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INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and.
Bank &
Week
Wxt (fttamMe;
J
Clearings
....$10 00
6 00
....
-
European Subscription (including postage)..
European Subscription six months (including postage).
Annual Subscription in London (including postage)
13 00
....
7 50
£2 14s.
£1 lis.
Subscription in London (including postage).
Subscription (including postage)
Six Months
$11 50
Railway and Industrial
(3 times yearly)
Electric Railway (3 times yearly)
Bankers' Convention (yearly)
Btatk and City (semi-annually)
inch space
Transient matter per
,
Standing Business Cards
...
29 00
50 00
(13 times)
(26 times)
87 00
Orricis—Geo. M. Shepherd, 513 Monadnock Blc k;Tel.Harrison4012.
Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
(. Twelve Months (52 times)...
.
Chicago
London
$4 20
22 00
-v
Six Months
Cleveland
23,813,884
26,713,408'
—10.9
Detroit.—,——
25,964,145
16,927,083
8,305,368
25,164,627
15,794,043
10,137,334
6,832,000
Milwaukee
Indianapolis
Columbus
6,284,900
......
Grand Rapids.
.
_-
Dayton
Evansville—.
1.083,264
Ill-
Wayne
.
Youngstown
Akron
Canton
...
Rockford
Lexington
Qulncy
22,092,762
14,922,335
+ 3.2
+8.9
+22.4
—1.6
Saturday
every
666,649
1,041,216
1,248,838
1,621,749
1,380,542
1,167,750
1,150,000
1,048.435
1,0S3,085
1,077,100
1,142,267
915,591
799,206
795,785
1,255,910
+9.3
—18.9
1,325,541
+ 7.6
1,057,719
+ 3.6
—8.0
1,107,809
—3.2
676,951
—14.0
847,173
571,705
■
—19.1
'
'
The following table, made up by telegraph, &c., indicates that
bank clearings of all the clearing houses of the United States for
ending to-day have been S3.289.247.973, against $3,160,682,599
and $3,588,733,693 the corresponding week last year.
the total
the week
last week
Springfield, O-^-
589,688
722,118
584,145
+ 6.7
South Bend
+ 0.9
553,484
Jackson
550,000
525,314
+4.7
.510,000
460,795
392,825
529,632
478,098
—3.6
429,296
420,498
—8.6
388,170
427,723
+ 23.6
390,530
475,000
397,532
462,973
854,139
227,054
60,548
+ 12.3
224,355
55,619
390,000
376,962
+ 3.5
400,000
290,783
173,480
32,915
542,662
Danville
Lima
Lansing
Jacksonville,
Ill...
Philadelphia
.
............
Baltimore. ...............
Chicago.................
'
St. Louis................
New
Orleans
431,942,342
408,414,863
53,051,085
52,742,139
23,850,854
13,538,131
4,958,464
12,402,146
7,501,407
2,430,736
3,610,312
27,433,045
13,183,026
4,902,600
13,192,560
8,039,677
3,881,899
3,840,963
2,092,112
3,272,519
1,455,895
1,134,461
822,514
—13.1
21,930,746
11,954,991
4,446,730
Angeles
Spokane
;
Portland
Tacoma
City.I
-
Oakland
—0.5
Sacramento
2,236,147
San
2,304,558
1,202,156
36,812,646
—13.5
275,347,138
78,046,306
+ 3.3
—4.5
Stockton
21,822,398
+ 1.4
San Jose
Total all cities, 5 days.............
All cities, 1 day...
...... ......
.
Total all cities for week...
full details for
The
the
$2,747,026,505
542,221,468
$2,979,438,982
609,294,711
$3,588,733,693
—9.5
$2,383,334,766
596,104,216
$3,289,247,973.
—
.
—0.9
—7.8
•
Diego.
Fresno
975,328
713,746
946,221
.
....
present below detailed figures for the week, ending
Dec. 13, for four years:
' •
We
noon,
with Saturday
City
ending Dec.
13.
St. Paul
Denver
Duluth
Joseph.—
Des Moines
Sioux City
Davenport ..i..
Cedar Rapids...
1910.
1911.
Dec..
1,676.038,319 2,225.522,994
—24.7
158,699,353
51,196.726
170,649,147
54,968,044
—7.0
38,045,956
43,991,213
.—11.5
11,832,458
6,472,712
8,229,799
4,948,586
12,396,875
6,365,388
8,218,833
5,960,126
—4.6
Wheeling..
3,230,747
2,S09,917
2,093,171
2,047,158
1,579,840
2,312,011
Trenton.. J
2.3S1.562
.3,133,790
2,734,630
1,626',238
1,870,169
1,702,345
2,301,052
2,347,168
954,662
1,191,923
671,490
New
York
Philadelphia
Pittsburgh...
...
Baltimore
.....
Buffalo
Albany
.....
Washington
Rochester
Scr an ton
Syracuse
..
Wilmington....
Reading..
Wllkes-Barre...
*
969,623
York
1,034,521
Erie
684.170
625.000
Chester
Greensburg
Bingham ton
768,700
605,331
...
Altoona
1,887,017
520,679
Lancaster
Montclalr
Total
618,417
715,200
621,093
1,542,699
483,208
+ 1.7
+ 0.1
—17.0
+ 3.1
+ 2.7
+ 28.7
»
+9.5
—7.2
+ 0.5
+14.7
+ 1.6
—13.2
+ 18.8
+ 1.1
+ 7.5
—2.5
+ 21.7
+ 7.7
—22.4
Middle. 1,979,913,356
2,550,586,704
158,596,511
165,675,483
—4.3
8,341,600
10,478,400
—20.4
5,053,487
4,928,052
3,158,713
2,852,441
2.135,148
2,720,743
1,935,363
1,084,589
Boston
Provldenee
Hartford
.
•~6."9
...
,907,390.489 1,743,653,476
147.914,847
151,732,563
50.106,146
48,213,650
36,427,840
35.827,400
9,796,708
10,653,031
*5,491,027
6,442,577
; 7,759,273
8,084,310
4,249,379
4,687,092
2,658,606
2,688,559
2,27.9,251
2,261,918
1,631,454
1,665,505
1,680,286
1,744,804
1,383,401
1,398,923
l,S68,30l
1,840,529
1,742,225
1,672,437
1,062,448
1,086,695
856,869
1,106,900
.
*
565,236
559,569
577,100
553,737
986,081
+ 2.4
4,366,001
4,438.880
3,087,808
2,502,621
+ 19.3
798,252
593,595
+ 34.5
575,758
.668,077
+ 5.7
643,160
Bangor
471,762
569,825
—17.2
New
Bedford...
Total New Eng
187.510,067
For Canadian Clearings see
196,800,529
—5.6
—23.2
1.7
834,811
695,107
492,728
919,181
471,469
282,920
*■■■■4.5
402,814
526,732
+ 5.9
297,624
272,113
141,121,457
—9.0
127,646,834
119,461,746
60,647,415
33,257,431
—8.4
55,051,593
55,059,442
—9.3
—3.1
26,201,835
15,248,562
10,280,007
25,000,698
18,428,844
10,234,578
10,274,574
7.240,305
8,010,S68
4,840,917
3,375,000
V
+ 10.7
—23.3
—4.5
6,991,477
4,020,190
2,849,512
3,319,705
—2,1
+8.1
+ 0.2
+ 5.0
1,567,299
1.769.S09
+ 3.7
1,759,939
—6.8
714,024
609,634
724,886
949,080
—22.0
.
565,488
Fremont
278,162
•321,160
1,411,542
10,222,640
3,749,250
6,916,340
•
3,733,713
2,811,187
3,420,124
1,528,088
1,749,868
1,655,053
1,2S0V745
1,597,244
1,796,422
1,381,207
1,085,269
+ 11.0
1,496,354
15,357,650
13,388,085
9,515,661
3,935,687
—19.8
3,464,593'
695,207
906,691
712,316
889,286
—13.4
657,734
372,904
663,446
296,344
+ 17.1
—26.8
844,494
1,011,759"
199,S92
Hastings
210,000
185,396
+ 3,0
+ 13.3
1,130,246
205,760
Aberdeen
482,795
4154,908
+6.1
364,757
1,239,905
1,213,4S8
490,960
+ 2.2
1,131,041
552,527
+ 12.5
321,030
155,418
161.0S8.639
171,728,980
—6.2
149,150,581
151,301,179
.85,740,112
80,341,182
25,502,727
17,210,575
1,454,718
Waterloo-..—..
Helena.————
"
Billings
Tot, oth.West.
"...
St. Loul3
New Orleans....
Louisville
Houston
Galveston
Richmond
Memphis
Atlanta
...
Fort Worth
Savannah
Nashville
Norfolk
Birmingham
Augusta
+4.5
706,325
2,567,907
1,485,336
1,293,426
555,089
998,962
161,021,799
8,949,100
—1.1
.
956.298
1,639,631
Fargo...-..—-.
Jacksonville
Lowell
2,111,371
...
River......
590,246
534,200
2,191,739,105 2,023,788,331
Holyoke........
Portland
Worcester
Fall
542,357
182,165,062
8,953,100
—2.4
—14.0
1,542,307
1,350,000
440,663
927,308
;
3,033,413
2,366,641
2,127,609
2,538,480
1,440,095
1,172,159
3,299,1S6
2,784,904
New Haven
Springfield
—16.7
—17.7
Colorado Springs
Pueblo
■
%
+ 6.9
—29.6
7,887,583
3,769,772
3,769,370
5,804,324
7,650,912
4,739,395
3.650,000
3,471,917
1,646,498
1,964,443
1,552,124
—-
Lincoln
Inc. or
1912.
1913.
—6.0
11,887,311
8,635,071
4,063,093
3,585,079
1,752,327
2,000,000
996,905
956,203
55,531,329
30,170,893
17,859,269
11,334,744
7,880,274
.—
Minneapolis
Wichita
al-
—6.7
128,409,476
Topeka
Week
Clearings
—6.0
—37.4
17,891,350
11,154,338
4,931,189
10,683,011
1,150,000
450,000
Total Pacific..
St.
+ 1.1
730,557
-
Omaha
Saturday.
We cannot furnish them to-day, clearings being made up by the
Clearing houses at noon oh Saturday,and nence in the above the last day
of the week has to be in ail cases estimated, as we go to press Friday night.
+2.7
—13.2
Reno
Kansas
—8.3
"
299,700
North Yakima
—11.0
given next
week covered by the above will be
187,110
48,090
583.100
—1.0
—7.5
$2,156,536,744
590,489,761
........
307,301
—8.9
Pasadena
jSerea cities, 5 days
Other elties, 5 days. .......
350,000
'
65,965,197
145.660,562
.
284,537,442
74,522,513
22,134,716
—8.1
389,629
418,155
351,912
465,857,071
Cent.
$1,683,123,033 :
142,522,683
131,819,985
144,885,595
3+841,006
......
—1.2
415,000
60,989.570
Salt Lake
Bostoa.....
+ 12.3
551,667
556,202
.
461,385,825
Tot. Mid.West
—12.9
1912.
1913.
$1,466,795,487
York....—......*..
1
San Francisco
Seattle
New
746,720
598,553
536,406
Los
Per
Clearings—Returns by Telegraph.
Week ending Dec. 20. -
833,091
606,438
505,831
589,805
+4.1
462,607
770,018
Decatur
Ann Arbor
CLEARING-HOUSE RETURNS.
2,566,566
759,040
—20.8
Owensboro
morning by WILLIAM B. DANA COMPANY,
lacob Selbert Jr., President and Treas.; .George S. Dana and Arnold G« Dana,
Ylce-President*: Arnold G. Dana, Sec.
Addresses of all, Office of the Company.
a—
s
======
asa
Published
3,868,986
2,972,561
1,979.061
—21.7
Adrian
Front. Pine and Depeyster 8t»«,
14,084,519
10,234,947
6,892,100
4,907,402
2,576,917
+ 13.6
+ 11.2
Mansfield
COMPANY) Publishers,
New York.
B. DANA
WILLIAM
P. O.Bex 958.
279,580,022
26,486,550
19,978,560
20,467,206
9,049,950
5,870,900
4,418,284
3,875,755
2,898,761
1,974,202
—8.0
1,630,227
1,834,000
581,132
881,545
Bloomlngton
300,053,732
28,153,700
20,913,506
+ 7.2
1,216,958
1,329,567
1,500,413
1,488,000
1,426,625
1,095,582
1,072,366
S
S
—18.1
2,953,205
3,251,661
2,069,148
2,731,386
760,314
1,367,219
595,003
Kalamazoo
■—3.1
5,341,659
6,068.874
4,396,629
3,200,000
2,253,056
3,343,699
Toledo--——
Fort
onths
S4 agate Lines)
Months
(8 times)
Two
Three Months
—0.5
Springfield,
Advertising—Per Inch Space
Terms of
319,461,239
27,370,600
Peoria -——J—
Subscription include& following Supplements—
Bank and Quotation (monthly)
Railway Earnings (monthly)
317,951,469
26,525,150
Chicago-.——
Cincinnati.—.
1910.
1 911.
%
Sobscriptlon—Payable in Advance
For Six Months
13.
Dec.
or
Dec.
1912.
1913.
PUBLISHED WEEKLY.
Terms of
ending
at—
Inc.
For One Year..
City Sectiois
NO. 2530
SATURDAY, DECEMBER 20 1913
VOL. 97
Canadian
Railway Section*
2,003,054
2,332,117
1,325,412
1,365,333
630,698
669,113
209,871,045
188,325,935
2,588,341
3,630,486
Chattanooga.
2,523,878
Charleston
2,597,047
1,454,165
1,751,645
3,462,569
1,904,550
3,500,000
Mobile.
Knoxvllle
■:
Little Rock
Oklahoma
Austin
Maeon
5,787,942
552,407
Vicksburg
Jackson
Muskogee
4S7.805
338,640
1,044,790
Tulsa
1,489,428
'
Meridian.
Total Southern
483,561
•'Commercial and Miscellaneous News
....
——4.2
86,480,442
+ 1.4
23,609,630
23,943,484
+ 5.1
16,691,729
17,550,655
7,991,011 NOtlncl.in to tal.
10.S29.000 —18.2
8,853,500
+ 13.3
S,607,396
9.756,787
+4.S
11,615,581
12,172,450
+ 15.5
17,211,918
19,882,804
9,626,234 —11.4
8,524,515
+ 5.3
7,260,460
7,647,361
+8
8,025,232
8,674,256
+4.7
4,866,265
5,094,505
+ 29.8
3,307,610
4,293,374
82,867,852
Total all
242,375,236
v
2,710,456
3,785,304
2,653,835
2,269,848
1,646,327
1,896,020
2,879,991
2,093,462
3,S55,333
4,555,187
535,655
561,*940
369,314
1,041,053
951 ,'489
239,936,711
—J3,160,682,599 3,765,031,352
Outside N. Y_
1^8+6447280 1,540,508,3581
'25,605,896
16,893,002
—4.5
—4.1
—4.9
+ 14.5
—11.7
—7.6
+ 20.2
—9.0
—9.2
+ 27.0
.9,288,500
7,690,381.
10,012,235
16,346,256
10,414,000
8,548,464
11,086,264
18,494,452
8,046,734
8,052,836
5,527,512
3,796,823
2,852,691
3,291,105
V
3,331,000
2,325,850
2,258.286
1,426.769
2,086,149
2,562,330
1,893,497
2,356,072
5,083,118
8,113.689*
8,451,844
4,285,308
3,307,994
2,9.91,051
2,975,990
2,896,687
2,020,000
2,310,665
'
1,703,627
1,850,871
2,378,070
2,500,000
3,283,479
2,750,000
535,992
—13.2
473,083
537,572
780,000
—8.3
375,000
295,764
+3.1
+ 0.4
,.
871,174
+ 5.7
864,995
+ 1.0
234,753,286
219,822.887
16.1 3,345,043,962
3,111,114,941
—3.6 1,4377653,473 1,367,461.465
1772
THE
CHRONICLE
The
OUR RAILWAY EARNINGS ISSUE.
We send to
number of
penses
to-day the December
In this
"Railway Earnings" Section.
our
publication
subscribers
our
all
we
give the figures of earnings and ex¬
for the latest month of
railroad in the United States
every
operating steam
required to file monthly
Prouty is
There
can
York
panies'
own statements
Commerce returns
to
earnings,
or
or
where these differ from the
give fixed charges in addition
where they have a fiscal year different
from the June 30
year, as
is the
with the New
case
York Central Lines, the Pennsylvania RR. and
THE
V
com¬
FINANCIAL
others.
which
For many years Commissioner Charles
A. Prouty
has been the evil genius of the Inter-State Commerce
Commission and he still retains his hold
powerful of all Government bodies, though he has
resigned from the Board (as the result of
with his associates
is to have the
and
on
the Commission
compact
a
by which he
job of Director of Physical Valuation),
though he keeps protesting,
as
is his wont, that
in what he says and does he is expressing only his
personal views and does not speak for the Com¬
own
Commission,
merce
Last
•
in honor of Howard
a
a
speech at
given by the Lotus Club of New York
trying position
Elliott, who is
as
now
filling such
President of the New York
New Haven & Hartford RR.
Mr, Elliott's remarks
tion, though he did not hesitate to animadvert
the
aggrandizing tendency of legislation and
demn the
on
as
thoughtless extension of the functions of
effect gave
cials that
notice to the gathering of railroad offi¬
no
rate increases would be
Federal
out
daily
papers
said:
supervision
of
permitted with¬
security
issues.
Sunday morning quoted him
"What
assurances
have
The
having
as
that the railroads
we
will not repeat the
performances of the past in the
So
entanglements ?
Government supervise the
the
why
shouldn't
issuing of stock
Monday the
papers
as
the
well
as
of
the
Inter-State
as
as
forecasting the action
Commerce, Commission
on
the
question of the 5% increase in freight rates sought
by, the railroads north of the Potomac and Ohio
rivers and east of the
ever,
Mississippi.
In effect, how¬
he merely reiterated what he had said in his,
speech Saturday night.
The New York "Times"
credits him with the following:
"Now what I want to
these things
called /by-gones.'
--that
,
L
see
is
an
absolute guaranty
they are by-gones and won't be repeated. To my
mind, Government supervision of securities, which I
hope to see enacted into law at the present session
of Congress, is the only means of obtaining this
guaranty.
The railroads may be able to get an inorease in rates under present conditions, but, in
my
opinion, they will have a hard time doing so. That's
all I said about the present case before the Inter¬
Hartford
&
pursued
were
took
RR.,
unfortunate
an
policies
We
case
occasion
years
and particularly to
general scheme to control the trans¬
Reprehensible practices have
of
case
So far
as
one
two other
or
remedies
can
be
pro¬
against misdeeds and practices of this kind
without doing more harm than good, they certainly
provided.
not be visited upon
If
a
man
the
commits
crime.
The
The penalty, however, should
the guilty and the innocent alike.
a
crime he should be
whole
mankind
of
punished for
and freedom should not be denied to
because of abuses perpetrated by a
In the
case
of the
an
Liberty
entire class
few.
railroads, taking
a
broad and
impartial view, instances of misdoing in recent
all the railroads of the countiy
should not be penal¬
ized for the acts of Mr. Mellen.
slightly higher rates rests
upon
grounds.
we
the
railroads
lifted
years
On the present occasion
remarkably few.
For ourselves,
be,
should not
condemned for the act of the individual.
The demand for
solid and substantial
.should much prefer to
of their
out
uncomfortable
position by curbing the, activities of railway labor
organizations (which
different
many
rather than
ways
rates
largely responsible in
are so
so
for the rise in operating cost)
by increasing
tion enters into the cost of
since transporta¬
rates,
everything and increased
only tend still further to intensify the
can
problems connected with the high cost of living.
But
long
so
as
public sentiment tolerates the acts of
railway labor organizations and
a
consequence
are
railway
managers
left helpless in their attempts
the expense accounts, there is no alterna¬
to control
tive but to allow advances in rates to offset,
the
augmentation in
expenses.
in part,
r
Prouty should
undertake to befog or obscure the issue.
Mr. Mel-
len's New Haven
performances have absolutely
connection,
remote, with the question whether
near or
the Eastern railroads
be
as a
whole should
granted authority to make
in their
a
transportation charges.
the last few
years' has shown that,
or
no
should not
moderate advance
The experience of
on
the basis of
ex-.
isting rates, railroad capital is no longer productive,
and yet new
tension and
won't happen again. They are
What I want is assurance that
state Commerce Commission."
doubt that in the
It is inexcusable that Commissioner
quoted Mr. Prouty
having later denied emphatically that anything in
his remarks could be taken
a
by trolley.
should be
physical management of the railroads?"
On
Mellen.
also been unearthed in the
as
financial
part of
water and
con¬
Government. " Pommissioner Prouty followed and in
no
Haven
portation field in all its main divisions—by rail, by
see
mainly devoted to the subject of Immigra¬
were
is
question the propriety of the acquisition of the trolley
lines
have been
Saturday night Mr. Prouty made
the dinner
It
account.
kind at which Mr.
criticise these policies,
that most
on
be
objectionable
very
to
ago
that
a
to-day finds itself in such
President
vided
*
New
important systems.
SITUATION.
of
New
the
plausible sound and is
on
adept, and is calculated to mislead the
an
of
under
Earnings Supplement also contains the
very
unthinking.
plight,
This
a
mischievous
more
specious reasoning,
very
at
*
foregoing has
the
returns with the Inter-State Commerce Commission
Washington.
[Vol. xcvii.
capital is absolutely needed for the ex¬
development of the railroad system, to
the end that the carriers may
function in
be able to perform their
meeting the transportation requirements
of the country.
That is the issue and the
that railroad
capital is
no
only'issue.
nished in incontrovertible statistics.
before the
month
on
rates,
& 01 io
The proof
longer productive is fur¬
In the hearing
Inter-State Commerce Commission last
the petition for the 5% advance in freight
President Daniel Willard of the Baltimore
RR. submitted statistics going to show
that
Deo. 20
THE
1913.]
1773
CHRONICLE
tinue to cry for more until the end of time—if an in¬
three years the railroads in the ter¬
dignant public does not rise in the meantime and
ritory affected had spent in new property investment
smite them.
Mr. Prouty is simply using the New
some $600,000,000, or at the rate of $200,000,000 a
Haven episode as a plea for renewing his demand for
year.
Nevertheless, because of the fact that oper¬ a further extension of the activities of the Commis¬
during the past
increased faster than operating reve¬
earned in the year ending June
by $16,311,321 than in the year ending
ating expenses
these railroads
nues,
30 1913 less
June 30 1910.
In these three
the Pennsylvania, the New
and the Baltimore &
York Central
their
years
property investment
Ohio, increased
$422,537,000.
In the same
the gross earnings of the three systems
increased $109,000,000, showing that traffic has been
*thr6e years
this
unfortunately,
addition
to
gross
beneficial either, to
public or to the railroads ? How long would it
take the Commission to pass upon each application
and what would the railroads do in the meantime
while the Commission was leisurely taking Its time
advances in rates,
earnings
been-in 1910.
all, the rise in expenses
steadily accelerating pace.
a
decide the
to
stantly
addition to net earnings.
As a matter of fact the net operating income of the
three systems was actually $8,573,507 less in 1913
Worst of
would that be
the
brought with it absolutely no
than it had
Commission were granted author¬
ity to pass upon requests for the issue of new stocks
and bonds in the same way as upon requests for
property investment; but
keeping pace with the new
Suppose the
sion.
is proceeding at
For the ten months of
thousand
that were con¬
or more .cases
file? Besides, what assurance would there
the railroads would have fair treatment in
on
be that
in the matter
railroad system
presented an application for permission to put out
large new stock or bond issue, would the Commis¬
sion hire some Louis D. Brandeis to concoct schemes
for blocking the proposed increase in capitalization?
