Full text of Commercial and Financial Chronicle : August 8, 1914, Vol. 99, No. 2563

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I financiall

The.
VOL. 99

AUGUST 8 1914

NO. 2563

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George 8. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company.

CLEARINGS-FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 1
July.
Clearings at1914.

1913.

Severs Months.
Inc.or
Dec.

1914.

1913.

Week ending August 1.
17W.Or
Dec.

1914.

1913.

1912.

1911.

8
$
56,135,851,583 +0.2' 1,838,183,016 1,664,269,953 +10.2 1,748,054,986 1,750,418,963
5,003,931,524 -2.9, 154,138,753 161,528,880 -4.6 150,047.668 148713342
1,763,969,399 -10.3
49,799,340
53,953,348 -7.7
51,482:483
53,537,444
1,179,695,741 -6.0
38,809,205
38.243,912 +1.6
38,995,733
38,070.463
358,136,708 -1.5
10,888,515
11,658,588 -6.6
11,499,518
11.362,979
241,010,951
_3.9
6
30
:48
90
6:12
523
1
7,421,801 -12.6
6.771,120
6,726,962
196,015,580
„
-26.9
5,821,939
8,067,528
153,268,863 +1.2
4,594,609
4,854,841 -5.4
4,997,542
4.665,772
92,219,610 +12.0
3,994,311
2,794,857 +42.9
2,600,000
2,713.379
89.286,615 +535
2,579,995
2,840,584 -9.2
2,725,666
2,829,903
57,022,526 +1.2
2,111,203
1,838,906 +14.9
1,759,950
1,378,352
53,457,285 +11.8
2,010,653
1,754,169 +14.6
1,541,326
1,735,907
67,646,320 -0.8
2,138,222
2,140,216 -0.1
1,510,497
1,734,780
47,583,724 -1.0
1,442,377
1,363,878 +5.8
1,421,216
1,543,072
57,300,814
1,534,584
1,655.382 -7.3
1,842,434
1.711,096
47,710,280 -1.1
28,621.984 -1.1
820,325
+3.8
856,636
790,307
861,546
31,363,676 +3.5
1,142,108
847,785
1,235,745 -7.5
1,090,960
52,971,61/ -1.9
1,788,024
1,544,296 +15.8
909,109
1,215,595
21,354.608 -1.2
617,934
620,164 -0.4
586,978
618,351
19,687,360 +10.0
673,463
369,946 +8.2
583.739
539,641
21,130,300 -0.9
594,700
705,400 -15.7
570.600
505,850
17,156,354
+1.5
575,000
581,954 -1.2
394,329
479,760
16,619,169 +1.9
14,600,913 --0.03
'8,862,956
+7.7
9.736,459 -2.5
12,780,943 +1.3
319,484
445,463 -28.3
Not included In total
15,798,994,312 =0:1 2,128,330,460 1,96-Ti/O
2„703,964 2:033,202,833
4,870, 67,350 -1.7
159,674,865 137,742,003 +15.8 153,511,882 158.729,295
246.077,400
7,089,700
6,708,100 +5.7
6.930,600
7,564,300
149,894,960 +10.3
5,889.805
5,679,939 +3.3
5,087,356
5,713,169
+8.1
94,232,161
3,211,214
3,098,957 +3.6
3,089,111
2.936.335
83,878,155 +5.0
2,600,879
+12.9
2,302,502
2,463,916
2,194,008
1.
81.658,228 -8
2,001,079
2.050,326 -2.4
2,003,660
2,193,643
80,627,902
2,312,100
2,251,215 +2.7
2,266,288
2,247,874
34,880,093 +13.3
1,062,828
974,406
+8.6
836,259
736,927
31,204,218 +9.9
925,457
902,136
+2.6
698.994
819,391
15,821,614 +47.5
902,313
416,757 +116.5
496,369
516,533
20,521,788 +7.8
707,045
637,530 +11.0
703,174
618,380
14,930,607 -9.9
429,916
422,896 +1.7
471,184
531,849
29,334,900 +4.4
5,3.S729.771
18 arti,7r2,1 163,184,767 +14.5 170,842,099 -I837723.498
9,334,131,707 +3.3 303,237,070 290,771,197 +4.3 280,684,034 254,619,815
/79.053,050 +3.0
23,560,550
23,023,750 +2.3
21,645,100
22,648,200
+1.3
751,267,952
26,031.766
22,794.401
25,737,885 +1.1
18,657,866
754,678,860 +8.0
24,066,199
24,281,004 -0.9
26,740,720
18,089.174
449,647,969 +11.4
15,350.000
13,903,148 +10.5
12,509,348
12,578,701
-4.9
255,091,808
7,747.019
8,184,351 -5.3
7,045.532
9.121,891
198,796,800 +6.6
7,647.600
6,636,100 +15.2
6,118,300
5,816,700
157,502,223 +16.7
4,868,638
4,821,260 +0.9
4,365,880
4,283,705
102.305,274 +4.0
3,000,000
3.267,526 -8.2
3,037,264
2,350,883
+2.3
98,603,441
3,772.057
3,737,030 +1.0
4,278,880
2,963,978
36,903,569 +6.7
1,111.914 +7.0
1,189,480
968,782
1,107,278
88,395,387 +8.9
1,929,346
2,530,677 -23.8
2,038,286
2,494,840
58,509.000 -7.9
1,445,000
1,706,000 -15.3
1,762,000
1,250,000
3.5
49,100,529
1,293,884
1,163.806 +11.2
1,520,202
1,114,486
45,977,486 +4.0
1,271,188
1,350.000 -5.8
1,094,087
1,034,315
33,996,178 +5.2
1,168,486
930,149 +19.2
824,318
1,037,955
37,876,025 +1.9
1,114,184
1,110,797 +0.3
1,067,460
1,141,499
30,599,316 -6.6
825,005
865.887 -4.7
873,352
607,619
30,380,144 -23.2
602,286
569,076 +5.8
1,072,194
799,503
23,855,960 -23.6
445,418
570,664 -21.9
652,872
608,567
18,904,316 +0.1
523,361
607.016 -13.8
504,607
561,199
+12.2
21,364,766
826,753
821.311
+0.7
528,288
543,604
22,859,477 --4.9
645,562
531,399 +21.5
580,126
656,129
25,194,524 +3.7
685,698
800,000 -16.8
675,824
626,449
14,041,785 +12.1
469,8'35
383,696 +22.5
393,506
400,910
+5.5
14,571,776
422,725
502,649 -15,9
365,556
440,855
16,993,404 -8.5
510,000
555,500 -8.2
550,000
455,000
14,073.557 -9.2
387,812
436,026 -15.8
420,829
478,552
+4.8
14,348,761
467,801
538,071 -13.2
- 379,402
419,925
14,568,440 +2.0
345,000
315,208 +9.5
357.500
325,000
16,015,919 -3.5
512,330
599,207 -14.5
419,174
558,431
10,517,754 -12.7
300,000
369,110 -18.7
342,713
269,467
10,786,079
12,743,678 +9.1
6,260,109 +12.6
202,100
200,755 +0.7
155,916
240,878
3,847,707 +3.6
1,616,778 +18.4
19,667
59,450 -66.9
35,017
31,000
4,550,016 -4.1
25.467.085 -1.4
+3.5
13,563,198,6o
6,8.) 423,041,619
408,786,929 388,084334.5

8,180,484,621 7,344,920,024
58,270,702,187
New York
707,644,623
708,545,975
Philadelphia
4,880,802,810
229,620,856
252.463,070 +
Pittsburgh
1
-9.
:4
0
1 1,581.538,340
183,382,401
163,293,000 +12.3 1,108,472,085
Baltimore
57,835,365
57,907,654 -0.1
Buffalo
352,917,796
33,140,992
35,112,130 -5.6
Washington
233,173,989
26,578,380
28,562,788
Albany
188,320.503
23,226,249
Rochester
21,858,216 +6.3
155,086,593
15,917,201
14.293,677 +11.4
Scranton
103,293,564
14,984,634
14,234,773 +5.3
94,200,244
Syracuse
8,860,988
8,355,492 +3.7
57,698,045
Reading
9,247,317
8,299,552 +11.4
Wilmington
59,755,738
9,741,967
10,101,116 -2.7
Wheeling
67,122,948
7,341,891
8,940,875 +5.8
Wilkes-Barre
47,110,539
8,012,644
8,092,908 -1.0
Trenton
54,535,031
7,489,161
7,526,738 -0.5
Harrisburg
47,183,561
3,949,408 +2.3
4,039,709
York
28,305.400
5,288,093 -7.5
4,893,698
32,462,717
Erie
6,513,969
6,202,077 +5.0
Lancaster
51,980,711
3,347,575
3,291,404
+1.7
21,103.512
Chester
3,440,890 -18.7
2,797,900
Greensburg
21,648,091
3,277,000
3,100,800
Binghamton
20,945,400
2,765,184
2,782,817
+0.6
Altoona
17,418,687
2,757,149
2,697,806
-2.2
Pa
County,
Beaver
16,937,572
2,190,493
2,231,040 -1.8
14,597,224
Norristown
1,824,759 +4.5
1,342,700
9,543,022
Franklin
1,362,672 -3.0
1,321,338
9,489,808
Frederick
1,874,958
1,943,180 -3.6
12,951,453
Montclair
8.702.899
4,310,545 Not Included n tots
Oranges
9560,211,951 8,728,209,822 +9.5 65,539,09/.548
Total Middle
680,825,018 +4.1 4,789,866,340
708,435,168
Boston
35,119,400 +4.8
36,803,200
243,166,300
Providence
22,610,934 +21.9
165,341,488
27,544,632
Hartford
15,170,871 +15.2
101,903,293
17,475,674
New Haven
12,375.160 +1.8
88,074,439
12,803,531
Springfield
9,588,231
+6.2
60,550.802
10,179,997
Portland
11,701,125 -0.2
80,777,725
11,679,553
Worcester
4,894,843 +14.0
39,304,825
5,577,141
Fall River
4,426,730 +11.1
34.301,160
4,919,350
New Bedford
2,302.835 +49.1
23,339,815
3,432,483
Lowell
3.340,172
3,193,184
22,038,594
+4.6
Holyoke
2,177,055
2,316,697 -6.0
13,456,272
Bangor
4,033,500
4,156,900 -2.9
30,629,200
Waterbury
848,201,454
England
Total New
08,681.728 +
47) 5,692,800,253
1,378,995.418 1,343,100,451
Chicago
+2.5 9,840,498,955
Cincinnati
120,016,050
113,450,650 +4.9
802,937,800
Cleveland
124,061,849
127,408,115 -2.6
761,408,029
Detroit
115,632,000
117,601,521
814,904,054
Milwaukee
500,703.515
78,991,826
67,733,374 +16.6
Indianapolis
38,725,172 +2.8
39,809,967
242,607,815
Columbus
31,895,400
31,993,000 -0.3
209,703,100
Toledo
183,739,502
28,621,250
24,763,985 +15.6
Peoria
108.430,387
13,968,757
14,029,444 -0.4
100,893,500
Grand Rapids
14,526,039
14,404,202 +0.9
Evansville
39,388,799
6,682,667
6,331,413 +5.5
74,520,444
Dayton
10,230,512
12,739,652 --19.7
53,864,000
Akron
7,755,000
8,480,000 -8.5
47,381,800
Youngstown
7,885,445
7,999,335 -1.4
47,821,900
Canton
6,873.965 +1.6
6,984,311
35.758,502
Springfield, Ill
4,600,028 +19.1
5,477,868
38,580,176
Fort Wayne
5,958.590 -0.6
5,921,636
29,589,858
Rockford
4,173,192 -8.3
3,827,793
23,334,370
+1.0
Lexington
2,963,616
2,992,251
18,220,145
Kalamazoo
3,204,631 -21.3
2,522,573
18,924,194
South Bend
3,022,265 -3.1
2,929,375
23,970,765
Springfield, 0
3,655.409 +8.1
3,950,654
21,745,393
Bloomington
2,753,448 +2.9
2,832,283
26,135,156
Quincy
3,353,227 -4.9
3,188,127
15,734,302
Mansfield
2,204,538 +2.6
2,261,877
15,378,791
Danville
2,208,490 +0.5
2,218,569
15,543,747
Jackson
2.551,833 -12,2
2,240,723
12,780,878
Owensboro
1,788,181 -13.1
1,554,758
Lima
15,043,015
2,402,342
2,286,007 +5.0
Lansing
14,863,097
2,127,311 +11.2
2,365,247
Decatur
14,651,309
2,189.622
2,444,564 -10.4
Jacksonville, Ill
9,179,009
1,508,069 -10.3
1,352,677
Gary
10,230.210
1,811.38 -14.1
1,5,55,586
Flint
13,897,802
+29.3
1,674,834
2,165,451
Ann Arbor
7,046,342
918,829 +0.2
920,857
Lorain
3,779,692
611,061 -15.0
519,529
Adrian
1,914,762
205,937
217,994 -5.5
New Albany
4.383,730
599,864
783,613 -21.5
Paducah
25,098.423
3,220,720
3,487.010 -7.7
Total Middle West_
1,995,923,293 +2.2 14,041,565,208
Details of Pacific and Other Western
on page 396.
Total Pacific
533,962,926
106,948,452 105,806,480
537,215,123 -0.6 3,6.50,488,478 3,787.919,625 -3.4
Total other West..
+2.2 4,521,067,499 4,518.995,485 +0.04
148,702.831 137,794,735
661,966,823
648.041,154
St. Louts
-0.5
2,401,302,773
2,389.266,281
338,890.208
+2.5
89,273,247
68,612,994
328,536.627
New Orleans
+1.9
545,824,981
72,180.731
556,366,938
17,445.271
14,111,216
72,302,364 -0.2
Louisville
423,755,678 -0.02
57,509.819
423,647,963
11,794,274
12,131,769
62,370,015 -7.8
Houston
264,864,273 -2,8
258,103,715
31,075,865
7,173,726
7,288,705
32,582.477 -4.6
Atlanta
+16.3
375,054,231
51,169,868
436,628,844
+15.3
9,859,576
9,337,221
44,387,480
Richmond
238,553,098 +2.2
36,188,940
+9.1
243,727,336
7,224,645
6,307,114
33,187,758
Galveston
15,056,695
•107,214,000
*106,434,195
3,401,464
2,860,000
*14,515,000 +3.7
Memphis
24,278,022
+0.1
223,262,536
223,461,195
4,581,863
5,195,260
273318,121 -12.7
Fort Worth
234.670,575 -3.7
226,079,425
32,748,337
6,842,322
6,904,287
31,244,339 +4.8
Nashville
208,362,322
204,552,003
26,701,729
5.350,000
5,591,863
27,872,444 -4.2
Savannah
+1.0
127,922,732
129,206,415
15.511,810
3.344.307
3,226,949
16,037,590 -3.3
Norfolk
122,386,088 +0.7
16,820,553
123,241,779
3,235,412
3,312,525
19,952,017 -15.7
Birmingham
-0.9
99,535,912
11,826,283
98,633,146
-7.9
2,277,377
2,645.847
12,835,915
Little Rock
+11.i
63,742,314
9,100,884
71,186,161
1,662,376
1.659,507
8,768,570 +3.8
Macon
92,430,910 +16.4
12,529,761
107,606,030
2,581,096
1,985,854
9,999.903 +25.3
Jacksonville
106,905,155 -5.8
12,761176
100,687,361
2,400,000
2,450,000
13,615,503 -6.3
Oklahoma
+22.7
50,432,903
61,869,903
2,068,100
+35.1
9,315:4807
1,433,982
Chattanooga
10,541.781
76,017,870 -3.3
73,537,922
2,042,117
1,981,605
10,701,480
Knoxville
8,042,321
48,761,170 +14.7
55,925,472
1,670,000
1,527,586
7,115,577 +13.0
Charleston
7,150,822
51,402,585 +17.1
59,178,696
1,193,648
6,754,632
1,297,367
+5.9
Augusta
-0.7
5,616,400
56,815,108
56,403,109
1,097,659
-8.7
1,246,323
6,018,279
Mobile
5,391,384
42,682,849 --5.0
40,550,641
1,100,000
-10.3
1,215,000
Austin
8378 135
80,291,812 +17.2
8:328:9 63 -23.4
1,508,250
94,282,895
1,694,520
Ttdsa
7:095,933
31,239,999 +59.8
49,923,940
952,214
5,059,957
1,264,889
+40.2
Columbia
3,548,454
31,115,541 -8.7
29,015,233
4,279,379
-17.1
Beaumont
3,379,177
19,788,406 +12.0
22,165,480
2,730,523 +23.8
Wilmington, N. C
2,009,000
29.6
20,911,915
2,390,160 -15.9
14,745,133
Muskogee
3,881,159
22,716,835 +18.7
2,895,498 +43.3
28,988,756
834,939
478,490
Jackson
1,816,675
+2.8
12,322,436
1,295,952 +40.2
12,665,217
246,337
209,242
Vicksburg
983,267
8,282,124 +7.3
933,418 +3.2
173,670
8,883,557
206,8.53
Meridian
1,258,191
10,956,654
1,554,651 -19.2
10,827,338
285,000
309,765
Columbus, Ga
1,563,546
13,658,343
1,561,194
+0.2
13,571,845
El Paso
8.292.237
45,519 46 +1-1.9
8,034,184 +37 4
50 927 912
Total Southern
848,570,246
838,388,74i
8,380,271,694 6,258,703,57i
FT
172,039,064 -18
Total all
14,496,335.580 13,554,457.867 +8.9 99,828.290.940 99,861.040.951
+0.2 3 179,619.881 2,963,473.118
11(111 New York_ 8,31.8.0011.0 el 6.206.537.843
0111
,
+1.7 41,554..i45.7a3' 43.525,189..1a4 +0.07 1.141366.84f1.2962
i3r-fable Clearings by Tetagraph and Canadian Clearings on pag• .315. • Approximate.




Inc. or
Dec.

+oa

+1.1
+7.9
+1.0
+23.6
-1.6
+5.6
+14.5
+18.9
-11.8
-0.9
-4.3
+3.7
-2.3
-13.9
+0.2
+30.0
-2.0
+44.3
+3.1
+9.4
+8.7
-11.7
-9.5
-11.0
+33.0

+74.5
+17.7
-16.0
-8.0

111,983,089
128,343,992
88,171.548
16,713,814
14,684,692

101,370,298
126,349,254
68,348,578
19,460,143
12,900,646

8,841,974
7,785,168
2,704,000
5,439,971
5,227,715
4,218,586
4,048.601
2,839,418
2,733,139
1,463.785
2,239,404
2,675,000
1,302,3/4
1,399,045
1,637,960
1,333,695
1,732,086
1,212.868
1,089,883
497,978

8,499,018
7,340,552
2,191,500
4,411,7U
4,351,809
4,348.773
3,818,581
2,722,817
2,146,914
1,693,531
2,160,192
2,456,899
1,607,297
1,836,031
1,514,402
.1.056,258
1,522,620
1,201.377
1,647,372
527,571

540,486
269,148
183,501
238,377

835.442
301,274
199,917
207,102

+3.6 161,224,218 157,106,154
+7.3 3,027,884,289 2,969,636,680
+3.2 1.279,829,303 1,219,219.717

368

THE CHRONICLE

THE FINANCIAL SITUATION.
Banking interests and the Government have dealt
in a commendable way with the extraordinary crisis
:that has arisen in the world's affairs. Measures
have been adopted for conserving the country's
gold resources and the machinery has been set in
motion for providing additional circulating media
to supply the extra demand for currency to conduct
mercantile and financial operations. Congress has
done its part and amended the law for the issuance
of emergency currency so as to remove all limit
as to the aggregate amount of notes except the
limit based upon the capital and surplus of the
banks.
The volume of circulating media required in a period
of monetary distress and disturbed confidence is undoubtedly greater than that needed when things are in a
healthy and normal state. Nevertheless, the utmost
care should be exercised against the possible abuse
of the privilege. It is perfectly obvious that no emergency currency and no Clearing-House certificates
will be put out except on adequate security. The
Government will see to that, and so will the ClearingHouse authorities. Absolutely no ground for apprehension exists on that score. But it is possible to
put out too many notes and certificates even if they
are abundantly secured. All new issues should be
fortified by adequate gold reserves, and yet at the
moment extra supplies of gold are hard to get. We
notice that Congress this week, in amending the law
regarding emergency currency issues, provided that
a 5% gold reserve against the same must be maintained with the Treasury Department. This is a
step in the right direction, and-is a recognition of the
need referred to, though the percentage of reserve
fixed seems rather meagre.
There is another aspect of these new note issues
that should not be overlooked. At the moment it
seems to be thought in the highest degree commendable to take out these notes with the utmost freedom
as a token of a desire to assist the community and
guard against the development of panicky conditions. But it should never be forgotten that while
the issuance of new notes serves to add to the circulating medium, it is at the same time going into debt,
and we need hardly say that incurring overmuch debt
is always hazardous, no matter how extensive the
resources on which the debt is based.
When the banks put up securities or mercantile
paper in order to get some of the emergency currency,
they are incurring an obligation which must ultimately be repaid. The interest or tax which the borrower
has to pay on the notes will act to compel their ultimate retirement, but much less surely than under
the provisions of the original Aldrich-Vreeland
emergency currency law. In the original law the
initial rate of interest was 5%, increasing by 1%
a month until 10% was reached. Now the rate is
only 3% per annum for the first three months, and
increases IA of 1% a month, while the maximum
is fixed at 6%.
The need for caution in the issue of this emergency
currency is all the more urgent inasmuch as the duty
rests upon us to secure, not alone our domestic resources but also in a measure those of the rest of the
world. With all the leading countries of Europe
at war and their financial position jeopardized
thereby, the United States is the only haven where
capital can count upon absolute safety.. As a result




[VoL. 'cc rx

of this condition large credits will undoubtedly be
established here on foreign account, and it would not
be surprising if special gold funds were also created
here for the benefit of foreigners. The arrangement
just entered into between the French Government
and J. P. Morgan Sr Co., under which the latter firm
will have charge of a gold fund to take care of the special needs of the French Government, is likely to
prove the forerunner of many other similar transactions should the unsettled state of things abroad
be long continued. It seems incumbent therefore
upon our bankers to proceed cautiously in encouraging the creation of paper-money tokens: They will
thereby show due appreciation of the new responsibilities being thrust upon this country and of
the sense of obligation which such responsibilities
impose.
The official report on the grain crops for Aug. 1,
made public by the Department of Agriculture yesterday afternoon, clearly reflected the unfavorable
weather conditions that prevailed during July over
a large section of the cereal-producing area and was,
therefore, in consonance with general expectations.
Reports from time to time during the month indicated important damage to corn and spring wheat
by dry, hot weather, •and in the case of the lastnamed rust was also referred to, and within the last
week further deterioration is reported by reliable
crop observers. Returns from the winter-wheat
harvest, on the other hand, are even better than a
month ago, holding out a promise of a still larger
yield than then looked for.
For corn the average condition on Aug. 1 is given
by the Department as only 74.8, this being a deterioration of 11 points from July 1 and actually 1 point
lower than at the same date a year ago. It compares, moreover, with 80 in 1912 and a ten-year
average of 81.9. The situation in most of the large
corn States is less satisfactory than in 1913, the notable exceptions being Kansas, where the condition of
30 then reported indicated a virtual crop failure,
and Nebraska and Oklahoma. This year Missouri,
Illinois, Ohio, South Dakota, Texas and Indiana all
show more or less deterioration from a year ago,
varying from 2 points in the first-named to 17 points
in the last. On the basis of the average condition
Aug. 1, the indicated yield per acre is officially
figured out to be 25.1 bushels, foreshadowing a
total crop of 2,634,000,000 bushels, as against 23.1
bushels per acre, and an aggregate yield of 2,447
million bushels in 1913 and 3,125 million bushels
(the high record) in 1912.
With regard to winter wheat, the Aug. 1 report
encourages belief, as already stated, in an even better
outcome than had been forecasted on July 1. The
yield per acre is now estimated at 19.1 bushels,
against 18.5 bushels, the figure announced on July 1,
and the aggregate product as approximately 675
million bushels—a new record—exceeding that of
1913 by over 150 million bushels and contrasting with
400 million bushels in 1912.
Spring wheat exhibits a falling off in condition of
16.6 points for July, and at the same time the status
of the crop Aug. 1 (75.5), although a little higher
than at that date last year, is low, comparing with
90.4 in 1912 and a ten-year average of 80.1. The
indicated yield per acre is stated at 13.1 bushels,
against 13 in 1913 and 17.2 in 1912, and on that
basis the total crop figures out 236,000,000 bushels,

AUG. 81914.]

THE CHRONICLE

against 233 millions last year and 330 millions in
1912—the high record. For spring and winter wheat
combined the current expectation, according to the
Department, is for a yield of 911,000,000 bushels,
or a new record by a considerable margin and 148
million bushels over the harvest of 1913.
Oats deteriorated to a less extent than spring
wheat, but the condition as reported by the Department for Aug. 1 at 79.4 contrasts with 84.5 a month
earlier, 73.7 in 1913, 90.3 in 1912 and a ten-year
average of 80.9. A yield of 30 bushels per acre is
estimated, which on the area under cultivation would
give a crop of 1,153 million bushels, against 1,122
million last year, and the 1912 record total of 1,418
million bushels. The amount of oats in farmers'
hands in the United States Aug. 1 was considerably
less than at the corresponding time in the previous
year, due to the smaller yield of 1913. The total
promulgated is 62,467,000 bushels, against 103,900,000 bushels. In 1912 the holdings were only 34,872,000 bushels.

3C9

The Canadian clearings exhibit for July does not
differ so essentially from the preceding month as to
call for extended comment. At most of the cities
in the Eastern Provinces gains over 1913 are shown,
but Western municipalities continue to furnish evidence of lessened activity. The aggregatefor 21 cities
for the month registers a gain of0.7% over July of
last year but for the seven months there is a decline
of 7.3% from the high-water mark then established.

Commercial failures in the United States in July
1914, while much larger in number than for the like
period of 1913, covered a volume of indebtedness
only nominally heavier than then recorded, though
being the largest for that month in very many years.
The aggregate of liabilities reported by insolvents
since January 1 is also in excess of that of all years
since 1893. Insolvencies for large amounts, moreover, were a feature of the month,asthey have been
for some time past; in July, in fact, 29 failures
contributed $8,589,014 of the liabilities, while for
the seven months 230 disasters, constituting only
Bank clearings in the United States for July, while 23,4% of the whole number, covered 115 million
in no sense reflecting any special revival of commer- dollars of debts, or quite a little over half of the
cial or industrial activity, make a better exhibit grand aggregate. Four brokerage firms in New
with the previous year than did previous months of York (S. H. P. Pell & Co., Flower & Co., Homer,
1914, the generally favorable crop outlook having Howe & Co. and F. J. Frederickson & Co.) susserved as a stimulus to trade in many directions. pended the last day of the month as a direct result
Speculative operations continued comparatively dull, of the demoralization of financial markets brought
however, transactions on the various stock exchanges about by the European war situation; but their
of the country reaching rather small aggregates, liabilities are not included in the July statement, as
though the latter part of the month the situation of no figures were available at the time the statistics
affairs in Europe led many foreign holders of Ameri- were compiled.
The aggregate of insolvent liabilities in all mercan stocks to throw their holdings upon the New York
Stock Exchange and compelled the closing of the cantile and industrial lines in July 1914 reached,
according to Messrs. R. G.Dun & Co.,820,377,148,
Exchange on July 31.
Our statement of clearings for July given on the representing 1,411 defaults, this comparing with
first page of this issue includes altogether 160 cities, $20,325,705 and 1,169 in the previous year and
of which 83 report aggregates in excess of 1914, with $16,098,460 and 1,230 in 1912. Of the fifteen
the percentage of gain quite large in some instances. branches into which the manufacturing division is
For all the municipalities outside of New York the segregated, only six show heavier liabilities than in
July clearings aggregated $6,315,900,959, against the month a year ago, but there is an aggregate
$6,209,537,843 a year ago, or a gain of 1.7%, and increase of some 1 2 million dollars. In the trading
contrasted with 1912 the increase reaches 5.2%. At group, on the other hand, ten branches report debts
New York the current year's figures, at $8,180,484,- greater than in July of last year, but for the whole
621, exceed 1913 by 11.4%, and two years ago by division there is,nevertheless,a decrease of over one
3.3%, so that for the whole country the month's re- million dollars. Among brokers, transporters, &c.,
sult is $14,496,385,580, or 6.9% more than a year ago. the exhibit is also more satisfactory, the drop in
For the seven months there is a nominal gain at amount of liabilities from 1913 being over one-third
New York as compared with 1913 (0.2%), the out- of a million.
The showing for the seven months is much less
side cities showing an increase of 0.07%, and the
favorable than a year ago. The number of insolvents
total of all a gain of 0.2%.
Speculative transactions on the New York Stock is well ahead of 1913, but the amount of debts inExchange in July were of restricted volume day by volved exceeds all earlier years except 1893, and last
clay until the 28th, when the war scare in Europe year largely. For the period in 1914, in fact, the
precipitated a selling movement and increased deal- number, at 9,715, and the debts, at $205,476,878,
ings. The closing of the Exchange followed on the contrast with 9,332 and $153,234,766 a year ago,
31st. The dealings of the month aggregated 7,920,- 9,547 and $124,110,683 in 1912 and 8,187 and
924 shares, against 5,124,015 shares in July 1913, a $115,845,104 in 1911. The liabilities in manufacturlittle over 7 million shares in 1912 and no less than ing lines this year reach $69,051,235, against $63,14,254,713 shares in 1910; for the seven months they 483,323 in 1913; the comparison in trading branches
were only 45,990,575 shares, against 51,381,313 is between $110,599,066 and 870,117,736 and
shares last year and 112,095,658 shares four years among brokers, &c., $25,826,577 and $19,739,707.
ago. The seven months' record made in 1901 is
192,080,413 shares. Bonds were more freely traded
Jose Castellot, representative of Provisional Presiin during the month, the increase being due mainly to dent Carbajal of Mexico, after a conference with
dealings in speculative issues. The transactions Secretary Bryan on Thursday officially confirmed
since Jan. 1 total 425 million dollars, par value, the statement that an agreement between Gen.
against 319 millions, 4573/ millions and 528 mil- Carranza and the Carbajal delegates had be:n reached,
lions, respectively, in 1913, 1912 and 1911.
and expressed the opinion that the situation had




370

THE CHRONICLE

cleared and that the peaceful occupation of Mexico
City by the Constitutionalists was assured. Carbajal has waived all conditions except the request for
an amnesty and guaranties to life and property.
Villa is mobilizing his troops, however, and there still
seems danger of trouble from this source.

[VOL. xc

Germany at 7 o'clock p. m. on Tuesday, Aug. 5,
"as from 11 o'clock p. m." The following official
statement was issued by the British Foreign Office
at 12:15 o'clock on Wednesday morning (Aug. 5):

Owing to the summary rejection by the German
Government of the request made by his Brittanic
Majesty's Government for assurances that the neuThe much-dreaded general European war is now in trality of Belgium be respected, his Majesty's Amfull operation. In last week's issue we recorded the bassador at Berlin has received his passports and
declaration of hostilities against Servia by Austria- his Majesty's Government has declared to the GerHungary and also the decree promulgated by the man Government that a state of war exists between
German Kaiser on Friday morning declaring that Great Britain and Germany as from 11 p. m., Aug.4.
The following is the official text of the British
"a state of war" existed. The latter was at first
regarded as a declaration of war against Russia. Government's announcement of Germany's declaraBut this was not its purport, for it was merely a tion of war against Great Britain:
declaration of martial law under which the military
The Government is informed that Germany deauthorities control the nation and by means of which clared war against this country at 7 p. m. to-day,
mobilization may be secretly effected. The develop- when the British Ambassador was handed his passments this week, which have come fast and furious, ports. A state of war therefor exists between Gerhave included the formal declaration of war between many and this country as from 7 p. m. Aug. 4.
At the same time it was stated officially that
Russia, France, Belgium and Great Britain and Italy
on the one hand and Germany on the other. Austria- Germany's reply to the British ultimatum demanding
Hungary,so far as the definite records that have been respect for the integrity of Belgium was unsatisfacreceived by cable show, has not in all instances been tory. On Wednesday a large force of German
included in the declaration, but as Germany's open troops crossed the Belgian border at three points and
ally there is no reason to doubt the fact. Austria began a concerted attack on Liege, the chief strategic
formally declared war on Russia on Thursday. Servia - point in Belgium, for an advance on France from
must necessarily be included on the side of the that quarter. The Belgians repulsed the invaders,
Triple Entente (Great Britain, France and Russia), to the consternation of the latter. The difference in
since it was the invasion of Servia by Austria that time in the British notes above has a special referfurnished the spark from which the great conflagra- ence, apparently, to the attitude of Italy. Italy
tion has grown. Montenegro has also joined on on Monday decided to remain neutral, taking the
the side of the Triple Entente. Recording events in ground that her obligations in the Triple Alliance
their chronological order, it may be stated that the were confined to participation in armed conflict
time limit of Germany's ultimatum demanding that only in the event of her allies being attacked. In
Russia cease mobilization having expired at noon the present instance the allies were the aggressors.
on Saturday, at 7:30 p. m. the German Ambassador On Thursday the Kaiser sent an ulitmatum to King
at St. Petersburg delivered on the same day to the Victor Emmanuel, calling upon Italy to live up to
Russian Government a declaration of war in the name her obligations under the Triple Alliance. Italy,
of Germany. On Sunday the German forces began in response last evening (Friday) declared war on
the invasion of France, two German detachments Germany, its former ally.
entering French territory and moving in the direcThe direct cable between this country and Gertion of Paris. Russia on Sunday began the inhaving been cut, and a severe censorship being
many
vasion of German territory, its troops having crossed
the German frontier at Schwinden, southeast of exercised over messages by all countries concerned,
Bialla, while on Saturday night the Russian patrol reports of military and naval engagements must
was reported from Berlin to have entered Germany necessarily be taken with reserve. There appears no
doubt as to the accuracy of the news that the Belnear Eichenreid in Posen.
Germany delivered an ultimatum to Belgium on gians administered a most serious check to the GerMonday morining, agreeing to assure the integrity mans while the latter were invading their country on
of Belgian territory if the passage of the German their way to France. No decisive conflict between
troops would be permitted. Belgium refused and the British and German fleets has yet been reported,
after appealing to Great Britain told Germany she although cable advices agree that one is imminent.
would resist the passage of troops through the King- The Japanese Foreign Office on Tuesday issued a
dom. On Tuesday the French Minister of War at statement that if the war extends to the Far East
and England is involved in it, Japan may find it
Paris issued the following note:
necessary to participate in fulfilment of the Anglo"The German Ambassador has demanded his passAlliance. It was reported early in the week
ports, and diplomatic relations between France and Japanese
Francis Joseph of Austria had been
Emperor
that
Germany have been broken off.
The
report did not prove correct.
assassinated.
"War is declared.
"The first act of the Germans, according to infor- At The Hague on Thursday an official gazette promation from a positive source to the Minister of War, claimed the strictest Dutch neutrality in the war.
was to execute M. Samain, former President of the The Austrians have apparently for the time being
French War Society, who lived in Metz, and to im- abandoned as a practical proposition the invasion
of
prison all the members of that society."
Servia in order to be able to hold back the Russians.
On Tuesday Great Britain sent an ultimatum to
The British Parliament on Thursday granted
for war and voted to increase the army
£100,000,000
Germany, demanding by midnight a reply in which
Belgian neutrality should be agreed to. At the by 500,000 men. This followed a vote of £105,000,same time King George proclaimed the mobilization 000 "for emergency purposes" by the House of Comof the British army. Great Britain declared war on mons on Tuesday. The financial plans of France




AUG. 8 1914.]

THE CHRONICLE

have not been definitely stated,although one measure
was introduced in the French Parliament on Tuesday
authorizing the Bank of France to increase its note
issues to 12,000,000,000 francs. Last week's report
of the Bank showed a total of 6,683,185,000 francs.

371

— After a series of conferences with his Cabinet and
other advisers, President Wilson on Tuesday offered
the services of the United States in the interest of
peace. The offer was conveyed to the European
capitals through their embassies here.

One of the spectacular features of the week was the
President Wilson on Tuesday issued a formal proclamation of neutrality, expressly forbidding the unexpected arrival at Bar Harbor, Maine, of the
fitting out of ships for battle or enlisting men for North German Lloyd steamship Kronprinzessin
foreign armies or permitting facilities of our country Cecilie, which left this port bound for Southampton
to be used in any way for or against any of the and Berlin on Tuesday of last week. She was a
belligerents. No ship of war or privateer of any treasure ship, as she had on board $10,697,000 in
belligerent will be permitted to make use of any gold and a considerable amount of silver. The vessel
port, harbor, roadstead or waters subject to the proceeded on her way until Friday night, when,on
jurisdiction of the United States from which a vessel nearing Plymouth, she received instructions by
from an opposing belligerent (whether the same shall wireless to proceed with all speed to the nearest
be a ship of war, a privateer or a merchant ship) American port, as war was imminent. The mails
shall have previously departed until after the expira- and specie, after having been landed at Bar Harbor,
tion of at least twenty-four hours from the departure were forwarded to New York, and the gold is to be
of such last-mentioned vessels beyond the jurisdic- returned to the original shippers. The failure of
tion of the United States. If any ship of war or the gold to reach its original destination, namely
privateer or belligerent shall enter any port, harbor, London and Paris, added, not unnaturally, to the
roadstead or waters of the United States, such demoralization into which the market for foreign exvessels shall be required to depart and put to sea change had already been thrown. Reports were
within twenty-four hours after entrance into such current of the Cecilie having been pursued by
port, harbor, roadstead or waters except in case French or English cruisers. The accounts in this
of stress of weather or of her requiring provisions or direction, however, were largely circumstantial,
things necessary for the subsistence of her crew and seemed to be part of the urgent demand for
or for repairs; in any of which cases the authorities the sensational in news.
One of the most distressing features of the Euroof the port or nearest port (as the case may be)
shall require her to put to sea as soon as possible pean conflict outside of the financial disturbance
after the expiration of such period of twenty-four has been the unfortunate plight in which thousands
hours without permitting her to take in supplies of American tourists have found themselves. With
beyond what may be necessary for her immediate the interruption of steamship sailings, with the lack
use; and no such vessel which may have been per- of communication between the belligerent countries,
mitted to remain within the waters of the United and with the complete breaking down of foreign exStates for the purpose of repair shall continue within change machinery, thousands of Americans have been
such port, harbor, roadstead or waters for a longer left without funds and without means of reaching
period than twenty-four hours after her necessary home. Their letters of credit became valueless.
repairs shall have been completed unless within such Bankers promptly took the matter up and our own
twenty-four hours a vessel, whether ship of war, Government has also shown itself alive to the seriousprivateer or merchant ship of an opposing belligerent ness of the situation. The worst part of the strain
shall have departed therefrom, in which case the appears to have been surmounted. The first step
time limit for the departure of such ship of war or took the form of banking relief in the establishment
privateer shall be extended so far as may be necessary by the Bank of France,through J.P.Morgan & Co.,
to secure an interval of not less than twenty-four. of a credit in the United States on which the Bank
hours between such departure and that of any ship could draw for bills incurred here. The credit transof war, privateer or merchant ship of an opposing ferred to this side through Morgan, Harjes & Co.
belligerent which may have previously quit the same in Paris was $6,000,000. This sum was credited
port, harbor, roadstead or waters. It is further in New York to the account of the French Ambassaprovided that no ship of war or privateer or belligerent dor at Washington. A considerable part of the
shall be permitted to take in any supplies except money thus made available in France will be used
provisions, &c., and, except so much coal only as for the relief of stranded Americans in Paris. A
may be sufficient to carry such vessel, if without any similar arrangement, it is understood, is now under
sail power, to the nearest port of her own country, negotiation with London.
or in case the vessel is rigged to go under sail and
The armored cruiser Tennessee of the United States
may also be propelled by steam power,then with half navy sailed, presumably for Falmouth, on Thursday
the quantity of coal which she would be entitled to carrying $4,500,000 in gold for the relief of American
receive if dependent upon steam alone. And no coal tourists who are stranded in Europe. The amount of
shall be again supplied to any such ship of war or gold that it was originally intended to send by the
privateer in the same or any other port, harbor, cruiser was reduced to this figure because of the transroadstead or waters of the United States, without action of the Bank of France with J. P. Morgan & Co.
special permission, until after the expiration of three At one time there appeared to be some doubt as to
months from the time when such coal may have the necessity of sending any gold at all in this arbibeen last supplied to her within the waters of the trary way in view of the easier feeling in foreign:exUnited States, unlesssuch ship of war or privateer since change circles. There was also some difficulty in
last thus supplied has entered a port of the govern- obtaining insurance for the gold, as underwriters
ment to which she belongs. We give the neutrality are already so heavily involved in gold risks that
proclamation in full on a subsequent page.
they are indisposed to increase their burden. Of the
gold carried $1,500,000 was from a fund appropriated




372

THE CHRONICLE

[VOL. xca.

by Congress for the relief of American tourists. twenty days all payments with Italy, and the third
The remaining $3,000,000 in gold was delivered by a authorized banks to increase their note issues.
committee of ten bankers.
Press dispatches have been somewhat indefinite
as to the official action taken by foreign governBankers in New York, as soon as the news of the ments in the way of suspending contracts between
declaration of war by Germany on Russia was an- individuals. On Sunday the French Minister of
nounced, recognized the strain that would have to Finance announced a moratorium suspending the
be met. The New York Clearing-House Committee payment of all debts in France until Aug. 31. Acwas in session during the greater part of Sunday, cording to the London Press Association King George
and there was also a conference of leading bankers signed a proclamation on Sunday authorizing the
at the Vanderbilt Hotel on Sunday night. After
suspension of specie payments. Last Monday was a
the meeting Secretary McAdoo made a formal announcement that arrangements had been made for Bank holiday in London and it was decided to exthe issuance to the New York banks of $100,000,000 tend the holiday until yesterday (Friday), when the
of additional currency, if required, to enable them London banks reopened. It was at first reported,
to respond promptly to the calls of their correspon- then denied, that the English Bank Act had been
dent banks throughout the country for money to meet suspended. The latest definite information in this
the demands for crop-moving and other purposes. respect was a cable received by the National City
The Secretary stated it was his intention to permit Bank on Thursday from London to the effect that
the issue of similar currency to banks in other sec- the Bank Act had been definitely suspended and that
tions of the country upon their application to the additional Bank of England notes were being issued
Treasury Department and compliance with the pro- in denominations. of 10s. and Ll. London bankers
visions of the Act. The Clearing House on Monday de- were also said to be recommending the circulation of
cided to issue Clearing-House certificates for the settle- Post Office money orders of small denominations.
ment of differences between banks. These and other The National City Bank also received from its
emergency measures which were subsequently adopt- London representatives the following cable referring
ed served to bring about a comparatively calm situa- to the English moratorium: "Moratorium only
tion in banking circles during the week. The chief affects bills of exchange other than checks or demand
drawback remaining was the complete disorganiza- bills. Bills accepted before Aug. 4 must be retion of foreign exchange. So far as the New York accepted, extending the maturity one calendar
stock market is concerned, there have been gradual month from date of original maturity. Amount
deliveries in settlement of business transacted at then payable is plus accrued interest at Bank rate
the closing session of the Exchange on Thursday of current at date of re-acceptance. The prescribed
last week. Thus the nervousness that followed the form of re-acceptance follows: 'Re-accepted under
necessity for closing the Exchange has in a measure proclamation of Aug. 2 1914 (stating total amount
been relieved. It is yet too early to make any predic- due, namely, amount of bills plus interest)."
tions as to the date when the Governors of the ExAs the private banks throughout the world have
change will feel disposed to order a resumption of
buying bills, private discount rates are
stopped
business. It may be stated, however, that ample
On Saturday the Bank of England
nominal.
entirely
notice of the opening will be given and that financial
affairs as a whole will be,as far as human foresight rate was advanced to 10% from Friday's quotation
can judge, in an entirely sound condition.
of 8%. On Thursday, however, a reduction to 6%
was made with the announcement that the Bank
Abroad, financial business has reached a stage of Act had been suspended. A press dispatch from
complete suspension. There has been some inti- London yesterday stated that a further reduction in
mation that the London Stock Exchange will be the English Bank rate to 5% would be announced
opened for cash business in a few days in order to to-day. On Saturday, also, the Imperial Bank of
facilitate the distribution of the English war loans. Germany advanced its rate to 6%from 5% on Friday
No definite decision in this respect has been an- and 4% the rate previously ruling since Feb. 5. The
nounced by cable. A dispatch as late as last Tues- same day the Bank of France advanced its minimum
day announced that the Parquet of the Paris Bourse to 6% from 43/2% for discounts, while its rate for
was still open though no attempt was being made to loans was 7%. The Bank rate in the Netherlands on
and the
do business. It is also uncertain whether other of Saturday was raised to 6% from 4
the large Continental exchanges have officially Bank of Belgium quoted 6% as against 5% on Friday.
closed down. No definite word, for instance, so far On Monday the Austro-Hungarian Bank advanced
as we have been able to observe, has been received its minimum rate to 8% from 6%. On Saturday
by cable stating whether the Berlin Bourse,the Vienna Switzerland advanced its rate to 53/ from 332%
Bourse or the bourses at Budapest and Hamburg and on Tuesday Denmark advanced from 5% to
have really officially suspended business. But it 7% while Norway on the same day advanced to
seems quite safe to assume that if they are open 63/ from 5%.
they are only nominally so. On Wednesday anThe usual weekly statements of the European
nouncement was made that trading on the Bourse
at Rome had been suspended indefinitely and that banks have not been published this week, except that
the Italian Government had issued three decrees of the Bank of England. The Bank of France has defiaffecting financial business. The first of these nitely announced that the return would not be issued.
decrees authorized the savings banks to limit until The Bank of England in its weekly return on ThursAug. 20 the payment of more than 5% of deposits day reported a decrease in its gold coin and bullion
except that they must pay any depositor having holdings of £10,509,475. The Bank's gold holdings
sufficient funds in the bank not less than 50 now amount to £27,622,069, which compares with
lire ($10) on demand; the second suspended for £39,013,434 in 1913. The total reserve showed a



AM.8

1914.1

THE CHRONICLE

contraction of £16,908,000 and notes reserved a
reduction of £17,029,000. There was an increase
in note circulation of £6,399,000, a decrease of £1,213,000 in public deposits, an increase of £2,330,000
in other deposits and the large increase of £18,044,000
in loans (other securities). The proportion of reserve fell to 14.60% from 40.03% last week and
compares with 55.92% at this date last year. The
reserve aggregates £14,811,000, against 07,507,169 at this date in 1913, and the loans £65,351,000,
against £26,988,361. Our special correspondent
furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
week: Imports, £442,000 (of which £174,000 from
Brazil and £268,000 bought in the open market);
exports, 0,740,000 (of which £1,130,000 to France,
£548,000 to Belgium, £250,000 to Gibraltar, £100,000
to Egypt,£80,000to Malta,£60,000to Switzerland and
£572,000 to other Continental points),and shipments
of £8,211,000 net to the interior of Great Britain.

373

The market for sterling exchange, as will be readily
inferred from our remarks in preceding columns, has
been at a complete standstill. Having no credits
abroad, foreign exchange houses are unable to draw,
and as the movement as a result of the heavy sales
of American securities is at present all one way,
and as, moreover, there is a very active demand to
send relief to American tourists, there has been an
active demand for remittances. People anxious
to make remittances to their relatives and friends
abroad have been willing to pay any price asked.
In this way small transactions have been made as
high as $7 to the pound sterling for cable transfers.
Later in the week some small amounts of business
were reported on the basis of 6.25. Towards the
close of the week the arrangement between J. P.
Morgan & Co. and the Bank of France,to which we
have already alluded, exerted a reassuring influence.
The total gold engaged for Europe this week, including the shipments on the Government cruiser
Tennessee, is $9,423,000. In addition, $11,380,000
The local money market has not been called upon was withdrawn for shipment to Canada. The latter
to meet important demands. Rates have very represents the calling of their New York loans by
largely been a matter of negotiation. The Stock Ex- the Dominion banks and is expected to continue, as
change being closed there has been no regular market New York exchange in Montreal closed at the high
for call loans, and what transactions have been re- discount of $1 25 per $1,000.
ported have been within a range of 6 to 8%. Canadian
The demoralized condition of sterling exchange
banks in some instances called in loans and some of was the subject of a meeting of foreign exchange
the interior banks asked their New York correspond- bankers on Saturday at the offices of the Guaranty
ents to call in loans placed for their accounts. These Trust Company. The matter was referred to a
requests the New York banks declined to carry committee composed of Max May of the Trust Comout on the ground that the Stock Exchange was pany in question; R. Y. Hebden of the Bank of
closed, and the calling of loans would be likely to Montreal; August Ulrich of Ladenburg, Thalmann &
result in inconvenience. A feature of the week has Co., John E. Gardin of the National City Bank and
been the taking up by customers of securities from A. H. Pavenstedt of G. Amsinck & Co. The comcommission houses that the latter were carrying mittee went to Washington to confer with the
on margins. This, however, did not involve any Secretary of the Treasury with the view of seeking
important changes in the volume of outstanding Government co-operation. They reported to an
loans as brokers would necessarily have to pay off adjourned meeting of the bankers on Monday without
loans in order to obtain the collateral to make their definite result. Later a nominating committee was
deliveries. Last Saturday's bank statement showed appointed to arrange a permanent committee. On
an increase of loans of $1,182,000 and a decrease Wednesday J. J. Hannauer of Kuhn, Loeb & Co.
of $46,776,000 in deposits. There was a reduction reported the following names for an enlarged comof no less than $56,299,000 in cash and of $43,599,500 mittee: Chairman, John E. Gardin; Max May,
in the cash surplus above requirements. In fact, R. Y. Hebden, Henry Icldeheimer and A. Paveninstead of a surplus a deficit of $17,425,750 was stedt. The President of the New York Produce
reported. A year ago the surplus above require- Exchange appointed a committee composed of
ments was $26,208,100 and two years ago there was William H. Kemp, C. R. Carhart, George W.
a surplus of $20,398,950. The banks reported a Blanchard, William Riemschneider and Benjamin
reduction of $49,212,000 in their cash in vaults B. Colby to meet the bankers' committee for the
and the trust companies a reduction of $7,087,000 purpose of discussing such matters as will lead to a
in cash in vaults and of $10,692,000 in cash in banks. relief of the present serious situation surrounding
• Referring to call money rates in detail, we may say the export and import of commodities. The two
that the range on Monday was 6@8%, with the 6% committees have not yet held a joint meeting; but
the ruling figure; on Tuesday there was only one the committee of foreign exchange bankers at a
rate, namely 8%;on Wednesday 8% was the highest, meeting thoroughly discussed the situation and came
6% the lowest and 8% the ruling rate; on Thursday to the conclusion that until the supremacy of the
only a single rate of 8% was quoted. Friday's seas had been established, the question of an open
range was 6@8%, with 6% the ruling figure. The foreign exchange market would have to remain in
Stock Exchange Committee early in the week ruled abeyance. But in the meantime it was recommended
that stocks being carried by its members should be that shippers of grain and other commodities recharged at the rate of 6% for money. Time money quire of the purchasers that a satisfactory credit
at the close was nominally quoted at 8% for sixty be opened, either in London or in New York. The reand ninety days, 7% for four months and 6% for sponsibility for the documents, bills of lading, inlater maturities up to six months. Commercial surance certificates, including war risks, to be upon
paper closed 51A@6% for sixty and ninety days the shoulders of the bankers granting the credit.
endorsed bills receivable and for four to six months' "This is the only way," according to a formal statesingle names of choice character. Names less favor- ment by Mr. Gardin, which was issued after the
ably known may be quoted at about 6%•
conference,"that a solution can be found at the present moment for a partial relief of the congestion that




THE CHRONICLE

374

has arisen in consequence of the war conditions.
Various committees were appointed and peculiarly
knotty points arising out of the present conditions
were discussed, and it was decided to bring these
points to the attention of legal authority with a view
of making a recommendation to the bankers later
on at a subsequent meeting."
Compared with Friday of last week, demand
sterling and cable transfers on Saturday made still
further spectacular advances, being quoted at
5 50@6 00 and 7 00 respectively, but without
possibility of transacting business; sixty day bills
are not quoted; the imminence of a general European
conflict caused a complete paralysis of exchange
operations. On Monday the market adopted a
waiting attitude, pending further developments in
the European war situation; a few small transactions
were arranged for cable transfers on the basis of
6 25@6 75, but no other quotations were available.
The conditions incident to the war crisis abroad
continued on Tuesday; foreign exchange business
was practically suspended, with the exception of
cable transfers, which were again negotiated in small
lots at a range of 6 25@6 75; no other quotations
were named. On Wednesday relief measures were under discussion by a committee appointed for the protection of foreign exchange interests, but no definite
plans had as yet been announced; actual hostilities
between the great European Powers at war had
commenced and dealings in exchange were at a complete standstill, with no quotations given. There
were no new developments in the exchange situation
on Thursday; war was actually in progress and trading in foreign exchange continued impracticable;
no rates were quoted. On Friday the deadlock in
exchange transactions remained unchanged. At
the close no quotations are obtainable. Sixty days,
nominal; demand, nominal; cable transfers, nominal.
Commercial on banks nominal; documents for payment, nominal; seven-day grain bills nominal.
Cotton for payment, nominal; grain for payment,
nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
lost $10,483,000 net in cash as a result of the currency
movements for the week ending Aug. 7. Their receipts from the interior have aggregated $13,894,000,
while the shipments have reached $24,379,000.
Adding the Sub-Treasury operations and the gold
exports, which together occasioned a loss of $16,820,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a loss of $27,303,000 as follows:
Week ending Aug 7
Banks' Interior movement
Sub Treas. oper. and gold exports
TA,*ol

Out of
Banks

Into
Banks

Net Change in
Bank Holdings

$13,894,000
25,672,000

$24,377,000 Loss $10,483,000
42,492,000 Loss 16,820,000

839.566.000

$66,869,000 Loss $27,303,000

The following table indicates the amount of bullion
in the principal European banks.
August 7 1913.

August 6 1914.
Banks of

Total.

Hold.
£
England__ 27,622,069
France__ a 165,653,680
Germanya 67,842,850
Russia__ a 174,509,000
Aus.-Iluna 51,578,000
Spain_ _ a 21,740,000
Italy_ _ _a 45,400,000
Netk'ds_ a 13,509,000
Nat. Belg. 8,472,000
Sweden_ a 5,818,000
SwItzerd a 7,202,000
Norway_ a 2,916,000

Gold.

27,622,069 39,013,434
26,013,280 191,666,960 134,591,440
16,727,050 84,569,900 56.884,400
7,382.000 181,891,000161,662.000
12.140.000 63,718.00050,568,000
29,191.000 50,931,000 18,417,000
2,883,000 48,283,000 46,150,000
685,700 14,194,700 12,274,000
4,236,000 12,708,000 7,814,000
5,818,000 5,701,000
7,202,000 6,739,000
2,916,000 2,512,000

Silver.

Total.

39,013,434
25,543,120 160,134,560
14,175,750 71,040,150
7,795,000 169,457,000
10,741,000 61,309,000
29,865,000 48,282,000
3,400,000 49,550,000
642,400 12,916,400
3,907,000 11,721,000
5,701,000
6,739,000
2,512,000

TotalXwk.592,262,599 99,258.030691,520.629 542,306,274 96,069,270638,375,544
Prey. wk.603.180,091 98,041,962702.222,054 541,189,377 96,099,303 37,288,680
a Data for 1914 is for last week (July 30).




[VOL. xc

THE FINANCIAL CRISIS OF THE WEEK.
The events of the present week,on the markets of
the world,have been such as only a fortnight ago the
most experienced financier would have declared inconceivable. But that is only because a general
European war had also been outside the domain
of serious business calculations. Such a war has,
it is true, been discussed intermittently and vaguely
during the forty-three years since the Peace of
Paris, and apprehensions on the European markets
have flared up with each collision of interests between the great European Powers—in Afghanistan
in 1884, at Constantinople in 1895, at Fashoda during 1898, in Morocco in 1911 and in the Balkans at
all times, with a culmination in 1913. But despite
these occasional apprehensions, the actual effort to
picture an outcome of the sort baffled the financial
imagination. Being unable to conceive the resultant
circumstances in finance, markets dismissed the idea
of a general European War as a practical consideration.
It is, however, evident that in one way the markets
as well as the foreign offices have been preparing
with instinctive apprehension for the present crisis,
during the past twelve months. It has long been a
legend on the European markets that in 1911, during
the clash between France and Germany over Morocco,
the Kaiser asked the Berlin bankers if the German
markets were in a situation to confront the chance of
war, and received a negative answer. The story
goes that he bade them instantly put themselves into
such a position. Whether this be true or not—and
such stories are usually exaggerated—the fact remains that the Bank of Germany has added upwards
of $100,000,000 gold to its reserve since the Morocco
incident. The great bulk of this addition has been
accumulated since the recent Balkan war. Along
with these accumulations at Berlin, the Imperial
Bank of Russia has, since the outbreak of the Balkan
war, added nearly $150,000,000 to its home reserve
of gold, while the Bank of France holds upwards of
$170,000,000 more than at that date.
Recent events have, in fact, thrown clear light on
the recent urgent purchases of gold by the Bank of
France, particularly in our market. All of this
accumulation of gold reserves has proceeded,step by
step, along with the increase in their military armaments and reserves by Germany and France. It is
not improbable that history will hereafter look on
the murder of the Austrian Archduke, during June,
as only the incident which happened to throw the
spark into the magazine. Had it not been this
incident, it might easily have been something else
which would have served the purpose.
But granting all this instinctive preparation, the
fact remains that the world's greatest markets were
incredulous to the last over the possibility of such a
war and were caught off their guard by its actual
outbreak. Probably this unreadiness would have
been inevitable in any case. The interlacing credits
of the world, under the present vastly expanded
system of exchange of capital, have created a situation infinitely more intricate than existed at the time
of the Franco-PrussianSwar, and so different in character and magnitude from that of the Napoleonic
periods, as to make a financial and commercial
parallel with that epoch quite impossible.
Considered in the broadest way, the first effect
of the actual outbreak of war was the complete

AUG. 8

1914.]

THE CHRONICLE

375

breakdown of commercial and credit relations be- taxes, Government payments and insurance; it is
tween the world's great markets. This was, indeed, purely designed to meet the critical emergency of the
inevitable from the mere fact that the countries home and international banking situation. In
in which those markets were located were confronted France the same abnormal expedient was resorted to
with an embargo on all mutual relations. We have last week; in Germany it appears to have been authorized by the Government early this present week.
now learned something of what this means.
That our market should be involved in this exAs usual, the far-sighted Stock Exchanges saw the
coming storm. The rush of European investors to traordinary entanglement of credit was inevitable.
their stock exchanges a fortnight ago, to turn their Our bankers, like those of Lombard Street, held
securities into cash, was the first plain warning. In huge sums in uncovered foreign bills. Consignments
some markets this appears to have occurred under the of merchandise to our ports were blocked. Meandirect and public advice of important banks. The time our gold supply was threatened until the actual
movement was particularly violent in case of se- facilities of the foreign exchange market broke down.
curities of one nation held by investors of another, The possibilities of this situation, even to a market
for in such case actual facilities for realizing were not entangled in the war, were of such far-reaching
threatened to be blockaded at any moment. This character as to suggest immediately the authorizing
liquidating converged with the utmost violence on of the emergency bank note currency under the law
the Paris Bourse, which early last week .virtually of 1908 and the issue of clearing-house loan certifistopped business under orders of the Government, cates for use in meeting balances between banks.
being utterly overwhelmed by the liquidation from These expedients averted panic by preparing against
other markets. Thence the full force of the move- it in advance. The general consensus of opinion
ment converged on London, where the Continental now is that the crisis was met with admirable wisliquidation was so enormous and the consequences dom, promptness and sagacity by the New York
of withdrawal by foreigners, in the form of gold, of banks and by the Government at Washington.
The embargo on our inward and outward foreign
their resultant credit balances so formidable, that
Exchange
trade
Stock
London
resulting from this abnormal combination of
week
the
last
on Friday of
suit,
necessarily
followed
circumstances
own
Our
doors.
remains yet to be dealt with. It is
closed its
impossible to measure all its consequences. Exbecause of the same motives as existed at London.
But there came in immediate sequence, even in change on London will, apparently, by degrees get
advance of actual declaration of war by England, a once more into operation; so also will the transcomplete blockade of international credit. Merchan- Atlantic shipping service,if England retains control of
dise trade, the fundamental basis of such transac- the seas. This should have its first effect in releasing
tions, was necessarily affected on a prodigious scale the piled-up wheat awaiting shipment from our abunby the danger involved to shipping under the state dant winter-wheat harvest—supplies which our marof international hostilities and by the doubt as to ket is not only anxious to send forward, but which
collections. But this embargo left immense sums of Europe absolutely requires for its own pressing needs.
How far the general problem ofthe trade entanglebills of exchange outstanding at London, the world's
clearing house, which were due to mature shortly, ment can be solved with existing facilities so long
yet were uncovered by merchandise which could now as the war continues, is another matter. The probbe expected to arrive. The first protective measure lems which confront importing merchants with
on the London market, the advance of the Bank of connections on the European Continent and the
England rate to 8% and then to 10%, was designed problems which affect the Government's revenue
to stop peremptorily the foreign demand for gold. from customs are intricate in a high degree. That
The next emergency measure,declaration by Parlia- wide dislocation will be caused in our domestic trade
ment of extra Bank holidays from Monday to Friday is quite inevitable. Without doubt,some home proin the present week, was designed to protect the for- ductive industries will expand substantially, through
eign exchange bankers. A general moratorium on the need of goods to replace, with home consumers,
settlements of indebtedness was then discussed; it the blockaded imports. Other home industries
was at once applied, in the case of bills of exchange, must alter their methods and divert their scope of
and,lastly,in preparing for the re-opening of business activity. Still others,even if enjoying a temporarily
yesterday, after the special holidays, the final larger home demand, may ultimately be much ememergency expedient of a general moratorium for a barrassed through the embargo on raw materials
month, on settlement of financial and commercial necessary to theirjproduction, and obtainable only
indebtedness, was decreed in Parliament. It was through importation from Continental Europe.
coupled with a reduction in the London Bank rate
In other words, we shall feel the effects of this
from 10% to 6%, but by the suspension of the Bank European war for a considerable time to come, even
of England Act, for the first time since 1866. This though we have no direct connection with it. This
action does not of itself suspend gold payments, but is the Nemesis of all such barbaric conflicts. Neverit permits the Bank to issue notes not covered in full theless, it may be said, as a matter of historical fact,
by the institution's gold reserve. The figures cabled that rarely, if ever, has a neutral State on the outyesterday, giving the Bank of England's status, break of a general war, found itself in so enviable a
showed the necessity for such action. Its stock of position. We are self-sustaining; we have in store,
gold had been cut down £10,509,000 in the week; and are producing constantly, goods such as Europe
its reserve of notes and gold combined £16,908,000, positively must get from us—notably our wheat and
and the ratio of reserve to deposit liabilities fell to cotton. Above all, we are at peace, and will continue
the amazingly low figure of 14.60%, as against to employ to the full in our own peaceful industries
40.03% a week ago.
the accruing capital of our people. If we have a
The moratorium—never resorted to before in rough road still to traverse, in this episode, it is still
England since modern finance and commerce reached true that our eventual position,in regard to the outits present status—explicitly excludes wages,salaries, side world,may easily resemble that which was gained



376

THE CHRONICLE

WOL. xc

It does allow an increase in Central Freight As
by England after the long period of active production and commerce pursued in that nation for the sociation territory, but so hedges it about, as albenefit of the rest of the world during the Napoleonic ready stated, with restrictions and exceptions, as
to make the concession of very little value. It is
wars.
undoubtedly true, as the Commission asserts, that
THE COMMERCE COMMISSION'S RATE
rates in Central Freight Association territory as a
DECISION.
whole are lower than the rates in either Trunk
The decision of the Inter-State Commerce Com- Line or New England territory, and also lower
mission on the petition of the railroads east of the than in any other part of the United States. This
Mississippi and north of the Ohio and Potomac rivers being so, it would seem that the Commission, in
for permission to make a 5% advance in freight rates a whole-souled way, should have provided relief
has created little surprise in railroad circles. The adequate to the needs. But what does the Comrailroads expected little and they get little. Of mission grant? It rules that the carriers in Central
course, to a starving man even a dry bone is wel- Freight Association territory are entitled to an income, but in no other sense can any comfort be de- crease of 5% on all class and commodity rates on shiprived from the action of the Commission. Over large ments wholly within that territory except the rate on
sections of the territory covered by the petitioning coal, coke, iron ore, cement,brick, tile, clay, starch
roads no- increase whatever is allowed, and in the and plaster, and any rates which are controlled by
particular section where it is allowed it is so whittled specific unexpired orders of the Commission. The
down by the exclusion of important classes of traffic, unfortunate feature of this grant is that the excepted
and by exceptions of various kinds, that the possible items of traffic form the great preponderating part
yield in additional revenues will at the best be ex- of the whole. But the Commission goes even furceedingly small. In the circumstances one can well ther in the exceptions it names, and adds: "The probelieve the report that has been current that the posed increase in lake-and-rail rates and in rates beroads think of addressing the Commission again,after tween Central Freight Association territory and other
having made careful computations of yield, with the portions of Official Classification territory are disview to asking whether that is all the Commission allowed. The effect of the findings is also to disalintended to grant.
low the application of the proposed minimum inAt first sight an important point appears to have crease of Sc. a ton on those commodities for which a
been gained in having the Commission declare flat- charge is now made of less than a dollar a ton."
footedly that "the operating income of the railroads
Is it an exaggeration,therefore,to say that the perin Official Classification Territory, taken as a whole, mission granted .will be productive of very little
is smaller than is demanded in the interest of both the additional revenue?
general public and the railroads." But as the
The suggestions and recommendations made to
Commission manifests reluctance to respond to its the roads indicating how in various small ways they
own conclusions and refuses to recognize the obliga- can improve their position may be taken for what
tion which it imposes, it is difficult to see where any they are worth. That passenger traffic fails to
advantage is to accrue to the carriers. In like man- bear its proper share of the cost of transportation
ner the declaration that the public owes a duty to the is beyond question. Nevertheless it will be no easy
owners of the railroads and "must afford them a full matter to advance passenger rates. The difficulty that
opportunity to earn a fair return on their investment there will be in doing away with the allowances to
and to share in the general prosperity" is an empty industrial plants has already been indicated by pracphrase so long as the Commission evinces no dispo- tical experience. As to "increasing rates that are
sition to act in accordance with the rule laid down. found to be clearly unremunerative and modifying
As a matter of fact, this is merely a repetition of the burdensome rules and regulations relating to ministatement which has appeared in many previous mum rates and similar matters," we imagine the
opinions of the Commission, and yet the roads have Commission itself will be the greatest obstacle in the
been able to get no help from the Commission in the way. To the question of "increasing freight!car effidirest cases, no matter how clear might be the need ciency" railroad managers have been giving a large
for urgent relief. "Fine words butter no parsnips," share of their attention for years,and while the possibiland this Commission, like an individual, must be ities in that direction have by no means been exhausted,
judged by its deeds rather than its professions.
there is little prospect of getting much in that way
In dealing with the present financial difficulties in the.immediatefuture. "Fuel economy"is also being
of the railroads, the Commission expresses a desire practiced and the promise of large results from that
to help in solving the problem created thereby. This source at present is likewise dubious.
desire is expressed in the following words: "It is our
As to the remaining things recommended by the
duty and purpose to aid, as far as we legally may, in Commission, the carriers would not be justified in
the solution of the problem as to the course carriers ignoring any of them; but as aids for improving their
may pursue to meet the situation." But after so fiscal results for the immediate future, they are defrankly declaring its obligations, it falters and pal- cidedly chimerical. The carriers were deserving of
ters and practically does nothing for the relief of the better treatment at the hands of the Commission
roads. After pointing out that Official Classifica- and their failure to get what was so clearly necestion Territory embraces three distinct rate divisions, sary for placing their income on an assured basis
known as New England territory, lying east of the so as to promote their credit will be sure to paralyze
Hudson River; Trunk Line territory, lying between their activities for years to come. The ComNew England and the Buffalo-Pittsburgh line, and mission, we assume, aims to serve the public by
Central Freight Association territory, lying between withholding permission to make rate advances, but
the Buffalo-Pittsburgh line and the Mississippi River, the public will itself be the chief sufferer from the
it disallows entirely all increase in rates in the first inability of the roads to get the needed capital for
two great geographical divisions.
the improvement and extension of their systems.



1914.]

THE CHRONICLE

377

This is announced as a concession to the present
AVERTING A RAILROAD STRIKE BY THE dreadful situation. To avert the national disaster of
a strike, the President has urged that there is now
USUALTMETHODS.
"a
crisis in which patriotism and a regard for public
The strike:of locomotive engineers threatened, as
welfare
are paramount to all other considerations,
the usual andliforciblersubstitute for argument, on
to
the sacrifice of what, in ordinary circumthe ninety-eight Western roads latest involved was even
properly be insisted upon as a right."
might
stances,
to have occurred yesterday, but it has been deferred
roads
accept
the plan proposed by the mediathe
So
—not:prevented finally,lbutIdeferred to some future
provides
that no claims other than
tors,
"which
date—bythe:familiar:deviceiofla pretended arbitraoriginally presented shall
the
as
those
of
employees
tion. The managerslofIthelroads say that the conbe
submitted
to
arbitration."
troversy had narrowed down to the single issue
No sane mind can make light of or fail to appreciate
whether the roads "can be heard in arbitration on
the
consequences of a strike such as threatened, yet
negotiations
the claims made by themiduring their
even the absorption of public attention by the
not
with"
;their men?" This means that the men have
appalling
scene now presented in Europe should be
repeated their usual statement of what they want
permitted
to obscure the fact that here is a deep and
and thinklthey fairly ought to have, with the adlasting
question
of principle. It must be said that
ditional suggestion that if the roads were properly
there
is
an
unfortunate
use of language when patriotmanaged financially there would be no difficulty
ism
and
the
are offered as occasion
welfare
public
whatever inTgranting the demands, and also one
for
Were it the first
surrendering
principle.
a
of
outlay
very novel claim: that as fast as a heavy
surrender,
and
only, a plausible
occasion
for
this
about
the
efficiency,
increases
capital in betterments
plea
might
patriotism is in
perhaps
be
made;
but
lecturing,
solemn
much
been
so
has
which there
standing
for
of
some present
principle,
at
the
cost
the pay of the men should correspondingly rise.
suffering,
not
in order to
in
surrendering
principle
Per contra, the roads replied that this would require
avoid
a
present
surrender
is worse
suffering.
The
thirty millions more per year and is impossible.
because
it
which
can be
defers
stand
once
more
a
This has been pleaded before, prior to and in
evaded
only
by
sea of
unsounded
rushing
into
the
the
course of professed arbitration hearings, and
Government
ownership.
avoided
declined
or
either
professed arbitrators have
Again and again has this surrender been made,just
considering it. On one occasion, while perfectly
to
escape the issue for this present time and put
arbi"ought
to"
have,
the
men
the
what
clear about
it
off
once more to some indefinite future—a weaktrators declared themselves unable to determine
ness
of
procrastination which lessens the fibre and
what the roads could do, thus virtually assuming
ability
of
making the stand and increases its difthe very thing upon which they confessed inability
ficulties
with
each repetition. Railroad managers
to pass. On another, the arbitrators found that
have
made,
as
we have suggested before, a serious
this half of the case lay outside their own province,
error
in
trying
to
act as a body in this matter, yet the
although the side of the complaining men lay clearly
blame
cannot
justly
be laid entirely upon them; the
that
within it, and the suggestion was gravely made
serious
most
fault
is
in
the public attitude. A public
might
if the roads really could not pay more, they
is
required
roads, but none is perceived
duty
of
the
ask the Federal Commission for an advance in rates
who are permitted to coerce
on
the
employees,
to
lie
whereby to become able to pay more. It is a maxim
by
repeating
a
threat to coerce the public.
roads
the
in judicial practice that the law never requires
as
it
exists
in
Europe is now doing its
Militarism
impossibilities; in these cases, the law as practically
and
possibly
is
moving
to its own downfall as
worst
administered not only disregards this maxim, but
controlling
force,
but
it incidentally offers
the
refuses to consider the impossibility or let it be shown,
lesson
we
might
profitably
us.
one
learn: that railand now the travesty goes one step further, for this
work
is
not
something
which
can
way
be done or not
latest arbitration proposes an option to one side
as
the
done
just
employee
chooses;
on
the contrary,
which is not offered to the other. Consider this
it
is
a
public
service,
involving
duty,
and to be
announcement, word by word:
sternly required as such.
"To avoid all possibility that under an arbitration
award a reduction in pay might be forced upon the
RAILROAD GROSS EARNINGS FOR THE
men, the railroads proposed that the arbitration
HALF-YEAR.
agreement should give to the men in each road the
right to elect, after a complete schedule was awarded
It has been a poor year for the railroads thus far in
by the arbitrators, either to adopt the schedule thus 1914 and their earnings have been heavily reduced.
awarded or to continue their prior schedules."
This applies to both the gross and the net results;
That is, the "arbitration" is avowedly to be none. but as many roads have not yet submitted stateIt may, as it is expected to, offer the men an ad- ments of their expenses, our tabulations to-day for
vance, but it shall not offer the roads anything; the half-year relate only to the gross earnings, and
and if the men are not satisfied with what advance in our present analysis we shall confine ourselves
they get they may take it or else leave it by going entirely to them.
on as before. After alleging, as a reason for refusGeneral conditions were nearly all adverse to the
ing an arbitration, that the roads have not carried carriers, and many special conditions were of the
out awards in good faith, the men are now to accept same nature. Trade was more or less depressed,
the result or not, as they choose. This amounts to the inactivity growing more pronounced with the
a wager in whic,h one side hazards nothing. Suppose progress of the year, while in the iron and steel insuch an unexpected result as no award of increase dustry, which furnishes such a large volume of trafwhatever,-what holds the men to going on as before? fic to the rail transportation lines, a set-back of
Theutmost they venture on the proceeding is that large proportions was encountered. The importhey will not strike now but may at some later tance of this latter feature will appear when we say
date.
that the U. S. Steel Corproation reported unfilled




378

orders on the books of the subsidiary corporations on
June 30 1914 of only 4,032,857 tons and of 4,282,108
tons Jan. 1, as against 5,807,317 tons on June 30
1913 and of 7,932,164 tons Jan. 1 of that year.
Last season's diminished agricultural yield was also
an adverse influence of no mean proportions, involving among other things a large shrinkage in
the grain movement both on Western lines and those
in the East. Labor troubles of one kind or another
were unusually prominent-not in the railroad field,
of course, but in trades furnishing considerable
traffic to the railroads. The disturbances in the
copper-mining regions of Lake Superior were a feature during the greater portion of the half-year, the
strike not being terminated until April. The mining troubles in the coal fields of Southern Colorado
lasted through the whole six months, and at one time
reached a decidedly acute stage, not only restricting
the coal output of the State, but exercising a blighting effect upon all of the industries of the stricken
community.
Besides this, there was an extensive suspension of
mining in many districts of the bituminous coal regions of the Middle and Middle Western States, beginning with the first of April, due to differences between miners and operators regarding new wage
scales. In most cases an adjustment of these differences was reached by the end of April or the beginning of May, but in the Kanawha field of West
Virginia settlement was somewhat longer delayed,
and in Ohio mining remained completely suspended
until the end of the half-year.
Winter weather conditions, which sometimes affect
railroad operations for the worse during the early
months, were on the whole quite satisfactory in
1914, just as they had been in 1913, the comparison
between the two years being therefore free from disturbance on that account. Here in the East a
severe snowstorm on Lincoln's birthday, followed
by several others, caused considerable interference
with railroad operations during the latter half of February, but the blockade from that source was confined mainly to the coast section and did not extend
very far inland. Taking a broad survey of all the
influences that had a bearing on railroad traffic and
revenues, the only distinctly favorable element
anywhere was that the railroads in the South had the
advantage of a larger cotton traffic.
With these preliminary remarks, the reader will
be prepared...for the statement that the gross earnings of United States railroads in the first six months
of 1914 fell off no less than $84,601,109 as compared
with the first six months of 1913. In other words,
the roads earned only $1,379,095,321 this year,
against $1,463,696,430 lastiyear, there being thus a
reduction of close to 6%-in exact figures 5.78%.
The significance of this loss is increased by the circumstance that there was an absence in 1914 of one
serious disturbing influence which had existed in
1913, and which then cut down railroad traffic and
railroad earnings heavily on certain roads. We
refer to the fact that at the close of March last year
tremendous floods occurred in the Middle Western
States and worked immense havoc, seriously interrupting railroad traffic in that part of the country
throughout the next month and in some cases leaving
the roads crippled for a much longer period in performing their functions as carriers.
It is rather noteworthy that there has been little
permanent growth in railroad revenues in the first




[VoL. xmx.

THE CHRONICLE

six months of the last few years. That is an important fact to bear in mind, since, with railroad
expenses rising, it shows we have had diminishing
returns of net earnings at a time when the roads had
additional interest and dividend charges to meet
by reason of the new capital outlays they have been
obliged to make to meet the demands of the public
for adequate and improving service. The first six
months of last year business conditions were much
more encouraging than the present year, and there
was also a large traffic in agricultural products
following the previous season's abundant harvests.
Accordingly, our tables then recorded a gain of
$136,097,376, of which $84,601,109, as we have
seen, has been lost the present year. Parenthetically we may say here that in our final compilation
this year's loss is likely to be larger rather less.
Our totals are very comprehensive as will be noted
by their size and as also appears from the fact that
they cover 247,619 miles of road. Yet there are
some roads which are not represented in it, their
returns being unavailable. Most important of all,
however, the figures in our tables for a number of
roads cover only five months instead of the full
six months, the June returns not yet having been
filed with the Inter-State Commerce Commission
at Washington and the companies not yet having
given out their own returns. June being the closing
month of the fiscal year, the returns for that month
are always delayed, and it will be several weeks
before the missing returns are all in.
Among the more recent years, 1913, with its increase of $136,097,376, has been the only one
recording a fairly satisfactory addition to gross
earnings; and this addition was less significant
than it otherwise would have been, inasmuch as it
followed only a moderate increase in 1912 and an
actual loss in 1911. For the first six months of 1912
our compilation registered an increase of no more
than $51,012,535, or 3.99%. In the first half of
1911, as stated, there was an actual falling off in
gross earnings, the amount of the loss reaching
$26,557,747, or 2.03%. It is necessary to go back
beyond 1911 to get really satisfactory results and
really striking ratios of improvement. In 1910,
when trade activity was in full swing, the addition
to the gross revenues reached no less than $173,044,812, or 14.85%, while in 1909, when there was a
recovery following the tremendous shrinkage that
occurred after the panic of 1907, the increase was
$122,730,709, or 11.86%. On the other hand, in
1908 the loss, according to our tabulations, was
$197,085,791, or 16.65%; but the figures related
to only 202.172 miles of road, and we estimated that
the total falling off must have reached $235,000,.000
Prior to 1908 the country was in the full flush of
prosperity and the trend was almost uninterruptedly
upward for a full decade. The table we now insert
gives the comparisons for the first six months of each
year back to 1897.
Mileage
Jan 1
to
June 30
Year
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914

Year
Given

Miles MiUs
158,295 157,463
158,775 157,702
161,166 159,865
166,704 162,190
175,371 171,257
179,065 176,459
173,655 169,747
177,673 173,495
185,912 183,320
196,571 194,005
200,352 197,715
202,172 200,083
230,022 227,369
235,462 231,104
235,293 229,824
239,020 236,285
243,704 240,522
247,619 245,656

Note -Neither

Earnings

Year In,
Precedicrse

Year
Given

Year
Preceding

Increase
Or
Decrease

%
0.52 473,084,924 475,293,350
0.68 536,375,776 477,035,482 --2,208,426 0.46
0.81 556,326,364 523,231,211 +59,340,294 12.44
2.79 643,842,643 565.393,511 +33,095,153 6.32
2.40 704,538,792 642,321,514 4-77,949,132 13.78
9.69
1.47 749,023,005 701,688,284 4-62,217,278
4-47,334,721 6.74
2.36 847,034,318 745,087,476
4-101,946,842
13.68
2.41 794,929,168 810,131,983
--16,202,815 1.87
1.41 910,027,258 846,375,228
4-63,652,030 7.52
1.32 1,049,355,572 922,696,020 4-126,659,552
13.72
1.52 1,185,196,030 1,050,957,676 4-134,238,354 12 77
1.04 987,005,757 1,184,091,548 --197,085,791 16.65
1.12 1,157,508,747 1,034,778,038 4-122,730,709 11.86
1.88 1,338,344,306 1,165,299,494 4-173,044,812 14.85
2.25 1,284,282,115 1,310,839,962 _-26,557,747g2.03
1.16 1,329,686,550 1,278,674,015 4-51,012,535 3.99
1.32 1,470,556,113 1,334,458,737 4-136,097,376 10.16
0.79 1,379,095,321 ,463,606,430 -84,601,100 5.78

the earnings of the Mexican nor Canadian roads nor the:mining
operations of the anthracite Coal roads are included in this table.

AUG. 81914.]

THE CHRONICLE

As indicating how decidedly traffic was curtailed
in certain directions as a result chiefly of the unfavorable trade conditions prevailing, it should be
observed that the shipments of iron ore from the
Lake Superior regions up to June 30 the present season reached only 9,624,116 tons, against
16,125,042 tons in the corresponding period of last
year. Anthracite coal production was on the whole
well maintained, there having been no suspension
of mining here and the output of hard coal being
influenced very little by prevailing conditions relating to general business. Yet even anthracite production was reduced, the shipments to tidewater
for the six months of 1914 having been only 32,945,789 tons, against 34,851,854 tons in 1913. The
falling-off in coal traffic generally is well indicated
by the figures relating to the Pennsylvania RR.,
this being the largest coal-carrying system in the
country. On all lines east of Pittsburgh and Erie
the shipments of coal and coke for the first half of
1914 aggregated 34,437,344 tons, as against 37,087,558 tons in 1913, a decrease of 2,650,214 tons,
or a little over 7%.
We have already indicated that the grain movement
was heavily reduced, following last season's poor
crops. At the Western primary markets the receipts of wheat for the 26 weeks to June 27 in 1914
reached only 88,593,000 bushels, against 118,187,000
bushels in the corresponding period of 1913; of corn
only 117,504,000 bushels, against 140,685,000 bushels; of oats 95,997,000 bushels, against 111,882,000
bushels; of barley 30,312,000 bushels, against 44,237,000 bushels, and of rye 4,623,000 bushels, against
5,669,000 bushels. Altogether, the aggregate of
the receipts the present year of the five cereals combined was only 337,029,000 bushels, as against 420,660,000 bushels in 1913. But the present year's
movement was by no means small. In the same
period of 1912 the receipts were only 260,406,838
bushels and in 1911 but 229,648,363 bushels. The
details of the Western grain movement in our usual
form are set out in the following:
RECEIPTS AT WESTERN PRIMARY MARKETS.
Jan. 1 to
Rye.
Flour.
Wheat.
Barley
Oats,
Corn.
June 27(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
(8118.)
Chicago1914
4 734,000 15,761,000 40,715,000 44,886,000 11,073,000 1,451,000
1913
4 707,000 15,306,000 80,381,000 63,949,000 16,440.000 1,294,000
Milwaukee-.
1914
1,311,000 2,464,000 6,743,000 9,009,000 7,617,000 1,121,000
1913
8.57,000 3.504,000 6.360,000 6,274.000 9,398,000 1.303.000
St. Louts1914
86,000
912,000
1,533,000 8,340,000 9,886,000 12,190,000
1913
708,000 454,000
1,472,000 12,532,000 14,220,000 10,824,000
Toledo1914
17,000
24,000
792,000
1,800,000 2,746,000
1913
9,000
1,000
855,000 2,371,000 1,802,000
Detroit1914
213,000
363,000 1,593,000 1,656,000
1913
11,000
68,000
189,000
254,000 1,580,000 1,605,000
Cleveland1914
330,000
24,000
20,000
324,000 2,277,000 2,158,000
1913
3,000
197,000
36,000
405,000 2,351,000 2,433,000
Peoria1914
1 071,000
5.569,000 1,488,000 158,000
715,000
8,370,000
1913
1 274,000 1,011,000 10,605,000 5,068,000 1,703,000 312,000
Duluth1914
992,000 243,000
7,674,000
731,000 1,172,000
1913
128.000 18.462,000
196,000 2.797,000 2,792,000 505,000
211inneapolis1914
38,880,000 5,671,000 6,597,000 8,186,000 1,525,000
1913
47,918,000 3,391,000 7,241,000 13,091,000 1,778,000
Kansas City1914
7,082,000 18,621,000 5,431,000
1913
10,102,000 8,625,000 3,743,000
Omaha1914
5,210.000 20.151,000 6,537,000
1913
7,838,000 10,605,000 6,146,000
Total of All1914
9 192,000 88,593,0
00117,504,000 95,997,000 30,312,000 4,623,000
1913
8,824,000118,187,000140,685,000111,882,000 44,237,000 5,669,000

Necessarily, the grain movement to the seaboard
was correspondingly reduced. The receipts at these
seaboard points amounted to only 104,373,000
bushels, as against 164,802,000 bushels last year,
but comparing with 105,951,010 bushels in 1912, as
will be seen by the following:
RECEIPTS OF FLOUR AND GRAIN
AT SEABOARD JAN. 1 TO
Receipts of1914.
1913.
1912.
1911.
Flour
bbis_ 10,506,000 11,006,000
8,466,135
9,170,530
Wheat
bush_ 68,077,000 81,077,000
Corn
13,288,000 40,986,000 54,480,813 30,651,278
23,881.663
Oats
13,061,000 27,675,000 23,679,682 45,570,428
26,044,936
Barley
7,067,000 13,226,000
3,626,790
2,595,786
Rye
1,980,000
1,838,000
282,062
356,097
Total grain
104,373,000 164,802,000 105,951,010
105,218,525




JUNE 30.
1910.
8,317,837
33,713,152
22,512,796
22,894,634
1,841.978
412,789
81,375,347

379

The cotton movement in the South ran heavier
than last year, but merely because then it had been
very small. The gross shipments overland for the
six months were 813,596 bales, against 757,916 bales
in 1913, but as against 1,050,320 bales in 1912. The
receipts at the Southern outports reached 3,365,164
bales, against 2,402,659 bales in 1913, but comparing
with 4,247,705 bales in 1912.
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN.1 TO JUNE 30.
Since January
1913.1910.
Ports1914.
1909.
Galveston _ _ __bales_1,228,673 918,855 1,237,441 667,i10 685,311 1,194,089
Texas City, dm
217,969 262.871 328,912 256,888 107,515 232.159
New Orleans
828,560 463,602 779,215 596,085 569,732 865,419
Mobile
68,8.53 148,448
129,516
58,145
73,557 131,791
Pensacola, dm
54,885
41,072 178,838
83,556
86,394
57,453
Savannah
422,287 287,724 802,881 298,262 220,888 400,934
Brunswick
67,900
43,929 161,695
53,286
39.817 106,871
Charleston
41,137
49.132 113,613
37,442
61,650
23,438
Georgetown
110
589
1,291
592
738
Wilmington
69,971
47,640 189,681
41,471
74,834
114,116
Norfolk
206,726 159.776 279,791
115,189 137,023 202,285
Newport News, &c.. 97,540
59,195
26,521
1,140
13,880
7,289
Total

3,365,164 2,402,659 4,247,705 2,265,913 1,964,066 3,408.041

The falling-off in earnings extended through all
the months of the half-year except that in March
there was a trifling gain, 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.
January
February
March
April
May
June

MONTHLY SUMMARIES
-Mileage-1914.
1913.
1914.
1913,
$
$
243,732 241,469 233,073,834 249,958,641
244,925 242,928 209,233,005 233,056,143
245,200 243,184 250,174,257 249,514,091
243,513 241,547 236,531,600 245,048,870
246,070 243,954 239,427,102 265,435,022
191,886 190,207 197,231,111 207,139,547

-Inc

Of Dee

-16,884,807 6.75
-23,823,138 10.22
+660,166
0.27
-8 517,270
3.48
-26,007,920 9.73
-9,908,436
4.80

As far as the separate roads are concerned, there
is an almost uniform record of decrease and the losses
in most cases are of large proportions. They come,
too, from all sections of the country and from all
classes of roads. Increases are not entirely lacking,
and as a matter of fact 157 roads out of the 498 roads
included in our table record larger or smaller gains,
usually because of some special circumstance relating to the comparison or because of a heavier traffic
movement in some particular commodity. Thus
the Bangor & Aroostook suffered a reduction of its
revenues last year by reason of labor troubles and
the present year has more than recovered the loss.
The Chesapeake & Ohio suffered severely in 1913 by
reason of the flood troubles and escaped a repetition
of the event the present year. Many Southern roada
were able to add to their revenues the present year:
because of a heavier cotton traffic. The table we,
now insert shows all changes for the separate roads;
for amounts in excess of $500,000, whether increases;
or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS JAN. 1 TO
JUNE 30.
Increases.
Decreases.
Chesapeake & Ohio
$916,908 Cleve Cinc Chic & St L__-$1,200.079
Chic St Paul Minn & Om_
508,092 Minn St P&SSM (2)___ 1,193,592
Chicago Milw & St Paul__ 1,146,312
Representing 2 roads in
Colorado & Southern (3)_ 1,143.725
our compilation
$1,425,000 Delaware & Hudson
01,017,812
Decreases. Boston & Maine
a979,821
Pennsylvania (3)
413,633,684 Delaware Lack & West_ _ _
964,864
Lake Shore & Mich Sou-- 4,597,763 Rock Island (2)
a959,858
Baltimore & Ohio
4,349,317 St Louis & San Fran (4)
a901,294
Great Northern
4,094,019
e
oc
nk
vin
ergszVdolearande
N Y Cent & Hud River_b3,863,315
Northern Pacific
a3,088,888 Chicago & Alton
808,328.
Atch Top & Santa Fe (8)- 2.464,398 Ruluther
&ZTIR
ea
E
ng::::
Southern Pacific (12)--- 2.026.513
Chicago Burl & Quincy-a1,990,002 Buffalo Roch & Pittsb
681.564
Pitts & Lake Erie
1,975,888 Chicago & North West-- _
680.799
Philadelphia & Readinga1,962,343 Toledo & Ohio Central_....
680.201
Union Pacific (3)
1,917,644 Union (Pa)
664,919
Lehigh Valley
01,831,902 NY Chicago & St Louis-584.889
Bith Joliet & Eastern..... 1,745,783 Pere Marquette
550,994
Central
Michigan
1.743,432 Norfolk & Western
544.131
Missouri Pacific (2)
1,661,150 Missouri Kansas & Texas_
60
516
7:336
25
2
a1,601,278 Phila Ballo & Wash
N Y N H & Hartford
1le & Nashville__ -. 1.551.446
2)
(
,
71
Erie
1,471,271
1:3
29
32:0
Duluth Missabe & Nor
10
61
Re
ip
nro
esen
ur co
tinngp
a
e.h
Wa
Nboats
1175
atm
ion
ad
_s$79,249.225
Figures In parenthesis after name of road indicate
number of
or companies for which separate returns are given in our compilation.lines
a Figures are for five months only. b These figures cover
merely the
operations of the New York Central itself. Including the
various auxiliarv
• ...

