. 20 to Oct. 1
Sept. 15 Aug. 29 to Sept. 7
Amer. Smelt. tic Ref., com.(qu.)(No. 44) 1
134 Sept. 1 Aug. 15 to Aug. 23
Preferred (quar.)(No. 61)
134 Oct. 2 Holders of rec. Sept. la
Amer. Sugar Retg., corn & pref.(guar.)American Telegraph & Cable (guar.).
134 Sept. 1 Holders of rec. Aug. 310
5g Sept. 1 Holders of rec. Aug. 14a
Amer. Tobacco, corn.(payable in scrip)_ _
14 Sept. 10 Aug. 30 to Sept. 10
Atlas Powder (guar.)
Sept. 1 Holders of rec. Aug. 15a
2
Blackstone Vail. G.& E., corn. (guar.)_ _
Se
10
5
Borden's Cond. MLR, pref.(guar.)(No.51) 12
144 s pt.. 3 Sept. 6 to Sept. 15
See note (m)
British-American Tobacco. ord.(interim). _
Brooklyn Union Gas (guar.)
14 Oct. 1 Sept. 13 to Sept. 30
Sept. 15 Holders of rec. Aug. 25
Buckeye Pipe Line (guar.)
$3
Butterick Company (guar.)
44 Sept. 1 Holders of rec. Aug. 176
Central Leather, preferred (guar.)
144 Oct. 1 Holders of rec. Sept.104
Cent. Miss. VaLEI.Prop.,Pf.(Ow)(No.3) $1.50 Sept. 1 Holders of rec. Aug. 154
p 20
Chesebrough Mfg. Consolidated (quar.)- 6
4
sept
S
: 0 pt. 9 to Sept.21
Se t.
Extra
21
.
rec.
Chicago Telephone (guar.)
9
2
Sept.30 Holders of to Sept.
Childs Company, common (guar.)
11 Sept. 10 Sept. 3 to SePt.10
3
:
Sept 310
Au 10
Preferred (guar.)
rec
Cleve.& Sandusky Brewing, pref.(go.)
Holders
Se '3 of to .
- 1
Colorado Power, preferred (guar.)
134 Sept. 15 Holders of rec. Aug. 31
Columbus Gas& Fuel. common (guar.)
Sept. 1 Holders of rec. Aug. 15
I
Connecticut Power, pref. (guar.)(No. 6)..... $1.50 Sept. 1 Holders of rec. Aug. 276
Consolidated Gas (guar.)
144 Sept. 15 Holders of rec. Aug. 120
Cons. Gas, El. L.& P., Balt., corn. (go.) 144 Oct. 1 Holders of rec. Sept. 19
Preferred
Oct. 1 Holders of rec. Sept. 19
3
Continental Oil (guar.)
•
3
Sept. 16 Aug. 28 to Sept. 16
Crescent Pipe Line (guar.)
$1 Sept. 15 Aug. 21 to Sept. 15
Cuban-American Sugar, pref. (guar.)._ _
134 Oct. 1 Holders of rec. Sept.15a
Deere & Co., preferred (quar.)
144 Sept. I Holders of rec. Aug. 156
Diamond Match ((mar.)
14 Sept. 15 Holders of rec. Aug. 316
Dominion Textile, Ltd.(quar.)
134 Oct. 1 Holders of rec. Sept. 150
du Pont(E.I.) de Nemours Pow., COM.(go.) 2
Sept. 15 Sept. 6 to Sept.15
Preferred (guar.)
144 Oct. 26 Oct. 16 to Oct. 26
Eastern Steel, first preferred (guar.)__
144 Sept. 15 Holders of rev. Sept. 1
Eastman Kodak, common (guar.)
234 Oct. 1 Holders of rec. Aug. 316
Common (extra)
5
Sept. 1 Holders of rec. July 313
Common (extra)
24 Oct. 1 Holders of rec. Aug. 313
Preferred (quar.)
144 Oct. 1 Holders of rec. Aug. 31a
Federal Mining & Smelting, pref. (guar.) 1
Sept. 15 Holder?' of rec. Aug. 22a
Galena-Signal 011,common (guar.)
Sept. 30 Holders of rec. Aug. 313
3
Preferred (guar.)
2
Sept. 30 Holders of rec. Aug. 316
General Asphalt, pref. (quar.)(No. 29)... 14 Sept. 1 Holders of rec. Aug. 150
General Chemical, common ('soar.)
144 Sept. 1 Holders of rec. Aug. 204
Preferred (guar.)
144 Oct. I Holders of rec. Sept. 173
General Electric (quar.)
2
Oct. 15 Holders of roe. Aug. 290
Globe Soap,first, second & spec. pref. (gu.) 144 Sept. 15 Sept. 1 to Sept. 15
Globe Wernicke, common (guar.)
Sept. 10 Holders of rec. Aug. 31
2
Goodrich (B. F.) Co.. preferred (quar.)..‘.
134 Oct. 1 Holden of rec. Sept. 186
Harbison-Walker Refract. corn. (go.)
44 Sept. 1 Holders of rec. Aug. 20
Independent Brewing. preferred (guar.)_
134 Aug. 31 AUg. 20 to Aug. 30
Inland Steel (guar.)
144 Sept. I Holders of rec. Aug. 10
Extra (payable in stock)
Sept. 1 Holders of rec. Aug. 10
25e
Int. Harvester of NJ.,pr.(go.)(No. 30) 134 Sept. I Holders of rec. Aug. 10a
Int. Harvester Corp.. Prof.('so)(No.0). 13 Sept. I Holders of rec. Aug. 10a
4
International Nickel, common (guar.)- - 244 Sept. 1 Aug. 15 to Sept. 1
Kings Co. Elec. Lt.& P.(cm.)(No.58)- - 2
Sept. I Holders of rec. Aug. 21a
La Belle Iron Works, preferred (guar.)...- 2
Sept.30 Sept.22 to Sept.30
Lackawanna Steel. preferred (guar.) _ _
PI Sept. 1 Holders of rec. Aug. 313
Laclede Gas Light, common ((luar.)
134 Sept. 15 Sept. 2 to Sept. 15
Lake of the Woods Milling, corn,(guar.)_
2
Sept, I Holders of rec. Aug. 22a
Preferred ((man)
144 Sept. 1 Holders of me. Aug. 22a
Lehigh Coal & Nay. ('soar.) (No. 143)
$1
Aug. 31 Holders of rec. July 31a
Liggett & Myers Tobacco. corn,(guar.).- 3
Sept. 1 Holders of rec. Aug. 15a
MacArthur Brothers, preferred (No. 23)_
34 Sept. I Holders of rec. Aug. 31
Mackay Companies,corn.(guar.)(No.37) 134 Oct. 1 Holders of rec. Sept. 90
Preferred (guar.)(No. 43)
1
Oct. 1 Holders of rec. Sept. Oa
Mahoning Investment
1
Sept. 1 Holders of rec. Aug. 254
May Department Stores, corn. (guar.)
134 Sept. 1 Holders of rec. Aug. 20a
Linotype (guar.)
Mergenthaler
244 Sept.30 Holders of rec. Sept. Sa
Extra
34 Sept.30 Holders of rec. Sept. 5a
144 Sept. 1 Holders of rec. Aug. 15
Middle West Utilities, preferred (guar.).
144 Sept. 1 Holders of rec. Aug. 18a
Moline Plow,first preferred (soar.)
Moline Plow, second preferred (gyar.)_
144 Sept. 1 Holders of rec. Aug. 18a
Montana Power,common (guar.)
34 Oct. I Holders of rec. Sept. 15
14 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1
Sept. 15 Holders of rec. Sept. Sa
Montreal Cottons, Ltd., common (gear.)...134 Sept. 15 Holders of rec. Sept. 5a
Preferred (guar.)
144 Oct. 15 Holders of roe. Sept. 286
National Biscuit, corn.(guar.)(No.65)-134 Aug. 31 Hoidens of rec. Aug. 17a
Preferred (guar.)(No. 66)
14 Sept. 1 Holders of rec. Aug. 211.2
National Cloak dr Suit, preferred (quar.)National Lead. common (guar.)
34 Sept. 30 Sept. 12 to Sent. 16
Preferred (guar.)
134 Sept. 15 Aug. 22 to Aug. 25
National Sugar Refining. Pref. (quar.)........ 14 Oct. 2 Holders of rec. Sept.12
National Transit (guar.)
75c. Sept. 15 Holders of roe. Aug. 31
New York Air Brake (quar.)
14 Sept. 25 Holders of rec. Sent. 36
N.Y.& Queens El. L.& Pow.,Pt.((Mar.) I
Sept. 1 Holders of rec. Aug. 21a
North American Co. (guar.) (No. 42)..... 14 Oct. 1 Holders of rec. Sept. 156
Ogilvie Flour Mills, Ltd., pref. (qua?.)... 14 Sept. 1 Holders of rec. Aug. 206
Ohio Cities Gas, common (guar.)
11
4 Sept. 1 Holders of rec. Aug. 15
Ohio Oil ('suer.)
$1.25 Sept. 21 Aug. 26 to Sept. 7
Ontario Pow. of Mag. Fails (Yu.)(No• 8
11
4 Sept. 1 Holders of rec. Aug. 246
)
Packard Motor ("or, pref. (guar.)(No. 20)134 Sept. 15 Sept. 6 to Sept. 15
Pettibone. Mulliken & Co., let & 24 pf.(gu.) 14 Oct. 1 Holders of rec. Sept. 170
Philadelphia Electric (guar.)
3944c. Sept. 15 Holders of rec. Aug. 2 0
0
Pittsburgh Brewing, common (quar.)__
1
Aug. 29 Aug. 20 to Aug. 30
Preferred (guar.)
131 Aug. 29 Aug. 29 to Aug. 30
Porto Rican-American Tobacco (guar.)._
5g Sept. 3 Holders of rec. Aug. 15
Pressed Steel Car, cons. (quar.)(No. 22).
34 Sept. 9 Aug. 20 to Sept. 8
Quaker Oats, common (guar.)
24 Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
14 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
144 Nov. 30 Holders of rec. Nov. 26
Railwey Steel-Spring, preferred (guar.)_ _ _ _
14 sera.21 Sept. 5 to Sept. 21
Sears, Roebuck & Co., preferred (gear.)
144 Oct. 1 Holders of rec. Sept. 156
Southern Pipe Line ((Man)
Sept. 1 Holders of rec. Aug. 17
8
Southwestern Pow. de Lt. Co., pref. ((111.) 144 Sept. 1 Holders of rec. Aug. 254
Standard Oil (California)(guar.)
Sept. 15 Holders of rec. Aug. 29
234
Standard Oil (Indiana) (rme.)
3
Aug. 31 Aug. 11 to Aug. 31
Extra
3
Aug. 31 AUR. 11 to Aug. 31
Standard 011 of New Jersey (guar.)
5
Sept. 15 Holders of rec. Aug. 206
Standard Oil of New York (guar.)
Sept. 15 Holders of rec. Aug. 280
2
Standard Oit (Ohio) (guar.)
3
Oct. 1 Sept. 5 to Sept. 23
Ertra
Oct. 1 Sept. 5 to Sept. 23
3
Studebaker Corporation, Prof. (guar.).-144 Sept. 1 Holders of rec. Aug. 200
Swift & Co. (guar.)(No. 112)
144 Oct. 1 Holders of rec. Sept. 10
Underwood Typewriter,common (quar.)
Oct. 1 Holders of rm. Sept.210
1
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 214
Union Stock Yards (Omaha) (guar.) _
134 Sept. 1 Aug. 22 to Aug. 31
Union Tank Line
24 Sept. 25 Holders of rec. Sept. 4
United Cigar Mfrs., preferred (quar.)__
14 Sept. 1 Holders of rec. Aug. 25a
Un. Cigar Stores of Am., pf.(go.)(No.8) 134 Sept. 15 Sept. 1 to Sept. 15
U. S. Envelope, common
3% Sept. 1 Aug. 16 to Sept. I
Preferred
334 Sept. 1 Aug. 16 to Sept. I
U. S. Gypsum, preferred (guar.)
1% Sept. 30 Sept. 16 to Sept.30
U. S. Steel Corporation, corn. (quar.)_ _ _
14 Sept. 29 Sept. 2 to Sept. 10
Preferred (quar.)
14 Aug. 29 Aug. 4 to Aug. 17
White(J.G.)Engln'g Co.. pf.(qu.)(No.6) 134 Sept. 1 Holders of rec. Aug. 20
Whim (LG.) Man.CO..01.(gU.)(No.6)134 Sept. 1 Holders of rec. Aug. 18
Wilmington Gas, preferred
Sept. 1 Aug. 22 to Aug. 31
3
Wisconstn-Minnesota Lt. & P., Met (qt.) 134 Sept. 1
Woolworth (F. W )Co.,corn ('so.)(No.9) 134 Sept. 1 Holders of rec. Aug. 10a
Woolworth (F. W.) Co., pref.(goat.).... 14 Oct. 1 Holders of rec. Sept. 106
a Transfer books not closed for this dividend. b Less British income tax. d Correction, e Payable in stock. f Payable in common stock.
Payable in scrip.
h On account of accumulated dividends. I Being a distribution in cash on the 40%
Increased stock of the rental accruing from Jan. 1 1911 under the lease. / Free of
11-91,1• tirame tax. m Transfers received in order at London on or before Sep. 17
will be in time to be passed for payment of dividend to transferee.
THE CHRONICLE
596
[VoL. xcix.
STATE BANKS AND TRUST COMPANIES.
Statement of New York City Clearing-House Banks
State Banks
Trust Cos.
State Banks
Trust Cos.
-The New York Clearing House
Companies.
in
and Trust
in
Week ended Aug. 22.
outside of
outside of
Greater N. 7. Greater N. 7. Greater N. 7. Greater N. Y.
has discontinued for the present issuing its detailed state$
$
$
$
ment showing the weekly averages of condition of the sep- Capital as of June 30_ __ _ 23,850,000 67,300,000 10,758,000 11,300,000
arate banks and trust companies, both the member and the Surplus as of June 30_ __ 38,502,800 155,158,200 13,894,100 11,702,800
"non-member" institutions. The reserve items "Cash re- Loans and investments__ 330,092,300 1,115,183,600 133,452,000 188,762,400
-188,000
+815,600
Change from last week-690,200
-290,500
serve in vault" and "Trust companies' reserve with C. H. Gold
48,966,600
85,541,800
+651,800 -3,595,200
Change from last week_
carrying 25% cash reserve" are separately stated
members
30,403,700
22,028,200
Currency and bank notes
+722,400 +1,860,800
as to banks and trust companies in the summarized state- Change from last week_
387,264.800 1,174,476,200 139,751,500 194,500,200
furnished by the Clearing House; but with these ex- Deposits
ment
+546.200
Change from last week_ -2,786,100 +2,910,100
-842,600
ceptions the figures are for banks and trust companies to- Reserve on deposits
24,701,600
94,572,800 227,207,300
23,097,200
+4,197,700
+271,100
+889,300
-121,000
gether and are not apportioned between the two classes of P.Change from last week_ 26.9%
24.1%
19.4%
13.9%
C. reserve to deposits_
19.1%
26.6%
23.7%
13.9%
institutions. The publication of the statement in the usual
Percentage last week...
+ Increase over last week. -Decrease from last week.
form, it is stated, will not be resumed until all outstanding
-Below is a summary
Clearing-House loan certificates are retired. The last
Boston and Philadelphia Banks.
complete statement issued, that for August 1 1914, will be of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
found in the "Chronicle" of August 8 on page 398.
We omit two ciphers (00) in all these figures.
We show below the figures as given out by the Clearing
Capital
Circuand
House and also print the totals reported by the State Bank- Banks. Surplus. Loans. Specie. Lega1s. Deposits. lation. Clearings.
a
ing Department for the State banks and trust companies
$
$
$
Boston.
$
$
$
$
in Greater New York not in the Clearing House. In addition July 3_ 60,735,0 242,616,0 27,943,0 4,579,0 294,124,0 9,782,0 157,147,3
July 11_ 60,735,0 242,561,0 25,738,0 4,743,0 287,483,0 9,762,0 159,779,0
combine,as has been our custom, each corresponding item July 18_ 60,735,0 240,798,0 25,445,0 5,464,0 287,490,0 9,750,0 159,099,5
we
242,421,0 27,149,0
290,077,0 9,551,0
In the two statements, thus affording an aggregate for the July 25. 60,735,0 243,562,0 26,564,0 5,588,0 285,713,0 9,317,0 163,112,0
159,674,9
Aug. L 60,735,0
4,941,0
137,775,3
Um
Aug. 8_
whole of the banks and trust companies in Greater New Aug. 15_ No state ment issu ed
109,652,7
ed.
No state ment
109,922,0
Aug. 22_ No state ment issu ed.
York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended .4.549. 22.
-House Clear.
Clear.
-House State Banks .4 Total of all
Members
Members
Trust Cos. not Banks & 7'r.
Actual Figs.
Average.
in C.
-H.. Av. Cos.. Aver.
Capital as of June 30---- 8175,300,
Surplus as of June 30_ -__
296.930,8
$175,300,000
296,930.800
$28,950,000 $204,250,000
70,887,900
367,818,700
Loans and investments__
Change from last week
2,129,026,000
+7,029,000
572,064,3002.701,000.300
-499,000 +6,530,000
Deposits
Change from last week
1,912,550,000
-99,000
a562,005.600 2,474,555.600
-2,920,000 3,019,000
Specie
Change from last week
312,361,000
+3,433,000
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
GIVEN.
Banks: Cash in vault_
Ratio to deposits
75,233,000
+1.429,000
c11.836,500
+61,600
87,069,500
+1,490,600
321,584,000
Not given
12,332.600
13.09%
333,916,600
Trust Cos.: cash in vault_
66,010,000
41.343,000
107,353,000
Aggrle money holdings-Change from last week
387,594,000
+4,862,000
53,675,600
-1,420,200
441,269.600
+3,441,800
Money on deposit with
other bks. & trust cos_
Change from last week
51,958,000
+791,000
Total reserve
Change from last week
439,552,000
+5,653,000
541,839,100
-1,481,800
75,102,300
+5,915,500
354,200,100
+1,051,200
127.060,300
+6,706.500
128,777,900 568,329,900
+4,495,300 +10,148,300
Not given
Not given
$ °leash reserver/ of trust cos
Cash in vault
Cash on dep. with bks_
1914.
51,405,183
10,757.119
Dry goods
General merchandise
Total
Since Januarli 1.
Dry goods
General merchandise
Total 34 weeks
Not given
Not given
9.95%
15.39%
Total
25.34%
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and from other banks and trust companies in New York City and exchanges";
with this item included, deposits amounted to $634,115,200, an increase of $2,463,400 over last week In the case of the Clearing-House members, the deposits are
"legal net deposits" both for the average and the actual figures. b Gold. c Currency and bank notes.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Deposits.
$
2.632,876,6
2,609,054.5
2,598,481,3
2.560,2407
2,529,964.8
2,530,917,6
2,503,437,3
2,472,122,6
2,477,574,6
2,474,555,6
Specie.
Lego's.
$
$
471,020,8 87,872,3
463,148,9 86,941,2
447,038,3 81,769,4
424,266,6 83.062,8
418,781,3 89,974,5
427,809,1 91,313,7
406,912,1 90,805,7
355,460,5 85,556,5
352,248,9 85,578,9
354,200,1 87,069,5
Tothfoney Entire Res
Holdings onDeposii
$
558,893,1
550,090,1
528,807,7
507,329,4
508.755,8
519,122,8
497,717,8
441,017,0
437,827,8
441,269,6
$
753,271,7
741,075,1
710,565,9
665,677,5
656,680,2
667,378,3
642,550.9
563.381,5
558,181.6
568,329,9
We add herewith the weekly returns furnished by the State
Banking Department of the State banks and trust companies
under its charge. These returns cover all the institutions
of this class in the whole State, but the figures are compiled
so as to distinguish between the results for New York City
(Greater New York) and those for the rest of the State, as
per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p.11661
1913.
1912.
83,100,618
15,164,514
52,741,762
15,524,173
191 1.
$2,4' 6,132
13,1, 2,739
$12,162,302 $18,265,132 $18,265,935 $15,5' 8,871
$118,259,918 898,202,573 894,950,950 890,9 1,378
,
545,382,142 538,127,341 558,953,876 476,21 9,022
$663,642,060 $636.329.914 $653.904.826 $567.21
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. 22 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
Total 34 weeks
Not given
June
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.
FOREIGN IMPORTS AT NEW YORK.
For Week.
For the week
Previously reported
def42,719,900
+5.272,350
Total
Change from last week
$
20.___ 2,704,916,9
27____ 2,692,658,8
3_ _ -. 2,695,191,2
11____ 2,678,283,6
18.- 2,648,964,3
25____ 2,631,527,5
L___ 2,627,002,4
8__ 2,654,887,9
15____ 2,694,560,3
22.... 2,701,000,3
.
-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Aug. 22; also
totals since the beginning of the first week in January:
1914.
Surplus CASH reserveB.eks (above 25%)- Trust cos.(above 15%)
Loans and
week Ended- Investments
Phila.
97,198,0
*459,268,0 11,607,0 178,089,1
July
3_ 103,684,3 398,020,0
100,317,0
*452,896,0 11,587,0 167,248,1
July IL 103,664.3 397,124,0
100.652,0
*454,701,0 11,605,0 162,321,9
July 18_ 103,684,3 398,408,0
99,750,0
*446,449.0 11,573,0 138,919,8
July 25_ 103,684,3 396,444,0
95,906,0
*444,461,0 11,464,0 154,138,8
Aug. 1_ 103,684,3 396,872,0
87,213,0
*423,473,0 11.613,0 140,810,9
Aug. 8_ 103,684,3 400,172,0
85,902.0
*424,113,0 12,525.0 119,368,7
Aug. 15_ 103,684,3 401,553,0
*421,292,0 13,179.0 131,601,2
Aug. 22_ 103,684,3 399,898,0
a Includes Government depos Is and the item "due to other banks."
* "Deposits" now Include the item "Exchanges for Clearing House," which were
reported on August 22 as $10,442,000.
1913.
1912.
1911.
$8,477,361 815,797,498 815,768,950 814,359,044
558,004,381 574,482,474 519,930,149 490,123,760
$566,481,742 $590,279,972 8535,699,099 $504,482,804
The following table shows the exports and imports of
specie at the port of New York for the week ending Aug.22
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
ImporiS.
Gold.
Week. Since Jan. 1
Week. Since Jan. J.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
$
51,156
9,195
84,884
26,402
$
$17,366
108,868
3,602
1,154,204
864,063
2,421,394
1,313,109
$180,000 $127,142,949
500 68,743,196
32,508,133
Suitor.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
$
$
865,000 837,611,460
2,000 85,540,015
1,018,913
935,049
1,105,120
10,000
693,492
103,000
238,900
8121,637 85,882,606
465,224 13,096,286
575,102 15,026,315
$1,391,062 822,336,030
3,204,408
39,305
10,595
18,267
38,129
2,543,457
2,074,474
1,040,275
201,895
91,346
1,124,900
125,059
51.391,062 827,083,638
664,786 32,216,685
771,754 35 551 212
877,000
84,155
76,512
8237,667 $5,734,502
64,385 6,375,605
114 019
A 094. 942
Of the above imports for the week in 1914, $18,238 were
American gold coin and $____ American silver coin.
For General Distribution
Circular No. 616 describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Boston
Chicago
Albany
Members New York and Chicago Stock Exchanges
THE CHRONICLE
AUG. 29 1914.]
597
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER JUNE 30 1914.
Deposits,
June 30 1914.
No. of
Banks.
69
56
49
159
14
19
76
Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
442
New England States
439
3
6
33
202
783
32
22
25
87
14
1
12
New York
Albany
Brooklyn
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
District of Columbia
Washington
1,659
Eastern States
125
8
119
73
51
107
6
2
54
90
37
27
4
486
5
7
2
6
7
5
57
135
8
113
Virginia
Richmond
West Virginia
North Carolina
South Carolina
Georgia
Atlanta
Savannah
Florida
AlabamaMississippi
Louisiana
New Orleans
Texas
Dallas _
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
1,534
Southern States
356
8
7
8
250
5
454
Ohio
Cincinnati
Cleveland
Columbus
Indiana
Indianapolis
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul
Iowa
Cedar Rapids
Des Moines
Dubuque
Sioux City
Missouri
Kansas City
St. Joseph
St. Louis
9
97
2
126
5
262
5
325
3
4
3
6
108
11
4
7
Middle Western States
2,071
North Dakota
South Dakota
Nebraska
Lincoln
Omaha
South Omaha
Kansas
Kansas City
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
New Mexico
Oklahoma
NI tiskOget,
Oklahoma City
Western States
146
105
214
4
7
5
204
2
3
3
61
32
115
a
3
37
332
5
6
1,288
Washington
Seattle
Spokane
Tacoma
Oregon
Portland
California
Los Angeles
San Francisco
Idaho
Utah
Salt Lake City
Nevada
Arizona
Alaska a
66
6
4
1
79
5
245
8
9
55
17
10
13
2
Capital.
Surplus.
49,546,159
7,740,000 3,875,
5,285,000 3,485,800 20,335,452
19,518,713
5,010,000 2,091,400
17,793,925 139,591,827
29,342,500
26,600,000 18,796,000 196,971,538
6,220,000 4,563,400 28,840,997
72,494,021
19,514,200 11,783,300
99,711,700 62,388,825 527,298,707
49,506,080 36,586,605
2,100,000 2,200,000
2,252,000 2,700,000
112,900,000 124,805,000
22,302,000 23,050,45
68,132,790 74,146,361
22,055,000 40,160,000
30,300,000 20,464,000
1,649,000
0
5, 39: 00 3,924,700
1
10,840,710 7,765,010
298,000
252,000
6,657,500 4,835,920
Loans.
Gold and
Gold
anti
Gold C1'
g-II Treasury
Other. ! Discounts. Ceailicales Certificates.
hulividuat.
388,205,000
18,333,089
21,341,010
855,760.766
208,049,981
503,577,240
188,819,699
125,215,470
8,260.899
41,153,409
47,921,702
981,823
29,009,599
Silver
Treasury
CertUicates
Silver,
S
S
11
$
I
385,941
37,944,059 1,150,584 1,056,590
135,795
606,793
19,783,549
514,350
327,530
130,427
178,465
19,722,021
407,177
109,461
307,750
1,354,237 136,531,942 2,196,376 1,909,650
772,606
3,052,867 210,305,8091 5,317,886 14,146,300 359,455
70,929,576
481,980
28,602,639
405,255
680,510
102,580
887,845
1,500,939 1,194,910 342,607
6,948,128 523,819,594 11,492,567 19,623,24 1,952,926
2,975,539 310,257,524 6,249,345 7,783.49 1,383,625
243,653
27,003,782
562,090 2,590,430
630,139
17,951,900
785,513 1,197,760
152,159
7,120,427 1.061,095,803 65,989,423 174,555,440 1,270,984
1,316,940 154,544,566
147
746,125
2,789,452 373,516,902 10 :
55664 972101 2,045,944
, ,
2,252,497 233,640,444 10,805,868 14,421,920 946,705
1,110,900 132,792,027 6,055,493 9,021,350 858,300
114,046
7,085,721
115,874
108,870
67,772
232,183 31,909,454
497,903
809,420
152,585
1,674,303 60,807,186
751,666 3,174,720
191,437
147,000
809,203
9,358
73,400
2,635
4,168,446
26,559,549
56,685 2,023,06
74,1 :
Legal
Tender
Notes
$
491,761,
319.095,
139,674;
2,112,929
8,808,749
398,982
1,171,884,
13,443,074
S
537,540
477,788
445,598
3,873,762
5,326,661
590,481
1,533,344
12,785,174
4,633.7991, 6.526,766
1,227,092
39,413,220
2,891,18
4,320,99
5,704,550
3,833.886
209,2971
446,5011
2,767,4831
11,0611
762,449
'444:079
46.448,463
4,006,859
8,062,752
3,499,601
4,664.099
163,022
728,979
413,215
16,200
321,973
334,126,055342,585.054 2,436,629.687 24,775,5252,437,974,061 104,539,019229,695,96
7,943,71 66,284,666 77.651.773
65,697,953 1,619,471 74,989,658 1,034,236 1,242,090
12,893,500 7,677,6
699,536 1,121,629
450,384
27,635,570
5,200,000 4,294,65
534,567; 36,405,811
647,465 1,886,200
719,930
305,372
115,774
10,234,660 6,690,140 61,149,347
525.700, 58,032,864 1,502,605
893,291
990.520 261,609
512,737
8,745,000 3,219,7
33,805,752
857,856 45,184,512
459,295
626.711
506,000 267,667
350,594,
7,210,000 2,353,492 21,607,639
447,337 30,594,301
226,657
410,698
240,270 278,327
218,8581
9.448,500 4,854,832 22,295,627
283,187
35.678,905
445,747
456,259
443,960 410,001
351,747
4,700,000 3,900.000
23,279,055
538,262 25,345,171
224,287
916,135
798,370 220,26
455,646
900,000
1,583,342
700,00
148,482
3,518,610
33,045
10,078
30,500
41,790
80,913
6,885,000 3,354,462
39,508,748
749,043, 36,673,659
612,696
876,888
610,63
496,691
520,181
10,405,000 6,052,170
39.135,392
446,701
43,583,575
829,493 1,242,640 631,58
459,927
339,767
3,735,006 1,733,957
16,330,375
314,440
14,296,900
170,290
210,598
605,180
129,579
186,848
3,045,000 2,388,866
14,390,114
98,932
17,298,870
230,073
75,017
332,090
176,079
320,81
4,200,000; 2,530,
17,881,074
580,683
17,451,087
120,633
253.860
498,717
40,589
34,671,5801 18,230,829 111,343.284 1,227,650 136,567,558 2,433,037 1,351,900
3,166,870 1,637,121
796,572 1,503,476
20,595,217
373,463, 22,462,043
309,884 1,795,710 246,238
716,030
179,566
2, 75: 00 1, 90,
7
0
10,685,221
5
30,636
13,706,260
534,067
223,890
478,975
56,668
381,43
500,000
300,
4,281,371
114,5911
3,145,199
100,674
102,055
477.480
99,644
73,947
5,300,000 1,875,
24,163,176
186,667i 24,948,180
602,908 2,125,110 564,03
731,879
329,538
2,650,000 1,100,
10,889,614
358,379 11,053,542
303,532
652,680 350,69
283,640
214.493
97,8391
1,750,006
450,
5,284,183
39,957
6,329,597
151,330
232,000 239,69
117,500
5,036,000 2,257,476
18,954,745
269,138, 21,829,867
390,082
420,23
320,294
396.300
208,6571
12,320,900 5,325,237 43.647,543 1,060,633 50,030,414
749,751 1,271,690 282,879
326,0011
496,334
5,495,000 2,696,
20,925,935 1.363,894, 26,093,426
794,883 1,643,100
348,280
545.700
117,92
67,171.752 1,458,195, 71,294,575 1,190,654
14,210,000, 5,714,39
1,853,940 553,01
674,309 1,654,647
,
176,710,080 91,888,801 722,242,028 13.617.8641 826,514,584 14,097,324
14.057,457
24,142,95 8,552.231 7,908,6
35,719,100 19,644,607 221,917,581 2,196,63
1,641,030
13,900,000 6,450,000 42,009,003 1,763,7521 189,687,752 4,917,8791 5,167,520 1.105,588 1,024,209, 3,796,757
53,324,816
545.933 5,156,940
1,591,404
127,445
9,600,000 4,800,00
44,531,912
811,124 59,064,895 2,888,825 3.689,000
197,066'
714,118! 2.102,870
3,000,000 1,696,000
22,147,313
753,136
17,334,065
442,21
656,717 1.183,500
897.796
187,873
21,450,000 9,958.258 120,512,989 2,517,892 110.006,139 3,098,407
2,151,039
2,836,920 814,2801 1,152,21
6,400,000 3,015,
23,214.442
742,334 27,858,883 1,255,905
768,992, 1,265,414
218,580
32,995,000 18,953,786 213,599,740 4,023,539 187,387,265 4,427,071 1,340,000 1,320,991 1,546,686' 3,232,974
42,800,000 26,555,000 220,946,698 3,609,398 335.661,957 14,920,585 5,575,180 822,791 20,416,478i 28,156,525
23,040,020
95,040,207 1,206,095
10,437,000 5.891,95
74,512,192 2,370,164 1,856,950 427,138
498,229 1,989.918
6,000,000 3,000,000 44,128,380
819,337 35,946,331 1,512,822 1,535,490
3,131,281
5,
98,513,204
4,902,75
839,713 74,258.046 2,144,994 2,242,600 464,043
1,295,035
522 02
,
43,818,935 1,091,881
6,3 0:000
0
. .1):
45,129,073
556,555 2,319,700 158,322 1,506,861 1,094,670
11,991,000 6,300,105 116,526,953
788,607 102.137,742 3,033,980 1,995,42
987,109
683,822
663,599
54,262,175
395,274 64,592,41
3.307,430
83,888 1,970,081
438,1281
6,800.0001 3,80000 40,189,263 2,275,852 41,772,044 3,068,935 3,160,83
789,252 1,124,060
826,73
399,708
18,585.0001 7,963,277 114,886,966
433,974 120,407,467 2,607,892 2,532,87
1,786,339
611,73
671,725
412,000
3,692,037
800,0001
33,867
7,814,525
146,978
581,2
427,580
37,49;
57,975
720,000
7,664,233
2,350,
215.31
13,933,057
365,627
794,7
97,389
276,745
50.57
600,000
2,360,219
130,000
57,38
2.613,839
140,064
80,I;
159,499
24,255
40,06
1,250.11,
6,667,029
595,500
149,009
9,430,945
181,9
887,I I
61,492
307,988
33,5
28,370,794
6,520,000 2,859,119
171,757 29,368,924
732,876
449,05
163,
258,525
42,813,227 1,635,467 64,448,008 3,134,338 1,851,04
7,750.000 3,331,000
596,557 1,348,60
1, 76 78 1
6 6,06
10
1,100,000
700,000
6,524,771
138,530
9,467,507
308.288
78,326
417,860
195,285
219,95s
20,200,
8,940,000; 61,183,542
948,135 102,762,461 1,504,278 12,172,920 264,765 3,885,05
5,469,015
285.237.100150.178.352,1.675.521.613 27,618,003 1.778,920,3431 57,828.441 81,693,49 9,522.232 38,525,57 65,192.233
5,400,009
4,372,500
10,005,000
1,000,000
4,000,000
1,100,000
10,917.500
500,000
400,000
500,000
5,360,0
1,850,000
6,605,
3,600,0
600,
2,125,000
12,658,6
900.000
1,300,000
2,195,767
1,422,075
4,595,335
330,
2,575,500
525,
5,175,73
311,000
190,000
587,000
2,680,75
1,098,500
3,150,82
3,695.6
540,
964,900
3,573,351
283.800
422,000
32,963,610
31,593,542
51.651,576
4,775,447
26,456,192
6,146,501
56,800,582
2,789,968
3,451,363
4,310,728
37,449,951
13,335,342
39,566,250
36,376,508
6,776,297
15,086,930
61,785,833
4,877,506
7,761,141
73,193,600 34,317,140 443,955,267
4,160,000
4,200,000
2,400,000
1,000,000
5,086,000
4,500,000
22,222,800
6,800,000
28,500,000
3,470,000
1,155,000
2,400,000
1,410,000,
1,175,0001
100,000
2,403,450 30,805,505
31,542,460
1,395,000
13,853,581
575,000
6,452,366
115,001)
29,606,016
2,326,232
22,535,314
2,285,000
9,152,625 122,265,601
2,600,000 45,765,060
16,685,000 103,184,321
19,381,596
1,516,642
7,511,558
464,500
10,898,161
1,085,000
5,596,261
304,200
10,873,276
727,000
861,872
70,000
33,504,637
29,762.727
54,138,375
5,866,359
31,885,675
6,926,947
57,055,174
3,687,287
2,617,726
4,388,993
31,199,544
12,251,384
30,855,339
28,690.224
4,719,881
13,413,818
57,834,544
4,667,805
6,354,863
266,615
514,351
216,270
131,605
932,767
72,133
847,700
123,430
292,262
41,287
1,182,448
312,73
678,763
1
1,315,270
158,800
280,052
666,097
201,401
195,992
662,91
755,766
1,416,744
268,80
604,798
319,53
1,591,554
39,208
188,202
105,735
1,531,802
496,825
1,399,318
4,462,560
423,830
420,215
978,724
130,898
271,070
800.0
905,4
1,181.99
108,47
1,868,42
263,84
1.458,47
276,35
245,08
451,8
1,044,4
404,350
900,610
1,732,46
450,23
431,99
1,753,780
261,92
434,36
283,77
243,019
332,21
122,791
249,652
64,041
555,887
34,3p
74,9
46,495
316,9081
97,338
270,119
228,581
25,075
90,456,
708,189
65,916
166,033
158,101
170,27
212.67
57,008
754,11
18,32
327,80
43,1
17.59
163,81
123.65
59,131
175,68,
57,88
16,66
89,66
368,57
49,061
83,26
8,430,987 419,821,302 16,068,497 14,974,000 3,975,809! 2,946,48
674.040 25,155,723 1,749,34
492,502 26,275,276 3,322,052
11,440,193 1,616,495
254.157
511,470
4,785,748 1,020,115
439,983 24,129,776 2,178,415
1,034,060 20,655,910 5,168,9
1,333,715 108,586,662 7,357,066
516,2981 48,421,333 7,296,737
1,540,157 123,542,593 11,285,58
464,268
16,513,883 1,014,159
189,092
7,011,366
519,395
293,681
11,292,313 1,157,873
170 979
5,233,209
361.685
378 917
7,709,937
459,405
239,339
189,013
514,95
298,000 276,157
399.380
223,083
128,21
139,229
3,010
78,760
221,130 248,777
113,370 322,227
1.007,530 1,074,006
431,130 311,680
2,700,500 589,891
161,468
352,271
54,269
33,671
157.021
407,931
50,051
92,7,1
82,410
213,661
16,606
71,130
344,569
324,398
467,957
333,666
636,305
257,036
673,132
40,940
54.750
58,870
369,057
91,401
567,869
1,123,621
122,650
112,800
630,716
70.280
164,320
6,444,237
97,055
237,758
34,690
85,821
39,381
21,435
304,000
179,494
107,345
90,798
12,410
56,830
11,740
68,950
11,660
37,66
128,84
45,9155
29,35
14,86
157,11
77,18.
35.42
45.75
9,16
26.25
6,77
99,987
8
"a
• !..
eitTaalies•
•t;L:1
i •c c: •
•
Other
.
•
g i4
.
Total Reserve
1
•
.4 .
I SanFranetwo.11
: 1 lif •
•
4 14
•
I Salt Lake My.
.3.
Kansa* City
k - 1'
4 4
t
1 1 11 .1
4
cc
cc .1 •c
i
Ce
Dretrellt.I
SI
I Des Moines
W .11
•
1
I St.Paul et
I litiontayolis.
i
k.
2
-•
Dal.
Zi
14
1, .4
:4 i
Oalva*Houfn
RenZomfilig. ,tc. • •
c
i 1I
/n Millions.
New York.
I
Pacific States
526
88,578,800 41,704,649 461,132,948 8,532,655 441,268,872 44.696,29
1,359,367
714,93
6,473,62 3,785,635,
Hawaii (Island Possessions)
5
635,000'
275,445
155
2
1,750,458
537,191
572.483'
1,912,179
48
105,29
Total United States
.
a One report for Mch.4 1914 used 7 575 1 058,192,335,723,338,2666,268,692,429 90,495,6456,430.069,214 249,259,329 376,603,74035,897,846129,823,652 177,490.396
'
C.)
C .4
E..V
.g
.
I
I
i
113
gQgii; s.1
6, A
1
s ss s s
Loans,disc...tre 210 27 18 1,081 234 I s „s $ s s s s s s s s s s s s s s s s s stsssssss s s s s
$
133 61 27 36 29 18 36 28 17 26 53 59 17 28 336 36 45 106 20 14 65 9 103 639 4 733 11432149 124 11 3,2013,245
U.S. bonds
-.
ik
i
-4.1
$
6,446
2
55 14
1 1 6 2
4 6 23 3 307 549
Stocks,bds.,&c 23 10 5 164 36 19 10 11 4 5 3 5 6 4 7 10 6 4 8 18 3 5 6 2 1 6 1 18 1
856
42 7 5 2 1 2 1 I __ 3 12 5 5 3 20 8 4 11 2 1 8.. 6 .- 2!.. 110 2
4 4 171 1 430 629 1,059
1
d,,
I rel Prora
...
°tnttafil 6 13 3
4
7
21 94 18 18 3 1 2 2 2 3 I __ 3 5 3 3 7 ii 13
)
1
13 -5 a -a 33 3 13-i -i 13 -i -i13 48
Nat. bank notes 1 __ _
3 1 1 1 9 8 6 7 t ? 5 t 1T 21 _, 1 4 __ _, 33 ----------31 --------1.- lg -------------20 30 1 331
_ 1
4
_
4
1
1
1
1 50
Gold
20 3 2 180 25 15
3 3
2
2 1 5 1
7 1
5 8
68
i
9
626
1
41 7 5 4 -i - -i -i. -3 -3 -11 -2 6 6 -, 3 38 _ 2 10 -----2.. 14 __
Sliver1 3._ 1 -- -- 6 -- -- 14 _2 112 158
1 21
1
4 I
3 1_
1 1 1 1 1 1 1 1
1 54
Legal
166
4 Other
tenders..res '
"
21 1 -a 238 2
i
:tau
7 lan.
1
372 64 35 1,931 444 285 111
3 5 5 7 7 177 3 2 110 16 113 106 7117;18
8 2 (35 8 8 18 8 1 8 1 9 1 8 1
6 7 88 4 6
16 6 5 4 3 61 54 31 4
5 1
8
7
0 6 6 4 7 6 4
7 7 7 7
8 11 22 ,5, 775 11 082
2
0 1 71 612 1 468
0 8
.
.
I N8 122
9
9
2--e -§ 1 I -a 1 2 -. I 1 2 I 2 28 2 2 .3 1 -i 1- 2:: -1-i 2-i--5-5---:: 2211 82 117
,
5 106 I;
9 i4
. E ,V prof_ 22 2 8 142 IR 22
•
2; Circulation.... 10 2 1
41 12 16 18,122Iglit 3 5 3 6 15 2 4 4 2 1 5 1 16 1 3 -_-_ 1
t 1 4
1
F
5 231 2 24 479
tt Due to banks_ 100 38 6 724 172 84 34
322
81 21 2 316 313 18 52 1,935 251 2,188
510 4 8 10 10 411 28 40 5 14 241 17 16 47 16 9 48
a Due depositors_ 200 19 22 863 191 126 60 33 28 25 18 32 29 17 22 44 45 23 24 225 45 45 97 13 8 44 6 62 5
7
845 1353 46 105 112,703 3,656 6,359
3- _
i Other liabilitie
a
15 1 4 3 4 4 1 1 1 2... 2 3 2 -- 3 6 1 - 2 -----1 __ 4 __ 1 1 __
-_ 1 1 ......... 2 6
-1,931 444-104
164
1
372 64 35
Totals
285 116 60 57 47 37 61 54 31 49 106 109 36 57 565 74 76 177 35 21 110 16 193 1067 714742182
428323095,87015,612 11,482
1
1
THE CHRONICLE
598
THE COMPTROLLER MARCH 4 1914.
AreINTRACIT FROM REPORTS OT THE SAT/ONAL BMW MADE TO
Dwain.
Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Savannah
Florida
Alabama
MississiPPI
Louisiana
New Orleans
Texas
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
Southern States
Ohio
Cincinnati
Cleveland
Columbus
Indiana
hullanapolls
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul
Iowa
Cedar Rapids
Des Moines
Dubuque
Sioux City
Missouri
Kansas city
St. Joseph
8t. Louis
Middle Western Mateo
North Dakota
South Dakota
Nebraska
Lincoln
Omaha
South Omaha
Msas
IKIS s City
Topeka
Wichita
tana
yoming
rado
Denver
Pueblo
Vow Mexico
Oklahoma
Muskogee
Oklahoma City
rlo
Western States
Washhnton
Beattie
f4pokarup
Tacoma
Oregon
Portland
California
Los ArIgCle5
San Francisco
daho .
b
nth
Salt Lake City
Nevada
Arizona
Alaska a.
PaellIe States
Ewa =and Possual0na)
S
$
7,740,000 3,851,000
5,285,000 3,478,000
2,090,410
5,010,000
29,892,500 17,983,859
28,100,000 19,796,000
8,320,000 4,580,274
19,539,200 11,962,800
69
58
49
101
15
20
77
Other.
8
48,186,265
21,490,707
19,273,447
138,334,503
176,088,004
28,880,237
70,876,264
Gold
Gold and
old Cg-H. Treasury
Certificates. Certificates.
Loans.
and
Discounts.
$
404,375
585,745
180,608
1,311,709
1,574,913
439,238
860,627
0
37,497,130
19,815,238
18,819,784
133,418,389
200,480,935
28,772,592
69,499,22:
Silver
Treasury
Certiticates
,,
3
464,533
141,29
302,301
137,646
119,830
113,218
2,010,030
733,39
372,947 7,951,110
330,319
110,386
350,01: 1,107,987
Silver,
0
3
999,680
1,129,91
298,690
498,586
258,670
400,424
2,192,449 1,844.980
3,789,698 12,834,520
573,430
433,636
1,058,2
1,528,04
Legal
Tender
Notes
r
469,129
472,193
408,149
3,902,567
4,166,248
491,171
1,391,369
1.958,906 12,285,610 11,300,826
5,357,215 508.303,296 9,972,754 17,866,260
----c-.44
1,487,087 4,062,151 6,330,852
2,261,460 295,513,616 5,999,61. 7,579,640
433
61,421 2,336,873
59,3.
559,74: 1,980,620
26,754,14.
231,373
3
412.144
890,126
131,858
961,080
17,384,017 1,213,000
693,054
6
1.285,347 37,110,829 92,678,395
3,724,159 1.082,272,851 59,058,614 185,516,560
35
4,347,2903,145,646 4,322,444
1,285,706 151,654,162. , 4_
203
9,414,600 2,160;387 4,302.451 8,039,961
2,716,355 373,293.394 10,422,498 21,015,550 846,202 5,880,610 2,509,760
784
1
1,814,112 232,906,82' 10,265,652
32
3,958,072 4,305,107
905,05
2,291,717 124,568,232 6,210,013 9,636,350
21
162,994
226,716
70,930
114,220
118,260
7,328,725
117,333
25
861,460
413.338
153,943
778,130
490,000
31.013,990
225,194
251.890
157,975 2,430,403
405.166 1,607,690
60,312,953
2,667,466
20,450
It
16,976
2,15.
48.550
8,603
847,881
60,000
1
402,691
701,104
78,959
45.110 2,359,204
25,405,55
2,111,434
11
72.835.021
.48' 8,075,26 83,289.843
- 1,657' 334,652,440 350,580,630 2,321,750.068 19,999,363 2,429.256,144 96,744.029245,359
953,158 1,734,171
537,263
90,887,858 2,086.084 107,410,064 1,373,266 2,244,110
17.868,500 11.884,196
842,263
131
522,218
291,324
56,789,538 1,401,675 1,096,980
548.001
61.421.333
10,190,540 8,630.780
721,167
118
404,396
311,820
501,190
443,94
44,051.0
'72
36,051,154 1,615,404
306,915
475.164
8,670.000 3,111,225
289,271
832,180
216,521
28.860,457
6,590,000 2,274,842
890,654
49
23,330,916
698,028 1,145,934
821,200
847,820
554,36
58,607,641
49,938,900 1,294,268
7,933
113
40,330
14,148,500 8,731,235
58,022
33,00
112,225
3.244,938
145,490
1,443,161
700,000
2
926,114
900,000
421,276
395,09:
635,580
608,141
34,717,188
837,600
36,547,669
8,630,000 3,303,677
531,574
51
381,414
553,81;
: 1,333,1 I I
733.7:
42.905,638
43,484,032
996,920
250,240
10,375,500 6,013,995
90
148,948
173,349
604,310
164,286
13,669,2 i 1
17,045,324
3,485,000 1,683,192
34
465.046
73,050
146,516
276,211
335,501
208.771
17,519,100
15,142,688
200,172
26
216,807
3,020,000 2,378,866
598,958
59,91
273,630 1,455,300
17,285,255
4,200,000 2,530,000
4
16,857,833 1,700,797
1,801,822
997,097
136,241,745 2,429,508 3,203,300 1,748,38
488
564,750
357,237
34,405,000 18,343,084 122,251,118 1,217,050
293,394
257,200 1,030,9 t
18,622,565
8,400,000 2,300,000
469,281
5
18,551,847
549,805
94,957
285,461
198,630
501,143
12,632,408
11,829,159
181,103
7
2,675.000 1,600,000
71,485
105.936
125,272
343,720
174,332
3,802,412
300,000
2
4,293,728
500,000
109,067
1,080.651
386,034
534,43
485.815 1,711,450
25,923,088
25,013,951
194,508
5,300.000 1,825,000
267,800
8
190.137
320,7::
891,990
378,02
11,561,608
7
337,813
103.982
10.700,664
2,350.000 1,387,500
120,000
231,633
243,500
159,197
6,330,500
5,222,873
40,163
450,000
377,530
5
1,750,000
233.798
278,55
457,750
372,51
22,762,791
19,992,132
5,407,350 2,249,726
527,891
57
540,271
339.476
1,241,100 280,1 I
745,32
50,246,918
137
47,451,176 1,254,031
641,305
12,370,900 5.332,514
373.237
145,984
840,318 1,445,000
27,999,427
5,495,000 2,785,000
8
20,430,574 1,401,040
82(1,092 1,714,972
89,276,159 1,062,664 1,634,600 548,093
111
88,717,195 2,087,004
13.667.500 5,771,315
8,631,440 14,654.809
8.339,234
1,521 173,398.790 91,760,147 744,405,285 18,287,187 810,459,87 13,476,883 21,640,9
4,394,621 1,170,890 1,560,222 3,858,501
357
2,172,701 188,948,035 4,848,62
35,584.100 19,427,348 221,463,033 973,587 1,501.530
102,92'
438,491 4,182,360
55,781,639
8
39,154,844 1,811,420
13,900,000 6,450,000
848.498 2308,000
267,362
82,588,735 3,678,623 3,298,140
9,800,004) 4,300,000
7
40,479,025
974,891
449,248 1,125,720
198,478
315,120
752,889
17.189,907
21,853,183
784,234
8
3,000.000 1,685,500
846,502 1,033,647 1,985,135
6,126.886 2,591,444
252
21,825.000 10,046,458 117,974,617 2,898,511 107,248,168
263,350 1,206,209
266,081
1,440,1s i
977,7
26,913,488
8,400,000 3,015,000
5
777.355
20,220,284
1,676,659 3,230,761
5.272.170 1,309,419 19,421,594 30,078,378
454
33,195,000 18,937,995 220,689,422 4,015,721 186,291,700 4,615,8:1 29,088,561
817,249
335,820,234 10,312,43.
9
42,750,000 26, 00,000 211 558 248 2.207.312
3
. .
416,573 1,958,603
447,744
72,175,392 2,314,015 1,712,: I
95
93,637,025 1,217,143
149.121 2,845.534
10,235,000 5.640,850
182,11:
461,94i
33.838,672 1,988,377
804,329
3
33,921,476
5,000.000 2,000,000
1,133,260
478,874
471,2 1
73,177,929 2,076,992 2,040,160
123
11,490,000 4,872,800
871.539
98,335,021
1,813,568 1,317,136
147,96
809,329 2,201,720
48,438,984
44,549,839 1,101,575
5
8,300.000 3,300,000
946,397
560.516
891,651
2,851,626 1,777,350
96,889,722
259
812,600
11,916,000 6,253,350 112,932,693
107,272 1,587,455
442,6
57,973,492 2,649,683 2,725,210
379,302
6
7,500,000 6,210,000
45,453,538
870,058 1,373,492
297,
574,64,
3,350,380
37,437,91
1,572.087
5
6,121,665 3,765,416
36,788,143
625,719 1,696,111
735,88
2,659,502 2,453,170
825
18,635,000 7,869,086 128.883,323
446.101 122,423,06
819,540
33,838
57,18
487,750
68,715
8,496,573
3
36,037
600,000
412,000
3,380,792
264,405
67,381
101,06
730,460
286,550
4
14,255,273
565.086
2,350,000
715,000
7,221,827
142,677
54,428
30,249
114,601
73,000
3
2,503,022
61.521
600,000
130,000
2,477,865
330,911
40,323
83,661
181,627
753,88
5
10,056,9
424,934
6,497,690
685,500
1,150,000
572,241
167,081
288,150
439,280
743,296
29,932,395
171,242
108
6,465,000 2,878,069
30,396,255
603,281 1,438,962 1,208,981
66,205,054 2,976,87. 2,478,380
12
40,415,210 1,694.167
8,250,000 8,410,000
212,460
321,235
103,183
359,115
526,300
10,640,261
136.419
4
1,100,000
6,806,895
700,000
222.643 3,956,387 6.588,799
1,332,589 102,138,744 1,490,298 12,574,790
7
61,885,925
20,200,000 8,940,000
67,892,226
2,067 283,906,765 148,542,372 1,643.796,150 27.084.796 1,765,323,• : 58,570.55: 83,093,340 9,885,017 37.337,141
386,185
168.052
290,69
864,732
805,0:•
32.927,982
266,339
34.798,479
837,326
5,325.000 2,194,250
144
183,636
249,333
841,640
775,370
28,879,59:
542,461
31,859,518
104
457,031
4,285.000 1,415,550
229,521
340,33
55,476,86: 1,450,447 1,134,41,
206,958
54,596,406
219
10,180,000 4,618,085
254,894
35,527
142,557
97,79.
6.066,19
271,243
147,302
4,439,212
4
330,000
1,111.001
906,378 1,094.490
291,19
82,848,39;.
741,188 1,534,950
27,258,889 1,865,762
221,795
4,111.000 2,570,000
a
53,464
76,929
284.400
138,500
7,061,954
145,022
6.771,783
525,000
694,339
1. 00.000
;
310,081
537,93:
1,626,812 1.359,230
55.700,48
807,185
58,081.496
83,458
205
10,887,500 5,154,120
24,272
49,569
262,050
124,333
3,739,93
151,101
2,037.766
310,000
2
38,060
500,000
30,976
82,631
211,940
202,885
2,519,521
291,652
3,408,829
190,000
50,50141
8
400,000
63,000
52,33.
398,97.
58,9 0
4.378,03
41,198
4.113,090
349,302
555,000
3
123,434
500,000
332.332
876,261
30,165,587 1,698,60.
1,243,925
36,569,880
117,438
63,842
5,107,500 2.751,500
96,681
58
399,270
489,52i
12,220,413
279.715
13,463,694
537,635
30
183,438
1,775,000 1.095,500
297,873
902,680
30,412.29, 1,391,583
680,008
40,080,330
1.079,218
115
8,815.000 3,180,092
42,951
228,760
2,001,204
28.022,37: 3,518,39
34,124,272 1,471,018
80,945
3,600,000 8,946,000
6
32,298
30,10
441,021
477,010
4,853,04.
159,118
6.408,425
540,000
156,383
3
600,000
104,563
133,453
408,97i
409,022
13,104,070
290.697
14,283,995
964,000
079,374
87
2,115,000
892,667
708,16
938,127 1,702,650
54,022,68,
812,901
62,885,580
12,370,000 8,487,289
321
70,940
72,101
73,99.
272,940
127,423
4,695,247
278,203
5,084,777
282,500
5
900,000
244.690
118.225
154,81
207.641
385,810
6.425,0
195.364
7,080.230
422,000
1,300.000
6
14,211,351 4,169,711 3,138,424 6,913,998
72,540,000 84,489,886 447.926,693 9,376,077 413.517,7 • 15,421,
1,273
==.....
287,78!
80.598
44,929
21,994,555 1,681,65
702,805
29,342,253
4,010,000 2,340,700
04
833.82:
130,311
442,127
23,948,339 8,679,70:
753,941
29,498,647
6
4,200,000 1,396,500
229,07:
2,105,552
47,171
13,085,0
29,505
485,028
16,156,830
775.000
5
3.400,000
110,269
552
4,719,691 1,022,31:
138,588
518,347
6.541,477
110,000
1
1,000,000
293,12.
22,472,0 : 2,230,313
52,691
83,571
4420,326
28,176,883
4,959,190 2,420,634
79
10,393
325,436
20,173,77. 5.124,730
29,002
22,595,278 1,178,527
5
4,500,000 2,280,000
7,445,881
1,074,053
137,823
823,310
244
22,068,235 9,121,262 121,166,832 1,445.281 105,780,181 8.803,880
47,381,881
332,123
53,036
526,752
498,458
45,908,242
8
6.800,000 2.600,000
12,749,650
679,183
85,012
123,892
9
95,758,485 1,372,840 120,287,80
28,500,000 16,885,000
16,321.151 1,030,958
178,813
48,724
463,448
96,528
54
19,391,312
3,445,000 1,512,451
494.622
6,784,051
65,9
23,374
12,538
190,045
464,500
7,515,987
17
1,155,000
1,351,83
11,791,04
164,27
363,364
87,430
31,850
6
11,103,182
2,400,000 1,082,500
333,21
6,472,36:•
54,85
181,258
4,035
33,641
308,200
6,608,385
10
1,710,000
509.497
7,859,471
88,501
366.334
47,744
58,44
18
10,461,907
714,500
1,155,000
494,:,:
119,73,
13,846
317,547
103
2
10,70
880,713
70,000
100,000
101,886,700 63,742,343
-49,867,760 38,568,677
2,100,000 2.200,000
2,252,000 2,700,000
118,500,000 180,005,000
22,389,500 23,254,539
68,184,495 75,284,204
22,055,000 40,160,000
24,900.000 21,814,000
1,688,975 1,846,500
5,142.000 3,919.700
11,340,710 7,865,010
298,000
252,000
8,500.000 4.865,000
447
501,129,427
374.701,583
24,964.674
20,052,491
771.725,000
204,686,928
499,669,227
184.643,393
120.260,088
8,221,475
40.663,925
42,553,451
1,020,451
28,491,402
523
5
89,402,425 41.881,247
450,564,432
270,471
428,945,565 46,683.045
4,230,874
502.251_
1,730,146
1,256
61,02
9,160,893
.756,402
685,541
635,000
000000000000000
New York
Albany
Brooklyn
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
District of Columbia
Washington
Individual.