May we not suppose that the situation would in
such a contingency become absolutely intolerable ? when it is denied them
this matter,
of railroad rates ?
Every time a big
a
Pennsylvania
PR. Lines, East and West, have added $20,049,904 to
their gross earnings as compared with the correspond¬
Much is said of the need of supervising, (tand regu¬
ing period of the preceding year, and yet net earnings
lating security issues in order to protect the investing
fall $8,372,371 behind.
The New York Central
public, but we have had a great deal of just such
system, in turn, though having for these ten months
supervision and regulation on the part of the States.
gained $20,568,377 in gross, has lost $3,278,106
Has it been effective in protecting the investor in
in net.
;
the current
calendar year to Oct. 31 the
-
depression, gross
business
.
the development of
earnings are now falling
happens, too, owing to
As it
tendency of expenses continues
subsequent article we present our
off, while the rising
unchecked..
In
a
compilation of the earnings of the railroads of the
entire country for the single month of October. This
.
shows that the gross
of
1912, while expenses
together producing
$13,110,853, or at the rate of ovgr
equaling those of October
were
a
earnings fell $1,281,011 short
$11,829,842 heavier, the two
loss in net of
ask Mr. Prouty what
the mismanage¬
do with such
unfavorable operating results, common to the whole
railroad system of the United States.
Would the
ment of the
New Haven RR. has to
regulation of security issues prevent such a situation,
or
correct it?
As soon as' the President accepts
Mr.
that have been
Prouty's resignation and thus
sets him free to
incurred by New England investors
stringent regulation of
in face of the most
issues?
control
better
a
commission with
of public
Have these corporations fared
than those elsewhere?
Have they not fared
because the Commission
but because it is
duties
derelict in its
Government body to do '■
absolutely impossible for a
of
security
- -
corporations.
been
away
-v*
1
the security issues
over
great deal worse—not
a
'
long had a
Massachusetts has
service
-
/
absolute
has
$156,000,000 a year.
We would
class of properties against serious losses? Can
found of more disastrous losses thamthose
any
instances be
with the personal element in
property or to
Massachusetts
the management
guard against mistakes of
corporations
allowed to sell stock at par
have
when it
policy?
, been
commanded a
not
< even
The Commission insisted
be disposed of at current
premium in the market.
that stocks and bonds must
market
prices and that the' company,
and not the
with his associates on the Com¬
shareholders, must havfe the benefit of the premium. '
merce Commission, he will devote his time to the mak¬
The New Haven system has not been entirely subject
ing of his physical valuation of the railroads of the
to Massachusetts control, but the Boston & Maine
country, with a view to seeing whether the capitali¬
zation of these properties, as measured by his ideas of has, being a Massachusetts corporation. ; And yet, is
not the Boston & Maine to-day as badly off as the
their value, is not excessive.
.
New Haven?
Is it not worse off, though it has not
But what relevancy will all this have to the present
carry
out his compact
situation of the
roads, where enormous new
outlays have to be made
the increasing
capital
from year to year to handle
where yet net
volume of traffic and
been
engaged in buying up trolley
engaged in similar reprehensible
Is it not time to stop
properties or been
ventures? -? •'v
ranting?
Is it not time to
in Their
to,everything
they should expand?
Where will all this lead to?
What will be the outcome if a corrective is not applied else, and whose longing, if gratified, can only result
in checking enterprise and in permanently crippling
in the shape of higher rates?
Will denouncing the
earnings keep declining
when it is imperative
that
sweep
aside
persons
of the Prouty type who,
insatiate thirst for power,
Haven
management provide a solution and restore the
proper equilibrium between receipts and expendi¬
New
Haven
tures?
Mr.
a
practices and arraigning New
The question carries its own answer..
Prouty and his associates
clamoring for more power and
-
have always been
will probably con¬
the
become blind
country's industrial interests?
The
winter-wheat
•
report: of the
?
-
y
*
Department : of
Agriculture for Dec. 1, issued on Wednesday, in¬
dicates a condition of the cereal much; higher, than
usual
on
the date
mentioned, and an area consid-
1774
THE
T
CHRONICLE
[Vol.
——————
erably greater than
a
year
the United States this
have been
of
last
notable
The planting in
ago.
fall, in fact, is estimated to
the present
36,506,000
acres,
a
high record.
new
cities (138 in
319 in
being stated at
acreage
lars,
increases
year.
for
to be noted in many cases.
instance, shows
Kansas,
a
13%, Missouri 10% and Ohio
^
5%.
V;
In the condition of the crop on
comparing with 93.2.
tion of 103 this year,
preceding
of 1913
against 92
a year ago;
cities, at 823 million dol¬
less
no
than
except 1912, the 682 million dollars
year
contrasting with 703 millions last
Returns from the Dominion of Canada for No¬
Kansas
vember differ in
100
against 97.
October, the Eastern section of
age
production that do not stand
last
aver¬
well this year
as
Nebraska and Washington.
are
than
more
showing
as
duction to make from this initial winter-wheat
report is
very
real
than
usual
is, however,
withstand
to
adverse
disposition in
a
expert, in fact, commenting
remarked that the
rank
seriously.
mal crop
face rooting,
severe
giving*a plant not calculated
cold weather
weather
The history of
to stand up
or
286,411
■
sur¬
in
any
a
restriction of activity
approaches, but this
the
work
construction
month
of
1913—November—falls
sion existed in the country.
tariff is
new
a more or
confidence
caused
gressional assaults
more
serious
The greater
the
latest
that
year
for
since
condition of depres¬
For the time being the
disturbing factor, but loss
by
upon
a
In fact
.
behind
Governmental
and Con¬
business enterprises is much
and
matter
one
of
unlimitedly ad¬
possibilities if persisted in.
verse
our
less
in
preceding
any
is well known,
as
whole
the winter
case.
arranged for
corresponding period of
1907, when,
as a
the let-up has been much
year
pronounced than is usually the
more
as
£\.
-
number of the 139 cities-included in
compilation disclose losses from
a
year ago
and
the total intended
contrasts
expenditure at only $53,365,749
with $72,587,261, while compared with 1911
and 1910 the declines
tions.
*a
of
are
Greater New York
very
strikingly large
propor¬
(all five boroughs) exhibits
decided diminution in contemplated outlay,
plans filed in November
the estimated cost under the
1913
in
footing
1912, and
we
found
on
projected disbursements
at the
up
'
•
but $8,629,346, against $15,455,942
larger aggregates in the previous
reassemble, if the present
efforts
of
$85,798,469
*V
'
>
.'
West
;
the
program
is followed;
In the meantime, if the
year.
revolutionists
are
not
close,
or
successful
in
bringing his government to
a
sult
by foreign interference,
is
not
President
accomplished
Huerta
will
if the
same re¬
continue Dictator.
Before
adjourning, the Congress ratified, formally, Huerta's
more
important acts, including his
ment after
assumption of
the various departments of the Govern¬
power over
dissolving the preceding Congress.
powers were
re-granted.
These
Taken altogether, the
new
Congress has merely acted the part of what it really
is, namely, the creature of the dictator.
It has not
interfered with
or
of government.
challenged the Executive's ideas
Its most notable act, aside from the
ratification of the Executive's plans, was the
approval
of a concession to a Belgian syndicate to construct
5,000 miles of narrow-gauge railway.
It
now
appears
that rebel forces failed in their at¬
tack at the close of last week at Tampico.'
withdrawn
some
distance from the
parently abandoned the attempt.
eral
The
They have
city and have
ap¬
Their defeat is
ascribed to the sustained bombardment
by two Fed¬
and by the Federal field artillery.
reports, however, do not suggest that the rebels
gunboats
even
sustained
railroad
have
showing than
"
April 2 of next
Outside of New York each section into
two years.
which
up
respec¬
The Mexican Congress adjourned on Dec. 15 and
dry
will
Building operations in the United States
$4,957,800
For the, eleven months
to resist
under
experienced later in its history.
naturally show
and
($69,487,942 East and
1912.
on
the
($6,886,706
$139,833,697 ($82,705,360
$57,128,337 West), contrasting with $155-
East and
it is claimed, indicates that such abnor¬
growth is accompanied by short and
however, that
confined to the Province
tively) in November 1912.
identical 43 cities foot
weather experienced to date.
was
Quebec and almost wholly to the city of Mon¬
Reports are at hand from 43 cities in all and
of the current year the
open
of
It is to be said,
eye,
other years,
the
noticeable loss.
activity in the East
$11,844,508
It simply
growth, which looks good to the
the country as a whole
over a year ago
actually only reflects the excessive moisture and
but
particular from those for
they show contemplated expenditures of $9,028,511
($7,370,439 East and $1,658,072 West), against
leading
high condition reported for winter
wheat should not be taken too
means
A
the report, has
upon
fair gain
a
essential
treal.
quarters to
disagree with this view of the situation.
crop
of
developments.
some
no
in the amount of
work for which permits were issued and the West a
The natural de¬
that the grain goes into the winter better conditioned
There
and
year
655 millions in 1911.
condi¬
100 against 92; California 100 against 91, and Oregon
The only States of
906 millions last
Outside of this city the combined total is above
any
v
a
against $57,131,-
as
Greater New York's operations
Dec. 1 improvement
Oklahoma reports
139
same
with
compares
1912 is noted—97.2
of 4 points as contrasted with
all) is $44,736,403,
are con¬
for the outside
are 61 mil¬
lions less than in
1912, a loss shared in by all boroughs
but most
largely by Manhattan and the Bronx.
gain of 11%, Oklahoma 35%,
Illinois 15%, Indiana
large number
very
The aggregate
1912.
the total for the
States, and in localities of greatest production large
are
a
For the eleven months of the calendar
year 1913
Changes in
have been quite general this year in the various
area
gains; but
spicuous for losses.
8.6% (or 2,888,000 acres) larger than that
year,
xcvii.
a.
divided the
a year ago,
figures makes
the Pacific Coast.
A few
poorer
palities of the country, such
as
leading munici¬
Cleveland, Pitts¬
burgh,
Philadelphia,
Detroit,
apolis,
Hartford and
Dallas, .record
a
but the greatest decline is
Milwaukee,
more
Minne¬
or
less
were
every
a
rout.
They
were
in possession of the
yards throughout the battle, and when they
driven off they succeeded in taking with them
locomotive and most of the rolling stock.
On
Tuesday all the property of Luis Terrazas Sr. and
Enrique Creel, including banks, mines, vast
areas
of
land, thousands of cattle, homes and personal ef¬
fects,
were
ordered confiscated to the rebels in
an
>
Deo. 20
i*-.- V
'»*.
Js:
«.
/
•u-j
I
A
f
•'»
: v
;
The decree
!..•
1
'-t
official decree issued by Gen. Villa.
■
CHRONICLE
THE
1913.]
"
ifv
cused the Creels and the Terrazas families
-
i
Mexicans who have given no support to
aciV
i
bloodshed among the
!
*
appropriated to their
much
reason
of
people
are
of
the
bank
duced
Central Bank for
organization of
outside bank
an
a
been refused
Central.
bill
national
in the
of
the
connection with the managers
Banco
carefully at
of Finance
reached
to continue
be that
long
so
lasted
banks
the
as
paying at the Banco Central
The
4
reserve
of
the
accept more than 20% of the bills offered for redemp¬
It is,
tion, has continued to keep its doors open.
however, feared that several banks and. industrial
to
save
Representative bankers
City
are
working hard to find some
the Central Bank and its
expected that General Huerta,
relief, will issue
a
dependencies..
way
It is
measure
one
as
less
Federal troops
case was
the
men,
the
the
among
The mutiny in each
Federal evacuation
having led to
same cause
Huerta to raise money in Europe to. meet interest
on
obligations falling due in January has thus far
Paris and London banks, which
been unsuccessful.
took "
$20,000,000
of the
loan
option
on
reserved
The
smelter of the American Smelting & Refining
Co.at
Aguascalientes, it is reported, will close
on
This is the last smelter of the company,
operating in Mexico.
on
be in
possession of that city.
are
says
*
and all
..
ft
,
'
of
our
mere
give
manufacturers, troubled by dear
We
•
'
*
•
•
if*
unwilling to face
are
which would be
or so
regret it very much on
Our interest in the suc¬
a
enterprises of the United States
If
foreigners.
we
act as though it
totally misleading and
impression."
^
?■■■
friendships
a
France is desirous of
of
very
unfor-
—3;'Vf'-..
can
be increased
number of practical
all accurate.
place,1 it is intimated that President Poinofficially exchanging
"Le Matin" of Paris
that M. Poincare sometime
discussed the
ago
It adds that in view of the doubt ex¬
eign Affairs.
isting
to whether the Constitution of the United
as
States would
turn
to
permit President Wilson to pay a re¬
'visit, nothing definite could be decided oh.
Winston
ish
Spencer Churchill, First Lord of the Brit¬
Admiralty, has issued
formal, denial that, he is
a
spend three weeks in Germany during the Christ¬
mas
holiday
and says
cussion in
it for
no
intention of going to Germany.
of the proposed visit aroused much dis¬
The German
Germany.
granted that the visit
the purpose
in
near
that
admirer.
pay a
political visit to
of whom he is a great
,
-
i
»—
,
Minister of
Caillaux,
Joseph
England to Lloyd-George,
,
took
future, according to a Paris news¬
of
Finance, who is shortly to
*
newspapers
contemplated, for
of discussing the question of a "naval
the
is
paper,
was
Another visit that it is reported will be
holiday."
made
He is to visit Paris at that time
season.
he has
The reports
The formal annexation of the island of Crete to
Greece
a
*
bound by our agreement with
are
Before leaving he issued
notice from the State Palace in Chihuahua that he
Cabinet's
project with Stephen Pichon, then Minister of For¬
reported to
would guarantee the rights of all foreigners
4
we
of the national
care
moving toward Torreon to attack 6,000
Federals under General Velasco who
The
the fact that the
yesterday, in announcing
visits with President Wilson.
Thursday for the South to take personal command
of troops
a
it is said,
British official
Cabinet, said: "The Government's
different.
In the first
Jan. 1.
General Villa left Chihuahua
a
tests, if reports of current plans are at
an
to relinquish their option.
or
up
to spare for this purpose.
money
by official visits is to receive
the unissued remainder, have declined, it is
said, to exercise
no
Whether international
authorized by the
Mexican Congress last spring, and also
brought
Were England and Germany spending
been
tunate
Efforts by
of Chihuahua.
great non-of¬
a
armaments, their decisions would no doubt
on
were, we
said to be due to the failure of the Govern-
ment to pay
some
is not that of
in the field have been caused by "the
Government's lack of funds.
the
-
reported that two serious mutinies
committee
The bill intro¬
Exposition.
Anglo-American grounds.
of
decree making State bank notes
legal tender throughout the country.
It is
participate in
San Francisco
at
organize
grounds, grudges the £100,000
will be forced to. declare themselves bank¬
at Mexico
•'J*"'
outlay, and the Government itself, on similar
cess
rupt at the end of the yeaif.
'
expenditures have been rising so rapidly
necessary.
Central
Bank, by adroit delay in payment and by refusal to
concerns
'
The bureau of information
deposits of the State
management
■*'
■
Thursday the
capital and scenting hard times,
the
the
over
have
only
■ i
The English Cabinet also has
the
at
defence is that
of the Bank of London
Tuesday evening, but the only decision
on
was
w. '■
Germany in the matter; but the real reason seems to
meeting of the Department
a
■'
it will not sanction
the decision of the
in
Central,
and Mexico and of other' institutions went
situation
On
of six outside banks had already
directors
'
Exposition
The London "Chronicle" of
account of the lack of funds in the
on
The
■
adverse decision is ostensibly due to
chain composed of most of the State
The paper
banks.
•
early in December for an appropriation for
participation
The Bank is the pivot
redemption.
should
"
k
desiring to exhibit is to continue in exist¬
decided that
taken to the
was
'
»
.
final.
that there is
city issued by
i
again for discussion.
Thousands
every
"
official German exhibit is not to be
an
The refusal of the Banco
practically
*■
5
a severe
said to have formed lines at the doors
and
T-'f,
•
"German exhibit is said to be dead.
City—in fact, of
that, institution.
a severe run on
j
but otherwise the movement for a collective
ence,
Central to redeem State bank notes resulted on Tues¬
day in
*'
;.«
be
to
for those
to believe that the reports
exaggerated.
■
■
ficial exhibit dissolved.
Advices to date do not supply de¬
banking panic.
tails and there is
f
•
Panama-Pacific
seems
sensational accounts published
have been
There
v"
which had been formed to
much of
own use as
■.
•
they could seize.
of bank failures in Mexico
are
\
the
landowner, is held a prisoner at Chihuahua, and the
rebels have
,f
:i i J
1
of his troops attempt to loot stores or violate
The German Government's refusal to
All contracts made
Luis Terrazas Jr., eldest son of the
the movable property as
'i;
the rights of non-combatants.
with the Creels and Terrazas since Feb. 18 1913 are
declared void.
.
'
any
and states that the property
Mexicans.
He provided severe penalties
Government.
of "with¬
given to the widows and orphans caused by
shall be
the Huerta
,
holding taxation and of fomenting the treachery of
Orozco and Huerta,"
,f
1
(
.
was
'
.
carried out
'
'
on
Sunday last, with imposing
n
.
1776
ceremonial.
King
the Hellenic
Office
CHRONICLE
THE
on
flag
Constantine personally
hoisted
The French Foreign
the fort.
over
Tuesday instructed Jules Cambon,
French Ambassador in Berlin, to inform the
the
German
stitutions make up their accounts.
though it
proposal that Greece be allowed to keep nine out of
news
islands
The other two,
occupied by her during the Balkan
to be returned to
the
French
namely, Tenedos and Imbros,
Turkey.
Italy, in the opinion of
Government, should return to Turkey
the eleven islands still held
occupied during the
war
Durazzo states that
Powers
by her since they
in Tripoli.
Italy will shortly submit to the
proposal to guarantee
a
were
A telegram from
Albanian loan.
an
has
been
received in
been
quite
boomed
widely hoped that the
very
quotation
will
show good
London
unsettling.
from St.
Russian
during the Balkan
were
hoped that
was
kans.
Expectations in this respect
not real¬
were
ized, however, and holders apparently have been since
awaiting Opportunity to unload.
But this oppor¬
tunity
has
not
presented
itself,
and
involuntary
losses is obvious.
severe
While
the
terday (Friday) expressed
usual, has not failed to feel the depression.
He has submitted the
Council formed
consists
of
question to the Administrative
Nov.
on
approval of the plan.
open
11
seventy-one
members,
Cabinet officers and others
dent, and the provincial
St.
Petersburg bourses, London,
holds its
compensation, since the Russian Govern-,
through its Minister of Finance will, it is re¬
ported, endeavor from now on to exercise a much
stricter
supervision of the operations of the Russian
banks and of transactions upon the St.
Li
Bourse.
Shih-Kai.
resides
now
In
previous
a
with
President
statement,
Yuan
Wednes¬
on
day, he emphasized his intention of maintaining
constitutional regime.
and that he felt convinced
of
freer intercourse
and the
a •'
was
hopeful
between China
and
The President considered
duties to be
a
present
situation.
revision of the customs
the Powers had been asked to
•.
..
A
hand.
of
feeling
the
to
another low
cents)
was
was
record
for
financial
again
assumed
A week
taking
(as 2%
the quotation
on
offering
issues
at
the
seems
English centre.
The
The
new
members is
security
Grand
The
Trunk
ties
5%'7-year loan notes at 97 and the Sierra Leone
an
has
announced
4% bonds at 97.
000 is also
that
a
soon
a
£1,000,000 loan in
A Crown Colony issue of £1,000,available, and it is understood
71%
railways
4% loan of £1,000,000 is
Old
than
fered at
indifferently taken by the public,
being left with 33% of the total amount.
cations of
underwriters
English investors
are,
of Canadian issues.
aggregate
offering
London will
at
92.
The
curities is
soon
decline
more
particular time,
than
as
£20,000,000.
of
offer
an
in
issue of
The
Port
£1,000,000 in
high-grade, investment
years.
Monday,
on
•
One of these
that certaip Cobalt securi¬
at
71 1-16,
general
under
been
market,
as
without
are
a
change
week
for
Mexican
pressure.
somewhat
relatively
to
cable
ago.
the
irreg¬
stronger
the
issues.
new
1 point higher at
without alteration from
compares
and
owing
reported by
against 55
have al¬
we
particular
delay in bringing out
i>4,
as
which
Brazil
ago.
been
they have been
Bulgarian 6s
an
last
indi¬
Greek
evening,
Servian unified
week
103
at
80%.
and Turkish
of
4s
4s
% point lower at 88% and German Imperial 3s still
continue at 75.
se¬
usually disconcerting at this
at the close of the calendar
the
are
sensational
investigation.
jobber in American securities.
British consols,
week
,
4s
as
Marconi
securities have
though
closed at
Of these alone there have dur¬
ing the months of November and December been
the
are
closed
monopoly 4s,
it is reported, rapidly tiring
Exchange
of which will be announced*
and five
one
active
way.
a
Balkan
An issue of the City of
Prince Albert £200,000 5s, which was
recently of¬
was
The
suspend five members for various
have
brought out.
ular,
particu¬
introduced for trading on the Exchange in
improper
with
of
specific charges
were
about to be
90,
an
ready noted,
to be
Straits Settlements
to
tightness,
are
number of investiga¬
a
Committee, subject to confirmation
decided
very
Argen¬
Exchange is evidently under¬
one
results
periods between
Pacific Ry., for instance, has offered £2,000,000 in
Government
money
house-cleaning.
has under way
the
were
has
traceable to the
attractive terms of
on
reported to be
Monday, and will, it is reported, be
as
was
pur¬
dictatorship.
* a
"
tions, the results of
per
Petersburg, the weakness
English premier security
active
of
„
thorough
Committee
Still
Aside from the unfavorable conditions report¬
ed from Paris and from St.
in the
ago
form
complaining of
are
The London Stock
in¬
touched yesterday, namely 71 1-16, which
the closing price.
71%.
consols
the
at
draw
embarrassment of the
and the French and Russian conditions
distinct pressure.
British
correspondents
Government, which has, for practical
tine merchants
The, financial markets in. London this week have
vestments have been under
to prevail at the British
slow with payments to commercial creditors.
.
depressed and standard home and other
accord¬
depredations by financial
seems
conservative
larly disturbing.
been
Petersburg
are,
period of world-wide credit strain is
a
Usually
Chinese
recent
The Brazilian Government is also
give their sanction of
this.
crooks.
poses,
important necessity, and he said that
an
continuance
a
measures
accounts, to be taken to guard against
press
attention
foreigners,
adoption of foreign methods, China would
the
ing to
Furthermore, stern
centre that
one,
that, with the advantages
triumphantly from
emerge
a
He said that his view of the
political and financial outlook
as
The
ment
meetings within the Palace, where Vice-President
Yuen-Heng
on
collapse in Russian securities will, however, not be
without its
appointed by the Presi¬
and
and
of
composed
governors,
Paris
It
by the President..
the
immediate effect has been most forcefully shown
Chinese Parliament, President Yuan Shih-Kai yes¬
.
The
industrials
and it
war,
profit.
Petersburg has
they could be marketed on the sharp upturn that was
expected to follow the conclusion of peace in the Bal¬
liquidation at
Referring to reports that he desired to abolish the
Most of these
companies have written down their consols to 70,
year-end
War.
xcvii.
banks, insurance companies and other financial in¬
Government that France had accepted the British
eleven
[Vol.
year
4%%."
I
•
,
86%.