H

IN:n4
Ist:81/

[VOL. xcix.

THE CHRONICLE
and controlled roads, like the Michigan Central, the Lake Shore, the "Big
Four," the "Nickel Plata," Sze.the whole going to form the New York
Central System, tho result is a gain of $15,386,887.
c This is the result for the Pennsylvania RR. together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania ItH. reporting $6,437,263 decreases the Pennsylvania Company $5,055,695 loss and the P. C. C.& St. L. $2,140,726 loss. Including
all linos owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $15,226,130.

We now add our full detailedstatement, embracing
all roads for which it has been possible to procure
or make up the figures.
GROSS EARNINGS FROM JANUARY 1 TO JUNE 30

Name of Road.

1914.

Increau 1+)

Mileage.

Or

I

1913.

Decrease. (-) 1914.
II
8
8
856498
919,173
--62,675
2,554,182
2,610,596
--56,414
1,018.290
1,091.342
---73,052
478,878
533,663
-54,785
31,191,577
a1,186,099
1-5,478
c53,203,494
55,687,892 --2,464,398
31,327,441
31,340,583
--13,142
617,255
596,(48
1-21,107
3750,353
3802,785
---52,432
19,144,620
19,379,061
1-234,441
3887,404
3684,112
+2,692
49,106,794 --4,349.317
44,757,477
684.050
843,515
--159,465
31,705,130
31,383,266
1-321,864
308,374
310,598
--2,224
3,200,48.5
3,981,498
--781,013
1,560,357
1,580,807
--20,450
893,484
652,8/1
1-240,613
526,321
694,540
---168,219
317,870,754 318,850,575
--979,82I
3571,723
--206,153
3777,876
3172,671
3258,446
--83,775
4,609,782
5,291,646
--681,864
745,923
672,818
1-73,075
799,667
926,734
--127,067
1,125,804
1,247,911
--I22,107
31,5139,317
31,491,223
1-18,124
311,949,030 312,268,785
---319,755
35,661,479
35,633,080
i-28,399
a1,523,279
31,636,607
--113,328
1,024,240
952,382
1-71,858
18,1)37,553
17,120,645
A-916,908
6,274,181
7,082,509
--AM)8,328
35,966,825
a6,465,411
--498.586
40,165,595
40,846,394
--680,799
334,175,009 336,185,011 ---1,990,002
a394,839
6367,807
/-27,032
6,686,876
6,719,829
---32,953
3,255,322
3,319,753
--64,431
949,351
987,107
--37,756
42,434,988
43,581,298 ---1,146,312

Alabama & Vicksburg.
Alabama Great South_
c
Ann Arbor
Arizona & New Mexico
Arizona Eastern
Atch Top & S Fe (8rds)
Atlanta Birm & Atlan_
Atlanta & West Point_
Atlantic & St Lawrence
Atlantic Coast Line_ _ _
Atlantic City
Baltimore & Ohio
B & 0 Chic TermRR
Bangor & Aroostook
Beau S Lake & West_ _
Bessemer & Lake Erie_
Belt Ry of Chicago._ _
Bingham & Garfield
Birmingham Southern_
Boston & Maine
Buffalo & Susq RR__ _ _
Buffalo & Susq Ry _ _ _ _
Buffalo R.och & Pittsb_
Butte Anaconda & Pac
Can Pac Ry in MaineCarolina Clinch & Ohio
Central New England_
c
Central of N J
Central of Georgia__ _ _
Central Vermont
Charleston & West Car
Chesapeake & Ohlo_e_
Chicago de Alton _c_ _
Chicago & Eastern Ill_
Chicago & North West c
Chic Burl & Quincy__ _
Ch Det & Can G T Jet
Chicago Great West_ c_
Chicago Ind dr Tmuisv.e
Chicago Junction
Chic Milw & St Paul.!
Chic Milw & PugSdf
805.814
Chicago Peoria dr St L.
767,378
8,456,986
ChM St P Minn &0 _e
7,948,894
3843,543
Chic T H & South East
a752,779
4,665,619
Cinein Ham & Dayton
4,491,961
Cmn NO & Texas Pao5,411,138
5,265,209
478,423
Coal dr Coke
490,263
Cob & South (3 rds _C
5,909,974
7,053,699
3307,206
Colorado dr Wyoming_
3393,128
761,498
Colorado Midland_ _ _ _
712,856
206,572
Colutn & Puget Sound_
306,869
Cumberland & Penn
423,891
, 464,635
38,720,158
Delaware & Hudson.-69,737,968
Del Lack & Western
18,306,881
19,271,745
Denver dr Rio Grande.c
10,003,609
10,876,866
Western Pacific _c__ _
2,532,302
2,833,249
Denver dr Salt Lake_c_
478,016
574,664
Det & Toledo Sh Line_
739,363
701,736
Detroit & Mackinac
589,811
608,24
Det Gr Haven & Miw
1,157,962
1,176,870
Detroit Tol & Ironton_
3547,506
3615,552
Duluth & Iron Range_
1,779,620
2,534,932
Duluth Missabe & Nor
1,779,07
3,171,2361
Duluth Winnipeg &Pac
811,185
959,096
Duluth So Sh & Atl_c_
1,603,650
1,691,880
Elgin Joliet & Eastern_
4,957,261
6,703,044
El Paso Southwestern_
4,691,47
4,436,800
Erie
24,459,575
25,900,558
Chicago & Erie
2,659,875
2,629,587
Florence & Grip Creek_
610,3
593,8
Florida East Coast_ ._ _
3.306,137
3,137,520
Johnst
&
Glov
Fonda
. 6378457
6385,729
Ft Worth & RioGrande
373,518
382,345
Georgia
, 31,329,647
61,340,276
Georgia dr Florida__
391,892
409,780
Georgia Fla & Ala_ _ _ _
288,875
281,4761
Georgia Sou & Fla_ _ _ _
1,247,375
1,300,111
3,451.251
3,685,147
Grand Trunk West...
30,449,844
34,543,863
Great Northern
379,589
• 360,951
Green Bay & West_ _ _
3774,521
'3922,406
Gulf & Ship Island_ _ _ _
2,733,540
Hocking Valley.
3636,749
3,094,042
2.872,926
Houston & Texas Cent
3245,672
3280,809
Hunt & Broad Top...
232,859
323,133
Idaho & Wash Nor__ _ _
31,715,984
31,372,7711
Illinois Central c
244,727
264,338
Illinois Southern
4,339,163
4.793,506
Lnternat & Great Nor_
1,358,468
1,601,917
Kanawha & Mich
6380,311
6343,125
Kan City Mex & Orient
0420 327
6386,784
K C Mex dr Or of Tex_
5 549,699
5,195,589
Kansas City Southern.
3250,118
3249,746
Lack & Wyom Val__ _ _
a240X6;
al07,794
Lake SuPerior & Ishp
3228,288
3322,902
Lake Terminal
930,308
852,9!'
Lehigh &Bud River
a14.925,314 616,757;216
Lehigh Valley
882,296
1,290,876
England
New
Lehigh &
862,473
847,225
Louisiana & Arkani3as..
390,e4
940;772
Louisiana RY & Nay
29,539,383
27.937,937
Louisville & Nashville..
3490,103
3542,760
LOU Head & St Louise_
3250,3174
3255.881
Manistee & N'east
5,418,538
5,640,778
Maine Central
3569 398
9596,672
Midland Valley
410,037
3342,039
Mineral Rangec
13,937,301
12,744,209
M StP &55 M(2 rds) t
3424,316
3410,951
Minn & Internal
4,555,977
4,595,914
1
Minn & St Louts
LOWs.Central
546,025
492,376
Mississippi Central_e__
357,337
343 603
Miss Riv & Bonne Ter
593,105
606,552
Mo & Nor Arkansas_ __
14,721,972
14.205.5471
Mo Kansas & Texas_ _ _
539,168
535,5221
Mo Okla & Gulf
29,307,037
Mo Pacific (2 rds).c...
27,645,887
6,211.558
Mobile & Ohio
6,303,330i
449,983k539,897
Monongahela Coon...
Nash Chatt & St L___.
65,281.639 - 35,618,461
403,739
New Jersey & NY....
397,264




HI

1913.

143
143
309
309
291
291
109
109
367
367
10,981 10,772
646
645
93
93
167
167
4,673 4,616
187
167
4,456 4,455
77
77
631
631
119
118
204
204
21
21
27
27
44
43
2,252 2,244
253
253
91
91
586
57(1
90
90
233
233
218
248
304
277
676
676
1,924 1,924
411
411
341
341
2,346 2,324
1,026 1,026
1,282 1,275
8,094 7,967
9,129 9,129
60
60
1,496 1,496
616
616
12
12
9,090 9,692

A-38,436
A-508,092
+90,764
A-173,658
1-145,929
---11,840
---1,143,725
---85,922
4-48,642
--I00,297
--40,744
--1,017,812
---964,864
--873,257
--300,947
+96,648
1-37,627
---18,429
1-18,908
---68,046
--805,3I2
---I,392,163
--147,91I
--418,230
--1.745,783
A-254.873,
--I:440,983
1-30,288
1-16,485
1-188,817
---7,272
---8,827
---10,629
--17,888
+7.399
-52,736
-233,896
-4,094,019
+18,638
-147,885
-898,203
-221,113
-35,137
-90,274
+343,213
+20,111
-454,343
-243,449
-37,186
+34 043
+354,110
+372
-132,492
-94,614
77,357
-1.831,902
+408,580
-15,248
50.498
-1,551,446
+52,657
+5,577
+222,188
+27314
-73,618
-1,103,592
-13,395
+30.937

255
255
1,753 1,744
375
351
1,015 1,015
337
337
19
197
1,867 1,867
53
53
338
338
55
55
64
64
. 854
881
958
960
2,585 2,560
942
933
214
255
79
79
411
411
191
191
441
441
292
272
363
358
165
181
626
627
822
777
1,030
982
1,988 1,988
270
270
129
87
642
696
88
88
235
235
307
307
352
352
193
193
395
395
347
347
7,803 7,752
248
248
308
308
351
351
789
829
71
72
150
150
4,763 4,763
137
136
1,160 1,160
177
177
280
267
470
477
827
827
23
23
34
34
10
10
97
- 97
1,444 1,449
272
293
255
279
351
351
4,941 4,919
200200
-100
190
1;207 1,206
373
373
123
122
4,065 3.976
194
197
1,586 1,586

-53,619
-13,734
+13,087
-516,425
-3.646
-1,661,150
+61,772
-89,411
-336,922
--6,475

164
65
365
3.865
582
7.231

+

1,231
43

164
65
365
3,817
332
7.283
1,122
6
1,231
48

Name of Road

1914.

847,124
Nevada Northern
Newburg dr So Shore
280,065
New Orl dr Nor East..
1,907,758
New ON Mob & Ohio..
6885,075
750,312
New Orl Tex & Mex...
6743,214
New On Great North_
NY Cent & Stud Riv_c
43,819,999
7,843,144
Boston & Albany_c_
Chic Ind & South_e_
2,064,873
Chic Kal & Saginaw
93,248
Chic Northern_c_
637,501
16.408,877
Clay Cin Chic &StL c
44,80
Det& Charlevoix...
Dunk All Vail&Pitts
175,332
Indiana Harbor Belt
1,634,917
Lake Erie & West_e_
2,685,262
Lake Shore & M S_c
24,435,591
15,961,704
Michigan Central_e_
5,539,288
NY Chic & St L_c
7,972,937
Pitts & take Erie.c_
2,048,568
Tol & Ohio Cent.e_ _
151,316
Zanesville & Western
NYNH& Hartford.. 625,716,298
4,148,073
NY Ont & Western._
41,669,049
NY Susg & West_c_,_
Norfolk Southen
2,038,754
Norfolk & Western
21,056,853
Northern Alabama...
275,249
Northern Pacific
623,841,291
Northwestern Pacific_ _
1,649,699
Pennsylvania-Lines e ast of Pittsbu
Pennsylvania RR _c_ _ 82,816,157
Bait & Sparrows Pt_
53,796
Bait Ches & Atl_c_ _
149,439
Cornwall & Lebanon
144,082
CumberiandValley_e
1,701,952
Long Islamic
5,793,843
Maryland Del& Va c
60,251
Monongahela
636,509
N Y Phila & Norte_
1,793,062
Northern Central_c_
6,061,643
Penns Terminal...
248,793
Phila Balt & W_c
9,818,926
Snag Blooms & Berw
58,379
Union RR of Bait..
750,795
West Jersey & Sea_c
2 638,662
Lines west of Pltsb urghCentral Indiana _
102 241
274,462
Cine Leb & Northern
Grand Rapids & Indc
2.537.773
Pennsylvania Co_c_ _
28,086,951
146,293
Pitts Char & Yough_
19,024,472
Pitts C C & St L_c
579,123
Toledo Peo & West_
5,130,707
Vandalla c
60,018
Waynesb & Wash
461,862
Peoria dr Pekin Union_
7,605,912
Pere Marquette
3234,985
Perkiomen
971,553
Pitts Shaw & Northern
018.670,321
Phila & Reading
3603,483
Port Reading
3328,788
Quincy Om & Kan City
269,195
Ray dr Gila Valley....
Richmond Freda & Pot
1,605,049
270,657
Rio Grande Southern_
Rock Island (2 roads). 325,807,159
Rutland
1,673,761
St Joseph & Grand Isl.
742,656
St Louis S Fr (4 rds) 317,239,219
31,221,526
St Louis Browns& Mex
St Lou March Br Term
3737,360
StLouRockyMt&Pacx
01,028,471
5,815,198
St Lou Southw (2 rds) e
Pass_
San Ant & Arans
01,653,834
5,291,307
San Pod Los Ang & 5 L
13,012,0
Seaboard Air Line
254,869
South Buffalo
33,168,442
Southern Railway_
595,031
Southern Ry in Miss..
65,100,088
Southern Pac (12 rds).
31,741,751
Spokane Port& Seattle
442,162
Spokane International_
3327,86
Staten 181 Rap Trans..
3180,914
Sunset
266.633
Tacoma Eastern
818 838
Tennessee Central_ _ _ _
al 1.26 054
Term'IA sen 01 81 Louis
8,497,114
Texas & Pacific
- 301,379
Texas Midland
331,437
Tonopah & Goldfield..
2,120,214
Toledo St L & West_c_
3801,659
Trinity & Brazos Val..
a337,393
Ulster & Delaware._ _ _
40,140,545
Union Pacific (3 rds).c
1,513,094
Union RR (of Pa)
847,095
Vicks Shrev & Pacific_
947,219
Virginia & Southw__
2,957,515
Virginian
13,657,282
Wabash
346,893
Wabash Pitta Term_ _ _
681,787
Washington Southern_
240,830
West Side Belt
3,152,388
Wheeling & Lake Erie_
33,246,046
Western Maryland_ _ _
706,684
Western Ry of Ala.3323,149
Wilkes-Barre & East..
5,798,794
Yazoo & Miss Valley_c
21,209,582
242 minor roads

1913.
$
852,712
347,539
1,946,230
31,1143,202
725,616
a808,533
47,683,314
8,178,922
2,197,428
102,168
615,032
17,608,956
48,503
174,898
1,654,039
2,873,257
29,034,354
17,705,136
6,124,177
9,948,825
2,728,769
224,569
627,317,576
4,407,988
31,630,605
1,993,067
21,600,984
285,226
026,930,179
1,659,348
gh89,253,420
76,328
128,824
206,589
1,764,391
5,373,293
60,317
863,553
1,911,454
6,500,828
234,998
10,326,278
132,534
930,612
2,646,716

Increase (+)
Mileage.
or
Decrease (-). 1914. I 1913.
--5,588
--67,474
--38,472
-158,127
1-24,696
--65,3I9
--3,863,315
--335.778
--I32,555
--8,9I8
A-22,569
---1,200,079
-3,702
1-434
--I9,122
-190,995
--4,597,763
---1,743,432
-584,889
-1,975,888
--680,201
---73,253
-1,601,278
--259,9I5
+38,444
+45,687
-544,131
-9,977
-3,088,888
--9,649

165
13
203
403
286
283
3,756
394
358
45
245
2,361
78
91
105
905
1,858
1,799
567
224
446
90
2,007
566
140
880
2,037
112
6,314
401

185
13
203
547
286
283
3,749
3 94
358
45
244
2,365
43
91
105
905
1,872
1,816
564
222
442
90
2,091
566
154
788
2,035
112
6,314
401

---6,437,263
---22,532
1-20,615
-62,507
-62,438
1-420,554
.--66
--227,044
---118,392
--439,185
A-11,795
--507,352
---74,155
--179,817
-8,054

4,043
5
87
28
162
398
83
67
112
472
5
717
42
10
355

4,024
5
87
26
162
398
83
67
112
472
5
713
42
10
355

127
127
--833
103,074
46
46
--17,290
291,752
577
575
--4I,747
2,579,520
31.122,649 --5,055,695 1,749 1,750
22
22
194,274
--47,98I
21,165,198 --2,140,726 1,472 1,472
248
248
--89,020
668,148
910
827
--I44.898
5,275,405
28
28
--2,299
62,317
18
--7,970
18
469,832
--550,994 2,322 2,330
8,156,906
42
42
a271,016
--36,031
282
279
1,066,092
--94,539
320,632,884 --1,962,343 1,020 1,015
21
21
3659,920
--56,437
263
--27,384
263
3358,170
7
'7
205,159
1-64,036
1,618,041
--I2,992
88
$8
180
. 316,991
--46,334
180
026,767,017
--959,858 8,321 8,042
468
468
1,711,746
--37,985
691,265
+51,391
319
319
318,140,513
--901,294 5,235 5,235
31,291,652
--67,126
518
518
3829,982
--92,622
V
'9
31,014,024
1-14,447
106
108
6,216.238
--401,040 1,753 1,608
724
724
61,809,886
--156.052
5,057,301
+234,006 1.133 1,135
12,872,595
1-139,493 3,098 3,082
522,752
--267,383
3
38
33,279,472
--111,030 7,010 7,037
466,484
1-128,547
281
281
67,120,601 --2,026,513 10,475 10,323
--340,001
32,081,752
556
556
542,285
--100,I23
163
161
1-3,349
6324,514
11
11
3295,700
--114,786
63
63
--70 076
336 709
92
92
--10 419
829 257
294
294
al 201 664
-76610
34
34
8,171,814
+325,300 1,885 1,885
, 339,934
--38,555
125
125
340,682
--9,245
110
110
2,222,470
--102,256
451
461
31,000,328
--198,889
463
463
3387,574
,
50,181
129
129
42,058,189 --1,917,644 7,651 7,471
2,178,013
--664,919
31
31
832,130
1-14,965
171
171
916,090
1-31,129
240
240
3,165,478
--207,963
503
503
14,889,343 --1,232,061 2,515 2,516
397,508
--50,615
63
68
704,548
--22,761
36
36
264,437
--13,807
22
22
3,464,209
--311,82I
459
459
43,122,341
+123,705
543
861
703,893
+2,791
133
133
6288,155
+34994
92
92
5.326,187
1,372
1-472,607 1,372
22,385,261 --1,175,679 13,309 13,090

Grand total(498 rds) 1,379,095,321 1,463,696,430 -.34,601,109 247.619 245,658
Net decrease (5.78%).
a These figures are fo five months only in both years.
e These figures are furnished by the company.

Payment in full has been- made to the depositors of the
West Side Dime Savings Bank of Columbus, Ohio, except
for a small number of claims aggregating $1,595 which depositors have failed to present. The process of winding up
the institution was begun on Aug. 14 1913, following an examination by the State Banking Department which showed
an impairment of $19,000 in the $25,000 capital. In order
to insure the depositors against loss, State Banking Superintendent Lattaner arranged with a number of the larger
banks of the city to guarantee full payment of every claim.
The liquidation has been conducted through the State Savings Bank & Trust Co, The amount due the other Columbus
banks is said to be $39,000 while the appraised valuenf the
remaining assets in the hands of the trustee is $49,636.

AUG. 8 1914.1

THE CHRONICLE

THE MEASURES OF RELIEF.
Prompt measures to provide against'the effects of the war
disturbances abroad were undertaken by the Treasury Department and the banking interests of New York following
the crisis which eventuated in the closing of the Stock Exchange last week and the tremendous outflow of gold. One
of the first steps taken by Congress was to amend the
Federal Reserve Act so that the privileges of securing the
emergency currency under the Aldrich-Vreeland Act might
be extended to all the national banks, and the amount of
emergency currency authorized under that Act raised from
$500,000,000 to approximately $1,000,000,000. Plans for
the issuance to the New York banks of $100,000,000 of currency under the Aldrich-Vreeland Act were perfected at a
conference in this city, held on Sunday last, by Secretary
McAdoo with leading bankers of the city; announcement was
made at the same time that it was proposed to permit
the issue of similar currency to banks in other sections of the
country which might apply for the same; $46,000,000 of the
new currency was received at the Sub-Treasury in New York
on Monday.
Up to last night (the 7th) twenty-five banks of this city
had applied for $73.461,100 of the emergency currency.
Of the 846,000,000 of notes actually delivered to the SubTreasury at New York, $41,212,000 has been issued to
twenty-four banks and by Monday the balance of the $50,000,000 will be issued and the distribution will continue at
the rate of $12,000,000 daily until the full quota applied for
is disbursed to the banks of this city.
John Skelton Williams, Comptroller of the Currency, last
night gave out the following statement:
Reports coming to this office from all sections of the
country indicate that the demands made upon the national
banks in the central reserve and reserve cities by their country bank correspondents are being well taken care of and
that currency is being supplied to meet the reasonable requirements of trade and business everywhere by banks, large
and small. "I see no reason," said the Comptroller, "why
there should be any suspension of currency payments
anywhere in this country, and if this Department hears
of any national bank refusing to honor the legitimate
requests of its customers or correspondents for currency, when such ample opportunities exist for supplying
all proper applications,such delinquent bank will be promptly
investigated and dealt with. The shipments of currency
which have been made from this office to the sub-treasuries
throughout the country for delivery to national banks and
to the national banks direct since Saturday last up to the
close of business to-day amount to 137 million dollars.
The principal shipments were as follows: To New York,
47 million; Philadelphia, 10 million; Boston, 12 million;
Baltimore,4 million; Chicago, 25 million, including 7 million
for Minneapolis. and St. Paul; Cincinnati, 6 million; St.
Louis, 12 million (including 4 million for Kansas City
and St. Joseph, Missouri, and three hundred thousand for Wichita, Kansas, and 3 million for Denver);
Pittsburgh, $1,700,000; New Orleans, $2,250,000. There
are now organized 24 currency associations covering all
of the 12 Federal reserve districts and eight additional
currency associations are now in process of organization,
those reported now organizing being Milwaukee, Seattle,
Richmond, Fort Worth, Buffalo, Portland, Ore., and also
associations in the States of Iowa and West Virginia. National. banks desiring to exercise the privilege of issuing the
additional currency are strongly advised to join the national
currency associations in their respective
Federal reserve
districts. The Department prefers that
all applications from
national banks should be made
through a currency association, although requests from national
banks made under the
terms of Section 3 of the authorizing Act will receive proper
consideration.

381

until some stability has been arrived at in connection with rates of exchange,
agreeing with customers to accept the approximate amoun. pending final
acqustment on the basis of the following rates:
15 for El sterling.
"$I for five francs.
"Si for four marks."

It was the sense of the meeting that everybody should
co-operate with the national banks and the Government to
discourage gold shipments to any foreign country at the present.
Acting in accordance with the suggestion of State Superintendent of Banks, Eugene Lamb Richards, the New York
State Savings Bank Association decided at a meeting on
Monday to enforce the sixty-day requirement with regard
to savings deposits, except in the cases of sums to the
amount of $25 or $50. Superintendent Richards took possession during the week of several East Side private banking
concerns. In response to a message of President Wilson on
Monday,Congress voted an appropriation of $250,000 for the
relief, protection and transportation of Americans in the
disturbed territory of Europe. Later a further appropriation
of $2,500,000 was provided for the same purpose, at the
President's suggestion. To -relieve, in a measure, the
situation which the European war has brought about in
hampering American commerce, Congress early in the week
took action toward the adoption of an amendment to the
Panama Canal Act so as to admit immediately foreign
vessels to American registry. The bill eliminates the
requirement that foreign-built ships admitted to American registry must be less than five years old. The bill
empowers the President to suspend the provisions of the
law prescribing that all the officers of United States vessels
registered for foreign trade shall be citizens of the United
States. A bill has likewise been passed by the Senate
during the week authorizing the Secretary of the Navy
to make use of naval vessels in carrying passengers, mail
and freight between this country and both South America
and Europe. On Tuesday a proclamation declaring the
neutrality of the United States was issued by President
Wilson. This we print on a succeeding page.
On the other side of the Atlantic King George of England
issued a proclamation on Sunday (Aug. 2) authorizing a
partial moratorium, or a suspension of the payment of bills
of exchange, other than check or bill on demand, for one
month. On the 6th, Chancellor of the Exchequer LloydGeorge announced in the House of Commons that the
Government had decided to proclaim a general moratorium
for a month. Wages, salaries, rates and taxes, Government
payments and national insurance transactions are not to
come within its scope. A moratorium suspending the payment of all debts in France until Aug. 31 was declared on
Sunday by the Minister of Finance. On the 3d inst.—
which, with Aug. 1, was a bank holiday in England—the
British Government, acting on the recommendation of the
Governors of the Bank of England, extended the holiday
to and including Thursday (the 6th).
.
The Brazilian Congress at Rio Janeiro recommended a
moratorium of four months on the 6th, and the Argentine
Government on the same date recommended a moratorium
of a month.
In his semi-weekly talk with newspaper men on Monday,
President Wilson had a few words to say with reference to the
situation in Europe, and urged our own nation to maintain
its self-possession and, with "calmness of thought and
steadiness of purpose to help the rest of the world." The
President in his words of counsel said:

"Gentlemen, before you question me, I want to say this: I believe it is
really unnecessary. butI want to tell you what is in my mind. It is extremely
necessary—it is manifestly necessary—in the present state of affairs on
the other side of the water that you should be extremely careful not to
add in any way to the excitement. Of course the European world is.In
highly excited state of mind, but the excitement ought not to spread to the
United States.
"So far as we are concerned, there is no cause for excitement. There is
great inconvenience, for the time being. In the money market and in our
exchanges, and, temporarily, in the handling of our crops, but America is
absolutely prepared to meet the financial situation and to straighten
As a means of protecting the gold supply of the United everything
out without any material difficulty. The only thing that can
States, the New York Clearing-House Association took possibly prevent it is unreasonable apprehension and excitement..
If I might make a suggestion to you, gentlemen,therefore, I would urge
action on Monday toward the issuance of Clearing-House
you not to give currency to any unverified rumor, to anything that would
certificates. The foreign exchange bankers have taken tend
to create or add to excitement. I think that you will agree that we
cognizance of the unusual situation which has been brought must all at the present moment act together as Americans in seeing that
about by the conditions in Europe, and on Monday, at America does not suffer any unnecessary distress from what Is going
on in the world-at-large.
a meeting of foreign exchange interests representing banks, "The situation in Europe Is perhaps the gravest in its possibilities that
bankers and trust companies, a resolution to the following has arisen in modern times, but it need not affect the United States unfavorably in the long run. Not that the United States has anything to take
effect was adopted:
advantage of, but her own position 19 sound, and she owes it to mankind
"Whereas, It Is reported that a moratorium has been declared in London,
therefore no interests are jeopardized; hence the following resolution was to remain in such a condition, and In such a state of mind that she can
help the rest of the world.
offered:
"It is the sentiment of this meeting that all adjustment covering letters
"I want to have the pride of feeling that America, if nobody eise,
has her
of credit and all other maturing obligations be deferred for the present self-possession and stands ready with calmness
of thought and steadiness




382

THE CHRONICLE

and reap a great
of purpose to help the rest of the world. And we can do it
permanent glory out of doing it, provided we all co-operate to see that
nobody loses his head.
"I know from my conferences with the Secretary of the Treasury. who is
In very close touch with the financial situation throughout the country, that
there is no cause for alarm. There is cause for getting busy and doing the
thing in the right way, but there is no element of unsoundness and there is
no cause for alarm. The bankers and business men of the country are
co-operating with the Government with a zeal, intelligence and spirit
which makes the outcome secure."

Conferences between leading New York banking interests
and Secretary of the Treasury McAdoo were held both in
Washington and New York on Saturday, Sunday and Monday last, and it was at the instance of the executive committee
of the National Currency Association that it was decided
to amend the Federal Reserve Law in so far as it relates to
the Aldrich-Vreeland Act. A provision in the Emergency
Currency Act of 1908 permitted ,the issue of such currency
only to those member banks having circulating notes outstanding secured by the deposit of bonds of the United States
to an amount not less than 40 per centum of their capital
stock. It was pointed out that this provision would serve
to prevent some of the banks from availing of the emergency
currency privilege, and it was urged that this drawback be
eliminated; on Friday, July 31, the Senate adopted legislation to that end in passing a bill amending Section 27 of the
Federal Reserve Act by giving the Secretary of the Treasury
power to suspend the limitation; on Monday (the 3rd) the
House adopted the Senate bill and added a provision authoriring the Secretary of the Treasury to waive also, in his discretion,the limitation of the aggregate amount of emergency
currency that may be issued (fixed at $500,000,000 in the
Aldrich-Vreeland Act);the House also inserted an amendment
so as to accord emergency currency benefits to State banks
and trust companies which have joined the Federal Reserve
system, or which may decide to avail of it within fifteen days
from the enactment of the bill. When the bill went back to
the Senate, it dissented from the House proposal that
the Secretary of the Treasury be allowed to issue emergency
currency to an unlimited amount, and proposed instead that
the issue of the notes be limited to 100% of the unimpaired
capital and surplus of the banks. It was agreed in conference to accept the Senate amendment except as to the
amount of the notes to be issued, a compromise agreement
fixing this at 125% of the capital and surplus. The conference report as thus agreed to was adopted by both Houses
on Tuesday, and the bill was signed by President Wilson on
the same day. The bill stipulates that each bank desirous
of taking out the emergency currency must maintain on
deposit in the Treasury of the United States a gold redemption fund of not less than 5%. We give the bill below,
as enacted, showing in italics the new matter it adds to Section 27 of the Federal Reserve Act:
That Section 27 of the Act approved Dec. 23 1913, known as the Federal
Reserve Act,is hereby amended and re-enacted to read as follows:
Section 27. The provisions of the Act of May 30 1908, authorizing national currency associations, the Issue of additional national bank circulation/and creating a National Monetary Commission, which expires by
limitation under the terms of such Act on the 30th day of June 1914, are
hereby extended to June 30 1915, and Sections 5153, 5172, 5191 and 5214
of the Revised Statutes of the United States, which were amended by the
Act of May 30 1908, are hereby re-enacted to read as such sections read
prior to May 30 1908, subject to such amendment or modifications as were
prescribed in this Act:
Provided, however. that Section 9 of the Act first referred to in this
section is hereby amended so as to change the tax rates fixed in said Act
by making the portion applicable thereto read as follows:
National banking associations having circulating notes secured otherwise
thanlby bonds of the United States shall pay for the first three months a
tax at the rate of 3 per centum per annum upon the average amount of
such of their notes in circulation as are based upon the deposit of such
securities, and afterward an additional tax rate of one-half of 1 per centum
for eachlmonth until a tax of6 per centum per annum Is reached, and thereafter such tax of6 per centum per annum upon the average amount of such
notes. Provided,further,that whenever in hisjudgment he may deem it desirable
the Secretary of the Treasury shall have power to suspend the limitations imposed by Section 1 and Section 3 of the Act referred to in this section. which
prescribe that such additional circulation secured otherwise than by bonds of
he United States shall be issued only to national banks having circulating notes
outstanding secured by the deposit of bonds of the United States to an amount
not less than 40 per centum of the capital stock of such banks, and to suspend
also the condition and limitations of Section 5 of said Act, except that no bank
shall be permitted to issue circulating notes in excess of 125 per centum of its
unimpaired capital and surplus. 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 redemtpion of such notes, but
in no event less than 5 per centum. He may permit national banks, during the
period for which such provisions are suspended, to issue additional circulation under the terms and conditions of the Act referred to, as herein amended:
Provided further, the Secretary of the Treasury, in his discretion, is further
authorized to extend the benefits of this Act to all qualified State banks and trust
companies which have joined the Federal Reserve system or which may contract
to join within fifteen days after the passage of this Act.

The enactment of the bill caused the issuance of the following statement by Secretary McAdoo:
The passage by unanimous vote of the House and Senate this afternoon ot
the amendment to the Federal Reserve Act, whereby the Secretary of the




[VOL. xcix.

Treasury is vested with power to issue additional national bank currency in
such amount, esceeding even $500,000.000, as, in his judgment, may be
necessary to protect the business situation in this country, puts at rest
any question as to the ability of the banks to take care of the situation.
There need be no fear whatever of insufficient currency to move the crops
and to meet the demands of business. The bill, as amended, authorizes
the Secretary, in his discretion, to permit national banksto have outstanding
a maximum of circulating notes equivalent to 125 per cent of their unimpaired capital and surplus. This provision will enable banks which have
now outstanding circulation equal to their capital stock to secure a large
amount of additional circulation. Applications have been received from a
number of national currency associations throughout the country for additional currency and these applications are being promptly responded to.
Already $100,000,000 of currency has been shipped to the Sub-Treasuries
in New York, Chicago, St. Louis, Cincinnati, San Francisco, Boston and
Philadelphia, in order that the needs of the banks may be promptly supplied. In many cases banks have applied for additional currency merely as
a precautionary measure.
The situation throughout the country is excellent, and no greater testimonial to the inherent strength of our financial and economic position and
condition could be given than the way in which the country has withstood
the &lock of the greatest European disturbance that has occurred in the last
hundred years.
The unanimous vote in the House and the Senate is an inspiring evidence
of the patriotism of the representatives of the American people, who,
whenever there is a threatened danger, forget party lines and present a
solid front in support of the common interest.

In explanation of the bill as originally presented to the
Senate on July 31, Senator Owen, Chairman of the Senate
Committee on Banking and Currency, said:
I am authorized by the Committee on Banking and Currency to report
and ask the Senate to proceed to the consideration of a bill amending the
Aldrich-Vreeland Act, so as to enable banks which have not 40% of their
capital invested in United States bonds and circulating medium issued
against it to receive emergency circulation under the Aldrich-Vreeland Act
by the consent of the Treasury Department. The stock exchanges of all
Europe have been closed. The Bank of England has suspended specie
payment, the Bank of France has suspended specie payment, the Bank of
Germany the same, and there is a possibility of some disturbance in our
country unless we take immediate steps to prevent it.
I will read what has been prepared by the officers of the Treasury Department bearing upon the subject. It is a proposed amendment of Section
27 of the Federal Reserve Act, the Federal Reserve Act in Section 27 having
amended the Vreeland-Aldrich Act and continued it until June 30 1915; but
the Vreeland-Aldrich Act provided that banks which have not an amount
equal to 40% of their capital invested in United States bonds, with circulation issued against it, might not avail themselves of emergency circulation.
I will say that many of these large banks—banks which are holding the
reserves of the country banks—have not thought it desirable to have a
large volume of United States bonds, but these bonds are practically absorbed now by the banks; $730,000,000 of them are held as security now
by the Government of the United States for circulation and for advances
made to national banks. So there is a very small volume of them available.
I therefore ask, in order to protect the country, that we may have immediate consideration of this measure.

A meeting of the Executive Committee of the National
Currency Association of New York was held last Saturday—
the 1st—to consider applications for national bank notes
under the emergency currency Act. The meeting was attended by Frank A. Vanderlip, President of the National
City Bank and President of the National Currency Association; Richard Delafield, President of the National Park
Bank; Gates W. McGarrah, President of the Mechanics' &
Metals' National Bank; James S. Alexander, President of
the National Bank of Commerce, and E. Townsend, President of the Importers' & Traders' National Bank. At its
conclusion Mr. Vanderlip gave out the following statement:
At a meeting of the Executive Committee of the National Currency
Association, held at the Clearing House yesterday afternoon, applications
were considered for a substantial amount of national bank notes which may
of the Currency Act. All the machinery for
be issued under the provisions
rapid action under this Act is in readiness,and it is expected that a sufficient
amount of thesa notes can be issued to meet any demands that are likely
to be made for circulating media. Large amounts of the notes are now
printed, and it is expected that the notes for New York banks will be forwarded to New York and lodged with the Sub-Treasury here, so as to be
immediately available for use.
Under the terms of the law, national banks are permitted to take out
additional national bank notes up to an amount equal to the capital and
surplus of each bank, although there is a total limit of $500,000,000 upon
this form of additional currency. Banks may deposit either commercial
paper or securities with the Currency Association Committee. The committee passes upon the character of the collateral and it is also passed upon
mmercial paper may be deposited
by representatives of the Treasury. co
for additional notes up to an amount equal to 30% of the capital and surplus of a bank: or a bank may deposit securities for any part of the addiTreasury
hr ittobttains.
o
km
tional
A
the
apply directly
Department without the intervention of the Currency Association if it has State or municipal bonds of
approved character which it wishes to deposit as security for additional
notes.

r. Vanderlip also took occasion in a further statement
to
say:action of the New York Currency Association in getting all the machinery ready for the issue of additional bank-notes should give assurance
that there will be no lack ofan ample circulating medum. It(snow possible
to create a considerable amount of additional currency that Is absolutely secure and in exactly the same form as the present national bank notes. It is
obvious that in the present disorganized financial condition in Europe the
demand for any additional circulation must be met from within ourselves.
This law offers a perfectly sound method of converting assets into circulating notes. There need be little fear, therefore, of any repetition of the
conditions of 1907, when there was so much distress through the inability
of banks to supply a circulating medium. The banks of the country under
this law may take out $500.000,000 national additional bank notes.

AUG. 81914.1

THE CHRONICLE

383

There is no probability that anything like that amount will be needed, or gold supply in the United States, and it was, therefore, voted that at the
could be used, but the banks are in a position to make their assets liquid present time the Clearing-House Associationlbe placed upon a certificate
and to meet demands upon them in a perfectly satisfactory manner by basis.
increasing their national bank notes under the provisions of this Act. The
A second resolution was also adopted making available in payment of
Act provides a true expanding currency, and it is most fortunate, under all balances all forms of currency issued under the authority of the National
existing conditions, that it is available for the national banking institu- Government.
tions of the country.
This indicates the desire on the part of the bankers to use freely the curThe Treasury is co-operating in every way possible. It has been fore- rency issued through national currency associations and to care to the fullest
handed in printing these notes in advance, so that they are immediately extent for the requirements of their correspondents and the needs of inavailable, and the door is open for the creation of any reasonable amount land exchange.
of perfectly sound currency to meet whatever legitimate demands there may
The resolution, which was offered by William Woodward,
be for a circulating medium.
Always,at this crop-moving season. there is a demand for a large amount President of the Hanover National Bank and Chairman of
of additional circulation, and it is not improbable that under the serious the Clearing-House Committee, is as follows:
strain the European situation has put upon us,there may be more than an
Resolved, That until further action all forms of currency issued under
ordinary demand for money for circulation, and while the financial condi- authority of the National Government be received in payment of balances
tion of the country is sound and pre-eminently strong in the world to-daY, at the Clearing House.
nevertheless it has been deemed wise to get this effective machinery ready
Resolved, That the Clearing-House Committee, with the President of the
to meet any eventualities that may arise.
Association. be authorized to receive from members of the Association
The meeting on Sunday between Secretary McAdoo and bills receivable and other securities to be approved by said committee, who
be authorized to issue therefor to such depositing members loan cerbankers of this city held here at the Hotel Vanderbilt, to shall
tificates bearing interest at 6% per annum, and such loan certificates shall
discuss the issuance of emergency currency notes, resulted not be in excess of 75% of the market value of the securities for bills receivin the promulgation of the following statement by Mr.McAdoo able so deposited, and such certificatesshall be received and paid in settlelate on Sunday night, after a conference lasting three and ment of balances at the Clearing House.

The committee which is charged with-the tasKof passing
upon the collateral offered as securityTfor the certificates
consists of Albert H. Wiggin, Chairman, President of the
Chase National Bank; William Woodward, President of the
Hanover National Bank; Clarence H. Kelsey, President of
the Title Guarantee & Trust Co.; Stephen Baker,President
of the Bank of the Manhattan Co., and Mr. Hine, President
of the Association. The following have been named to
assist the Committee:
Walter E. Frew, President of the Corn Exchange Bank;
William A.Simonson,President of the SecondlNational Bank
and Vice-President of the National City Bank; Gilbert G.
Thorne, Vice-President of the National Park Bank; Otto T.
Bannard, President of the New York Trust Co., and
Herbert P. Howell, Vice-President of the National Bank of
Commerce.
Other cities which went on a clearing-house certificate
• One of the bankers present at the meeting was quoted
basis this week are Boston, Philadelphia, Baltimore,
in the Times" as saying with regard to the deliberations:
The meeting was arranged with the idea of getting all the facts before Cincinnati, Kansas City, Simix City, Chicago, St. Louis
the Treasury Department so that we could work in harmony. Mr. Mc- and New Orleans.
was in a receptive frame of mind and displayed every desire to do
a half hours:

I came to New York for a conference with leading bankers about the
issuance of national bank currency under the Aldrich-Vreeland law, as
amended by the Federal Reserve Act, and for a discussion of measures for
the protection of the gold supply of the country.
The meeting was held at the Vanderbilt Hotel, the following being
present: Comptroller of the Currency Williams, Messrs. W. P. G. Harding and Charles S. Hamlin of the Federal Reserve Board, and Francis L.
Hine, William Woodward, W.A. Nash. Richard Delafield, E. S. Marston,
C. H. Sabin, H. P. Davison, W.E. Frew, George L. Baker Jr., J. P. Morgan, B. Strong Jr., J. N. Wallace, S. R. Bertron, F. A. Vanderlip, G. W.
McGarrah, W. C. Potter, J. S. Alexander, A. J. Hemphill, S. Baker,
E. W.Sheldon, A. B. Hepburn and F. Q. Brown of New York, and J. McAllister, Joseph Wayne and Mr. Caldwell of Philadelphia.
Arrangements were perfected to issue to New York banks $100,000,000
of additional currency, if required, to enable them to respond promptly
to the calls of their correspondent banks throughout the country for mazy
to meet the demands for crop-moving and other purposes.
It is my intention, as already announced, to permit the issue of similar
currency to banks in other parts of the country upon their application
to the Treasury Department and compliance with the provisions of the Act.

Adoo
what was right. We are disappointed, however, in the amount of AldrichVreeland currency that is printed and ready for use here. I understand
that the full $500,000,000 permitted under the law is on hand in Washington, but it bears the names of 3,000 banks,and the proportion which can be
issued immediately by the New York institutions is about $46,000,000, or
less than half of the amount which the banks here could issue. For instance,one downtown bank's name is on only 82,600,000 of,the notes, whereas it has capital and surplus that entitle it to $9.000,000. This difficulty
is mechanical, and will be remedied as fast as the presses can turn out
more notes.

The day (Sunday) was also marked by a meeting at the
Metropolitan Club of the Clearing-House Committee of the
New York Clearing-House Association. A statement as to
that gathering issued Sunday night said:
The Clearing-House Committee was in session most of the day, and met
with the Secretary of the Tresaury and the Comptroller of the Currency
and members of the Federal Reserve Board, Messrs. Harding and Hamlin.
The aim of the Clearing-House Committee has been to conserve the gold
situation of the country, and adequate measures will be taken to that end.
There will be a meeting of the Clearing-House Association at 9.30 o'clock
to-morrow morning, when the banks will be asked to act upon such recommendations as the Clearing-House Committee may make.

In view of the action taken in New York on Sunday, a
conference of the Chairmen of the clearing houses in the
three central reserve cities—New York, Chicago and St.
Louis—which was to have been held in Washington at the
instance of Secretary McAdoo on Monday last was called
off. An informal talk was held by Mr. McAdoo, however,
on that day with Festus J. Wade of the St. Louis ClearingHouse Association. Mr. Wade is understood to have given
assurances that conditions in St. Louis and contiguous territory were exceedingly good and that there was no reason for
alarm as to its ability to take care of the situation.
At Monday's meeting of the New York Clewing-House
the decision was reached to issue Clearing-House certificates
for the settlement of balances between banks. The last time
these certificates were called into use was during the panic
days of 1907-08; the aggregate amount then authorized was
$101,060,000 while the maximum amount outstanding at
any one time was $88,420,000. Monday morning's meeting
was attended by representatives of practically all the sixtyone State banks and trust companies making up the membership of the Association. The intention of the Association
to again resort to the certificates as a currency medium, with
a view to protecting the gold supply of the United States,
was made known in the statement which we print herewith:

- Numerous meetings to devise means to cope with the situation as far as it affects the foreign exchange market have
been held during the week by the foreign exchange interests. •
At a meeting last Saturday a committee of five, consisting of'
Max May, Vice-President of the Guaranty Trust Co.;
August Ulrich, of Ladenburg, Thalmann & Co.; John E.
Gardin, Vice-President of the National City Bank; R. Y.
Hebden, of the Bank of Montreal, and George Le Blanc, of
the foreign exchange department of the Equitable Trust Co.,
was appointed to determine -what action should be taken to
deal with the international situation. On Sunday last Messrs.
May and Ulrich,with several others,conferred with Secretary
of the Treasury McAdoo in Washington; they returned to
New York with Mr. McAdoo, whose conferences in ths city
are alluded to above. The deliberations of the foreign exchange interests culminated in the adoption of a resolution
on Monday fixing the rates of exchange on the basis outlined .
above. At the meeting on Saturday, when the question of ,
foreign exchange rates was considered, it developed that.
some of the bankers were seriously proposing the shipment
of $100,000,000 gold to London, to relieve the situation
there. This appeared from the remarks of Mr. Ulrich,
Chairman of the meeting. Mr. Ulrich at this meeting,
speaking of this and the ruinously high rates prevailing,said:

We have been guilty in a certain way and have helped this ruinous rise
along in our anxiety and courtesy to place foreign correspondents in funds
over night by trying to outbid each other when there was not enough exchange to satisfy all buyers. Had there existed between us foreign ex-.
change bankers a certain understanding such as there ought to exist and
such as we have on two different occasions tried to bring about,our exchange
market might not have acted so disgracefully as it has done this week.
Gentlemen, you know that the intrinsic value of a pound sterling is only
4.86 2-3 and yet any importer who wanted to remit yesterday had to pay
rates which cost him a premium of all the way from 5 to 40%.
And yet while we were boasting that we could absorb all the foreign sales
of securities better than any other financial centre, that gold here was not
at a premium, yet the American business man has to pay such outrageous
premiums on checks which, when they are presented abroad, could not be
redeemed in silver, leave alone gold. We possess the intelligence to pay
Europe all we owe it without undue injury to the Ameircan business man.
We shall find the proper and at the same time honorable way to adjust our
exchange transactions, but we must end these exorbitantly high rates.
In 1907 it was London that provided us with gold and ungrudgingly
helped us. It now behooves us to stand by London in its present embarrassment. I understand that a shipment of S100,000.000 in gold to London,
either in the shape of a loan or in payment of a purchase of bonds, would
greatly relieve the London money market. It would benefit London
At the meeting of the New York Clearing-House Association this morning, and would react to the benefit of our own money market.
the situation abroad was discussed, and its bearing on the business of this
I am firmly of the opinion that in view of the present unusual conditions
country.
we ought to fix exchange rates and do this more in accordance with the natIt is the opinion universally expressed that,in view of conditions existing ural parities, as they are arrived at from day to day, taking
into account
Iniall countries of Europe,every means should be adopted to protect the the intrinsic value of foreign exchange, the value of loanabie
capital both




384

THE CHRONICLE

[VOL. xcrx

New York, August 3 1914.
here and abroad and making due allowance for proper differences between
To the Editor of the Commercial and Financial Chronicle,
checks and cables.
chosen
meetings
of
a
committee,
to
be
advocate
daily
Dear Sir:—We have read with particular interest your leading editorial
I therefore strongly
from among representatives of exchange banks and trust institutions,whose of August 1 entitled "The Duty of the Hour."
duties it shall be to fix a reasonable range of rates and to supervise the exThat it coincides with our views is shown by the fact that we telegraphed
change of foreign bills on cable transfers, to appoint if necessary agents to President Wilson last Thursday urging him to safeguard the American
of
bills
in
attend
to
the
collection
case
amorawho
would
at foreign centres
god supply.
torium should be established abroad and in general to look after any other
We hand you herewith a copy of that telegram.
transactions as may from time to time have to be settled abroad.
Yours very truly,
Or to appoint trustees in New York with whom could be deposited gold
ORVIS BROTHERS & CO.
[Copy.]
central
banks
in
case
shipments
of
specie
should
become
in trust for foreign
July 30, 1914.
too perilous and too expensive.
To the President of the United States, Washington, D. C.
It is generally, recognized by foreign exchange experts that this country,
If you immediately use your power to stop further gold exportations,
In spite of the tremendous liquidation of foreign holdings of American se- foreign countries would cease dumping securities into our stack exchange
curities which has been going on here, still owes a great deal abroad. Not —the only cash market now open in the world—thereby saving incalculable
to our people and possibly avert the greatest panic of the age and
the least of this amount is in the millions of dollars in letters of credit which losses
wholesale destruction of American prosperity. Unusual happenings rehave been issued. The establishment here of a trustee in New York City quire drastic measures and quick action.
with whom gold could be depositedtinitrust for foreign central banks would
ORVIS BROTHERS & CO.
help to relieve that indebtedness abroad to some extent. In that way,
provided there wasany trans-Atianticshipping. Europeans could purchase
The cotton interests have been active in seeking the adopour grain and other agricultural and industrial products, and payments to
the farmers and manufacturers could be made by the trustee from the fund tion of steps for the protection of the cotton growers, and a
of $100,000,000, or what other amount, were deposited here as a loan or call has been issued by E. J. Walton, President of the SouthIn payment of anissue of bonds.

ern Cotton Congress, for an extraordinary meeting of that
In addition to the action taken by the foreign exchange organization in Washington on the 13th and 14th inst. In
bankers on Monday inTdeterrnining upon $5 as the basis of calling the conference, Mr. Walton is quoted as saying:
exchange, ilwas/decided oniTuesday to place the risk of
Cotton is not alone the South's chief asset, it is the chief asset of the nashipments with the foreign governments. Following this tion, preserving the world balance of trade in favor of the United States and
bringing to America her golden stream. In the past few days the great
meeting Mr. May said:
European cotton-consuming countries have been plunged into Ia war which

We are compelled to make a complete change in the method of handling
foreign exchange in this country. Heretofore Americans have purchased
documentary bills of exchange and have taken the risk regarding the carrying
out of the shipment covered by the documentary and the payment of the
bills of exchange.
Hereafter we will require that the Gcvernment of England, France or
Germany will take the risk regarding the shipments on the payment of
the exchange. If England wants grain or any other commodity, she will
have to deposit money with the Bank of England to the credit of the London representative of the American banker, and the English consignee will
have to take the risk of the arrival of the commodity. In other words.
England or France or Germany will have.to deposit money in advance
of the shipments. With this money deposited we will be able to draw bills
of exchange on our London branch and get our money, and the risk regarding the shipments, so far as New York bankers and producers are
concerned, will be eliminated.
Foreign exchanges cannot be conducted when countries are at war in
the same fashion that it could be conducted if countries are at peace.
The position is that England and the Continent want our grain, our cotton
and our commodities, and it is only a matter of prudence that we require
payment in advance and government guaranty regarding the delivery
of the shipments.

Mr. May made it evident that there was no intention of
re-shippind.the:$10,000,000 of gold on board the Kronprinzesson Cecilie ofithe:North:German Lloyd, which turned about
and returnedltorAmerica!from its trip abroad when within
two days fromPlymouthron receipt of instructions from
Bremen. On this:point:Mr. May said:
That gold will stay here and will be re-deposited in the Sub-Treasury to
the credit of the banks which made the shipment. Now that foreign exchange transactions are to be placed on a war basis, the shipment of this
gold abroad is out of the question.

• In addition to the'committee of five, a committee of three
was appointed on. Tuesday to name another committee to
determine upon the:steps. necessary to facilitate the export
movement ofigrain, Cotton and other .commodities. The
committee of three'consisting of Messrs. May, Hebden and
J. J. Hanauer ofjKiihn, Loeb & Co. named as the new committee on Wednesday Messrs. Gardin, May, Hebden, Henry
Ickelheirner ofjHeidelbach, Ickelheinaer & Co.and A.Pavenstedt of Amsince,& Co. This committee, which is empowered to addittlits:membership, is said to have under consideration planslfor the creation of a fund of $300,000,000 to
the creditrof foreign bankers, the fund to be trusteed and
secured.bylissuesTofibonds of countries purchasing American
commodities. ThelProduce Exchange has also appointed
a committee to co-operate with the committee representing
the foreign exchange:interests. At the conclusion of a meeting held by the committee representing the foreign exchange
interests yesterday (the 7th) the following statement was
given out by it:
An informalrdiscussion of the present conditions took place and the consensus of opinion:was.that until the supremacy of the seas had been established, the question of an open foreign exchange market would have to
remain in abeyance, but in the meantime it was recommended that shippers
of grain and other commodities require of the purchasers that a satisfactory
credit be opened, either in London or in New York, the responsibility for
the documents, bills of lading, insurance certificates, including war risks,
to be upon the shoulders of the bankers granting the credit.
This is the only way that a solution•canibe found at the present moment
for a partial relief of the congestion that has arisen in consequence of the
war conditions.
Various committees were appointed and peculiarly knotty points arising
out of the present conditions were discussed and it was decided to bring
these points to the attention of the legal authorities with a view of making
a recommendation to the bankers later on at a subsequent meeting.

it now appears, brings the grower and handler of cotton face to face with
disaster. In two days the price of cotton has begun to fall startlingly.
Cotton is about to move to the markets; the markets are about to be curtailed by millions of bales and closed. From the standpoint of the financial stability and integrity of the nation itself, of the producers, of the banks
and bankers, of the merchants and business men, of every commercial interest of our own textile plants, it is vital that the 1914 crop of American
cotton shall not be sacrificed to the irreparable damage of a prosperous and
rapidly-developing section of the Union and of the nation.
I do not believe in business hysteria, and for several days have awaited
and watched the course of events. It is clear that great damage has already been done, certainly more than can be undone were there an immediate suspension of hostilities. Whether the danger of a total financial loss
for one year at least to growers ofcotton is impending is immaterial; the danger is sufficiently manifest to show that the time for concerted action between growers, merchants. business men, bankers, cotton manufacturers,
and even the National Government itself, has come.

The "Journal of Commerce" stated yesterday that Senators and Representatives in Congress from the cotton-growing States were understood to have proposed to thelTreasury
Department that the Government deposit money in the
South for the purpose of advancing $50 a bale onrcotton to
all the cotton farmers desiring Government aid during the
present emergency. Secretary McAdoo is said to have disapproved the proposition and to have pointed outithat to
make such advances on cotton would practically mean that
the Government would buy all cotton offered at 10 cents
per pound. The Government would have to store the cotton, bear the expense of insurance, and the risk of depression
in the cotton. According to the ' Journal of Commerce,"
Mr. McAdoo is reported to have told the cotton States delegation that if the Government made advances on cotton,
demands would be made upon the Government for similar
advances on practically all the products of the country in
order to prevent a depression anticipated as a result of the
European,war.
The use of a part of the new issue of emergency currency
for the financing of the crop is favored by W.P. G. Harding,
a member of the Federal Reserve Board, and the bankers of
New York, in co-operation with the Southern bankers, are
said to be working out with the Reserve Board measures of
relief, On Wednesday Mr. Harding was quoted toithe following effect:
News reached me during the day that a number of important banking
houses here had taken up the matter of lending money on cotton placed in
warehouses in order to prevent enormous prospective losses to the growers
and other Interests. I am in hearty sympathy with the movement and
hope to see it go on to the success which can easily be attained.
There is no doubt that the great cotton crop of the United States, which
ordinarily runs into billions of dollars. is in danger of being unable to find
a profitable market until the European war runs its course. I believe that
the new emergency notes can be put to excellent use in saving the cotton
crop from the sort of disaster which must come if the export trade is blockaded,and if the cotton belt is forced to pay off its loans. Every one knows
that the South sells more than half its cotton crop abroad, and as soon as
the export trade is stopped the market is virtually taken away. For that
reason it is of the greatest importance that the cotton belt should be helped
to carry the crop and not to force it upon the market at altime when the
buying power is so greatly reduced.
If the New York banks decide to use their emergency notes for such purposes after the immediate strain is over here, they will be doing a great service to a large portion of the community. The cotton crop, as every one
knows, is a tremendous factor in making exchange, and there is no doubt
that the situation will right itself in time if the planters are enabled to meet
their obligations at the banks through extensions or otherwise. The cotton crop is too important to be sacrifieed, but it is certain that assistance
will have to be forthcoming In order to prevent sales at ruinous and utterly
ridiculous prices.

is

Yesterday in a further discussion of the matter Mr: HardThat the urgency of conservingithergoldrsupply of the ing said:
The cotton crop is usually ready for movement about Sept. 1, and in late
United States was realized in some quarters:even before the
years about Oct. 1. This year the crop is somewhat earlier and will be
close of last week is shown by therfollowindletter which we ready
to be moved about Aug. 20. As far back as last March Southern
have receive from Orvis Brother4&ICcof this city:NEM
bankers began to make advanices to the cotton:growers, andfthese:have been




AUG. 81914.]

THE CHRONICLE

Increasing. Such advances are secured by mortgage liens on their crops
and on real estate, if the holder owns real estate, and if not, on his mules.
cattle and farming implements. These loans could be repaid when the proceeds of the first cotton come in, but the idea would be to renew these notes
for a period of 30 days or so, instead of forcing early sales of the staple.
The expectation is that loans would be repaid on Sept. I, but instead, the
matter could be regarded in the same way as though the crop was a late
one, and the advances already made be extended for a period of 30 days.
This the banks would be willing to do in ordinary times. Why not extend the loans for a month with the aid of emergency currency? Of course,
the cotton crop must be picked and ginned, but the staple could be kept
for 90 days or longer without deterioration.

The joint resolution appropriating $250,000 for the relief,
protection and transportation of Americans in Europe was
promptly passed by both the Senate and House on Monday,
and signed by the President on the same day. The message
asking for the appropriation was transmitted to Congress at
the opening session of the week; in his communication the
President said:

385

Bros. & Co.,Kidder,Peabody & Co.,Farmers' Loan & Trust Co., Guaranty
Trust Co.
"Officials of the Treasury Department will accompany the expedition to
attend to the primary disbursement of the Government fund, and the
Treasury Department will designate fiscal agents on the Continent and in
Egypt to handle the financial emergencies which may arise with respect to
American citizens.
"The Assistant Secretary of War and a number of army officers will be
sent over on the Tennessee. The matter of the transportation of returning
Americans who are required by the exigencies of the situation to depend on
the Government will be attended to by the War Department. Cases of
urgent necessity will likewise be attended to by the War Department. The
Assistant Secretary and the officers will, as soon as possible, establish
headquarters at the practicable points of embarkation in England and on
the Continent.
"All Americans within the respective zones will be advised to communicate with the headquarters in question. Whatever can be done in the way
of aiding them will then be done. As soon as it is possible to do so, ships
will be provided and sent to the various points of embarkation in England
and upon the Continent, as stated above. Upon these ships Americans
desiring to do so may secure passage for this country upon such terms as
under the cIrcumsthnces are found to be necessary.
"Of course the situation will be treated as one of emergency and the
absence of ready money will not result in anyone failing to secure passages.
Cases of emergency and destitution will be dealt with in the proper way
as they arise.
"Through the diplomatic agencies notices of the arrangements above
outlined will be disseminated as widely as possible, and any Americans
applying to any of the diplomatic agents will be directed in the proper
course. The Navy and the War Departments are to co-operate in every
practicable way."

Tho present disturbances in Europe, with the consequent interruption
of transportation facilities, the increase in living expenses, coupled with
the difficulty of obtaining money from this country, have placed a large
number of American citizens temporarily or permanently resident In Europe
in a serious situation and have made it necessary for the United States to
provide relief and transportation to the United States or to places of safety.
The situation has also thrown upon our diplomatic and consular officers
an enormous burden in caring for the interests of Americans in the disA further statement in the matter emanating from Secreturbed areas, and makes it necessary to provide for greatly increased expenses.
tary of the Treasury McAdoo was made public on the 5th;
In view of the exigency of the situation as above outlined. I recommend
the immediate passage by the Congress of an Act appropriating $250,000, we give it herewith:
In order to provide a method by which relatives and friends in this
or as much thereof as may be necessary, to be placed at the disposal of
the President, for the relief, protection and transportation of American country of Americans traveling in Europe may deposit funds to be used for
the
relief of such travelers, the Secretary of State, the Secretary of the
citizens, for personal services and other expenses which may be incurred
Treasury and the Secretary of War had a conference this afternoon at the
in connection with or growing.out of the existing disturbances in Europe.
Department at which the following plan was agreed upon:
The resolution making the appropriation reads as follows: Treasury
The Treasury Department at Washington and the sub-treasuries at San
Resolved, That for the relief, protection and transportation of American Francisco, Chicago, New
Orleans, Baltimore, Boston, St. Louis, New
citizens,for personal services and for other expenses which may be incurred York, Cincinnati and
Philadelphia will receive deposits for the benefit of
in connection with or growing out of the existing political disturbances in American travelers and give
receipts therefor. The Congress appropriated
Europe, there is appropriated out of any money in the Treasury not other- to-day $2.500,000,with
authority to make advances to American travelers in
wise appropriated the sum of $250,000, to be expended at the discretion of Europe who may be in need of
assistance. A large part of this appropriathe President; Provided That American citizens to whom relief is extended tion will be sent to Europe
immediately, to be advanced to American
or transportation is furnished hereunder shall pay to or reimburse the travelers under the direction of the
Secretary of the Treasury, acting in
United States all reasonable expenses so incurred, respectively, on,their co-operation with the Secretary of State and the Secretary of War, whose
account, if financially able to do so.
representatives will accompany the cruiser Tennessee. sailing Aug. 6.
A further appropriation of $2,500,000 for the relief of Whenever funds are deposited with the Treasury Department for the
benefit of any American citizen in Euro )., the Treasury Department.
Americans in Europe was asked for in a message to Congress acting
in conjunction with the State and ,+'W: uepartments. will endeavor
on the 4th, when arrangements were completed for the dis- to locate the proposed beneficiaries,
and, iffound, will make such advances
patch from New York on Thursday of the armored crusier to them out of the above appropriation as may be necessary to cover their
Immediate
needs.
The
Department
will reimburse itself for such expenTennessee, carrying $4,500,000 gold ($3,000,000 of which is ditures out of the
funds that
be deposited in the Treasury or subsent at the instance of the New York banking interests), treasuries,as aforesaid, and willmay
return to the depositors, when the accounts
for use in bringing back stranded Americans. The joint are finally made up, any unexpended balance of their deposits.
From• this time forth funds should not be sent to the State Department
resolution providing the $2,500,000 passed both branches of or to any other department, except the Treasury
Department or to the
Congress on the 5th and was signed the same day by Presi- sub-treasuries above mentioned. All moneys thus far deposited with the
Department
will
State
be
turned
over to the Treasury Department for the
dent Wilson. The message calling for this appropriation
benefit of the persons for whom such deposits were made.
was as follows:
Congress, by unanimous vote. passed a joint resolution appropriating
After further consideration of the existing condition in Europe,in so far as $2,500,000 for this purpose. The Tennessee is expected to sail from New
it is affecting the citizens of the United States who are there without means. York some time on the 6th inst. Assistant Secretary Breckenridge will
financial or otherwise, to return to their homes in this country, it seems in- accompany the ship as a representative of the War Department. The
cumbent upon the Government to take steps at once to provide adequate State Department and the Treasury Department will also send representameans, by the chartering of vessels cr otherwise, of bringing Americans tives. They will be designated later.
out of the disturbed regions and conveying them to their homes in the
Just before the cruiser sailed the Navy Department reUnited States. Moreover, in view of the difficulty of obtaining money
upon letters of credit, with which most Americans abroad are supplied. scinded its pi•ohibition against the carrying of any civilians
It will be necessary to send agents abroad with funds which can be advanced to supervise the distribution of the relief fund.
As a result
on such evidences of credit.or used for the assistance of destitute citizens
Elliott Tuckerrnan, representing J. P. Morgan & Co.,
of the United States.
In these circumstances. I recommend the immediate passage by the J. P. Grier, representing C. D. Barney & Co., Henry W.
Congress of an Act appropriating $2,500.000, or so much thereof as may be Lewis, J. P. Jones
and H. D. Gibson, representing other
necessary, to be placed at the disposal of the President for the relief, protection and transportation of American citizens and for personal services, bankers, were allowed on board as passengers, as well as
rent and other expenses which may be incurred in the District of Columoia William G. Sharp, new Ambassador to France.
or elsewhere, connected
with or growing out of the existing disturbance in
Europe.

While bankers originally intended to ship $5,117,000 of
The second and larger appropriation is authorized under
gold on the "Tennessee" for London and Paris,it was decided
the following resolution:
at the last moment to reduce the amount by $2,117,000 in
Resolved, &c.. That for the
relief, Protection and transportation of
American citizens, and for personal services, rent and other expenses which view of the appointment on Thursday of J. P. Morgan &
may be incurred in the
District of Columbia or elsewhere in connection Co, as representatives of the French Government and the
with or growing out of the
existing political disturbance in Europe, there arrangements entered into by that firm for the transfer of
Is appropriated, out of
any money in the Treasury not otherwise appropriated, the sum of $2.500,000,
to be expended at the discretion of the Presi- $6,000,000 in gold from the Bank of France to Morgan,
dent: Provided, That American
citizens to whom relief is extended or trans- Harjes & Co., the Paris house of J. P. Morgan & Co. As a
portation is furnished hereunder
shall pay to or reimburse the United States result of these proceedings the $3,000,000 sent abroad
all reasonable expenses se
incurred,respectively, on their account, if financially able to dose. In the
execution of the provisions hereof the President by the bankers is all intended for London. The committee
Is authorized to employ any
officers, employees and vessels of the United which arranged for the shipment of gold consists of Benjamin
States and use any supplies of the
naval or military establishments, and to Strong Jr., Vice-President
of the Bankers' Trust Co., James
charter and employ any vessels that
may be required. A detailed statement of all expenditures
hereunder, and under the appropriation of $250.000 Brown of Brown Brothers & Co.and George C. Taylor of the
made in the joint resolution
and of all amounts re- American Express Co. Mr. Strong gave out the following
approved August3 1914,,
imbursable to the United States of such
expenditures, shall be made to
statement in the matter yesterday:
Congress on or before the beginning
of its next regular session.
Three million dollars in United States gold was yesterday delivered to the
The plans of the Government in the matter were announced
Assistant Treasurer of the United States for shipment to England in the
as:follows by Secretary of the Navy Garrison on Wednesday: United States cruiser Tennessee.
This gold was delivered by the following

"The President, after considering
the situation and conferring with the
various departments whose activities will
be engaged, has approved the
following plan in the existing
emergency:
"The Navy Department will start the cruiser Tennessee from New York
to-morrow night for the other side. In addition to whatever funds of the
United States that may be sent by her she will carry $5.117,000 to be
utilized in furnishing gold currency to the clients of the following concerns:
"American Express Co., J. P. Morgan & Co., Bankers Trust Co., First
National Bank, National Bank of Commerce, National City Bank, Brown




committee of ten: J. P. Morgan, of Messrs. J. P. Morgan & Co.; James
Brown, of Brown Brothers & Co.; William L. Benedict, of Kidder, Peabody & Co.; Benjamin Strong Jr., of the Bankers Trust Co.; A. J. Hemphill of the Guaranty Trust Co.; John E. Cardin, of the National City Bank;
James S.Alexander,of the National Bank of Commerce; Charles D.Norton
of the First National Bank; George C. Taylor, of the American Express
Co., and C. R. Agnew, of the Farmers' Loan & Trust Co., representing
a large number of contributors whose names will be announced later.
Subscriptions to the fund are still being received.

386

THE CHRONICLE

Arrangements for distribution of the gold were made in conjunction
with the United States officials and a committee in London representing the
New York committee.
The impression has gotten abroad that this shipment is being made for
account of the above New York institutions and firms, to take care of their
own customers to the exclusion of holders of other credits and checks. This
is incorrect. The New York committee is acting for a large number of
American issuers of travelers' checks and letters of credit who have contributed to the fund, and all holders of American travelers' checks and
letters ofcredit issued by responsible concerns will be recognized, irrespective
of whether the issuers are contributors to the fund or not.
The sole object of this shipment is to provide for all who are in need and
to give them the means of securing the funds necessary to maintain them in
London and to furnish them with money for their return to the United
States at the earliest possible moment.
The immediate delivery of this large shipment of gold into the custody
of the Government for transmission to Europe in this emergency has been
made possible by the active co-operation of a committee of officials of the
Government in Washington, and a number of members of the Cabinet, who
have been in constant touch with the committee in New York in order to
put this plan into effect.
It was originally intended by the committee to ship $5,117,000, but
negotiations have been under way for some days, through Messrs. J. P.
Morgan & Co.,for the deposit of gold with a responsible New York depositary, for the credit of the Bank of France, against whiCh deposit disbursements could be immediately made in Paris in a similar manner to the
disbursements in London, and the fund made immediately available
without the shipment of gold. The committee having been informed by
Mr. Morgan that this arrangement could probably be completed within
a few hours and that disbursements were already being made in Paris
through Messrs. Morgan, Hades & Co., which would be charged against
obligations which the committee was willing to incur for the deposit of this
gold in New York, it was decided to ship no more than 53.000,000 to
London and retain the balance for relief in Paris under the arrangement
above outlined.
Since the announcement was originally made that a fund was being raised
for the above purpose and that it was intended for the benefit of all American
holders of credits issued by responsible concerns, a large number of firms
and institutions throughout the country with which the committee was
unable in the first instance to communicate have voluntarily sent contributions to the committee through the Bankers Trust Co., and the committee is prepared to accept similar contributions to the fund by any responsible users of such credits who wish to become participants in the
plan.

With regard to arrangements entered into between j. P.
Morgan & Co. and the French Government, Mr. Morgan
on Thursday said:
The French Government has deposited with J.P. Morgan & Co., through
their Paris house, Morgan,Hades & Co.,30,000,000 francs, which has been
placed to the credit of the French Government to be drawn by the French
Ambassador in Washington for the current needs of his Government.
This is considered a significant and encouraging sign as evidencing a movement on the part of foreign governments to establish credits in the United
States.
Morgan, Hades & Co. have arranged that a large portion of this fund
shall be payable in gold in order to provide for the wants of travelers in
Paris. This will be carried out in connection with the same group of
bankers which is forwarding gold to London by the Tennessee for the
same purpose.

Mr. Morgan was further quoted as saying:
The French Government has bought cable transfers in Paris for a large
sum of money, a sum sufficient to meet all the immediate needs of the
American tourists over there. Part of this money Is to be payable in gold.
How we shall arrange this in connection with the relief group has not yet
been settled: in fact, none of the details is settled.
The simple fact is that there is sufficient gold to meet all needs that may
arise. The amount is $6,000.000, one-half of which is in gold. It is at the
order of the French Ambassador, who will draw on it at this centre.
Probably half of the amount will be needed in Paris to meet the needs of
the stranded travelers, while the balance will be available to meet payments
of obligations of the French Government. In other words, France has
established a credit balance here which will take care of immediate needs.

[voL. xcIX.

to American registry and authorizes them to fly the American flag instead
of a foreign flag. The contention is here made that we are going to violate
the neutrality laws if we pass this bill. What are we about to do? We
have already (two years ago) passed a bill authorizing foreign ships that
were not over five years of age to take American registry. This bill
merely wipes out the five-year limitation and allows all foreign-built
vessels to take American registry. Other nations to-day admit foreign
ships to their registry without limitation. We are merely passing a law
to-day to put our country on the same basis as the ships of foreign countries. We are not affecting the law of to-day as to ownership. There
is not one word on that subject in this bill. We are eliminating the time
limit. The other propositions are just as simple. They authorize the
President in case of an emergency,in his discretion,to waive temporarily
the law that requires American officers to man these ships. The other
proposition is one that will probably not have to be availed of. That is
to authorize the President to waive the question of survey, inspection and
measurement. Most of these ships are already surveyed and measured
by the Llloyds Society. Their surveys and measurements are printed
and known and the probability is that the President will never have to
waive that requirement.

Senator John Sharp Williams of Mississippi tendered his
resignation as a member of the Senate Committee on Foreign
Relations on the 5th inst. during the debate on the bill for
the American registration of foreign built ships. Senator
Williams offered a bill of his own, which failed to receive
support, authorizing the Secretary of the Treasury to buy for
cash ships of foreign registry, give them American registration,
man them with enlisted men of the navy or other seamen,
and use them for the shipping of anything except "absolute
contraband" to any port in the world, unless blockaded.
His resignation is as follows:
I hereby resign from the Foreign Relations Committee of the Senate
on account of the failure of that committee to support the Administration
In its program of mediation and arbitration and because of its equally disgusting hesitancy to supply ships to move the cotton crop.

The resignation was ruled out of order by Vice-President
Marshall and an appeal from the decision of the Chair
was voted down.
At the instance of the Stock Exchange and the banks
Adrian H. Muller suspended on the 5th inst. the customary
weekly sales of securities at auction. No sales will hereafter
be held during the suspension of operations on the Stock
Exchange. It is announced that public auction houses of
Philadelphia have decided upon a similar course.
Following the action taken during 1907, the New York
Clearing House Association announced on Thursday that the
figures of the separate banks would not appear in this week's
Clearing-House statement, which will be issued in general
form only, with totals of the combined member banks.
Several statements on behalf of the New York Stock Exchange, which has remained closed since it was decided temporarily to suspend operations on July 31, have been issued
during the week. On Monday Secretary Ely gave out a
notice which said:
Announcement is made by Mr. H. G. S. Noble, President of the New
York Stock Exchange,in answer to inquiries as to when the Exchange will
open, that ample notice of such opening will be given.

The knowledge on Friday last (the 31st) that some "overthe counter" dealings were being conducted after the closing
The Underwood Bill, designed to remedy the lack of ship- of the Exchange, resulted in the issuance of a notice directping facilities growing out of the European war by amending ing attention.to one of its by-laws, which stipulates:
the Panama Canal Act so as to eliminate the provision
Dealing upon any other exchange in the city of New York, publicly
which requires foreign-built ships admitted to American outside of the Exchange, either directly or indirectly, in securities listed or
unlisted,
quoted on the Exchange, is forbidden; any violation of this
registry to be not more than five years old at the time of rule shall or
be deemed to be an act detrimental to the interests or welfare of
was
registration,
passed
by
the
inst.
House on the 3rd
their
the Exchange.
As stated last Saturday, a committee of five was named on
The bill also authorizes the President, whenever in his discretion the needs of foreign commerce require, to suspend July 31 for the purpose of deciding questions affecting the
by order, so far and for such length of time as he may deem receipt and delivery of stocks. On the 3d inst. the Board of
desirable, the provisions of law prescribing that all the Governors adopted a resoludon authorizing this committee
watch officers of vessels of the United States registered for "to decide all questions relative to the business of the Exchange
foreign trade shall be citizens of the United States. It also and its members." The committee consists of H. G. S.
stipulates that "under like conditions, in like manner, and Noble, Donald G. Geddes, Ernest Groesbeck, Henry K.
to like extent, the President of the United States is also Pomroy and Samuel F. Streit. The Governors of the Ashereby authorized to suspend the provisions of the law sociation of Partners of Stock Exchange Firms decided on
requiring survey, inspection and measurement by officers the 3d to hold daily sessions at 11 o'clock, in order to deal
of the United States of foreign vessels admitted to American with any matters which might come up, but the necessity for
registry under this Act." Action on the bill was deferred daily meetings had apparently ceased to exist before the end
in the Senate on the 6th owing to the death of Mrs. Wilson. of the week, for on Thursday it was decided that further
In defense of the bill, on Aug. 3 Representative Underwood sessions would be held subject to call only.
Under date of the 5th inst. an announcement issued by
said:
For many years I have favored legislation that would build up an Ameri- Secretary Ely of the Exchange indicated that trading in
can merchant marine that would be commensurate with the needs of our securities pending the opening of
the Exchange would find
commerce. I do not contend for one moment that the bill that is now
pending before the House supplies that demand. It does not. If the sanction only in very extreme cases, and then only "promerchant
desire
a
American people and the American Congress really
vided such dealings were for the benefit of the situation and
marine, there is legislation needed in the future to accomplish that result.
of a speculative character." His notice says:
But to-day we face an emergency. I do not contend that this bill more in no sense
than attempts to relieve the present situation. Before I explain this bill
I wish to call your attention to the fact that this not only means the admitting of foreign ships to American registry, it means the admission of ships
that are owned to-day by American citizens and American corporations




In answer to repeated inquiries from members of the Exchange as to
whether they are permitted to buy or sell securities during the period in
which the Exchange is closed, the Sub-Committee of Five appointed by
the Governing Committee makes the following statement:

AUG 8 1914.]

THE CHRONICLE

"When the Governing Committee ordered the Exchange closed, it was
their intention that all dealings in securities should cease pending the adjustment of the financial situation and the reopening of the Exchange.
"It is possible that cases may occur where an exception would be warranted. provided such dealings were for the benefit of the situation and in
no sense of a speculative character or conducted in public.
Any member: however, taking part in such transactions must have in
mind his loyalty to the Exchange, whether or not he is living up to the spirit
of its laws, and that he is not committing an act detrimental to the public
welfare.

On Thursday a meeting of representatives of leading bond
and banking houses was held in this city to determine to
what exteitt trading in stocks and bonds "over the counter"
should be permitted while business on the Exchange is suspended. The interests in attendance at the meeting included among others J. P. Morgan, William A. Read,
Albert Strauss, of J. & W. Seligman & Co.; Charles Sabin,
Vice-President of the Guaranty Trust Co. One of those
present is quoted as saying:
The purpose of the meeting was to reach an understanding with respect
to trading in securities during the period of suspended operations of the
New York Stock Exchange This is a time when a little philanthropic
work on the part of banking and bond interests will be of much assistance
in relieving the present unfavorable situation in the money markets here
and abroad.
There was a universal feeling among those present that in so far as
possible all trading in securities for the present should be suspended, so
that nothing might be done to aggravate the situation. It was, however,
left to the discretion of each house represented at the meeting.
Some of the bankers maintained that to trade in securities on an
absolute
cash basis could not work any harm to the situation. For instance, if an
investor desired to purchase a bond for cash,it was asserted that it would
not be indiscreet for bankers to accommodate him. It was decided, however, that in so far as possible and consistent with existing conditions all
houses would refrain from transactions of every character.

At the same time the committee representing dealers in
unlisted securities—Frederic H. Hatch, Harry G. Toby and
J. K. Rice Jr.—gave out the following statement:
The committee selected to represent the dealers in unlisted bonds and
stocks is strongly of the opinion that any attempts to trade or deal generally
at this time are against the public interest.
The committee calls attention to the following extract from the notice of
the New York Stock Exchange, dated Aug 5, and published Thursday
morning:
"It is possible that cases may occur where an exception would be warranted, provided such dealings were for the benefit of the situation, and in
no sense of a speculative character, or conducted in public."
The committee is of the opinion that there should be no advertising of,
or for, securities by circular or otherwise, and that any transactions required by necessity should be absolutely of a private nature.
The committee urges upon all dealers in stocks and bonds to observe
the spirit of this notice and to refrain from any acts that may have a disturbing tendency.

I

387

"The New York Curb Market Association wishes to deny emphatically
any connection with advertisement appearing in the New York newspapers
of to-day's date, entitled 'Emergency Stock Market,' signed 'New York
Curb."
Attention is called to the fact that the Board of Representatives of the
New York Curb Market Association, at a meeting held last Friday, adopted
a resolution forbidding either direct or indirect dealings in any securities
listed or quoted on the curb market and warning members that any violation of the rule would be considered an act detrimental to the interest and
welfare of the New York Curb Market Association, which would be equivalent to expulsion from the Association.

While there was a pretty general closing of the stock exchanges throughout the country on July 31,following the
action of the New York Exchange, the Cleveland Stock Exchange did not suspend operations until Saturday, the 1st.
The Cincinnati Stock Exchange has continued its tradings
and on Tuesday of this week the Board of Governors of
that Exchange took formal action on the question, when they
decided to continue the daily sessions.
At a meeting of the Philadelphia Stock Exchange on the
3d a resolution was adopted calling for the appointment of a
Committee of Five with full authority to decide all questions
relating to the business of the Exchange and its members
during its suspension. The committee consists of Isaac T.
Starr, James D. Windsor Jr., Charles H. Bean, Horace H.
Lee and the President of the Exchange, W. D. Grange.
On the 4th inst. Secretary Horace H. Lee made the following announcement:
The Special Committee of the Board of Governors of the Philadelphia
Stock Exchange, in whose hands is vested all questions relating to the business of the Exchange and its members during the present period of closure.
make the following announcement:
Except with the approval of the Committee, all trading in all securities
shall cease until further notice. This includes trading over the counter, the
offering to buy or sell or the making of quotations in any securities in any
way, either by telephone, bond salesmen, circulars or otherwise.
Any infraction of the above will be considered an act dbtrimental to the
interest or welfare of the Stock Exchange, in accordance with Article XX.
of the constitution.

The Association of Partners of Stock Exchange Firms,
following a session on the 1st inst., issued the following statement endorsing the action of the Stock Exchange in suspending operations, and urging that the firms themselves restrict
their transactions as much as possible and confine their
operations for direct clients to private transactions, so that
Conferences were held during the week between repre- the dealings and prices will not tend to establish a market.
sentatives of the Stock Exchange and the Clearing House
The wise action of the Board of Governors in closing the New York
relative to the disposition of the securities sold in Europe Stock Exchange at this time protects American Interests and restricts the
withdrawal of gold by Europe.
last week and which arrived in this city on the Olympic
We, therefore, strongly urge our members and all those who deal in seon Tuesday night. Various estimates as to the value curities, to follow the purpose of the Governors of the Exchange in limiting
operations at a time of alarm. The exigencies of the situation
of these securities have been made, running all the way stock
necessarily will require transactions in adjusting accounts. In closing the
from $4,500,000 to $15,000,000@$20,000,000. A mem- exchange,obviously it was the intent that trading should not be transferred
ber of the sub-committee of the Exchange which was elsewhere, and it is therefore incumbent upon our firms, in loyalty to the
welfare of our clients, as well as the Exchange, to carry out this intention in
delegated to handle the matter said Thursday: "We good
faith, restricting transactions in both listed and unlisted securities as
have no power to make a statement in this matter,but much as possible, and confining operations, as must occur, for direct cliwill report our findings and conclusions directly to the ents, to private transactions, so that the dealings and prices made under
shall not tend to establish a market. It is impossible to lay down hard
special Committee of Five. If this committee approves stress
and fast rules governing so exceptional an occasion as that which has arisen,
our work, an announcement will be made by the special but your Board of Governors earnestly hopes that the members of this asCommittee of Five. This announcement will probably sociation will observe with the utmost faith the purpose for which the Exchange was closed.
come from the New York Stock Exchange offices."
It is a source of congratulation that the crisis was met with such calmness
Warnings against the acceptance of quotations emanating and reason, and we express the hope that our membership will assist in
the distribution of unwarranted rumors which would tend to
suppressing
from temporary exchanges, or those attempting to establish
quotations, were issued during the week by both the Ex- injure credit or disturb confidence.
change and the Association of Partners, President Noble
The adoption of the sixty-day clause by the savings banks
of the Exchange saying:
It is highly undesirable that
such practices should prevail, and, on behalf throughout the State was in conformity with a resolution
of the Exchange. I must ask
the newspapers of New York to co-operate of the New York Savings Bank Association passed on
with the officials of the
Exchange in preventing these practices, not merely
Monday in response to a request of Superintendent Richards,
in the interest of the banks
and the Exchange, but in the interest of the
whole public
who, in a statement concerning the action, said:
Hartman K. Evans, Vice-President of the Association of
"The institutions that have been under the supervision of the Banking
Department have never in their history been in better condition. The
Partners of Stock Exchange firms,
warning,
in
his
said:
giving
of the notice was not to help any institution or institutions but was
The Association of
Partners of Stock Exchange Firms wishes to warn
the members and the general
public against dealing in securities in any
irresponsible or unregulated
places. The best interests of all concerned
will, in their opinion, be best
served by a complete stoppage of all dealings
until the New York Exchange
again opens.

Dealers in unlisted securities have agreed
not to solicit
or accept business except where a transaction is a
necessity
of conditions, and a notice to publishers this week asked the
latter to assist as far as possible in the elimination of all
advertisements tending to make quotations which might be
detrimental to the interests of the business
community.
The New York Curb Market Association took occasion
to circulate the following notice on the 3d inst.:
Members of the New

York Curb Market Association are indignant at
the advertisement in the newspapers this morning
signed "New York Curb"
and implying the existence of an emergency stock
market. "The New
York Curb"is a publication having no official connection with the New York
Curb Market Association, which has issued the following notice to the
public:




caused solely by the unique and extraordinary conditions prevailing in
Europe. The course adopted is the only available method of preventing
large withdrawals of currency from the banks and from the country."

While the by-law requirement of the banks generally varies
from thirty to ninety days, it was decided to call for a uniform notice of sixty days. The Seamen's Bank for Savings,
although not a member of the New York Savings Bank
Association, decided to conform to the arrangements adopted
in compliance with Superintendent's Richard's desires. It
was agreed by the savings banks to permit the withdrawal of
small amounts without requiring the necessary notice.
The sixty-day clause, insofar as the withdrawal of savings
funds of more than $50 is concerned, has been put into effect
by the savings banks and trust companies of Cleveland, this
action being taken on the recommendation of the Cleveland
Clearing-House Association. Cincinnati, Detroit, Des Moines,
Duluth, St. Paul, Minneapolis and New Orleans have a

388

THE CHRONIC LE

taken advantage of this clause so far as savings accounts are
concerned.

[VOL. XCIX.

believe the orders are wanted for speculative purposes. In every such
case, however, immediate report of the facts should be made at the office
of the Third Assistant Postmaster General, Division of Money Orders.

• The decision of the officials of the savings banks of Greater
New York to give the sixty-day notice of withdrawal of
deposits was followed on Aug. 3 by the issuance of an order
by Superintendent Richards advising all savings and loan
associations to take similar action. Private bankers of the
State also availed themselves of a similar privilege. Later
in the day Superintendent Richards issued an order to
all State banking institutions, savings banks and private
bankers in New York City advising them that the hours for
doing business would be limited for the time being to from 10
a. m.until 3 p. m.and on Saturdays between the hours of 10
a. m.and 12 noon.
On the 5th Superintendent Richards received such encouraging reports as to improvement in conditions that he
rescinded the order, so that both banks and private bankers
may open on week days at 9 a. m.
Superintendent Richards also late in the afternoon of the
3d took possession of the business and affairs of Adolf Mandel
at 155 Rivington Street and M. & L. Jarmulowsky at 165
East Broadway, Manhattan, private bankers. State examiner J. J. Kennedy was appointed Special Deputy Superintendent to assist in the liquidation of the assets of Adolf
Mandel, while Charles A. Horne, another State Bank
examiner, was designated as Special Deputy Superintendent
to assist in the liquidation of the affairs of M. & L. Jarmulowsky. Mr. Kennedy and Mr. Home took possession
of the affairs of both bankers. An examination made of the
affairs of these two private bankers is said to have disclosed
a condition which showed them to be in an unsound and
unsatisfactory condition. The assets of Mandel aggregated
about $2,000,000 while those of M. & L. Jarmulowsky
total about $1,600,000.

In his second statement in the matter, issued on the 3rd
inst., Mr. Burleson said:
It is not my purpose to restrict the money order service to a point where
it will prove injurious to any Americans in Europe who may be financially
embarrassed now by the sudden turn of affairs there. It is the intention
of the Department, however, to so restrict the service that money cannot
be transferred to Europe for speculative purposes. The Post Office Department will lend every assistance possible in transmitting money to aid
Americans to return to this country. The Third Assistant Postmaster
General, therefore, will notify all postmasters authorized to issue international money orders to sell them for this purpose, limiting the amount
to $100 for each person. Postmasters will continue to decline to issue
money orders for unusually large sums and where there is reason to believe
the orders are desired for speculative purposes, as required by the notice of
the Third Assistant Postmaster General appearing in the "Daily Bulletin"
of orders affecting the postal service of August 1.

At a meeting of traffie managers of die Eastern trunk-line
railroads of this city on Tuesday, to consider the question of
dealing with the rail movement of miscellaneous merchandise
from interior points to the seaboard for export shipment,
it was decided tha:, the present conditions do not warrant
the issuance of a general embargo. As a means of selfprotection, however, it was agreed by the traffic managers
to issue instructions to all their inland connections and agents
at such points not to accept any more shipments for foreign
ports via the Atlantic seaboard on through bills of lading.
The instructions to the agents on these shipments will read
that all consignments to foreign ports must be shipped on
domestic bills of lading. It is pointed out by the :"Journal
of Commerce" that the railroads regularly allow 30 days'free
storage time on domestic bills of lading, but on through bills
of lading the storage time is not limited. The limitations
of all export shipments to domestic bills of lading by the decision of the managers therefore means that such shipments
will only be permitted to take advantage of the ordinary 30
days' free storage time before demurarge rates become efFor the purpose of safeguarding the interests of depositors fective.
and in order to conserve the assets, Superintendent Richards
on the 4th took possession of the business and affairs of Max
The Montreal "Gazette" on the 4th inst. summarizes in
Kobre, a private banker doing business under the title the following the protective measures decided upon by the
"Max Kobre's Bank" at 41 Canal Street, Manhattan, and Canadian Government for the safeguard of the Dominion
its two branches, at 81 Grand Street and corner Pitkin and interests:
Stone Avenues, Borough of Brooklyn. This step was taken
1. The emergency circulation provision of the Bank Act, which does not
becomes effective at once.
with the knowledge and approval of Max Kobre. Mr. come into force ordinarily before September,
2. Dominion notes will be issued to the banks on the basis of approved
Richards designated State bank examiner George V. Mc- securities
law.
by
required
gold
the
of
instead
Laughlin to assist in the liquidation of the bank's affairs.
3. The banks are authorized to make payment by notes instead of by
might be demanded.
that
gold
the
The deposits aggregate about $3,800,000.
have been decided upon with a view to what may prove

These measures
of actual
to be the necessities of the situation rather than on account
needs at the moment.
The provision making it unnecessary for the banks, unless they wish
a view to protecting the
it, to make payments by gold is of course with
had to be adopted in
gold now in the country. Similar measures have
London and New York and it was inevitable that similar steps should be
taken here. Otherwise the gold might be gradually drained out of the
banks and disappear altogether from the usual channels of business.