C
W.hode Island- .
Connecticut
New England State/
.
Siit5151
MOW.
oWoo.40m..wo
.-4......o..wo.00.wwwoo
irkanniAlro
F
nt
1=chusetts
Boston
n
.
t
o
Aram 4 1914.
638,292
1,975,881
339
260
,dlso.,&c.21:10
I
I
I
.....
3 3 3
2
8 3 3
27 17 1,082 233 125 60
51 14 18 11
.S.bonds- - 13 2 2
eftoas,bds.,&e. 20 9 5 149 37 37 6
31 8 17 3
7 1 1
I Real eetate, atc
95 101 46 19
Due from banks 88 27 5
2 1 2 1
_ _
rAbenk =tea 1. .
c
I
17 S 2 345 31 16 1
88 7 5 3
8 , 1
Sayer
43 3 5 _4.
r tenders- 4 -2 _
Othe reeourees 15 1 1 188 21 4 5
1$
S S 5
7 12 30 18 28 86
5 6 5 4 7 10
2 1 1 __ 4 12
2 2 8 1 , 8
7 14 11 4 -8 20
_ 1 1. , .
-2 2 3 I -3 --i
1 1 1
2
_ 1 1
-2 1 3 -2 I 1
I SI. Lends.
,:i
• 4.
Kaswas
a
.11W.11
I Elt. Joseplt.
I
-
I Des .11011ISS
New Orkane.
&H. cm. db.. i• g . 1 11
.,,,,,,,,„;,.
Dal. -4 le:. TV .
2
7,493 1,056,482,120 731,273,096 6,11 ,828,457 19,951,07 6,357.535,898241,370,755389,282,22, 36,720,031 125 321,089 175,373.021
Total United States
il One report for Jan. 13 1914 used
.4.
, i
g
! 1
g
-6
1
- •
1
naill for
4
18
•
:
. a
:__
8
1
7
8 1 ! 6 . : 70a 0 21 4 : 3
81 112. k7 .1 102$ $ 4S0 _S. St 1 1 t 0 i77311
ii
1r
1. S
123,?323,3477:7
S
ti3 17:7 816 14 41
7 _ 4_ 6 23 _3
.
1 6.
7 4 7 1.1 3
. 2 -- 1 9
$ 6 2 1 2 -- 6
4 4 1 1 402 625 1.9
4 6 $
1 1
2
9
19
21 4 55 '5
1 1 2 2 ..
, 178 8
1, 6 14 39 ,,, 8 9 743 1.64
24 0 12 117 16 15 25 13 10 8 31 o 441 2 18 2 5 13
1
1 .. 2 _. -, -- -, 1 -, 11 14, -i -f - _ . 1
__ -1 6 73 1-I/5 -3 411t 116 63
7
46 2 3 ri 3 i
11 -3 -2
162
1 _ 1 _ 107 55
2 1 9
1 , 7
.
i
3 1 I 3,0 3 1 2 1 2 I 4 -1 3 _. 1 :- -- 1 -- 1 -§ -r-ri 117
__
2 _ 1 19 2 1 3 4
a
lif
42 84 228,233,850 5,714 11.564
618 85 80 102 58 42 26 120 20 209 11 76 7 15 72 2
351 72 34 1,924 456 275 110 57 5 38 61 59 31 52 110 111 37 58
4
8 6 3 2 8 1 20 1 6 1
441 015 1.056
85
4._ 151
1 tWirtaa.md. It 1
9
6
52S
2 5 21 2 PA 48 1124
1 a- 1 4 1
1
.
2 4 3 1 2 1 -1
43 12 14 8 6 1 3 5 5 4 5 8 5 3 6 15 2() 0 87 18 22 14 3 -1
1
10 2 3
2 27 3 4 17 4
Ch'eniation.2 47
8 18 57' 53,165
44 6 18
15
Doe to banks.: 98 39 7 791 189 85 34 6 1 8 13 14 4 22 34 61 23 21 3
.
4 47 97 122477 3 724 6 20
445 48 37 13 8 42 7 63 5 35 3 8 42 13
214
41
1 19 31 30 16
I Dna depooltors_ 178 25 21 775 186 133 45 81
308lOther
___ 1 2 .... 1 ... 3 .. a
4862 is
I
__ __ 1 1 '
5312 2 2 __ 1 1 1 1 1 4 8 __ 8 5 __ __
Liabilities 2 1 _
8
-:4
S42261235.85015,714 11,664
80 102 6 42 F8 120 20 209 11 78 7 15 72
Tomas__ 351 72 34 1,924 466 276 11061 138 61 59 31 52 110 111 37 Cla 618
_
_
Tow.
2 112 22 31 11 I 1 1 2 2 1 2 't '2 1 g 12 2 g
1 1 6 1 11 1
lg
1 ;32 1
599
THE CHRONICLE
AUG. 29 1914.]
ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER JAN. 13 1914.
Deposits.
January
13 1914.
Capital.
No. of
Banks.
Surplus.
511,585,194
5,223,908
502.505,647 10,041,7101 18,623.17
2,287,388 15,119,613 12,445.409
2,207,204
179,452
791,910
3.418.122
1,214,314
2.551,292
1,859,289
2.247,309
120,820
234,455
4.151,007
133,000
3.735,850
296,656,167 6,304,241 7,849,67
23,950,041
562,698 1,935,460
520,135 1,756,120
18,208.827
929,730,814 48,889,326 133,128.540
154,771.12
. .
377,706.031 10.383,3481 9,941.130
223.216,051 10,189,5001 20,598,62
130.483,
5.442.5651 8,695,3
7,381,048
140,940
112,7911
31,294,383
852,110
604.6521
59,575,57
4,273,020
405,7
880.34
8,910
78,400
27,087,412
45,925 2,560.540
1,616.767 4,442,152 7,137,760
87,653 2,1114.398
66,23
485.695
158.708 1,401.879
1,406,932 50,674,437 59.486.893
3,335,675 4,520,340
829,647
4,943,043 8,749,221
2,297,73
954,257 7,460,775 4,077,647
3,960,051 4,398,380
1,804,8
161,135
271,280
75.895
706,295
479,562
160,51.
403,610
197,228 3,436,748
37.200
23,326
2,24
635,126
724,641
86,961
7
5
55
137
8
110
1,517
93,011.395
59,105,622
37,182,145
23,715.428
52,264.768
1.369,221
34,896,353
44,766.049
16,519,969
15,663,743
19.406.058
127,338,565
19,416,348
11,587,190
4,378.993
25,272,928
10,529.729
5,332,144
20,513,555
46,392.447
20,740,876
66,952,028
17,658 500 11,799.504
10,162 065 6,615,175
8.660 000 3.093,725
6,465 000 2,269,750
14,268 500 8,747,411
700,000
900 000
4.605 000 3,305,977
10,320 100 6,042,995
3.48.5000 1,680,204
3,020 000 2,378.866
4,200000 2,530,000
34.162 720 18,340,298
3,400 000 2,500,000
3,175 000 1,750,000
300,000
500 000
5:300 000 1,825,000
2,350000 1,887,500
450,000
1,750 000
5,362150 2,217.644
12,369 080 5,332,897
5,495 00 2,785.000
13,595000 5,745,565
173,203 115 91.797,511
5
6
358
8
7
8
252
5
453
9
98
3
123
260
5
a
4
825
3
109
12
4
7
Middle Western Slates
2,068
145
104
223
4
7
ttorth Dakota
South Dakota
Nebraaka
Lincoln
Omaha
South Omaha
/Kansas
Kansas City
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
New Mexico
Oklahoma
Muskogee
Oklahoma City
527,701
482,459
482,210
3.933,545
4,624,224
615.638
1,779,632
388,776,394
17,138,356
20,715,546
719,098,139
206.878,341
497,626.599
186,910,406
121.879.455
8,391.778
41,225,727
44,697,586
1,031,061
28,053,013
338,721475 351,647,498 2.262.422,401 22,644,004 2,280,950.819 85,226,626216,155,08
8
2
Southern States
•
523,354
324,405
•
163,88
159.714
Lego.
Tender
Notes
49,336 370 36.515,421
2,100 000 2,200,000
2.252 000 2,700,000
119,700 000 130,305,000
22.360 250 23.251,325
68,144 170 75,240,542
22,055 000 40.160,000
25,900 000 22,714,000
1,688975 1,646,500
5,142 000 3,906.700
11,290 710 7,845,010
298.000
252 000
6,500 000 4,865,000
132
117
72
48
115
2
51
90
34
26
4
483
011lo
Cincinnati
Cleveland
Columbus
Indiana
Indianapolis
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul
Iowa
Cedar Rapids
Des Moines
Dubuque.,
Sioux City
Missouri
Kansas City
St. Joseph
St. Louis
,••
1,139,731 1,014,070
302,98
492,858
292,16
387.157
2,245.057 1,751,880
3,814.657 13,480.99
619.69
422,790
1.539.440 1,161,4
Siver
Treasury
Certificates
Saver,
101,986 700 63,740,293
1,657
Eastern States
Gold
Gold and
old Crp-II Treasury
Certiftetves. Certificates.
38,059,217
29,153,809
19,089,71
134,815.738
191,504,321
29,571,406
69,311,446
432
3
6
38
203
783
32
22
25
88
15
1
11
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Savannah
Florida
Alabama
MlasIssiPol
Louisiana
New Orleans
Texas
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
Loans.
and
D :counts.
368,373
557,122
176,780
1,264,492
1,5.50,531
465,909
840,701
000 3,850,500
5,285 000 3.478,000
5,010 000 2.090.410
29.992 500 17,982,300
28,100 000 19,796,000
6,320 000 4,580,274
19.539 200 11,962,800
447
New England States
New York
Albany
Brooklyn
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
District of Columbia
Washington
Other.
48,677,421
22,293.976
19,317.061
136,714,686
182,227,366
30,401,941
71,952,743
69
56
49
161
15
20
77
Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
individual.
3
203
2
as
30
115
6
3
38
319
35,484 100
13,900 000
9,600 000
3,000 000
21,600 000
6,400 000
33.140 000
42,750 000
10,260 000
5,000 000
11,475 000
6,300 000
11,941 000
7,500 000
6,121 665
18,610 000
600 000
2,350
600 000
950 000
6,401000
8,250000
1,100 000
20,200 000
ono
2,308,934
517,248
2,072,938
1,712,730
1,990,820
318,520
1.101,829
1,383,104
841,859
258,268
1,983,107
1.233,865
882,879
307,400
104,536
193,497
352,194
39.954
741.913
1,412,189
2,200,557
3,430,605
108,514,782
56.006,075
43.736,321
28,047,078
59,984.038
3,546,273
35.828,96
42,849.992
14,390.153
17,965,2r
19,661,615
142,568,226
19,731,494
14.552,234
4,217,58
25,925,22
10,994,836
7,051,03
23,44.5,931
50,549,17
26,584,3
71,057,59
1,220,788
1,495,343
440,432
209,866
551,043
78,290
536.69
709,27
158,728
209.124
258,068
2,324.590
256,39
486,077
173,I!'
461,24
396,28
143,513
340,803
742,16
681,977
1,114,520
830,268 2.067.366
428.365 10,313,471
353,774
21
1,392,442
132,12456,52
9,657,408 81.241,222 92,903,700
545,143
2.152,140
1,006,930
330,51
577,23
307,047
292,31
274.68
667.23
988.78
30,86
60,50
539,610
370,997
576,674
1,441,13
610,41
175,744
375,510
256,761
1,698,080
49.44
3,327,320 1,774,541
943.350
308,727
300,042
182,200
317,490
106,67
391,1
1,574,220
271,346
884.240
261,
243,322
449.96
318,065
300,189
1,229,720
152,64
1,392,8
577;29
1,757,08
756.355,549 25,388,846
827,208,221 12,967,210 22,052
219,379.143
42.588,132
44,569,193
22,302,256
119,380.151
22,412,930
212,441,714
214,439,730
94,328,860
35,677,257
93,973,422
43,179,381
109,039,918
46,523,969
35,462.101
114,363,233
3,259.125
6,532,708
2,628,653
6,597,491
30,886,345
40,847,392
7,122.303
83,203,734
19,384,048
6,450,000
4,800,000
1,685,000
10,080,460
3,015,000
18,941,498
26,300,000
5,839,850
2,000,000
4,841,300
3,300.000
6,216,450
6,210,000
3,755,416
7,817,820
412.000
715,000
130,000
562,000
2.873,474
3,410,000
700,000
8,040,000
188,231,770 A,950,305 4,674,3&1,295,7801
53,684,406
482,395 4,277,000t 150,166
61,030,85,5 2,733,663 3.745,19
244,741
16.271,136
819,617
984,37
188.563
108,443,98
3,233,426 2,883.730
927,7481
27.869,703 1,133.507 1,413,00
295,5
185,353,243 4,537.601 5,339,160 1,445.698
302,157,226 17,676,863 25.646,44
930,153
72,576,633 2,330,211 1.787,08
516.8081
34,352,430 2,024,899
441,9901 180,229
71,180,537 2,093,280 2.113,8401 512,8801
44,356,621
611,503 1.900.580j 169.2271
97,087,6
2,936,866 1,910,790
705,773
68,041,745 2,346,700 2,633,130
463,2521
37,611.033 3,007,977
185,7721
808,460
117,192,613 2,608,795 2,477,750 814,17
7,251,374
111,630
498,150
52,767
12,799.088
303.140
801,100
94,679
2,643,886
116,527
72,000
34.6121
9,286,210
163,3151
744,920
82,0371
29,817,235
770,12:S
444.510
328,749
88.945,958 2,739,043 2,506,050
525,213
10,494,124
400.930
118,3231
544.030
104,122,244 1,430.920 12,127,060
102,8361
2,141,403
1,805,401
1,209,722
983,855
3,057,914
642,043
3,798,074
4,274.358
1,182,840
908,931
832,674
1,025,704
781,563
459,518
1,889,249
415,818
10,909
727,441
54,789
643,880
180.395
2,559,446
132,283
8,346,486
8.329.13
1,329.928
625.069
458.751
411,200
874,143
59,930
414,844
521,371
143.773
166,338
518,393
1,120,180
383,458
106.377
97,485
381,161
173,029
76.386
278,916
316,496
494,977
1.014,502
2,064,896
835,772
822,586
672.394
1,281,751
13.909
807,404
709,896
252,955
97.788
305,883
2,004,279
655,000
499,710
85,195
788,230
288,500
168,500
466,395
534,168
620,211
1,615.345
9.066.707 15,540,751
1.867.908 4,507,268
1,358,671 2,591,399
1,081.573 2,220,380
555,629
840,278
1,202,081 2,141,579
416,403 1,446,285
1,760,421 3.434,333
17,308,038 27,172,989
552.401 2,290,460
334,053 8,496.686
564,654 1,247,618
1,828,317 1,404,750
664,109 1,009,050
86,504 1,836,264
771,488 1,6.52,138
636.750 1,694,362
268,000
38,740
309,567
93,725
205,149
61,254
41,011
480,524
223,291
638,549
1,459,086 1,474,153
342,770
244,610
4,430,399 8,588.992
283,621 765 148,379,318 1,630.637,841 32.921.092 1,719,300,745 59.563,291 80,794,69010,543,5401 37,675,304 71,195,381
668,282
32,977,879
816.270
275,328
262,538
955,319
251158
33,683.247
5.250 000 2,180,300
743
28,625.7116
842,050
202,000
253,506
371,472
53 , 65
30,686,192
4,280 000 1,393,550
65,555,399 1,488,
1.177,610
372,511
242.441
225, 62
503.301
52,707,39
10,305 000 4, 6,450
5,521,064
100.870
139,77
28,448
237,021
138,754
4,474,4
.0,000
1,000 000
941.441
2°283 1,591,300
277,851
759.961 1,026.150
31.509.380
1,556.993
28,171M
8,700 000 2,870,000
334,810
6,929,524
155.500
75,19'
78,196
203,710
141,272
6,837,507
525.000
1,100 000
56.385,047 1,731,463 1,376,450 692,70
346,663
807,978
840,738
59,383,4
10,887 500 3,161,994
1i2,727
249,300
45,35
3.974,489
35,706
102,535
220,594
2,943.2
310,000
000
500
2 R,910
231,370
71,763
2.433,788
48,444
292.791
53,960
2,985,0
200,000
400 GO
424,35
4,131,924,
80,74
103,078
37,818
68,520
4,288.115
555,000
500000
9
5
31,342,709 1,576: it 1,107,540
307,77
136,361
424,213
37,598,797 1,237.594
5,105 000 2,736,485
423,480
534,13
97,13
12,030,186
73,532
283,803
183,983
14,089,943
• 00 1,103,000
1,013,920 301,563
30,770,475 1,371,88
843,205
229,444
572,007
39,829.744
6,815 000 3,143,092
2,084,641 226,29
29,953,987
49,476 1,109,365
35,970,475 1,804.582
3,600 000 3,440,000
462,01
5,786,305
35,181
27,932
117,789
94,195
7,872,917
540,000
GOO 000
3
414:68
3,55°61, 75
411,47
53
12,847,08
291.408
143,30
117,835
197,887
14,558,719
986,600
2,165 000
924,183 1,709,83
745,42
63,748,030
458,903
840,033
64,112,784
734.703
12,302 500 3,421,445
125,733
4,957,461
266,810
86,09
91,289
317,988
4,970.232
73,300
283,500
900 000
222,477
502.400
7,038,294
264,565
148,261
7.223,725
126,464
242,520
422,000
1,300 000
1,277
72.245 000 34,736,416
452,193,517 10,059,938
416,513,723 15.637,078 14,848,150 4,253,72
84
6
9
54
17
8
10
13
2
4.025 000 2,327,600
4,200 000 1,358.500
775,000
3,400 000
110,000
1,000 000
4,959 190 2,370,344
4,500 000 2,280,000
9,247.562
21,913 809
8,800 000 2,800,000
28.500 000 18.685,000
3 445 000 1,508.848
484,500
1,155 000
2,400 000 1,082,500
302,900
1,710 000
1.155000688,500
70,000
100 000
29,629,594
80,049.690
16,491,416
122
6,417,
841
28,775,
23,527.417
122,838,911
47,603,382
93,912,746
210:770652;814633
11,949,259
8,012,588
10,393,495
1.087,351
693.381
1,211,382
507,326
527,270
393,877
1,418,868
1,386,762
498,429
1,342,195
431,415
187.371
404,945
171,935
348,951
249,430
22,732.621
24,978,278
15,534,350
4,855,390
22,845,905
21,346,834
106,835,277
47,846,193
112,153,738
18,152,059
6,795,499
11,889,721
6.529,578
7,165,618
500,879
1,849,223
3,424,068
2,089,302
1,182,223
2,215,343
4,893,302
8,188,968
6,597,818
14,641,675
1,036,821
437,748
1,285,076
343,467
508,483
187,943
339,090
308,784
369,310
356,796
280,480
191,50
3,510
105,964
240,740
292,454
135,600
315,536
1,061,300 1,171,598
590,780
435,337
3,252,410
767,229
175.263
L327,950
42,673
31,690
104,71
400,220
49,61
135,710
92,9
167,880
11,7
80,740
43,745
94,897
95,173
552
33,902
9,126
151,362
145,092
39.649
61,746
11,493
55,163
3,62
39.497
140
102,960
409,454
52,060
151,059
50,901
33,810
314,457
409.067
82,851
85,160
53,705
49,320
31,820
89,510
15,500
522
Western States
89,262899 41,871,254
457,125,824
9,787,337
427,261.938 48.761,400
7,387,390 4,422,761
775.169
1,931,634
270,472
1,745,627
636,172
Washington
Seattle
Spokane
Tacoma
Oregon
Portland
California a
Los Angeles
San Francisco
Idaho
Utah
Salt Lake City
Nevada
Arizona
Alaska b
79
5
243
Pacific States
Hawaii (Island Possessions)
5
635004)
3,418,691
7,412,104
1,840
601,591385
40,557
1,658,871
252
Total United States
7,483 1 057 676 044 732,442,760 6 072,064.753 106,541,297 6,175,404,962232,798,904 359,980,30039,533,915 148,197,091 201,429,211
a Two reports for Oct. 21 1913 used
S One report for Oct. 21 1013 used.
•
44
Totals for
Reserve Mu, fte
In Milton..
11
0
•
a
1
4
•
6
a
•
3
•
8
to
a
a
a
a a
s
a
Ta
35
z
.o
2
5
3
a
3
5
a
a
S
S
3
a
3
Totals
354 1,787 62 35 440 273 115 59 6 43 62 59 31 52 110 111 37 57 559
a
4:1
01
$
$
$
6$ 38
Loans,disc..&c.192 930 24 18 223 130
61 16 28 302 34
4 20 35 31 18 27
4
U.IS. bon
12
53 2 2 14 20 60 27 1
7 4 7 22
6 6 4 7
12 9
Stocks,bds.,&c. 18 180 8
5 3 26 4 4
4 V
36 33 6
2 1 1
1 1
Real estate, Sze
7
1 1 3
31 1 1 7 17 8 3
Is
1
2 2
Due from bank 73 111 22 4 95 40
20 22 6 10 93 14 14 20 io
8 12 11 4
21
Nat. ban% no
1 2
1
2
1
1 2 1
1
--8
Gold
2 2 43
18 202 2
31 14
3 1
'8
1
Silver
1 1 18 1 2
11
52
2
2 8
1
1
Legal tenders-- 5
59 2
3 2 1 1 27 8 1 2 2
4 4
1
3 23 4 2 3 1
Other resoure
1
17 187 1 1 21 7
1
2
2
1
Totals
354 1,767 62
440 273 114 59 6 43 62 59 31 52 110 111 37 57 559 65 78 97
43
6 8 6
Capital
2
120 2 2 22 26 11
14 10
4
4 7
8
Sur.& un. prof_ 3
179 3 4 46 27 10
4 9 7 2 4 35
18 2 4
Circulation
1
45 2 1 12 15 8 6
8 5 3
4
15 239 18 17 30 15
Due to banks
9
688 38 7 170 79 35
9 11 12 4 13 32 40
44 47 37
Due depositors. 18
722 17 21 189 124 49 32 2 21 32 30 16 23 44 46 23 23 219 37
1 1
Other llabilitie
13
3
3 1 3 7
1 2 2 4
3 1 3 1 2
a
aa 76
14
, a
8
97
ea
-$
1
1
1 a
35 21 116 18 204 10
2
1
1
9
7
1
$3 21
sA A
$ 8
6
37 4 7 3
4 1 1 62
1 9
2
1
2
15 2
a
2
1
2
16
13
1
k
a
14 01
19 13 87 11 104
1 7 1 18
2
2
1
1
7 4 26
39
1
14
2
5
9
1
3
so 7 14
a 1
8 1 20
11
17
21
87
53
4 88
7
a
I g
a
4
7
8
;
48 112 122,9293.368 6,197
66 23. 3 306 559 868
2 406 61 1,020
5 16
115 17
1 6
2901
4 850 60 1,548 .
. 19 33
52
433 16
593
127 61
188
134 63
201
-1 279 65
344
5.6025,69411,296
22
29 21
1,053
4A 51
174 61 8
g 19
21 t91 4 2,2
t
2
211221,.44383.772 6
646 1
80
11 11
11
18204 10 70 7,14
.602.1,804.U.20.1
noo
THE CHRONICLE
Vaulters'
Wall Street, Friday Night, Aug. 28 1914.
The Money Market and Financial Situation.—The
most important question in the minds and on the lips of
many throughout the financial district is, "when will
the Stock Exchange open for business?" When this question is asked all sorts of facetious answers are given, but in
truth the matter is as much a mystery to-day as it ever has
been. The opening is, however, four weeks nearer than
when the Exchange closed, and in that stoical, commonplace fact there is ground for hope. It seems quite possible
that a way may be devised for opening the Exchange under
certain limitations and restrictions, and,if so opened, there
would doubtless be a gradual development towards normal
conditions. In the mean time trading continues in limited
volume, as noted last week, but almost no publicity is given
and little known about the matter. Evidently the banking
situation and perhaps the foreign exchange market must
be greatly relieved before the security markets can become
active or normal.
The foreign exchange market has attracted a good deal of
attention. The supply of bills is increasing under heavy
shipments of grain, but the demand is so far in excess that
rates have advanced to 5.07 to 5.08. Efforts are being
made by bankers here to establish a system of exchange of
credits in London by which an equilibrium may be attained,
but these efforts have thus far been unsuccessful. The
demand for our enormous grain crop, coming from several
European countries, is increasing, and the supply of this
demand will, of course, relieve in some measure the present
international exchange tension. The extent to which grain
is moving to the seaboard is suggested by the fact that the
number of idle freight cars diminished 24,520 during the
first half of August.
The Government statement of our foreign trade for July
shows that the excess of imports for that month was more
than $6,000,000 and for the seven calendar months of 1914
the balance in our favor was less than $60,000,000, as against
$308,000,000 in 1913. This shows the effect of our revised
tariff and,taken in conjunction with the return of American
securities in recent months,fully explains the present exchange deadlock. There is reported to be a considerable
inquiry from abroad for iron and steel products but actual
orders from that source are thus far practically nil. Plans
for the Government to take a hand in financing the current
cotton crop have attacted attention, especially among
cotton producers and dealers. Many others regard the
matter as fraught with doubtful, if not dangerous, possibilities.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 6% to 8%. Friday's rates- on call were 6@8%.
[VOL. xc
azette.
Commercial paper closed at 6M@7% for sixty to ninetyday endorsements and prime four to six months' single
names and 7M% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £5,513,563 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
17.83, against 15.80 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
In the following table the totals for all the Clearing-House
members, both banks and trust companies, are compared
with corresponding dates in 1913 and 1912.
NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
1914
Averagesfor
week ending
Aug. 22.
Differences
from
previous week.
1913
Averages for
week ending
Aug. 23.
$
$
$
$
175,300,000
179,900,000 174,275,000
Capital (June 30)
296,930,800
305,550,500 293,808,000
Surplus (Juno 30)
Loans and Investments 2,129,026,000 Inc. 7,029,000 1,929,646.000 2
,042,455,000
88,539,000 Inc. 14,522,000
45,593,000
Circulation
45,163,000
99,000 1,789,476,000 1,918,501,000
1,912,550,000 Dec.
Deposits
312,361,000 Inc. 3,433,000 349,756,000 384,134,000
Specie
75,233,000 Inc. 1,429,000
80,297,000
Legal-tenders
84,834.000
Cash reserve held
Cash reserve required
1:1.1pnli.
387,594,000 Inc. 4,862,000
410,350
430,313,900 Dec.
430,053,000
406,157,300
448,768,000
430,631,830
det42.719.900 Dec. 5.272.350
23.895.700
18.1211.1A2
Foreign Exchange.—There were indications of a return
to more normal conditions at the beginning of the week in
sterling exchange, but towards the close, with the successes
of the German troops,rates again advanced sharply and business was practically suspended.
To-day's (Friday's) actual rates for sterling exchange were nominal for
sixty days. 506@5 07.M for cheques and 5 073 945 osg for cables.
Commercial on banks nominal and documents for payment nominal
gli
Cotton for payment nominal and grain for payment nominal.
None of the leading bankers posted sterling exchange rates this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and for short. Germany bankers' marks were nominal. Amster.
dam bankers' guilders were nominal.
Exchange at Paris on London, no quotations. Exchange at Berlin on
London, no quotations.
The range for foreign exchange for the week follow:
Sixty Days.
Sterling. Actual—
Cheques.
Cables.
High for the week_
5l073.
5 08M
5_02
Low for the week
5 04.
Paris Bankers' Francs—
High for the week_
4 90
Low for the week._
50234
Germany Bankers' Marks—
97
High for the week_ _ _
100
95,i
Low for the week-__
96
Amsterdam Bankers' Guilders—
42
High for the week_
415(
for the week
Low
.Domestic Exchange.—Chicago,30c. per $1,000 discount. Boston. par.
St Louis. 55c. per $1.000 premium bid and 65c. premium asked.
an
Francisco par. Montreal. 1 Mc. per $1.000 discount. Minneapolis, 30c.
per 61,000 premium. Cincinnati, 10c. per $1.000 discount.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings have by common consent
been discontinued, it having been decided to omit even the customary auction sales of securities at New York, Boston and Philadelphia so long as the Stock Exchanges are closed, we are compelled to omit the 10 pages of stock and bond prices ordinarily
appearing in this department.
1912
Averagesfor
week ending
Aug. 24.
THE CHRONICLE
AUG.29 1914.]
601
Anuestment and %ail:road fntetticience.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or. month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
4
4
Ala N 0& Tex Pac- •
361.559
333,636
333.636 361,559
N 0 & Nor East- July
148.815
134,216
134,216 148,815
Ala & Vicksburg_ July
147,320
135,607
135,607 147,320
*Mks Shrev &Pac July
241,766
232,228
47,478
1st wk Aug
45.287
Ann Arbor
9,609,242 9,142,986 9,609.242 9,142.986
July
Atch Top & S Fe
239,915 232,584 3,399,360 3,243,046
Atlanta Birm & Atl June
2,851,072 2,609,254 36,832,898 36,123,072
Atlantic Coast Line June
138,995 132,674 2,095,812 1,895,999
Chariest & W Car June
108.907 103.799 1,247,840 1,127.977
Lou Rend & St L May
8.146,688 9,020.621 8.146,688 9,020,621
g Baltimore & Ohio.. July
133,097 150,022 1,594,454 1,794,351
B &0Ch Ter RR June
307,966 272,715 3,795,413 3,252,421
Bangor & Aroosook June
1.060.610 1,058,468 8,488,074 9,012.362
Bessemer & L Erie.. June
June
84,669 113,158 1,161,830 1,276,628
Birmingham Sou
June
4,123.004 4,048,65447,413,905 48.513,506
Boston & Maine
Buff Roch & Pittsb_ 3d wk Aug 250,955 258,837 1,723,215 1,917,064
June
127,394 210.382 2,098410 2.492,515
Buffalo & Susq_
Canadian Northern 3d wk Aug 307,600 396,200 2.575,800 3.180,600
Canadian Pacific 3d wk Aug 2.154.000 2,506.000 16.593,000 19,272,000
953.620 1.003,172 13,258,771 12.958.452
Central of Georgia.. May
2.542,8652.535,218 28.644.601 29.344.696
Gent of New Jersey May
303,403 297,589 3,760,766 3,704,585
Cent New England_ June
May
336,216 358.935 3.679,247 2,824.956
Central Vermont
Clue & Ohio Lines.. 3d wk Aug 805,075 741,627 5,507,671 5.034.097
3d wk Aug 310,721 348,532 2,201,958 2.341,179
Chicago & Alton
6.520,269 7,295,660 85.239.094 86,878,698
Ohsc Burl & Quincy. May
June
1.126.621 1,345,482 15.544.286 16,214.972
(Chic & East III
p Chic Great West_ 26 wk Aug 319,892 317,256 1,651.067 1,799,096
Chic Ind & Louisv- 3d wk Aug 143,558 148,825 1.025,408 1,016,846
7.671,406 7.631.916 91.782.691 94,084,055
Chic Milw & St P..1 June
ChicMil& Pug SI
7,735.988 7,626,494 86,583.661 86.510,709
rChic & North West June
1.498.284 1,417,742 18.241,942 17.223,996
Chic St PM & Om June
149.668 153.001 1,988,444 1,786,722
Chic Terre H & ti E May
864.343 931,268 10,084,217 10,071,297
Cin Ham & Dayton June
136.675 127.695 1.781,982 1,828,335
Midland_ June
Colorado
S Colorado & South 3d wk Aug 252,247 319.912 1.834,401 2,118,885
240.851
10,392
June
177.447
18,596
Cornwall
414,019
23,981
311,374
28.014
Cornwall& Lebanon June
324.187
382.544
382,544 324,187
_ July
Cuba Railroad_ _ .
1.965,163 1.953,503 23,090,060 23,999,532
Delaware & Hudson June
3,443,574 3,392,183 39,819.284 40,518,044
Del Lack & West- June
Deny & Rio Grande 3d wk Aug 470,100 523,300 3,404.600 3,643.300
906.700 1,044.700
Western Pacific 3d wk Aug 120.000 144,100
201,064
233,074
38,414
37,302
Denver Jr Salt Lake 26 wk Aug
_ - 157,630 137,407 1,542,734 1.673,286
Detroit Tol & leant June
190.065
166,657
wk Aug
_26,698
24,317
Detroit & Mackinac 3d
757,630 1,052.769 6,518,526 7,121.719
Dul& Iron Range June
551.646
482.773
80,783
64,541
Atl 3d wk Aug
Duluth So Sh &
731,921 1,149,451 11,252,392 13,350,982
Elgin Joliet & East June
836,062 691,680 9.057,553 8,657.716
El Paso & Sou West June
May
4,863,226 5,410.71155,671.464 57,290.468
Erie
347,658 304,150 5,347,818 5,037,056
Florida East Coast_ June
988,323
984,877
86,442
88,698
Fonda Johns& Glov June
238,157 221.804 2,327,444 3,117.765
Georgia Railroad June
843,659
532,151
Grand Trunk Pac let wk Aug 102.707 119,609
Grand Trunk Syst_ 3d wk Aug 1.090,476 1,144,418 7,996.026 8,486,301
780.070
759.211
Grand Trk West_ 1st wk Aug 148,796 147,894
254,700
272,027
47,500
50.171
Det Gr H & MU_ let wk Aug
8.570,267 7,515,727 6,570.267 7.515,727
Great North System July
147,131 184.803 1.995,766 2.114,620
Gulf & Ship Island_ June
June
476,936 723,500 7.021,145 7,817.644
Hocking Valley
5,326,548 5.357.908 5.326.548 5,357.908
July
Illinois Central
920,000
876,000
Nor 1st wk Aug 158,000 158,000
Internet & Grt910,778
225,474
42.403 181,276
a Interoceanic Meg_ 1st wk Aug
165.625 248,772 3,110.148 3,303,229
Mich June
Kanawha &
811.506
945,266
945.263 811.506
Kansas City South_ July
274,410 136,998 2,255,799 1,793,785
Lehigh & New Eng_ June
3,582,081 3,695,712 3.582,081 3,695.712
July
Lehigh Valley
126,367 127,092 1,741,872 1.717,290
Louisiana & Arkan_ June
S Louisv & Nashv
3d wk Aug 1,076,440 1,165,625 8,005,495 8,405,807
10,330
14,337
10,330
14.337
Macon & Birm'ham July
Maine Central
1.031.888 942,991 11,685.969 11,331,406
June
44.180
40,373
44,180
Maryland & Penna. July
40,343
088 600
a Mexican Railways 1st wk Aug 231.000 204.600
986.500 1, : _
Mineral Range__ _ _ 3ci wk Aug
129,468
5,274
15,851
Minn & St Louis__ l 3c1 wk Aug 237,368 215,647 1,444,279 1.332.084
Iowa Central
f
Minn St P & e SM.. 3d wk Aug 572,036 577,271 4,039,535 4,331,213
Mississippi Central_ June
86,672 1,027,097 1.054.566
80,450
U Mo Kan .tc Texas.. 3d wk Aug 626,195 672,666 4,435.469 4.591,289
z Missouri Pacific 3d wk Aug 1.199.000 1,261.000 8,681,162 8,804,817
Nashv Chatt & St L June
12,778,334 13,317,162
972.653
a Nat Rya of Mex_t 1st wk Aug 208,408 1,068,182 1.583,461 3,327.255
603,778
Nevada-Cal-Oregon 26 wk Aug
56,132
6,401
8,156
54,384
New Orl Great Nor.. May
148,541 176.217 1.723,285 1,639,528
e NYC & laud Riv June
7,985,097 8.489,109 95,870,170 98,130,583
Boston & Albany June
1.480,944 1.473.450 16.835.042 16,957.369
Lake Shore Jr Mn June
4,383,454 4,827.89253,344,155 58,272,050
n Lake Erie Jr W_ June
483,174 515,045 5,743,648 6,062,324
Chic Ind & South June
333,998 340,536 4,329,895 4,407,455
Michigan Central June
2,839,363 3,015,718 34,268,450 35,379,492
Clev 0 C Jr St L I June
2,922,876 3,180.668 36.027.648 37.551,796
Peoria & Eastern,'
Cincinnati North. June
118,370 122.935 1,459,274 1,416.920
Pitts Jr Lake Erie June
1.383.415 1.735,242 17,622,027 20,040,506
NY Ohio Jr St L.June
897,609 1.093,274 11,757,109 12,623,140
Tol Jr Ohio Cent_ June
225,849 601.865 5,326,036 5.672,729
Tot &Mines above June
23053939 25395736 282583443 296514364
N 0 Mobile Jr Chic June
168,899 166,074 2.204.370 2.490.052
Latest Gross Earnings.
ROADS.
Week or
Month.
N Y N I( & Hartr_ June
NY Ont & West_ June
N Y SIM & West_ May
Norfolk Southern May
Norfolk & Western_ June
Northern Pacific_ June
Northwestern Pac_ 311/18
Pacific Coast Co- June
Pennsylvania RR_ June
Balt Ches & Atl_ June
Cumberland Vall June
Long Island
June
Maryl'd Del & Va June
N Y Plana & Norf June
Northern Central June
Piffle Balt &Wash June
W Jersey & Seash June
Pennsylvania Co
June
Grand Rap & Ind June
Pitts00 & St L_ June
Vanden.%
June
Total lines-East Pitts dr E_ June
West Pitts & E June
All East Jr West_ June
Pere Marquette_ June
Reading CoPlana & Reading_ May
Coal & Iron Co May
Total both cos_
May
Rich Fred & Potom June
Rio Grande Junc_ June
Rio Grande South_ 26 wk
Rock Island Lines_ June
Rutland
June
St Jos & Grand lel_ June
St L Iron Mt & Sou May
St L Rocky Mt& P_ July
St Louis & San Fran June
tilt Louts Southwest_ 3d wk
San Ped LA & 8 L_ June
Seaboard Air Line 26 wk
Southern Pacific
June
Southern Railway_ 3d wk
Mobile & Ohio
3d wk
Cill NO & Tex P. 3d wk
Ala Great South.. 3d wk
Georgia Sou & Fla 2d wk
Sopk Portl& Seattle June
Tenn Ala & Georgia 2d wk
Tennessee Central_ June
Texas & Pacific_ - 3d wk
Tidewater & West.. June
Toledo Peer & West 3d wk
Toledo St L & West 3d wk
Union Pacific Syst_ June
Virginia & So West.. June
Virginian
June
Wabash
July
Western Maryland.. June
Wheel & Lake Erie.. July
Wrightsv & Tennille June
Yazoo & Miss Vail_ July
Various Fiscal Years.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
4
i
$
4
5,775,784 5.386,489 66,703,173 69.258,950
808,163 805,463 9,013,345 9.422,030
367,329 321,333 3,653,280 3,490,447
346.146 322,530 3.895,886 3.816.028
3,714.153 3,742.889 44.470.619 43,739,921
5,657,837 6.024,222 68,544.802 72,676,139
343.540 352.850 3,745.805 3,709.766
528.662 709,765 7,063,649 7.945.931
14261298 15559936 178963559 181830904
318,659
366,619
37,808
27,025
351,650 299,759 3,511.897 3.521,447
1.357,18! 1.291.017 12.625.290 11.641.881
152,951
156,588
13,947
12.890
362,150 393,681 3,812,825 3,781,498
1,037.299 1,106,921 13.124,534 13.334,941
1,810,513 1.783.321 20,656,988 21.103,721
584,933 570,745 6 397,731 6.351,135
5,053,211 6,154.779 60.779,682 66,573,351
436,264 451 '81 5.538,483 5.519,072
3,313,415 3,64.... 63 42,096,859 44,510.898
893.860 88.,2,16 11.255,236 11,204,405
21072188 22362546 253000861 257729627
9,895,011 11352014 122102212 130189738
30967200 33714562 375103077 387919374
1.242,867 1,309.768 16.431.939 17,406.755
4.054,8124.369,543 41,785,792 47,521,484
2.931,775 3,294,073 30,718,287 38,489,448
6.986,587 7.663.616 75.504.079 86,013,930
284,174 259,219 2,977.081 2,968,612
73,312 1.012.649 1.097,532
73,980
77.041
65.248
Aug
12483
11,481
6,157,112 6.375,933 68,208,113 71,364.934
316,153 323.458 3,714,789 3.706.981
126.426 121.425 1,610,060 1.553.465
2,624.978 2,784.859 30,648,232 31,656.657
186,787
218,380
218.380 186,787
3.441.4503.706,121 44,915.891 46.040.163
Aug' 205,000 259,000 1,582,166 1,794,215
899,584 941,126 10,626.703 10.238,0541
Aug 383,519 427,028 2,621,001 2.708,063
11544276 11644536 138520259 142774705
Aug 1,295,521 1.354.552 9,559.435 9,477.043
Aug 236.960 239,224 1,835,143 1.760,386
Aug 192,455 191,880 1.400.480 1,394,904
Aug
97,034 106.148
720.146
693,147
Aug
42.549
284.849
296,085
40,872
415,928 458.910 4,901,740 5.341,466
Aug
1,633
1.963
12.440
10,190
139,660 134,735 1,707,339 1,684,334
Aug 316.335 339,344 2.351.994 2.356.448
8,520
89.280
106.535
8,882
Aug
26,959
183,365
190.066
24,183
Aug
96.526 102,365
699,272
718.974
7,290.399 7,563,761 92,115,333 93,638,459
149.038 145,809 1.939,104 1,806.627
519,337 499.553 6.680.903 6.189.760
'
2,607.095 2.737,816 2.607.095 2.737.810
711,148 718.044 8,267.736 7.632.674
531,094 777,926
531,094
777.926
17.870
15,111
352,118
306,583
819.680 807.830
819.680
807.830
Period.
Delaware & Hudson
Jan 1
NY Central& Hudson River_e_ Jan 1
Boston & Albany
Jan 1
Lake Shore & Michigan South Jan I
Lake Erie k Western_n
Jan 1
Chicago Indiana Jr Southern_ Jan 1
Jan I
Michigan Central
Cleve Chi Chic Jr St Louis
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh Jr Lake Erie
Jan 1
New York Chicago & St Louis Jan 1
Toledo Jr Ohio Central
Jan 1
Total all Unes
Jan 1
Pennsylvania Railroad
Jan I
Baltimore Chasmp & Atlantic_ Jan I
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Deli.,- Jr Virginia Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Northern Central
Jan 1
Phil.% Bait Jr Washington
Jan 1
West Jersey Jr Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids Jr Indiana
Jan 1
Pitts Cin Chic Jr St Louts
Jan I
Vandalla
Jan 1
Total lines-East Pitts Jr Erie Jan 1
-West Pitts& Erie Jan 1
-All lines E Jr W Jan 1
Dec 1
Rio GrandeJunction
Jan 1
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
2
4
June 30 10.685,318 11.691.472
June 30 43.819,999 47.683,314
June 30 7,843,144 8.178.922
June 30 24.436.591 29,034.354
June 30 2,685,262 2,876.257
June 30 2,064.873 2,197.42
June 30 14,961,704 17.705.13
8
June 30 16,408,877 17.608,95
5
615.036
637,601
June 30
June 30 7,972,937 9,948.822
June 30 5,539,288 6,124,175
June 30 2,048,568 2,728,767
June 30 129418844 144701179
June 3082.816.157 89,263,420
149,439
128.821
June 30
June 30 1.791.952 1.764.394
June 30 5,793,848 5.373,291
60,313
60,251
June 30
June 30 1,793.062 1.911.457
June 30 6,041,643 6,500,824
June 30 9,818,926 10,326.278
June 30 2.638.662 2.646,718
June 30 26,066,954 31,122,646
June 30 2,537,773 2,579,523
June 30 19.024,472 21,165,190
June 30 5,130.707 5.275.408
June 30 116568282 124821525
June 3053.915,219 61,329,809
June 30 170483501 186151333
525,492
484.981
June 30
June 30 1.673.760 1.711,747
-Weekly and Monthly
AGGREGATES OF GROSS EARNINGS
Increase or
Previous
Current
Decrease.
Year.
Year.
*Monthly Summaries.
$
$
$
Prey. Yr.
$
Mileage. Cur. Yr.
$
$
-1,281.011
26 week June (38 roads)._ 12,203.407 13 313,869 -1.110,462 8.34
October _ -243.690 240.886 299.195.006 300,476.017 -9.143.593 0.48
39
3d week June { roads}..
November-243.745 241.452 269=0.882 278.364.475 -12,005.787 3.35
162:744167:529070 13,.534,675 -1,087,405 8.03
4.51
4th week June 38 roads
December --243.322 241.180 254.218.891 266.224.678
1st week July 38 roads...... 12
January......_243.732 241.469 233.073.834 249.958.641 -16,884.807 6.75
.323,697 12 481:448 ./24:918
7 7 23
;86
0
2d week July r7 roads
February-244.925 242.928 209,233.005 233.056,143 -23.823.138 10.22
12,692,460
+660.166 0.27
245.200 243.184 250.174.257 249.514.091
3d week July 37 roads
March _
g.5
.2
4
12,891.583
19,122.365
243,513 241,547 236.631,600 245.048,870 -8.517.270 3.48
4th week July 39 roads
April
. 09.
May
246.070 243.954 239.427,102 265,435.022 -26.007.920 9.73
let week Aug (36 roads
12,937,673 13,778,005
222.001 219.691 230.751.850241,107,727 -10,355,877 4.30
June
2d week Aug (37 road
14,002,634
92,909 91,30473,420.804, .
July
-4.061.048 5.22
..1i
2d week Aug (30 roads
:.
11,111‘ i
7
13,151,409 -a Mexican currency. b Does not include earnings of Colorado Springs Jr Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York Jr
St. Lawrence Jr Adirondack and the Ottawa Jr New York Ry., the latter of which. being a Canadian road, does not make returns to the
Ottawa. the
Inter-State Commerce Commission. (Includes Evansville & Terre Haute and Evansville Jr Indiana RR. g Includes the Cleveland Lorain & Wheeling
Ry. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City Jr Fort Dodge and Wisconsin Minnesota Jr Pacific. s Includes Louisville Jr Atlantic and the Frankfort Jr Cincinnati. t Includes the Mexican International. u Includes the Texas Central in both years and
1912.
the Wichita Falls Lines inno beginning Nov. 1. v Includes not only operating revenues, but also all other receipts. x Includes St. Louis Iron Mona longer include the Mexican roads in any of our totals.
lain & Southern. * We
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
1:R1
1,1 27 =474:811
9,1?8,F .
1:?1A:1(18
[VOL. xclx.
THE CHRONICLE
602
In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of August. The table covers 30 roads and shows 7.20%
decrease in the aggregate under the same week last year.
1914.
Third week of August.
I
1913.
$
1
$
106,148
97,034
Alabama Great Southern
258,837
250.955
Buffalo Rochester & Pittsburgh
396,200
307.600
Canadian Northern
2,154,000 2,506,000
Canadian Pacific
741,627
805.075
Chesapeake & Ohio
346.582
310,721
Chicago & Alton
148.825
143,558
Chicago Ind & LouLsville
191.880
192,455
Cinc New Or! & Texas Pac
319.912
252,247
Colorado & Southern
523.300
470.100
Denver & Rio Grande
144.100
120,000
Western Pacific
26,698
24,317
Detroit & Mackinac
80.783
64,541
Duluth South Shore & Atlantic
Grand Trunk of Canada
1 1,096.476 1,144,416
Grand Trunk Western
i
Detroit Or Hay & Milw
Canada Atlantic
1,076,440 1,165.625
Louisville & Nashville
5,274
15,851
Mineral Range
237,368
1
215,647
Minneapolis & St Louis
Iowa Central
572,036
577.271
Minneapolis St Paul & S SM__
672,666
626.195
Missouri Kansas & Texas
1,199.000 1,261,000
Missouri Pacific
239.224
236,950
Mobile & Ohio
205.000
259.000
St Louis Southwestern
1,295,521 1,354,552
Southern Railway
339,344
316.335
Texas & Pacific
26,959
24,183
Toledo Peoria & Western
96.526
102.365
Toledo St Louis & Western_ _ _ 12,193,260 13,151,409
Total(30 roads)
Net decrease (7.20%)
Increase. Decrease.
1914.
1913.
cot. C e0 0000 00 00 00
40
r,
D
-•
••
G
e
CI 4450
P.O
N
.
63,448
9.114
7.882
88.600
352.000
575
NO NO
01
▪
aa
oCci C Z
ui
co
0
a,
10,577
21.721
2,776
5,235
46,471
62.000
2.274
54.000
59,031
23,009
5.839
99,097 1,057,246
958,149
Increase. Decrease.
Total (37 roads)
Net decrease (7.79%)
St
.0
Ots
000.0 010 0.
.0 OG 00 00
cC
0DI P.40C2'
oc ea . 0
0
Latest
-The
Dates.
aicr;
0CO
▪
ts 000
01. 9 ,
0 1 10
4
00
NO
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table
following slexTs thegross and net earnings of STEAM
railroads and industrial companies reported this week:
Roads.
4.7
00
01
DI C
CO ID
,
'001 . 01
N
0
00
0.0 km 0 0lo 0 0 01. 0CI
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130.157 1.221,395
1.091.238
Monthly
0,
0
I
89,185
$
121,841 1,121.344
2,248
43,002
2,636
5,098
1,112
1,677
1,755
43,509
330
Earnings
oo 0
0
6-.";
g
47,940
$
$
Previously reported (28 roads)_ 11,528,023 12,534,526
93.652
91,404
Alabama Great Southern
308,075
351,077
Chicago & Alton
319,892
317.256
Chicago Great Western
188,595
193,693
Oils New On & Texas Pacific
37,302
38,414
Denver & Salt Lake
42,549
40.872
Georgia ;Southern & Florida
8.156
6,401
Nevada-California-Oregon
383.519
427,028
Seaboard Air Line
1,633
1,963
Tennessee Alabama & Georgia_
Net
.00
,
01 Ci
14
d
o
12.911,396 14,002,634
00
rosi •86- 4174 4.7, El Eg
22 222
88 288 e ▪ 0 0 &P. co
2
GO0 l GO
.
•
67,665
53.200
24,100
2,381
16,242
..4
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N CO O CO P.
.
CO
40'O
•.;
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35,811
5,267
For the second week of August our final statement covers
37 roads and shows 7.79% decrease in the aggregate under
the same week last year.
Second Week o August.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
I For July taxes amounted to 8461,981, against $428,460 in 1913; after
deducting which, net for July 1914 was $2,871,471. against $2,430,584
last year.
n These figures represent 30% of gross earnings.
•-• 01.P. N 00
00
Cl
Cl
0
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CI
r;
Atch Top & Santa Fe_b_July 9,609.242 9.142.986 33.333,452 32.859.044
15,924
43,319
232.584
Atlanta Bt.= & Atl_bJune 239,916
Og
• I
632,407
3.399.360 3,243,046
566,301
July 1 to June 30
rel §.
L.;
Baltimore & Ohio_b____July 8,146,688 9.020.621 2,272.021 2,639,840
z vg..182 8,S" . - .
a
.
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CO
p
gi
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Cl
m.c4.
854,441 1.166,482
June 4,123.004 4,048,654
Boston & Maine_b
4001 .
4.
4
47,413,905 48.513.506 9,117.227 10,412,082
July 1 to June 30
.
Lynn_b
DI
st• CO .103 LO0 CO Cl P.O 00 Cl
Boa Rev Beach &
111
. 01 MC N.
0.
00
00
34,783
267.782
29,469
OV
262.245
Apr 1 to June 30
:w *0 NO NV .0 0 000 0.00 09
c,
7
cs
a
•-•
01 o
.
•
462.937
39,552
33.613
457.890
‘1.
Jan 1 to June 30
S 2
0
249,479
326,132
O.
•
•••• 0.
Buffalo Roch & Pitts_b_July 881.454 1.074,791
CI
eq
0
4
c, CO a,
514,300
430.500
Canadian Northern-July 1,594.300 1,928,800
0
310,324
168,899
Central of Georgia_b___July 1,166,371 1,012,670
917,571
760,116
00
O 00
Cent of New Jersey_b__June 2,364,053 2.407,234
P.40 tCO
27,372,315 28.405.757 9.589.270 12,000.896
July 1 to June 30
COI) C0
297,327 def3,857
122,777
Central New.Eng_b____June 302,766
E ill
;Fi
3,708,971 1,248,852 1,773,728
3.764,255
July 1 to June 30
236.833
315.303
Colorado & Southern_b_July 1,124,495 1,204.356
„
324.187
161,582
135,513
July 382,544
Cuba Railroad
11%>.
440
2,810 def1.639
2,982
Fairch & Northeast_bJuly
0,
4,995
853.017
319.823
.)ZZ 2Izeg
g Interoceanic of Mex June 349.605
zrtzZ.'fi
9,146.476 9,121.389 2.734.206 3,255,362
July 1 to June 30
July 3,582,081 3,695.712 1.055,407 1,142,250
Lehigh Valley b
Interest Charges and Surplus.
June 5.657,637 6.024,222 2.728,195 2.257.318
Northern Pacific_b
68,544,802 72,676.139 27.072.749 28,002.841
July 1 to June 30
-hit,, Rentals, &c.- -flat, of Net Earns.
73.312
73.980
n22,194
n21,994
Current
Rio Grande Junction___June
Previous
Current
Previous
525,497 n145,494 n157,649
Roads.
484,981
ear.
Dec 1 to June 30
Year.
Year.
Year.
186,787
65.164
42,825
St L Rocky Mt & Pac_a_July 218,380
Boston Rev Beach & Lynn
777,926
143,302
175,867
Wheeling & Lake Erie_b July 531.094
Apr 1 to June 30
19,771
18.720
10,749
15.012
Jan 1 to June 30
38,459
36,637
1,093 def3,024
INDUSTRIAL COMPANIES.
& Pitts ___July 197.196
Buffalo Roch
180.302 x108,909 x211,590
July
448,923
239,693
70.375
American Pow & Lt_a__July 519,825
209.572 Cuba Railroad
66,792
68,721
91,207
6,331.359 5,584,793 2,930,890 2,487.162 Rio Grande Junct
Aug 1 to July 31
June
8,333
8,333
13,661
13,861
Dec 1 to June 30
58,333
44,199
41.127
24,837
21.329
Atlantic City Electric__July
99,316
58,333
87,161
471,800
450,759
236,188
232,984 St L Rocky Mt & Pee-July
Aug 1 to July 31
38,560
31.915
10,910
26,604
29.657
38.957
July
17.897
14.884
Canton Electric
224,349
296,324
138,700
113,446
Jan 1 to July 31
INDUSTRIAL COMPANIES.
127,086
262,674
July 271,637
119,596
Cities Service Co
-Int., Rentals, &c.- -Bal. of Net Earns.
890.128
942.688 2,254,345
2.314.015
Jan 1 to July 31
Current
Previous
Previous
Current
140,524
Companies.
140,847
290.618
Year.
Cleve Elect 111Co_a____July 291.489
Year.
Year.
Year.