Russian
4s
are
Money in London closed at 4%@
;■
'
•
.
CHRONICLE
THE
Deo. 20 1913
1777
Advices cabled from Paris this week have indicated
connections in Paris is in difficulties.
highly disturbed and apprehensive condition at
the
,a
the French
shares
Severe declines in French bank
capital.
followed what has apparently been a
have
is
institution
mentioned,
not
The
of
name
however, which
suggests that there is a strong possibility that its
powerful friends
help it out.
may
change in attitude of the new Government towards
it
was
authoritatively intimated that the
Minis¬
new
ter/ofFinance, M. Gaillaux, would not object to the
made
during the
private
circular
loans that
on
Tuesday issued
addressed to the banks
;
wrere
to Balkan States into formal
war
But M. Gaillaux
State loans.
fresh
of
conversion
immediate
The Berlin market
Last week, it will be recalled,
financial flotations.
a
and to the
existed for
seems
and money rates are
quoted
listed
of these
be
may now
the Bourse unless it has first received his
on
The promulgation of the new circular was
approval.
3 lA% f°r the
as
by the release of cash from the steady contraction in
trade and industry.
none
low
as
Germany at the moment is benefitting
settlement.
issue of
•officially declared that
The weekly state¬
Reichsbank again showed improvement,
ment of the
ment in 1907
The Minister
confidence than has
number of years.
a
public amplifying the notice sent out by the Govern¬
concerning foreign loans.
to be awaiting the year-
with greater
settlements
end
loan of
a
interest
bear
will
Bavaria has arranged for the
The bonds
$20,000,000 at Munich.
On the Berlin Bourse,
4%.
at
last week's reduction in the Reichsbank's rate of dis¬
count does not seem to have
caused
strength in
any
necessitated, according to the Finance Minister, by
quotations. At the time the reduction was announced
the effort of Provisional President Huerta of Mexico
Herr
and of several of the Balkan
pressed the hope that the Bourse would not interpret
Turkey, to
nance
has
of the French Government.
since it has
Paris
well
as
by
as
for loans without the counte¬
arrange
arbitrary
the
States,
power over
The Government
such financial transactions,
authority to refuse them quotations
circular
The
Bourse.
on
that the
declares
Havenstein, the head of the Reichsbank, ex¬
the lower rate
of
Steamship
German
necessity for approval of outside loans by the Min¬
ister of Finance relates "not only to loans, properly
borrow
called, and consolidated issues of
kind, but
every
negotiation of treasury bonds, and,
gen¬
erally speaking, of all treasury operations, the result
State."
A
Gervais
Senator
financial year
a
declaring
will
open
that
with
a
the
next
French
deficit of 800,000,000
loans has in fact been the result of
him
to
,
exercise
on
an
are
dignity from
an
option they secured
unissued part of
an
a
foreign
seeking
obliga¬
some
that
evident
a
as
the
financial
French
Deputies two
proposed by the Barthou Government.
proposals for
a
as
On
measures
These
were
Government loan of 1,300,000,000
francs, and, second, for the imposition of Ian inher¬
It
itance tax.
was
expected in the
announced that the Government
near
future, to have other proposals
to substitute for these.
The condition of the jFrench
market is described by one
a
silent
proceeds
small part will
a
The
devoted to the improvement of
to be
are
to Prussia.
go
railroads, canals and other public, works.
panic.
As
decline.
correspondent
as
that of
It has passed through an all-round
was
the
case
with London, highly un-
A week
acceptances.
ago
short bills
4%@5% and long at 4 13-16%.
market rate has risen to
3K%
,
a
week
ago,
were
quoted at
In Paris the
3%%, which
compares
open
with
and in Berlin 4V£% is still quoted.
The Vienna open market rate is
without change from
5J4%; Brussels remains at 4 7-16% and Amsterdam
is 1-16
higher for the week at 5%. ' Official bank
rates at the
leading foreign centres are: London, 5%;
Brussels; 5%,
Paris, 4%; Berlin, 5%; Vienna, 5J^%;
and
Amsterdam, 5%.
The Bank of
it, is
Government formally with¬
drew from the Chamber of
the
If
is not
situation
superficial view seems to suggest.
the
Tuesday
real
time
Mexican loan.
M. Caillaux's action has this ulterior purpose,
serious
ex¬
representations
by French bankers who
this method to retire with
ago
750,000,000 marks in the form of a public
Only
'Open market bank discounts in London closed at
M. Caillaux's action this week in relation to
to
The Ger¬
5% for short bills and 4J^% for ninety-day bankers'
One Paris correspondent intimates'that
penditure.
tion
.
preparing to
are
Matin,"
"Le
paper,
francs, exclusive, of the extraordinary military
made
Governments
Prussian
financial article signed by
Paris
prominent
Wednesday published
on
loan.
has been • considered unfavorable and
news
would be to procure funds for a foreign
which
of
There has been heavy
shipping shares have declined.
and
man
also to the
justification to-increase purchases
selling of Canadian Pacific by the Berlin market.
'
so
as
speculative character.
a
day reported
'
England in its weekly return
decrease
a
on
Thurs¬
in its gold coin and bullion
holdings of £1,199,235 and in its total reserve of
£1,415,000.
These
reductions
provin¬
reflect the
cial withdrawaL of funds in connection with the holi¬
An increase of £216,000 in note circula¬
day trade.
tion may
be ascribed to the
portion- of
against
There
a
reserve
same cause.
is
liabilities
The
pn>
55.10%,
now
55.85% last week and 42.98% a year ago.-
was an
decrease of
increase of
£139,000 in public deposits,
£2,050,000 in ordinary , deposits and a
contraction'of
holds
to
£496,000 in .loans.
The Bank
now
£35,420,649 gold, which compares with £32,-
473,897
one year
ago
and £34,140,332 in 1911.
far back
We
1895 to find a larger
settling financial, conditions in St. Petersburg have
have, in fact, to
proved disconcerting to French operators who have
gold item for the corresponding week.
recently become actively interested in Russian in¬
it stood at
dustrials and Russian petroleum
075,000 and is the largest for the corresponding week
as
well
as
and mining stocks
The uncertainty regard¬
State securities.
ing the possibility of future flotations has exerted
an
unsettling influence
have been
rumors
can
on
French bank shares, which
especially weak.
that
an
Press dispatches quote
important private bank with Ameri¬
connections and particularly favorable
banking
since
a
£22,169,952 and in
was
year
ago,
£34,157,326.
Our
In that
special
In
1911
One
year
£23,304,432.
£7,000,000 below the figures
standing
1911
year
The total reserve is £25,-
£44,576,535.
The loan item is about
of
as
1896, when it stood at £26,001,241.
it
ago
go as
at
£27,018,000,
the total was
against
£35,218,933.
correspondent furnishes the/ following
1778
THE
CHRONICLE
[Vol.
details by cable of the gold movement into and out
surplus above
of the Bank for the Bank week:
sion
Imports, £661,000
(of which £65,000 from South America and £596,000
bought in the
which
and
market); exports, £260,000 (of
open
£250,000 to Bolivia and £10,000 to Gibraltar)
shipments of £1,600,000 net to the interior of
Great Britain.
of
requirements showed
reserve
$8,335,150, bringing the total
980,300, which
The banks
compares
with $8,074,650
increase
4,592,000 francs in gold and of 10,466,000 francs in
General
deposits showed
6,325,000 francs* discounts
francs, treasury deposits
francs
and advances
Note
circulation
Bank's
well in
with 3,206,825,000 francs
3,212,000,000 francs in 1911.
recent
years,
francs.
In
francs.
The
of recent
excess
3,524,607,000
hand, continues to show
of
5,650,000 francs.
2,800,000
are
to
expansion
an
increase of 59,100,000
decrease of 11,950,000
a
declined
amounting
compares
an
reduction of
a
gold holdings
years,
francs,
which
and
one yea,r ago
during last week gained $6,336,000 and
companies $1,758,000 in cash.
will
be-called upon to prepare for the
now
the
total
806,225,000 francs.
Outstanding note
circulation is
5,697,038,000 francs;
5,537,217,840 francs
banking and
immediate
1,655,605,609 francs in
1912
and
dition.
The
further strengthening in its
a
gold stock registered
con¬
increase
an
of
the
as
So long
money.
new
on
the
they will not have the active inducement that
paper,
at
present exists to maintain
keeping
good supply of
a
as
a
secondary
reserve
.
assume
membership in the regional
banks, will still continue to do business
serve
by
available for call
money
safety-valve against suddCn demands by
Of course the State banks, unless
a
depositors.
they elect to
as
re¬
at
present, and will have their usual supplies of funds
accommodation; but funds of
matter that is
a
not
a
a
more
general
in Stock Exchange business.
money
is
na¬
banks, presumably, will be less available and
the net result should be
such
Germany showed
Exchange circles keen in¬
banks will be able to promptly re-discount commercial
especially
weekly statement of the Imperial Bank of
the
on
law is likely to exercise
supply of call
available for call
1,203,363,807 francs in
The
currency
ago
years
This should necessitate
being displayed in the effect that the
tional
Discounts, on the other hand,
fcelow the 1912 figures, aggregating 1,472,331,000
against
In Stock
the
one year ago
and two
5,225,746,910 francs.
francs,
circulation.
loans
this year's figures being 650,825,000
1912
to
terest is
their
on
and in 1911
are
January
demand money market until these
payments return
the other
Silver,
726,200,000 francs,
was
The market
further contraction in loans and firm rates
a
steady reduction from
a
was
total
to $15,-
a year ago.
the trust
of any month in the
year.
silver.
an expan¬
up
dividend and coupon payments, which are the
largest
The Bank of France this week reports an
of
xcvii.
as
of time
apt to develop very gradually,
the extreme dulness that has of late been
feature in the
to be
seem
use
However, this
general market for securities does
culminating.
An indication of the
permanent advance that has taken place in the rental
value of money
is contained in the decision of the
7,371,000 marks and the total cash, including gold,
an expansion of
15,999,000 marks.
In the mean¬
Comptroller to pay 4)4% on.the
forthcoming $51,000,000 fifty-year State loan. Pre¬
time note circulation decided
vious issues
treasury bills
posits
was
of
a
were
22,378,000 marks and
reduced 15,428,000 marks.
were
De¬
expanded 75,542,000 marks and
net increase of
there
15,511,000 marks in loans and
21,569,000 rfoarks in discounts.
The Bank's cash
holdings amount to 1,495,920,000 marks, and
with 1,037,900,000 marks in 1912 and 1,076;-
pare
200,000 marks in 1911.
the
com¬
other
hand,
are
The loans and discounts, on
only 949,129,000 marks,
now
which compares with 1,589,220,000 marks in 1912
and
also
1,344,620,000 marks in
a
shade below last
1911.
Circulation
year's figures.
•
is
It aggregates
1,929,366,000 marks, against 1,939,120,000 marks,
and compares with 1,701,960,000 marks in 1911.
New York State
by the State have been at 4%.
offering of State bonds was $25,950,000 in 4
on
June 6 1912.
RR.
The local money situation may be considered
quite
closing days of the
The prom¬
year.
ised
early enactment [of the Banking and Currency
Bill has, perhaps, added some degree of
unrest, as
out-of-town
institutions
backwardness
in
have
sending
funds
Holiday trade requirements
demands
upon
the
cash
shown
are,
some
to
as
resources
intended, to
a
week ago.
ness
have
Demand loans
House statement last
traction of
within
a
holders, who
The
Deposits
reserve
a
they
The Clearing-
companies
loan
con¬
reduced $2,403,-
requirements $241,150.
and
trust
gained in cash last week $8,094,000, the
on
subject to prior redemption at
are
The
ures
for call
range
3 @4%,
for
which also
Monday,
on
maximum
3%;
on
on
was
'
.
money
were
the basis
from
this week has been
the lowest and highest fig¬
was
was
the renewal
again the highest, 334%
3}^% the ruling rate; Wednesday's
4%, minimum 3)4% and ruling
Thursday 3)4% and 3%
and lowest
par
.
which day 4%
Tuesday 4%
the lowest and
5)4%
while the Clearing-House banks
entitled to subscribe
proceeds of land sales.
of
total of $61,930,000
were
are
was
bonus to stock¬
as a
foldings of Canadian Pacific stock on Dec. 23.
principal of these notes is to mature in 1924, but
closed
a
measurable extent,
were
rate
the highest
quotations, respectively, with 3J4% the
3%, with 3)4% the renewal figure.
Stock Exchange busi¬
index of the
of their
usual, making
Saturday registered
$10,616,000, making
fortnight.
000, which cut down
Thus,
on
ranged between 3 and 4%.
a
York.
banks.
an
capital, since the issue in question
ruling rate.
Money rates have therefore ruled rather firmer than
cents,
issue of Canadian Pacific
slight
New
the
new
6% notes at 80 is not necessarily
demands of
basis;
normal for the
The
The last
per
Friday's extreme figures were3J4% and
Time money
at
a
5@5}4% f°r sixty days (against 5)4@
week ago) 4M@5% for ninety days (against
5@5)4%)> 4%@5% for four months (against 5%),
4M@5% for five months (against 4%@5%), and
4%% f°r six months (against 4%@5%).
Mercan¬
is very quiet, as is usual at this season.
tile paper
Quotations at the close
are without change from
5)4@6% for sixty and ninety-day endorsed bills re¬
ceivable and for four to six months'
character*
Others
are
names
of choice
quoted at 6)4@b/4%-
'
Dec. 20
1779
CHRONICLE
THE
1913,]
transfers firmer at 4 8585@4 8595 and
cable
with
shown in the market for
sterling exchange this week. The strained conditions sixty days at 4 8110@4 8125. On Friday the mar¬
ket ruled irregular and easy.
Closing quotations
in Paris have not produced any exceptional demand
were 4 8095@4 8110 for sixty days, 4 8520@4 8530
for funds at that centre, the postponement of the
for demand and 4 8585@4 8595 for cable transfers.
national Government loan and the renewed interdic-l
Commercial on banks closed at 4 7824@4 80%,
tion of outside foreign loans having, to some extent
Very little life has been
been accumulated
released funds that had already
Local
intending investors.
by
relatively
been
have
money
active
as
conditions
those
as
abroad.
exchange rates have moved irregularly,
Thus sterling
sixty-day bills showing some strength, while demand
bills and cable transfers have displayed an easier
Remittances
tendency.
on
account of January divi¬
for
documents
and seven-day
for payment
Cotton
'
.
House banks, in their op¬
The New York Clearing
have
institutions,
banking
interior
with
erations
4 80@4 81
at
closed at 4 80%@4 80%, grain for pay-,
81%@4 81%.
ment 4
finished
payment
grain bills at 4 8420@4 8430.
of the cur¬
dends and interest specifically payable abroad have
rency movements for the week ending Dec.
19.
been to someextent a feature and these will be fol¬ Their
receipts from the interior have aggregated
lowed after the turn of the year by similar remittances'
$17,079,000, while the shipments have reached
of
disbursements
January
American securities
on
abroad.
whose owners reside
prospective demands will probably
here
payable
These
but
serve
to
during the remainder
still very close to the basis
keep the market fairly steady
of the year,
though rates are
at which it
gained $7,915,000 net in cash as a result
Adding the Sub-Treasury operations,
a gain of $157,000, the combined
result of the flow of money into and out of the New'
York banks for the week appears to have been a gain
$9,164,000.
which occasioned
is estimated that gold importations from
sisting
this
strongly
as
country.
There
are,
movement of gold to
in fact, well-defined re¬
London bankers have adopted a new
exportations of the precious
that
ports
as ever any
method of preventing
American short-term notes to this market.
return of
Total.
—
The
New
becoming too insist¬
York's demand for gold
With the conceded recession that has so
grad¬
ually shown itself throughout the country in our
trade
ent.
bullion
following table indicates the amount of
V
principal European banks.
in the
Dec. 18 1913.
Dec. 19 1912.
•i
Banks of
Total.
£
£
,
Total.
.Silver.
Gold.
£
Silver.
£
will be further continued in the event of
$8,072,000
$34,537,000 Gain
$42,609,000
.
Gold.
circles here,
$7,915,000.
157,000
Gain
*
it is understood, in foreign exchange
This movement,
25,373,000
25,530,000
in
Bank Holdings, '*
$9,164,000 Gain
$17,079,000
.
Sub-Treasury operations...
Net Change
Out of
Banks.
19.
Banks' interior movement.-...
This has taken the form of the quite active
metal.
December
ending
Into
Baiihs.
Week
London is re¬
Europe can be made without loss.
■«'
£
32,473,897
35,420,649 32,473,897
35,420,649
157,319,880
140,984,240 26,033~ 000 167,017,240 128,273,120 29",046",760
14,250,000 74,686,100 38,271,400 13,623,450 51,894,850
Germany. 60,436,100
6,338,000 164,712,000
Russia
5,826,000 173,184,000 158,374,000
167,358,000
60,572,000
Aua. Hun.
51,585,000 10,792,000 62,377,000 50,380,000 10,192,000
47,069,000
19,071,000 28,942,000 48,013,000 17,459,000 29,610,000
Spain
3,500,000 46,147,000
2,950,000 48,537,000 42,647,000
45,587,000
Italy
648,700 14,075,700
757,000 13,213,000 13,427,000
Neth lands
12,456,000
3,729,000 11,187,000
7,458,000
4,171,000 12,513,000
8,342,000
NatBelg—
5,576,000
5,576,000
5,689,000
Sweden
5,689,000
7,092,000
7,092,000
6,856,000
Switz'land
6,856,000
2,254,000
2,254,000
2,577,000
2,577,000
Norway..
England..
France
....
expectation
and industrial activities, the
appears
to
prevail in banking circles here that money supplies
will in January begin to accumulate to such an
extent
that there will be no
forward
as
,
Prev .week
EX-PRESIDENT
Department of Agriculture's cotton estimate,
'
means
value
larger
a
account to this
to
remitted
be
on
cotton
Saturday
on
firmer for demand and cable
which advanced to 4 8540@4 8545 and
transfers,
4
was
respectively; sixty days /remained
8590@4 8595,
TAFT ON
THE
NEW'
POLITICAL THINKERS.
'
The
speeches delivered at last Saturday's dinner
of the
Pennsylvania Society—especially by Senator
Sutherland of Utah and by
serve
side.
Compared with Friday of last week, sterling ex¬
change
96,687,910600,373,327
97,201,787602,560,896
93,721,000 650,082,989 503,685,417
92,886,587 649,825,914 505,359,009
556,361,989
556,939,327
proposition.
exchange
an
Total week
necessity of bringing
The
showing the 1913 yield virtually up to last year's, sug¬
gests an active supply of cotton bills, while the
higher prices now current for the Southern staple
gold
._
more
ex-President Taft—de¬
than passing notice.
Mr. Sutherland's
speech, which devoted itself especially to the recent
attacks
on
the
judiciary,
was a
strong appeal for
sanity and sober thinking in the politics of
"The democracies which preceded the
the day,
American revo¬
weaker lution," he set forth, "failed because the people un¬
dertook the impossible task of conducting government
tone on Monday,, largely on increased offerings of
commercial bills, and demand declined to 4 8530 by their own direct action, or because they gave to
unchanged a,t 4 8090@4 81.
@4 8535. and
There was
cable transfers
to
a
4 8580@4 8585;
firm, and advanced to 4 81
On Tuesday demand was weak and re¬
sixty days, however, held
@4 8110,
ceded still further to 4 8520@4 8525 and
fers to 4
at 4
8575@4 8580; sixty days ruled unchanged,
81@4 8110.
After opening weak on Wednes¬
day, the market rallied on firmness in
counts and short
covering, and
took place; the range
4
8580@4 8590
4 8115 for
duced
an
for
an
English dis¬
advance of 5 points
was48520@4 8530for demand,
cable
sixty days.
transfers
and
easier feeling in the earlier
was
transactions
recovered
on
on re¬
covering of short commitments; the day's
range was
unchanged for demand at 4 8520@4 8530,
officials the
outward semblance of authority
and withheld its substance
by hanging above their
heads the
of the recall."
perpetual
tablishment of
the
our
The es¬
Constitution, and especially
framing of its provisions for an independent
of laws
and
passed by the legislative body, was plainly
chaos
preceded it.
The Senator
might have reminded us that there was
day when Webster's great
floor
jur
interpret the Constitutionality
unmistakably the result of the political
which
a
menace
own
diciary which could
4 8105@
Lower discounts abroad in¬
Thursday, although later this
newed
cable trans¬
their
of the United
schoolboys
Reply to Hayne, on the
was recited by
States Senate,
Constitutional
Constitution. - We
salutary practice has been much relaxed
as
the epitome of sound
theory and of the reasons for our
fear that this
in
the! educational
practices of to-day;
teachers would do well to
of
it.
resume
Senator Sutherland summed up
recall
CHRONICLE
THE
1780
school
our
Concluding,
the doctrine of the
judicial decisions, with the
judges and of
are
nothing to commend it."
theories
now so
in Mr.
Taft's
the
out
based
months,
complete disregard of the nature of the ju¬
dicial function—which is not to register the
opinions of the majority
and the law
as
to what the Constitution
ought to be but to interpret and declare
the Constitution and the law
It
the real note
of the
turedly that he
for
went
they
as
longer individually responsi¬
was no
the affairs of the United
to comment upon
on
are.
Premising good-na¬
evening.
who
States, Mr. Taft
He called
day.
to
over
active
an
and when
we
mo¬
tives and purposes
of the framers of
tion.
it will be recalled by those who
read
the
This article,
Constitu¬
our
it, pointed out with painstaking analysis that
men
drew
who
the Constitution, and who
up
passed the early laws in carrying outfits provisions,
were
who
men
payment of
were
personally interested in the
re¬
Revolutionary War debt, and who,
our
a
much
as
dead level of
an
anybody else,
equality, experience,
perfectly well-known conditions of the day with
discouragement.
people
are
His
conclusion
own
than two
more
a
was
hard-headed
common-sense,
people, and they will not need
or
three
lessons, with the accompanying jolts, before they
will take note
that, after all, the good old day of
honest hard work by
individuals, of reward for self-
sacrifice, and of beginning improvement at the bot¬
tom instead of at the
top, is still the only method of
securing real progress."
the
This is, in point of fact,
only rational deduction which people familiar
with the past can
provisions requiring its redemption
political movements of the day.
The point of view in the article referred to
;
something
new,
the present
to
money
day.
If
by
statesman had loaned his
every
Revolutionary Government, in the dark¬
our
had risked his private savings
doing, and had retained the bonds or notes
which the Government had raised the money, he
so
on
thereupon, in the
became
itor.
zen
eye
of this broad-minded historian,
something of
a
malign arid oppressive cred¬
If he thereafter lent his
Government
debt
after
the
thereby proved himself to be
were
Let
war
a person
was
of
the
probable., effect,
Government, of its payment
honorably contracted.
minds
one
of the
interest
sold to them
"in
favor
repudiation of
against
proposals
a
of
issuing
the article referred to,
norant
the
of United States bonds,
paper
money
was
sick."
on
not
were
represented
theory is only
Our amateur statesmen
But
one
incident
are
aspiring
nowadays "to suspend the law of gravitation,
any
on
the fact that "the ig¬
Constitution Convention."
this outburst of historical
day.
enough to
that its objections of the Consti¬
unsuccessful
personally in the
the
re¬
highly apposite comment,
obviously based
and
debt
gold security, answered that he was
Mr. Taft makes the
are
a
to pay in .silver
stuff down the bondholder's throat until he
tution
a
Such historical analysis
and principal
as
consid¬
no
the future of
confronted with the protests
fame,
bondholders
of
he
over,
episode of 1877, when Mr. Bland of
,
silver-inflation
or
on
of the economic laws.