On July 31 Mr. Richards took over the business of Deutsch
Bros., private bankers, doing business at 319 East Houston
Street, 'Manhattan. Superintendent Richards took this
a;ction upon request of the private bankers themselves.
During the week Deutsch Bros. had been subjected to heavy
withdrawals, and in order to conserve the interests of the
This was the summary of an official announcement given
depositors Superintendent Richards deemed it advisable to out from the office of the Minister of Finance at Ottawa,
aat at once. Deutsch Bros. did a small business. Their furnished in more detail by the 'Gazette" as follows:
Having regard to the world-wide financial crisis which has developed
deposits were slightly in excess of $200,000. An examination
upon the outbreak of hostilities in Europe, and in view of the action of the
showed assets about equal to the liabilities.
Government for conserving the financial and commercial interests
Following the discontinuance on the 1st inst. of all contracts for the carriage of foreign mails of the United States
in vessels flying the German flag, Postmaster-General Burleson canceled the trans-Atlantic mail contracts with the British steamship lines, and the American mails are being transferred to ships of the United States, Sweden and other countries not involved.
On the 3d inst. the Post Office Department suspended the
parcel-post service between the United States, Germany and
France. France and Germany have suspended their parcelpost service.
On the 1st inst. Postmaster General Burleson issued the
following instructions to,postmasters regarding international
money orders, this being supplemented by later instructions
which we give further below:

The treaties concluded by the United States with foreign countries give
of
each postal adniinistration power to suspend temporarily the exchange
money orders "in case the course of exchange or other circumstances should
give rise to abuses or cause detriment to the postal revenue...
The sudden and extraordinary advance in bankers' exchange due to the
public apprehension of a general European war may lead to "abuses" of
the money-order system because of the much lower rates of conversion
obtainable at the post offices.
In these unusual circumstances and until the return of normal conditions,
postmasters may decline to accept applications for international money
orders when made for unusually large sums, and when there is reason




Imperial
of the United Kingdom, the Minister of Finance announces on behalf of the
Dominion Government that, while it is not probable that such action on
its part will be required, it stands ready to issue Dominion notes to such
amount as may be necessary against securities deposited by the banks and
.
inhaenrcea
Frt
offu
nce
ter
Fina
f inis
r M
emint heo
announces that the Govermnent has
approved
The Minister
of
banks
Canada
to make payments in bank notes
chartered
the
authorized
instead of gold or Dominion notes until further official agreement in that
behalf. This action will tend to conserve the Canadian gold supply
against demands from foreign sources, a course now being followed by all
es
c.
nnwoournid
ae
frth
oe
nrath
fu
tio
er
gisnta
fin
itin
T d
the
that the Government has authorized the
chartered banks of Canada to issue excess circulation to an amount not
exceeding 15% of their combined unimpaired paid-up capital and rest or
reserve fund from this date until further official announcement.
Any necessary special legislation will be obtained at the next session of
arise,e,
Parl
The Minister further announces that the Government,if necessity should
will give every other possible assistance in order to prevent any unavoidable interruption of stable business conditions, and for this purpose it
will not hesitate to use to the fullest extent all existing powers and to
ask further the powers from Parliament if that course Mould seem necessary or expedient.

THE PRESIDENT'S PROCLAMATION DECLARING THE
NEUTRALITY OF THE UNITED STATES.
That the United States will remain strictly neutral in the
present general war among the great nations of Europe was
officially declared by President Wilson in the following
proclamationlissued:on;Tuesday, thej4th inst.:

AUG. 8

1914.1

THE CHRONICLE

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA—
•
A PROCLAMATION.
Whereas a state of war unhappily exists between Austria-Hungary and
Servia and between Germany and Russia and between Germany and
France; and whereas the UnitedIStates is on terms of friendship and amity
with the contending Powers and with the persons inhabiting their several
dominions;
And whereas, there are citizens of the United States residing within
the territories or dominions of each of the said belligerents and carrying on
commerce, trade or other business or pursuits therein;
And whereas, there are subjects of each of the said belligerents residing
within the territory,or jurisdiction of the United States and carrying.on
commerce, trade or other business or pursuits therein;
And whereas, the laws, and treaties of the United States, without interfering with the free expression of opinion and sympathy, or with the commercial manufacture or sale of arms or munitions of war, nevertheless
impose upon all persons who may be within its territory and jurisdiction
the duty of an impartial neutrality during the existence of the contest;
And whereas, it is the duty of a neutral government not to permit or
suffer the making of its waters subservient to the purposes of war;
Now, therefore, I, Woodrow Wilson, President of the United States of
of i
America, in.order to preserve the neutrality of the United States and.of
citizens and of persons within its territory and jurisdiction, and to enforce
its laws and treaties, and in order that all persons, being warned of the general tenor of the laws and treaties of the United States in the behalf, and of
the law of nations, may thus be.prevented from any violation of the same,
do.hereby declare and, proclaim that by certain provisions of the Act approved on the 4th day of March, A. D. 1909, commonly known as the Penal
Code of the United States, the following acts are forbidden to be done
under severe penalties within the territory and jurisdiction of the United
States, to wit:
"1. Accepting and exercising a commission to serve either of the said
belligerents by land or by sea against the other belligerent.
"2. Enlisting or entering into the service of either of the said belligerents
as a soldier, or as a marine, or seaman on board of any vessel of war, letter
of marque, or privateer.
"3. Hiring or retaining another person to enlist or enter himself in the
service of either of the said belligerents as a soldier, or as a marine or seaman on board of any vessel of war, letter of marque, or privateer.
"4. Hiring another person to go beyond the limits or jurisdiction of the
United States with intent to be enlisted as aforesaid.
"5. Hiring another person to go beyond the limits of the United States
with'intent to . be entered into service as aforesaid.
"6. Retaining another person to go beyond the limits of the United States
with intent to be enlisted as aforesaid.
.
"7. Retaining another person to go beyond the limits of the United States
with intent to be entered into service as aforesaid. .(But the said Act is not
to be construed to extend to a citizen or subject of either belligerent who,
being transiently within the United States, shall, on board Of any vessel
of war which, at the time of its arrival within the United States, was
fitted and equipped as such vessel of war,enlist or enter himself or hire or
retain another subject or citizen of the same belligerent who is transiently
within the United States, to enlist or enter himself to serve such belligerent
on board such vessel of war, if the United States shall then be at peace
with such belligerent.)
"8. Fitting out and arming, or attempting to fit out and arm, or procuring to be fitted out and armed,or knowingly being concerned in the furnishing, fitting out or arming of any ship or vessel,with intent that such ship
or vessel shall be employed in the service of either of the said belligerents.
"9. Issuing or delivering a commission within the territory or jurisdiction
of the United States for any ship or vessel to the intent that she may be
employed as aforesaid.
"10. Increasing or augmenting, or procuring to be inereased or augmented,or knowingly being concerned in increasing or augmenting the force
of any ship of war, cruiser, or other armed vessel which at the time of her
arrival within the United States was a ship of war,cruiser, or armed vessel
in the service of either of the said belligerents, or belonging to the subjects of either, by adding to the number of guns of such vessels, or by
changing those on board of her for guns of a larger calibre, or by the addition
thereto of any equipment solely applicable to war.
"II. Beginning or setting on foot or, providing or preparing the means
for any military expedition or enterprise to be carried on from the territory
or Jurisdiction of the United States against the territories or dominions of
either of the said belligerents."
And I do hereby further declare and proclaim that any frequenting and
use of the waters within the territorial jurisdiction of the United States,
by the armed vessels of a belligerent, whether public ships or privateers
for the purpose of preparing for hostile operations, or as posts of observation upon the ships of war or privateers or merchant vessels of a
belligerent lying within or being about to enter the jurisdietion of the
United States, must be regarded as unfriendly and offensive, and in
violation of that neutrality which it is the determination of this. Government to observe; and to the end that the hazard and inconvenience
of such apprehended practices may be avoided, I further proclaim and
declare that from and after the fifth day of August instant, and during the
continuance of the present hostilities between Austria-Hungary and Servia,
and Germany and Russia, and Germany and France, no ship of war or
privateer of any belligerent shall be (permitted to make use of any port.
harbor, roadstead or.waters subject to the jurisdiction of the United States
from which a vessel from an opposing belligerent (whether the same shall
be a ship of war, a privateer, or a . merchant ship) shall have previously
departed, until after the expiration of at least twenty-four hours from the
departure of such last-mentioned vessel beyond the jurisdiction of the
United States.
If any ship of war or privateer or belligerent shall, after the time this
notification takes effect, enter any port, harbor, roadstead or waters of
the United States, such vessel shall be required to depart and to put to sea
within twenty-four hours after her entrance into such port, harbor, roadstead, or waters, except in case of stress of weather or of her requiring provisions or things necessary for the subsistence of her crew, or for repairs;
in any of which cases the authorities of the port or nearest port (as the case
may be) shall require her to.put to sea as soon as possible after the expiration of such period of twenty-four hours, without permitting her to take in
supplies beyond what may be nerposarir for her immediate use, and no such
vessel which may have been permitted to remain within the waters of the
United States for the purpose of repair shall continue within such port,
harbor, roadstead or waters for a longer period than twenty-four hours
after her necessary repairs shall have been completed, unless within such
twenty-four hours a vessel, whether ship of war, privateer, or merchant ship
of an opposing belligerent shall have departed therefrom, in which case
the time limited for the departure of such ship of war or privat er shall be
extended so far as may be necessary to secure an interval of
less than
twenty-four hours between such departure Ind that of any
p f war.




389

privateer, or merchant ship of an opposing belligerent which may_ have
previoly
us quit the same port, harbor, roadstead or waters.
,No ship of war or privateer of a belligerent shall be detained in any port,
harbor, roadstead or waters of the United States more than twenty-four
hours, by reason of the successive departures from such port, harbor, roadstead or waters of more than .ene vessel of an opposing belligerent. But
if there be several vessels of opposing belligerents in the same port, harbor,
roadstead or waters the order of their departure therefrom shall be so 'arranged as to afford the opportunity of leaving alternately to the vessels of
the opposing belligerents, and to cause the least detention consistent with
the objects of this proclamation.
No ship of war or privateer of a belligerent shall be permitted while
any port, harbor, roadstead or waters within the jurisdiction of the United
States to take in any supplies except provisions and such other things as
may be requisite for the subsistence of her crew, and except so much coal
only as may be,sufficient to carry such vessel, if without any sail power,
to the nearest port.of her own country, or, in case the vessel is rigged to
go under sail and may also be propelled by steam power, then with half the
quantity of coal which she would be entitled to receive, if dependent upon
steam alone, and no coal shall again be supplied to any such ship of war or
privateer in the same or any other port, harbor, roadstead or waters of the
United States, without special permission, until after the expiration of
three months from the time when such coal may have been last supplied
the
to her within
.
. waters of the United States, unless such ship of war or
privateer shall, since last thus supplied, have entered a port Of the Government to which she belongs.
And I do further declare and proclaim that the statutes and the treaties
of the United. States. and the law cf nations alike require that no person
within the territory and jurisdiction of the United States shall take part,
directly or indirectly, in the said wars, but shill remain
peace with all
of the said belligerents, and shall maintain a strict and impartial neutrality,
And I do hereby enjoin all citizens of the United States, and all persons
residing or being within the 'territory or jurisdiction of the United Stites
to observe the laws thereof, and to commit no act contrary to the provisions
of the said statutes or treaties or in violation of the law of nations in that
behalf.
And I do hereby warn all citizens of the United States, and all persons
residing or being within its territory or jurisdiction ,that, while the free and
full expression of sympathies in public and private is not restricted by the
laws of the United States, military forces in aid of a belligerent cannot lawfully be originated or organized within its jurisdiction, and that, while all
persons may lawfully and without restriction by reason of the aforesaid
state of war manufacture and sell within the United States arms and munitions of war, and other articles ordinarily known as contraband of war.
yet they cannot carry such articles upon the high seas for the use or services
of a belligerent, nor can they transport soldiers and officers of a belligerent.
or attempt to break any blockade which may be lawfully established and
maintained during the said wars without incurring the risk of hostile capture
and the penalties denounced by the law of nations in that behalf.
And I do hereby give notice that all citizens of the United States and
others who may claim the Protection of this Government, who may misconduct themselves in the premises, will do so at their peril, and that they
can in nowise obtain any protection from the Government of the United
States against the consequences of their misconduct.
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the city of Washington, this fourth day of Aug'ust, in the year
of our Lord one thousand nine hundred and fourteen and of the independence of the United States of America the one hundred and thirty-eighth.

3

The following further proclamation, bearing on the wireless system within the jurisdiction .of the United States, prohibiting any unneutral service during the .continuance of
the 'European hostilities, was issued by the President on•the
.
5th:
Whereas, Proclamations having been issued by me declaring the neutrality of the United States of America in the wars now existing hetweep
various European nations; and
. .
Whereas, It is desirable to take precautions to insure the enforcement of
far
as
the
use of radio communication is consaid proclamations in so
cerned;
It is now ordered, by virtue of authority vested in me to establish regualiens on the subject, that all radio stations within the jurisdiction of the
United States of America are hereby prohibited.from transmitting or receiving for delivery messages of an unneutral nature, and from in any way
rendering to any one of the belligerents any unneutral service during the
.
continuance of hostilities.
. •
The enforcement of this order is hereby delegated to the Secretary of
the Navy, who is authorized and directed to take such action in the.prem.
ises as to him may appear necessary.
This order to take effect from and after this date.

The issuance of President Wilson's instructions on the
wireless was followed by the promulgation on the 6th inst.
of the following statement relative thereto by Secretary of
the'Navy Daniels:
No cipher or code messages are permitted to be transmitted to, or received from, radio ship or shore stations of belligerent nations by any
Government or commercial radio station situated in the United States o r
its possessions, or in territory under the Jurisdiction of the United State
except cipher to or from United States officials.
No cipher or code radio messages will be permitted to be sent from an y
radio stations in the United States via foreign stations if destined to a belligerent.
Radio messages containing information relating to operations, material
or personnel of armed forces of any belligerent nation will be considered
as unneutral in character and will not be handled by radio,stations under
the Jurisdiction of the United States.
In general, the censoring official will assure himself beyond doubt that
no message of an unneutral character is allowed to be handled.
In order to insure that the censors may in all cases be informed thoroughly and correctly as to the contents of radio messages coming under
their censorship, they will demand, when necessary, that such messages
be presented for their ruling in a language that is understandable to them.
In case of doubt as to the character of a message it should be stopped
and its contents, with full explanation of details, be forwarded to the Department by telegraph for instructions as to the proper procedure to follow.

A tender of his good offices in bringing about peacedxtween the warring nations of Europe was made by President
Wilson in the following message on the 5th inst. to Emperor

390

TIIE CHRONICLE

[VoL. xcix.

William of Germany, Emperor Nicholas of Russia, Emperor 4th that there be added a new section, modified by Senator
so as to read:
Francis Joseph of Austria-Hungary, President Poineare of Clarke of Arkansas,
The term "unfair competition," as used in Section 5, is hereby defined
France and King George of Great Britain.
to embrace all those acts, devices, concealments, threats, coercions, deceits,

As official head of one of the Powers signatory to The Hague Convention,
I feel it to be my privilege and my duty, under Article Three of that Convention, to say to you in a spirit of most earnest friendship that I should
welcome an opportunity to act in the interest of European peace, either
now or any other time that might be thought more suitable, as an occasion
to serve you and all concerned in a way that would afford me lasting cause
WOODROW WILSON.
for gratitude and happiness.

frauds, dishonest practices, false representations, slanders of business and
all other acts or devices, whether of like nature to those enumerated herein
or not, done or used with the intent or calculated to destroy or unreasonably
Injure the business of another or prevent another from engaging in business
or to restrain trade or to create a monopoly.

This proposal was defeated by a vote of 32 to 30. On the
The proffer of good offices was forwarded by Secretary day of the passage of the bill(the 5th)an amendment of Senator
Bryan to the American embassies in the nations involved, Saulsbury's requiring that corporations with capital stock,
surplus, bonded indebtedness and undivided profits of $5,to be transmitted through them to the governments.
000,000shall maintain agents in Washington upon whom all'
orders of the Trade Commission could be made, was adopted.
BUSINESS CONDITIONS AND TRADE AND TRUST An amendment offered by Senator Pomerene and accepted
PROPOSALS.
on the 5th, provides that complainant persons or corporations
Once more President Wilson declined to stay the pro- before the Trade Commission may become parties to the suit
ceedings on the trust legislation, a postponement urged upon and may be represented by counsel in all subsequent prohim by Senators Brandegee, Gallinger and Smoot (Republi- ceedings. The Pomerene amendment, providing for a
cans) on the 3d inst., because of the conditions arising out broad court review of the orders of the Commission, was again
of the European troubles, having resulted in his declaring defeated, 38 to 27. Of the 53 votes by which the bill passed
that if final action were not taken on the bills at the current the Senate, 12 were cast by Republicans, viz.: Senators
session,the uncertainty of the trust legislation would prove Brady, Bristow, Clapp, Crawford, Cummins, Fall, Gronna,
more harmful than its enactment. On the 5th inst. the Jones, Kenyon, Norris, Perkins and Sterling. Two DemoFederal Trade Commission Bill passed the Senate by a vote crats voted against the bill—Senators Thomas of Colorado
of 53 to 16, and the Clayton anti-trust bill was made the and West of Georgia.
unfinished business of the Senate. The bill providing for
Robert R. Reed of Caldwell, Masslich & Reed had the
the Federal regulation of railroad security issues will be taken
up by the Senate after the Clayton bill is disposed of. The following to say regarding the Senate Trade Commission Bill
Federal Trade Commission Bill, which is the Senate substi- on the 6th:
Though the Cummins amendment to the Trade Commission Bill, now
tute for the Inter-State Trade Commission Bill that passed
by the Senate, is an improvement on the Stevens amendment,
the House on June 5, provides for a Trade Commission of adopted
which it supersedes, the fatal vice remains. There is no law until the Comthe
take
over
will
work
which
now
delegated
members
mission acts, that is, there is no law but the executive mandate, and there
five
but disobedience to the executive mandate. The legislative
to the Bureau of Corporations, in addition to being invested is no crime
The
power of declaring the law is completely vested in the Commission.
with powers additional to that already conferred on the judicial power of restricting the Commission, of defining and limiting the
Commissioner of Corporations. The powers of the Commis- scope of its power, is left to the courts,though without the power to review
facts found by the Commission. The result is a law in effect punishing
sion would be divided into two classes, one of the investi- the
disobedience of an executive order prohibiting an act of unfair competition.
the
business,
financial
conduct
the
condition,
into
gation
Until such an order issues, the prohibition is nominal. When it issues, it
to whom the
and management of corporations engaged in inter-State com- Is real. The law rests, not on all persons, but on those only
Commission directs its application. It is a very simple proposition, in a
merce and the other issuing and enforcement of orders way
very inviting to the casual reader. In principle, I believe, it is fundaagainst "unfair competition" by corporations. The bill mentally wrong, and in its ultimate effect on our institutions it is bound to
disastrous. Its efficiency is that of monarchy, of personal governas presented to the Senate by Senator Newlands was printed prove and
it has no place whatever in a democracy. "Institutions alone,"
ment,
Secfor
The
20.
substitute
Pomerene
June
of
issue
our
in
said Napoleon,"fix the destinies of nations." Our institutions are grounded
in
to
In our written Constitution, and I have little doubt but that the bill now
tion 5 (dealing with "unfair competition"), referred
passed by the Senate will be declared unconstitutional if it is finally adopted
these columns last Saturday, failed of adoption in the Sen- in
its present form.
ate, although agreed to by the Senate Committee on InterState Commerce,and on Aug.1 the Senate adopted(by a vote
A petition urging the postponement of further action on
ofi33 to 25) the Cummins substitute, as follows:
trust bills, in view of the disturbed conditions incident
the
Section 5. That unfair competition in commerce Is hereby declared
to the European wars, was sent to Congress by the Merunlawful.
The Commission shall have authority to prevent such unfair competi- chants' Association of New York, through its President,
tion in commerce in the manner following, to wit:
W. A. Marble, on the 5th. It says:
Whenever it shall have reason to believe that any person, partnership or
corporation is violating;the provisions of this section, it shall issue and serve
upon the defendant a complaint stating its charges in that behalf and at
the same time a notice of hearing upon a day and at a place therein fixed.
The person, partnership or corporation so complained of shall have the right
to appear at the place and time so fixed and show cause why an order should
not be entered by the Commission requiring such person, partnership or
corporation to cease and desist from the violation of the law so charged
in said complaint.
If upon such hearing the Commission shall find that the person, partnership or corporation named in the complaint is practicing such unfair competition, it shall thereupon enter its findings of record, issue and serve
upon tho offender an order requiring that within a reasonable time, to be
stated in said order, that the offender shall cease and desist from such
unfair competition. The Commission may at any time set aside, in whole
suit
or in part, or modify its findings or order so entered or made. Any
brought by any such person, partnership or corporation to annul, suspend
shall be
or set aside, in whole or in part, any such order of the Commission,
brought against the Commission in a District Court of the United States
in
district
the
of
or
person
the
of
residence
the
In the judicial district of
the procedure
which the principal office or place of business is located and
urgent
set forth in the Ace of Congress making appropriations to supply
deficiencies and insufficient appropriations for the fiscal year 1913, and
in
set
suspend
or
to
aside,
whole
brought
for other purposes relating to suits
Commission shall apply.
or in part, an order of the Inter-State Commerce
If within the time so fixed in the order of the Commission the person,
partnership or corporation against which the order is made shall not cease
order
or desist from such unfair competition, and if in the meantime such
by a court, the Commission may
is not annulled, suspended or set aside
in any district wherein such person
bring suit in equity in a District Court
corporation has its principal office or
or persons reside, or wherein such
jurisdiction is hereby conplace of business, to enforce its said order, and
such suit and to enforce
ferred upon said court to hear and determine any
obedience thereto according to the law and rules applicable to suits in equity,
for speedy
All the provisions of the law relating to appeals and advancement
hearing in suits brought to suspend or set aside an order of the Inter-State
section.
Commerce Commission shall apply in suits brought under this

An amendment to Section 5 proposed by Senator Newlands
and agreed to by the Senate provides that "neither the orders
of the Commission nor the judgment of the court to enforce
the same shall in any wise relieve or absolve any person or
corporation from any liability under the Act entitled "An
Act to prohibit trade and commerce against unlawful restraints and monopolies." Senator Reed proposed on the




The industry and commerce of this country, already disturbed by the
necessity of readjustment to new conditions created by tariff and currency
legislation, are suddenly confronted by the paralyzing effects arising from
the possible, if not probable, suspension for an Indefinite period of foreign
commerce and of international trade and financial relationships. Under
such circumstances, additional readjustment to comply with the terms of
pending anti-trust legislation, irrespective of the merits of the pending bills,
would constitute a burden which our industry and conmerce may be
unable to bear and would be likely to precipitate a crisis so serious as to
constitute a national calamity.
The Merchants' Association of New York therefore respectfully urges
that further consideration of and action upon any of the anti-trust bills
now pending be immediately postponed until a later session of Congress.

THE DECISION OF THE COMMERCE COMMISSION
ON THE APPLICATION FOR HIGHER RATES.
The report of the Inter-State Commerce Commission on
the petition of the railroads east of the Mississippi and north
of the Ohio and Potomac Rivers for permission to make a
general advance in freight rates of5% was filed last Saturday,
August 1. The opinion, written by Chairman Harlan, consists of 77 pages. It is concurred in by Commissioners
Clements, Clark, Meyer and Hall. Commissioner Mc
Chord and Commissioner Daniels have each filed a separate
opinion, differing from the majority as to a part of the findings. A synopsis of the report was prepared by the Commission for the press, and this we give in full as follows.
It will be understood that this is the Commission's own
statement of the purport of the decision.
The more significant features of the Commission's report are:
First. The contention of the railroads that their revenues under the
present scale of rates are inadequate is sustained, the Commission saying
that—
the operating income of the railroads in official classification territory,
taken as a whole, is smaller than is demanded in the interest of both the
general public and the railroads.
After referring to the duty the railroads owe to the public of conducting
the public owes
an efficient and safe service, the Commission declares that
afford them
a corresponding duty to the owners of the railroads and must

1

AUG. 81914.]

THE CHRONICLE

a full opportunity to earn a fair return on their investment and to share in
the general prosperity, so long as the rates exacted by them of the public
are just and reasonable. The report says on this point:
It is not only consistent with a national policy that invites the private
ownership of railroads that there should be a liberal return on a particular
railroad investment, when the property has been wisely planned and
honestly constructed and is efficiently managed; but the full development
of that policy, as well as justice, requires that such a return should be made
The public interest demands not only the adequate maintenance of existing
railroads, but a constant increase of our transportation facilities to keep
pace with the growth and requirements of our commerce. If, however,
that development is to be accomplished with private capital, in conformity
with our traditions, nothing can be more certain than that the facilities
will not be provided except under such a system of regulation as will reasonably permit a fair return on the money invested.
The present financial difficulties of the railroads are recognized by the
Commission as a problem not only of the railroads but of the public,which
it is the duty of the Commission to help to solve. On this point the Commission says, speaking of the need of the carriers for additional revenues,
that—
It is our duty and purpose to aid, as far as we legally may.in the solution
of the problem as to the course carriers may pursue to meet the situation.
Second. The Commission points out that the official classification
territory embraces three rate territories, known as the New England
territory, lying east of the Hudson River; the trunk line territory, lying
between the New England territory and the Buffalo-Pittsburgh line, and
the central freight association territory, lying between the Buffalo-Pittsburgh line and the Mississippi River, and that the financial and traffic
conditions of the railroads operating in these three rate territories differ
widely. The Commission finds that the rates in central freight association
territory, as a whole, are not only lower than the rates in either trunk line
or New England territory, but that they are lower than the rates in any
other part of the United States. If the average freight rate had been as
high on the central freight association territory lines as on the roads in
trunk line territory,the former would have earned in 1913 356.000,000 more
than they actually did, and that the 28 representative roads in central
freight association territory, which are most in need, would have earned
$29,000.000 more.
Third. The aggregate mileage of the roads in central freight association territory is greater than that of all the roads in the New England
and trunk line territories combined. The increase in revenues resulting
from increases in rates in central freight association territory will afford
some relief to practically all the lines in official classification territory
which are in need of additional revenues, except the New England lines,
whose needs are being locally cared for. The three great trunk lines
have each a large mileage in central freight association territory, so that
their revenues will be augmented by rate increases in that territory. Thus,
of the New York Central system's 12,690 miles of line, 8,938, or more than
two-thirds, are in central freight association territory. Nearly one-half
of the mileage of the Pennsylvania system is also in that territory and
more than one-half of the Baltimore & Ohio• the Erie, the Chesapeake
& Ohio, and the Norfolk & Western also have important mileage in central
freight association territory. The systems in trunk line territory which
have no mileage in central freight association territory are in large panf
roads with large anthracite coal traffic and they are very prosperous.
Fourth. The Commission finds that the class rates effective in central
freight association territory are so low that an increase of 5 per cent would
claerly not be unreasonable, but points out that the class rate structure in
that territory is honeycombed with inconsistencies, and says—
The attitude of the officials of the roads operating in central freight association territory, as disclosed on the record, indicated that they joined in
this proceeding not because they thought the so-called 5 per cent increase
of rates would meet their requirements or that this form of relief is appropriate in central freight association territory, but only because of the
desire of other and more powerful lines operating in trunk-line territory
to present to us in this proceeding one general plan of relief. These officials,
while stating that the so-called 5 per cent increase would add substantially
to their revenues, expressly condemn the present basis of rates as unsuitable and unsatisfactory. The leading railroad witness on the question
affirmed, with some earnestness, that "the class rates do not sustain
any logical relation to each other," and that under the present basis of
rates "certain shippers of certain classes of freight have not for years borne
their share of the burden of transportation, and in addition to the rates
being extremely low they are unscientific and illogical."
This view was also expressed of record by many large shippers. A rate
expert of the Chicago shipping interests, whose testimony in another
proceeding was put of record here, testified that the central freight association scale was a "relic of barbarism."
The report also says—
Counsel who presented and argued the case for the central freight association lines admitted and definitely stated that while the 5 per cent increase
would help the financial situation, the whole rate structure in that territory
needed a readjustment; that many of the lines in the territory would not
survive without "an overhauling of their rates," and "could not serve the
public as they should until those rates are readjusted and brought upon
some logical basis." He also stated that if the rates were now advanced
on the so-called 5 per cent basis,it would be but a short time .before those
lines would be before us again. Ile gave express notice that the central
freight association lines, if the 5 per cent increase were now allowed, would
in due time file tariffs and bring the matter to the attention of the Commission."
The Commission then adds—
There can be no doubt upon the record that the carriers in central freight
association territory ought, in the public interest, to have as much additional revenue as would be produced by a 5 per cent increase, as modified
herein, and possibly more. It is not improbable, however, in view of the
modifications we have required in those tariffs, that they will find it more
desirable at once to undertake the readjustment which they assert Is
necessary.
Fifth. The Commission finds that the carriers operating in central
freight association territory are entitled to an increase not exceeding
5 per cent on all class and commodity rates on shipments wholly within
that territory, except the rates on coal, coke, iron ore, cement, brick, tile,
clay, starch and plaster, as to which the carriers did not sustain their
burden of proof, and any rates which are controlled by specific unexpired
orders of the Commission. The proposed increases in lake-and-rail rates
and in rates between central freight association territory and other portions of official classification territory are disallowed. The effect of the
findings is also to disallow the application of the proposed minimum increase of 5 cents a ton on those commodities for which a charge is now
made of less than a dollar a ton. This minimum increase, in some instances,
would have resulted in increasing rates as much as 25 to 50 per cent.
Sixth. The Commission finds that the financial conditions of the
carriers in trunk line territory do not warrant a general increase of freight




391

rates and that the needs of the New England lines are being cared for
locally, and disallows the proposed increases in those territories; but under
the title of "How carriers may increase their revenues," finds "that great
opportunity exists for increasing the net revenue of all carriers in official
classification territory otherwise than by resorting to a general advance in
their freight rates," and makes the following specific suggestions:
Seventh. The Commission suggests that, following the plan adopted
in New England. conferences be held between the State commissions, the
carriers and representatives of the public with a view to advancing such
passenger fares as may be shown to be clearly unremunerative. With
respect to fares fixed by statutes in certain States, the Commission expresses confidence that if these fares are clearly shown to be unduly burdensome to the carriers,the people of those States will cheerfully acquiesce,
as the people of New England have done, in reasonable increases, and that
the necessary legislative authority will be promptly given. The Commission further says:
An accurate ascertainment and frank disclosure of operating costs is the
most effective protection against the possibility of unjust legislation, for
we must assume that the public conscience intends no injustice against the
owners of these great properties that are devoted to the service of the public,
and adds—
Passenger fares are paid directly to carriers by those making use of the
service and they know what it costs them. Payments for freight charges,
while less direct, are none the less actual. The general public does not
know, and probably does not stop to consider, what proportion of the
cost of a ton of coal, or of the price of a dwelling, or the rent of an apartment represents freight charges, but the cost of freight transportation
enters into the cost or selling price of practically everything used by the
public. In many cases, to be sure, freight charges represent but a small
proportion of the total cost of things used or consumed, but it is quite
probable that the average family pays much more in the course of a year
as freight charges than it does for passenger fares. We know of no provision of law under which we would be Justified in increasing freight rates
to provide a return upon property used exclusively in the passenger service,
much less to take care of losses incurred in such service. In our opinion
each branch of the service should contribute its proper share of the cost
of operation and of return upon the property devoted to the use of the
public.
Eighth. The Commission suggests that "all the railroads in official
classification territory examine carefully their freight rates, rules and
regulations with a view to increasing rates that are found to be clearly
unremunerative. and modifying burdensome rules and regulations relating
to minimum weights and similar matters where this may justly be done."!
saying: "Many unremunerative rates had their origin in fierce competition
for traffic or under the menace of the big traffic of powerful shippers.
Many such rates have doubtless been continued through ignorance of the
loss they entail upon the carriers."
Ninth. The Commission suggests that "all railroads in official classification territory should ascertain to what extent * * * special services
now being rendered by the carriers to shippers for which no special charge,
or a noncompensatory charge, is made * * • constutute an unjust
burden upon the carriers or result in unjust discrimination among the
shippers." In this connection the Commission calls attention to compilations prepared by it from the carriers' answers to the Commission's
inquiries showing the practice of individual roads as to : "(a) allowance of
free time for loading or unloading carload freight; (b) collecting and delivering freight; (c) storing freight; (d) transporting containers: (e) furnishing
and transporting dunnage, preservatives, &c.;
furnishing or paying
for wharfage and dockage; (g) refrigeration service; (h) loading and unloading carload freight; (i) re-consigning carload freight; and (j) other
special services." The Commission also refers to "independent investigation of some of these subjects, and particularly of switching, lighterage
and storage in New York, Chicago and other large cities," the results of
which will be submitted later for the consideration of carriers and shippers.
Tenth. The Commission recommends that the practices of granting
free transportation of passengers and private cars should be further restricted by the carriers, and calls attention to the fact that during the 11
months ending November 30 1913 78 roads in official classification territory issued 629,668 annual passes and 408.848 passes for shorter terms,
and in addition thereto in the single month of Rine 1913 issued passes
for single trips to the number of 482.709. The Commission says in this
connection:
June is perhaps not a representative month, but at that rate the number
of trip passes issued in the year would be approximately 5.792,500, representing over one billion passenger miles. The amount of travel on annual
and term passes has not been determined. At the average rate per passenger mile in official classification territory in 1913,the passenger miles
represented by trip passes alone would have yielded in passenger revenue
518.520,000. * * • If to trip passes is added the travel on annual
and term passes,it will perhaps be found that the travel on passes exceeds
10 per cent of the total passenger travel in official classification territory.
Compilations prepared by the Commission show that the revenue from
private cars handled free during the year 1913 on 88 of the roads which have
made answer to our question would, at tariff rates, have amounted to
3644,250 79.
But the direct cost and revenue loss attendant upon the present practice
are less serious than is its demoralizing effect. It is natural that subordinates should be wasteful when their superiors are extravagant; and
that efforts to secure economies should often prove futile when, at the
expense of stockholders or the public, the luxury of a private care is freely
granted for personal and private usekto officers and directors or even to
subordinate officials and members of their families. The record of one
of the railroads most prominent in the appeal for a freight-rate advance
discloses such liberal grant of free transportation of private cars, not only
to directors and officers of other independent railroads,but to lesser officials
of such carriers and to members of their families. Among the beneficiaries
were the wives of first, second and third vice-presidents, the wife of a
superintendent, the wife of a superintendent of telegraph, the mother
of a chairman, the secretary of the vice-president of a telegraph company,
and the chief clerk to a president. Indeed, not a private car merely,
but two special trains were furnished free to the widow of a former director,
the tariff rate for which service would have been $3,466. The wife and
daughter of the president of' that company enjoyed in a single year free
transportation in private cars for nine trips on which the tariff rates would
have aggregated 33.577.
Eleventh. The Commission recommends "a careful review of methods
for increasing freight-car efficiency," saying: "Taking the average of all
roads in official classification territory for the whole year, the time a car is
moving in trains probably does not exceed 3 days out of 30, and the car is
under load only 2 out of those 3 days. Furthermore, the cars under
load
are loaded on an average to only about 58 per cent of their capacity.
The
percentages of empty movement and of waste capacity in loaded
cars have
both grown."

392

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Twelfth. The Commission calls attention to the fact that fuel, next
to wages, is the largest item in operating expense; that the railroads in
the United States report their aggregate fuel cost to be about $250,000,000
a year, and that the cost of coal is increasing, and adds: "Much has been
done in recent years by means of mechanical devices and otherwise to
reduce fuel costs, * * * but it has been demonstrated clearly that
by knowledge and care on the part of employees and the management.
much greater savings can be made."
Thirteenth. The Commission also suggests that "in other departments
the management undertake, in co-operation with employees, an extensive
inquiry into possible economies in operation." adding: "The increased
operating ratio of recent years is accounted for directly, in large part, by
increase in the rates of wages. But even greatly increased rates of wages
are perfectly consistent with reduced unit labor cost."
Fourteenth. The Commission suggests that "as soon as reasonable
opportunity offers, properties heretofore acquired by the carriers which
are not used or held by them for transportation purposes be sold," adding:
"From compilations prepared by the Commission of the incomplete replies
to our questions, it appears that the aggregate cost of such investments in
official classification territory was more than $684,000,000. Included in
these are properties of the aggregate cost of $183,146,659 from which no
net income whatsoeNer was received in the year 1913. These investments
by the carriers have, through increasing the amount of capital required
to be raised, imposed in many cases a great and unnecessary strain upon
the carrier's credit, with the result of an increased charge on all new capital
secured and sometimes of preventing improvements which would have
yielded transportation economies."
Fifteenth. The Commission also suggests "that an investigation be
made with a view to determining to what extent the cost of construction
or of acquiring properties or capital or of operation is being increased,
through the holding "by directors, officers, or employees, of interests in
other concerns with which the carrier nas dealings",and calls attention to the
fact that the compilation from answers to the Commission's questions on
this subject show that "a considerable proportion of the officers and directers of railroad companies have interests in such concerns, including
locomotive works, car-manufacturing companies, steel and iron works,
coal mines, wire works, bridge companies, manufactories of railway appliances, oil companies, electric-machinery companies, glass companies,
cement companies, warehouse companies, surety companies, railway
publishing houses and trust companies." It alsa refers to a further
investigation into the subject which is being conducted independently
by the Commission.
Sixteenth. The Commission suggests that all expiring contracts with
sleeping-car companies should he carefully reviewed before being renewed.
. The Commission makes no suggestions in regard to railway mail pay,
"as that subject is under investigation by another branch of the Government." adding "It may be assumed that if the compensation for the service
is found to be unjust to the carriers, relief will promptly be afforded."
The Commission concludes its report by saying:
We may justly feel proud of the development of our transportation
system. Despite occasional discreditable chapters, the history of our
railroads has been marked .by great achievements. There is a growing
spirit among the carriers of co-operation with the Commission in its efforts
to enforce the law. With the application of correct and helpful accounting,
the establishment of sound business methods and a better understanding
by both carriers and the public of their mutual obligations, to which we
believe this investigation has contributed, the future Is full of promise.
We see no reason why our American railroads should not enjoy a large
measure of prosperity consistently with just and reasonable rates

THE FEDERAL RESERVE APPOINTMENTS.
The membership of the Reserve Board was completed
this week, with the nomination by President Wilson on the
4th inst. of Frederic A. Delano of Chicago to take the place
of Thomas D. Jones of Chicago, whose name was withdrawn
two weeks ago. The nominations of Mr. Delano and Paul
M. Warburg of New York were favorably reported to the
Senate on the 5th inst. by the Committee on Banking and
Currency, and they would have been confirmed on Thursday
had it not been for the adjournment of Congress on account
of the death of Mrs. Wilson, the President's wife. Both
nominees were confirmed yesterday (Friday). Mr. Warburg
consented to appear before the committee a week ago,
having advised Senator Owen of his intention to waive all
personal considerations in view of the urgency developed
by the troubles abroad, in the following telegram:
In deference to the President's urgent request and in view of the present
urgency which renders desirable the promptest possible organization of the
Federal Reserve Board, I have decided to waive all personal considerations
and am prepared to appear before your Committee at the earliest convenient date.

Xcix

railroads, and later President of the Wheeling & Lake Erie
RR. President Taft named him a member of the Commission on Industrial Relations in 1912, and he was renominated
for this Commission by President Wilson.
A bill proposing an amendment to Section 19 of the
Federal Reserve Act relating to the reserves held by the
State banks, and permitting the latter during, the period
of thirty-six months within which the system is being put
in force, to continue holding reserves now held by them for
other State banks and have such reserves counted as if they
were held by national banks, was passed by the Senate on
the 5th inst. and by the House yesterday (the 7th). The
bill was introduced last March and was printed in our issue
of March 28.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
A New York Stock Exchange membership was posted for
transfer this week,the consideration being 2,000. This is
an unchanged price from the last preceding transaction.
Andrew J. Peters of Boston was nominated by President
Wilson on the 6th inst. to be Assistant Secretary of the
Treasury, succeeding Charles S. Hamlin, recently appointed
to the Federal Reserve Board.
Announcement that the funds intended for crop-moving
purposes would be immediately available to the banks upon
compliance by them with the terms and conditions outlined
last week was made by Secretary of the Treasury McAdoo
on the 1st inst. in the following statement:
"Secretary McAdoo announced to-day that the $34,000,000 which he
decided a short time ago to deposit with national'banks for crop-moving
purposes will be available immediately upon compliance by the banks
with the terms and conditions of the circular letter issued and forwarded
to the banks. The money will be deposited in installments of 25 or 50%
each, except in such cases as in the judgment of the Secretary will make
a departure from this rule desirable.
"In the circular Issued by the Secretary it is stated: 'It is understood
that such deposits are made to prevent or mitigate the financial tension
so common at this period of the year incident to the movement of crops, and
that the funds received by the banks will be used in good faith for this
purpose and not for speculative or other transactions. It is not intended
that such funds shall be utilized by the depositaries selected to discharge
their obligations to other banks, such as re-discounts or bills payable,but In
order that the legitimate purposemf the deposit may be accomplished, the
banks receiving the same will be expected to extend to the banks in smaller
towns such accommodations as may be consistent with sound and conservative principles of banking, and that in all cases the rate of interest charged
such banks will be moderate and reasonable.
"'In other words, since it is impracticable under existing conditions for
the Government to extend these deposits to the various towns and cities, the
depositaries selected are expected to act as mediums of distribution in furnishing funds to the localities in need of them, for the purpose stated, of
transporting and marketing the crops and of assisting legitimate business.
"'In apportioning the funds among the banks in each city, consideration
will be given to the character of the business done by the applicant bank
and the extent to which it is lending money to its country correspondent
banks. 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
the Government money distributed in such a way as to enable the Ultimate
borrower to get it at the lowest possible rate of interest.'
"The circular also deals with the character of collateral security to be
furnished by the bank, the custody of the securities, the time of re-payment
details, which'are similar to those
of the deposits, and with various other
which governed the deposit of crop-moving funds last year."

It was announced this week that the full program for the
convention at Richmond Oct. 12 to 17 of the American
Bankers' Association will shortly be ready. The tentative
plan for the entertainment of the bankers includes every
function that will tend to offer entertainment, sight-seeing,
recreation and social and educational interest. Municipal authorities, Chamber of Commerce, Business Men's Club,
Reserve City Bankers' Association, the Clearing House,
Bankers' Institute, Shriners, Rotary Club, Advertisers' Club
and Elks, have all joined with the General Committee in carrying out a typically Richmond reception of all who attend
the convention. There will be banquets, teas, receptions and
other functions by various local organizations, automobile
rides to points of interest and visits to unique manufacturing
plants,a great ball at which the Governor of Virginia will head
the receiving line, luncheons and other functions for the ladies
of visiting delegates and guests, musicale at the City Auditorium, and theatre parties, and a boat trip down the historic
James River. The Hermitage and Country Club will be
open to delegates and guests throughout the week, where
golf may be indulged in by devotees of the game.

Mr. Warburg was before the Committee on the 1st and
3rd inst.; Senator Bristow is said to have done most of the
questioning, his inquiries dealing particularly with the alleged part played by Mr. Warburg's firm of Kuhn, Loeb,
& Co.,in transactions relating to the Chicago & Alton RR.,
_
the Rock Island, ex.
Mr. Delano, who was named as a member of the Board
this week, is President of the Chicago Indianapolis & Louisville Ry. Co. He was born in Hong Kong, China, in' 1863
but spent most of his boyhood days at Newburgh, N. Y.
He was graduated from Harvard in 1885 with an A.B. degree.
He began his railway service in 1885 with an engineering
party of the Chicago Burlington & Quincy RR. Co., operating in Colorado. In 1889 he was made Assistant to the
Second Vice-President of the Chicago Burlington & Quincy,
and in 1890 he was made superintendent of freight terminals
at Chicago; in 1899 he became superintendent of motive
power at, Chicago and from 1901 to 1905 he was General
In advices to Commissioner Davies of the Bureau of CorManager at Chicago. Subsequently he became consulting
engineer to the War Department in respect to Philippine porations relative to the inquiry now under way into condi-




AUG. 81914.]

THE CHRONICLE

tions in the beet-sugar industry, Secretary Redfield states
that the investigation has no relation to any change in the
tariff. • Secretary Redfield's letter was written in reply to
an inquiry from Mr. Davies, who pointed out that the "impression has gone abroad that this investigation has been
entered into with the possible view of bringing about a
change in the attitude of the Administration upon the sugar
tariff schedule." Mr. Redfield states that "no such change
is, to my knowledge, considered."
The report of the Senate inquiry into the Gold Hill Consolidated ,Co., submitted by the sub-committee of the
Committee on Privileges and Elections and adopted by the
Senate on July 17, exonerates all parties concerned. The
report states that Senators Overman, Chilton, Pomerene,
Swanson and Representative Flood bought and paid for their
stock on regular terms and did not receive any special
favors and inducements from Walter George Newman, the
organizer and promoter.of the company; that none of them
was in any way responsible for the use of United States stationery in the.course of--the promotion of the organization;
that John Skelton Williams, Comptroller of the Currency,
was not and never has been a stockholder, nor- in any way
pecuniarily interested,in the Gold Hill Consolidated Mining
Co. The inquiry was called for under a resolution adopted
by the Senate on June 19, and referred to in our issue of
June 20. Senator Pomerene,.a member of the committee
which conducted the investigation, was relieved, at his own
request, from service under the resolution, since he holds
some stock of the company.
We give below the text of a bill introduced by Senator
Borah in June, intended to "prevent the use of the stopwatch or other time-measuring device on Government work,
and the payment of a premium or bonus to Government employees." It is a gem in its way. The bill was referred to
the Committee on Education and Labor, where it has since
reposed.

393

ments to the by-laws provide for a Committee on Sugar, to
consist of five members, at least one of whom shall be a
member of the Board of Managers; • also that the Sugar
Committee shall consider, report, and recommend to the
Board of Managers for its action such matters pertaining
to sugar as they consider advisable and beneficial to the interest of the Exchange and,in conjunction with the Committee on Trade and Statistics, shall, so far as practicable, establish relations with similar sugar associations for information of common interest; also the securing of such market
reports, cables and other statistics as may be thought needful. The Committee shall see that the existing import
duties imposed by the Government on foreign sugars shall
always be posted on the bulletin board of the Exchange, and
shall promptly post any prospective changes as announced
by the authorities. They shall also establish daily at.2 p. m.
(Saturdays at 11:30 a. m.) the spot quotation for Cuba centrifugal 96 degrees average polarization and report the same
to the Superintendent. One section provides that no contract for the future delivery of sugar shall be noticed in any
respect, or in any manner recognized by the Exchange,unless
both parties thereto shall be members of the Coffee Exchange
of the City of New York. The grades deliverable under
contract 1 shall be raw sugar based on Cuba centrifugal
sugar 96 degrees average polarization outturn and shall
embrace all centrifugals first running, the first product of
European beet root sugar of 88% net analysis. All contracts for future delivery shall be for 50 tons of 2,240 lbs.
each and multiples thereof.
An announcement concerning the rules adopted by the
Board of Managers for sugar trading says:

There will be one call for the purchase and sale of raw sugar daily at
11 o'clock, except on Saturdays, when the call will be at 10:30 a. in. Exchange hours for trading in sugar will be from 11 a. m. until 2.45 p•
m..except on Saturdays, when the hours shall be from 10:30 to 11:45 a. m. AU
offers to buy or sell sugar for future delivery, unless otherwise specified.
shall be understood to be for 50 tons, and offers to buy or sell in larger quantities shall be in multiples thereof. It is likewise provided that all trading
in sugar for future delivery shall be in cents and decimal fractions of a cent,
and no transactions shall be permitted wherein the difference in price shall
A BILL
consist of a smaller fraction than one-hundredths of a cent per pound repreTo prevent the use of the stop-watchor other time-measuring device on sented by such contract, nor shall any additional money consideration whatGovernment work and the payment of premium or bonus to Government ever be allowed. After providing that all contracts made in sugar shall be
employees, and for other purposes.
promptly reported to the Superintendent of the Exchange, the rules stipuBe it enacted by the Senate and House of Representatives of the United States late that either party to a contract shall have the right to call an original
of America in Congress assembled, That it shall be unlawful for any officer. margin of from $125 to $250 for each contract. The Superintendent of the
manager, superintendent, foreman, or other person having charge of the
Exchange shall every day except Saturday, at 11:30 a. in. and 1 P. in.,
work of any employee of the United States Government,to make or cause to post on the bulletin board the bidding price for each month dealt in. and
be made with a stop-watch or other time-measuring device a time study of If there be no bids, the last reported sale as fixed by the Sugar Committee
the movements of any such employee.
These prices shall govern all calls for margin. The hour for such posting on
Sec. 2. That it shall be unlawful for any officer,manager,superintendent. Saturday shall be 10:30 a. in.
foreman, or other person having charge of the work of any employee of the
The new rules also make provision for deficiency of excess of weighM
United States Government. to use the results or records obtained by a stop- settling contracts, for trading in duty-free sugar by mutual agreement only
watch or other time-measuring dev ice In determining what amount of work for the drawing, mixing and testing of samples, and for chemist& fees.
or labor is to be done in a given time by such employee.
The New York Sugar Trade Laboratory is designated under the rules
Sec.3. That it shall be unlawful for any officer, manager,superintendent the official representative of the Coffee Exchange in the testing of samples.
foreman, or other person having charge of the work of any employee of the and only chemists, weighers and samplers licensed by the Coffee Exchange
United States Government,to pay or cause or allow to be paid to any em- are to be employed. The minimum rate of commission to be charged for
ployee of the United States Government any premium or bonus as wages buying and selling sugar when the transaction is for any one not a member of
or otherwise: Provided, That the terms "premium" or "bonus" as herein the Exchange will be $10 each way for a 50-ton lot. The minimum rate
used shall not be construed to include any cash reward paid any employee to members is to be $5, except where one member buys or sells for another,
under authority of law for suggestions, patents or devices resulting in giving up his principal on the day of the transaction, and not accepting or
improvement or economy in the operation of the plant in which he is em- carrying the contract. The rate on such trades is to be $1 25 per 50-ton
ployed.
lot. In addition to the foregoing, the rules fully cover all matters pertainSec. 4. That any person violating any of the provisions of this Act shall ing to the time and method of delivery and all notices of transfer,.as well as
be deemed guilty of a misdemeanor, and shall be punished by a fine of not failure to receive or deliver, and provide a penalty for any such failure.
more than $500 or by imprisonment for not more than six months, or by This penalty has been fixed at Yi of a cent per pound above the spot quotaboth such fine and imprisonment.
tion for Cuban centrifugal of 96-degrees teat.
Sec. 5. That this Act shall take effect upon its passage.
The movement looking to dealings in sugar futures was

A bill proposing to extend the thanks of Congress to
Col. George W. Goethals and others who assisted in the construction of the Panama Canal was favorably reported by
the House Committee on Military Affairs on July 27. In
addition to Col. Goethals, the thanks of Congress would be
extended to Brigadier-General William C. Gorga,s, Colonel
H. F. Hodges, Lieutenant-Colonel William L. Sibert and
Commander H. H. Rousseau, a navy civil engineer. The
bill also recommends that Colonel Goethals and BrigadierGeneral Gorgas be advanced to the rank of Major-General.
Following the resignation on July 21 of Representative
James F. McDermott, the Judiciary Committee of the House
decided on July 28 to take no further proceedings on the resoution reprimanding him, drawn up as a result of its inqu ir y
nto -lobbying" practices.
Members of the Coffee Exchange last week received
through the mail copies,of the proposed amendments to the
by-laws, which provide for trading in sugar futures. These
amendments were recently approved unanimously by the
Board of Managers,and the members will be called upon to
vote on them on Aug.I21. Should„the members vote in
favor of these amendments, trading in raw sugar futures will
begin'onAthelCoffee Exchange,on_Sept. 1. The amend-




inaugurated by Franklin W. Hopkins of the Stock Exchange
firm of Hopkins Bros.
The right of State Superintendent of Banks, Eugene Lamb
Richards,to take possession of a private banking institution
when he believes public interest requires it was upheld on
the 6th inst. by Judge Grubb, sitting in the United States
District Court for the Southern District. After hearing
arguments, the Court denied an application made for
the appointment of a receiver in the involuntary proceedings
against Adolf Mandel, private banker, 155 Rivington Street,
whose bank was recently taken over by Superintendent
Richards, pursuant to the new Banking Law. Counsel
representing those who sought to take away from the
Superintendent the control over Mandel's business and
affairs contended that the Superintendent of Banks took
possession unlawfully. On behalf of Superintendent Richards it was argued that the new Banking Law gave him
the right to take over private banking institutions when it
appears that such institution is insolvent or that it is unsafe
for it to continue business. Judge Grubb, in rendering his
decision upon the merits of the application for the appointment of a receiver, decided that the Superintendent of
Banks being in possession, it would be unwise to change
that possession, and that Mr. Richards could, undoubtedly

394

THE CHRONICLE[VOL.XCIX.

better and with less expense, represent the interests of creditors and depositors. This decision of Judge Grubb is in
harmony with the decisions previously rendered by Federal
courts in bankruptcy proceedings involving private bankers.
By the payment of $140,000 to R. H. Macy & Co. by the
American Publishers' Association and the American Booksellers' Association, litigation started a dozen years ago was
ended on July 17. The Supreme Court of the United States
handed down a decision in favor of R. H. Macy & Co. last
December, but no award of damages was made at that time.
Frederick R. Coudert was appointed referee to assess the
damages but before any hearings were held Charles L.
Bernheimer, Chairman of the Arbitration Committee of the
Chamber of Commerce, succeeded in having the parties
agree on $140,000 as the amount of damage suffered by R.H.
Macy & Co. Judgment was accordingly entered for that
amount in the United States Supreme Court in settling the
suits. The actions were brought to contest the right of
publishers to arbitrarily fix the price at which books should
be retailed. A late reference to the matter appeared in
our issue of May 16 1914.
The Supreme Court of Errors of Connecticut at New
Haven in a decision filed July 14 upheld the right of the
Associated Hat Manufacturers to compel its members to
observe a rule of the Association and remain in the organization during labor troubles. The opinion was handed down
in a test case brought by the Associated Hat Manufacturers
against the Baird-Unteidt Co. of Bethel. It was charged
that during the labor troubles in Danbury in 1909 the defendant concern had violated a regulation of the organization
which stipulated that "no member of the Association should
resign from membership during a cessation of work ordered
by the Association." Members of the Association bound
themselves to pay $5,000 for violation of or failure to comply with the regulations, prohibitions, decisions or orders
of the Association. The defendant and fourteen other concerns which withdrew in 1909 claimed that they had complied
with the regulations of the Association by giving sixty days'
notice of their withdrawal, but the organization contended
that this provision in its by-laws applied only in times of
peace. The matter was heard in the Superior Court of
Connecticut about two years ago and was carried by agreement of counsel to the Supreme Court for decision. Under
the latter's decision the plaintiff is awarded $5,000 with interest from July 14 1909. It is estimated that, under the
ruling, about $75,000 may be collected from the other firms
who took like action with the Baird-Unteidt Co. These
firms were: the Lee Hat Co.,Hawes von Gall Co., Lee Soft
Hat Co., Simon & Kane, Delohery Hat Co., S. C. Holley
& Co., A. A. Hodshon Co., Beltaire Hat Co., S. A. G. Hat
Co., H. McLachlan Co., Hoyt-Messinger Co., Danbury
Hat Co., Piex Hat Co., all of Meriden, and the Edwin Short
Hat Co. of Bethel.
In the suit against the Chicago Board of Trade brought
by the Government under the Sherman Anti-Trust Law,
Judge Landis has ordered stricken out that portion of the
defendant's answer which maintained that the grain 'call"
is justified because the elevator companies work under a
similar agreement. The "call" constitutes an arrangement
whereby the price for grain is fixed by a committee of five
after the closing of the market each day, such prices prevailing until trading is resumed. In the Government's charge,
the fixing of this "call" price is alleged to be a conspiracy
and combination to prevent competition. The suit was
instituted on February 11 1913, as indicated in the "Chronicle" of February 15 1913.
State banks in Memphis, Tenn., have decided that hereafter they will make statements only when called upon to do
so by the State Banking Department, in accordance with the
State banking law which became effective last January.
Under this Act the Banking Superintendent is required to
secure reports twice a year, but at such times as he may determine. Heretofore the banks had issued statements regularly
on Jan. 1 and July 1.

change and Mr.Price is one of two assignees appointed by the
State Supreme Court. The other was J. Edwards Wyckoff.
The liabilities of the firm are said to exceed $5,800,000. On
the day of its suspension it purchased 200,000 bales of cotton
for about $12,000,000. Of this amount $4,800,000 worth,
it is said, remain unclosed. The Cotton Exchange members
are liable for more than a million, it is reported. Among
the assets are $3,000,000 worth of stocks and bonds pledged
for bank loans. The remainder consists of cash and commercial paper. Colonel Robert M. Thompson, a special partner in the firm, is said to be a creditor to the extent of
$3,000,000.
On July 28 a dividend of 20% (or $1,000,000) was declared
on the $5,000,000 capital of the Marine National Bank of
Buffalo, to be applied as purchase money for the $1,000,000
capital of the proposed Bankers Trust Co. A statement
of the directors of the bank says:
"At a meeting of the board of directors of the Marine National Bank
held at 11 o'clock to-day, it was unanimously voted to declare an extra
dividend of 20% on the $5,000,000 capital stock of the bank, allowing
the recipients of the dividend to apply same towards the purchase of stock
in the new Bankers Trust Co. of Buffalo, now organizing. This extra
dividend is in addition to and in no wise intereferes with the regular 16%
annual dividend rate of the bank. The last quarterly dividend of 4% was
paid June 30. The regular and extra dividends for this year will result in
a disbursement of $1,800,000 in cash.

John L. Billard, President of the Meriden Savings Bank of
Meriden, Conn., for eleven years, resigned that position at
the annual meeting of the trustees on July 20. Mr. Billard
will continue with the institution as Vice-President. He is
succeeded in the presidency by Eugene A. Hall. Mr. Billard was one of those who figured in the affairs of the New
York New Haven & Hartford RR., recently inquired into
by the Inter-State Commerce Commission.
Action on the question of increasing the capital of the
Home Savings & Banking Co. of Cleveland from $50,000 to
$125,000 is to be taken by the stockholders on Sept. 1. Of
the new issue $50,000 is to go to present stockholders and
$25,000 to new interests. The Cleveland "Plain Dealer"
states that the proposed stock will probably be offered at
$130 a share and that it will cost present shareholders only
$25 a share, as the bank's surplus will contribute to the
extent of $105 per share. It is proposed to amend the
charter of the institution so as to permit it to engage in a
trust business, its name being accordingly changed to the
Home Savings & Trust Co.
The Broadway State Bank of Chicago, one of the institu
tions which suspended with the closing of the La Salle Street
Trust & Savings Bank in June, was taken over by the
Edgewater State Bank on July 25. The latter commenced
business in April as successor to the Edgewater Bank, with
a capital of $200,000. On July 22 the stockholders of the
Edgewater State Bank decided to increase the capital of
their institution to $300,000, fixing the selling price of the
new stock at $130. It is stated that a large part of the issue
will be paid in by the stockholders and depositors of the
Broadway State Bank. Through the merger, it is reported,
the Edgewater Bank assumes all of the deposits of the
Broadway and takes over the latter's approved assets.
According to the Chicago "Herald," the $100,000 deposit
of the City of Chicago held by the Broadway Bank will be
allowed to remain with the Edgewater Bank for eighteen
months without interest. Before the negotiations for the
absorption of the Broadway Bank, plans had been under
way for its reorganization under the name of the Wilson
Terminal State Bank, but these were abandoned in favor
of the new proposition. 0.F.Paisley continues as President
of the Broadway State Bank.
The Illinois State Bank, another of the institutions which
closed when the La Salle Street Trust failure occurred, has
perfected its reorganization through an assessment on its
capital and reopened on the 1st inst.
The Farmers' Bank of Bithalto, Ill., which closed at the
time of the failure of the La Salle Street Trust, reopened on
July 9 in charge of John Scullin, a representative of the State •
Banking Department.

Three receivers for the firm of S. H. P. Pell & Co., which
We noted last week the proposed organization of the
suspended last week, were named by Judge Grubb of the
Avenue State Bank of Chicago to succeed the ChiChicago
are
they
inst.;
4th
United States District Court on the
Arthur R. Marsh, Theodore H. Price and Joseph M. Hart- cago Savings Bank. It is important to point out that there
-field. Mr. Marsh is a former President of the Cotton Ex- is no connection between this institution and the Chicago



AuG.8 1914.]

THE CHRONICLE

Savings Bank & Trust Co., the letter being an institution
which has already established for itself a prosperous record.

395

Totals for merchandise, gold and silver for twelve months
Merchandise.

The Standard Bank of South Africa, Ltd., of London,
entertained the fifty agricultural delegates from South Africa
who are visiting Europe as the guests of Sir Owen Phillips
at a grand banquet Monday evening, July 13, at the Piccadilly Hotel. The "farmers," as they modestly describe
themselves, had just completed a tour of the farming districts
of England and Scotland, and the banquet preceded their
departure to the Continent, Holland being the next country
on their itinerary. The Rt. Hon. Lord Welby, a director
of the bank, presided and delivered a felicitous speech of
welcome, and in his toast, "Prosperity to the Farmers of
South Africa," he referred eloquently to the growth and
agricultural development of South Africa. J. A. Neser,
Chairman of Committees in the Union House of Assembly,
speaking for his associate farmers, gave an interesting
review of conditions, needs and possibilities of farming in the
South African country. An informal exchange of views
followed between the delegates and the leaders of South
African finance and commerce present. The occasion
brought a large number of distinguished people together. The
vice-chairs were filled by Sir David M. Barbour, Robert E.
Dickinson, James F. Finlay, Sir Charles Freemantle, Horace
Peel and the Rt. Hon. Lord Sydenham-all directors of the
Standard Bank. The institution is represented in this country
by W. H. Macintyre at 55 Wall St., this city. The Standard
Bank of South Africa is banker to the Government of Good
Hope and the British Government in the Cape Colony and
Transvaal, and it maintains over 183 branches in Cape
Colony, Natal,Transvaal, Orange River Colony,Basutoland,
Rhodesia, British Central Africa and East Africa.
•
1111
A.rE. Holt has become a director of C. Meredith & Co.,
Ltd., of Montreal, succeeding H. Robertson. Mr. Holt is
Manager of the Royal Trust Co. of Montreal, having succeeded Mr. Robertson in that capacity last year.
IMPORTS AND EXPORTS FOR JUNE.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for June, and
from it and previous statements we have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all eases omitted.)
MERCHANDISE.
Exports
Impart!
1912.
1914.
1912.
1913.
1913.
1914.
204,067 1227,033 8202,446 1154.743 1163.063 $143,186
January
134,188
149,914
February.
198,844
193,997
173,920
148,045
157.577
155,446
March
187.427
187,499
182,555
205,412
162,571
146,194
173,762
179,300
April
199,813
162,553
155,698
133,724
164,282
175,380
161,733
194,607
May
131,031
131.246
157,773
138,234
163,405
157,119
June
148,667
139,062
148.885
July
160,991
154,757
137,652
167,845
187,909
August
144,820
171,085
199.678
218,240
September_
177,988
132.949
254,634
October
271,861
153.095
148,236
November__
278.244
245,539
184,026
154.095
250.316
December 233,196
Total

January
February
March
April
May
June
July
August
September
October
November
December
Total

January
February _ _
March
April
May
June
July
August
September_
October.
November
December
Total

January -February.
March_ __ April
May
June
July
August ___
September
October __
November
December..

$2,484,018 $2,399,218
GOLD.
Exports
1914.
1912.
1913.
$1,915
16.914
$17,238
9.079
10.589
12,373
2,632
7.454
18,077
407
1,817
3,010
16,835
4,451
12,467
48,107
7,171
569
8,654
7.265
2,498
1,195
496
568
484
330
6.663
2.710
10,573
657
-1914.
14.010
3,592
3,882
4,543
4,845
4,639

$91,799
Exports
1913.
16,436
5,315
5,537
5,972
5,329
4,732
4,936
4,908
5.856
4,874
4,423
4,458

81.792,596 11.818.073

1914.
110.442
3,209
7.842
3,460
1,973
3,817

Imports
1913.
86,210
5.357
4.381
4,014
4,561
3,387
7.859
5,804
4,627
5,391
7,041
5,073

1912.
15,141
2,937
4,336
3,893
3.347
5,611
8.748
5,577
4,201
11.887
4,474
11,897

$83.705

166.549

147.425
SILVER.
1912.
16,028
5.122
5,808
4,941
6,726
5.046
6,591
6,077
6.011
6,172
5.834
7,608

1914.
12,318
1.914
2.567
2,214
1,755
1,822

Import
1913.
14,201
2,481
3.184
2,808
3,093
2.365
2,799
3,401
3.098
2,538
3,089
2.810




8+28,004

Er..
Ports.

1912
$4,358
3.781
3,712
4,189
4,345
4,880
3,436
3,952
3.649
4,684
8.417
3.998

+826.909

j

I Excess
ins- I of
Exports. lExports ports.

$
$
1111
1913-14 2,364,6261,894,169,4-0,4571112,039
1912-13 2,465,884,1,813,008,652,8761 77,763
1911-122,204,322:l,653,264551,0571 57,328
1910-11 2,049,320,1,527,2261522,0941 22,510
1909-10 1,744,9811,556,9471188,037,118.563
1908-09 1,663,01111,311,920351,0911 91.532
a Excess of importa.

Gold.

Silver.

Excess
of
ImExports. Exports ports.

Excess
of
Imports. Reports

66,539
69,194
48,036
73,607
43,340
44,004

45,50
8,569
8,392
51,097
75,223
47,528

$
54,965
71,6141
64,800
64,750
55,2871
55,683.

S
30,327
41,269
47,050
45,937
45,217
43,955

24,638
30,345
17,840
18,813
10,070
11,728

Similar totals for the six months since January 1 for six
years make the following exhibit:
Merchandise,
Six
Months
(000s
omitted)

Exports.

$
1914_ 1,046,891
1913___ 1,166,282
1912._ 1,099,616
1911._ 987,821
1910___ 804,759
1909_... 787,973
1908___ 877,797

Imports.

Excess
of
ExExports ports.

5
$
981,160 65,731
879,587286,695
884.652214,964
763.746224,075
799,424 5,335
717,997 69,976
522,451 55,346

8
83,974
63,735
33,397
13,252
49,516
63,834
53,519

Gold.

Silver.

Excess
Insof
Erports. Exports ports.

Excess
of
Imports. Exports

8
$
30,743 53,231
27,910 35,825
25,264 8.133
33,773 a213.521
430:8
6
19
28
20;136 3
26,368 27,151

$
$
8
25,510 12,590 12,920
33,322 8.132 15,190
33,669 25,264 8,405
34,443 21,962 12,481
2
27
9
4721
890
5
2221:
0
,3
5
0654
14
0 21,
25:

6
4,
5;88
41 6
50
3

a Excess of imports.

TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL PRODUCTION.-The anthracite
coal shipments to tidewater during July 1914 reached 5,391,857 tons, a decrease of 95,995 from July 1913. In the following we indicate the shipments by the various lines in
July 1914 and 1913 and for the periods Jan. 1 to July 31.
July
1914.
1913.
Philadelphia & Reading
tons_ 831,965 902,763
Lehigh Valley
1,026,225 1,011,987
Central Railroad of New Jersey
708,891 775,550
Delaware Lackawanna & Western__ _ 826,771 871,677
Delaware & Hudson
671,682 589,589
Pennsylvania
406,760 439,912
Erie
717,201 683.161
Ontario & Western
202,362 213.213
Total
5 391,857 5,487,852

-Jan. 1 to
1914.
6,863 613
7,181,300
5,097,978
5,425.277
4,087,557
3,623,848
4,707,228
1,350,845

July 311913.
7,761,147
7,604,118
5,351,214
5,661,037
4,084,128
3,607,018
4,762,953
1,498,091

38,337,646 40,339,706

LAKE SUPERIOR IRON ORE SHIPMENTS.-The
shipments of Lake Superior iron ore during July 1914 aggregated only 5,784,514 tons, as against 8,204,416 tons for the
month of July last year. The total shipments for the
season to date show a decrease of 8,920,830 tons,as compared
with the same period last year. In the following we give
the shipments from the various ports in July 1914, 1913
and 1912 and for the season to July 31.
Post (tons)Escanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total

July__
1914.
1913.
1912.
664,721 858,696 836,346
297,413 496,725 511,924
533,744 754,329 771,057
1 956,911 2,396,064 2,324,324
1,169,410 1,938,716 1,540,324
1,162,315 1,759,886 1,6,6,258

Season to July
1914.
1913.
1,740,741 2,659,299
681,361 1,556,501
1,416,825 2,264,031
5,690.413 7,073,413
2,949,286 5,934,664
2,930,004 4,841,552

311912.
2,478,294
1,430,814
2,103,858
8,668,655
4,38.5,802
4,223,481

5 784,514 8,204,416 7,600,233 15.408,630 24,329,460

21,290.904

COPPER PRODUCTION AND CONSUMPTION.
The Copper Producers' Association did not issue the usual
copper statement for July, and made'the following announcement, dated August 4 1914, in explanation:
In view Of the conditions now existing in the markets of the world. it
was decided by the Copper Producers' Association that the
usual monthly
reports issued by the Association be suspended until further
notice.

Canadian Bank Clearings.-The clearings of the Canadian banks for the month of July 1914show an increase over
the same month of 1913 of 0.7%, and for the seven months
the loss reaches 7.3%.
Judy.

Seven Months.

Clearings at
1914.

862,776
1148.40
$35.867
171.962
EXCESS OF EXPORTS OR IMPORTS.
----Merchandise-- -Gold-Sliver
1914
1912.
1913.
1913.
1914.
+149.324 +163.970 +158,860 1914.
-83,528+111,028 +11,692 8+2,235
+25,875 +44.083
+1.678 +2,834
+4,944 +31.981 +47,835 +5.870 +7.016 +1,314
+2,353
-11.209 +53,619 +18,729 -5,210 +13,696 +2,329 +3.164
-2.549 +60,883 +19.682 -3.053 -1,004
+2,236
+3,090
+14,862
+7,906
-654 +32,159
+7.203 +44,290 -2,818 +2,817 +2.367
+21.929
+218
+2,317
+795
+50,257 +13,088
+1.507
-4.609
+47,155 +54,858
+2,758
-4,131
+138,912 +76,646
+2,336
-4,907
+97,303 +125,149
+1.334
-378
+49,170 +96,221
+1,648
+5,500

Total+8691,422+1581.145
+ Exports. -Imports.

Twelve
Months
(000s
omitted)

1913.

Inc.or
Dec.

1914.

1913.

Inc.or
Dec.

CanadaMontreal, 268,847,793 243,647,783 +10.3 1,611,468,940 1,639,389,716 --1.7
Toronto
198,337,755 179,588,146 +10.4 1.258,923.103 1.260,740,121
witufteg--- 108,760,139 120,226,677 -9.5 730,922,328 840,562,934 ---13.0
Vancouver_ _ 39,574,409 51,411,370 -23.0 269,153,867 360,236,808 --25.3
Ottawa
17.717,427 18,381,355 -3.6 119,380,081 118,089,008 +1.1
20,879,609 19,725,926
Calgary
+5.8 122,999,710 139,026,474 --11.5
Quebec
15,741,169 15.666,875 +0.5
93,062,089
94,258,980 ---1.3
Victoria._
11,981,270 15,428,229 -22.3
77,838,051 107,731,029 ---27.7
Edmonton__ 15,317.009 18,405,035 -16.8 102,439,671 124,211,320 --17.5
Hamilton..._ 13.434,967 15,829,697 -15.1
90,053,936 103,881,754 ---13.3
Halifax _ _ _
9.558,076 9,658,991 -1.0
58,696,837
59,199,246 ---0.8
St. John. _ _ _
8,094,476 7,635,859 +6.0
46,352,127
48,336,657 --4.1
London
7,807,314 7,700,705 +1.4
51,230,182
53,916,678 --5.0
Regina
8,233,957 9,632,906 -14.5
56,636,656
73,707,106 ---23.2
Saskatoon _ _
4,990,469 7,484,875 -33.3
36,445,285
57,194,807 ---36.3
Moose Jaw_
3,770,564 4,365,191 -13.6
26,640,596
35,036,380 ---24.0
Brandon _ _
2,052,879 2,591,086 -20.8
14,124,841
17,156,850 --17.7
Lethbridge _
1,739,655 2,390,978 -27.2
12,853,471
15,864,917 --19.0
2,700,000 2,843,605 -5.0
Brantford .._
17,959,267
18,951,262 ---5.2
Fort William 4,154,262 4,936,007 -15.8
24,001,844
26,845,141 --10.6
New W'm'er 1,786,407 2,496,289 -28.4
12,075,440
17,610,430 ---31.4
Med. Hat.. 1,708,934 2,654,589 -35.6
12,773,649
8,813,325
Peterbor'ogh
1,768,868 Not incLin t otal.
2,649,231 Not inel.in to tal.
Total Can. 765,479,096 760,047,585 +0.7 4,833,261,322 5,211,947,718
• Not inc uded in total; comparison incomplete.

-7.3

The clearings for the week ending Aug. 1 make a
satisfactory comparison with the same week of 1913, the
increase in the aggregate having been 3.4%.

Week ending Aug. 1.
Clearings al
1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
London
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough

[VOL. XCIY

THE CHRONICLE

396
1913.

Inc.or
I Dec.

1 %
$
58,107,541 50,197,842 +15.8
44,030,900 41,554,628 +5.9
22,482,916 23,736.777 -5.3
8,202,872 9,836,892 -16.6
3,372,627 3,701,359 -8.9
+7.8
3,062,557 2,841,936
2,007,295 1,620,529 +23.9
1,674,110 1,499,953 +11.7
2,740,267 3,271,527, -16.2
3,783,325 4,076,447 -7.2
1,459,022 1,520,985 -4.0
2,438,622 3,093,559 -21.2
2,842,238 3,129,741 -9.2
1,881,362 1,659,414 +13.4
526,303 -11.4
466,510
1,473,985 -33.3
983,931
920,266 -17.9
755,401
435,051 -24.8
327,117
519,614 +11.2
577,388
887,990 +23.2
1,093,161
468,697 -27.0
342,555
540,904 -41.8
341,129
371,443 Not incl. in total.

1912.

I

1
55,570,606
40,503,012
24,207,246
11,934,217(
5,085,772
1,675,438
1,628,501
3,328,450
4,540,818
1,414,622
3,590,080
3,445,159
1,793,039
636,899
1,922,455
1,047,556
592,322
596,849
653,908

1911.
41,024,229
45,410,101
20,508,834
10,478,137
3,501,778
1,899,874
1,467,353
2,489,394
4,046,497
1,432,357
2,708,612
1,974,167
1,404,788
679,684
1,059,017
782,724
494,385
474,597

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the lint page of each Issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.

by Telegraph
Clearings-Returns
8
1Veek ending Aug
York
New
Boston
Philadelphia
Baltimore
Chicago
St.
Orleans
NewLouis
cities,
Seven
fivefive
Other cities,
daysdays
dayfive days
AllTotal
cities,allonecities,
Total all cities for week

1914
$1,068.655,500
119,602,198
120,660,065
47,069.415
249.116,872
58,708,500
17,954,481
$1.681,767,031
502.487.969
$2,184,255.000
415.264.398
$2,599,519,398

per
1913
Cent
$1,252,757,419
-14.7
106,336,462
+12.5
121,276,092
-0.5
29,283.417
+60.7
+0.3
248,352.867
-3.4
60,778,727
12,025,316 '+49.3
$1.830,810,300
500,018.204 -8.1
+0.5
-6.3
$2,330,828,504
464,741,173 .-10.7
$2,795,569,677 -7.0

Our usual monthly detailed statement of transactions on
162,914,946 157,514,399 +3.4 166,994,296 144,347,080
Total Canada
Stock Exchange is appended. The results
-Pacific and Other Western Clearings brought forward the New York
for the seven months of 1914 and 1913 are given below:
from first page.

Seven Months.
July.
or
Inc.
Dec.or
1913. Inc.
1914. I 1913. Dec. 1914.
3
•%
I
1,515,036,242
Francisco_ 225,316,649219,174.353
San
---0.1
707,180,684
730,358731, --3.1
97,738,836
97,689,160
Angeles....
Los
4-2.4
372,709,642
54,672,407
371,021,542
-1-0.5
56,003,474
Seattle
--7.3 342,486,803
358,628,004
49,674,246
--4.0
46,046,477
Portland
--0.8
175,927,153
25,950,029
25,773,731
180,256,728
--2.4
City
Lake
Salt
---7.7 122,505,480
---0.9
16,427,536 17,779,539
Spokane
,381,126 --20.0
65,019,866 123,586,372
80,960,264 --19.7
Tacoma
---8.2
103,401,089
15,679,578
14,389,582
112,239.697
--7.9
Oakland
57,870,835 85,121,709
59,041,24 --24.6
---2.0
_ _ 8,764,924 9,028,830 ---2.9
Sacramento.
--28.0
84,180,315
12,196,440
__
Diego_
8,782.549k
San
--6.1
4,031,004
28,201,425
3,787.4601
30,531,568
---7.4
Pasadena
4-9.5 25,804,748
3,759,650
28,016,644 --11.6
---0.8
4,117,7121
Stockton
--1.8
3,852,935
27,113,952
3,782.2981
30,681,558
Fresno
19,192,267 22,502,106
3,269,7241 2,915,530
19,227,385 --0.2
San Jose
3,290,084 +12.1
4-8.7 22,117,947
3,878,9211
--1.7
Boise
4-33.9
2,524,951
21,770,246
3,379,8781
18,499,448
4-17.7
Ogden
---0.2
1,452,708
11,532,129
1,450,0001
11,408,70
Yakim
+1.1
North
4.04 7,300,916
1,299,897
---2.3
7,934,6828,117,576
Reno
4-30.1
1,057,980
812,98
Rosa
6,674,107+9.4
Santa
Long Beath- 2,527,240Notincl.in total. 6,120,432Not Wel.in tal.
537,2l5,123 -3.4
Total Pacific533,952,926
0.63,650,484,4783,787,919,625
City._ 241,963,243231,155,031
4-4-2.6
-1.7
Kansas
4.71.569,349,3911,596,951,005
97,435,219
99,937,926
,656,576
Minneapolis
+0.9
680,403,908
--8.5 505,356,723
67,091,759 43,665,710
1.8
73,285,089 +15.8
Omaha
513,352,364
+14.3
I
.50,550,797
334,375,6
Paul
St.
292,601,543
35,202,061
-8.0
-14.7
35,456,274
Denver
254,728,957
271,123,514
30,310,050 --15. 218,072,858 237,189,355 -8.1
St. Joseph__ 25,588,823
23,616,079 21,025,244 +12.3 172,550,921 157,339,078 +9.7
Des Moines
Clearings at-

Seven Months 1913.
Seven Months 1914.
DescriplAver.
.1 Par Value
Value Actual
tion. orParQuantity.
Value. A
rice. or Quantity. Actual
Value. -,
51,381,313
45,990,575 ,792,545,143 94.31$4,637,705,100$4,485,778,083
Sh's. ,023,321,369
Stock'1Val_
96.7
96.5
288,056,123
298,572,100
96.0
376.286,68.5
391,771,50
bonds
RR.
1,243,167101.5
1,225,100
683,029,104.3
655,100
bds_
Gov't
93.2
17,652,112
18,944,200
32,922,5261100.8
State bond
187,219198.7
94,20
201.4
535,3381_
inks_ 32,659,500
265,809
'Unit
Total_ _ _ $4,448,673,269$4,202,972,7215.476$4,956,540,700$4,792,916,704 96.7
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1914
and 1913 is indicated in the following:

1913.
1914.
Values.
Number
Values.
Number
of
of
Actual.
Par.
Shares.
Actual.
Par.
Shares.
i
$
•
3
$
790,879,464
809,787,850 600,464,308
8.748,973 617,315,100
847,963.208
881,625,495
Jan.10,088,895
6,763,632
515,947.918
556,109.360
6,220,059
Feb.
Mar. 5,855,260 518,398.024 483,147.819 7,229,732 639,404,500 620,004,816
1stqr 22,164,214 1,956.132,8791,847,058,74522,742.337 2,066.507,4502,021,348,588
716,498,976
738,652.100 470,216,409
593.476,978 8.463,226
7,145,284 623.482,570
April 4,757,405
488,456,111
5,463,561
374,842,097
398.348,240
May
833,490,241
872,946,225
9,588,174
324,688,914
343,676,540
15,985,571 16,337,455 -2.2 97,934,120 103.218.988 -5.1
Wichita
Tune 4,002,748
Duluth_ .........._ 17,067,513 19,528,175 -12.6 100,928,264 111,825,538 -9.8
Sioux City_ _ _ _ 13,593,289 14,236,418 -4.5 104,292,857 100,103,054 +4.2 2d. qr 15,905,4371,365,507,3501,293,007,98923,514,9612,098,054,32 2,020,211,626
9,682,031 9,050,648 +7.
62,902,957
56,863,299 + 10.6
Lincoln
7,200,233 7,722,622 -9.1
47,576,508
50,504,022 -5.8 1mos38,069,6513,321,640,2293,140,066,734 46,257,2984,164,561,17 4,041,560,214
Topeka
50,221,509 +14.7
Cedar Rapids_ 7,809,016 6.492,786 +20.3 57.590,691
52,484,U81 54,955.885 -4.5 Tirly 7020.924 701.681.140 652.478.409 5.124.105 473.143.325 444.217.889
6,904,815 7,303,011
Davenport
-8.9
5,905,708 7,196,323 -18.
Waterloo
. .
30,544,613 +3.6
5,862,284 4,387,056 +33.6
31,637,468
Helena
MONTHLY CLEARINGS.
21,744,912 +30.9
4,001,846 3,131,001 +27.8
28,473,292
Sioux Falls_
13,913,301 +84.6
Fargo
25,678,249
4,696,786 1,979,992 +137.2
Clearings Outside New York.
I
Clearings, Total AU.
-3.0
19.198,33
18,619,872
3,315,534 3,112,817 +6.5
Colorado Sp'g
2.4
19,064,4
19,540,823
2,677,433 2,664,140 +0.5
Pueblo
ifonth.
1193. I %
1914.
1913.
1
%
+11.6
1914.
10,300,202
1,778.438 1,687,089 +5.4
Fremont
11,497,666
12,644,322 +15.7
2,395,804 1,578,557 +51.8
Aberdeen
14,631,186
3 I -1.0
$
$
I
-10.5
6,174,835
1,055,612
$
Hastings
846,653 +24.7
5,525,757
Billings
1,812,462 1,630,985 +11.2
11,221,392 +6.9 Ian_ 10,198,119.613 16,233.840.268 -0.2 6,826,299.220 6,895,099,082
11,998,553
-Ls
5,819,961,954'
5.628,553.438
-5.5
13,614,567,259
12,864.108,921
Joplin
2,718,100 3,314,639 -18.0
22,922,834 -15.2
19,438,500
__
Feb
+0.8 6,405,190.884 6,253,796.632, +2.4
14,140,021.542
14,254,780.928
Grand Forks_ _ 1.422,000 1,677,000 -15.2
10,905,700 -2.5 31ar.
10,140,0 I I
..
957,247 1,085,383 -11.8
Lawrence
6,905,909
6,470,372
Iowa City.... 1,100,000 1,000,000 +10.
8,148,901
7,517,688 -8.4
tat qr. 43,317,009.482 43,988.429,089 -1.5 18,858,043,542 18,968.857.653 -0.6
+1,3
C233,821.6151 --3.8
+4.3 0.351.244.705
14.289.152.590 ---8.8
Tot.oth.Weat_ 661,948.623648,041,154 +2.214,521,097,4994,518,995,485 +0.4
April _ 14,899,782.026
5,927.511.106 8,157,073,5271
14,119,532,249
13.166,042,664
vlay_.
6,101.888,444
5,955,898.726,
+2.5
+1.7
13,709.419,177
tune:. 13,946,091,208
Week ending Aug. I.
Clearings at
18,346,793,868.4.02
id qr. 42,011,895,898 42.118,154,016 -0.3 18,380,644,255 37,315.651,526L..02
inc.
or
1914.
1913. Dec. 1912.
1911.
37,238,687,794
-0.9
86,106.583.085
85,328,905,360
1 mos.
.,
$
$
$
$
. .__ .. ..... ao a tan ix RSA 417.11871 +8'9 6.315.900.959 6.209.537_1143 4.1 7
47,076,101
Francisco...
43,364,366
43,977,969
San
+7.0
49,927,419
20,210.257
18.591,895
18,930,110
Loa Angeles
+6.8 19,550,384
of bank clearings at leading cities of the coun11,569,227
8,778,228 The course
12,031,585
Seattle
-3.8
10,641,280
8.519.463
9,389,654
8,550,000
Portland
-9.3
9,670,740
try for the month of July and since Jan. 1 in each of the last
5,355,856
Lake City
5,387,087
Salt
-0.6
5,728,297
5,715,000
ja..I to j
years is shown in the subjouned statement:
3,062,248
Spokane
3,781,515
AT LEADING CITIES. tau 31
1,727,062 3,411,560
2,235,499 -11.1
Tacoma
-36.1 3,328,092
2,453,295 four
BANK CLEARINGS
2,600,438 4,009,526
July
2,830,479
3,261,473
Oakland
-13.2
3,594,995
1,631,237
1913. 1912. 1911.'1914. 1913. 1912. 1911.
1,761,534 -34.1
Sacramento
-7.4 1.377.250
1,577,800 (000,0005
1914.
1,547,421
Diego
2,347,044
San
1,500,003
1,948,198
$
omitted.)
7,516
56,271
7,921
58,136
699,578
711,336
7,345
-1.7
750,000
8,180
Pasadena
670,029
58,057
543
,018
New York
1,165
1,271
9,640
807,908 656,041
575,440 +40.3
1,343
9,334
Stockton
724,822 Chicago
811,521 593,667
1,377
8,811
8,058
689
700
4,790
664,962
+1.4
681
4,870
Fresno
804,904
708
5,262
4,876
Boston
688
4,861
721,653
689
709
5,004
San
604,815
708
4,672
4,558
Philadelphia
323 306
265,000 607,170
267,978 +18.9
2,389
329
-1.1
357,604
NorthJoseYakima_ _ 260,000
2,401
303,504 570,000
337
2,305
2,216
Louis
St.
209
247
255,000
1,582
252
+2.0
1,764
226,041
229
Reno
250,000
1,598
1,488
Pittsburgh
228
197
219
488,567 Notincl.in to tal.
1,468
1,515
225
Long Beach
1,508
1,352
Francisco
San
103
116
113
803
779
120
Cincinnati
152
161
1,108
163
106,918,452
105,806,480
+1.1
Pacific..
1,180
183
111,983,089
101,370,296
Total
1,81?
012
1.1
Baltimore
202
206
231
1,569
City_ __ _ 62.225,686
53,523.533
+16.2 49,787,252
242
45,093,357
Kansas
1,597
1,490
1,474
City
Kansas
1
823
7
9
8
7
2
10
1,
7
2
7
7
9
12
08
8
1
,7
64
,1
7
1
,
17.776,664
80
1
:
+31.2
um
r
7
4
,
23,316,145
124
15,512,245
18,412,684
Minneapolis._ _ _
Cleveland
16,696,658
-13.8
72
14,400,620
18.729,143
Omaha
15,047,067
Orleans
New
100
9.790,461
+0.2
9,224,968
9,809,846
Paul
9,227,734
St.
MinneaPolis
62 99
56 424
58 81
58 118
6,493,318 -22.6
8,378,619 Louisville
6,800,816 7,062,094
8,122,740 6,510,887
438 409
Denver
+4-7 6,573,313
815 424
116
755 631
5,468,394
547
Joseph
it.
Detroit
59
68
79
3,595,410
4,380,243
-3.9
450
418
4,208,006
400
4,204,628
Moines
Des
Milwaukee
PI
98
V);
3,279,018
3,703,101
+3.9
730
3,677,384
683
3,848,683
Wichita
Angeles
Loa
385 972
387 32 243 513
37 973
246 488
2,561.191
+5.1 2,457,950
256 538
3,534,155 -9.6
238
3,713,633
Duluth
_
Providence_
67
2,228,415
2,361,420
2,789,647
438
2,521,891
City
Roux
Omaha
V
58
IN
1,728,783
296
358
324
2,111,237
-1.8
1,714,565
2,074,468
Lincoln
Buffalo
38
44
434061 44 334 293
51
1,536,470
302
318
-16.7
1,340,312
1312,834 1,576,344
ropeka
St.Paul
39
40
1,154,969
257
255
258
+ 14.0
1,154,489
1,550.000
1,360,786
Rapids...
Dedar
Indianapolis
3482
3
5
3
11
35
!12
254
1,693.681
275
371
1,560,301
-23.0
1,863,923
1,426,552
Davenport
Denver
32
991,478
228
36
255
244
239
1,117,248
1,422,198
-19.6
1,143,381
Waterloo
Richmond
30 45
22 223 223
24 28
193
+23.6 961,739
873,123
1,079,584
lelena
Memphis
55 50
56
835,312
33.5 309
371 227
307,669 930,981
959,120
342,572 +180.0
Fargo
Seattle
23
22
20
28
701,481
T750
650,000
+3.7
710,9)0
762,946
_
Sp'gs_
Dolorado
Hartford
26 26 27 28 176 181 216473 18314
+21.2
499,554
412,032
Pueblo
Salt Lake City
453,640
293,505 557,041
-1.0 440,744
440,594
436,233
Fremont
321,855
13,414
370,879+51.9
313,810
478,272
therdeen
Total
6,823
185.530 Other cities
6,959 83,318
1,078 12,961
960 12,146
1,082 12,476
908 92,048
7,646 92,680
7,779 92,015
189,997 145,000
+37.7 370,572
325,413
lasting;
315,700 - 200,000
375,2913 -15.9
3111ings
92,941
99,639
13,554
14,498
13,927
99,825
99,661
13,054
all
Total
Total oth.Weat 148.702,831 137.704,731 +7.0 128.343.092 126.349.2.94 Outside New York. 6.316 6,209 6,006 5,538 43,554 43,525 41,582 38,833




Ma.

THE CHRONICLE

AUG. 81914.]

ennincercial anaMiscellaneriasBms
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Customs Receipts.
at New York.

Merchandise Movement to New York.
Month

Exports.

Imports.
1912-13.

1913-14.

1913-14.

$
July
79,578,905 85,764,897 68,009,103
August.._ 78,844.083 86,569,092 77,577,210
September 95,367,231 84,440,226 74,475,934
October _ _ 71.691,438 109.821,079 134,194,135
November 79,923,991 85,700,284 71,626,106
December 103,447,909 94,190,034 82,061,629
January- - 82,330,513 92,638,634 72,872,302
February - 85.328,968 86,490,086 64,934,039
101.655,994 89.456,045 72,798,453
March
93,600,199 82,562,176 66,338,88
April
87,518,551 73,910,220 67,909,905
May
81,336,584 75,062,918 '62,630,190
June
Total

1912-13.

1913-14.

1912-13.