2,540.097 2,286,191 1,229,005 1,107.292
$
Jan 1 to July 31
$
$
$
564,022 Atlantic City Electric.July
781,903
503,071
8.939
g Mexican Light & Pow_July 729.745
13,350
7.779
15,898
Aug 1 to July 31
5,595,154 5,375,442 3,971,242 3.938,672
113.062
Jan 1 to July 31
124,739
108,245
123,126
July
24,109 Canton Electric
27,431
73.894
5,523
84.373
9,627
Oklahoma Gas & El_a__June
5,257
12,374
387,886
39,061
404,227
Jan 1 to July 31
79,697
1,152.653 1,182,780
July 1 to June 30
33,749
99.639
July
9,653 Cities Service Co
11,621
106,504
30,166
40,833
33.088
July
Rockford Electric
13,092
221.841
135,275
215.832
Jan 1 to July 31
148,939
867.042
259.278
282,802
Jan 1 to July 31
23.086 2.038,512
48,603 Cleveland Elec Ill Co___July
35,740
50.503
107,450
105.513
San Diego Con G & Ea June 108,761
33,074
105.107
July 31
572,202
642.012
861.081
254,211
Jan 1 to
1,350.752 1,202.073
246,210
9'74.794
July 1 to June 30
July
Electric
28,468 Rockford
2,061
7,340
32.555
63.165
Scranton Electric
4,281
75.904
July
7.592
81,268
303.274
366.914
512,976
93,202
Jan 1 to July 31
Jan 1 to July 31
644.858
54.007
55,737
July
9.977
105,855
82,265 Scranton Electric
21.016
Sonthw Power & Lt_a__July 229,761
176.895
18,491
11.539
190,617
937.405
Jan 1 to July 31
Aug 1 to July 31
140,533
226,381
2.602,881 2,110.784 1,172.065
112,657
July
6.713
11.886
Wheeling Electric
23.148
11.120 Wheeling Electric
5,671
4,407
6,015
25,766
July
77,399
161,901
Aug 1 to July 31
66,486
Aug 1 to July 31
292.004
132,803
95,415
332,318
54,904
After allowing for other income received.
a Net earnings here given are after deducting taxes.
sgg cag
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ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Jan. I to latest date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
S
340.343
313,539
610,602
(Mexico Tramways_ __ _July 628.206
4.158,751 3,876,142 2,056,479 2.062.897
Jan 1 to July 31
61.135
73.279
178,217
Nashville By & Lt a_July 184.081
898.729
859,540
2.247,867 2,155,735
Aug 1 to July 31
133.945
145.489
319,132
Nor Ohio Tr & Lt a_ _ _ _July 351,659
702.725
807.554
Jan 1 to July 31
2.073,359 1,816,369
400,450
613,184
Pacific Gas & Elec_a_ __July 1,350.322 1,209,592
9,938,313 9,256,870 4,801,222 3.857.252
Jan 1 to July 31
Philadelphia Co (subsid cos)
180,272
88.897
July 400,840
445.523
Natural gas cos
Apr 1 to July 31
2,193.566 2,228.478 1,034,845 1,196.551
5.602
2.913
11.186
8,257
Consol Gas of Pitts_ _July
12.098
3,942
45,728
Ape 1 to July 31
55,640
124,470
July 379,379
149,597
372,988
Duquesne Light
535,053
631.789
1.557,902 1,490,787
Apr 1 to July 31
297,211
July 1,042,193 1,040.849
289,003
Pittsburgh Rys
Apr 1 to July 31
4,128,440 4,056,280 1,256.016 1,229,625
4,449
Penn Lt & Power.... _ _July
5,572
14,842
16,418
24,066
Apr 1 to July 31
21,138
65,291
68,231
12,930
8.998
32,993
Beaver Valley Tract_ _July
31,860
35,365
35,548
122,172
114,522
Apr 1 to July 31
283,997
230.985
568,371
PortI'd (Ore) By L&P a July 511,005
3,782,664 3.861,894 1.827,780 1,948,955
Jan 1 to July 31
61.059
53,811
120.011
Portland (Me) RR a- __July 116,551
209.392
577.575
584.472
159.672
Jan 1 to July 31
July
30,193
70.168
61,111
31,257
Porto Rico Rys
484,945
446,337
224,970
211,855
Jan 1 to July 31
98,184
258,301
105.204
Republic By & Light_a_July 252.949
618.615
1,756,770 1.680.793
708.162
Jan 1 to July 31
S
509,215 496,101 3,112.066 2,930,694
American Rys Co.. July
155.037
146,243
29.863 34,419
Atlantic Shore Ry___ June
905,236
938,710
186.770 184.786
cAur Elgin & Chic Ry June
421,910
436,491
67.805 72,090
Bangor Ry & Electric July
74.344
87.151
15,603 12.299
Baton Rouge Elec Co June
180.546
166.301
54.680 59,281
Belt LRyCorp(NYC) March
462.286
453.128
85,975 91,904
Berkshire Street By.. June
2013.832 1916,693 11.791.355 11.552.887
Brazilian Trac,L & P June
53,466
50,794
11.458 12,102
Brock & Plym St By June
2106.233 2103,039 6.063,037 5.820.852
Bklyn Rap Tran Syst March
174.626
167.321
29.697 30.645
Cape Breton Elec Co June
690.529
644,810
92.696 95.521
Chattanooga By & Lt July
188,540
196.293
42.596 40.989
Cleve Painesv dr, East June
575.158
596,846
111.601
110,026
Cleve Southu & Col_ June
288.533
328.401
54,120 49.093
Columbus(Oa) El Co June
222,347 205,16E 1.718,006a1,122.835
Comwth Pow it y& L July
738.224 696,514 3.803.065 3.870.904
June
Connecticut Co
258.356 233.677 1.938.981 1,771.936
Consum Pow (Mich) July
258,004 235,247 1,395.590 1.280,227
Cumb Co(Me)P & L July
177.620 188.592 1.113.975 1.028.202
Dallas Electric Co_ June
Detroit United Lines 2d wk Aug 235,328 258.860 7,451,340 7,937.668
143.310
124.333
51.415
_ 41.513'
March,
DDEB&B(Rec)
596.107
636.735
111.812 110.530
Duluth-Superior Trac June
218.659 224,352 1,549,551 1,489,574
St Louis & Sub_ July
East
515.602 439.011
80,051 68.169
El Paso Electric Co.- June
447,221
411,832
136.754 157.847
424 St M & St N Ave March
221,694 206,916 1.196.234 1.112,248
Elea Co.._ Tune
Galv-Hou
743.675
736.775
115.756 118,261
Grand Rapids By Co July
564,031
576.148
91,478 96,044
Harrisburg Railways. July
&P
Havana El By,L
Railway Dept_ _ _ Wk Aug 23 49,052 52,546 1,819,211 1,833,974
148,635
140,152
24,508 26,163
Houghton Co Tr Co- June
473.462 464,440 2.384.9301 2.329.273
blludson & Manhat. May
646,174 627,668 4.038.628 3.789.048
Illinois Traction _ _ June
2714,667 2591.271 17.515.941 16.760.701
Interboro Rap Tran June
331,498
382,679
59,531 56.702
Jacksonville Trac Co June
68.835
65,6851
10.837 11,007
Key West Electric_ June
127.203 129.354
658.1061 633.700
Lake Shore Elec Ry.. June
172.089 162,401 1,033,1721 956,864
LehighValley Transit July
301.752
303,920
62,002 63,459
Lewis Aug & Watery. June
44.901
43.637
14,431 16.204
Long Island Electric_ March
376,854
376,485
72.565 75,102
Louisville Railway _ July
480.995 479.432 3.023.6711 2.965.341
Milw El By & Lt Co_ June
707.029. 646.894
129.781 135.328
Milw Lt Ht & Tr Co_ June
494,717' 442.066
90.857 78.737
Monongahela Val Tr_ June
148.040, 135.790
50,525 47,374
N Y City Interboro_ _ March
83,561
75.895
24,712 30,214
NY & Long island.... March
15.090
76,740.
15.799 15.504
N Y & North Shore_ _ June
March
301.373
283.341
94.418 107.248
N Y & Queens Co
1199.849 1232,152 5.509.710 5.878.534
New York Railways_ May
169.741
36.136 37,191
195,670
N Y Westches & Dos. June
164,262
36,953 37.737
161,329
N Y & Stamford By.. June
69.510
72.258
17,783 16.124
Northampton Trac_ _ May
351,659 319.132 2.073,359 1,816,369
Nor Ohio Trac & Lt_ July
181.432 174.568 1.038.788 1.009.294
North Texas Elec Lt_ June
31,098 32.756
162.100
162,399
Northw Pennsylv By June
14,086
5.397
15,962
5,535
Ocean Electric (L I). March
138.826
150.257
24.613 23,760
Paducah Tr & Lt Co_ June
138.566
Pensacola Electric Co June
138,472
24,364 24,050
Phila Rap Transit Co July
1951,266 1996.612
Port(Ore)R ,L&PCo July
511,005 568,371 3,782.664 3,861,894
577,575
Portland (Me) RR July
584,472
116.551 120,011
PugetSound Tr.L&P June
668,255 683.957 4,236,645 4,148.286
Republic By & Light July
252,949 258.301 1.756.770 1.680,793
Rhode Island Co_ _ _ June
487,725 502.319 2.545.477 2.555.087
73.679
Richmond Lt & RR_ March
71,862
24,230 25.923
StJoseph(Mo)Ry.I.t.
709,633
743,530
Heat & Power Co.. July
108,888 105,701
264,034
271.360
Santiago El Lt & Tr_ July
41.185 39.149
402.994
423.394
Savannah Electric Co June
73,015 69.391
235.668
191.591
Second Avenue (Ree) March
61,668 83.136
41.401
47,565
Southern Boulevard_ March
15.772 14,829
52,008
51.291
Staten Isld Midland_ March
16,970 18,355
395.700
484.320
Tampa Electric Co June
81.685 69.773
959.515
938.967
Third Avenue
March _ 314.002 334.143
July
515,883 500,021 3.551.184 3.393,864
Toronto Street By
Twin City Rap Tran 2d wk Aug 172.640 168,136 5.689.864 5.338,065
Underground Elec Ry of London
£419.075
London Elec By.... Wk July 25 £12,425 E12.550 £420,515 £393,719
Metropo itan Dist_ Wk July 25 £12,583 £12,757 £393.909 £1.849062
£1,910,406
London Gen Bus Wk July 25 £73,731 £68,381
586.831
584,592
196.833 207.026
Union By Co of NYC March
United Rys of St L June
1078.210 1073.783 6.312.782 6.221.722
2.980,747 2,858,083
Virginia Ry & Power July
443.816 439,688
472.482
452,728
Wash Bait & Annap July
70,780 72,171
119.080
119.370
Westchester Electric- March
40,418 41.736
114,214
115.177
Westchester St RR June
23.607 23.358
Western Rys & Lht June
210.221 204.436 1.263.524 1.206.239
359.877
391.074
,Wisconsin Gas & Elec June
59.298 58.167
136.261
154.800
'Yonkers Railroad
51.938 58.425
March
432,256
455,440
York Railways
67.193
July
66,348
:
111 m
1A
1/1:t
Youngstown & Ohio.. June
20,636 21.136
Youngstown & South June
16.849 15.17
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here' given are before deducting taxes.
a These results are in Mexican currency.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
s
s
$
23.25o
16.208
17.292
17.351
July
Bangor By dr Elec
101.566
93,696
120.810
122,076
Jan 1 to July 31
13.283
3.131
24.878
28.130
July
Chatt By & Lt
108.688
43,430
169,331
195.294
Jan 1 to July 31
Chautauqua Traction
def8,327
19,863
Apr 1 to June 30
44,134
41,156
P & L July
Columbus(0) Ry
324.369
305,781
Jan 1 to July 31
31.030
68.661
65,709
72.687
Consumers Pow (Mich) July
435.950
631.946
431.391
499,045
Jan 1 to July 31
61,058
62.351
58.675
63.294
Cumb Co (Me)P & L _July
157.387
115,175
401.074
444,726
Jan 1 to July 31
39,073
27.103
49,603
61,342
East St Louis & Sub_...July
278.037
161.188
344.385
386,113
Jan 1 to July 31
29,608
28.882
15.075
13,566
July
Grand Rapids By
197.067
157.606
104,976
94.714
Jan 1 to July 31
19,503
15,869
15,551
15.497
Lewis Aug & Water....--July
32.918
103.285 def4,267
108.491
Jan 1 to July 31
34.505
32,494
46,666
57,440
Lehigh Valley Transit_ July
135.448
118.850
321.012
399.027
Jan 1 to July 31
z28.085
z31.089
94,539
92.319
July
Louisville Railway
593.431 2293.962 z300.356
598.297
Jan 1 to July 31
22.058
31,179
39.077
42.100
Nashville By & Lt....--July
448.937
359.112
449.792
500.428
Aug 1 to July 31
86,356
94.641
47,589
50,848
July
Nor Ohio Tr & Lt
384.412
454.871
318,313
352.683
Jan 1 to July 31
71.497
276.611
328.953
336,573
Pacific Gas & Electric_ _July 2.356.740 2,219,838 2.444,482 1.637.414
Jan 1 to July 31
112.619
48,682
171.378
Portland(Ore)Ry L & P July 182.303 1.133.348
815.607
575.905
1.251,875
Jan 1 to July 31
43.035
33.349
18.024
20.462
July
Portland (Me) RR
78.581
59.182
81,091
150.210
Jan 1 to July 31
35.248
47,413
62,936
57.791
Republic By & Light. __July
212,754
309,448
405,861
398,713
Jan 1 to July 31
a Includes earnings on the additional stock acquired May 1 1913. b
resents income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.
-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Roads.
-Gross Earnings
Current
Previous
ear.
Year.
S
Bangor Ry & Elec a_ __JulY
67,805
Jan 1 to July 31
436,491
Chattanooga Ry & Lt a July
92,696
Jan 1 to July 31
644,810
Chautauqua Traction_b-Apr 1 to June 30
43,174
Columbus(0)Ry P & L aJuly 241,965
Jan 1 to July 31
1.763,707
Consumers Pow (Mich)aJuly 1,93 ;
2 8,35_6_
58
Jan 1 to July 31
7
1
a_July 258.0 4
Cumb Co (Me) P&L
Jan 1 to July 31
1.395,590
East St Louis ac Sub a_ _July 218.659
Jan 1 to July 31
1,549.551
Grand Rapids Ry_a _ __July 115,756
Jan 1 to July 31
736,775
Harrisburg Rallways_JulY
91,478
Jan 1 to July 31
72:0140
76 8
8
Lehigh Vail Transit_b__July 5
1
Jan 1 to July 31
1,033,172
Lew Aug & Water a - --JulY
72.565
Jan 1 to July 31
376.485
July 268.063
Louisville Ry_b
Jan 1 to July 31
1,860,607
603
THE CHRONICLE
AUG. 291914.]
72,090
421.910
95,521
690.529
Net Earnings
Previous
Current
Year.
Year.
33 359
.
7
2
35. 72
211.61
238.724
40.542
222.376
38,161
278,019
11,536
85,290
1,280.227
224,352
1,489,574
118,261
743.675
96,044
164.001
562.431
559.901
88,445
547,301
42.448
96.739
867,341
119,733
558,461
88.676
622.422
44.683
182
3
122°
253,
8,0 6
8 63
80. 41
00
2 , 43
3°2 596
0
8 77 1
101:145
956.864
75,102
376.854
268,413
1,853,290
517,879
31,366
104,224
104,339
794379
456.460
35.054
136.202
8
14° 15
631,34°
233.677
6
1 6:64
77 :23
23 1 9 6
1. 62 47 1. 30 992
7iVig?
z After allowing for other income received.
ANNUAL REPORTS.
-The following is an index to all annual
Annual Reports.
reports of steam railroads, street railways and miscellaneous
been published since July 25.
companies which have.
This index, which is given monthly, does not include
reports in to-day's -Chronicle."
Pap.
Page. Industrials (Concluded)Railroads465
538 Canton Co., Baltimore
Boston & Albany RR
Co., N.Y.(Receiver's
.403. 413 (II. B.) Clallin
Buffalo Rochester & Pitts. By.
268
532, 543 report)
Canadian Pacific By
Consumers' Co., Chicago (6 mos.endChicago & North Western By. (pre536
404 ing June 30)
liminary statement)
465
338 Illinois Northern Utilities CO
Des Moines & Fort Dodge RR
341
Refining Co., Inc., N. y
Indian
Duluth South Shore & Atlantic By.
339
467 Inland Steel Co.. Chicago
(preliminary statement)
462
538 Lehigh Valley Coal Co
Lehigh & Hudson River By
Ltd., Hamilton....340
462, 475 Nat. Steel Car Co.,
Lehigh Valley RR
464
632 Nil:geeing Mines Co
Manistee & Northeastern RR
465
North Butte Mining Co
Norfolk & Western By. (preliminary
463 Northern Idaho & Montana Power
statement)
535
463 Co., Chicago
Philadelphia & Western By
Northern Ontario Lt.& Pow. Co.,Ltd466
St. Louis Southwestern Ry.(prelimin463 Northern States Power Co., Chicago_ 533
ary statement)
266
Texas & Pac. By.(Prelim. statement) 463 Philadelphia Rapid Transit Co
Western N.Y.& Pennsylvania By..._404 Porto Rican American Tobacco Co_..464
Procter & Gamble Co., Cincinnati__.542
535
Electric Railways
Quincy Mining Co.. New York
405
Brooklyn Rapid Transit Co____338, 348 Ray Consol. Copper Co., N. Y
466 Republic Iron & Steel Co
339
Cape Breton (N.S.) Electric Co
Commonwealth Pow..By.& Lt. Co.._533 Riordan Pulp dr Paper Co.,Ltd.,Mont405
340
Kentucky Securities Corporation__..538 Rogers(Wm.). Ltd.„ Toronto
404 St. Joseph Lead Co
534
Montreal Tramways Co
338 Standard Motor construction Co_ _ _ _464
Ottawa Electric By
463 Steel Co.of Canada.Ltd.. Hamilton _339
Porto Rico Railways. Ltd
468 Toronto Paper Mfg. Co., Ltd.. CornUnited Light & Railway
'
341
wali,Ont
Industrtals412
United Fuel Supply CO
Acme White Lead & Color Works,
405 United Gas & Electric Corporation-267
Detroit
United States Glass Co., Pittsburgh_542
Alabama Traction, Light dc Power
340 United States Steel corp. (quarter
Co., Ltd.. Montreal
339
Amer.La France Fire Engine Co.,Inc.463 and half year ending June 30)
466
Asbestos Corporation of Canada,Ltd_535 Utah Consolidated Mining Co
406 Virginia-Carolina Chemical Co
340
Belding Brothers de Co
341 Wabasso Cotton Co., Ltd
465
(F. N.)Burt Co., Ltd.,Toronto
405
Calgary Power Co.. Ltd., Montreal 339 Wayagamaek Pulp & Paper Co
Canada Foundries & Forging, Ltd..A65 Western Canada Power Co., Ltd.,
Montreal
534
Canadian Consol. Rubber CO., Ltd 464
540 Wolvering Copper Mining Co
Caney River Gas Co
412
604
THE CHRONICLE
[VOL. xcEC.
Northern Pacific Railway.
Boston 86 Maine Railroad.
(Preliminary Statement for Fiscal Year ending June 30 1914.) (Preliminary Statement for Fiscal Year ending June 30 1914.)
1914.
1913.
1912.
1911.
1913-14.
1912-13,
Revenues1911-12.
$68,544,801 $72,676,139 $63,423.946 $64,912,832 Freight revenue
827.866.098 $28,692,688 826,811.512
41,472,052 44,673.298 38,158.517 39,729,761 Passenger revenue
15,851,615 16,049,174 15.693.674
Other transp'n revenue_ 2,897,381
2,959,507 2,739.880
798,811
$27,072,749 $28,002,841 $25,265,429 $25,183,071 Other operating revenue
812,136
Net earnings
745.296
304,819
308,820
312,751
441,803
Net outside operations_
Total oper. revenue $47,413,905 $48.513,506 $45,990.363
38,296,678 38.101,424 35,087.295
revenue_ -_ _$27,377,568 $28.311,661 $25,578,180 $25,624,874 Operating expenses..
Total net
5,030,584 3,999,028 3.739.079 3,296,797
Taxes
Net operating revenue $9,117,227 $10,412,082 810,903.068
186,239
187,913
Operating income_ _ _ _$22,346,984 $24,312,633 $21.839.101 $22.328,077 Outside operations, net_
143.422
5,639,674 4,625.873 5.031.844 5.340,429
Other income$9,303,466 $10.599,995 $11,046,490
Total net revenue_
2,059,017 2,025.628 2,086.863
$27,986,658 $28,938,506 $26,870,945 $27,668,506 Taxes accrued
Grossincome
$8,331,411 $7,374,988 $7.207.130 $7,226,239
Interest and rents
Operating income_ - .$7,244,449 $8,574,367 88.959,627
750,000
Approp.for sundry claims
1,356,228
1,516,010
17,360.000 17,360,000 17.360,000 17,360.000 Other income
873,366
Dividends (7%)
Gross earnings
Operating expenses_
1910-11.
825,891.481
15,524,431
2,673,690
725,482
$44,815,084
35,148,703
$9.666,381
68,235
$9,734,617
2,089,905
87.644,712
861.504
$9,930,595 $9,832,993 $8,506,216
Gross corp.income- $8,760,459
$2,295,247 $3,453,518 $2,303,815 $3,082,267
Balance, surplus
Deduct
-V.99, p. 271, 120.
$10.805,201 $9,763,537 $8,458.125 $8,064,790
Charges
188,988
188,988
188,988
Pref. dividends(6%)
Seaboard Air Line Railway.
(3)1,185,150(4)1,578.963(53)1769983
Common dividends_
117,361
84.620
85,437
Additions & betterments
(Preliminary Statement for Fiscal Year ending June 30 1914.)
Operating revenue
Operating expenses
Taxes
$477,703 81.602,983
Balance,def.,for year $2,044,742 $1,324,441
1913-14.
1912-13.
1911-12.
$25,291,758 $24,527,865 $22,921,904 -V. 99, p. 118, 47.
$17.311.395 $16,725,613 $16,280,087
999.000
956,000
917,000
Chicago & Western Indiana RR.
Net after taxes
Other income
$6.981.363 $6,846.252 $5,724.817
298,996
220.064
183,378
(Reportfor the Fiscal Year ending Dec. 31 1913.)
Total net income
Fixed charges
Interest on adjustment 5s
$7,280.359 $7,066.316 $5,908,195
$4,356,144 $4.080,462 $3,844,751
1,250,000
1,250.000
1.249,658
$1,674,215 $1.735,854
$813,786
INCOME ACCOUNT FOR CALENDAR YEAR 1913.
$174,769 Deduct-Interest on bonds __$2,256,298
Total operating revenue
152,123 Taxes for 1912 paid May 1 and
Operating expenses
amounts accrued for 1913__ 440,338
40,883
$22,646 Miscellaneous
Net operating revenue
Rentals from lease of road__ 32,781,646
$837,095
Net income
Taxes collected from tenants
Loss through over. of C.U.T.
for 1912 and taxes collect43,619
Ry.(Aug.9 to Oct.31 1912).
406,192
ible for 1913 accrued
300,000
133,032 Divs.(134% quarterly)
Other rental
5,911 Division of surp. under interDiscount, int, and exchange
tenant agreem't of Nov. 1'82 210,000
22,040
Parcel room receipts, net
3,125
Miscellaneous
$83,476
Surplus for the year
$3.374,592
Total income
Balance, surplus
-V. 98, P. 1768
.
New York New Haven & Hartford RR.
(Preliminary Statement for Fiscal Year ending June 30 1914.)
The company has issued a statement showing the net corporate income of the company and of the separately operated
companies in which it has an interest. The detailed statement is given at length among monthly net earnings on a
preceding page. The company says:
The net corporate income represents the amount available for the payment of floating debts, additions and improvements necessary, but unproductive or only partially
productive (such as new stations), and therefore preferably
payable out of income rather than from new capital and for
dividends. The fiscal year ending June 30 1914 has been a
difficult one for all transportation companies,and particularly
for those in New England. A summary of the figures shows
that the many complications and difficulties to be met by
the various properties resulted for the year just ended in
balances over fixed charges as follows (1912-13inserted Ed.).
NET CORPORATE INCOME (SEE ABOVE) YEARS ENDING JUNE 30.
(1) Companies Shouritsg Net Surplus in 1913-14 Before Deducting Dividends, &c.
1913-14.
1912-13.
New York New Haven & Hartford RR
$268,662 38,922,238
Central New England Ry
230,021
914,416
New York Ontario & Western Ry
683,692
1,211,633
Hartford & New York Transportation Co
85,965
64,286
New Bedford Martha's Vineyard 4Nantucket SteamboatCo.
25,630
62,708
Connecticut Co
1,501,072
1,609,022
Rhode Island Co
870.051
347,643
Westchester Street Railroad
4,884 def54,754
Housatonic Power Co
119,757
78,506
Westport Water Co
def2,724
1,685
(2) Companies Showing Net Deficit In 1913-14 Before Deducting Dividends, &c.
New England Steamship Co
def77,803 def355,071
Berkshire Street Railway
def72,507 def91,861
New York & Stamford Railway
def36,557
def5,824
New York Westchester & Boston Railway
Me:246,924 odef334,555
*Tho charges deducted in arriving at these results exclude interest on bonds
charged against Income account of N. Y. N. H. de H. RR. Co. under its guaranty
and also interest on notes held by the N.Y. N.H.& H. RR. not credited to the income account of that company.
Every property in which the New York New Haven &
Hartford RR. is interested earned all fixed obligations except (a) New England Steamship Co., and that company
showed improved results in that the shortage of $355,071
for the fiscal year ending June 30 1913 was reduced to $77,803 for the fiscal year ending June 30 1914 (b) Berkshire
Street RR. shows a deficit of $72,507, whereas a year ago
the deficit was $91,861, showing an improvement of $19,354
(c) New York & Stamford RR. reduced a deficit last year
of $36,557 to $5,824 this year, showing an improvement of
$30,733 (d) New York Westchester & Boston Ry. (apart
from the interest on its bonds and notes) reduced its deficit
from $334,555 to $246,924, an improvement of 7,631.
Conditions affecting the New Haven adversely have had the
same bad effect on the New York Ontario & Western Ry.,the
Central New England By. and other lines. The Rhode Isla
and trolleys had. new wage scale on a much higher basis
than a year ago, in addition to heavy maintenance expenses.
The steamer lines all did a little better in net than last year.
RESULTS FOR JUNE AND YEARS ENDING JUNE 30 (1911-12 and Dividends
Supplied by Editor).
-Month of/useYears ending June 301914.
1913.
1913-14.
1912-13.
1911-12.
Over,revenue(Mud.
net outside operns).$5,775,784 $5,388,489 $66,703,173 369,258,950 865,844,514
Oper. exp. & taxes___ 4,447,427 3,592,801 52,083.569 50.942,095 45,346,880
BALANCE SHEET DEC.31.
1913.
1913.
1912.
Assets$
$
5,000,000
57,559,911 54,294,766 Stock
Road
49,999,667
Equipment
2,332,671 1,674,684 Bonds
-year M. notes_ _10,000,000
Accts. receivable_ 1.160,870 1.509,092 3
Cash,incl.for coups 1.598,899 1,294,171 Loans & bills pay_ 1,052,167
128,250
Cash with M trust.*2,168,980 4,778,223 Real estate mtges_
Material
462,031
525,290 Vouchers and cur1,412,996
rent accounts
Marketable bonds 753.730
15,730
Int. due & accrued 1,038,545
Unext. bd. disct- 544.956
Deferred credit
Cousol. M. bonds '
138,934
Items
in treasury
1,351,000 1,307.000
633,655
Derd debit Items_ 1,373,168
237,557 surplus
Total
69,304,214 65,634,513
Total
1912.
5,000,000
47,240,667
10,000,008
1,000,000
157,750
980,060
990,730
54,958
410,348
69,304,214 65,634,513
.Cash In hands of trustee for expenditures named In 1st & Ref. M.
-V.99, D. 1920.
Monterey (Max.) Rai1way, Light & Power Co.
(Report for Fiscal Year ending June 30 1914.)
The remarks of Pres. William Mackenzie were given in
substance in the 'Chronicle" last week on page 538. Below
we give the usual comparative tables:
INCOME ACCOUNT FOR CALENDAR YEARS.
Gross railway earnings
Operating expenses
Net traffic earnings
Misc. income (including interest and
dividends from subsidiary cos.)____
1913.
$134,733
71,314
1912.
$143,861
75,500
1911.
$136,624
80.445
$63,419
$68,361
$56,179
396.382
463,078
460,829
Total net
Administration expenses
3459.801
15,549
$531,439
13,009
$517,008
10,024
Gross income
Fixed charges and int. on deb. stock
$444,252
292,000
$518,429
292.744
$506,984
289,997
Dividend on preferred stock
$152,252
25,000
8225.685
25.000
$216,987
25,000
$127,252
$200,685
$191.987
Balance, surplus
BALANCE SHEET DECEMBER 31•
1913.
1912.
1913.
1912.
Assets-$
Liabilities
-aRy.property,&c.11,270,810 11,231,115 Preferred stock_ _ 500,000
500,000
Advances to subOrdinary stock_ _ _ 4,100,000 4,100,000
774,842
582,827 Debenture stock.._ 5,840,000 5,840,000
sidiary cos
113,537
4c
127,230 Interest accrued_ _
Stores, fuel,
129,384
121,667
175,218
168.977 Bank loans
Acc'ts receivable
1,150,937
774,603
53,052 Accounts payable.
Cash on hand,4c- 329,230
45,387
49,934
Reserve
450,000
300,000
Surplus
6451,099
473.847
1" 683.637 12,163,201
Total
Total
12,683,837 12,163,201
a Railway property. &c.. includes railway
property, franchises. rolling
.
real estate, buildings, lc (including' securities of subsidiary comomounting inlgm and&912 to
psTifikes
,
$6.715,000 at cost to company.)
b After deducting $150,000 for reserve.
-V.99, p. 538, 407.
Portland (Ore.) Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 31 1913.)
C. M. Clark, Chairman of executive committee, May 1
1914 wrote in substance [compare statement as to omission
of dividend on subsequent page___Edd,
swim-whne the results for 1913 were not entirely satisfactory, they
are probably as favorable as could be expected under the circumstances.
From 1905 to 1911 the growth of Portland was rapid, and your company
necessarily prepared for a continuance of this growth. Owing to the fact
that during the past two years this rapid growth has not continued,the
Gross income
$3,415,068 87,285,950 $21,887,594 $28,380,640 $30,800,782 company is temporarily in a position of having greater capacity than necesInterest, rentals,
1,848,499 1,636,310 21,598,931 19,458,403 17,415,211 sary to handle its business, resulting in a large increase in interest charges
without a compensating increase in revenue. Our taxes also have inNet corp. Income_31,566,568 $5,629,640
5268.663 58,922,237 313,385,551 creased with all others and have helped to increase the fixed charges.
Dividends paid
The entrance of the Northwestern Electric Co. into the light and riower
900,085(i34)2700255(734)13486563(8)14315540
field in Portland is to boregretted, but in view of conditions in other Pacific
Balance
Coast cities competition of some kind was probably inevitable. The total
sur$1,588,5665r.4,729,555dfS2,431,592d1$4,564.326 df.3929,989
Dividend charge in June 1913 is approximate.
power development of the new company is small compared to that of your
-V.99, p. 538, 467. 407.
Operating Income...31,328,357 $1,793,688 $14,619,604 $18,316,855 $20,497,654
Other income
2,086,709 5,472,262 7,247,990 10,063,785 10,303,108
E
AUG. 29 1914.1
THE CHRONICLE
605
BALANCE SHEETS OF DEC. 31, 1912 AND 1913.
company, and the competition is restricted to the light and power business
1912.
in Portland and does not affect the railway business nor the light and power
1913.
1912.
1913.
8
business in the other communities served by your company.
$
LfabiligiesAssets$
$
-The capital expenditures required during this year will be small. Plant,prop.&equIp.59,221,712 57,883,884 Capital stock___x18,750,000x18,750,000
Outlook.
The development of Alaska and the opening of the Panama Canal should Securities owned__ 288,757
39,000,000 39,000,000
258,026 Funded debt
20,300
prove helpful in restoring to Portland the prosperity which characterized Supplies
636,896
672,041 Bills payable
542,772
351,870
the decade preceding 1912. In addition, there are a number of local reasons De.& ausp. items 609,866
310,752
309,279 Accts. payable
for increased earnings, such as the development of the light and power Cash
49,192 1,102,923 Paving assessm'ts_ 1,129,478 1.087.055
Willabusiness in the Willamette Valley,including the sale of power to the during Sink. hi. invest
298,672 Accrued accounts_ 1,263,448 1,035,429
345,272
mette Valley Southern Ry. Co. and the Southern Pacific Co. Even
747,8.50 1.026,924
Bills & accts. rec_ 780,852
746,751 Surplus
the past two years there has been a steady growth and improvement in
Oregon and in Portland, and the agricultural, financial and industrial
Total
61,838,426 61,271.579
61,838,426 61,271,579 Total
conditions are sound and stable.
x Par, $25,000,000, but only
$18,750,000. Compaid
-The financial condition of the company is good, 31,064,000 pare news item on a following 75% -V.in, equal to
Finances.
98, p. 1538.
page.
of the First & Refunding M.bonds having been recently sold (V.98, p.1317).
$5,000.000 note
Arrangements have been made to extend for one year the
American Agricultural Chemical Company, New York.
issue maturing on May 1 1914 (V. 98. p. 1246)•
(Report for Fiscal Year ending June 30 1914.)
Digest of Statement by Pres. Franklin T. Griffith. Portland, May 1.
by the
Treas. Thomas A.Doe,N.Y.,Aug.27, wrote in substance:
-Except for three interurban lines controlledoperates
Field of Operation.
After deducting all operating charges, office and selling expenses, interest
Southern Pacific and the Northern Pacific railroads, the company
interurban lines
all the street railways in Portland and vicinity, including and in conjunc- on bonds and notes, and after charging off $800,794 for depreciation of
and Bull Run,
plants and mines, and setting aside $893,386 as reserves for freight, losses
to Oregon City, Troutdale, CazaderoColumbia River Ore.,
to Vancouver, Wash. and contingencies, there remained a net profit for the year ended June 30
tion with the company's ferry on the
electricIt
(See map on p. 109 of "El. By. Section.") thedoes most of the power 1914 of $3,065,715. From this amount there have bees paid four quarterly
electric-light and
pref. dividends, $1,658,258, and four quarterly common dividends, $738.light and power business in Portland, all of
the State
Oregon City, Salem and many other communities in in Salem. 399,leaving a balance of $669,058 carried to surplus account.
business in
gas plant
Notwithstanding severe competition in all sections of the country our
of Oregon and in Vancouver, Wash. It operates the26 cities and towns.
business on the whole has been gratifying,the
Altogether the company serves with light and power
sales of all products
interurban railway service, have a having increased $4,413,013, or 15.04% overaggregate 1913.
which, including others supplied with the year
to the three InterAs the imports of potash will probably be suspended during the European
total population estimated at 305,000. Power is soldoperating the street
war, the company will be compelled to reduce to some extent the amount
urban lines above mentioned and also to the companies
railways of Salem and Vancouver. At Willamette Fails, Oregon City, of potash in its complete fertilizers. This necessity is not viewed with
where the water power is owned by this company, direct water power is misgivings, however, as the amount of phosphoric acid in these fertilizers
can readily be increased by a corresponding equivalent; and in our opinion,
furnished to several large pulp and paper mills.
-The small increase (1.2%) shown by the gross earnings of 1913 the fertilizers thus manufactured will give fully as good results as those
Results.
in the Pacific Northwest
is duo principally to the business depressionit is somewhat affected by and containing more potash and less phosphoric acid. This opinion is shared
the by many scientists and directors of State
throughout the country generally, although
experiment stations. As the
were refact that comparison is made with a year during which revenues of which company produces its entire requirements of phosphates from its own
mines located in this country, there will be no interruption in the supply
ceived from the Salem Ry. and the Willamette Falls Ry.,both
1912, and by the further fact that poor weather conditions of this basic raw material.
were sold in
Within tne past year an Important discovery of potash salts has been
in June during the Rose Carnival resulted in decreased earnings from that
1912.
source. The operating ratio was 42.5%, compared with 42.9% in of the made in Spain and your company has acquired from the Spanish GovernThere was a heavy increase in fixed charges, due to the completion of the ment some large concessions in the territory examined. These properties
are now being surveyed preparatory to boring them for potash. These
Mt. Hood hydro-electric plant (V. 94, p. 983, 1186) and the transfer
interest charge on this investment from the construction accounts to the deposits appear to be in every way similar to those of Germany, and, so
operating accounts. Due to all the above causes, there resulted a decrease far as reported upon, they are richer in quality and lie at a considerably
In surplus of $135,575,or 8.7%. For this reason the dividend on the capital less depth than the German deposits. It appears,therefore,as if Germany's
stock, which had been paid at the rate of $5 per share per annum from potash monopoly might finally be broken, and your company placed in a
Dec. 1912, was reduced to the rate of $4 per share per ann. on Dec. 11913. position to obtain its potash from Spain in the near future.
-Considerable construction work was completed during
Construction.
INCOME ACCOUNT.
the year,including the Mt. Hood plant at Bull Run,the Big Sandy diversion
Profits from
1910-11.
1911-12.
-14.
1912-13.
dam and the installation of a 7.500-k.w. turbine at Steam Station E. The Properties owned and
1913$
electrification of the Mt. Hood Ry. in July reduced the operating expense
controlled
9 22
x5,280 151 x3,571,353 x3,381,635 x3,701,009
2:7
and materially increased the business of the line.
174,180
379,826
86,036
There was charged to construction accounts during the year $1,377,554. Other sources
viz.: Railway extension and improvements, $542,081; new cars, $68,401;
Total income
lines, $208,3,875,189
car houses, $60,736; power plant, substations and transmission gasenerat- Less res've for fr't, &c_ _ 5,372,378 3,657,389 3,761,461
650.319
626,066
553,431
393.386
202; underground system.$16,230; new installations, $329,819;
Reserve fo r
100,000
50,000
ing plant, $1,959; real estate and buildings, $150,126. The total of $1,377,- Interest on fire insur'ce_
mtge. bonds
during
502,908
444.953
531.210
511.232
554 is slightly less than half the average capital expenditures made were
do debenture bonds_
109,575
to 1912 incl. Four passenger cars and 20 freight cars
the years 1906
Factory & mining deprec. 800,794
bought in 1913. and there was an increase of 17 miles in track operated.
One mile of track was abandoned.
Total
2,306,663
1,064,663 1,207,276
1,195,272
was given to motormen
-On June 1 an increase of lc. per hour
Wages.
Profits
3.065,715 2.592,726 2,554,185 2,679.917
and conductors on both the city and interurban divisions.
1,658,258
1.632,687
1,209,363 1,143.114
-In Feb. 1913 a railway franchise covering 18 miles of 6% on pseferred stock
Franchise.
New
(
(2
streets, which had been pending for a number of months, was granted. Common dividends--- 4%)738,399(4%)733,232 %)353.220
This franchise runs until Dec. 31 1932 and is generally satisfactory.
Surplus
669,058
226,807
991,602
1,536,803
the authority of the State
-In Nov. 1912
RR. Commission-Valuation.
and on
z After deducting "operating charges" and in 1912-13, 1911-12 and 1910RR. Commission was by law extended over all public utilities,
June 6 1913 the Commission started to make a valuation of the propertY. 11 repairs and renewals, and in 1910-11 also bankers' commissions.
In anticipation of this action we had been preparing a valuation which
BALANCE SHEET JUNE 30.
will be used in the pending hearing.
Assets1914.
1913.
1912.
-The six-tickets-for-a-quarter ordinance passed by the Board Land, buildings and machinery
Decisions.
$14,319,790 $13,420,573 $12,494.496
of City Commissioners which came into office July 1 1913. was/held Invalid Lighters, tugs,tools,&c
2,448,495
1,927,304
1,743,953
Federal Court on the ground that the RR. Commission has sole Stocks and ponds
by the
} 4,102,192 3,487,363 12,800,000
P. 305).
authority to regulate rates of public utilities. (V. 98,department passed Other investments
50.200
The 3% tax on gross earnings of the light and power illegal in the State Mining properties
16,975,471 16,778,122 6.803,943
held
by the people of Portland in the 1911 election was
rate Brands, patents, good-will, &c
„
4,128,354 4,034,611
courts. The U. S. Supreme Court decided against the company in the
1,572
2,857
Sinking fund (amt. unexpended)line.
17,047
case involving reductions in railway fares on the Oregon CityElectric Co.. Accounts receivable
17,571,377 14.964,449 13,422,400
-In April the company bought the Yamhill
Acquisitions.
population Bills receivable
6,544,934
5,231,488 3,873,902
serving under long-term franchises and municipal contracts a
communities Merchandise and supplies
9,104,158 8,876,680 8,961,871
of 5,000 at Newburg, Carlton, Lafayette. St. Paul and other
power Unexpired insur.,taxes,&c
232,432
191,5031
in Yamhill County of the Willamette Valley, and selling wholesale
Guar. ace receiv., new constr., ex,
458388
to the Tualatin Electric Co.
770.488
pends. chargeable to future op.,&c.
343,427
Willamette Valley Southern Rib
In December we obtained control of the
right of Cash in bank and in transit
1,274,651
1,419,308
1,485,739
Co., which is constructing a standard-gauge electric line on private Moialla
way (except for a few blocks in Oregon City) from Oregon City to
Total assets
$77,487,460 $70,771,428 $66,146.550
and Mt. Angel, a distance of 32 miles. The new line connects at Oregon
Liabilities
City with the company's interurban service to Portland. The region tapped
$18,330,900 $18,330,900 $18,330,900
is one of the richest farming sections in Oregon,and it is expected that.be- Stock, common
27,112,700 27,112,700 27.087,700
sides a large passenger traffic, a profitable freight business will be devel- Stock, preferred
oped, consisting mainly of hauling lumber from new timber districts. Acc'ts payable, accrued int. & taxes_ 1,871.410
1.024.458
1,026,978
Notes payable
3.213,800 4,825,000
(See offering of $700.000 guaranteed bonds. V. 98, p. 1000.)
all the First mtge. convert, gold bonds
9.806.000 10,163,000 10,578,000
In October the company was awarded a three-year contract for
city lighting in Portland. The importance of this contract is shown by Debenture bonds
7,000.000
the fact that 327 arc lamps were added to the lines during 1913, while it is Reserve for freights, losses. &c
889,754
822,118
883.687
Reserve for renewals, fire ins., &c
estimated that the increase during 1914 will be almost as great.
769,929
669,343
642,183
Development.
-That our electric business has been widely developed is Profit and loss surplus
8,492,967 7,823.909 7,597.102
light
shown by the fact that on Dec. 31 1913
ompany served 42,063
and power customers (against 12,294 in 1907). This is believed to be the
Total liabilities
$77,487,460 $70,771,428 $66,146,550
thec
largest number, in proportion to population, served by any companY Op- -V. 98, p. 1318
erating in a large city in the United States. Competent judges also assert
that the company has gone further with the introduction of efficieny prin- The Rocky Mountain Fuel Co. (of Wyoming), Denver.
ciples than any other public utility corporation in the country.
Northwestern Electric Co.
(Results for Year ending June 30 1914.)
-On Dec. 23 the Northwestern Electric Co.
began serving customers on the east side of the city and by Mar.9 1914 had
Pres. D. W. Brown, Denver, says in substance:
'extended its operations to the west side.
company, which will compete with the Portland Ry., Light SC Power Co. for light and power busiThis
The number of tons of coal mined this year aggregated 924,000 tons.
ness in Portland, has completed a hydro-electric plant of 12,000 k.w. The coal handled on brokerage and through retail department aggregated
on the White Salmon River, about 70 miles from the city. Probably 5,000 317,494 tons. The gross earnings were $2,210,322 and the net earnings
k.w. of this generating capacity will be required by the Camas Paper Mills, were $328,743. The combined net earnings for last three years amounted
and the remainder, when available, will be brought into Portland. At to $1,161,662, or a yearly average of $387,221. The existing strike, altimes of low water the deficit will be made up by a steam plant of 7,500 k.w. though very serious, has not reduced net earnings to the extent generally
capacity located in the business district of -Portland. and also equiPPed to expected. Nominally there had existed a strike in the northern fields
supply steam heat (V. 98, p. 842; V. 7, p. 448; V. 95, p. 1276)•
for a period of more than four years and the calling of strike In southern
P•roperly Jan. 1 1914.
-Miles of track owned and operated on single- field on Sept. 23 1913 had very little effect in the northern district, and
to52ta2l:,
track basis, 295.7 miles; c.
ored)
nd ex
your company was, therefore, able to procure the necessary men to produce
total, a nearly normal tonnage.
ersted only
miles. Passenger cars, 633: freight, work
s
r cars.
express i
1,155. Locomotives, 12. Power plants
-5 steam stations, 22,400 k.w.;
INCOME ACCOUNT.
5 hydro-electric stations, 42,880 k.w. 22 substations, 28,580 k.w.
Gross earnings, $2,210,322: operating expenses, $1,742,415; genCOMPARATIVE STATEMENT FOR CALENDAR YEARS.
eral expenses, $139,164; balance, net earnings
$328.743
247,215
-Ed.) Accrued interest. $184,140; other items, $63,075; total
(Operating statistics inserted from Chairma '
1970
aletter in V.98,p. 1317
Statistics1907.
Balance, surplus for year
$81.528
3
Passengers carried
,014
60,115.222 88,310,850 941912
0
,3 8;398 9419 ,368
Total accumulated surplus June 30 1914, $326,941.
42,063
Light & pow. customers
38,415
12,294
26,413
BALANCE SHEET JUNE 30 1914 (TOTAL EACH SIDE, $13.053.859).
Production, electricity.
hours
72,849,141 120,703,715 169,609,004 184,200,820 Assets-Property, equipment, &c
$12,195.615
82.7% Deferred obligations from subscribers for bonds & stock of co.,
denerated by water..
88.6%
75.3%
84.4%
$702,992; less deferred payments on property acquired.
Inc. or Dec. PerCt.
1913.
1912.
balance
$700,000;
2,992
Gross earnings
$8,723,742
Cash, $59,263; accts. & notes receivable, $661,577; total
720,840
Oper. exp. (incl. taxes)
3,298,310 $2.111:877.
134.412
-- - Items paid toady.,$12,719; material & supplies,$121.693; total
-Common stock, $4,000,000;
Net earnings
$3.425,432 $3 313,397 inc.$112,035 inc. 3.4 Liabilities ref. bonds, E3,948,400; total pref. stock, $4,000,000:
1st and
Interest
2,008,601
1:760,991 inc. 247,610 inc.14.1 Accounts and notes payable, $619,340; pay checks and pay-roll$11.948.400
items. $56.480: total
Surplus available for depr.,
675,820
575 dec.8.7 Interest accrued, $49,081: taxes and other items accrued, $53,renewals and dividends_$1,416,831 $1.552,406
616; total
inc.$125,000 inc.11.7
($ per share)--$4 X-1,187.500$4 X1062500dee.$135'
Dividends
102,697
Surplus
326.941
Our,for deprec.& renewal.. $229,331
$489,906 dec.$260.575 dec.53.1 -V. 95, p. 1126.
606
THE CHRONICLE
Cluett, Peabody & Co., Inc., Troy, N. Y.
(Reportfor Six Months ending June 30 1914.)
EARNINGS FOR SIX MONTHS ENDING JUNE 30.
11,230,920 Net profits
Net sales
1846,720
2,700 Deduct-DIvIdends ot 1 H% each
Ineome from seeudtles
on pref. stock paid Jan. 2,
$7,283,620
April land July 1 1914
420,000
Dividends of 2% each on cornDeductmoo stock paid Feb. 2 and
Raw mat'ls, labor,
supp., oper. exp.,
May 11014
360,000
gen. & sell's exis.
Balance, surplus, after deduct& all admin. exp_$6.194,052
Res've for coating_ 124,216
log 9 months' dividends on
10.707
Interest paid
preferred stock
$66,720
107,925 6,436.900
Depreciation
Net profits
$846,720
EARNINGS FOR CALENDAR YEARS.
1909.
1911.
1910.
1912.
1913.
$0,638,148 $10,895.011 511,282,870 $12,294,993 113,515,305
Sales
1,284,809 1,587.338 1,602,764 1,741,243 1,963,277
Profits
BALANCE SHEET.
June 3014 Dec. 31'13
June 30'14 Dec. 31 '13
Assets
Liabilities-Real est..plant,&c.53,230.553 21,155.566 Common stock__ 18,000,000 18,000,000
Good will, patent
Preferred stock_ __ 8,000,000 8,000,000
trade
rights,
Notes payable_ _ _ 300.000
460,000
names. &c
Accounts payable_
18,000,0001
66,259
76,204
Work In process,& c 1,823,479} 1,931,237 Reserve for con248,306
Cash
460,061
tingencies
115,663
77,417
Mfd. goods at cost 2,211,715 2,441,265 Surplus
1,689,141 1,622,421
Customers' octets_ 2,412,244 1.944,336
Mfg.&op.supp.,&c. a225,752 a292,341
19,015
Bills receivable
11,235
Total
28,171,064 28,236,042
Total
28,171.064 28,236,042
* Includes real estate, buildings, machinerY, vehicles and equipment at
Troy,
Rochester, Waterford and Corinth, N. Y.; South Norwalk, Conn.; Leominster,
Mass.,and St. Johns, Quebec, together with furniture and fixtures at sales-rooms.
a Includes manufacturing and operating supplies, unexpired Insurance, prepaid
Interest and unuscd expeases, incl. advances applicable to following Bell9011.-V.
98,
p. 384.
Texas Company, Houston, Tex.
(Report for Fiscal Year ending June 30 1914.)
INCOME
1913-14.
Gross earnings
$25,924,405
Op.exp.(incl. mt..&c.)yt18,171,946
Taxes
ACCOUNT.
1912-13.
191142.
1910-11.
525,882,864 814,529,541 $11,231.655
j 12.937,202 10,829,2191 b8,512,257
t a901,443
267,073f
"Net earnings"
57.752.459 312,044.219 $3.433,249 $2,719.398
Deduct
S. F. & depr. account_ - $1,395,321 $4,843,797
$771,749
Prov.for bad,&c., accts
171,163
287,299
67.969
$16.403
Deb.susp. acct. writ. of
389,649
Insurance reserve
250.000
Dividends
(3A %)2.550,000(6)1,620,000
(5)1,350,000(10)2700,000
Total deductions__ $4,116,484 $7,001,096
$2,579,367 $2,716,403
Balance to surplus
$3.635,975 $5,043,123
$853,882
82,995
a Includes insurance. b Operating expenses, &c., Include
interest and
taxes, $304,338, in 1910-11.
BALANCE SHEET JUNE 30.
1914.
1913.
1214.
Assets
Lict011ttles*Plant account_32,314,911 28,805,453 Capital stock _ _ - _30,000,000
Other investments 5,541,017 1,445,232 6% gold debent's_15,000,000
Storehouse supp-- 746,542
669,475 6% serial notes... 2,100,000
Stocks of oil. crude,
Accts.& bills pay_ 5,668,557
refined, &c_ _ _15,429,7M 16,703,363 Provis. for doubtUnexpired insur__ 279,700
149,465 ful accts. reedy_ 250,000
Bonds & mtges_ _ 5,906,000 3,026,000 Insur,reserve fund 500.000
Accts. a: bills rec_12,689,802 14,395,634 Provision for taxes 147,391
Cash on hand__ 2,563,695 2.233,347
do int. on debs 450,000
do int. on notes 63.000
S. F.& depr. acct.10.156.508
11,135,975
Surplus
1913.
27,000,000
14,000,000
2,400,000
6,531,248
250,000
500,000
143.535
360,000
72.000
8,761,187
7,500,000
Total
75,471,431 67,51J,970 Total
75,471,431 67,517,970
•Investments in realestate, leases, rights of way, pipe lines, tankage,
refineries, ships. cars, terminals, distributing stations, natural gas wells
and equipment
.-V. 99, p. 274, 203.
Miami (Arizona) Copper Co. (of Delaware), New York.
(Report for Fiscal Year ending Dec. 31 1913.)
J. Parke Channing, Vice-Pros. & Cons. Eng., March 19,
wrote in substance:
In 1913 the production of refined copper amounted to 32,867,666 lbs.,
based on the treatment of 1,058,784 tons of ore. The mill extraction was
71.06%. as compared with 69.39% in 1912.
The northwest orebody was set aside about two years ago for experiments on the best size of shrinkage stope and pillar. In April an unexpected caving of the capping en masse above this experimental section of
the mine occurred, which threw us back considerably in production, without. however, casuing any material damage to the mine other than the loss
of product and increased raining expenses in that section for a few months.
Improvements have been made in the shaft crusher house so as to produce
a product of approximately one-half inch maximum size, and this,in addition to improved grinding and concentrating facilities in the mill, has increased its capacity to 3,300 tons per day. Certain changes in the way of
re-grinding middling and additional concentrating machinery will bring
the capacity of the mill up to 4,000 tons of ore per day in the latterpart of
the year, and by that time the mine will be able to furnish this tonnage.
New development in sulphide ore has not quite kept pace with extraction. On Jan. 1 1914 there was available 20,300.000 tons of sulphide ore,
the average of all samples showing a grade of 2.45% copper. No attempt
has been made to increase the 17,200,000 tons of low-grade material. averaging 1.21% copper, reported last year.
Recent revival of interest in the hydro-metallurgy of copper has caused
us to develop partially our resources of mixed oxide and sulphide ore, with
the result that on Jan. 1 1914 there was developed approximately 6,000,000 tons of this material, averaging about 2% copper. It seems very
likely that in the near future a mixed water concentration and leaching
process will make this ore available.
Data from Report of General Manager B. Britton Gottsberger.
Deeelopment.-This work on the 420
-ft. level and above was completed
during the year in the older portion of the mine. The development of the
Captain orebody, started in the previousyear, is now well under way and
actual mining operations In this section will begin during the current year.
The sinking of the No. 1,or Captain,shaft to the 420
-ft. level was completed,
thus furnishing an outlet from the mine to take the place of No. 2 shaft,
which has been lost as the result of raining operations. Development work
on the 570
-ft. level was discontinued in the latter part of the year, as the
outline of the orebody on that level has now been well defined and actual
mining need not begin for some time to come.
During the year 37.697 feet of drifts, raises
Drifts, 19,857 ft. (7,148 ft. on 420-ft. level):and shafts were driven, viz.:
raises. 17,678 ft., including
-ft. level; shafts. 162 ft.
8,707 on 420
Operations
.-The ore handled amounted to 1,055,284 tons, derived from
the following sources: Stock pile, 101.888: development. 124,784; square
sets and slicing, 418,722; shrinkage stones. 409.890.
mo
The results of milling operations for the year are as follows: Ore milled,
1,058,784 tons at 2.30% copper; concentrate produced, 45
tons at
38.09% copper: copper in concentrate. 34.597,56,3 lbs.; copper 410 ton ore,
'
per
32.63 lbs.; mill extraction, 71.06%. From the above concentrate produced. the net smelter returns of refined copper gave 32,867,666 lbs.
Cost of Refined Copper in Concentrate on Board Cars at Miami, Based on
Smelter Returns.
Per ton Ore. Per Lb. Cop.
Mining
51.6030
$0.05164
Milling
.5722
0.01843
General
.2899
0.00900
Total
$2.4651
$0.07907
-Exploration by churn drilling was continued,two old holes
Ore Reserves.
being completed and 13 additional ones being put down from the surface,
the total number of feet drilled amounting to 8,774. Five of these holes
in the outlying portions of the property showed only low-grade material.
Of the balance drilled on the eftes of the orebody, some showed ore and
served to further outline the ore zone.
In the underground workings, diamond drilling was continued, two old
holes being completed and seven new ones drilled, making a total depth
of 1,757 feet. These holes, with the drifting done on the 570
-ft. level,
furnished additional information regarding the extension of the orebody in
depth. While no large additional tonnage was developed during the year,
it is quite certain that the possibilities of ore below the 570
-ft. level have
not yet been exhausted and further work Is being planned. On Jan. 1 1914.
after allowing for ore extracted during the year, reserves are estimated at
20,300,000 tons, the average of all available samples showing a grade of
2.45% copper. In making up the ore estimates in the past, no account
has been taken of oxidized ore. A considerable amount of this was known
to exist, and on Investigation we find that, by drill holes and underground
work, there is indicated a body of mixed oxide and sulphide ore averaging
about 2% copper, containing 6,000.000 tons. The wide-spread revival of
Interest in the hydro-metallurgy of copper unquestionably will result in
the development of a process for the treatment a this ore which should render it a valuable asset in the near future.
In addition to the above, there had already been developed by churn
drilling 17,200,000 tons of low-grade material averaging 1.21% copper.
No attempt was made the past year to develop further ore of this class.
-The causes preventing an increase in production for the past
Outlook.
year have been overcome and the mine can now average at least 3,300 tons
of ore per day. By the latter part of the current year it will be in position
to furnish the additional tonnage that can be handled bythe millwhenthe
contemplated improvements have been made. The higher cost of production in 1913 has already been reduced in the opening months of 1 14 and
the expansion in the scale of operations will make for still further economies.
[The cost of renewal and repairs has been charged to operating expenses
and a direct charge has been made for depreciation of plant amounting to
5223,874, making a total charge for depreciation to date of $392.971. As
in 1912, the cost of current development has been added to the capital,
while the development account has been credited with the sum of $327.138,
equal to 31c. per ton of ore hoisted. This covers the amount of depreciation and the proportionate cost of the past and future development, based
on the proven tonnage.]
INCOME ACCOUNT FOR CALENDAR YEARS ENDING DEC.31.
1912.
1911.
1913.
Copper sold (lbs.)
33.134,334 32.477,923 14,970,557
13.03 cts.
15.2404 cts. 16.582 era.
Price per pound
Total sales
$5.049,807 $5,385,502 51.950,669
Deductions
Concentrates
$2,313,400 $1,916,479
$795.000
General mine expenses_.
298,257
187.578
a106,799
Freight on concentrates
219,558
223,691
94.316
Smelt., refg. & freight on pig copper..
665,417
753.976
348.223
Selling expenses
67,398
41,694
25,590
Legal expenses
12.511
N.Y• officeeenses and taxes
45,127
39.780
26.164
Silver proceedsCr.
51.533
Cr.41.697
Cr.27,078
Gold proceeds
Cr.231
Cr.969
House rentals
Cr.5.788
Cr.6.417
Cr.6.195
Gain in pow. & supp. accounts
Cr.48,994
Total deductions
$3,515.122 53,114.115 51,362,819
Balance
*1,534.685 $2,271,387
8587,850
Other income
47.500
65.041
Total
$1,582,185 $2,336.428
8587,650
Int. on loans (less bank deposits)
$50,853
$442,255
$12.660
Interest on bonds
2.060
30,271
85.587
Depreciation
223.874
169,097
Dividends
(40%)1,491,989(30)1100,112
Balance,surplus or deficit
der 4186,591sur.$994,693sur 4489.603
a After crediting 84,254 for gain in supplies.
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
ATMSLfabltitles$
$
$
Mining property_ __ _1,548,050 1,629,527 Capital stock
3,733.705
Development
1,686,726 1,522,226 First mtge. cony. 6s. 25,000 3,724,085
58,000
2,879,489 2.846.736 Prem. on shares less
Construction
75,000
Stock investment_ _ _ 100,000
expenses of issue_ _1,991,176 1,967,882
1 •797.8941 115,462 Deer. pay-roll, &c
Ore on hand
75,710
64,847
11,126,372 Smelt.& fgt. chges
Metals on hand__.5
211,292 268,309
Materials & stint/lies 322,179 273,776 Marldn'y & supplies 19,969
23,580
1,467
1,103 Res. acct new hosp'l
Unexpired insurance.
20,373
54,269
64,594 Res.for
Cash
taxes- 16,876
16,875
12,371 Profit and loss
Accounts receivable- 20,369
1,336.625 1,523,216
7 410,443 7,667.167
Total
Total
7 410,443 7,667,167
-V. 98. p. 1320.
Hawaiian Commercial & Sugar Co.
(Report for Fiscal Year ending Dec. 31 1913.)
F. F. Baldwin, Pres. & Mgr., Feb. 9, wrote in substance:
.-The past year had its difficulties.
Results
The price of sugar was low,
the crop harvested was small and we passed through another year of drought.
-Grinding was commenced for
of 1913.