We
are
or
going to make
everybody happy without individual effort.
.
.
.
We
know
our
people under the auspices of the Constitution,
more
than
our
and the marvelous way
fathers.
,
The growth of
in which its simple but
com¬
prehensive language ha,s met the Requirements of the
and
broke
down
like
spirit of such times, would
anarchy.
never
But
student of history
so.
time, successful advocates of wild and
a
travagant theories, such as our
advocates, whether in social
a
new
or
political affairs, has
doubt,, by the influences of
no
hour, but always ready to
ibrium
ex¬
school of. thinkers
quiet and observant electorate—often swayed
towards radicalism,
and to take its stand
on
recover
tid6 of their
reaction
more
on
are
mental equil¬
the basis of
conservatism at'the moment
destruction and innovation
a
1789,
experience teaches that behind the vociferous
and, for
sense
after
have emerged from
every
knows that this has not been
the
France
through yielding • unreservedly to the
the resultant
stood
believes, then
of political hysteria,
waves
which,
governments
All
Taft
popular, government in that history must have
perished in the recurrent
citi-.
a
whose politics
observe that this diagnosis takes
us
then
as
governed by nothing but his private interests.
eration
the
influence,
legislator, towards insuring the repayment of
or
this
of
own
of events in human history
course
not bound to be what Mr.
in the innovating notions of
a
draw from the eccentric social and*
If, indeed, the
was
were
even
est hour of the war,
i
as
exception—common sense."
an
therefore, voted with selfish ulterior motives for the
-
process,
But Mr. Taft did not conclude his review of these
"our
(mostly unfavorable) attention—on the
a
minority," and all this is obviously
have
may venture
that
less
or
Such
education, judgment, and of everything except—if I
fessor of this neighborhood—which has attracted more
certain college
three
every
the interesting belief that "we live in
when everybody knows
age
of
a
shall tire
we
by having elections
sign the initiative petition."
pro¬
article by
an
proposal,
latest
"by which
one
at the will of the cranks and enthusiasts
or
note
attention, first, to
view, is
consistently pursued, "would turn the Government
certain peculiar demonstra¬
tions in the random discussion of the
As to the electoral
much,in vogue, the
electorate
based upon
left, however, for ex-President Taft to strike
was
ble
changing
xcvii
greatest national expansion in the history of the world,
pregnant statement that it proceeds upon a theory
on
[Vol.
common-
when forces
mischievous achievement.
the part
of
seemingly in the full
of the people
as
If such
whole is
a
faintly visible in the ,popular sentiment of to-day—
and there
only
are
those who think it is—then that would
that history
mean
was
repeating itself.
,
"EFFICIENCT^AND THE "DEBATABLE
>.'■;y;•
'GROUND."yyy ■ yc y;. y.j:.
After
suggestions, in Washington correspondence,
during the autumn months, of what the President
might attempt to do in "anti" legislation, there
his brief
"the
came
hint, in his annual talk to Congress, that
debatable
would need
ground"
some
fying nature; and
around the Sherman Act
statutes of
now we
a more
explicit and clari¬
have, in the report of Sec¬
retary Redfield, what is accepted
as
at least
a
tenta¬
tive statement of the line those statutes should take.
They should, first, declare
a
presumption that all
restraints
of trade
burden of
establishing their reasonableness
party alleging it.
are
Such
unresaonable
a
and
place the
upon
presumption, squarely
the
re-
THE
UEn. 20 1913 ]
long-established rule of law by assuming
guilt on part of the person accused, is not now advo¬
cated for the first time, and at first glance it seems to
follow the Supreme Court in the Northern Securi¬
versing the
where the major¬
than ten years ago,
ties case, more
ity held substantially that neither bad
bad motive need be proved, but that
such
contract or
a
to
power
results nor a
"the vice of
combination is that it confers the
establish unreasonable rates."
time the late Justice
Brewer said that
Yet at that
"instead of
holding that the Anti-Trust Act included all contracts,
reasonable and unreasonable, in restraint of inter>
been that the
unreasonable." Later,
the Court has distinctly laid down what is known "as
"the rule of reason," meaning that unless the Act
receives a reasonable construction, there could hardly
the ruling should have
State trade,
contracts theie
be any
were
might not be in¬
business agreement which
terpreted
injuring or aiming to injure inter-State
If a law, necessarily couched in some¬
as
commerce.
what
presented
is construed too broadly, it
general terms,
much in its net of attempted re¬
either business or the law itself must sus¬
comprehends
straint that
so
pend.
saying that even if the results are
is like
This
itself is not bad, "the evils re¬
combinations" might still be bad.
Upon such a proposition it seems idle to spend words.
Months ago Mr. Redfield served warning that
efficiency might soon be made a test to which all
productive concerns must be brought, particularly
any that ventured to reduce its force or attempt a
wage cutj in consequence of tariff revision.
There
is a grim humor in the very thought that the Federal
Government, utterly inefficient itself in its own af¬
fairs, should propose itself as a teacher to private busi¬
ness; a tortoise might almost as reasonably offer
compulsory lessons in the art of flying.
Inefficiency
was to be presumed, sought out, exposed and pun¬
ished, then; now, efficiency is to be the test of good¬
ness or badness in large operations, and it must be
both "socially and economically" such.' The inef¬
ficient concern is to be dealt with because it is un¬
successful by its own fault; the efficient successful
one is to be punished for being successful and large.
If a combination is too feeble to grow, it is guilty;
good and the process
sulting from large
if it grows
•
the patent
monopoly we have and one
against which we are beginning to rebel, tends to
restrain; the man who produces a better article, or
renders a better personal service, than others do, is
tending to restrain; every step which man has ever
made in improvement, or ever will make (possibly
short of the millennium of brotherly love) tends to
Competition itself tends to restrain;
system, the one legal
too large, it is
guilty.
Representative Humphrey of the State
Now
/■
1781
CHRONICLE
of
by submitting a list
shingle and 33 lumber mills which, have lately
in his State, and he says that others are re¬
Washington challenges the test
of 194
closed
ducing the force employed or the wages, paid,..
owners
claim,
says
These
,
Mr. Humphrey (without assert¬
account) that the reduced! tariff
He therefore calls upon Mr.
Redfield to undertake the needed work of showing
whether this is really the cause, or whether there is
restrain; that is, every step in progressive superiority
tends to restrain and displace the inferior.
The dis¬ a new combination for the purpose of embarrassing
placed inferior must improve or go
down; that is the
Therefore (without
statement) it is certain—
and it ought to be perfectly clear—that displacement
of the inferior by the superior pushes civilization on
and that "restraint of trade," unless accomplished
law
of
nature
and
ing this
is
his
own
the Administration.
.
>/;
v
The full effect of tariff
progress.
stopping to enlarge upon the
on
largely responsible.
and trade is not yet
as
"
clearly known, but what is al¬
ready plain is that business
of uneasiness
\
changes upon productionu
to what may
lent theorists in power
everywhere is in a state
be attempted by benevo¬
who bring up one wild and
another, while con¬
In lieu of the reason¬
able stability upon which all long-term undertakings
and conducive to the general welfare.
must be conditioned, they offer us instability and.
But Mr. Redfield returns to his former "efficiency"
universal meddling.
Unhappily, the country has
shibboleth, and declares that on "whether the trust
or
monopolistic form is socially and economically been brought, by reiteration of unthinking outcries,
under the obsession that size and success in business
efficient in production, as is alleged, must depend the
ultimate attitude of the Government towards com¬ mean, and can only be achieved by, robbery and in¬
binations and consolidations in business."
That is, jury inflicted upon the people at large.-
outside of legitimate competition, may be
merely an inseparable incident of human progress
by
means
accomplished and proved effi¬
need attending
to.
Upon this he flounders about, now admitting
that a large business may contain such importantefficiency factors as economies in purchasing, pro¬
ducing and selling; then intimating (what is possibly
if
any
revolutionary proposition after
tinually indulging in wild talk.
business has
ciency, it is good; otherwise, it may
.
UNION PACIFIC ANNUAL
THE
REPORT.
Pacific Railroad
Co. is for the company's fiscal year ending on Juhe 3D
1913, but the operations and transactions which have
taken place since then in the carrying out of the U. S.
Supreme Court decree for the severance of relations
true in some rare instances) that a point of maximum
between the Union Pacific and the Southern Pacific
efficiency at minimum cost may come, beyond which
have been of such commanding importance as to
increase in product means increased cost per unit of
overshadow the ordinary results for the fiscal year.
product; then asserting (what is perhaps less clear)
Naturally, therefore, one turns first to that part of
that "many large combinations have demonstrated
the report treating of these dissolution transactions.
their economic inefficiency," as to which it may be
It is gratifying to find that they are dealt with quite
said that then they can be left to the laws of business,
at length and that the report furnishes much illumin¬
which will destroy them unless they mend; then mak¬
ing a detour for escape by declaring that if efficiency ating information with regard to the matter.
It .will be recalled that for many weeks during the
is realized and takes the form of lower prices to con¬
sumers,
without reduction in wages or severer con¬
ditions of,
evils
"whether the
would not
than the alleged advantages of cheaper
labor, it is itill questionable
resulting from large combinations
be greater
production,"
1
The present
summer
rumors
management
ation,
or
some
some
Pacific
report of the Union
were
current to the
effect that the
contemplated, or had under consider¬
plan for the
stock.
distribution of the whole,
proceeds of the sale of Southern
/ On ; October 9 Chairman, Lqvett
part, of the
THE
1782
definitely set these
by. giving out
•had
a
received
Executive
CHRONICLE
at rest for the time being
rumors
statement saying that the question
attention by the
careful
and
earnest
Committee
and
of
Board
the
Directors
stocks
of
[Vol.
the
Baltimore
Ohio
&
Southern Pacific stock from the
Co. have been
at
taken up on
xcvii.
purchased with
Pennsylvania RR.
the books of the company
approximately market value
as
of the date
0*
and that the conclusion had been reached that exist¬
which
ing circumstances made it inexpedient to deal with
follows the
the
that "at the date of this
report (the date is Decern-,
ber 11) the Southern Pacific stock account showed
To this he added the follow¬
subject at present.
ing further significant statement, viz"To avoid
misunderstanding, however, it is deemed right to
state that
of the various
none
sidered and discussed
surplus,
plans thus far con¬
contemplated
either in cash
The
receiving ten
"
remarks
of any
yield of the
stock of the Union Pacific is
common
profit
a
plainly meant that if
extra distribution
any
kind should be ultimately made involving
distribution of assets,
the ten
a
cent dividends now
per
consummated.
was
the books of $16,310,010."
on
less
Pacific
than
5%
But the
on
and
common
profits
on
losses
8%
sales.
the $216,-
on
the $316,178,900 of Union
preferred combined.
the Southern Pacific stock trans¬
from the profits
the Union Pacific's other
on
deem
we
stock outstanding
common
action cannot be considered
apart
or
If
distributed, it will be
found that it amounts to less than
and
Then
following enlightening remark, namely
that this is all that could be
cent dividends and Mr. Lovett's
per
transaction
securities, which in its, 635,400 of Union Pacific
or
result would have increased the present
stock."
division of
any
the
purchases and
Naturally, therefore, Mr. Lovett takes
up
paid would have to be reduced to the extent of
the loss of income resulting from the reduction of
;
the broad
pany's investments in security holdings.
He says
a
profit of $58,855,677 was made on the sale of the
assets.
There is
;
the
direct allusion in the annual report to
no
possibility
Much
data,
matter and
To
way.
likelihood of
or
however,
these,
attitude of
on
the
own
was
railroads, and that in
from the transaction
•of
similar
a
of-the
kind.
from
or
the profit derived
on
previous transactions
Chairman
Lovett's
discussion
subject of investment securities, in connection
with which, this matter
in
any
warrant for any special payment
this
comes
up,
is
very
respect that it affords
one
-whatever may be
noteworthy
that
assurance
ultimately done, it will be in accord
with conservative counsel and that in the meantime
Ry. Co., the Great
$16,310,010 of profit
the Southern Pacific stock
account,
found
was no
Northern Pacific
com¬
Ry. Co. and the Northern Securities Co.
If to this there be added the
on
highly inadvisable, considering the
except such as might be based
•
of the
profit
an
Congress and the Inter-State Commerce
event there
stock
Northern
extra
Commission towards the
;
bearing
it has always seemed that
^us
distribution
given
will interpret in his
are
everyone
such distribution.
any
question of the profits from all of the
the two
on
have
to
the total of
sets^of transactions1 combined is
been
about
$75,000,000.; Very
properly, however, account is taken of the fact that
the other investment
June 301913
a
would leave
a
Lovett's) of only
178,900 of Union Pacific
our
a
common
compu¬
little
over
and preferred stock
computations, which,
the amount involved in
big
as
on
as
stated,
of importance only in showing that
own, are
tion is not
showed
not quite equal to 11% on the $316,-*
or
combined. / These
are
owned
profit at the present time (the
tation is ours, not Mr.
$34,000,000,
securities
depreciation of about $40,780,000. This
as
a
possible special distribu¬
commonly supposed.
'
prudent
a.
•
•
policy
will
prevail.
As
a
It is well to
preliminary,
recognize, however, that the $40,780,-
steps have been taken for applying sound and sensible
000
bookkeeping methods, which must in the end afford
ket value of the Union Pacific's other investment
•
a
test
by which
a
wise determination of the question
will be reached.
After
.
S/'-'Y:
•
carried
with
out,
the
approval
curities owned is
ties
outlining the nature of the dissolution plan
finally
as
•
depreciation shown
still
are
a
as
paper
of June 30 1913 in the
mar¬
se¬
depreciation only;-the securi¬
owned, and the exact amount of loss that
will be sustained cannot be known until
they
are
actu¬
of
the
ally parted withu On the other hand, both the North¬
Attorney-General ;and the Court—namely the
ex¬
ern
change of $38,292,400
par
Southern Pacific Co. for
Ohio
value of the stock of the
$42,547,200 of Baltimore &
stock
(half common and half preferred) held
by the Pennsylvania Railroad and the deposit of the
remaining stock of the Southern Pacific Co; held by
the
Union
Pacific, aggregating $88,357,600 par
value, with
trust company in New York and the
a
issuance of trustee's certificates
so
could not be converted into the under¬
lying Southern Pacific stock by
Pacific
stock), and the sale of such certificates
shareholders, preferred and
Pacific RR. at
share—after
Lovett
~
have
its
•
-
enters
and
•
these
a
The fact
to all
of the Union
well-known
details
a
Mr.
instance
on
and
other
of
the prof¬
security invest-
that the underwriting expenses, as
attorney's fees in the litigation
counsel and
Government, and all other
expenses
incident
ownership of the stock of the Southern Pacific
Co., have been charged,
-of the sale
as
paid, against the proceeds
of Southern Pacific
Co.
stock, and the
a
ac¬
profit of $75,000,000 from the two.
remains, nevertheless, that the investment
holdings, apart from the ,Northern Pacific and South¬
Pacific,
ern
more,
have
seriously
depreciated.
Further¬
the outlook for railroad properties at the
mo¬
ment is not
particularly encouraging, and it is quite
possible, therefore, that the investment stocks still
may
undergo further depreciation.
Recog¬
nizing this fact, the board of directors—this isof
news
to take
a
bit
not known before—has made arrangements
care
board, the
of the
sum
depreciation.
By resolution of the
of $50,000,000 has been appropriated
out of accumulated
surplus and set
up
as a
special
fund termed "Reserve for Depreciation of Securities."
discussion of the profits that
this
sustained
He says
as
to the
in
common,
price subsequently fixed at $92
into
losses
with the
■
a
giving
accrued
ments.
well
of Union
any owner
are now
transactions, and the Union Pacific has
tually realized
against the stocks
deposited (but under such restrictions that the eretained
certificates
'•
Pacific deal and the Southern Pacific deal
closed
This
30
change
appears
in the balance sheet for June
1913, though the Southern Pacific sale
completed until
several
months
after,
being anticipatory and precautionary.
was
the
It is
not
action
a
wise
step and in every way to be commended, and it af¬
fords evidence that the spirit of conservatism domi¬
nates the
says
management of the property.
that if and when
referred to
are
any
Mr. Lovett
of the investment securities
disposed of, whatever loss, -if
any,'
that'
Dec. 20
THE
1913.]
maybe sustained will then be charged against this re¬
account.
This was deemed bettter, it is stated,
serve
than the actual writing
1783
CHRONICLE
down of the securities to ex¬
isting market value, because, with the fluctuations
usual in the market value of such securities, the price
prices, largely, if not wholly, compensating farmers
as a class for the lessened yield; but the cost of living
to the consumers,
already high, has been increased,
and become more
burdensome, especially to those of
small
moderate incomes.
or
estimates of the cereal crops vary to
realize^ in case of sales may vary materially from
only a very unimportant extent, except in the case of
existing market prices.
'
.
It is not surprising that there should have been con¬ rye, from the preliminary approximation previouslyannounced by the Department of Agriculture/ For
siderable discussion by the public and by speculators
The final
_
,
of the
The balance
stock.
Southern Pacific
sheet in the report is of June 30
representing
certificates
of
600
Pacific stock had been dis¬
posed of, and it shows that the company was then in
easy financial condition.
There were some very
striking changes during the twelve months in both
1913, before the Southern
of materials and
The current liabilities, on the
year ago.
hand.
amounted to
on
The funded debt
no more
than $25,614,949.
outstanding in the hands of the pub¬
decreased slightly during the year—
actually
This, too, notwithstanding new
$10,025.
capital
of
expenditures during the twelve months in amount
$15,166,375.
As to the income
nothing
to
v
\
showing for the fiscal year, there
complain of.
Gross earnings were
increased
$7,660,849 as compared with the twelve-months
preceding.
Contrary, too, to the experience of other
large railroad systems, $4,020,040 of this was carried
forward as a gain in net.
In the preceding two fiscal
years, however, net had been cut down from $40,024,835 -to $31,219,413, in part owing to a general
the largest
in the company's history, and
the
of
mechanics
declared Sept. 30 1911.
Taxes made a further increase
additional $297,488,
an
1912
in 1913 and consumed
leaving the gain in net over
The traffic statistics show con¬
development of operating efficiency; the aver¬
$3,722,552.
tinued
train-load having been 559 tons. In the final
result a surplus remains
on the operations of the
twelve months in the amount of $11,131,995 after
age
providing for all charges and the
paid
484
on
the common stock.
more
for the
that: remaining
than
10% dividends
The surplus is $2,738,on
the operations
aggregate outturn has been less than 25
bushels, as against 174,225,000 bushels a*
million
Iowa from 432 million to
HARVESTS IN' 1913.
The harvests of the United States
for 1913 present
situation vastly different from that
which existed
in Nebraska from
1823^ million to 114 million and in Oklahoma from
102 million to 57 million bushels.
In these six States,
M
••
which furnished half of the
country's
1912, the loss in production this year
613 million
bushels,
nearly 40%.
or
Southwest, shows
in the
effect
million, bushels over last year
mark for the State.
The Texas
some
as a
16
high
.
a new
lion bushels the mark set
in 1901, when
out of the winter in a very
came
area was
with that of the current year.
most identical
wheat
crop,
important
gain of
and stands
of
less than
no
yield of 1913, at 763,380,000 bushels,
high record, exceeding by 15 mil¬
The wheat
established
a
crop
corn
is
maturing before the drought had had any
al¬
Winter
satisfactory
through
small—only 1,-
condition, and in consequence the loss of area
winter-killing
was
comparatively
449,000 acres, or 4.5% of the territory
planted in the
leaving under the crop 31,699,000 acres,
fall of 1912,
the largest acreage ever
The weather
reported except that of 1903.
during most of the season was favorable
and the outturn has proven to
be greater than ever
before—523,561,000 bushels, against 399,000 millions
in
1912 and the
previous record of 493 millions in-
bushels
Spring
adversely affected by the weather at the
The average yield per acre at 16.5
1906.
very
OUR
338 million; in Missouri
million;
from 244 million to 129
exceeds
preceding twelve months.
In Illinois the product dropped from 426
bushels in 1912 to 285 million in 1913, in
million
wheat
a
In that
and most decidedly in Kansas.
State the
•other hand,
strike
severely felt in the large producing sections of
the West,
cash, but not including $11,378,191
supplies
1901.
Texas, but the effect of the drought was
State except
most
The year's pro¬
reported from almost every
diminished yiekl is
June 30 1913 held $11,855,029 of actual
$27,856,810 of current assets, including the
cash and
since 1903.
at 23.1 bushels, is the lowest since
duct per acre,
A
at 2,446,-
crop
This is 678 million bushels less
of 1912 and 85 millions below 1911,
and is the smallest crop
company on
is
final estimate puts the
than the total
and the current assets, but the
the current liabilities
lic
the
corn
disposition the company was likely to make
cash received from the sale at 92 of $88,357,- 988,000 bushels.
to what
as
all
was
previous
years
beginning of the
season,
except
1906.
and during June suf¬
deterioration from drought and
fered very important
high temperatures in the Dakotas and Minnesota,
which better conditions later
The
result
is
a
crop
only slightly relieved.
of only 239,819,000 bushels,
corn, spring wheat,
hay and a number of against 330,348,000 bushels in 1912—the high
\
•
smaller crops yielded as never before, winter wheat record—and 190 millions in 1911.
The yield of oats in 1913, from an area somewhat
and cotton alone of the leading crops falling behind
the best previous record.
This year the experience larger than in 1912, shows a quite important reduc¬
has been the exact opposite, owing to the decidedly tion, the result of the same conditions that served to
adverse effect of the prolonged drought.
Accord¬ diminish the production of corn and spring wheat.
The year's crop is estimated at 1,121,768,000 bush¬
ingly, the general result is much below the average
of recent years. The unfavorable nature of the grow¬ els, or 297 million bushels less than in 1912, but 99
millions greater than the 1911 aggregate.
The bar¬
ing season of 1913 is well indicated by the Secretary
of Agriculture in his lately issued annual report, ley crop, at 178,189,000 bushels, also exhibits a loss
in which he remarks that "the production of crops .of some magnitude from 1912 (45 million bushels), but
in 1913 was materially below the average, the yield exceeds that of all earlier years except 1906, which;it
in
the
previous season.
Then
oats, barley, rye, potatoes,
of all
per acre
1911."
crops
combined being smaller than in practically equals.
in the past decade with the exception of
Shortened production has resulted in higher
any year
which the
The yield of rye for the season,
Department of Agriculture puts at 41,-
381,000 bushels, sets p, new high
record in production
1784
THE
and exceeds
1912
(Vol.
below
a year
RAILROAD
GROSS
four
of the five
seasons
above
principal cereals referred to
(corn, wheat, oats, barley and rye),
give
we
following table.
OF
CORN, OATS,
BARLEY AND RYE.
Total
Department.
Department.
Department.
Production.
1913.
1912.
1911.*
*1910.
•
ady is
a
Census.
Department.
1909.
■
Bushels.
Bushels.
|
Bushels.
j
Bushels.
]
Bushels.
2,446,988,000 3,124,746,000 2,531,488,000 2,886,260,000 2,552,189,630
683,349,647
763,380,000
730,267,000
621,338,000!