66,870,27
72,500,822
73,336,56
76,908.55
82,931,311
78,460,992
133.086,109
74,536,674
84.214,738
77,483,831
79,803,347
68,108,228

$
18.501,705
19.864.10
18,365,385
20,270.021
14.751.254
14,863.057
16,643,013
13,023,06
17,964.69
14,713,576
13,224,913
14,889,990

18,180.492
18,322.736
17,936,175
19,983.599
16,430,392
16.406.794
18,769,817
17,158.304
17,476,298
14,646,212
12,455,024
15,498,990

1040624366 1046605691 864,428,486918,041,435197,074,780203.264,833

Imports and exports of gold and silver for the 12 months:

ReceiptsCustoms
Internal Revenue-Ordinary
Corporation and Income Tax
Miscellaneous

Silver-New York.

Gold Movement at New York.

1912-13.

1913-14.
July
August_
September
October _
November
December
January- February _
March
April
May
June
Total

2,627.049
2,645,030
2,249,301
3,117.777
4,404,047
2,786,709
1,301,532
659.423
1,254.366
575,917
822.149
806,392

Imports.

Exports.

1912-13.

1913-14.

1913-14.

$
4,858,18
38,8
404,852
186,996
192,63
347,97
17.154,21/
12,242,96
17,588,89
477,24
13,032,393
395,592

1,482,187
1.743,73
1.134,43
1,029.73
1,883,914
1,311,47
1.145,935
779,43
1,450,164
1.045,
888,39
769,451

3,037.219
3,733,182
4.464.910
4,235,476
3,198,800
3,514,872
3.468,643
3,137.268
3,755,700
3,543,309
4,355,424
3,936,024

Exports.

Imports.

1913-14.

1,838,482 8,510,514
47,500
2,376,892
35,350
1,481,485
85,100
8,799,437
477,500
1,491,57
290.746
6.748,644
2.831,377 6,788.486
1,215,237 8.982.204
2,080,332 2.582.056
60,250
1,567,157
1,399,920 16.700,846
1,942,672 47,593,306

23,249,692 33,773,213 92,153.858 66,920,743 14,664,766 44,380,817

BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Deposit for

Circulation Afloat Under-

1913-14.
Bonds.
July 31 1914
June 30 1914
May 30 1914
April 30 1914
Mar. 31 1914
Feb. 28 1914
Jan. 31 1914
Dec. 31 1913
Nov. 29 1913
Oct. 31 1913
Sept. 30 1913
Aug. 30 1913

740,220,660
740,796,910
740,818,360
741.213.210
740,603.400
741,445,500
741,645,500
743.066.500
743,590.500
743.513.990
741.846,850
742,081,800

Legal
Tenders.

Legal
Tenders.

Bonds.

15,684,220 735,222,801
15,142.939 735,528,960
16,131,271 735,423,425
15.585,726 736.180.040
16,605,018 735,445.281
16.658,993 736,509,838
17.828,533 738,194,233
17.209,316 740,633.645
17,481.906 739.677.565
18.835.933 740,063./76
20,563,620 738.467,068
21,690,081 740,029.948

Total.

15,684,220 750,907,021
15,142,939 750,671,899
16,131,271 751,554.696
15,585,728 751,765,766
16,605,018 752.050.299
16.658.993 753.168,831
17,828.533 754.022,766
17.209 316 757.842.961
17381.906 757,159.471
18.835.933 758,899,709
20.563,626 759.030,694
21,690,081 761.720,029

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on July 31.
U. S. Bonds Held July 31 to SecureBonds on Deposit
July 31 1914.

PublieDeposits
Bank
in Banks.
Circulation.

Total pay warrants drawn

2%,U.S.consols of 1930
3%,U. S. loan of 1908-1918
4%,U.s. loan of 1925
2%,U. S. Panama of 1936
2%,1J, S. Panama of 1938
3%,U. S. Panama 01 1981
3.65%, District of Columbia
4%,Philippine loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico loans
Various, Territory of Hawaii
Various, Sate, city, railroad, &c

Total Public Debt and Panama Canal disbursern'ts

Net excess of all disbursements

Total

740,220,660

617,592,350
26,078,940
36,662,000
54,197,680
29,424,140
14,117,900
808,000
5,833,000
918,000
10,000
2,066,000
2,084,000
14,012,500

63,583,850

803,804,510

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits July 1 and
Aug. 1 and their increase or decrease during the month of
July:
National Bank Notes-Total AfloatAmount afloat July 1 1914
Net amount issued during July
Amount of bank notes afloat August 1 1914
Legal-Tender NotesAmount on deposit to redeem national bank notes July 1 1914
Net amount of bank notes Issued in July

$750,671,899
235,122
$750,907,021
$15,142,939
541,281

Amount on deposit to redeem national bank notes August 1 1914_ _ _ $15,684,220

GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for July 1914 and
1913.




84,120 00
4,935,526 16

$5,345 00
3,213,361 15

4,939,646 16

$3,218,706 15

575,644,142 53 573,427,453 43
82,419,968 93 512,079,049 31

STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given:
-Stock of Money Aug. 1 '14- -Monett in Circulation
In U. S. Held In Treas.& Aug. 1 1914. Aug. 1 1913.
5
3
$
3
Gold coin and bullion
1 887,270,664 230,891,204 632,332,591 606,015,613
Gold certificates_ b
49,660,150 974,386,719 1,000,560,414
Standard silver dollars_ _ __ 565,840,263
72.173,431
69,981,742
8,701,521
Silver certificates_b
12,555,662 474.601,338 470,578,117
Subsidlary silver
182,447,433 22,318,627 160,128,806 155,408,145
Treasury notes of 1890_ _ _ _
2,640,6311
2,420,019
2.433,000
12.981
United States notes
346,681,016
9.677,117 337,003,899 338,623,763
National bank notes
750,907,021 34,393,205 716,513,816 710,891,001
Total
3 735,579,397 368.210,467 3,367,368.930 3,356,891,123
Population of continental United States Aug. 1 1914 estimated at 99,168,000;
circulation per capita, $33 96.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money In national bank depositaries to the credit
of the Treasurer of the United States, amounting to 355,172,211 78.
b For redemption of outstanding certificates an exact equivalent in amount of
the appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The First State Bank of Stanford. Mont., into "The First National
Bank of Stanford." Capital, $35.000.
CHARTERS ISSUED TO NATIONAL BANKS JULY 24 TO JULY 28.
10.588-The First National Bank of Ville Platte, La. Capital, $25,000.
A Core'', President; L. G. Vidrine, Cashier.
10.589-The Beckley National Bank, Beckley, W. Va. Capital, $50.000.
.1. A. Wood. President; J. E. Toliver. Cashier. (Conversion of
The Winding Gulf Bank of Beckley, W. Va.)
10,590-The National Bank of Johnstown, Pa. Capital, 8200.000.
Nathan Miller. President; F. C. Martin. Cashier. (Succeeds
Dollar Deposit Bank of Johnstown. Pa.)
VOLUNTARY LIQUIDATION.
8,604-The Commonwealth National Bank of Dallas, Tex., July 2 1914.
Consolidated with ,The Security National Bank of Dallas, Tex.
Liquidating agent, J. W. Royal', Dallas, Tex.
2.185-The Farmers' National Bank of Princeton, Ill., until close of
business on July 23 1934.

DIVIDENDS.
The following shows all the.dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.

Total
Held.

12,958,850
5,033,400
3,908,700
1,287,500
546,000
14,117,900
808,000
5,833,000
918,000
10,000
2,066,000
2,084,000
14,012,500

872.080.30260 871.790,567 11

Public Debt-Bonds, notes and certfs. retired._._
Panama Canal-Pay warrants issued

Name of Company.
$
604,633,500
21,045,540
32,753,300
52,910,180
28,878,140

July 1914.
July 1913.
$22,988,465 04 $27,806,654 54
24.818.280 68
25,720,848 13
7.133,64062
1,853,298 88
18,283,787 21
4,850,722 57

$73,224,173 55 $60,231,524 12
Total
DisbursementsPay Warrants Drawn-$1,218,923 65
81,240,516 48
Legislative Establishment
54.187 24
45,717 69
Executive Office
306,240 76
564.762 46
State Department
4,255,344 45
Treasury Department-Excluding Public Buildings 5.035,031 51
1.639,819 33
1,699.953 22
Public Buildings
18,051,008 79
14.868,873 00
War Department-Military
192,068 81
230,088 02
Civilian
4,629,326 73
4,355,154 22
Rivera and Harbors
1,350,983 40
715,839 50
Department of Justice
194,373 91
190.091 51
Post Office Department-Excluding Postal Service
12,323,153 66
12,252,397 50
Navy Department-Naval
72,308 33
76,747 18
Civilian
4,713,937 16
4,676,681 91
Interior Department-Excl. Pensions 6c Indians
14,448,743 90
12,012,641 40
Pensions
1,354,4541,006,674 49
Indians
Department of Agriculture
2,858,969 47
3,183,133 23
888,536 46
Department of Commerce
1,167,337 73
349.816 37
326,464 83
Department of Labor
314,969 83
Independent offices and commission
406,820 86
2,512,471 29
District of Columbia
1 533,236 83
Intereet on the public debt
3,332,020 92
3.221,046 79

Grand total of disbursements
Month.

397

Per ' Whets
Cent. Payable.

Boots Closed
Daps Inclusive

Railroads (Steam).
3
Alabama Great Southern, preferred_ _ _ _
Aug. 27 Holders of rec. July 184
Atch.Top.& S. Fe.,cora.(cm.)(No.37)14 Sept. 1 Holders of rec. July 31a
Baltimore & Ohio. common
Sept. I:Holders of rec. Aug. la
3
Sept. 1 Holders of rec. Aug. la
Preferred
2
Aug. 15 Holders of rec. Aug. 10a
Buffalo Rochester & Pittsburgh, common 2
.Aug. 15 Holders of rec. Aug. 10a
3
Preferred
2% Sept. 1 Holders of rec. Aug. 120
Chicago Milw.& St. Paul, common
3% Sept. 1 Holders of rec. Aug. 120
Preferred
Aug. 20 Holders of rec. Aug. la
Chic. St. Paul Minn.& Om.,corn. & pref. 3
Cleveland & Pittsburgh,reg. guar.(guar.) 11i Sept. 1 Holders of rec. Aug. 100
Sept. 1 Holders of rec. Aug 10a
1
Soecial guaranteed (quer.)
Sept. ',Holders of rec. Aug. I5a
Cripple Creek Central, cons. (go.)(No. 19). 1
Sept.1 Holders of rec. Aug. 15a'
1
Preferred (guar.) (No. 35)
,Sept. 1 Holders of rec. Aug. 10a
1111nots Central (No. 119)
Aug 10
10 July 14 to
34 Aug.i
LoulsYille k Nashville
Minn. St. P.& 5.5. M.,com & p1.(No.23) 3% Oct 15 Holders of rec. Sept. 2I0
114 Sept. 19 Holders of rec. Aug. 310
Norfolk & Western, corn. ((Soar.)
lAug. lolHoiders of rec. July 310
1
Adjustment preferred (guar.)
10
Aug.24 Hoidens of rec Aug 30
Northern Central
Special (pay. on 40% Increased stk.) 281 !Aug. 24 Holders of rec. Aug. 3
1% 'Aug. 31 Holders of rec. Aug. la
Pennsylvania P.R. (guar.)
2
lAug. 13 Holders of rec. July 28a
Reading Company, common (quer.).
Sept. 10 Holders of rec. Aug. 250
First preferred (guar.)
1
!Aug. 15 Aug 6 to Aug 16
Seaboard Air Line, preferred (quar.)
2 !Aug. 10 Aug, 2 to Aug. 9
Utica Clinton & Binghamton
Streer and Eleerri, Railways
% !Aug. 15 Holders of rec. July 3Ia
American Railways, preferred (gust.)
1% 'Aug. 15 holders of rec. Aug. 1
Boston Elevated Ry.(guar.)
20 Holders of rec. July 31
14 Aug.'
Brazilian Tract., I.. & Pow., con".(WO 1% Sept. 1 Holders of rec. Aug. 15a
Cent. Ark. By. dt IA. Corp.mr.(gu.)(Aro.6)
1
:Aug. 15 Aug 1 to
Connecticut Ry.& Ltg.,corn.6c pl.(ou.)
Aug. 16
% Aug. 1 Holders of rec. July 30a
Connecticut Valley St. Ry., Cor4171071
1% Sept. 1 Holders of rec. Aug. 15a
Detroit United Ry. (guar.)
Illinois Traction,common (quar.)
XAug. 15 Trolders Of rec. July 26
Pacific Gas & El., pref. (qu.)(No. 34)
1% .Aug. 15 Holders of ree. July 310
PhiladelphiaC . 5%
24 Sept. I Holders of rec. Aug. MI
amElectricCo.(quar.)
no (NO.g
2% :Aug. 15 Holders of rec. Aug. 04
P ):--Banks.
Mechanics & Metals' National (quar.)
3
Aug. 11 Holders of rec. Aug. 8a

xcix.

THE CHRONICLE

398
Name of Company.

Per
When
Cent. Payable.

Miscellaneous.
1%
Amalgamated Copper Co ((mar.)
1
American Bank Note, corn. (guar.)
Amer. Graphophone, Pf. (qu.) (No. 65) 134
234
American Radiator, common (guar.)
1%
Preferred (guar.)
34
American Sewer Pipe
Amer. Smelt. & Ref., com. (qu.) (No. 44) 1
1%
Preferred (guar.) (No. 61)
5g
Amer. Tobacco, Corn. (payable in scrip)
2
Blackstone Val. G. & E., corn. (quar.)_
4
Bond & Mortgage Guarantee guar.)._ _ _
Borden's Condensed Milk, corn.(No.38) 4
134
Burns Bros., common (guar.)
%
Butterick Company (guar.)
134
Cambria Steel (guar.)
1
Canadian Converters, Ltd.(guar.)
1
Central States Elec. Corp., corn. (quar.)I Cities Service Co.—see foot-note 1
Cleveland Sc Sandusky Brewing, pref. (qu.) 1
1
Columbus Gas & Fuel, corn. (quar.)____
134
Consolidated Gas (guar.)
Consumers' Company, preferred
334
134
Diamond Match (guar.)
2
Dominion Bridge, Ltd. (guar.)
134
Eastern Steel, 1st pref. (guar.)
234
Eastman Kodak,corn.(guar.)
5
Common (extra)
Common (extra)
234
144
Preferred (guar.)
General Asphalt, pref. (guar.) (No. 29)
134
134
GeneralChemical, corn. (guar.)
134
Goodrich (B. F.) Co., pref. (guar.)
Hercule? Powder, pref. ((mar.)
134
Hcmzestake Mining (monthly) (No. 477)
650.
Ilium.& Pow. Secur., pref.(qua (No.8)
134
Pine
(guar.)
Indiana
Line
$3
Inland Steel(guar.)
134
Extra (payable in stock)
25e
Int. Harvester of N.J., pf.(qu.)(No.30) 154
Int. Harvester Corp., pref.(cm.) (No.6) 134
234
International Nickel. common (quar.)--244
Jefferson & Clearfield Coal & Iron, pref_
Kings Co. Elec. Lt.& P.(qu.)(No.58)-- 2
Lackawanna Steel, preferred (guar.)._ _
134
Lehigh Coal & Nay. (guar.)(No. 143)— $1
Liggett & Myers Tobacco, corn. (guar.). 3
Mergenthaler Linotype (fuar.)
235
Extra
34
50c.
Miami Copper (guar.) (No. 10)
Middle West Utilities, preferred (quar)
144
Mobile Electric, preferred (guar.)
134
Montreal Lt., Ht.& Power(qu.)(No.53) 234
National Carbon. preferred (guar.)
134
National Lead, common (guar.)
%
Preferred (guar.)
134
134
National Refining, corn. (guar.)
Niks-Bement-Pond, pref. (quar.)
134
134
North American Co. ((mar.)(No. 42)Ohio Cities Gas,common (guar.)
144
Pabst Brewing, common
134
Penmans Limited, common (guar.)
1
People's Gas Light & Coke (guar.)
2
Pratt & Whitney, pref. (quar.)
114
Pressed Stmt. Car. corn. (qu.)(No. 22)._
%
Preferred (guar.)(No. 62)
154
Procter & Gamble, common (quar.)_
4
Common (extra, payable in cons. stock) 41
Pullman Company (guar.)(No. 190)__... 2
Quaker Oats, preferred (guar.)
1(4
Sears,Roebuck & Co.,common (quar.)
134
Sliversmiths.Co. (quar.)
1
Southern Cal. Edison,ann.(qu.)(No.18) 134
Southern Pipe Line (guar.)
8
Standard Oil (Indiana) (guar.)
3
Extra
3
Standar4,5anitary Mfg., corn. (guar.)._ _ 144
Preferred (guar.)
134
Studebaker Corporation, pref. (guar.)
1%
Underwood Typewriter, common (guar.) 1
Preferred (guar.)
184
Union American Cigar, pref. (guar.)_ _ _
1%
Union 011 of California
2
United Cigar Mfrs., Pref.(Qum.)
1%
Un. Cigar Stores of Am.,cota.(qu.)(No.7) 134
Union Provident Co
$2
United Petroleum
$2
U. S. Envelope, common
3%
Preferred
3%
U. S. Steel Corporation, corn. (quar.)
134
Preferred (guar.)
1%
White (IE.) Engin'o Co., P.I. (qu.)(No.6) 1%
White (..W.) Man. Co., pf. (qu.) (No.6)
1%
Woolworth (F. W.)Co.. com.(qu.)(No.9) 144

Books Closed.
Days Inclusive.

Aug. 31 Holders of rec. July 25a
Aug. 15 Holders of rec. Aug. la
Aug. 15 Holders of rec. Aug. 1
Sea.30 Sept.22 to Sept.30
Aug. 15 Aug. 7 to Aug. 15
Sept. 20 to Oct. 1
Oct.
Sent. 15 Aug. 29 to Sept. 7
Aug. 23
Sept. 1 Aug. 15 to
Sept. 1 Holders of rec. Aug. 14a
Sept. 1 Holders of rec. Aug. 15a
Aug. 15 Holders of rec. Aug. 8
Aug. 15 Aug 6 to Aug 16
Aug. 15 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 1.7a
Aug. 15 Holders of rev July 310
Aug. 15 Holders of rec. July 31
Aug. 19 Aug. 12 to Aug. 19

The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers,
510,000,000: United States Mortgage & Trust, $2,000,000: Astor, $1,250,000: Title
Guarantee & Trust, $5,000,000: Guaranty, $10,000,000: Fidelity, $1,000,000;
Lawyers'Title Insurance & Trust,$4,000,000: Columbia-Knickerbocker,$2,000,000:
People's, $1,000,000: New York, $3,000,000: Franklin, $1,000.000: Lincoln. $1.000,000: Metropolitan, $2,000,000; Broadway, $1.500,000: total, $46,250,000.

For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.

Capital. Surplus.

Loans.
Average.

Specie. Leeds. Net Dego,- ReAverage. Average. its, Are?. serve.

$
$
$
$
$
$
%
Sept. 15
New York__ __
2,000,0 4,346,8 22.317,0 4,224,0 1,218,0 20,668,0 26.3
Sept. 1 Holders of rec. Aug. 15
Sept. 15 Holders of rec. Aug. 12a Manhattan Co 2,050,0 4,719,9 36,130,0 9,482,0 1,541,0 41,900,0 26.3
2,000,0 2,097,7 20,489,0 4,254,0 1,457,0 21,158,0 26.9
Aug. 20 Holders of rec. Aug. 10a Merchants'.._
6,000,0 8,874,6 80,745,0 15,416,0 5,882,0 85,528,0 25.0
Sept. 15 Holders of rec. Aug. 31a Mech. & Met_
1,500,0 6,188,6 26,538,0 5,052,0 1,749,0 28,999,0 25.7
Aug 15 Holders of rec. July 31a America
City
25,000,0 32,916,9 198,630,0 42,089,0 13,252,0 196,234,0 28.2
Sept. 15 Holders of rec. Sept. 1
3,000,0 7,755,0 28,644,0 4,357,0 2,218,0 24,790,0 26.5
Oct. 1 Holders of rec. Aug. 310 Chemical
8,858,0 26.1
761,8
8,954,0 2.115,0
205,0
Sept. 1 Holders of rec. July 31a Merchants' Ex 1,000,0
1,973,0
516,0
57,0
2,171,0 26.3
300,0
111,1
Oct. 1 Holders of rce. Aug. 31a Butch.& Drov
205,0 10,822,0 25.1
500,0 1,070,1
9,649,0 2,520,0
Oct. 1 Holders of rec. Aug. 310 Greenwich
5,000,0 4.693,3 97,846,0 10,217,0 1,552,0 47,890,0 24.5
Sept. 1 Holders of rec. Aug. 15a American Ex_
25,000,0 16,690,6 140,272,0 21,903,0 6,231,0 117,971,0 23.8
Sept. 1 Holders of rec. Aug. 20a Commerce
4,927,0 31.8
128,0
840,0
500,0 1,009,8
4,871.0
Oct. 1 Holders of rec. Sept. 180 Pacific
Chat. & Phen_
2,250,0 1,357,9 21,247,0 3,696.0 1,579,0 21,852,0 24.1
Aug. 15 Holders of rec. Aug. 5
1,967,0
409,0
148,0
2,313,0 24.0
200,0
435,8
Aug. 25 Holders of rec. Aug. 20a People's
3,000,0 15,054,8 77,634,0 21,082.0 2,582,0 88,412,0 26.7
Aug. 15 Holders of roe July 31a Hanover
Citizens' Cent. 2,550,0 2,371,2 22,339,0 5,111,0
611,0 21,819,0 26.2
Aug. 14 Holders of rec. July 25
Market & Felt 1,000,0 1,948,1
9,221,0 1,498,0
984,0
9,257,0 26.8
Sept. 1 Holders of rec. Aug. 10
Metropolitan _
2,000,0 1,779,4 11,717,0 2,803.0
312,0 11,595,0 25.1
Sept. 1 Holders of rec. Aug. 10
CornExchange 3,500,0 6,916,0 63,823,0 15,850.0 3,269,0 75,814,0 25.2
Apt. 1 Holders of rec. Aug. 100 Imp.&
Traders 1,600,0 7,676,0 26,591,0 3,759,0 2,387,0 24,077,0 25.5
Sept. 1 Holders of rec Aug 10a
Park
5,000,0 14,344,7 90,034,0 19,503,0 2,572.0 91,241,0 24.1
Sept. I Aug. 15 to Sept. 1
107,0
1,766,0 31.6
1,561,0
452.0
250,0
65,2
Aug. 15 Holders of rec. Aug. 10a East River
123,0 12,825,0 25.5
1,000,0 2,870,5 13,867,0 3,102,0
Sept. 1 Holders of rec. Aug. 210 Second
10,000,0 23,177,7 115,527,0 25,158,0 2,159,0 106,457,0 25.6
Sept. 1 Holders of rec. Aug 31a First
4,000,0 3,468,6 45,247,0 9,082.0 3,063,0 48,208,0 25.1
Aug. 31 Holders of rec. July 31.0 Irving
71,0
3,403,0 25.1
3,163,0
786,0
250,0
789,0
Sept. 1 Holders of rec. Aug. 150 Bowery
9,127,0 25.2
788,0
8,667,0 1,536,0
500,0 1,916,8
Sept.30 Holders of rec. Sept. .50 N.Y.County_
212,0
4,180,0 28.4
979,0
750,0
706,2
4,215,0
Sept.30 Holders of rec. Sept. 5a German-Amer.
115,201,0
25.1
5,460,0
102,020,0
23,462,0
Chase
5,000,0
9,645,7
Aug. 15 Holders of rec. Aug. la
Fifth Avenue_
100,0 2,091,6 12,928,0 2,610,0 1,062,0 14,425,0 25.4
Sept. 1 Holders of rec. Aug. 15
3,481,0 25.1
509,0
367,0
German Exch_
3,219,0
200,0
803,8
Aug. 15 Holders of rec. July 31
253,0
5,582,0 25.0
4,901,0 1,137,0
200,0 1,000,3
Aug. 15 Holders of rec. July 310 Germania.._..
1,000,0 1,789,8 15,027,0 2.963,0 1,169,0 15,522,0 26.6
Lincoln
Aug 15 Aug 6 to Aug 16
9,586,0 25.8
142,0
9,293,0 2,332,0
Garfield
1,000,0 1,290,1
Sept.30 Sept.12 to Sept. 16
244,0
4,241,0 24.1
779,0
3,998,0
505,0
Fifth
250,0
Sept.15 Aug. 22 to Aug. 25
926,0 12,784,0 23.8
1,000,0 2,089,9 12,968,0 2,120,0
Metropolis
Aug. 15 Holden' of rm. Aug. 1
4,762,0 25.8
520,0
706,0
3,761,0
759,7
_
200,0
West
Side__
Aug. 15 Aug. 7 to Aug. 16
1,000,0 2,598,5 25,099,0 5,950,0 1,752,0 20,267,0 26.3
Oct. 1 Holders of rec. Sept. 15a Seaboard
1,000,0 2,844,8 24,400,0 5,218,0 1,433,0 26,680,0 25.0
Liberty
Sept. 1 Holders of rec Aug 15
668,0 10,795,0 27.2
9,317,0 2,271,0
928,3
1,000,0
N.Y.Prod.Ex_
Aug. 15 Aug. 2 to Aug. 14
309,0 24,115.0 257
1,600,0
750,7 19,134,0 5,891,0
State
Aug. 15 Holders of rec. Aug. 5
1,216,0
12,753,0 24.7
1,880,0
345,5
10,832,0
1,000,0
Security
Aug. 25 Holders of rec. Aug. la
6,987,0 24.3
618,0
1,000,0
604,8
6,981,0 1,083,0
Coal & Iron
Aug. 15 Aug. 7 to Aug. 16
350,0 10,125,0 24.6
Union Exch.. 1,000,0 4,008,0 10,017,0 2,145,0
Sept. 9 Aug. 20 to Sept. 8
6,720,0 23.9
1,000,0
1,121,7
7,927,0
1,430,0
180,0
Bklyn
Nassau,
Aug. 19 July 30 to Aug. 18
Aug. 15 July 26 to
Aug. 16
129,050,0
1454,578,0
25.7
Totals,average
206,290,3
1425,700,0
299,985,0
74,081,0
Aug. 15 July 28 to
Aug. 16
Aug. 15 Holders of rec July 310
752 0 71 646 0 1422,749,0 24.2
1423,407 0
Aug. 31 Holders of rec. Aug. 10 Actual figures Aug. 1..
' I272""
Aug 15 Holders of rec July 31a
Aug. 15 Holders of rec. Aug. 7
Circulation.—On the basis of averages,circulation of national banks in the Clearing Aug. 15 Holders of roe July 31
House amounted to $41,578,000 and according to actual figures was $41,737,000.
Sept. 1 Holders of rec. Aug. 17
Aug. 31 Aug. 11 to Aug. 31
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Aug. 31 Aug. 11 to Aug. 31
July 28
On Dep.
Week
July 28
Net
ending
Capital. Surplus.
Lotnt.
Specie.
Legal Ioitfl C.H.
Sept. 1 Holders of rec. Aug 200
Tenders. Banks. Deposits,
Aug. 1.
Oct. 1 Holders of rec. Sept.21a
Oct. 1 Holders of rec. Sept. 2I0
$
$
$
$
$
I3
Averages.
$
Aug. 15 Aug. 2 to Aug. 15
1,454,578,0
Aug. 25 Holders of rec. July 31k Banks.— 129,050,0206,290,3 1,425,700,1290,965.0 74.081.
Sept. 1 Holders of rec. Aug. 250 Trust cos- 46,250,0 90,640,5 630,490,1 63,415,0 6.973.Oj 61,095,0 481,243,0
Aug. 15 Aug. 1 to Aug. 16
Total_._ 175,300,0296,930,8 2,056,190,0363,380,0 81,054,0 61,095,0 1,935,821,0
Aug. 25 Holders of rec. July 31k
Actual.
Aug. 25 Holders of rec. July 31k
I 422,749,0
1,423,407,1 272,752,0 71,646,
Banks__
Sept. 1 Aug. 16 to Sept. 1
635.348,' 60,137,0 7,045.01 56,547,0 488,790,0
Trust cosSept. 1 Aug 16 to Sept 1
Sept.29 Sept. 2 to Sept. 10
2,058,755,0332,889,0 78,6ij 56,547,1 1,911,539,0
Tntal
Aug. 29 Aug. 4 to Aug. 17
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 18
Sept. I Holders of rec. Aug. 100
The State Banking Department also furnishes weekly
- -a Transfer books not closed for tiUs dividend. a Less British Income tax. a Cor- returns of the State banks and trust companies under its
rection. e Payable In stock. I Payable In common stock
e Payable In lorin
h On account of accumulated dividends. t Being a distribution In cash on the 40% charge. These returns cover all the institutions of this class •
Increased stock of the rental accruing from Jan. 1 1911 under the lease. k Transfer
books closed from Aug. 15 to Aug. 25, both Inclusive. I Under date of July 31 the in the whole State, but the figures are compiled so as to
Cities Service Co. decided to defer payment of dividends Including that due Aug. 1.
distinguish between the results for New York City

Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending Aug. 1. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
are also given:
DETAILED RETURNS OF TRUST COMPANIES.

Trust Cos.
Ons omitted.

Surplus.

Net
On Dep.
Loans. Specie. Legal.. withC.H. Deposits.
Average. Average. 4cerage. Banks. Average.

(Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
STATE BANKS AND TRUST COMPANIES.

Week ended Aug. 1.
Reserve.

$
$
8
$
$
8
%
939,0 2,696,0 20,788,0 15.0+11.4
3,706,7 26,451,0 2,193,0
375,0 11,028,0 102,559,0 14.8+ 9.7
13,065,5 126,045.0 14,824,0
u.s.mtg.e, Tr 4,211,4 36,838,0 3,432,0 785,0 7,156,0 28,179,0 15.0+19.7
108,0 1,576,0 15,590,0 .
.
Astor
1,201,3 21,422,0 2,097,0
490,0 2,322,0 20,843.0 15.0+10.0
Title Gu.& Tr. 11,614,0 33,045,0 2,618,0
Guaranty
21,222,1 187,702,0 18,729,0 1,140,0 17,988,0 141,517,0 14.4+11.2
842,0
46,0
981,0 5,900.0 15.0+12.0
Fidelity
1,307,9 7,534,0
613,0 1,388.0 11,883,0 15.4+10.4
Lawy.T.I.& T 5,388,9 15,877,0 1,213,0
280,0 4.448,0 38,848,0 15.0+10.3
Col.-Knicker_ 7,348,3 49,623,0 5.501,0
376,0 2,251,0 15,156,0 14.6+12.7
People's
1,566,8 16,360,0 1,839,0
527,0 3,338,0 29,554,0 15.1+10.1
New York
11,545,3 45,951,0 3,946,0
129,0 1,042,0 7,541,0 15.0+11.7
Franklin
997,0
1,165,5 10,708.0
223,0 1,016,0 8,669.014.6+10.4
Lincoln
555,7 9,901,0 1,049,0
250,0 2,223,0 20.436,014.6+ .
Metropolitan
5,892,6 29,899,0 2,746,0
692,0 1,642,0 13,940,0 15.0+10.5
Broadway.....
848,5 14,129,0 1,384,0
Brooklyn
Bankers

Totals,average 90,640,5 630,490,0 63,415,0 6,973,0 61,095,0 481,243,0 14.8+ 11.2

State Banks
Trust Cos.
State Banks
Trust Cos.
In
In
outside of
outside
Greater N. F. Greater N. Y. Greater N. Y. Greater of
N. F.

Capital as of June 30...

$
23,850,000

$
67,300,000

$
*10,588.000

$
*10,750,000

Surplus as of June 30 ___

38,502,800

115,158,200

"14,063,889

"13,006.407

Loans and Investments_
Crimp from last week_

325,262,800 1,114,355,900
—2,276,600
—156,800

132,698,100
+457,100

188,636,800
+751,800

Gold
Change from last week_

51,352,400
—1,536,600

89,116,700
—3,391,300

Currency and bank notes_
Change from last week_

27,483,500
—72,200

22,280,200
+1,415,080
139,578,200
—257,100

197,410,300
—511,600

Depoalts
Change from last week_

428,316,050 1,228,765,800
+4,824,200 —4,074,800

Reserve on deposits
Change from last week_

101,942,400
—71,000

235,569,800
—3,985,600

25,526,600
—234,400

25,337,700
—539,600

P. C. reserve to deposits_
percentage last week_.

28.7%
28.1%

24.8%
25.2%

19.8%
20.3%

14.87
15.17;

Actual figures Aug. I_ 835,348,0 60,137,0 7,045,0 56.547,0 488,790,0 13.7+10.3




+ Increase over last week. — Decrease from last week. "As of March 2.

AUG. 81914.1

THE CHRONICLE

399

The Banking Department also undertakes to present
Reports of Clearing Non-Member Banks.-Thefollowseparate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in Greater New York, not in the Clearing banks for the week ending Aug. 1, based on average daily
House. These figures are shown in the table below, as are results:
We omit two ciphers in all these figures.
also the results (both actual and average) for the Clearing
House banks and trust companies. In addition we have
Loans,
Legal
On
Disets
Tender Deposit
oombined each corresponding item in the two statements,
Banks.
Capt.
Surand
Specie and
with
Nd
Sal.
plus. Investthus affording an aggregate for the whole of the banks and
Bank C.-H. Deposits
ments.
Notes. Banks.
trust companies in Greater New York.
New York City.
$
$
$
5
$
s
$
Manhattan and Bronz.
NEW YORK CITY BANKS AND TRUST COMPANIES.

Week ended Aug. 1,

Clear.-House Clear.-House Slate Banks & Total of all
Members
Members
Trust Cos. not Banks db Tr.
Actual Figs.
Average.
in C.-H., As. Cos., Aver.

$

Capital as of June 30____

175,300,000

3
175,300,000

Surplus as of June 30._ _ _

296,930,800

296,930,80

Loans and investments__ 2,058.755,000 2,056,190,
Change from last week +1,182,000 -2,286,000

3
$
28,950,000 204,250,000
70,887,900 367,818,700
570,812,4002,627.002,400
-2,239,100 -4,525,100

Deposits
1,911,539,000 1,935,821,000 a567,616,3002,503,437 300
Change from last week -46 776,000 -21,394,000 -6,086,300 -27.480,300
SPecle
332,389,000 363,380.000
Change from last week -53,065,000 -21,692,000
Legal-tenders
Change from last week

78,691,000
-3,234,000

81,054,000
-451,000

Banks: Cash in vault....
Ratio to deposits

344,398.000
24.20%

374,046.000
25.71%

Trust Cos.: Cash in vault

67,182,000

70,388,000

b43,532,100 406,912,100
+795,000 -20,897,000
c9,751.700
-57,000

90,805,700
-503,000

12,277.400 386,323,400
12.34%
41,006,400

111,394,400

Aggete money holdings_ 411,580,000 444,434,000
Change from last week -56,299,000 -22,143,000

53,283,800 497,717,800
+738,000 -21,405,000

Money on deposit with
56,547.000
other bks. ts trust cos..
Change from last week -10,692,000

61,095.000
-3,677,000

83,738,100 144,833.100
+254,600 -3,422.400

468,127,000 505.529,000
Total reserve
Change from last week -66,991,000 -25,320,00

137,021,900 642,550,900
+992,600 -24,827,400

84,0
56.0
306,0
485,0
481,0
34,0
204,0
115,0
178,0

200,0
124,0
484,0
868,0
773,0
98,0
689,0
356.0
725.0

1,253,0
1,829,0
6,535,0
7,060.0
7,198,0
1,018,0
5,494,0
3,571,0
5,063,0

52.0
684,0 3.338,0
78,0
822,0 4,962,0
760,0 2,234,0 15,291,0
98,0
834,0 4,536,0
108,0
521,0 2,638,0
3,149,0
1,899.0
1,438,0

330,0 3,110,0
361,0
65,0
472,0
143,0
32,0
54,0

1,570,0
1,543,0

497,0
395.0

Totals Aug. 1
6,047,0 10,351.8 87,104,0 4.444,0 3.663,0 14,247,0 79.385,0
Totals July 25
6,047,0 10,351.8 86,702,0 8,747,0 3,838,0 15,166,0 79,897.0
Totals July 18_ __ _ 6.047.0 10.351.8 87.227.0 9.448.0 3.921.0 15.402,0 110,718.0

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Aug. 1; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.

Surplus CASH reserveBanks (above 257)_ defl 1,289,250 sur10,401,500
Trust Cos.(above15%)(let 6,136,500 def1,798,45

14.62%
11.26%

For Week.
Dry goods
General merchandise
Total
Since Jan. 1.
Dry goods
General merchandise

def17,425,750 sot 8,603,050
Total
Change from last week -43,599,500 -16,524,800
% of cash reserves of trust cos.
13.74%
Cash In vault
10.36%
Cash on dep. with bks_

Washington Heights_ 100,0
366,8 1,629,0
97,0
Battery Park Nat.._ 200,0
116,8 1.731,0 358,0
Century
500,0
444,3 6.561,0 608,0
Colonial
400,0
676.2 6,929,0 797.0
Columbia
300,0
657,3 6,256,0 654.0
Fidelity
200,0
177,2 1,022,0 104,0
Mutual
200,0
461,0 5.507,0 531,0
New Netherland
200,0
302,4 3,358.0 345.0
Yorkville
100,0
504,4 4,645,0 624,0
Brooklyn.
First National
300,0
674,7 4,650,0 332.0
Manufacturers' Nat_ 252,0
943,5 5,635,0 598,0
Mechanics'
1,600,0
780,2 13,915,0 1,520,0
National City
300,0
587,5 4,614.0 526,0
North Side
200,0
180,8 2,560,0 234,0
Jersey City.
First National
400,0 1,266,5 4.182,0 326.0
Hudson County Nat_ 250,0
801,0 3,354,0 210,0
Third National
200,0
450,7 2,422,0
93,0
Hoboken.
First National
220,0
669,3 4.749,0 294,0
Second National
125.0
291,2 3,985,0 183,0

9.78%
16.31%

Total 31 weeks

24.10%
25.88%
Total
26.09%
_
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve deposit arid(
and from other banks and trust companies in New York City and exchanges"; with
this Item included, deposits amounted to $646,819,900, a decrease of $5,516,000
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" beth for the average and the actual figures. b Gold. c Currency
and bank notes.

1914.

1913.

$3,326,946
15,639,140

$2,913,526
12,123,487

1911.

1912.
$2,480,104
15,060,756

$2,647,927
13,300,111

818,966,086 515,037,013 $17,540,8601 $15,948,038
$111,504,260 $88,568,578 $85,524,255 $83,194,733
507,947,012 494,480,622 508,866,362 434,455,034
$619,451,272 $583,049,200 $594,390,617 $517,649,767

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. 1 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported

1913.

1912.

1911.

$14,670,910 $16,343,572 $14,651,472 $11,723,922
520,539,333 529,788,334 479,074,239 450.425,917

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
Total 31 weeks
$535,210.243 $546.131,906 $493,725,711 $462,149,839
and trust companies in Greater New York City outside of the
The following table shows the exports and imports of
Clearing House,compare as follows for a series of weeks past: specie at the port of New York
for the week ending Aug. 1
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
and since Jan. 1 1914, and for the corresponding periods in
GREATER NEW YORK.
1913 and 1912:
We omit two ciphers in all these MUM.
Loans and
Week Ended- Investments
May
June
June
June
June
July
July
July
July
Aug.

29_
6.___
13....
20___
27____
3....
11....
18___
25....
1___

$
2,688.390,6
2,686,486,8
2,693.062,4
2,704,916,9
2,692,658,8
2,695,191,2
2,678,283,6
2.648,964,3
2.631,527,5
2,627,002,4

Deposits.
$
2.632,782,6
2,628,539,3
2,631.571,3
2,632,876,6
2,609,054,5
2,598,481,3
2,560,240 7
2,529,964,8
2,530,917,6
2.503.437.3

Specie.

Legal:.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
TolMoney Entire Rm
Holdings onDepost,

$
$
$
8
492,298,7 85,034,6 577,333.3 789,469,1
486.598,3 83,528,5 570,126,8 775,756,4
482,504.2 84,582,7 567,086.9 762.028.1
471.020,8 87,872,3 558.893,1 753,271,1
463,148,9 86,941,2 550,090.1 741,075,1
447,038,3 81,769,4 528.807,7 710.585,1
424,266,6 83,062,8 507,329,4 665,677,!
418,781,3 89,974,5 508,755.8 656,680,1
427,809,1 91,313,7 519,122,8 667,378.1
406.912.1 90.805.7 497,717,8 642,550,1

Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two ciphers (00) in all flees figures.
Banks.
Boston.
June 13
June 20_
June 27_
July 3.
July 11July 18July 25_
Aug. 1_
Mita
June 13.
tune 20_
June 27.
fuly 3_
July 11_
fuly 18_
fuly 25_
tug. 1_

Capital
and
Surplus,

Loans.

Specie.

Legal:.

--3
238,659.0
239,768,0
239.288,0
242.616,0
242,561,0
240,798,0
242,421,0
243,562,0

Deposits.
a

Mau- Clearings.
lation.

$
60,735,0
60.735,0
60,735,0
60,735.0
60.735,0
60,735,0
60,735,0
60,735,0

3
31,041,0
30,423,0
30,111,0
27,943,0
25,738,0
25,445,0
27,149.0
26,564,0

3
4.647,0
5,263.0
5.264,0
4,579,0
4,743.0
5,464.0
5,588,0
4,941,0

$
292,838,0
296,787,0
286,500,0
294,124,0
237,483,0
287,490,0
290,077,0
285,713,0

$
9.647,0
9,771,0
9,759,0
9,782,0
9.762,0
9,750,0
9,551,0
9,317,0

$
139,379,3
140.371,6
133,237.4
157,147,3
159.779,0
159,099,5
163,112.0
159,674,9

.457,040.0
*459,782.0
'453.102.0
*459.268,0
.452,896,0
•454,701.0
.446,449,0
*444.461.0

11.598,0
11,591.0
11,611,0
11,607,0
11,587,0
11,605,0
11,573,0
11.464.0

143,056,0
162,230,5
158,199,4
178.089.1
167.248.1
162,321.9
138,919,8
154.138,8

103,684,3 399.743,0
103,684,3 393,422.0
103,684,3 398,235.0
103,684,3 393,020,0
103,684.3 397,124.0
103,634,3 398,408.0
10 ,68 ,3 396,444,0
103,684,3 I 396,872,0

106,4 7.0
106.696,0
102,682,0
97,198.0
100.317,0
100,652.0
99.750,0
95,906,0

_
a Includes Government deposits and the item "due
to other banks." At Boston.
Government deposits amounted to 31,845,000 on
(Aug. I, against $1,846,000 on
Ally 25.
•"Deposits" now include the item "Exchanges for
Clearing House," which were
reported on August 1 as $15,870,000.




Exports.
Gold.
Week. 'Awe Jan. 1
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912

$42,833
56,032
73,682

Since Ian. 1
$17,866
107,712
3,602
1,044,993
862,061
2,169,350
1,208,897

$246787871$1075160991 $172,547 $5,413,981
68,695,596
627,093 11,772,220
686 32,469,533
79,434 13,499,936

Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912

$14846852 $18,646,926
9,782,485 85,147,190
1,018,913
829,933
1,105,120
49,450
632,117
135,900

impede
Week.

1
1
$738,420 520,317,110
3,204,408
1,358

201,795
91,346
1,124,900
124.509

$739,778 $25,064,068
640,543 29,763,730
1,294,299 32,316,172

$938
89,018
2,952

$9,305
10,595
18,267
36,565
2,455,903
1,866,050
939,026

$92,908 $5,335,711
198,708 5,597,373
144,825 5,921,744

Of the above imports for the week in 1914, $22,218 were
American gold coin and $938 American silver coin.

313,anItIn g and Finnnciai.
For General Distribution
Circular No. 616 describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks

Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Albany
Boston
Chicago
Members New York and Chicago Stock Exchanges

[VOL. xcrx.

THE CHRONICLE

400

Vanhast
!Wall Street, Friday Night, Aug. 7 1914.
The Money Market and Financial Situation.—The
absolute paralysis which suddenly seized the international
money and exchange markets a week ago still retains its hold
upon them, but the stunning effect of all that has transpired
is less pronounced. The steps taken by the Secretary of
the Treasury to relieve the situation by providing a liberal
supply of currency, issued under the Aldrich-Vreeland Act,
supplemented by the New York Clearing House in arranging
for the immediate use of Clearing-House certificates, greatly
relieved the situation early m the week. At the same time
the savings banks safeguarded the interests of depositors by
requiring 60 days'notice of intention to withdraw, a measure
which every one saw the wisdom of and approved. Confidence and hopefulness were further restored by the announcement on Thursday that the Bank of England had
reduced its discount rate from 10 to 6 per cent. The feeling
in financial circles as the week closes is one of more cheerfulness than a few days ago seemed possible, but so long as
the great exchanges of the world remain closed there can,
of course, be no market or quotations for securities and the
opening of these exchanges is, therefore, a matter of great
consequence, not only in Wall Street but in every department of industry affected by international trade. Indeed,
with the five largest countries in Europe and several smaller
ones actually engaged in war, the.problems confronting the
business world are altogether unique and so serious as to
require the wisest and most careful consideration.
Commodity values are already disturbed. Prices for
primal iron products have advanced sharply and the retail
price of sugar in New York to-day is nearly 10 per cent higher
than a week ago. In many cases the cost of living is already
affected and it is apparent that other social and economic,
as well as industzial and financial changes, must follow.
Every loyal American of whatever party or creed was, we
believe, in accord with President Wilson's 'declaration of
neutrality and later with his tender of the good offices of
this Government in the interest of peace.
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
Commercial paper closed at 534(4)6% for sixty to ninetyday endorsements and prime four to six months single
names, and 63/2% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £10,509,475 in gold coin and bullion

tli antic.
holdings and the percentage of reserve to liabilities was
14.60 against 40.03 the week before. The rate of discount
was reduced on Aug. 6 from 10%, to which it was raised
on Saturday, Aug. 1, to 6%. The Bank of France issued
no statement.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
Aug. 1.
Capital
Surplus
Loans and d'mounts_
Circulation
Net deposits
Specie
Legal-tenders
Reserve held
25% of deposits
Surplus reserve

Differences
from
previous week.

1913.
Averages for
week ending
Aug. 2.

$
$
$
133.650,000 133,650,000
129,050,000
207,223,200 197,084,400
206,290,300
1,425,700,000 Dec. 5,077,000 1,354,958,000 1,389,468,000
46.803.00045,537.000
163,000
41,578,000 Dec.
1,454,578,000 Dec. 24,091,000 1,369,897,000 1,429,220,000
299,965,000 Dec. 19,077,000 295,911,000 294,922,000
81,664,000
74,429,000
376,000
74,081,000 Dec.
374,046,000 Dec. 19,453,000
363,644,500 Dec. 6,022,750
10,401,500Dec. 13,430,250

370,340,000
342,474,250

376,586,000
357,305,000

27,865,750 _ 19,281,000

Note.—The weekly bank and trust company statements issued by the
Clearing House and by the State Banking Department appear in full on
the two pages preceding.

Foreign Exchange.—The market for sterling exchange
has continued in a completely demoralized condition. Some
small transactions in cable transfers were reported early in
the week at $7 per pound sterling and later at $6 25. But
at the close rates were entirely nominal.
To-day's (Friday's) actual rates for sterling exchange were nominal for
on banks and documents
sixty days, cheques and cables. Commercial
for payment not quotable. Cotton for paymitnt and grain for payment
nominal.
Bankers did not post their rates this week.
for Paris bankers' francs were not
To-day's (Friday's) actual rates
quotable. Germany bankers' marks were not quotable. Amsterdam
bankdrs' guilders were entirely nominal.
Exchange at Paris on London, nominal.
Exchange at Berlin on London, nominal.
week follows:
The range for foreign exchange for theCheques.
Cables.
Sixty Days.
Sterling Actual—
No quotations.
High for the week_ _ -1
for the week_ J
Paris Bankers' Francs—
No quotations.
High for the week_ -14.
Low for the week_ _ _
Germany Bankers' arks—
No quotations.
High for the week_
Low for the week_
Amsterdam Bankers Guilders—
No quotations.
High for the week_ _
Low for the week_ _ _
Domestic Exchange.—Chicago, 10c. per $1,000 discount. Boston,
Dar. St. Louis, 50c. per $1,000 premium. San Francisco, par. St. Paul,
B0c. per $1,000 premium. Montreal,$1 25 per $1,000 discount. Minneapolis, 50c. per $1,000 premium. Cincinnati. 25c. per $1,000 premium.

Low

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.
Averages for
week ending
A 74 . 3.

AUG. 8 1914.]

THE CHRONICLE

401

inuestinent and Aailread $ntettlyence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 1 he 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 or the electric railways are brought together separately on a subsequent page.
Latest Gross Eartun7s.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year. .

Previous
Year.

Ala N 0& Tex Pac$
65,000
58,000
65,000
58,000
N 0 & Nor East.. 1st wk July
28.000
23,000
28,000
23,000
Ala & Vicksburg_ 1st wk July
25.000
23,000
25.000
23,000
Vicks Shrev & Pac 1st wk July
130,336
124,683
41,579
41,566
3d wk July
Ann Arbor
9,271,364 8,620.429 111109770 116898252
Ateh Top & El Fe..._ June
230,949 247,113 3,159,445 3.010.462
Atlanta firm & Atl May
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 !lend & St L May
7,801,303 9,015,427 97,411,441 101,556,132
g Baltimore & Ohio.. June
133.097 150,022 1,594,454 1,794,351
B &0 Ch Ter RR June
305.068 300.224 3.487.448 2.979.707
Bangor& Aroostook May
1.060,610 1,058,468 8.488,074 9,012,362
Bessemer & L Erie_ June
Birmingham Sou__.. June
84,669 113,158 1.161.830 1.276,628
3,820,867 3,973.644 43.290,901 44.464.852
Boston & Maine.. May
Buff Roch & Pittsb.. 4tn wk July 349.815 367,920
941.495 1,140.551
May
94.899 210,225 1.971.022 2,282.133
Buffalo & thisq
Canadian Northern
4th wkJuly 478.400 593.800 1,594,300 1.928,800
Canadian Pacific 4th wkJuly 3,181,000 3,643,000 10.041,000 11,555.000
953.620 1.003,172 13,258.771 12,958.452
Central of Georgia.. May
2,542,865 2.535.218 28.644,601 29.344.696
Cent of New Jersey May
310.088 306,895 3.457.362 3.406,996
Cent New England_ May
Central Vermont
May
336.216 353.935 3.679,247 2,824.956
Ches & Ohio Lines.. 4th wk July 1,245,057 1,095.557 3,227.092 2,861.883
Chicago & Alton..... 3d wk July 297.766 302.783
797,421
865.105
Chic Burl & Quincy.
. May
6.520.269 7.295,060 85.239,094 86.878.898
1.1166.400 1.298.484 14,417.664 14.869,489
f Chic & East 111_ _ May
p Chic Great West.. 3d wk July 279.739 308.909
766,893
882,731
Chic Ind & Loulsv_ 4th wkJuly 196,662 202,936
593,387
.581,889
Chic Milw & St P_1 June
7,671,406 7,631,916 91,782.691 94,084.055
Chic Mil& Pug El f
7,735,988 7,626,494 86.583.661 86.510.709
eChic & North West June
1.498,284 1,417.742 18,241,942 17.223,996
oChIc SIP M & Om June
149,668 1.53.001 1,988,444 1.786.722
Chic Terre H & H E May
864,643 931,268 10.084,217 10.071,297
Cin Ham & Dayton June
136,675 127.695 1.761,982 1.828,335
Colorado Midland.. June
6 Colorado & South 4th wk July 376,067 397.044 1,068,953 1,204.355
10,392
Cornwall
June
18,596
177,447
240,851
23,981
Cornwall& Lebanon June
28,014
311,374
414.019
I 432,183 399,100 5,164,671 4,632.040
Cuba Railroad..... June
1,897,438 1,908,032 21,124,897 22.046.029
Delaware & Hudson May
3.463,575 3,392,183 39,819,284 40,518,044
Del Lack & West June
Denver & Rio Grde 4th wi.July 680,400 707,300 2,002,000 2,092,500
Western Pacific_ 4th wk July 197,000 196,020
551,000
618,000
37,567
Denver & Salt Lake 3d wk July
29,584
104,390
88,990
Detroit Toi & Iron May
112.777 151.098 1,385.104 1,535,879
Detroit & Mackinac 4th wkJuly
32.762
38.913
98,707
112,845
Dul & Iron Range June
757,630 1,052,769 6,518,526 7,121.719
Duluth So Sh & Atl 4th wkJuly
94.649 105.106
288.648
318,361
Elgin Joliet & East June
761.921 1.149,451 11,252,392 13,350,982
El Paso & Sou West Juno
836,062 691,
9,057.553 8,657,716
Erie
May
4,883.226 5.410,711 55,671,464 57,290,468
Florida East Coast_ June
347,658 304,150 5,347,818 5.037.056
Fonda Johns&(iloy May
59,418
.
901.881
898.180
Georgia Railroad
May
229.577 262,801 2.089.287 2.895.961
Grand Trunk Pox_ 2d wk July
95.418 122,850
243.783
207,236
Grand Trunk Syst_ 4th wk July 1,592,244 1,658,446 4.724,017 5,042,103
Grand Trk West_ 3d wk July 136,894 142,597
414,288
405,686
Det Gr H & Milw 3d wk July
50,349
139.682
44,227
151,044
Canada Atlantic.. 4th wkJune
87,037
63.775 2.387,076 2,414,847
Great North System June
6.111.373 6,797,700 75.441,366 78.654.591
Gulf & Ship Island_ May
146,484 189.676 1.848.635 1.929.817
Hocking Valley
June
476,936 723.500 7,021.145 7.817,644
Illinois Central__ _ _ June
5,281.493 5.350,214 66,373,503 64,786,415
internat & Grt Nor 4th wk July 274,000 288.000
762,000
718,000
a Interoceanic Mex_ 4th wk July
729,502
70,502 259,789
183.071
Kanawha & Mich June
185,625 296.772 3,110,148 3.303.229
Kansas City South_ June
980,467 853,980 10,993,454 10,706.309
Lehigh & New Eng_ June
274,410 136,998 2,255,799 1,793.785
Lehigh Valley
May
3.516,422 3,795.218 36.161,936 39.299,894
Louisiana & Arkan_ June
126,367 127.092 1,741.872 1.717,290
s Louisville & Nash 4th wkJuly 1,580.475 1,615,112 4.749,990 4,945.042
Macon & Birm•ham June
155,890
156.278
8,482
9,803
Maine Central
June
1,031,888 942,991 11,685,969 11,331.406
Maryland a/ Penns_ June
506.861
532,417
41.233
40,095
a Mexican Railways 3d wk July 129,000 178,100
576.000
434.800
Mineral Range...... _ 4th wkJuly
59,958
77,749
13.083
25,571
Minn & St Louls....1 3d wk July 193,367
549,487
564,401
189,698
Iowa Central.._- f
Mimi St P & S S M 4th wkJuly 750.378 737,244 2,380.785 2,511,124
Mississippi Central.. June
86672 1.027.097 1,054.566
80,450
u Mo Kan & Texas.. 4th wkJuly
919.705 986.061 2.613,453 2.656.0009
z Missouri Pacific 4th
5,159,529 5.153.643
Nastiv (Thatt & 81 1, Maywk July 1,807,000 1,801,000 11.805.680
a Nat Rys of Mec_t 4th wk July 1.014.190 1.137.435 1.375,053 12.248,980
2,723.477
408,663 859.383
Nevada-Cal-Oregon 3d wk
10,001
9,073
New ori(;mat Nor., MaY. July
1,639.528
1,723,285
176.217
148,541
e N Y C & Hud lily June
7.985.097 8,489,109 95.870,17098.130.583
Boston & Albany Jane
1.480,944 1.473.450 16.835,042 16,957,369
Lake Shore & M June
4,383.454 4,827,892 53,344,155 58.272.050
n Lake Erie & 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 34,269.450 35,379.492
Cleo CC & St Li 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 & Lake Erie June
1,383.415 1,735,242 17,622,027 20,040,506
N Y Chi.& St L.. June
897,609
1,093,276 11,757.109 12,623,140
Tol & Ohio Cent_ June
225.649 601.865 5.326.036 5,672.729
Tot all lines above June
23053939 25395736 282583443 296514364

Latest Gross Earnings.
ROADS.

IVeek or
!if'mill.

Current
Year.

Juiy 1 to Latest Dale

Previous
Year.

Current
Year.

Previous
Year

N 0 Mobile & Chic. May
174.770 211
.
,679 2,037.471 2.323,978
NYNH& Hartf__ May
5,589 205 5.718.771 60.927,389 63.872,461
NY Ont & West__ June
809,706 816.012 9,0 .812 9.454,349
N V Susq & West._ May
367.329 321.333
3,490,447
Norfolk Southern May
3,816.028
346,146 322.530 3.8 5.88
•
Norfolk & Western_ June
3.714.153 3,742,889 44.470.619 43.7 .921
Northern Pacific_
May
5,076.147 5,766.417 62.887.165 66.651,916
Northwestern Pac Juno
363,540 352.850 3,745,805 3,709,766
Pacific Coast Co.. May
525.255 645.357 6.534.967 7.235,166
Pennsylvania RR_
June
14261298 15559936 178963559 181830904
Ball Ches & All.... June
37,808
366.619
27,025
318.659
Cumberland Vail June
351.650 299.759 3,511.897 3.521.447
Long Island
June
1,357,184 1,291,017 12,625.290 11,641.881
Maryl'd Del & Va June
13.947
12.890
156,588
152.951
NY Phila & Norf June
362.150 393.681 3.812.825 3,781,498
Northern Central June
1,037.299 1,106,921 13.124,534 13,334,941
Phila Balt& Wash June
1.810,513 1.783,321 20,656,988 21,103,721
W Jersey & Seash June
684.933 570.745 6.397,731 6,351.135
Pennsylvania Co.... June
5,053.211 6,154,779 60,779,68266,573.351
Grand Rap & Ind June
436,264 451.881 5,538,483 5,519,072
Pitts C C & St L.. June
3,313,415 3,649.063 42,096,659 44,510,898
June
Vandalla
893,860 884.236 11,255.236 11.204.405
Total lines—
East Pitts& E.__ June
21072188 22362546 253000846 257729627
West Pitts & E June
9,895,011 11352014 122102212 130189738
All East & West_ June
30967200 33714562 375103077 387919374
Pere Marquette_
June
1,242,867 1,309.768 16.431.939 17.406,755
Reading Co—
Phila & Reading.. May
4,054,812 4,369.543 44.785.792 47,524.484
Coal & Iron Co_ May
2.931.775 3,294.073 30,718,287 38,489,448
Total both cos.. May
6.966.587 7,663.616 75,501.079 86.013,930
Rich Fred & Potom June
284,174 259,219 2,977,081 2,968,612
Rio Grande June_ May
938.669 1,024,220
75,787
70.554
Rio Grande South.. 3d wk July
37.321
28.229
12,972
9,645
RockIsland Lines_ May
4,938,829 5,370.193 62.051.0000l.1189.00
Rutland
June
316,153 323.456 3,714.789 3.706.9.91
St Jos & Grand Isl. June
126.426 121,425 1.610,060 1,553.03
St L Iron Mt & Sou May
2,624.978 2,784,859 30,e48.232 31,656.657
St L. Rocky Mt Az P May
219.299 199.178 2,285,927 2.083.566
St Louis & San Fran May
3,264.644 3.697.631 41.504.439 42.334.041
St Louis Southw eat. 4th wk July 306,000 355.000
925.166
San Pod I, A & S L. June
10,626,703 10:2306
899,584
1.
Seaboard Air Line_ _ 3d wk July 404,686 421.846 1.287,664 1,296:804
Southern Pacific...... June
11544275 11644536 138520259 142774705
Southern Railway.... 4th wkJuly 1.861.484 1,839.815 5,596.919 5,513,214
Mobile& Ohio.. 4th wkJuly 406.336 370.308 1.111.863 1,057,020
Cm N 0& Tex P. 3d wk July 182,150 183,835
538,275
549.905
Ala Great South_ 3d wk July
262,450
86,301
261,348
91,953
Georgia Sou & Fla 3d wk July
145,305
45.456
136.368
48,657
Spok Portl & Seattle May
378,574 448,813 4,485.813 4,882,556
Tenn Ala & Georgia 3d wk July
1.142
4,425
1,905
5.715
Central_
Tennessee
June
139.660 134,735 1.707.339 1.684,334
4th wiz July 485.033 470.833 1.421.739 1,382.819
Texas & Pacific
June
106,535
89.280
8,520
8,882
114.299
116.765
Toledo Peer & West 4th wkJuly
46,988
47.482
Toledo St L & West 4th wkJuly
377,562
403.985
98.816 118,163
Union Pacific Syst_lJune
7,290.399 7,563.761 92,115.333 93.638,459
1.939.104 1.806,627
Virginia & So West.. June
May
Virginian
569.1
522.218 6.161,566 5 690,207
Wabash
June
2,281.409 2,598.497 29,966.247 31,769.287
Western Maryland May
669.382 836.922 7.556.588 6.914.635
Wheel & Lake Erie June
536,409 765,697 7,637,348 7.831,948
Wrightsv & TennIlle June
17,870
352,118
15,111
306,583
850,422 818,350 12,552,596 11,018,553
Yazob & Miss Vali_ June

g

Various Fiscal Years.

Period.

Delaware & Hudson
Jan
N Y Central & Hudson River_e_ Jan
Boston & Albany
Jan
Lake Shore & Michigan South Jan
Lake Erie & Western_n
Jan
Chicago Indiana & S..uthern_ Jan
Michigan Central
Jan
Cleve Cin Chic & St Loul
Tan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St !snits Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Oilman & Atlantic_ Jan
Cumberland Valley
Jan
Long island
Jan
Maryland Delaw & Virginia... Jan
N Y Philadelphia & Norfolk_ Jan
Northern Central
Jan
Phila. Balt & Washington
Jan
West Jersey tc Seashore
Jan
Pennsylvania aim nanY
Jan
Grand Rapids & Indiana_
Jan
Pitts Cin Chic & St Louis
Jan
Vandalia
Jan
Total lines—East Pitts & Erie Jan
—West Pitts & Erie Jan
—411 lines it 84 W_,_ Jan
Rio Grande Junction
Dec
Rutland
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

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.

Pr:of:oils
.Year_.

May 31 8,720.155 9.737,969
June 30 43.819.999 47,683,314
June 30 7,543,144 8,178,922
June 30 24.436,591 29,034,354
June 30 2,685,262 2,876,257
June 30 2,064,873 2,197,428
June 3') 15,961,704 17.705,136
June 30 16,408,877 17.033.956
June 30
615,032
June 30 7.972,937 9,948,825
June 30 5,539,288 6,114.177
June :30 2,048.568 2,728,769
June 30 129418844 144701170
June 3082,816.157 89,253,421
June 30
128,824
149,439
June 30 1.701.952 1,764,391
June 30 5,793,848 5,373,293
June 30
60,317
60.251
June 30 1.793,082 1,911.454
June 30 6.061,643 6,500.828
JI1110 30 9,818.928 10,326,278
June 30 2,638,862 2,046,716
June 30 26.066.954 31./22,649
June 30 2.537,773 2,5,520
Juno 30 19.024,472 21,,
,198
June 30 5.130,707 5,275,405
June 30 116568282 124821529
June 30 53.915,219 61.329.80
June 30 170483501 186151333
May 31
411.000
452,18
June 30 1.673.760 1,711,743
6

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
•IVeekly Summaries.

Current
Year,

Previous
Year.

Increase or
Decrease.

%

*Monthly Summaries.

Jurrent
Year.

Previous
Year.

Increase or
Decrease.

%
Mileage.
.
Cur. Yr. r'rev. Yr.
$
i
week May (35 roads)___ 11,286.099
September-242,097 239.050 285.050,042 275,244.811 +9,805.231 3.57
—1,209.153 9.69
week May (39 roads)___ 16.865,235 12,495,251 —2.825.277
October __--243.690 240.886 299.195.006 309.476.017 —1.281.011 0.48
14.33
19,681.512
week June (39 roads)...._ 12,090.999
November_ -243,745 241.451 269.220.882 278,364.475 —9.143.593 3.35
13.389,559 —1.298,560 9.70
week June (38 roads)---- 12.203.407
December —243,322 241.180 254.218.891 266.224.678 —12,005,787 4.51
8.34
—1,110,462
13,313.869
week June (39 roads}...._ 12.447,270 13,534,675 —1,087.405 8.03
January._
__243.732 241.469 233.073.834 249.958.641 —16,884,807 6.75
week June (38 roads..._._ 16,716.590 17,481,230
February-244,925 242,928 209,233,005 233,058,143 —23,823;138 10.22
—764,640 4.37
week July (38 roads ____ 12.323,697
March
4.39
245.200 243.184 250.174.257 249.514.091
—513.749
12,867,446
+660,166 0.27
week July r7 rea__ 12,692.460 13.393,790
erttgyII
243,513 241,547 236.531,600 245048.870 —8,517.270 3.45
—701,330 5.24
week July 37 roads..,,.. 12,891.583 13.810.667
246.070 243,954 239,427,102 265.435,022 —26,007.929 9.73
6.57
—919,084
week July 26 roads ...... 16,985.842 171149.222
June
---M2.481 3.75
191.886 190.207 197.231.111 207.139.547 —9.onR.Aqs .ten
a Mexican currency. 0 Does not Include
of Colorado Springs & Cripple Creek District Hy. from NOV. 1191 . e Includes the New Yt rk
Obtawa. the St. Lawrence Se Adirondack and earnings
the
latter of which, being a Canadian road, does not make return; to
the Ottawa dr New York Ely..
the
Inter-State Commerce Commission. I Includes Evansville
Terre Haute and Evansville & Indiana RR. g includes the Cleveland Lorain &
Wheeling
Ry. in both years. n includes the Northern Ohio RR. p &
Includes earnings of Mason City & Fort Dodge and Wisconsin ginnfriota & Pacific.
s includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes
the Texas Central in bota years and
the Wichita Palls Lines in 1912. beginning Nov. 1. o Includes not only operating revenues, but also all other receipts.
z Includes St. Louis Iron Nloan& Southern. 0 We no longer include the Mexican roads In any of our totals.
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th




TIIE CIIRONICLE

402

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of July. The table covers 26 roads and shows 3.75% decrease in the aggregate under the same week last year.
Fourth Week of July.

1914.

1913.

S
$
367.920
349,815
Buffalo Rochester & Pittsburgh
593.800
478.400
Canadian Northern
3,181.000 3,643,000
Canadian Pacific
1,245,057 1,095,557
Chesapeake & Ohio
202.936
196,662
Chicago Indianapolis & Louisv397,044
376.067
Colorado & Southern
707,300
680.400
Denver & Rio Grande
196.200
197.000
Western Pacific
38.913
32.762
Detroit Az Mackinac
94,649
105.106
Duluth South Shore & Atlantic
Grand Trunk of Canada
1,592,244 1,658,446
• Grand Trunk Western
'Detroit Grd Haven & Milw_
Canada Atlantic
274,000
International & Great Northern
288,000
1,580,475 1,615,112
Louisville & Nashville
13.083
25.571
Mineral Range
737,244
750,378
Minneapolis St Paul & S S M-_
986,061
91.9,705
Missouri Kansas & Texas
1,807.000 1,801.000
MissouriPacific
370.308
406.336
Mobile & Ohio
355,000
306,000
St Louis Southwestern
1.861.484 1.839,815
Southern Railway
470,833
485.033
Texas & Pacitio..
46,988
Toledo Peoria & Western
47.482
98.816 - 118.163
Toledo St Louis & Western.-16.985.842 17.648,323
Total(26 roads)
Net decrease (3.75%)
Mexican Roads(not included in total)70.502
Interoceanic of Mexico
259,789
Ann AAR -Qno 542
1,..t......1 Pollarava nf Marion

Increase. Decrease.
$
18.105
115.400
462,000
149,500
6.274
20,977
26,900
800

6.151
10,457
66.202
14,000
34,637

12,488
13,134

66.356

6,000
36,028

49,000

21.669
14.200

253,819

-ik"
19,347
916.300
662,481
287
Ann79n
139,

For the month of July the returns•of 26 roads show as
follows:
Month of July.

1914.

1913.

Decrease.

$
$
S
Gross earnings (26 roads)..-- 50,380,119 53,052,625 -2.672.506 5.03

Interest Charges and Surplus.
-Int., Rentals, &c.- -Sal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
June
70,375
Cuba Railroad
66.792
106,576
152.535
819,417
July 1 to June 30
801,222 1,651,505 1.414.280
106,122 zdef87,504 zdef17,824
Duluth So Sh & AU__ __June 108,043
1,230,109 1,265,006zdef550.989zdef537.520
July 1 to June 30
26,175 def11,288
27,507
Louisiana & Arkansas__Jtme
5,068
328,037
337,276
July 1 to June 30
199.476
279,299
14,486
12,625
June
z3,333 zdef1.001
Mineral Range
161,774 zdef76,190
/49.520
July 1 to June 30
x7,606
126,363
150,888
NY Ontario Az Western _June 124,447
136,248
1.445.635 1,512.583
663,692 1,211,633
July 1 to June 30
452,056 z1,019,699 z933,294
Norfolk & Western__ __June 536,416
6,095,395 5.471.436 z10268,140 x11198,641
July 1 to June 30
126,024
33.596
36,764
May
118,807
Cleveland Elec Ill
182.927
764,081
180.728
647,471
Jan 1 to May 31
Roads.

INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Companies
8
$
$
$
_June
8,002
20,875
1.269
21,215
e
x fo3c0/14_
ag fl
Adirr
128,112
91,030
127.892
23,001
-z After allowing for other income received.
EXPRESS COMPANIES.
-April
July 1 to April 301914.
1913.
1913.
1914.
$
3
$
$
American Express Co.
Gross receipts from operation 3,766,820 4.058,625 37.505.598 39.897,996
1,874.585 1,951,603 18.461,858 19.196,334
Express privileges-Dr
Total operating revenues_ 1,892,235 2,107,022 19.043,739 20,701,662
Total operating expenses_ _ _ _ 1,862,847 1,928,620 19.343,422 19.551,702
178,401 -299,683 1.149,959
29,387
Net operating revenue_ _ _ _
30.546
34,454
313,282
312,535
One-twelfth of annual taxes_
147,855 -612,965
-5.066
837.424
April
July Ito April 301913.
1914.
1914.
1913.

Operating income

It will be seen that there is a loss on the roads reporting
in the amount of $2,672,506, or 5.03%.

Great Northern Express Co.
Gross receipts from operation
Express privileges-Dr
Total operating revenues_
Total operating expenses

Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:

Net operating revenue_ _ _ _
One-twelfth of annual taxes_
Operating income

5,517
3.440

Total operating revenues_
Total operating expenses

726,269
808,029

-Gross Earnings- -NetEarnings
Current
Previous
Previous
Current
Roads.
Year.
Year.
Year.
Year.
$
3
3
$
Atch Top & Santa Fe.b.June 9.271,364 8,620,429 13,073,658 42,752,644
July 1 to June 30
111109,770 116896.252)37.640,436j39.253.717
Chic MEM & St P_b__ _June 7,671,406 7,631,916 2,553,689 2,342,576
July 1 to June 30
91.782,691 94,084,055 30,452.630 31,200.087
169,191
Cin Ham & Dayton _b__June 864.643
931,268 def518.278
July 1 to June 30
346,376 2,009.307
10.084,217 10,071,297
219,327
June 432,183
176,951
Cuba Railroad
399,100
July 1 to June 30
5,164.671 4,632,040 2,470,922 2,215.502
Denver & Rio Grande-162,876
Western Pacific_b___June 511,439
132,266
512,861
July 1 to June 30
6,099,573 6.173.628 1,103,681 1,694,792
20,857
7,799
Detroit & hlackinac_a_June
100.951
96,059
292.112
July 1 to June 30
251,549
1,210.333 1,242.327
85,087
Duluth So Sh & Atl b__June 269.951
11,860
342,642
688.341
July 1 to June 30
648,579
3.412,576 3,412,832
282.585
El Paso & South Wes_b _June 836.062
364.297
691.680
July 1 to June 30
9.057,553 8.657.716 3,460.924 3,539,433
def486
Fairchild & Northeast.bJune
2,827 def2,224
2,983
def6,172
July 1 to June 30
6,439
37,841
28,498
Great Northern _b
June 6,111,373 6,797.700 1,874,412 2,390.460
July 1 to Juno 30
75,441,366 78,654.521 28,922.093 32.825.951
Lehigh & New Eng_b_ _June 274,410
35.652
154,741
136,998
July 1 to June 30
330.745
2,255,799 1.793.785
998,520
Louisiana & Arkan_a__June 126,367
31,243
16,219
127,092
July 1 to June 30
607.337
1,741,872 1,717.290
536,752
Maine Con tral_b
June 1,031,888
145.763
942.991
319.137
July 1 to June 30
11.685,969 11,331.406 3,198,549 3,084.408
Mineral Range b
June
13,113
77,048
66,521
15,343
July 1 to June 30
164,453
514.458
844,457
68,433
Minn St P & S8 M _a_ _June 1.409,770 1,573,738
348.106
276,078
July 1 to Juno 30
18,717,689 21,410,672 5,326.094 8.015.490
Chicago Division _aJune 832,159
206,170
892,267
192,336
July 1 to June 30
10.588.533 10,893.990 2,846.029 3,220,534
Mississippi Central_b__June
80,450
86,672
42,895
35.873
July 1 to June 30
1,027.097 1,054,566
444.169
417,851
pNat Rys of Mexico_ _ _June 1,569,610 3,096,218
270,640
73,583
July 1 to June 30
34,069,131 57.370,282 2,286,610 21,126,336
N Y Ontario Az West_a_June 809,706
816,012
275,335
272.611
9,040,812 9.454,349 2.109,327 2.724,216
July 1 to June 30
_June
_
b_
3,714,153 3,742,889 1,277.930 1,199,206
Norfolk & Western
July' 1 to June 30
44,470.619 43.739,921 14,534,777 15,174.108
June 1,242,867 1.309,768 def16.431
Pere Marquette-a
def2,309
16,431,939 17,406.755df1,762,145 2,988,441
July 1 to June 30
259,219
110,399
Richm Fred & Potom_bJune 284,174
92.438
2.977,081 2,968,612 1,080,958 1,156.611
July 1 to June 30
Rutland_b____ _______June 316,153
323,456
79,422
61,212
1,673,760 1,711.746
Jan 1 to June 30 298,556
277,246
June 1,271,425 1,203.513
204,795
30.120
Texas & Pacific_b
18,652,685 18.078.783 4.414.678 3,306.003
July Ito June 30
June 7.290,399 7,563,761 2,559,861 2.950,044
Union Pacific-a
92,115.333 93.638.459 31,626.214 34,941,966
July 1 to June 30
INDITSTR1AL COMPANIES.
-Gross Earnings- -Net Earnings
Previous
Previous
Current
Current
Year.
Yr.
Year.
Year.
Companies.
S
$
$
22,144
90,819
29,216
92,055
Adirond El Pow Corp.a.June
217.142
574,752
150,893
618,121
Jan 1 to June 30
162.788
307,075
152.408
0 eveland Elec Ill a_ _ __May 348,057
947.008
828.200
1.929,537 1.691,508
Jan 1 to May 31
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.
j For June taxes amounted to 5499,145, against 6373,628 in 1913, after
deducting which net for June 1914 was $2,574,513. against $2.379,015 last
year. From July 1 to June 30. taxes were $5,525,585 in 1914, against
54.662,152 last year.




236,894
141,549
95,344
89,827

242,386 2,726,894 2,778.771
145.149 1,643,282 1,672,788
97,236 1,083.611
898,861
80,838
16,398
2,889

184,749
38,402

1,105,983
857,703
248,280
40,092

208,187
146,347
13,508
2,076
July 1 to April 30-April
1914.
1913.
1913.
1914.
5
United States Express Co.Gross receipts from operation 1,491.000 1,705,594 16.638,146 18,124,057
764.731
829,227 8,094,451 8,743,559
Express privileges-Dr
876,367 8,543,694 9,380.498
891.696 8,681,066 9,351,440

29,057
Net operating revenue____ -81,759 -15.328 -137,372
118,868
11.714
190,719
14,203
One-twelfth of annual taxes_
-93.474 -29,531 -247,091 -89.810
Operating income
-Month of April- -July 1 to April 301913.
1913-14. 1912-13.
Western Express Co.
104.809 1,016,440 1.107.388
92,290
Gross receipts from operation
57.830
592,196
552,467
50,520
Express privileges-Dr
41.770
Total operating revenues_
46,914
Total operating expenses__ _
Net operating revenue... def5,144
1.095
One-twelfth of annual taxes_
Operating income

loss6.240

46,979
46,013

463.973
495,368

515,192
468,874

965 def31,394
927
8.570

46,317
9,270

38 loss39.965

37.047

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to atest date.
Current
Year.

Previous
Year.

3
466,970 451,130 2,602,851 2,434,593
American Rys Co-__ June
29.863 34,419
146,243
155,037
Atlantic Shore Ry___ June
181,058 168.721
751,940
720.450
cAur Elgin & Chic Ry May
71.595 60,780
368.686
349.820
Bangor Ry & Electric June
15.603 12,299
87,151
74,344
Baton Rouge Bloc Co June
54,680 59,281
166,301
180,546
Belt LII)Corp(NYC) March
86.038 85.462
367.153
Berkshire Street Ry_ May
370,382
2013.832 1916.693 11.791,355 11,552,887
Brazilian Trac,L & P June
10,999 10.279
39,336
Brock & Plym St Ry_ May
41,364
2106,233 2103,039 6,063,037 5,820,852
Bklyn Rap Tran Syst March
June
29.897
30.645
Co
Elec
Breton
167,321
174,626
Cape
91,477 101.635
Chattanooga Ry Az Lt June
562,114
595,008
42,596 40,989
196,293
188,540
Cleve Painesv dc East June
110,026 111,601
596,846
575,156
Cleve Southn & Col_ June
54,120 49,093
326,401
Columbus(Ga) El Co June
288.533
228,837 213,804 al.495,859
ComwthPow,Ry&Lt June
917.666
May
720,693 760.408 3,064,841 3.174,390
Connecticut Co
255,055 226,768 1,680,625 1,538,259
Cons= Pow (Mich)_ June
217.868 200,339 1,137,586 1,044,980
Cumb Co(Me)P & L June
177,620 168,692 1.113.975 1,028,202
Dallas Electric Co_-_ June
Detroit United Lines. 3d wk July 238,587 264,683 6,639,445 7,063.339
41.513 51,415
124.333
143,310
DD EB&B (Rec)-- March
111,812 110,530
Duluth-SuPerior True June
596.107.
636.735
June
225,180 207.251 1,330.892 1,265,222
East St Louis dc Sub- June
80,051 68,169
439.011
515,602
El Paso Electric Co_- March
136.754 157,847
411,832
447,221
42d St M& St N Ave
221,694 206,916 1,196,234 1,112,248
Galv-Hou Elea Co-- June
109,413 112.045
625,414
621.019
Grand Rapids By Co June
88,368 85.812
Harrisburg Ra'ways. June
484,670
467.987
Havana El By,L & P
Railway Dept_ ___ Wk Aug 2 53,184 55,588 1.663,847 1,669,253
June
Co_
Tr
24,508
148,635
Houghton Co
26,163
140.152
473.462 464.440 2.384.930 2,329.273
bHudson St Manhat. May
June
646,174 627,668 4.038,628 3,789,048
Illinois Traction
June
Tran..
2714,667 2591,271 17,515,941 16.760.701
Interboro Rap
331.498
59,531 56,702
382,679
Jacksonville Trac Co June
68,835
10,837 11.007
65.685
Key West Electric___ June
633.700
658.106
127.203 129.354
Lake Shore Elec Ry_ June
794,463
861,083
176.469 148.222
Lehigh Valley Transit June
301.752
303,920
62,002 63,459
I.ewis Aug & Watery_ June
44,901
43,637
14.431 16,204
Long Island Electric_ March
1,584,880
Railway__
June
1,592,547
279.099
275,723
Louisville
480.995 479.432 3.023.671 2,965.341
Milw El Ry & Lt Co.. June
646.894
707.029
129.781 135.328
MUw Lt Ht & Tr Co_ Jude
363,329
91,430 79.473 403,859
Monongahela Val Tr_ May

AUG. 8 1914.]

Name of
Road.

THE CHRONICLE
Latest Gross Earnings.
_
Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

$
$
3
N Y City Interboro__ March
148,040
50,525 47,374
_
NY & Long Island__ March ___ 24,712 30,214
75,895
NY & North Shore__ June
76.740
15,799 15,504
N Y & Queens Co__ _ March
283.341
94,418 107,248
New York Railways_ May
1199,849 1232,152 5.509.710
NY Westch & Boston May
159.534
39.305 33.709
N Y & Stamford Ry_ May
124,376
33,451 32,104
72,258
Northampton Trac__ May
17.783 16,124
Nor Ohio Trac & Lt_ June
317,780 291,518 1,721.700
North Texas Elec Lt_ June
181.432 174,568 1,038,786
131,301
Northw Pennsylv By May
30.365 30,874
15,962
5,397
Ocean Electric (L I)_ March
5,535
150,257
24,613 23,760
•Paducah Tr & Lt Co_ June
138,472
24,364 24,050
Pensacola Electric Co June
2178.842 2173,824 9,956.212
Phila Rap Transit Co May
530,974 568,875 3.271,659
Port(Ore)Ry,L&PCo. June
467,921
93,108 93,150
Portland (Me) RR__ June
706,471 715,073 3,568,390
Puget Sound Tr,I,SrP May
248,874 248,792 1,502.753
Republic Ry & Light June
487.006 468.043 2.057.752
Rhode Island Co____ May
71,862
24.230 25.923
Richmond Lt & RR_ March
StJoseph(Mo)Ry,Lt,
634,642
106,262 100,513
Heat & Power Co_ June
230,175
39,566 37,614
Santiago El Lt & Tr.. June
423.394
73.015 69,391
Savannah Electric Co June
191.591
61,668 83,136
Second Avenue (Roe) March
47,565
15.772 14,829
Southern Boulevard_ March
51,291
16,970 18,355
Staten Isld Midland_ March
484,320
81,685 69.773
Tampa Electric Co-- June
938,967
314,002 334.143
March
Third Avenue
525.553 512.086 3.035.301
Toronto Street Ry June
Twin City Rap Tran_ 2d wk July 181,141 166,435 4,892,418
Underground Elec Ry of LondonLondon Elec Ry Wk July 25 £12,425 £12,550 £420,515
Metropolitan Dist_ Wk July 25 £12.583 E12,757 £393,909
London Gen Bus... Wk July 25 £73,731 £68,381 £1.910,406
196,833 207.026
584,592
Union By Co of NYC March
1143,589 1123.757 5,234.571
United Rys of St L May
438.461 418.813 2.536.931
Virginia By & Power.. June
66,654 76,972
381,947
Wash Bait & Annan_ June
119,370
40,418 41.736
Westchester Electric_ March
91,570
23.516 22.114
May
Westchester St RR
210.221 204.436 1.263.524
Western Rys & Light June
391,074
59,298 58,167
Wisconsin Gas & Elec June
154.800
51,938 .58,425
Yonkers Railroad.. March
389,092
June
65,211 64.987
York Railways
20.636 21,136
121,140
Youngstown & Ohio_ June
82.972
16.849 15.176
Nrnoncratmon AT Rooth June

Previous
Year.
$
135.790
83,561
75,090
301,373
5,878.534
132.550
126.525
69.510
1,497.237
1.009.294
129.344
14,086
138,826
138,566
9,958.736
3,293,523
457,564
3.464,329
1,421,781
2,052.768
73,679
603,932
224,885
402.994
235,668
41.401
52,008
395.700
959,515
2.893.843
4,576.702
£419,075
£3 93,719
£1.849062
586,831
5,147.939
2,418,395
400,311
119,080
90.856
1.206,239
359.877
136.261
365.063
115,676
78.867

a Includes earnings on the addit onal stock acquired May 1 1913. b Represents income from all sources. c These figures are for consolidated co.

Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings
--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
19,257
42,596
40,989
21,135
Clev Painesv & East_a_June
81,944
Jan 1 to June 30
196,293
188.540
88,564
47,838
Cleve Southw ,Sc Col_b_Jime 110,026
44,815
111,601
217.823
Jan 1 to June 30
226,336
596,846
575,158
Commonwealth Pow By &
462.459
4E2,352
Light System a
June 1,154,432 1,107,326
July 1 to June 30
14,571,468 13,654,375 6,226,023 5.825,822
91.032
144.534
Consumers Pow(Mich),Oune 255.055
226,768
770.602
989,644
Jan 1 to June 30
1,680.625
1,538,259
Cumberland Co (Me) Power
92,295
98,222
& Light_a
June 217,868
200,339
438.728
434,256
Jan 1 to June 30
1,137,586 1,044,980
47,189
38,762
112.045
Grand Rapids Ry_a_ _ _June 109,413
257.360
209,872
625,414
Jan 1 to June 30
621,019
19.848
20,430
50,509
Land.b.June
50,319
Honolulu It T &
128.868
125,065
303,213
Jan 1 to June 30
301,665
250.325
229.296
627.668
Illinois Traction _a_ _ __June 646,174
4,038,628 3,789,048 1,535,722 1,519.109
Jan 1 to June 30
Interborough R T_a_ _ _June 2,714,667 2,591,271 1,495,445 1,327,128
33,515,395 32,497,871 18,531.393 17,120.247
July 1 to June 30
53,491
50,501
129,354
Lake Shore Elec Ry_ a_ _June 127,203
223,608
226,461
633,700
Jan 1 to June 30
658.106
25,439
21,745
63.459
Lewiston Aug & Wat_a _June
62,002
101,148
72.858
301,752
Jan 1 to June 30
303,920
30,333
37,524
93,150
Portland (Me) RR_a__June
93,108
98.613
155.581
Jan 1 to June 30
457,564
467,921
40,598
Wash Bait & Annap_b_June
29,526
76,972
66.654
Jan 1 to June 30
193.029
158,697
400,311
381,947
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Companies

403

New York Street Railways.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
338,937 c189.373 c185,830
Hudson & Manhattan a Mar 337,457
Jan 1 to Mar 31
974,047
964,567
533,783
528.101
Interboro R T (Sub)_a _Mar 1,685,993 1,592,031 1,105.054
960,978
Jan 1 to Mar 31
4,806,822 4.574,677 3.115.038 2,758,536
Interboro R T (Elev)_a_Mar 1,443.774 1,366,074
709,817
657,201
Jan 1 to Mar 31
4,025.311 3,887,033 1,875.640 1,817,308
Total Interboro R T a Mar 3,129,767 2,958,105 1,814,871 1.618.179
Jan 1 to Mar 31
8,832,134 8,461,708 4,990,679 4,575,843
Brooklyn Rap Tran a--Mar 2.106,233 2,103,039
657.926
700,612
Jan 1 to Mar 31
6.063,037 5.820,852 1.814,792 1,733,482
Railways,a
N Y
Mar 1,043,284 1,206,307
234,148
434,833
Jan 1 to Mar 31
3,160,973 3,413,622
830.031 1,183,729
Belt Line_a
Mar
54,680
59,281
4,465
10.301
Jan 1 to Mar 31
166,301
180.546
20,364
18.332
Second Avenue a
16,550
Mar
61,668
83.136
def2,470
Jan 1 to Mar 31
191,591
235,668
1,128
29,780
Third Avenue_a
Mar 314,002
334.143
104,488
130,373
Jan 1 to Mar 31
938,967
959,515
325,050
366.023
D D E Bway & Batt a_ _Mar
51.415
def4.590
15.373
41.513
Jan 1 to Mar 31
35,211
124,333
143,310 def14.224
42d St Man & St N Av a Mar 136,754
42,562
68.426
157.847
Jan 1 to Mar 31
447.221
122,143
174.138
411,832
N Y City Interboro_a__Mar
9,107
6.895
50.525
47,374
Jan 1 to Mar 31
14,940
135,790
19.878
148.040
Southern Boulevard a_ _Mar
del
762
def1,273
14,829
15,772
Jan 1 to Mar 31
2,573 def14,255
47.565
41,401
Union By of N Y City b Mar 196,833
49,112
207,026
15,448
Jan 1 to Mar 31
90,598
586,831
38,584
584,592
Westchester Elec a_ __ _Mar
6,366
40,418
41,736
51
Jan 1 to Mar 31
8,878
119,370
119,082
49
Yonkers a
18,338
Mar
58,425 def10,540
51,938
Jan 1 to Mar 31
25.428
136,261
def6,951
154,800
Long Island Elect a_ ...._Mar
def5,215
def2,023
14,431
16,204
Jan 1 to Mar 31
def7,274
44.901 def15,911
43,637
N Y & Long lel Trac a__Mar
def1,387
def3,210
24,712
30,214
Jan 1 to Mar 31
def7,364
83,561
def9,429
75,895
N Y & North Shore a__Mar
del 833
3
11,929
10,465
Jan 1 to Mar 31
del 482
207
32,528
31,122
NY & Queens Co a____Mar
7,035
def1,710
94,418
107,248
Jan 1 to Mar 31
12,185
def4.928
283,341
301,373
Ocean Elect (L I) a_ ___Mar
del 781
def 95
5,535
5,397
Jan 1 to Mar 31
def2.398 def13,853
15,962
14.086
Richmond Lt & RR a__Mar
24,230
25,923
def1,551 def18,685
Jan 1 to Mar 31
71,862
73,679 def21,504 def36.156
Staten Island Mid_a__ _Mar
def1,580
3.358
16,970
18,355
Jan 1 to Mar 31
658
51,291
52,008
def6,789
a Net earnings here given are after deducting taxes.
c Other income amounted to $87,151 in March 1914, against $77,316 In
1913.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have EONS published during the preceding month will be
given on the last Saturday of each month. This index does
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of.hilyZ5. The next will appear in thatofAugust 29. .
Buffalo Rochester & Pittsburgh Railway.
(Report for Final Year ending Acme 30 1914.)
The remarks of President 'William T. Noonan are given
at length on subsequent pages.
The figures of (mornings, expenses, balance sheet, &c., have
been compiled for several years as follows:

OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
1910-11.
Road operated June 30..
586
576
570
573
EquipmentLocomotives
306
292
290
294
Passenger cars
140
120
105
104
Freight cars
17,543
17.284
16,731 '
15.745
Service cars
308
305
273
237
OperationsPassengers carried
2.059.688
2,023,620
1.942.226
1.817,038
Passengers carried 1 mile 55.632,097 54.573.203 51,101.188 51.751.214
Rate per pass. per mile_ 2.129 eta.
2.066 eta.
2.071 Os. 2.060 eta.
Tons bitum. coal carried 8,176,430
7,980,204
7,188,280 6,950,767
Tons of coke carried_ _ _ _
393.358
593.447
538,452
627.206
Total tons (ail fr't) car'd 12,295,049 12,490,608 10,698.149 10,282.251
Av.dis. haul. 1 ton mile.
161.0
154.7
163.4
159.3
Freight (tons) 1 mile_ _1,980,012,951 2040358,520 1704307,001 1590341,454
Rate per ton per mile_ _ _ 0.462 cts.
0.487 eta.
0.461 eta.
0.480 eta.
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1913-14.
1912-13.
1910-11.
1911-12.
Operating
Passenger
1,l84417
84,
1,127,612
1,065.983
1.058,260
Freight
Interest Charges and Surplus.
9,153.942 9,411,879
7.748,179
8,174,729
Mail,express and misc.. _
279,368
293,691
246.333
265.746
- Other operations
91,808
73.907
-Int., Rentals, &c.- -Sal. of Net Earns.
114.064
43,633
Current
Previous
Current
year.
Total
oper.
revenues_
10.709,535
9,134.402
10,947,246
9,542,368
Roads.
Year.
PreviousYa. Year.
Operating expenses$
$
Maint. of way & struct_ 1.447.953
1,557,963
1.195,263
1,148.664
Clev Painesv & East_ _ _June
8,861 Maint. of equipment_ _ _ 2,216,194
10,060
2,161,210
1.807,077
10,396
1,767.456
11.075
Jan 1 to June 30
19,399 Traffic expenses
22.630
150,554
141,659
120,108
131,403
62,545
65,933
Transportation
Clove Southw dr Col__ _June
expenses
3,880,160
3.137,300
2,933,142
3,580,617
16,094
12,378
32,437
31,744
Jan 1 to June 30
243,202
224,441
204.481
165.191
30.276 General expenses
33,128
187,547
193,207
Total oper. expenses_ 7,938,063
Commonwealth Pow Ity &
7,665,891
6.464,229
6,145.856
Light System
2,771.472
3.281.355
3.078,139
2.988.546
159,604 Net operating revenue
June 332,875
159,477
302,855
July 1 to June 30
def2,897
sur8
def1.989
def7.365
4,018,689 3,725,623 2,207,334 2,100,199 Net rev. outside oper
Total
Consumers Pow (Mich).June
2,768,575
3,273.990
3,078,147
2,986,557
30,881
77,344
67,190
60,151
Taxes
Jan 1 to June 30
accrued
234,000
216,000
204,000
212.000
404.920
563,285
426,358
365,682
Operating income_ _ _
Cumberland CO (Me) Power
2,534.575
3,057.990
2.874.147
2,774,557
& Light
Rents
-hire
of
equip......
561,079
763,047
538,883
570,635
34.316
June
34,623
63,599
57,979
Jan 1 to June 30
165,011
158.198
148.580
142,182
96.329 Rents-joint facilities
52,824
381.432
342,399
Divs,on stocks owned
12.485
12,485
12.485
12,985
Grand Rapids Ry______ June
31,881 Int. on sec. loans & accts.
25,401
13,361
15,308
66.382
68,934
66,304
102,736
Jan 1 to June 30
167,459 Miscellaneous
128,724
81,148
59,901
16,266
16,054
13,326
12.479
Honolulu R T & Land....June
12,821
13,443
6,987
7,027
Total net income_...._ 3,355.798 4,076.708
3,653,725
Jan 1 to June 30
3,615,075
z94,044
41,004
289,150
40,580
Deductinterborough R T
June 907.962
924,959 z633,138 z460.456 Rents accrued for lease
July 1 to June 30
of other roads
373.500
373,500
11,119.666 11,070,670 z8,024,580 :6,537.068
373,500
373,500
facilities
Lake Shore Else Ry_ _ _ _June
298,005
302.990
284,279
284,176
15,031
18,176 Rents-joint
35,470
35,315
-miscellaneous
Jan 1 to June 30
Rents
16.884
17,314
16,738
16,510
13.322
211,721
14,740
210.286
Int.accr'd on fund. debt. 1,311.387
1,255,910
1,207.895
Lewiston Aug & Wat__ _June
1,209.814
10.580 Interest on loans
15,579
6.166
14,859
1,237
419
Jan 1 to June 30
21.798
13.415 Approp.for pension fund
92.994
87,724 def20,136
16,433
1,497
4,564
10,069
Portland (Me) RR
Juno
19.119 New equipment
74,105
20,143
17,381
125,796
11,214
125.000
125.000
Jan 1 to June 30
129,798
35,546 Retirem't of equip. bds_
25,833
274,247
323,000
63,067
250,000
246,500
Divs.
on
pref.
Bait
stk.
&
Annap_
(6%).
360.000
360,000
Wash
__June
.
360,000
z16.589
24.621
z6,614
24,610
360,000
Jan 1 tJo use 3()
146,894
:52,425 Divs, on common stock_ (6)630.000 (6)630,000 (5)525,000(4%)472.500
43,921
143,895
Total deductions__ -- 3.355,798
3,390,007
3,147,395
3.119,867
After
allowing
for
z
other income received.
Balance,surplus
686,701
506,330
495,208




[VOL. XCIX.