Crop
this crop on
and was finished June 20 1913, with the result that we baggedDec. 2 1912
50.310 tons
or sugar. The total weight of cane was 362,483 tons, and it took 7.20 tons
make a ton of sugar. Had the Juices been
of cane to
as good
were
for the 1912 crop, when it only took 6.86 tons ofcane to make a as they
ton of sugar,
the 1913 crop would have reached 52,840 tons. However, the drought in
1912 was the principal reason for the small crop, and, as predicted in last
po , the crop of 1913 lost no less than 5.000
tons of sugar on ac6
o
f ry
count re dry weather. The sugar bagged for the seven months ending
w
.rop 0 13 4 mard 0a310 tensen
Jur 30 19191aggreg zig5 ,8 conun.
ced on Nov. 11 1913. Tasseling
was unusually late, consequently the cane was slow in maturing, and it
was decided to run only one mill until the middle of December, after which
in operation. I.Yre to date we have
two mills were
harvested 2,650
acres of cane. which have yieldW 19,196 tons of sugar; with 3,095 acres
yet to harvest. it is safe to say that we shall bag 54,000 tons of sugar for
the crop. This would have been another banner crop had it not suffered
from lack of water. We probably lost four or five thousand tons of sugar
,11
acount
Aug.o cror5of 1T9ohife5(.1
g was commenced on March
10 and finished on
total area f plant and ratoons is 6,632.5 acres. We have
never had a crop under better cultivation and if favored with good growing
conditions during this year, it should give us a big yield.
-On account of the small crop harvested last year, it was
Sugar Factory.
not necessary to crowd the mills. The average tons of cane ground per
hour was 96.05, as against 103 tons for the previous crop. During the next
off season we plan to install six additional crystallizers and make otherimpts.
-At the end of the Year 21,467 ft. of the new Haiku ditch had
Ditches.
been lined, and as the work Is progressing nicely, it is expected that by..the
end of the present year water will be running through the entire length
.
h
2nes
,3
s0Oft.)
de ik
ofglloo tel,cabe
expenses were held down to a minimum during 1913, and
ig our intention to follow the same policy during 1914. It is to be re
-
AUG. 29 1914.]
gretted that it was found necessary to reduce the dividends beginning with
July 5 1913. However, it is reassuring to know that the present dividend
can and, in all probability, will be maintained during the present year.
PROFIT AND LOSS ACCOUNTS FOR CALENDAR YEARS.
1910.
1911.
1912.
1913.
Net isrofit on sugar__
$794,746 $2,123,702 61,776,701 $2,226,742
34,265
87,731
52,889
Sundry net profits
84,673
Total net profit
$879,419 $2,176.591 61,864,432 $2.261,007
.
( )
Dividends paid_ _ _ _(9.6%)960.000(16)1,600,000(16)1.600,000 16 1,600 000
Bal.,surplus or deficit def$80,581 sur$576,591 sur$264.432 sur$661.007
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
3
$
Assets (Con.)Assets$
$
382,271
Real property____ 3,703,926 3,703,926 Accounts recelvle. 696,490 1,107.596
831,199 Investment bonds. 1,015.000
906.750
Ditches& reserv'rs
43,585
34.476
750,000 Cash
710,000
Mill
277,400
275,900
Buildings
Total assets_ _ _11,581,326 11,670,333
591,500
Pumps & oil tanks 552,000
Liabitates90,000
70,000
RR.& rolling stock
Capital stock _10,000,000 10,000.000
Steam plows.tools,
581,684
501,103
123,000 Surplus
114,000
&e
998,000
34,305
43,000 Five per et bonds._ 998,000
Fences,wagons,ke
27,359
27,239
99,467
118,552 Main RR.&SS.Co.
Live stook
63,290
54,984
payable_
956,339 3,164,725 Accounts
Investments
Growing crop_ _ _ _ 2,016,940
Total ilabilities_11,581,326 11,670,333
395.733
443.579
Inventories
Greene Cananea Copper Co.
&c.1
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Thomas F. Cole, Duluth, May 15, wrote in subst.:
(Including Greene Consolidated Copper Co.,
that of the Chivatera,important ore bodies at surface have been opened up.
The tonnage mined by these leasers has grown important,and the ore carries
somewhat higher copper values than the average smelting ore of the camp.
I believe that during the year more smelting ore and concentrating ore
has been developed than has been extracted. The total development work
done during the year was 49,505 ft., of which about 800 ft. was shaft sinking. In June practically all development work was changed to the contract
system, resulting in a reduction in cost.
Table Showing the Tonnage Produced and the Segregated Cost per Ton for
Mining at the Various Mines.
Wet Tons.Cost perT.
Wet Tons.Cost perT.
Elenita
90.257 51.6645
4,839 513.3625 Vete Orande
1.1364
26.675
Puertecitos
4.7693 Kirk 15
54,458
5.0604
Henrietta
42.234
7.4731 Kirk
3,940
20.025
Elise
2.2542
3.2732 Cobre Grande
90,826
Pro.of Sierra de Co. 72.976
.5855
13,838
2.8034 Chivatera
Capote
2.3980
1,498
2.9468 Misc.leasers
164,611
Oversight
2.0308
88,857
Total
673,034 82.8908
At the concentrator, 343,081 wet tons of ore were milled, of which 42.072
tons were from the Cananea Duluth. Three Hardinge mills were installed,
and, not including them, the cost per ton was 30.7166 for the year. At
the smelter the total Cost, including upkeep, but not construction, per
dry ton of new copper-bearing material treated during the year was 52.54.56.
There were 567,434 dry tons of new copper-bearing material treated during the year, including custom ore and Miami concentrates. The two
reverberatory furnaces were operated a total of 537 furnace days, the average charge per furnace day being 226 tons. Total cost per ton was $1 67.
The advantages of the installation of the large Great Falls converters were
reflected in converter cost, which is $9 13 per ton of copper for the year.
Data from J. J. Douglas, Gen. Man. of San Pedro Cooper Co., S. A.
-The Greene Cananea Copper Co. owns the entire capita,
Ownership.
stock of this company, the mines and property of which are located at
Cananea, Sonora, Mexico.
Income Account.
-For year 1913 copper sales were $576.534; silver sales,
$111,453; gold sales, $21,521; miscellaneous revenues, $161; inventory of
copper in process,$77; total,$709,747. Expenditures: Operating expenses.
$533.889; interest, $14,267; inventory of copper in process Dec. 31 1913.
53.258: total expenses, $551.415; net income carried to balance sheet.
6158.332; add surplus belance Dec. 31 1912(5345.889); total surplus,$504.221: dividend paid, $225,000; balance. forward. $279.221.
-Wet tons, (a) ore mined. 92,029; (b) ore treated, 93.199;
Tonnages.
(c) ore milled, 42,072; (d) concentrates produced, 8,647.
Production was: Copper, 3,839.030 lbs.; silver. 188,292 ozs.; gold,
1,076.054 ozs. Recovery per ton of ore treated: Copper, 2.059%; silver,
2.020 ozs.; gold, .0115 ozs. Cost of mining per wet ton, $2 59. Development work, feet advanced, 4,885.50.
The Cananea Duluth mine was closed on account of the burning of the
bridges on Mar. 8 and no work has been done there since that time. As
usual, the ore from the Cananea Duluth, during the months of the year
that it was in operation, was treated at the works of the Cananea Consolidated Copper Co., S. A.
CONSOLIDATED INCOME ACCOUNTS OF OPERATING COMPANIES.
(1) Greene Consolidated Copper Co. and Cananea Consolidated Cop.Co..S.A.
1912.
1913.
1911.
Copper sales
56,139.917 56,554.930 54,780,829
Silver sales
622.452
474,949
774,144
Gold sales
90,577
71,433
138.900
Miscellaneous
535,994
383,429
368.393
Copper in process end of year
293,116
182.629
139.748
The number of shares of the Greene Consolidated Copper Co.,now owned
by this company,is 954,442. out of an outstanding isseu of$1,000.000 shares.
During the year dividends aggregating the sum of $1,093,143 were paid.
(contrasting with $1,819.877 in 1912. The amounts received as dividends
about
on the stocks of the operating companies held in the treasury was
$1.131,300 in 1913 (against 62,092,020 in 1912). leaving a surplus for the
late year after allowing for general expenses, Government 1% tax, &c., of
it is understood, between $90,000 and $100.000.-Ed.]
The mines owned and controlled by your company, including ores purchased, produced during the year 191.3. 44,480.514 lbs. of fine copper,
1.497.938 ozs. of silver and 8,021.07'7 ozs. of gold. The combined net
income (of the operating companies] was $2,344,592.
was
The average price received for copper produced during the year 1913
15.099761c. per lb. The total cost per lb. of refined copper, after deducting
values of precious metals and misc, revenues, was 9.631c. per lb.
Copper
Statement by W. D. Thornton, Pres, Greene Consolidated
Co., New York, May 16 1914.
production for the year by the Cananea Consolidated
Refined copper
price reCopper Co. was 40,641,484 lbs.. all of which has been sold. The the year
for
ceived was .1510751 cts. per lb. The gross operating profits of $85,410.
charging off expenditures for betterments
were $2,186,260, after
Dividends amounting to $1,050,000 were received during the year from the
stock is
Cananea Consolidated Copper Co., S. A. (whose entire capital
dividends were;
owned by the Greene Consolidated Copper Company), and to $950,000.
disbursed to the shareholders of the company amounting
Consolidated Copper
Data from J. S. Douglas, Gen. Man. of Cananea1914.
Co.. Douglas. Ariz. Jan. 1
-Wet tons domestic ore mined,673,034; ditto treated,690,0731
Tonnage.
tots
wet tons treated, custom ore. 21.139; Miami concentrates, 46,248;
concenore treated, 757,460. Wet tons ore milled, 301,009; ratio of
tration, ore milled, 3.120.
-Returnable fine copper in bullion produced (a) from comProduction.
pany's mines. 33,205,160 lbs.' (b) from Miami and custom ores, 42,806.847
BIS. Silver in company bullion. 1,069,746.44 ozs.; in bullion from Miami
and custom ores. 428,191.79 ozs. Gold in company bullion. 5.437
ozs.; in bullion from custom ores, 2,583 ozs.
-Copper,2.405%;silver, 1.397 ozs.;
Recovery from Company Ores Treated.
gold, .0073 OW.
-On account of the revolution in the State of Sonora
General Conditions.
during the year 1913, Conditions were so unusual that intelligent compariimson between the figures of the year and those of former years is almost the
all of
possible. During January and February and up to March 8, operation.
in
minas reported as being in operation during 1912 continuedbetween Naco
On March 8 bridges on the Southern Pacific RR. of Mexico
factions,
and Cananea were destroyed by one or the other of the warring Eureka.
Elise,
and on that date all of the mines except the Puertecitos,was shut down,
The concentrator
Capote and the Kirk were shut down.
reas were the reverberatory furnaces, and but four of the blast furnaces
mained in operation. Furtunately,at the time of the burning of the bridges
a large stock of coke.
there was about 25 days'supply of fuel oil on hand,and
Soon after April 1 the bridges destroyed between Cananea and Naco were
repaired by us for the railroad company, and two or three trains of fuel oil
moved to Cananea. Early in May one reverberatory went into commission
and one unit of the concentrator was started. In July a second reverberatory was fired up and in December a fifth blast furnace.
From that time
up to the present, one unit of the mill has been in operation, both roverboratortes and five blast furnaces. In March and during April the force
was reduced to fit the ore requirements, the number of American employees
being reduced to about 180 and Mexican employees to about 2,300. which
Is approximately the present force.
Mining.
-At Puertecitos we have developed an irregular body of ore of
no great extent on the contact about 300 ft. northeast of the No. 4 shaft
on the 30 tunnel level. On the back of Puertecitos Hill, surface ore of better grade than that quarried from the largo benches in the main hill has been
developed; for the last six months of the year about 2,000 tons per month
has been mined by leasers. A tunnel has been run from the end of the
trolley line to the south of Puertecitos through the cordon of the Elenita
mine,and a notable quantity of low-grade but commercial ore,is now available from the Elenita.
At the Henrietta. work was closed down during April, and since then
leasers have been extracting a small tonnage of io
ore. The Elise was
in operation during the year, and a very promisingbody of ore has been
developed on the 8th level, or 100 ft. below thecombination tunnel. This
body is not fully developed, but will produce important tonnage and will
probably average 4%. Above the combination tunnel ore has been developed in excess of the amount stoned. The Eureka proper does not look
well, and the ore is lower grade. There is still, however, at least enough to
keep up the average.output for about two years In the Sierra de Cobre,
adjoining the Eureka, on the 20t)
v
nig up what we belie e
o
will develop into a valuable bod y oToie th at are e go
e we willp,
In the Capote the large 10-17 orebody on the 9th level has been followed
to the 8th and well above it, but with diminishing grade. It has also been
thoroughly opened up on the 10th. The new Capote No. 15 shaft is being
sunk to the 1,200-ft. level and will be equipped with a large electric hoist
with skips. and necessary pockets on the 900 and 1,000 levels. The sulphide stopes in the Capote, which produced a big tonnage during the last
few years, will continue for some time to come,and in an intermediate level,
below the Capote 9 tunnel, a very notable tonnage of fair grade ore surrounding the old stopes has been developed.
In the Oversight a considerable tonnage of better than 21470 ore is in
sight in the 157 country, and the main concentrating ore stones will continue to produce, at least for some time, their quota of ore. We have several interesting prospects in the Oversight, also in the Capote. In the
Vets Grande, the Massey ore body shows 70,000 tons of very clayey 4%
ore, and betWeen the 200 and the 300 we have about 75,000 tons of 5%
siliceous ore in sight. We have a nice Prospect in the far end of the 19 tunnel. which is developing into something worth while.
Tho Kirk shaft was sunk to the 900
-ft. level, but on the 700 no ore has
yet been found. We are still developing on that level. There is about
enough ore between the 7 and the 6 in the old high-grade vein to keep up
the average tonnage for the year 1914 from this portion of the mine.
Around the 12 shaft in the Kirk a considerable quantity of good smelting
ore has been opened up that will go 2%%
The Cobre Grande was shut down in March and nothing has been done
there since.
Commencing with May, leasers were permitted to mine ores on the surface of practically all of the mines, and in one or two instances, notably
607
THE CHRONICLE
Total
Deduct
Operating expenses
Interest on advances
Sundry uncollectible acc'ts, &c
Legal and general expenses
Taxes
Depreciation
Copper in process first of year
57.576.138 57.929,468 56.045.834
Net income
(2) Net income San Pedro Copper Co
52.186.260 52.280.799 $1.026.952
158,332
330.030
312.681
$4,937,586 $5,263,082 $4.456,232
17,987
19.204
49,426
18,753
40.114
30.122
32,772
985
15,665
987
85,410
152,647
280,180
293.116
182.629
180.532
$2.344,592 $2,610,829 $1,339,633
Total net income
Dividends Paid (Chiefly to Greene-Cananea Copper Co.)GreeneCons.(95.4% to par't co.)(930$950.000(14)1400,000
225,000
800,000
San Pedro (all to parent co.)
Bal, over dividends of oper. cos
51.169,592
5410,829
COMBINED BALANCE SHEET DEC.31 OF
Greene Consol. Copper Co. and Cananea Consol. Copper Co.. S. A.
1912.
1912.
1913.
1913.
Liabilities$
5'
$
Assets
-$
Capital stock (par
Real estate, mines,
$10)
10,000,000 10,000,000
railways, &c---4,985,311 9,815,404
372,688 2,092,913
41,640 Sundry creditors
34,691
Flepald taxes, ace_
47,320
21,309
Accts. receivable. 4,173,556 4,227,182 Accrued labor_...
769
769
26,404 Unclaimed dly'ds_
23,315
Sundry notes mole
176,852
123,245
Supplies & mdse__ 1,064,335 1,564,371 Reserves
5,012,581 3.776,321
Surplus
Inventory of cop293,117
139.748
per In process._
125,057
108,636
Cash
1.000
1,000
Office fur.& fiat
Total
15,530,592 16,094,175
Total
15,530,502 16,094,175
a Includes real estate, mines and mining claims, buildings, concentrator.
railways, smelter plant, and equipment, &c.. $9.815,404, and new machinery, construction, &c., during 1913. 3169.907.-V. 98. p. 1611.
(The) Ohio Cities Gas Co., Columbus, 0.
(Consol. Bal. Sheet July 31 1914, Company and Subsidiaries)
Assets ($16,790,193)
Prop., plant & equip., $15,573.454; securities owned,$138,264_515,711,718
Current assets
-Cash.$717,317; accounts receivable,$148,907;
938,573
inventories,$72,349
130,900
Def, charges to °per.,$34,102; premium and discount,$105,800
Liabilities ($16,790,193)
Capital stock
-common,$5.500,000; preferred, $7,250.000---$12,750,000
-Columbus Gas Co., $1,425,000; Springfield
First M. bonds
1,825,000
Gas Co., $400,000
Purchase money obligation due Jan. 1 1915 (part.ptumhase price
374,042
new properties in Columbus)
-Accounts payable, $109,437; taxes and inCurrent liabilities
159,250
terest, $49,813
142,462
Consumers deposits
-Bad debts,6900: wrecking account.$1,902; appreciReserves
93,643
ation and depreciation, 690,841
1.445.796
Surplus
Certified as of July 31 1914 by Audit Co. of Illinois. Compare V. 98,
13• 1464, 1849; V. 99, p. 541, 473.
United States Glass Co., Pittsburgh, Pa.
(23rd Annual Report-Year ending June 30 1914.)
Pres. Marion G. Bryce, Pittsburgh, Aug. 17, wrote in
substance:
The sales for the year were normal;about $12,000 in excess of last year.
The depressed business conditions from Jan. to July 1 made it unwise to
-consequently this is reflected in
operate your factories to full capacity
the profits.
The statement of resources and liabilities compared with last year's report shows: Cash, decrease, $32,347; accounts payable, increase, $46,721;
Investment securities, decrease, $422; bills and accounts receivable, decrease, $13,492; bills payable, decrease, $55,000; inventory, glass, material,
&c., increase, $186.814; net profit, increase, 5112.198.
THE CHRONICLE
608
[voL. xc rx
There has been deducted from the net gain of the Glass Company the of 8 hours, this being, it is stated, the only clause of the agreement which
-V.99. P. 342.
loss sustained by the Glassport Land Co. During the year there have been has been opened up by the union.
few sales of land of the Glassport Land Co., resulting in a loss of $11,141 in
Cumberland (Md.) & Westernport Electric Ry.carrying that property, of which loss $11,138 was taxes.
The strike of the motormen and conductors in effect
since Aug. 181 has
RESULTS FOR FISCAL YEAR ENDING JUNE 30.
been ended by the company granting a uniform scale of
26 cents an hour.
1910-11. -v.99. P. 537.
1911-12.
1912-13.
1913-14.
$90,062
$77,382
$114.717
$161,435
year
Mfg. profit for
EasternRailway & Lumber Co., Centralia,
Extraord. exp., replace..
Wash.
15.361
25.997
25,116 Bonds.
-The Lumbertnen's Trust Co.,
renewals, &c
Net gain for year _
Divs. on investments_
$161,435
1M
$51,385
116
$74,701
$89,601
offered in March last,at par and int., thePortland, Ore.
initial 8100,006
1st M. serial 6% bonds, a circular showing:
Dated March 1 1914. Due $10,000 semi-annually
to Sept. 1 1919 incl. Denom. $500 and $1,000 (c5).from March 1 1915
Principal and int.
(M.& S.) payable at Michigan Trust Co. trustee, Grand
(4%)128.000 Sinking fund $1 per 1,000 ft. as
timber is cut, $2 if more Rapids, Mich.
'
than
bonds are issued and $10 per acre for release of cut over lands. $150.000
The proBal., surp. or def___sur.$150.418 sur$38,249 sur.$74,701 def.$38,399 ceeds of these $100,000 bonds are to retire floating
debt and
final 315.000 of a former bond issue. Total new issue auth. to refund
BALANCE SHEET JUNE 30.
$250,000.
A first lien, mineral rights excepted, on 5,907 acres of virgin
timber
1914.
1914.
1913.
1913.
in Lewis Co., Wash., and containing, it is estimated, 284,344,000 lands
LiaMtittesfeet of
$
$
Resources
fir and cedar, which at $2 per M.
3,200,000 3,200,000 acres of logged-off land, making would aggregate $568,688; also on 2,812
Prop•ty. wks.,‘40___2,426,311 2,421,953 Capital stock
total estimated value of land $43,595,
Aee'ts payable
152,457 105,135 plant and site in Centralia (sawmill
Net invest. Glass
capacity 100,000 ft., shingle mill
260,000 315,000 000 ft. daily), 3250,000; entire $150,000
port Land Co____ 735,230 739,371 Bills payable
175,capital stock of Tacoma Olympia
669,110 482.295 Bonds outstanding
389.200 390,600 & Chehalis Valley RR. (wholly
Inventories
419.932 432,934 Surplus
346,766 196,319 donkey engines. &c.). $50.000;owned), $150,000; logging machinery (13
Acc'ts receivable
total, $1,062,283. In
1,857
1,366
Bills receivable
timber under the mortgage has purchased 54,891,000 addition to the
ft. which Is now
75,781 108,129
Cash
being cut off. The company owes on this timber a balance
20,693
21,115
which reproInvest. securities
sents a part of the item of bills payable shown in its
financial statement
herewith. The lumber production for a number of
4,348,423 4,207.654
Total
years has averaged
4 348,423 4,207,654
Total
lym erlest c e al e
og-sp e perha tr
r
-V 99. D. 542.
1
The 11cora 0
er
" 25 0
alley RR. is
Lumber company and its capital stock, 8150,000 owned entirely by the
collateral security to this bond issue. The road has been deposited as
extends from Centralia,
GENERAL INVESTMENT NEWS.
where it connects with three transcontinental lines,
easterly about 956
miles, baying with its spurs and
branches a total length of 12%
miles.
Affords an outlet for the coal properties of the
company
RAILROADS, INCLUDING ELECTRIC ROADS.
three large coal mines on other property. Three freight besides serving
and passenger
trains each way are operated daily. Rolling stock: 37
Atlanta & Charlotte Air Line Ry.-New Certificates 2 cabooses and 3 locomotives.
trucks and cars.
-The stockholders' committee, Bal. Sheet of Jan. 1 1914, before
to be Ready About Sept. 5.
Completion of Present Bond Issue of
$100,000.
W.Emlen Roosevelt, Chairman, in circular of Aug. 17 says: Assets (31,573.330)
-Cash,accts. and bills recle and mfd.
Owing to various causes the company will not be ready to deliver the
339,235,000 ft. of timber at $2 50 per 1,000,$848,087; stock_ $123,291
1,839,475
certificates of stock bearing the guaranty of the Southern Railway Co.
piling, $20,066
new
ft. of fir and cedar
868.153
to stockholders who have deposited their stock under agreement "A"
8.800 acres,$44,000; real est.in Centralia, mill-site,&c.,
until about Sept. 5 1914. The dividend of Sept. 1 1914 will, however, be
Stocks and bonds__ _ ---------------------- ---- $75.000 119,000
11,500
stockholders as if this delay had not occurred. Stockholders
paid to all
Mill, shingle mill and planing mill (1913 sed value)
apprai
210.948
who have signed agreement "A" and paid $1 50 a share will receive a diviTacoma Olympia & Chehalis Valley RR,right of way &
43i% on Sept. 1. Others will receive 33.i% at that time, as proLogging machinery, $50,000; blacksmith and machineequip_ 150.000
dend of
shop,
vided by the supplemental agreement dated June 30 1914.
000; automatic sprinkler, &c.
$4,
90,438
-Accounts and bills payable,
On and after Sept. 5 1914 stockholders and holders of U. S. Mortgage & Liabilities (81,573,329)
$169,506;
obtain the new stock certificates of
bond issue, $15,000
Trust Co. certificates of deposit may
$184,506
Capital and surplus
the Railway Co. upon surrender of their old certificates properly endorsed,
Pres. F. B. Hubbard; V.-Pres., D. F. Davies; Treas., C. S.1,388,822
at the office of said Trust Co., 55 Cedar St. N. Y. City. In case it is
Gilchrist
desired that the new stock be issued in a name other than that in which (a Centralia banker); Sec., Geo. Dysart.
the old stock is registered, the endorsement must be identified to the
Has been in successful operation since founded in 1902 and had returned,
satisfaction of the Trust Co. and funds for the necessary revenue stamps over two years ago, entire original investment of the stockholders, meantransmitted (2 cts. per $100 par value).
-V.99. p. 536, 195.
while having built up a property valued at considerably more than $1,000,000 net. In 1913 paid dividends of 2% a month until November and
Canadian Northern Ry.-Discharged of Record.
-There December, when the dividend rate was reduced to 1% to permit expendiwas deposited in the office of the Secretary of State for Can- tures for betterments, fire-sprinkler system, &c.
$161.589
Total net income_
Carrying Glassport Ld.Co. 11,141
Dividends
$51,501
13,252
$74,701
$89,601
ada at Ottawa on Aug. 11 a discharge, duly executed,of a
trust deed dated Feb.21 1914, made by the Canadian Northern lb. Co. to National Trust Co., Ltd., securing an issue
,
of debenture stock of the company upon certain lines of
railway in the Province of Manitoba and connecting lines.
Compare (small type) V. 99, p. 341.-V. 99, p. 536.
Central New England Ry.-Earnings.-The company,in
which the New York New Haven & Hartford RR. has
99.8% interest, reports as follows:
June 30.
Gross
Net (after
Other
Interest, Balance,
Year-]
Earnings.
Taxes).
Income. Rentals. &c. Surplus.
1913-14
$3,760;765 $1,118,558 $30,709 $919,246 $230,021
1912-13
3.704.585
1,614,828
58,635
759,047
914,416
Operating revenue includes net results of outside oper'ns.-V.98. p. 1315.
Elmira (N. 'Y.) Water Light & RR.
-Dividends.
-The
dividend period having been changed from semi-annual to
quarterly, a quarterly dividend of 1 V
I% will be declared
next month, payable Oct. 1, on the $1,000,000 5% cumuSept.5%
1907
lative old (now 2d) pref. stock.
O
1 1 W was paid covering four months. From
to March
, $ 0 000
.
thec9mmon % as d1sbur8ed semi-annualiy
ruh lo°4 2 sto7k ( 1 0 0, ) the iast payment (1%) was
c lyaj
in Dec. 1913, distributions having been 1% in Oct. 1910 and 4% in made
1911.
1912 and 1913.-V. 98, 13• 1920.
Ephrata & Lebanon St. Ry.-New President.
-
H.I'. Taylor of H.P. Taylor & Co.,Pittsburgh,has been elected Pres.
.._y,97,r (Ind.) & Interurban RR.
-Fare Reduction.
Gary (71132.
--The
Gary on
Chicago Burlington & Quincy RR.
-New President.
- City Council of company Aug. 18 caused to be published a
must sell 8 tickets for 25 cents.
Hale Holden, formerly Vice-President, has been elected notice that the
President to succeed Darius Miller, who died on Sunday last. The company, it is expected, will resist the order.
authority on the
The Council bases
ya 0 lu in 7
lnted
Bonds Called.
-One hundred and sixty-five ($165,000) President Gavit, who.itsis stated, offered franchise gr ,8, bn t190m
it
-cent
4% bonds dated Feb. 1 1882 has been called for payment at line was placed in operation. Ca began a 3 infare five years after the
Cars
to run
May
ay
stated that he construed the
1913 Mr. Gavit, it
par and interest on Sept. 1 at New England Trust Co., certain strikes and is said,extended the time to
grant to mean that
delays
Aug. 15
Boston.
-V. 99, p. 341, 269.
"Indianapolis News," the company has at various1914. According
to the
times tried to be
-cent fare clause, promising other
released from the 3
Chicago Elevated Railways.
-Dividend Deferred.
-The dur ieg the ivrn years 3-cv ne woreehgheere, tickets ea m eeenesold,in retern. For e e eg and e ee thig rkin men's
etseh considerations
th evepbey lame
directors have deferred the declaration of the quarterly divigood
t
wi be disastr A
.
Tce stee
dend of 13/2% on the 160,000 6% cum. pref. shares, usually a general3-runt far_e will lljam T ous.
New
bbott has been appointed
paid on Sept. 1. Distributions at this rate were made from
Dec. 1911 to March 1914, inclusive.
to succeed Willoughby G. Walling (who resigned) as asso-V. 99, p. 195.
trustee with the Western Trust & Savings
Cincinnati Newport & Covington Light & Traction ciate
following trust deeds: (a) That executed Bank under
-Guaranteed Bridge Bonds.
Co.
-The shareholders voted the
June 1911 by
June 25 to authorize the issue of $200,000 1st M.sinking fund the Gary Connecting- Railways Co.; (b) that executed July
25-year 5% bonds by the Licking River Bridge Co. to cover 1910 by the Gary & Interurban Ry. Co.
0.
In July
the expense of reconstructing the 11th St. bridge between merger set 1914, Ferdinand partRaft of South Bend sought to lhave the
aside. A large
of the company's
Covington and Newport,the work on which is now m progress forlinNorthern Il
from the Public Service Co. of ois electricity is obtained
(Elec. World of N. Y.
1913).-V. 98.
g
.
Tocompnan
ug 23 l9
c
The new bonds (not yet sold) will be guaranteed by the
Columbia Gas
& Electric Co. and the South Covington & Cincinnati St.
Co.,interest
Traction Co.
payable M.& S. TheLicking River Bridge Co. Is a
-Application.Kentucky corporation,
l:
S3 has receeived from
yU
with $50.000 of auth. cap. stock. Its Sec.-Treas. is Polk Laffoon,
the Ohio P.U.Commission
Coving- authority to issue $300,000
ton. KY.
-V.98, p. 838.
1st M. 20-year 6% bonds
Cleveland (Electric) Ry.-Charge for'Transfers. It is complete the road and refund $156,000 present obligations.to
The line Is proposed to extend from Nelsonville to
announced that on Sept. 1 the one-cent charge for transfers,
Athens, 0., 14 miles,
half has been
of
with no rebate on surrender, will be restored. s 1 1•A'4 -4444e E.which aboutVice-Pros., L.in operation for nearly two years. President.
H. Price; Sec., John
B. young;
, ,
H. Salts; Treas., M. A.
Ile. Ohio.o.
&
Office. Nelsonville. Ohio.
The report for July, made public on Saturday last, showed
e
that
amount of the interest fund on Aug. 1 was $276,802. or $23,198 below the
Houston & Texas
the KriHeg0.118Ot
minimum amount to maintain the flat 3
ER.
-cent fare without charge for
-Acquisition.
-The
fers, and the August expenses will still further deplete the fund.trans- Hearne & Brazos Valley RR., extending
The
from
total income for the month was $669,859. while the ordinance allowCity, Tex., 18.59 miles, with branches Hearne to
ances, taxes and interest aggregated $736,646. making the ordinance Stone
deficit for July $66,787. The actual deficit, it is said, was $124,000.
has been taken over by deed (V. 96, p. 1089). 2.25 miles,
Mayor Baker and the company's officials are quoted as saying that they
The consideration mentioned is $149,190. The road has
expect that the transfer charge will be maintained for at least a year. The rebuilt and is a part of the Giddings
been practically
rate of fare cannot drop back until the interest fund reaches $700,000 Giddings. Compare V. 97. P. 1203. cut-off extending from Hearne to
The transfer charge will add about 8700.000 a year to the revenue of th
Kansas City & Memphis Ry.-Suit.-The U. S. District
company. The machinery scrapping account, aggregating about $700.000.
is being deducted from revenues at the rate of $18.000 a month, and this, Court at Fort Smith,
Ark., has granted permission to the retogether with greatly increased maintenance charges allowed during the
summer months, and increasing interest charges on_borrowed money, has ceivers of the company to bring suit against the receivers of
been a heavy drain on the same.
the St. Louis & San Francisco RR. to enjoin
from
the latter
Arbitration.
-President Stanley this week refused to sub- abrogating a contract by which the Kansas City & Memphis
mit to arbitration the demands of the union for increased pay uses the St. L. & S. F. tracks to enter Fayetteville.
and a change in working conditions.
It is alleged that the St. L. & S. F., since the Kansas City & Mem. was
Mr. Stanley says that the company declines to arbitrate any-differences
except the first demand of the_union. which,wasjor,a minimum working day
placed in the hands of receivers, claims that it has the right to break
the contract. It this is done, receivers of the K. C. & Mom. state, they
-V. 99. P. 538. 467.
cannot antes' Fayetteville.
AUG. 29 1914.]
THE CHRONICLE
1914
Kansas City Railway & Light Co.—To Pay Sept.notes
of 6%
Interest on Notes.—The committee of holders announces to
due Sept. 1 1912, John B. Dennis, Chairman, such notes
the holders of certificates of deposit representing1914 at the
that it has arranged for the payment on Sept. 1
said
N. Y. Trust Co., 26 Broad St., N. Y., of interest on 7%
rate of
notes from Mar. 1 1914 to Sept. 1 1914 at the p. 342, 119.
per annum. See adv. on another page.—V.99,
Keokuk & Des Moines Ry.—Suit Transferred.—The suit
brought by Henry I. Clark and other owners of preferred
shares against the Chi. R. I. & Pao. Ry. for an accounting
under the lease was transferred on Thursday from the State
Supreme Court to the U. S. District Court.—V.99, p. 49.
Maine Central RR.—Lumber Rate Increase Approved.—
inThe I. C. Commission has decided that the proposed
creased rates on lumber and other forest products from
Maine Central points to points on the Boston & Maine is
justified, and the suspension of Sept. 12 has been vacated.
lbs.
per
100
The old rates ranged from 8 2-3 cents per 100 lbs. to 12 cents
cents to 14 cents per 100
The new rates effective on Sept. 12 are from 10
lbs.—V. 99. P. 197.
609
Northern Central RR.of New Jersey.—New Company.—
Pacific Gas & Electric Co.—Application.—The company
has applied to the Cal. RR. Commission for authority to
issue $1,000,000 general and refunding M.gold bonds to
be used in connection with the filing of certain surety bonds
amounting to $700,000.
See New Jersey & Pennsylvania RR. above.
The bonds are to be filed with the Clerk of the U. S. District Court
to ensure the payment by the company of any sums which the Court may
require it to pay in connection with the suit brought by the company to
restrain the city and county of San Francisco from enforcing the gas and
electric rates provided for in certain ordinances adopted on June 23 1913.
—V.99. p. 538, 408.
Paducah & Illinois RR.—Stock Increase.—The Secretary of State at Frankfort, Ky., on Aug. 23 approved a
certificate increasing the capital stock to $6,010,000. A
press report from Paducah on Aug. 12 said.:
Announcement was made here by officials of the Ch. Burl. & Quincy
and the Paducah & Illinois railroads that the contract for building the line
which will connect the Paducah-Metropolis bridge with the city and provide connection for the C. B.& Q.,C. C.C.& St. L., St. L. & San Fr. and
Chicago & Eastern Illinois with the Louisville & Nashville and Illinois Central lines south has been awarded to Morse, Shepard & Dougherty of St.
Paul. Actual construction will begin as soon as material arrives here sufficient to insure a start. The Paducah & Illinois RR. has increased by a
vote of the directors the authorized capital stock, now reaching $10,000,000.
the amount of the bonds. Work on the Metropolis end of the bridge is
going forward at a moderate pace. The Union Bridge Co. is beginning to
ship its equipment from Memphis and deliveries of steel are looked for this
month. See also V.99,0. 343.
Michigan Central RR.—Notes Paid.—The company has
paid off the $2,000,000 one-year 6% notes, due Aug. 27.
The report that an equal amount of new one-year 6% notes
Pennsylvania RR.—Block Signals-87,000,000 Passenhas been sold is not confirmed.—V. 98, p. 1460.
gers Carried in Half
-Year with No Fatalities.—An official
& Security Co.—Protective statement recently said:
New England Investment
protective committee
Committee.—A preferred shareholders'
With the completion on Sept. 1 of an elaborate plan of improvements
will have more
has been formed, consisting of Henry B. Cabot, Moses in its automatic block signal system, the Pennsylvania RR.railroad in the
any
all of Boston,with a four-track line operated under automatic signals thanthe past three years
Williams Jr. and Eugene V.R.Thayer,
At a cost of $6,000,000 the company has in
world.
view primarily to purchasing all of the 100,000 shares of com- equipped 253 miles of its main lines with automatic signals. On Sept. 1
and Philadelphia and Washmon stock of the company, acquired in Aug. 1913 by San- the main line between Pittsburgh and New Yorksignals. The signal system
ington will be equipped with
block
derson & Porter at a price said to have been about 200% on the company's lines east ofautomatic and Erie represents an estimated
Pittsburgh
of approximately $18,000,000. It takes a
(V. 97, p. 299, 1899). The pref. shareholders are asked to investmentto maintain the Pennsylvania's signal system. normal force of
It costs to keep
1.800 men
become parties to an agreement deposited with the Merchants these signals in order no less than $1,500.000 a year.
$10 a share if
of the system carried 87,000.000 passengers in the six months
The lines
National Bank of Boston, to pay in not over
ending June 30 1914, and not one a them was killed in a train accident.
a sufficient number assent.
In the
RR. Lines east of Pittsburgh
and Worcester carried calendar year 1913 the Pennsylvania was killed in a train accident.
108,000.000 passengers, and not one
The company controls the Springfield
miles
Ry. Section" The Pennsylvania RR. system has 11.729 miles of line and 26,198tracks
street railways, &c. See page 79 of "Elec.
of track. More than 113,000 passenger trains are operated on these
present six
and V. 98, p. 1393. The recent report by the I. S. C. Com- every month-3,766 trains a day. Thethrough fog,months' record means
snow,storm and clear
by night,
mission intimated that "suit should be maintained by the the safe operation by day and trains, while at the same time approximately
weather, of 680,000 passenger
New York New Haven & Hartford RR. Co. to reduce to its as many more freight trains are being cared for.—V. 99, p• 344. 199.
own possession the assets controlled by the Investment Co."
Portland (Ore.) Railway, Light & Power Co.—No
Committee.
Extracts from Circular Issued by Pref. Shareholders'
on Sept. 1.—The directors have decided not to pay
peculiar. The owners of 1.000 Dividend
The organization of this company Is
the 40,000 on Sept. 1 the usual quarterly dividend of 1% on the $25,common shares select four of its seven trustees and the owners of
properties, oper1913, Mar.
pref. shares select only three. For several years all these
now by one 000,000 capital stock (75% paid in). In Dec.
ating about 420 miles of street railway, have been controlled
common
set of owners of common stock and now by another set—the whole largely and June 1914, $1 per share was disbursed.
stock,
stock representing a par value of only $100,000. The pref.of a par value Digest of Statement by Chairman C. M. Clark. Phila., Aug. 20 1914.
Boston, and
held by investors in Springfield, Worcester and
The pref.
of $4.000.000, has been legally in the position of a minority. become unstockholders, nearly all of whom reside in Massachusetts, have
easy and restless at this anomalous situation.
the
Under this system of organization it is possible, in the Judgment of
propercommittee, for the holders of the common shares so to manage the
to
ties, to issue securities and to create additional indebtedness entitled
shares.
priority over the pref. shares as greatly to impair the value of pref. Massavalue of
The great shrinkage which has taken place in the market
doubtful
chusetts transportation corporations at present makes it seem
Investment &
v.hether, in case of the forced liquidation of New England portion of their
Security Co., the preferred shares would realize a substantial
per
par value except by virtue of the guaranty of the New Haven of $105
somewhat
share in ease of liquidation. Value of that guaranty may be
pref. shares
of New England Investment
problematical, and reported sales
have been made at as low a mice as $50.
coupon notes,
The Investment Co. has an indebtedness of $13,709,000
are at presdue April 1 1921 (V. 98. p. 1393), and we believe that its assets were now
the notes
ent and under the conditions existing insufficient, If addition the liquidadue, to permit the payment in full of these notes and in that if we controlled
tion value of the preferred. We are advised by counsel
seven trustees,
the common shares and thus were able to select the entire
of $100.
we could take such action as would insure the ultimate payment
pref. share participating
with 4% interest until such payment for every
In the proposed purchase and control of the common shares.
shareholders as
An opportunity has been afforded us, and such other pref.
Co.
care to join us, to purchase all the common shares of the Investment agreeAny preferred shareholder may become a party to the protective by the
may be called for
ment be agreeing to pay $10,or such less amount as committee reserves the
committee, for each preferred share owned. The
nght to abandon the plan for the purchase and to return to the subscribers
the amount of their several subscriptions (less expenses,not to exceed 50 ets.
per share), unless the holders of at least three-fourths of all outstanding
preferred shares become parties to the agreement.
For the benefit of such pref. holders as may not find it convenient at
this time to pay in cash 10% of the nominal par value of their pref.shares,
the committee may permit any pref. shareholder to deposit his stock certificate, endorsed in blank; and in case of such deposit the protective committee is authorized to borrow on said stock such amount not exceeding
$10 per share as may represent the proportional part of the cost of the common stock.
If the purchase of the common stock is effected, the protective committee
is empowered to adopt some permanent plan to insure the proportionate
ownership of the common shares by the subscribing pref. shareholders and
their successors and assigns. If the plan outlined above and in the protective agreement can he carried out, we are satisfied that the management will
be directly responsible to the preferred shareholders Joining in this plan,
and that unnecassarily complicated and involved relations resulting from
the existence of three associations and seven corporations can be removed
and a simple and satisfactory organization substituted.—V. 98, p. 1393.
New Jersey & Pennsylvania
R.—eorganiztTh
Central New Jersey Construction
, of which Frank
W. Patterson of Bound Brook, N. J., Co* of the lessees, is
one
President,.is reorganizing the road.
M.
The other officera of the Construction Co. re: Vice-Pros., Henry
.
Herbert, of Bound Brook; Sec.-Treas. and &tinsel, Elmer W. Romine, of
Morristown.
Mr. Romine says that it is hoped to have sufficient stock subscribed next
week for the organization of a company to operate the road when it is rehabill4ated under the name of the Northern Central RR. of New Jersey.
Because of the delay in organizing the new company it may be impossible
to have the lease ready by Sept. 1.—V. 99, p. 407.
•
The report for 1913[See• Reports"above]showsthat the surplus available
for dividends on the stock has been decreasing stendlly for two yearn.
owing to business depression, a heavy increase in taxes and increased interest charges—the latter being occasioned through expenditures made in the
expectation of a continuance of the rapid growth experienced by the company between 1905 and 1911. In May last it was thought that these unfavorable conditions had about run their course and that gradual improvement in earnings might be expected. This expectation was based on the
promise of abundant crops, the opening of Alaska and the Panama Canal
and, incidentally, on the holding of the Panama-Pacific Exposition in San
Francisco. Up to the present time, however, the gross earnings have continued to decrease, while increased fixed charges have still further reduced
the surplus available for dividends. This indicates that the business depression, which has been more severe on the Pacific Coast than throughout
the rest of the country, still continues.
It is necessary to raise considerable sums every year to care for the requirements of franchises and adequately to serve the public. These expenditures result in additional interest charges as well as increased taxes
and operating costs, practically without any increase in earnings. So far
as capital expenditures are within our control, they have been reduced to
the minimum possible, and it is to be hoped that the municipal authorities
will limit or defer expenditures covered by franchise requirements.
The company has a floating debt which will be practically liquidated by
cash to be received for property sold, when collection of the purchase
price can be made. Paving assessments for work done in previous years
mature in considerable amounts every year, and must be paid. The $5.000,000 note issue matures May 1 1915. The European war has brought
about a situation throughout the civilized world for which we have no precedents, and makes any estimate of the immediate future mere guesswork.
Under these circumstances, the company, we believe, should be prepared
for any eventuality, and the directors have accordingly determined to pay
no dividend on Sept. 1 1914.
With the return of normal conditions of growth and prosperity in the
Pacific Northwest, the value of the Portland property will be as great as it
ever was. The directors hope for an early resumption ofdividends, but this
depends upon a return to normal conditions. The competition in the light
and power business in Portland has had little effect on our earnings, the
greatest decreases being on the street railway lines. The future, therefore,
depends upon the effect of the European situation on the trade and industly•
of the country, and that may be determined in the near future.—V.
98. p. 1538.
Ra
St. Louis & San Francisco RR.—More than 75% of
funding Bonds Deposited—Deposits Till Oct. 1.—The committee of holders of 4% Refunding Mortgage gold bonds
due July 1 1951, Frederick Strauss, Chairman, announces
by adv. on another page:
1. More than 75% in amount of the outstanding bonds has been deposited. [amount issued about $68,557,000].
2. Central Trust Co. of New York certificates for deposited bonds have
been listed on the N. Y. Stock Exchange.
3. Until Oct. 1 1914 bonds may be deposited with Central Trust Co.,
54 Wall St., N. Y. City, or in St. Louis. Berlin and Amsterdam with the
depositaries in said cities.
4. In accordance with its notice, dated Aug. 4 1914. the committee will
make no further purchases of coupons which matured July 1 1914.—
V. 99, p. 468. 408.
Salt Lake Light & Traction Co.—New Company.—This
company was incorporated in Utah or or about Aug. 14
with $1,000,000 auth. capital stock, the incorporators being
0. J. Salisbury (Pres.), S. A. Whitney (Treas.), A. H.
New York Ontario & Western Ry.—Earnings.—The Parsons (Sec.), J. B.Walker and C. W.Johnson (Vice-Pres.).
company, in which the New York New Haven & Hartford "Boston News Bureau" Aug. 28 said:
RR. has a 50.1% interest, reports as follows:
While there have been reports that Utah Power & Light Co. Is to take
Balance. over Utah Light & Railway Co. of Salt Lake City, now controlled by Union
Fixed
Operating
June 30.
Net (after
Other
Surplus. Pacific through Oregon Short Line, it is understood, according to advices
Revenue.
Charges.
Year—
Taxes).
Income.
Salt Lake City, that negotiations were not consummated, and the
$9,013,345 $2,081,860 $20R,357 $1,626,525 $663,692 fromLake property will be purchased by a new company organized by D.C.
1913-14
1,693,050 1,211,633 Salt
9,422,030
1912-13
212.785
2,691,898
Jackling. President of Utah Power & Light. This would make close reOper. revenue includes net results of outside operations.—V. 98.P. 1993,
10
THE CHRONICLE
lationship between the two companies and eventually a part of the Salt
Lake properties may pass to Utah Power & Light Co. Union Pacific
desires to sell the street railway and lighting and power properties in order
to fully carry out its segregation plans, and sale abs been advised by the
Government. Probabilities are that, if control pass to Mr. Jackling and
associates, a separation will be made of lighting and power properties and
the street railways. The electrical distribution will then bo sold to Utah
Power & Light Co. and the street railways operated separately.
Sioux City Iowa Service Co.
-Bonds Retired.
There have been $40,000 of the "First & Ref." M. 5% bonds retired
through operation of the sinking fund, namely $20,000 on May 1 1913 and
$20,000 on May 11914. The sinking fund provision of the mortgage calls
for payment of $40,000 on each of the above dates; on which occasion onehalf of the amount was paid to the trustee in cash, as permitted by the
mortgage, and the remaining one-half in bonds. Compare V. 98, p. 1768.
Southern Railway.
-Doubling Track.
-The company
has just awarded contracts for construction of 36 miles of
double track on the Danville Division between Greensboro
and Pelham, N. C., which will give it a continuous doubletrack line across North Carolina from Charlotte to Danville,
Va. This makes a total of 75 miles of double track on the
Washington-Atlanta line which the Southern has placed
under contract in the last few weeks.
Contracts have also been recently let for the construction of 21 miles
of double track on the Alabama Great Southern RR. between York. Ala.,
and Meridian, Miss., and on the Cincinnati New Orleans & Texas Pacific
By.for 9 miles between New River and Sunbright.Tenn.
-V.99,0.344,50.
[VOL. xcnr.
American Water Works & Electric Co.
-Reorganization.
See California-Idaho Co. below.
-V. 98, p. 1995.
Auglaize Power Co.
-Preferred Stock.
-
The Ohio P. S. Commission has authorized the company to issue
$666,000 6% pref. stock to the holders of its first mortgage bonds in consideration of the bondholders loaning such bonds to the company to be used as
collateral in securing additional funds. The new money, it is stated, will
be used to pay accounts due, purchase additional flowage lands for the
hydro
-electric plant, erect an auxiliary steam reserve station and for additions and extensions to transmission and distributing lines.
lag Record" of N. Y.,for March 7 1914. Pages 268 to -see "Engineer..
270. See V. 99.
p. 272.
Bon Air Coal & Iron Co., Nashville.
-Sale.
-
Receivers Robert Vaughn and E. C. Lewis announce by adv. that per
decree of the Chancery Court at Nashville in suit of Union Bank & Trust
Co. et al., sealed bids for the property as a whole or in parcels will be re.
ceived at the Nashville office until Nov. 9 1914. The property offered
embraces about 175.000 acres of coal, iron and timber lands, together with
all improvements upon them,consisting of three coal mines, equipped and
in operation. Two pig-iron blast furnaces, each of 100 tons daily capacity.
Iron ore mines, equipped for mining, washing and delivering ore; 200
beehive coke ovens. All of these properties are located in Tennessee--the
coal lands in the counties of White, Cumberland, Van Buren and Putnam,
and the iron ore lands in the counties of Dickson, Hickman, Lewis and
Wayne. Compare V. 93, p. 1466; V. 94. p. 914.
Boston Cape Cod & New York Canal Co.
-Tidal Cur-Chief Engineer Wm. Barclay Parsons in
rents-Traffic.
later of Aug. 19 to "Engineering News"of N.Y.,says in part:
In your issue of
Third Ave. Ry., New York.
-Operation of City Island Rd. the opening of theAug. 6 1914. p. 324. you gave an interesting account of
and made reference to
Cape
The operation of the Pelham Park & City Island Ry.,extending from the problems that will be metCod Canal.a 100-ft. canal in a tidalthe operative
in working
current.
City Island station of the New York New Haven & Hartford RR. to Bel
The tides in the two bays are
den's Point, about 3 miles, by storage battery motive power, was begun when it is mean sea level on one substantially half-tide apart; that is to say,
end it will be high or low tide on the other,
on Aug. 18. The old monorail has been abandoned. (V. 99, p. 122.) and the maximum difference in both directions on mean tides is
about 5 ft.
-y.99. p• 199, 192, 122.
Until the canal is completed, no final or accurate determinations of the
velocity of the current are obtainable. Float measurements made through
Utah Light & Railway, Salt Lake City.
-New Company. that portion of the canal where the depth is the minimum and whore conSee Salt Lake Light & Traction Co. above.
-V.89, p. 1598.
sequently the tidal current for the moment is at the maximum,show a curWisconsin-Minnesota Light & Power Co.
the
-First Divi- rent atand top of the tide for the average cross-section of the canal of 2.47
in
current very
knots,
of
dend.
-An initial quarterly dividend of 1I% has been de- canal wherewith afull depth, or much less than this in those portions100the
excess of the
where the width is
it is
ft.
clared on the $1,700,000 7% cum, pref. stock, payable This, of course, disposes of statements which have found their way in the
press of currents greatly in excess of the above.
Sept. 1. Compare V. 98, p. 1995.
From July 30 to Aug. 16, although limitations to a draft of 15 or 16 ft.
were placed upon the boats that could be passed through the canal, 188
boats used the canal, exclusive of the contractors'plant, of which 166 went
INDUSTRIAL, GAS AND MISCELLANEOUS.
through under their own power and 22 in tow.
Aluminum Co. of America.
There is no erosion, the water in the canal being perfectly clear.
-V. 99.
-New Plant.
The company last month purchased 2 blocks of land on the River Road p. 345.
at Edgewater, N. J., directly op..ite New York, embracing 118 city lots,
-Interim Dividend.
British-American Tobacco Co.
at a price said to have been 3400,11 . On this,it is reported, will be erected
An interim dividend of 2%% has been declared on ordinary shares. payaa plant to cost about $2,000,000. the largest of its kind in the world, which
is expected to employ between 2,000 and 3,000 workmen, to manufacture ble Sept. 30. An interim payment of 6% was made on June 30 and on
%. An advertisement says: "While the earnings justify
all kinds of aluminum ware, including cooking utensils. A large part of March 31 of
the output will be sold in the Eastern market, which up to the present time a larger dividend and the business continuos to be satisfactory, the direchas been supplied largely by European manufacturers and some will be tors feel that in the present state ofinternational affairs, the company should
conserve its resources." Compare V.98,P.1610,692; V. 97. p• 1735. 1897.
exported. Construction will, it is stated, be begun in the fall.
Operation of the Maryville (Tenn.) plant (V. 98, p. 914) was begun in -V. 98, p. 1769. 1610.
March 1914. the present capacity being, it is reported, about 10,000 lbs.
California-Idaho Co.
-Payment of Coupons.
dally.
-V. 98. p. 914.
mortgage
bonds.
The committee of holders
• American Canyon Water Co., Sacramento, Cal.-. Alvin W. Krech, Chairman,of firstnotice thatand collateral trust 5%or after
upon presentation on
gives
The property of this company, whose stock was all owned by the Cali- Aug. 31 of the certificates of deposit representing the bonds to the Equitafornia Corporation of Sacramento, has been bid in at trustees' sale by the ble Trust Co. of New York, payment will be made of the Oct. 1 1913 and
North Fork Ditch Co.,the consideration being all the outstanding $300,000 April 1 1914 coupons on the deposited bonds, subject to the terms of cirbonds. The Ditch Co.and the California Corporation are controlled by the cular letter of
27, a copy of which may be had at the office of the trust
same Interests. See V. 89. p. 1412. 1544.
Aug.
company, 37 Wall St.
Digest of Committee's Circular Dated at New York. Aug. 27 1914.
American Cyanamid Co.
-Earnings.
The plan for the reorganization of the American Water-Works & GuaranJune 30.
Net
Miscellan's
Preferred
Balance, tee Co.,dated Jan. 16 1914,is being carried into effect (V. 98. p. 914, 1002,
YearProfits.
Deductions.
Dividends.
Surplus. 1074, 1247. 1847, 1921, 1995). The amount of California-Idaho bonds
1913-14
$332.263
$7,673
$189,695
$134,894 deposited under the protective agreement of Nov. 10 1913 is $5.522,000,
1912-13
189,109
namely $4,659,900 with Equitable Trust Co. of N. Y.
144,365
The balance sheet shows quick assets of $544,995, principally in 44,744 and Liege. On account of the European War, it hasand $862.100 in Paris
not been practicable
factured stock, and current liabilities. $527.679. Sales of cyanamid manu- to forward said $862.100 bonds to New York.
in the
last fiscal year were 38.586 tons,compared with 22,943 in the preceding year.
The aforesaid $4.659,000 bonds have been delivered to Bankers Trust
The unfilled contracts at the close of the year called for 14,755 tons.
- Co., as trustee under trust agreement dated April 1 1914, made by the
V. 97, p. 664.
Amer. Water-Works & Electric Co., Inc pursuant to plan. In exchange
therefor there are now held by the Equitable Trust Co. of N. Y., depositary,
American Speaking Telephone Co.
-year 5% gold bond of said American Co.
a temporary collateral trust 20
-Dissolution.
for 24,659,900, bearing interest at 5% from April 1 1914, and the sum of
This New York corporation on Aug. 12 filed papers for dissolution.
$232,845 in cash, being the face amount of the Oct. 1 1913 and April 1 1914
American Sugar Refining Co. of New York.
-Market coupons of said California-Idaho bonds.
The engraved bonds are
to
delivery on or about
Situation.
-The company's sale department, in letter of Oct. 1 1914 (bearing couponexpectedthatbe ready foris not deemed feasible
due on
day) and it
Aug. 24 addYessed to customers, says in substance:
in the meantime to issue to depositors temporary bonds. The depositors,
This company realizes the difficulties which have arisen by reason of the however, will receive at once their share of the cash paid for the defaulted
phenomenal rise in the price of sugar. The rise is easily explained, and we Oct. 1 1913 and April 1 1914 coupons. As to depositing bondholders who
received an advance in respect of the Oct. 1 1913 coupon, the right to
desire to make through you to your customers this statement:
In the first place, let us make it clear to you that this company sells less receive the cash above mentioned is upon condition that the amounts so
than 40% of the refined sugar used In the United States, and,secondly, advanced, with accrued interest thereon at the rate of 6% per annum to
that it does not own an acre of sugar land and does not produce a pound of Aug. 26 1914. shall be first refunded, paid and discharged.
In respect of the 3862.100 deposited bonds now in Paris and Liege, an
raw sugar. It is entirely dependent for its supply upon the growers of cane
agreement has been made under which the new bonds and the said interest
sugar of Porto Rico. Cuba. Hawaii, the Philippines, Java, &c.
In normal times Europe has a beet crop producing each year about eight payments apportionable to the holders of certificates of deposit therefor,
million tons of refined sugar. For example, the European countries, in- have been set apart for delivery and payment against the delivery of said
cluding those now at war, produced during the last campaign the following deposited bonds and the coupons appertaining thereto, from time to time
as circumstances may permit.
-V. 96, p. 1847, 1074.
amounts of sugar (tons):
Germ'y 2,738.0001France_ 800,0001Belgium _230,0001Qther
796,700
Austria-1,710,0001Russia _1,750.0001Holland__230
_,01Total
Canadian Pacific Lumber Co.
-8,254.700
-Funding Interest.
This constitutes about 45% of the world's total supply.
Pursuant to resolution of the bondholders on July 9, coupon
No. 6,
The war will mean a serious loss to the European crop and has brought representing the half
-year's interest due Aug.
about a tremendous advance in sugar prices in European ports and an un- bonds was exchanged on or after that date for1 1914 on the 1st M. 6%
deferred interest warrants
precedented demand for raw and refined sugars in this country and its at the company's London agency, 14 Great
Swan Alley, E. C. Compare
sources of production. We have been compelled to raise our price for
refined sugar to an amount corresponding to the increased price which
we have to pay for raws.
V Canadian Tube & Iron Co., Ltd., Cote St. Paul, Que.
99, p.272
On July 28 raw sugar was sold at 3.26 cis. per pound. On Aug. 14 the
Stockholders of record July 15 were offered the
price of raw sugar had risen to 6.52 cts. per pound. On July 15 this com- $100,000 new stock at par, payable in installments right to subscribe for
pany was selling granulated sugar for 4.40 cts, per pound, since which time Sept.. Oct., Nov. and Dec. 1. There is now said toof 20% each on
be outstanding $525.It has been compelled to raise its price to an amount corresponding to that 000 stock on which 10% dividends have been paid; total
authorized issue.
which it has had to pay for raws.
$1.000,000; par $100. Bonds. $250.000 20
-year
We sincerely trust that the threatened loss of the beet crops in Europe ject to call after 5 years at 105: int. J. & J. at 6s, due July 11932, subMolson's Bank, Montreal;
Will not be so serious as estimated, and that the yield abroad may approach sinking fund 3% of outstanding bonds. Incorporated
in Quebec Sept. 1910.
the normal. It is for the interest of refiner and dealer that the consumption Ma_prescturesoeo m gnrut,sj, wirewaldees. tc
i . rivit se
a
v. nul gnd b nits,
.