635,121,000
Oats...... 1,121,768,000 1,418,337,000:
922,298,000 1,186,341,000 1,007,129,447
173,321,000Barley
178,189,000
223,824,000,
160,240,0001
173,832,000
Rye
29,520,000
41,381,000
35,664,000:
33,119,000) b34,897,000
Corn
Wheat
4;651,706,000^5,532,838,000.4,268,483,p0pj4,9l6,451,000j4,445,5p9,724
♦Department totals revised
by drought in 1913,, the aggregate for the five cereals
showing
loss from
a
bushels and
the
a
It
1912 of nearly 1,000 million
gain of only 283 million bushels
admittedly
poor crop
over
of 1911.
important food
647,000bushels, and
1911
poorer
bushels
331,525,000
ago,
much
a
return than
against the roads
The
situation
illustrated
prevailing in this respect is well
by the compilations
the month of October.
hay
crop
did not
a very
the
railroad manager
a
announced by
same
tration
in
in
upon
Nor
can
of
Agriculture
continues
crops,
marked,
clusive
using
December
this
as a
would
method
of
nounced
officially
we
be
to
seem
have
as a
per
heretofore
a\ rather
determining value, but
the results for the
sent
basis the farm value
As
1.
re¬
pre¬
five principal crops as an¬
matter of record:
such
a
agricultural yield is reduc¬
ing the Western grain movement and the Southern
VALUES
ON
DECEMBER
-
Inc.
roads)—
1913.
Miles of road.
Operating
Net
....
expenses..
....
earnings..
Of
same
........
course;
1912.
243,690.
8299,195,006
201,494,500
1.
■
1913.
1912.
1911.
<
1910.'
1909.
$
■
$
s
Oats
Total.
..
95,731,000
112,957,000
139,182,000
26,220,000
......
Rye
23,636,000
27,557,000
I
8
1,692,092,000 1,520,454,000 1,565,258,000 1,384,817,000
610,122,000
555,280,000
-543,063,000
561,051,000
439,596,000
452,469,000
414,663,000
408,388,000
Wheat
Barley
■$■
100,426,000
24,953,000
1,477,223,000
673,653.000
405,120,000
93,626,000
the
on
Dec. 1,-
Department in each of the last
some
of the
leading
crops are
reported by
as
seven years, for
our
any
figure
1913.
Wheat
1912.
1911.
Cents.
Cents.
Cents.
of
PLANTERS.
Cents.'
1908.
'
1907.
crease
there
in expenses
was
Cents.
Cents.
87.4
76.0
87.4
88.3
98.6
66.3
83.2
71.5
71.8
73.6
39.2
31.9
45.0
34.4
40.2
47.2
44.3
53.7
50.5
86.9
57.8
54.0
55.4
69.1
48.7
61.8
48.0
57.9
60.6
51.6
75.5
66.1
72.6
66.1
70.1
75.6
69.8
...
Buckwheat
"
Potatoes
"
Flaxseed
Rice
68.7
50.5
79.9
55.7
54.1
70.6
115.0
182.0
232.0
153.0
118.4
95.6
85.8
93.5
79.7
67.8
79.4
81.2
85.8
hay December 1 is stated
at
$14,822,028 gain in net.
had been quite unsatisfactory,
reason
1911
hardly
more
tion to the net
more,
of
the year
poorer.
our
compilations
gross
in 1913,
cotton at 12.2 cents per
pound this
in 1912 and 8.8 cents in 1911.
year,
*
and
11.9 cents
recorded
For
trifling
for the whole railroad
than one-half of 1%, while the addi¬
was
the
on
same
$2,110,767,
or
slender
2.30%.
basis, being
In October
preceding (1910) the showing
In that
year,
also, the addition to
was even
gross was
relatively insignificant, being $2,643,059, while at
same
and
as a
there
pound
than
no
1911; tobacco at
per
more
system of the United States being only $1,370,362,
than
12.8 cents
in¬
Prior to
of their isolated character.
gains, the increase in
$12 43 per ton, against $11 79 in 1912 and $14 29 in
against 10.8 cents, and 9.4 cents, respectively,
an
signifi¬
by
the
The farm value of
attended by
favorable results for 1912 lost much of their
61.7
120.0
was
that the
66.6
Corn
extra
an
however, the October returns in all the
73.1
Oats
Barley
<
was
so
Cents.
92.8
79.9
63.4
bushel
gross
(due in
in the large amount of $20,442,655,
still left
recent years
or
Rye
per
gain in
a
con¬
For Oc¬
$35,264,683
that there
Sundays), and though this
.
'1909.
1910.
the less real.
working day in the month, owing to there having
been only four Sundays against the previous five
cance
subjoined.
RECEIVED BY FARMERS AND
11.85
compilations showed
October
AVERAGE PRICES
6.20
$110,811,359 —513,110,853
1912, but that does not make the
magnificent
last year,
farm values
0.48
earnings
21,164,000
2,863,761,000 2,664,796,000 2,689,723,000 2,479,635,000 2,670,686,000
The average
%
1.07
—51,281,011
+11,829,842
•
'
-
Corn
(—).
5300,476,017
189,664,658
$97,700,506
part to the circumstance
Crops.
or Dec.
+2,804
comparison is with good returns in the
month of
the
(+)
Amount.
240,886
traction in net
in
FARM
the de¬
pronounced feature in recent weeks, while
tober 1912
•
The vol¬
on
the present season's poQr
incon¬
we
a
cline, owing to the industrial reaction which has been
Gross earnings.i
on
increases
future.
near
general traffic is
to
attempt to show the value to the producer of the
unit
as a
improvement be counted
in the
gross revenues
of merchandise and
ume
October (476
leading
of operating
course
impossible to apply
seems
any
cotton movement alike.
Department
trying is the lot of the
The
to-day.
proceedings, it
corrective.
•
the two years.
The
outlays made during the twelve months, it will
not be difficult to realize how
result of arbi¬
moderate diminution from the total of
Department promises to be about the
capi¬
new
made from time to time,
the effects of unfavor¬
as
a re¬
of the
reason
in wages
.
and the yield of cotton
tal
When it
obliged to net
are now
larger investment, by
in
loss in
a
11.85%.
or
are
up
420,-
weather, the comparison being between 64,116,000 tons and 72,691,000 tons.
Tobacco suffered
year ago,
$13,110,853,
is recalled that the roads
on a
earnings
gross
have moved
$11,829,842, leaving, therefore,
less than
no
the
expenses
new
able
only
compared with the
is steadily upward, and with
contrasting1 with
escape
net of
year,
to-day
present
we
As
expenses
ahead of the light yield of
run
$1,281,011 less, while
amount of
has turned
in that respect.
even
a year
by only 39 million bushels.
The
an
likewise affected by droughty
crop,
conditions, make
Potatoes,
year.
and the
The mal¬
of long standing, but is beginning to assume
mentation in expenses, but now the tide
turn
is, however, not in cereals alone that decreased
production is to be found this
of net earnings.
.
foregoing clearly indicates the havoc wrought
expenses
way,
aggravated form.
corresponding month last
The
noteworthy
a very
Previously, gains in gross
earnings served to offset in whole or in part the aug¬
for
basis of Census results tor 1909.
on
one
very
.......
Total
FOR
Railroad gross .earnings are now falling off, speak¬
keep expanding in
WHEAT,
EARNINGS
ing of the roads collectively, while railroad
result is very poor returns
CROPS
NET
AND
OCTOBER.
To indicate the aggregate yields for the last
ago.
xcvu
by 5% million bushels, but both
buckwheat ancl flaxseed fall materially
the
CHRONICLE
time there
was a
consequence net
$10,489,004.
In
large increase in
expenses,
earnings fell behind
October
1909,
of
no
less
course,
large gains in both gross and net, $28,560,921 in the former and $15,360,538 in the latter.
The
were
large improvement at that time, however, fol¬
mainly because of the poor statement for Oc-
lowed
Dec. 20
THE
1913.]
in gross in the
large sum of $18,196,132.> In the net there was then
no loss, owing to the practice of the most rigid econ¬
omy and the cutting down of expenses in all direc¬
when there was a decrease
tober 1908,
tions,
that the loss in gross was
so
converted into a
gain of $5,176,453 in net.
In October 1907, which
was the month when the panic occurred, there was
considerable improvement
1785
CHRONICLE
The Northern
Pacific falls behind $244,013 in gross
the Milwaukee & St. .Paul
$365,493 in net, and the Bur¬
lington & Quincy $93,034 in gross and $156,783 in
net.
The Chicago & North Western, with $103,041
$340,214 in net,
and
$163,643 in gross and
loss in net, and the Great
gain in gross, has $52,911
in the gross, but the net
gain in gross, has $273,708
returns of the two great New Eng¬
Northern, with $76,573
The
loss in net.
unfavorable, the New Haven
in expenses, which was
losing $230,537 in gross and $520,360 in net and the
a- noteworthy
characteristic even at that period.
Boston & Maine $165,099 in gross and $205,820 in
In the following we furnish a summary of the Octo¬
net.
In the South, the Southern Ry. has $336,190
ber comparisons of gross and net for each year back
gain in gross and $107,648 in net and the Louisville
to 1896.
For 1910, 1909 and 1908
we use the
& Nashville $440,301 in gross and $319,275 in net.
Inter-State Commerce totals, but for the preceding
In the following we show all the changes for the sepa¬
years we give the results just as registered by our
rate roads for amounts in execss of $100,000, whether
own tables each year—a portion of the railroad mile¬
increases or decreases, both in the gross and in the
age of the country being always unrepresented in the
net:
totals, because of the refusal at that time of some of
PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER.
the roads to give out monthly figures for publication.
Missouri Kansas & Texas.
$326,971
fell off,
land systems are very
owing to the great rise
.
D6CT€(l$6S»
Increases.
Union Pacific
Pennsylvania
Net Earnings.
Gross Earnings.
Year.
Louisville & Nashville.
Year
Increase or
Year
Year
Increase or
Year
Preceding.
Decrease.
Given.
Preceding.
Ddcrease.
Given.
Oct.
1896
..
1897
..
1898
..
1899
..
1900..
1901..
1902
..
1903
1904
1905
1906
..
..
..
1907..
1908..
1909..
1910..
1911..
1912-1913..
62,589,268 65,982,600 —3,393,332
72,051,957 67,359,774 +4,692,183
79,189,550 74,808,267 + 4,381,283
93,439,839 82,648,011 + 10,791,828
101,185,248 97,613,383 + 3,571,865
114,274,630 100,811,585 + 13,463,045
112,017,914 105,740,749 + 6,277,165
122,375,429 112,380,430 + 9,994,999
130,075,187 125,423,583 +4,651,604
136,313,150 125,758,596 + 10,554,554
143,336,728 128,494,525 + 14,842,203
154,309,199 141,032,238 + 13,276,961
18,196,132
232,230,451 250,426,583
261,117,144 232,556,223 + 28,560,921
263,464,605 260,821,546 + 2,643,059
260,482,221 259,111,859 + 1,370,362
293,738,091 258,473,408 + 35,264,683
1,281,011
299,195,006 300,476,017
Note.—In 1896 the
n
S
$
number of roads
1897, 125; in 1898,
24,162,741
27,875,335
32,203,684
36,761,616
38,239,892
45,303,549
40,669,565
43,341,694
48,561,136
49,824,783
51,685,226
47,983,608
88,534,455
104,163,774
93,612,224
93,836,492
108,046,804
25,938 ,287
—1,775,546
25,825 573 + 2,049,762
29,708 ,237 + 2,495,447
32,652 ,688 +4,108,928
—290,359
38,530 ,251
37,609 ,947 + 7,693,602
4—416,786
41,086 ,351
40,934 029 + 2,407,665
43,713 268 + 4,847,868
46,794, 680 + 3,030,103
46,826, 357 +4,858,869
50,847, 903 —3,864,295
83,358, 002 + 5,176,453
88,803, 236 + 15,360,538
104,101, 228 —10,489,004
91,725 725 + 2,110,767
93,224 776 + 14,822,028
97,760,506 110,811, 359 —13,110,853
included for the month of
October was 125;
1900, 131; in 1901, .111;, In 1902, 105;
1906, 91; in 1907, 88; in 1908 the returns
238,955 miles; in 1910 on 241,214 miles;
237,217 miles; in 1913 on 243,690 miles.
121; in 1899, 126; in
1903, 168; in 1904, 100; in 1905, 96; in
mere based on 231,721 miles; in 1909 on
n
In 1911 on
236,291 miles; in 1912 on
In the case
of the separate
$664,274
1/546,440
.
N Y
440,301
a377,254 Missouri Pacific
336,190 Northern Pacific
251,132 N Y New Haven & Hartf.
Lake Shore & Mich South
183,244
174,817 Chicago & Alton—„
167,086 Boston & Maine
Chicago Milw & St Paul..
__
Central & Hud River
Southern Railway
Norfolk & Western..
Virginian.
Illinois Central.
Yazoo & Mississippi Vail.
Central of Georgia
;
Georgia
.....
Western Maryland
162,312
157,353
121,998
107,847
103,041
Chesapeake & Ohio
Chicago & North West
Rock
Island
.—
S M
roads, the part played
loss of $217,412.
a
$20,191 decrease.
For all lines owned, leased,
result for the month is a gain of $685,657.
PRINCIPAL CHANGES IN
earnings the present year were $546,440
than last year bufthe net earnings were $1,-
The New York Central has $377,254
increase in gross, but loses $255,017 in net.
This is
for the Central proper.
Including the various auxil¬
247,202 less.
going to form
the New York Central System, we have a loss of
$217,412 in gross and a loss in net in the large sum of
$3,003,083. And these twp systems are typical of
practically all other important systems in various
parts of the country, though one or two conspicuous
exceptions are found in the South. The Baltimore
& Ohio
controlled roads, the whole
falls $70,392"
behind in gross and $681,889
'
:•
v.. /
parts of
invariably unfavorable as to
and $559,869
in net.
Mississippi Vail
Representing 6 roads in
compilation___._$1,160,497
our
Decreases.
y$l ,247,202
& Mich Sou.
1,018,474
Pennsylvania.
Lake Shore
Baltimore & Ohio...
681,889
Missouri Kansas & Texas
559,869
Hartford.
Minn St Paul & SSM..
Michigan Central
Cleve Cin Chic & St L._
Philadelphia & Reading.
Chicago & Alton
520,360
517,448
516,842
505,029
434,147
411.928
406,155
365,493
340,214
291,573
N Y N H &
__
Erie..
Paul.
Chicago Milw & St
Northern Pacific.
Central of New Jersey.
,
a
_
Pacific
N Y Central & Hud Riv.
Pittsburgh & Lake Erie..
Rock Island
;
Colorado & Southern
Internat & Great North.,
Boston &' Maine.
Chic & Eastern Illinois.
N Y Chicago & St Louis
Elgin Joliet & Eastern.:.
St Louis & San Francisco
Pere Marquette
Chic Burl & Quincy.
San Ant & Aransas Pass.
Southern
107,648
Southern Railway
273,708
265,691
a255,017
242,842
240,053
232,175
223,711
205,820
195,451
188,066
'
,
186,386
175,815
158,227
156,783
148,142
145,480
Chicago Great Western.
Duluth Missabe & North
Phila Bait & Wash.....
Cin Hamilton & Dayton.
138,119
»132,355
118,168
107,267
El Paso & Southwestern-
104,933
Wabash
Representing 36 roads
in our
compilation..$11,988,596
merely cover the operations of the New York Central
the various auxiliary and controlled roads, like the
Lake Shore, the "Big Four," the "Nickel Plate,"
the whole going to form the New York Central System-, the result is
These figures
itself.
Including
Michigan Central, the
&c.,
a loss of $3,003,083.
/
..
•
.
y These figures represent the lines directly operated east
Pittsburgh, the Eastern lines showing $430,393 decrease and
lines $816,809 decrease.
For all lines owned, leased, operated
trolled, the result is a loss of $1,771,939.
' <
,
and west of
the Western
and con¬
When the roads are
arranged in groups, or geo¬
#: graphical divisions, it is found that all the divisions
are al¬ show diminished net, with the exception of the South¬
rthe West, the results
both gross and net.
There are nevertheless a few exceptions to the rule.
Among these latter may be mentioned the Union Pa¬
cific, which has $664,274 increase in gross and $325,370 increase in net.
The Southern Pacific, however,
has $387,424decrease in gross and $265,691 decrease
in net; the Atchison $993,346 decrease in gross and
$277,763 in net; the Rock Island $638,126 decrease
in gross and $240,053 in net; the Missouri Pacific
$245,552 decrease in gross and $11,750 in net, and
the Missouri Kansas & Texas $326,971 loss in gross
In different
most
Georgia.
$277,763
Fe
Great Northern-
319,275
148,746
147,537
111,921
V irginian
Decreases.
-.
•
Atch Topeka & Santa
$325,370
Louisville & Nashville
OCTOBER.
NET EARNINGS IN
Increases.
Yazoo &
the gross
operated east' and west of
and*the Western lines
operated and controlled, the
y These figures represent the lines directly
Pittsburgh, Eastern lines showing $566,631 increase
and the New York
Central.
On the combined lines of the Pennsylvania
RR., directly operated, east and west of Pittsburgh,
the Pennsylvania RR.
in net.
Representing 23 roads
in our compilation
$5,949,663
above are on the basis of the returns filed
with the Inter-State Commerce Commission.
Where, however, these
returns do not show the total for any system, we have combined
the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a These figures cover merely' the operations of the New York Central
itself.
Including the various Auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to fcrm the New York Central System, the result is
prevailing tendencies could be furnished than is af¬
forded by the returns of those two great railroad sys¬
iary and
& St Louis..
Aransas Pass._
Delaware Lack & Western
Texas & Pacific
...
Duluth Missabe & North.
Note.—All the figures in the
Union Pacific
better
147,744
146,021
142,707
134,843
126,902
126,295
114,191
113,702
102,443
San Ant &
$993,346
638,126
428,310
387,424
& Santa Fe_
Minneap St Paul & S
Southern Pacific...:
163,643
Central of New Jersey.l_
Decreases»
i
Atch Topeka
165,099
— —
N Y Chicago
Representing 15 roads
in our compilation
$3,921,452
by rising expenses is revealed in a striking way.
In illustration, no more conspicuous instances of
tems,
Wabash
230,537!
220,208
209,470
128,163 Philadelphia & Reading._
Cleve Gin Chic & St Louis
Garfield. ....
Bingham &
287,699
254,417
245,552
244,013
North. _
Colorado & Southern
Internat & Great
ern
groups,
ences
that
sults.
thus indicating how general are the influ¬
working to produce adverse net re¬
In
are
the
other groups
groups
is
as
case
of
the
gross
that record gains.
SUMMARY BY
two
Our summary by
GROUPS.
-Gross Earnings
1913.
1912.
S
October■—
(16 roads), New
England
& Middle..
Group 3 (66 roads), Middle WesternGroups 4 & 5 (90 roads), Southern
Group 6 & 7 (78 roads), Northwest'n
Groups 8 & 9 (93 roads), Southwest'n
Group 10 (50 roads), Pacific Coast...
Group 2 (83 roads), East
Total (476
are
follows:
Section or Group.
Group 1
there
roads)
)
Inc. (+) or Dec.($
%
—288,581
+ 805,052
—486,829
2.18
+ 2,492,558
—474,728
6.99
13,217,946
70,054,125
41,275,577
35,948,612
72,589,631
49,111,731
18,278,395
—3,621,310
+292,827
299,195,006 300,476,017
—1,281,011
12,929,365
70.S59.177
40,788,748
38,441,170
72,114,903
45,490,421
18,571,222
1.15
1.19
0.65
7,37
1.56
0.48
1786
CHRONICLE
THE
Mileage
1913.
'
■
.
f
!
<
1913.
1
$
4,289,030
23,416,119
14,548,578
11,948,632
30,799,701
17,285,217
8,254,082
...
,
40,785 12,807,888
67,095 27,952,683
55,287 14,510,367
17,780
8,475,433
tention that the Jews, besides
—
Dec.(—)
$
%
—815,137 19.01
—3,254,716 14.09
—4,229,739 29.13
+859,256
7.21
—2,847,018
9.23
—2,774,850 16.05
—48.649
0.5,0
Inc. (+) or
1912.
-J $
7,648
3,473,893
26,523 20,161,403
25,768 10,318,839
Group No. 1
7,632
Group No. 2
26,851
Group No. 3
25,867
Groups Nos. 4 & 5... 41,102
Groups Nos. 6 A 7...' 67,730
Groups Nos. 8 & 9— 56,225
Group No. 10
18,283
Total
Net Earnings
1912.
l
■
'
'
economic
;
The
Group II. Includes all of New York and Pennsylvania except that portion west
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
that
it tends to develop at the
expense of other mental
qualities, and the mind is apt to become one-sided.
Conse¬
quently he says, "the Jew sees remarkably clearly, but he
Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois;
all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City;
also all Of Montana, Wyoming
together with Colorado north of a line parallel to the State line
does not
),
as
Groups VIII. and IX. combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of
of Denver,
New
St. Louis and Kansas City;
of a line
north
running
from
the
northwest
corner
of the State
personal, abstract connections,
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
This
Jew
BOOK NOTICES.
Translated with
Sombart.
«
E. P. Dutton & Co.
an
By Prof. Werner
introduction by M. Epstein.
Price $5.
be
there
to the accuracy
no doubt that
as
can
interesting, if often contentious,
theories concerning the part played by the Jews in our modern
economic development, and, to that extent at least, has made
valuable addition to the history of an
insufficiently under¬
stood factor in the commercial and financial life of the last
six
or seven
centuries.
taking
the
activities.
In
minutest
who
perforce
come
have
to
the
number of indirect
a
pains¬
Jews
and
614 direct
us
ones,
their
all of which
of inestimable value to the students
prove
after him.
It is unfortunate,
;
reference
book of 351 pages he gives
a
references, besides
must
to tne
in which he has combed the literature of the
manner
for
handsome triDute
instance he starts out with
to
investigation.
troversial matters
and
the .basic
thesis which his
the facts
Even
controvert.
a
own
facts
to
one
seem
themselves do not always
Leaving aside for the moment such
as
con¬
the teachings of the Jewish religion
characteristics of the Jewish
race,
find
we
statements such as "the first coffee house in England
many
(perhaps the first in the world),
was
than
a
before that time in Egypt and Syria and for
more
century in Turkey.
fund
of production for profit,
prominence of
age.
or,
He
argues,
Jews, that this
many
struments which made the transformation
possible,
one can
came
it is specifically due to the Jewish
statement "that
these characteristics of modern
into being."
economic
life
V •
Throughout his subsequent discussion of this thesis he
■
nowhere withdraws
reasserts
his contention—indeed, he
it, and this in the face of his
no
own
continually
admissions that
direct proof that stocks and shares
called into being by
non-Jews;
were
Jews, and that it is impossible to
first
com¬
pute the direct influence of Jews in the invention of mort¬
gage
deeds.
So, in discussing the origin of bank notes and
public debt bonds, he frankly admits his inability to adduce
facts to support
his claim.
argument with a repetition,
original dictum.
In passing
Nevertheless, he concludes his
but slightly modified, of his
we may
note that recent
re¬
search is said to have established the existence of mortgage
deeds in ancient Persia.
,
It is
he claims,
energy,
policy.
a
adaptability,
a
'
life
un-
■1
strong will and
be
soon ceases to
a
a
point
When this policy is combined
as
he
and
the
Furthermore,
the
quality
differences
successful
the environment of
in his
of
abstraction
for
qualitative
capitalist
is
he
who
the moment.
these qualities are,
characteristic, according to Prof.
Sombart, which makes him
or
All
opinion, essentially Jewish.
financier.
an
ideal trader, money lender
"His love of the abstract has made calculation
for him; it is his strong point.
Now, a calculating
capacity for working always with
aim in view has already won half the battle for the
easy
talent combined with
some
trader.
He
is
a
enabled
to
weigh aright the chances, the
possibilities and the advantages of
any
given situation, to
eliminate everything that is useless, and to appraise the whole
in terms of figures."