THE CHRONICLE

404

GENERAL BALANCE SHEET JUNE 30.
1912.
1613.
1914.
8
a47,198.406 44,296,591 42,485,876
238,708
b657.607
b657,607
2,182.598
1,228,177
1,620,009
c L175,000 c1,318,000 c1,114,000
61,048
96,009
148,917
822,868
743,984
569.980
1,400,503
1,072,842
935,940
436,638
524,499
451,342
892,812
715,102
469.997
817.501
10
212,672
575.980
535,554
467,761
791,455
99,846
132.316

AssetsRoad and equipment
Other investments
Cash
Securities held in treasury
Traffic balances
Agents and conductors
Materials and supplies
Miscellaneous
Advances
Special deposits
Sinking, insurance, &c., funds
Other deferred debit items

55,840,068 51.811.844 49,496,245
Total
Liabitines10,500,000 10,500,000 10.500,000
Common stock
Preferred stock
6.000.000 6.000,000 6.000.000
Funded debt held by public (see"Ry.
29,738,000 26,070,000 25,315,000
& Indus." Section)
c1,175.000 c1,318,000 c1.114.000
Bonds in treasury
Traffic balances
79.526
88,658
79,809
47,012
Loans and bills payable
876,250
Vouchers and wages
8-9-5,650
886,350
173,308
Other working liabilities
105,572
90,549
Interest. dividends, taxes, &c., accr_
295,815
283,584
282.747
Deferred credit items
994,068
840,370
544.291
Appropriated surplus
dl.997.081
1,510,296
1,061,500
Profit and loss
3,964.008
4,199.713
3,621,999
. Total

55,840,068 51.811,844 49,496.245

a Includes investment in road June 30 1907, $23,67S,369, and In equipment. 810,893,995; investment mice Juno 30 1507, in road. $7,016,638; in
quipment, 87637,485; less reserve for accrued depreciation on road,
$64,956; on equipment. $1.912.962, and on shop machinery, 850,164.
b Other investments include in 1914. 8179.008 Ontario Car Ferry Co.
stock (pledged), par 1249,700; various stocks aggregating C182.607 (par
$345,200). unpiedged, and various bonds aggregating 8295,000 at par.
c Buffalo Rochester & Pittsburgh 123. consolidated mortgage bonds.
d Appropriated surplus in 1914 includes addidons to property since
June.30 1907 through income. 81.904.561. and reserves from income or
surplus for equipment. $92.519.-V. 99. I). 341. 118.
•

Chicago & North Western Ry.
(Preliminary Statement for Fiscal Year ending June 30 1914.)
Year ending June 30Operating revenues
Operating expenses and taxes

1913-14.
1912-13.
1911-12.
$83,677.051 $83,035.921 873.698,591
63,657.932 61.849,940 56,124,681

Net operating revenue
*Other income

$20,019,119 $21.185,981 817,573,910
2.906,611
3,474.788
3,348,856

Gross income
Fixed charges
Common dividends (7%)
Preferred dividends (8%)

822,925,730 824.660,769 820,922.766
810,820,060 89,985,746 39,45.5,435
9.108,015
9.108,015 9,108,015
1,791.600
1.791,600
1,791,600

Balance, surplus
31.206.055 $3.775.408
$567,716
* Other income as above includes net from outside operations amounting
to $11,296 in 1912-13, against 833,038 (dr.) in 1911-12.-V. 98, p. 1993.

Interborough Rapid Transit Co.
(Statement for the Year ending June 30 1914.)
Year ending June 301914.
1913.
1912.
1911.
Gross oper. revenue_ _ _ _$33,515.395 $32,497,871 $31.246,392 329,767.352
Operating expenses_ _ _ _ 12,902.053 13,260,743 13,047,802 12,368.982
Net oper. revenue_ _ _ _ $20.613.342 $19,237,128 $18.198,590 317,398,370
Taxes
2,081,949
2,116,880
1,925,090
1,979,431
Income from oper_
$18,531,393 $17,120,248 816.219,159 815,473,280
Non-operating income
612,853
487,490 *1,305.200
339,915
Gross income
819,144.246 $17,607,738 $17.524.359 $15,813,195
Total income deductions 11.119.666 11.070,669 11,000,593 10,673,158
Net.corporate income. 88,024,580 $6,537,069 86,523,766 85.140,037
Dividends
(15)5,250,000(12)4200.000(15)5250 MOO(10)3500.000
Surplus
$2,774,580 82,337,069 31,273,76(1 51.640,037
Per cent exp. to earns
38.50%
40.80%
41.76%
41.55%
Passengers carried
651.886.671 634,316.516 607.244.697 578.154,088
* Includes first dividend. 15% (8900,000),
capital stock of Rapid
Transit' Subways Construction Co.-V. 99. p. on
119.

Western New York & Pennsylvania Ry.
(Report for Fiscal Year ending Dec. 311913.)
Pres. Jno. P. Greene, Phila., April 6, wrote in substance:

OPERATIONS AND FISCAL RESULTS.
1913.
, 1912.
1911.
1910.
Miles of road operated__
658
650
650
650
OperationsPassengers carried
2,014,047
2,131,153
1,982,620
1,949,715
Passengers carried 1 mile 65,123,301 59,575,687 59,386.472 58,852.774
Rate roer pass. per mile.. 2.100 cts. 2.073 cts.
2.055 cts.
2.049 eta.
Freight (tons) carried.. 13,753,087 12.410.480 10.307,122 11,407,425
Freight(tons)carr'd lm:1660441,506 1540265,586 1221376,113 1374663.740
Rate per ton per, mile
0.512 cts. 0.508 cts. 0.500 cts. 0.500 cts.
Avge. train-load (tons)_
536
550
456
442
Earns, per pass, train m. 109.1 cts.
102.2 eta.
100.1 cts.
104.2 cts.
Earns, rev, fgt. train m_ 281.6 eta.
272.5 cts.
235.3 cts.
221.3 eta.
Gross revenue per mile_
$14,542
$15.683
812,107
$13,020
Earnings$
$
$
$
1,228,964
1,215,006
Passenger
1,361.117
1,199,458
7.683,099
6.180,733
8,335,068
Freight
6,735,415
538,082
474,228
Mail, express, &c
619,611
. 523,396
Total earnings
10,315,796
ExpensesMaint. of way, &c
1,608,239
Maint. of equipment_ _ _ 2,876,337
176,068
Traffic
4,935,815
Transportation
235,673
General

9.450.146

7.869,967

8.458,269

1.335,411
2,263,421
161,918
4,107.273
212.136

1.231,456
1,974.379
152,815
3,520,332
180,379

1.395,284
2,255.542
165,546
3,718,516
166,395

9,832,132
Total
Taxes
217.948
P.c.exp.& taxes to earns.
(97.42)

8,080,159
211,674
(87.74)

7,059,361
185,629
(92.06)

7,701.283
184,379
(93.23)

1.158.314

624,977

572,606

1913.
1912.
$265,716 $1,158,314
17,197
14,548
17,045
21.242

1911.
• $624,977
15,152
23,118

Net earnings

265.716

INCOME ACCOUNT.
Net earnings
Joint facilities, rents
Miscellaneous rents, &c
Gross income
DeductHire of equipment, balance
Joint facilities, rents
Miscellaneous rents
Bond interest
Other interest
Additions and betterments

$299,958 $1,194.104
8452.386
85,146
68,501
926,883
548,938
1,499,852

8318.494
31,765
66,237
531,587
516.433
222,728

$663,248
$326,773
32,576
69,012
940,649
445,616
137,297

$3,581,706 $2.087,244 $1,951,923
8893.140 $1.288,675
$3,281.748

Total deductions
Balance, deficit

. 31.
BALANCE SHEET DEC.
1913.

1912.
AssetsRoad & equip't..a59,482,347 57,822,384
10
10
Securities pledged
3,760
3,760
Other investments
268,032
269,027
Cash
422,244
Securities in treas_ 422,244
428,587
Miscellaneous__
367,120
b10,244.790 8,445,047
Deficit

Total

70,788,303 67,391,059

1913.
LiabilitiesCapital stock __ _ _20,000,000
29,990,000
Funded debt
123,512
Equipment trusts_
559,928
Mortgages
Working advances 10,030,367
Constr'n,&c.,adv. 9,357,446
M tscellaneous _ _ _ 308,114
Matured interest_ 267,855
Unmatured int_ _ _ 100,000
51,081
Taxes accrued__ _ _
Total

1912.
20,000,000
29,990,000
247,018
562,428
8,097,797
7,751,036
340,469
268,840
100,180
33,292

70,788,303 67,391,059

a After deducting reserve for accrued depreciation, $367.118.
b After deducting $3,448,485 for appropriated surplus. consisting of
additions to property since June 30 1907 through Income. $3,324,973, and
car trust principal charged out in advance, 8123,511.-V. 98, p. 1158.

Montreal Tramways Co.
(Report for Fiscal Year ending June 30 1914.)
"
President E. A. Robert says in substance:Results.-The gross earnings have increased $388,577. or 5.75%, the
operating expenses $173,450. or 4.30%. and the net earnings $215,127, or
7.9Q%. The ratio of operating expenses to earnings is 58.89%, compared
with 59.71% last year, which Ls considered 'satisfactory.
Contingent Renewal Account.-The sum of $417,125 has'been charged to
this account during the year. representing expenditures made for special
renewals.
Maintenance.-The sum of 8829,706 has been expended on the maintencharged to operating expenses.
ance of properties, plant and equipment,andrenewal
account, above noted,
This, together with the $417.125 chargel to
(equal
to 17.46%,of gross earnings)
81,246,831
makes a total expenditure of
properties:
during the year on the upkeep of the expended
on capital account for addiCapital Charges.-There has been
the sum of 82,711.572.
tional rolling stock, extensions and improvements,
$313,893 of the underFinancial.-There has been redeemed and canceled
redeemed
to date is 3838,607
bonds
underlying
of
amount
The
lying bonds.
additions have been made to the
Roiling Stock, Extensions, &c.-Large
car and trailer has been introduced
roiling stock. A new type of motorservice
on St. Catherine St., the main
which has very materially „helped the
the advisability of building more
line, and the company is now considering
warrant.
The increased rolling stock
may
requirements
as
type
Cars of this
further extensions of our power
and extensions made have necessitated
requirements, which has also been materially increased. A large portion
or the re-building of track has also been completed, which It is proposed to
to the rapid growth of the city, for
continue as fast as possible. Owing
been requesting the company to make numerous
some time past the city hasoutlying
wards
not covered by the contract with
in
extensions of its service
are now pending for a readjustment of the
the city, and negotiationshoped
that
a
satisfactory
Is
agreement will be comand
it
contract,
existing
pleted which will provide the company with the proper facilities to meet the
constant demand necessitated by the rapid growth of Greater Montreal.

Mileage,.'-The mileage increased about 1 1-3 miles,
mainly to
changes of line on the West Seneca and Lakeville branches.dueThe increase
In mileage used under trackage rights (6.57 miles) is due to the arrangement
made for trackage over the Delaware Lackawanna & Western RR. In
Buffalo. N. Y., and the Grand Trunk Ry. between Buffalo,
N. Y., and
Bridgeburg. Ontario, Canada,.by which a through route
is secured foi
traffic to and from Canadian points.
Results.
General
-There was an increase as compared with 1912 of $865,650 in operating revenues, of which over 8650,000 was in the freight revenues, mainly due to an increase in the coal and coke traffic. Passenger
revenues also increased more than 8132,000. due in large measure to special
excursions on account of the celebration of the 50th anniversary of the
Battle of Gettysburg and the inauguration of the President. The increase
of about $46,000 In "other transportation" receipts was caused mainly by
increases in milk and switching revenues.
Operating expenses increased $1.751,974, or nearly 22%, of which over
RESULTS FOR YEARS ENDING JUNE 30.
$270,000 was in maintenance of way and structures, over 8512,000 in
maintenance of equipment, and more than 8828,000 in transportation
1913-14. 1912-13.
1913-14. 1912-13.
expenses, caused not only by the increased traffic handled, but by
Taxes
$84,700
$73,000
heavy expenditures on account of floods, heavy repairs to loco- Gross earnings_ _ _57.142,804 $6,754,227
Dividends
4,032,664
_
4,206,114
_
(10
expenses
%)242,056[735
1156382
motives and freight and passenger ears, changes in charges for de- Operating
Proport'n discount
preciation on freight cars and locomotives, embargoes placed on connecting
bonds sold
82,237
63,714
roads in Buffalo, adjustments in wages and working conditions, and in- • Net earnings-52,936,690 $2,721,563 Contingent
acct
275,000
200,000
Deductcreased expenditures on account of extra crew laws and other wasteful
5489,080 Capital reserve.
23,670
and unnecessary legislation.
Asoa result of these heavy orerating ex- City percentage__ 5,527,384
721,151
bds.&loaas 787,769
an Increaseincrtam
se
om
of
e acp.out 86
0,
d0Onea
inrly
tax
se
9
sord a.slgt
erd
elsrea
lissede
triii ithe
orr Int. on deb.
800,000 Balance,surplus $137,544 $194,565
stock_ 800,000
Int.on
penses,ncom , oss
$1,781.896 after deducting fixed charges, while expenditures for additions
BALANCE SHEET JUNE 30.
and betterments- increased the deficit to 83,281,748, which was charged
to profit and loss account.
1914.
1913.
1914.
1913.
Construction and Equipment Expcnditures.-Net increase in road as her
$
5
Assets-balance sheet. 81.289,208; net Increase in,Iiipment (rebuilding cars, &c.),
equipm't_33,889,817 32,913,809 Common stock_ _ 2,548,580 2,181,210
Road
&
$1.598.496.
Of
this
$309,288; total.
total 51,499,852 was charged against
976,008 Debenture stock...16,000,000 16,000,000
New construction_ 2,711,572
income. representing mainly expenditures for reconstruction and change Accts.
312,814 Bonds and mtges_16 943 257 17,267,150
receivable_ 346,986
of line and grades, extension and re-arrangement,of yards and tracks, station
484,734 Accounts & wages. 623,604
554,940
366,632
Stores
and siding facilities, snow fences, telephone apparatus, interlocking, shop
81,690 Accrued interest__ 234,352
.
236,760
discount....
Bond
tools, increased weight of rails and track material, improvement of bridges.
586,405 Accr. tax on earns. 396,402
371,070
Cash in bank, &c_ 216,889
trestles and structures, and for rebuilding equipment.
Unred'm'd tickets. 157,476
139,741
do dep.in Ear.
Improvements.-The work of revising the grades and alignment between
1,637,955 Suspense account_ 143,801
179,153
Tr.& Say. Bk
Oil City and Buffalo via Brocton, to which your attention was called in the
Dividend Aug. 1_ _
underlying
56,697
63,739
do
last annual report, has been vigorously prosecuted during the year, and_in
622,328 Capital reserve__ _ 600,000
600,000
red. Id. 308,435
secur's
connection therewith sidings have been constructed and extended at various Investments
395,000 Contingent acct._ 117,631
366,262
184,756
points in order to permit the utilization of the line as your principal freight
25,942
Miscellaneous._
26,864
route between Oil City and Buffalo. Portions of the new line are now
401,631
Surplus
539,175
ready for service and the whole work has so far progressed that it is expected
that it will be entirely completed and ready for use during the summer.
38,394,881 38,010,742
Total
38,394,881 38 ,010,742
Total
A large expenditure has been made upon the Ebenezer yard in order to
Included in "bonds and mortgages' In 1913 are $13,335 1st & ref. M. be.
permit of a more economical handling of traffic and avoidlcongestion in
1025.
-y,
97,
p
•
the Buffalo Terminal district.




AUG.8 1914.]

THE CHRONICLE

Acme White Lead & Color Works, Detroit.
(Report for Fiscal Year ending Nov. 30 1913.)
Pres. Wm.L. Davies, Detroit, Jan.6 1914, wrote in subst.:
The general curtailment of business throughout the United States, due
In part to the important legislation affecting the tariff and currency,
has
naturally reflected upon the operations of the company. Our gross sales
for the year 1914. however,show an increase of approximately 8% over the
preceding year, and under normal conditions should for the year 1913-14
show a very substantial increase.
The stockholders on June 28 1913 authorized the directors to fund the
floating obligations by creating a bond issue, which was underwritten by
responsible banking houses in July following. Since Nov. 30 1913 8236,024
has been so received. and an equal amount of floating debt retired and canceled. (V. 97. p. 239.)
The company operates factories in Detroit, Mich.; Lincoln. Neb.; Boston, Dallas and Los Angeles, and branches and stores In Birmingham, Ala.;
Chicago, Cincinnati. Detroit (store), Fort Worth, Jackson (Mich.), Minneapolis, Nashville. Pittsburgh, Portland (Ore.). Salt Lake City. San Diego
(Cal.). San Francisco,Spokane,St. Louis,Toledo and Topeka (Kans.).
RESULTS FOR FISCAL YEAR ENDING NOV.30 1913.
Net profit, after deducting all manufacturing expenses, including
an adequate allowance for depreciation
$420.597
Interest on funded and floating debt
$97.338
Divs. on pref. stk.(6%). .;on corn.(10%).8200,000; total 264.537
Balance, surplus for year ending Nov. 30 1913
BALANCE SHEET NOV. 30.
1912.
1913.
AssetsLtaNiftfes$
Plant&equip.,real
Common stock...
eat., blgs., dm_ 3,005,847 1,583,753 Preferred stock__ _
Branch wareh'ses,
1st M. bds. (leas
stores, dm
810,963
bds. in treas.)_
321,494
Cash
172,323 Ace'ts payable__
Ace'ts ,!‘ notes rec.,
Notes payable. _ _ _
(less bad et.res.) 826,616
865,705 Ac,cr'd accounts__
Inventories
1,549,597 1,703,979 Reserves
Deferred charges_ 181,935
Surplus
Total

5,885,489 5,136,723

Total

858,722
1913.
1912.
$
$
2,000,000 2,000,000
1,075,900 1,075,575
1,700,000
51,771
28,796
•104,655 1,529,250
47,862
a386,404
518,897
503,102
5,885,489 5,136,723

• Notes receivable ($104.655) in 1913 was after deducting $825,270 due
on bonds outstanding under contract with bankers, the proceeds being applied to retire maturing notes payable. a Includes reserve for development and extension of business. $316,645, for general purposes, 840,000.
and for depreciation, $29.759.-V. 97. p. 239.

Ray Consolidated Copper Co., New York.
(Report for • Fiscal Year ending Dec.• 31 1913.)
Pres. Sherwood Aldrich,N.Y., April 1, wrote in substance:
The closing months of the year 1913 witnessed the practical completion
of all construction and equipment at the mine and mill for the production
and treatment by Your company of at least 8,000 tons of ore daily. The
underground development has required nearly four years time and the
driving of over 70 miles of underground workings.
A total of 54,158,309 lbs. of copper were produced during the year in
concentrates and high-grade crude ore shipments. After deductions for
losses in smelting there were left 52,341,029 lbs. of copper. Our sales and
deliveries of copper for the year were made at the gross price of 15.371c
per lb.,or,after deducting delivery charges, a price of 15.201c. The difference between this 15.201c. received for the copper and the figure of 14.994c
at which our income was computed, is due to reducing to a lower valuation
the inventory price of our unsold copper, which stood at the end of the year
1913 at 14c. per lb.
Dividends at the rate of $1 50 per share annually were commenced at the
close of the second quarter of the year and have been-paid quarterly since.
A depreciation charge amounting to $276,727 was for the first time made
against general income. This depreciation charge, which amounts to 5%
of the cost of the hnprovements, creates a reserve for the extinguishment
of the improvements account in advance of the exhaustion of the mine. A
charge of 5236,739 is also made against general income as a sinking fund for
the redemption of outstanding bonds, being 10c. for each ton of ore treated,
commencing with 1913. Since Dec.31 $215,000 bonds have been purchased
below 110, or selected by lot for retirement July 1 1914, at 110 and interest.
The State Legislature of Arizona, by a law passed last year, made a large.
and as we believe, a radically unjustifiable, increase in the basis of mine
valuation for taxation purposes, with the result that taxes paid by your
company in the State during 1913 amounted to 8140,319, an increase of
nearly $90,000 over 1912.
.A daily average of 1.576 men were employed at the mine during the year.
but this number had been increased to 1,667 in Dec. last. An average of
663 men were employed in the mill during the year, and this average, too,
had been increased to 742 for Dec. With the reduction which followed on
Dec. 31. the latter number has since been reduced.
•
Data from Report of Managing Director D. C. Jackling, Salt Lake
City. March 14 1914.
Mine Development and Ore Reserves.-No drilling or underground work
was done during the year for the express purpose of developing additional
ore reserves and no definite extensions of ore reserves were recorded excepting in the vicinity of the No.3shaft in original Ray Central territory, where
underground development in the blocking out of ore for mining disclosed
an addition of about 90,000 tons of ore averaging approximately 3..5%
copper. During the year a operations there was mined, including a small
tonnage of ore shipited direct to the smelter, a total of 2.366,007 tons
averaging 1.72% copper. The total developed tonnage remaining is.
therefore, 78,380,966 tons. The total tonnage mined from the beginning
of operations up to the end of
the year 1913 was 4,613,402 tons. The limit
of all the ore bodies,
have been by no means defined, and it is
reasonably certain thathowever,
a
moderate
amount of additional drilling would disclose increased ore reserves
has been mined since the much greater than the quantity of ore that
beginning.
The total underground development for the• full period of operations up
to the end of
1913
approximately 377,000 ft., or about 71 miles. of
which 242,000 ft.,'orwas
about 46 miles, is still open and available for use.
Of the total tonnage
produced for the year, 63.4%, was mined from the
No. 1 shaft territory; No.
2 shaft produced 33.4%; No.3shaft, serving the
higher-grade ore body,
produced only 3.2%. but is now producing over 6%.
or about 500 tons per day.
As in the previous year, most of the tonnage
mined in the No. 1 area
which. on account of its came from a comparatively low-grade body of ore,
location. It was necessary to mine out before the
deeper-lying and better grade
ores in that section could be attacked. There
Still remains a very large
reserve tonnage of this lower-grade materialot hich
will be drawn'upon during
the coming year, but as the No. 2 section is now
pretty fully developed,
the percentage of the total tonnage coming from this
area
is increasing. and as the grade of ore being produced and available for
production
from here is approximately
up to the average for the property,
tho average &ado for the
coming year should show a substantial improvement over that for the period
bY this report.
The cost of mining ore from Coveritd
as compared with 77.55c. per all sources for the year Was 73.23c. per ton,
ton for the year 1912. These costs include
all fixed and general charges as
well as the cost of operating the coarse
crushing plant at the mine and
loading the crushed ore into railroad cars for
shipment to the mill. The
latter two Items of cost amounted to approximately 334e. per ton, so that
the
net cost of mining proper. including a
proper apportionment of all
was a little less than 70c. per ton.
Construction.-The Seventhcharges,
section Of the m111 was completed in Jan. 1913
and operated Intermittently as
the mine'being unable to supply
continuous tonnage for More thanneeded,
six sections at that time. The eighth and
last section a the mill was completed
and started up in October. Since
. that time all Sectionit have been
operated •ItS required, and at the end of the
year Were handling nearly their rated
capacity of 1.000 tons per section per
day, or 8.000 tons per day for the
completed plant.
Operations'at Mill.-The total amount
of ore,treated for the year Was
2,365,296 tons; as compared with.
tons for 1912 and 681.520 tons
for the nine months of 1911. during1,565.875
a portion of the mill was in operation. The average copper Content which
of ore treated for 1913 was 1.719%, as
compared with 1.677% for 1912.
on the total copper contained inThe average recovery for the year, based
concentrates produced. was 66.09%,




405

corresponding to 22.723 lbs. of copper per ton of ore, as compared with
22.9 lbs. for the previous year. The recoveries for the year were affected
adversely by a considerable amount of oxidized ore coining at times from
upper levels, and also by the irregular operations of the mill during the last
half of the year, when improvements were in progress. These improvements
are not yet entirely completed, but the benefits of them are illustrated by
the fact that at the close of the year, and the time of writing this report,
recoveries have been increased to a point exceeding 68%.
Cost of Copper.-The average cost per lb. of net copper produced, after
making allowances for smelting and refining deductions, and crediting
dividends from the Ray & Oita Valley RR.as a reduction of operating
costs,
but excluding credits for other miscellaneous earnings, was 9.7836c. per
lb.,
as compared to 9.8281c. per lb. for 1912. These costs include a charge
of
1215c. per ton of ore treated, or Over „tic. per lb. of net copper, for the
extinguishment of mine development expense. They also include all
fixed
and general charges of every nature, excepting bond interest and depreciation. In comparing this with 1912. it should be remembered that charges
for mine development suspense did not begin until April 1912,
whereas it
applied throughout the entire year 1913.
Outlook.--The outlook for 1914 is that the percentage of increase in copper
production will be almost as great over the production of 1913 as was
the
increase of that year over the production of 1912. Such being the case, and
in view of the excellent physical and operating conditions prevailing, there
will undoubtedly be a marked decrease in the cost of producing copper.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1913.
1912.
1911.
Copner production (lbs.)
52,341.029 34,674,275 14,935.047
Average price received per lb
14.994 eta. 15.7624 cts.
13.08
eta.
Total operating revenue
87.899,721 $5,475,565 $1.954,554
Operating ExpensesMining, &c., expenses and taxes
82.968,343 81,992,806
8975,427
Freight and treatment
2.059,412
1,455.155
811.876
Selling commission
19,706
Mine development extinguishment__ - 295,662
158.025
Total operating expenses
Net operating profit
Dividends on investments
Income from rents, &c. (net)
Total income
Deduct-Interest
Dividends

85,402,502 83,661.359 81,807,009
82,497.218 81,814.206
8147,545
326,750
284,750
191.875
50,348
12,006
25.628

$2,874,316 52.110,962
$199,123
$181,700
(11h%) 1,631,504

8365.048
$66,408

Balance. surplus

81,043,689 51,929,262
8298,640
BALANCE SHEET DECEMBER 31.
1012.
1913.
1912.
Liabilities8,926,607 Capital stock _ _14,505,530 14,473,520
First mtge. bonds_ 2,977,000 3,000,000
Accounts payable_ 161,205
134,445
8,503,042 Treatml. refin. dr
1,075,000
delivery charges
500 (not yet due)._
331,129
224,932
11,818 Reserve for Maur.,
478,730
taxes, Int., dm_
65,955
'6.860
63,942 Res.for bond red'n 236,739
770,304 Reserve for depen 276,727
560,588 Burn. (sale of sec.) 279,624
252,871
Undivided prollta_a2,758.128 2,227,903
21,592,035 20,390,531
Total
21,592,035 20,390,531

CONSOLIDATED
1913.
AssetsProperty
8,916,378
Expend. for add'I
construe.,equip.
& development. 9,511,281
Outside investmls 1,095,000
Treasury stock_
Prepaid insur.,&c_
43,531
Materials & suPP. 461,423
Accts. receivable.
69,584
•Copper in transit 1,295,189
Cash
199,649
Total

* After deducting 81.592,878 for advances in
1913 (81,180,755 in 1912).
a After deducting in 1913 reserve for bond redemption,
8236,739, on
reserve for depreciation, 8276.727.
The balance sheet of the Ray & Gila Valley RR. as of
Dec.
shows total assets (including cash. 875,397). $1.118.851; offest by31 1913
capital
stock. $1,070,000; current liabilities, &c., 839.127 (including
dividends
payable, $30,000); profit and loss, 89,725.-V. 98. p.
1248. 1004.

Riordon Pulp & Paper Co., Ltd., Montreal.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. C. Riordon, Montreal, March 5, wrote in substance:

The net profits for the year 1913 were practically the same as during
1912.
The improvements and additions to the plant at Hawkesbury
were completed during the year, but owing to the business depression prevailing
in
Canada and the United States during the past year the company
was unable
to market its full production and the total sales during 1913 fell
short of
the 1912 sales by $98,946. During the year the amount expended upon
the
property was $536,000 and during the same period the current
assets
increased $420,000 and the current liablilities increased $896,000.
propose
to reduce the current liabilities by the sale of bonds
We
when the
market is favorable for their sale. About 84% of the
s product
for 1914 is sold at satisfactory prices. The outlook for company
business
during
year is very good indeed. The production of sulphite pulp has been the
increased at both mills 30 to 40% and it Is preoposed to increase
the output
of the principal lumber mill this coming season by running
mill nights
as well as during the day time, as the prices obtainable are the
the highest we
have ever received.
PROFIT AND LOSS ACCOUNT FOR CALENDAR
YEARS.
1913.
1912.
1913.
1912.
Profits
$309,679
Adjustment
y$66.498
Reserve for depreen__ 48,953
Not
Bond Interest
90,000
$35,522
Bank intereat
32,653 stated Pref. dividends_ -....(7%)70,000 x35,000
Net profits
$228,073 $228,249
Total deductions...8160,000 $137,020
Balance, surplus
$68,073 $89,229
•Approximate profit for 5 months ending May 31
1912.
x 3% for half-year ending Dec. 31 1912.
'
y Adjustment on physical inventories of logs,
&c.
BALANCE SHEET DEC. 31.
1913,
1912.
1913. ,
1912.
Assets-$
s
Liabilitiesproperties a
6732,841 6,196,501 Preferred stock
1 000,000 1,000,001
Stocks other cos___ 47,878
47,876 Common stock
4,500,000 4,500,000
Inventories in loge,
1st M.sk. td. deb_ _1,500,000 1,500,000
lumber,sure., &c.1,577,010 1,155,700 Accounts payable
388,078 245,918
Accts. rec. (less res.) 273,746 275,491
138,261
Bills Payable
Cash
15,561
22,797 Accrued liabilities. _ 31,678
35,965
Prepaid Maur., &a
23.818
17,765 Bank advances
700,020
80,000
b Surp. at reorg
255,513 285,019
Surplus profits
157,302
89,228
Total
8,670.852 7,716,130
Total
8 670,852 7.716.130
it Properties include timber lands, real estate, buildings, machinery and
equipment, &c., at the values adopted June 1, with
subsequend additions,
less depreciation.
o Arising from re-valuation ofcapital assets June 1 1912 after adjustment
and deduction of reorganization expenses and discount on debentures.
-V.98, p. 1248.

Wayagamack Pulp & Paper Co., Three Rivers, Que.
(Report for Fiscal Year ending June 30 1914.)
President J. N. Greenshields, July 16, says:
It will be recalled that in our first year's report we pointed
had constructed a plant with an initial capacity of 50 tons of out that we
and 50
tons of paper, and that it had been so designed as to permit ofpulp
its gradual
extension to a 200-ton mill. During the current year we have
the capacity of tho plant. The company has contracts in hand doubled
to take
care of this entire Increased map and paper production:at
profits. Our
sales during the year have shown a steady advance each good
month,
es
the
outout has gradually been increaaed.., Our _shareholders will be
learn that during a year or such depression
gtatliied 'to
and general industrial
curtailmentwe have been able to make and market a steadily
increasing output,
and, as anticipated, have shown a steady growth in profits.

THE CHRONICLE

406

30 1914.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING JUNE
Year end'p 6 mos. end.
June30'14.June30'13.
Net(after providing for all chges.,incl.admin.expenses)$403,903 $256,774
105.000
210,000
Less bond interest
$193.903 $151.774
Net profits
BALANCE SHEET JUNE 30.
1913.
1914.
1913.
LiabilitiesAssets5,000,000
5,000,000
stock
Common
2,077,784
.4e.2,432,657
machln.,
Bldgs.,
3 500,000 3,500,000
1st M. bonds
Prop., limits, real
6 584,266 6,560,807 Accounts payable__ 124,9251 308,579
estate, .kc
253,608J
Bills
payable
145,787
222,139
Cash & aces. reedy.
500,533 128,382
Logs in boom,Sm.__ 467,814 285,709 Loans
87,500
31,260 145,952 Accrued bond Int.__ 87,500
Pulp wood
41,162
61,566 Oper. chges. accrued 47,954
28,022
Lumber In yard
53,067 Res.scat. contin.,dfc. 79,146 168,267
122,481
Stores
151,774
345,677
loss
and
Profit
54,990
50,704
band
on
paper
Pulp ,S;
1914.

Total
-V.99. D. 347.

9,939,343 9,385,663

Total

9 939,343 9,38.5,663

Belding Bros. & Co., N. Y. City and Rockville, Conn.
(Balance Sheet Dec. 31 1913.)
1912.
1913.
1912.
1913.
LiabilUtesResources3,000,000
stock
Capital
5,500,000
1,435,305
,090
Real est., mach..&01,654
793,416 2,125,892
554,747 530,303 Surplus
Cash
290,663 136.387
Bills & aceti. receiv_ 999,733 1,002,293 Reserve
2 583,985 2,165,528 Bills dr accts. payable 991,618 815.495
Inventories
4,571
5,061
Invests. ln sub.cos_ _1,788.198 948.915 Pay-roll
Total

7 580,758 6,082,345

Total

7 580,758 6,082.345

•Includes in 1913, real estate, equipment and water power, $1.583,818,
and supplies. $70,272.-V. 96, p. 281.

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
•
Atchison Topeka & Santa Fe Ry.-Lease.-

See Oklahoma Central Ry. below.-V.99, P. 195. 47.

Chicago Great Western Ry.-Voting Trust Ends.Holders of the outstanding stock trust certificates are notified, by adv.on another page,that the voting trust agreement
dated Sept. 1 1909 will terminate on Sept. 1 next, and that
on and after that date the trust certificates may be exchanged
for corresponding certificates of stock.
office of J. P. Morgan & Co.,
Exchanges will be made at the temporary
Sept. 11914. but not more than one hundred schedNew York. on or afterreceived.
Pending the preparation of the stock cerules per diem will be
tificates, suitable temporary receipts will be issued.-V.99, p. 195.

[VOL. xclx.

the Duluth Street Ry. to sell 6 single-fare tickets for 25 cts.,
in addition to the 5-cent cash fare in force.
The company is required to redeem coupons issued under the injunction
secured by it on Nov. 30 1912 staying the enforcement of the order pending an appeal to the courts. An appeal, it is expected, will be taken to the
State Supreme Court.
The company contended that the provision In the franchise for a 5-cent
single fare is in the nature of a contractual obligation which the Commission
has no power to impair, and also that the order requiring it to sell 6 singleand the
fare tickets for 25 cts, is unerasonable, considering the investment
Milwaukee
amount of net earnings. The Court cited the decision in thein
fare provision
the franstreet car 6-ticket case, holding that the 5-centbe
charged for a single fare,
chise was a limitation on the amount that might
found that the
and not a power to charge less than 5 cents. Judge Stevens
as fixed by the Comproperty in Superior is reasonably worth 9700,000,
will undoubtedly
mission. The Court says: "The order of the Commission
the revenue per passenger
increase the sale of tickets and thereby reduce
means certain that the loss will
for those that use the tickets, but it is by noof
due to the use of the
traffic
density
increased
by
compensated
fully
be
Among the most striking
tickets and to the natural growth of the city.
the increased density of traffic
examples of the effect of reduced fares israilroad
2-cent fare law in Wiswhich followed the passage of the steam
sweeping reductions
consin. The order of the Commission does not make
cash fare. The proof
in the rate of fares; it does not change the present
to satisfy the Court
required
evidence
satisfactory
and
falls short of the clear
unreasonable.'
that the order of the Commission is either unlawful or
1694.
p.
98,
V.
1472;
p.
95,
V.
Compare

Erie RR.-New Locomotive Makes Record.-The company
on July 24 made a test at Binghamton, N. Y., of the tractive
power of the new centipede locomotive, which weighs 410
tons and has 24 driving wheels, 8 of them being under the
tender to secure additional driving power.

it
The officers in charge kept adding car after car of coal to the train untilof
consisted of 250 fully loaded steel "battleships", with a total weight
21.000 tons.
a
The locomotive pulled a train of 250 fully-loaded steel coal cars with
total weight of 21.000 tons for 40 miles, establishing, it is said, a new trainload record, not only for American roads, but also for roads anywhere In the
world.-V.99. p. 48.

Florida East Coast Ry.-Extension-Ferry.-The following is confirmed:

it is
The new freight car ferryboat being built for the company will.
This will be
expected, be launched at the Cramp shipyards on Sept. 30.
30 cars
one of the largest car ferryboats ever put in service. It will hold
be
and will be seaworthy in every kind of weather. The boat will probablythe
ready for service by Jan. 1. At Havana the ferry will connect with
owning
company
English
The
traffic.
large
a
Cuban Ry. lines, assuring
more
the Cuban road is arranging for the expenditure of $1,000,000 ornorthis terminals. In addition to the large shipments of Cuban fruits
to
country
this
of
houses
packing
ward, the boat will carry meats from the
Cuba. A heavy traffic will, it Is stated, be developed on the completion of
these transportation facilities.
The company will shortly finish its Kissimmee Valley extension to Lake
Okeechobee, 123 miles in length, about 93 miles of which have been completed and which will be ready for operation about Jan. 1.wherever trestleThe work of substituting concrete bridges over the Keys
work and fills have been before will shortly be completed.-V.98. P. 1993.

Grand Junction & Grand River Valley Ry.-Foreclosure.-Judge Black in the District Court at Montrose,
Colo.,on Aug.3,on application of the Colorado Title & Trust
Cities Service Co., N. Y.-Dividends Deferred.-The Co., mortgage trustee, granted a decree of foreclosure, the
company has deferred payment of dividends (including those interest being in default.
due Aug. 1) on its preferred and common stocks. The diviThere are said to be $1,383.000 1st 20-year gold 6s outstanding, due
1 1929. The railway owns the entire stock ($250.000) of the Grand
dends on the stocks of the Gas Securities Co., Gas & Electric July
Elec., Gas & Mfg. Co., and also all but $3,000 of its $250.000
Securities Co., Empire District Electric Co. and Electric Junction
1st M. 5% 20-year gold bonds, due March 1 1927.
says:
31
July
dated
circular
A
Co.
Deposit
Bond
Grand Trunk Pacific Branch Lines Co.-Mortgages.the payment of further cash diviTho directors have decided to defer
be made of the outcome of the strained Notice was given on July 20 that there had been filed m the
dends until a reliable forecast can
security
the
financial situation and
condition which now pertains to the
office of the Secretary of State of Canada the following mtges:
The directors feel that unless a decided change for the better
markets.
(1) A supplementary trust indenture, dated April 4, securing bonds to
before normal financial conditions will prevail
occurs it may be some timecompany
railway and guaranteed by the Prov. of Alberta.
may have to be met from the earnings be issued on a portion of theof
and all requirements of the
trust, dated April 4, being the "Third Suppleentirely
A mortgage or deed
are
these
companies
of
(2)
earnings
The
n Lines)securing bonds to be issued on
of the subsidiar5 companies.
(Saskatchewa
Instrument"
all
mentary
Your
board
feels
that
satisfactory and we expect them to so continue.
by the Province of Saskatchewan.
guaranteed
and
railway
should be conserved. They hope for an portions of the
cash resources of the company
normal
to
-V.
return
speedy
a
98,
1:/•
insure
783will
which
immediate change for the better
decision
In
their
to be resumed.
conditions and enable cash dividends
Grand Trunk Ry. of Canada.-New Officers.-E. J.
practically prohibitive rate of exchange
they are also mindful of the present
payments abroad.
n, President of the company and of the Grand
Chamberlai
applying at this moment to dividend
for Aug.7 to consider further
Another meeting of the board has been called
announces:
Ry.,
Pacific
We
exists.
it
as
then
altuation
the
to
relation
in
the matter of dividends
Owing to the death of M. M. Reynolds, Vice-President in charge of
after this meeting is held, and
has been abolished. Prank Scott is
will communicate with all the stockholders
until such time as nor- finance and accounting, that positioncharge
stockholders
the
to
letter
weekly
a
issue
of finances and W. H. Ardiy
to
Treas, in
we plan
we feel they are fully insured. [The appointed Vice-Pres. andaccounting.
99, p. 48.
-V.
mal conditions are established or until
of
charge
in
Comptroller
adjourned
on the matter has been
meeting of the board to take further action
expected that the dividends, if declared, will
to Monday. Aug. 10. It is
Greenville & Knoxville Ry.-Successor.convertible scrip.I-V. 98, p. 1244.
be made payable in stock, scrip or
Sea Greenville & Western RR. below.-V.98, to. 1767.

Cleveland Interurban RR.-New Company.-

Greenville & Western RR.-Reorganized Co.-The cornhas been organized as successor of the Greenville &
any
Columbus (0.) Ry., Power & Lt. Co.-Approved.-The
Ry., foreclosed June 1 1914 and sold to Atlanta
oxville
maa
stockholders at an adjourned meeting on July 30, by
parties (V. 98, p. 1767). The officers are:
(Ga.)
Gen. Mgr., R. A. MeTyer; Vice-Pres., A.P.Coles; Treas.,
ority of over three-fourths, ratified the financial plan (V.98, President and
Carl Lewis, all with offices at Atlanta, Ga.
p. 1767).-V 99, p. 48.
Gulf Texas & Western Ry.-Authorized.-The Texas
Ry.-Called Bonds.Connellsville & Monongahela
both incl., for redemption at par and int. RR. Commission on July 27 authorized the issue of $471,000
Bonds of 1905, Nos. 228 to 260. of
443.
Co. Pittsburgh, trustee.-V.97, p.
additional 1st M. bonds. This makes a total of $2,000,000
on Sept. 1 at the Union Trust
& Pow. Co. of Wilmington, N. C.- outstanding.-V. 96, p. 1089.
Consol. Rys., Lt.
Ry. below.-V. 85. p. 1143.
See Wilmington & Carolina Beach
Hudson & Manhattan RR.-Authorized.-The P. S.
-Western Pacific Interest to Commission has authorized the company to issue $202,500
RR.
Grande
Rio
Denver &
Pacific Ry. 1st Ref. M.5s to be sold at not less than 80.
Be Paid-Proposed Readjustment.-See Western
Of the proceeds. 3162.000 are to be used to reimburse the company for
below.-V. 98, p. 1316.
expenditures for construction and improvements. The remaining $419,500
issuable for expenses in connection with the sale of bonds to be amorUnion
-The
of
Bonds.
are
Ry.-Sale
Terminal
Denver Union
first mortgage bonds, tized by the company.-V.99. p. 196.
Pacific RR. has purchased $4,000,000
International & Great Northern Ry. Co.-Circular.n of the new
the proceeds to be used for the constructio
noteholders' committee referred to last week (p. 342),
The
union station.
circular requesting noteholders to deposit their notes
a
in
part
1914,
2
March
dated
434s,
The bonds are 50-year gold
delay with the Central Trust Co., N. Y., says in
without
1
Mar.
payable
Int.
0.
$10,000,00
of an authorized issue of
substance:
1115,1024.
p.
97,
762;V.
and Sept. 1. Compare V.98, p. "The Union Pacific bought the
Noteholders' Committee Dated July 31 1914.
Circular offalls
due at a time of great
on Aug. 3 said:
see van sweringen Co. under "Industrials" below.

President A L. Mohler
improveis extremely desirous of having the
bonds because the companycompletion.
The other interested lines agreed
ment begun and carried to
of the
that
than
at a figure a little higher
that we should take the bonds remains
is the letting of the contract. The
highest previous bid. All that the office of the architects of the terminal
bids are now being tabulated in work will be started as soon as possible.
company, Grove & Walsh, and
learn who is the lowest bidder."It probably will be a week before we
V. 98, p. 762.

E.R.
Duluth-Superior Traction Co.-Decision.-Judge
28 susStevens in the Dane County Circuit Court on July
tained the order of the State RR. Commission, requiring




financial and industrial deThe note issue
pression and after a fiscal year of imprecedentedly adverse conditions, a
situation almost impossible of repetition. In addition to a decline in traffic
all over the country, and particularly in Texas, due locally to the partial
failure of the cotton crop and the closing of the Laredo Gateway. owing to
the Mexican revolution, there have been disastrous floods, with a conseof
quent loss of property and of business amounting to many hundreds
thousands of dollars. Notwithstanding these misfortunes, Messrs. Hasfallen
has
public
company
state
certified
accountants,
that
the
Sells,
&
kins
ended
short of earning the interest on all its obligations for the 9 months
and that during the last 23-6 years
March 31 1914 by only about $300,000,
all
fixed
a
above
of
aggregate
the
surplus
over
5930.000
in
earned
It has
charges, after making ample allowance for depreciation of equipment.

AUG. 81914.]

THE CHRONICLE

Under these circumstances, and in view of the
t of the money
markets of the world, an extension of the notes unsettlemen
has become necessary.
The committee, acting in the interests of the
holders
of
a majority in
amount of the notes, have for Some time past been in conference
the
company and with representatives of the control of its stock, and with
a basis of
agreement has been reached whereby the company is to offer
to
extend
the
notes to Feb. 1 1917, with interest at the rate of6%,payable
semi-annually.
and provision is to be made to furnish to the company. if necessary,
up to a
maximum of $660,000 to provide for any
deficit in interest during the period of extension.
Arrangements have been made whereby the present owners are to give an
option, conditioned upon the extension becoming effective to purchase
51% of the outstanding preferred stock of the railway company
51%
ot the stock of the Internat. & Great Northern Corp.. owning theand
stock of the railway company, and are to join with the purchaserscommon
in
the option shall be exercised, in making provision for certain neededcase
improvements and new equipment and for immediate financial requirements
of the company and, if the extension becomes effective, it is intended that
the noteholders shall be offered an opportunity to participate in this transaction through the syndicate which may be formed to carry it out.
A deposit agreement is being prepared under which a committee representing the holders of the notes will be appointed. The committee to be
named in the agreement will, among other things, be empowered thereby
to consent, on behalf of the depositing noteholders to the extension, to settle
the form of the extension agreement and to procure the execution of, or to
approve, such further agreements as may be required to carry out the arrangements outlined.
Failure to extend the notes is certain to result in a receivership, with the
heavy expenses entailed by such proceedings, and the non-payment of the
Aug. 1 coupon and the probable depreciation of the property by reason of
Its not securing the benefit of the moneys to he spent upon the property under the arrangement for transfer of control-V.99. p. 342, 269.

Offer to Holders of 3-Year 6% Secured Gold Notes Dated
January 1 1914.-The advertisement further says:

International Ry. of Central America.-Status.-

See United Fruit Co. under "Industrials" below.-V.98. p. 1684.

Interoceanic Ry. of Mexico.-Through Traffic Resumed.

See Mexican By. below.-V. 99, P. 342. 48.

Lincoln (Ill.) Railway & Light Co.-Receivership.James E. Hoblit, Cashier of the Lincoln State Bank, has
been appointed receiver, as the result of two suits to foreclose
the mortgage , assuming charge on July 18. Compare
V. 98, P. 1920. '
Los Angeles & San Diego Beach Ry. San Diego, Cal.Application.-The company has applied to the California RR.
Commission for authority to issue 25,000 bonds to electrify
certain portions of the company's lines, as previously ordered
by the Commission.

407

Accordingly, the company proposes to pledge the bonds under a trust
agreement between the company and Guaranty Trust Co of New York'
as trustee, to secure an issue of notes of the company limited to the aggregate principal amount of $3,099,046 U. S. currency, the total of the payments maturing during the said period. The notes will be payable Jan. 1
1917, will bear interest at 6% per annum, payable at maturity, will be
redeemable in whole or in part at the option of the co. at par and Interest
on 30 days' notice, will be payable in United States gold and the equivalents
thereof in foreign currencies at the rates of exchange specified in the trust
ent and will be in suitable denominations to meet the requirements
a
oingen various payments. Subject to the conditions hereinafter stated,
the company offers to make payment of the interest and principal becoming due between July 1 and Sept. 30 1914,inclusive. in the notes at par.
Holders of the securities desiring to avail themselves of the offer are requested to deposit their coupons and maturing notes not later than Sept.
1
with Guaranty Trust Co of N.Y.,either at its New York office, 140 Broadway, or at its London office. 33 Lombard St., London, E. C.. or at such
other offices as may from time to time be designated. Temporary receipts
will be issued for coupons and notes deposited.
The offer may become effective if within said period holders of the
above securities to the amount of not. less than 75% thereof
shall have
deposited their coupons and maturing notes or otherwise satisfactoril
y
signified their assent thereto. It shall become effective if holders shall
have so assentild to the amount of not less than 85% thereof.

The company, likewise, being unable to pay in cash
coupons which
matured July 1 1914 on the notes named, amounting the
373,809 75 U. S.
currency, the Federal Government of Mexico has to
to advance
$267,523 of its 6% redeemable Mexican gold bonds of offered
1914 and the offer
has been accepted. To include these coupons in the foregoing
necessitate the issuance of a large number of notes of very smallplan would
tions, and therefore it has been determined to pledge the denominawith
Guaranty Trust Co. of N. Y., trustee of the agreement underbonds
which the
notes dated Jan. 1 1914 (V. 98, p. 74) are issued
as
additional
security
for the payment of the said coupons. Therefore
holders of the notes
will retain the coupons due July 1 1914 in lieu of receiving
new notes therefor.
-V. 99, p. 343. 270.

New Jersey & Hudson River Ry. &

Co.-Suit.The company, as owner of the stock and bondsFerry
of the Riverside & Fort
Lee Ferry Co., on June 23 brought
suit in the U. S. District Court against
the Ferry Co.. the City of New York
the Board of Chosen Freeholders
of Bergen Co., N. J., asking that theand
resolution of the Freeholders passed
on June 15 reducing the fares on the
from the foot of West 129th St.
to Edgewater. N J from 5 to 3 centsferry
a child, be declared illegal and void. for an adult and from 4 to 2 cents for
The complaint alleges that the reduction would
company of $100,000 annually, which would have cause a loss to the ferry
to be borne by the bond
and stockholders, in violation of the terms
New York authorized by the Montgomery of the leases with the City of
charter.
Judge Mayer granted
an injunction temporarily restraining the
ferry company from collecting
less than 5 cents for an adult and 4 cents
for a child.-V.92. p. 462.

The company also proposes to acquire new terminal grounds in San Diego
and to erect a terminal building at a cost of $25,000. The company also
desires to purchase 16 passenger cars and 17 passenger trailers at a cost of
New Jersey & Pennsylvania Ry.-Lease Not Yet
$125,000. The expenditures planned, aggregating $723,198, are divided
Made.
Vice-Chancellor Backes at Trenton, N. J., on
as follows: Plant investment, $371,612: new equipment, $131,000: refundAug. 4 made an order
releasing Lewis 8. duFour, Augustus C. Darling
ing debt, $180,586, and interest for first year, 540,000.-V. 89, p. 104.
and
Joseph
L.
M.
duFour
from the terms of the order made by Vice
Stevens under which
they were to lease the road. Frank W.-Chancellor
Macon Dublin & Savannah RR.-New Director.Patterson and J. C. Melton of
Charleston. W. Va., who were associated
with
J. R. Prink has been elected Sec. & Treas., with headquarters at Macon, it
the
three
men named, have,
is said, done nothing toward carrying out their
Ga.,to succeed A.S. Hale. who resigned.-V.92. p. 396.
part of the deal, but are
still subJect to the terms of the
order provided for the leasing of the
road.-V.98, p. 1845.
Memphis (Tenn). Street Ry.-Wag

e Increase.-

The company on July 31 announced a voluntary increase in wages of
motormen and conductors of one cent an hour, applying to employees who
have served six months or more,and making an addition to the pay-roll of
about $20,000 a year. This does not affect the semi-annual bonus of one
cent an hour for each hours service which has been paid to conductors and
motormen who during the preceding six months have not had an accident
for which they were personally responsible. Employees are also given the
right to subscribe for American Cities Co.stock on llberal terms.-V.98.
P.
912.

New Orleans Texas & Mexico RR.-Sale.--Judge
Foster
in the Federal Court at New Orleans, La.,in the
suit brolight
by the New York Trust Co., as trustee, has ordered the
foreclosure sale of the road.-V.99, p. 120.
New York Central & Hudson River RR.-Indictments.
-The Grand Jury in the Federal Court on July 31 returned
Mexican Ry.-Through Traffic on Main Line.-The re-. three blanket indictments against
company and three of
laying of the damaged portion of track outside of Vera Cruz its subsidiaries and officers and thethe
O'Gara Coal Co. An inhas been completed and through traffic between Verz Cruz dictment was handed down for alleged rebating
in Nov. 1912.
and Mexico City was resumed on July 23. Compare InThe first indictment charges discriminations in favor of the
O'Gara Co.
granting of extensions of time by the railroad for payment
teroceanie Ry. of Mexico item, page 342 last week.-V.98, In the
hills in violation of the Inter-State Commerce Act prohibiting the of freight
acceptance
p. 1845.
by railroads of a less or different compensation than that published
in the
tariffs.
Michigan Ry.-Mortgage Filed.-The company has filed
The second indictment charges violation of the Elkins Act in
granting
of
n by the extension of credit for 60 to 90 days to
its first mortgage to the Michigan Trust Co. and Frank A. discriminatio
pay freight
Gorham, as trustees, to secure an issue of 30-year 5% gold bills.
instances
cited
are
Fifty
where the roads accepted a less and
different
n for freight charges than the published
bonds limited to $15,000,000, dated June 1 1914, of which compensatio
separate chipments of coal. There are 49 countstariff, each being based
charging
$6,250,000 has been deposited as part collateral for the first on
acceptance
of
coal in payment of freight bills, in violation of Section 6 of
the Inter-State
lien 6% 5-year gold notes (auth. issue, $7,000,000, of which Commerce Law, and 50 counts charging discriminati
on in favor of the
connection
O'Gara
in
Co.
with the buying of fuel coal and the
$5,000,000 have been sold). Compare V. 98, p. 1993.
method of
payment. The railroads are also charged with
loaning the
The bonds are in denom. of $1,000, $500, &c. No further bonds can be
armed until the retirement of
the notes.-V. 98. p. 1913.

Monterey (Mex.) Ry., Light & Power Co.-Int. Delayed.

The directors announce that, owing to the continuance of the disturbed
conditions In Mexico, that led to the delay in the payment of the int. on
the 1st M.deb. stock due Feb.
1, they are compelled to postpone the payment of interest on the 1st
M. deb. stock due Aug. 2 until it is possible to
tra nsfer the money on
reasonable terms. Compare V. 98, P. 523.

National Railways of Mexico.-Offer to Pay Interest due
from July 1 to Sept. 30 With $3,099,046 6%
Notes at
Secured by Pledge of $11,232,477 Mexican Government Par,
Ten-Year Bonds-Assent Requested by Sept. 1.-Prest. E.6%
N.
Brown, by advt. of July 31 (see another page) says:
Owing to the continued
increased interference with the service of
the company's lines, due toand
the disturbed conditions in Mexico, resulting
in interruptions to traffic,
company was unable to pay loss of earnings and increased expenses, the
cash the interest due July 1 1914 on such
of the securities as matured in
equipment notes, series 10. of on that date as well as the principal of the
the Mexican Central By.. Ltd.,also then due.
In response to the company's
request and for the protection of its own
interests in the system, the
to advance to the company Federal Government of Mexico has offered
gold bonds of 1914 authorized511,232,477 of its 6% redeemable Mexican
collateral security for an issue under the law of July 6 1914. to be used as
of notes of the company to provide for not
only the July 1 payments but
those maturing between that date and
Sept. 30 next, and the said offer
has been accepted by the company. viz.:
Amount
Payment
Interest
Issues[Amts. Supplied by
"Chronicle]. Outstand'g. of Principal. Payment.
Prior lien 4s 50-yr. S. f. gold
bonds__ -$84,821,115
$1,908.475
Mexican Central Ry., Ltd., priority
5s_ 1,374,000
5% equip. & coll. 2d series
34,350
300,000 $50,000
Equipment notes, series 8
158,456
31,691
Equipment notes, series 10
342,000
Equipment notes, series 11
57.000
8,550
162,000
27,000
Mexican Internat. RR. prior lien 4
4,050
_ 5.850,000
131,625
First consolidated 4s
4,206,500
84,130
Nat. RR. of Mexico prior lien 4
_ 23,000,000
517.500
Pan-American RR. 1st gold 5s
-(a)2.400,000
50.075
General Mortgage gold 55
37,100
Vera Cruz & Pac. 1st 4s guar. bonds_(b)3,654,000
7.000,000
157.500
(a) 8397,000 owned by Nat. Rys. of Mexico.
(b) 51.484,000 in hands of public; balance
owned by Nat. Rys.




O'Gara Co. a
total of $500,000 in cash, including the alleged rebate of
$60,000 on which
the former indictment was based, which was not carried
on the books.
The third indictment contains 112 counts and is directed
against the
O'Gara Co.and its officers. It charges 112 separate
Act, which applies alike to shippers or to those who violations of the Elkins
accent or receive favors
and advantages in respect to inter-State commerce.
Fifty of the counts
charge the defendants with accepting concessions
of credit for the payment offreight bills and 50 the in the form of extensions
acceptance of concessions
In connection with the purchase and payment
of fuel coal, as against other
shippers on the lines of the roads named; and the
other 12 the acceptance of
money from, the railroads.
The penalty for violation of the Elkins Act is a
fine of from $1,000 to
$20,000 and not exceeding two years imprisonmen
t for each offense:
and for violation of the Inter-State Commerce Law
discriminations, a fine of not exceeding 55,000.-V.forbidding rebates and
99. P. 343. 270.

New York & Long Island Traction Co.-Decision

.-County Judge James P. Niemann, in a suit brought
against the company
by Lucy Raynor of Baldwins, L. I.,
employee of Doubleday, Page
& Co.,
on June 22, it is reported, held that an
the
under its franchise, could
not charge more than 10 cents for acompany,
10-mile ride. The plaintiff was
awarded $500 damages.
The plaintiff and 50 other employees
the publishing house had been
ejected from a trolley car on May 1 1913 of
for refusing to pay 15 cents for an
8-mile ride. Miss Raynor sued for $2,000 for injuries,
and for the indignity
attending her ejectment.-V. 98. p. 1696.
New York New Haven & Hartford RR.-Mr. Billard
Resigns as Director.-The resignation of John L. Hillard
as a
director was announced on July 31.
This leaves the number of directors 22. Asthe directors desire
to reducethe
number to 19 or less,no successor will be elected.
Homer S. Cummings,
of Stamford. counsel for Mr. Dillard, issued a statement
saying that he
desired to resign some time ago but that he had refrained because
seem desirable to take any step which might change the status it did not
of affairs
while the Inter-State Commerce Commission was conducting
its investigation. Now that the Commission's report has been made, and
in
view of
the fact that a committee of New Haven directors has been
appointed to
Investigate and report further unon the Hillard company
Hillard feels that his presence on the board might possible be affairs, Mr.
to his associates,and it is his wish that the investigation shall embarrassing
be as complete
and unlimited as the most exacting could require.

• Another Stockholders' Suit for an Accounting.-

Thomas C. Spelling, as attorney for Ttsla D.Clark of
New Jersey. holder
of 20 shares of stock, brought suit in the U. S. District
Court in this city
onlAug. 3 asking that former directors be compelled
to account for the

408

THE CHRONICLE

moneys alleged to have been misappropriated during the Mellen administration.—V. 99, p. 343, 270.

Oakland Antioch & Eastern Ry.—Authorized.--The
Cal. RR. Commission on July 30 authorized the company
to issue $900,000 6% convertible gold notes, to be secured
by 1st M.30-year gold bonds in the ratio of 2 to 1. Arrangements, it is reported, have already been made for the taking
up of the notes by Eastern syndicates. Compare V. 99,
p. 343.
Oklahoma Central Ry.—Sale.—The road was sold at
foreclosure sale on July 31 to F. X. Quinn of Philadelphia,
representing the bondholders,the only bidder,for 81,000,000.
Judge Campbell in the Federal Court on Aug. 1 confirmed
the sale.
which
The road was then turned over to the Oklahoma Central RR., stock,
was incorporated In Oklahoma on July 31 with 31,500,000 authorized
with the
per plan V. 98. p. 1845. Thc now company has, in accordancewhich
has
plan, leased the road to the Atchison Topeka & Santa Fe Ry.,
taken an option on the stock and income bonds, the latter having been deposited with the Columbia Trust Co.—V. 99. p. 199.

Ontario West Shore Ry.—Sale of Road.—

Proudfoot, Hays & Killoran of Goderich,and Thomas Strothers• trustees.
the
Dungannon, P. O. Canada, will receive tenders up to Aug. 15 noon forand
sale of the railway franchise extending from Goderich to Kincardine,
Lambton
Grey,
Bruce,
Huron.
of
counties
the
in
territory
other
covering
and Middlesex, the road being builtfrom the C.P. R.crossing near the town
of Goderich, to Kintail. about 1454 miles. The tenderer is to enter into a
contract ith the trustee to complete the road.

[VOL. xcrx.

Aug. 1 coupon on the collateral trust 4% bonds, the Merrill
protective committee requests holders of series A" and
series B" bonds to promptly deposit the same with the
Union Trust Co. of N. Y., in order that their interests may
be adequately protected. See advertisement on a previous
page.—V. 99, p. 344, 199.
Toronto (Can.) Ry.—Bonds Called.--Seventy-one 43%
currency bonds of $1,000 each and 322 sterling bonds of MOO,
issued under 1st M.dated Sept. 1 1892, have been drawn for
redemption at par and int. on Aug. 31.
Payment will be made at the Canadian Bank of Commerce, Toronto.
—V. 98. p. 1461.

Underground Electric Rys. Co. of London, Ltd.—
Listed.—The London Stock Exchange has admitted to
quotation a further issue of £179,000 6% income bonds of
£100 each, Nos. 28,282 to 30,071.—V. 99, p. 271.
United Railroads of San Francisco.—Supplemental
Order.—The Cal. RR. Commission on July 30 made a supplemental order authorizing the company to issue $378,000
car-trust certificates (V.98, p. 1695).
in ten
The original order provided that the certificates might be paid off
years. The new order enables the company to pay off the certificates in
344.
p:
99,
desired.—v.
It
time.
a shorter

Valdosta Moultrie & Western RR.—Sale Ordered.—
Judge Thomas of the Southern Circuit on July 29 ordered the
Pacific Gas & Electric Co.—Consumers May Subscribe.— foreclosure sale of the road on Dec. 1 in the suit brought by
The company,for mutual advantage, offers to consumers the B. P. Jones as holder of $300,000 bonds.
interest at 8%.
Mr. Jones obtained a verdict for the amount loaned, with
right to subscribe before Aug.15for any part of the new $12,and creditors will, it is stated, appeal and carry the case to
500,000 first pref. stock on the same terms as those announced Stockholders
597.
p.
97,
Court.—V.
the Supreme
for stockholders and employees. Compare V.99, p. 199, 121.
Virginian Ry.—Coal Traffic.—"Coal Trade Journal"
Philadelphia Co. of Pittsburgh.—Decision.— 30 held Aug. 5 reports:
Ford in the Common Pleas Court at Pittsburgh on July

Judge
during the fiscal year ended June 30
the
Shipments of coal over the railway
that under the terms of the old ordinance passed in 1884 knownhisasassorecords. being 549,304 tons, or 13.6%
(4.682.068 tons) broke all previous
George Westinghouse ordinance, which provided that he and
with the fiscal year ended June 30
Compared
year.
, more than the previous
ciates agreed to furnish free of cost all the natural gas necessary for fuel for
an increase of 1,328.711 tons, or 39.6%.
,
1912, the 1914 tonnage shows
the buildings of the police, fire, markets and city property departments
there was an increase of
1911-12
in
shipments
with
propand
all
gas
city
for
departments
while in comparison
the company Is obliged to furnish free
erties, Including the case in question—the municipal hospital. The com- 2.507,479 tons, or 115.3%.
-6 Mos. end. J'ne 30June-"
.
344.
99,
p.
the
decision.—V
from
the
pany will appeal
Coal Originating on
1913.
1913.
1914.
1914.
Virginian Railway—
Quebec Oriental Ry.—New Prior Lien Mortgage Filed.— Commercial
285,235
1,900,459 2,060,199
303,682
coal
140,834
127,311
17,499 18.795
Notice is hereby given that on July 28 there was deposited Company coal
in the office of the Secretary of State of Canada an indenture
304,030 2,027,770 2,201.033
321.181
Total
Point Pier (June 30 Years).
dated June 26 1914 canceling the trust deed dated Oct. 24 Coal
Tonnage Handled Over Company's &walls 1.8
1909-10.
,549
6110-11.
19
1911-12.
1912-13.
1913-14.
1912 securing an issue of £50,000 5% prior lien mortgage 3,120.158
571.470
2.288,664
2,927.131
(Metapedia section) gold bonds and also a trust deed dated —V. 98, p. 1539.

June 26 1914 between the said railway and the Royal Trust
Wages.—Railroads Accept Arbitration Plan.—Chairman
Co. to secure an issue of £100,000 5% prior lien mortgage
W. Trenholm of the managers' committee for 98 Western
A.
(Metapedia section) gold bonds. Compare V. 97, p. 238.
announced on Monday that,at the urgent request of
roads,
Rapid Transit in New York
Wilson,the committee would consent to the plan
President
of
construction
The P. S. Commission will open bids on Aug. 21 for the
tunnel of arbitration for the settlement of the differences between
section 3 of route 33, which will connect the Brooklyn Rapid Transit
with the
and firemen. Mr. Trenholm's
from Whitehall St. Manhattan, to Montague St.. Brooklyn,new
Inter- the roads and the engineers
in the Flatbush Ave. extension and also the
Fourth Ave.subway'
at
says:
subway
letter
present
St.
with
the
to
Clark
Slip
Old
from
tunnel
borough
consideraBorough Stall.—V. 99. v. 344. 50.
Our committee has been fully impressed with the grave public
with
that you so strongly urged upon us in our conference of Saturday
ordinary
any
Under
Rates.—Decision of I.-S. Commerce Commission on 5% tions
night.
to
last
us
delivered
letter
you and again in your
s we should feel that our plain duty to the interests committed
Advance Rate Case in Official Classification Territory.--See circumstance
require us to Wait upon
our charge would not merely justify but would right
to be heard upon
outline of decision, also editorial remarks,on previous pages ato plan
of arbitration that would recognize our
our behalf.
claims regularly presented In
of to-day's issue.—V. 99, p. 121.
out, that an unhave
pointed
as
you
keenly,
appreciate
also
But we
which hardly permits a full consideration of
St.'Louis & San Francisco RR.—Notice to Bondholders. paralleled condition has arisen
you to ask us to waive any
constrains
which
and
case,
gold
our
M.
of
merits
Refunding
the
—The protective committee for 4%
proposed by the
of merits and accept the plan of arbitration
offers under the existing circumstances
bonds (Frederick Strauss, Chairman) gives notice by adver- discussion
mediators, which you feel convinced
on all railroads of the
strike
disastrous
a
averting
purof
way
further
possible
no
the only
tisement on another page that after Aug. 12
half of the United States. as you have presented it, and of your
situation
ehaAes will be made by the committee of the coupon which Western
In view, therefore, of the
to our regard for the public welfare, we beg
continue
however,
appeal to our patriotism and
matured July 1 1914. Holders may,
herewith our acceptanee.of the plan of arbitration proyou
to
,
express
committee
to
the
to deposit their bonds during the pleasure of
posed.
the roads and the men was signed at
the right being reserved to refuse additional deposits withThe agreement between
morning. It provides for an arbitration board of
1 o'clock on Tuesday
out further notice.--V: 99, p: 199.
the roads and 2 by the emrloyees, these to
by
chosen
be
to
2
6 members,
latter is to be organized within
to complete the board. The
San Antonio Uvalde & Gulf Ry.—Ovmership.--A. R. select 2 others
be reached within 3 months and is to go into
to
Is
decision
The
days.
The order, whatever it may
days.
10
another
of
Ponder, Pres. and Gen. Mgr., confirms the statement that 30
expiration
effect at the
r
detnftoo
effiee
nrm
IF,
the Bankers Trust Co. of St. Louis owns all of the bonds be is, rea
rotherhOod of Locomotive Firemen and
B
ear.
th
aye
f
Carter,
S.
begin about Oct. 1 and
and Stock issued by the company, viz., $4,113,000 bonds Enginemen,
says that the arbitration will probably
In Chicago.—V. 99. p. 344. 271.
and $315,000 stock.
that the sessions will be hold
The securities were acquired by John E. Franklin while President of the
Warren Brookfield & Spencer St. Ry.—Sale.—The
company. They were authorized by the Texas RR.Commission on a valuagain adjourned to Sept. 10 on
ation of 35,051,0'71. Mr. Ponder says that the road will be self-sustaining foreclosure sale has been
by fail, when the cotton shipments begin.—V. 99, v. 199.
account of the absence of bidders.—V. 99, p. 200.
San Diego & Arizona Ry.—Modification.—The Cal.
Western Pacific Ry.—First Mortgage Interest to Be Paid
RR. Commission on July8 modified its previous order au1, but No Further Support by D. & R. G. Unless Re-adSept.
bonds.
thorizing the company to issue
is Made.—The following announcement was made
justment.
deed
trust
a
the
l
may
execute
company
Under the supplementa order,
as Thursday:
to secure an issue of bonds limited to 125.000.000 instead of 515,000,000,of
formerly fixed, and sell 110.000.000 bonds at 85 and accrued int. instead
80, and also $3.000,000 capital stock at not_less than 85 instead of at par.
Compare V. 98. P. 840.

of the Denver & Rio Grande RR. has authorized
The board of directors
nt that the interest which will fall due Sept. 1 upon Western
the announcemebonds
be paid, but that if the Denver & Rio Grande is
will
M.
Pacific 1st
of the Western Pacific, some plan of adjustment of
to continue its support
the relation of the Denver & Rio Grande
and
finances
Pacific
Western
which will be acceptable to the holders of bonds.
thereto must be deviseddeposit
of these bonds will be put forth at an early
and that a call for the
of responsible bankers, looking to the adoptlonof a
date by a committee
once lighten the burden which the Denver & Rio Grande
plan which will at
to place the financial structure of the system upon a basis
Is now carrying,
and credit, and as tar as may be practical provide
of recognized solvency
of the Western Pacific.
means for the development
will fall duo Sept. 1 1914. It has been decided
interest
of
payment
The
prepare and submit for the consideration of
upon, in order to give time to
Is already assured for the payment of the interthe proposed plan. Money
8.
J.
by
under the supervision of the bankers
Stevens,
examination
est. An
of the property, traffic and needs of both the Denver
of both companies,the
is in Progress.
Pacific
Western
and
Grande
& Rio

Savannah & Northwestern RR.—New Officers, &c.—
C. E. Gay Jr. has been elected Vice-Pres, to succeed R. M.
Hitch, who declined re-election on account of his duties as
Secretary, Gen. Counsel and member of the executive committee. C. W. Skinner of Waynesboro, Ga., J. H. Evans,
Sylvania, Ga.,and William G.Low Jr., New York,have been
added to the board.—V. 98, p. 1317.
Texas & Pacific Ry.—Ratified.—The stockholders on
Aug. 3 approved the several propositions in regard to the
Trans-Mississippi Term'l Co.,&c.,referred to.in V.99, p. 50.
Committee.—The coral:ditto° of bankers that will call for
Timpson & Henderson Ry.—Mortgage.--The Texas
& Co.,
the deposits of bonds will, it is reported, be Blair The
RR. Commission on July 18 authorized a mortgage for $100,deCo. and William Salomon & Co.
000 to J. G. Ragland, President of the company, payable in Wm. A. Read & yet
been selected.—V. 98, p. 691.
positary has not
four years with interest at 6%.
equipment
The proceeds are to be used for improvements and additional
Wilmington (N. C.) & Carolina Beach Ry.—Franchies.
of the line, extending from Timpson to Henderson, 35
City Council on July 29 unanimously passed an ordin—The
Election.
Ownership
cipal
Toledo Rys. & Lt. Co.—Muni
the company the right to build and operate an
granting
ance
344.
P.
.—V.
99.
department
City"
and
"State
In
See'Toledo"
over a number of business and residential streets
road
electric
its
lt.—Depos
Oct. 7
Toledo St. Louis & Western RR.—Defau
and adopted a resolution calling a special election on
Called For.—Default having occurred in the payment of the




Ara.

8 1914.1

THE CHRONICLE

409

to ratify or reject the same. The Tidewater Power Co. op- application, 7s. 64. on allotment, 5s. Od.
on Sept. 30 1914
posed the granting of the franchise.
and 5s. Od on Jan. 2 1915.

The Consolidated Railways, Light & Power Co., lessor of
Tidewater
Co. also presented a petition for a franchise to extend itsthe
existing lines.
The
'proposed city lines of the W. & C. B. Ry. will be about 11 miles
In
length and the suburban line from the city. to Wilmington Beach and
Carolina Beach over 13 miles. The estimated cost of the lines and power
plant is 3750.000. The franchise grants the right to manufacture and sell
electric current for power, lighting and heating purposes.

IA private cable received in San Francisco on July 30 stated that £1,000,000 of the pref. stock offered was at once subscribed, but in view of the that
turbed conditions of the London market it is thought that this amounmay include the transactions which had been going on quietly during the
week the public offering was nustOOlied.1
Prospectus Showing Properties. Capitalization. &c.
Capitallzation.-Incoroorated under the Companies Acts. 1908
and 1913.
Youngstown & Ohio River (Electric) RR.-Earnings.- Capital,
£6,000,000, in shares of El each, divided into 5.000.0006% cumulative participating preference shares and 1,000.000 deferred shorts. The
C. E. Denison & Co. of Cleveland and Boston report:
preference shares are preferential both as regards the fixed 6% cumulative
Year ending
Gross
Exp., Tales
Net
Bond
Balance, dividend and repayment of capital and entitle the holders over and above
June 30Earnings.
<S, Rentals. Earnings.
Interest.
Surplus. the fixed dividends to have distributed ratably among them 50% of the
1913-14
P58,581
$160,656
balance of the profits of the company (remaining after payment of such
$97.925
$50,000
$47.9,15 dividend)
1912-13
245.033
158,336
which it may from time to time be determined to distribute,
86.697
50.000
36.697
The bankers are offering a small block of the bonds.-V. 98, p. 1995.
but not to any further participation in assets.
Acquisition of Union Oil Stock.-The company has agreed to acquire,
In each case at par, (a) $15,000.000 stock of the Union Oil Co. for cash,
payable over the period ending Dec. 31 1916; and (b) 31,444.650 stock of
INDUSTRIAL, GAS AND MISCELLANEOUS.
the United Petroleum Co. (carrying
the voting control of an additional
315,788.400 stock of the Union 011 Co.) for
Alton (Ill.) Steel Co.-Receivership.preference shares fully paid
Judge Hadley in the Madison County Circuit Court on July 9, en appli- up. The British Co. will therefore own or control over 530.700,003 out
cation of the Alton Banking & Trust Co. and three other banks, which, it is of 546,292.800, which will be the issued stock of the Union Oil Co. when
stated, hold 8200.000 of an issue of 8300,000 1st M. bonds appointed the .515,000,000 treasury stock is allotted. The British Co. has also
agreed to acquire at par such further stock of the Union
James Duncan, Pres, of the Duncan Foundry & Machine Works
Oil Co., the
Vice- Union Provident Co. and
Pres. of the Alton Water Co., receiver. The plant was placed in and
the United Petroleum Co. as may be ear:hanged
operation
about a year ago, manufacturing hoop steel and cotton ties. F. W. by the hoiden; thereof for fully paid preference shares of the company.
Pownes and others of Pittsburgh are said to hold the remaining $100,000 The balance of the preference shares will be issued for this purpose or for cash.
The Alliance Debenture Corporation, Ltd., of 21
1st M. bonds. There are also 3350,000 2d M. bonds for the conversion of
Bury Street. ft. C..
who are the promoters of this company,
which $350,000 of the $950,000 stock is reserved. The
have Incurred largo obligations,
floating debt ,it is including liability
reported, was about 3125.000. The company was organized
procuring subscriptions for 315.000.000 stock of the
by T.S. Clark Union Oil Co andfor
fez the payment of (a) £200,000 for cancellation of
of Erie. Pa., and associates. Mr. Clark being President.
outstanding options on the $4,444,650 stock of the
Petroleum Co.
Amalgamated Copper Co.-No Statement of Production. being acquired
by this company; (b) commission tounited
underwriters of t1,000,000
present issue, which has been underwritten to the promotine
-The Anaconda Copper Mining Co. management has de- companyofatthe
a commission of 5% and 2% overriding commission and (c)the
;
cided not to announce as usual its copper production for July. preliminary expenses
of this company to allotment, and as consideration
The Copper Producers Association on Tuesday decided, "in view of the theretor will receive from the Union Oil 0o. 15% on the $15.000.900 of
condition now existing in the markets of the world, that the usual monthly its stock as and when subscribed. They will also receive from this comreports issued by the corporation be suspended until further notice." The pany, in consideration for their procaririg for it the above-mentioned
exchanges of stocks of
statement fot the month of July was, therefore, not published.
Union 011 0o. and its holding companies fully-V. 97. paid deferred shares of the
this company equal to 15% of the amount of preferp. 1603.
ence shares issued in exchange.
Purposes of I.sue.-The proceeds
Curtailment.-Vice-President Kelley of the Anaconda Copissue of £1,509,000 6% cumulative
Participating preferenee shares will of
per Mining Co. is quoted:
of the primary objects for which thebe applied towards the carrying out
company
was incorporated.
Curtailment has been made absolutely necessary by reason of the general
(1) Of acquiring by direct subscription
at par and exchange of shares
tang' a large interest and
conditions which prevail. For nearly a year the domestic copper
trade has at
controlling vote in the Union Oil Co. of
California and of supplying the
been very bad, due to the general business depression existing in this counthe Union Oil Co. during a period ending on
try. The copper producers have been kept going by the European trade, Dec. 31 1916 with upwards of £2,500,000
of new cash capital.
(2) Of forming subsidiary companies
which has been fairly good, the greater part of the copper which has been
provide for the transportation
and
sale
of
sold having been exported.
California 011, Including theto
Union
Oil Comeany's Products,
During this time largo copper stocks have accumulated, and the pro- and for tho establishment of distributing depots
throughout the world,
ducers have on hand a very large amount of copper for which there is no taking advantage of the opportunities afforded
Panama
Canal of reaching markets which have by the opening of the
market in sight. The crisis which has developed in European affairs has
hitherto been closed to
resulted in a practical suspension of international trade relations, rates of California oil.
exchange have been destroyed and it is impossible to carry on a foreign
Extracts from Letter
Stewart, President of Union Oil
The Union Oil Co. of Lgman
business. Under present conditions it is impossible to make shipments to
or controls, either directly or through Co.
its subEurope, and it is likewise impossible to receive payments for copper which sidiary companies, theowns
oil
rights
of
upwards of 200,000 acres of land, and.
Is now being delivered. As a result our operations cannot be continued in addition, has built up during
the last 24 years an almost uaique organon a normal scale. The Great Falls smelter, reduction works and refinery ization for the production,
transportation, refining and sale of petroleum
will suspend operations at once. A curtailment in tonnage here equivalent and its allied products; also
that it owns or controls approximately 650
to the shipments to Groat Palls must be made. The foliewing mines will miles of pipe lines and its salesfor
year were over $20,230.000(E4,150,000)•
suspend operations: Mountain Consolidated, High Ore, Pennsylvania,
The oil properties have beenlast
independently as being alone
Badger
State, Tropic and Ella.
Poulin,
worth 858.065.000 (£11.900,000), appraised
on which basis the
valuation of the
I wish to make it very clear that the present curtailment has no refer- Union Oil Company's
assets is practically,£20,003.000total
. as against liabilities
ence to any local conditions, as we all hoped until the precipitation of the of about £3,400,000. The Union
011 Co. has large contracts with the
present foreign crisis that operations hero would not be interrupted.
United States Government, the Canadian
Pacific. the Northern Pacific.
[There has been curtailment of copper production throughout the country, and other railway and large industrial enterprises
throughout the Western
coast of British America,
some reductions being unofficially reported as follows: Utah Copper,
United States and South America. The
60%; profit-earning capacity of the
Phelps. Dodge & Co., 25%: Ray Consolidated, 50%; Chino,
the
company will be considerably increased
Miami,
50%;
by
additions
the
to
its refineries and
50%; Calumet & Hecla. 25%.1-V. 98. p. 1842.
extension of its operations which
the new working capital will enable itthe
to make.
American Chicle Co.-Acquisition.-New Stock.Earns.
Union
Ott
of
Co.
Six
Years
1908
to 1913 (Aver. NetProfits 3523,0251.
See Sen-Sen Chiclet Co. below.
-V. 99, p. 271, 122.
During the above six years no less than
£1.365.472 has been provided
depreciation, and no account has been taken
American Light & Traction Co., New York.-Earnings. for
in the certificate of the
enhancemen
t
in
the
value
of
the
oil
Tr. end. Earns. from Other
properties referred to above.
Net
Pref. Div. Common
Balance,
June 30. Sub. Cos. Income.
1908. 1909. 1910. 1911. 1912.
Profits.
(6%). Dividend. Surplus.
1913-14_63.60,743 $717.868 84,276,145 5854,172 31,408,728 32,013,246 Profits on trading
£742,799 £756,776 £883,340 £761,726 £947,9801913.
£945,507
1912-13_ 3,781,422 579.131 4,240.722 854.172 1.277,008 2,109,541 Net profits available for
distribution
There were also deducted stock dividends on the common stock amount£531,838 £529,438 £802,098 £431,012 £541,408
£402,357
ing to 81,408,728 in the year ending June 30 1914. against 31,277.008 In
The profits shown above give a total for the 6 years of
£3,138,151, out
1912-13, leaving a balance of 11604,518 in 1913-14, against 3832,534 in of which £2.085,058 was paid away in dividends,
6% per annum. leaving undistributed a balance ofor an average rate of
1912-13.-V. 98, p. 1395, 1158.
£1,053,098, which on
the average canital for the period works out at an additional
American Milling Co., Philadelphia.-Listed.3% per ann.
The book value of the assets of the company and
its
he Philadelphia Stock Exchange has listed 82,940 additional stock
owned by it was shown by the consolidated balancesubsidiaries wholly
issued in exchange for Marsden Co. common stock, making the total listed
sheet
of Dec. 31 1913
86.55,760.-V. 99. p. 200.
Lass-Bonded debt and notes and current lIabilities.. £12.234.488 14 2
£3,477,042 5 11
American Tobacco Co.-Common Dividend Payable in
Excess of assets
Scrip, Not Cash.-The usual quarterly dividend of 5% has
£8,757,446 8 3
The average yearly profit as certified is more
than
sufficient
to provide
been declared on the $40,242,400 common stock, payable the fixed 6% dividend on the preference shares,including the present
issue,
and Mr. Lyman Stewart states in his letter
above referred to that the
Sept. 1 to holders of record Aug. 14. . The distribution will employment of the additional working
catital
will
such an increased
not, however, be made, as is customary, in cash, but in scrip profit as should enable a substantial distribution afford
to he made to this conpreference shareholders in excess of the
or notes due Sept. 1 1915 with interest payable semi-annually pany's
fixed dividend.
In addition to and quite apart from the
above, the earnings of the subat the rate of 6% yearly,
sidiary
English
marketing
which will be mailed on Sept. 1 British Co. with a large companies above referred to should Provide the
or as soon thereafter as practicabl
additional separate revenue also available for
dbep
tri
rs._
irberciitoion
.
e.
An official statement
Rt. Hon. Earl Grey, G.C.B., Howiek,
and surplu; truly justify says: "The President stated that the earnings (Chairman); Rt.
Northumberland
Hon. Lord Pirrie. K.P., P.C., 1
the payment of the regular dividend of 5%; that
under ordinary circumstanc
St., S.W..
es the financial situation of the company would Chairman of Mes3rs. Harland & Wolff, Lti.: H. N.Coekspur
justify such payment
Andersen.
G.C.D.,
Copenhagen, Managing Director East Asiatic
in
the indebtedness of the company beteg D.M.,
coniKlerably exceeded by cash,
Co.. Ltd.; Thomas
Royden,
20
Brown's
its
Rides.,
cash
further,
though,
stated
in
Liverpool,
bank. He
that the time for the
deputy-ohainnan Cunard S.S. Co.,
Ltd.;
Andrew
Weir.
21 Bury St., E.C.. of Andrew
same of the types, and marketing of leaf tobacco has already arrived as to (managing
& Co.. Ship-owners
director); Lyman Stewart, Prest. UnionWeir
of the company for was approaching as to other types,and that the needs
Oil Co.-V.99, 13• 345.
view of the Europeanready money would therefore be considerable. In
Californi
war situation and the derangement of finances incia Development Co.
dent thereto, he suggested
The Cal. RR. Commission on July 30 -Decision.---that it would be the part of conservatism and
wisdom to pay the
that the company is a public
customary 5% dividend In the 6% scrip for notes of utility and subject to the regulation of theheld
the company duo one
Commission. The case came up
annually. -V. 99. P.year after Sept. 1 1914, with interest payable semi- on three complaints alleging, among other things, that the company and the
receiver refused to deliver water to persons
122.
entitled thereto, claiming the
right to deliver water or not as
Anaconda Copper Mining
saw fit, and were discriminating unjustly in charges for water. Thethey
Co.-Favorable Decision.See Parrot Silver &
Imperial Valley is it is stated, dependent
Copper Co. below.-V.98, p. 1696.
on the company for water for domestic
and irrigation purposes, as it poracBerwind Fuel Co., Superior
tically controls the water supply of the Colorado
River and sells it to interWis.-Stock Increase.mediary companies, which in turn supply consumers.
The company has
Receiver Holabird
from 51.500.000 to filed notice of increase of Its authorized capital stock says that it is a physical impossibilit
y
to
serve
more
water than at present;
$2.300,000.
The
increase iS to cover the cost of con- that any more checks put in, any more
structing the now West
laterals. will reduce the velocity
Improvements to the Duluth dock, the largest on the Great Lakes. and of the flow and the canals will at
once commence to silt up and in one year.
Superior plant now Under way. When the work is if the main
completed, the Superior
dock vrill have a storage capacity of 900,000 tons. ruin. An canals are tapped up, the whole system would go to rackfand
The new West Duluth dock
appeal, it is expected, will be taken to the State Supreme
Court.
a ton-hour handling capacityhas a storage capacity of 1.000.000 tons and which three years ago,it is stated,
held that the companyis not subject to the
of 10.000 tons.
Commission, as it is not a public utility, and
to hold otherwise now would.
British Columbia Packers'
said,
therefore
it
is
be
a
reversal
of its former ruling.-V.98. p. 692.
Association.-Guaranteed
Bonds Offered.California Oil Fields, Ltd.-Application by Subsidiary.This company has purchased the
See Valley l'ipe Lino Co. below.-V. 97, p. 804.
plant and businessof the George &
Darker Salmon Packing
Co. f Point Roberts, Wash. Aernilius Jarvis
Co. of Toronto arc
&
Canadian Car & Foundry Co.-New
;150.000 bonds of Lir latter company at 98
and hit • guar. prin.offering
& int. by
Kenneth W. Blackwell. Vice-Pres. of the Merchants'Director.
the Packers' Assn.-V. 98,
13•
1699.
Montreal,
has been elected a director.-V. 98. p. 1922. Bank of Canada,
British Union Oil Co. Ltd.