:
Connell;
of sugar should be as large as possible, as high prices cause a reduction in
-Treao?,.'11..Worra11c
. Prs
3 W. 1 .
consumption. In any event, this company will continue to offer its sugars
at a reasonable margin over the raw sugar prices.
Canadian Western Natural Gas
-First Dividend.Chairman Edwin F. Atkins also has issued the following: Ltd.
The many unauthorized published statements of profits to the American
Sugar Refining Co. by reason of the recent rise in prices of sugar are to be
deplored, as they are misleading to the public.
It should be remembered that sugar refiners are not producers and that
they are dependent upon foreign countries for their supply of raw sugar.
Like other manufacturers they sell their finished products for future delivery against their purchases of raw material, and so, on an advancing
market, can only benefit upon such !mut of their stock as may be unsold.
The jobbers who buy from the refiners pursue a similar policy, selling to
retailers against their contract with the refiners. In such way profits on an
advancing market accrue to the benefit of the actual owners of sugar or
sugar contracts, and are distributed among many classes from the producer of raws abroad to the retail distributer of refined throughout the
country.
While appreciations are large upon a rapidly advancing market, depreciations are equally great upon a decline, and profits are never assured
until merchandise has been sold and its proceeds reach the banks,as illustrated by Thursday's decline of $11 per ton in raws.
(
Asked as to the effect of the increased prices upon refining costs, Mr.
Atkins replied that the doubling in price of raw material will add nearly
50% to cost of refining and distribution.I-V. 99, p. 469.
Lt., Ht. & Power,
An interim dividend of 1% has been declared on the
payable Aug. 31 to holders of record Aug. 25, putting $8,000,000 stock.
the stock on a dividend basis. An issue of 53,950.000 5% let M.debenture stock was
Placed
In London in Nov. 1911 (V.93.D. 1603):V.96,D.64.
Car Lighting & Power Co., N. Y.
-Time Extended.
-
In view of the unusual conditions prevailing in the financial world to-day,
the company has extended the time for the payment of the call made
April 10 1914 for the second installment of the amount unpaid on the stock
from Aug. 1 1914 to and including Oct. 1 1914.
gen, 3. L. Watson. Hanover Bank Bldg.. on Aug. 25 said: "It is
honed
that the few remaining stockholders who have not paid the amount due
will make arrangements to do so on or before Oct. 1 1914, for while the
amount now payable is small. it may become of much importance in the
event of the company's bright prospects for the future becoming estabCompare V. 98. n• 1318.
1ished facts."
City Water Co. of East St. Louis & Granite City, Ill.
-
The City Council of East St. Louis on July 16 passed an ordinance
granting the company a new 30
-year franchise. The company makes a
payment of $75,000. The city may within 10 years purchase the property
AUG. 29 1914.]
THE CHRONICLE
611
Annual Profits, after Allowances for Extraordinary Charges.
[Also "after deducting interest on floating debt at a fixed $30,000 per
year instead of figures shown on books."J
Average.
1913.
1912.
1911.
1910.
$155.940
5
$174,139
$46,500, 119,801
$149,246
$180.573
leaving surplus on basis
. Present bond interest at 6% calls for
of above average earnings of $109.440.
approx. daily garment capac. as follows:
Now owns seven properties with
Camden Mill, Camden, N. Y. Started in 1883; since 1896 has
200
manufactured ribbed knit underwear exclusively
d°1811
Kendall Mill, Utica. Children's "Regal" ribbed fleeced knit
400 dozen
underwear
-Guaranteed Bonds.
Columbia Gas & Electric Co.
Richelieu Mill No. 1,Utica. Started in 1900. Ladies' high-grade
"Railsummer knit underwear. (Has bleaching and dyeing depts.)_ _600 dozen
See Cincinnati Newport & Covington Lt. & Traction Co. under
-V.99. p. 272.
Richelieu Mill No. 2, Utica. Started in 1910 manufacturing
roads" above.
lan les high-grade ribbed underwear, both machine and hand
fidianed
'
Consumers' Light, Heat & Power Co. of Topeka, Kan.
to foreclose
dozen
The Central Trust Co. of N. Y. as trustee has brought suitbeing in de- Regal Mill, Syracuse. Ladies' ribbed fleeced underwear. (Has
dozen
$1,000,000, the Jan. and July 1914 coupons
supoen
bleaching department)
the mortgage for
fault. Judge McPherson on Aug. 20 appointed L. G. Treleaven. who has Standard Mill, Oswego, N. Y. Purchased in 1903;
April
considerable part of the yarns used by all of the mills. Equipbeen manager of the property for years, receiver. The company in
inYarns for mills
ped with 18.000 spindles
last applied to the Kansas P. U. Commission for authority to make an the
Ontario Knitting Co., Oswego, N. Y.(V. 99. p. 411). In addi
zna
crease in rates. As the Kansas Natural Gas Co. was unable to supply
to other property, owns important water-power at Oswego---local company with gas, the latter had nothing to sell at the usual natural
(7)
manufactured gas at $1 25
All the mills are favorably located as to transportation facilities, are
gas price. Under its franchise it must sell
-V.51, p. 157.
equipped with automatic sprinkler systems, and are covered by insurance.
when unable to supply natural gas.
The electrical power used in the mills at Utica and Syracuse is supplied
-Robert Garrett & by steam generating plants owned by the company. Has at Oswego pracDavison Chemical Co.-Pref. Stock.
perpetual
River.
Sons, Baltimore, in Feb. 1914 offered at par and div. $500,- ticallyfurnishes inlease of a valuable water-power on the Oswego owns a
which
large part the power for the spinning plant; also
-F.
000 7 cum. convertible pref. (p". & d.) stock, divs. Q.
valuable water-power at Camden, N. Y.
-J. Francis Day, Pres. Utica Trust & Deposit Co., Utica;
Directors.
Data from Pres. C. Wilber Miller, Baltimore, Dec. 12 1919.
-Total auth. amount, $1.500,000; the balance of $1,000,000 Beecher M. Crouse, Pres. Avalon Knitwear Co., Utica; Albert M. Fox,
Prof. Stock.
(at par) upon vote of a majority of all outstanding stock, Spencer Trask & Co., Albany, N. Y.; Edward I. Goodrich, Clift & Goodcan only be issued
common and pref. Convertible at any time into common stock,$ for 5. at rich. N. Y. City; George I. Hovey Pres. National Bank of Waterville.
option of holder. Also redeemable on any dividend period at 110 and div. N. Y.; Acosta Nichols. Spencer Trask & Co., N. Y. City; Francis K.
Kernan, Kernan & Kernan, Utica, N. Y.•, Willard J. Frisbie, Camden,
at option of co. upon 30 days' notice, but if called may be converted Into N. Y.; Charles H. Yates, Prest. Athletic
-F. Proceeds
Knitting Co.Utica. N. Y.
common stock on or before redemption date. Dividends Q.
Francis K. Kernan is President and William M. Myers, Utica. Secretary
$500.000 necessary to provide for enlarging capacity of plants
of present
and Treasurer. Compare V. 98. p. 1770; V. 99, P• 410.
and purchase of Florida phosphate lands.
-In spite of general trade reaction, the demand for our products
Business.
.
Great Lakes Dredge & Dock Co.(of N. J.), Chicago.
has been steadily increasing, our plants being unable to keep up with the
The shareholders were to vote on April 3 1914 on Increasing the capital
demand. Probably no industrial field to-day promises a brighter future
development than the fertilizer industry. While we primarily manufac- stock from 55.000,000 to $6,000,000 and also on the question of disposing
tured only the low-test acids used chiefly in the fertilizer trade, of late years of all or part of the additional stock. The increase, it was thought, might
we have broadened our field in a more general chemical line, manufacturing mean a stock dividend.
"Chicago Record-Herald" of March 26 said: "The company, which is
high-test acids (used in the manufacture of tin plate, wire, dynamite,
alum, in the steel and textile industries, refining of petroleum, &c.), nitric controlled by Roger C. Sullivan, William A. Lydon, John P. 'Hopkins.
acid,muriatic acid,white arsenic,sulphate ofsoda,sulphate ofaluminum, &c. William Lutz and their friends, was organized in 1905. In 1912 the outOur acquisition of some 2,000 acres of valuable phosphate lands, situat,ed standing stock was increased from 53.600.000 to $4,901,000. The last
in Polk County,Fla.. is owned directly by the Davison Sulphur & Phosphate report issued, as of Dec. 31 1913,showed surplus amounting to $1,233.523.
Co., the capital stock of which is all owned by the Davison Chemical Co., It is reported that the earnings in 1913 amounted to approximately 14%
enabling it to consume its entire output of fertilizer acid in the acidulation on the stock. Since 1907 the dividend record has been: 1907, 12%: 1908.
18%; 1909, 24%; 1910, 3255%; 1911. 23%% and 20% stock; 1912. 10%
of our own phospate rock, the supply being sufficient for over 40 years.
stock;
cash; a cash dividend of 6% was declared in February
Bal. Sheet Based upon Statement of Nov.30 with the New Capitalization Added. of this1913. 6%
year.'
-Plant, 53.145,406; investments, $199,The company makes a specialty of river and harbor improvements,
Assets (excl. good-will)
$4,001,151 Including foundations, bridges, piers, breakwaters, lighthouses, tunnels.
pay960; cash and quick assets, $655,785
Liabilities ($4,001,151)Notes payable, $191,151; accounts
Pneumatic
in Monroe Bldg.
submarine work.
263,142 sub, officesandCleveland, Duluth,Main officeMarie, Buffalo andChicago:
able and accrued. $71.691
Boston.
in
Sault Ste.
-see V.94, p. 829)- 1,600,000 See V. 94, D. 1189.
Bonds (1st M.6s of 1912 due May 11932
2,000.000
common stock, $1,500,000
Prof. stock, $500,000;
138.008
Surplus
Griffin Wheel Co. Chicago.
-Death of Chairman.Gross.
Int. & Taxes. Bal. Sur.
Thomas A. Griffin, Chairman of the board, died on the steamship Korea
Earnings
$1f.8 092 on the way from Yokohama to Honolulu on Aug. 12.-V. 98. p. 613.
$82,399
$279,557
$2N40e,t4.91
1912
158,338
96,572
293,449
254,911
1913 (December est.)
two or three
Hannawa Falls Water Power Co., Massena Springs,
The company has contracted for the sale of its product for incorporated
Business began in 1832; present company
years to come.
N. Y.
-Authorized.
In 1902. Future never so bright. Pref. div.charge$35.000.-V. 94, p. 829.
The N. Y. Public Service Commission on Aug. 1 authorized the company
-Protective to purchase a controlling interest in the stock of the Northern Power Co.
States Coal & Coke Co., Pittsburgh.
Four
shares,
it has for some time been dis$138.000)
-The (1.380 of much or its current,through which reported, has important municiposing
Committee for 2d M. Notes and Receivers' Certificates.
of
and which,it is
Potsdam, Ogdensburg. Canton and Gouverneur.
named below in circular of July 30 says in subst.: pal and other contracts in has
committee
The Hannawa Falls Co.
hitherto been largely engaged in the wood
At a meeting of the holders of 2d M. notes and receivers' certificates pulp industry. The Hannawa Falls Co. Is authorized to increase its stock
held at Pittsburgh, Pa., July 23 1914, there being represented $552,800 of from 5300.000 to $600,000 and to make a mortgage to secure an issue of
[6% convertible] notes outstanding[dated April 11913. 51,200.000 First and Collateral Trust 5% gold bonds,and to issue 5749,005,
$912,000 2d M.
the
with coupon of April 1 1914,and also installment of principal.$100,000,due of which $500,000 will be exchangeable for the outstanding 1st M. bonds,
-see V. 96, p. 14921 and also $82,464 of the $58,000 are to be used to retire floating debt, $53.000 to be sold at not less
on that date, in default
$187,423 receivers' certificates outstanding, it was decided unanimously than 80 to discharge receivers' certificates and the remaining 5138.000 to
which
by thosi present to place their claims in the hands of a committee(dated acquire Northern Power Co. stock.
The effect of the consolidation will, it is said, be to greatly improveelecshould be authorized, under a noteholders' protective agreement
certificates de- trical facilities in the territory. An arrangement, it is stated,
July 30 1914) to act for all holders of notes and receivers
hasrbeen
the deposited with the committee. The committee accordingly invites Title & made with the St. Lawrence River Transmission Co. whereby from 10,000
to 20,000 h.p. will oe "hooked in" with the generating station at Massena
posit of 2d M. notes and receivers' certificates with the Fidelity
accompanied by Springs. making,it is said, power failures and shortages in Potsdam
a
Trust Co., 313 Fourth Ave.Pittsburgh, Pa., depositary,
and rea check for an amount equal'to 34 of 1% of the face value of notes which, thing of the past. E. J. Page of Syracuse, N. Y., made the application.
committee,
ceivers' certificates [on account of the expenses of the not exceed 2).5% -v. 80. p. 2462.
aside from any sums needed to protect the property must binding on the
Howe Sound & Northern Development Co., Ltd.,
of the notes deposited. No plan of reorganization will be amount of the
depositors of notes unless it is approved by a majority in all depositors British Columbia.
-Debentures Offered.
notes deposited, but when so approved it will be binding on
-Ed.)
withdraw.
The Yorkshire Guarantee & Securities Corporation, Ltd., Yorkshire
who shall not within 20 days after notice dissent and
substantial
The members of the committee individually represent very of all 2d M. Bldg., Vancouver, B. C., recently offered $100.000 6% debentures at 95
claims, and it will make every effort to secure the full payment date; and and int. from June 1 1914. Dated May 1 1914, duo Dec. 1 1915. Redeemable at par and int. Prin, and int, payable at Vancouver, Can.
notes and receivers' certificates in cash, at the earliest possible
will assist in the rehabilitation of the company, if that be feasible. All Denomination $100 each. Total issue. $300,000. Debentures are secured
notes and receivers' certificates should be deposited at the earliest possible by assignment to the trustees for the debenture holders of certain moneys
installment to become due under an agreement of
date,for the reason that on Nov.1 1914 there will be due another
sale between the Howe Sound &
of $100,000 on the principal of the 1st M.bonds and six months'interest on Northern Ry. and the Howe Sound & Northern
the entire issue of 1st M. bonds, and it is most desirable that a settlement and the Pacific Great Eastern Ry. and the PacificDevelopment Co.. Ltd..
Great Eastern Developof your claims be effected before Nov. 1 1914 if possible.
ing Co., Ltd. The agreement requires the Pacific Great Eastern companies
The U. S. District Court for the Northern District of W.Va.,on Mar.9 to pay to the Howe Sound companies $1,100,000 and int., of which $600,000
not and
19i4 authorized receivers to issue receivers' certificates to an amount
int. have been paid, for which certain securities under the agreement
exceeding $250,000, for the purpose of paying overdue installments of prin- have been delivered. The debentures are a
direct obligation of the/purcipal and interest on the 1st M.,dated Nov. 1 1910 (there being $3,500,000 chasing companies.
of 1st M. bonds auth. and about $3,300,000 outstanding),and for other
purposes, and the receivers have heretofore issued their receivers' certifiInternational Harvester Co.
-A
-Modification Asked.
cates to the amount of $187,423 52. which are now outstanding, having
been "issued upon a parity and equality and adjudged entitled to the same motion was made on Aug. 24 for a modification of the decree
security, lien and priority as the said outstanding 6% gold convertible filed in U. S.
Dist. Court at St. Paul, Minn., on Aug. 12
notes secured by the mortgage to the Union Trust Co. of Pittsburgh.
99, p. 171), that the decree shall not include in its prodated April 1 1913.)
Committee: J. D. Ayres, Chairman, Vice-Pres. the Bank of Pittsburgh, vision the
busmess done in foreign countries, and also that
N. A., Pittsburgh, Pa.: W.8. Maddox, Asst Cashier Phila. Nat. Bank,
Phila., Pa.; Glenn F. Barns, Cashier Nat Bankf Fairmont. Fai .ont, the limitations as to the plan to be proposed or decided upon
. sm
John S. for the carrying out of
W. Va.; M. Hoburg, Secretary, 226 Fourth Ave., Pittsburgh, Pa.,
.
the decree be removed.
Wendt.. Counsel. Frick Annex. Pittsburgh, Pa.
-V.99, p. 201, 192. 123.
The petition is not a necessary preliminary to an appeal from the/deciFrisbie & Stansfield Knitting
Y.
sion, but may be considered by the Court when the appeal is heard.
, Utica, N.
Bonds.
-Spencer Trask &
a circular V. 99. p. 471.
charged is 30 eta.
at a price to be fixed by three arbitrators. The rate now
provision for rates,
per 1,000 gallons. The ordinance does not make any Illinois P. U. Commatter is regarded as under the jurisdiction of the
as the
mission.
-year franchise
The East Side Water Co. on July 27 applied for a 30
rate, known as a
at a rate of 25 cts. per 1,000 ballons and a minimum$I. An ordinance
meter charge, of 50 cts., against a present minimum of
franchise to the
was also introduced in the Council on Aug. 3 granting a
more liberal condiSt. Louis-St. Clair Water Co. which would providethe franchises above
tions for both consumers and the city than either of
-V. 95. p. 1544.
mentioned.
(y.
Co. recently issued
Co.
regarding the $775,000 1st M.20
-year sinking fund 6% gold
-Receivership.
International Steam Pump Co., N. Y.
bonds, dated July 1 1914 and due July 1 1934, which were Judge Julius M.Mayer in the U.S. Dist. Court for the Southlargely subscribed for by the shareholders. The circular shows: ern Dist. of N. Y. on Aug. 26 appointed C. Philip Coleman
Subject to redemption, all or part, at
any int. day, on and Grayson M. P. Murphy as receivers of the properly,
notice. Bankers Trust Co., N. Y., trustee, er 105limited to $900,000
.
notovIssue a
at option of company. Outstanding or to be issued forthwith, $775,000. the company being unable ta this time to provide for the m.
Int. J. & J. Denom. $100. $500 and $1,000 (Ca) A first lien on all the terest payment of about
$235,000 and the sinking fundiinreal estate, water power, plant,
nd equipment now owned or
bonds.
hereafter acquired, except that acquired
machinerya Ontario Knitting Co., and stallment of $250,000 due Sept. ion its First Lien 5%
also a lien on certain other present and
The suit was brought by Paul D.
from q ired property described in
as counsel for WilliamrW.
rt
mogage. Annual sinking fund for bond payments, not less$25,000 Conley, a stockholder to the extent of Cravath J. Horace Harding. a bondafter-ac a
$30.000;
annually, July 1917 to July 1925,inclusive and 550.111111 annually thereafter: hng en to thenlm m orof $010,00
i oldar nnen a aiount 3 0 . 0. and Alexander J. Lindsay. a creditor hav0
also additional contingent amounts of not less than one-half of annual sure. WI
$
plus earnings, after depreciation (2
The officers of the company, after admitting that the corporation isbot
%)and other deductions, including 6%
dividend on common stock.
able to meet its indebtedness because of the shortage of cash, due tolthe
Capital Stock
Authorized. Outstanding. war, Joined in the application for the appointment of the receivers.
7% cumulative preferred stock
51,274,500
ractors
ren te ersnt s a dienu g 2 b t t nnnipan.y tf
Staaivmehip liasust.r A di. 06e, yhe he Board toag11?iheving iundvan
51,300.000
y n
Common stock
1.500,000
The
a
The company covenants, except as permitted by2 dbalkers, to maintain answer admitting the allegations of the petition and joining in the applicad
de d
net quick assets to an amount equal to at least so% of the total first mort- tion. The receivership was rendered necessary by the fact that, although
gaga,6% bonds at any time outstanding.
and,. ...13
the company has been doing a fairly, prosperous business.
612
THE CHRONICLE
earning considerably more than its Interest charges, it will not be able to
make the Interest payment of about $235.000 and the sinking fund pay-year 5% bonds. It also
ment of $250,000 due Sept.1 on its FirstLien 20
lacks adequate working capital.
$9,347,900 are outstanding, the comApart from these bonds, of which
pany has no other indebtedness except its current monthly accounts, aggregating about $115,000, for supplies and merchandise, its pay-rolls,
and $1,150,000 of collateral trust notes maturing on Oct. 2 next, which are
amply secured by collateral. The receivership is not expected to involve
any of the associated or subsidiary companies. The principal associated
companies are the Henry R. Worthington Co., the Blake & Knowles Steam
Pump Works and the Power & Mining Machinery Co., which have no
indebtedness except to the parent company for advances, current monthly
accounts, which they pay promptly, and amply-secured notes given as
part of the collateral for the International Steam Pump Co.'s collateral
notes. It is expected that these companies will continue their operations
without change.
The receivers expect to carry on the business of the International Steam
Pump Co. and continue to receive and execute orders without interruption,
pending the reorganization, which, it is expected, will be promptly accomplished. [As to outstanding bonds, see V.89,p.1671; V.92.p.1181,1314•I
Bondholders' Committee.
-The committee named below
urges the immediate deposit of the First Lien 20
-year 5s,
on the ground that the interests of the bondholders require
prompt and concerted action. See adv. on another page.
Bondholders are requested to deposit their bonds in negotiable form
(with the Sept. 1 1914 and all subsequent coupons attached) with Guaranty
Trust Co. of N. Y., the depositary of the committee, at its office in New
York, or its office in London, or with one of the following agents of the depositary: St. Louis Union Trust Co. of St. Louis, Mo.; Commonwealth
Trust Co. of Boston, or Associatie Cassa of Amsterdam, Holland.
Committee: Charles H. Sabin (Chairman), V.-Pres. Guaranty Trust
Co., N. Y.; Thomas B. Gannett, Parkinson & Burr, Boston; George G.
Henry of William Salomon & Co., N. Y.; It. Walter Leigh of Maitland,
Coppell & Co., N. Y.; H. J. De Loamy Meijer, Boissevain Bros., Amsterdam. and Allen T. West of G. H. Walker & Co. of St. Louis, with Otis
Everett as Secretary. 140 Broadway, N. Y.
Stockholders' Committee.
-The following committee considers it of the utmost importance for the shareholders to
unite for mutual protection by depositing their holdings, both
common and preferred, with the Columbia Trust Co., depositary, 60 Broadway. N. Y. City.
The committee hopes to be in a position at an early date to formulate and
announce a plan of reorganization. In case depositing bondholders should
be dissatisfied with such plan of reorganization, they will be afforded an
opportunity of withdrawing their bonds pursuant to the terms of the Agreement of deposit.
Committee: Lewis L. Clarke of New York, Chairman, Pres. Amer.
Exch. Nat. Bank; Willard V. King of New York, Pres. Columbia Trust
Co.; J. B. Haggin of New York, Alma N. Parlin of Boston and Otto
Marx of Birmingham, Ala., with George E. Warren as Sec., 60 Broadway,
N. Y. City, and Alexander & Green. counsel, 165 Broadway, N. Y. City.
-V.99. D. 541. 202.
-
[Vol, xc
Financial Statement of April 30 1914 After Incorporating Therein the Proceeds
of These $125.000 First Mortgage Bonds.
-Real estate and plant, $345,007; materials, $257,778;
Assets
cash, accts. and bills receivable. $144,921; other assets, 413,210-4760.915
Liabilities
-Capital stock ($100,000 Is preferred)
$200.000
1st M. bonds of 1914 (this Issue)
125,000
Bills and accts. payable, $177,969; and notes, $52,313
230.282
Surplus and undivided profits
205,633
Data from Vice-President F. B. Macomber, Chicago, May 1 1914.
Manufactures wire rope. Business was originally incorporated in 1896
as the Leschen, Macomber & Whyte Rope Co., with $2,500 capital stock,
and acted as a sales agent for A. Leschen & Sons Rope Co. of St. Louis
until 1900. In 1901 under present name erected a wire rope plant in Coal
City, Ill. In 1912 moved to new plant covering six acres of our 12
-acre
plot at Kenosha, Wis. Buildings brick and concrete, with steel trusses
and tile roof; positively fireproof (insurance rate of 5 cts. per $100)•
In 1896 sales were $57,000; in 1913, $764.017. Based upon our business
for many years past and upon the steady demand for its product, I am confident that the earnings will not only be ample to pay the principal and interest of all bonds, but will continue satisfactory dividends on stock, besides adding substantial amounts to surplus.
Directors: J. W. Johnston (Pres.), F. B. Macomber (V.-Pres. and Sec.)
and S. S. Johnston (Treas.), all of Oak Park, Ill.; George S. Whyte, Kenosha. Wis.; J. D. Brunton, Musselburgh, Scotland.
-Action Rescinded.
-An
Mexican National Packing Co.
English authority on Aug. 15 said:
The financial agent of the Mexican Government announces that the
instructions given by his Government, as announced on July 1 last, regarding (1) the payment of the interest on the company's 6% First and Special
Mtge. bonds, and also (2) regarding the issue and payment of warrants for
interest due July 1 1914 on bonds of the Mexico (Federal Govt.) 6% External Gold Loan of 1913, issued in connection with the contract under
which the Mexican Government acquired the control of the Mexican
National Packing Co., Ltd., have been canceled, in virtue of a cablegram
-V. 99, p. 202.
received from the Finance Department.
-Earnings.
Mobile (Ala.) Electric Co.
See Standard Gas S: Electric Co. below.
-V.97, p. 1902.
Montana Water Co.
-Full Opinion.
The opinion of District Judge Bourquin, rendered on May 11914, in the
suit brought by the City of Billings, holding that the company is bound to
supply pure and wholesome water, and that the city can enforce specific
performance of its franchise in that respect,
under its police power, 1/ given
3
at length in the "Water and Gas Review' of August, pages 22 to 24.V. 99, p. 123.
Mutual Film Corporation, New York.
-Dividends.
-
The company on or about June 19 declared (a) the regular annual 7%
dividend on the pref. stock, in advance for the 1914-15 fiscal year, payable
In quarterly Installments of 13% on Oct. 1, Jan. 1 1915, April 1 and July 1.
(b) Monthly dividend on the common stock of 34% regular and %%extra.
payable July 15, Aug. 15, Sept. 15 and Oct. 15.
The company was incorp. in Va. July 3 1912 with $1,700,000 com, stock
and $800,000 7% cum. pref. (p. & d.) stock. In June 1914 the auth. pref.
stock was increased to $1,800,000. Stock outstanding July 14 1914
$1,582,500 corn. and $1,535,800 pref. Par of all shares, $100. No bonds.
(S. S.) Kresge & Co.
-Sales.
-P. and
Directors: H. E. Aitken (Pres. & Gen. Mgr.), C. J. Hite (1st V.
1914
-July-1913.
Increased 1914-7 Mos.-1913.
-P.), Crawford
Increase. Treas.), J. R. Freulet (2d V.
-P.), t. R. Toomey (3d V.
$1,171,240
$956,926
$214,314 j$8,125,837 $6,558,175 $1,567,662 Livingston (Chairman Eexc. Comm.), E. L. Thomas (Sec.), R. E. Aitken,
-V.98, p. 1849.
Pella E. Kahn,E. L. Thomas, G. M.Livingston, N.Y.; Philip Gleiehman,
.
Shailenberger, Addison
Detroit;
Laurentide Co., Ltd. (Paper Mfrs.), Montreal and E. Jones,T. H. Cochrane. Portage, Wash.: Wilbert
George W. Hall and S. S. Hutchinson, Chicago. N. I'. office.
West 23d
Grand Mere.
-New Bonds.
-The shareholders will meet at 71In January St. a daily paper said:
financed by Livlast
the office of the company, 189 St. James St., Montreal, ingston Az Co., members of the N. Y."The company wasThe gross at first
Stock Exchange.
the
on Sept. 23, and consider authorizing the creation and issue was running at only about $300,000 a year, but is now at a rate in the
neighborhood of $7,000,000 annually. H. E. Aitken, formerly with
of $4,000,000 6% 30
-year consolidated mortgage bonds.
Universal and one of the pioneers in the industry, is the President. The
this country and
Pres. W. C. Van Horne in circular dated at Montreal Mutual is one of the three big distributers of reels in twelve
studios,inabroad. It is not a producer, but handles the output of
Aug. 12 says in substance:
the Reliance and Thanhouser. [The two other distributers
eluding that of
A portion of the funds required for the purpose of your new power devel- mentioned are the General and the Universal. The Reliance Co. has
]
opment and the extension of your paper plant now proceeding at Grand $200.000 7% cum. pref. and $800,000 corn. J. P. Dunning is Tress,"
Mere was provided by the last issue of share capital of the company, but
"
The Biograph Co..formed in 1905 under NewJersey laws,was one of the
your board has decided that under existing conditions it would be in the first of the moving-picture makers to sell stock to the public, although itis
interest of the company that the balance of the funds required in this con- not widely known. The Biograph stock, of which there is $1,990,000 of an
nection should be provided by the creation and sale of a new bond issue. auth.$2,000,000 outstanding, is occasionally dealt in by unlisted brokers.'
The amount proposed, namely $4,000,000, should be sufficient to provide
See also New York Motion Picture Co. below.
•
not only the additional funds required for the completion of the work now
-Plan OperaNatomas Consolidated of Cal., San Fr.
under way and for the redemption, at maturity, of the outstanding portion
of the existing bond issue, but at the same time leave in the treasury a tive.
Francisco Chronicle" on Aug. 18 said:
-"San
-V. 99, p. 541.
considerable amount of the issue for future requirements.
The reorganization committee yesterday announced that the plan wa
committee had decided to permit the Mercantile
- operative and that the accept securities under the plan
-Equipment Contract.
Lima (0.) Locomotive Corp.
Fr. to
up to Sept. 11914.
Trust Co.
The receivers of the Cincinnati Hamilton & Dayton RR. on Including of San
the Coleman bonds, there have been deposited of the 1st M.
Issue $12,119,000, or more than 85%. Of the 2d
Aug. 18 awarded a contract to the company providing for 90%.have been deposited;of 163,390shares ofstockM. bonds $2,224,000, or
outstanding 144,175 1-3
35 locomotives, 30 of which, it is stated, are of Mikado type have been deposited.
For the year 1913 the netincome applicable to interest charge amounted,It
and 5 of the Pacific type, calling for an expenditure of more
is said, to $1,088.375. contrasting with $1,005.495 in 1912 and $1,253,808 in
than $1,000,000.-V. 95, p. 821.
1911 and $924.107 in 1910, including gold-dredging department, $992,367;
rock-crushing department, $73,945; water department, $17,949; miscellane- ous discounts,&c. $470; interest on investments,
Lincoln Elec. Co. (Mfg. Co.), Cleve., O.-Pref. Stock.
The Maynard II. Murch Co., Cleveland, in March last offered at par tion district warrants and bonds, $72.213. less$7'500;interest on reclamaa loss of $12.556 on the
and div. $100,000 7% cumulative pref. stock. Dividends guaranteed by
business. Deducting $980,531 for
fund, covering eight consecutive dividends, to be held in trust by First crop-growing $129,394 on dredge No. 7, which bond interest and charging
off the loss of
sank and had to be recon-J.; 5% of structed, there was shown a loss of $21,553
Cleveland, transfer agent. Dividends Q.
Trust & Savings Co.,
(compare V. 96,ID. 866:
Manufactures a standard line
Issue. retirable each year at 110 and div.
p. 1569). Lands owned Dec. 31 1913 (in acres): Irrigated lands, V. 92.
28,851:
of electric motors and generators, and has been in successful operation for reclamation districts, 59,709; gold-dredging
department, 9,502; water deover 20 years. Net tangible assets nearly three times the pref. stock issue. partment, 5,056; rock crushing, 95; total acres,
Net quick assets. $164 for every share of pref. stock, and must not be not In "Engineering & Mining Journal" of Jan. 17 96,213. See also articles
1914 (p. 192) and July 25
less than $100,000. Net earnings for six years have averaged each year 1914.-V. 99, o.i4 n lo
.
7
99. pt o 3 p c
m
$26,071, or several times the pref. dividend. Has no power to mortgage
property, encumber its assets, increase the pref. stock or Issue any obligaPicture Corp.
tion running more than one year, without the written consent of 75% of
The following notice was sent Aug. 15 -Dividend :Deferred.The board of
f
the pref. The charter forbids borrowing in excess of 30% of tangible assets. directors at its regular monthly meeting to stockholders
held Aug.
d
Balance Sheet of Dec. 311913, After Applying Proceeds of $100.000, Pf. Stk. would not be wise at the present moment to declare a10 1914'
ed 5ha
-Real estate and plant at Cleveland, as apunsettled condition of the European film market." dividend inviewofthe
Assets ($346,504)
praised May 31 1913, plus additions 41,269). less deprec'n__$102,853 standing 51,000.000 cap. stock, all of one class The company has outp lug
Cash, $10,600; bills receivable, $924; accts. receivable, $95,812;
thereon dividends of 2% monthly, or 24% a year. and has l)een"
220,807
inventory, $113.471
Norfolk County (Va.) Water Co.
Employees notes for purchase of capital stock
18,500
-Offer Rejected.
See "Norfolk" in "State and City Department."
Deferred prepaid insurance, &c
4,344
-V.97, p. 1359.
-Bills and accounts payable and accrued $55,827
-($346,504)
Liabilities
Northern States Power Co.
-Earnings.
-H.M.Byllesby
Pref. stock, 7% cum.. $100,000; common, $175,800
275,800
Profit and loss, surplus
14,877 & Co. report the earnings, including the subsidiaries:
Month of June. 6 Mos. end. June 30.
No valuation is included in this balance sheet for patents, patterns,
-June 30 Years
1914, 1913.
drawings and good-will. Contingently liable on $12,630 of customers'
1914,
1913.
1913-14. 1912-13. Yrs.
notes discounted.
0,31
8
Gress earnIngs__ 307,
426 27
0
4,078
5,541 3,745,841 54
5
Macomber & Whyte Rope Co., Kenosha, Wis.-Guar- Expenses & taxes_ _155,024 137,528 1,319,343 1,14,700 1,956,002 1,851,259 18.8
645,670 613,231
5.6
-W. G. Souders & Co., Chicago and Detroit,
anteed Bonds.
Net earnIngs__152,401 132,782 673,673 562,468 2,122,539 1,894,581
some weeks ago offered at par and int. $125,000 (closed) Fixed charges------------------------------------- 1,240,764 1,178,070 12.0
5.3
1st M.6% serial gold bonds. A circular shows:
Surplus
881,774 716,510 23.0
Dated June 1 1914 and due $6,500 s. a. Dec. 1 1914 to June 1 1924 Incl. Divs. on pref. stock
587,069 554.013 5.9
but red. In reverse of numerical order at 102% and int. on any Int. date
on 60 days' notice. Par $1,000. $500 and $100. Prin. and int. (J. & D.)
Balancecompa-i.-,c
annual report for-1913 -------------:633. 294,705 162,497 81.3
at Fort Dearborn Trust & Savings Bank, Chicago, trustee. Normal Inin
come tax paid at source. Unconditionally guaranteed as to both prin. and
Northwestern Electric Co.
int. by Pres. J. W. Johnston and V.-Pres. F. B. Macomber, who have a
-Plant, &c.
Portland Ry., Lt. & Pow. Co. under "Annual Reports" above.
issue outside of this company.
See
net worth of over the amount of this bond
The Northwestern Electric Co. in 1913 made a mortgage to the AngloThe trust deed requires that the net quick assets shall be maintained at
not less than 1% times the outstanding bonds, that present surplus shall California Trust Co. of San Francisco, as trustee, to secure not over
not be impaired by dividends, that insurance policies for $125,000 on life $10,000,000 30-year 5% gold bonds of $1,000 each.
-V.98. p. 842.
of F.B.Macomber shall be deposited with the trustee to protect these bonds.
People's Water Co., Oakland, Calif.
-Hearing.
Average annual net earnings for the four fiscal years ending Jan. 1 1914,
hearing in the suits against the City of Oakland to restrain the enA
$35,394,(being over 4% times the present maximum interest charge of
by
$7,500,) after charging off cost of moving the plant from Coal City,Ill.,to forcement of the water rates fixed by the city in past years was postponed reaction of the City Council on Aug. 17 for 90 days, at the request of the
Kenosha. Net earnings for four months ending April 30 1914, 23.039.
AUG. 29
1914.]
THE CHRONICLE
613
Consists of modern steam and hydro
-electric and lighting plants, with
distribution system, supplying Warren, Niles. Newton Valls and Leavitt-burg, Ohio; water-works plant supplying Warren, artificial gas plant in
Warren. Appraised value in 1911,$1,200.000; since expended in additions.
&c. $175,000. Total pop. served Is about 22,000.
Pocasset Mfg. Co., Fall River, Mass.—Div. Omitted.—
dapitalization: Bonds auth., $1,500.000; issued, $1.000,000; stock auth.
The directors have decided to omit the quarterly dividend on the $1,200,- and issued. $1,700,000 ($200,000 pref.). Additional bonds issuable for
000 stock usually paid on Sept. 1. In the year ending Aug. 31 1914 the 90% of cost of improvements, &c., when annual earnings are twice the
payments, it is stated, aggregated 5%%. Compare V.95. p.684.
nterest charge for that period. Sinking fund,2% annually, begins 1915.
Earningsfor 12 Mos.ending Nov.30—
1912-13. 191112.
Public Service Co. of Northern Illinois.—Decision.—
6 0 057
The U. S. Supreme Court on June 22 sustained the right of the Economy Gross earnings
5 7
:708 3 $193: 5
20
Light & Power Co. to build a power dam in the Desplaines River at Dresden Net earnings (after oper.expenses,taxes and insurance) $$210239
Heights, and dismissed, for want of jurisdiction, the appeal of the State of
Interest on $850.000 bonds out in 1912-13, $51,000; on $1,000,000 now
Illinois from a similar ruling by the State Supreme Court on Oct. 26 1909. out,$60,000. See V.93. p.475: also 6
-page illustrated article in "Electrical
Compare V. 89, p. 1143: V. 87, p. 42.
World" of N. Y. for Jan. 24 1914.—V. 95, p. 485.
DesJustice McKenna wrote the opinion. The Court holds that the
United Lace & Braid Co., Auburn, R. I.—Pref. Stock,
plaines River is not a navigable stream, and that therefore the Federal
Court has no jurisdiction in the case, and further holds that the Chicago &c.—Thomas C. Perkins, Hartford, Conn., in March last
sanitary canal is not navigable.
The State Supreme Court also held that the Desplaines was not naviga- offered at par ($100) $100,000 79 cum. pref. (p. & d.)
ble, as no commerce actually passed on it, and no evidence had been stock (dividends Q.
-J. 15, callable at 110 and div s.), a
produced to show its navigability. This ruling the Federal Court affirms. circular
showing:
The State based its action largely on the fact that by an Act of the Legisladeclared
A Rhode Island corporation that eight years ago rented a small
ture, approved Feb. 28 1839. the Desplaines River was officially
factory
navigable. The decision, it is pointed out, practically means that new
Coventry, R. I. Manufactures the well-known beaded tip laces for
legislation, both by the State and the Federal Government, must be enacted shoes, corsets, middy blouses, &c., and other braided products from mercerized cotton, worsted, linen and silk. About a year ago completed at
to offset this view where deep waterway projects are contemplated.
The Court also ruled that the Act of the State of Illinois, when it created Auburn, It. I. on a large tract of land a new plant of standard mill type,
the sanitary district canal and provided that the canal should be regarded slow-burning construction, equipped with automatic sprinklers and special
as a navigable stream, does not of itself make the canal navigable and machinery. Growth of business remarkable. Total sales last year close
subject to the Federal navigation laws, and that the work proposed by the to $200,000 and for present year expected to exceed $300,000. Practically
company is in harmony with the general scheme of deep waterway im- every man, woman and child uses laces of one kind or another. A large
provement suggested by the board of engineers of the War Department percentage of this company's products is silk laces which retail up to 50 eta.
under the authority of the River and Harbor Act of June 26 1905.
per pair for shoe laces and up to $2 for corset laces.
Samuel Instill says: "The company Is now free to go ahead with the
Capitalization Jan. 3 1914: Common
development of water power, which has been held in abeyance for 5 Years. stock to be issued to retire notes and stock outstanding, $90,500; Prot
provide further working capital,
The contract for the erection of a large power plant on the Desplaines River $100,000. Net worth of assets, $122,571 above pref. stock issue. No
had been let when the work was interrupted by the filing of the suit. So mortgage debt nor any increase of pref. stock is possible
far, the company has realized nothing from these water-power rights, but, of 75% of the pref. stock. Net earnings for last fiscal year without consent
were practically
on the contrary, they have been a cause of considerable expense. We have three times the pref. dividend charge of $70,000.
n1 plans for starting work immediately on the new plants, but they will be
Officers—W. L.
F.
considered in due time. It is expected that at least 20,000 h. p. can be Makepeace, Treas.; Preston, Pres.;Sec. L. Richardson, V.-Pres.; C. R.
Miles H. Ray,
developed from 2 water-power sites. Original plans call for expenditure of
$1.000.000 for dam and generating plant. —V.98, p. 1688.
Walkerville (Ont.) Light & Power Co.—Sale to City.—
See "Walkerville, Opt.,' in 'State and City Department."
(J. H.) Sanford Coal Co.—Bonds Called.—
Westinghouse Electric & Manufacturing Co.—New
All of the outstanding bonds issued under the mortgage dated Mar. 2
1908 have been called for redemption at 105 and int. to Sept. 1 1914 at
Officers.—The following changes are announced:
the Fidelity Title & Trust Co. of Pittsburgh, trustee.
H. D. Shute has been elected Treasurer to succeed T. W.Siemon, who
Southern States Cotton Co.—Receivership.—
resigned to become Secretary and Treasurer of the Union Switch & Signal
Judge Meek in the U. S. District Court at Dallas last month appointed Co., of which he has also been elected a director and member of the executive committee. J. J. Hanauer of Kuhn, Loeb & Co. has been elected
S. W. King Jr., President of the Dallas Cotton Exchange, receiver.
to succeed Paul M.
who resigned,
Standard Gas & Electric.Co., Chicago.—Earnings.— director of the Federal ReserveWarburg, P. Gaylord hashaving become a
member
been made acting
Board; T.
Vice-Pres, to succeed H. D. Shute, resigned.—V. 99. p. 204, 54.
M. Byllesby & Co. say:
H.
Comparative earnings statement of the Mobile Electric Co.,one of the olde
Willys-Overland Co., Toledo.—New Stock.—
subsidiaries of Standard Gas & Electric Co., for the last two years ending
The shareholders voted
July 31 is given below. Although this is a developed property substantial $25.000,000 ($20,000.000 Aug. 25 to Increase the auth. capital stock from
common stock and $5,000,000
cum. pref.)
shown in net and surplus:
increases are
to $30,000,000, said increase of $5,000,000 to consist of7%
common stock.
It is not the purpose of the company to put this stock on the market or to
Mobile Electric Co.—Results or 12 Months ending July 31.
1913-14.
1912-13. Increase. Per Ct.
Issue any of it at present.
present month the company has
$7,117
1.9 bought in $250,000 worth of During thefor retirement, in accordance with
$385,959
$378,842
Gross earnings
pref. stock
15.233
8.5 the terms of its charter.—V. 99, p. 347, 412.
192.982
177,748
Net earnings
10,737
30.0
35,563
Burp. after int. chgs.& pref. div. 46,301
Winding Gulf Colliery Co.—Bonds Called.—
All Byliesby electric properties reporting for the week ending Aug. 7
Bonds Nos. 48, 87, 91, 92, 101, 126, 135, 140, 155 and 158, issued under
showed net connected load gains of 311 customers with 318 k.w. lighting
load. New business contracted for—but not yet connected—included 940 mortgage dated June 13 1910, will be redeemed out of moneys in the sinkcustomers with 518 k.w. lighting load and 892 h.p. in motors. Electric ing fund at par, together with interest thereon from July 1, on Aug. 29,
output of the properties for the week was 7,150,553 k.w. hours, a gain of at the Safe Deposit & Trust Co.of Pittsburgh, trustee.
10.5% over corresponding period of 1913. Artificial gas output increased
Wyandotte County Gas Co.—Kansas State Proceedings.
9% over same week of last year.
Contracts for 239 electric customers with 190 k.w. lighting load and 650
Judge Flannelly in the State District Court at Independence, Kan., on
horse-power in motors were taken by the sales department of the Minneapo- March 27, on application of Attorney-General Dawson, who charged that
lis General Electric Co. during the week Aug. 3-8. The commercial depart- the United Gas Improvement Co. of Pennsylvania had created several corment of the Louisville Gas & Electric Co. during the week ending Aug. 7 porations in furtherance of a design to violate the State anti-trust law,
closed contracts for 154 electric customers with 121 k.w. lighting load and appo ited
J. 3reici:in%aL a banker of eilinsi s City, Kae , receiver for
e .3
y
ce and .iK n ( v ie0 r e
)
i
,
96 h.p. in motors; 204 new gas customers were added. A five-year renewal the t yandoit
i
V
contract for power was secured by the Arkansas Valley Railway Light & Kansas City Pipe Line Co., receiver for the United Gas Improvement
Power Co., Pueblo, with the Portland Gold Mining Co., which is one of the Co.'s property in Kansas. Penalties of $330,000 are asked for violation
company's largest power users; it is expected that within the next two of the corporation laws.
years additions will he made to the Gold Mining.,Co.'s milling plant which
The United Gas Impt. Co. owns all the bonds and half the stock of the
will increase the annual gross revenue to the co.from this source 50%.
Kansas City Pipe Line Co. The step is the outgrowth of the attempt to
The second 2,100 h.p. generating unit at the Coon Rapids hydro- prevent the turning Over of money from the Wyandotte County Gas Co. to
electric development on the Mississippi River near Minneapolis was on the State receivers until the Kansas City Pipe Line Co. received the rentals
Aug. 22 placed in commercial operation by the Northern Mississippi River due from the Kansas Natural. The Impt. Co. owns the Wyandotte
Power C'o. (V. 99, p. 473). The first unit (also 2,100 h.p.'), which was County Gas Co.
placed in operation Aug. 1, has been working almost continuously since,
Pres. Bodine of the Gas Impt. Co. says: "So far as the United Gas ImIts performance representing approximately 959' load factor. The current provement Co.Is concerned, it has no property and does not
business in
generated is utilized by the Minneapolis General Electric Co. and the other the State of Kansas; and, therefore, even if the local court do a right t
has
units are being installed as rapidly as possible with the expectation of having
appoint receivers for either the distributing company or the United Gas
the fifth and last one in operation by Nov. 1.
See also Northern States Power Co. above and along with Northern Improvement Co., so far as the latter company is concerned, there is no
Idaho& Montana Power Co., on pages 533 to 536 of last week's "Chron- property for said receiver to take possession ofor to adminLster."—V.98,p.769
icle", showing results for calendar year 1913.—V.
99. P. 117
.
organization committee, who assured the Council that the delay would in no
manner prejudice the city's rights, but on the contrary it might be prejudicial to its interests if the company were forced into involuntary liquidation.—V. 99, p. 411. 274.
(J.) Stevens Arms & Tool Co., Chicopee Falls, Mass.—
Pref. Stock.—Hayden, Stone & Co. offered in July last at
par and int. the present issue of 3350,000 7% cum.
(p. & d.) stock, redeemable as a whole or in part on any pref.
dividend date at 1123/ Dividends Q.
2
.
-M.
Data Summarized from Letter of
President Irving H. Page.
Established in 1864 and incorporated in
1886 under laws of Massachusetts. Now produces the most complete line
gun factory in the world. Plant of substantialof sporting firearms of any
brick
ing about eight acres of floor space w1400necessary constructioncontain$t11 nAir
machinery and tools.
Capitalization: Preferred stock auth.
stock auth., $700,000; issued, $650.000. there Issued, $350,000; common
.
no
bonds, mortgage or prior lien can be placed en the funded debt and no
e property or additional
pref. stock issued without consent of 75% of
A, sinking fund of 10% of annual net earnings the outstanding pref. stock.
after payment
. 1s ock
1 2 50
dividend must be applied to the retirement of ref teek oft13
Net quick assets $721,068, equivalent to $206 per'sge
ei .
and fixed assets aggregate $398 for each sharePei rar: gtal net quick
net
earnings for the past 14 years have averaged 21% on Sic pref.
and
the cal. year 1913 the net income was $83,970. being- eq stock'24% for
to
on
the present pref. stock. Officers and directors: Irving H. PagePresident;
•ua
Charles P. Fay, V.-Pres.; Henry H. Bowman.
Trees (Pres.'Springfield
Nat. Bank, Springfield, Mass.); Clifton A. Crocker ?Pres. Crocker McElwain Co., Holyoke, Mass.); Arthur C. Raymond (Mgr. bond dent.,
Hayden, Stone & Co., Boston): Frank H. Page
and Charles C. Lewis.
Springfield, Mass.
[-Springfield Republican" May 19 1914 said in
substance: The stockholders of the J. Stevens Arms & Tool Co. yesterday voted to increase the
authorized capitalization from
nt( common
stock), to $1,100,000, $700,0005400.000, the
being common and $400, 00pref. Of the
o
0
common stock, $250,000 is to be issued as a presentu a a capitalstock dividend as
(a portion of) the large surplus. Of the pref.
ization of
stock. $350,000 has
been sold to Hayden, Stone & Co. to reduce the debt and provide new working capital. The capital stock has been closely held, chiefly by I. H. Page
and C• P. Pay. The late Joshua Stevens, who started the enterprise,
was a famous Inventor; who as early as 1838 was engaged In the manufacture of pistols and muzzle-loading firearms.
Trumbull Public Service Co., Trumbull Co., Ohio.—
Bonds.—Pingree, McKinney & Co., Boston, some time
ago placed at par and int., free from normal Fed. inc. tax,
$150,000 1st M.6% gold bonds, dated 1911 and due June 1
1929, but callable at 102. Int. J. & D. in Cleveland or
N. Y. Par $1,000, $500 and $100 (0). A circular shows:
—The protective committee of the Chicago & Indiana
Coal Ry. Co. First Mtge. 4% bonds, of which Ward W.
Jacobs is Chairman, announces that, inasmuch as the holders
of the defaulted obligations involved in the Chicago & East-,
ern Illinois RR. receivership have organized and are active
in the protection of their respective interests, this committee
urges upon the holders of bonds the importance of making
immediate deposit of bonds. The committee has thought it
necessary to limit the time for the deposit of bonds to Sept. 1,
beyond which date the deposit of bonds will not be accepted
by the Central Trust
epositary, without further action by the committee.Co.,dopies of the bondholders' protective agreement dated July 20 1914 may be secured in limited
numbers from the depositary. Sullivan & Cromwell are
counsel for the committee and Charles B. Sigler of 54 Wall
St. is Secretary.
Poor's Manual of Induitrials for 1914 (fifth annual number) contains 2,500 pages, being an increase of about 300
pages, with some 750 additional companies and many
new income accounts and balance sheets. These tables are
mostly in comparative form. Information is given, wherever
possible, showing whether or not bond interest is payable
without deduction of the normal U. S. income tax. An
appendix also gives late information on the railroads and
utilities, supplementing these two manuals. This volume
completes Poor's Manual for 1914. The three books together contain over 6,500 pages, embracing substantially
the entire field of corporate investment in America, aside
from banks and insurance companies.
—The United States Mortgage & Trust Co. has $11,590
for the purchase of Scranton Electric First and Refunding
Mortgage 5% bonds not to exceed 110 and int. Proposals
will be received up to Sept. 15.
[VoL. xciac.
THE CHRONICLE
614
w,ht
TonxuterciaX Times.
COMMERCIAL EPITOME.
Friday Night, Aug. 28 1914.
Naturally American trade is still adversely affected by the
great European war. Business in cotton, lumber, tobacco
and naval stores is almost suspended. Bank exchanges, of
course, show big losses as compared with last year. Collections as a rule are slow. Money is close and the foreign
exchange market is in an unsatisfactory condition. In
general, both imports and exports suffer. But wheat exports are enormous, approximating this week 9,400,000
bushels, a total which has never been exceeded but once.
Europe is buying large quantities of flour, wheat and oats in
this country. Prices of grain have risen sharply. Speculation in wheat has been rampant. Wool has been active.
At the West and Northwest trade in many commodities
has increased. At the South and the East trade is unsettled.
A plan to store cotton in warehouses and issue emergency
currency thereon is about to be carried into effect.
LARD has been quiet, with prime Western latterly quoted
10.65c.; refined for the Continent 11.10c.; South America
11.60c.; Brazil in kegs 12.60o. Futures have advanced
somewhat, partly in response to the rise in grain. Still there
has been a certain irregularity also, and at times of late
prices have weakened on lower guotations for hogs and some
general liquidation. To-day prices declined and then raffled.
DAILY CLOSING PRICES
Sat.
cts_10.17
Sept. delivery
10.32
October delivery
10.67
January delivery
OF LARD FUTURES IN CHICA00.
Wed. Thurs,
Fri.
Mon.
Tues.
10.05
10.10
10.00
10.07
9.97
10.22
10.25
10.20
10.17
10.17
10.55
10.72
10.60
10.50
10.65
COTTON.
Friday Night, Aug. 28 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
14,337 bales, against 4,795 bales last week and 8,197 bales
the previous week, making the total receipts since Sept. 1
1913 10,276,951 bales, against 9,766,480 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 510,471 bales.
Sat.
Receipts at
Mon.
Tues.
Wed.
Fri.
Thurs.
Total.
978
Galveston
Texas City
Port Arthur
Aran. Pass, arc
25
New Orleans_ _ _ _
4
Mobile
Pensacola
275
Jacksonville,&c169
Savannah
Brunswick
16
Charleston
Wilmington
Norfolk
N'port News.Stc
New York
Boston
Baltimore
-----Philadelphia
477
2.160
1,243
973
2,769
8.600
146
40
10
5
64
16
52
60
79
37
376
162
346
488
507
193
411
1
262
131
108
10
4
1.732
275
2.114
257
272
5
1,732
-MA
-56;
79
79
100
1.467
1,148
Totals this week
1
1
38
82
138
100
2.745
2.231
1.410
5i137 14.838
The following shows the week s total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
1913-14.
.
1912-13.
Stock.
PORK has been firm; mess $24 75@$25; clear $23@$25
Receipts to
This Since Sep This Since Sep
Aug. 28.
family $27@$29. Beef steady; mess $23@$24; packet
Week. 1 1913. Week. 11912.
1914.
1913.
$24@$25; family $29@$30; extra India mess $40@$45.
8,600 3,348,581 107,402 3,994.596
40.285
97,205
Cut meats steady; pickled hams, 10 to 20 lbs., 16@l7c.; Galveston
385
1,778
467,501
770 667.645
pickled bellies, 6 to 12 lbs., 163.@183.o. Butter, creamery Texas City
46,238
•
Cheese, State whole milk, colored spec- Port Arthur &c- __ __ 109,188 14,741 138,642
18,525
146,679
extras, 313@32c.
Aransas Pass,
17,321
51,702
376 1.880,516
1,744 1,436,944
New Orleans_ _
ials, 16 M@16 Vic. Eggs,fresh gathered extras, 29@30c.
176
COFFEE has advanced, partly on reports of frost in Gulfport
2,416
2,782
1,043 228,069
162 434,537
Mobile
124,899
164,055
Brazil. Primary receipts have also been light. A good deal Pensacola &a45
15,865
___
380
275
29.520
Jacksonville,
to December. It is believed that Savannah
of switching has been done
7,769
23,704
2,114 1,817,802 13,69i 1,300.767
234,334
291.500
123
it will be some time before Brazil can ship freely to the Brunswick
1,396
166 310.247
3,033
257 423,684
United States. No. 7 Rio 7 8c.,No. 4 Santos l2%@13c, Charleston
110
Georgetown
200 342,953
7,763
272 399,023
4.744
and fair to good Cucuta 13 Mol4c. In futures, though =Mgt..
5,568
5
the Exchange has remained closed, there was some unoffi- NorfolkNews,&c_ 1,732 586,008 -579 559,097 12,955
--- 117.717
151,496
N'port
15,326
-_-_
90,306
6,732
cial business early in the week at 6.85c. for September, New York_
24,995
46,222
96
21,608
3,561
4,207
366
Boston
7.15c. for December, 7.250. for March and 7.35e. for May. Baltimore
77.710
182
2,000
96.690
1,987
79
8.298
667
But later in the week December sold at 7.25c. and March Philadelphia
2.096
2.483
100
675
at 7.40c. September notices amounted to only 27,000
14 928 10276951 141.281 9.766.480 224 4kn 905 AQA
Tntnla
bags, which were promptly stopped.
SUGAR has advanced slightly; centrifugal, 96-degrees
In order that comparison may be made with other years
-degrees test, 5.37c. The receipts we give below the totals at leading ports for six seasons:
test, 6.02c.; molasses, 89
were 5,000 tons
at the six principal Cuban ports for the week
1911.
1912.
mo. I 1909.
The receipts for the entire Island were 10,000 tons,against Receipts at-1 1914. I 1913.
9,000 last week and 14,000 last year. Stocks here and in -96,364
72,448
35,676
8,600 107,402 114.938
___
Galveston
10,100
298
I • 15,511
Cuba together are 659,760 tons, against 718,257 last week TexasCity.ezc
1.543
17,939
6,528
1.744
3,110
376
granulated 7@7 c. New Orleans_
and 515,949 last year. Refined steady;
195
63
549
1,043
831
162,
Mobile
American seed, 600.; Savannah
-Linseed steady; city raw,
OILS.
1,646
13,691
4,932
23,836
2,1141
35,270
26,200
1
1,450
Calcutta 70c. Cocoanut firm; Cochin 15@l6c., Brunswick_ _.
boiled
166
266
1,320
257:
81
1,790
at $1®$1 10. Castor CharlestonAc
Ceylon 13M@140. Olive steady
61c.,
272
200
1.248
Wilmington__
344
1,781
579
176
5!
1
664
steady at 8Yi(4)8Mc. Palm in fair demand at 12c.for Lagos. Norfolk
729
1.732
N'port N.,&c.
147
at 35@36c. Cottonseed oil rather All others_ _ _ _
Cod, domestic higher
945
820
78
267
1,601
338
summer white also 7c. Corn lower at
weak; wineer 7c.,
5.95@6.10c. Spirits of turpentine 43c. Common to good Total this wk_ 14,338 141,281 118,710 178,487 86,130 81,420
strained rosin $3 75.