In
concluding his study of this side of his subject, Prof.,
sums up what he conceives to be the main charac¬
Sombart
teristics of the successful capitalist and the Jew in the fol¬
ideal capitalist) must be wideawake, clever and
'V'—'
;
r,.-/'--:
•
"Wideawake: that is to say, quick of comprehension, sure
of
judgment, must think twice before speaking
able to seize
on
the
once,
and be
right moment.
"Clever: tfyat is to say, he must possess a
the world, must be certain of himself in his
his treatment of men,
knowledge of
judgment and in
certain in his judgment
on
a
given
conjecture, and above all acquainted with the weaknesses
and mistakes of those around him.
:
"Resourceful: that is to say, full of ideas.
*
"The capitalistic undertaker must have three additional
qualities: he must lie active, sober and thorough.
I
mean
By sober
free from
idealism.
passion, from sentiment, from unpractical
By thorough I mean reliable, conscientious, or¬
derly, neat and frugal.
"I believe this rough
for the
sketch will, in broad outline, stand
no less than for the Jew."
capitalistic undertaker
There will be fewer to quarrel
with this picture of Jewish
characteristics than with his analysis of Jewish
Jewish
ism.
religion and their influence
It has been
on
history and
the growth of capital¬
customary, for example, to associate the
wonderful commercial development of England and Holland
in the seventeenth century and the
contemporaneous down¬
fall of
won
Spain and Portugal with the victories by
by the aggressive Northern peoples
possible, however, to accept the main argument
run¬
decadent
ning through the work without at all agreeing with the
con¬
epoch-making change in the trade
chance;
to-day for to-morrow, who always has his eye on
certain goal, and who can adapt himself in all
things to
a
;
the earliest known bills of exchange were drawn by
that there is
of
by intellectuality
ones.
brought about by their influence, but when he
find in the evidence he adduces little justification for his flat-
that
to
will,
your
sacrifices
in other
goes' further and attributes to them the invention of the in¬
spirit
to leave all
purpose,
bring?
you
lowing words:
words, the inauguration of the capitalistic
footed
it
"un-Jewish to live
says,
which substitutes quantitative
"He (the
was
will
activity, be it what
finds the ideal talent for
resourceful.
change
What
Thus he is
says the Jew combines it,
capitalistic enterprise, for the
capitalistic system he believes to be differentiated from all
one
Prof. Sombart devotes the first part of his work to tracing
from the undoubted
any
of view and becomes
the development from the old era of production for subsis¬
tence to the present era
itself," he
having
with extreme
opened in Oxford in
1650," whereas it is well known that coffee houses had existed
200 years
What for?
But the Jew has another
appear
evidence he adduces logically leads, and in more than
bear
large
;
however, that he does not
always just in which direction the weight of the
seen
Why?
the world
on
practical rationalist.
a
This attitude of mind combined with
others
One cannot fail to pay a
world
end in.
an
aims.
or
Jewish to get harmless pleasure out of nature."
be
he draws attention to many
a
asking:
without
Whatever the final judgment may
of Prof. Sombart's conclusions,
that of
or
"It is un-Jewish to regard any
as
activities,
individualist and makes his outlook
an
forever
Modern Capitalism.
and
or
characteristic, Prof. Sombart opines, makes of the
teleological,
Jews
He does not think of his environment
abolished personal relationships and replaced them
by im¬
through Santa Fe and east of a line running from Santa Fe to El Paso.
The
much.
see
something alive—in short, he has lost the true conception
of the personal side of life."
In support of this view, he
points to the peculiarities of Jewish law, which, he says,
Colorado south
and that portion of
the whole of Texas and the bulk of Louisiana;
Mexico
This,
distinguishing or separating and fifteen for combining.
In¬
deed, he contends, the intellectuality of the Jew is so strong
.j'K
Groups IV, and V. combined Include the Southern States south of the Ohio and
passing through Denver
Prof .^Sombart
The Jew is quick in thought,
researching, thirty-four for
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Nebraska,
intellectuality.
suggesting analogies and of drawing final conclusions.
'
and
dominant characteristic of the Jew
he says, is reflected in his language, for Hebrew has no fewer
than eleven words for seeking or
the extreme northern portion of West Virginia.
of the
new
precise in analysis, exact in dissection, speedy in combina¬
tion, has the power of seeing the point at once, is quick in
Of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
east
of the
use
order, actually brought it into being, and it is here,
holds to be his
.243,690 240,886 97,700,506 110,811,359 —13,110,853 11.85
.
making the best
xcvii.
in his discussion of Jewish traits, Jewish religion and Jewish
history that the reader will take most delight.
NOTE.—Group I. Includes all of the New England States.
Pittsburgh.
[Vol.
Southern
foes.
Prof.
over
Sombart
sea
and land
their already
attributes
centres to the
the
expulsion
Deo. 20
THE
1913JJ
Iberian Peninsula and their flight to
of the Jews from the
the Lowlands and
This he considers
authorities, and
dismisses the point with but passing mention.
He de¬
votes much more attention to their wealth, which, he agrees,
a
of
far
was
for
because
settled in New York and
trade with the West Indies and South America,
in the War of the Revolution
expelled from Brazil had
the Jews
built up a
which offset the drain of
the revolutionists an
metals
unassailable economic position.
provides a fertile field for future study .
Prof. Sombart points out that suitable foreign connections
influence is writ so
They can only be obtained by
long and costly effort.
These the Jews brought with them,
for they had brothers, or uncles, or friends in all the import¬
ant trading centres, and were thus able to commence inter¬
national relations without delay. Furthermore, they brought
with them considerable sums of ready money with which to
length, and says: "I think that
same
deny that the Jew was
good and ill deeds and setting off against them the good and
ill fortune which may befall him.
Thus, says the author,
an
their linguistic
many
Coming from all lands, they spoke
ability.
languages,and thus quickly found favor as court inter¬
preters and eventually as the
of potentates,
and thus
grew
national finance, both public
friends and financial advisers
to become directors of inter¬
and private.
dispersion of the Jewish people, Prof.
Sombart considers that their treatment as strangers, their
Besides the wide
tive that his life
stood in the way of
the
morality
rude
certain laxity in
of olden
days
he
again
This difference in outlook
displayed toward the Jews by their Christian
bitterness
ity that the mainspring of their success for many centuries
quality.
their re¬
"Untoa foreigner,"
he quotes Deuteronomy, "thou mayest lend
upon usury (interest), but unto thy brother thou shalt not
lay in the fact that they alone were permitted by
ligion to charge interest on the money they loaned.
It
not
Middle Ages the
oppressed by the burden of the anti-usury pro¬
weighed
upon
the Christians."
Thus far most will agree,
strives to prove
Sombart
*
but when he goes further and
role of teachers and to
is honesty.
stand alone among
conceded, not because of the influx of
of the establishment of open
does,
of their
its
or a
formation of such markets to the Jews, and, indeed
to be established that they played no consider¬
able part in them for many years.
.
It may be true that in later days the Jew spread the new
doctrine, but was he not the pupil instead of the master?
In spreading it, however, he must have been brought into
sharp contact with the great mass of Christian traders who
it
Ethical teachers in all
of
Is it conceivable that Judaism should
the great religions of the world as teach¬
cause'
agrees
in
a
direction?
Prof. Sombart
that in many instances the door of opportunity, which
stood wide upon to
ajar.
probable
more
rational to look for
the
Christian, to the Jew
was
merely
He could not own land, because he was liable to be
expelled from the country of his adoption at a moment's
notice; he could not practice a trade, because the guilds re¬
fused him admission.
the like
were
Buying and selling,
money
the only channels of activity open to
lending and
him. Hence
finance, the low
grade as well as the high grade.
Morality in business is an
acquired virtue.
It is, as our author himself points out,
unknown
in
any
of
the mythologies.
It is unknown
among any of
the primitive peoples—witness the West
nearly all Jews engaged in commerce or
African negro,
it is lax among
who buries stones in
the rubber he sells—
the less educated strata of all civilized peo¬
ples, but, except among the Jews, the ranks of traders and
seldom find recruits from the lower strata of
financiers
society.
Hence,
even
if the hypothesis is true, we have a
appears-
still conducted their business
of evidence, then, suggests, as he says it
part of it, would it not be
goods. There seems to be no valid reason to ascribe any
part in the
their side.
laxity in certain directions among the Jewish com¬
a
and thus have earned their
In
.
thesis, that the Jews founded
has failed to substantiate his
the
capitalistic system, he has added vastly to the available
supply of material on which may be predicated a more scien¬
tific study of the immense part they have played in its spread
and
He has raised many novel and interest¬
development.
ing points
as
to the why and the wherefore
and blazed the way
ethnologists, who
Jew in
for
may
more
To this extent his work must have
permanent value, and in this respect, too
of careful
Six Panics
and
Published by Methuen &
Contrary to what
from the pen
Hirst
it is well worthy
perusal.
♦
.
The
of their influence
conservative economists and
weigh the racial characteristics of the
truer scale.
a
has
one
nothing to
deals rather with
a
deed, he might
Co., London.
By F. W. Hirst*
Price, 3s. 6d.
might expect in a volune on "panics"
say
an
concerning financial panics.
He
"panicky" feeling of the public mind,
as
very
he
says,
from ulterior motives.
In¬
well have called his latest brochure
"Panics for Profit," for
is to show
Other Papers.
of the gifted editor of "The Economist," Mr.
artificially created,
the old conservative lines,
conclusion, it must be said that, while Prof. Sombart
probable most will prefer to accept.
•sal
/ As semi-citizens, Prof. Sombart says, the Jews were kept
political partisanships^ and, at, the_ same time_ forced
on
enmity.
1
simple, rational explanation of the phenomenon which it is
out of
the Jews, but because
markets and country fairs, at
which certain local vendors vied with one another to dispose
ing that in "business the means justified the end"?
munity,
their Christian competitors that of
The old era of fixed prices gave way, it is usually
pupils?
"that intercourse with strangers was bereft,"
at least, is on
attributes to the Jewish traders the
before the horse when he
The rabbis of the world seem to be unanimous in
If the weight
Jewish influence that
First of all, it familiarized the world for the first
competition.
Such a thing had been
unknown before.
But is not the professor putting the cart
have been united as to the cardinal virtues, and one
these
unethical to cheapen
time with the idea of
disputing him, and it must be admitted that the weight of
ages
was
According to the author, it was this
consideration, and commercial
morality became elastic," even to the extent of substituting
inferior goods and taking advantage of mistakes in account¬
ing, lie comes up flat against a stone wall of official contra¬
reason,
trade; it
The Jew did all these things because, so Prof..
claims, Jewish law specifically allowed them.
gradually destroyed the old order of production for suste¬
nance and introduced the capitalistic age of production for
by the Jewish religion, "of all
diction.
"ungentlemanly" to cut prices; it was
was
"bad form" to drum up
profit.
usury."
Thus, he contends, "right through the
was
fixed price
hold of the customers."
would account for much of the
Sombart's words, was "get
associates
dealing with strangers which he believes
a
aggressive, militant trader, whose motto, in Prof.
the
of
neighbors.
hibition which
willing to sell at
of trade the fates sent him, and that
and to take that measure
given the Jewish trader an advantage over his
Christian neighbor; but he agrees with many another author¬
Jew
we
looks, that of the passive agent,
must have
lend upon
his economic activities.
find the Professor at direct variance with
the rabbis, who assert that their faith teaches no such docrine.
There is reason partially to support his further con¬
tention that the struggle between the Jewish and Christian
merchants in the early ages was a struggle between two out¬
Here
to their economic success.
With
fact that a man is prosperous here was proof posi¬
was pleasing to God," and his religion never
"the very
semi-citizenship and their wealth contributed in no small
measure
religion he pictures as a contract with God,
ledger account chronicling his
under which each man keeps a
important role in the development of inter¬
national finance.
Prof. Sombart attributes this partly to
edly played
which he analyzes at much
the Jewish religion has the
leading ideas as capitalism."
The Jewish
,
So, too, Jewish financiers have undoubt¬
responsible for it.
over
religion and laws of the Jews,
with the growth in influ¬
we
large
particularly long chapter of accidents would be in¬
sufficient to explain it.
He has recourse, therefore, to the
a
even
grease
large measure, contemporaneous
ence of the Northern Jew, even if
Prof. Sombart still
for. To his mind Jewish
the history of capitalism that
feels that he has much to account
always hard to form.
At
England and the formation of the
great banks of the seventeenth century.
When he has said all this, however,
doubt the argument
the wheels of the commerce they created.
all events, the growth of Northern commerce was, in
most
political exigencies kept ever in a fluid form.
Thus
shifted the centres where the precious
had accumulated and made possible the India com¬
panies of Holland and
Probably the influences to which he draws attention have
attention they deserve, and there can be no
than
importance
less
wanderings
their
gold across the Atlantic and gave
not received the
are
limited field of economic endeavor..
into
So, too, he says, the colonists
England.
in America triumphed
1787
CHRONICLE
the purpose of his first six
essays
intimate connection between six famous
war
1788
in
scares
THE
CHRONICLE
England with the machinations of "the so-callec
armor-plate interests," which
sleep.
never
Atch. Top. & S. Fe, Nov.
22, p. 1468.
Atlantic Coast Line Co.
(of Conn.)
„
With the psychology of the panic he has nothing to do
and he is careful to
explain that, at least since 1866, British
jVotiv xcvn.
Lake Sup. &
p. 1627.
Ohio. Nov. 22,
Bait. &
Ishp., Dec. 13,
p.
1701.
Laramie Hahn's Peak & Pacific Ry.,
Dec. 6.
Dec. 13, p. 1701.
Leh. & Hud. River, Dec. 13, p.
p. 1468.
1701.
13, p.1700 Lehigh Valley RR., Nov. 29. p. 1551.
Stock Yards of
Indianap- Litchf. & Madison, Dec. 13, p. 1701.
olis, Dec. 13, p. 1700.
Lorain & W. Va.,Dec. 13, p. 1701.
Boston & Alb.
RR., Dec. 6, p. 1627. Lou. & Jeff. Bdge., Dec. 13, p. 1701.
§,°S°? £ernV
£ec- 6« P- 1027. Louisv. & Nash., Nov. 22, p. 1469.
§a£gor & &
Aroostook, Dec.
Belt RR.
_
panics have not been associated with hoarded gold and bank
The attack in every instance, he avers, has been on
runs.
the
national
Indeed,
treasury.
pictures
he
the
British
merchant
reading at breakfast hysterical accounts of impend¬
ing war with Germany, and spending the rest of'the day driv¬
ing sharp bargains with his Teutonic neighbors.
The modern "newspaper panic," Mr. Hirst finds, "may
..
.
the minds and policy of ministers, but produces
sway
no
•
proportionate effect
its force,
the individual citizen."
on
out by its own
worn
It spends
fury, and the net result is
"to increase the sale of newspapers, guns and "stores, battle¬
ships
If
or
flying machines."
.
of the
history he subsequently cites seems to suggest
general national fright, we need not quarrel'with his con¬
a
some
clusions, for, after all, the depth of the panic is not the issue.
The fear of the moment is
the
panic-stricken often tie
generations yet to
mill-stone around the necks of
and it is
come,
each of Mr. Hirst's six
forgotten, but the acts of
soon
a
indisputable fact that
an
panics saddled Britain with
military burden than she had borne before.
If ridicule
kills, then the solemn
the six panics which Mr.
heavier
a
.
of facts concerning
array
Hirst presents should bring the
Buffalo Creek
RR., Dec. 6, p. 1627.
Maine Central RR., Dec. 6, p. 1628.
Manhattan(Elev.)
Dec. 13, p. 1701.
Maryland & Penn., Dec. 13, p. 1701.
Mem. Un. Sta. Co.,Dec. 13, p. 1701.
Midland Valley RR.,Dec.l3,p. 1701.
Minn. & St. L., Nov. 29, p. 1551. v
Mississippi Cent., Dec. 13, p. 1701.
Mo. Pac., incl. St. L. I. M. & Sou.,
Nov. 22, p. 1469.
Mobile & Ohio RR., Dec. 6. p. 1628.
Mont. Wyo. & Sou., Dec. 13, p. 1701
Munising Ry., Dec. 13, p. 1701.
Nash. Chatt. & St. L.,Nov.29,p.1551
Buff. Roch. & P., Nov.
29. n. 1551.
Cairo & Thebes RR. Dec.
13,p.1700
Caro. Clm. &
Ohio, Dec. 13,
,
1700.
p
Central of Georgia, Dec.
13, p. 1700.
Chic. & Alton RR., Nov.
29, p. 1551.
Chic. Bur!. &
p.. Nov.
Chic. Grt. Western, Dec. 22. p.
1469.
13, p. 1700.
Chicago LIeights Terminal Transfer
™PR\V??ec- 13.
Chic. Milw.
P. 1700.
P., Nov. 29,p.1551
& St.
?
rwa!?°
Chic. R. I. & Pac., £ov- 22' P- 1469.
Nov. 29, p. 1551.
Ch. St. P. M. & O..
Nov.'22, p. 1469.
Chic. T.H.&S.E., Dec. 13
N.Y.
Central
&
Hudson
River
p. 1700.
Nov. 22, p. 1469.
Cripple Or. Cent. Ry, Dec. 6, p. 1627 Nev.-Cal.-Ore.
Ry., Dec. 13, p. 1-701
Cumb. & Penn. RR. Dec.
13, p.1700 N. Y. Ont. & West., Nov. 29,p.1551.
Cumberland Corp., Dec. 13, p. 1700. Norf. & West.
Ry., Nov. 29, p. 1552.
Cumberland RR., Dec. 13, p. 1700.
Nor. Pacific Ry., Nov. 22, p. 1469.
Del. Lack. &
West., Nov. 29,p. 1551. Norwood & St. Law.,Dec.13,p. 1701.
Denver & Rio Grande and
subsidi- Ohio & Kentucky, Dec. 13, p. 1701~
anes, Nov. 22, p. 1469.
Pennsylvania Lines West of Pitts¬
Des Moines
Union, Dec. 13, p. 1700.
burgh, Dec. 6, p. 1628.
Detroit & Mackinac, Dec.
13, p. 1700 Pitts. Shaw. & Nor., Dec. 13, p. 1701
East Broad
Top RR. & Coal Co., Reading Co., Dec. 6, p. 1628.
Dec. 13, p. 1700.
Rutland RR., Nov. 22, p. 1469.
El Paso & N. E.
Co., Dec. 6, p. 1628. St. L. & S. Fr. RR., Nov. 29, p. 1551.
Florida Central RR., Dec. 13,
p. 1700 St. L. Southw., Nov. 22, p. 1470.
FloridaE. Coast Ry.,Dec. 13, p. 1701 Salt Lake
City Union Depot & RR.,
Fort St. Union
Dec. 13, p. 1701.
Depot,Dec.13,p.1701
Georgia RR. & Banking Co., Dec.13, S. S. Marie Bdge.
Co.,Dec.13,p.1701
p. 1701.
So. Caro. & West., Dec. 13, p. 1701.
Gr. Rap. &
Northw., Dec. 13, p.1701 Southern Pacific Co. and proprietary
Great Northern Ry., Nov.
22, p. 1469
companies, Dec. 6, p. 1628.
Gulf Fla. & Ala. Ry., Dec.
6, p. 1628. Southern Ry., Dec. 6, p. 1629.
Gulf & Sabine Riv. Dec.
13, p. 1701. State Line & Sullivan, Dec. 13,p.l701
Gulf & Ship Isl., Dec. 13,
Tenn. & No. Caro., Dec. 13, p. 1701.
p. 1701.
Hampshire South., Dec. 13,p. 1701. Texas & Pac. Ry., Nov. 29, p. 1552.
Huntingdon & Broad Top Mtn. RR. Tol. St. L. & W., Nov. 29, p. 1552.
& Coal Co., Dec. 13,
Union ' Pacific
p. 1701.
and
subsidiaries,
Illinois Term. RR., Dec. 13,
Nov. 22, p. 1470.
p. 1701.
:
Interboro-Met. Co., Dec. 13, p. 1701 U. S. Steel Corporation and subsidi¬
Interborough R. T., Dec. 13, p. 1701
aries, Dec. 13, p. 1702.*Int. & Grt. Nor. Ry., Dec. 6, p.1628.
Virginian Ry., Dec. 13, p. 1701.
Kanawha & Mich., Dec. 13, p. 1701. Wabash
RR., Nov. 29, p. 1552.
Ivy. & Ind. Term., Dec. 13, p. 1701. Western Ry. of Ala., Dec. 13, p. 1701
Keokuk
&
Hamilton
Bridge Co.,
Dec. 13, p. 1701.
,
seventh
still-born
John Bull
was
of German
them
in
into
the
world.
Less
than
a
frenzy because of the alleged
a
year
appearance
airships spying out his land at night.
proved to be
creaking wheelbarrow with
a
broomstick;
swung on a
second
a
was
nothing
ago
One of
lantern
a
more
than
a
toy fire balloon, and a third the planet Venus, half hidden
by
cloud..
a
Yet the panic resulted in orders for flying
"quite satisfactory" to Blitlsh contractors.
chines
ma¬
To the
None of the-six panics had anything more solid behind it
than this,
the last,
raised the British
cal year
or
Airship Panic; but each in turn has
expenditure
on
war
by
or
sea,
The budgets of rival Powers show
1907-08.
dictated,
one
a
'
,
•
Boston & Maine RR.
.
Brinson Ry.
'
~
.
•
Charleston Terminal Co.
Charleston Union Station Co.
points
own
purpose,
and,
so
as
expenditures
of danger in time of
once conserves
Coal & Coke Ry.
'
.
source
•
'
'
Indiana Harbor Belt RR.
&
,
a
strong
■[
*4
Michigan Central RR..
New York Central Lines West of Buffalo.
general curtail¬
which has recently been voiced
New York Chicago
elo¬
so
"
.
*
Michigan Southern Ry.
Long Island RR.
impulse to the already sturdy demand for
>
Dunkirk Allegheny Valley & Pittsburgh RR.
onerous.
a
'
\
*
Lake Erie & Western RR.
Lake Shore
give
•
•„
Copper Range RR.
Delaware & Hudson Co.
The net effect of Mr. Hirst's work must be to
ment in armaments,
.
Combination Bridge Co.
the spirit of the people and makes
long conflict less financially
,
Colorado Midland Ry.
war.
declaring that the policy of
peace proves a
,
Cleveland Cincinnati Chicago & St. Louis Ry.
far from ensuring national
a source
Lord John Russell
prodigal
such
that
out
only of, wealth but of military and naval strength, be¬
it at
RR.
Bingham & Garfield Ry.
than in
similar increases,
by fear that she would herself
keeping small establishments in time of
cause
Terminal
Chicago River & Indiana RR.
safety, actually constitute
not
com¬
Belfast & Moorehead Lake RR.
■
.
Hirst
He quotes
add thirty-seven additional
Chicago Indiana & Southern RR.
attack them.
defeat their
on prepa¬
more
we now
follows:
Amador Central RR.
must conclude, in large part at least, not by a
desire to attack England, but
Mr.
expended
was
£12,000,000
over
foregoing
as
Allentown
armaments until in the fis¬
ended last June £45,616,540
rations for
panies
& St. Louis RR.
Pennsylvania RR. and affiliated Companies East of Pittsburgh.
quently by Mr. Winston Churchill from his place in the House
Pittsburgh & Lake Erie RR.
of Commons.
Pittsburgh Terminal RR. & Coal Co.
Railroad Securities Co.
In others of the essays
as
Mr. Hirst deals with such problems
Shannon
tariffs, foreign policy and finance, treating them all with
the
conservative frankness, expressed
same
English, which has made his work
mist"
so
noteworthy.,
as
Terminal
in simple, direct,
V
:
'
.
,
.