-Preference Shares Offered.The National Bank of Scotland,
Ltd., London, as the bankers of Ltd., and Lloyds Bank,
secured control of the Union Oilthe company which recently
Co. received subscriptions
up to July 31 for an issue of
£1,500,000 6% cumulative participating preference shares of
£1 each, payable 2s. 6d. on




Central Coal & Iron Co., Central

City,
An advertisement signed by Secretary J. H. SmallKan.-Sale.-announces that,
pursuant to resolution of tho stockholders and directors,
all of the assets of
the company will be offered at public sale at Central
City, Ky., on Aug. 10,
Including: (1)about 2,714 acres otcoalin
Muhlenberg Co., Ky.. 820 acres of
which ha.s been mined for No. 9 coal; (2)
2,280 acres of surface land
In Muhlenberg Co., Ky., about 464 acres about
Central City, Ky.; (3) about 714 acres of of which is town lots in and near
coal in Ohio Co., Ky.. 474 acres

THE CHRONICLE

410

498 acres of surface land:
of which has been mined for No.9 coal, and about
Tenn.•,(5) 26 acres of coal and
(4) 2 lots in Louisville and 2 lots in Nashville,
at Central
surface land in Hopkins Co.. Ky., near Haley, and (6) a mine
live stock,mac.hinCity. Ky., and one at McHenry, Ky., mine equipment,
be paid in cash and oneery, &c. Of the purchase price one-third is tofrom
date of sale.
third each in, or before, 6 months and one year

[VoL. xenc.

action of the Court. Either side may apply to the Court for modification
of the order on 2 days' notice.-V.99. p. 273.

Isabella-Connellsville Coke Co.-Foreclosure.-The Colonial Trust Co.of Pittsburgh, as mortgage trustee,on Aug.4
brought suit in the Fayette County Court at Uniontown to
gs.- foreclose the mortgage of 1909.-V. 99, p. 123.
Central District Telephone Co., Pittsb.-Earnin
For the 6 mos. ending June 30 1914 the earnings were: Gross,$3,256,230;
Jersey Electric Co.-New Company.expenses, $2,196,172; net earnings. $760,058; interest and dividends,
$752,192; balance. surplus, $7.866.-V. 98, p. 1159.

Central New York Gas & Electric Co.-Authorized.-

See Taylor-Wharton Iron & Steel Co. below.

Lindsay Light Co., Chicago.-Com. Div. Discontinued.

The directors have decided to discontinue dividends for the present on
the $600,000 common stock because of disturbed financial conditions. The
regular quarterly dividend of Hi% has been declared on the $400,000 7%
pref. stock, payable Aug. 31 to holders of record Aug. 15. On June 17 1913
the stock was increased from $200,000 to $1,000,000 by the payment of a
Citrus Belt Gas Co., California.-Application.
400% stock dividend, since which time quarterly payments of 3 of 1%
The California State RR. Commission will on Aug. 12 hear for the second have been made on the common, the last disbursement having been on
time the application for permission to issue 6475.000 bonds to meet out- May 29 1914.-V. 93, p. 1918.
standing obligations. The company now has outstanding $287,000 bonds.
Lone Star Gas Co., Ft. Worth, Tex.-Listed.When the Corrunission heard the application before,it declined to grant the
The Pittsburgh Stock Exchange has admitted to the list $500,000 addirequest, but approved instead an issue for /84,000 and stock at the rate
company
claims,
or
of
The
practically
dollar
$200,000.
capital stock, making the total listed 64,000,000.-V. 98. p. 1532.
the
on
tional
cents
of 50
has plants in San Bernardino, Redlands, Corona and Colton.
McCa.skey Register Co., Cleve., O.-Probable Settlement.
David S. Day of Canton. 0., in a letter some time since,stated that the
(H. B.) Claflin Co., New York.-Note Extension.Judge Grubb in the U. S. District Court has authorized the company to Government in its suit against the company has not asked for its dissolution.
enter into an agreement with banks and trust companies of Pittsburgh to as stated in the newspapers. At a conference in Washington, participated
extend from July 20 until July 1 1915 $1,000,000 notes of McCreery & Co. in by U.S. Attorney Denham,the Assistant Attorney-General, and counsel
of Pittsburgh, bearing John Claflin's personal guaranty, under the stipula- for the company,such progress, it is stated, was made on an agreement for
tion that the Claflin Co. waive its claims against the McCreery Co. until a settlement that an amicable adjustment will probably soon be reached.
the notes have been paid. The notes are as follows: Bank of Pittsburgh, If the company, as in many other similar suits, finally agrees with the
$200,000: People's National Bank, $125,000; Monongahela Bank, $100.- Government on the form of a "consent decree," under which the company's
000; Real Estate Trust Co., /300,000; Union Trust Co. of Pittsburgh. practices are amended, the business of the company would not be interrup$150,000, and the Pittsburgh Trust Co., $125,000. The extension does ted. Compare V. 96. p. 556.
not affect the priority of payment to the banks and trust companies.
Manufacturers' Light & Heat Co., Pittsb.-Earnings.
In addition to the debt of the McCreery Co. to those banks, it owes, it is
Balance,
Other Intwest.
Net
stated, the Mercantile Trust Co. of St. Louis 6100.000 and 8300,000 to 6 Mos. end. Gross
Dioidends. Surplus.
June 30- Earnings. Earnings. Income. &c.
Individuals on notes indorsed by the H. B. Chinn Co.
3737,839
10
(
(1%)6921,0
671.024
631,031
S1.697,832
been
_$3.695.840
merchandise
have
the
committees
creditors'
1914
and
___
noteholders'
The
3,485,778 1,766.724 39,079 150.744 (33.i) 805,000 850.059
holding meetings during the week to discuss plans of reorganization that 1913
___-p. 346.
have been suggested, but the issuance of a plan has, it is understood, been -V.99,
more
normal.
become
conditions
-V.
financial
272.
99.
345.
p.
deferred until
Miami (Fla.) Gas Co.-New Bonds.The company has, it is reported, issued $200.099 of hoods for improveCrystal Oil Co. of Des Moines, Ia.-Decision.the
sustained
Court
has
of
including additional pipe Rues, container of 390,090 cu. ft. capacity
lower
Court
the
merits,
decision
Supreme
The Iowa
1st M.
awarding F. S. Dunsbee. assignee of the company.$7,000 damages against and other equipment. Tim company had outstanding 3183,000
at the office of
the Standard Oil Co. for alleged unfair competition. by which the company 30-year 5s, due April 1 1912; int. due April 1 and Oct. 1issue,
$200,000.
trustee;
auth.
Phila.,
Co.,
in
Savings
&
The
operations
Trust
charge
of
1899.
by
Central
suspend
the
conspiracy
was forced to
H. M. Van Court;
the defendant company was upheld, but the local agents were held not to Stock auth.: outstanding. $194.750; par, 625. Pres.,
See., W. C. Roome.
be personally liable for the acts of the company. It was claimed that the Vice-Pre%, H. C. Roome; Treas., H. G. Van Court:
Pa.
Philadelphia,
Building.
Trust
and
such
Central
damage
that it was brought near Office, 406
losses
company had sustained
to Insolvency and was compelled to sell property valued at $15.000for 62,100.
Midwest Oil Co.-Decision.Electric Bond Deposit Co. (of Del.), N. Y.-Dividends
Judge Inner in the U. S. District Court of Wyoming on June 16 1913
decided in favor of the company the test suit brought by the Government
Deferred.Creek
to recover a 169-acre tract, forming part of a large tract In Salt
See Cities Service Co. under "Railroads" above -V.94. p. 1510.
Valley, which was withdrawn from private entry. The case is now pending
in the U. S. Supreme Court, briefs having been filed. The decision will
Empire District Electric Co.-Dividends Deferred.amounting,
also affect the title to holdings by others in the Salt Creek field,acres
See Cities Service Co. under "Railroads" above.-V. 98, p. 841.
of rich
it is said, to between 5,000 and 6.090 acres. Some 2,000,000
now owned by various companies, are, it is
Excelsior Springs (Mo.) Water ,Gas & Elec. Lt. Co.- oil lands in California alone,
Government under withdrawals by the President
the
by
calimed
stated,
Application.and stand in about the same position as the land involved in the Wyoming
The company has applied to the Missouri P. S. Commission for permis- case. Compare item and report in last week's "Chronicle, PP• 766 and 760.
6%
-year
the
20
M.
for
bonds,
1st
used
be
proceeds
to
$52,000
issue
sion to
Missouri Public Utilities Co.-Decision.general improvements.-V. 97, p. 1826.
The Missouri P. S. Commission on July 31 rendered a unanimous decision
City alleging
Frisbie & Stansfield Knitting Co.-Re-Inc. of Controlled In the complaint of the Mayor and Councilmen of Webbconditions
of a
failure on the part of the company to comply with certain
Company.Water Works
Carterville
by
city
the
to
granted
&
Webb
City
the
franchise
See Oneida Knitting Co., Inc., below.-V.98, p. 1770.
aside
that,
held
is
the
It
assigned
to
Utilities
Co.
and
1909
16
Oct.
on
Co.
from any agreement in the franchise with regard to the laying of mains,
Gas Securities Co., N. Y.-Dividends Deferred.the Commission has the power to require the extension of mains where the
See Cities Service Co. under "Railroads" above.-V. 96, p. 792.
same is for the better protection of the public. The company is therefore
required to lay mains as provided in the franchise and to complete the work
General Railway Signal Co., Rochester.elected
with
Vice
within 9 months and also to make certain extensions demanded by resobeen
has
director,
and
-President
Johnson
Sidney G.
headquarters at 55 Liberty St., N. Y., to fill a vacancy of long standing. lution of the Council within 93 days.
Mr. Johnson is said to have been identified for years with one of the
National Refining Co., Cleveland.-Dividend.leading competitors of the company as Vice-President and General Sales
A quatereiy dividend of 1K% has been declared on the $4,000,000 stock
Manager.-V. 98. P. 1395.
as increased by the payment of a 100% stock dividendaton July 15 last.
the rate of 5%
15 to holders of record Aug. 1. This is
George & Barker Salmon Pkg. Co., Pt. Roberts, Wash. payable Aug.
yearly, or 10% on the stock as formerly existing. The dividends previously
See British Columbia Packing Co. above.
paid were at the rate o 8%. President Lamprecht says: "Whether we
Goldfield (Nev.) Consolidated Mines Co.-Earnings.- will declare more at the next period I cannot tell. Earnings would warrant
Production (Tons Treated and Shipped) and Earnings for Second Quarter. more, but we believed it better to be conservative under present world
Dry Tons, Gross Value. Total Costs. Net 1:n ofits. conditions."-V. 98. p. 1923.
Month$150,764
28.221
6320,778
$170,014
April
National Sugar Mfg. Co., Buffalo.-Bonds
155,049
329,401
30,181
174,352
May
Thirty-seven 1st M. bonds, dated Mar. 15 1901, for payment at 105 and
140,000 int.
25,924
295,000
155.000
June
on Sept. 1 at Buffalo Trust Co.. Buffalo.
President Francis K. Carey states that $11,000 of the 1st M. bonds were
6445,813 redeemed
6499,366
84,326
8945,179
Total
on June 1 last, making the amount of bonds redeemed to date
to $550,509. Indications
-V.98. p. 346. 52.
6195,500 and reducing the amount outstanding
are, it is stated, that the present campaign will be one of the most successful
Grand June. Elec., Gas & Mfg. Co.-Foreclosure.history of the company.-V.98, p. 1464.
the
in
profitable
and
above.
See Grand June. & Grand River Valley Ry. under "Railroads"

The P. S. Commission has authorized the company to issue $123,090
5% 1st M. gold bonds at not less than 90. Of the proceeds $31.740 will
be used for improvements in the gas department and $33,562 in the electric
department.-V. 97, p. 668.

Hamilton (0.) Gas & Electric Co.-Decision.Hollister on Aug. 5 sustained in greater part the report
u. S. District Judge
H. Haines in June last levying an assessment of 100% on

of Referee H.
$300,000 of so-called bonus stock issued in 1907. The Court holds that all
creditors whose debts were created after the stock was issued, except those
Its issucreditors who are holders of bonus stock,or who had knowledge of share
in
to
ance prior to the date of the creation of their debt, are entitled
holds that the
the fund arising as a result of the assessment. He also
recover.
to
equity
in
suit
a
bring
may
company
the
of
bankruptcy
in
trustee
to ascertain
The matter is referred back to Referee Haines with instructions
issuance of the
which of the creditors hold claims contracted since the
of fact
conclusions
his
to
report
directions
further
with
bonus stock and
his
and law in such a way that the Court may either sustain or overrule
findings. Compare V. 97, p. 369.

Holton Power Co., Califorlula.-Application.-

authority
The company has applied to the California RR. Commission for
to issue $200,000 additional First and Ref. bonds for improvements.-V.97.
p. 1826.

Oil Co. of Texas.-Payments.-

Houston
under the Kirby
One hundred New Series Timber certificates issued
Aug. 1 at par and int.
Lumber Co. contract dated Aug. 1 1911 were paid on
N. Y.; also the
of
Bank
Nat.
Chase
at Maryland Trust Co.. Bait., or the
second issue of said certifioutstanding principal ($436,000) of series "C"the
pref. stock and
cum.
6%
on
dividends
the
cates. These payments and
make a total distrithe interest on the 6% account dividend certificates,
1770.
p.
98.
61,000,000.-V.
over
of
buted on Aug. 1

Co., Secaucus, N. J.-Foreclosure Suit.-

Hudson Iron
Trust Co.) on
The Columbia-Knickerbocker Trust Co. (nowinColumbia
this city to foreclose the
June 23 brought suit in the U. S. District Court
bonds are outstanding. Demortgage of 1906 under which S802,000 5%
due Feb. 1 and sinking
fault has beim made in the payment of the coupons
company, through Oswald G.
fund installments of $10,000. The trust
the property and has
of
possession
took
20
June
on
agent,
Its
as
Nillard
since operated It.-V.82, p. 872.

Natomas Consolidated, San Francisco.-Consents.-

Press dispatches state that holders of about $400.000 first mtge. bonds
have agreed to sell their holdings at 25 to a syndicate friendly to the plan
of reorganization (V. 99. p. 273). and that the plan is expected to become
effective. Total deposits up to July 25 were. It is said, about 67.900,000
of the $14,000,009 outstanding.-V.99, p. 273, 52.

Natural Gas Co. of West Virginia.-Decision.-

The West Virginia Supreme Court of Appeals on May 12, by a vote of
4 to 1,reversed the ruling of the Circuit Court of Ohio County and held that
the city of Wheeling cannot monopolize the business of gas lighting. The
city ownsand operates a municipal coal gas plant and sells gas for all purposes.
In 1885 the National Co. secured a franchise to supply natural gas to
Wheeling consumers, which was amended in 1396 and 1907, and this, it is
stated, did not interfere much with the city plant until the use of the
Weisbach mantle became general and the Use of natural gas for lighting
became Possible. The city then took measures to prevent the company
uruarpoGses
gti)
as.
ina
etN
gh
ntfotro itih
as
ra
fro,rmheseciiiitnyggg
Co. was made upon condition that
natural gas should not be sold through its ()4199 for lighting purposes in
competition with that manufactured by the city. Local papers say that
the city has "granted franchises to electric-light companies to sell electricity
In competition with its gas, it knowlingiy permits citizens not reached by its
pipes to use natural gas an an illuminant, it has suffered its gas plant to
become dilapidated and no longer makes gas fit for lighting purposes, and
because of the poor quality of its gas many citizens continue to burn
natural gas for lighting purposes against the protest and notice of the
Natural Gas Co." The Court states that when a municipality steps outside its governmental sphere to engage in a business enterprise, its "contracts, rights and obligations are measured by the same rules applicable
to private persons": that if the old Wheeling Gas Co., whose rights the city
acquired. were complaining, instead of the city, and undo" the same circumstances,no courtofequity would hold the Natural Gas Company to the
condition of its franchise and thereby "force upon the citizens served the
use of a gas unfit for consumption, and deprive them of rights enjoyed by
others in the use of a better and cheaper gas."

Nevada Consol. Copper Co.-Earnings.--3 and 6 mos.
June 30:
ending
Continued.
-Proceedings
International Power Co. on Aug. 4 signed an order con-3 mos. end. June 30- -6 mos. end. June 30--

Chancellor Walker at Trenton, N. J.,
W. Bull
tinuing noes weel, to week the proceedings instituted by Henry
the company
of New York, asking for the appointment of a receiver for
dissipated.
on the ground that its affairs have been mismanaged and Its assetsofficers
had
The continuance was granted on the representation that the
that
agreed to comply with a mandamus from the Supreme Court directing
the books and other records be produced for examination at the registered
office in New Jersey. The order provided that all restraints contained in
the previous order of the Chancellor shall continue in force pending further




1913.
1914.
1914.
1913.
32.452,311
Gross production__ _lbs. 14,322.807 17,928,746 29,910,399 $1,885,716
$814,818
51.416.259
$1,106.788
income
Total
264,382
302,841
119,382
131,653
Deprec'n Steptoe plant_
246,438
155,038
79.858
126.916
Ore extinguishment
1.499.592
1,499.592
749.796
749.796
Dividends
$122.695
$541,260
$364.116 sur$98,422
Bal., deficit

AUG. 8 1914.]

THE CHRONICLE

The above earnings are computed upon the basis of 14.049 cents for the
quarter ending June 30 1914.-V. 98. p. 1533.

New York Edison Co.-Decision.Appellate

The
Division of the Supreme Court in this city on July 13
unanimously reversed the order made last year by the
P. S. Commission
on the application of C. Percival, and held that the company is compelled
to supply current for only certain hours of the day when provision has
made to obtain current at other times from other sources. The Court been
says
that when the company refused the plaintiff's request it placed "itself
squarely upon the position that it was under no obligation
to furnish electric current to any one unless that peson agreed to take from the company all the current which it required." It is held that inconsideration of
the privileged position of the company, it is bound to serve impartially
every member of the community who demands its services, and while it
may establish reasonable regulations, which the consumer must observe,
the requirement that he must take all his electricity from one company
or receive none "Is not in any proper sense a regulation respecting the use
of the service, but is a purely arbitrary attempt on the part of the company
to insure to itself a monopoly of furnishing electrical current."
If that were permissible, the company, it is stated, could also refuse to
furnish current to a consumer who was himself manufacturing part of the
current he needed, and this had already been severely condemned on
grounds of public policy. If the company had established the fact that the
hours during which the supply of current was asked were those in which
the greatest demands were made upon its services, this condition could
have been met by making a special rate for the service.-V.98. p. 1531.

Oahu Sugar Co., Honolulu.-Bonds Authorized.-

The stcckholders on July 8 approved the issue of $1,750,000 25-year 6%
gold bonds, redeemable in 10 years. The proceeds are to be used to
3809.000 bonds now outstanding, re-pay advances of H. Hackfeld refund
& Co.
to the Waiahole Water Co. and complete the Waiahole tunnel. With the
Increased sater resources from the tunnel it is expected to add 3,000
acres
of cane land to the plantation, bringing the annual sugar-producing capacity
up to 45,000 tons.-V. 96, le• 291.

O'Gara Coal Co.-Further Indictments.-

See N. Y. Central & Hudson River under "Railroads."-V. 98, p. 766.

Oneida Knitting Co. Inc.-Incorporated in Mass.-

The company has been organized under Massachusetts laws with $750,000
auth. capital stock, consisting of $600,000 7% cum. pref. and 5150.000
common stock, as a re-incorporation of the Oneida Knitting Co., which
was
recently acquired by the Frisbie-Stansfield Knitting Co. See that company, V. 98, p. 1770.

Parrot Silver & Copper Co.-Favorable Decision.Judge Bourquin in the Federal

Court has rendered a decision holding
valid the sale in April 1910 of all of the property of the company to the
Anaconda Cooper Mining Co. The suit was brought by William E. Wall
and Louis Foss, of Boston, against the two companies.-V.92. p. 192.

People's Gas Light Co., Manchester, N. H.-Reduction.

The New Hampshire P. S. Commission has ordered the company to reduce its gas rate from $1 10 to $1 per 1,000 Cu. ft. beginning July 1 1914.
It appeared that while large earnings have been made in the past, pantielarly by the old company, under much higher rates than those now in force,
operating costs in later years, because of increased prices for coal, oil, labor,
&c., have so greatly increased that the present rate prior to 1912 could not
be held to afford an excessive return upon the present value of the properties
used. It is found, however, that the business has now become sufficient in
volume so that under a $1 rate the company can now pay its operating
charrces, make a reasonable reservation for depreciation, and still earn
$54,000 yearly for the properties used.-V. 91, p. 1331.

People's Water Co., Oakland, Cal.-President Resigns.

in order that the refunding committee may be given full reign to rehabilitate tho company, Frank C. Havens has resigned as President and
J. Y. Eccleston has been named as his successor by the committee. Mr.
Havens owns nearly all of the preferred stock and a forge part of the bonds.
W. R. Alberger am appointed Manager. The following directors were
chosen: John S. Drum, E. A. Heron, J. Y. Eccleston, H. C. Capwell.
Frank A. Leach, George N. O'Brien and H. 0. Tasheira.
It was announced that the Mercantile Trust Co. of San Francisco holds
a majority of the stock, under control of the refunding committee, and that
the future policy of the company would be to operate under strict supervision of the State RR. Commission.
The noteholders' protective committee recently issued a statement
requesting the unanimous backing of the noteholders. A sale of the bonds
that have been pledged would it is said, increase the bonded and secured
debt to the extent of nearly $5,000,000 and would diminish the value of the
security of the notes to the extent of nearly 33%. It is, therefore, in the
Judgment of the committee vital to the interests of all that no further sales
of pledged bonds take place, and the committee, therefore, asks the noteholders to give it an assurance not to sell, at least for 90 days. any of the
pledged bonds.
At a joint meeting of the refunding committee and the noteholders' protective committee on July 30,many of the noteholders agreed to withhold
demand for payment of their overdue notes, and also not to sell the notes
pending the reports of three engineers who are examining the property of
the company and its subsidiaries. More than $1,000,000 of the notes,
it is stated, have been extended for 60 to 90 days.-V. 99, 1/• 274, 123.

411

Ray Consol.Copper Co.-Earns.June& March Quarters.-

Quarters End. June 30'14 Mar.31'14 Quarters End. June 30'14 Mar.31'14
Gross pr ucTotal income31,003.075 $922,099
tion, lbs._ _18.748,343 17.234,346 Bond interest_43.581
44.655
Net profits_ _ _ $987.881 $913,004 Divs.(3(%)
545.364
543,964
Misc. income_
15,194
9,095
Total deduc $588,945 $588,619
Total income..$1,003,075 $922.099 Bal. for quar_ $414,130
$333.480
The earnings for the June 30 quarter are computed on the basis of 13.9198
cents per lb. for copper, against 14.41 cents for the quarter ending March 31
1914.---V. 98,1)• 1541.

Rochester (N. Y.) Telephone Co.-Authorized.-

The P. S. Commission has authorized the company
issue $100,000
5% 30-year bonds at not less than par, the proceeds to betoused
to erect the
new northwest exchange in Broezel St. and make necessary connections
and changes in the system.-V.98. p. 1923.

St. Louis Steel Range Co.-Anti-Trust Suit.-

The company on July 22 brought suit
Court at St. Louis
against the Wrought Iron Range Co.for iu the Federal
(three-fold) damages under the Sherman Anti-Trust Law. The$750,000
states that the Wrought
Iron Co. has not only conspired to injurepetition
business of the complainant
but within a few years, through oppressivethe
and unlawful business methods,
has forced 14 stove manufacturers and dealers
out of business, leaving the
Wrought Iron Co. and the Sanitary Stove Manufacturing
Co., operating
in Bellevue and Benton, Ill. (of which the former purchased
control in
Feb. last), the only two companies at present selling ranges "by models
and
photos." The complainant s sales exceeded, it is stated,
$500,000
yearly,
the monthly sale of stoves being reduced from 700
to 200, causing a heavy
loss.

St. Paul (Minn.) Gas Light Co.-Temporar

y Injunction.
Judge Booth m thou. S. District Court has granted a temporary
injunction restraining the city from putting
into
effect
the
85
-cent
gas ordinance
passed on May 20 last.
The company is ordered to give a bond sufficient
to guarantee that
consumers shall receive a return of 5 cents a 1,000
Cu. ft. in case the new
rate is held not to be confiscatory.-V.98,
p. 1698.
Salmon River Power Co.-Authorized.-

The P.S.Commission on Aug.3authorized
the company to issue 5300.000
additional 5% 40-year 1st M. bonds at not less
than 85. to net $255,000.
This makes a total of 53,535,000 bonds
outstanding.-V.99. P• 53.

San Antonio Land & Irrigation Co., Ltd.-Application
for Receiver, &c.-

Henry Westbury, of London,
a bondholder, on July 31 applied to
the Fifty-Seventh District CourtEng.,
for the appointment of a receiver. Judge
Minor set the hearing for Aug. 24. Interest
on the bonds (about £400,000)
due May 1 is in default.
The meeting of the holders of the 6% 1st M.
bonds, which was to be held
in Toronto on July 21, was adjourned
to London on July 31 by request
of the committee appointed on July 1. The
report
of the majority of three
states that the company appears to have no
available funds, even for current requirements, and, according to a statement
furnished to the committee, about £2.400 per month is
to pay taxes, salaries and general expenses, and that in additionrequired
£19.800 must be provided
shortly to
complete the purchase of certain lands
San Antonio, in respect of which
the vendors retain a lien as security at
for such unpaid purchase money.
There are also, it is stated, local creditors
in Texas and elsewhere to the extent of £9.300. As it would be unwise at
the moment to anticipate the
Immediate receipt of any substantial
amounts from sales of land, &c., they
say that it will be necessary to provide
for all the above requirements
spread over the next 12 months, and at least
is therefore needed.
without taking into account interest on anyE57.900
loans.
It was proposed that $600,000 6-year 6% landnew
mortgage
notes be issued,
ranking as a first charge on 30.000 acres of land, or approximately
one-half
the holdings of the company, and holders of the notes be
given the benefit
of an agreement to supply water as required,
and
also
that
there
be
deposited
two-thirds, or $3,000,000. of the bonds created and issued
to the company
by the Medina Valley Irrigation Co., a subsidiary concern
organized to
construct and operate the water-works; that all rentals received
from
lands of the company be used in paying off the notes and 30% of the
proceeds of any land not mortgaged be paid over to trustees on behalfnet
of
the note-holders, who would thereupon release a certain proportion of the
mortgaged land in exchange. This. it is stated, would avoid receivership
and protect the interests of all parties, and, for refraining from enforcing
their rights, the bondholders, it was suggested, should be given 35% of
the net profits of the company so long as it is exists.
The minority of two maintain that the rights of the bondholders as
mortgagees should be enforced forthwith,and the Empire Trust
be requestedto take steps to enforce the bondholders' rights.-V.99,Co.
p. 124.

San Joaquin Light & Power Corp.-Financing.-The
Cal. RR. Commission has authorized the company to issue
$249,967 notes in renewal of outstanding notes. The Commission has also made an order granting the company additional time up to Dec. 31 1914 in which to issue $1,776,000
bonds which it proposes to pledge as security for certain 2year 6% collateral trust notes. The directors are taking
Phelps, Dodge & Co.-Copper Production.-The produc- steps to pay the floating debt of $1,615,000 and provide for
tion of copper by the Copper Queen, Detroit and Moctezuma new construction.
The meeting of stockholders to vote on authorizing $3,500.000
mines, owned by Phelps, Dodge & Co., for the seven months present
of
assessable
stock held in the treasury to be converted into the
6%
ended July 311914, was 84,678,429 lbs., as compared with prior cumulative pref.
non-assessable pref. stock, with
over the
present pref. stock both as to assets and dividends, preference
80,257,960 in 1913, as follows:
and also $2,000,000
first and refunding bonds or debentures to be issued if satisfactory

arrangePounds.
1914.
ments cannot be made to market the pref. stock, was again deferred
1913.
1914.
January
to
12.715,084 11.510,711 MP4unds.
July 29. owing to the protest of some of the pref. stockholders,
11,857,535
12.
193.87,20
who
objected
February_ - _ -10.905,527 10,519.051
12.684,835 11.481.874 to the issuing of a stock having prior rights and not subject to assessment,
June
March
11,979,348
present
the
as
is
11.517,338
pref.
11,682.094
12,188.123
stock.
A
July
meeting
April
of
stockholders,
11,368,292
called by Julius A. Landsberger, was to be held atdissatisfied
Total (pounds)for eight11,689.357
San Francisco on July 24.
months
84.678.429 80,257.960 -V. 99, p. 124.
Customs ores business added a
further amount for the seven months of
3,771,915 lbs. in 1914. against
Santa Monica (Cal.) Water Co.-Authorized.6,570,016 in 1913.-V. 99, P. 53.
The Cal. RR. Commission has authorized the Santa Monica Water
Pierce, Butler & Pierce Mfg. Co.
to
issue $257.000 5% 30-year bonds. Of the bonds,$250,000 will beCo.
-Sale Again Postponed.
exThe sale of the property,
was originally advertised to take place changed for outstanding bonds dated July 11907.$3,500 to retire a note and
on July 23 and adjourned towhich
52.800
for additions and betterments.
Aug. 4, has been further postr ored for one
week by Judge Ray in the Federal
Court because of the unsettled financial
conditions.-V. 99. p. 274,
Sears, Roebuck & Co.-Total Sales.55.
1914-July-1913
Decreased 1914-7 Mos.-1913.
Pittsburgh & Allegheny Telephone
Increase.
36,326,117
Co.-Officers.
$6,349.111
0.36%'54.227.129
The following officers and directors
$51,259,082
5.79%
were elected at the adjourned annual -V. 99. D. 124.
meeting held on July 13:
Directors: John L. Dickey, W.C.
Sen-Sen
Chiclet Co.-Distribution.Hawkey. Cyrus !luting. Frank C. Handlan, Samuel W. Harper, Richard
!luting, A. M. Moreland, J. G. Smane,
The company in a circular to stockholders announces,that pursuant to
John S. Weller.
the action of the stockholders at the meeting held July 28, the company
officers: Pres., Cyrus Ruling;
goodV.-Pres.
Treas., Frank C. Holing; Sec., Samuel & Gen. Mgr.. Richard Hawkey; has received in its treasury from the sale of its property, assets and
W. Harper; Asst. Sec. & Asst. will to the American Chicle Co. the $2,000,000 common stork of the
Treas.. Thomas G. Davis; Gen. Counsel,
John
S.
American
Weller. The company
. company provided in the agreement of sale. In accordance
was recently turned over to its
betterments are. it is said, beingstockholders and plans for extensions and with action taken by the directors of the company on July 29th,the stock
pushed to completion.-V.98.
will be distributed among the stockholders of the Sen-Sen company, on
p• 1854.
.he basis of exchanging one share of American Chicle Co. commom stock
Porto Rican Tobacco Co.-Earnings.
for every 2 shares of Sen-Sen Chiclet Co. stock.
Net (after Other
June 30
As the American comapny expects to continue the payment of monthly
Total Interest,
Dividends
Balance, dividends,
Year- Depr.,&c.)Income. Income.
it is important for the stockholders to obtain
Taxes,
<Ste
the
Paid.
Surplus.
1914
8438,459 $216.529 $654,988
51-neir of that company to which they are entitled.--V. 99, p.promptly
$85.790
274. 54.
1913
477,956 266,170 744,126 72.153 (20%)$399.880 $169,318
(18%)
359.892
312,081
The dividends as above in 1913-14 include
Southern Alberta Land Co., Ltd.-Advisory Committee.
four quarterly payments of
5% in scrip on outstanding capital stock.
At the ordinary general meeting held in London on July 22 an advisory
The total surplus June 30 1914 committee
was $1,307,496, against 81.138,178 In
of three was appointed to sit with the board. William Walker,
1913.-V. 97. p. 1429.
was elected a director to succeed A. M. Grenfell. The other vacancy
Was
Pure Oil Co.-Deal Pending-Pref. Stock Retired.
not filled.-V. 93, p. 801.
The deal involving the sale of the
Southern California Gas Co.-Temporary Injunction.interest to an English syndicate is, it is stated, still pending,controlling
notwithstanding the European war,
Judge ROSS in the Circuit Court on July 27 granted the
and may finally be consumniated. The
company a
pref.
which had been re- temporary injunction restraining the enforcement of
duced to 6481,700 in February, has, it is saki, stock,
the ordinance recently
since
been
paused
retired,
reducing the price of gas. A bond is to be given
leaving
only the $4.535,245 common stock outstanding.-V.99. p. 347,
to
reimburse
consumers
in case the ordinance is found not to be confiscatory.
53.




THE CHRONICLE

412

for a reAn application has been filed with the State RR. Commission
to the Los
hearing of the order compelling the company to deliver gasp.
203.
Angeles Gas & Elec. Corp. and Economic Gas Co.-V. 99.

Standard Oil of New Jersey.-Curtailment of Output.The company has issued the following statement:

The company may be compelled, on account cf the interruption of toreign
commerce,resulting from the war situation in Europe, to materially curtail
coupled
its output of all petroleum products. This sudden loss of market,
product now on hand,
with the very large accumulated stocks of finished oil.
At the moment it
will necessarily limit their ability to purchase crude
is impossible to say to what extent and how long this unfortunate condition will continue.
Owing to the interruption of shipping facilities not alone to Europe. but
hours
also to South America, a cut has, it is stated, been made in working
part of the
at the Bayonne plant and about 900 men, many of whom are
extra force in normal times, have been reduced to a part-time basis.

Proceedings Charging Violation of New Jersey Laws.-

See "Baaking. Legislative and Financial News" on page 316 last week.
-V.99, p.203.

Taylor-Wharton Iron & Steel Co.-Acquisition.-

'1 he property of the Clinton Electric Light Co., recently purchased by
Charles S. Johann of this city, has been taken over by the 7aylor-Wharton
Co., which has also obtained control of the new company recently organized under the name of the Jersey Electric Co. The latter will erect tressmission limn;in the vicinity of Hampton.Glen Gardner,Clinton. Annaudale,
Lebanon and High Bridge. The Jersey Electric Co., the new company,
will probably take over the Hunterd on Electric & Power Co. of li lgh Bridge.
Mr.Johann has been retained as consulting engineer by the Taylor-Wharton
Co. and by the Jersey Electric Co. Coutiacts for materials will be placed
at once. The details or the new securities to be issued have not been
arranged.-V. 98. p. 1465.

[VOL. xclx.

The agreement mentions the filing of a stockholders' bill in U. S. District
Court by Frederick R. Rampage, one of the stockholders' investigating
committee, who was appointed under a resolution passed at the last annual
meeting, and states that the company has outstanding notes and bills and
accounts payable of $850,000 or 5900.000, but has assets, not including
any valuation for patents or good-will, in excess of 52,500,000.
The committee has power to arrange or accept a plan or plans for reorganization readjustment and to negotiate with the creditors for the compromise or settlement of their claims and accept the terms of such compromises or settlements. Any plan or amended plan will become binding
upon stockholders unless they shall within 2 weeks after notice of the same
deliver to the depositary their written dissent therefrom.-V.99,p.347,275.

Valley Pipe Line Co.-Application.The company, controlled by the Dutch-Shell interests, on July 21 petitioned the California RR. Commission for authority to issue 85,318.400
common stock at $80 a share. The California Oil Fields, Ltd., is the
owntr of oil fields sear Coalinga and proposes. through the Valley Pipe
Line Co., to construct a pipe line about 174 miles in length from Coalinga
to a point near Martinez, where a refinery is to be built at an estimated
cost of 54,2.54,685. There has already been spent 552.469 for rights of
way, surveys, &c. The line will be equipped with pumping stations and
pipe of sufficient capacity to deliver at least 15.000 bbls, of crude oil of the
ordinary grades in 24 hours. The "hot system" Is to he used, requiring the
equipment of each pumping.station with heaters which heat the oil by the
exnnust steam of the engines. Eleven pumping stations will be needed,
each equipped with two pumps and 2 or 3 boilers. The total capital stock
authorized by stockholders is $10,000,000, in shares of $100 each. It is
not proposed to issue bonds. The directors are: W. Melechke-SmIth of
London, John Lawson of S. F., Balfour D. Adamson of Piedmont, J. 0.
Van Eck and H. R. Gallagher of San Francisco.

Tobacco Products Corporation, N. Y.-Status.-

See netted Cigar Stores Co. of America -V.98, p. 609.

Union Provident Co., California.-Dividend.-

See United Petroleum Co. below.-V.98. p. 1698.

United Cigar Stores of America.-Business.-

George J. Whelan, representing the controlling interest of the company,
the Tobacco Products Corp., the United l'rofit Sharing Co. and the RikerBegelman Drug Co., is Emoted as saying that the European war will not
interfere with the expansion ilams of those companies. Mr. Whelan says:
"Not one of these companies is a borrower of money and at least three
of the four are large lenders. The United Cigar Stores Co. alone has between $2,500.000 and g3,000,000 lending on call, the United Profit Sharing
Corp. in excess of $300,000 and the Tobacco Products Corp. more than
:1,250,000. The United Cigar Stores Co. is doing a big business-well
ahead of last year. Foreign troubles wid in no manner interfere anis our
eenansion program. '[he agency idea. which means the selling of United
products throughout the country, will be pushed ahead just as if there were
no war."
The United Cigar Stores Co. of New Jersey has declared a cash dividend
of 15% on its $900,000 stock, all of which Is owned by the company. This
makes thus far 125% this year, or $1,125,000, to go into the treasury of
the company. Compare V. 98, p. 1998.-V. 99, p. 124.

United Fruit Co., Boston.-New Steamships, &c.Minor C. Keith, Pres. of the International Ry. of Central
America, and Vice-Pros. of the United Fruit Co., on his return from Europe confirms the following:
abroad, as has been reported,to arrange the debt of Honduras
I did not gocountries.
We are not doing anything in Honduras at present,

to European
but we are proceeding with railroad building at Guatemala and San Saivador
The United Fruit Co. has placed orders for 13 new ships of the most
approved type, 6 of which are for the English trade and 7 for the West
Indian trade. These 13 vessels are being built at the Belfast shipbuilding
yards of Workman & Clark, and will be ready to put into commission in
the spring and summer of nest year.
European trade of the United Fruit Co. is growing by leaps and bounds,
which is evidenced by the necnisity of 6 new steamers for that trade. The
West Indian and Central American bananas are fast taking the place of the
Canary Island fruit in England and Germany. Formerly the German
supply was had almost entirely from the Canary Islands. We have a great
naked, in bulk
advantage in being able to ship the West Indian bananas
fruit is packed individually,
or on the stalk, whereas the Canary Islandexpensive.
and
cumbersome
more
which is very much
The work in Central America is progressing as fast as possible. The
company is proceeding with the continuous rail route from the United States
with the
Into Central America. and connection has already been made
Mexican system. With two vessels we can make weekly trigs to the
in the
trips
make
to
weekly
vessels
seven
require
we
and
States
United
English trade. We purpose making 3 to 4 trips weekly between the West
Indies. Central America and England as soon as our new fleet of steamers is
ready.-V. 99, p. 275.

Van Sweringen & Co., Cleveland, 0.-Bonds Offered.Tillotson & Wolcott Co. of Cleveland, N. Y. and Cincinnati are offering
at par $750.000 6% collateral trust bonds maturing in 3 installments of
$185,000 each Sept. 1 1916, 1917 and 1918, respectively, and one of
$195,000 on Sept. 1 1919. Dated July 1 1914. Denominations 51.000. •
$500 and $100. Redeemable on any interest day (Jan. I and July 1) at
101 and int. Principal and int. payable at Citizens' Savings & Trust Co..
Cleveland, trustee. A circular issued by the bankers says in substance:
The bonds are secured by first 6% mortgages deposited with the trustee,
gregsting $761,232 on property appraised at $1,149,025 and also by
11 ;180,000 let M. notes and the entire capital stock ($146,506) of the Cleveland Interurban ER. The interest on the collateral is sufficient to meet
that on the bond issue, and the maturities of the mortgages are such as to
provide for the payment of the bonds as they mature. The property lies
partly within the city limits and in the village of Shaker Heights, and constitutes a part of Cleveland's finest residential district. Two beautifullakes
and a 278-acre park pass through the property, which has been deeded
to the city as a part of the park system; boulevards and streets have been
laid out and dedicated. and proper restrictions as to the character of improvements are maintained. Apartment houses and business blocks are
eliminated except at certain points. The new rapid transit system under
construction will put this section within 16-minutts touch with. the Public
Square, and will probably materially increase present property values.
The Cleveland Interurban RR. Co. is an Ohio corporation which owns
a double-track railroad extending from the Intersection of Fairmount
Boulevard and Coventry Road on Shaker Heights, southerly and easterly.
for the most part on private right of way, to a point on Shaker Boulevard
near Fontenay Road in the village of Shaker Heights. The road is being
operated by the Cleveland By. Co. on a convenient schedule and serves a
large number of people who have built homes In the village. The railroad
also extends westward along elnener Boulevard from Coventry Road to
East 132d St., extended. Construction is in progress on a portion of the
line from the western terminus of the Cleveland Interurban RR. at the
intersection of Shaker Boulevard and East 132d St., extended, to a point
near East 55th St. In the city of Cleveland, and contracts for the remainder
of the rapid transit line will, it is expected, be let as soon as details can
be arranged. The capital stock of the Van Sweringen Co., an Ohio corporation ($1,500,000 authorized, of which 3750,000 has been issued), is
owned by the Shaker Heights syndicate and will be released by It upon the
satisfaction of various claims accruing to it in connection with the objects
of its organization. Officers(and directors): Pres., W.S. Hayden; V.-Pres.
and Treas., Otto Miller; Sec.. W. D. Turner; J. R. Nutt and 0. P. Van
Sweringen.

Walpole Tire & Rubber Co.-Sale Postponed.-

Judge Dodge in the U. S. Dietriet Court at Boston again postponed the
receiver's sale from Aug. 12 by agreement of all parties, as a precautionary
measure in view of the existing financial condit.ons arising out of the
European war. Counsel for the reorganization committee stated that sufficient pledges had been received to carry out the purchase as agreed upon,
but it was deemed best to postpone action in older that no one might be
embarrassed by the fulfilling of their pledge. The Court has set Aug. 31
for a hearing on the question of fixing another date for the sale.-V. 99.
p. 124.

Washington-Oregon Corporation.-Receivership.-

The U. S. District Court at Tacoma. Wash., has. on application of the
Fidelity Trust Co.of Philadelphia. mortgage trustee, appointed a temporary
receiver for the property.
Elmer E. Hayden of Tacoma has been named. It is alleged that the
United Fuel Supply Co., Pittsburgh, Pa.-Earnings.-- ocrporation
has defaulted in 1913 taxes and also in interest on a 3350,000
Dividends Depr &c. Balance,
Net
Gross
June 30
of one of its subsidiaries to the Standard Trust Co. of N. Y. and on a
loan
Paid.
Surplus.
Reserves.
Earnings. Income.
Yearto the Philadelphia Safe Deposit & Insurance Co., and
mortgage
158,223 $128,549 (B%)340.000 $27,190 $61,359 $400,000
1913-14
accounts exceeding $100,000 and bills payable
64.160 has outstanding overdue1754.
199.160 (7%) 35,000 100,000
336,482
1912-13
P•
97,
8250,000.-V.
of
-V. 97. p. 1112.

5

United Petroleum Co., California.-Dividend.-

In connection with the resumption of dividends on the stock of the
Union Oil Co.(V. 99. p. 201), it should be noted that the United Petroleum
owned
Os. and the Union Provident Co., controlled by it, which in turn to
the
a meiority of the Union Oil Co.. the latter having Just been sold
British Union Oil Co.. mentioned last week (page 345), have also each
declared dIvil rids of 2% on their stocks, payable at the same time, viz.
Aug. 15 to holders of record July 31.-V. 98. p. 1698.

Utah Copper Co.-Earnings.-3and 6 mos. end. June 30:
-3 mos. end. June 301913.
1914.
Ibs 40.017,562 31.785,448
Grose production
$1,832,071
$2,424,536
Net profits
11,495
19,381
Miscellaneous
375,187
375,187
Nev Cons. dividends
Total net profit
Dividends paid

-6 mos. end. June 301913.
1914.
72.863.717 55.069,915
53,978,435 $2.942,447
55,369
750,374
750,374
•

32.819.104 52,218,753 $4,784,178 33.754,115
2,373.256
2,391,150
1,186,628
1,201,710

Willys-Overland Co.-Bids for Preferred.-

The company having set aside ;250,000 out of ret earnings as the 'yearly
sinking fund pursuant to the provisions governing the issuance of the 7%
cum, pref. stock, Secretary Royal C. Scott has sent a circular letter to the
pref. shareholders inviting them to submit tenders for the sale of stock to
the Bankers Trust Co. not later than noon. Aug. 20.-V. 99. p. 347. 205.

Wolverine Copper Mining Co.-Report Yr. end. June 30.
Total
Net
New Con- Divs. on Balance.
Fiscal
Year
Earnings structett. Stock
Year
Surplus
$484,061 395,353 314,278
1913-14
1.326,501 601,514
1912-13
3ng the year ending June 30 1914 there were produSc6ed
.46
46
-66-.3
1:151s.
89
5
$:
35,4
45
of refined copper, against 8.350.312 in 1912-13; total cost in 1913-14, 11.720.
per lb.•, average selling price 14.09e.
Frank alcM. Stanton has bean elected a director to succeed the late
J. Wheeler Hardley.-V. 93, p. 669.

(F. W.) Woolworth Co.-Earnings.-

Inerease.j 1914-Senen Mos.-1913. Increase.
54.914,636
4.01% 1535,727,672 533,265,095
35.111.868
7.40%
$1.617,394 $1,032,125 $2.393,028 $1.380.859 -17. 99, p. 124.
Net surplus
of about 13.916 cents
The above earnings are computed upon the basisJune
31
March
and
30
Wrought Iron Range Co., St. Louis.-Anti-Trust Suit.
ending
and 14.403 cents for copper in the quarters
quarters in
See St. Louis Steel Range Co. above.
1914, respectively, and 15 and 15.07 cents for the respective
1913.-V. 98, p. 1699.

United States Light & Heating Co.-Deposits Asked.last week
The stockholders' protective committee referred tocertificates
(page 347) requests stockholders to deposit their which has
of stock at once with the Guaranty Trust Co., agreement
been named as depositary under the terms of an
dated July 23, copies of which may be obtained from the
depositary or any member of the committee.
the property
The committee says: "Receivers have been appointed forYork
upon the
by the U. S. District Court for the Western District of New
of the comapplication of creditors. It appears, however, that the assets
undersigned,
The
obligations.
and
debts
its
pany are very largely in excess of
amount
all of them stockholders of the company and representing a large
constituted a
of the common and pref. stock of the company, have beenThe past manstock.
committee for the protection of the holders of the
present
agement of the company and the protection of its assets underfor their
conditions peculiarly require the united action of the stockholders
these
listing
mutual protection. Application is intended to be made for
receipts on the New York curb market."




-While dealings have been temporarily suspended in the
security markets, many investors desire to inform themselves
as to intrinsic values with the idea of selecting satisfactory
investments when dealings are resumed. Accordingly,
Spencer Trask & Co.., of 43 Exchange Place, this city, are
making general distribution of special circulars describing
conservative bonds, convertible bonds and listed stocks.
Write for circulars numbered 616, 617 and 618.
-C. W. Schroeder, formerly of the Harrison Williains
organization, 60 Broadway, this city, is now identified with
the bond department of the National City Bank of New York.
Mr. Schroeder specialized in the financial investigation qf
public utility properties while he was connected with Harrison Williams.

AUG. 8 1914.)

THE CHRONICLE

413

anti Documents.

CAtevorts

PUOLISNED AS ADVERT atMENTS.

BUFFALO ROCHESTER & PITTSBURGH RAILWAY COMPANY
TWENTY-NINTH ANNUAL REPORT-FOR YEAR ENDING JUNE 30 1914.

The Directors of the Buffalo Rochester & Pittsburgh
CAPITAL STOCK.
Railway Company submit to the Stockholders the following
There
has
been
no
change
during the year in this account.
report for the year ending June 30 1914:
The total outstanding Capital Stock of the Company amounts
to $16,500,000, and consists of $6,000,000 preferred stock
ROAD OPERATED.
and of $10,500,000 common stock.
1914.
Miles.
367.06
89.90
129.52

Owned
Leased
Trackage rights
Total length of road operated
Second track
Sidings

1913. Increase.
Miles.
Miles.
360.30
6.76
87.29
2.61
128.87
.65

586.48
207.32
360.48

576.46
194.89
333.59

10.02
12.43
26.89

Total miles of all tracks,all steel rail_ _ _ _1.154.28

1,104.94

49.34

The increase of road operated is due to the construction
of 6.76 miles of mine lines, 2.61 miles of additional line leased
from the Allegheny & Western Railway Company and an
adjustment of .65 mile in trackage rights, from re-measurement.
The second track was increased by the construction of
12.09 miles between Rochester, N. Y., and Scottsville,
N. Y., .09 mile at Riverside, N. Y., and an adjustment of
,25 mile of trackage rights, from re-measurement.
Sidings were increased 26.89 miles.
INCOME.
Rail Operations:
Operating revenues
Operating expenses
Net operating revenue-Outside Operations:
Revenues
Expenses

Inc. (-I-) or
1914.
1913.
$10,709,534 81 $10,947,246 06 -VV711.25
7,938,062 89 7,665.891 28 +272,171 61
32,771.471 92 $3,281.354 78 -5509,882 86

Deficit

$25,213 99
28,111 02

525,581 60
32,946 34

-367 61
-4,83532

$2,897 03

$7,364 74

-34,467 71

Total net revenue
Taxes Accrued

$2.768,574 89 53,273,990 04 -4505,415 15
234,000 00
216,000 00
+18.00000

Operating Income
Other Income

32,534,574 89 $3,057,990 04 -3523,415 15
821,223 05 1,018,717 73 -197,494 68

FUNDED DEBT.

In accordance with the provisions of the Consolidated
Mortgage of 1907, $1,051,000 44% bonds were issued and
sold, and the proceeds applied to payment of Additions and
Betterments. The Trustee also delivered to the Company
$206,000 Consolidated Mortgage 432% bonds, representing
50% of Equipment Bonds Series D, E and F retired during
the year. These bonds, added to those in the Treasury of
the Company, made a total of $1,524,000, of which $349,000
were sold during the year for corporate purposse, leaving
a balance of $1,175,000 held in reserve.
Under the terms of the Sinking Fund for the redemption
of Equipment Bonds, $619,000 bonds were retired as follows: $2,000 Series B; $50,000 Series C; $117,000 Series D;
8117,000 Series E;$179,000 Series F,and $154,000 Series G.
The balance of Equipment Bonds Series G authorized in
1910 was issued to the amount of $887,000.
To provide for additional rolling stock, an issue of
000 five per cent Gold Bonds was authorized, to be$2,000,secured
by new equipment costing $2,200,000. These bonds were
issued under an Agreement known as Equipment Agreement, Series H," dated July 1 1913, and were all sold during the year. The agreement provided that both principal
and interest are payable without deduction for any tax.
The bonds mature in annual installments of $125,000, commencing Jan. 1 1915 and ending Jan. 1 1930.
The net result is an increase of $3,668,000 in the bonded
debt of the Company outstanding on June 30 1914.
CONSTRUCTION.

Capital account has been charged during the year with
$1,892,696 28 for additions and betterments, as follows:

Land
New station, Lackawanna, N. Y
Station improvements
Genesee dock improvements
Second track, Rochester, N. Y.. to Scottsvdie, N. Y
Second track. Riverside Junction, N. Y
Net corporate income
.. $1,354.784 16 52.128.99407 -5772.20991 Improving bridges and culverts
Appropriations:
.
Increased weight of rail, frogs and fastenings
Pension and Fire InsurStone ballast
ance Funds
316,432 49
31.497 51 +314,934 98 Tearing Run mine line
Equipment Agreement
Guthrie mine line
Sinking Funds
448,795 68 -100,444 01 Sidings and yard extensions
348.351 67
Interlocking apparatus, C. & M. Junctk,n, Pa
Automatic block signals
Total Appropriations
3450,293 19 -$85,509 03 Telephone
5364,784 16
train despatching lines
Roadway machinery
Surplus available for diviRoundhouse. Du Bois, Pa
•
dentin
3990.000 00 31.676,70088 -5686.70088 Additions to shops. Du Bois, Pa
Shop machinery
Water and fuel stations
warehouse, Rochester. N. Y
Taxes amounted to $234,000, an increase of 8.33%, Storage
New terminal, Lincoln Park, N. Y
due to additional property purchased, higher assessments Subway.
Saxton St.. Rochester, N. Y
Other items
on capital stock and the
Gross corporate income-- _ $3,355,797 94 54.076,707 77 -4720,909 83
Deductions for Interest and
Rentals
2,001,013 78 1,949,713 70
+51,30008

new
Income Tax Law.
A special appropriation ofFederal
$348,351 67 was made from
the Net Corporate Income. Of this amount $125,000 was
paid into the Sinking Funds under Equipment Agreements
Series A,B and C, out of which $2,000 Series B and $50,000
Series C bonds were retired, leaving $73,000 to be applied
to the purchase of new rolling stock; $207,000 represents
one-half of the principal of Equipment
bonds Series D, E
and F paid off during the year, the other half
refunded
by 434% Consolidated Mortgage bonds held inbeing
Treasury
the
of the Company; the remainder, $16,351
67, is a part of the
appropriation to the Sinking Fund
under Equipment
G, together with the interest
on the various Sinking
Fund balances in the hands accrued
of the Trustee.
Profit and Loss Account was charged
05,the
balance required for the Sinking Fundwith$138,433
under Equipment
Agreement Series G.

Total

$51,323 48
5,807 53
12,357 47
16.438 74
190,393 37
5,127 01
173,440 63
54,927 22
29,371 16
351,785 90
43,898 12
138.494 65
11,589 29
150.973 78
16,528 95
4.849 53
139,180 67
89.769 79
53,451 79
8.829 53
46,638 30
256,937 64
15,789 02
29,792 71
$1,392.696 28

The following work, referred to in last year's report, is
completed:
•
Telephone train despatching line between East Salamanca,
N. Y., and Punxsutawney, Pa., a distance of 119 miles.
Automatic block signals for 76 miles, from Gainesville,
N. Y., to East Salamanca, N. Y., and Falls Creek, Pa., to
Punxsutawney, Pa.
Second track, Rochester, N. Y., to Scottsville, N. Y., a
distance of 12.09 miles, turned over to the Operating Department on December 8 1913.
The Tearing Run and Guthrie mine lines.
New Yard near Rochester, N. Y.
New roundhouse and extension of boiler and tank shops
at Du Bois, Pa.
DIVIDENDS.
A new station was constructed at Lackawanna, N. Y.
Dividends in cash were paid on:
1914.
1913.
Among the important work now in progress may be menPreferred stock
36.000,000 8% $360,000 6% 3360,000
Common stock
10,500,000 6% 630,000 6% 630,000 tioned:
Storage warehouse at Rochester, N. Y.
Total
316,500,000
$990,000
$990,000
Subway, Saxton St., Rochester, N. Y.
Extension of power kouse, &c., at Du Bois, Pa.
Since the close of the fiscal year, your Board of Directors
Automatic block signals for 45 miles, from Buffalo Creek,
has declared semi-annual dividends of three per cent on the N. Y., to Ashford, N. Y.
.
preferred stock and two per cent on the common stock,
Replacing various timber bridges, trestles and culverts in
payable August 15 1914.
permanent form.




[VOL. xc

THE CHRONICLE

414

EXPENSES.
In keeping with the policy of your Company to promote
Operating Expenses increased $272,171 61, or 3.55 per
efficiency and economy in operation, other improvements
were made, including the constructiol :of 26.89 miles 'of cent, due principally to advances made in wages, the employment of extra trainmen in New York under the requireadditional sidings and yard tracks.
Ge.".
ments of the so-called "full crew bill," and the extraordinary
EQUIPMENT.
expenses attending the large program of new work in progress
during the year.
Expenditures were made_forinew rolling stock as,°flows:
The operating ratio increased 4.09 per cent, being 74.12
$69,550 12 per cent, against 70.03 per cent last year.
Three passengeillocomotives
277.799 32
Twelve freight iccomotives
The percentage of each group of operating expenses to gross
377,885 41
Twenty-seven steel passenger train cars
789,609 40 earnings for the past five years is as follows:
One thousand steel coal cars
5,843 84
built at Company's shop
Six caboose cars
Three locomotive crane hoists
One scale-test car
Ta o detrick cars
Steel underframes applied on four hundred and eleven
freight train cars
Steel side stakes applied on two hundred and thirty-six freight
train cars
Sundry other betterments, including re-classification or transfer of nineteen freight train cars and twenty-five work
equipment cars

21,930 07
4,163 36
3,866 72
26,321 36
3,954 34

$1.628,887 27

1910.
13.65
20.78
1.35
28.55
1.74

The average cost per ton per mile is 3.23 mills, being
.23 mill more than last year.
The average number of revenue tons carried one mile per
revenue freight train mile, excluding the mileage of helping
engines, decreased 16.44 tons, being 693.60 tons, against
710.04 tons a year ago.
The average number of revenue tons carried one mile per
revenue freight engine mile, including the mileage of helping engines, decreased 8 tons, being 454, against 462 a year
ago.
The averages for the past ten years are as follows:
Year.
1905
1906
1907
1908
1909

33,459 45
13.056 08
290,776 20
11,222 27

1914. 1913. 1912. 1911.
13.52 14.23 12.52 12.57
20.69 19.74 18.94 19.35
1.26
1.30
1.44
1.41
36.23 32.71 32.88 32.11
2.05
2.14
1.81
2.27

74.12 70.03 67.74 67.28 66.07

Total
47,963 33

In addition to the above, fifteen freight locomotives, two passenger locomotives and one
thousand steel underframe freight cars for
commercial traffic were purchased, but,owing
to late delivery, will be accounted for in next
year's report.
There was credited for equipment sold, transferred or destroyed, the following values,
Charged in part to Operating Expenses, and
the balance, representing the depreciation
since June 30 1907, charged to Reserve for
Accrued Depreciation.
One locomotive
Seven passenger train cars
Six hundred and sixty-one freight train cars
Twenty-eight work equipment cars

Maintenance of way
Maintenance of equipment
Traffic
Transportation
General

Train Load.Engine Load.
507
374
525
418
543
435
530
371
400
597

Year.
1910
1911
1912
1913
1914

Train Load. Engine Load
420
638
635
430
647
439
462
710
694
454

The average number of revenue passengers carried one
mile per revenue passenger train mile is 40, being 1 more
than last year.
$1,310,373 27
Making a net increase of
The non-revenue traffic, not included in any of the other
The total tractive power of engines aggregates 10,643,255 figures of this report, is as follows:
1913.
1914.
pounds, an increase of 710,362 pounds over last year. The
331,305
323,720
of passengers
average tractive power of each engine increased 765 pounds, Number
13,098,629 12,820.161
Number of passengers carried one mile
1,117.413
1,106,032
Number of tons
being 34,782 pounds, as against 34,017 pounds last year.
108,941,868 99,797,191
The total carrying capacity of cars in freight service now Number of tons carried one mile
amounts to 737,498 tons, an increase of 28,685 tons over
LEASED LINES.
last year. The average carrying capacity or .efficiency of
Advances were made to leased lines for additions and
each freight car increased 1.03 tons, being 42.29 tons as
betterment expenditures as follows:
against 41.26 tons last year.
The reserve for accrued depreciation of equipment on
Allegheny & Western Railway.
June 30 1914 is as follows:
Land
$3,957 49
318,514 00

$1,912,961 95
190,949 67

On equipment owned
On leased equipment

$2,103,911 62

Total
PASSENGER REVENUES.

The gross passenger revenue, the largest in the history of
the Company, amounted to $1,184,416 99, a gain of 5.04%,
per cent, or $56,804 87.
The average rate received per passenger per mile increased
.063 cent, being 2.129 cents, as compared with 2.066 cents
a year ago.
The average distance each passenger was carried increased
.03 mile, being 27.01 miles, against 26.98 miles last year.
Passengers carried in 1914
Passengers carried in 1913
An increase of 1.81 per cent, or
Passengers carded one mile in 1114
Passengers carried one mile in 1913
An increase of 1.94 per cent, or

2,059,683
2,023,020
36.663
55,632,097
54.573,203
1,058,894

Track fastenings and other material
Sidings and spur tracks
Branch, Craigsville, Pa
Block and other signal apparatus
Telephone and telegraph 1 es
New station, West Mosgrove, Pa
Terminal, New Castle, Pa
Other items

6,480 44
15,887 13
93,195 74
5,018 26
9,339 55
1,69604
2.925 92
115 97
$138,616 54

Total
Clearfield & Mahoning Railway.
Land
Track fastenings and other material
Sidings and spur tracks
Other items

$2,356 48
2,213 37
44,443 50
1,020 45
$50,033 80

Total

All of the above work is.completed, including the branch
at Craigsville, Pa., 2.61 miles in length, which was turned
over to the Operating Department on November 19 1913.
FIRE INSURANCE FUND.

The assets of this fund were increased $22,963 32 during
FREIGHT REVENUES.
the year, and now amount to 8282,507 47 in interest-bearing
The average rate received per ton per mile increased .01 securities and cash.
mill, being 4.62 mills, as compared with 4.61 mills last year.
PENSION FUND.
The average distance each ton was hauled decreased 2.31
The assets of this fund,created July 1 1903, were increased
miles, being 161.04 miles, against 163.35 miles a year ago.
Pending an adjustment of the miners' wage scale, most of $6,623 14 during the year, and now amount to $197,575 92
the collieries shipping over your line were idle for about in interest-bearing securities and cash.
There were fifty-seven pensioners upon the roll on June 30
six weeks from April 1st. In spite of this loss, the revenue
coal tonnage moved was the largest in the history of the 1914, a net decrease of one during the year.
Company. All of the other general commodities show deGENERAL REMARKS.
creases, due to the depression of business, especially in the
iron and steel trade.
The Ontario Car Ferry Company,Limited, paid a dividend
The revenue tonnage moved was as follows:
of 5% for the year ending December 31 1913. The sum of
1914.
1913.
Increase.
Decrease. $12,485 received on the $249,700 of this Company's stock
7,980,204
8.176.430
196,226
Bituminous coal
was credited to Other Income account.
IMW,OA§
393.358
593,447
Coke
To accommodate the increasing traffic, the Ferry Company
81,499
781,201
699,702
Iron ore
44.853 has contracted for another boat, with the Polson Iron Works,
265,521
310,374
Pig and bloom iron
65.344 Limited, of Toronto, Canada, to
2,825,382
2,760,038
Other freight
be delivered the ensuing
year.
•
12,295,049 12,410,608
Total
acknowledgments
of
the
The
Board are renewed to the
195,559 officers and employees for their faithful and efficient services.
A de,crease of 1.57 per cent, or
and
Statements
statistics
of
the operation of your road
1.980,012,951
Tons moved one mile in 1914
2,040,358,520
for the year are submitted herewith.
Tons moved one mile in 1913
By order of the Board,
60.345,569
A decrease of 2.96 percent, or
WILLIAM T. NOONAN, President.
The result for the year is a loss of 2.74 per cent, or $257,Y.,
July
Rochester, N.
31st 1914.
936 90 in gross freight revenue.




Ara. 8

1914.]

THE CHRONICLE

Whe Tounnernal
COMMERCIAL EPITOME.
Friday Night, August 7th 1914.
Foreign trade has suffered severely by
sudden outbreak
of an unparalleled war in Europe, withthe
the dislocation of
foreign exchange, the immense advance in war risks
and
a lack of ocean shipping facilities. The exchanges have
had to be closed as a precautionary measure. When
they
will open is purely conjectural. But domestic trade under
the trying circumstances is holding up better
than might
have been expected and as regards foreign trade it is hoped
that a way will soon be found for its resumption on at least
a moderate scale. Grain has advanced. Copper had,declmed.
STOCKS OF MERCHANDISE AT NEW YORK.
P9
Aug. 1 14. July 1 14. Aug. 1 13.
Coffee,Brazil
bags 1,264.859 1.300,752
228.845
Coffee, Java
mats 28,741
30,851
31.520
Coffee, others
bags 264.155
243,002 1,268,531
Sugar
hhds
53.248
51.257
71.990
Hides
No. 18,760
25,928
4,130
Cotton
bales 96,103
109,724
36,267
Manila hemp
bales
2.930
3,687
13,979
Sisal hemp
bales
140
1.480
241
Flour
barrels and sacks 23,100
39.000
38,500

LARD has been quiet. The European war has been a
very disturbing feature. At Chicago cash lard has
been
9.22@9.273/c. Here much of the time all cash quotatio
ns
have been withdrawn. Last Monday lard futures dropped
1 cent, pork $1 20 a barrel and short ribs %c.,all
at Chicago.
Nominal quotations here to-day were 10c.for prime Western,
with the refined 10.35c. for the Continent, 10.90c. for
South
America and 11.90c. for Brazil.
DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO.
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
September delivery_cts. 9.80
8.67
8.77
9.05
9.32
9.60
October delivery
9.92
8.87
8.95
9.20
9.50
9.77
January delivery
9.82
8.97
9.10
9.35
9.65
9.92

415
COTTON.

Friday Night, Aug.7 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
5,891 bales, against 16,354 bales last week and 13,096
bales the previous week, making the total receipts since
Sept.1 1913 10,249,621 bales, against 9,532,301 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 717,320 bales.
Sat. I Mon. Tues. Wed. Thurs.
Galveston
133
175
182
596
127
Texas City
Pt. Arthur
Aransas Pass,&c.
New Orleans_ _ _ _
--ai
iili 1:6o5
274i
306e
Mobile
1
Pensacola
Jacksonville,&c_
_
__
_
__
_
Savannah
Vii
§i
.,.§11
'48
ii§
Brunswick
Charleston
50
Georgetown
Wilmington ---------------2
Norfolk
n
25
iW7
:0
N'port News, &c
New York
Boston
----------Baltimore
____
____
____
Philadelphia
Totals this week

442!

Ribll

1 Ann

1 1 791

505

Fri. I Total.
431

1,644
10

132ti 2:66
3
56
--__

ie

%8

5()

224

iie

2
1.009

10
102

-10
102

1.993

5.591

The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compare
d with
last year:

1913-14.
1912-13.
Stock.
PORK quiet and unchanged; mess $24,0$24 50; clear
Receipts to
August 7.
This Since Sep This Since Sep
$20 50@$22; family $24@$25. Beef steady; mess $18@
Week.
1
1913. Week. 1 1912.
1913.
$19; packet $19@$20; family $20@$22; extra India mess
1914.
Galveston
$28@$30. Cut meats quiet and unchanged; pickled hams, Texas
1,644 3,334,496 8,894 3.814,281
27.172
21.733
City
10
466,873
666,875
10 to 20 lbs., 14%@15N3c.; pickled bellies, 6 to 12 lbs., Port Arthur
2.498
559
46.238
138.642
Aran. Pass, &c
14%@164c. Butter,creamery extras,28
___
109,364
86 128,186
29c. Cheese, New Orleans
2,069
1.876,986 1,443 1,432,285
State, whole milk, colored specials, 15X(4)153
36,159
20,728
Mobile
%c.
56 434,331
957 226,873
4.725
2,121
COFFEE has been very irregular. Last week saw a Pensacola
164,055
124,899
Jacksonville, &c_
-___
29,245
decline of 1% cents in coffee futures. But during the Savannah
15,458
145
380
765 1,814,978 2,222 1,282,774
10,924
16.870
present week the Coffee Exchange has been closed owing Brunswick
291,500
234.334
367
Charlesto
n
224 423,302
to the war. Curb trading has been at a big advance. Spot Georgetown_
166 306,792
1.178
1,843
_
110
quotations have been erratic and fluctuations have been Wilmington
2 398,702
83
7,869
8,585
Norfolk
1,009 585.123 1.988 342,725
wide, but generally towards decidedly higher prices. Last N'port
555,545
16,187
19,802
News,&c_
-__- 148,191
117,003
Saturday No. 7 Rio was quoted as low as 73/20., but latterly
New York
6,682
17
15,317 102,141
34,249
Boston
it has steadily risen to 9% cents on large buying for
10
21.098
5
45,664
5,731
5.238
Baltimore
102
96.461
742
76.907
country, in the fear that importations might be held tip the Philadelp
3.406
3.478
hia
--------1,996
by
36
7.631
1.615
833
the great European war. Fair to good Cucuta has been
Totals
5.891
10249621!
16.63919.532.301 219.750 137.780
quoted at 14 to 143jc., No.4 Santos at 14 yi and No.
7 Rio
now at 9Xc. There have been no official
In order that comparison may be made with other years,
ns of
coffee options but trading on the curb has quotatio
been reported. we give below the totals at leading ports for six seasons:
September is said to have sold at 8.65c.• Decemb
er also at
8.65c., and March and May at 8.60c. Later prices
1913.
1912.
reacted Receipts at- 1914.
1911. I 1910.
1909.
40 points on the curb. To-day a Rio cable said that railroads
Galveston _ _ _
1.644
8,894
3,806
17,537
5.812
2.065
in the interior of Brazil have stopped receiving coffee.
Texas City..kc
10
86
2.069
SUGAR advanced sharply; centrifugal, 96-degrees test, New Orleans_
1.443
1,226
1,792
1,267
3,120
Mobile
56
957
53
136
316
4.26o.; molasses, 89-degrees test, 3.61c. Stocks in the Savannah __ _
1.964
266
2,222
881
354
1,626
821
United States and Cuba are 816,(()4 tons, against 835,516 Brunswick _
Charlesto
,&c
224
166
919
1
last week and 680,375 tons last year Refined has been Wilmingtonn_
1,260
12
_
2
83
45
100
20
active and higher, wi h granulated quoted at 5.250. The Norfolk
1,009
1,988
1,056
21
713
2.483
N'port N.,&c
866
United Kingdom has been bidding for big suppies here.
All others_
112
800
727
464
207
611
OILS higher;linseed,city,raw, American seed,60c.;boiled,
5,891
610.; Calcutta, 70c. Cocoanut has advanced, 12%@)14c., Tot,this week
16,639
9.579
20.305
11,301
11,051
Ceylon 11@l2c. Olive steady at 85e. Castor firm at Since Sept. 1_ 1024962119.532,301 11481337
8,429,189 7.264,956 9,807.432
83.4@8%c. Palm higher at 9@9%c. for Lagos. Cod, doThe exports for the week ending this evening reach a total
mestic lower at 35c. Corn lower at 6.25(4)6.300. Spirits
of 2,660 bales, of which 680 were to Great Britain,
of turpentine 46 ®47c. Commo
n to good strained rosinS3 95.
to France and 1,980 to the rest of the Contine
PETROLEUM steady; refined in barrels 8.25@9.25c.,
Below are the exports for the week and since Sept. 1 1913.nt.
bulk 4.75@5.75c.,cases
Naphth
73
to
a,
10.75@1
1.75c.
76 degrees, in 100-gallon
drums, 233/2c.; drums $8 50 extra.
Week ending Aug 7 1914
Gasoline, 86 degrees, 260.;
From Sept 1 1913 to Aug 7 1914
Exported toExported todegrees 22e. Crude prices74 to 76 degrees, 25c.; 67 to 70
Exports
somewh
easier.
have
at
been
fromGreat
TOBACCO here is quiet
ContiGreat
Contibut
crop
firm.
Britain.
But
of
the
new
France
nent
Total
etc.
Britain France nent dtc Total
Connecticut leaf, of both
being bought up at high Havana leaf and broad leaf is Galveston__
1,067,913
315,968 1,459,843 2,843,724
record quotations, owing to the Texas City_
349.058 26,888 80,896 456,842
scarcity of wrapper.
Arthur
and manufacturers are buy- Port
2,006
30,802 32,808
ing with avidity. AsPackers
Ar.Pass,&c.
30,184
to Sumatra the question of futures NewOrleans 680
8,171 38,355
supplies seems somewhat
50 "iao 897,545 187,142 617,916 1,702,603
Mobile_ _ _
problematical. Still there is no Pensacola_
145,819 73,997 151.865 371,681
great uneasiness as yet. The
_
53,996 48,947 61,212 164,155
_
for some time. Cuban leaf is fall inscriptions do not occur Savannah_
228,211 240,990 773,316 1,242,517
Brunswick _
89,608 22,954 155,479 268,041
COPPER has declined, owingsteady but rather quiet.
Charleston _
118,943
5,030 181,434 305,407
to the European war; Lake Wilm'gton _
123/Ic., electrolytic 124c.;
73.024 102,434 177,855 353,313
trade light. The Metal Ex- Norfolk__
48.741
87,053 135,794
change has been closed indefini
N'p't
News.
569
569
and higher. It is feared that tely. Tin has been excited New York.
430
430 136,670 19,152 217,390 373,212
imports
Boston___
will
sharply
_
be
re85,565
duced. Spot, here 61@)62c.,
9,087
94,652
Baltimore._
1,500 1-,E(")" 57,862 15,322 99,824 173,008
within a week; in London trade showing a remarkable rise Philadel'ia _
42,841
15,049 57,890
suspended or very unsettled. Detroit_ ___
Lead here on the spot 3.85c.;
313
313
San Fran__
spelter
4.95c.
178,894 178.894
Pig
iron
dull.
The European war has a more or
Pt. T'wns'd
76,509 76,509
less
paralyzi
effect
ng
the
on
iron and steel business. Ferro
Total____
680
1,980 2,660 3.428,299 1,058,824 4,383.1618,870,287
demand, however,and strong, -manganese has been in active
fearing cutting off of supplies Tot. '12-'13 4.225 373 11,147 15,745 3,570,634
by the European war. Cargoes
979,533 3.946,417 8,496,484
been sold at big premiums over afloat, it is stated, have
Note.-New York exports since Sept. 1 include 14 894 bales Peruvian, 75 bales
recent
sales
at
$38,
ex-s
hip, Brazilian, 27 bales West Indian to Liverpool; 26 bales West Indian to Havre and
Baltimore. No. 2 Eastern
$13 5(); No. 2 Southern, 492 bales West Indian to Bremen and Hamburg.
Birmingham, $10@$10 25. iron
The
United
States
In addition to above exports, our telegrams to-night
Steel
Corporation withdrew prices on all its
products last Tuesday. give us the following amounts of cotton on shipboard,also
Its subsidiaries are quoting on new business
not
as it comes up; cleared, at the ports named. We add similar figures for
new prices are in some cases $1 a ton
higher.
New York.




On Shipboard, Not Cleared forLeaving
Other CoastI GerGreat
Stock.
Aug. 7 at- Britain. France. many. Foreign wise. Total.
26,718
4/1 9,441
936
124 4,576
New Orleans_ - 3,394
22,483
152 4,689
1.551 1,286
1,700
Galveston __-10,921
Savannah
1.178
I
Charleston
4,387
338;
338
Mobile
1.987
14.200 14.200
Norfolk
2,000' 100.141
2,000
New York
21.264
I
Other ports
Total 1914_ _
Total 1913..
Total1912

(VOL. xcix.

THE CHRONICLE

416

5.094
2.082
2.936

124
846
290

6,465
3,091
1,801

FUTURES.-There have been no transactions in cotton
for future delivery on the New York Cotton Exchange this
week.

4,222 14.763 30.668 189.082
3,802 13.043 22.864, 114,922
7.872 13,461 26,360: 188,588

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 evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Aug. 7Stock at Liverpool
Stock at London
Stock at Manchester

1914.
bales_ *856.000
*5,000
*68.000

1913.
702,000
5,000
36,000

1912.
724,000
8,000
81,000

1911.
501,000
12,000
48,000

Speculation in cotton for future delivery has been suspended all the week, owing to the great European war.
*929.000 743,000 813,000 561,000
Total Great Britain
14,000
10,000
17,000
*39,000
There has been a large attendance at the Exchange, however, Stock at Hamburg
31,000
*310000 172.000 265.000
at Bremen
in settling up old transactions. It is estimated that some- Stock
81.000
*239,000 116,000 133,0130
Havre
at
Stock
2.000
3,000
3,000
*4,000
thing like 300,000 bales have been settled, partly by the Stock at Marseilles
17,000
10,000
17,000
*33,000
members privately and partly through the aid of a volun- Stock at Barcelona
16,000
12,000
11,000
*44,000
Genoa
at
7,000
tary committee which has been in session daily for the pur- Stock
10,000
18,000
*59030
Stock at Trieste
pose of closing out open transactions as far as possible. All
168,000
443,000
354,000
*728,000
stocks
Total Continental
the cotton exchanges of this country and Europe have been
*1,657,000 1,097,000 1,256,000 729,000
closed. Just when the Cotton Exchange here will reopen is
Tote/ European stocks
88,000
99',000
96.000
cotton afloat for Europe... 121,000
purely conjectural. It is feared that if it were re-opened now, India
41,569
62,103
61,091
65,930
cotton afloat for Europe._
Amer.
there would be a great flood of.hedge sales by the South, Egypt,Braztl,&c.,afit.for Europe_ 25,000 31.000 38,000 34,000
65,000
44.000
81,000
*107,000
in Alexandria, Egypt
which might easily have a decidedly depressing effect on Stock in
*767,000 726,000 495,000 463,000
Bombay, India
145,955
212,948
cotton prices. Also, Liverpool might sell here on a large scale, Stock
137,788
219,750
Stock in U.S. ports
95,788
91.832
131,012
especially if its own Exchange remained closed. Liverpool Stock in U. S. interior towns.... 115,246
50
4,233
2,058
480
members of the trade are also closing up old transactions at U.S. exports to-day
3,078,406 2,362.917 2.304.105 1,657,372
Total visible supply
fixed differences determined by that Exchange. It is felt
Of the above, totals of American and other descriptions are as follows:
here that the immediate future of the cotton trade in this
Americancountry depends very largely on impending naval battles in Liverpool stocks
bales__ *618,000 51,000 607,000 32,9,000
35,000
62.000
2 .1)00
,0
*4600
Mancliester stock
the North Sea and elsewhere. It is assumed here that if Continental
123.000
* 575,000 30 ,000 412,
stock
41,569
62,lOo
61,091
England wins supremacy of the sea, exports of cotton will American afloat for Europe
65,930
219,750 137,785 212,918 140,965
U. S. port stocks
soon be resumed from American markets and that a speedy U.
95,788
94,832
115,246 131,012
S. interior stocks
50
4,223
re-opening of the American cotton exchanges will follow. U. S. exports to-day
2,058
480
It is assumed, too, that if the war lasts for any length of time
781,372
1,455,106
1,165,947
1,640,406
Total American
there will be a very large increase in the American consumpF,ast Indian, Brazil, &e.
:88g
*238.000 200,000 117,000 173
tion of cotton, growing out of an expansion of our export Liverpool stock
12,00
8.000
5,000
*5,000
London stock
888
:
17
trade in cotton goods. It is expected that in such circum- Manchester
13,000
*22,000
stock
46,000
3
45,000
*153.000
stances America would take over much of the trade of Ger- Continental stock
88,000
080
9,
98,000
121,000
afloat for Europe
34,000
many, France and other European countries with South India
0
Egypt. Brazil. &c.,afloat
44,000 428:883
America and the West Indies, as well as China and Japan. Stock in Alexandria, Egypt
=14
495,000
720,000
*767,000
Already reports come from some parts of New England of a Stock in Bombay. India
better foreign demand for American cotton goods. It is
1,438,000 1,197,000 849,000 593,001
Total East India, &c
1,840,406 1,165,947 1,455,106 784,372
Total American
hoped, too, that the rehabilitation of the American merchant
marine, which is the object of pending legislation at Wash3,078,406 2,362.947 2,304,106 1,657.372
Total visible supply
Upland. Liverpool
ington, will take place in time to greatly promote the Amer- Middling
6;
7c
70
6..4
12
d..
8c
90
2..3
16
d..
3e
40
6..0
.
12
500..
Upland. New York...
"
6..5
Middling
10%d.
ican sales of both raw and manufactured cotton to for- Egypt, Good Brown, Liverpool al2
1074d.
9.856.
8,906.
10.130d.
9.50d.
EL
8.85
Liverpool
Nom.
Good,
Rough
Pertivian,
advices
in
intimated
some
is
Washington
It
eign marts.
5d. 6 1-16d. 6 7-166. 13 7466.
Broach, Fine, Liverpool
630.
1331d.
that the Federal Reserve Board may assist the farmer in Tinnovelly,
614d.
Good, Liverpool_ _ _ _5 11-166.
the
regards
of
his
As
crops.
marketing
some way in the
* Last week's figures; this week's not obtainable.
a July 30 quotation.
American consumption of cotton, it was stated in 1912-13 at
Continental imports for past week have been 64,000 bales.
5,700,296 bales, and it is assumed that this season it will be
approximately 6,000,000 bales. But if the European war
The above figures for 1914 show an increase from last week
lasts some time, there are those who think the total may of 98,410 bales, a gain of 715,459 bales over 1913, an excess
easily reach anywhere from 7,000,000 to 8,000,000 bales, if of 774,300 bales over 1912 and a gain of 1,421,034 bales
not more, especially as the great Continental industries will over 1911.
be prostrated by the war. Naturally,in the absence oftrade,
is,
prices here have been purely nominal. It may be noted that
AT THE INTERIOR TOWNS the movement-tha',
the drought in Texas has been broken by very heavy rains the receipts for the week and since Sept. 1, the shipments for
during the last few days. At some points they reached from the week and the stocks to-night, and the same items for the
2 to over 7 inches. The general idea of the crop stivation is corresponding period of the previous year-is set out in
that the plant is doing very well in the central and eastern detail below.
sections of the belt, but that it is more or less spotted wpst.
Movement to AUQUS1 8 1913
of the Mississippi, particularly in Texas. The rains which
Movement to August 7 1914.
havejust fallen in Texas, however, are believed to have been
1
Ship- Stocks.
Receipts.
Stock.
ShipRealpts.
TOW1S
beneficial for late-planted cetton. But in some sections of
meats. sue.
frielat Aug.
8.
Week. I Season. Week.
7.
that State the rains have been veritable cloudbursts, and
Week. I Season. IWeek.
naturally a continuation of such conditions is not desired.
706
834
5
28,473i
Eufaula..
,
1131 15
20(
i:3
28
51,
82
34
176 4,024
A wet August is regarded by many as of unfavorable augury. Ala.
21 156,554*
Montgomery.
13 119,810'
24
5 2.6
168
6
870
31
22
120,414
161
of
Selma
issue
is
the
m
cotton
trade
the
now
Everybody
watching
113 1.088,
152
41,641
65,811
Helena_ -328 181,701 1,327 10,310
the naval and land conflicts abroad and of financial develop- Ark.,
59 189,896 1,111 6,760
Little Rock
951
23,963,
652
46 27,469
ments in this country. It is felt by. many that either Ga.,Albany-.3,282
-1i232 1,433
107,3881
10 110,571
Athens
154 105,3081
through the aid of emergency currency or by some other Atlanta
71 1,341
318 1,044
1,2 232,471
10,601
481
382
375,446
9,425
338,002,
1,913
3
cotton,
be
will
found
soon
to
way
a
means
resume exports of
Augusta
50 75,301 2,150 5,691
1,905
15
219 81,268
at least on a moderate scale. But viewing it in the most fa- Columbus
48
24
36:7991
611 2,485
16 44,485
Macon
150 3,095 "Ha 52,007
200 3,605
35 58,445
vorable light, it is certainly a trying time for the cotton trade Rome
296 3,200
3,253
194,845
140,962
La..Shreveport
of the world.
100
76
38,231
Miss.,Columb's
708
___
138
_
2
85.99
_
_
752
49,327
Greenville __ _
142,295 -500 3,000
100 1,200
110,137
The rates on and off middling,as established Nov.19 1913* Greenwood._ _
21381
2,036
1,926
35,14
-307
59,169
1,261
_
535
19,70
____ 1,100
by the Revision Committee, at which grades other than Meridian
18,131
_
Natchez
769
635
841
- -15 34,3:42
33 29,387
Vicksburg - - middling may be delivered on contract, are as follows:
2,011
1,000
20
40,786
80
22,476
_
Yazoo City_
575,312 1,550 14,689 17,6ii 570;709
1.11;4
4, 47 9,486
3
Louis_
St.
,
Eva&
tinged.o
e
Mo.
Basis
Afiddll=
on
mid.
1.75
e
Good
Fair

13,000

,9:888 11:388 '

74

_1.30 on
Strict mid. fair
1.3000
Middling (Air
Strict tool mid_ _ _0.90 on
0.65 on
Good middling_
_ _ _0.32 on
Strict
*Reaffirmed Feb.4 1914

Strict low middling.0.50 off
1 25 oft
Low middling
Strict good ord__2.00 off
Good ordinary-----5.00 of.
Strict g'd mid. Ung.0.45 on

Strict mid. tinged_0.2U t
Middling tinged...0.40. 1.
Strict low mid. clog 25 -,f
Low mid. tintavi..3.00 •
Middling stained.,1.25

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 7 for each of the past 32 years have been as follows:
10.7011898.c
1914 _c__•12.5011906.c
10.85 1897
12 00 1905
1913
10.45 1896
12.65 1901
1912
12.75 1895
12,75 1903
1911
8.94 1891
15.91 1902
1910
8.00 1893
12.50 1901
1909
9.69 1892
10.85 1900
1908
6.12 1891
13.20 1899
1907
*Quotation of July 30. Exchange closed since




6.06 1890.c
8.00 1889
8.12 1888
7.25 1887
6.58 1588
7.75 188.5
7.31 1881
8.12 1883
that date.