Since Sept,
10276951 9.766.480 11701862
PETROLEUM unchanged;refined in barrels 8.25@9.25e.,
The exports for the week ending this evening reach a total
cases 10.75@11.75o. Naphtha, 73 to
bulk 4.75@5.75°.,
50 extra. of 5,032 bales, of which 4,532 were to Great Britain,
76 degrees in 100-gallon drums, 23Mc.; drums
to France and 500 to the rest of the Continent.
Gasoline, 86 degrees, 26c.; 74 to 76 degrees, 25c.; 67 to 70
degrees, 22c. Crude prices have been firm, with quotations: Below are the exports for the week and since Sept. 11913.
Pennsylvania dark $1 45
1 45
Second sand
1 45
Tiona
1 05
Cabell
1 02
Mercer black
1 02
New Castle
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
85c.
1 28
1 06
1 01
1 01
1 02
Somerset, 32 de8r_ 85c.
Ragland
Illinois, above 30 63c.
degrees
Kansas and Okla- 02
31
homa
75c.
TOBACCO has been quiet, owing to the unsettling effects
of the war. Both manufacturers and jobbers purchase with
hesitation. Connecticut broad leaf has sold moderately to
Western buyers. The Wisconsin crop has been badly
damaged, it is said, by hail storms. Recently New York
State had a similar misfortune. Naturally, this makes
prices for binder all the firmer. Of late the Connecticut
crop has been improved by higher temperatures. Kentucky,
Virginia and Maryland crop reports are more favorable.
Richmond, Va., advices, however, state that the sun-cured
crop will be dut down 50%. Sumatra is active and firm,
owing to the war in Europe.
COPPER has been dull and without much change. Lake
2
123/0.• electrolytic 12.30c. English quotations have also
of late been somewhat easier. Earlier in the week, however,
'
larger exports to Great Britain from this country gave the
market here a temporarily firmer tone. Tin on the spot has
latterly been 39Yo., showing a sharp decline, due to larger
offerings and a smaller demand. Lead on the spot here
3.87 Mc.; spelter 6Xc., showing a further advance,accompanied by larger sales for export. Pig iron has been quiet
with No. 2 Eastern $13 50@$13 75; No. 2 Southern
$10(4)310 25 Birmingham. Export inquiry for steel is increasing but domestic trade is less active.
Week ending Aug. 28 1914.
Exported to
Exports
from
Great
ContiBritain France neat,,te Total
From Sept. 1 1913:0 Aug. 28 1914.
Exported to
Great
Britain
France
Continen:, &e.
Total
5
0 2
Galveston
5 6
2 9 8 6 ;8 9 456,842
316;888 1,4808 62,845,780
Texas City_
32,808
0.
Pt. Arthur_
38,319
187,142 817,980 1,705,898
New Orilla_ 3,243
371,881
73,997
Mobile
1
3
81 881672
48,947 1312132 164,155
Pensacola
240,990 774,742 1,245,100
Savannah
0
934
:05 155,479 268.041
5
22
Brunswick _
305,407
Charleston_
7 34
7 45
102,434 181..85 353,313
Wilm'ton_
09
55
87, 63 135.794
Norfolk
569
N'p't News
19,157 218,783 378,498
500 Less 138,558
New York_ 1,15
94,505
9,138
85,367
Boston
15,322 99,9831 173,187
57,862
Baltimore
15,604 58,906
1
130 43,302
Philadella_
318
313
P'tland, M
179,255 179,255
San Fran
76,198 20,198
Pt.Towns'd
_
500 5,032 3,435,888,1,058.8294,387,8308,882,547
Total____ 4,53
_
6,945 31.320 59,6223.619,964 987,428.4,013,657 8,621.049
Tot. '12'13 21,35
75 bale.,
-New York exports since Sept. 1 include 16,053 bales Peruvian Havreand
Note.
Brazilian, 52 bales West Indian to Liverpool; 31 bales West Indian to
22 bales West Indian to Bremen and Hamburg
1,068,987
349,058
2,066
30,148
3,243 900,788
145,819
53,996
229,368
89,608
118,943
73,024
"48,741
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
AUG. 29 1914.]
NEW YORK QUOTATIONS FOR 32 YEARS.
On Shipboard, Not Cleared for
Great
Other CoastGerAug. 28 at
- Britain.1France.1 many. Foreign wise.
New Orleans_ _
Galveston _ _ _ _
Savannah
Charleston _ _
Mobile
Norfolk
New York _ _
Other ports_ _ _
469
464
615
THE CHRONICLE
124
4.419
1,501
128
1,144
4,800
Total.
6,156
8,247
128
338
11.485
338
Total 1914_ _
124 6,386 5,944 12,967 26.354
933
Total 1913.... 21,802 26,100 28.992 10,642 3,371 90,907
Total 1912_ _ 36,173 6.511 17,854 8,023 11,542 80.103
Leaving
Stock.
45.546
32,038
7,641
1.396
2,078
1,470
90,306
17.630
198,105
114.727
205.716
1914_c____*11.00
1913
12.70
1912
11.25
1911
12.75
1910
16.90
1909
12.90
1908
9.50
1907
13.55
*Aug. 17.
1906-c
1905
1904
1903
1902
1901
1900
1899
9.90
11.35
11.20
12.75
9.00
8.50
9.62
6.25
1898_c
1897
1896
1895
1894
1893
1892
1891
5.75
8.06
8.09
8.06
6.88
7.50
7.12
8.12
1890_c
1889
1888
1887
1886
1885
1884
1883
11.12
11.50
10.75
9.81
9.25
10.31
10.88
10.12
FUTURES.
-There have been no transactions in cotton
for future delivery on the New York Cotton Exchange this
week.
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evennig.
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.
Speculation in cotton for future delivery has still been
suspended, owing to the fact that the world's cotton exchanges have remained closed. An important development
during the week has been the announcement from Washington that the Treasury Department would accept warehouse
receipts as collateral for the issuance of emergency currency
to the banks to the amount of 75% of the cash value of such
August 281914.
1913.
1912.
1911
.
Warehouse receipts. This is expected to give a decided im- Stock at Liverpool
bales. 890,000 573.000 600,000 443.000
Stock at
12,000
5.000
5,000
11,000
pulse to the creation of warehouses throughout the South, Stock at London
Manchester
27.000
65,000
73,000
26,000
where cotton can be stored, and certificates issued to the
Total Great Britain
farmer, thereby enabling him to hold his cotton for a time
960.000 604,000 684,000 482,000
Stock
Hamburg
14,000
*29,000
10,000
17,000
and not sacrifice it at needlessly low prices. This is regarded Stock at Bremen
at
28,000
*240,000 105.000 213.000
as one of the most important steps looking to a resumption Stock at Havre
56,000 "
230,000
82.000 100.000
2.000
4,000
2,000
3.000
of cotton business in this country. What price will be fixed Stock at Marseilles
Stock at Barcelona
17.000
*24,000
16.000
15.000
in the present unsettled state of affairs on which to base the Stock at Genoa
16.000
21,000
9,000
14.000
loans remains to be seen. Some want the Government to Stock at Trieste
7.000
*40,000
10.000
17.000
name a price and thus start things. Others think that the
Total Continental stocks
589.000 248.000 365,000 140,000
banks themselves can determine this question as well as in
Total European
1,549.000 852,000 1,049.000 622.000
ordinary times. Meantime, however, mills refuse to buy India cotton afloatstocks
for Europe
33,000
67,000
89.000
at all freely and sales of "distress cotton" in the interior of Amer. cotton afloat for Europe_ 170,000 92,850 113,059 170.656
23,773
Egypt,Brazil,&c.,afit.for Europe 19,000
21.000
31,000
32,000
Texas are reported at 7 to 7Wic., said to be on the basis of Stock in Alexandria, Egypt
32.000 • 42.000
65.000
*88,000
middling. At Augusta, Ga. a merely nomAnal price for new Stock in Bombay, India
686,000 594,000 454.000 426.000
Here in New York there Stock in U. S. ports
224,459 205,634 284.819 196.898
middling has latterly been
Stock in U. S.interior
102,226
93,881
116,469 109,328
has been some business, but the New York Cotton Exchange U. S. exports to-day towns
52,947
826
10,497
described prices as nominal and has not made any quotahas
Total visible supply
2,876,701 2,050,309 2.126.585 1.662.727
during the week. In Liverpool middling has been !voted
tion
Of the above, totals of American and other descriptions are as follows:
American
-Feb. at 5.90d., with a moderate business in
at 6.20d. and Jan.
bales.. 602,000 376.000 472.000 259,000
actual cotton, coincident with very moderate imports. Liverpool stock
the
Mane ester stock
16,000
56.000
15,000
•
,000
Continental stock
94.000
*450.000 203,000 336.000
A very important question which it is hoped will be settled American afloat for
23,773 .92,850 113,059 170.656
the coming week relates to the Liverpool straddles. U. B. port stocks Europe
during
224,459 205.634 285.819 196,898
It is understood that there is considerable feeling here in U. S. interior stocks
93.881 102,226
116.469 109,328
52,947
826
10,497
regard to this matter, and that there will be very strong U. S. exports to-day
objections to settling the straddle at anything under 10.75c.
Total American
1.462.701 1,012.309 1.357.585 891,727
East Indian,
for December. That was the closing price at 11:16 a. in. Liverpool stockBrazil,.c.288,000 197,000 128.000 184,000
on July 31, when the session of the Exchange was abruptly London stock
5,000
12,000
11,000
5,000
Manchester stock
11,000
17,000
11.000
19,000
ended by the European war,&c. New York and other Amer- Continental stock
45.000
*139,000
46,000
29,000
ican cotton interests have recently refused to margin down India afloat for Europe
33,000
67,000
89,000
170.000
-Feb. Egypt, Brazil, &c., afloat
21.000
31.000
32,000
transactions in Liverpool to the basis of 5.90d. for Jan.
19.000
Alexandria, Egypt
42.000
32,000
65.000
*88,000
Several members of the Liverpool Exchange are expected Stock in Bombay, India
686,000 594,000 454.000 422.000
Stock in
here on Sunday and the question of settling the matter will be
1,414,000 1,038,000 769,000 771.000
Total East India,&c
taken up at once. With the warehouse project likely to be
1,462,701 1,012.309 1.357.585 891.727
Total American
in working order before long, for at least a beginning at any
2,876,701 2,050.309 2,126,585 1.662,727
Total visible supply
out of the way, two big Middling Upland,Liverpool
rate, and with Liverpool straddles
7.008.
6.40d.
6.95d.
6.20d.
12.50c.
11.254. 11.754.
611.00c.
strides will have been taken towards re-opening the cotton Middling Upland. New York
8.75d. 10.254. 10 5-164. 10 5-16d.
sentiment in favor of Egypt, Good Brown, Liverpool
exchanges of the world. There is a
8.60d.
108.
10.40d.
Good,Liverpool 8.75d.
6Md.
6 Md. 6 346d.
confining transactions at first, on the re-opening of the Peruvian, Rough
5,60d.
Broach, Pine, Liverpool
6Md.
6Ad.
5.554. 6 5-16d.
abandoning the old contract Tinnecelly, Good, Liverpool
Exchange, to the new contract,
*Estimated.
a August 17.
complaints of too
altogether. Meantime there are some
Continental imports for past week have been 12,000 bales.
much rain in Mississippi and Louisiana, as well
The above figures for 1914 show a decrease from last week
as Alabama and Arkansas, and some damage is
reported through lowering the grade and the ravages of army of 87,001 bales, a gain of 826,392 bales over 1913, an excess
worms and boll weevil. Secretary McAdoo has laid the of 750,116 bales over 1912 and a gain of 1,213,974 bales
cotton plan before the banks. He will accept warehouse re- over 1911.
ceipts at 75% of their cash value, and he believes that farmers
-thatis,the
AT THE
can pick and market the crop if bankers, merchants and receipts forINTERIOR TOWNS the movement
1, the shipments for
the
manufacturers will co-operate. He adds that emergency the week and theweek and since Sept.the same items for the
stocks to-night, and
currency issued under the plan must not be used for speculative purposes. To-day Liverpool imported 7,000 bales corresponding period of the previous year-is set out in
and sold 3,100 bales, including 3,000 American, with prices detail below.
unchanged. It was rumored that cotton in Texas was being
Movement to Aug. 29 1913
Movement to Aug. 28 1914
offered at around 7 cents or below. The big question of
Towns
Ship- Stocks
Receipts
Receipts
Ship- Stocks
the New York-Liverpool straddles will engage the attention
ments Aug
',tents Aug
of the trade during the coming week. Three committees
29
Week
Week
Season
Season
Week
Week
28
from Liverpool, New York and New Orleans exchanges,
145 1,007
258
21,698
292
22,776
1,037
will confer with regard to this matter. The Liv- Ala.,Eufaula__
Montgomery _
960 157,788
1,934 160,906 1,807 3,820
189 3,801
Selma
erpool committee consists of William E. Whineray of Ze
507 127,002
50 1,141
1,373 121
"3
____
41:2
13
5 65,817
53 1,008
rega & Co.and James Arthur Smith of Smith, Edwards & Co. Ark., Helena_
-iii 5,262
3
Little Rock
92 190,054
212 5,467
20 181.807
who are expected to arrive on the Olympic to-morrow. Ga.. Albany__ _
611
900
700
800 25,344
28,462
20 1,919
527
200
107,388
118,576 1,000 2,062
Thomas W. Cooke may come later. The New York com- Athens
Atlanta
--ii 165,493 400 '289
3 232,571
155
772
mittee consists of Edward M. Weld, of S. M. Weld & Co., Augusta
1,101 376,628 1,013 9,572 1,689 340,994 1,989 5.861
4,041
75,501
85
100 81,395
125
225 1,557
Henry Schaefer, of S. Gruner & Co., and R. C. Cairns, of Columbus_ _ _ _
740
36,851
442
Macon
44 44,547
85
22
Gwathmey & Co. The New Orleans committee, which has Rome
250 2,680
83 52,212 1,825 1,759
61
58,580
182 141,427 1,735 1,647
194,885
3,534
arrived here, consists of I. E. Glenny, of I. E. Glenny & Co., La..Shreveport
113
____
27.652
38,231
176
-- _ John F. Clark, of Hayward & Clark, and Maurice Stern, or Miss.,Columb's
99
25
46
4 85,998
628
28 49,362
Greenville ___
700
200
_
142,295
169 1,456
---_ 110,137
Maurice Stern & Co. It is said that the first conference Greenwood_ _ _
97
4
353 1:50
5258
5 ; 07
15 231
91
Meridian ____ ---- 135,210
256 1,402
will be held to-morrow or on Monday. Tenders on Septem- Natchez
---12; 1,013
39
19,745
- __ _
5745
__ __
ber contracts will be permitted here on Monday, Aug. 31.
50
598
Vicksburg
12
34,365
39 22321
2:515
2
-ii
40,794
1,111
Yazoo
The rates on and off middling,as established Nov.19 1913* Mo.,St.City
926 14,178 2,099 575.275 2,646 6,052
754 578,334
Louis_
17
2
11,731
35
19
by the Revision Committee, at which grades other than N.C.,Raleigh.
14,973
256,829 1,406 12,661 1,454 240,003 4,05 :1,758
0., Cincinnati_ 1,
middling may be delivered on contract, are as follows:
____
30,200
37,135
Okla., Hugo
Fair
c 1.75 on
Even
1,11;
Middling
c Basis
Strict mid. fair_ __LSO on Strict low middling.0.50 off
1 30 on Low middling
Middling fair
1.25 off
Strict good mid_ _ _ _0.90 on Strict good ord
2.00 off
Good middling_ _ ..0.65 on Good ordlnary30O off
on
Strict middling_ _ _0.32 on Strict g'd mid.iing-.0:45
* Reaffirme 1 Feb. 4 1914.
Good mid. tInged_c
Strict mid. tinged _0.20 off
Middling tinged_ _ _O 40 off
Strict low mid. Ong 1.25 off
f
_3..00 of
1 25 ff
Lordibig ti
1, d mid.
i
tangineded
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 22 to Aug. 28Middling uplands
Sat.
Mon. Tues. Wel,. Thurs. Fri.
S.C.,Greenw'd_
Tenn.,Memphis
Nashville ____
14
13,512
4411,129,339
10,988
14
567
971 14,764
130
755
26
98
329
"iii5
__
2:500
21,445
821,041
____
406
1,7491 11,104
43 83
24:,855 2.255 1,000
75 8
2
3
41
53
312 4 :772
19 106
8
1 100,520
1,138 134,569
-125i
33 202
Honey Grove_
Houston
21,2782,800,053 17,402 37,064 99,17i 3,416:i35L8,0±1i 33 6_3_2
.
3 9 -_
4
0
7
1
Paris
_ ... __ _1 114,944
151
' ---r-- - 1
-, ---L--.
Total 33 town* 27.7077,253,426 24.557115.459 113.4*77.381.253120,n21103.328
Tex kliirinham
Diajt sv le
Ca a
L
616
TH
CHRONICLE
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The resultsfor the
week and since Sept. 1 in the last two years are as follows:
[VOL. xcix.
six hundredths. The thermometer has ranged from 66 to
90, averaging 83.
-We have had rain on six days during the
Eldorado, Ark.
week,the rainfall being one inch and seventy-five hundredths.
Average thermometer 81, highest 93, lowest 70.
----1913-14-------1912-13----We have had rain on five days of the
Fort Smith, Ark.
Since
Week. sepin .
S .fe
Aug. 28.
Week. Sept.l.
Shippedpast week, the rainfall reaching two inches and one hun926 570,344
2,646 573,190 dredth. The thermometer has averaged 82, the highest
Via St. Louis
143 406,786
b278 b299,132
Via Cairo
6.74821,822 being 98 and the lowest 66.
Via Rock Island
270 123,371
Via Louisville
-It has rained on three days during the
Little Rock, Ark.
92 117.907
-ilt 1R1: 2
7
Via Cincinnati
5
298 164,717
598 147.676 week, the precipitation reaching two inches and seventy-eight
Via Virginia points
2,046 342,296
203 385,764 hundredths. The thermometer has averaged 80, ranging
Via other routes,&c
3,775 1,732,169
4,805 1,655,856 from 68 to 92.
Total gross overland
Deduct Shipments
-We have had rain on four days during
Columbus, Miss.
Overland to N.Y..Boston, drc_ __ 545 127,126
945 147,556
1.749 186.374
Between interior towns
129 126,265 the week, the precipitation reaching five inches and sixty-five
3,410 179.279
Inland,&c.,from South
804 112,623 hundredths. The thermometer has ranged from 70 to 97,
5,704 492,779
Total to be deducted
1.878 386.448 averaging 84.
-Rain has fallen on four days during the
Greenwood, Miss.
z1,929 1,239,390
Leaving total net overland*
2,927 1,269,408
week, and the precipitation has been one inch and sixteen
* Including movement by rail to Canada. b Revised.
hundredths. Average thermometer 81, highest 93 and lowz Deductions greater than overland.
The foregoing shows the week's net overland movement est 70.
-The week's rainfall has been one inch
Vicksburg, Miss.
has been ____ bales, against 2,927 bales for the week last
year, and that for the season to date the aggregate net over- and twelve hundredths, on four days. The thermometer
has averaged 80, the highest being 90 and the lowest 71.
I nd exhibits a decrease from a year ago of 30,018 bales.
-1913-14-----.- -----1912-13
Alexandria, La.
-There has been rain on four days of the
Sight and Spinners'
In
Since
Since week, the precipitation reaching one inch and ninety-six
Week.
Takings.
Sept. 1.
Week.
Sept. 1.
14,338 10,276.951 141.281 9,76.4886 hundredths. The thermometer has averaged 80, ranging
Receipts at ports to Aug. 28
z1.929 1.239,390
Net overland to Aug.28
2,927 1,269,400 from 67 to 92.
South'n consumption to Aug.28... 54,000 3,073.000
59,000 2.972,000
New Orleans, La.
-Rain has fallen on four days during the
Total marketed
66,409 14,589,341 203,208 14,007,888 week, the rainfall being two inches and two hundredths.
3,050
Interior stocks in excess
1.955
*6.964
12,292 The thermometer has ranged from 72 to 90, averaging 81.
Came into sight during week_
69,459 15 - .5.5e 196,244
4:- 19
-The week's rainfall has been seventy hunShreveport, La.
Total in sight Aug.28
14,020,180 dredths of an inch, on five days. Average thermometer80,
spinn's takings to Aug.28 5,660 2,725,302
North'n
18,503 2.580,240 highest 90, lowest 70.
-There has been rain on one day during
Livingston, Ala.
* Decrease during week.
the week, the rainfall being seventy-three hundredths of an
Movement into sight in previous years:
inch. The thermometer has averaged 84, the highest being
Bales. Since Sept. 1WeekBales.
lowest 70.
179,341 1911-12
-Aug. 30
1912
--Aug. 30
15,903,366 97 and the
202,418 1910
-11-Sept. 1
1911-Sept. 9
-Picking is progressing satisfactorily, but
Mobile, Ala.
-Sept. 2
118.173 1909 -Sept. 2
-10
1910
much baled cotton is being held on plantations. Too much
136,030 1908-09
1909
-Sept. 3
-Sept. 3
rain on four days the
localities.
QUOTATIONS FOR MIDDLING COTTON AT rain in some the rainfallThere has been inch and ninety-one
reaching one
past week,
-The markets being practically all
OTHER MARKETS.
The thermometex has averaged 81, ranging
closed, no quotations are obtainable, except for Augusta hundredths.
from 71 to 89.
which are 834c. for middling uplands new cotton. Reports
-Rain has fallen on one day of the week,
Montgomery, Ala.
on Thursday indicated that fully middling was being offered
the rainfall being forty-seven hundredths of an inch. The
at 7Yo. in the interior of Texas.
thermometer has ranged from 71 to 92, averaging 81.
-Rain has fallen on four days of the week, the
NEW ORLEANS CONTRACT MARKET.
Selma, Ala.
-There have
been no dealings at New Orleans this past week.
rainfall being twenty hundredths of an inch. Average thermometer 80, highest 89, lowest 70.
WEATHER REPORTS BY TELEGRAPH.
-Our tel-e
-We have had rain on three days during the
Madison, Fla.
graphic reports from the South this evening indicate that week, the precipitation being one inch and fifty-five hunrain has been general during the week and in a few localities dredths. The thermometer has averaged 81, the highest
has been rather in excess. Temperature on the whole very being 91 and the lowest 73.
-We have had rain on four days during
Tallahassee, Fla.
favorable. From Texas we are advised that worms are
one inch and fifty-five hundredths.
causing damage. The gathering of the crop is progressing the week, to the extent of
70
The thermometer has averaged 81, ranging fromof to 93.
rapidly in earlier sections and is getting under way elsewhere,
the week,
Albany, Ga.-Rain has fallen on three days
but much cotton is being held on plantations.
the rainfall being one inch and seventy-four hundredths.
Galveston, Tex.
-Precipitation has occurred daily in dif- The thermometer has ranged from 70 to 95, averaging 83.
-Rain has fallen on five days during the
ferent sections, but as a rule has been light. TemperaPalestine, Tex.
tures have been more favorable. Worms are doing con- week, and the precipitation has been sixty-seven hundredths
siderable damage. The early movement this year is the of an inch. Average thermometer 92, highest 84 and lowest
smallest since 1903. This week's rainfall has been one inch 76.
and ten hundredths, on four days. Average thermometer
-There has been rain on four days of the week,
Paris, Tex.
82, highest 88 and lowest 76.
one inch and sixty-six hundredths. The
to the extent of averaged 82, the
Abilene, Tex.
highest being 98 and the
-There has been rain on four days of the thermometer has
week, to the extent of two inches and eight-four hundredths. asstan
Minimum thermometer 68.
-There has been rain on one day the
lowest66tonio, Tex.
An
Brenham, Tex.
-There has been rain on one day of the
week, the rainfall reaching thirty-six hundredths of an
week, the precipitation reaching forty hundredths of an inch. inch. The thermometer has averaged 84, ranging from 74
The thermometer has averaged 83, ranging from 74 to 92.
-Rain has fallen lightly on two days of the to Taylor, Tex.
Cuero, Tex.
-We have had rain on three days during the
94.
week, the rainfall being twelve hundredths of an inch. The week, the rainfall being one inch and twenty hundredths.
thermometer has ranged from 72 to 96, averaging 84.
- 7
eteT 0.
r
Minimum thermometer he
Dallas, Tex.
-This week's rainfall has been three inches Min
Tex.-The week's rainfall has been three
W
and eighteen hundredths, on three days. Average ther- inches and sixteen hundredths, on three days. Average
mometer 77, highest 88, and lowest 66.
thermometer 78, highest 90, lowest 66.
Henrietta, Tex.
-There has been rain on three days during
-The week's rainfall has been two inches
Ardmore, Okla.
the week, the rainfall being three inches and ten hundredths. and ninety-three hundredths, on five days. The thermomeThe thermometer has averaged 80, the highest being 94 ter has averaged 82, the highest being 98 and the lowest 65.
and the lowest 66.
-We have had rain on four days during
Holdenville, Okla.
Huntsville, Tex.
-There has been rain on five days of the the week, to the extent of three inches and sixteen hunweek, the precipitation reaching one inch and ninety-four dredths. The thermometer has averaged 84, ranging from
hundredths. The thermometer has averaged 81, ranging 68 to 100.
from 70 to 92.
-Rain has fallen on four days during the
Marlow, Okla.
-We have had no rain during the week. week, the rainfall being two inches and seventy-two hunKerrville, Tex.
The thermometer has ranged from GS to 94, averaging 81.
dredths. The thermometer has ranged from 65 to 97, aver-The week's rainfall has been four hun- aging 81.
Lampasas, Tex.
dredths of an inch, on one day. Average thermometer 81,
Augusta, Ga.-Rain has fallen on three days during the
hghest 92, lowest 70.
week, and the precipitation has been thirteen hundredths of
-The week's rainfall has been two inches an inch. Average thermometer 82, highest 93 and lowLongview, Tex.
and seventy-eight hundredths,on four days. The thermome- est 70.
terhas averaged 80, the highest being 92 and the lowest 68.
Savannah, Ga.-The week's rainfall has been one inch and
-It has rained on one day during the week, eight hundredths, on three days. The thermometer has
Luling, Tex.
the precipitation reaching four hundredths of an mch. The averaged 83, the highest being 94 and the lowest 69.
thermometer has averaged 83, ranging from 72 to 94.
-We have had rain on three days during
Charleston, N. C.
-We have had rain on three days dur- the week, to the extent of one inch and eighteen hundredths,
Nacogdoches, Tex.
ing the week,the precipitaiton reaching two inches and thirty- The thermometer has averaged 86, ranging from 76 to 95.
-.
Greenville, S. C.
-Rain has fallen on three days during the
week, the rainfall being two inches and fifty hundredths.
The thermometer has ranged from 68 to 92, averaging 80.
'Spartanburg, S. C.
-The week's rainfall has been forty-five
hundredths of an inch on two days. Average thermometer
81, highest 95, lowest 68.
Charlotte, N. C.
-There has been rain on four days during
the.week,the rainfall being ninety-one hundredths of an inch.
The thermometer has averaged 80, the highest being 92
and the lowest 69.
Goldsboro, N. C.
-There has been rain on four days of the
week, the precipitation reaching three inches and fifty-six
hundredths. The thermometer has averaged 81, ranging
from 67 to 96.
Weldon, N. C.
-Rain has fallen on two days during the
.
week, the rainfall being twelve hundredths of an inch. The
thermometer has ranged from 65 to 94, averaging 80.
-We have had rain on three days during
Dyersburg, Tenn.
the week, the rainfall being one inch and sixty-eight hundredths. Average thermometer 83, highest 95, lowest 71,
-We have had rain on three days during
Milan, Tenn.
the week, the precipitation being two inches and eighty-four
hundredths. The thermometer has averaged 83, the highest
being 94 and the lowest 72.
-We have had rain on two days during
Memphis, Tenn.
the week to the extent of one inch and sixty-eight hundredths.
The thermometer has averaged 82, ranging from 71 to 92.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Aug. 28 1914. Aug. 29 1913.
4.6
5.0
7.8
5.0
7.4
11.9
*9.3
1.6
5.5
3.9
* Below.
-The followRECEIPTS FROM THE PLANTATIONS.
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
orop which finally reaches the market through the outports.
Receipts at Ports.
Week
ending.
July
"
"
"
Aug
"
"
"
1914.
1913.
617
THE CHRONICLE
AUG. 29 1914.]
1912.
Stock at Interior Towns. Receipts from Plantations
1914.
1913.
1912.
1914.
1913.
1912.
24.319 21.448 13,080 158.507 192,537 136.640 8,174 4,557 5,505
20,222 20.061 11,670 144,499 173,609 120,208 6.214 1,133
2,448 2.775
13,096 18.042 12,478 129,729 158,015 110,503
18,354 14.527 8,277 120,139 143,458 98.904 6,764
998 4,193 5,507
5,891 18,639 9,579 115,246 131,012 94,832
17 8.197 24,915 21,959 113,751 123,129 93,172 6.702 17,112 20,299
4
21 4,795 66,01 71,598 113,419 116,292 89,893 4,463 59,174 68,319
28 14,338 141,281 118,710 116,469 109,328 93,881 17,388 134,217 122,698
10
17
24
31
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
-We give below a statement showing the exports
of domestic cotton manufactures for June and for the twelve
months ended June 30 1914, and, for purposes of comparison, like figures for the corresponding periods of the previous
year are also presented:
Month ending June 30. 12 Mos.end no June 30.
Manufactures of Cotton
Exported.
1914.
1913.
1913-14.
1912-13.
Piece goods
yards 31,873,331 40,845,452 414.860,113 444,729,241
Piece goods
value $2,240,974 $2,806,773 $28,844,627 $30,668,234
Clothing, &e.-KnIt goods_ _ _value
231,970
279,121 2,646,822 2,613,606
Clothing, dm.
-All other
value
782,344
754,406 8,220.626 8,445,377
Waste cottonvalue
371,560 4.568,769 4,449,481
390,195
Yarn
718,423
716,036
value
44,639
64,578
All other
value
557,040
482,584 8,572,353 6,848,656
Total manufactures of
value $4,227,162 34.759,022 351.467.233 $53,743,977
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are 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
on same days.
Spot Market
Closed.
Saturday__ _
Monday _ - _
Tuesday _- _
Wednesday_
Thursday _ _
Friday
Total-
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
Futures
Market
Closed.
SALES.
Spot. Contect Total.
500
500
500
500
1,000
1.000
COTTON WAREHOUSES, FINANCING, &C.
-Reference to these matters will be founkin our editorial section
under,"Incidents of the Situation."
COTTON-MILL SITUATION OF -PRANCE.-With the
cotton-manufacturingl district largely in the war zone, the
following cablegram received at Washington from Consul
General A. M.Thaekara, Paris, is of much interest.
French cotton textile industry
Vosges districts around Lille, (7,400.000 spindles) is chiefly located In
a smaller extent, in Normandy.
Vosges factories have already and, to ceased
largely
working: Epinal stopped
immediately; similar action in other Large fortified cotton-manufacturing
cities. Work in non-fortified towns and
villages Is seriously affected for In
Vosges and Eastern France only 25% of
crease is probable and resumption of work spindles running. Further detion of peace. In districts along Belgian fn doubtful until after declaratowns Is less completely stopped than in frontier work In large fortified
of German army via Belgium would resultVosges, but successful advances
in
In fortified towns. Actually,cotton textile similar action and conditions
industry in northeastern districts is operating about half
-producing capacity. Most of the output is
for the army.
Most Roubaix district mills are running half, owing
to lack of workmen,
raw materials and money. Output is already less
than half, with prospect
during the war of quarter normal reduction resuming.
French cotton
textile production is now 25 to 35
capacity, with prospects of further
reduction and complete stoppage
war is prolonged. Improved conditions are unlikely within six months, therefore prolonged
reduction of
European consumption of raw cotton is probable.
-That the total receipts
The above statement shows: 1.
from the plantations since Sept. 1 1913 are 10,278,906 bales;
In 1912-13 were 9,778,672 bales; in 1911-12 were 11,695,306.
That although the receipts at the outports the past week were
LICENSING
-The
14,338 bales, the actual movement from plantations was Senate passed onCOTTON'WAREHOUSES," &C.
Monday the bill
17,388 bales the balance being taken from stocks at interior Georgia licensing cotton warehouses of Senator Smith of
and providing for cotton
'
towns. Last year receipts from the plantations for the week warehouse receipts.
were 134,217 bales and for 1912 they were 122,698 bales.
LEVER COTTON-GRADES BILL.
-The Lever Cotton
-Our Annual Cotton Crop Grades Bill, a proposed
COTTON CROP CIRCULAR.
measure for the relief of the cotton
about Thursday, industry
Review will be ready in circular form
in the European war emergency, was favorably
Sept. 10. Parties desiring the circular in quantities, with reported to ,he House August 27
by the Agricultural Comtheir business card printed thereon, should send in their mittee. It provides for a
Federal system of standard grades
orders as soon as possible, to secure early delivery.
of cotton to be fixed by the Department of Agriculture and
NEW ORLEANS COTTON EXCHANGE.-Basis for for the licensing of inspectors.
Transferring Options.
-The following telegram was received or WORLD'S SUPPLY- by Mr. E. K. Cone, President of the New York Cotten Ex- The following brief but AND TAKINGS OF COTTON.
comprehensive statement indicates
change, from the New Orleans Cotton Exchange: Com- at a glance the world's supply
of cotton for the week and
mittee here recommends transfer all months to January on since
following basis: September, 32 off; October, 24 off; Decem- whichSept. 1 for the last two seasons, from all sources from
statistics are
ber,8 off; January, even; March, 14 on; May,21 on; July. gone out of sight, obtainable; also the takings, or amounts
for the like period.
28 on. No commission should be chwed for such transfer,
but the usual commission must be charged when closing
Cotton Takings,
1913-14.
1912-13.
contracts."
I
Week and Season.
Week.
Season. 1 Week. 1 Season.
COTTON WAREHOUSES IN TEXAS.
,
-Two measures Visible supply Aug.
2 963.772
2.006.F;33
.
to provide means for storing and financing the 1914 cotton Visible supply Sept. 21
1
2.0- 1.iii I
5
i.-1-3-5-. g8
crop until the market situation clears were introduced in the American in sight to Aug. 28... 09.459 14.591.296 196.244 14.020.180
Bombay receipts to Aug. 27....
6.e0e 2.708.001
Douse at a special session of the Texas Legislature w Inv!' Other India shi,,Is to t ug. 27._ 1,7.0#41 3.746.000
925.0001
convened August 24. One bill is designed to afford imnledi- Alexandria receipts to Aug. 26 _. 11.000 i.B16.0001 95.700 (ien.eso
bt synn
1.s00 905.800
Other supply to Aug.26 *
3.000
367.0001
9.000
355.000
ate relief by placing warehouses under State supervision
and the other provides for establishment of bonded war.
Total fripply
.055,231 22.700,647,2.325.077 20.814.465
Deducthouses.. Both bills were referred to committees, who will Visible :empty Aug. 28
I
0
.876.701 2.876.701 2.050.309 2.050,309
confer with planters and bankers on the measures.
Total takings to Aug. 28a
178.530 19.823,9461 274.768 18.764.156
Of which American
COTTON MANUFACTURING OUTLOOK IN GREAT
119.530 14,170.946 169.768,14.373,356
Of which other
59.000 5,653,000 105,0001 4.390.800
BIUTAIN.-yiew of Sir Charles Macara.-Sir Charles
Miteara, President of the International Federation of Master
• Embraces receipts in Europe from Brazil, Smyrna, West Relies, de.
a This
Cotton Spinners' and Manufacturers Associations, speaking 3,073,000total embraces the tote estimated consumption by loutt-t ril it ills,
'
baits in 1913-14 and 2,972,000
ys r t
of the probable effect of the war on the cotton trade, is being available-and the aggregate amountsbales in 1912-1'-tti.ir foreli n
taken by Noridarn
spinners. 10 751.946 bales in 1913-14 and 15,792.156 bales in at.d
quoted as saying:
1912-13 of
which 11.(.97
If the British Government can guarantee to keep open the trade routes.
particularly those to India. China and North and gouth America. there Is
no reason why, with the financial ammgementa ,o much improved as the
rasult of the Government's support to the Bank of England. we should
1104 resume a considerable portion of our trade. sufficient at least to keep
the mills running on half time to their normal capacity. The fine cotton
yarn spinners may run longer, because tho production of such yarns Is
slower and more easily handled.
916 bales and 11.401.356 bales American.
b Esti m ated
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
unchanged; that is, it continues quiet for both yarns and
shirtings, with prices nominal.
THE CHRONICLE
618
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 5,032 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
-Finland, 182 Peruvian___
-Aug. 22
-To Liverpool
NEW YORK
-Baltic, 977 Peruvian
1,159
Aug. 27
-Italia, 500
51:10
To Genoa-Aug. 26
-To Liverpool-Aug.21-Mechanician, 3,145
NEW ORLEANS
-Centurion. 98
Aug. 26
3,243
-Aug. 14
PHILADELPHIA-To Manchester
-Manchester Mari130
ner, 130
Total
5.032
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
New Orleans
Philadelphia
Great French Ger- -Oth.Burope- Mez.,
Britain. Ports. man. North. South.
&c. Jaan. Total.
1,159 ------------500 --------1,659
3,243 ------------------------3,243
_
130 ------------------------ 130
Total
The exports to Japan since Sept. 1 have been 251,255 bales
from Pacific ports, 32,670 bales from Galveston, 34,550
bales from Savannah and 10,550 bales from Mobile, 3,000
bales from Wilmington and 5,872 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
LIVERPOOL.
-By cable from Liverpool 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
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Aug.7. Aug. 14. Aug.21. Aug.28.
7,000
3.000
4,000
11.000
200
300
2.000
5,000
2,000
3,000
10,000
3,000
2,000
8,000
24,000
17,000
14,000
31,000
874,000 008,000 910,000 890,000
612,000 625.000 618.000 602,000
45,000
53,000
17.000
19,000
14,000
28,000
4,000
6,000
52,000
37,000
33,000
37,000
21.000
5,000
2,000
12,000
Dealings in spot cotton during the week have been as
follows:
Spot.
Saturday.
Monday.
Sales
Tuesday. Wednesday. Thursday.
Friday.
6.20
6.20
6.20
6.20
6.20
*2,900
1,600
3,300
2,000
3,100
6.20
•Saturday and Monday.
BREADSTUFF'S.
Friday Night, August 27 1914.
Flour has advanced sharply on a better demand, coincident with a big rise in the price of wheat. The war is
the dominant factor. In a single day prices advanced here
25 to 35 cents per barrel. Spring patents are $2 a barrel
higher than they were six weeks ago. Southwestern mills
have been offering on a very small scale. In some cases
they have offered 50 cents a barrel profit to the buyer to be
released from recent contracts. Export trade has shown a
noteworthy increase. The sales to Europe in the near
fut'ure are expected to be much larger. The domestic
demand has also been keener. An active trade is taking
place. Latterly, foreign business has been temporarily
chocked to some extent by the rapidity of the advance in
prices but the check is believed to be only for a time. The
general idea is that Europe will have to buy large quantities
at high prices. The advance in flour has been so rapid
that some of the newspapers have begun talk about the
possibility of some restriction being put upon the exports
of breadstuffs from this country. The theory is that flour
may go t,o $10 a barrel, as several European governments
are inquiring for supplies in this country. Nothing has yet
been done and it may be that nothing may be done in regard
to this embargo suggestion. But it is, perhaps, significant
that such an idea should have even been hinted at in the
public press.
Wheat has advanced by leaps and bounds, rising 5 to 8
cents in one day, i. e., last Wednesday. In one month it
has risen 25 to 27 cents. The rapid rise is attracting wide
attention in this country outside of the grain trade itself.
It may become a question for general consideration. If the
price goes to an exhorbitant level there may be talk of an
export embargo. There is no immediate prospect of anything of the kind. Lord Kitchener made a speech m the
House of Lords last Tuesday which was taken in Chicago
to mean that the war in his opinion might last three years.
Whether Lord Kitchener's speech could propertly be so
interpreted, the effect in Chicago was none the less
marked. Some months advanced 8 cents. The wheat
trade of this country has rarely seen more excited days.
[VoL. xc Tx.
The defeat of the French was taken to mean a prolongation
of the war, and therefore all the greater need of supplies,
and of itself tended to advance prices. Exporters have been
steady buyers of 200,000 to 500,000 bushels a day.
The week's statistics have been bullish. There was a decrease in the American available supply last week of 2,486,000 bushels, against a decrease in the same time last year of
only 276,000 bushels. The world's supply decreased 2,686,000 bushels, in sharp contrast with an increase in the same
week last year of 2,124,000 bushels. The world's wheat
stock is now put at 107,689,000 bushels, against 125,179,000
a year ago and 98,570,000 at this time in 1912. The stocks
of European wheat are put at 56,400,000 bushels, against
67,500,000 a year ago and 63,500,000 at this time in 1912.
An official appeal has been made to the British Government
relative to the scarcity of food supplies as a result of the
discontinuance of the carrying service to Holland ports.
Of the total importation into Holland last year of wheat,
92,328,000 bushels, Germany took 71,736,000 bushels. The
crop of Holland last year amounted to 4,400,000 bushels. Needless to say, European markets have been
rapidly advancing also. From Russia come reports that
winter wheat was severely damaged by rain during harvest,
and estimates on the yield of spring wheat in that country
are fully 30% under those of last year. Russia advices add
that even should there be a surplus for export the quantity
will be smaller than usual, owing to the severe loss in the crop
and the extra demand for feeding its armies. In France
wheat has mostly been harvested where it could be got at,
but a large area has been destroyed by the movement of the
'troops. Russian armies, according to some English wheat
authorities, are expected to appropriate the grain crops of
Prussia, which is the granary of the German Empire, if the
Russians continue their advance westward through Germany. Even if the Russian army retires, it is believed
that they would, in accordance with usual military practice,
fire and otherwise destroy all the enemy's foodLiverpool that
in
argued
is
also
stuffs. It
although prices are advancing, they are, even at the present
level, not remarkably high as compared with prices which prevailed during former wars which were kept within a much
smaller area of Europe than the present one. In this country there is widespread impression that the United States
will be called upon to supply a very large quantity of wheat
and flour to Europe. Argentina is shipping very little wheat.
In South Australia the crop outlook is unfavorable. The visible supply is light there and equal to only about 3,900,000
bushels in New South Wales. What is more, this is mostly
owned by millers, thus reducing the amount vaailable for
export to a very small quantity. In India offerings are
light and prices very strong. At the Northwest, last Tuesday, prices ran up 4% cents in about as many minutes
on big buying by millers, supposedly against corof
flour
sales
to
large
Europe.
respondingly
Italy alone will require at least 40,000,000 bushels, and in
the meantime reports are persistent that Italy is likely to
be drawn into the war. Already Italy is buying wheat,flour
and oats in the United States at rising prices. The Missouri
Kansas & Texas RR. and also the Texas & Pacific have
removed the embargo against export shipments of grain to
Galveston, and the congestion at Galvestion and New Orleans
is being rapidly relieved. Rumors of Italian mobilization
have not been without their effect. Another rumor from
England that Turkey would permit the passage of Russian
wheat through the Dardanelles was practically ignored,
a fact which did not occasion much surprise. To-day prices
declined 3% to 4 cents on heavy realizing, after which there
was something of a rally.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red in elevator
106%
1161tl 114
September delivery in elevator_cts_1053 10634 114% 120
_10534
113 X
111
116% 117
December delivery in elevator_ __110% 11034 115
117 3
.
1
121
121
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Fri.
Sat. Mon. 1es. Wed. Thurs.
September delivery in elevator_cts- 99% 99% 03
108A 107% 104
December delivery in elevator.,_.,_
109
103% 107
113% 113
May delivery in elevator
110% 110% 11334 11934 11931 116
Indian corn has advanced, reaching new high levels for
the season. Country offerings have been small. Early in
the week there was some depression, owing to general and
beneficial rains throughout the belt and rather heavy selling
by commission houses at Chicago. Crop reports became
more cheerful. But in the end the pronounced strength of
Alm. 29 1914.1
THE CHRONICLE
619
wheat and oats, together with the smallness of the offerings
ofcorn,caused a rise. It has shown little of the excitement,
however, witnessed in other departments of the grain trade.
The Eastern demand at Chicago has been fair, but nothing to
excite remark. Still there was a rise of about 2 cents in a
single day, largely under the stimulus of the firmness of
wheat and the smallness of the country offerings. Then too
from parts of the Missouri Valley have come reports of damage. Liverpool has been firm, with a good demand, and
River Plate offerings have been small. River Plate shippers
have been trying to cancel existing contracts. Chicago
people beleive that there has been damage to the crop in
Iowa, Nebraska, Missouri and Illinois. To-day prices
declined. It is said that a demand for gold in advance is
checking exports of Argentine corn to this country.
the weather was mostly favorable. Showers over the eastern and northern
districts and dryer weather over much of Texas favored plant growth, and.
as a rule, the crop is promising. Picking is progressing over the southern
districts, but has been interfered with in some localities by too much wet
weather. Some shedding of cotton is reported from nearly all the States,
and damage from rust and weevil continues in a few sections. In the trucking districts of the South late crops and citrus fruit continue in good condition. Over the Atlantic Coast States from Virginia northward serious
drought still persists in Virginia and has extended into Maryland and portions of the surrounding States, causing all growing crops to deteriorate.
Over the remaining portions of this district the weather was distinctly favorable and all crops made satisfactory progress. Fruit is generally plentiful
nad of good quality. Over the Mountain and Plateau districts, including
the great range country of the Southwest. the weather was mostly favorable.
Pastures and forage crops continue in good condition over the southern
portions and in the north the weather was generally favorable for harvesting
and haying. Fruit is ripening rapidly and cantaloupes, peaches and other
products are being shipped. Over the Pacific Coast States drought continues in Washington and Oregon; all growing crops
suffering and water
Is getting scarce, but the weather was favorable for are
harvesting and threshing. In California water continues plentiful
and the growth and harvesting of fruits continue satisfactorily.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
The statements of the movement of breadstuffs to market
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
$9% indicated below are
eta- 90% 90% 90% 92% 90
prepared by us from figures collected by
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
the New York Produce Exchange. The receipts at Western
Sat. Mon. Tues. Wed. Thurs. Fri.
81% 79i lake and river ports for the week ending last Saturday and
82
September delivery in elevator_cts- 79
79% 80
December delivery in elevator____ 70
72% 72% 71N since August 1 for
69% 71
each of the last three years have been:
71% 73% 74% 74% 73,s
May delivery in elevator
723
Oats have vied with wheat in point of activity and strength.
Very large sales for export have been reported, and prices
have shown only a little less strength than those for wheat.
British advices state that, while most of the grain crops of
the United Kingdom are above the average, that of oats is
an exception, being much smaller than that of last year, and
free buying of oats by the British Government is confirmed.
Prices are high and advancing in England. A new high level
has been reached here for the season. France and Belgium
have been bidding for oats at the seaboard. Farmers in
this country are in many cases holding for higher prices. Of
course, the war news is the great factor. Not only has there
been a good European demand, but domestic trade has been
active. To-day prices declined on realizing sales. Export
purchases at Chicago were 325,000 bushels. European
acceptances on other offers were reported liberal. The
tendency, however, was to increase the discount on September.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Fri.
Tues.
Wed. Thurs.
ets_50%-51 51%-52 52-52% 54.%-55 54%-55 54%-55
Standards
51-51% 52-52% 5234-53 55-5534 55-55% 55 %
No. 2 whlte
-55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
48'A 46
48% 47% 47%
September delivery in elevator_cts- 45
4734 483
5034 50
December delivery in elevator_ _ _ _ 477
50
49% 50% 5334 53% 52%
May delivery In elevator
The following are closing quotations:
Winter, low grades--$4 00
5 50
Winter patents
5 25
Winter straights
4 75
Winter clears
6 25
Spring patents
6 00
Spring straights
FLOUR.
$5 00$5 25
$4 25 Spring clears
550
5 75 Kansas straights,sacks_ 5 25
475@500
5 50 Kansas clears,sacks
7 25
5 00 City patents
500© 550
6 50 Rye flour
6 25 Graham flour
500© 525
0
89
106%
100
----
EXPORTS OF BREADSTUFFS, PROVISIONS, COT-The exports of these articles
TON AND PETROLEUM.
during the month of July, and the seven months, for the
past three years have been as follows:
Wheat_ *bush 29,906.995 83.087,969 12,945,131 75,329,
Corn---_bush
560,425 5,781,062
895,264 41,841,2R
1912.
July.
523,385
545,665
7 Months.
6.212,934
5.500,
995
Lag; NIE:111
Total bush_ 30,467,39 88,849,031 13.840,395117,171,150 3,726,095 54,540,237
Values.
3
$
Wheat& flou 27,655,322 80,611,963 12,733,031 75,352,106 3,153, 5 32,084,00
9
90
Corn & meal_
731,382 18,227.248
705.612 24,740,583
860,906
Oats & meal_
53,205
170,851 3,067,144
Barley
151,548
74,/18
463,875 6,057.304
R303
1,418
254
199,318 1,131,528
Breadstuffs 29,712,969 91,093,646 14,
51,331,129
272.68(11o,348.665 4,013,500
Provisions._ _ 8,112,035 71,810,523 12,019,884 81,914,596 9474,698 76,061,136
cattle4 hogs.
71,868
629,173
108,555
522,495 '214,210 3,201,621
8.660.034 235.806,511 8.384.583200.171,65.5 7,027.594 274,731.956
Cotton
Petroleum,&e 14,036.049 86,482,167 12,415,940
81,156,366 11.631.177 67,732,482
Cottonseed oil
462,996 8,472,748
607,582 12,645.317
631,428 13.919.893
Total
61,055,953 494.294,768 47.807,231 486.759,094 32,992.616 486,978,
217
•Including flour reduced to bushels.
WEATHER BULLETIN FOR WEEK ENDING AUG.
-The general summary of the weather bulletin issued
24.
by the Department of Agriculture for the week ending
Aug. 24 is as follows:
Nearly continuous high temperatures over
and northern
districts to eastward of the Rocky Mountains, the central
with beneficial rains over
the cotton region and continued drought in portions of the western corn
belt were the marked features of the weather
week. In the
of
corn belt to westward of the Mississippi drought the past Iowa and porprevails in
tions of adjoining States, causing still further damage to corn and other
late crops. To eastward of the Mississippi,
except in the Middle Atlantic
States, and over the South, favorable showers
and late corn and
other crops were greatly benefited. Plowing occurred Is in progress over
for wheat
much of the country to eastward of the Mississippi, with the soil in good
condition. To westward of the Mississippi
to some
extent, but the ground is mostly too dry for plowing is Proceeding In this
satisfactory progress.
section water is becoming scarce, expecially in
Iowa, and pastures are badly
in need of rain. In the spring-wheat belt harvest is nearing completion
and the weather continued favorable for threshing. General showers improved pastures and benefited corn and other
late crops. In the cotton belt
Flour
Wheat
Corn
Oats
Barley
EVe
buts 1961bs bush 60 lbs bush .56 lbs bush 32 Ms bush 48lb5 bu 56 lbs
Mileage_ _ _ _
207,000 3,093,000 3,376.000 4.571.0011
58,001
173,000
(111waukee__
61,000
463,000
48,001
221,000
478,000 1,017,000
Duluth
273,000
32,001
48,000
35,000
Minneapolis
2,336,000
144,000
692,000
632.000 209,001
foledo
123,000
56,000
1,00
251,000
Detroit
9,000
65,000
58,000
137,000
Cleveland_
16,000
25,000
32.000
199,000
St. Louis
96.000
790,000
424,000
10,000
24,00
488,000
Peoria
48,000
49,000
539,000
241,000
39,000
Kansas City.
2.339,000
209,000
277,000
Omaha
243,000
473,000
396,000
Tot. wk. '14
43f,000 9,799.000 5,789,000 8.304,000 1,123,000 372,00
Same wk.'13
347,000 7,406,000 2,797,000 7.306,000 1,006.000
346,00
Same wk.'12
266.454 7.340,483 2,206.655 5,303.950
941,099 314,737
Since Aug. 1
1914
1.194,000 34,571,000 11,466,000 29.772.001) 2,233,000 826,00
1913
1,125,000 32.178.000 7,620.000 21,317,000 2,666,000 1,028,00
1912
879,698 23.137.274 6.982.681 15 701 ono 1 074 1117 7117.732
Total receipts of flour and grain at
the week ended Aug. 22 1914 follow: the seaboard ports for
Receipts at
New York
Boston
Philadelphia _
Baltimore
New Orleans•
NeW1301t News
Norfolk
Galveston
Mobile
Montreal
St. John
Quebec
Flour,
wheat,
bitty
bush
181.000
319,000
26,000
273,000
26,000
300,000
31,000
433.000
58,000 1,233,000
12.000
2,000
539,000
7,000
11,000
35,000 1,927,000
80,000
4,000
Corn,
bush
401,000
1,000
31,000
37,000
43,000
215.000
17,000
Oats,
bush
517,000
74,000
203,000
177,000
140,000
Barley,
bush
6,000
Rye,
bush
11,000
1,000
1.000
5.000
16.000
192.000
68,000
Total week 1914_
382,000
745,000 1,319,000
Since Jan. 1 1914_13,618,000 5,115,000
75,000
17,000
133963,000 16,218,000 24.590.000 8.537000
Week 1913
2397,000
435,000
242,000 1,043,000 203.000
Since Jan. 1 1913_14,032,000 1 4.351,000
18,000
22993,000 43,310,000 36,942,000 16305000
-2273,000
ets.
*Receipts do not
89% on through bills of Include grain passing through New Orleans for foreign ports
lading.
89%
GRAIN.
Corn,per bushel
-f.o.b.
Wheat.per bushel
No. 2 mixed
$1 27%
N.Spring, No.1_
No. 2 yellow
1 23%
N.Spring, No.2
No. 3 yellow
Red winter, No. 2
1 14
Argentina in bags
Bard winter,No.2,arrive 1 12
Rye, per bushel
cts
Oats, per bushel, newStandard
New York
5434 @155
Western
No. 2, white
55(4)55%
-Malting
No. 3. white
54@54% Barley
1913.
Exports
1914.
from
United Stales
July.
July. - 7 Months.
7 Months.
Quantities.
Wheat_ _bus 26,158,222 55,814,093 9,397,745 46,071,957
Flour_ _bbl.
833,054 6,055.417
788,308 6,501,716
Receipts at-
The exports from the several seaboard ports for
the
ending Aug. 22 are shown in the annexed statement: week
Wheat,
Exportsfrombush
New York
296,588
Boston
342,000
Philadelphia ____ 118,000
Baltimore
690,000
New Orleans_ __1,746,000
Newport News__
Galveston
1,334,000
Mobile
11,000
Montreal
2,374,000
St. John
80.000
Quebec
Norfolk
Corn, Flour,
bush
bbls
6,702 51,631
•
8,801
16,000
2,000 35,684
109,000 10,000
12,000
8,000
17.000 7,000
31,000
Total week___ _6,991.588
Week 1913
6,050,411
134,702 180,116
65,215 186,040
Oats,
bush
220,124
262,460
Rye, Barley,
bush
bush
Peas,
bush
1,608
8,000
4,000
...
179,000
87,000
4,000
2,000
673,584
87,000
159,130 22,880
1,608
180,946
The destination of these exports for the
week and since
July 1 1914 is as below:
-Flour----Wheat-- . ----00,71-•-•-•••-•-•Since
Since
Since
July 1
Week
July 1
Week
July I
1914. Aug.22.
1914. Aug.22.
1914
ibis
bush
bush
bush
bush
658,497 4,793,208 22,938,853
2.250
296,901 1.958.000 22,126,288
277,790 230,294
345,319
95,580
331,382
270,573
10,086
16,328
37,667
321,507
16,517
812
12.304
468
1.455
6.978
186,118 1,532,582 6,991,588 45,427,256
662,929
186,040 1,433,917 6,050,411 36.660,765 134.702
65,215 1,183,326
Week
Exportsfor week and Aug.22.
since July 1 toibis
United KIngdom___117,996
Continent
2,000
Sou. & Cent. Amer_ 19,352
West Indies
41.530
Brlt. Nor. Am.Cols. 4,489
Other Countries
749
Total
Total 1913
The world's shipments of wheat and corn for
ending Aug.22 1914 and since July 1 1914 and 1913 the week
are shown
in the following:
Wheat
Exports
1914
Week
Aug. 22.
Since
July 1.
Corn
1913
Since
July I.
1914
Week
Aug. 22.
Since
July 1.
1913
Stnee
July 1.
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
North Amer. 10778000 60,554,000 47,106,000
69,000
283,000
554,000
Russia
•
11,922,000 13,180,000
•
1.531,000 3,453,000
Danube_ 2,304,000 2,772,000
8,185.000 3.733,000
Argentina
416.000 2,714,000 5,644.000 1,368,000 25,326,000
49,555,000
Australia_ _
540,000 5,482,000 5,624,000
India
7,264,000 14,608.000
0th.countr's
322,000
666,000
Total ____ 11734000 90,562.000 89,600,000 1,437,000
35,325,000 57,295,000
•Not aval able.
The quantity of wheat and corn afloat for Europe on
dates
mentioned was as follows:
Continent
packages, valued at $227,689, their destination being to the
points specified in the table below:
Corn
Wheat
United
Kingdom
Total
United
Kingdom
Continent
1914-----
Total
Bushels
Bushels
Bushels
Bushels
13,822,000
28,056.000
16,558,000
29,088.000
16,984,000 20,768,000 37,752,000 12,461,000 22,791,000 35,258,000
19,640.000 15,264,000 34.904,000 9,095,000 25,534,000 34.629,000
Bushels
Aug.22 1914._
Aug. 15 1914._
Aug. 23 1913-Aug. 24 1912._
[VoL. xmx.