Tonopah & Goldfield RR.
'
.
Ry.
Ry. of Buffalo.
Toledo & Ohio Central Ry.
editor of "The Econo¬
\
v
Arizona
Tennessee Ry.
Toronto Hamilton & Buffalo
Ry.
Wabash-Pittsburgh Terminal Ry.
BONDS
WHICH
ARE AND BONDS
WHICH ARE NOT
TAX-EXEMPT.
White & Black River Valley RR.
:
[FIFTH ARTICLE.]
NEW
railroads
so as
YORK
to show which issues
;
s
■
.
tax
provisions binding
bp assume or pay any taxes
deduct in
the
they
companies
themselves
be called
may
upon to
making payments of interest and which issues
are
provisions of that kind.
The matter is of import¬
in view of the Federal Income Tax Law, just enacted,
without
ance
which
under
the
Government
normal income tax of 1% at
the
companies
interest
are
or coupon
called
upon
the
undertakes
source
to
collect the
of the income, and
to withhold the tax in making
payments unless the holder of the bond is
exempt from the tax.
The further additions we
make to-day
serve
considerably the list of companies whose
presented in classified form.
in
the
"Chronicle"
second contribution
third,
pages
of
Nov.
to extend
securities
we
securities
were
22,
pages
1467-1470.
European loan 4s of 1910
'
Cairo Vincennes & Chic. 1st M. 4s_"_
t-J_D
—J-J
J-D
-_J-J
Springf. & ColumbUs Div. 1st M. 4s
M-S
White Water Valley Div. 1st M. 4s
J-J
St. Louis Division coll. trust 4s—■
M-N
Cine. Wabash & Mich. Div. 1st M. 4s—_J-J
Clev. Col. Cine. & Ind. consol. mtge. 7s___J-D
Gen. consol. mtge. 6s ($12,000,000)
J-J
Central Ind. 1st M. 4s'($4,000,000)
M-N
Cine. Ind. St. L. & Ch. gen. 1st M. 4s
($10,000,000)
-_Q-F
Ch. Ind. & St. L. Short Line 1st M. 4s
A-0
Cine. Nor. 1st M. 4s ($3,000,000)
J-J
Onio Ind. & West M. pref. 5s
Q-J
Peor. & East. 1st cons. M. 4s($10,000,000) A-0
Evansv. Mt. Carmel & No. 1st M. 4)^s
J-J
-
have
The
appeared Nov. 29, pages. 1549-1552; the
and the fourth, Dec. 13,
The following shows the companies whose
WEST OF
BUFFALO.
Issued with Tax-Exemption Clause.
'
|
Int. Maturity Date.
Issued without Reference to
We began the series of articles
classified in these four earlier numbers:
LINES
General mtge. 4s ($50,000,000)^-,,
Gold debenture 4 His of 1911—
($5,000,000)
Dec. 6, pages 1627-1629,
1700-1702.
very
CENTRAL
CLEVELAND CINCINNATI CHICAGO & ST. LOUIS RAILWAY.
■
3ontain
„
y.
We add still another to our series of articles classifying the
bonds of United States
,
•
Wheeling & Lake Erie RR.
Int.
Cine. Ind. St. L. &
Cine. Sandusky &
Ch. 1st cons. M. 6s
M-N
Clev. cons, (now first)
J-J
J-J
mtge. 5s
Iridianap. & St. L. lst'M., Series A,7s
Series B 7s
Series C-7s__^__-
—
—
_M-N
pfd.|M. 4s__
A-0
& East, income mtge.4s (non-cum) -April
Ind. Bloom. & West. 1st
Peor.
---M-S
,
-June
1 1993
Jan.
If 931
'
June
Jan.
Sept.
July
1930
1939
1940
1940
Nov.
1990
July
1991
June
1914
Jan.
1934
May
1953
Aug.
Apr.
July
Apr.
Apr.
1936
1953
Outstand'g.
$27*822,000
10,000,000
9,650,181
5,000,000
1,103,730
650,000
10,000,000
4,000,000
4,138,000
3,205,000
1,500,000
1940
7,083,000
3,000,000
1,144,000
500,000
8,500,000
1 1960
2,082,000
Maturity Date
Outstand'g.
$611,000
July
1951
1938
Taxes.
May 1 1920
Jan.
July
July
July
Apr;
Apr.
1 1928
1 1919
1 1919
1 1919
2,571,000
667,000
667,000
666,000
982,600
4,000,000
.
*
1 1940
1 1990
Dec
SHORE &
LAKE
Issued
MICHIGAN SOUTHERN
with Tax-Exempt Clwuse.
50,000,000
50,000,000
400,000
1 1940
ser.
June
11,000,000
840,000
11,800,000
1959
July
Apr.
1938
1961
Taxes.
without Reference to
Issued
equip, trusts steel rolling stock 4%
K (due$100,000 ea.ser.yly)Q-Feb To May 1915 zs600,000
Penna. steel freight car 4% certfs., ser. A
to G (due$100,000 ea. ser. yly.)
Q-M To Sept. 1915 zsl,400,000
Penna. Steel freight car trust 4% certfs.,
To June 1916 zs900,000
ser. H to K (due $100,000 ea. ser. yly.)_Q-M
Penna. steel equip, impt. trust 4% certfs.,
To Jan. 1916 zs3,000,000
$100,000
Penna.
ctfs., ser. H to
Sept. 1 1928
May 1 1931
Jan.
Outstand'g.
Maturity Date.
Int.
__M-S15Mar. 15 *14 $12,000,000
,__J-D
Dec. 1 1989
322,000
_.J-J
July 1 1934
1,500,000
CENTRAL RAILROAD.
?
M. S. l-yr. 4Ms notes
Sturgis Goshen & St. L. 1st M. 3s__
Mahoning Coal RR. 1st M. 5s
Lake Shore &
MICHIGAN
Clause.
Issued with Tax-Exemption
-
',
- • "
($18,000,000)-
;
^
1
'
,,
.
Mich. Air Line 1st M.
4s
Taxes.
Maturity Date.
Mar. 1 1914
'14
Int.
-M-S
4J^% notes
One-year 6% notes
F-A27 Aug. 27
—
Bay City <Sc Battle Creek 1st M. 3s_
Battle Creek & Sturgis 1st M. 3s_-_
Detroit & Bay City 1st M. 5s
Can. Southern 1st cons. M. 5s,
LAKE ERIE &
_J-D
_Var
"
_A-0
-A-O
4,000,000
22,500,000
130,000
Clause.
Tax-Exemption
Maturity Date.
Outstand'g.
Jan. 1 1937
July 1 1941
Oct. 1 1945
Int.
<
First Mortgage 5s
$4,000,000
2,000,000
250,000
500,000
Dec. 1 1989
Dec. ,1 1989
Mar. 1 1931
Oct. 1 1962
Oct. 1 1945
__J-D
Outstand'g.
WESTERN RAILROAD.
with
Issued
:
—
_
Clair 1st M. 4s__
Leamington & St.
1,500,000
700,000
1,718,000
1,500,000
3,100,000
14,000,000
1,268,000
July 1 1959
Issued without Reference to
Mich. Cent. 1-year
$14,000,000
2,600,000
7,634,000
May 1 1952
Jan. 11940
Apr. 1 1929
Sept. 1 1959
Nov. 1 1939
Sept. 1 1951
• July 10 '57
Jan. 11956
May 1 1961
M-N
—J-J
Debenture 4s_
A-O
Grand River Valley M. 4s ($4,500,000)__M-S
Kalamazoo & So. Haven 1st M. 5s--M-N
Jackson Lans. & Sag. 1st M. 3J4s__.:
M-S'
Joliet & Nor. Ind. 1st M. 4s ($3,000,000) - - J-J 10
Tol. Can. S. & Det. 1st M. 4s($4,500,000).J-J
Det. Riv. Tun. 1st M. 4^s ($30,000,000)-M-N
Chicago Kalamazoo & Sag. 1st M. 4s
J-J
First M. 3Ms
Outstand'g.
Maturity Date.
Int.
$7,250,000
3,625,000
2,500,000
J-J
—— —
_J-J
A-O
;
Northern Ohio first mortgage 5s
Second mortgage 5s
'
SOUTHERN RAILROAD.
CHICAGO INDIANA &
Tax-Exemption Clause.
Issued with
Outstand'g.
Maturity Date
Int.
,
Jan. 1 1950 $15 150 000
July £ 1956
4,850,000
Consol. mtgO. 4s
Ind. 111. & la. first mtge. 4s
($20,000,000)--—_-__L_J-^
A to K (due
with
vIssued
General mtge. 3s & 4s
Chic. Hammond &
PITTSBURGH & LAKE ERIE
Issued
with
RAILROAD.
Int.
Maturity Date.
RR.—
_J-J
Second mortgage 6s
— -J-J
McKeesp. & Belle Vernon. 1st M. 6s
J-J
Issued
•
Int.
,
Issued
.
'
with
•
.
First mortgage 5s_-
Int.
F-A
Chester Creek 1st mtge. extended 6s
_.J-J
Cit. Water Co., Scottdale, consol. M. 5s_-F-A
Columbia & Pt. Deposit 1st M. 4s.
i—F-A
Jan. 1 1928
Jan. 1 1928
Maturity Date. Outstand'g.
July i 1935
'20
with
Ser. A (due $75,000
s.-a.)--F-A
Issued without Reference to
*
196,000
720,000
2,000,000
200,000
BUFFALO RAILWAY.
Tax-Exemption
Int.
Eq. 4% notes,
$3,000,000
2,500,000
2,000,000
500,000
Int.
~
'
Clause.
Maturity Date. Outstand'g.
To Feb. '23
Taxes.
$1,425,000
:
Maturity Date.
Outstand'g.
June 1 1946 $3,280,000
June 1 1946
1,000,000
Note.—We are informed that the interest on the bonds of. the New York
Central system lines east and west of Buffalo which contain tax-exemption
clauses will be paid in full, while'in the case of those which'do not contain
such covenants, the normal Federal income tax of 1% will be deducted
unless the owners
Delaware Maryland & Virginia
State of Del. J. & B. and B. &
file certificates claiming
exemption.
AFFIL. COS. EAST OF
PITTSB'GH.
that when paying the interest on bonds
containing the tax-exemption clauses it has done so without deduction of
tax from the bondholder, but until there be a decision upon the Act of.
Oct. 3 1913, as to what is taxable and who is liable for such tax there¬
under, it cannot be said whether such securities are free from United States
not.
with
Tax-Exemption Clause
Pennsylvania Railroad—•
Consol. mtge. of Dollar coupon 5s
1873
secures Dollar registered 5s
Dollar coupon
all equally
4s
Sterling 3>£s
Sterling 4s
Dollar
Convertible
4s
3Hs
Equipment trust 4s "A"
P. W. & B. RR. stock tr. certs. 4s__
N. Y. P. & N. RR. stock tr. certs. 4s
Real estate purchase money 4s
Allegh. Valley Co. gen. mortgage 4s
Cambria & Clearfield gen. mtge. 4s
First mortgage 5s
Clearfield & Jeff. Ry. 1st mtge. 6s
Junction RR. gen. mtge. 3Ks._
Penna. & Northwest, gen. mtge. 5s
Pitts. Va. & Charles. 1st mtge. 4s
S. W. Penna. Ry. 1st mtge. reg. 7s___
Sunbury & Lewis. Ry. 1st mtge. 4s.^
West Chester RR. 1st mtge. reg. 5s
Western Penna. consol. mtge. 4s_
(Details as in Foot-Notes).
Jnt. Maturity Date. Outstand'g.
M-S
Sept. 1 1919 <a$l,500,000
Q-MarSept. 1 1919 ta 3,498,000
M-N
May 1
July 1
May 1
May 1
J-D
Oct.
M-S
Sept. 1
July 1
June 1
May 1
Mar. 1
Feb. 1
M-N
J-J
M-N
J-J
_J-D
M-N
_M-S
F-A
J-J
J-J
A-O
J-J
M-N
F-A
J-J
M-S
J-D
1
1
1
April 1
Jan. 1
Nov. 1
Feb. 1
July 1
Sept. 1
June 1
Jan.
Jan.
April 1 1921
Nov. 1
*n658,500
*<*500,000
1922
July 1 1932
Aug. 1 1936
July 1 1924
fel
1
Jan.
1 1925
Dec.
1 1919
July
1 1951
*01,500,000
*a456,000
*a1,053,000
pa200,000
*a489,000
*a95,000
Mar. 1 1929
Oct.
1
1949
To July
1917
**12,000,000
*64,185,000
*£2,600,000
*£1,000,000
*01,757,000
*03,565,000
Feb. .1 1955
Jan.
1 1948
Jan.
1 -1939
1 1939
Jan.
,293,000
*c500,000
*a963,000
1950
Jan.
April 1 1925
Jan.
1 1926
Jan.
1 1948
*a760,000
Nov. 1 1951
*02,200,000
April 1 1925
*al80,000
Nov. 1 1943
*pl5,070,000
To Jan. 1924
*o5,000,000
April 11917
*ol,000,000
*ol,000,000
*o930,000
*710,000,000
1931
*a2,000,000
Nov. 1 1922
Jan.
1 1926
June 1 1943
July
Oct.
July
*a700,000
*e311,000
1952
1917
*61,824,000
*66,020,000
*65,646,000
Mar. 1 1951
*65,669,000
<6841,000
Sept, 1 1948
Jan. 1 1937 *m9,990,000
April 1 1943 */10,000,000
_
...
Feb.
1923
Sept.
1929
Mar.
1944
April 1 1943 */10,000,000
July 1 1936 *66,463,000
*0150,000
May 1 1927
Taxes.
Maturity Date.
July
July
July
May
May
1920
1
1920
1 1920
1 1928
1
1938
1
Sept. 1 1934
debt 4s_Dec.31 Dec.311913
M-N May 1 1923
Outstand'g.
a$8,680,000
a5,263,000
a5,880,000
1,000,000
1,349,500
1,250,000
1,148,012
500,000
RR.—
•385,000
Jan. 1 1932
570,000
Oct. 1 2862
J.30-Dec.31 On demand 70,000
Frbeh. & Jamesb. Agr. RR. deb. 4s
J-J
July 1 1919
382,000
Girard Point Storage Co. 1st mtge. 3)^s__A-0
April 1 1940 a2,000,000
Huntington RR. 1st mtge. 5s
J-D
June 1 1920
26,000
Manor Real Est. & Tr. 3H % ctf. of indebt.J.30-Dec.31 On dem'd 3,649,424
rl 1,000,000
N. Y. Connect. RR. 1st M. 4Hs_ —1----F-A
Aug. 1 1953
82,907.996
Penna. Tunnel & Term. RR. ctfs. of indebt—
Dec.29 1913
534,401
Pomeroy & Newark 4%. certfs. of indebt--J-J
July 1 1916
6,000,000
F. ext. 6s_J-J
A-O
Susquehanna Coal Co. 5% certf. of indebt_Dec.3l Dec.311913
Buffalo M. 6s
__:J-D
Junel2 1914
4% certf. of indebt J-J
July 1 1914
Union Term. RR. of
Foot-note Showing
Freedom of Interest Payments
in States.
ducted."
v
from Deductions for Taxes
&c.
"With respect to State taxes, the bonds
unless the corporation pays interest
tax
1,000,000
1,394,000
marked free or not free from such
from which the tax can be de-,
[According to information furnished by Pennsylvania Railroad Co.
Free of State tax in Pennsylvania.
6 Free.of State tax in New Jersey.
York,
d Free of State tax in Delaware,
e Free
of State tax in Pennsylvania and New Jersey.
/ Free of any State tax.
0 Free of State tax in Pennsylvania and Maryland,
h Free of State tax
Maryland and Delaware.
£ Free of State tax in Virginia and Maryland,
m Free of State tax in New York and Pennsylvania,
n Free of State tax in
Delaware, Maryland and Virginia,
o Free of State tax in Pennsylvania,
Delaware and Maryland,
p Free of State tax in Pennsylvania, Delaware,
Maryland and District of Columbia. . 0 Free of any State and
tax.
r Free
of United States, State, County, municipal or other taxes
except Federal income taxes; also free of personal tax in New York,
s Free
of ail taxes.
* The clause in the security reads substantially as follows:
"Principal and interest are payable without deduction for any tax
by the laws of the United States of America which the company is
to deduct or retain therefrom." u The clause in the security reads substan¬
tially as follows: "Principal and interest are payable without deduction for
any tax imposed by the laws of the United States of America which the com¬
pany may be required to pay on account of said principal and
v The clause in the security reads substantially as follows- "Principal and in¬
terest free of all Federal taxes." x The clause in the security reads substan¬
tially as follows: "Principal and interest payable free of all United States
taxes." y The clause in the security reads substantially as follows* "Princicipal and interest of this bond are payable without deduction of any tax or
taxes." z If these obligations are considered certificates of stock, then they are
tax-free in the hands of an individual holder as regards Federal income tax.
a
Note.—The company states
or
*01,800,000
Mar. 15 1951 *a3,459,000
*a764,900
-J-J
,__A-0
A-O
M-N
M-N
M-S
Elmira & Williamsport RR. income 5s
Enola Realty Co. 4% deb. certificates
J-D
-
PENNSYLVANIA RR. CO. AND
Issued
1st mtge. 5s
Cherry Tree & Dixonv. certfs. of
Connect. Term. Ry. 1st mtge; 5s
c
income tax
registered 4s.
1 1941
Aug. 1 1940
Registered 4% bonds>_ —•
F-A
Coupon 4% bonds
— __M-S
Coupon 4% bonds
_M-S
Coupon 3H% bonds
;—
..M-S
Coupon 4% bonds-..
—
—M-S
Western N. Y. & Penna. 1st mtge. 5s
J-J
General mortgage 4s._..
A-O
Income mortgage 5s
Nov.l
West Jersey & Seashore 1st cons. 33^s&4s_J-J
.
York Hanover & Fred'k 1st M. 4s
:_M-N
Second mortgage income 6s
Bal. Ches. & Atl. 1st mtge. 5s—^
*6364,000
*e972,000
*6350,000
ta185,000
zs400,000
1933
Jan.
West Jersey & Seashore
—______J-D
Fjrst mortgage 4s_
Second mortgage 4s.
1927
Feb.
M-N
Int.
*6500,000
*6749,000
1927
1933
1943
Feb.
$500,000 yearly):
J-J
bonds f All se- [A-O
cured by {M-N
Plain bonds___.—.—____ 11903 M. (J-J .
Richm.-Wash. Co. coll. tr. M. 4s____-—J-D
Shamokin Vail. & Pottsv. 1st M. 3Ks
J-J
Susq. Bloomsb. & Berwick 1st M. 5s
A-O
Trenton Delaware Bridge 1st mtge. 7s_:._- J-J
United N. J. RR. & Canal Co. (general
M. of 1871 for $20,000,000 [now 1st
mtge.] secures all equally)—*
General mortgage
1st M. 5s
__A O
Oct, 1 1935
General mortgage 5s.,
J-D
June 1 1935
St. Mary's Division 1st M. 4s.-------F-A
Fob. 1 1951
Equip. 4% notes (due $28,000 s.-a.)_.____M-N15To May '17
Equip. 4% notes (due $60,000 s.-a.).-j-j
To Jan.
Zanesville & Western 1st M. 4s
A-O
Oct. 1 1952
Car trust-4s (due $25,000 s.-a.)
__J-D
To Dec. '17
TORONTO HAMILTON &
Jan.
P.W-.&B, deb: 4s, plain
Plain bonds
Phila. & Erie gen. mtge. coupon 6s,.
General mortgage registered 5s
3S160.000
1925
Jan.
Lytle Coal Co. 1st mtge. s. f. 5s
-___J-J
Md. Dela. & Va. 1st mtge. 5s_
F-A
New York Bay RR. 1st mtge. 4s—
J-J "•
N. Y. Phila. & Norfolk 1st mtge. 4s
__J-J
Income mortgage, jup to 4%___ —
M-N
Northern Central Ry. cons. gen. M. 43^s_A-0
Second general-mtge. 5s
J-J
Penna. Monon. & So. 1st mtge. 4s
__-J-J
Phila. & Bait. Cent. 1st mtge. 4s
M-N
Phila. & Dela. County 1st mtge. 5s
,__A-0
Phila. Baltimore & Washington—
Sunb. Haz. & Wilkes-B.
Clause.
Western Division
Issued
.2,000,000
«s700,000
Sept. 1917
Feb,
1st mtge. 4s
$2,000,000
1923zsl9000,000
1923
Sept.
Connecting Ry. 1st mtge. 4s
'
--M-S15
Cornwall & Lebanon 1st M. 4s—
A-O
Dela. Md. & Va. mtge. 4% bondsM-N
Delaware RR. gen. mtge. 4Hs_—"——J-J
Dela. River RR. & Bridge 1st M. 4s
,._F-A 1
Elmira & Lake Ont. 1st M. (S.B.&So.) 5sJ-J Elmira& Williamsport IstM. ext 4s._—-J-J
Erie & Western Trans. Co. gu. 4% bonds_J-J
Fairmount Coal & Coke 1st mtge. 4s
J-D
Holl. Bed. & Cumb. 1st mtge. 4s^
J-J
Johnsonburg RR. 1st mtge. 6s____
M-S
Lewisburg & Tyrone 1st mtge. 43^s_A-O -
Maturity Date. Outstand'g.
-J-J
...»
To Apr
'
Issued without Reference to
1917zsl,600,000
May 1920zs7,700,000
1922zs6,300,000
To Apr
To
4s
1916zs2100,000
To June
Equip, tr. 5% certfs. (due $40,000 yrly.)M-S
Belvidere Delaware RR. Co.—
Consol. mtge. of 1875—Registered 4s__M-S
Registered 4s. _F-A
Registered 4s. .J-J
Coupon 3 2-3 s-_ J-J
Camden & Burl. County
1916351800,000
To Nov
To
Bal. Ches. & Atlan.—
1
CENTRAL RAILWAY.
Tax-Exemption
To Aug.
To Nov.
To May 1917 35400,000
To Aug. 19172S1600.000
,
Taxes.
^_A-0
TOLEDO & OHIO
600,000
July 11918
J-J
_
Second mortgage 5s,
Outstand'g.
$2,250,000
1,000,000
July 11932
July 11934
without Reference to
Erie 1st M. 6s
Ser. A & B
Pitts. & Lake
Outstand'g.
Tax-Exemption Clause.
Pitts. McKeesp. & Youghiougheny
First mortgage 6s-_
-
■
Oct. 1 1937. $18,880,000
May 1 1931 10,000,000
-—A-O
M-N
_
,
f
Maturity Date
Int.
4s_'_
RAILROAD;
Tax-Exemption Clause.
First mortgage 4s
Debenture
$4,225,000
2,500,000
July 1 1957
Jan. 1 1927
6s___—J-J
CHICAGO & ST. LOUIS
Issued with
Outstand'g•
Maturity Date
($25,000,000) — —J-J
West. IstM.
NEW YORK
To Feb. 1916 zsl,800,000
To May 1916 zsl800,000
Serial loan 4s (due
Tax-Exemption Clause.
Int.
yly.)__Q-J
ea. ser.
gen. freight equip, tr. 4s—
.. ,
($100,000 of each series due yearly)—
Series A to F, issue of 1906
Q-Feb
Series G to L, issue of 1906—.
Q-F
Series M to R, issue of 1906
Q-F
Series S to Y, issue of 1906-— Q-F
Series "A," issue of 1907--Q-F
Series B to E issue of 1907
--Q-F
Series F to I, issue of 1907
——Q-F
Series A to K, issue of 1910
—Q-F
Series A to G, issue of 1912
___°Q-M
4M % certfs., series A to S, issue of 1913-Q-J
4certfs., series "T," issue of 1913
(due $70,000 yearly).--,
Q-J
Penna.