12.25
11.31
11.12
10.00
9.56
10.50
10.81
10.25

N.C.,RaleighO., Cincinnati_
Okla.,Hugo
S.C.,Greenw'd _
Tenn ,Memphis
_
Nashville
Tex., Brenham
Belles
Honey Grove_
Houston-

7 14,973
13,237
1,423 253.446
37.135
13,498
_
954 1,127,896 1,503 16,159
10.088,
- 130
17,79
438
49.702
101
100,51
438
1,935 2,766,234
.1 114,944

2:ioi

24,932

44 11,498
1,2761 235,713
____
30,200
318 21,311
1,336 817,736

284
7:0
18
1
95
43,835
0
r 14
27
13
353:0

2
195

,
5,0983 301,499

46
50
822 23,873
_.i5
_8ii
8
1,860 16,980
-9
-13

278
3

0.15

. .,
2,-

8,586 26,931

Total. 33 towns 6.2107,206.295 11.103 115,246 12,728 7,166,672 25,174 131,012

The above totals show that the interior
creased during the week 4,893 bales and are
bales less than at the same time last year.
all towns have been 6,518 bales less than
ast year.

stocks have deto-night 15,760
The receipts at
the same week

THE CHRONICLE

AUG 8 1914.1

417

OVERLAND MOVEMENT FOR THE WEEK AND
Paris, Tex.-We have had no rain the past week. The
SINCE SEPT. 1.-We give below a statement showing the thermometer has ranged from 68 to 102, averaging 85.
overland movement for the week and since Sept. 1, as made
San Antonio, Tex.-Rain has fallen on four days of the
up from telegraphic reports Friday night. The results for the week, to the extent of four inches and fifty-five hundredths.
week and since Sept. 1 in the last two years are as follows:
Average thermometer 84, highest 100, lowest 68.
-1912-13-1913-14Taylor, Tex.-There has been rain on three days during the
Since
Aug. 7.Since
ShippedWeek. Sept. 1. week, the precipitation being two mohes and eighty hunWeek. Sept. 1.
Via St. Louis
4,347 565,191 dredths. Minimum thermometer 68.
1,550 566,811
Via Cairo
8200 8293,284
585 405,937
Weatherford, Tex.-There has been rain on two days the
Via Rock Island
21,790
6.744Via Louisville
92,992 past week, the rainfall reaching twenty hundredths of an
-558
574 122.593
Via Cincinnati
869 182.502 inch. The thermometer has averaged 87, ranging
213 117,611
from
Via Virginia points
793 144.633
123 158,391
Via other routes, &c
57 385.146 70 to 104.
15 346.258
_
Ardmore,
Okla.
-We have had rain on two days of the past
6,629 1,640,538
Total gross overland
3,060 1,724,349
week, to the extent of eleven hundredths of an inch. The
Deduct shipments800 145.519 thermometer has ranged from 67 to 111, averaging 89.
112 126,237
Overland to N. Y., Boston, &c
589 125,764
382 182.467
Between interior towns
Holdenville, Okla.-It has rained on one day of the week,
2,374 109,839
2,547 167,606
Inland, &c., from South
the
rainfall being four hundredths of an inch. Average ther381.122
3,763
3,041 476,310
Total to be deducted
mometer 87, highest 103, lowest 72.
2,866 1,259,416
19 1,248,039
Leaving total net overland *
Marlow, Okla.-There has been no rain during the past
week. The thermometer has averaged 90, the highest being
* Including movement by rail to Canada. b Revised.
111 and the lowest 70.
The foregoing shows the week's net overland movement this
Eldorado, Ark.-There has been rain on two days of the
year has been 19 bales, against 2,866 bales for the week past week, the rainfall being
thirty-six hundredths of an inch.
last year, and that for the season to date the aggregate net The thermometer has averaged
82, ranging from 66 to 98.
overland exhibits a decrease from a year ago of 11,377 bales.
Smith,
Fort
Ark.-It has rained on two days of the week,
1912-13
-1913-14
precipitation
the
being fifty-eight hundredths of an inch.
Since
Since
/n Sight and Spinners'
Week.
Week.
Sept. 1.
Sept. 1. The thermometer has ranged from 68 to 98,averaging 83.
Takings.
16,639 9,532,301
5.891 10,249,621
Receipts at ports to Aug. 7
Little
Rock,
Ark.-Rain has fallen on three days of the week,
19 1,248,039
Net overland to Aug. 7
2,866 1,259,416
59,000 2,795,000 to the extent of ninety-three hundredths of an inch. AverSouthern consumption to Aug. 7- 54,000 2,911,000
age
thermometer 80, highest 92,lowest 69.
14.408.660
78,505 13,580,717
Total marketed
Alexandria, La.-We have had rain on two days of the
732 *12,446
4,89
Interior stock In excess
83.976
past
week, the rainfall reaching sixty-five hundredths of.an
66,059
Came into sight during week_ - 55.017
14.409,392
Total in sigh Aug. 7
13,620,693 inch. The thermometer has averaged 80, the highest being
96 and the lowest 65.
7710,014
16,818 2,524,410
Nor,spinners' takings to Aug.7- 40.695 2.
New Orleans, La.-There has been rain on four days the
past week, the rainfall reaching one inch and twenty-seven
* Decrease during week.
hundredths. The thermometer has averaged 84, ranging
Movement into sight in previous years:
from 74 to 94.
Bales.
Since Sept. 1Bales.
Week61.709 1911-12-3ug 9
15,514,516
1912-Aug. 9
Shreveport, La.-There has been rain on one day the past
3,846 1910-11-Aug. 11
11.810,590
1911-Aug.11
6,470 1909-10-Aug. 12
10.413,290 week, the rainfall being twenty-eight hundredths of an inch.
1910-Aug.12
55,314 1908-09-Aug. 13
13,583,811 The thermometer has ranged from 72 to 96, averaging 84.
1909-Aug.13
Columbus, Miss.-Rain has fallen on two days of the week,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-The markets being practically all closed, no the precipitation reaching two inches and eight hundredths.
Lowest thermometer 80, highest 95, average 65.
quotations are obtainable.
Greenwood, Miss.-We have had rain on three days during
NEW ORLEANS CONTRACT MARKET.-There have the week, the rainfall being two inches and seventy-five
been no dealings at New Orleans the past week.
hundredths. The thermometer has averaged 80, the highest
WEATHER REPORTS BY TELEGRAPH.-Our tele- being 96 and the lowest 65.
Vicksburg, Miss.-Rain has fallen on two days during the
graphic advices from the South this evening are on the whole
week, the rainfall reaching one inch and twenty-six hunof a satisfactory tenor. Copious rains over much the greater dredths.
The thermometer has averaged 80, ranging from
part of Texas have been of great benefit to cotton and else- 72 to 92.
where in the belt moisture has been quite general.
Livingston, Ala.-Rain has fallen on one day of the week,
Galveston, Tex.-Good heavy rains occurring the last few the precipitation being eighty-two hundredths of an inch.
days have been of vast benefit to cotton. Shedding and The thermometer has ranged from 69 to 96, averaging 83.
Mobile, Ala.-Cotton is opening rapidly. Light rains
other deterioration have been checked. The weevil situation remains unchanged. We have had rain on three days, help the young plant. We have had rain on two days durof the past week, the rainfall being two inches and twenty- ing the past week, the rainfall being one inch and nine hunfour hundredths. The thermometer has averaged 80, rang- dredths. Average thermometer 81, highest 91, lowest 71.
Montgomery, Ala.-It has rained during the week on three
ing from 72 to 88.
Abilene, Tex.-We have had rain on three days during the days, the rainfall having reached one inch and forty-nine
week, the rainfall being one inch and sixty hundredths. hundredths. The thermometer has averaged 80, the highest
being 91 and the lowest 68.
Minimum thermometer 68.
Selma, Ala.-Rain has fallen on two days during the week,
Brenham, Tex.-It has rained on four days of the week,
the rainfall being two inehes and eighty-four hundredths. the rainfall reaching two inches and thirty hundredths.
The thermometer has averaged 78, ranging from 69 to 92.
Average thermometer 84, highest 98,lowest 70.
Madison, Fla.-Rain has fallen on four days of the week,
Cuero, Tex.-We have had rain on three days of the past
week, the rainfall reaching seven inches and fifty hun- to the extent of three inches and forty hundredths. The
dredths. The thermometer has averaged 85, the highest thermometer has ranged from 71 to 93, averaging 80.
Tallahassee, Fla.-We have had rain on four days during
being 102 and the lowest 68.
Dallas, Tex.-Rain has fallen on five days during the week, the past week, to the extent of one inch and thirty-three
the rainfall reaching forty-six hundredths of an inch. The hundredths. Average thermometer 82, highest 96,lowest 68.
thermometer has averaged 86, ranging from 70 to 102.
Albany, Ga.-The week's rainfall has been eighty-four
Henrietta, Tex.-There has been rain on one day during hundredths of an inch,on three days. The thermometer has
the week, the precipitation being
twelve hundredths of an averaged 82, the highest being 95 and lowest 70.
inch. Thermometer has ranged from 68 to 110,averaging 89.
Augusta, Ga.-There has been rain on six days the past
Huntsville, Tex.-We have had rain on one day during the week, to the extent of two inches and sixty-nine hundredths.
past week, to the extent
of one inch and forty-eight hun- The thermometer has averaged 76, ranging from 64 to 88.
dredths. Average thermometer 80, highest 96, lowest 64.
Savannah, Ga.-It has rained on six days of the week,
Kerrville, Tex.-There has been rain on two days during the precipitation reaching seventy-eight hundredths of an
the past week, the precipitation reaching one inch and inch. The thermometer has ranged from 70 to 90, averninety-four hundredths. The thermometer has averaged 82, aging 80.
the highest being 98 and the
Charleston, S. C.-It has rained on five days during the
lowest 66.
Lampasas, Tex.-We have had rain on three days of the week, the rainfall being two inches and sixty-nine hunpast week, the rainfall being
one
and seventy-eight hun- dredths. Average thermometer 80, highest 88, lowest 71.
dredths. The thermometer hasinch
Greenville, S. C.-We have had rain on four days during
averaged 85, ranging from
70 to 100.
the week, the rainfall reaching seventy-six hundredths of an
Longview, Tex.-We have had rain on three days during the inch. The thremometer has averaged 74, the highest
week, the precipitation
two inches and ton hun- being 86 and the lowest 61.
dredths. Thermometer reaching
Spartanburg, S. C.-Rainfall for the week two inches
has ranged from 70 to 94, averaging 82.
and fifty-nine hundredths, on four days. The thermometer
Luling, Tex.-Rain has fallen on three days of the week, has averaged 76, ranging from 60 to 91.
to the extent of two inches and eighty-four hundredths.
Charlotte, N. C.-We have had rain on three days the past
Average thermometer 86, highest 102, lowest
week, the rainfall being thirty hundredths of an inch. The
70.
Nacogdoches, Tex.-There has been rain on one
day during thermometer has ranged from 65 to 90, averaging 77.
the past week, the precipitation reaching fourteen
Goldsboro, N. C.-It has rained on four days of the week,
hundredths of an inch. The thermometer has averaged 82, the the rainfall being one inch and fifteen hundredths.
Averhighest being 96 and the lowest 68.
age the rmometer 74, highest 93 and lowest 54.
Palestine, Tex.-We have had no rain during the week.
Weldon, N. C.-We have had rain on two days during the
Thermometer has averaged 82, ranging from 70 to 94.
week, the rainfall reaching one inch and four hundredths.




59.91g

[VOL. xcix.

THE CHRONICLE

418

COTTON CONSUMPTION AND OVERLAND MOVEThe thermometer has averaged 74, the highest being 93
MENT TO AUG. 1.-Below we present a synopsis of the
and the lowest 54.
Dyersburg, Tenn.-There has been rain on one day during crop movement for the month of July and the eleven months
the week, to the extent of eighteen hundredths of an inch. ended July 31 for three years:
The thermometer has averaged 79,ranging from 60 to 98.
1913-14. 1912-13. 1911-12.
Milan, Tenn.-Dry all the week. The thermometer has
ranged from 63 to 99, averaging 81.
bales
25,944
Gross overland for July
31.697
24.495
Memphis, Tenn.-We have had rain on one day during Gross overland for 11 months
1,721,289 1.632,989 1,850,088
*3,279
overland for July
22,115
11,247
the past week, the rainfall being one inch and fifteen hun- Net
1,248,020 1,255,911 1,466,462
Net overland for 11 months
dredths. Average thermometer 80, highest 93, lowest 69.
87,129
87,223
Port receipts in July
57,471
10.243,730 9,502,333 11.470,115
receipts in 11 months
The following statement we have also received by tele- Port
141,363
Exports in July
125,834
131,141
graph, showing the height of the rivers at the points named Exports
in 11 months
8,867,627 8.471,551 10.378.525
227,482
156,411
238.680
Port stocks on July 31
at 8 a. in. of the dates given:
Aug. 7 1914. Aug. 8 1913.
Feet.
Feet.
4.4
5.6
8.2
10.0
7.5
7.3
3.1)
1.9
9.7
11.7

Above zero of gauge.
Above zero of gauge..
Above zero of gauge.
Below zero of gauge..
Above zero of gauge_

New Orleans
Memphis
Nashville
Shreveport
Vicksburg

2,669,319 2,498,339 2,563,956
Northern spinners' takings to Aug. L.
2,857,000 2,728.000 2,488,000
Southern consumption to Aug. 1
Overland to Canada for 11 months (in132,724
137,069
147.246
cluded in net overland)
143
11,467
7,777
Burnt North and South in 11 months
22,482
13,360
23.419
Stock at Northern interior markets Aug.1
302,338
259,718
266,017
Came in sight during July
14.354.375 13.534.244 15.424.577
Amount of crop in sight Aug. 1
618,739
591,658
Came in sight balance of season
14,128,902 16,043,316
Total crop
513.60
515.94
513.95
Average gross weight of bales
488.60
490.94
488.95
Average net weight of bales
-.

RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
* Deductions greater than overland.
nor Southern consumption; they are simply a statement of
-Mr. Walter T. Miller, a leading member of the New
the weekly movement from the plantations of that part of the
York Cotton Exchange and for many years its Treasurer,
crop which finally reaches the market through the outports.
died on Tuesday, Aug. 4, in his 86th year. Mr. Miller had
Stock at Interior Towns. Receipts from Plantations been an invalid for several years.
Receipts at Ports.
Week
ending. 1914.

1913.

June 19 47,984 30.264
" 26 30.500 27,262
July 1g 32.609 21,534
24.319 21,448
" 17 20,222 20,061
" 24 13,096 18,042
" 31 16,354 14,527
Aug 7 5,891 16,639

1912.

1914.

1913.

1912.

1914.

1913.

19,441 220,845 251,025 164,619 29,529 10,490
16,456 202,124 227,688 155,38-5 11,779 3,925
16,946 174,652 209,428 144,215 5,137 3,274
13,080 158,507 192,537 136,640 8,174 4,557
11,670 144,499 173,609 120,206 6,214 1,133
12,478 129,729 158,015 110,503
2,448
8,277 120,139 143,458 98,904 6,764
9,579 115,246 131,012 94,832
998 4,193

1912.
6,717
7,231
5.776
5,505

COTTON CROP CIRCULAR.-Our Annual Cotton Crop
Review will be ready in circular form about Thursday,
Sept. 10. Parties desiring the circular in auantities, with
their business card printed theeron, shoul send in their
orders as soon as possible, to secure early delivery.

2.775

EGYPTIAN COTTON CROP.-Reports to Messrs.
L. H. A. Schwartz & Co. of Boston, under date of AlexThe above statement shows: 1.-That the total receipts andria, July 4 1914, are as follows:
Zagazig.-Temperature continues very favorable and there is plenty of
from the plantations since Sept. 1 1913 are 10,250,353 bales; water.
There is very little complaint of worms. On the other hand, eggs
Mansourah.
in 1912-13 were 9,566,277 bales; in 1911-12 were 11,475,732. are again noticed, principally in the recently-irrigated fields. exception
of
for the week has been satisfactory, with the
-Temperature
That although the receipts at the outports the past week were June 2,8, which was
cool, and cotton plants develop normally. Eggs have
5,891 bales, the actual movement from plantations was appeared all over in good numbers, but are being promptly gathered.
Flowering has commenced in the early fields, and water Is plentiful Kafr998 bales, the balance being taken from stocks at interior EI-Zavat.-Temperature,
although too cool at the beginning of last week,
towns. Last year receipts from the plantations for the week Is satisfactory now and young plants have made normal progress all over.
have
Eggs
in
increased
number since our last report, but cultivators work
were 4,193 bales and for 1912 they were 5,507 bales.
energetically to suppress them. Water is sufficient. Magaga.-Upper
5,507

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.

Egypt. Province of Minieh.-There have been lower temperatures the last
week and fairly strong winds, and a certain degree of humidity,which,
however, has not interfered with the regular progress of the crop. In the
normal fields flowering continues and bolls develop in a satisfactory manner. Somewhat higher temperatures might be desired for the late fields.
Water continues to be plentiful.

INDIA COTTON MOVEMENT FROM ALL PORTS.
1913-14

Cotton Takings.
Week and Season.

1913-14.
Week.

Season.

1912-13.
Week.

Total takings to Aug. 7_a
Of which American
Of which other

3,310,933 22,413,543 2,680,710 20,293,778
3,078,4061 3,078.406 2,362,947 2,362,947
232,527119,335,137
94,427 13,811,337
138.100 5,523,800

317,763 17,930,831
234,663 13,821,231
83,100 4,109,600

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &C.
a This total embraces the total estimated consumption by Southern mills.
2.911,000 bales in 1913-14 and 2,795,000 bales in 1912-13-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners. 16,424,137 bales in 1913-14 and 15,135.831 bales in 1912-13, of
which 10,900,337 bales and 11,026.231 bales American.
b Estimated

I

Since
Sept 1

Week

Season.

2,581,551
3,176.816
Visible supply July 31
2,135,485
2,055,351
Visible supply Sept. 1
66.059 13,620,693
55,017 14.409,392
American in sight to Aug. 7....
10,000 2,691,000
610,000 3.726.000
Bombay receipts to Aug. 6
519,300
851.000
19,000
64,000
Other India shipm'ts to Aug.6.
100
994,300
1,100 1.014.800
Alexandriareceipts to Aug. 5.
333,000
357,000
4.000
5.000
Other supply to Aug. 5 *
Total supply
DeductVisible supply Aug. 7

August 6.
Receipts at-

1912-13
Week I

I

Not received.
10,000:2,691,000
_
__

Bombay. __

Great !Conti- 1Japan
IBritain
neat &China Total

.
Bombay1913-14_ Not received.
1912-13.I 1,000 23,000 19,0001
1911-12_ 1,000 22,009
Calcutta1,000 2,000
1913-14._
I 1,000
1912-13
1911-12._ 1,000 3,000:
Madras3,0001
1913-14
1912-13
5,000,
1911-12._
All others-14... 2,000 30,0001 1,000
1913
2,000 12,009 4,000
1912-13
1911-12_ _ 2,000 7,0001
......

1911-12
Since
Week I Sept 1
8.00012.283.000

Since September 1

For the Week
Exports
from-

Since
t 1

43,000,
23,009

Great I ContiJapan
Britain
nent !db China

j

Total

41,000 473,000! 921,0001,435,000
12,000 373,000 823,0001,208,000

3,0001
1,000
4,000

3,000
3,000
5,000

28,000 135,000 166,000
26,000 36,000 65,000
31,000 20,000 62,000

3,000

5,000
4,000
3,00

30,000
20,000
18,000

5,000

3,000
1,300
2,000

33,000
25,300
23,000

33,0001
18,000j
9,009

66,00 512,000 35,000 613,000
23,000 277,000 124,000 429,000
22,00 198,000 93,000 313,000

LIVERPOOL COTTON EXCHANGE.-Settlement of
August Contracts.-The Board of Directors of the Liverpool
Cotton Exchange passed on Tuesday the following resolution:

Total all1913-14._ Not received.
1912-13.. 3,000 35,000 24,000 62,000
41,000
1911-12- 4,000 37,000,

76,000 796,0091,082,3001,984,300
42,000 620,009 944 0001 606 000

Under present exceptional circumstances, the Board are of opinion that
all August contracts outstanding should be settled on the basis of 25 points
over January-February. For the general safety of the market they have.
therefore, decided to ask all members to do this in general interest. There
will be no trading in August deliveries during the month and no tenders
will be allowed. Differences between January-February and other months
will be adjusted by a special committee. All cotton sold on call on August
alone, the price of which is not fixed, will become a sale on call on January
February at 25 points increased basis.

ALEXANDRIA RECEIPTS • AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movement of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the two previous years:

The following further resolutions were adopted by the
board of directors Aug. 4:
That all existing contracts for August-September must be transferred
trading
on the basis of 15 points over January-February, and that no future
n1this position or tenders be permitted until furthe rnotice. That all memfrom
deliveries
or
in
themselves
clients
for
contracts
open
having
bers
at
Sept.-Oct. to Dec.-Jan., inclusive, shall transfer them Into Jan.-Feb.
Oct.-Nov.,
the following differences: Sept.-Oct., 6 points over Jan.-Feb.;
-Jan.,
Dec.
-Feb.;
Jan.
under
point
1
-Dec.,
Nov.
-Feb.;
4 points over Jan.
any
1 point under Jan. -Feb. These transfers shall be made without
•
brokerage charge.

Alexandria, Egypt,
August 5

1913-14.

1912-13.

1911-12.

Receipts (cantars)This week
Since Sept. 1
-

Not
received.

800
7,457,562

7.258.528

This Since I This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
--3,000 206,727
201,750
To Liverpool
ot
To Manchester
204,760 4.250 232,050
11-.866 412,969 10,500 391,834
To Continent and India_ rece ived.
L000 124,300 100 118,275
To America

Exports (balas)-

MISSISSIPPI'S FIRST NEW BALE.-The first bale of
the new crop was received at Memphis on Aug. 3 from
thelMississippi Delta Planting Co., Scott, Bolivar County,
Total exports
15,500 948,756 14,850 943,909
Miss., consigned to the Wilkinson & Carroll Cotton Co. Ir
Note.-A cantar is 99 lbs. Egyptian ba as weigh about 750 lbs.
was donated to the Bachelor's Baby Club and will be sold
at a later date for the benefit of the fund for sick children.
MANCHESTER MARKET.-Our report received by
The bale was 10 days earlier than last year and 15 days earlier
from Manchester states that the market is
than the average date. It graded good middling of 1 1-16- cable to-night yarns
and shirtings with prices nominal.
quiet for both
inch staple.




A 1'El. 8

THE CHRONICLE

1914.]

SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 2,660 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bates.
NEW YORK—To Barcelona—Aug.6—Buenos Aires, 430
430
NEW ORLEANS—To Liverpool—Aug. 3—Antillian, 680
880
To Hamburg—Aug.7—Georgia.50
50
BALTIMORE—To Bremen—July 28—Friedrich der Grosse. 1.500_ A.500
Total

2,680

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- —Oth.Plurope-- Mex.,
Britain. Ports. many. North. South.
&c. Japan. Total.
New York
430 --------430
New Orleans __ _
730
____
680 ---50
Baltimore
Total

680

--_-

1.550

___-

430

2.660

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.
LIVERPOOL.—The usual weekly statistical report has
not been received this week. Dealings in spot cotton were
resumed to-day on the basis of 6.50d. for middling uplands.
BREADSTUFFS.
Friday Night, Aug. 7 1914.
Flour at times has been more or less depressed from a fear
that export trade had received its quietus from the great
war in Europe. It is felt by many that the export question
is the key to the whole situation, or comes very close to it.
At the same time there has been more or less nervousness
in the trade over the financial situation, though this has been
largely relieved by the action taken in regard to emergency
currency and other measures looking to the safeguarding of
the country's business interests. Some mills have withdrawn quotations altogether. The total production last
week at Minneapolis. Duluth and Milwaukee was 387,485,
bbls., against 376,490 in the previous week and 364,950 last
year. Large sales to speculators are said to have been made
here during the week, including spring patents at $4 SO®
$5 in jute.
Wheat has been active, excited and irregular, but on the
whole decidedly higher. It is true that at times some depression has prevailed, owing to the great congestion of
supplies here and at other seaboard ports, and a fear that the
export trade with Europe by reason of the great war might
be stopped for some time to come. But latterly the belief
that a decisive victory on the seas for the British and French
fleets would open the way for a resumption of exports has
had a more or less stimulating effect. So have the measures
at Washington looking to the rehabilitation of the American
merchant marine, although nothing definite has yet been
accomplished in that direction. But a move has been made,
and it is hoped that ultimately the mercantile marine of
the United States will take its old place on the high seas to
the distinct advantage of American trade. Thebill provides for more liberal features as regards the age limits of
the ships to be registered and strikes out the provision forbidding the handling of such ships by foreign crews. At
one time, too, there was a report that the British Government
would take full responsibility for the war risks on cargoes,
thus practically insuring the grain. This proved to be a
mistake. It appears that shippers here were merely authorized to insure the grain for receivers' account
and guaranteeing that the premiums would be paid
Still the news of large issues of emergency currency, the fact
that already many millions have gone to Chicago and also
a general belief that ways will be found to provide for export
business, have all contributed to impart of lath a stronger
tone to the market. The vital point is to safeguard the
export trade. That done, very many believe prices of
wheat are bound to advance under the operation of the law of
supply and demand in time of war. That would include the
elimination of Russia's wheat from the markets of Western
Europe and no doubt also a considerable percentage of the
crops of Southeastern Europe. Liverpool has had a
series of holidays, partly due to the extension of the Bank
holidays in both Liverpool and London. The Argentina
Government last Tuesday ordered a holiday extending for a
week, owing to the European situation,which was regarded
as rendering trade hazardous. Under the circumstances,
our markets have much of the time been without the benefits
of English and Argentina quotations,
while the spread of
war over the Continent has shut off
from markets there also. Not in the memoryinformation
of any living member
of the trade has such a situation ever before
existed.
Precedents are of no use, as the world
saw within the period
covered by modern civilization never
any such gigantic war as
now appals the civilized world. With Germany, France,
England, Russia and Austria, to say nothing
the smaller
Powers, engaged in a contest for supremacy,of
trade is, perforce, thrust into the background. The imagination is
staggered by such a situation and its probable after-effects.
As the case now stands, the reverberations of this gigantic
struggle reached the remotest corners of the globe, and affect
the grain trade everywhere. Naturally, the nations engaged
will forbid the exportation of grain, and they may remove
import duties. Meantime, in Roumania and Bulgaria the
crop outlook is bad. Much damage has been done to spring-




419

wheat in Russia by continuous rains. In Northern France
rain has also done damage and the yield will be much smaller
than that of last year, just at a time when France needs a
large harvest. Austria-Hungary's crop promises to.be only
184,000,000 bushels, while the actual home requirements
under ordinary conditions are placed at 224,000,000 bushels.
On he other hand, the crop prospects in Italy are favorable,
and the same is true of India. Better weather, too, has unproved the outlook in Argentina. The food question IS
expected to receive the attention of the British Parliament.
To-day prices advanced. The British Government is said
to be ready to move 1,000,000 bushels of wheat out ftf
Canada. It is believed that the Federal Reserve Board will
yet do something to remedy the existing conditions in the
grain trade, which involves peculiar hardship to this country.
Ultimately it is expected that the export trade in wheat
will be large at rising prices. During the Napoleonic wars,
terminating with the battle of Waterloo in 1815, some assert
America's foreign trade in all kinds of merchandise increased
450%. The Government crop report appeared to-day and
stated the spring-wheat condition at only 75.5%, against
92.1% on July 1 this year and 74.1% on Aug. 1 last year..
This points to a crop of 236,000,000 bushels of spring-wheat.
against 239,819,000 bushels last year and 330,348,000
bushels two years ago. This would make a total crop of
(allowing for 675,000,000 bushels of winter-wheat) of 911,000,000 bushels, against 763,380,000 last year, and would
still mean the largest crop in history. This report came
after the close.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts- 964 95
95
9454
95U 95
September delivery in elevator_ _ _ - 96% 95% 97
99
9634 96
December delivery In elevator.
101
i003100
102
104K 103
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator-cts_ 87% 86% 89
9016 9116 9216
December delivery in elevator---- 91% 91% 94
9516 9616 97K
May delivery in elevator
974 9716 100
1034 105
10554

Indian corn has advanced on a good cash demand upon
Chicago from the East, together with unfavorable crop reports from some of the most productive sections of the
United States. There has been, in fact, more or less complaint of hot, dry weather throughout much of the corn belt.
Damage reports are becoming more frequent. Shipping
sales at Chicago have been large, the demand more than
keeping pace with the offerings. Country offerings, indeed,
have been light. Cash houses have been steady buyers of
September: At times it has been no easy matter to execute
orders, owing to the prevailing excitement in the grain markets, although it is true that corn is now to a large extent
a domestic proposition. It has been general expectation
that the Government report of to-day would be more or less
bullish. Liverpool has been closed much of the time, partly
through an extension of the Bank holiday by the Government.
To-day prices were higher, owing to hot, dry weather and a
sharp demand for cash corn. The Government report
after the close stated the condition at only 74.8%, against
85.8 on July 1 this year and 75.8 on Aug. 1 last year. The
indicated crop is 2,634,000,000 bushels, against 2,446,988,000
last year and 3,124,746,000 two years ago.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
ern- 85
85
86
86% 9016 91
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 71
6616 70% 72% 7416 7516
December delivery in elevator_ _ _ 6334 62K 8516 6634 67K 6816
May delivery in elevator
6516 6516 68
89% 7016 7116

Oats have advanced on a large cash demand, unfavorable
crop reports from Canada, where hot, dry weather has prevailed and finally the firmness of other grain. At the same
time, however, country offerings have been free. The
movement has been large. Last week the visible supply
increased 308,000 bushels, as compared with a decrease in
the same time last year of 1,024,000 bushels. Yet, after
all, the visible supply in this country is less than half what
it was at this time last year, while prices are some 5 to 6
cents lower than then. The visible supply is 11,945,000
bushels, against 27,461,000 bushels a year ago. The
arrivals at Chicago however, have been so large as to
rather chill any bullish ardor. Still, sample prices at times
have been noticeably strong, advancing in a single day t4re
to two and a half cents. To-day prices were higher with
other grain. The Government report stated the condition
at only 79.4%, against 84.5% July 1st this year and 73.8%
on August 1 last year. The indicated crop is 1.13,000,000
bushels, against 1,121,768,000 bushels last year and 1,418,337,000 bushels the year before.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Mon.
Sat.
Wed. Thurs. Fri.
cts_4354-44 43-43% 43-4334 44-4454 444-45 40446
Standards
No. 2 white
44-4416 434-44 434-44 444-45 454534 46-4634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 37
3516 3516 3754 3816 39
December delivery in elevator-- 3916 3716 384 40% 41K 42
42
May delivery in elevator
41% 4131 44
4416 453-4

The following are closing quotations:
GRAIN
Wheat,per bushel—I.0. b.
Corn, per bushel—
N.Spring. No. 1
No.2 mixed
$11834
N.Spring. No.2
No. 2 yellow
I 1716
Red winter. No. 2
No. 3 yellow
94%
Hard winter,No.2
Argentina in bags
95
Oats, per bushel, new—
cts.
Rye, per bushel—
Standards
4516 og46
New York
No. 2 white
46@4616
Western
No.3 white
454:4146 Barley—Malting

cta.
91
91
905/
88E096

55©58

THE CHRONICLE

420
Winter, low grades
Winter patents
Winter straights
Winter clears
Spring patents
Spring straights

FLOUR.
Spring clears
$4 SO® $475
$4 80 55 25 Kansas straights. sacks- 4 2515 4 50
4
4 25
4 50 Kansas clears, sacks
4 25
6 65
4 0015I 4 25 City Patents
38)@4
' 59
525(8 5 60 Rye flour
3 800 4 50
4 5015 4 75 Graham flour

0015

AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS,&c., TO AUG. 1.-The Agricultural Department issued on the 7th inst. its report on the cereal
crops.fo the month of July as follows:
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the correspenderits and agents of the Bureau, as follows:
-For the UNITED STATES:
ondition
-Acreage, 1914P.C.
Aug. 1 Aug. 1 Aug. 1 July 1
Acres.
of 1913.
1914. 1913. 10-yr. 1914
Crop__
.94.1
111,6 35,387.00
Winter wheat
7-5-.6
74:i
8-0.1
92.1
973 17,990.000 Spring wheat
_
106.4 53,377,000 ------------93.4.
All wheat
74.8
99.3 105,067,000
75.8
81.9
85.8
Corn
80.9
84.5
79.4
100.0 38,383,000
73.8
Oats
7,528.000
74.9
82.1 '92.6
85.3
100.4
Barley
99.1
92.9
Rye
2,533,000796,000
8-8:g
98.9
-85-.8 ab:i
Buckwheat
3,708,000
101.1
79.0
White potatoes
78.0
83:1
83.6
593,000
75.5
Sweet potatoes
94.9
85.8
86.5
77.1
94.6
1,151,030
66.5
Tobacco
78.3
81,5
66.0
77.4
1,927,000
82.1
Flax
82.6
84.1
90.5
704.800
87.6
85.2
88.7
Rice
88.4
86.5
86.7
98.9 48,400.000
81.8 *83.9
Hay (tame)
80.8
98.7 36,960,000
79.6
80.0
76.4
Cotton a
79.6
61.5
Apples
52.2
54.3
64.2

[VOL.

xc

Over the Atlantic Coast States, from Virginia northward, local showers
and moderately cool weather prevented serious deterioration of crops in
the more southerly portions, although rain Is now greatly needed. Over
the Central and Northern States more generous rains occurred and crops
made satisfactory growth, eteept that it was too cool over the more northern portions. Over the Mountain and Plateau districts of the West the
weather was nearly everywhere favorable, except in the northern districts,
where heat and drought greatly injured the spring-wheat outlook. The
ranges continue in good condition, fruit is developing and ripening satisfactorily and water for irrigation continues plentiful. In Washington
and Oregon heat and drought further injured spring wheat, but the weather
was favorable for haying and winter-wheat harvest. In California all
crops made the usual progress, and the canning, drying and shipping of
fruit progressed rapidly.

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:

-

Flour

Receipts at-I
Chicago........
Milwaukee._
Duluth
Minneapolis
Toledo
Detroit
Cleveland
St. Louis__.
Peoria
Kansas City
Omaha

Wheat

Corn

Oats

Barley

Rye

bbls 1960-s bush 6016s bush 56 its: bush 32 lbs bush 481.94 bu 56 ibs
242,000
36,000
140,000 6,901,000 1,270,000 4,037,000
16,000
209,000
304,000
119,000
80,000
203,000
24,000
16,000
552,000
15,000
1;422,000
84,000
125,000
155,000
31,000
5,000
396,000
54,000
78,000
63,000
10,000
163,000
33,000
82,000
17,000
73,000
1,000
14,000
396,000
899,000
19,000
4,000
68,000 1,972,000
18,000
1,000
29,000
176,000
141,000
712,000
3,010,000
175,000
164,000
822,000
566,000
423,000

a Condition relates to 25th of preceding month. *Six-year average.
Tot. wit.,'14
341,000 15,707,000 2,945,000 6,893,000
578,000 109,000
The acreages of above crops (excluding apples) total 301,128.000 acres, Same wk.'13
382,000 12,224,000 2,340,000 4,123,000
714,000 223,000
compared with 300,303,000 in 4913 and 294,692,000 in 1912.
87,010
Same wk.'12
285,126 6,538,189 2,030,784 2,722,232
224,330
the
estimated
yields
indicated
by
condition
of
The
crops on Aug. 1 1914 SlnceAug.1*
and final yields in preceding years for comparison follow:
1913-14
11,314,000„
226,832,000 233,251,000 28,151,000 22910000
-Yield per- -Total Production in
18,604,620293,866,966 236,430,228 258,317,668 12,222,330 17604642
1912-13
Acre.
1911-12
12.955_270 154.002.766 100_344_704 153.265.411 62.124.850 8.342.611
Millions of Bushels1909-13 *1914
Price
* 53 weeks.
Av. August
*1914
1913 1909-13 Auy.1
Bush Bush.forecast. Final. Final. 1914.
CropTotal receipts of flour and grain at the seaboard ports for
a19.1
Winter wheat
15.6
a575
523
441
the week ended Aug. 1 1914 follow:
Spring wheat
13.1
13.3
236
240
245
Rye,
Corn,
Oats, Barley,
Flour,
Wheat,
17.1
14.7
All wheat
911
763
686 76.5c
bush
bush
bush
Receipts at-bblsbush
25.1
25.9 2.634 2.447 2,708 76.8c
Corn
8,000
51,000
610,000
3,000
157,000 2,06P,0
30.0
30.6 1,153 1,122 1.131 36.7c New York
Oats
4,000
Boston
27,000
245,000
1,000
287,000
26.9
24.3
Barley
203
178
182 45.1c
30,000 1,313,000
94,000
158,000
a16.8
Rye
16.1
a48
41
85 61.0c Philadelphia
3,000
35,000 1,405,000
35,000
Baltimore
55,000
Buckwheat
20.5
21.5
17
14
17 81.2c New Orleans......_
63,000
50,000
83,000 2,210,000
99.7
White potatoes
97.1
370
332
857 87.1c Newport News
10,000
Sweet potatoes
84.1
92.7
50
59
58 97.5c Galveston
2,733,000
Tobacco. lbs
678.6 815.1
791
954
096
- -- - Mobile
1,000
4,000
87.7
7.8
Flax
171
18
20 150.7c Montreal
252,000 56,000 40,000
43,000 3,564,000
33.9
Rice
33.3
24
26
24
_- -- St. John
17,000
64,000
tons
1.44
1.34
Hay (tame)
69
64
66 $11 52 Halifax
40,000
*linerpreted from condition reports. a Preliminary estimate.
76,000 55,000
245,000 1,412,000
Total week 1914 389,000 13,661,000
Details for important crops in principal States follow:
SinceJan. 11914_12,380,000 114902,000 14,672,000 21,256,000 8278,000 2332,000
Forecast, 1914
Price Week 1913
330,000
832,000 309,000 77,000
461,000 7,688,000
From
Fina
per SineeJan.11913 _12,688,000 103066,000 42,530,000 33,933,000 14549000 2130,000
-Condition
Aug. 1,
5-Yr. Av. Bush.
Spring
*Receipts do not Include grain passing through New Orleans for foreign ports
Aug. 1
Con1909- Aug. 1 on through bills of lading.
Wheat.
dition.
1913.
Aug. 1 July 1 10-yr.
1913.
1914
The exports from the several seaboard ports for the week
State- 1914. 1914. Av. *Bushels. *Bushels. *Bushels. Cents.
83
45,100
88
67,230
59,859
84 ' ending Aug. 1 are
Minnesota 63
shown in the annexed statement:
94
76
88,500
78,855
90.231
81
No. Dak__ 81
Wheat,
Corn, Flour,
Oats,
Rye Barley,
Peas
92
78
36,600
33,075
38.768
80
So. Dak--- 69
Exports frombush
bush
Ills
bush
bush
bush
bush
22,500
92
82
20,900
22,227
70
89
Wash
1 959,007
New York
13,860 94,544
46,785
859
Boston
445,552
5,422 101,139 45,293
236,000
80.1
239,819
92.1
245,479
76.5 Philadelphia ____ 860,199
U. S___- 75.5
19,374
18,000
Corn.
Baltimore
550,318
10,032
61,200
56.524
81
57,057
87
87
Penne ____ 90
New Orleans__ 876,000
55,122 21,310
46,500
46,959
92
51,480
87
83
Virginia_ _ _ 82
Newport News_
10,000
100
51,800
47.884
55.282
87
83
85
Caro_
No.
Galveston
1,776,800
8,225
63.023
53,482
96
55.500
88
80
Georgia..__ 78
1,000 4,000
Mobile
154,651
74
146,250
137.600
85
87
Ohio
80
2,464,000
25,000 241,000
Montreal
425,000
186,900
176,400
88
72
149,200
87
fin
Indiana......
64 000
St. John
17,000
366.883
72
282.150
289,200
Illinois__ - 65
88
40,000
Halifax
54,829
71
56,112
60.400
80
92
Michigan - 86
56,346
67
66,825
66,500
83
90
Wisconsin_ 92
60,982 197,907 391,924 63,293 442,000
Total week___ -9,035,876
859
76.584
58
96,000
90.600
84
81
Minnesota 89
Week 1913
3,897,865 218,903 192,092 347,652 102,044 307,656
187
352.236
64
338,300
396,300
91
84
100
Iowa
200,859
78
129,062
The destination of these exports for the week and since
68
181,900
Missouri
80
82
60,509
60
67.320
74,700
92
So. Dale_ _ _ 78
85
July 1 1914 is as below:
164,878 134
114.150
Nebraska _ 82
195.700
97
80
WheatFlour
Corn
129,700
77
23,424
133.500
Kansas
74
88
72
Since
Since
Since
91
92.548
81
Kentucky _ 62
74,825
76.900
85
July I
Week
July 1
Week
Week
July 1
80.767
93
80
Tennessee_ 70
68.675
69,200
86
Aug. 1.
1914.
1914.
Aug. 1.
Exports for the week Aug. 1.
1914.
49,107 100
76
Alabama
69
44.600
55,360
86
Ws
bush
bush
bush
and since July 1 to- bbls
bush
92
51.103
Mississippi 69
63.000
50,400
.
United Kingdom__ 80,237 402,952 3,178,682 12,980,574
35,131 .90
Louisiana _ 72
36,300
85
41.800
83
47,118 263,699 5,829,925 17,829,163
Continent
88
64
120,286
115,200
80
75
Texas
163,200
25,579
71,409
51,822
So.& Cent. America 47,526 203,300
150,352
75
Oklahoma_ 42
75,412 .75
50,300
70
52,250
1,690
16,947 132,734
3,242
West Indies
16,795
160,020
68
48,439
89
36.200
82
Arkansas
58
47.025
2,082
225
Am.Cola_
Brit.
No.
812
11,113
468
Other countries__._ 5,854
1,365
3,705
U.
74.8
85.8
81.9 2,634.000 2,4461988 2,708.834
76.8
197,907 1,015,880 9,035,876 30,884,856
WEATHER BULLETIN FOR WEEK ENDING AUG.3. Total
69,982
314,889
192,092 846,586 3,897.865 17,199,168 218,900 1,001,913
-The general summary of the weather bulletin issued by the Total 1913
shipments
world's
of
wheat and corn for the week
The
Department of Agriculture for the week ending Aug. 3 is as
ending Aug. 1 1914 and since July 1 1914 and 1913 are shown
follows:
following:
A further continuation of the severe heat and drought over much of in the
the groat cereal, grass and cotton-growing districts during the past week
further retarded growth and greatly interfered with the proper progress
of such crops as aro now at the critical stage of development. In the
winter-wheat region the crop over the more northern and elevated districts ripened and is being harvested under favorable conditions, while
dry weather favored a continuation of thrashing operations in other districts. In the spring-wheat region high temperatures and dry weather
greatly damaged the crop in the more western districts, and heat and
rust caused further damage in Minnesota, and the weather was somewhat
unfavorable In North Dakota. The crop Is ripening rapidly and harvest
is well under way. In the corn belt the weather was pearly everywhere
unfavorable, although the crop Is still generally in good condition in the
more northern districts. It Is -beginning to deteriorate in the central
portions of the belt to westward of the Mississippi, where the outlook has
heretofore been excellent, and continued dry weather over the Ohio Valley
and to the eastward has caused further deterioration in those districts.
Over the southern portions of the belt the early-planted is nearly everywhere a short cror) or an entire failure, and the later-planted is very generally badly in need of rain. Oats harvest is nearing completion and threshing returns indicate generally light yields. Pastures are suffering for rain
and are generally in poor condition in central and southern districts.
In the cotton belt good rains occurred in portions of the eastern belt,
especially m Alabama and Georgia. an4 the crop is reported as having
made satisfactory rrogress in those States as well as in portions of the
Carolinas and Mississippi,where showers occurred during the latter part
of the week. Some deterioration occurred in the uplands of the Carolinas
on account of drought and severe heat during the first part of the week.
In the cotton districts to westward of the Mississippi the week was hot
and dry, especially in Texas and Oklahoma, where practically no beneficial rains occurred, and the crop is suffering severely,although the earlyplanted is reported as standing the drought well in many sections. Bolls
are opening prematurely and shedding is reported from some localities.
In Florida more rain is needed in the citrus-fruit districts, but elsewhere
in the southern trucking sections to eastward of the hi ississippi the weather
conditions were generally favorable and crops made satisfactory growth




Wheat
1914

EzpOrtS
Week
Aug. 1.

Corn
1913

Since
July 1.

Since
July 1.

1914
Week
I Aug. 1,

1913

Since
July 1.x

Since
July 1.

Bushels
Bushels
Bushels
Bushels
North Amer. 10608000 37,982,000 24,130,000
1,696,000 11,922,000 6,788,000
Russia
Danube........ 320,000 2,304,000 1,960,000
No
Argentina .._ 312,000 1,818,000 3,308,000 reports
232,000 3,584,000 3,800,000
Australia
696,000
6,264,000
India
10,440,000
•
246,000
0th.counter;
358,000,

Bushels.
Bushels
410,000
123,000
1,097,000 1,846,000
6,782,000 2,049,000
15,387,000 29,247,000

13864000 64,120,0001 50,784,000
Total
*Not received. z Not including week ended Aug. 1.

23,380,000: 33,552 000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat
United
Kingdom
Bushels

Aug. 1 1914._
July 25 1914._
Aug. 2 1913._
Aug. 3 1912._

Continent

Corn
Total

United
Kingdom I Continent

Total

Bushels
Bushels I Bushels
Bushels I Bushels
Cui4
No reports
received
20,920,000 15,176,000 36,096,000 5,908,000 16,159,000 22,067;000
19,880,000 12,456,000 32,336,000 11,654,000 20,553,000 32,207,000
24,320,000 13,624,000 37,944.000 9,282,000 23,163,000 32,445 000

AUG. 8 1914.]

THE CHRONICLE

421

The value of these New York exports since Jan. 1 has been
The visible supply of grain, comprising the stocks in
and
lake
at
accumulation
in 1914, against $15,935,318 in 1913.
$14,556,556
granary at principal points of
seaboard ports Aug. 1 1914 was as follows:
Domestic cotton goods markets are spotty, some quarters
UNITED STATES GRAIN STOCKS
reporting an active demand for fall merchandise while others
Amer Bonded Amer Amer Bonded Amer. Amer Bonded
Rye Barley Barley state that buyers are holding off in anticipation of lower
Oats
Oats
Wheat Wheat Corn
bush
bush
bush
bush
bush
bush
bush
In Thousandsbush
prices. The dulness in cotton yarns, together with expec33
9
45
623
30
59
New York
1,544
1
3
113
of a surplus supply of raw material as a result of the
tations
10
7
69
Boston
___- ---171 --__
54
612
Philadelphia
European war is encouraging buyers to look for lower prices
144
39
9,232
Baltimore
58
61
2,708
New Orleans
for finished goods later in the season. Most large merchants
10 _ _55
2,533 .._1i.i.
Galveston
91
5
____
4
99
realize, however, that there is little basis for any reduction
843
Buffalo
4
100 ____
90
785
Toledo
9
in values, and are proceeding to place business covering their
60 ____
70
280
Detroit
49 --4i
____
1,367 3,613
4,274
Chicago
fall and winter requirements. Many large distributers,
1,630
" afloat
-iii
---6
::::
-iia
it;
126
being aware of the shortage of supplies from domestic sources,
Milwaukee
182
17
46
15
82 ____
824
Duluth
268
8
92 ____
to the strictly conservative operations of mills during
owing
10
3,694
MimmaPolls
2
88 ---_
61
1,998
St. Louis
the past year, and also realizing that there will be no impor21
____
17
291
2,307
Kansas City
5
428 ____
14
23
Peoria
ted goods in the market, are availing themselves of present
92
179
704
Indianapolis
-ii
____
231
252
430
prices to cover their forward needs. An indication of the
Omaha
23
____
__.
319
1,575
On Lakes
firmness of prices is found in the fact that print-cloth manu52 --------56
On Canal and River_._
8 facturers could do a large business if they were willing to
902
188
204
292 3,208 6,483
Total Aug. 1 1914_ _ _29,743
940
222
170
105 3,529 5,444
accept offers which are being made at prices slightly under
Total July 25 1914..24,184
45
382 1,319
533
Total Aug. 2 1913_ _37,678 1,196 6,389 17,131
88 the market. The conservatism at present seems to be mostly
338
243
168
991
Total Aug. 3 1912_ _18,761 1,839 2,451
among Southern merchants,who fear that the war will leave
CANADIAN GRAIN STOCKS.
Canadian Bonded no market for cotton. They are being warned by selling
Canadian Bonded
Canadian Bonded
Barley
Barley
Rye
Oats
Oats
Wheat Wheat. Corn
agents, however, that there will, if anything, be a shortage
bush
bush
bush
bush. bush
bush
bush
bush
In Thousdands-of staple lines as the increase in exports of finished goods
241
24
14 1,243
4,261 --Montreal
will more than offset the loss of exports of the staple. Gray
Ft. William dr Pt. Arth_ 1,915. _
1,389
2,780 ---Other Canadian
goods, 38-inch standard, are quoted at Sc.
241
24
14 3,725
WOOLEN GOODS.-Selling agents handling dress goods
Total Aug. 1 1914._ 8,956
577
1
30 4,492
Total July 25 1914_ 7,981
lines are looking forward to an active demand for their goods
444
50
20 7,391
Total Aug. 2 1913__ 5,564
. 6
from buyers who otherwise would take imported lines.
5 4,188
Total Aug. 3 1912-- 8.089
Several large orders are reported as having been placed for
SIJNIMARY
Bonded both fall and spring materials. The opening of new spring
Bonded
Bonded
Rye Barley Barley
Oats
Oats
Wheat Wheat Corn
lines during the week at prices considerably below those now
bush
bush
bush
bush
bush
bush
bush. bush
In Thousandsin force for fall has attracted many buyers, and selling
902
168
204
292 3,208 6,483
29,743
American
241
24
3,725
14
_......
8,956
agents are unanimous in predicting a sharp advance from
Canadian
8 opening levels before the season is well advanced. Conse192 1,143
204
292 3,222 10,208
Total Aug. 1 1914_38,699
8
1,517'
223
170
9,936
3,559
105
quently they are advising their customers to purchase
Total July 25 1914.32.165
45
432 1,763
533
Total Aug. -2 1913..43,242 1,190 6,409 24,522
68 promptly and before the scarcity of imported lines becomes
344
243
168
Total Aug. 3 1912..26,730 1,839 2.456 5,179
fully realized. In men's wear a like situation prevails and
manufacturers are already considering advancing prices on
spring lines. There are many who are deeply concerned
THE DRY GOODS TRADE.
over the prospects of a heavy falling off in wool importations,
and in many instances are beginning to make arrangements
New York, Friday Night, Aug. 7 1914.
supplies of domestic yarns,for which they expect to have
Business in dry goods for near-by delivery is fairly active, for pay much higher
prices.
although buyers are still showing hesitancy in placing orders toFOREIGN DRY GOODS.-Dry goods importers report
for future delivery. Mail orders, which have been plentiful, in all cases that they have been advised by their foreign
have contained many requests for further supplies of summer representatives that it will be impossible to send forward
goods to meet the late demand. Many large retailers are further shipments for an indefinite period, and that they
holding August sales to clean up summer stocks and are had better hold all merchandise in their possession for higher
expected to turn their attention to their fall requirements in prices. Linen importers have called in all their salesmen,
the near future. The European war is causing both import- and are not booking further business at any price, as it is
ers and exporters considerable anxiety, as they are unable to impossible to quote values on business for future delivery.
obtain any definite information from abroad. Importers Prices on linens now in the hands of importers have been
are afraid to proceed booking business which they have no revised and advances ranging from 10 to 15% have been
assurance of being able to fulfill and all efforts to date to get named. Heavy withdrawals from bonded warehouses are
information from their headquarters as to when shipments looked for during the coming week, and values for spot
will begin to come forward have been disappointing. In delivery may reach much higher levels. With the likelihood
the meantime, domestic manufacturers are.making exten- of no imports for some time to come,the markets for burlaps
sive preparations to substitute imported lines. with their have been excited, with business active and the price no
product. Exporters find themselves in a peculiar position, consideration. All goods are reported as being readily taken
with the prospect of a very heavy demand for American goods and it is impossible to quote any fixed values. Sales of
from markets hitherto controlled by foreign manufacturers lightweights, however, are reported at 7.50c., and of heavyand no shipping facilities and necessary credit arrangements weights at 8.50c.
with which to meet it. They state that much depends upon
the developments of the next few weeks-that is, whether the Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
combined fleets of Great Britain, France and Russia will be
able to keep the high seas open to shipping,so that it will be at this port for the week ending Jan. 2 1913 and since
fairly safe to export goods to these countries, the Far East, Jan. 1 1914, and for the corresponding periods of last year,
Mediterranean and South American ports. American ex- were as follows:
porters realize that this is the opportunity of a century to Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
obtain control of the South American trade, as well as other
Since Jan. 1 1914.
Aug. 1 1914.
markets formerly controlled by German manufacturers, the
Value.
Pkgs.
Value.
Pkgs.
of3
only obstacle being the absence of adequate shipping facili- Manufactures
Wool
2.524
775,176 60,389 17.046,661
ties under neutral flags. Manufacturers of cotton duck are
Cotton
2,928
833,992 109.271 28,931.478
Silk
726,112 46.550 22.306,966
1,707
expecting large inquiries from Great Britain for supplies of
Flax
690
45,649 10,904,882
165,001
army duck, but as yet no business is reported as having been
Miscellaneous
1.506
272,672 93.238 8,546,163
closed. Officials of the International Cotton Duck Co.
Total 1914
9,355 2.772,953 355.097 87.736,150
have let it be known that they are in a position to fill large
Total 1913
7.231 1.938.447 279,788 66,312,713
orders for prompt delivery if needed, but as price quotations
Warehouse Withdrawals Thrown Upon the Market.
ofremain unchanged, it is evident that no very heavy demand Manufactures
Wool
681
177.161
27,509 7,352.818
has as yet come forward.
Cotton
711
222.903 22,833 6,179,821
8,123 3,590,044
227
92,295
Silk
DOMESTIC COTTON GOODS.-The exports of cotton
88,782
357
14.591 3,764.778
Flax
Miscellaneous
677
49,618 64.864 3.646.849
goods from this port for the week ending Aug. 1 were 8,511
packages, vvalued at $609,881, their destination being to the
2,653
630.759 137,920 24,534.310
Total withdrawals
9,355 2.772.953 355.097 87.736,150
points specified in the table below:
Entered for consumption
New York to Aug. 1Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
Total




-----1913
-----1911----Since
Since
Week. Jan. 1.
Week. Jan. 1.
1,079
150
105
2.638
746
149
1,842
14
46,044
6.721
2,674 48.409
9,302
17
13,210
100 21,686
1,5
9,193
17,722
81
319
5,884
805 22.952
678 28,963
1,575
322_
14
9.735
'SW
290 13,892
792 33,260
520 35.080
507 39,566
2,502 43.601
-8,511 203,03
4 9,714 203.667
-

12.008 3,403,712 493,017 112,270,460
Total marketed 1914
10,922 2,659,956 398.999 83,694,796
Total marketed 191.3
Imports Entered for Warehouse During Same Period.
Manufactures of900 234.540 21.417 6,251.704
Wool
374.
119,691 22.864 6.411,095
Cotton
24.6
95,109
8.557
Silk
3,711.710
195
51,729
Flax
17,111
4,170,84
Miscellaneous
417 52.924 42.3t 3,112,7)
Total
Entered for consumption
Total imports 1914
Total imports 1913

2,132
553,993 112,910 23,7,68,10
9,355 2,772,953 355,097 87.736.15
11,487 3.326.946 468,007 111,504.260
11.399 2.913,526 428,702 88.568.578

422

THE CHRONICLE

[VOL. XCIX.

open market orders, and even not to fill vacancies
whereBIAM: MO CITY ati3mmiltir1. such
occur as the result of death or
a'conferenee has been had with him. retirement, until after

Tixt Throtticle.
PUBLISHED WEEKLY.

Terms of Subscription-Payable in Advance

For One Year
;10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 14s.
Six Months Subscription in London (Mein ng postage)
21 11,.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsB iNE AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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I

Toledo, Ohio.-Voters Favor Purchase of
ways dc Light Co.-The election held Aug. 4 Toledo Railresulted, it is
stated, in a majority of 1,159 votes (10,597 to 9,409)
of the city issuing ,000,000 bonds for the purchasein favor
of the
Toledo Railways & Light Co. There is doubt
the
authorities, however, as to whether the ordinancamong
e required
a bare majority or two-thirds of the votes cast, in
order to
carry. See V. 99, p. 358.

Bond Proposals and Negotiations this week
have been as follows:

ABILENE, Dickinson County, Kans.-BOND SALE.-On
July 6
850.000 5% 534-year (aver.) internal-impt. bonds were awarded
Fidelity Trust Co. of Kansas City. Mo., at 100.50 and int.-a to the
basis
of
Transient matter per inch space(14 agate lines)
about
4.90%.
Denom. $500 and $335. Date July 1
$4 20 Due
Int. J. & J.
one-tenth yearly from 1915 to 1924 incl. Using 1914.
Two Months
(8 times)
22 00 we stated
newspaper reports,
in
V.
99,
p.
282,
Th
that
ree
the
Months
amount of bonds sold to the above trust
(13 times)
Standing Business Cards
29 00
Six Months
(26 times)
50 00 company was $85.000.
t. Twelve Months(52 times)
AKRON, Summit County, Ohio.-BONDS RE-AWARDE
87 00
CHICAGO OFFICE-Deo.M.Shepherd,513 Monadnock BloCk;TeLHarrts
434% garbage-disposal bonds awarded in May to BlakeD.-The
on 4012. $90,000
Bros. &
Co. of Boston (V.98,D. 1629) were re-awarded on July
LoNnos Ovvicz-Edwards & Smith,1 Drapers' Gardens,E. C.
28 to Sidney Spitzer
& Co. of Toledo. the first sale not having been consummat
ed.
WILLIAM B. DANA COMPANY, Publishers,
ALBANY COUNTY (P. 0. Albany), N. Y.-BOND
OFFERING.
P.0. Box 958. Front. Pine and Depeyster Sts.,
Proposals will be received until 12 m. Aug. 12
New York.
Isaac La Grange, County
Treasurer. for $33.000 43(% reg. highway-imby
pt.
bonds.
Int.
semi-ann.
Due $1.000 yearly on Aug. 15 from 1915 to 1923. inclusive,
and $24.000
MUNICIPAL BOND SALES IN JULY.
Aug. 15 1924.
ALDEN
UNION
FREE
SCHOOL
DISTRICT
The output of municipal bonds in July was much smaller County, N. Y.-BONDS NOT OFFERED.
(P. 0. Alden), Erie
-We are advised that the offer.
of the 824.500 5% school bonds which was advertised
than in the months preceding. Permanent loans amounted ing
to take place on
July 31 was called off. Denom.$500. Due 51,500
yearly, beginning 1917.
to $25,708,703, which compares with $55,003,140 in June,
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BONDS
NOT SOLD.
to reports, no bids were received for the three issues
$33,788,491 in May and $102,851,996 in April. The tem- According
of 434%
534-year (aver.) Wayne Twp. road-impt. bonds, aggregating
$68,000,
porary or short-term loans negotiated last month reached offered on Aug. 3 (V. 99. p• 358)•
ANDOVER, Ashtabula County, 011(0.-BOND OPFERINO
a total of $14,290,751. In addition $14,442,337 debentures posals
.-Piowill be received until 12 m. Sept. 2 by R. R. Ellis, Vii. Clerk,
for
were sold by places in Canada, including a £1,000,000 loan S13.500 53% coup. South Main St. (assess.) bonds.
Sec. 3914.
Gen. Code. Denom. $450. Date Aug. 1 1914. Int. F.Auth.
& A. at office of
of the Province of Ontario. In the table below we give a Sinking Fund Trustees. Due $1,350 yearly on Oct. 1 1915
to 1924 incl.
Cert. check for 1% of bonds bid for, payable to Vii. Treas.,
comparison of all the various forms of securities put out in Bonds
required.
to be delivered and paid for within 10 days from time of
award.
Purchaser to pay accrued int. Bids must be unconditional.
July of the last five years.
APOPKA Orange County, Fla.-BONDS DEFEATED.-The ques1914.
1913.
1912.
tion of issuing the $13,000 municipally-owned electric-light-plant
1911.
1910.
bonds
(V.99. p. 138) failed to carry at the election held July 18.
Permanent loans (U. 5.).25,708,703 23,477,284 30,479,130
42,231,297 35,832,789
ARMSTRONG COUNTY (P. 0. Kittanning), Pa.-BOND SALE.
"Temporary loans(U.S.) 14,290,751 32,320,414 13,439,445
17,903,367
8,135,671
On
Canadian loans (nem:M.14,442,337 10,495,843 5,527,971
Aug. 1 360,000 334% Ford City bridge-building bonds were awarded
2,127,241 1,532,313 to local investors
Bonds of U.S.Possessions None
at par. Denom. $100. $300 and $500. Date Aug. 1
None
None
1,500,000
425,000
1914.
Int.
Gen.fund bonds(N.Y.C.) None
semi-ann.
Due serially from 1917 to 1926 incl., subject to
5,000,000
None
None
4,000,000 call.
Total
54,441,791 71,293,541 49,446,546 63,761,905 49,925,773
ASHLAND, Ashland County, Ohio.-BOND OFFERING.-Proposal
s
will be received until 12 m. Aug. 29 by Earl Fox. City
Aud., for $16,300
*Including temporary securities issued by New York City,39,202,953
in July 1914 5% Ohio St. impt. bonds. Auth. Sec. 3939, Gen. Code. Denom. $815.
and 826,400,414 in 1913.
Date Aug. 29 1914. Int. M.& S. Due $815
1915 to Sept. 1 1924 incl. Cert. check for 5%each six months from Mar. 1
of bonds bid for, payable to
The number of municipalities emitting long-term bonds City
Treas. required. Bonds to be delivered and
paid for within 10 days
and the number of separate issues during July 1914 were from time of award. Purchaser to pay acccrued interest.
ASHTABULA COUNTY (P. 0. Jefferson)
,
Ohio.
459 and 657 respectively. This contrasts with 529 and 760 ING.-Prohosala will be received until 1 p. in. Aug. 17 -BOND OPPERby A. V. Hillyer,
Clerk Board of Commissioners, for 820.500 5%
Austinburg improved road
for June 1914 and with 472 and 713 for July 1913.
No. 1 bonds. Auth. Sec. 6956-15.
Gen. Code. Denom. $500. Date
1 1914. Int. A. & 0. Due 32,000 yearly
For comparative purposes we add the following table Aug.
1918 incl. and $2,500 yearly on Oct. 1 from 1919 on Oct. 1 from 1915 to
to 1923 incl. Cert. cheek
showing the aggregates for July and the seven months for a for 3500, payable to County Treas.,
required. Bonds to be delivered and
paid for within 10 days from time of
award. Purchaser to pay accrued
series of years. In these figures temporary loans, and also Interest.
BAY MINETTE, Baldwin County, Ala.-BONDS
issues by Canadian municipalities, are excluded.
VOTED.-The
election held July 27 is said to have resulted in favor
of the question of issuMonth of
For the
Month of
For the ing water. sewerage and electric-light bonds.
Seven Mos.
July.
July.
Seven Mos.
BEAR LAKE COUNTY (P.
Paris), Idaho.-BOND ELECTION 1914
325,708,703 8381,745,261 1902
812,861,550 3100,489,945 The question of issuing 850,0000.
road bonds will be submitted to a vote.
1913
23,477,284 242,356,554 1901
on
8,262,495
69,485,555 Sept. 1, it is stated.
1912
30,479,130 276,768,423 1900
8,104043 86,047,708
BEECH CREEK TOWNSHIP (P. 0. Newark), Greene
1911
42,231,297 285,493,667 1899
18,613,958
81,959,334
County,
1910
NT OFFERING.-According to reports, proposals will Ind.
35,832.789 198,678,899 1898
7,868,563
51,947,110 -WARRA
be received until 10 a. m. Aug. 22 by W.II. Gaston, Twp.
1909
20,120,647 227,245,964 1897
17,389,859
Trustee, for $1,200
90,665,236 6%
warrants.
1908
21,108,678 190,191,257 1896
5,313,495
48,490,459
1907
16,352,457 131,700,346 1895
BELL COUNTY (P. 0. Belton), Tex.-BOND
15,374,660
72,366,273
OFFERING
1906
25,442,095 127,780,340 1894
8,253,237
74,680,229 pose's will be received until 10 a. m. Aug. 19 by W.E. Hall, Co. .-Pro1905
for
10,878,302 122,601,356 1893
1,691,600
34,354,715 $250,000 5% road district No. 10 bonds. Int. semi-ann. Due in Aud.,
40 years,
33,233,254 171,102,409 1892
1904
4,139,100
53,232,391 subject to call $6,000 yearly. Cert. check for 310,000, payable to
15,670,240
1903
W. S.
95,246,674
Shipp, Co. Judge, required.
COUNTY (P. 0. Hackensack), N. J.-BOND
Owing to the crowded condition of our columns, we are OnBERGEN
SALE.
Aug. 3 the $18,000 River Edge Bridge and $124.000
road-impt. 434%
obliged to omit this week the customary table showing the 20-year coupon or reg. bonds (V. 99, p. 282)
were
to the People's
Nat. Bank of Hackensack. The price is reportedawarded
as 100.50-a basis of
month's bond sales in detail. It will be given later.
about 4.463%.
BIDDEFORD, York County, Me.-BONDS
NOT
SOLD.-We are
advised that no bids were received on Aug. 5
the $25,000 4% 3-year
(average) coupon tax-free street and sidewalkfor
bonds offeredon that
(V. 99, p. 359).
day
BLACKFORD COUNTY (P. 0. Hartford
Covington, Ky.-Bonds Declared Valid.-The $200,000
City), Ind.-BOND SALE.
Aug. 3 the $5,400 414% 5 2-3-year (aver.)
water-works bonds voted in Nov. 1912 (V. 98, p. 175) were -On
Buckles gravel-road bonds
(V. 99, p. 212) were awarded, it is stated, to J. P.
Cronin of Hartford City
at par and int.
declared valid Aug.4 by Circuit Judge Harbeson.
BLANCHE
STER,
Clinton
county, Ohio.-BOND SALE.
Montana.-Initiative and Referendum Upheld.-The State 36,500 514% 7-year water-work
s
were awarded, it is -On Aug. 3
Supreme Court on July 16 in a unanimous opinion upheld First Nat. Bank of Blanchester at bonds
stated, to the
par.
BLOCKTON SCHOOL DISTRICT
the constitutionality of the initiative and referendum County,
(P. 0. Blockton), Taylor
Iowa.
-BONDS
VOTED.-Local newspaper
amendment adopted in 1906. The decision holds that there a recent election this district
reports state that at
voted in favor of the issuance
of bldg. bonds.
was substantial compliance with the provisions of the law
BONHAM, Fannin County, Tex.-BONDS
held July 24 the propositions to issue 310,000 VOTED.-At the election
in the procedure for the adoption of the amendment.
school equip. and $5.000
crematory-constr. bonds carried, it is stated,
by a vote of 211 to 89 and
New York City.-Halt Called on Many Improve- to 90. respectively.
210
BOONE, Boone County, Iowa.-BOND
ments-Rigid Economy Urged.-After a conference on Aug.4
SALE.-Ge
o.
M.
Davenport
Bechtel
of
Co.
&
were
awarded
on May 16 an issue of
between Mayor Mitchell and his department heads, the an- works bonds at 101.
320,000 waternouncement was made that, to save the city from possible
BOONVILLE, Warrick County, Ind.
--BOND
SALE.
July 29
financial trouble as the result of the European war situation, 315,000 6% North Side sewer bonds were awarded, it is -On
stated, to the
National Bank of Boonville at par.
it had been decided that all new city improvements that have Boonville
BROCKTON,Plymouth County, Mass.
been planned will be held up indefinitely.
PTION OF BONDS.
-The following is a description of the two-DESCRI
issues of 4% bonds awarded
This will affect work aggregating $50,000,000, as it in- on July 24 to R.L. Day & Co. of Boston (V. 99,
p.359):
bridge and street-construction bonds
$25,000
awarded at 100.20 and int.
volves the $20,000,000 New York County Court House,
Denom. $1,000 and $500. Due $2,500
yearly from 1915 to 1924
incl.
the $2,500,000 Kings County Court House, the $12,000,000
Maygrormd
and
1,000
park loan bonds awarded
South Brooklyn marginal elevated freight railroad, and milDue $200 yearly from 1915 to 1919 Incl. at par. Denom. $200.
lions of dollars worth
Date July 11914. Int. J.& J.

Terms of Advertising-Per Inch Space

News Items.

of local improvements. Work on
the new dual subway system and dock improvements will
not be affected, according to the Comptroller and the Mayor.
The Mayor also cautioned the heads of all departments to
retrench wherever possible, to postpone purchases under




BRUNNER INDEPENDENT SCHOOL
DISTRICT (P. 0. Houston),
Tex.-BOND SALE.-The Commonwea
Trust Co. of Houston recently
purchased $16,000 5% 20-40-year (opt.)lth
school
Date May 16 1914.
Int. ann. April 10 at the Nat. Park Bank, N.bonds.
Assessed valuation 1914. 3514.818; real value, Y. Total debt, this issue.
. These bonds are
now being offered to investors by the above $2,000,000
trust company.

AUG. 8 19144

THE CHRONICLE

BUFFALO, N. Y.-BOND SALES.-During the month of July the following nine issues of 4% bonds, aggregating $434,797 91. were
at par by the City Comptroller for the various sinking funds: purchased
Amount.
urpose.Due.
Date.
$10.000 00_ _School
July 1 1914
30.000 00_ _Grade'
July 1 1914 July 1 1215
90.000 00_ _Water-improvement
July 1 1914 July 1 1934
100.000 00_ _Water-improvement
July 1 1914 July 1 1934
10.000 00_ _Pay claim law department
July 1 314 July 1 1915
114.000 00_ _Account grade
July 1 1914 July 1 1934
19.805 00_ _Terminal station commission
July 1 1914 July 1 1915
30.420 00_ _Grade
July 1 1914 July 1 1915
30,572 91_ _Necessary repairs
July 15 '14 July 15 '15
•$1.000 yearly July 1 1915 to 1924.
BUTTE, Silverbow County, Mont.-BONDS DEFEATED.-We are
advised that the question of issuing the $200.000 434% 10-20-year (opt.)
sewer-construction bonds (V. 98. R. 1788) failed to Ferry at the election
held July 30 by a vote of 225 "for to 453 "against.'
CALEXICO SCHOOL DISTRICT, Imperial County, Calif.-BOND
OFFERINO.-Proposals will be received until 2 ri. m. Aug. 10 by M. S.
Cook, Clerk Board of County Supervisors (P.0. El Centro), for $2,0006%
school bonds. Denom. $500. Date July 15 1914. Int. ann. at County
Treasury. Due $500 yearly on July 15 from 1915 to 1918 incl. Cert. or
cashier's check for 5% of bonds, payable to Chairman Boatd of Supervisors, required. Purchaser to pay accrued interest. Bonded debt $12.000. Assessed val., equalized, $1.142,053.
CALIFORNIA.-BOND ELECTION PROPOSED.-The questions of
ssuing the following 4% bonds will be submitted to a vote at the general
election in November:
$3,000,000 Sacramento State bldg. bonds. Den. $500. Due July 2 1965.
1,000,000 San Francisco State bldg. bonds. Denom. $1,000. Due
$20.000 yearly on July 2 from 1916 to 1965 incl.
Date July 2 1915. Int. semi-ann. at office of State Treasurer.
CAMDEN, Camden County, N. J.-BOND OFFERING.-Proposals
will be received until 8 p. m.Sept. 14 by Richard Jester. Chairman Finance
Committee, for the $300,000
$70,000 20-year fireapparatus
30-yea
tax-;
. faabdiangsaaVd 99, p.
DIle
%Oc
crp1°19°
red! 0
171.%
1
°
. at &ty
eCA:
check for 2%
a.payable to "City of Camden",require-a.
CAMERON SCHOOL DISTRICT (P. 0. Cameron), Clinton County,
Mo.-BONDS VOTED.-It is reported in local papers that the proposition
to issue $52,000 bldg. bonds carried at the election held July 30.
CARTERVILLE SCHOOL DISTRICT (P. 0. Carterville), Jasper
County, Mo.-BOND SALE.-On July 24 an issue of $12,000 school bonds
was awarded to the First Nat. Bank of Carterville at par, it is stated. A
similar issue of bonds was reported sold during May (V.98.P. 1551)•
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND OFFERING.
-O.E. Eby, County Auditor, will, it is stated, receive bids until 11 a. m.
Aug. 24 for $19.600 5% river bonds. Certified check for $1,960 required.
CHARLOTTESVILLE, Albemarle County, Va.-BIDS.-The following are the other bids received for the $80.000 20-yr. sewer bds. awarded
on July 30 to Baker. Watts St Co. of Baltimore at 101.875 for 5s-a basis
of about 4.853% (V. 99.n. 360):
Baker, Watts & Co., Baltimore
$80,955 60 for 4s
$80.094 44 for 4s
R. M. Grant & Co., New York
Provident Savings Dank & Trust Co., Cincinnati
$80,090 00 for 4s
Well, Roth & Co.. Cincinnati
$81.033 50 for .5s
Denom. $1,000. Date Sept. 1 1914. Int. M.& S.
CHARTER OAK, Crawford County, Iowa.-BONDS VOTED.
By a vote of 144 to 33 the question of issuing $16,000 electric-light bonds
carried at the election held Aug.3.
CHATTANOOGA, Hamilton County, Tenn.-TEMPORARY LOAN.
-Reports state that this city recently borrowed $50,000 at 5% int. in N.Y.
CHESTER SCHOOL TOWNSHIP (P. 0. North Manchester),
Wabash County, Ind.-BOND SALE.-On Aug. 1 the $19.200 434%
531-year (aver.) bldg. bonds (V. 99, p. 64) were awarded, reports state, to
E. M. Campbell Sons & Co. of Indianapolis for $19.419 (101.14) and
lithographed bonds.
CHESTER TOWNSHIP SCHOOL DISTRICT, Clinton County,
Ohio.-BOND ELECTION.-An election will be held Aug. 11 to vote on
the question of issuing $25,000 site-purchase, construction and equipment
bonds.
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND
OFFERING.-Proposals will be received until 12 m. Sept. 9 by Albert
J. Reusling, Vii. Clerk, for the $30,000 5% 30-year coup. main and branch
drain bonds voted June 2(V. 98,0. 1630). Date July 11914. Int. J.& J.
Cert. check for 5% of bonds bid for, payable to VII. Treas.. required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
CHICOPEE, Hampden County, Mass.-BOND SALE.-On Aug. 3
the $10,000 4% 3-year (aver.) coup. tax-free Cooley Brook water-shed
land-purchase bonds (V. 99, p. 360) were awarded to Harry C. Grafton
Jr. of-Boston at a price above par.
CLEARWATER, Pinellas County, Fla.-BOND ELECTION.-The
question of issuing the $8,000 Cleveland St. pier. $18.000 street-paving.
$18,000 sanitary-sewer-system-ext.. $5.000 water-system-ext., $5,000
drainage, $11,000 funding and $5.000 park-impt. bonds (V. 99, p• 213),
and also $15,000 water-front-property-purchase bonds, will be submitted
to a vote on Oct. 6, it is stated.
CLEVELAND, Cuyahoga County, Ohio.-BOND OFFERING.
Reports state that bids will be received until Sept. 8 for $280,000 434%
Improvement bonds.
BOND ELECTION.-According to local newspaper dispatches, an election will be held Aug. 11 to submit to a vote the question of issuing$950,000
bridge bonds.
COATESVILLE, Cheater County, Pa.-BONDS NOT SOLD.-No
bids were received on July 31, it is stated, for the $150,000 of an issue of
$185.000 434% 20-year (average) coupon water-improvement bonds offered
on that day (V. 9.
9 p. 283).
COLUMBUS SCHOOL DISTRICT (P. O. Columbus), Ohio.-BOND
ELECTION PROPOSED.-Reporta
state that this district is contemplating
submitting to the voters at the November
election the question of issuing
$2,000,000 building bonds.
CONECUH COUNTY (P. 0. Evergreen), Ms.-BOND OFFERING.Bids will bs received until 2 p. in. Aug. 1.0 by F. J. Dean, Judge of Probate,
for $50.000 5% 30-year road-bunt.
bonds. Denom. $1,000. Int. semiann. at Hanover Nat. Bank, N. Y. C.
Cert. check for $500 required.
COOK COUNTY (P. 0. Chicago), Ill.-TEMPORARY LOAN.Dispatches state that a loan of $300,000 has been obtained by Treasurer
O'Connell of Cook County, for the temporary relief of the county government, which must borrow $1,500.000
to meet expenses from now until
Dec. 1. The county pays 5% interest on
the loan.
COTTON BELT LEVEE DISTRICT (P. 0. Helena), Ark.-BONDS
AUTHORIZED.-Reports state
that an issue of $350,000 levee bonds was
authorized on July 29.
CUMBERLAND, Allegheny County, Md.-BOND OFFERING.Proposals will be received until 9:30
m. Aug. 24 by A. W. Straub. City
Clerk, for the $150,000 434% coup,a.
bonds voted July 14
(V. 99, p. 213). Denom. $1,000. street-paving
Date
Sept. 1 1914. Int. M. & S.
Due $15,000 yearly. Cert. check
ank draft for 24% of bonds bid
for required. Bonds to be deliveredor
and paid for within 10 days from date
of sale.
CUT BANK, Teton County, Mont.-BOND OFFERING.-Proposals
will be received until s p.m. Aug. 24
by Frank E. an Denmark Jr.. Town
Clerk. tor $29,000 67, 10-20
-year (opt.) water bonds. Denom. 51.000.
Int. semi-ann. at office of Town Treste, or at
Hanover Nat. Bank. N. Y. C.
Cert, check for $1,000. payable to Town Treas.,
required. Rids must be
unconditional. A similar issue of bonds was
awarded to C. H. Coffin &
Co. of Chicago on June 10.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.On July 25 the two issues of 5% coup. Bliss Road impt. bonds (V.
99. P.
213) wore awarded, it is stated, as follows:
$21,885 17 634-year (aver.) assess, portion bonds to Breed, Elliott & Harrison of Cincinnati at 102.40-a basis of about 4.5687 •
49,039 15 5q-year (aver.) county portion bonds to Tillotson &°Wolcott
Co. of Cleveland at 102.585-a basis of about 4.50%•




423

DAWSON COUNTY SCHOOL DISTRICT NO. 114 (P. 0. Terry),
Mont.-BOND OFFERING.-Proposals will be received until 2 p. m.
Sept. 5 by H. E. Caswell, Dist. Clerk, for $1,200 5-10-year (opt.) school
bonds at not exceeding 6% int.
DECATUR COUNTY (P. 0. Decatur) Ind.-BONDS NOT SOLD.
No offers were submitted for the $4,360 4
5 2-3-yr. (aver.) highwayimpt. bonds offered on Aug. 5 (V. 99, p. 60.)
DEFIANCE CITY SCHOOL DISTRICT (P. 0. Defiance), Defiance
County, Ohio.-BOND SALE.-On July 30 the $16.500 5% 9 2-3-year
(aver.) school bonds (V. 99. p. 283) were awarded to Breed, Elliott & Harrison of Cincinnati for $16.875 20 (102.273) and int.-a basis of about
4.705%. Other bids were:
Weil. Roth & Co., Cincinnati
$16.798 65
Hoehler. Cummings & Prudden, Toledo
16,677 00
Ppitzer, Rorick & Co., Toledo
16.824 00
Due $500 each six months from Apr. 1 1916 to Apr. 1 1932 incl.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BONDS NOT SOLD.
-No sale was made on Aug. 3 of the $11,000 5% semi-annual ditch bonds
offered on that day (V. 99. p• 214)•
BOND OFFERING.-Proposals will be received until 12 m. Aug. 24 by
Roger Daoust, Co. Aud., for $5.200 6% Mekus Ditch bonds. Auth.
Secs. 6489 and 6492, Gen. Code. Denom. $650. Date Sept. 1 1914.
Int. M. &'S. at Co. Treasury. Due $1,300 Mar. 1 1915 and $1,950 on
Mar. 1 1916 and 1917. Cert. check for $100, payable to Co. Aud.. reqquireti. Bonds to be delivered and paid for on Sept. 10. Blank bonds
will be furnished by the county.
DELAWARE, Delaware County, Ohio.-BONDS NOT SOLD.-No
bids were received on Aug. 3 for the two issues of 5% coup. bonds aggregating $10.050, offered on that day (V. 99. p. 214)•
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND SALE.-On
July 30 the $12,400 434% 52-3-year (aver.) highway-impt. bonds (V. 99.
p. 2133) were awarded to the Merchants' Nat.-Bank of Muncie for $12.495 50 (100.77) and int.-a basis of about 4.345%. Other bids were:
Delaware County Nat. Bank, Muscle
$12.475 64
Miller & Co.. Indianapolis
12,467 00
E. M. Campbell So
Sons Co., Indianapolis
12,451 00
Breed, Elliott & Harrison, Indianapolis
12.450 00
J. F. Wild & Co., Indianapolis
12.437 50
Fletcher-American Nat. Bank. Indianapolis
12.425 00
DELPHOS SCHOOL DISTRICT NO. 12 (P. 0. Delphos), Ottawa
County, Kan.-BONDS VOTED.-The question of issuing $10,000 building bonds carried, it is stated, at a recent election.
DOUGHZETY COUNTY (P. 0. Albany), Ga.-BOND ELECTION.
An election will be held Aug. 19 to submit
to a vote the question of issuing
the $20,000 bridge-improvement and $30.000 road 5% 30
-year gold bonds
(V• 99.,p, 283). Denom. $1,000. Interest semi-annually
at any bank in
N. Y. ity to be hereafter designated by the Board of Commissioners
of
Road and Revenues.
DUBOIS COUNTY (P. 0. Jasper), Ind.-BOND SALE.-On July 31
the $10.720
% 5 2-3-year (average)
bonds
(V.99. p. 284) were awarded to Jacob Burgerhighway-improvement
Jr., it is reported,for $10,731
(100.102) and interest-a basis of about
4.483%•
EAST CLEVELAND, Cuyahoga County, Ohio.-BOND ELECTION.
-An election to vote on the question
of issuing $50,000 Carnegie-library
bonds will be held Aug. 11, it is stated.
EAST LIVERPOOL, Columbiana County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Aug. 2e by James A. Kenney,
City Auditor, for $10.255 5% coupon street-improvement
portion)
bonds. Denom. (1) $1,285. (9) $1.000. Date tut. 1 (city's
1914. 'Interest
semi-annual. Due 2 bonds yearly on Aug. 1 from .A1916
to 1120, inclusive.
Certified check for 5% of bonds bid for, payable to City Treasurer,
required.
Bonds to be delivered and paid for within 10 days from time of
award.
Bids must be unconditional. Purchaser to pay
accrued interest.
EAST LIVERPOOL SCHOOL DISTRICT (P. 0. East
Liverpool),
Columbiana County, Ohio.-BOND OFFERING.
-Proposals will be
received until 12 m.Aug.31 by Geo. H.Faulk, Clerk Bd.of Ed.,
$35,000
5% coup. school-impt. bonds. Denom. $1.000. Date "dayforof
sale."
Due $1,000 in 1924 and $2,000 yearly from 1925 to 1941 incl. Cert. check
for 5% of bonds bid for, payable to Bd. of Ed., required. Purchaser to
pay accrued interest. Bids must be unconditional.
EDON, Williams County, Ohio.-BOND SALE ENJOINED.-Reports state that the sale of the $5,200 5% 5-year (average) Michigan and
Indiana street-improvement (village's portion) bonds advertised to take
place July 29 (V. 99, p. 214), was enjoined by the Court.
ESTHERVILLE, Emmet County, Iowa.-BOND SALE.-On June 20
$35.000 electric-light-extension, $25,000 water-extension and 812,500 refunding 5% 10-20-year (opt.) bonds were awarded to the Iowa Loan &
Trust Co of Den Moines for $73,923 (101.962) and interest-a basis of
about 4.75%. Denom. $500. Date July 1 1914. Interest (light and
water) J. & j.: refunding. M.& S.
ETNA MILLS, Siskiyou County, Cal.-BONDS VOTED.-Reports
state that at a recent election this place voted in favor of the issuance of
st.
$12,000 sewer bonds.
Louis County, Minn.-BOND ELECTION.-An
election will be held Aug. 25, it is stated, to vote on the question of issuing
$130,000 bonds to purchase the property of the Home Electric & Heating Co.
FAIRVIEW CONSOLIDATED SCHOOL DISTRICT (P. 0. Storm
Lake), Iowa.-BONDS VOTED.-Reports state that this district recently
voted an issue of $10.000 school bonds.
FERRY COUNTY SCHOOL DISTRICT NO. 1, Wash.
SALE.-The State of Washington was awarded on July 25 an-BOND
issue ef
$36,000 site-purchase and building bonds at par for 5s. Denom.
Int. F. Sr A. Due in 20 years, subject to call $2,000 1920, 1921 and$500.
1922
and $2,500 yearly from 1923 to 1934, inclusive.
FERRY COUNTY SCHOOL DISTRICT NO. 29, Wash.-BOND
SALE.-On June 30 $1,000 6% 3-10-year (opt.) bonds were awarded to the
State of Washington. Denom. $100. Int. F. & A.
FINDLAY SCHOOL DISTRICT (P. 0. Findlay ,) Hancock
County,
Ohio.-BOND SALE.-On Aug. 3 the $4.000 5% 834-year
(aver.) schoolimpt. bonds (V. 99. p. 214) were awarded to Stacy & Braun of Toledo,
it
stated,
for
Is
$4,062 50(101.562)-a basis of about 4.774%.
FINNEYTOWN SPECIAL SCHOOL DISTRICT NO. 10, Springfield Township(P.0. Mt. Healthy R. F. D. No. 15), Hamilton County,
Ohio.-BONDS NOT SOLD.-No satisfactory bids were received for the
,0
14
00
). 4 te% 40-year bldg. and equip, bonds offered on July 29 (V. 99.
$
p122
FLORENCE SCHOOL DISTRICT, Impsrisl County,
-BOND
OFFERING.-Proposals will bc received until 2 p. m. Aug. Cal.
10 by M. S.
Cook, Clerk Board of County Supervisors (P. 0. El Centro). for $2,500
6% school bonds. Denotn. $500. Date July 9 1914. Int. J. & J. at
County Treasury. Due $500 yearly on July 9 from 1922 to 1926, inclusive.
Certified or cashier's check for 57
s of bonds bid for, payable to Chairman
Board of Supervisors, required. Purchaser to pay accrued inter est. No
bonded debt. Assessed value (est.). 1914-1915. $59,852.
FORSYTH, Rosebud County, Mont.-BOND OFFERING.-Braa. D.
Tull. City Clerk, will offer for sale at public auction on Aug. 22 $15.000 6%
10-20-year (opt.) coup. water bonds. Denom. $1,000. Date July I
1914. Int. J. & J. in Forsyth. Chicago or N. Y. Certified check for $250.
payable to City Treasurer. required. Bidder to furnish bond forms.
FORT MADISON SCHOOL DISTRICT (P. 0. Fort Madison), Lee
County, Iowa.-BOND SALE.-On July 27 $25,000 434% 10-year building bonds were awarded, it is stated, to the Continental & Commercial
Trust & Say. Bank of Chicago at 100.369 and int. The bank will furnish
the blank bonds. Delivery of bonds to be made in Chicago.
FORT MYERS, Lee County, Fla.-BOND SALE.-On July 28 the
$30.000 5% 20-year municipal street and sidewalk bonds (V. 98. p. 321)
were awarded, it is stated, toJohn Nuyeen & Co. of Chicago at par and int.;
less $2,350 for expenses. Under the terms of the sale, the purchasers are
to pay the city $10,000 within thirty days. less their stipulated amount for
expenses, and the remainder in equal payments of $10.000 in sixty and
ninety days. the bonds to be deposited with some Chicago bank mutually
satisfactory to both the purchasers and the city.
FOSTORIA, Seneca County, Ohio.-BONDS NOT SOLD.-No
bids
were received for the two issues of 57 street-impt, bonds, aggregating
323.450, offered on Aug. 4 (V. 99. P. 361.)

424

THE CHRONICLE

FRANKLIN SCHOOL DISTRICT, Sutter County, Calif.-BONDS
VOTED.-Local newspaper reports state that this district at a recent election voted in favor of the issuance of $2,500 bonds.
FULDA, Murray County, Minn.-BOND SALE.-On July 29 the
$6,000 5% water-works bonds dated Aug. 1 1914 (V. 99, p. 214) were
Purchaser to
awarded to the First Nat. Bank ef Fulda at 100.25 and in
furnish blank bonds. Other bids were:
Minnesota Loan & Trust Co., Alinneapolis. par and int.
Schanke & Co., Mason City, par and int., less $185 for expenses.
C. 0. Kalman & Co., St. Paul. par and int. less $250 for expenses.
GARWIN SCHOOL DISTRICT (P. 0. Garwin), Tama County,
Iowa.-BOND ELECTION ILLEGAL-NETV ELECTION.-We are
advised that tho election held July 21, which resulted in favor of the issuance
of 87,000 bonds, was illegal,as tile election was not adveitised the proper
length of time. A new election will be held.
GIBSON COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Trenton),
Tenn.-BONDS OFFERED BY BANKERS.-Tillotson & Wolcott Co. of
Cleveland are offering to investors $52,500 of an issue of $105,000 6%
drainage bonds. Denom. $500. Date May 1 1914. Interest annually
May 1 at the Continental & Commercial National Bank of Chicago. Due
on May 1 as follows: 82,000 1920 and 1921, $2,500 1922, $3,000 1923,
$3,500 1924,31.000 1925 and 1926,84:500 1927, 1928 and 1929,85,000 1930
$5,500 1931 and 1932 and $21100 1933. Bonded debt, this issue. Assessed value of county. $10,200.275.
GIRARD, Russell County, Ala.-BONDS DEFEATED.-Reports
state that the question of issuing the $8,000 school-site-purchase and construction. $3,500 Holland Creek bridge-construction. $3,500 Hams Ravine
bridge-construction. $3,000 city-hall and barracks-improvement and$2,000
cemetery-site-purchase bonds (V. 99, p• 65) failed to carry at the election
held July 27. This item was inadvertently reported under the head of
Girard, Ga., In last week's "Chronicle." page 361.
GLENDALE, Maricopa County, Ariz.-BOND OFFERING.-Proposels will be received until Aug. 17 by H. G. White, Town Clerk, for the
following 6% gold coupon tax-free municipal bonds:
$2,000 cemetery bonds. Date July 1 1913. Due in 20 Years.
4,000 electric-light and power bonds. Date June 11914. Due in 20 yrs.
40.000 water-works bonds. Date Aug. 1 1914. Due in 20 years, subject
to call $5,000 yearly after 10 years.
Bids for these bonds will be received until 10 a. m. .12 m. and 2 p.m.,
respectively. Denom. $500. Interest semi-annually at office of ToWn
Treasurer. Certified check on a national bank or any Arizona bank for
5% of bid, payable to Town Treasurer, required. Official circular states
that there is no controversy or litigation pending or threatened affecting
the corporate existence or the boundat lea of the said town, title of its present
officials to their efficee , or the validity of these bonds; that no previous issue
of bonds le:s been contested and that the principal and interest of all bonds
previously issued have always been paid at maturity. Total bonded debt
(including these issues), $65,000; no floating debt. Assessed value
(equalized), 1914, $721,064; actual (estimated), $750.000.
GOUVENNEUR (TOWN) UNION FTLEE SCHOOL DISTRICT
L
NO.1 (P.0. Gouverneur), St. Lawrence Coubty; N. y.-130ND SA°.
-On July 30 the 314,000 g-year (average) building bonds (V. 99, P. 284)
were awarded to the Alassena Banking Co., Massone, at par and interest
for 4.40s. Other bids were:
Bank of Gouverneur. Gouverneur, par for 4.50s.
Harvey J. Rutherford, par for 4.50s.
Farson. Son & Co. of New York. 100.155 for 4.7Es.
Geo. B. Gibbons & Co., New York, par for 4.75s.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND OPFERING.-Proposals will be received until 11 a. m. Aug. 26 by T. C. White,
County Auditor, for $5,700 5% Cambridge-Coshocton road-improvement
bonds. Authority Sec. 1223, Gen. Code. Denom. (1) $750, (10) 8500.
Date Aug. 26 1914. Int. F. & A. Due $750 Aug. 26 1916 and 81.000
yearly on Aug. 26 from 1917 to 1921, inclusive. Certified check for $300.
payable to County Auditor, required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
GUYTON LOCAL TAX SCHOOL DISTRICT (P. 0. Guyton),
Effingham County, Ga.-BOND SALE.-On July 30 the $12.000 6%
20-year gold coupon building and equipment bonds (V. 99, p. 215) were
awarded to the Security Savings Bank & Trust Co. of Toledo for $12,383
(103.191) and interest. Purchaser to furnish blank bonds. Other bids
were:
Powell. Gerard et; Co. Ch_$12.377 001 Spitzer, Rorick & Co.,Tol.$12,280 00
Well, Roth & Co., Cincin_ 12,252 50
Robinson-Humphrey-Ward12,357 00 First Nat. Bank, Cleve__ 12.000 00
law Co.. Atlanta
Chas. S.Kidder&Co-Chic. 12,000 00
Hoehler, Cummings &
12.303 75IR. N. Berrien, Atlanta_
12,000 00
Prodders, Toledo
Chas. H. Coffin, Chicago_ 12,301 00 I JohnE.Sutherlin,Kan.Cy_ 11.760 00
All the above bidders, with the exception of It. N. Berrien, agreed to
pay accrued interest and furnish blank bonds.
HALSTAD, Norman County, Minn.-BONDS VOTED.-The election held July 29 resulted in a vote of 41 to none in favor of the question of
issuing *4.000 refunding and $3,000 street-impt. 4% bonds. Due $1,000
yearly from 1921 to 1924 incl.
HAMILTON, Butler County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Sept. 1 by Ernst E. Erb, City Aud., for $25.000 5% street-impt. (city's portion) bonds. Denom. $500. Date May 1
1914. Int. M.& N. Due $2.500 yearly on May 1 from 1915 to 1924 incl.
Cert. check for 5% of bid, payable to City Treas., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser to
pay accrued Interest.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Aug. 21 by the County Commissioners, Albert Reinhart. Clerk. for 5800,0004343'30-year flood-emergency bonds. Denom. $500. Int. F. & A. at the County Treas. office.
Cert. check for 5% of bonds bid for, payable to the Board of County Commissioners. required. These bonds were offered without success as 43fs on
Aug. 1 (V. 99. p. 66).
HAMTRANCK, Wayne County, Mich.-BONDS VOTED.-The questions of issuing the $58.000 village-hail-constr. and $35,000 water 5% 30year bonds(V.99, p. 361) carried by a vote of 211 to 58 at the election held
Aug. 4. We are advised that thees bonds will be offered for sale in about
3 weeks.
•
HANSEL'. CONSOLIDATED SCHOOL DISTRICT (P. 0. Bengali)
Franklin County,Iowa.-BOND OFFERING.-Proposals will be receive d
until 2 p. in. Aug. 18 by E. J. Starr, Secy. Board of Education, for 835.000
5% coupon building bonds. Date Sept. 1 1914. Int. M.& S. in Hansen.
Due in 10 years, subject to call $2.000 yearly after 5 years. Bonded debt,
this issue; no floating debt. Assessed value 1913, $2,249,000.
HIGHLAND PARK, Wayne County, Mich.-BONDS DEFEATED._
The election held Aug. 4 resulted, it is stated, in the defeat of the proposition to issue the $100,000 school and playground bonds.
BOND ELECTION.-Reports state that the above question will be resubmitted to the voters on Aug. 11.
HIGHVIEW CONSOLIDATED SCHOOL DISTRICT (P. 0. Storm
Lake), Iown.-BONDS VOTED.-At a recent election this district voted
in favor of the question of issuing $10,000 school bonds. it is reported.
HILL COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Hingham),
Mont.-BOND OFFERING.-Bids will be received until 2 p. In. Aug. 25
for 89,000 6% site-purchase and construction bonds. Authority, vote of
83 to 57 at the election held July 16. Due in 1934, subject to call after
1930.
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. 0. Pennington),
Mercer County, N. J.-BOND OFFERING.-J. N. Race, President of
Twp. School Board, will offer for sale at public auction at 3 p. m. to-day
(Aug.8) the following 434% coup. bldg. and impt. tax-free bends:
$2,500 school bonds. Denom. $250. Due $250 yearly beginning in 1 Yr.
2.000 school bonds. Denom.$200. Due $200 yearly beginning in 11 yrs.
Date "day of sale." Int. semi-ann. at First Nat. Bank.Pennington.
HUNTINGTON, Huntington County, Ind.-730ND OFFERING.
Proposals will be received until 10 a. m. Aug. 17 by H. I. Young. City
Clerk, for the $50,000 4;4% water-works and electric-light bonds mentioned in V. 99, p. 361. Denom. $500. Interest annual. Due $2,500
yearly for 20 Years.
HUTCHINSON, Reno County, Kan.-BONDS PROPOSED -This
city is contemplating the issuance of interurban railway bonds, it is stated.
INDIANA.-BIDS REJECTED.-All bids received for a temporary loan
of $300,000 offered on Aug. 5 were rejected, according to reports.