THE CHRONICLE
620
Bushels
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 22 1914 was as follows:
UNITED STATES GRAIN STOCKS
Amer Bonded Amer Amer Bonded Amer Amer Bonded
Rye Barley Barley
Oats
Oats
Wheat Wheat Corn
bush bush bush bush
bush
bush
bush bush
In Thousands—
21
89
472
33
34
27
1,698
New York
2
1
3
5
348
Boston
221
46
32
1,292
Philadelphia
278
8
14
2,697
Baltimore
195
86
2,932
New Orleans
2,545
Galveston
5
105
164 1,316
1,133 -ioi
Buffalo
3
68
755
1,139
Toledo
12
314
329
75
Detroit
49
448 10,311
6,268
Chicago
223
447
288
afloat
'
3 -iio
152
42
349
Milwaukee
239
54
39
422
17
10
7
Duluth
378
8
2
133
1,265
Minneapolis
49
3,233
280
St. Louis
22
231
4.379
167
Kansas CRY
5
36 1,559
18
Peoria
777
118
543
Indianapolis
--5
22
258 1,044
860
Omaha
277
On Lakes
895
284
87
On Canal and River—. 198
9
New York io Aug. 22—
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
W
Mexico
Central America
South America
Other countries
Total
Since
Week. Jan. 1.
21
1,F76
15
8
404
111
756
529
2,702
1,883
49,579
15,093
:0
9 12
6 455
30,433
358
14,675
37.709
46.863
3,014 214,762
-----1913----Since
Week. Jan. 1.
169
12
1,265
763
---
0
9 193
53,95
23,610
19,187
24,343
1.681
10.672
35.241
42,991
431
37
385
1,061
2_13
2,539 222.896
The value of these New York exports since Jan. 1 has been
815,404,256 in 1914, against $17,211,252 in 1913.
. Domestic cotton goods are fairly active and steady, having been greatly stimulated by the cessation of imports.
Print cloths have been about the only soft spot in the market,
and these have sold quite freely for near-by delivery, though
principally to Western buyers. It appears that retailers and
and
jobbers in the West were poorly covered on print cloths past
gray goods,and have been filling up stocks during the
week or so. The cheap offerings of spot cotton in various
sections of the South have made it difficult for manufacturers
of finished goods to maintain prices, and in the South and
East they are holding off in expectation of lower prices.
Bleached and unbleached goods are in good demand, with
supplies light. Manufacturers of colored cottons are beginning to withdraw from the market in anticipation of a short801
43
180
7
187 2,196 18.890
Total Aug. 22 1914..33,027
agents to cur880
67
183
7 age of dyes and have instructed their selling
338 2,070 15,593
Total Aug. 15 1914_33,885
447
691 1.454
83 tall bookings. A good demand continues for coarse cottons
760 2.617 22,500
Total Aug. 23 1913..44.689
1
66 283 475
Total Aug. 24 1912..18.663 1,185 1,573 3,151
suitable for bagging purposes, as well as all other lines, and
CANADIAN GRAIN STOCKS
of goods hitherto imCanadian Bonded specialties suitable for substitution
Canadian Bonded
Canadian Bonded
Rye Barley Barley
Oats
Oats
Wheat Wheat Corn
ported. Some jobbers handling lines of lace goods have disbush bush
bush bush
bush bush
In Thousands—
bush
bush
which were characterized as dead stock at
23
128 ---- posed of stocks
470
4,733
38
Montreal
under
---- prices which would have been profitable for new goods
102 _ _ _ _ ---Ft.William & Pt.Artbur 1,161
Other Canadian
-inch standard, are
880
2,457
---normal conditions. Gray goods, 38
quoted 4)4e.
23
128
Total Aug. 22 1914._ 8,351
38 1.452
23
186
59 1,926
Total Aug. 15 1914_10,010
WOOLEN GOODS.—Advances as high as 5 cents per
33
501
Total Aug. 23 1913_ 4,001
11 6,454
yard have been the feature in woolens and worsteds during
6 2,821
5
Total Aug. 24 1912_ 5.686
"at
the week. Most lines of dress goods have been placed
SUMMARY
Bonded
.
Bonded value" by the larger manufacturers and demand is reported
Bonded
manufacturers have
Oats Oats
Rye Barley Barley
Wheat Wheat Corn
to be urgent in all quarters. Leading spring of 1915 and
bush bush bush
bush
bush
bush
bush
bush
In Thousands—
7 made heavy initial bookings of serges for
187 2,196 18.890
43
180
801
33,027
American
at current prices.
38 1,452 -___
23
128 _--8,351 -_-Canadian
are afraid to book much more business new cape styles,
to the
43
7 Broadcloths have sold heavily, due
187 2,234 20,342
203
929
Total Aug. 22 1914_A1.378
!
67
23 1,066
338 2.129 17,519
7
Total Aug. 15 1914...43,895
prediction that there would develop a shortage in
447
724 1,055
760 2,628 28,954
83 and the
Total Aug. 23 1913..48,690
for piece goods in
goods is being borne out. Demand of no foreign com66
288
11 these
Total Aug. 24 1912..24,349 1,185 1.579 5,972
480
certainty
the clothing trade is active, the a revival in business.
.
petition having brought about
,
THE DRY GOODS TRADE.
FOREIGN DRY GOODS.—All descriptions of imported
unprecedented prices. Supfabrics are in urgent demand at
New York, Friday Night, Aug. 28 1914.
and withdrawals from
on hand are rapidly diminishing in years. Importers
Notwithstanding the uncertainties arising from the Euro- plies
warehouses are the heaviest
pean war, the tone of the local dry goods market is very bonded
have a large business booked with foreign manufacturers
steady. Many lines, such as silks, woolens, worsteds and whodespairing of getting the goods for many months, and as
colored goods,are in urgent demand and have been advanced are
are limited,they can offer no relief to the situsharply in price since the beginning of the war. The ad- their supplies of all descriptions
advanced 30 to 50%
ation. Linens
vances have, however, been in keeping with conditions and
n
are still in urgent demand. Imsince the war broke out and
have not in any way restricted buying. The threatened
British woolens, worsteds and linens are still hopescarcity of good dyes has been one of the chief causes of ad- porters of
goods, although the reported
of getting further supplies of
vancing prices, and many handlers of colored goods have ful
.very gloomy view
themtake a
German successes are making
been compelled to withdraw from the market or place their
Continental lines have
the future. Importers Noodling
lines "at value." Salesmen on the road have been ordered of
up shop to await the end of hostilities, feeling
to take no further orders for colored cotton goods pending simply shutbe useless for them to show their lines or book
it will
instructions. A fair volume of business is coming to hand that
Burlaps continue to rule quiet and unchanged,
daily, both through the mails and from buyers at present in business.
pending developments. Light-weights are quoted 7.75 to 8o.
the market. This business is confined chiefly to immediate
.
ons 46 at90
n hr avyweights
and near-by requirements and buyers are hesitating in placing and o otat .
Warehouse Witilidrawals of Dry Goods.
delivery beyond the early winter months. The
business for.
The importations and warehouse withdrawals of dry goods
uncertain price of raw cotton is repsonsible for this conservaweek ending Aug. 22 1914 and since
tism among buyers. The prospect of a prolonged European at this port for the the
corresponding periods of last year,
war with the entire American cotton crop left upon the hands Jan. 1 1914, and for
f
ere
nportflif follows:or Consumption for the Week and Since Jan. 1,
of planters is convincing buyers that the price of all grades
Entered
of cotton goods will be much lower during the winter. In
Week Ending
Aug. 22 1914.
Since Jan. 11914.
the West, on the other hand, buying is good and the feeling
Pkgs.
Value.
Value.
Pkgs.
optimistic. The prospect of bumper grain crops to be sold
tygofacl__
Mnt
$
347,420 64,857 18.226,358
to Europe at famine prices is causing them to look forward
Wool----------------------- 1,495
302,958 114,373 30,333.498
Cotton ---------------------1,036
to a boom of prosperity. On the other hand, interests in
200,532 49,351 • 23,527.819
Silk ------------------------ 497
3
10 941
the East and.South, with their industries paralyzed, are
7
9.5 48.178 11,560,437
1
08. 6
Flax ----------------------- 4 2
Miscellaneous
97.156 9.043.401
very pessimistic. Retailers in the East and South are conservative in stocking ahead, as they do not know what the
3.826 1,069,616 373.915 92.691.513
Total 1914
7,015 2.028,687 311.228 72.739.07J
Total 1913
purchasing p)we; of the pablic will he in the future. With
Marie..
Warehouse
shipnin and foreign trade at. a standstill and thousands of Manufactures of— Withdrawal3 TA:3;va 11,)0 t 11
Wool
3:1.315 8.209.537
772
23',.6)i
workingmen unable to obtain employment, they cannot help
23.378 7.238.291
1.111
3'11.973
Cotton _
but believe there will be a great falling off in consumption.
4.107.519
0.719
401
15
Situ -----------------------4.i 1.03.1
14.511
The foreign exchange deadlock and absence of banking faciliFlat --------04,2
4.121.59/
94.615
914
M,s:eiianJJ15 i.S1O
ties in South America continues to hold back dry goods ex_ —
28.500.977
.
4.211 1.131.275
ports. Communications are being received in the local
TotI will 1.'t Va 4
CJ:14 1 'IA1)3
3 S2,1 1.03.1.618 313,915 92.631.513
markets from sources hitherto unknown to this trade look- Ente:e.i tor
8.011 2.213.831 527.513 121.252.490
ing to the establishment of relations and the purchase of
Tot %1 mte I Ill t
I liii. --- -10.251 2.823.123 430,295 92,669.177
Tut ti m
both goods in the piece and manufactured apparel. Mod3
Intp3rti. tt):31 for Warehoun During Same Period.
erate shinmelts are going out to Mexien. West Indies, Cen- Mannracta re.s 0.—
----------------6.801.285
272
108.276 22.831
Wool
tral and South America. hut they are chiefly against old orders.
6.868.064
224
24.152
60.581l
Cotton -------------------------------adequate and many !duns are gour out
4.016.842
Shinping facilitie3 are
9.310
51.810
105
Silk
--------------18.032 4.396.624
33.576
121
Flat
with incomplete cargoes, sa that it is entirely u question of
79.326 45.692 3.48.5,590
290
Mis.mllaneous
getting in touch with distributers in
American manufacturers
— ---------------335.537 120.017 25.5738.405
1.019
Tots'
thole new mark3ts and establishing a system for the exchange
CYli1 TV/L.13:1 3.826 1.019.616 373.915 92.1191.513
Enterel
of credits.
—
4.8)5 1.405.183 493.932 118.259.918
TtiI 11101r84 1911
DOMESTIC COTTON COODS.—The exports of cotton
11,669 3.109,618 464,167 138,202.573
Tutbri latports 1913
goods from this port for the week ending Aug. 22 were 3,014
1
THE CHRONICLE
AuG. 29 1914.j
621
M.& S. at office of Dist. Treas. Due
1933 to Sept. 1 1938 incl. Cert. check$500 each six months from Mar. 1
able to Board of Education. required. on a national bank for $300. PayThese bonds were offered without
success as 43.s on July 1 (V. 99.
p• 63)•
BANKS SCHOOL DISTRICT (P. 0. Banks),
Washington County,
Ore.
-BOND SALE.
-The $2,400 school bonds voted Nov. 29 1913(V.
97.
p. 1525) have been sold to the Washingt
on County Bank of Banks for
$2,401-equal to 100.041.
New York State.
-Court Refuses to Stop Election of
BEAUMONT,Riverside
-BONDS VOTED.
-The propoDelegates to Constitutional Convention.
-On Aug. 24 Justice sitions to issue the $2.000 County, Cal.
electric-light-system-impt. and $8.000 streetSeabury in the Supreme Court denied the application of impt. bonds (V.99. p. 359) carried, it is stated, at the election held Aug. 4.
BEAVER
William J. Schieffelin of the Citizens' Union for an injunction -BOND TOWNSHIP(P.O.North Lima), Mahoning County, Ohio.
-Proposa
received until 7:30 p. m.
to restrain the State and municipal boards of election from by Chas.OFFERING. Bd. of ls will be for $12.000 inter-county Sept. 26
II. Sell, Clerk
taking steps for the nomination and election of delegates to No. 89 impt. bonds. Auth. Trustees, Gen. Code. Denom.hi0,way
Sec. 1223
Date Oct. 1 1913. Int. (rate not
$1,000.
to exceed 5%), payable A.& 0. at office
the Constitutional Convention.
of Two. Treas.
on Oct. 1 from 1915
application for an injunction was based on the frauds $2,000 on Oct. 1 Due $1.000 yearlyCert. check for $200, to 1922 incl. and
The
1923 and
payable to Twp.
Treas.. required. Bonds 1924.
that were revealed in certain districts in the casting of the Purchaser to pay accruedto be delivered at office of Twp. Treas. on Oct. 1
interest. Bids must be unconditional.
special election on the question of holding the
vote at the
BELMONT, Allegany County,
-BOND SALE.
-On Aug. 10
Convention. Justice Seabury referred to "the shocking situ- an issue of $23,000 5% paving bondsN. Y.
was awarded to
Sherrill Co.
revealed by the evidence as to these districts," but held of Poughkeepsie at 100.20. Denom. $1,000. DateIsaac W.1914. Int.
ation
Sept. 1
M.& N. Due $1,000 yearly
on June 1 from 1915 to 1937 Incl.
fraudulent votes known to have been cast could not
that the
BENTON COUNTY (P.
-BOND OFFERING.
W. H. Cheadle, Co. Treas., O. Fowler), Ind.
change the result of the entire election.
will receive bids until 1.30 p. m. Sept. 3 foran
issue of $9.800 43 % Harringto
decision of:
The
n road-impt. bonds. Due part each six
Justice Seabury was sustained Aug. 27 months for 10 years.
by the Appellate Division of the Supreme Court. Presiding
BETHLEHEM, Northampton County,
-BOND SALE.
-On
Justice Ingraham wrote the opinion and the Court voted Aug. 3 an ISSUES of $15.000 4% 10-30-yr. (opt.)Pa.
Nat.
4 to 1 to sustain his ruling. The argument of the appeal to the First 1914. Bank of Bethlehem at par. water bonds was awarded
Denom. $100 and $500.
Date Aug. 1
Int. F. & A.
to the Court of Appeals, the Court of last resort, has been
BEXAR COUNTY COMMON
BOND ELECTION PROPOSED. SCHOOL DISTRICT NO. 18, Tex.
set for Oct. 1.
-Local papers state that an election will
be held to decide whether or
not this district shall issue
Norfolk, Va.-Council Takes Action For Additional Source Year (opt.) bldg. bonds. Denom.$1,000. Int. ann. on$24.000 5% 10-30
Apr. 10.
BILLINGS, Noble County, Okla.
-The Board of Aldermen and Common
of Water Supply.
-BONDS NOT SOLD.
-No satisCouncil in committee of the whole on Aug. 24 turned down factory bids were received for the $23,000 water-works and $7,000 electrical
light-plant 6% coup. tax-free
bonds
the offer of the Norfolk County Water Co. to lease its These bonds are now for sale at 96. offered on Aug. 17 (V. 99, p• 488)•
BINGHA
properties and equipment to the city for a term of two years question MTON, Broome County, N. Y.
-BONDS VOTED.
-The
of issuing $233,000 4
at an annual rental equivalent to the net revenue from the Aug. 21 by a vote of 607 to 218.% school bonds carried at the election held
enterpris)3, with the privilege of purchasing the plant outBIRMINGHAM, Jefferson County,
Ala.
-BOND ELECTION.
right for $1,270,000 at the expiration of the lease. Instead The election to vote on the question of issuing the $4,500,000
year
454% 30'
steps were taken for the acquisition of the West Neck Creek 21, itmunicipal water-works-plant bonds (V.99,p. 359) will be held Sept.
is stated.
and Lake Phillips and Burnt Mills as additional sources of
.
BLACKFORD COUNTY (P. 0.
Hartford City), Ind.
-BOND
water supply for the city. The West Neck Creek site is to OFFERING.
by Geo. FL -Reports state that bids will be received until 12 m. Sept. 7
Newbauer. Co. Treas., for three issues of
purchased from the Norfolk & Princess Anne Water Co., bonds. aggregating $105.400.
be
4)•i% highway-impt.
involving an expenditure of $390,000 to be taken care of by
BLACK RIVER TOWNSHIP
(P. 0. Angier), Harnett County,
Nor. Car.
-BONDS NOT YET ISSUED.
a bond issue, which is to be submitted to a vote of the people 5% road bonds
-We are advised that the
June 10 (V.
regular election in November. Ordinances were Int. semi-ann. votedin 30 years, 98, p. 1334) have not yet been$25,000
at the next
issued.
Due
subject to call before maturity.
directing the Board of Control to negotiate
also adopted
BOUTON, Dallas County, Iowa.
-An issue of $2,500
6% 10
-year funding bonds has been -BOND SALE.
with the owners of the water rights at Lake Phillips and City. Int. semi-annu
awarded to Schanke & Co. of Mason
al.
Burnt Mills in order to ascertain what the cost of these
BRAWLEY, Imperial County, Cal:
-BOND OFFERING.
state that bids will be received
-Reports
properties will be.
until Sept. 15 by J. H.Stevenson.City
for $35,000 6% 9-28-yr. (ser.)
water bonds. Int. semi-ann. Cert.Clerk.
for 3% required.
check
Tulsa School District, Okla.
-Bond Issue Upheld by
BREMEN, Fairfield County,
Supreme Court.
-Justice Willard R. Bleakmore in the Su- will
Ohio.
-BOND OFFERING.
be received until 12 m. Aug.31 by
-Proposals
preme Court on Aug. 18 handed down an opinion affirming
% 1-10
-year (ser.) coup. taxable E. A. Hueford, VII. Clerk.for $2,250
Denom. $225. Date Aug. 15 1914.street-impt. (village's portion) bonds.
the validity of the $500,000 school bonds voted March 14 of bonds,
Int. M. & S. Cert. check for 2%
VII.
(V. 99, p. 138). Legality of the issue was attacked by for withinpayable tofrom Treas., required. Bonds to be delivered and paid
10 days
time of award. Purchaser to pay
accrued int.
W. A. Shelton and several other tax-payers of Tulsa on the Bonded debt (not incl. this issue) $50,078; floating debt, $20.300.
BROADWATER COUNTY (P. 0.
ground that women were permitted to vote in the election
Townsend), Mont.
-BOND
ELECTION PROPOSED.
-The
at which the issue carried, and that the election officers made $38,000 high-school-bldg. and questions of issuing $60,000 court-house.
their returns to the Board of Education when they should submitted to the voters in the $20,000 road bonds will, reports state, be
near future.
BUCKHOLTS SCHOOL DISTRICT (P.O.
have made them to the County Election Board.
Buckholt
ty,
-BONDS VOTED.
-By a vote of 53 to 23 cast s), Milan:'CounJudge Bleakmore sustained the contention that women the Tex.
proposition to issue $12,000 school bonds carried, at a recent election,
it is reported.
were not entitled to participate in the election, but held that
BUCKLAND, Anglaise County, Ohio.
G.
-Proposals
it was not shown that if the number of votes cast by women $1.400will be received until 12 m.Sept. 12 by-BOND OFFERINClerk,for
E.W.Decker, VII.
taxable refunding 13onds.
were not counted the result would be changed. A total of 1914. 6% coup. on Sept. 1 at office of VII.Denom. $100. Date Sept. 1
Int. ann.
.
Clerk. Due $100 yearly on
41 women, it is claimed, voted for the issue, which carried Sept. 1 from 1915 to 1928 incl. Bonded debt $1,400. No floating debt.
Assess. val. 1914, $63.000.
by a vote of 2,074 for and 648 against.
BUENA
(P.
The contention that the returns should have been made to FERING. VISTA COUNTYon is0. Storm Lake), Iowa.
-BOND OF-Further informati
at hand relative to the
the County Board instead of the Board of Education was not Sept. 15 of the $15.000 5% coup.funding bonds(V.99, p.555).offering on
Proposals
for these bonds will be received by W. W.
sustained by the Court.
Bennett, Co. Aud. Denom.
$1,000. Date about Sept. 15 1914. Int. payable
Due $5.000 in 1918, 1919 and 1920. No deposit at office of Co. Treas.
Walkerville, Ont.-T
required.
-The this issue: no floating debt. Assess. val. 1913. $39,638.251.Bonded debt,
town of Walkerville hasown Purchases Light Plant.
purchased from the Walkerville
BUTLER, Bates County, Mo.-BONDS NOT
SOLD.
Light & Power Co. the whole
-According to
reports no satisfactory bids were received
on Aug. 3 for the $75,000 5%
lights, for the sum of $85,000.of its assets, including street 5-20-year (ser.) water bonds offered on that day (V. 99, p. 359.)
CANTON, Stark County, Ohio.
-BONDS TO BE SOLD AT PRIVATE
SALE.
-Reports state that the City
all bids received for the eight issues Council on Aug. 24 voted to reject
of improvement bonds, aggregating
$256,600 offered on Aug. 17. The bonds will
now be offered at private
sale. The City Auditor had recommen
ded an
Bank of Canton (V. 99, p. 555) but this was not award to the First Nat.
agreed to.
CARROLLTON SCHOOL DISTRICT (P. 0. Carrollto
ADA, Norman County, Minn.
n), Pickens
-BONDS VOTED.
5% 1 5-6-year (aver.) artesian --BOND SALE.
-On Aug. 19 the $3.000 County, Ala.
-The
of
-well
-year school-impt. bonds carried at the question heldissuing $1,600 6%
awarded to the City Sinking Fund -drilling bonds (V. 99, p. 358) were 10
election
Aug. 24 by a vote
Commissioners at par and int. There of 56 to 3. The bonds will be offered as soon as they are printed.
were no other bidders.
CASS COUNTY (P. O. Logansport), Ind.
-BONDS NOT SOLD.
AKRON, Plymouth County,
We are advised that the three issues of 4% 531•yr. (aver.) highway-BONDS DEFEAT
proposition to issue $10,000 electric Iowa.
-The impt. bonds. aggregating $25.500,
-light bonds failed to carry ED.
tion held Aug. 21.
at the elec- (V. 99, p. 489), were not disposedwhich were to have been soldfon Aug. 24
of because there were no bidders.
ANDERSON SCHOOL CITY
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.
(P. 0. Anderson
-BOND SALE.
-On
-BONDS PROPOSED.
Ind.
-Notice is given that ), Madison County, Aug. 24 the $19,600 5% 1 f4-yr. (aver.) coup. Mad River impt. No. 3
this school city proposes bonds (V. 99, p. 489) were awarded, it is stated,
to issue $23,000 school-building bonds.
to the Nat. Bank of
Urbana at par.
ARCHBOLD, Fulton County,
Ohio.
CHARLOTTE COUNTY (P. 0. Charlotte C. H.), Va.-BID.-The
-BOND OFFERING.
Boss's will be received until 12 m. Sept.
-Pro28
$15,000 5% water-works-system-Impt. by .1. H. Pagley. Vii. Clerk, for only bidder for the $8.500 5% 20-40-yr. (opt.) coupon jail bonds offered
bonds. Denom. $500. Date
Aug. 25 (V. 99. p. 283) was A. J. Hood & Co. of Detroit, who offered
Allg. 20 1914. Int. semi-ann. Due
,511, less $339 for attorney's fees, &c.
1929 incl. Bonds to be delivered and $1,000 yearly Aug. 20 from 1915 to
award. Cert. check for 2% of bonds paid for within 10 days from time of
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.
bid for, payable to the
required. Purchaser to pay accrued
-Proposals will be received until 12 m. Sept. 24 by -BOND
VU. Treas., OFFERING.
Albert J.
interest.
Reusing, Vii. Clerk, for $5,500 5% Center St. impt. (assess.) bbnds.
ARKANSAS CITY, Desha County,
-BONDS REGISTERED. Auth. Sec. 3914, Gen. Code. Denom. $550. Date Jan. 10 1914. Int.
-on Aug. 18 an issue of $97,000 water Ariz.
-works bonds was registered with ann. Due $550 yrly. on Jan. 10 from 1915 to 1924 incl. Cert. check
the State Auditor, it is reported.
for 5% of bonds bid for, payable to VII. Treas., required. Bonds to be
ASBURY PARK Monmouth
delivered and paid for within 10 days from time of award. Purchaser
County, N. J.
to
-BONDS NOT SOLD.No offers were received for the $50.000
% 30-yr. coup. or reg. water pay accrued interest.
bonds advertised to be sold Aug. 24 (V. 99,
CLARENCE, Shelby County, Mo.-BONDS NOT SOLD.
p. 488).
-No
ATLANTA, Cass County, Tex.
were submitted for the $10,000 5% 5 -year (opt.) electric-light bids
-20
-BONDS VOTED.
bonds
-According to local
newspaper reports,this city recently voted
in favor of the issuance of $3,000 offered on Aug. 24 (V. 99. p. 556.)
additional water bonds.
CLAY COUNTY (P. 0. Green Cove rigs), Fla.
-BONDS NOT
SOLD.
-No sale was made of the $150,0
AURORA SCHOOL DISTRICT (P. 0.
00
% 40
Aurora), Kane County, Ills. Bridge Dist. No. 1 bonds offered on Aug.35 .99. -year Special Road and
-BONDS VOTED.
-The question of issuing
(
p.213).
CLYDE, Sandusky County, Ohio.
and constr. bonds carried at the election held $45.000 4 % site-purchase
-BOND OFFERING.
July
-Proposals
55. Int. semi-ann. Due $5,000 yearly on May 1 28 by a vote of 450 to will be received until 12 m. Sept. 14 by F. A. Shaw, V11. Clerk,
from 1916 to 1924 incl.
for $3.000
5% State St. impt. (assess.) bonds. Denom.
AURORA TOWNSHIP SCHOOL DISTRIC
T (P. O. Ravenna), Por- Int. F. & A. Due $300 yriv. on Aug. 1 from$300. Date Aug. 1 1914.
County, Ohio.
-BOND OFFERING.
tage
-Proposals will be received check on a Clyde bank for $300. payable to VII.1915 to 1924 incl. Cert.
until 6p. m. Sept. 1 by Chas. F. Lowe,Clerk of
Treas., required. Bonds
5% to
coup. school-comPletion bonds. Denom. $500. Bd. of Ed.,for $6.000Int. to be deliverea and paid for within 3 days from time of award. Purchaser
Date Sept. 11914.
pay accrued interest. Bids must be unconditi
onal.
STATE AND
CITY
IMPAVIVitta.
News Items.
Bond Proposals and Nedott
ations this week
have been as follows:
($11
622
THE CHRONICLE
[VOL. xcix.
-On Aug. 22 an Home Electric & Heating Co. (V. 99, p. 423) was defeated at the election
-BOND SALE.
COHOES, Albany County, N. Y.
awarded to the National Bank held Aug. 25. The vote was 308 "for" to 338 "against."
issue of 512,000 454% paving bonds was other bidders. Denom. 51.000.
-BOND
FALLON COUNTY SCHOOL DISTRICT NO. 67, Mont.
were no
of Cohoes at par and int. ThereDue 38.000 Aug. 1 1915 and 31,000 Aug. 1 OFFERING.
-The Board of School Trustees, Mrs. Effie Giles, Clerk, will
Date Aug. 11914. Int. J.& J.
offer for sale at public auction at 2 p. m. Sept. 15 at the offices of the
1916, 1917, 1918 and 1919.
-10
Baker State Bank, Baker. 81,500 5 -year (opt.) building and equipment
Ohio.
-BOND
COLUMBIANA COUNTY (P. 0. Lisbon),
6% interest. Denom. $300. Date Aug. 29 1914.
-year (aver.) inter-county highway No.84 bonds at not exceeding
On Aug. 25 the $14,500 5% 534360) were awarded jointly, it is stated, to Interest annually on July 1. Certified check for 5% of amount required.
p.
Improvement bonds (V. 99.
-BONDS NOT SOLD.
and Citizens' Say. Bank &
FLOYD COUNTY (P. 0. New Albany), Ind.
the First National Bank, Farmers' Nat. Bank
Reports state that no bids were received for the three issues of 454%
Trust Co. of Salem at par and int.
(average) highway-improvement bonds, aggregating 852,960,
-Reports 1034-year
-BOND OFFERING.
COLUMBUS, Platte County, Nob. Sept. 4 by Wm.Becker. City offered on Aug. 22 (V. 99. p. 490).
m.
until
state that bids will be received(opt.)4 p. bonus. Int. ann. Cert. check
sewer
FOLLANSBEE (P. 0. Steubenville), Jefferson County, Ohio._
Clerk, for $34,500 5% 5-20-yr.
-According to local newspaper dispatches,
BOND ELECTION PROPOSED. future to vote on the question of
for $1,000 required.
issuing
-On Aug.18 an election will be held in the near
-BOND SALE.
CONTINENTAL,Putnam County, Ohio.
-year (aver.) water-works-plant-impt. bonds (V. 99, paving bonds.
the $6,000 6% 655 to C. P. Palmer, Cashier of the Continental Bank,
-BOND OFFERING.
COUNTY (P. 0. Richmond), Tex.
FORT BEND
p. 283) were awarded
by W. I. McFarlane,
-Proposals will be received until 10 a. m. Sept. 14
Continental, at 100.50 and int. Other bids were:
district No. 1 bonds. Denom.
County Judge, for 865.000 5% drainage Due $3,500 yearly for 10 years.
The Security Say. Bank & Trust Co., Toledo, 100.30.
Int. F. & A.
$500. Date Aug. 10 1914.
Farmers' State & Say. Bank, Continental, par.
- and $3,000 yearly for 10 years thereafter.
-BOND OFFERING.
CRENSHAW COUNTY (P. 0. Luverne), Ala. F. M. T.
-BOND SALE.
Tankersley,
FRANKLIN COUNTY (P. 0. Apalachicola), Fla.Feb.
will be received until 12 m. Sept. 8 by
Proposals
awarded on
-year coup, road and bridge bonds. The lianchett Bond Co. of Chicago were Denom.$1,000. 1 an issue cf
Judge of Probate, for $50,000 5% 40
bonds at par.
Nat. Bank, N.
-year road
Denom. $1.000. Int. semi-ann. at Hanoverrequired. These Y• Cert. 820.000.4 A % 20
(P. 0.
are
Sussex
check for $1,000, payable to above Judge,has previously beenbonds
FRANKLIN SCHOOL DISTRICT -Of Franklin), 451% County,
sold.
the 565.000
-22
3 -year
-BONDS AWARDED IN PART.
part of an issue of $125,000, 575.000 of which
N. J.
-On Aug. 20 (serial) coupon school bonds offered on Aug. 21. $24,700 were disposed of
-BOND SALE.
Perry County, Ohio.
CROOKSVILLE,
parties.
-year (serial) China St. and Buckeye St. impt. bonds on that day to local
the $8,000 .5% 1-16
Date July 1 1914. Int. semi-ann. An
Bank Co., for
Denom.$100,$500 and $1,000.remainder of the issue at private sale.
(V. 99, p. 283), were awarded to the Crooksvilleother bidders. $8.027
attempt will be made to sell the
(100.337) and int.-a basis of about 4.953%. No
Fresno County, Cal.
-BOND
FRESNO SCHOOL DISTRICT, state that the Clerk of the Board
CUMBERLAND, Allegheny County, Md.-BONDS NOT SOLD.- OFFERING.
-Local newspaper reports
No bids were received for the $150,000 454% 534-yr. (aver.) coup. street
Supervisors (P. 0. Fresno) is offering for sale $250.000 5%
offered on Aug. 24 (V. 99, p. 423).
of County
paving bonds
$1,000. These bonds are the'unsold
-BONDS DE- 15 -year (serial) bonds. Denom.
-35
CUMBERLAND COUNTY (P. 0. Crossville), Tenn.
of $450,000, $200,000 of which was awarded to the
-The question of issuing the $75,000 road bonds(V.99, p. 489) portion of an issue
FEATED.
& Savings Bank of Chicago on March 3(V. 98, p. 852).
Harris Trust
failed to carry at the election held Aug. 20.
23,
DISTRICT
-BONDS
FRUITLAND PARK SPECIAL TAX SCHOOL 17 the $2,000NO. 10- DAWSON COUNTY SCHOOL DISTRICT NO. 13, Mont.
-On Aug.
SALE.
6%
Fla.
-Newspaper reports state that the question of issuing $2,000 bldg. Lake County No.1,and -BOND bonds (V. 99, p. 490) were awarded
VOTED.
equipment
-building
to 27 at the election held Aug.8.
year school
impt. bonds carried by a vote of 72
Bank of Leesburg at Par.
-BONDS NOT SOLD. to the Leesburg State
DECATUR COUNTY (P.O. Greensburg), Ind.
Mass.
-TEMPORARY LOAN.
GARDNER, Worcester County, 22 awarded the temporary loan of
-No bids were received for the 58,200 4A % 534-yr. (aver.) highway-impt.
on Aug.
bonds offered on Aug. 24 (V. 99, p. 556)•
Reports state that this town
of taxes, maturing $20,000 Dec. 14 and $20.000
-Proposals will be received until 10 a. m. Sept. 5 $40,000 in anticipation to Estabrook & Co. of Boston at 5.98% discount.
BOND OFFERING.
by Albert Boling, Co. Treas., for $2,660 455% Jesse B. Armstrong et al Dec. 28(V • 99.P• 557),
NOT SOLD.
-No
Ariz.
road bonds in Clay Twp. Denom. $133. Date Sept. 1 1914. Int. M.&
GLENDALE, Maricopa County, of 6%-BONDS tax-free municipal
gold coup.
the three issues
N. Due $133 each six months from May 15 1915 to Nov. 15 1924 incl.
bids were received for
Aug. 17 (V. 99, p. 424).
DEDMAN SCHOOL DISTRICT (P. 0. Dedman), Union County, bonds, aggregating $46,000, offered on
0. Glen-Local newspapers state that the question of
N. Mex.-BONDS VOTED.
GLENWILLOW VILLAGE SCHOOL DISTRICT (P.
-The 37,000
-BONDS NOT SOLD.
issuing $2.000 bldg. bonds carried at the election held Aug. 8 by a vote willow), Cuyahoga County, Ohio.
coupon bldg. bonds offered on Aug. 24(V. 99, p. 361)
of 17 to 1.
5% 734-year (aver.)
any bids.
DEERFIELD TOWNSHIP (P. 0. Ravenna), Portage County, Ohio. were not sold because of the failure to receive
-BONDS NOT SOLD.-On Aug. 24 the 57,500 5% 2 1-3-yr. (aver.) coup road-BOND SALE.
GRANT COUNTY (P. 0. Marion), Ind.
impt. bonds (V. 99, p. 263) were awarded to 0. L. Diver of Deerfield. Reports state that no bids were received for the four issues of 434% 5A-year
t bonds, aggregating $24,420, offered on Aug.21
-BONDS NOT SOLD. (average) road-improvemen
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
99, p.
-No bids were received for the $5,200 6% 1 3-5-yr. (aver.) Mekus Ditch
-BOND OFFERING.
Washington County, N. Y.
bonds offered on Aug. 24 (V. 99. p. 423)•
V
CVOR
(P. 0. Muncie), Ind.
-BONDS AWARDED Further details are at hand relative to the offering on Sept. 5 of the $18.000
DELAWARE COUNTY
Proposals for these bonds will be re-3
-On Aug. 25 three issues of 434% 5 2 -year (aver.) tax-free rem paving bonds (V. 99, p. 557).
IN PART.
on that day by M. D. Whedon, VI'. Clerk. Denom.
gravel-road bonds were awarded as follows:
c .ed until 8 p. m.
.- av
Int. (rate to be named in bid) payable ann.
$2,800 F. A. Barley road bonds to the Merchants' Nat. Bank of Muncie, $600. Date Sept. 7 1914. Bank, Granville. Due part yearly on Sept. 7
Nat.
for $2,800 50 (100.017) and int.
on Sept. 7 at Farmers' Cert. check for $500. payable to VII. Treas., reroad bonds to the Merchants' Nat. Bank of Muncie for from 1915 to 1944 incl.
5,480 Buckles'
quired. Bonded debt (not incl. this issue), $61,000; floating debt. $4,000.
85,481 25(100.022.)
5.200 Asa Sanders road bonds to D.P.Root of Muncie for $5,226 (100.50.) Assessed val., $1,220,000.
-An
Date July 151914. Int. M.& N.
GREEN BA f, Brown County, Wis.-BONDS AUTHORIZED.
-3
There were no bids received, it is stated, fOr the 58,400 434% 5 2 -year ordinance has been passed by the City Council providing for the issuance
also offered on Aug. 25' of 83,000 434% coupon District No. 15 sewer bonds. Denom. $300.
(aver.) tax-free Wm.B. Weaver gravel-road bonds
-No bids Date July 1 1914. Int. J. & J. at oMce of City Treasurer. Due 8300
-BONDS NOT SOLD.
DELPHOS, Allen County, Ohio.
were received for the $16,044 43 5% 4 2-5-yr. (aver.) Second St. impt. yearly on July 1 from 1915 to 1924, inclusive.
(city's portion) bonds offered on Aug. 21 (V. 99, P. 360)•
GREENE SCHOOL DISTRICT (P. 0. Greene), Butler County,
-At the election held Aug. 19 the question of
-BONDS VOTED.
DENVILLE TOWNSHIP (P. 0. Denville), Morris County, N. J.
Iowa.
offering for sale an issue of $7,000 issuing 31.500 building bonds carried, it is stated, by a vote of 173 to 70.
-This township is
BOND OFFERING.
July 1
5% tax-free school-bldg. bonds. Denom. 81,000. Date required.1915.
-BOND SALE.
-On Aug.
(P. 0. Anderson), Tex.
No
GRIMES COUNT
Cert. check for 5%, payable to "Board of Education,"
-30
10 -year (opt.) road and bridge oonds were awarded
10 $30.000 534% lth Tr. Co. of Houston at par and int. Denom. $500.
bonded or floating debt. Assess. val. 5600.000.
Conutionwea
-An election will to theAug. 10 1914. Int. A. & 0. Total debt $79,000. Assessed val.
-BOND ELECTION.
DEPEW, Erie County, N. Y.
be held Sept. 11 to vote on the question of issuing $38,000 Penora St. Date 0_NN6
. .
013 9 2 s
1
$1GuER 8o
Transit road paving, 842,000 Olmsted and Burlington s 3 0.
Paving, $73,000
Ohio.
-BONDS NOT
EY COUNTY (P. 0. Cambridge), $5,750 (not $5,700 as
avenues impt. and 813,000 Sawyer Ave.impt. bonds.
bids were received on Aug. 26 for the oshocton
-On Aug. 21 City
.
road-impt.
DES MOINES,Iowa.
-BOND SALE RESCINDED
Southwest first reported) s% 4A-year (aver.) Cambridge-C
Council rescinded the award made on Aug. 19 of E60,000 5A %
on that day (V. 99, P. 424.)
Seventh St. bridge bonds to the Iowa Loan & Trust Co. of Des Moines for bonds offered
-BONDS TO BE
offered
(P. 0. Cincinnati), Ohio.
$60,238 65 (100.397). These bonds are part of the $110,000 issue
HAMILTON COUNTY -Reports state that the Co. Commrs. have
without SUM'S:3 as 434s Aug. 15 (V. 99. p. 556). The increase in the rate OFFERED OVER COUNTER.
sale "over the counter" beginning Sept. 1, the 8800.000
of interest was declared illegal, according to local papers.
decided to offer for -emergency bonds. These bonds were offered without
DE SOTO SCHOOL DISTRICT (P. 0. De Soto), Jefferson County, 0.6% 30-year flood
.
at d attenhet es he
first31% tpt to sell btilg
svedon.
of an Aug.success a
-We are advised that this district has disposed
330.
-BOND SALE.
1. tht
13°ndr wa
were secel
etywo
Issue of $10,000 school bonds.
the rate to 434% and readvertise them for
Commrs. decided to raise offering only one bid was
DEUEL COUNTY (P. 0. Clear Lake), So. Dak.-BOND ELECTION. the
second
received and this
-house sale
Au
g. 21. At the submitted by a local party. (V. 99,
e
-The election to vote on the question of issuing the $100,000 court
$500,
P. 424.)
bonds (V. 99, p. 360) will be held Nov. 3.
was $502 60 for
0. Kountze), Tex.
-BOND ELECTION.
HARDIN COUNTY (P.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 53 (P. 0. Omaha),
held Sept. 12, reports state, to submit to a vote the
-Proposals will be received until 10 a. m• An election will be$125,000 Saratoga & Batson Road District bonds.
Neb.-BOND OFFERING.
H. Barth, Moderator, for $67,000 5% 20
-year coup. bldg. question of issuing
Sept. 9 by John
bonds voted June 11. Denom.$1.000. Date Sept. 1 1914. Int. M.& S.
HARLINGEN IRRIGATION DISTRICT (P. 0. Harlingen), Cam-BONDS VOTED.
Tex.
at Kountze Bros., N. Y. C. Cert. check for $1,000. payable to above
-Reports state that the election
er0
Moderator. required.
Countyult
Aug. 14
nurchasing and improving the present canal system of the
-Proposals heldpurpose
es
N. J.
-BOND OFFERING.
DUMONT, Bergen County,
resuP°
o
Land& Water Co.
the
will be received until Sept. 8, reports state, by H. J. Bersch, Both. Clerk, liar I
5% 934-year (aver.) funding bonds. Int. semi-ann.
for $50,000
-BOND OFFERING.HARLOWTON, Meagher County, Mont.
DUNBAR TOWNSHIP SCHOOL DISTRICT (P. 0. Leisenring), Further details are at hand relative to the offering on Sept. 17 of the $15,000
-No sale has been made of the $35,000 5%
-BONDS NOT SOLD.
Pa.
-year (opt.)coup. water bonds at not exceeding 65 int.(V.99.p.557).
-20
15
m.
6-15-yr. (ser.) school bonds offered on Aug. 8 (V. 99, p. 214).
proposals for these bonds (sealed or verbal) will be received until Bp.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood on that day by S. K. Campbell, Town Clerk, Denom. $500. Date July 1
-On Aug. 18 $6,000 6% 11-20-yr. 1914. Int. J. & J. Cert, check for $1,000 required.
County, Ore.
-BOND SALE.
River
(set.) irrigation-system-impt. bonds were awarded to E. L. McClain Jr.
HARRIET SCHOOL DISTRICT (P. 0. Arena), Burleigh County,
at 90 and int. Date July 11913. Int. J. & J.
-At a recent election this district voted in
No. Dak.-BONDS VOTED.
- favor of the issuance of $2,500 building bonds, according to local newspaper
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
will be received until Sept. 7 (and from day to day thereafter reports.
Proposals
until sold) for the following 454% semi-annual road-improvement bonds in
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 20, Tex.-The proposition to issue $15,000 building bonds carded,
Locke and Union Townships:
BONDS VOTED.
$20.000 road bonds. Denom. $500. Due $1,000 each six months from
at the election held Aug. 15.
it is reported,
May 15 1915 to Nov. 15 1924. inclusive.
-BONDS PROPOSED.
HARRISON COUNTY (P. 0. Gulfport), Miss.
19,500 road bonds. Denom. (20) $500. (20) $475. Due $975 each six
of County
-Reports state that notice has been given that the BoardAgricultural
months from May 15 1915 to Nov. 15 1924. inclusive.
to issue on Sept. 7 $17,000 Perkinston
road bonds. Denom. (20) $500. (20) $475. Due $975 each six Supervisors propose
19,500
School improvement bonds.
High
months from May 15 1915 to Nov. 15 1924 inclusive.
each
'
HEBRON SCHOOL DISTRICT (P. 0. Hebron), Morton County,
43,000 road bonds. Denom. (60) $500, (20) $650. Due $2,150
-According to reports, an
six months from May 15 1915 to Nov. 15 1924, inclusive.
No. Dak.-BOND ELECTION PROPOSED.
held in
-BONDS AWARDED IN election will be bonds. the near future to vote on the question of issuing
County, Cal.
ESCONDIDO, San Diego
(aver.) $8,000 building
PART.
-Reports state that $75,000 of the 8100,000 5% 2534-yr.
12
-BONDS NOT SOLD.HENRY COUNTY (P. 0. Napoleon), Ohio.
municipal water-works-impt. bonds offered without success on May par
at
failed to receive any bids for the two issues of 5% 334-year
(V. 98, p. 1631) have been purchased by the State Board of Control
This county
No. 320
and int. The remaining $25,000 will be taken by private parties.
(average) coupon Holgate-Kiefersyille inter-county highway
bonds, aggregating 39.050, offered on Aug. 24 (V. 99, p. 490).
ESMERALDA COUNTY (P. 0. Goldfield), Nev.-BONDS VOTED.
-BOND OFFERING.
HERNANDO COUNTY(P.O. Brooksville), Fla.
According to reports, the proposition to issue $25,000 road bonds carried
of
-proposals will be opened on Sept. 14 by M. H. Snow, Clerk Board
at a recent election.
rs, for $300.000 5% 30
-year funding and highway
-On Aug. 18 the County Commissione
-BOND SALE.
EUREKA, Humboldt County, Cal.
Auth. sec. 769, General Statutes. Denom. $1,000. Date July 1
three issues of 5% 10-39-year (serial) 5% water-works bonds, aggregating bonds. Int. J. & J•, at Brookvilie, Fla.and New York City. Cert. check
the
1914.
$270,000 (V. 99. p. 284), were awarded as follows: $2,000 at 100.35 to and
bank or trust company for 1% of bonds bid for required.
on a responsible these bonds has been approved by Dillon, Thompson &
Mad River Lodge No. 185, K. of P.; 8500 at 100.20 to A. Johansen,
The legality_ of their opinion will be furnished purchaser. No other
the remaining $267,500 at par and interest to local parties.
and
-The Clay of N. Y. val. 1913, 51.560,710. Act. val. (est.) $6,242,840.
-BONDS DEFEATED.
EVELETH, St. Louis County, Minn.
debt. Assess.
question of issuing the 8130,000 bonds to purchase the property of the
AUG. 291914.1
THE CHRONICLE
623
HILLSBOROUGH COUNTY (P. 0.
Tampa), Fla.
-BOND OFFERLARCHMONT, Westchester County
-Proposals will be received until 12 in.
MG.
, N. Y.
-BONDS NOT SOLD.
Sept. 16 by W.P. Cu'breath. No bids were received on Aug.
18,
Clerk of Board of County Commissioners, for
purchase bonds at not exceeding it is stated,for the $6.000 fire-equipment
$500,000 5% 30
-year gold
5% int., offered on that day(V.99,p. 491.)
coup. road bonds. Denom. $1,000. Date Oct. 1 1913. Int.
LAWRENCE COUNTY (P. 0.
A. & 0. In
Bedford), Ind.
-BOND SALE.
N. Y. Certified check on an incorporated bank for
Aug.
-On
2% of bonds bid for, (V. 25 the $2,000 4 % coupon Isaac Fish. et at. highway-impt. bonds
required. Bonds to be delivered in Tampa
99. p.
or N. Y. on Oct. 1. These Interest. 557) were awarded to the Citizens Tr. Co. of Bedford at par and
bonds will be certified as to genuineness by the Columb
ia Trust Co. and
LAWTON SCHOOL DISTRICT
their legality approved by Caldwell, MassItc
(P. 0. Lawton), Woodbury County,
h & Reed of N. Y., whose Iowa.
-BONDS VOTED.
opinion will be furnished successful bidder.
-The election held Aug. 22 resulted in a vote of
Bids must be made on forrrs 128 to 24 in favor of the questio
n of issuing 325,000 5% 5 -year (opt.)
furnished by the above clerk or trust compan
school-building bonds.
-10
y. No bid for less than 95
and accrued Interest will be received.
LEESBURG SPECIAL TAX
SCHOOL DISTRICT NO. 21, Lake
The official notice of this bond offering will
County, Fla.
-BOND SALE.
be found among the advertise- (aver.)
-On Aug. 17 the $35,000 6% 23 1-5
-year
ments elsewhere in this Department.
school-site-purchase and
to the State Board of Educat building bonds(V.99. p.491) were awarded
HOOD RIVER COUNTY (P. 0. Hood River),
ion at par.
Ore.
-BIDS.
-The
following are the other bids received for the
LEONARD INDEPENDENT
SCHOOL DISTRICT (P. 0. Leonard),
-19-year (ser.) Fannin County
Columbia River highway-impt. bonds awarde$75,000 5% 10
, Tex.
-BOND SALE.
d on Aug. 17 to S. Benson of (opt.) school
-The $11,000 5% 20 -year
Portland at par (V. 99, p. 557):
-40
bonds (V. 98,
Co. of Cincinnati at par p. 1557) have been purchased by Well, Roth &
C. H. Coffin, Chicago. bid $75,075.
and int. Denom. $500. Date May 1 1914.
Int. ann. on May 1.
A. J. Hood & Co.. Detroit. bid $75,011 less $3,739 commis
Neither one of the above bidders furnished the require sion.
LETCHER SCHOOL DISTR
ICT (P. 0. Letcher), Sanborn
Denom. $500 and $1,000. Date July 15 1914. Int.d certified check.
So. Dak.-BOND OFFER
J. & J.
-Bids will be received until 12 m.County,
for an issue of 825.000 ING.
HUGHSON SCHOOL DISTRICT, Calif.
Sept. 20
6% 10 -year (opt.) bldg. bonds authori
-BOND SALE.
-20
-Reports vote of 136 to 66
state that $10,000 5% school bonds have been sold to
zed by
at an election held July 24.
the State Board of
Control at par and int.
LINCOLN COUNTY (P. 0. No.
Platte), Neb.-BONDS DEFEATED.
HUNTINGTON COUNTY (P. 0. Huntin
-The question of issuing
$100.000
Ind.
-house bonds failed to carry at the
AWARDED IN PART.
-On Aug. 19 the $1,105gton),5) -BONDS election held Aug. 18. The vote court
434%
-year (aver.)
was 896 "for" to 1,105 "against."
J. H. Rorick road, Rock Creek Twp. highwa
awarded. it is stated, to A. E. Mattern of y-improvement bonds were ofLIVINGSTON, Polk County, Tex.
-BONDS VOTED.
-The question
issuing the $25,000 water-works
Andrews. These bonds, together with an issue of $7,505 414% 5%-year
-system-installation
Rock Creek Twp. road bonds, were offered (aver.) Wesley J. Redding carried, reports state, at the election held Aug. 20. bonds(V.99. p. 362)
without success on Aug. 6
LORAIN COUNTY (P. 0.
(V. 99, p. 490).
Elyria), Ohio.
This county failed to receive
-BONDS NOT SOLD.
INDEPENDENCE, Montgomery County
a bid for the two issues of 5% road-Im,
pt.
-Reports state that the question of issuing Kans.-BOND ELEC- (assess.) bonds. aggregating $37.000, offered on Aug.
TION.
26(V. 99. p. 491)•
Independence. Neodesha
LOS ANGELES,
& Topeka Interurban Ry. Co. aid bonds will be submitt
-BOND
ed to the voters City Treasurer will Calif.
-Reports state that the
on Sept. 22.
receive bids untilOFFERING.
11 a. m. Sept. 1 for $31,45 Alvarado
St.
-improvement and $25,322
INDIANA.
-TEMPORARY LOAN.
street-impt. 7% (assess.) bonds. 8
-Local papers state that a temLOS ANGELES SCHOOL
porary loan of $400,000, due Dec. 31 1914, has
DISTRICTS, Calif.
been negotiated with the IN PART.
-BONDS AWARDED
Fletcher-American Nat. Bank of Indianapolis
-The County Board of
at 54% interest.
Supervisors will, it
$600.000 of the $4,600,000
bonds voted May 14. On is stated, purchase
IONIA, Ionia County, Mich.
of these bonds were
-BOND OFFERING.
-Proposals will be (V.
offered for sale, but they failed July 13 31,800.000
received until 7:30 p. m. Sept. 1 by Donald
99, p. 216).
to attract any bids
M. Steele, City Clerk, for the
following bonds:
LOUISVILLE, Winston
$8,000 4 6‘;'," paving bonds. Denom. $500. Int. ann.
-BOND OFFERING.
Due on or before 20 posals will be received until 8 County, Miss.
-Proyears.
$4,000 coup. tax-free school p. m. Sept. 1 by W. J. Newsom, Mayor, for
3,600 4% public parks and grounds-improvement
-bldg. bonds. Denom. (6) $500. (10)
bonds. Denom. Date Sept. 11914. Int. M.&
3100.
$25. Date June 1 1914. Int. ann.
Due on or before 1924 incl. and $500 yearly on S. Due $100 yettrly on Sept. 1 from 1915 to
May 11934.
Sept. 1 from 1925 to 1930 incl.
for $100, payable to
Treas., required. Bonded debt (not incl.Cert. check
JACKSON COUNTY (P. 0. Brownstown),
$50,000. Floating debt,
this issue),
Ind.
$2,000. Assess. val. 1914, $675,000.
-On Aug. 22 the two issues of 41.4% 5%-year (aver.) -BOND SALE.LUDLOW, Kenton County
highway-impt. bonds
aggrexating $6,160 (V. 99. p. 490) were awarded
, KY.
-BOND ELECTION.
-The question
to Albert Ahlbrand of of issuing $30,000 bonds will be submitt
Seymour at par and int. There were no other bidders
ed to the voters at the November
election, it is stated.
.
BONDS PROPOSED.
JACKSON TOWNSHIP SCHOOL DISTRICT
(P. 0. Crandall), the issuance of $25,000-According to reports, this city is contemplating
Harrison County, Ind.
-BOND OFFERING.
funding and sewer-system-completio bonds.
-Repor
n
Wright, Twp. Trustee, will receive bids for an issue a ts state that T. J.
MACON COUNTY SCHOOL
$3,000 43X % 15
DISTR
-year ING.
-BOND OFFERschool bonds until 2 p. m. Sept. 5.
-Proposals will be received until ICT NO. 3, Ills.
5 p. m. Sept. 14 by C. F. Crum.
Secretary of Board of Education
JENNINGS SCHOOL TOWNSHIP (P. 0. Leaven
(P.0. Mama).for $22,000 5% coup. taxworth), Crawford free building bonds. Denom.(4) 32,000,
County, Ind.
-BOND OFFERING.
(14) 31.000. Date Sept. 11914.
-Proposals will be received
Int. ann. on Mar.
2 p. m.Sept.9 by W.0. Beals, Twp.Trustee,for $2,000 4Ii'Y school- until follows: $2,000 1 at Crocker & Co. bank. Mama. Due on Mar. 1 as
o
in 1920. 1925, 1928 and 1930 and
bldg.
bonds. Denom. $100. Date Dec. 25 1914. Int. J. &
to 1933 incl., except above dates.
$1,000 yearly from 1916
D.
Certified check or draft for 10%
bonds, payable to J. Crocker,
JOHNSON COUNTY (P. 0. Franklin), Ind.
of
Treasur
-BOND SALE.
-On debt. Assessed valuation, $440,00 er, required. No bonded or floating
Aug. 24 the $17.680 414% road-improvement bonds (V.
0.
awarded, it is stated. to the Union County Nat. Bank 99, ju. 490) were
MANCHESTER, Coffee County
‘
of Liberty at par ing to local
, Tenn.
-BONDS VOTED.
and interest.
-Accordnewspaper reports
bonds (V. 99. p. 285) carried ,the question of issiung the $8,000 building
JOHNSTOWN, Cambria County, Pa.
by a vote of 113 to 30 at the election
-BOND SALE.
held
-On Aug. 24 Aug. 15.
the two i.s.sues of bonds (V. 99, p. 424) were awarde
d at par and int. as
MANKATO, Blue Earth County, Minn.
follows:
-BOND SALE.
-On Aug. 3
the 310.000 5% 2
$100,000 43X % 5 -year (opt.) highway bonds
-year (aver.)
-20
of 1914 to the Girard awarded to the First Nat. Bank local-impt. bonds (V. 99, p. 491) were
Trust Co. of Philadelphia.
of Mankato.
40,000 4% 10 -year (opt.) bridge bonds
-30
MANZANITA SCHOOL DISTRICT, Butte
of 1913 to the Cambria
-BONDS
Steel Co. of Johnstown.
VOTED.
-According to reports, the question of County, Calif.
issuing $12,000 bldg. and
There were no other bidders.
equip. bonds carried at the election recently held.
MARBLE
KALAMAZOO SCHOOL DISTRICT NO.
-AMOUNT OF BONDS TO
1 (P. 0. Kalamazoo), BE VOTED FALLS, Burnett County, Tex.
Mich.
-BOND SALE.
UPON.
-Reports state that
-On Aug. 19
tax-free refunding bonds dated July the $75.000 7 3-5-yr. (aver.) coup. bonds to be voted upon on Sept. 5(V. 99, the amount of municipal impt.
2 1914 (V. 99, is. 424) were awarded
p. 558) is 120,000.
to the Kalamazoo City Say. Bank of Kalama
MARION, Smyth County, Va.-BONDS DEFEA
TED.
int. for 414s. There were no other bidders zoo for $75,250 (100.333) and of issuing $20,00 water-s
-The question
0
ystem-impt. bonds failed to carry, reports
.
state,
at the election held Aug. 18.
KANSAS CITY, Kans.-BONDS VOTED.
-The election held Aug. 25
resulted, it is stated, in favor of the proposi
MARION COUNTY (P. 0. Marion), Ohio.
-BONDS AWARDED IN
tions to issue the $450,000 PART.
municipal water-plant and $200,000 municipal
-On Aug. 22 the two issues of 6% coup. pike bonds
electric-light
-plant bonds
(V.99, p• 491)
(V• 99, p. 361). The vote was 3.202 to
807 on the light bonds and 2.895 were awarded, it is stated, as follows:
to 1.002 on the water bonds.
$6,000 2%-year (aver.) Dry Lane Turnpike bonds to the
Larne Bank of
Larue for 36,025
-equal to 100.416.
XEYSER SCHOOL TOWNSHIP (P.
0. Garrott), DeKalb County, 21,500 7%-year (aver.) Riley Turnpike bonds
Ind.
-BOND SALE.
to
-On
Barnesville for 321,551-equal to 100.237. the First Nat. Bank of
building bonds (V. 99, p.Aug. 20 the $16.500 5% 81-5
-year (aver.)coup.
& Co. of Indianapolis for 424) were awarded, it is stated, to J. F. Wild
No bids were received, it is stated, for the $10,000 5% 5
2 -year (aver.)
816.531 25 (102.007)-a basis of about
-3
coup. Kerns Free Turnpike bonds also offered on Aug.
4.70% •
22(V.99, p. 491)•
KIRKSVILLE, Adair County
MEDIAPOLIS, Des Moines County, Iowa.
, Mo.-BOND SALE.
Trust Co. of St. Louis
-The Mercantile
-BONDS NOT SOLD.
was
(opt.) water-works-extens awarded on July 6 the $25,000 5% 10 -year Reports state that no sale was made on Aug. 20 of the $4,000
-20
2
-10-year
Aug. 1 1914. Int. F. & ion bonds voted June 11. Denom. $3500. Date (ser.) water-works bonds offered on that day.
A.
MELSTONE, Musselshell County, Mont.
KITTANNING, Armstr
-BOND OFFERING.
Dispatches state that A. F. Werner, Town Clerk,
state that the question of ong County, Pa.
-BONDS VOTED.
will receive sealed bids
--Reports
bonds carried by a vote of issuing 3112.000 electric-light and water-plant until 8 p. m. Oct. 5 for $20,000 semi-annual 6% 20
-year water-works bonds.
517 to 51 at an election
A certified check for 5% is required.
held Aug. 25.
LA GRANGE TOWNSHIP
MIAMI COUNTY (P. 0. Troy), Ohio.
SCHOOL
Cassopolis), Cass County
-BOND SALE.
-The People's
, Mich.-130ND DISTRICT NO. 1 (P. 0. Bldg. & Loan Co. of Troy have purchased the $24,300 5% -year
be received until Dec. 15 by C.
2
(aver.)
will ditch bonds offered without success on Aug.
E. Cone, Sec. Bd. of
coup. tax-free site-purchase and
7.
OFFERING.-Proposal0 5%
Ed , for$8.00
s
constr. bonds. Denom.
MIDDLEPORT VILLAGE SCHOOL DISTR
$500. Date Jan. 1 1915.
.(15 $100, (13)
ICT (P. 0. MidcUeport),
Int.
opolis. Due $1,000 yearly on ann. on Jan. 1 at First Nat. Bank. Cass-' Meigs County, Ohio.
-BOND OFFERING.
-Proposals will be received
(or cash) for 10% payable toJan. 1 from 1916 to 1923 incl. Cert. check until 12 m. Sept. 12 by Andrew Calderwood, Clerk Bd. of
Ed., for
Treas., required.
debt. Assess. val. 1914, $800,00
No bonded or floating 5% coup. site-purchase bonds. Anth. Secs. 7625 and 7626. Gen.$5.000
0.
Denom. $250. Date "day of sale.' Int.
Code.
LAKE CITY, Columbia County
Middleport. Due $250 each six months M.& S. at Citizens' Nat. Bank.
, Fla.
from Mar. 12 1916 to Sept. 12
sale was made on Aug. 24 of the
-BONDS NOT SOLD.
-No 1925 incl. Cert. check for 5% of bonds bid
$79,000 5% 30
for, payable to above Clerk.
tion improvement bonds offered on
-year
that day (V. 99.validated and redemp- required. Purchaser to pay accrued interest.
p.
LAKE COUNTY (P. 0.
MILWAUKEE COUNTY (P. 0.
Crown Point), Ind. 362)•
Milwaukee), Wisc.-PURCHASER
Aug. 20 the $30,000 435% 53.4-yea
-On OF BONDS.
-The four local banks which agreed to
r (aver.) Little -BOND SALE.
constr. bonds (V. 99.
take the $600.000 43i.%
Calumet River
-year (ser.) house
1-20
dianapolis for $30,183P. 215) were awarded to Meyer-Kiser Bankbridge- are as follows: First of correction bonds at par and int. (V. 99. p.
75 (100.612) and Int.-a
of In558)
Nat. Bank, $300,000: Marshall & Ilsley
Other bids were:
basis of about 4.387%. 000; Wisconsin Nat. Bank.
Bank,
$100,000,and German-American Bank, $150.John Brown
$50.000.
$30,0251People's Bank,
MONTGOMERY COUNTY (P. 0.
BOND OFFERING.
Crown Point3.30,000 ING.
Rockville), Md.-BOND OFFER-Proposals
-In addition to the $75,000 5% coup,
A. J. Swanson, County Treasurer,will be received until 10 a. m. Sept. 3 by
tax-free school-bldg.
fr othe following 4%%
be offered on
provement bonds:
highway-im- Denom. (1) Sept. 15(V.99, p. 141),858.5005% bonds will also bebondsto
offered.
$1,500. (57) 31.000. Int. A.
$7,000 'rhos. De Ifaan road bonds in
St. John Twp. Denom
Trust Co. of Montgomery County, Rockvil & 0. at Farmers' Banking &
9,400 Simon Koplin Road No.2 bonds
le. Due $1,500
. $350.
3,000 J. Larson Road bonds in North in West Creek Two. Denom.$470. $3,000 yearly thereafter. Cert. check for $200, payable to In 1 year and
County Commissioners, required.
Twp. Denom. $150.
16 000 Joe Keilman Road bonds in St. John
Twp. Denom. $800.
Int. M.& N. Due one bond of each
MONTGOMERY COUNTY (P. 0. Dayton
-BOND OFFER-Proposals will be received until 11 a. ), Ohio.
1915 to Nov. 151924. The approved issue each six months from MaY 15 MG.
m. Sept.
opinion of Matson. Gates & Ross
accompany the bonds.
will Aszling.•Clerk Bd. of Co. Commrs., for the following 21 by Walter II.
5% inter-county
highway-improvement bonds:
LAKEWOOD, Cuyahoga County
, Ohio.
$21,600 highway No. 61 bonds. Denom. $720.
-BONDS NOT SOLD.
bids were received for the three issues of
-No
24,000 highway No.63 bonds.
offered on Aug.4 (V.99, p. 215). The 5% bonds, aggregating 331,416,
.
24,000 highway No. 62 bonds. Denom. $500.
VOTE.
Denom
-The vote cast at the electionbonds will be sold at private sale.
22,500 highway No. 19 bonds. Denom. $750.
defeat of the question of issuing the held Aug.11,which resulted in the
A
was purchased by Seasongood & Mayer of like amount of bonds
$100.000 park-site-purchase bonds
(V. 99, p.491),was 1,025 "for" and 818
Cincinnati on July 18.
but were later refused by them; see
"against," a two-thirds majority
being required to carry.
Auth. Sec. 1223 Gen. Code. Date "dayV. 99, p. 491.
of
LAMAR COUNTY (P. 0. Paris), Tex.
office of Co. Treas. Due 3 bonds of each issue sale". Int. M. & S. at
yearly on Sept. 1
advised that no bids were received on -BONDS NOT SOLD.
-We are to 1924 incl. Cert. check for 5%
Aug. 20
of bid, payable to Hugo F. from 1915
year (opt.) gold road bonds offered on that day for the $50,000 5% 10 - Co. Aud., required.
-40
Schneider,
(V. 99, p. 285.)
BOND ISSUE RESCINDED.
LA MESA, San Diego County, Calif.
-The Board of Co. Commr
-A recent because of defects pointed out by
election resulted, it is stated, in favor of -BONDS VOTED.
S. on Aug. 20
Seasongood
propositions to issuel$2,300 fire- refused the
apparatus and $7.700 park bonds.
522.250 5% 6-yr. (aver.) road-im& Mayer of Cincinnati, who
pt. bonds awarded
July 18 (V. 99, p. 491), rescinded
them on
the issue.
624
THE CHRONICLE
[VOL. xmx.
-No satis- that the previous advertisement did not exactly correspond in phraseology
NDS NOT SOLD.
MONTROSE, Henry County, Mo.-BO electric-light bonds offered on to the propositions submitted to the voters.
5%
factory bids were received for the $6,000
PAULDING COUNTY (P. 0. Paulding), Ohio.
-BONDS NOT SOLD.
d until next meeting of City Board,
Aug. 19. Action has been postpone
-No sale was made, it is stated. of the $14.000 5% Paulding-Woodb
Sept. 2.
Mount Olive), Wayne pike-impt. bonds offered on Aug. 15 W.99, P. 492). The result of the sale
0.
MOUNT OLIVE SCHOOL DISTRICT (P. of $10,000 5% coup. school of the $8,700 5% Campbell pike bonds also offered on that day was not
-An issue
-BOND SALE.
County, No. Caro. Stacey & Braun of Toledo at par on Jan. 1 1914.
bonds was awarded toJan. 1 1914. Int. J. & J. Due last bond Jan. 1 rep rted
pEAiSON SCHOOL DISTRICT (P. 0. Pearson), Coffee Count
-This district is offering for sale an Issue of 310 ,
Denom. $500. Date
-BOND OFFERING.
Gs.
at option of Board of Education.
3
:
1934, subject to call before maturity
- 0006% 30-year bldg. bonds authorized by a vote of 75 to 12 at the election
Kern County, Calif.
DISTRIC
is
MOUNTAIN VIEW SCHOOLwill be heldT,
Sept. 5 to vote on the ques- held Aug. 22. Wm. Smith Sec. of the School Board.
-An election
BOND ELECTION. 6% site-purchase, constr. and equip. bonds. Denom.
-BONDS VOTED.
-According to
PEKIN, Tazewell County, Ms.
tion ofissuing $8,000
yearly from 5 to 20 Years Inc!.
reports the election held Aug. 21 resulted in favor of the question of issuing
$500. Int. semi-arm. Due $500
the purchase and rehabilitation
-BONDS NOT the $48,000 bonds for building of an extension. (V. of Pekin & Petersburg
COUNTY (P. 0. Portland), Ore.
99.P.02)
MULTNOMAH
455% 16-year Ry.In Pekin and the
-No offers were received, it is stated, for the $625,000 99. p. 362.)
SOLD.
PIEDMONT, Mineral County, W. Va.-BOND ELECTION.
-Rep rts
d to be sold Aug. 25.(V.
(aver.) coupon bridge bonds advertise
County, state that an election will be held Sept. 14 to vote on the question of issuing
0. Fontanet), Vigo
NEVINS SCHOOL TOWNSHIP (P.
-year (aver.) bldg. $85.000 municipal-improvement bonds.
-On Aug. 17 the $20,000 435% 8
-BOND SALE.
Ind.
PIERCEFIELD (TOWN) SCHOOL DISTRICT NO. 1 (P. 0. Pierce.
were awarded ,reports state, to Breed, El-BOND SALE.
-On Aug. 19 the
and impt. bonds (V. 99, p. 426)at 100.20-a basis of about 4.471%.
field), St. Lawrence County, N. Y.
liott & 71arrison of Indianapolis
-On Aug. 25 $17,500 4-year (aver.) school bonds (V. 99. p. 492) were awarded to the
LOAN.
-TEMPORARY
Nat. Bank, Tupper Lake, for $17,520 (100.114) as 5;is.
NEWARK, Essex County, N. J.
, in anticipation of taxes, was negotiated, it is Tupper Lake
Lamar County,
a temporary loan of $125,000
Co. at 6% interest.
PINE GROVE PUBLIC SCHOOL DISTRICT, J. J.
reported, with the National Newark Banking
Massey, Is
-The County Treasurer,
-BOND OFFERING.
-BOND Miss.
Alameda County, Calif.
NEWARK SCHOOL DISTRICT, for the $25,000 5% building bonds offering at private sale an issue of $2.000 6% coup. tax-free bldg. and equip.
-Reports state that bids
$100. Date July 1 1914. Int. J.& J. at office of County
OFFERING.
by the Clerk of Board of bonds. Denom. yearly on July 1 from 1915 to 1924 incl. No deposit
recently voted (V. 99, p. 362) will be received 8.
Treas. Due $200
until Sept.
debt, this issue. Assess. val. 1913-14. $450,000.
County Supervisors (P. 0. Oakland)
-No required. Total
-BONDS NOT .SOLD.
Ohio.
-There were no
-BONDS NOT SOLD.
NEW ATHENS, Harrison County, Main St. impt. bonds offered on
PIQUA, Miami County, Ohio.
-year (aver.)
made of the $2,940 6
two issues of 434% bonds, aggregating $29,498 21, offered
sale was
bidders for the
Aug. 24 (V. 99. p. 362).
on Aug. 22(V.99. p. 363).
FREE SCHOOL DISTRICT
-BOND SALE.
-On Aug. 17
NEW HARTFORD (Town) UNION
-On
POINT MARION, Fayette County, Pa.
-BOND SALE.
N. Y.
-30-year (opt.) bonds
NO. 8 (P. 0. Chadwick), Oneida County,registered site-purchase and the $3,800 funding and $4.200 street-impt. 5% 3
(aver.)
the $31.000 5% 10i-yeardisposed of at a slight premium.
awarded to the First Nat. Bank of Point Marion at
Aug. 20
(V. 99. p. 492) were
building bonds (V. 99. p. 492) were
- par and int.
-BOND OFFERING.
t County, Ohio.
County, Calif.
-BOND ELECNEW RICHMOND, Clermon12 m. Sept. 7 by C. T. Bahrum, Village
POND SCHOOL DISTRICT, Kernto vote on the proposition to
Proposals will be received untilbonds:
-An election will be held Sept. 1 and refind1 yNea ‘Tiit.L D issue
TION.
( :b snds Denomo
D1 g
equip.
.-N.
for the following coupon
site-purchase, constr.,
Clerk,
pt. bonds. Denom. $100. Dna $100 yearly on 56,000 6% semi-ann. Due $500 yearly fro-B
m
. 5
$2,000 5% street-im
Int.
June 1 from 1918 to 1937, inclusive. $200 yearly on June 1 3500.
$200. Due
PORTAGE, Columbia County, Wise
5
,
2,000 53 % sidewalk bonds. Denom.
unconditional bids were received for the $30,000 bonds offered on Aug. 22
from 1915 to 1924 inclusive.
office of Village Treas- (F. 99, p. 492).
June 1 1914. Interest annually in June at
Date
County, N. Y. TEMPORARY
issues), $50,264. These bonds were
PORT CHESTER, Westchester ion of taxes. for current expenses,
urer. Bonded debt (Including these
of Cincinnati (V.99,p. 141).
-A loan of $10,000 in anticipat
reported sold on July 6 to Seasongood & Mayer
- LOAN. negotiated with John Lyon of Port Chester at 6% interest.
-BONDS NOT SOLD.
), Ind.
NEWTON COUNTY (P. 0. Kentland $10,000 431% Wm. H. Kessler has been
-BOND OFFERING.
Ohio.
25 for the
PORT CLINTON, Ottawa County,
No bids were received on Aug.
23 by Wm. H. Williamsen,
bonds offered on that day (V. 99, p. 558).
Proposals will be received until 12 m. Sept. streets
et al highway improvement
-BOND OFFERING.-Proposals VII. Clerk, for $7,700 5i% Perry and Canal Code. sewer-construction
l County, Ohio.
Denom.
NILES, Trumbul
Gen.
22 by Homer Thomas, City Auditor, bonds. Auth. Secs. 3939 to 3954, incl.,& S. Due $700 Mar. 1(1) $700,
M.
1916 and
will be received until 2 p. m. Sept.
bonds:
(7) $1,000. Date Sept. 1 1914. Int.
Bonds to be
for the following 5% paving
bonds. Denom. $555 10. Due $1,110 20 $1,000 yearly Mar. 1 from 1917 to 1923 incl.Cert. check on delivered and
some bank in
$11,102 00 Bentley Ave. paving
incl.
days from time of award.
to 1924
yearly on Sept. 15 from 1915 Denom. $810 98. Due $81098 paid for within 10
Treas., required. Purchaser to
bonds.
Port Clinton for $300, payable to the VII.
8,109 80 Belmont St. paving
yearly on Sept. 15 from 1915 to 1924 incl. 48. Duo $972 48 pay accrued interest.
-On Aug. 28 the $150,000 4%
bonds. Denom. $972
-BOND SALE.
PORTLAND, Me.
9.724 78 Sayers Ave. paving
without
) coupon tax-free funding bonds offeredfollows: success on
yearly on Sept. 15 from 1915 to 1924 incl.
it is stated, as
15 1914. Int. semi-ann. 17-year (average
Authority Sec. 3914, Gen. Code. Date Sept. City Treasurer,required. Aug. 20 (V. 99, p. 559) were awarded, Boston. The price is reported in
1% of bonds bid for, payable to
the First National Bank of
to
Certified checit for
within ten days from time of award. $100,000one newspaper as 95.28 and in another as 95.98.
Bonds to be delivered and paid for
n Cemetery Fund at par.
50,000 to the Trustees of the Evergree
Purchaser to pay accrued Interest.
of issuing
-Proposals will be received
-BOND OFFERING.
-An election to vote on the question
PORTLAND, Ore.
BOND ELECTION.
will be held Sept. 1, it is
% 30.
City And.,for $150.000
$100,000 McKinley memorial site-purchase bonds
until 2 p. m. Sept. 14 by A. L. Barbur, $1,000. Date
Denom.
Sept.1 1914, Int.
stated.
- year gold dock bonds, Series"E."
-BOND OFFERING.
N. Y.
of City of Portland in
NISKAYUNA, Schenectady County,
by A. R. Ham- M. & S. at City Treas. office, or at fiscal agency
le bank of Portland for
Proposals will be received until 12 m. Sept. 1,it is reported,
of $18.000 1-18 year serial sewer bonds N. Y. C. Cert. or Cashier's check on a responsib
lin, Town Supervisor, for an issue semi-annually.
the Mayor, required. Bonds to be de5% of bonds bid for, payable to
at not exceisiing 5% int., payable
Noble County, Ind. livered in Portland at bank to suit purchaser. Bids must be unconditional.
NOBLE SCHOOL TOWNSHIP (P. 0. Albion),
-year (ser.)
-No bids were received for the $15,300 4% 1-8bonds were The legality of these bonds will be approved by Storey. Thorndike, Palmer
-BOND SALE.
p. 286). The
school-bldg. bonds offered on Aug. 15 (V. 99, Co. of Indianapolis at par & Dodge of Boston and purchaser will be furnished with an original copy
subsequently sold to E. M. Campbell, Sons &
less $375.
will be found among the advertise-Proposals will of Theirff al on.
t
th o o ni nolice of this bond offering
-BOND OFFERING.
NORMAL, McLean County, Ills.
Keys,Town Clerk, for $18,000
elsewhere
be received until 7:30 p. m.Sept. 7 by T. H.
1 1914. Int.
were
for the issue of
$500. Date Aug.
in
A . iTheDe lirtw ng
BOND SLE-his foao mient. bids bonds received on Aug. ma
5% general municipal bonds. Denom. Due $9,000 on Mar. 31 1919 and Ine"LI
offered
. l8
13 6% 1-10-year (opt.) impt.
ann. on Mar. 31 at office of Town Treas.
required. Total outstanding indebted- $71,545
Cert. check for 10% of bid 51,432,678. These bonds were offered p. 492):
1920.
val. 1913,
Price
Amt. Bid Price
ness, $45,000. Assess.
99, p. 217).
For. Offered.
For. Offered. Bidderon Aug. 3 but no bids were received (V.
Bidder-BOND OFFERNo. Car.
& cle ma,Cptindr_eas__
5,000 102.50 Wm.Apansion ity T
NUTBUSH TOWNSHIP, Warren County,
Oct. 5 by P. M. Stallings. Citizens' Bk., rtland...52
-Proposals will be received until 12 m. $20,000 5% road bonds. VT, F. White,rtland___ 5,500 100.75 Acc't Firemen's Relief
ING.
Macon), for
820
' .000 100.00
Chairman Co. Commrs. (P. 0.at office of Co. Treas. Cert. check for Lumbermen's Trust Co., 15,000 100.00 Acc't Wat. Bd.
Sk.Fd.*20,000 100.00
Portland
Denom. $1,000. Int. semi-ann. , required.
Acc't Pub. Dock S.Fd.:
10,000 100.51
Henry Teal,Portland
payable to above Chairman
$200,
-Proposals M. B. Marcellus
Series "C"
*2,000 102.00
*700 100.00
-BOND OFFERING.
ORANGE, Orange County, Calif. C. W. Hallman, City Clerk, for
*1,200 100.00
by
Series
will be received until 5 p. m. Aug. 31
Date Sept. 1 1914. Int.
*100 100.00
Denom. $500.
5% gold bridge bonds. Due $500 yearly on Sept. 1 from 1915 to
Acc't Sink. Fund_ ....°2,545 13 100.00
$10,000
of
M.& S. at City Treas. office.
-The following bids were received for
PART.
a bank for $500, payable to "City
i
S
B0NDSful bAl
. uceess A W ds iDED
1934 Incl. Cert. check on a Californi for delivery on or about Oct. 1.
the $269,500 6% 1-10-year (opt.) impt, bonds also offered on Aug. 18
Orange," required. Bonds will be ready
-BOND (V.99,p.492):
County, Calif.
Ami. Bid Price
ORDENA SCHOOL DISTRICT, Kern 2 p. m. Sept. 10 by the
Amt. Bid Pries
For, Offered. Bidder-Proposals will be received untilBakersfield),for $3,500 6%
BidderOFFERING.
For. Offered•
I. L. Miller, Clerk (P.O.& A. at office of Co. Treas. Unird Siortiandational
W.F. White,Portland_ .$35,000 100.125
N
nk. pates
Board of Co. Supers.,
Int. F.
102.28 Wm,Adams,City Treas.,
Bank, Portland
coupon school bonds. Denom. $500. to 1926 incl. Cert. check or cash
1920
Teal,Portland_ _ _ 5,000 100.00 acc't Sinking Fund_.*127.454 87 100
Due $500 yearly on Aug. 14 from
Bush, Chairman Bd. of Supers., required. Henry
to
for 10% of bid, payableandJ. M.for within 15 days after bid is accepted.
* Successful bids.
paid
Bonds to be delivered Assess. val. 1913 $428,370. These bonds were
PULASKI COUNTY, Ark.
-BOND OFFERING.
-Proposal will be
Bonded debt $3,000.
of Santa Rosa (V. 99, p. 559),
10 a. m. Sept. 1 by the Road Commissioners of Road Impt.
recently awarded to Mrs. M.E. D. Smith the bonds had to be re-adver- received until
Dist. No. 5 (care of Lasker-Morris Bank & Trust Co., Little Rock) /or
to an error in the advertisement
but owing
an issue of $20,000 6% 1-10-year road bonds.
tised.
RACINE, Racine County, Wisc.-BOND OFFERING.
-Proposals will
0. Osceola), St. Clair County,
OSCEOLA SCHOOL DISTRICT (P. issuing $10,000 bldg. bonds car- be considered until 2 p. m. Aug. 31 by A. J. Eisenhut, City Treas., for
-The question of
Mo.-BONDS VOTED.
% sewer bends. Denom. $1,000. Date Aug. 1 1914. Int.
$75,000
Aug. 15.
ried. reports state, at the election held
F. & A. at office of City Treas. Due on Aug.
$2,000 yearly.
-No sale from1915 to 1919 incl. $3,000 In 1920, 1921 and 1 as follows: in 1923. 1924,
-BONDS NOT SOLD.
1922,$4,000
OXFORD, Butler County, Ohio.
.
year (ser.) lwater-works-ext. and impt. 1925 and 1926 and $5.000 yearly from 1927 to 1934 incl. Cert. check for
was made of the $6,500 5% 4-10$2,000. payable to "City of Racine," required. Total bonded debt (Incl.
bonds offered on Aug. 24(V.99. p. 217)•
-BOND ELECTION PRO- this issue), $916,000. Assess. val. 1913. $50,986,553.
Fla.
PABLO BEACH, Duval County, will be held in the near future to
READING, Berks County, Pa.
-BONDS TO BE SOLD OVER COUNT-Reports state that an election
POSED.
-This city will offer for sale "over the counter" an issue of $50,000 4%
ER.
sewer and electric-light bonds.
vote on the question of issuing $35,000
coup. or reg. filter-unit, Series M, bonds. Denom. $500. Date Oct. 1
CT (P. 0. Painesville), 1914. Int. A. & 0. at the City Treas. office. Due $2,000 yearly Oct. 1
PAINESVILLE CITY SCHOOL DISTRI
-Sealed bids will be received from 1915 to 1939 incl. Charles Marks is City Clerk.
-BOND OFFERING.
Lake County, Ohio.
the Cleveland
Clerk Board of Education, at his office in coup. refundRICHMOND, Contra Costa County, Calif.
-BOND ELECTION.
by Frank L. Kerr.
21 for $15,000 5%
Trust Bldg., Painesville, until 12 m. Sept. Denom. $500. Date Sept. 21 The proposition to issue 52.500,000 water-supply bonds defeated by the
Sec. 5656. Gen. Code.
ed Sept. 22.
on July 22(V.99, p. 363) will, it Is stated, here
-submitt
ing bonds. Auth.
Trust Co., Painesville branch. Due voters
1914. Int. A. & 0. at the Cleveland incl. Bidder will receive and pay for
RICHMOND, Va.-BOND SALE.
-On Aug. 18 the $500,000 431%
1916 to 1945
$500 yearly Oct. 1 fromfrom time of award if his bid is accepted. Cert. street-Improvement bonds (V.99. p. 492) were purchased by the Combonds within ten days
Bank or the Cleveland Trust Co., missioners of the City Sinking Fund at par. Int. J. & J. Due $250,000
check on either the Painesville Nat. to the Treas. Board of Education. July 1 1920 and 550.000 yearly July 1 from 1921 to 1925 incl.
Painesville branch, for $500, payable
RICH SQUARE TOWNSHIP (P. 0. Rich Square), Northampto
required. Purchaser to pay accrued interest.
-An County, No. Caro.
-Proposals will be received
Wis.-BOND ELECTION.
-BOND OFFERING.
PARDEEVILLE, Columbia County, proposition to issue $6,000 Main until 12 m. Sept. 12 by A. J. Conner, Chairman, for $20,000 5% collP•
vote on the
election will be held Sept. 1 to
bonds. Int. semi-ann. Due from 25 to 35 Years.
road
St paving bonds, it is stated.
County,
-BOND OFFERING.
N. Y.
RIO BONITO SCHOOL DISTRICT (P. 0. Biggs), Butte of issUin
, Calif.
PATCHOGUE (Village), Suffolk County,
-BONDS VOTED. According to reports. the question
8:30 p. m. Sept. 1 by Edw. B. Woodruff
-Proposals will be received until pparatus bonds at not exceeding 5% int.: $6.000 bldg. bonds carried at the election held Aug. 15 by a vote of 33 tot.
Vil. Clerk, for the following fire-a
---It
yearly on Jan. 1 from 1919 to
-BONDS NOT SOLD. . r
RIPLEY, Lauderdale County, Tenn.
$2.500 motor hose-wagon bonds. Due $500
..
-Wee
$15,000 5% 20
1923 incl.
1919 to 1925 is reported that no bids were received for theAug. 3(Y• 99 P
1 from
3,500 motor tractor bonds. Due $500 yearly on Jan.
(opt.) sidewalk and street-impt. bonds offered on
incl.
Co
Cert. check for 10%
l
ROLLA SCHOOL DISTRICT (P. 0. Rolla), Phelps
ofy l of
Denom. $500. Date Sept. 11914. Int. J. & J. the Union Savings
unt iio -We are advised by E.II. Roach, Secretary
of bonds required. These bonds were awarded to it was discovered BOND OFFERING.
of Patchogue on June 23 (V. 99. p. 141), but
Bank
.
AUG. 29 1914.]
THE CHRONICLE
625
Education, that this district will sell the $27.500 5% site-purchase and conTOLEDO, Ohio.
-BONDS NOT SOLD.
struction bonds voted July 30. Denom. $500. Int. semi-ann. at some bids were received for the $180,000 4Ja % -Local papers state that no
-year coup. water-works highbank in St. Louis. Bonded debt $13,000. Assessed valuation. $848,408. pressure-pumping-station bonds offered on 4
Aug. 19 (V. 99,
ROSEVILLE SCHOOL DISTRICT, Placer County, Calif.
-BOND
TRELIPE (P. 0. Snow Ball), Cass County, Minn. p. 493).
-BONDS NOT
-Proposals will be received until 10 a. m. Sept. 8 by M. C. SOLD.
OFFERING.
-No sale was made of
-year road bonds offered
Lowell, Clerk Bd. of County Supers.. it is stated, for $20.000 5% 1-20-yr. on Aug. 18 (V. 99, p. 288). the $15.000 6% 15
(sex.) school-bldg. bonds. Int. semi-ann. Denom. $1,000. Cert. check
TROY, N. Y.
-BOND SALE.
-On Aug. 24 the $200,000 5% tax-free
for 2ji% required.
certificates of indebtedness or revenue bonds dated Aug.
24 1914 and due
ROUNDUP,Musselshell County, Mont.
-BOND OFFERING.
-F. A. Dec. 30 1914 (V. 99, p. 560) were awarded at par
to local banks as follows:
Appleman, City Clerk, will offer for sale at public auction at 8p. m. Oct.5 Manufacturers' Nat. Bank, $125,000;
National City Bank, $50,000, and
-20-year (opt.) gold sewer-system-constr. bonds voted Troy Trust Co.,$25,000.
the $20,000 6% 15
Aug. 4 (V. 99, p. 559)• Denom. $1,000. Date Aug. 1 1914. Int. semiTURLOCK, Stanislaus County, Calif.
-BOND SALE.
ann. on such dates as the purchaser shall desire, payable at the office of the
-On Aug.
-year (ser.) coup. fire-apparatus bonds (V. 99. 18
the City Treas. or at the option of the holder at some bank in N Y. City, 364)$15,000 6% 140
p.
were awarded
or at some bank in Chicago, such bank to be designated by the City Treas. equal to 100.053. to G. G.Blymyer & Co. of San Francisco for $15.111118
There were no other bidders.
Cert. check for $2,500, payable to the City Clerk, required.
Sept. 1 1914. Int. J. & J. at the office of the City Denom. $375. Date
Treasurer. Due one
-BOND OFFERING.
ST. JOHNS, Clinton County, Mich.
-Proposals bond yearly on Jan. 1.
will be received until 4 p. m. to-day (Aug. 29) by Wm. Cochrane, City
VEBLEN INDEPENDENT SCHOOL DISTRICT
Clerk, for $43.000 coup. water refunding bonds at not exceeding 5% int.
Marshall County, So. Dak.-BONDS NOT SOLD. (P. 0. Veblen),
Denom. $500. Int. A.& O. at office of City Treasurer. Due $2,000
-No sale was made
Yearly on Oct. 1 from 1915 to 1923 incl. and $5,000 yearly on Oct. 1 from of the $25,000 registered site-purchase and school-building bonds offered
on Aug. 21, at not exceeding 5-4% int. Denom. to suit
1924 to 1928 incl. Certified check for $1,000. payable to City Treasurer, Sept.
purchaser. Date
1 1914 at the Farmers' State Bank, Veblen. Due in
required. Bonds to be delivered about Sept. 1 in St. Johns.
biennial payments for a period of 20 years.
-TEMPORARY LOAN.
-On Aug. 28 a loan of $50,000.
SALEM, Mass.
VIGO COUNTY (P. 0. Terre Haute), Ind.
In anticipation of taxes, maturing Feb. 15 1915, was awarded, it is stated,
Proposals will be received until 10 a. m. Sept. 1 by-BOND OFFERING.
to the Naumkeag Trust Co. of Salem at 5.90% discount.
Thos.
Treas., for $12,600 44'7, Wm. A. Collins et al. highwayJ. Dailey, County
SALEM SCHOOL DISTRICT (P. 0. Salem), Marion County, Ill
bonds in Fayette
- Twp Denom. $630.
Date Aug. 15 1914. Int. M. & N. Due $630
-On Aug. 17 the $20,000 5% reg, site-purchase and building
BOND SALE.
bonds were awarded to C.H.Coffin of Chicago at 100.105-a basis of about each *six months from May 15 1915 to Nov. 15 1924 incl.
4.979%. Denom. $1,000. Date Sept. 1 1914. Int. payable at Salem.
WALKER COUNTY (P. 0. Jasper), Ala.
-BOND OFFERING.
Assessed valuation 1913, $698,327.
Proposals will be received until Sept. 14 by Chas. M. Sartain,
Judge of
SAN ANGELO, Tom Green County, Tex.
-BONDS NOT SOLD.
- Probate, for $88,000 of the $250,000
-year road bonds authorized by
Newspaper reports state that no sale was made on Aug.24 of the $50,0005% a vote of 1601 to 1309 at the election5% 30
held July 13(V. 99, p. 560). Certi10-40-year (opt.) high-school bonds offered on that day (V.99,P• 363)•
fied check (or cash) for $1,000 required.
SANDUSKY,Erie County, Ohio.
--BONDS NOT SOLD.
-No bids were
WASHINGTON COURT HOUSE, Fayette County, Ohio.
received on Aug. 25 for the two issues of 4%% impt. bonds aggregating
-BONDS
NOT SOLD.
-No sale was made of the $1.875 4 % 3
-year (aver.) Oakland
$70,000 offered on that day (V.99, p. 426).
Ave.street
-improvement (assess.) bonds offered on Aug. 22(V.99, p.
SEATTLE, Wash.
-BOND OFFERING.
288)•
-Proposals will be received
BOND OFFERING.
-Proposals
until 12 m. Sept. 12 by H. W.Carroll, City Compt.,for the following gold John N.McFadden,City Aud., will be received until 12 in. Sept. 5 by
for 35,5005% coup. taxable bonds. Anil.
bonds:
Sec. 3812, Gen. Code. Denom. 11275. Date Sept. 1 1914.
Int. ann. on
$829,500 5% bridge bonds. Denom.(829) $1,000,(1) $500. Due $83,099 Sept. 1 at office of City Treas. Due $275 yearly on Sept. 1 from 1915 to
1934 incl. Cert. check for $100, payable to City Aud., required.
yearly on Oct. 1 from 1924 to 1932 incl. and $82.500
Bonded
Oct. 1 debt. incl. this issue, $240,479, floating debt $9,000. Assess.
1933.
val. 1914.
$8,500.000.
404,000 5% light-ext. bonds. Denom. $1,000. Due $21,000
yearly
WASHINGTON SCHOOL TOWNSHIP (P. 0. Morocco),
on July 1 from 1915 to 1932 incl. and $26,000 July
Newton
County, Ind.
-BOND SALE.
11933.
-The following bids were received
400,000 414% light-ext. bonds. Denom. $1,000. Due Oct. 1
$10,0006% 10
-year (ser.) school bonds offered on Aug. 22(V.99. for the
1934.
P.427):
E. M.Campbell, Sons & Co.,
125,000 435% hospital bonds. Denom. $1,000. Due $12.000
,
Fletcher-American Nat. Bk.,
yearly on
Indianapolis
Oct. 1 from 1923 to 1927 incl. and $13,000 yearly
$10,1501 Indianapolis
$10,000
on Oct. 1 Miller & Co., ndianapolis
10,100
from 1928 to 1932 incl.
According 'to reports, these bonds were awarded to the Meyer-Kiser
Int. semi-ann. at City Treas, office or at Washington fiscal
Bank, Indianapolis, for $10.301 25.
agency in
New York. Bonds registrable as to principal in N. Y. Cert. check
BOND OFFERING.
-Proposals will be received until 2 p. m. Sept. 19 by
for 2%
U. K. Miller. Trustee, it is stated. for $2,500 5% 5
required except with bid from State of Washington. These bonds
-year building bonds.
will be
certified as to genuineness by the Columbia Trust Co. and their
WEISER INDEPENDENT SCHOOL DISTRICT (P. 0. Weiser),
legality
Washington County, Idaho.
approved by Caldwell, Masslich & Reed of N.Y. C., at expense
-BOND SALE.
-On Aug. 18 $10,500
of city.
Bids must be made on forms furnished by the above City Compt. or trust 10-20-year(opt.) refunding bonds were awarded to Oswald F. Benwell of
Denver for $10,510 (100.095_) as 5-4s. Other bids
company.
were:
James N. Wright & Co., Denver-$10,500
The official notice of this bond offering will be found among the advertiseC. H. Coffin, Chlcago-$10.511 for 6s. for 5As.
Keeler Bros., Denver
ments elsewhere in this Department.
-$10.500 for 5s.
Date July 1 1914. Denom. (10) $1,000.
SHARON, Norfolk County, Mass.
(1) $500. Int. J. & J.
-BOND OFFERING.
-Bids will be
received by Geo. A. Dennett, Town Treasurer, until 8 p. m. Sept. 1 for
WESTERVILLE VILLAGE SCHOOL DISTRICT
(P.O. Westerville),
$5.000 43.% coup. water bonds. Denom. $1,000. Date Aug. 1 1913. Franklin County, Ohio.
-BOND OFFERING.
-Proposals will be reInt. F.& A.at Old Colony Trust Co.,Boston. Due $1,000 yearly on Aug.1 ceived until 12 in. Sept. 22 by H.C.Patrick,
Clerk, pro tem. of Bd.of Ed.,
from 1929 to 1933 incl. These bonds will be certified as to genuineness by for $6,500 5% site-purchase, constr. and
the Old Colony Trust Co. and they will further certify that the legality of to 3993 incl., Revised Statutes. Denom.equip. bonds. Auth. Secs. 3991
this issue has been approved by Ropes, Gray, Boyden & Perkins of Boston, A. & 0. at First Nat. Bank, Westerville. $500. Date Oct. 10 1914. Int.
Due $500 in 7 years and $1,000
a copy of whose opinion will accompany bonds when delivered, without yearly from 8 to 13 years incl.
charge to purchaser.
WEST PALM BEACH, Palm Beach
County, Fla.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-130ND
TION PROPOSED.
-According to reports, an election -BOND ELECSALE.
-On near future to
Aug. 22 the two issues of 4%% 5 -year (aver.) highway-improvemen
vote on the question of issuing $100,000 will be held in the
t
improvement bonds.
bonds, aggregating $13.620
99,
7p. 493), were
WHATCOM COUNTY SCHOOL DISTRICT
of, $6,160 to
the Shelbyville Trust Co. and $.460 to Frank disposed We are further SALE.
NO. 29, Wash.
(V.
-BOND
-On Aug. 15 the $2,500 1-5
advised that the contractor had to put up a small Kent.
-year (opt.) building bonds were
amount of money to awarded to the State Board of Finance at
make the bonds bring par.
par for 530. The Bellingham
Nat. Bank of Bellingham bid $2,510 and int. for 6s.
BOND OFFERING.
-Proposals will be received until 10 a. m.Sept. 11 by
WHITE PLAINS, Westchester County, N. Y.
W. A. McDonald, County Treas., for $2,660
-BOND OFFERING.
4%% 554-year (aver.)
Jesse B.Armstrong et al. Noble Twp. highway-impt. bonds. Denom.$133. Proposals will be received until 8 p. m. Sept. 15 by
the Board of Trustees,
Date Sept. 1 1914. Int. M.& N. Due $133 each six months from May 15 w. IL Carpenter Jr., Village Clerk,
for $50.982 5% reg, highway bonds.
to Nov. 15 1924 incl.
Denom.(29) $1,000,(29)$500,(29)$258. Date Jan.
1 1913. Due $1,758
SIOUX RAPIDS CONSOLIDATED SCHOOL DISTRICT (P. 0. yearly on Jan. 1 from 1915
to 1943 incl. Certified check on an incorporate
Sioux Rapids), Buena Vista County, Iowa.
-BOND OFFERING.
Proposals will be received until 1 p. m. Sept. 10 by the Board of Directors, bank or trust company for 2% of bonds bid for, payable to Village Treasurer.
J. O. Osmundson, Secretary. for $60,000 5% school-building bonds. required. Purchaser to pay accrued int. The validity of these
bonds will be
Authorized by a vote of 322
the election held Aug. 17. Denom. approved by Hawkins, Delafield & Longfellow of N. Y. City, and a
$1,000. Date Oct. 5 1914. to 224 at& 0. Due Oct. 15 1924, subject to cate original
dupliInt. A.
of their opinion will be furnished purchaser.
call $2,000 yearly after Oct. 15
1916.
to E. M. Duroe, District Treasurer, Certified check for $2,500. payable
The official notice of this bond offering will appear
next week among the
bonds and necessary resolutions. required. Purchaser to furnish blank advertisements elsewhere in this Department.
WICHITA FALLS,
SULPHUR SPRINGS, Hopkins
-BONDS AUTHORIZED.
-BONDS WITH- -The City Council on Wichita County, Tex.
County, Tex.
DRAWN FROM MARKET.
Aug 15 adopted
-The
street-improvement bonds offered $30,000 5% coupon and registered for the issuance of the $20;000 2040 ordinances, it is stated, providing
-year (opt.) public-park and $7,500
on Aug. 20 (V. 99, p. 427) have been fire-station 5% bonds voted
withdrawn from the market on
June 2.
account of present conditions.
WILMINGTON, Clinton County, Ohio.
SUMTER COUNTY (P. 0.
-BONDS NOT SOLD.
-No
RESCINDED.
-Reports state thatAmericus), Ga.-BOND ELECTION offers were received for the three issues of 5% 5%-year
recalled the order for an election the County Commissioners on Aug. 25 (assess.) bonds, aggregating $47,161 60, advertised (aver.) street-impt.
to be sold Aug. 24
$200,000 4 % 30-year highway on Sept. 4 to vote on the issuance of (V. 99, p. 428).
bonds (V. 99, p. 427), because of improvement and bridge-construction
WINNSBORO SCHOOL DISTRICT (P. 0.
unsettled conditions.
Winnsboro), Franklin
parish, La.
-CERTIFICATES VOTED.
SUPERIOR, Douglas County,
-Local newspapers state that the
Wisc.-BONDS AUTHORIZED. The question of issuing $16,000 building certificates carried
City Council has passed an ordinance
at a recent election.
providing for the issuance of $23,500
WINONA, Winona. County, Minn.
-year gold coup. main-sewer-c
4 % 10
-BOND SALE.
onstr. bonds. Denom.$500. Date that this city has
-We are advised
July 1 1914. Int. J. & J.
disposed of an issue of $10.000 bonds.
WOOD COUNTY (P. 0. Bowling Green),
SYRACUSE,N. Y.
Ohio.
-TEMPORA
-BOND OFFERING.
city borrowed on Aug. 28 a three RY LOAN.-DIspatches state that this -proposals will also be received until 1 p. xn. Sept. 21 by C. E.
months' loan of $150,000 for current
Co. And., for $24,833 48 5% coup.
municipal purposes.
Stinebaugh,
hlghway-impt. bonds. Auth•
Sec. 1223, Gen. Code, as amended in Vol. 103,
Ohio Laws, page 459.
TALIHINA TOWNSHIP (P. 0.
Denom. (1) $333 45,
Talltuna), Le Fiore County, Okla.
- the Co. Treas. office. (49) $500. Date Oct. 1 1914. Int. M. & S. at
BONDS VOTED.-The proposition to
Due
stated, at the election held Aug. 22. issue $20.000 road bonds carried, it is from Sept. 1 1915 to Sept. 1$2,333 48 Mar. 1 1915, $2,500 each six months
1919 incl. Cert. check
Bowling Green bank. required. Purchaser to pay for $500, payable by a
TEXAS.
-BONDS REGISTERED
.-The following 5% bonds were regis- bonds were offered but not sold on Aug.3(V.99, accrued interest. These
tered by the State Comptroller during the week
p. 143)•
ending Aug. 22:
WOOSTER, Wayne County, Ohio.
-BOND OFFERING.
-Proposals
s. c. ose.
PurpNo 36 Due. Option. will be received until 12 m.
.
$2,000-Fisher County
Sept. 24 by Fred. E.Faber, City Aud.,for the
C.
following 5% sewer bonds:
2,500-Brown County
C. S. D. No. 1
6.2 years $4,420 00 sewer bonds. Denom. $884. Due $884 yearly
5-2 ears
0
1,500_ _Brown County
on Sept. 1 from
C. S. D. No.
1915 to 1919 incl.
5-20 Years
2,000_ _Rusk County
0.8. D. No. 54
29
10-20 years
2.998 95 sewer bonds auth. by the City Council on Aug.3(V.
78,000_ _Jefferson County
99, p. 560).
Drain Dist. No.4 20-40 years
4,000Ellis County
Denom. 3599 79. Due Sept. 11919.
C S. D. No. 23 8200 each yr.
Date Sept. 1 1914. Int. M.&
2,000-Ellis County
0.8. D. No. 33 $100 each yr. for $200. payable to City Treas., S. at office of City Treas. Cert. check
1.000_ -Aransas County
required. Purchaser to pay accrued int.
0.5, D. No, 2
15,000_ -San Angelo
WORCESTER, Worcester County, Mass.
Street & Bridge 10 yrs. None
-LOAN OFFERING
Years WITHDRAWN.
5,000 .Jim Hog County
-Boston papers state that, owing to the conditions of
C. S. D. No. 1
10-40 years money market, the
the
8,000- _Chambers County
C.S.D,No. 2
10-40 years sent out for a loan City Treas, has recalled requests for bids which he had
15,000_ _Kingsville
of $150,000 in anticipation of revenue. The Treasurer
Ind. School Dist. 20 yrs. None
received word that the lowest rate obtainable was 6%.
THIEF RIVER FALLS, Pennington
-BOND OFFERING.
-Proposals will be received until 8County, Minn.
WORTH SCHOOL TOWNSHIP (P.O. Whitestown),Boone
p.
County,
-BOND OFFERING.
E. J. Overland, City Clerk, for $10,000 5% m. Sept. 15, it is stated, by Ind.
-Bids will
20
-year coup. water-works Twp. Trustee, until 10 a. m. Sept. be received by Seymour R. Stewart,
bonds. Denom. $500. Int. semi-ann.
12 for an isuse of $10,000 434%
Cert. check for 10% of bonds bid yr.(aver.) coup. tax-free
for required. These bonds were offered on Aug.
4 but no bids were received to trustee required. A school-house bonds. Cert. check for 5% payable
for the same (V. 99. p. 493).
similar issue of bonds was
Wild & Co.a Indianapolis on July 1 (V.99, p. 143). reported sold to J. F.
TIFFIN, Seneca County, Ohio.
-BOND SALE.
YAWN CONSOLIDATED SCHOOL DISTRICT,
-On Aug. 20 the
five issues of 5% sewer and paving bonds, aggregating
Lamar County,
$34,500 (V. 99. p. Miss.
-BOND OFFERING.
-J.J. Massey,County
427), were awarded,it is stated, to the City Nat.
Bank of Tiffin for $35,750 offering at private sale $3,000 6% coup, tax-free Treas.,(P.O. Purvis) is
-equal to 103.623.
Denom. 3100. Date July 1 1914. Int. J. & J. atbldg. and equip. bonds.
office of County;Treas.
[VoL. xc
THE CHRONICLE
626
1916 to 1925 incl. No deposit required.
Due $300 yearly on July 1 from val. 1913-14. $300.000. A. like amount
Total debt, this issue. Assess. July (V. 99, P. 289)•
of bonds was reported sold during
DISTRICT, Union County
YORK TOWNSHIP RURAL SCHOOL be received until l_p, m.
-Proposals will
-BOND OFFERING.
Ohio.
of Bd. of Ed. (P. 0. Richwood, R.F.D.
Sept. 5 by N. M. Hubbard, Clerk
Auth. Secs. 7629 and 7630.
No. 3). for $3,950 5I5% coup. school bonds.
Sept. 5 1914. Int. at
Gen. Code. Denom. (1) $450, (7) $500. Date 5 1916 and $500 each
Richwood Banking Co., Richwood. Due $450 Mar.
on an Ohio
months from Sept. 5 1916 to Sept. 5 1919 incl. Cert. checkThe Bd. of
six
required.
to above
bank for $100 (or cash), payable a certifiedClerk.
transcript of the proceedings
Ed. will furnish successful bidder issuance of said bonds.
of said board with reference to the
-We learn that no
-BONDS NOT SOLD.
YOUNGSTOWN, Ohio.
bids were received for the twelve issues of 5% coup, or reg. bonds, aggreoffered on Aug. 24 (V. 99. 13. 365).
gating $114,050,
-Proposals will be received until 2 p. m. Sept. 21
BOND OFFERING.
or reg. bonds:
by Dan J. Jones. City And., for the following 5% coupon
$2,000 street-improvement bonds. Due Oct. 1 1917. 1 1917 and $1,000
sidewalk and crosswalk bonds. Due $2,000 Oct.
3,000
Oct. 1 1918.
6.000 street-improvement (city's portion) bonds. Due $2,000 Oct. 1
1917. 1918 and 1919.
8,000 street-improvement (city's portion) bonds. Due $2,000 yearly
on Oct. 1 from 1917 to 1920 incl.
3.135 Sherman St. paving bonds. Due $627 yearly on Oct. 1 from 1916
to 1920 incl.
5.355 Pyatt St. paving bonds. Due $1.071 yearly on Oct. 1 from 1916
to 1920 incl.
2.025 Rigby St. paving bonds. Due $405 yearly on Oct. 1 from 1916
to 1920 incl.
4,285 Belleview Ave. paving bonds. Due $857 yearly on Oct. 1 from
1916 to 1920 incl.
1,625 Webb St. paving bonds. Due $325 yearly on Oct. 1 from 1916 to
1920 incl.
3,090 At g Ista St. paving bonds. Due $618 yearly on Oct. 1 from 1916
to.J2Olncl
1.905 Ohio Ave paving bonds. Due $381 yearly on Oct. 1 from 1916
to 1920 incl.
1,010 Simon St. paving bonds. Due $202 yearly on Oct. 1 from 1916
to 1929 incl.
4,880 Thorn St. paving bonds. Due $976 yearly on Oct. 1 from 1916
to 1920 in.
3,005 Oklahoma St. paving bonds. Due $601 yearly on Oct. 1 from 1916
to 1920 incl.
965 Cleveland St. sewer bonds. Due $193 yearly on Oct. 1 from 1916
to 1920 incl.
520 Green St. sewer bonds. Due $104 yearly on Oct. 1 from 1916 to
1920 incl.
3.850 Flint et al Sts. sidewalk bonds. Due $770 yearly on Oct. 1 from
1916 to 1920 incl.
Canada. its Provinces and Municipalities.
-The Council on
CAYUGA, Ont.-DEBENTURES AUTHORIZED.
July 30 passed a by-law authorizing the issuance of $20,000 current-expense
reported.
debentures, it is
-No sale has yet been
-DEBENTURES NOT SOLD.
COLEMAN, Alta.
-installment street and sidewalk-improvement
made of the $2,500 6% 10
290).
debentures (V. 99, p.
-The proposition to issue
COMBER, Ont.-DEBENTURES VOTED.the election held June 17.
at
$4,500 power debentures carried, it is stated,
-According to reEAGANVILLE, Ont.-DEBENTURES VOTED.
carried at the
ports, the proposition to issue $5,000 deficiency debentures
held Aug. 10.
election
-Reports state that the quesGALT, Ont.-DEBENTURES VOTED.
and $12,000 detions of issuing the $20,000 highway-impt. debentures 366) carried, re(V. 99, p.
bentures as a loan to Galt Machine Screw Co. result of the vote on the
at the election held Aug. 10. The
ports state,
$75,000 road-impt. debentures was not reported.
-The question of
MERRICKVILLE, Ont.-DEBENTURES VOTED. the Rideau Power
a loan to
Issuing $30,000 5% debentures to be granted ascarried at the election held
nt of power (V. 99. p. 366)
Co. for developme
Aug. 17 by a vote of 156 to 3.
-According to reports, the
-DEBENTURES VOTED.
OAK BAY, B. C.
yard
proposition to issue $11,000 site-purchase debentures for a municipal
held Aug. 1.
carried at the election
-No tenders were reOTTAWA, Ont.-DEBENTURES NOT SOLD. debentures offered on
ceived for the $965,950 17 43 % and $190,000 5% city will not give fur14. Bankers who have made advances to the of. In the meantime,
Aug.
ther loans, it is said, until the debentures are disposed
it is feared that municipal work must be suspended.
-The question of
ST. CATHARINES, Ont.-DEBENTURES VOTED. reported, at the
issuing $220,000 bridge-constr. debentures carried, it is
election held Aug. 19.
-DEBENTURE ELECTION.
TUXEDO SCHOOL DISTRICT, Man.
the question of issuing $9,000
-An election will be held Sept. 5 to vote on debentures. Int. yearly.
r site-purchase, constr. and equip.
7% 20-yea
-See '
WALKERVILLE, Ont.-TOWN PURCHASES LIGHT PLANT.
"News Item" on a preceding page.
NEW LOANS.
NEW LOANS.
NEW LOANS
$150,000
City of Portland, Oregon,
DOCK BONDS, Series
Date Oct. 1 1914. Int. A. & 0. at office of Sinking Fund Trustees.
Cert. check for 2% of each block of bonds bid for, payable to City Aud..
required. Purchaser must be prepared to take bonds not later than Oct. 1.
Separate bids must be made for each issue.
-AcYUMA COUNTY (P. 0. Yuma), Ariz.-BNODS NOT SOLD.
cording to reports, no sale was made on Aug. 18 of the 8500,000 5% 29I5•
year (aver.) gold highway-impt. bonds offered on that day (V. 99, p. 365)•
"E"
$500,000
$1,758,500
rough County, Florida,
CITY OF SEATTLE, Hillsbo
ROAD BONDS
COUPON GOLD BONDS
Sealed bids will be received by the undersigned
Sealed proposals will be received by the underall
.Wed until 2:00 o'clock p. m. on the 14TH DAY until NOON. SEPTEMBER 12, 1914, for or
OP SEPTEMBER. 1914, for the whole or any of the following bonds of the City of Seattle,
One Hundred Fifty Thousand Dollars for any separate issue:
part of
(8150.000.00) of Dock Bonds of the City of Port3829.500 5% Bridge Bonds. due 883.000
land, Series "E," in denominations of One Thouannually, October 1st, 1924 to 1932,and $82.sand Dollars ($1,000.00) each, dated the first
500 October 1st, 1933.
day of September, 1914, payable thirty years after
Bonds, due
$404.000 5% Light-Extension to 1932, and
at the rate of four and
date and bearing interest
$21.000 annually July 1st, 1915
one-half per cent per annum payable on the first
$26,000 July 1st, 1933.
of March and the first day of September of
day
due
each year. Principal and interest payable in United
$400.000 43.5% Light-Extension Bonds,
October 1st, 1934.
States Gold Coin at the office of the Treasurer of
or at the fiscal
Bonds, due $12,000
the City of Portland, Oregon,
% Hospital
$125.000
and $13.agency of the City of Portland, Oregon, in the
annually October 1st. 1923 to 1927 1932.
City of New York. New York.
000 annually October 1st, 1928 to
issued for the
The above-described bonds are
interest payable in
Principal and semi-annual
purpose of improving the water and harbor front
office or Washington
of the City of Portland, for the acquirement, gold at City Treasurer's
at holder's option.
construction, maintenance and operation of pub- Fiscal Agency in New York,
in New York.
the
lic docks, and for the acquirement of lands forsaid Bonds registrable as to principalbond of $500.
Denomination $1,000, except one
for the issuance of
same. The authority
be prepared and certified as to genuthe Charter
Bonds will
bonds is granted by an amendment to
Company and legality
of the City of Portland, adopted November 8, ineness by Columbia Trust
approved by Caldwell, Masslich & Reed, at
1910, and subsequent amendment.
by expense of city. Bids must be made on blank
The legality of the bonds is to be approved
furnished, together with adMessrs. Storey, Thorndike, Palmer & Dodge of forms, which will ben, by the undersigned or
Boston, Massachusetts, before delivery. and the ditional informatio
said trust company. Certified check for 2%
Unqualified bids only will be received,
State of Washington. No
successful bidder will be furnished with an original required except from and accrued interest will be
above-mentioned at- bid for less than par
copy of the opinion of the
to reject any
torneys, covering the legality of the bonds. De- received. The right is reserved
H. W.CARROLL,
of
livery of the bonds will be made in the City by and all bids.
r and ex-officio City Clerk.
designated
City Comptrolle
Portland at such bank as may be
the successful bidder.
Each bid must be accompanied by' a certified
check or cashier's check on some responsible bank
in the City of Portland, Oregon, for an amount
equal to five per cent of the face value of the
amount of bonds bid for, payable to the order of
the Mayor of the City of Portland, to be forfeited as liquidated damages in case the bidder
shall withdraw his bid or shall fall or neglect to
take and pay for said bonds, should the same be
awarded to him. The bonds will be sold to the
60 STATE STREET, BOSTON
highest responsible bidder, provided, however,
30 PINE STREET, NEW YORK
the right to reject any and all bids is hereby reserved.
All proposals should be marked "Proposals for STATE, CITY & RAILROAD BONDS
Dock Bonds," addressed to the Mayor and Council of the City of Portland, City Hall, Portland,
Oregon.
This advertisement is published pursuant to
Ordinance No. 29380 of the Council of the City
of Portland, and to Resolution No. 152 of the
Commission of Public Docks of the City of Portland, Oregon.
Dated August 29, 1914.
A. L. BARBUR,
O,
Auditor of the City of Portland.
BELL SYSTEM IN COLORAD
UTAH,
NEW MEXICO, ARIZONA.
WYOMING,IDAHO AND MONTANA
BLODGET & CO.
The Board of Commissioners of Hillsborough
County will receive sealed bids for the purchase
d
of the above bonds at the office of the undersigne
ER
in Tampa, on or before noon. SEPTEMBdue
1914. Bonds dated October 1, 1913,
16TH,
October 1, 1943, without option of prior payment.
semi-annual
Denomination 81,000. Principal and
and
interest at five per cent per annum (April 1
York
October 1), payable in gold coin in New have
City, matured coupons detached. Bonds
been engraved and will be certified as to genuineof New
ness by the Columbia Trust CompanyCaldwell,
York, and the approving opinion of
New York will be furnished
Masslich & Reed of
to the successful bidder without charge. Each
bid must be accompanied by certified check upon
an incorporated bank for two per cent of the par
value of bonds bid for. Delivery will be made in
Tampa or New York on October 1. 1914. Payment to be in current money. Further information, together with forms upon which bids must
be made, will be furnished upon application to the
undersigned or said Trust Company. The right
to reject any and all bids is reserved. No bid
for less than ninety-five and accrued interest will
W.P. CULBREATH,
be received.
Clerk Board of County Commissioners,
Bolger, Masser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St., CHICAGO
BONDS
Mountain States
Telephone
RAILROAD
S
BOND
MUNICIPAL AND
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
7% STOCK
-No Preferred Shares
No Bonds
BOETTCHER,PORTER
ei COMPANY
DENVER
Hand-Book of Securities
192 Pages
Income-Prices-Dividends
for a series of years
to July 1
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