[VOL. xcix.

INLET SWAMP DRAINAGE DISTRICT (P. 0. Dixon), Lee County,
Ill.-DESCRIPTION OF BONDS.-The 5122.300 6% drainage-completion
bonds awarded on July 15 to the First Nat. Bank of Amboy at par (V. 99.
p. 285) are in the denom. of $1,000, $500 and $100 and date July 1 1914.
Int. J. & J. Due one-seventh yearly beginning July 1 1916.
IRONTON, Lawrence County, Ohio.-BOND SALE.-On Aug. 4
the $37,500 5% 20-year coup. street-Improvement (city's portion) bonds
(V. 99, p. 215) were awarded to the First Nat. Bank of Clevelandfor 537.528 60 (100.076) and int.-a basis of about 4.995%.
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Circleville R. F. D. No. 5), Pickaway County, Ohio.-BOND SALE -On
Aug. 1 $3.500 55' improvement bonds were awarded to the First National
Bank of Now Holland., Ohio, for 83,512 40-equal to 100.354. The First
National Bank of Cleveland for $3.511 06. Denom. $500. Date Aug. 1
1914. Int. M.& S. Due part yearly beginning Sept. 1 1915.
JEFFERSON COUNTY (P. 0. Reaumont), Tex.-BOND OFFERING.
-Bids will ho considered until Aug. 20 for the $175,000 5% 20-40-year
(serial) drainage bonds voted July 2 (V. 99, p. 140). R. W. Wilson is
County Judge.
JOHNSTOWN, Cambria County, Pa.-BOND OFFERING.-Proposals will be received until 2 p. no. Aug. 24 by Harry W.Slick, City Treas.,
for the following bonds:
5100.000434% highway bonds of 1914. Due in 20 years, subject to call
after 5 years.
40,0004% bridge bonds of 1913. Due in 30 years, subject to call after
10 years.
Denom.$1,000. Int. semi-ann. Cert. check for $500 ,required. These
bonds are exempt from State tax.
KALAMAZOO SCHOOL DISTRICT NO. 1 (P. 0. Kalamazoo),
Mich.-BOND OFFERING.-Proposals will be received until 12 m. Aug. 15
by Howard H. Buckhout, Sec. Board of Ed., for the $75.000 coup. taxfree refunding bonds at not exceeding 434% int. voted June 29 (V. 99, Ir•
66). Denom. $1,000. Int. J. & J. at Kalamazoo City Says. Bank, Kalamazoo. Due $5,000 in 1918, $10,000 yearly from 1919 to 1923 incl. and
$20,000 in 1924. An unconditional cert. check for 3% of bonds bid for,
payable to Treas. of Board of Ed., required. Bids must be unconditional.
Bids must be made on forms furnished by the above Sec. Official circular states that there is no controversy or litigation pending or threatening the created,existence of the boundaries of this municipality or the titles
of Its present officials to their present offices, or the validity of these bonds,
or any of the outstanding bonds, and that the school district has never defaulted in any of its payments on bonds or interest. Total bonded debt
(not including this issue), $493,000: no floating debt.
KENT, Portage County, Ohio,-BOND OFFERING.-Proposals will
be received until 12 m. Aug. 31 by Fred. Bechtle, Village Clerk, for the
following 5% 1-10 year (serial) street-improvement bonds:
$15,500 West Main St. (assessment) bonds. Denom. (10) S1,000, (10)
$550. ITISte July 1 1914. These bonds were reported sold to
Otis Sr Co. of Cleveland on July 6 (V. 99, p. 140).
700 West Main St. (village's portion) bonds. Denom. $70. Date
July 1 1914. A similar issue of bonds was offered on July 6
. 99. p. 140).
16,400 East Main St. improvement (assessment) bonds. Denom. (10)
$1,000. (10) $640. Date June 1 1914.
10,500 East Main St. improvement (village's portion) bonds. Denom.
(10) $1,000. (10) $50. Date June 1,1914. A similar issue of
bonds was offered on June 13 (V. 98, p. 1109).
payable to
Interest annual. Certified check for 10% of bonds bid for,
Villave Treasurer, required. Bonds to be delivered and polel for within ten
days from time of award. Purchaser to pay seemed interest.
BERENS, Navarro County, Tex.-BOND OFFERING.-Proposals will
5%
be received until 12 m. Aug. 25 by J. M. Daniel, Mayor, for $21,500
20-40-year (opt.) water-works-impt. bonds. Denom. $500. Int. semiann. Cert. check for 2% of bid required. No bonded debt.
KEYSER SCHOOL TOWNSHIP (P. 0. Garrett), DeKalb County,
I nd.-BOND OFFERING.-Proposals will be received until 1 p. m. Aug. 20
by Samuel H. Downend, Township. Trustee, for 516.5005% coup. building
bonds. Denom. (24) $550. (5) $660. Date Aug. 20 1914. Int. F. & A.
at Garrett State Dank, Garrett. Due $550 each slx months from Aug. 20
1915 to Feb. 20 1927 incl. and $660 each six months from Aug. 20 1927 to
Aug. 20 1929 incl. Certified chock for 2% of bonds bid for, payable to
Township Trustee, required.
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND SALE.-On
July 31 the $14.000 434% 52-3-year (aver.) road bonds (V. 99, p. 285)
were awarded to the People's State Bank of Crown Point at par and int.
There were no other bidders.
BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 10
Ed. Simon,
(date changed from Sept. 3) by the Bd. of Co. Commissioners,
Co. Aud., for the following 434% Kankakee River bridge-constr. bonds
285):
yr.
(V. 99.
series each six months beginning July 1 '14.
$25,000 bridge bonds. Due oneseries
each six months beginning July 1 '14.
43.000 bridge bonds. Due one
Int. J. & J. Cert. check on a Lake
1914.
I
June
Date
$500.
Denom.
to Board of Commissioners, reCounty bank for 3% of bonds, payable
furnished
quired. Bids must befor all or none. All mice...gamy blanks will be
upon application.
the five
31
July
-On
SALE.
-BOND
Ohio.
County,
Marion
LA RUE,
p. 140), were awarded,
issues of5% coup. bonds,aggregating $30,100(V.99.
Co. of Toledo for $30,it is stated, to the Security Say. Bank & Trust
984 30-equal to 102.904.
SALE.-This town has
LEHIGHTON, Carbon County, Pa.-BOND
investors.
disposed of an issue of *30,0004% bonds to local
-BOND
Y.
N.
SALE.-On July 30
County,
LESTERSHIRE, Broome
water bonds (V. 99, p. 285) were awarded to
the $10,000 534-year (aver.)par
434s.
Parson,
Son & Co. of
for
int.
and
at
Albany
of
John J. Hart
N. Y. bid for 4.90s.
Ind.-Parke
Kingman),
0.
(P.
County,
LIBERTY TOWNSHIP
will be received until 2 p. in. Aug. 22 by
BOND OFFERING.-Proposals
for
stated.
is
it
Trustee,
refunding
bonds.
82.000434%
Twp.
S. G. Lindley.
Ill.-BOND OFFERING.-Proposats
LITTLE YORK,Warren County,
in. Aug. 10 by W. 11. Brown, Village Clerk for
will be received until 8 p.
-works bonds. I)enom.$135. Date July jib 14.
84.3505% coupon water
of Village Treasurer. Due $435 yearly
Interest annually on July 1 at office
to 1924, inclusive. Certified check for 5% of bid.
on July 1 from 1915
Treasurer, required. Bonded debt,
Village
Brownlee,
payable to R. L.
this iFSUO. Assessed value, $87.835.
(P. 0.
DISTRICT
LIVE OAK SCHOOL -The question of Live Oak), Sutter County.
$5,000 school bonds
Calif.-BONDS VOTED.a vote of 73 to 38 atissuing
a recent election.
carried, it is reported, by
DISTRICT
NO.
ROAD
7,
Ark.-BONDS OFCOUNTY
LONOKE
& Hays Inv. Co. of St. Louis are offering
FERED BY BANKERS.-Little
road
6%
360,000
bonds.
of
issue
Denom.
$500. Date
an
to investors
Louis Union Trust Co., St. Louis. Due
June 1 1914. Int. F. & A. at St.
o
:
s
n
o
w
.
o
2
11
fo
5
i
as
lw
_
ug
o
o
A
o 5
- -1919152.500 _ _19231713,000 _ _19271E4,000 .. _1931
$
$
3.000 - -1924 3.500 - _1928 4,500 1932
1,500- -1916 2,000. A920
?.
A921 3,000 - -1925 3.500 _ -1929, 5.000 :1933
2,500_1917
2 000 _
3,000 --19261 4,000 _ -1930 I 5,000
_1922
_
:..1934
- 1918 2,500
(avestreeinterseon(c
July
DSALE.
tile
LORAIN, LorainCoury,thio.-7ZN
On
ity.8potIon)
ends (V.
95.0005%79.p110
to Well. Roth & Co. a Cincinnati for $35,633 50
)weeawaded
yeal
4.67%.
Other
bids
about
were:
101.81)-a basis of
$35,619 50
Breed, Elliott & Harrison. Cincinnati
35,598 51)
Provident Savings Bank & Trust Co., Cincinnati
35,388 41
Stacy & Braun, Toledo Toledo
35,382 00
Spitzer, Itorick & Co.,
35,070 50
First National Bank, Cleveland
LUVERNE, Rock County, Minn.-BOND ELECTION.-An election
will be held Aug. 11, it is stated, to vote on the question of issuing $20,000
20-year municipal power-house-improvement bonds at not exceeding 434%
interest.
McARTHUR, Vinton County, Ohio.-BOND SALE.-The $9.000
coup. road bonds(V.99. p.362) have been purchased.
534% 27-Year (aver.)
it is stated, by the Sinking Fund, at par.
McCONNELLSVILLE, Morgan County, Ohio.-BOND OFFERING.
-proposals will be received until 12 in. Aug. 31 by C. C. Morgan. Village
Clerk, for $5,000 5% Barnesville Road bonds. Auth. Sec. 3939. Gen.
Code. Denom. $500. Date Aug. 1 1914. Int. F. & A. Due $500 each

AUG.8

1914.]

THE CHRONICLE

six months beginning 16 years after date. Certified check for 2% of bonds
bid for. payable to Village Treasurer, required. Bonds to be delivered and
paid for within 5 days from time of award. Purchaser to pay accrued int.
MADISON COUNTY (P. 0. Canton), Miss.-BONDS VOTED.-According to local newspaper reports, the question of issuing road bonds in
the Third District carried at a recent election.
MANHATTAN, Riley County, Kan.-BOND SALE.-The Fidelity
Trust Co. of Kansas City, Mo., recently purchased $85.000 5% bonde at
par. Denom. $500. Date July 1 1914. Int. J. & J. Due $8,500 yearly
from 1915 to 1924,inclusive.
MARICOPA COUNTY SCHOOL DISTRICT NO. 57, Ariz.-BOND
.SALE.-The Mesa City Bank of Mesa was awarded on May 11 an issue of
$12.000 coup. bldg. bonds at 100.62 int. and blank bonds for 5%s•
MARION COUNTY (P. 0. Indianapolis), Ind.-BONDS NOT SOLD.
-No bids were received for the two ISSUIN of 41-5% 53-i-yeat (average
road-improvement bonds, aggregating $28,000. offered on Aug. 1 (V. 99.
P. 285).
MARION COUNTY (P. 0. Marion), Ohio.-BOND OFFERING.
Pt oposals will be received until 12 m.Aug. 22 by the Road Commissioners,
at the office of John II. Clark, Attorney, for the following 6% coupon
turnpike improvement bonds:
$21,500 Riley free turnpike bonds. Denom. (1) 3880 and 2 of each of the
following: $550, $580, $610. $650, $690. $730. $770, $820, $870,
$920. $930. $1.040 and $1,100. Due on March 1 and Sept. 1 as
follows. $550, 1915;$5S0, 1916;$610, 1917:$650. 1918; 3690, 1919;
$730, MO:$770. 1921: $820, 122; 3870, 1923; $920. 1924; 3980,
1925: 31,040, 1926: 31,100. 1927 and $880 March 1 1928. Certified check for $500 required.
6,000 Dry Lane free turnpike bonds. Denom. (2) $530. (2) $600, (2)
$650, (2) $690, (1) $730. and (1) $230. Due on March 1 and
Sept. 1 as follows: $530. 1915: 3600, 191E; $650. 1917; 3690, 1918:
and $730 on March 1 and $230 on Sept. 1 1919. Certified check
for $100 required.
Auth. Sec. 7283, Gen. Code. Date Sept. 1 1914. Int. M. & S. at
office of County Treasurer. Certified checks must be on Marion County
banks, and payable to Board of Road Commissioners. Bonds to be delivered and paid for at County Treasurer's office on Sept. 1.
MARION, Marion County, Ohio.-BOND SALE.-On July 31 the
two issues of 5% bonds(V.99, p. 216) were awarded to Hoehler, Cummings
& Prudden of Toledo as follows:
$10,000 73
%-year (aver.) fire-equip. bonds at 101.28-a basis of about
4.80%.
5,000 5%-year (aver.) fire-equip. bonds at 100.52-a basis of about
4.887%•
Other bids were:
395 SO premium
First Nat. Hank, Clevelancif 110.000 issue
7 60 premium
l 5,000 issue
City National Bank, Columbus, 315.008 75 and interest for both issues.
0.
Fillmore), Putnam County,
MARION SCHOOL TOWNSHIP (P.
Ind.-BIDS.-The following are the other bids received for the $2.500
% 2-year (average) School District No. 3 building bonds awarded on
July 25 to James H. Arnold of Fillmore at 101-a basis of about 3.974%
(V. 99, p. 362):
$2,5061J. F. Wild & Co.,Indianapolis.$2,501
Central National Bank
E.M.Campbell Sons & Co.,Ind 2.5031
MARSHALL, Lyons County, Minn.-BOND SALE.-An issue of
$35,000 4% funding bonds authorized by vote of 175 to 51 at the election
held Aug. 3, has been disposed of.
MARTIN COUNTY (P. 0. Fairmount), Minn.-BOND OFFERING.
-Reports state that H. C. Nolte, Co. Aud., will receive sealed bids until
1 p. m. Aug. 28 for $150,000 semi-annual 6% drainage bonds. A certified
check for $4,000 is required.
MASON, Warren County, Ohio.-BOND SALE.-On July 28 the
$14,000 51'5% 11%-year (aver.) coup. electric-light-plant bonds (V. 99,
. 285) were awarded to Well, Roth & Co. of Cincinnati at 104.27 and int.
Other bids were.
314.572 60
Fifth-Third National Bank, Cincinnati
14,471 80
'Tillotson & Wolcott Co., Cleveland
14.422 SO
Breed, Elliott & Harrison. Cincinnati
14,404 75
Hoehler, Cummings & Prudden, Toledo
14,361 00
'Spitzer, Rorick & Co., Toledo
14,307 50
Security Savings Bank & Trust Co., Toledo
14,200 00
R. L. Dollings Co., Hamilton
MAUMEE, Lucas County, Ohio.-BOND OFFERING.-In addition to
bonds
to be ofthe $11.000 43' % 10-year Key St. sewer district (assess.)
.fered on Sept. 1 (y. 99, p. 362), the 356.000 5% 10-year water-worksbonds
1 1914.
Sept.
also
be
offered.
Date
will
Denom.
$100.
July
20
voted
Int. ann. Cert. check for 10% of bonds bid for, payable to VII. Treas.,
required. Bonds to be delivered and paid for within 10 days from time
of award. Purchaser to pay accrued interest.
MEAGHER COUNTY SCHOOL DISTRICT NO. 22, Mont.-BOND
-OFFERING.-IT. M. Crane, Dist. Clerk, (P. 0. White Sulphur Springs).
will offer for sale at public auction at 2 p. m. Aug. 15 an issue of $2.500
10-20-year (opt.) school-site-purchase and constr. bonds at not exceeding
-6% Int., payable annually.
MECHANICVILLE, Saratoga County, N. Y.-BOND SALE.-On
.Aug. 3 $22,000 5% serial village-hall bonds were awarded to the Manufacturers' Bank of Mechanicville at par. Denom. $1.100. Int. ann. in Sept.
Date Sept. 1 1914.
MERCER COUNTY (P. 0. Celina), Ohio.-BONDS NOT SOLD.
No bids were received on Aug. 4, it is stated, for the ten issues of 5% road
bonds. aggregating 3131.000, offered on that day. It is further stated that
these bonds will be re-offered in about 6 weeks. The offering of six of
these issues, aggregating $99,500, was reported in V. 99, p. 216.
MIAMISBURG, Montgomery County, Ohio.-BID.-The only bid
relved for the 56,500 5% II-year (aver.)coup.general storm-water-sewer
bonds offered on Aug. I cV. 99 p. 140) was par, received from the First
N.ktional Bank of Miarrls urg.
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-LOAN OFFERING.
Dispatches state that the Co. Treas. will receive sealed bids until 10 a. m.
Aug. 11 for a temporary loan of $100,000 maturing Nov. 11 H14, in anticipation of taxes.
MILLTOWN, Middlesex County, N. J.-BONDS AWARDED IN
PART.-On July 30 the 342,000
5% 25 5-6-year (aver.) water bonds (V.
99, p. 286) were awarded to George A. Clinton for $43,500 (103.571) and
int.-a basis of about 4.76%.
No sale was made of the $52,000 5% 16-year (aver.) sewer bonds also
offered on July 30(V.99, p.286).
MINNESOTA.-BONDS
BY STATE IN JULY.
During the month of July thePURCHASED
following
issues of 4% school, municipal
and ditch bonds, aggregating 3620.006,76
purchased by the State of
were
Minnesota at par:
School
Aitkin County S. D. No. 16_ 31.200 Bonds.
Nobles Co. Ind. D. No. 29-- $1.500
Beltrami County Dist. No. 2 1000 Nobles
Co. Ind. Dist. No. 41 2,000
Big Stone Co.Cons. D.No.55 211000 Northfield
(City), Rice Co__ 40,000
Chippewa Co.Cons. D.No.49 2'000 Ottertail Co. Ind. D. No. 21 26,000
Chippewa Co.Ind. D.No. 1_ 24'000 Ottertail Co. Ind. D.No. 103 9,000
Clay Co. Ind. Dist. No. 36- - 17.000 ttertail Co.In D.No. 118 3,000
Clearwater Co.Ind. D.No.18
600
Co. Ind. Dist. No. 99-Douglas Co. Ind. D. No. 23- 7'000 Pine
Pine Co. Ind. Dist. No. 58_ _ 1,200
Faribault Co.Ind. D. No.35 3000
1.
No. 286 6,000
'
800
Dist.
Polk
Co.
Cons.
Faribault Co. S. D. No. 32-- 2000 Polk Co. Ind. Dist. No. 239_ 2,000
Hubbard Co.Cons. D.No.32 1''500 Red Lake Co. Incl. D. No. 14 1,200
Hubbard Co. Cons. D.No.36 6'000
Lake Co.Ind. D.No.36 1,500
Jackson Co.Cons. D. No.72- 1'200 Red
Red Lake Co.Ind. D.No.234 1,500
Lac qui ParleCo.C.D.No.58_ 1 600 Red
Lake
Co.Cons. D.No. 1 10,000
Lesueur Co. Cons. D. No. 26 1'600
'
Red
Co. Cons. D. No.8 1,500
Lesueur Co. Ind. D. No. 2-- 10'000 Red Lake
Lake
Co.Cons. D.No.13 1,500
Lincoln Co. Cons. D.No.S.. 1'200 Redwood Co.
Dist. No. 101.- 1.700
Lincoln Co.Ind. D. No.65_ _ 12'000 St. Louis Co.Ind.
D.No.7L 7,000
Co.
Ind.
McLeod
D. No. 17_ 5'000 St. Louis Co.Ind. D.
No. 12_ 32,000
Marshall Co.Ind. D.No. 16- 2000 Sibley Co.Ind. D. No.44-_- 1,700
Marshall Co.Ind. D.No.511. 7
,600 Stearns Co.Ind. D. No. 206- 3,300
Martin Co.Ind. D. No.30.... 11,900 Todd Co.Ind. Dist. No.67 _ _ 11.000
Melrose Ind. D., Stearns Co- 35.000 Wabasha Co. Ind. D. No.68 3,000
Morrison Co. Ind. D. No. 74
700 Wabasha Co. Ind. D. No.4- 10,000
Mower Co.Ind. D. No. 127- 3,000
adena Co. Ind. D. No. 27_ 1,600
Murray Co.Ind. D.No.27.... 1,600 Wilkln Co. Ind. D. No. 21-- 1,000




425

Municipal Bands.
Arlington (V.), Sibley Co---$14,000 Hutchinson (C.), McLeodCo.$10,000
Blue Earth (C.). FaribaultCo 15,000 Northfield (C.), Rice Co...... 10.000
800
Canton (V.), Fillmore Co.__ 8,900 Penn Lake Twp.. Pine Co...._
Excelsior (V.), Hennepin Co_ 4,000 Round Lake(V.), Nobles Co. 3,000
Federal Dam (V.), Cass Co__ 3,000 Traverse Co. Dist. No.24-- 1,500
Hastings (C.), Dakota Co__ 20,000 Wabasha (C.), Wabasha Co.. 16.006
Henning (V.), Ottertail Co-- 2,000 Waubun (V.), Mahnomen Co 2,000
Ditch Bonds.
Cedar Valley (T),St.LouisCo. $8,000 Martin Co.Jud. Ditch No.12315,000
ClearwaterCo.Jud.DitchNo.1 55,600 Martin Co. Jud.Ditch No. 15 8,500
CottonwoodCo.J.DitchNo.13 6,000 Polk County Ditch No. 88.- 13,800
Faribault Co.J.Ditch No.16_ 5,500 Polk County Ditch No. 89_ _ 11,600
Faribault Co. Ditch No. 1&.. 20,000 Polk County Ditch No. 90__ 14,100
MOHAWK, Herkimer County, N. Y.-BOND OFFERING.-Accordlag to reports, the Village Clerk will receive sealed bids until Aug. 20 for
$15,000 improvement bonds.
MONETT, Barry County, Mo.-BONDS VOTED.-The propositions
to issue $35,000 water-works and $20,000 well-drilling bonds carried, reports state, at the election held July 24.
MONTANA.-BONDS PURCHASED BY STATE.-During the six
months ending June 30 the following sixty issues of building bonds, aggregating 3301,131, were purchased by the State of Montana at par:
Eight Issues, Aggregating $35,850, Purchased during January.
Amount. Name of District.
Optional.
Int.
Dale.
Due.
51,000 Custer Co.S.D.No.59__ 6 Nov. 1 1913 Nov. 1 1918 Nov. 1 1917
1,200 Dawson Co.S. D.No.13_ 6 Dec. 22 1913 Dec. 22 1923 Dec. 22 1921
800 Dawson Co.S.D.No.98_ 6 Jan. 1 1914 Jan. 1 1929 Jan. 1 1920
1,000 Flathead & Sanders County S. D. No. 70
6 Jan. 1 1914 Jan. 1 1929 Jan. 1 1924
3,900 Gallatin Co.S.D.No.69_ 6 Nov. 1 1913 Nov. 1 1923 Nov. 1 1921
1,450 Hill County S.D.No.6_ 6 July 26 1913 July 26 1923 July 26 1918
25,000 Missoula Co.S.D.No.1_ 5 Jan. 1 1914 Jan. 1 1934 Jan. 1 1920
1,500 MusselshellCo.5.D.No.13. 6 Dec. 1 1913 Dec. 1 1928 Dec. 1 1918
Fifteen Issues, Aggregating $34,643, Purchased during February.
510,000 Beaverhead Co.B.D.No.16 6 Jan. 1 1914 Jan. 1 1934 Jan. 1 1924
743 Blaine Co.S.D.No.4_
6 Dec. 15 1913 Dec. 15 1928 Dee. 15 1921
700 Chouteau Co.S.D.No.22. 6 Feb. 1 1914 Feb. 1 1919 Feb. 1 1916
800 Chouteau Co.S.D.No.58. 6 Feb. 1 1914 Feb. 1 1924 Feb. 1 1917
1,200 taster Co.S.D.No.5S_ _
Jan. 2 1914 Jan. 2 1924 Jan. 2 1920
1,000 CusterCo.S.D.No.64_ _ 6 July 1 1913 July 1 1923 July 1 1919
400 Dawson Co.S.D. No.57. 6 Mar. 10 1914 Mar. 1 1919 Mar. 1 1917
600 Dawson Co.S.D.No.102, 6 Feb. 1 1914 Feb. 1 1919 Feb. 1 1916
2,500 H111 Co. B. D. No.
6 July 10 1913 July 10 1923 July 10 1921
7,000 Hill Co.B. D. No.29 _ _ _ 6 June 12 1913 June 12 1933 June 12 1928
1,300 Meagher Co.S.D.No 29 6 Jan. 15 1914 Jan. 15 1934 Jan. 15 1919
5,900 Ravalll Co. S.D.No. 13_ 6 July 1 1913 July 1 1933 July 1 1923
1,000 Sheridan Co.S.D.No.15. 6 Feb. 10 1914 Feb. 10 1919 Feb. 10 1917
3,500 Stillwater Co.8.D.No.32_ 6 Sept. 1 1913 Sept. 1 1933 Sept. 1 1928
2,000 YellowstoneCo.S.D.No.10 6 Dec. 31 1913 Dec. 31 1923 Dec. 31 1916
Eight Issues, Aggregating $16,170, Purchased during March.
$650 Chouteau Co.S.D.No.28. 6 Feb. 16 1914 Feb. 16 1920 Feb. 16 1918
9,000 Dawson Co. S. D. No.5_ 6 Nov.20 1913 Nov.20 1923 Nov.20 1918
1,200 Dawson Co.S.D.No.92. 6 Feb. 2 1914 Feb. 2 1919 Feb. 2 1918
500 Fergus Co.S.D.No.114_ 6 Mar. 15 1914 Mar. 15 1929 Mar. 15 1921
*1,000 Flathead Co. S.D.No.11_ 6 Mar. 1 1914 Mar. 1 1934 Mar. 1 1929
220 Flathead Co. S.D.No.64_ 6 Mar. 15 1914 Mar. 15 1929 Mar. 15 1924
1,000 MusselshellCo.S.D.No.21, 6 Dec. 1 1913 Dec. 1 1918 Dec. 1 1916
2,100 Yellowstone Co.S.D.No.17 6 Dec. 15 1913 Dec. 15 1923 Dec. 15 1918
Eight Issues, Aggregating 520,150, Purchased during April.
$600 Chouteau Co.8.D.No.40. 6 April 1 1914 April 1 1920 April 1 1915
3,000 Dawson Co. S.D.No.23_ 6 April 1 1914 April 1 1924 April 1 1923
750 Dawson Co.S.D. No.93_ 6 Mar. 15 1914 Mar. 15 1924 Mar. 15 1923
600 Dawson Co.S.D. No.96_ 6 Mar. 1 1914 Mar. 1 1924 Mar. 1 1919
6,000 Fergus Co.S.D.No.27__ 6 Aprll 1 1914 April 1 1924 April 1 1921
2,500 Musselshell Co.S.D.No.9 6 April 15 1914 April 15 1934 April 15 1919
*1,700 Park Co. S. D. No.59_ 6 April 1 1914 AprIl 1 1929 April 1 1924
*5,000 Yellowstone Co.S.D.No.6 6 Mar. 1 1914 Mar. 1 1924 Mar. 1 1921
Five Issues, Aggregating $3,995, Purchased during May.
.5575 Fergus Co.S.D.No.42_ _ 6 April 20 1914 April 20 1919 April 20 1917
1,5,
,0 Fergus Co.B. D.No.103_ 6 May 1 1914 May 1 1924 May 1 1919
860 Flathead Co.S.D.No.67 6 April 1 1914 Aprll 1 1929 April 1 1924
500 Stillwater Co.S.D.No.21 6 Mar, 1 1914 Mar. 1 1924 Mar. 1 1919
500 Stillwater Co.S.D.No.42. 6 Mar, 1 1914 Mar. 1 1924 Mar. 1 1919
Sixteen Issues, Aggregating $186,323, Purchased during June.
$1,230 Blaine Co. B. D. No.5_ _ _ 6 May 1 1914 May 1 1924 May 1 1919
500 Broadwater Co.S.D.No.28 6 June 1 1914 June 1 1921 June 1 1919
1,500 Chouteau Co.S.D.No.27_ 6 June 1 1914 June 1 1924 June 1 1919
600 Chouteau Co.B.D.No.30_ 6 June 1 1914 June 1 1924 June 1 1919
2,800 Dawson Co. S.D.No.101. 6 Apr1115 1914 April 15 1919 April 15 1917
8,000 Fergus Co.S.D.No.84_ 6 Sept. 1 1913 Sept. 1 1928 Sept. 1 1927
5,000 Flathead Co. High S. D.... 4 Jan. 2 1903 Jan. 2 1923 Jan. 2 1913
1,000 Flathead Co.S.D.No.68. 6 June 1 1914 June 1 1934 June 1 1929
300 H111 County S.D.No.45_ 6 April 18 1914 April IS 1934 April 18 1929
*50,000 Lewis & Clark Co.S. D.
4A July 1 1914 July 1 1934 July 1 1924
No. 1
5 June 8 1909 May 1 1939 May 1 1924
a105 000 Montana, State of
1,293 Musselshell Co.S.D.No33 6 Feb. 10 1914 Feb. 10 1934 Feb. 10 1929
.6,000 Stillwater Co.S.D.No.6_ _ 6 July 1 1914 July 1 1934 July 1 1924
900 Stillwater Co.S.D.No*34 6 Mar. 1 1914 Mar. 1 1924 Mar. 1 1919
1,200 Teton Co.S. D. No.40_ 6 May 16 1914 May 101924 May 16 1919
•1,000 YellowstoneCo.S.D.No.5_ 6 July 1 1914 July 1 1924 July 1 1917
•The sales of these bonds were previously reported in the "Chronicle."
a These bonds were purchased by the State from the Thos. Cruse Say. Bank of
Helena.
MONTGOMERY TOWNSHIP (P. 0. Ashland), Ashland County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Aug. 29
by Charles C. Burris, Twp. Clerk,for 36,0005% road-lint, bonds, Series 8.
Auth. Sec. 7004, Gen. Code. Denom. $500. Date Tune 1 1914. Int.
M.& S. Due $500 each six months from Sept. 1 1915 to Mar. 1 1921 incl.
Bonds to be delivered and paid for within 10 days from time of award.
Cert. check or draft for $200, payable at sight to Charles C. Burris, Twp.
Clerk, required. Purchaser to pay accrued interest. These bonds were
offered without success on July 25(V. 99, p. 362).
MORGANTOWN SCHOOL DISTRICT (P. 0. Morgantown), Monongahela County, W. Va.-DESCRIPTION OF BONDS.-The $150.000
5% site-purchase, building and equipment bonds awarded on July 7 to
Mayer, Deppe & Walter of Cincinnati at 107.78 and int. (V. 99, p. 141)
are in the denom. of 31,000 and dated July 1 1914. Int. ann. July 1 at the
Seaboard Nat. Bank of N. Y. Due on July 1 as follows: 38.000 yearly
from 1924 to 1928 incl.. $9,000 yearly from 1929 to 1932 incl., 310.000
yearly from 1933 to 1936 incl. and $17,000 in 1937 and 1938. Optional
July 11925. Total bonded debt, including this issue, $279.000. Assessed
valuation, 1913. $14,370.623; estimated actual value, $19,000,000.
M1TILPHYSBORO SCHOOL DISTRICT (P. 0. Murphysboro),
Jackson County Ills.-BOND OFFERING.-This district will offer at
private sale on Aug. 10 an issue of 315,000 6% school bonds. Denom.
31.000. Date July 1 1914. Int. ann. on July 1. Due 35.000 on July 1
1915. 1916 and 1917. R. L. Hogles is Secretary Board of Education.
NAPA, Napa County, Cal.-BOND SALE.-The 325,000 5% bridge
bonds offered without success on July 14(V.99. p. 286) have been awarded,
reports state, to the Industrial Accident Commission at par and int.
NELSONVILLE, Athens County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m.Aug. 15 by the City Auditor,for 34,028 17
5% Pleasantview Ave. improvement bonds. Auth. Sec. 3914, Gen. Code.
Denom. $402 82. Interest semi-annual. Due $402 82 yearly on March 1
from 1915 to 1924. inclusive. Certified check for 2% of bonds bid for,
payable to City Treasurer. required. Bonds to be delivered and paid for
within ten days from time of award. Purchaser to pay accrued interest.
NEOSHO, Newton County, Mo.-BIDS REJECTED.-NEW OFFERING.-All bids received for the 360,000 5% 20-year water-worksextension bonds offered on July 30(V.99,p. 286) were rejected.
Bids are again asked for, this time until Aug. 10.
NEPTUNE TOWNSHIP SCHOOL DISTRICT (P. 0. Asbury
,
Monmouth County, N. J.-BONDS VOTED.-The question of Park)
issuing
$75.000 5% school-bldg. bonds carried at the election held July 30
by
vote of 49 to 48.

THE CHRONICLE

426

NEVINS SCHOOL TOWNSHIP (P. 0. Fontanet), Vigo County,
Ind.-BOND OFFERING.-Proposals will be received until 10 a. m.
Aug. 17 by Henry J. Adams. Township Trustee, for $20,000 4%% building
and improvement bonds. Denom. $666 67 or multiple thereof. Duo two
bonds yearly for 15 years.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.-BONDS
NOT SOLD.-No bids were received for the two issues of 5% coup. bonds,
aggregating $92,000, offered on Aug.3(V.99. p. 217), according to reports.
NEWPORT SCHOOL DISTRICT (P. 0. Newport), Pend d'Oreille
County, Wash.-BONDS VOTED.-The proposition to issue $5,000 highschool-bldg. and equip. bonds carried, reports state, at the election held
July 28 by a vote of 109 to 4.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND SALE.-On
July 28 the two issues of 4%% highway-impt. bonds (V. 99, p. 286) were
awarded, reports state, as follows:
$16,800 10 2-3-year (aver.) Jefferson Twp. consolidated macadam-road
No. 5 bonds to the Fletcher-American Nat. Bank of Indianapolis
for $16.953 (100.91)-a basis of aobut 4.395%•
7.530 5 2-3-year (aver.) Howard Meyers et al. road bonds also to the
Fletcher-Amer. Nat. Bank for 37,556 (100.345)-a basis of about
4.433%.
NEW YORK CITY.-BOND SALE.-The Sinking Fund during the
month of July purchased at par $250,000 3% bonds for various municipal
purposes, maturing in 1923.
The following short-term securities, aggregating $9,202,953 29, and consisting of revenue bonds, bills and corporate stock notes, were also issued
during July.
Amount.
Maturity.
Interest.
Revenue Bonds 1914fOn or before)
$250.000 00
3
Special
1Jan. 2 1915f
Revenue Bills 1914Dec. 15 1914 x$719,099 75
*3%
Current expenses
z957.812 43
'3 27-32 Dec. 24 1914
do
do
x478,800 54
*3 25-32 Dec. 29 1914
do
do
*3
x239,83865
Dec. 15 1914
do
do
*3
Dec. 28 1914
x718,397 66
do
do
Total revenue bills (current expenses)
Corporate Stock Notes3
Various municipal purposes
do
do

do
do

Water
do
Rapid transit
do
do

43,113,949 03
$40,000 00
IOn or before)
)June 1 1915f
Dec. 24 1914 a1,237,218 76
Dec. 22 1914
491,750 58
f On or before)
1,000,000 00
Mee.3119141
Nov. 27 1914
602,306 06
Nov. 27 1914
x722,717 92
Dec. 10 1914 x1,082,224 96
x962,78598
Nov. 25 1914

*3

3
*3%
*3%
*33(
*3%

Total corporate stock notes

55.839.004 26

* Rate of discount,' figures in "Amount" column represent proceeds of
loan after deducting discount. z Payable in L sterling. a Payable in francs.
NEZ PERCE COUNTY (P. 0. Lewiston), Idaho.-BONDS TO BE
OFFERED SHORTLY.-Local newspaper dispatches state that this county
will shortly offer for sale an issue of $10,000 highway bonds recently voted.
NILES, Trumbull County, Ohio.-BOND OFFERING.-Bids will be
received until 2 p. m. Aug. 25, it is stated, by H. Thomas, City Aud.,for
$70,000 5% 1-10-year (ser.) street bonds. Int. semi-ann. Cert. check for
1% required.
NORRIS SCHOOL DISTRICT, Kern County, Calif.-BOND SALE.
-The $8,000 6% 2-10-year (serial) school bonds (V. 98, p. 1791) were
awarded on June 6 to the First Nat. Bank of Kern for $8,052 50(100.656)a basis of about 5•86%•
NORTHAMPTON,Hampshire County, Mass.-TEMPORARY LOAN.
-On Aug. 4 the Old Colony Trust Co. of Boston was awarded a temporary
loan of $40.000, due April 5 1915, at 6% interest. There were no other
bidders.
NORTH WALES, Montgomery County, Pa.-BONDS TO BE OFFERED SHORTLY-The $40,000 sewer bonds voted Jan. 20 (V. 98. p.
324) will be offered for sale about Sept. 1.
OAK HARBOR, Ottawa County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 2 by L. L. Carstensen, Village
Clerk, for $40,000 5% Locust St. improvement bonds. Denom. $1.000.
Date Sept. 2 1914. Int. M. & S. Due $2,000 each six months from
March 1 1916 to Sept. 11925, inclusive. Certified check for $2,000, payable to Village Treasurer, required. Bonds to be delivered and paid for
within ten days from time of award. Purchaser to pay accrued interest.
OLIVE TOWNSHIP (P. 0. Caldwell), Noble County, Ohio.-BOND
OFFERING.-Proposals will be received until 1 p. in. Sept. 1 by F. W.
Dienstbach, Twp. clerk,for $12,000 5% coup. road-impt. bonds. Denom.
$500. Date Sept. 1 1914. Int. M.& S. Due $500 Mar. 1 1926, Sept. 1
1935, 1936 and 1937. $500 on Mar. 1 and $1,000 on Sept. 1 from Mar. 1
1938 to Sept. 1 1943 incl. and $1,000 Mar. 1 1944. A certificate of deposit
from a local bank for $100 required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
A similar issue of bonds was offered on July 11 (V. 99. p. 141)•
OLMSTEAD TOWNSHIP (P. 0. Olmstead :Falls), Cuyahoga County, Ohio.-BONDS NOT SOLD.-No bids were received for the $8,325
5% 10% year (average) coupon highway improvement bonds offered on
Aug. 3 (V. 99, p. 141).
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND SALE.-On Aug, 4
the two issues of 4%% 5%-year (aver.) gravel-road bonds (V.99, P. 363)
were awarded as follows:
$3.720 French Lick Twp. road bonds to the West Baden Nat. Bank of
West Baden for $3.740 50 (100.551)-a basis of about 4.386%•
1,460 Northeast Twp. road bonds to 0.0. Warren for $1,482 10 (101.513)
-a basis of about 4.19%.
Denom. $186 and $73, respectively. Date July 6 1913. Int. M.& N.
Due one bond of each issue each six months from May 15 1915 to Nov. 15
1924 incl.
ORLAND, Glenn County, Cal.-BONDS NOT SOLD.-Reports state
rut no bids were received for the $12,000 water and $3.000 sewer and water
Wilds offered for sale on July 27 (V. 98, P. 1555)•
OSHKOSH, Winnebago County, With-BOND ELECTION.-An
election will be held Sept. 1, reports state, to vote on the questions of issuing
$165,000 high-school-improvement and $20,000 cemetery bonds.
PACIFIC JUNCTION SCHOOL DISTRICT (P. 0. Pacific Junc$16.000
tion), Mills County, Iowa.-BOND SALE.-On July 28 the
217) were awarded to Geo. M.
5% bldg. bonds voted July 10 (V. 99. 100.637)-a
about
of
4.91%.
basis
$16,102
for
Davenport
of
Co.
&
Bechtel
Denom. $1,000. Date Sept. 1 1914. nt. M. & N. Due $1.000 yearly
on May 1 from 1917 to 1923 incl. and $9,000 May 11924.
-No
PAINESVILLE, Lake County, Ohio.-BONDS NOT SOLD.
aggregating
bids were received for the two issues of 5% coup. bonds,sold
locally,
be
$8,500, offered on Aug. 3 (V. 99. p. 68). The bonds will
we are informed, at par and int.
30 the
PALMYRA, Marion County, Mo.-BOND SALE.-On July (V.
99,
bonds
$26.000 5% 5-20 year (opt.) coupon taxable light and water
Trust & Savings
p. 217), were awarded to the Continental & Commercial
were:
bids
Other
4.99%.
about
of
basis
100.08-a
at
Bank of Chicago
that
John E. Sutherlin, Kansas City, offered $217 premium, but provided
bonds be payable in Kansas City.
016.
Harris Trust & Savings Bank. Chicago-326,
Little & Hays Investment Co., St. Louis-Discount of $260.
C. H. Coffin. Chicago-3500 commission.
Denom. $500. Date Aug. 11914. Int. F. & A. at the City Treasurer's
office.
PALO PINTO COUNTY (P. 0. Palo Pinto), Tex.-BOND SALE.
The Commonwealth Trust Co. of Houston have purchased the $100,000
on
5%% 10-40-year (opt.) coupon Road District No. 1 bonds offered
Interest
June 8 (V.98. p. 1711). Denom.$1,000. Date March 111913.
value
1913.
Assessed
Y.
N.
Bank,
Nat.
Hanover
annually April 10 at the
$33.705,444: real value,$5,500,000. These bonds are being offered to investors by the trust company.




r.

[VOL. xc

PARKE COUNTY (P. 0. Rockville), Ind.-BOND SALE.-On Aug. I
the $3,190
% 5 2-3-year (aver.) road-improvement bonds (V. 99, p.
363) were awarded, it is stated, to Miller & Co. of Indianapolis for $3,192
(100.061)-a basis of about 4.492%.
BOND OFFERING.-Proposals will be received until 2 p. m. Aug. 15
% highway-improveby J. H. Rush,County Treasurer,for the following
ment bonds:
$6,180 James Gray et al highway bonds in Adams and Raccoon Townships.
Denom. $309.
2,350 Hubert Brunot highway bonds in Raccoon Twp. Denom 3117 50.
Date Aug. 4 1914. Int. M.& N. Due one bond of each issue each six
months from May 15 1915 to Nov. 15 1924; inclusive.
PAULDING, Paulding County, Ohio.-BOND SALE.-On July 20
the $3,200 5% 5%-year (aver.) coup. West Harrison St. sewer-impt. bonds
(V• 99, P. 217) and the $5,100 5% 20-year refunding bonds(V. 98, p. 2012)
were awarded to Seasongood & Mayer of Cincinnati for $8.366 (100.795)
and interest.
PETALUMA, Sonoma County, Cal.-BOND ELECTION PROPOSED.
-According to local newspaper reports, an election will be held in the
near future to vote on the question of isseing $75,000 Thompson Creek
elimination and E. Washington St. paving bonds.
PONTIAC, Oakland County, Mich.-BOND SALE.-On July 27
325,000 3-year (average) paving (assessment) bonds were awarded to the
Detroit Trust Co. of Detroit at 100.40 for 5s. Purchaser to pay for litho
graphing and printing bonds. Denom. 31.000. Date Aug. 11914. Int.
F. & A. Due $5,000 yearly Aug. 1 from 1915 to 1919, inclusive.
PORTLAND, Ore.-BONDS TO BE OFFERED SHORTLY.-Local
papers state that an issue of $150,000 warehouse-construction and dockcompletion bonds will be sold shortly by the Commission of Public Docks.
PORTSMOUTH, Scioto County, Ohio.-BOND OFFERING.-Proposals will be received until 12 in. Sept. 1 by Geo. L. Gableman, City
% coup. city-hospital bonds. Denom. $500.
Auditor, for 312.000
Date Sept. 11914. Int. M.& S. at office of City Treasurer. Due Sept. 1
1925. Certified check for 2% of bonds bid for, payable to City Auditor.
required. Bids must be unconditional.
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND SALE.-On
July 30 the $5,600
% 5 2-3-year (average) highway improvement
bonds (V. 99, p. 218) were awarded to J. F. Wild & Co. of Indianapolis for
A5,617 (100.303) and interest-a basis of about 4.442%. Other bids were:
It. M. Campbell & Sons Co. Indianapolis-35,613 and interest.
and interest.
'
Miller & Co., Indianapolis-35.612
Fletcher American National Bank, Indianapolis-$5,605 and interest.
PULLMAN, Whitman County, Wash.-BONDS RE-AWARDED.
During the week ending July 25 $20,000 20-year water-system-addition
bonds were re-awarded, reports state, to the Union Trust & Savings Bank
of Spokane at 101.16 and int. for 5%s. The bank agrees also to furnish
the blank bonds. These bonds were awarded on June 2 to Smith &
Paschall of Seattle(V.98, p. 1937). but that the sale was not consummated.
RALEIGH, Wake County, No. Caro.-BOND OFFERING.-Proposals will be received until Aug. 10. It is stated, by W. C. Sawyer, City
Clerk, for $75,000 5% 30-year water bonds. Int. semi-annual.
RENSSELAER, Rensselaer County, N. Y.-BONDS AUTHORIZED.
-Reports state that the Board of Aldermen on Aug. 4 voted to authorize
the Board of Estimate and Apportionment to issue $92,000 4%% paving
bonds.
RICHLAND SCHOOL DISTRICT (P. 0. Richland), Navarro
County, Tex.-BONDS VOTED.-According to reports, the question of
Issuing school bonds carried at the election held July 24 by a vote of 68 to 10.
RICHWOOD, Nicholas County, W. Va.-BOND SALE.-On Aug. 1
the $12,000 6% 20-year (aver.) coup. mueicipal-impt. bonds (V. 99. p.
287) were awarded to Powell, Garard Sr Co. of Chicago for $12,557
(104.641)-a basis of about 5.58%• Other bidders were:
C. H. Coffin, Chicago
312.2511Hoehler. Cummings & Prod$12,087
den, Toledo
Geo. W.Baron. Wheeling_
12.240
J. Hood & Co., Detroit-- 12,131
RIDGELAND SCHOOL DISTRICT (P. 0. Ridgeland), Jasper
County, So. Caro.-BONDS VOTED.-The question of issuing $10,000
school bonds carried, it is stated, at the election held July 28.
RIDGE TOWNSHIP (P. 0. Van Wert), Van Wert County, Ohio.BOND OFFERING.-Proposals will be received until 1 p. m. Aug. 29 by
the Board of Trustees at the office of Clark Good. Attorney, for 310.000
5% coupon road improvement bonds. Denom. $500. Date Sept. 15
1914. Int• M. & S. at office of Township Treasurer. Due $3.000 on
Sept. 151918 and 1917 and $4,000 Sept. 15 1918. Certified check for $500,
payable to Township Trustees, required. Bids must be unconditional.
Successful bidder to furnish blank bonds at own expense. Bonded debt
(including this issur), $47,000; no floating debt.
RIDGEWAY UNION SCHOOL DISTRICT (P. 0. Ridgeway),
Hardin and Logan Counties, Ohio.-BOND SALE.-On July 31 the
$15,000 5% 8 1-6-year (average) building bonds (V. 99 p. 287) were
awarded to the First National Bank of Cleveland at par and Interest.
RITTMAN VILLAGE SCHOOL DISTRICT (P. 0. Rittman), Wayne
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. Aug. 28 by Roy E. Faber, Clerk Board of Education, for $40,000
5%% school bonds. Auth. Secs. 7625 to 7627 incl., Gen. Code. Denom.
$500. Int. semi-ann. Due $2,000 yearly on April 1 from 1916 to 1935
incl. Certified check for 3500, payable to above Clerk, required.
RIVERSIDE COUNTY (P. 0. Riverside), Cal.-BONDS VOTED.
According to local newspaper reports, the question of issuing good-roads
bonds carried-at the election recently hold in the Mecca district.
RIVES,' Obion County, Tenn.-BOND SALE.-The 810,000 6%
10-30-year (opt.) coupon taxable building bonds offered on May 25 (V. 98
p. 1556) have been purchased by Kissel, Kinnicutt & Co. of Chicago at
par and attorney's fees.
ROCKWOOD, Roane County, Tenn.-BOND SALE.-Ulen & Co.
of Chicago were awarded at par and Int. on May 13 the 340.000 5% 20-year
school-building bonds offered without success on June 28 1913 (V. 97. P•
468). Denom. $1.000. Date Jan. 1 1914. Int. J. & J.
ROLLATSCHOOL DISTRICT (P. 0. Rolla), Phelps Coutny, Mo.BONDS VOTED.-According to reports, the question of issuing the 825,700
(not $27,500 as first stated) site-purchase and constr. bonds (V. 99, p. 287)
carried at:the election held July 30 by a vote of 375 to 115.
ROSEVILLE SCHOOL DISTRICT, Placer County, Cal.-BOND
SALE.-On July 13 the $45.000 5% high-school bonds voted April 13
(V.98, p. 1478) were awarded to Torrance, Marshall & Co.of San Francisco
for 545.001. equal to 100.002.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-BOND OFFERINC.-Proposals will be received until 11 a. rn. Aug. 25 by Fred. W.
Martin. County Treasurer, for the following 4%% bonds:
$35,000 Eugene Perkins et al highway-Improvement bonds in Penn Twp.
Denom. $1,750.
18,000 F. A. Barkley et al highway bonds In Union Twp. Denom. $900.
Date Aug. 11914. Int. M.& N. Due one bond of each issue each six
months from May 15 1915 to Nov. 15 1924. inclusive.
SAN'ANGELO, Tom Green County, Tex.-BOND SALE.-We are advised that the City Sinking Fund has purchased an Issue of $15,000 5%
bridge gonds. Denom.$1,000. Date May 11914. Int. M.& N.
SAN DIEGO, San Diego County, Calif.-BONDS NOT SOLD.-No
bids were received for the 3400,000 5% 20%-year (aver.) harbor-imPt
bonds offered on Aug.3(Y. 99, p. 287).
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Aug. 25 by Fred. W. Bauer, City Auditor, for
intnads: pipe
ks_bo
%
or
ter_V
ing
wa
1low
00
0o
5,f
thie
$
bonds. Denom. 51,000. Date Sept. 1
water-works-intake1914. Due $15,000 Sept. 11920, 1925 and 1926.
25,000 central-fire-station No. 1 bonds, authorized by the City Council
on June 15 (V. 99. p. 218). Denom. $500. Date Aug. 1 1914.
Due 812,500 on Aug. 1 1923 and 1924.
at office of City Treasurer. Certified check for $500.
semi-ann.
Int.
payable to Robert A. Koegle. City Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of waard.
BONDS NOT SOLD.-No bids were received for the $41,000 435%
iO3%-year (average) coupon streat-Impt. (city's portion) bonds offered on
Aug. 1 (V. 99.p. 69)•

ArG. 81914.1

THE CHRONICLE

421

Auth. Sec. 3914 Gen. Code. Denom. $500. Date July 1 1914. Int.
SANDUSKY TOWNSHIP, Sandusky County, Ohio.-BOND OFbank in
FERING.-Proposals will be received until 12 m. Aug. 29 by Joseph M. & S. at the Sinking Fund Trustees' office. Cert. check on arequired.
Sutter, Clerk Bd.of Trustees (P.0.Fremont R. F. D. No.6),for $2,037 20 Tiffin for 2% of bonds bid for, payable to the "City of Tiffin."
must
Bids
award.
after
days
within
5
for
paid
5% coup. White Road sewer-impt. bonds. Auth. Sec. 3295, Gen. Code. Bonds to be delivered and
bids reDenom. $203 72. Date Aug. 29 1914. Int. M. & S. at office of Twp. be unconditional. These bonds were offered on July 4 but the interest.
Treas. Due $203 72 each six months from Mar. 15 1915 to Sept. 15 1919 ceived were rejected. (V. 99, p. 71.) Purchaser to pay accrued
Bonded debt, including this issue, $549,050. Floating debt, 3.5,000.
incl. Purchaser to pay accrued interest.
SAN GABRIEL SCHOOL DISTRICT, Los Anfiee
iln s County, Calif.- Assess. val. 1913. $12,830,000.
TOLEDO, Ohio.-BOND OFFERING.-Reports state that proposals
BOND SALE.-On July 28 an issue of $8,000 5% school bonds was
will be received until 7:30 p. m.Aug. 19 by Amos McDonnell, City Auditor.
awarded, it is stated, to Wm. R. Stoats Co. of Los
geles at 104.20.
semi-annual. Certified
SEBRING, Mahoning County, Ohio.-BOND OFFERING.-Pro- for $180,000 4 % 4-year water bonds. Interest
posals will be received until 2 p. in. Aug. 29 by Harry Jenkins, Village check for 5% required.
ELECTION.-See news item
OWNERSHIP
RESULT
OF
MUNICIPAL
Clerk, for the following 54.5% South Fifteenth St. improvement bonds:
$7,000 village's portion bonds. Due $700 yearly on Aug. 15 from 1915 to on a preceding page.
TRENTON, N. J.-BOND OFFERING.-Proposals will be received
1924, inclusive.
30-year
14,000 bonds. Due $1,400 yearly on Aug. 15 from 1915 to 1924, inclusive. until 2 p. m. Aug. 12 by H. E. Evans, City Treas., for $80.000park
and
Certi$55,000 20-yr. school, $15.000 30-yr. park, $10.000 30-yr.
Treasurer.
water:
Village
Date Aug. 15 1914. Int. F. & A. at office of
fied check for 2% of each issue bid upon, payable to Village Treasurer, re- 310.000 30-yr. park. 43.% reg. bonds. Denom. $100 or multiples thereof,
of City
quired. Purchaser must be prepared to take said bonds not later than to suit purchaser. Date Sept. 1 1914. Int. M. & S. at office
Treas. or in N. Y. exchange. Separate bids must be made on each issue.
Sept. 1.
Cert. check on a national bank for 2% of each issue, payable to City Treas.,
SHAMROCK, Wheeler County, Tex.-BOND SALE.-The $15,000 required. This city has never defaulted in payment of principal or interest.
5% 10-40-year (opt.) water-works bonds offered in May (V. 98, p. 1556)
Date
TROY, N. Y.-BOND SALE.-On Aug. 5 the $100,000 5% tax-exempt
Houston.
Trust
Co.
of
Commonwealth
purchased
by
the
been
have
par as folJan. 1 1913. Assessed value. $497,000; real value, $1,000,000. These certificates of indebtedness or revenue bonds were awarded atto
Security
lows: $50,000 to Manufacturers' Nat. Bank. Troy, $25,000
bonds are now being offered by these bankers to investors.
Denom.
of
Troy.
Bank
Troy
and
Nat.
Co.
of
to
Union
Trust
$25,000
SHERIDAN, Sheridan County, Wyo.-.BOND OFFERING.-ProAug. 5 1914. Due Oct. 20 1914.
posals will be received until 10 a. in. Aug. 17 by M. W. Foy, City Clerk, $25,000. Date
SOLD.
NOT
-BONDS
sanitary-sewer-system-ext.
Warren)
Ohio.
TRUMBULL
COUNTY
(P.
0.
for the $50,000 10-20-year (opt.) coup. tax-free
bonds voted May 26 (V. 98, p. 2013). Denom. $500. Date Oct. 1 1914. -Reports state that no bids were received 'for the two issues of 5% road
Int. (rate not to exceed 5%)payable J.& J. at Chemical Nat. Bank, N. Y. bonds, aggregating $72,000, offered on Aug. 3 (V. 99. is. 219)•
Certified check on a Sheridan bank for 5% of bid, payable to City TreasTULLY TOWNSHIP (P. 0. Marion), Ohio.-BONDS VOTED.-The
urer, required.
proposition to issue $3,000 10 to 15-year (sor.) building bonds carried
SOLVAY, Onondaga County, N. Y.-BOND OFFERING.-Proposals at the election held July 21 by a vote of 96 to 53.
will be received until 8 p. m.Aug. 11 by E.M.Hall. Vil. Clerk,it is stated,
TUPELO, Lee County, Miss.-BONDS VOTED.-The question of
for $50,000 4 % 16 2-3-year (aver.) street-impt. bonds. Int. semi-ann. issuing $40,000 street-improvement bonds carried, reports state, at the
Cert. check for $1,500 required.
election recently held, by a vote of 298 to 10.
SOUTH AMBOY, Middlesex County, N. J.-BOND OFFERING.
UHRICHSVILLE, Tuscarawas County, Ohio.-BOND OFFERING.Proposals will be received until 8 p. m. Aug: 18 by Rich. M. Mack, City Proposals will be received until 12 m. Aug. 15 by H.0. Snyder, VII. Clerk,
$750.
Clerk, for $15,000 5% sanitary-sewer bonds. Denom. $1,000. Date for $7,5005% coupon taxable Neyport Ave. paving bonds. Denom.
Date July 11914. Int. J. & D.
office of VII. Treas. Due part yearly
Feb. 1 1913. Int. payable at First Nat. Bank, South Amboy,or by check on July 1 from 1915 to 1924 incl.atCert,
payable to W. P.
check
for
$300,
through mail to registered holder. Due $1,000 yearly on Feb. 1 from 1933 Greenlee. VU. Treas.. required. Bonds to be delivered and paid for
to 1941 incl. and $3,000 on Feb. 1 1947 and 1948. Bonds will be certified within 10 days from time of award. Purchaser to pay accrued interest.
BOND SALE.-On Aug. 1 the $20.000 5% 54f-yr. (aver.) coupon street
as to genuineness by the Columbia Trust Co. of New York City. Certiand alley-paving bonds(V.99, p. 219) were awarded to the First Nat. Bank
fied check for 2% of bonds bid for required. Purchaser to pay accrued of Cleveland at 100.123 and list.
-a basis of about 4.975%. There were
interest. These bonds may be registered as to both principal and interest. no other bidders.
The official notice of this bond offering will be found among the advertiseUNION TOWNSHIP, Champaign County, Ohio.-BONDS DEFEATED.-Reports state that the proposition to issue $12,000 schoolments elsewhere in this Department.
SOUTH JACKSONVILLE, Duval County, Fla.-BONDS VALI- building bonds failed to carry at the election held July 28.
UPPER SANDUSKY, Wyandot County, Ohio.-BOND OFFERING
Simmons
issue
of
Judge
in
Circuit
an
Court validated
DATED.-On July 31
-Proposals will be rezeived until 12 in. Sept. 2 by Geo. M. Flock,Vil. Clerk,
$65,000 5% 30-year improvement bonds.
for the $95,000 5% electric-light-plant bonds recently authorized by the
SOUTH MILWAUKEE, Milwaukee County, Wis.-BONDS AWAR- Council (V. 99,p. 219). Auth. Sees. 3939 and 3940 Gen. Code. Denom.
DED IN PART.-On July 2$ 840,0005% high-school bonds were awarded, $500. Date July 1 1914. Int. J. & J. Due on April 1 as follows: $1,000
it is stated, to the First National Bank of Milwaukee for $41,265 (103.162) from 1916 to 1920 incl.. $2.090 1921; $3,000 1522 and $5.000 in 1923,
and interest.
1924 and 1925. Cert, cheek for 1p0% of bonds bid for, payable to Edwin
It is further reported that, through some misunderstanding on the part Billhardt, VII. Treas.. required. Bowls to be delivered and paid for within
of the bidders,no offers were presented for the $15,000 5% Sewer District 10 days from time of award. Purchaser to pay accrued interest.
28.
July
on
offered
No. 1 bonds also
UTICA, N. Y.-BONDS AWARDED IN PART.-On Aug. 4 the $4,000
SPRINGFIELD CITY SCHOOL DISTRICT (P. 0. Springfield), 4 A-Yr. (aver.) park-site-purchase, $6,000 1-yr. (aver.) voting-machine
% reg. tax-free bonds V. 99, p. 364) were award
awarded
Clark County, Ohio.-BOND OFFERING.-Wm. H. Holmes, Clerk of purchase and impt.
Sept. 1 for an issue at par and imt. as follows: $4,000 park and $5, 00 of the $6,000 issue to the
Board of Education, will receive bids until 2
p. Gen. Code. Denom. Police and Firemen's Pension Funds, and the remaining $1,000 to Mrs.
of $35,000 5% school bonds. Auth. Sec. 7629,
$1,000. Date Sept. 1 1914. Int. M.& S. at office of Treasurer of Board Minnie P. Carroll of Utica.
No bids were received for the 840,000 44(% 10)4-year (average) fireof Education. Due $5,000 yearly on Sept. 1 from 1916 to 1922, inclusive.
site-purchase registered tax-free bonds also offered on Aug.4(V.99.
- station
SPRING VALLEY, Rockland County, N. Y.-BONDS VOTED.
364) and the sale of same was postponed.
The question of issuing $7,500 concrete-curb and gutter bonds at not ex-' 1)•
VANDERBURGH
Comm-(P. 0. Eransville), Ind.-BOND SALE.
ceeding 5% int. carried by a vote of 112 to 65 at the election held Aug. 3.
-On Aug. 1 the two issues of 4)4% 5 2-3 yr (aver.) highway-impt. bonds
Due five bonds Sept. 1 1916 and one bond yearly thereafter.
aggregating $23,000(V. 99. To. 142) were awarded to the City Nat. Bank of
STEUBENVILLE, Jefferson County, Ohio.-BOND SALE.-On Evansville for $28.077 (100.282) and Int.-a basis of about 4.416%.
July 31 the two issues of 5% bonds, aggregating $26,500 (V. 99, p. 288).
VAN WERT, Van Wert County, Ohio.-BOND OFFERING.-Prowere awarded to the Provident Savings Bank & Trust Co. of Cincinnati for
osals will be received until 12 m. Aug. 28 by Pierce Carr, City Auditor.
$26,750 30-equal to 100.944. The First Nat. Bank of Cleveland bid
or the following 5% bonds:
$26,537 80.
$7,300 So. Shannon St. impt. assess. bonds. Denom. $730.
BONDS AUTHORIZED.-An ordinance was passed on July 27 providing 16,000 So. Shannon St. impt. assess. bonds. Denom. $1,600.
Date Aug. 24 1914. Int. F. & A. Due one bond of each issue yearly
for the issuance of $18,000 5% coup. street-impt. (city's portion) bonds.
Denom. $500. Date Sept. 11914. Int. M.& Sr. at office of Sinking Fund on Aug. 25 from 1915 to 1924 incl. Certified check for $50. payable to
City Treasurer. required. Bonds to be delivered and paid for within
Trustees. Due $3,000 yearly on Sept. 1 from 1916 to 1921 incl.
10 days from time of award. Purchaser to pay accrued interest. Bonded
STROUDSBURG, Monroe County, Pa.-BONDS VOTED.-The debt (incl. these issues) $251,880. Floating debt $1,150. Assessed valuquestion of issuing $20,000 414% paving bonds carried by a vote of 546 to ation 1913, $7,610,630.
70 at the election held Aug. 4. We are advised that these bonds will
VENICE, Los Angeles County, Calif.-BOND ELECTION PROprobably be offered in March 1915.
POSED.-According to reports, an election will shortly be held to vote
STRUTHERS, Mahoning County, Ohio.-BOND SALE.-On on the question of issuing $80,000 municipal-improvement bonds.
July 29 the two issues of 6% 3-year (average) sewer-construction bonds,
VIENNA INDEPENDENT SCHOOL DISTRICT NO. 39 (P. 0.
aggregating $4,227 90 (V.
p. 218) were awarded to the First National Vienna), Clark County, So. Dak.-BOND SALE.-On July 31 the
Bank of Barnesville for $4,255
99, 90 (100.662) and interest-a basis of about $20,000 5% 5-20-year (ser.) coup. building bonds (V. 99, p. 288) were
5.75%. The Struthers Say. & Bank Co. bid $4,248 90 and interest.
disposed of, reports state.
VISALIA, Tulare County, Cal.-BOND ELECTION PROPOSED.
SULLIVAN, Moultrie County, Ill.-BONDS VOTED.-The question
of issuing $35,000 5% 20-year water mains and light improvement bonds According to reports, an election will be held in the near future to vote on
carried, it is stated, at the election held July 30.
the question of issuing $89,000 sewer-system-improvement bonds
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
SULPHUR SPRINGS, Hopkins County, Tex.-BOND OFFERING.
Proposals will be received until 10 a. m. Aug. 20 by L. E. Lee, Mayor, for County, Ohio.-BOND ELECTION.-An election will be held Aug. 11
$30,000 5% coupon and registered street-improvement bonds. Authority. to vote on the question of issuing $160,000 site-purchase ,constr. and equip.
Chap. 149, Acts 26, Laws 1899. Denom. $500 and $750. Date March 1
1914. Int. M.& S. at office of State Treasures or at Hanover Nat. Bank,
SCHOOL TOWNSHIP (P. 0. Morocco), Newton
WASHINGTON
i
N. Y. Due $1,250 yearly; subject to call after 10 years. Certified check bonds
or cash for $2,000, payable to the city, required. Bonded debt (not inolud- County, Ind.-BOND OFFERING.-Proposals will be received until
2 p. m. August 22 by U. K. Miller, Tarp. Trustee, for $10.000 6% 10-year
log this issue). $93,500; floating
$34,491. Assessed value 1913. (ser.) school bonds. Denom. $1,000. Date Sept. 1 1914. Cert. check
debt,
32.108,607.
on an Indiana State or national bank for $10,000, plus premium, if any,
SUMTER COUNTY (P. 0. Americus), Ga.-BOND ELECTION.- payable to Twp. Trustee, required. Bids must be made on forms furnished
Reports state that an election will
vote on the question by the Twp. Trustee.
be
to
held
Sept.
4
of issuing $200,000
% 30-year highway-construction bonds.
WASHINGTON SCHOOL TOWNSHIP (P.O. Washington), Daviess
SUNSET SPRINGS SCHOOL DISTRICT, Imperial County, Cal-- County, Ind.-BOND OFFERING.-Proposals will be received until
BOND OFFERING.-Proposals will be received until 2 p. m. Aug. 10 by 2 p. in. Aug. 11 by Grant Keith, Township Trustee, for $15,000 6% bonds.
M. S. Cook, Clerk Board of County Supervisors (P. 0. El Centro). for Denoin. $3,750. Int. semi-ann. Due $7,500 In 1 and 2 years.
$3,0006% school bonds. Denom.
$500. Date July 15 1914. Int. J. & J.
WELLINGTON, Sumner County, Kans.-BOND OFFERING.-This
at County Treasury. Due $500 yearly
July 15 from 1919 to 1924. city is offering for sale 5240,000 4)4% 15-30-yr. (opt.) water-works-ext.
inclusive. Certified. or cashier's check foron
5% of bonds,payable to Chair- bonds voted Sept. 23 (V. 97, p. 1054).
Auth. Sec. 744 Gen. Statutes of
man Board of Supervisors, required. Purchsa
accrued interest. 1909. Date July 11914. Int. J.& J. at the
pay
er
to
State Treas, office in Topeka.
No bonded debt. Assessed value (equalized), $685,316.
Bonds will be delivered as money is required to meet expenses of construcTARPON SPRINGS, Pinellas County, Fla.-BOND SALE.-On tion. Local investors shall be permitted to take such amount as desired
July 31 the $35,000 street paving
sewer0 815,000 water-works. at the price offered by the highest bidders, but not after Aug. 20. A cert.
$12,000 city-hall and jail and $3,000815.000
fire department 6% 10-35-year (opt.) check (or cash) for $500 required. Bonded debt $463,522. No floating
bonds (V. 99, p. 70) were awarded to
John
Co. of Chicago for debt. Assess. val. 87,441,570.
Nuveen
$80_,750 (100.937)-a basis of about 5.875%. Other &
bids were:
WELLSVILLE, Columbiana County, Ohio.-BOND SALE.-On
H. Coffin, Chicago
$80,401 First Nat. Bank Cleveland--$80,315 Aug. 1 the $10.000 5% 20 year refunding bmds (V. 99, p. 142) were
40*Denom. $1,000. Date July
1 1914. Int. J. & J.
awarded to the First Nat. Bank of Cleveland at 100.714-a basis of about
THREE RIVERS INDEPENDENT SCHOOL DISTRICT, Tex.- 4.944%. Hoehler, Cummings & Prudden of Toledo bid 100.29.
BONDS VOTED.-The
WEST BATON ROUGE PARISH (P. 0. Port Allen), La.-BOND
question of issuing the $15,000 5% 10-20-year
(opt.) building bonds (V. ork • P. 71) carried,
it is reported, at the election ELECTION PROPOSED.-An election will beheld in road District No. 1,
held July 20.
It is reported, to vote on the proposition to issue $75.000 road bonds.
TIFFIN, Seneca County, Ohio.-BOND OFFERING,-Proposals
WESTMONT SCHOOL DISTRICT (P. 0. Johnstown), Cambria
be received until 2 p. m. Aug. 20 by Albert J. Harley, City Auditor,for will
the County, Pa.-BOND SALE.-On Aug. 4 $26,000 5% 10-25-year (opt.)
following 5% bonds:
bonds were awarded to the Johnstown Savings Bank of Johnstown
building
$2,500 Gross St. sewer bonds, 4th Dist. Due $500 in 1916 and $1,000 in at par and
int. Denom. $1,000. Date Sept. 1 1914. Int. M.& S.
1917 and 1918.
4.000 Scott St. paving bonds. Due $500 in 1916, 1917, 1918 and 1921
WESTMORELAND SCHOOL DISTRICT,Imperial County, Calif.and $1,000 in 1919 and 1920.
BOND OFFERING.-Proposals will be received until 2 p. us. Aug. 10 by
7,500 Schoenhardt St. paving bonds. Due $1,000 in 1916, 1917 and 1918 M. S. Cook, Clerk Bd. of Co. Supers. (P. 0. El Centro) for $5.000 6%
and $1,500 in 1919, 1920 and 1921.
school bonds. Denom. $1,000. Date July 15 1914. Int. J. & J. at Co.
7,500 Jackson St. paving bonds. Due $1,000 in 1916. 1917 and 1918 Treasury. Due $1.000 yearly on July 15 from 1911? to 1923 incl. Cert
d 81.500 in 1919 1920 and
or cashier's check for 5% of bonds, payable to Chairman of Board of Supers.
13.000 Minerva St. paving bonds. Due .
$2.000 in 1916, 1917. 1918 and required. Purchaser to pay accrued interest. No bonded debt. Assess.
1919 and $2,500 in 1920 and 1921.
val. (Kill.) $591.309.




F

THE CHRONICLE

428

WHEATFIELD (Town), Jasper County,Ind.-BOND OFFERING.
Bids will be received until 2:30 p. m. Aug. 16 by I. L. Jensen, Geo. 0.
Sternbel, or John L. Biggs. Trustee of School Board. for $2,600 5% school
bonds. Denom. $260. Date Aug. 11914. Due part yearly for 10 years.
WHEATFIELD SCHOOL TOWNSHIP (P. 0. Wheatfield), Jasper
County, Ind.-BOND OFFERING.-Propo3als will be received until
2:30 p. m. Aug. 15 by A. S. Keene. Twp.TruFtee, for 84,500 5% school
bonds. Denom.$900. Date Aug. 1 1514. Due part yearly for 5 years.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND SALE.-On
Aug. 1 the four issues of 4 % 5 2-3-year (aver.) coup. highway-improvement bonds, aggregating $31,000 (V. 99. p. 289). were awarded to E. M.
Campbell's Sons & Co. of Indianapolis for $31,082 (100.264) and int.-a
basis of about 4.45%. There were no other bidders.
BOND OFFERING.-Proposals will be received until 10 a. m. Aug. 29
by Otto C. Middlestadt, County Treas.. for the following 5% ditch-bonds:
$6,209 77 Samuel J. Rogers et al. ditch bonds in Princeton Twp. Denom.
(11) $500, (1) $709 77. Due $1.209 77 Dec. 1 1914 and $1,000
yearly on Dec. 1 from 1915 to 1919 incl.
3.585 75 Geo. H. Hart et al. ditch bonds in White and Jasper counties.
Denom. (1) $785 75, (4) 5700. Due $785 75 Dec. 1 1915 and
$700 yearly on Dec. 1 from 1916 to 1919 incl.
6,407 04 Loretta Shepard et al ditch bonds in Princeton Twp. Denom.
(1)$1,407 04.(5)$1,000. Due 51.407 04 Dec. 1 1915 and $1.000
yearly on Dec. 1 from 1916 to 1920 incl.
22.748 11 Geo. M. Clayton et al ditch bonds in Monon Twp. Denom.
(4) $687 03. (44) $500. Due $4,748 12 Dec. 1 1915' and $4,000
yearly on Dec. I thereafter.
WHITE PLAINS, Westchester County, N. Y.-BOND SALE.-On
Aug. 3 the $50,982 4.45% 16-year (average) highway bonds (V. 99, p. 220)
were awarded to Geo. B. Gibbson & Co. of N. Y. at par.
WILLIAMSON, Mingo County, W. Va.-BONDS NOT SOLD.
Reports state that no bids were received for the $150,000 5% 10-34-year
(opt.) coupon municipal improvement bonds offtred on Aug. 5.
WILMINGTON, Clinton County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Aug. 24 by Frank Babb, Village
Clerk, for the following 5% street-improvement (assess.) bonds.
$12,107 60 Main St. impt. bonds. Denom. (20) $500. (18) $100. (1)
$307 60. Due $1.200 yearly on July 1 from 1915 to 1923
incl. and $1,307 60 July 11924.
12,017 91 South St. impt. bonds. Denom. (20) $500, (18) $100, (I)
$217 91. Due $1,200 yearly on July 1 from 1915 to 1923
incl. and 51.217 91 July 1 1924.
23.036 09 Locust St. impt. bonds. Denom. (40) 3500. (27) $100. (1)
$336 09. Due $2,300 yearly on July 1 from 1915 to 1923 incl.
and 52.336 09 July 11924.
Date July 8 1914. Int. J. & J. at office of Village Treasurer. Certified
check for 5% of bonds bid for, payable to Village Treasurer, required.
Purchaser to pay accrued interest. Bids must be unconditional. The
legality of all proceedings relating to these bonds has been approved
Peck. Shaffer & Peck of Cincinnati. and a certificate of validity will by
be
furnished to the purchaser without charge.

[VOL. xclx.

burg Dist. bridge bonds voted June 11 (V.98. p. 1794) are in the denomination of 51.000 and are coup. in form. Date about Sept. 11914. bit. M.&
S.at a bank in Parkersburg. Due in 1944,subject to call 55,000 yearly
after
10 years. Bonded debt (not incl. this issue), $355,000; no floating debt.
Assessed valuation 1914, $33,500,000.
WYANDOTTE, Wayne County, Mich.-BOND OFFERING.-Reports state that bids will be opened on Aug. 11 for $29,000 electric-light and
$11,000 water 44i% bonds. Due part yearly.
YAKIMA COUNTY SCHOOL DISTRICT NO. 11, Wash.-BOND
OFFERING.-Proposals will be received until 2 p. m. Aug. 22 by Jas. F.
Woods, County Treasurer. for 51,000 1-10-year (opt.) coup. site-purchase
and construction bonds. Date day of issue or the first day of some month
to suit purchaser. Int. (rate not to exceed 6%) payable ann. at office of
County Treasurer. No bonded debt. Outstanding warrants $434. Assessed and equalized val. 1913,3190.535. These bonds were voted July 20.
YAKIDIA COUNTY SCHOOL DISTRICT NO. 102, Wash.-BOND
OFFERING.-Proposals will be received until 10 a. m. Aug. 22 by Jas. F.
Woods, County Treas., for 81,800 5-7-year (opt.) coup. site-purchase and
construction bonds. Date day of issue or the first day of some month
to suit purchaser. Int. (rate not to exceed 6%) payable ann. at office of
County Treasurer. These bonds were voted at an election hled July 27.
No bonded debt. Outstanding warrants, none. Assessed and equalized
val. 1913, 577,355.
YANKTON, Yankton County, So. Dak.-BONDS NOT SOLD.-No
bids were received on Aug. 5 for the 860,0005% watcr-works bonds offered
on that day (V. 99, p.

Canada. its Provinces and Muoicinalities.

ALBERTA SCHOOL DISTRICTS.-DEBENTURES NOT SOLD.
No sale was made of the followpng debentures offered on July 26(V.9943.73):
225,000 Redcliff School District No. 2283 6% 20-year debentures.
3,000 Bow Island School District No. 1883 6% 5-year debentures.
2,500 Three Hills School District No. 3048 65,6% 5-year debentures.
4,000 Delburne School District No. 2919 6
10-year debentures.
We are advised that the bidders withdrew their offers on account of
the European situation.
BOBCAYGEON, Ont.-DEBENTURES NOT SOLD -No tenders were
received for the $4,000 5% 20-installment debentures offered on Aug. 4
(V. 99. p. 290).
CALGARY, Alta.-DEBENTURE ELECTION.-Newspaper reports
state that an election will be held Aug. 14 to vote on the questions of issuing
$165.000 Ninth St. bridge, $60.000 Hillhurst athletic-park-purchase and
$80,000 water-works-extension debentures.
CARLYLE, Sask.-DEBENTURE OFFERING.-Bids will be received
at any time for the $6,000 30-year water-works-completion and 33.000
15-year electric-light 6% debentures. Authority, vote of 36 to 4 and
35 to 5 at the election held Aug. 3 (V. 99. P• 365)
WOLPORD, Crow Wing County, Minn.-BOND OFFERING.
CLARENCE TOWNSHIP, Ont.-DEBENTURE SALE.-Reports
Proposals will be received until 2 p. m. Aug. 22 by Arthur Wolford, Clerk, state
that MacNeill & Young of Toronto recently purchased 314,632 80
of Town Board, for $15,000 road bonds authorized at an election held 5% 20-installment
debentures.
July 27.
CLINTON TOWNSHIP, Ont.-DEBENTURE SALE.-During the
WOOD COUNTY (P. 0. Parkersburg), W. VS.
OF month of July Geo. A. Stimson & Co. of Toronto purchased $9,928 5%
BONDS.-We are advised that the $175,000 44.5 % -DESCRIPTION
gold tax-free Parkers- 15-installment debentures.

NEW LOANS.
$15,000

MISCELLANEOUS.

NEW LOANS
•

$30,000

City of South Amboy, N. J.,

NEWBERN, TENN.,

SEWER BONDS

SCHOOL BONDS

Sealed proposals will be received by the Common Council of the City of South Amboy, New
Jersey. at 8 P. M.. on TUESDAY ,THE
EIGHTEENTH DAY OF AUGUST. NINETEEN
HUNDRED AND FOURTEEN. at the Council
Chamber in the City Hall in the City of South
Amboy, New Jersey. for the purchase of any or
all of an issue of bonds of the City ofSouth Amboy,
for the payment of the construction of a part of
the sanitary sewer system of said City of South
Amboy to the amount of Fifteen Thousand
(815.000) Dollars, of the denomination of One
Thousand ($1.000) Dollars each.
The bonds will be dated February 1, 1913, and
the first bond will be redeemed twenty years from
the date thereof, and thereafter said bonds shall
be redeemed seriatim at the rate of one bond
per year up to and including the year 1941.
and during the years 1547 and 1948 three
bonds will be redeemed in each year. Said
bonds shall bear interest at the rate of five
per cent per annum from the date thereof. The
bonds may be registered as to Principal and
principal and interest. The principal and interest
on said bonds shall be payable at the First National Bank of South Amboy, or a check for the
Interest can be mailed to the registered holders.
The bids or proposals will be opened on the
date aforesaid and at the time and place aforesaid. Each bidder is requested to state in writing
the number of bonds he will purchase. Each bid
must be accompanied with a certified check of
not less than two per cent of the face amount of
the bonds bid for, and the Common Council
reserves the right to reject any or all bids.
No bonds will be sold for less than par and
accrued interest, and interest from the date of the
acceptance of the bid to the date of delivery of the
bonds will be charged to the purchaser.
Each proposal, together with certified check,
should be enclosed in a sealed envelope and endorsed "Sanitary Sewerage Bonds of the City of
South Amboy". and should be addressed to the
Clerk of the City of South Amboy. Delivery of
the bonds will be made as soon after the acceptance of the bids as possible.
FINANCE COMMITTEE of the Common
Council of the City of South Amboy,N.J.
RICHARD M.MACK,City Clerk.

The Board of Mayor and Aldermen will offer
SEPTEMBER 1ST. 1914, 530,000 6% TwentyYear School bonds. Sealed bids and 32.000
certified check required. Further information
apply to
H. J. SWINDLER, Mayor.

BLODGET & CO.
BONDS
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK

STATE, CITY & RAILROAD BONDS

SEASONGOOD & MAYER

Illinois Trust Sr_
Savings Baik

Ingalls Building
CINCINNATI

Capital, Surplus and Undivided Profits, $15,500,000

BONDS
LIST ON APPLICATION.

La Salle and Jackson Streets

SIMON BORG & CO.,
No. 20 Nassau Street

-

New York

INVESTMENT SECURITIES

Legal for Savings Banks.
Postal Savings and Trust Funds.

B. W. Strassburger

SEND FOR LIST.

SOUTHERN INVESTMENT SECURITiEk




CHICAGO

CHICAGO

Members of New York Stock Exchange

HIGH-GRADE

29 South La Salle St.'

OPPORTUNITY squarely confronts you.
The unusual depression of market prices has made it possible
to secure investments of highest
grade on most attractive terms.
DO NOT FAIL to give attention
to immediate investment of available funds in bonds of the character offered by this Bank. A selected descriptive list may be had
upon application.
BOND DEPARTMENT

MUNICIPAL AND RAILROAD

Bolger, Masser& Willaman
MUNICIPAL BONDS

August

SION Ta0Af EBY, ALA.

Union Pacific Distribution
We deal in the fractional certificates
for Baltimore & Ohio, Common and
Preferred Stocks resulting from this
distribution, and will even out your
holdings at the ruling bid and asked
markets on the New York Stock Exchange for these stocks.

SCIDIIDT&GALLATIN4
Members of the New York Stock Exchange
111 Broadway. New York
Telephone
Rector 3260-1-2

AUG. 81914.1

THE CHRONICLE

429

COLCHESTER SOUTH TOWNSHIP, Ont.-DEBENTURE SALE.NEWMARKET, Ont.-DEBENTURE SALE.-During the month of
Geo. A. Stimson & Co. of Toronto purchased during July $3,180 5% July Geo. A. Stimson & Co. of Toronto purchased $13,200 5% 10-installtwo-installment debentures.
ment debentures.
CORNWALL TOWNSHIP, Ont.-DEBENTURE SALE.-Geo. A.
NIAGARA TOWNSHIP,Ont.-DEBENTURES AUTHORIZED.-The
Stimson & Co. of Toronto purchased $11,236 5% 15-installment debentures Township Council passed a by-law on July 6, it is stated, authorizing the
during July.
issuance of $13,000 Laura Secord Memorial School construction and siteDARTMOUTH, N. S.-DEBENTURE OFFERING.-Tenders will be purchase debentures.
received at any time for an issue of $90,000 5% 30-year school-building
NORTH BAY, Ont.-DEBENTURE OFFERING.-Proposals will be
debentures. Date July 1 1914. Interest semi-annual.
received until 12 m.Aug. 15 by W.K.P. Kennedy,Town Clerk,for $40,000
DEBENTURES VOTED.-The election held Aug. 1 resulted in favor of 20-year street-improvement, $30,000 30-year school and $5,000 10-year
the question of issuing the $12,000 concrete-sidewalk debentures (V fire-protection 5% debentures. Due in equal annual installments. The
$40.000 street-improvement debentures were voted July 15(V. 99, p. 366).
DOVER TOWNSHIP, Ont.-DEBENTURE SALE.-Geo. A. Stimson
ONTARIO (Province ot).-LOAN.-Subscriptions were asked until
& Co. of Toronto purchased $7,554 5% 10-installment debentures during July 20 at par by the Bank of Montreal in London for an issue of £1,000.000
the Month of July.
434% registered stock,redeemable at par in London Jan.1 1965,with option
to the Government of the Province of Ontario to redeem the whole or part
DUNNSVILLE, Ont.-DEBENTURE OFFERING.-Proposals will be at par on or after Jan. 1 1945 on giving 3 months' notice. Int. will be payareceived until 8 p. m. Aug. 12 by J. W. Holmes, Town Clerk, for $24,500 ble at the Bank of Montreal half-yearly on Jan. 1 and July 1. A full six5% coup. local-improvement debentures. Interest annual. Due in 10 months' interest will be payable Jan. 1 1915. It Is reported that only
annual installments.
10% of the above loan was subscribed for.
FORT WILLIAM, Ont.-DEBENTURES AUTHORIZED.-According
OWEN SOUND, Ont.-DEBENTURE SALE.-The Dominion Securito reports, this city has authorized the issuance of $50,000 debentures to ties Corporation, Ltd., of Toronto purchased during July 263.0005% debs.
purchase a site for the National Tube Co., Ltd.
PORT ARTHUR, Ont.-DEBENTURES OFFERED BY BANKERS.
GRAY TOWNSHIP, Ont.-DEBENTURE SALE.-An issue of $5,200 Reports state that Breed, Elliott & Harrison of Cincinnati are offering to
5% 20-installment debentures was awarded during July to Geo. A. Stim- investors an issue of $100.000 5% 20-year gold debentures at a price to
son & Co. of Toronto.
yield 5.37%. Date April 1 1914.
GREATER WINNIPEG WATER DISTRICT, Man.-LOAN.-The
PORT COQUITLAM, B. C.-DEBENTURE SALE.-This place reBank of Montreal in London received subscriptions until July 13 at 95 cently
disposed of at 90 to a Chicago firm an issue of $100,000 street
for £400,000 43d % stock redeemable March 1 1954, being part of an au- debentures
voted May 26, it is stated.
thorized issue of £2,773,972 12s. Int. Mar. and Sept. 1 at the Bank of
RUSSELL, Man.-DEBENTURES AUTHORIZED.-Reports state
Montreal. We are not advised as to the result of this loan.
that
a
by-law
authorizing the issuance of $15,000 street-improvement
HAMILTON, Ont.-DEBENTURE SALE.-We are advised that
$968,000 434% 20-year (straight) and 20-installment debentures were pur- debentures was passed on July 6.
ST. JEAN BAPTISTE SCHOOL DISTRICT, 011t.-DEBENTURE
chased by Geo. A. Stimson & Co. of Toronto.
LOCHIEL TOWNSHIP, Ont.-DEBENTURE SALE.-This township) SALE.-According to newspaper reports, MacNeill & Young of Toronto
S% 10-installment debentures.
recently sold to MacNeill & Young of Toronto an issue of $5,000 6% have purchased an issue of $1,200 6S,
SHERBROOKE, Ont.-DEBENTURES DEFEATED.-The quesdebentures, it is stated. Due in 10 and 20 installments.
of issuing the $50.000 sewer, $50.000 granolithic-sidewalk and $100,MARLBORO TOWNSHIP, Ont.-DEBENTURE SALE.-During the tionspavement
debentures (V. 99. p. 290) failed to carry, it is stated, at the
month of July $4,000 5% 20-installment debentures were purchased by 000
election held July 27 by a vote of 89 "for" to 720 "against."
Geo. A. Stimson & Co. of Toronto.
SUDBURY,
Ont.-DEBENTURE OFFERINO.-Proposals will be reMEDICINE HAT, Alta.-DEBENTURES VOTED.-The questions of
ceived until 6 p. m. Aug. 10 by W. T. Ross, Town Clerk, for $15,000 5%
issuing $6,185 50 plank sidewalks (vote 368 to 134),$S8,489 90 cement side- coup.
ornamental-street-lighting
debentures. Due in 15 ann. installments.
curb
and
gutter
(381
to
124),
$14,000
95
municipal
$55,480
walks(412 to 89).
TILBURY NORTH TOWNSHIP, Ont.-DEBENTURE SALE.-Macstables (340 to 158), $4,000 lavatory (377 to 129) and $15.000 children's
shelter (463 to 48) 5% debentures carried at the election held July 24. Neill dr Young of Toronto recently purchased $2,400 535% 10-installment
debentures, it I stated.
Due in 20 years, except the first issue, which is due In 5 years.
TRANSCONA, Man.-DEBENTURES VOTED.-The proposition to
MERSA TOWNSHIP, Ont.-DEBENTURE SALE.-We are advised
that $16,680 5% 20-installment debentures were purchased during July by issue $35,000 school-sites purchase debentures carried, reports state, at
the election held July 13.
Geo. A. Stimson & Co. of Toronto.
WINNIPEG BEACH, Man.-DEBENTURE ELECTION.-An election
NANTON, Alta.-DEBENTURE ELECTION.-An election will be
held Aug. 12, reports state, to vote on the question of issuing $4,000 will be held Aug. 11, it is stated, to vote on the question of issuing $15,000
drainage debentures.
improvement debentures.
WOODSTOCK, Ont.-DEBENTURES AUTHORIZED.-The City
NEW LISKEARD, Ont.-DEBENTURE SALE.-Geo. A. Stimson &
Co. of Toronto purchased $16,500 6% 10 and 15-installment debentures Council on July 22 passed a by-law, it is stated, providing for the issuance
of $2,000 South Side Park debentures.
during July.

MISCELLANEOUS.

Public Utilities
in drowind communities boudht
and financed.
securities offered
to investors.

qTheir

MISCELLANEOUS.
The Union Trust Company of New York offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
The Union Trust Company will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts. A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are solicited.
UNION TRUST CO. OF NEW YORK, 80 Broadway
Capital and Surplus
S8,300,000

Middle West
Utilities Co.
112 West Adam St.
CHICAGO, ILLINOIS

Mellon National Bank
PITTSBURGH, PA.
8-26

H. M. Byllesby & Co.

3% on RESERVE ACCOUNTS
is paid by this bank

Incorporated
NEW YORK
CHICAGO
Trinity Bldg. Cont. 6t Comm.
Bank Bldg.

TACOMA
Washington

Correspondence Is invited

Purchase, Finance, Construct and
Operate Electric Light, Gas,Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold

F. WM. KRAFT
LAWYER.
Specializing in Examination of

Municipal and Corporation Bonds
517.520 HARRIS TRUST BUILDING,
111 WEST MONROE STREET

CHICAGO, ILL




Resources over - $65,000,000

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.

CAPITAL and SURPLUS, $10,000,000

Interest allowed
on deposits.

E. B. Morris. President,

Girard Trust Company
PHILADELPHIA
Chartered 1838