First mortgage
RAILROAD.
INDIANA HARBOR BELT
.
Int. Maturity Date. Outsland'g.
,
,
,
RAILWAY.
Maturity Date. Outsland'g.
June 1 1997 $50,000,000
Int.
3Hs
J~P
Debenture 4s of 1903
-M-S
Debenture 4s of 1906
M-N
Kalamazoo & White Pigeon 1st M. 5s
J-J
Jamestown Franklin & Clearfield 1st M.
4s ($25,000,000)
------ -J-D
Kalamazoo Allegan & Gr. Rap. 1st M. 5s__J-J
Clev. Short Line 1st M. 4^s—
A-0
First mortgage
1789
CHRONICLE
THE
1913.]
20
ta2,584,000
1945 *04,491,100
1948 *019,400,000
1948 *020,000,000
1915*086,827,000
1914ua 2,267,000
1921
*07,069,000
1948
ta7,478,250
1923
1?2,000,000
1942 *020,000,000
1955 *a2,000,000
1941
*0534,000
1927 ral,000,000
*0725,000
1930
1930 cal,021,000
*06,000,000
1943
*0862,000
1943
1917
1936
1919,
1928
1500.000
la75,000
la4,000,000
Free of State tax in New
in
municipal
imposed
required
interest.'
LONG
ISLAND RAILROAD.
Note.—'The company states
that when paying
the interest on bonds con¬
taining the tax-exemption clauses it has done so without
from the bondholder.
But until there be a decision upon
to what is taxable and who is liable
cannot be said whether such securities are free
1913,
as
tax or not.
1
.
1
deduction of tax
the Act of Oct. 3
for such tax thereunder, it
from United States income
1790
THE
Issued with
CHRONICLE
Tan-Exemption Clause (Details
as in Foot-Notes).
Maturity Date. Outstand'g.
Int.
„
Oonso ldated mortgage 5s
BRINSON
General mortgage 4s
Unified mortgage 4s.
July
July
J-D
M-S
xS ,000.000
Mar. 1 1949 (c$5,660,000
Mar. 1 1949 tc24.008,000
June 1 1932
*332,000
First mortgage 5s.
Refunding mortgage 4s
M-N
May 1 1937
Q-J
Oct.
1 1932
Oct.
1 1935
First & ref. mtge. 5s & 6s
($5,000,000)---.F-A
Two-year 6% notes ($1,250,000)
F-A
Stewart Line 4s
L. I. City & Flush,
1 1931
1 1931
June 1 1938
M-S
J-D
cons.
North Shore Branch 1st
mtge. 5s
cons.
M. 5s
N.Y.Bklyn.&Man. Bch. 1st cons. M.5s_A-O
Equip, trusts (due $100,000 each series y'rly)—
To Feb. 1921
*200,000
t/s600,000
Taxes.
••
..
Jan.
1 1926
Jan. 1 1916
June 1 1945
J-J
Jan. 1
__A-0
...F-A
Sept. 1 1927
Sept. 1 1927
Apr. 1 1918
J-J
•'
•
•
Issued with Tax-Exemption Clause.
Int.
First mortgage 5s--..-
COAL &
RAILWAY.
•
Int.
First mortgage 5s ($5,000,000)..
Int.
Equip, trust 5s, Ser. A (due $25,000 ann.)_M-N
Equip, trust 5s, Ser. B. (due $30,000 ann.)_F-A
Note.—The company states that it will
Tax on the equipment issues.
Issued with
1 1919
Int.
*
In default.
'
COMBINATION
BRIDGE
Int.
RANGE
Issued with
Taxes.
V
Int.
&
Issued with
HUDSON COMPANY.
Tax-Exemption Clause.
Int.
.
.•
First & ref. mtge. 4s ($50,000,000)--.
Int.
Maturity Date. Outstnad'g.
M-N15Mayl5 1920
$61,000
•
BINGHAM &
GARFIELD
Issued with
•
„,
RAILWAY.
'
First mortgage 6s
BOSTON A
.
*
MAINE
RR.
AND
Int.
faxes.
Int.
-
mortgage 4s, equally secured-.
•
„
One-year 5% notes..-.
One-year 6% notes.
Feb.
Jan.
1 1923
Feb. 2 1925
Sept. 1 1926
April 1 1929
June
1 1935
1 1930
1 1934
Feb. 3 1914
June 1 1914
F-A
A-O
M-S
Mar. 1 1915
1 1916
1 1917
Oct. 1 1918
A-O
J-J
July
M-N
—J-J
4% bonds of 1909 (not
mortgage)
___A-0
4H% bonds of 1913 (not mortgage)i_._F-A
Ooncord& Claremont (N. H.X IstM. 4^s_JJ
Concord & Montreal RR.—Consol. M. 4s_J-D
Debenture 3M % and 4% bonds
J-D
Debenture 3Ms, interest guaranteed—J-D
Conn. &
—
—
1 1927
1 1929
June 1 1920
«
Newport & Richford first mtge. 5s
J-J
Connecticut Riv. RR.—4sof '93 (not M.)_M-S
3H% bonds of 1901 (not mortgage)
J-J
3H% bonds of 1903 (not mortgage)
J-J
One-year 5% notes...
__J-D2
April 1 1943
Jan.
1 1941
Sept. 1 1943
Jan.
1 1921
Jan. 1 1923
June 2 1914
Fitchburg RR.—
Feb. 1 1937
June 1 1920
May 1 1914
Mar. 1 1915
July 1 1916
Mar. 1 1927
Jan. 1 1928
Oct. 1 1920
Oct. 1 1921
M-S
4% bonds of 1898 (not mortgage)
-_JJ
3H% bonds of 1900 (not mortgage)
A-O
3H% bonds of 1901 (not mortgage)
A-O
4% bonds of 1907 (not mortgage)
A-O
4% bonds of 1905 (not mortgage)
M-N
4*4% bonds of 1908 (not mortgage)
M-N
4H % bds. of 1912 (not M.) ($1,350,000) J J
4H% bonds of 1913 (not mortgage)
J-J
Troy & Boston first mortgage 7s__.
JJ
Vermont & Massachusetts plain 3Ms—M-N
April 1 1927
May 1 1925
May 1 1928
Jan.
Jan.
1
1932
1 1933
July 1 1924
May 1 1923
Jan.
.
July
1 1922
1 1917
Mar. 1 1944
April 1 1924
Oct. 1 1940
J-J-
,
1,000,000
500,000
750,000
200.000
214,000
620,000
319,000
250,000
500,000
500,000
325,000
350,000
1,000,000
500,000
5,500,000
1,050,000
473,000
Hudson Coal Co. debenture 4s, guar
M-N
Rensselaer & Saratoga 1st mtge. 7s—___-M-N
400,000
573,000
Int.
•»
($5,000,000)--
PITTSBURGH TERMINAL
4
Issued with
First mortgage 5s ($7,000,000)--
RAILROAD
1,500,000
&
\
&
COAL CO.
Maturity Date: Outstand'g.
J-J
July
1 1942
1955
—
collateral under the Wabash RR.
as
i(
by N. Y. Central
RAILROAD
Consol. mortgage 4^s ($14,000,000)
Deposited
2.000,000
RAILROAD.
Tax-Exemption Clause.
Int.
*
100,000
300,000
200,000
875,000
1940
Maturity Date. Outstand'g.
Aug. I 1960 *$2,900,000
-F-A
♦Bonds are guaranteed, principal and interest,
Hudson River RR. and held in its treasury.
$3,935,000
*3,800,000
% notes of 1905,
SECURITIES COMPANY.
Issued with
Tax-Exemption Clause.
Int.
Series A 4% certificates (IU. Cent. int.)-_-JJ
SHANNON ARIZONA
Issued with
Maturity Date. Outstand'g.Jan. 1 1952
$8,000,000
RAILWAY.
Tax-Exemption Clause.
.
Int.
;
First mortgage convertible 6s
—
Maturity Date. Outstand'g.
_M-N
Nov. 1 1919
$600,000
"TENNESSEE RAILWAY.
Issued
with
Tax-Exemption Clause.
Int.
*
First mortgage 5s
($4,500,000)
)
t
Maturity Date. Outstand'g.
Mar. 1 1937
$1,129,000
M-S
In default.
TERMINAL
RAILWAY
OF
BUFFALO.
Issued with Tax-Exemption Clause.
Int.
First mortgage 4s—
&
GOLDFIELD
Issued with
i
Maturity Date. Outstand'g.
Apr. 1 1946
$1,000,000
r__A-0
TONOPAH
RAILROAD.
Tax-Exemption Clause.
Int.
First mortgage 6s, redeemable
Maturity Date. Outstand'g.
JJ
Jan.
1914-'21
$589,000
-
i
WABASH-PITTSBURGH
Issued
7t2,000
274,000
100,000
2,500,000
357,000
1
May 1 1918
ToMayl9l8
May 1 1921
Issued with Tax-Exemption Clause.
First mortgage 4Hs
290,000
5,000,000
500,000
500,000
1,359,000
500,000
2,750,000
1,450,000
500,000
1,775,000
2,000,000
3,660,000
2,400,000
1,200,000
1 1914
Jan.
DUNKIRK ALLEGHENY VALLEY & PITTSBURGH
1,900,000
350,000
1,000,000
969,000
2,000,000
Jan.
Bluff Pt. Land Imp. Co. 1st mtge. 4s, guar. J-J
Cooperstown & Susq. Valley 1st mtge. 5s_-M-N
*
4% bonds (to State of Massachusetts)..F-A
4% bonds of 1890 (not mortgage)
J-D
4H% bonds of 1894 (not mortgage)
M-N
4%,bonds of 1895 (not mortgage)
M-S
4% bonds of 1896 (not mortgage)
JJ
1 1923
1 1925
1 1926
June 1 1920
June 1 1920
Passump. Rivers RR.—-lstM.4s_A-0
Manchester & Lawrence plain 4s__
_JJ
Peterboro'& Hillsboro'1st mtge. 4^s_ —_JJ
St. Johns & Lake
Champ. 1st mtge. 5s
M-S
Sullivan County RR. first
mtge. 4s___
A-O
Vermont Yalloy Ry, 1st mtge. 4Hs
A-O
1 1921
Feb. 1 1933
Jan. >1 1914-
.
mortgage)
1 1919
Jan.
May
Sept.
Nov.
July
April
M-S
Int.
Maturity Date. Outstand'g.
M-S
Sept. 1 1917
$5,000,000
Schenectady & Duanesburg 1st mtge. 6s.-M-S
Sept. 1 1924
500,000
Adirondack Ry. first mortgage 4>^s
M-S
Mar. 1 1942 "
1,000,000
Convertible debenture 4s_
J-D15 Junel5 1916
13,973,000
>■
July
Oct.
J-J
M-N
4% bonds of 1897 (not
$1,919,000
2,500,000
6,000,000
5,454,000
1,000,000
2,000.000
500,000
10,000,000
11,700,000
1,000,000
150,000
735,000
380,000
10,000,000
17,000,000
April 1 1932
J-J
.A-O
% bonds of 1905 (not mortgage)
4% bonds bf 1906 (not mortgage)..
4% bonds of 1907 (not mortgage)
1 1937
Jan.
Jan.
Oct.
J-D
3H% bonds of 1901 (not mortgage)
3K% bonds of 1903 (not mortgage)
1 1944
July 1 1950
Nov. 1 1921
firstfJJ
_-_{JJ
I A-O
Boston & Lowell RR.—
4% bonds of 1892 (not mortgage)
4%-bonds of 1895 (not mortgage)
4% bonds of 1896
(not mortgage).T
4% bonds of 1897 (not mortgage)
4% bonds of 1898 (not mortgage)-.,
3H% bonds of 1899 (riot mortgage)
1 1937
Aug. 1 1942
Jan.
10,000,000
800,000
30,000
1,300,000
D. & H. Penn. Div. 1st mtge. 7s
Debenture4s of 1900
Maturity Date. Outstand'g.
4% impt. bonds of 1887 (not mtge.)
F-A
4% impt. & ref. bonds of 1892 (not mtge.)_F-A
4bonds of 1894 (not mortgage)
J-J
3% bonds exchanged for Fitchburg stock__J-J
3H% bonds of 1901
(not mortgage).
M-N
3H % bonds of 1903 (not mortgage)
J-J
3H% bonds of 1905 (not mortgage)
F-A
4% bonds of 1906 (not mortgage)
T-M-S
4H % bonds of 1909 ($12,000,000) (notM.)-A-O
Portsm. Grt. Falls & Con. 1st M. 4Hs_-_J-D
Worcester
Nashua; &
Rochester
1 1946
1 1939
Dec.31 1929
Jan. 1 1942
Issued without Reference to Taxes.
SUBSIDIARY COMPANIES.
Issued without Reference to
Apr.
July
,
Maturity Date. Outstand'g.
July 1 1920
$2,141,500
J-J
Maturity Date. Outstand'g.
May 1 1943 $20,704,000
July 1 1922
9,694,000
"
Tax-Exemption Clause.
.
M-N
($10,000,000)--JJ
Albany & Susq. first mtge. 3)^8
A-O
Utica Clinton & Bingbamton 1st mtge. 5s_ J-J
Schoharie Valley first mortgage 5s
J-J
Chat. Ore & Iron Co. ref. mtge. 4s, guar--J-J
*
.
$500,000
Maturity Date. Outstand'g.
Oct. 1 1949
$2,280,000
-A-O
-
DELAWARE
11915
Tax-Exemption Clause.
,
First lien equipment 4Hs
Issued without Reference to Taxes.
-•
July
RAILROAD.
-
>'.*
Maturity Date. Outstand'g.
JJ
—.
First mortgage 5s_..
RAILROAD.
COMPANY.
Issued without Reference to Taxes.
Maturity Date. Outstand'g:
Nov. 2 1938
$300,000
.M-N
Mortgage trust sinking fund 4s__,_—
Maturity Date. Outstand'g.
July 1 1947 *$9,532,000
JJ
$450,000
RAILROAD.
Int.
,
RAILWAY.
Tax-Exemption Clause.
First mortgage 4s
COPPER
July
BELFAST & MOOSEHEAD LAKE
m
120,000
payment of Federal In¬
'
Maturity Date. Outstand'g.
Issued without Reference to
•**.'
To Feb.1917
assume
COLORADO MIDLAND
First mortgage 5s-...
J-J
First mortgage 5s.
•7"
y
Maturity Date. Outstand'g.
To May 1915
$50,000
come
RAILROAD.
Int.
*
AMADOR CENTRAL
.
Maturity Date. Outstand'g.
Apr. 1 1919
$4,079,000
A-O
Issued without Reference to Taxes.
Tax-Exemption Clause.
J
v.V,
COKE
,
Maturity Date. Outstand'g.
Oct. 11951
$600,000
A-O
i
.
/i".
$250,000
Issued with Tax-Exemption Clause.
Co.
v"
,
1 1937
.
ALLENTOWN TERMINAL
'..'3
Jan.
RIVER & INDIANA RAILROAD.
.
The clause in
the security reads
substantially as follows: "Principal and interest are paya¬
ble without deduction for
any tax imposed by the laws of the United States
of America, which the
company Is required to deduct or retain therefrom."
x The clause In the
security reads substantially as follows: "Principal and
interest payable free of all United States taxes."
y The clause in the
security reads substantially as follows:
"Principal and interest of this
bond are payable without
deduction of any tax or taxes."
z If these
obligations are considered certificates of stock, then
they are tax-free in the
hands of an individual holder as
regards Federal income tax.
.■».?.<*..
a
Maturity Date. Outstand'g.
-J-J
CHICAGO
500,000
250,000
430,500
On demand
'
to information furnished by Pennsylvania RR.
Free of State tax in New York,
s Free of all taxes,
t
v
None
*Below
Tax-Exemption Clause«,
984.000
1 1926
[According
■«
Outstand'g.
Maturity Date. Outstand'g.
July 1 1953
$800,000
J-J
Int.
978,000
20,000
May 1 1920
...
Issued with
,
First mortgage 4s_____
Maturity Date.
Aug. 1 1943
Aug, 1 1915
Int.
First mortgage 4s....
190,780
150,000
1,000,000
Feb.
/'
44,000
Nov. 1 1942
J-D!
M-N
—M-S
-
with
$865,000
CHARLESTON UNION STATION COMPANY.
600,000
200,000
1 1943
Apr.
..
Isued
Outstand'g.
,
Issued with Tax-Exemption Clause.
-
600,000
125,000
Mar. 1 1920
Jan.
1 1945
J-J
-
,
CHARLESTON TERMINAL COMPANY.
;
..
Outstand'g.
$268,703
1,500,000
12,247,951
1,494,000
Aug. 1 1918
June
M-S
_-J-J
—JJ
.
Footnote Showing Freedom of Interest
Payments from Deductions for Taxes
(■
in States, &c. ;■
•
y;
'
•
"With respect to State taxes, the bonds marked free
are not free from
such tax unless the
corporation pays interest from which the tax can be
deducted."?
:
t
*c
Int.
.
1 1934
J30D31Dec. 31 1919
M-S
Mar. 1 1922
J-D
June 1 1938
Ocean Electric Ry. 1st M. 5s____
Prospect Park & Coney Island RR.—
First mtge. 6s and
4Hs
Income registered 6s__
4% certificates of indebtedness.
^
First mortgage 4s ($1,000,000)—
Maturity Date.
J-D
N. Y. & Long Isl. Trac. lst M.
4Hs—
N. Y. & Rockaway Bch, 1st M. 5s
Second mortgage income 5s
,
Taxes.
Only a small part of the notes has been sold secured
by deposits of
block or the bonds; none of the bonds has been sold.
zs800,000
F-A
Debenture; 5s
Debenture 4s._.
Long Island Ferry 4Ks.
Bklyn. & Montauk 2d mtge. 5s
N. Y. & Flushing 1st
mtge. 6s.
Montauk Extension 1st mtge. 5s.
N. Y. Bay Extension 1st
mtge. 5s
Montauk Steamboat 1st M. 6s..__
4% certificates of Indebtedness
Montauk Water Co. 1st M. 5s.._
1
zs800,000
25800,000
*$322,000
Mar. 1 1931
June 1 1925
Int.
Second mortgage 7s.
Maturity Date.
May 1 1935
M-N
Issued without Reference to
*650,000
To Feb. 1921
Issued without Reference to
'n;
Int.
xl,425,000
*1,726,000
To Feb. 1921
To Feb. 1917
...
^
Issued with Tax-Exemption Clause.
*3,610.000
xl, 121,000
*
Series "A" 4% certificates
F-A
Series "B" 4% certificates
.F-A
Series "O" 4% certificates
...........F-A
Series. D*'4% certificates
F-A
P.P.&Coney Id. 2nd mtge. 6s and 4Ms—M-S
Long Isl. Elec. Ry. 1st M. 5s
J-D
,
xcvii.
RAILWAY.
Q-J
Q-J
Consolidated mortgage 4s
VOL.
l
with
Int..
,
'•
'
•
TERMINAL
-
-—-J-D
M-S
J
RAILWAY.
Tax-Exemption Clause:
First mortgage 4s__i.
—,__a
West Side Belt first mortgage 5s
In default.
-
,
Maturity Date: Outstand'g.
June 1 1954*$30,236,000
Sept. 1 1937
383,000
'
THE
1913.]
Dec. 20
,,i,i
4s_
($35,000,000)--.
General mortgage 4s
Gold 5% notes
secured by $12,000,000
Equipment 5% sinking fund bonds
Equipment 4H % notes of 1904
■Equipment 5% notes of 1913—
♦
Of the
4s__F-A
J-J
Var.
M-S
general mortgage 4s, $12,000,000 were deposited
5% gold notes due Aug. 1 1908. none having
under the 3-year
■
Receiver's 6%
First mortgage
Lake Erie Division 5s
First mortgage Wheeling Division 5s
Extension and improvement mortgage
A-O
J-J
5s._F-A
Name.
Exemption
Amount
°f
T
Claimed.
Is Liable
$
Tax
hold'a At ent
-
Income.
Withheld.
for Tax.
$_——_
1
1
1
II
I
t
,
1
if
l
i
1
I
1
i
1
•
Total for month---—
Amount of tax remitted
Maturity Date. Outstand'g.
Int.
i
Full.
to and subthis
of——191—
Sworn
To
>
Signed:
scribed before me
Collector.
$600,000
June 30 1980
J-J
-
collector—
herewith (if any) to
Tax-Exemption Clause.
with
First mortgage 5s
collateral
been sold.
VALLEY RAILROAD.
BLACK RIVER
Issued
of
Income on
Amount
Address in
Maturity Date. Outstand'g.
Apr. 1 1915
$431,000
Oct.
1 1926
2,000.000
July 1 1928
894,000
Feb. 1 1930
409,000
Int.
certificates
&
Amount
Amount of which With¬
Reference to Taxes.
,Issued without
WHITE
as
j.
of the
other obligations)
Maturity Date. Outsland'g.
Sept. 1 1949 $11,697,000
Aug. 1 1955 * See below.
Aug. 1 1908
8,000,000
Jan.
1 1922
1,423,000
To Dec.1914
135,000
To Mar.1923
1,900,000
Int.
M-S
F-A
.
First consolidated mortgage
.(Describe the particular issue
Tax-Exemption Clause.
Issued with
191--, on the
of bonds)
bonds (or
(Name of debtor organization)
and there are herewith inclosed all certificates of ownership which were
presented with said coupons or orders for registered Interest covering the
interest maturing on $____—
of the bonds described.
during the month of
ERIE RAILROAD.
WHEELING & LAKE
1791
CHRONICLE
——day
District of.
— ___________
-___ — _____
___________________
(Capacity in which act'g.)
Note A.—Withholding agents may, if they so desire, pay at the time this
list is filed, to the collector of internal revenue with whom the list is filed,,
the amount of tax withheld during the month for which the list is made.
Note B.—All substitute certificates of collecting agent9 authorized by
regulations that are received by debtors or withholding agents will be con¬
sidered the same as certificates of owners, and in entering same in making
monthly list returns debtors or withholding agents will enter the flame, ad¬
dress and the number of the substitute certificate of the collecting agent
In lieu of the name and address of the owner of the bonds.
;
1
:;
Form 1012a.—Includes all heading, Form 1012, but omits bottom.
Form 10126.—With box heading, Form 1012, omits head and tail.
Form 1012c.—Omits heading, Form 1012, Includes tail.
Form 1012d, when necessary, to be used, shall be a summary of the
monthly list return. Form 1012, as made in detail by the withholding agent,
and the said summary and lists thereto attached when properly ^filled in
and the summary signed and sworn to shall constitute the complete monthly
list return of the withholding agent making same as fully as If each list
attached to the summary was signed and sworn to separately.'
The said Form 1012d shall be in substantially the following form:
(Address.)
REGULATIONS.
INCOME TAX
issued by the Treasury Department on
Under instructions
1% tax to which
the 13th hist, the
foreign organizations en¬
gaged in business in the United States are subject is not to
withheld by a debtor or withholding agent.
The effect
be
of
understood, is to make these organizations
individually responsible for the return.
The following are
this ruling, it is
the instructions:
CERTIFICATES TO BE FURNISHED BY FOREIGN ORGANIZA¬
TIONS ENGAGED IN BUSINESS IN THE UNITED STATES.
Foreign organizations
subject to the
United States are
the amount of net income
engaged in business within the
normal tax of 1% per annum upon
transacted and capital invested within the United
States, but said organizations shall be exempt from having any part of its
income withheld by a debtor or withholding agent:
The certificate to be furnished by foreign organizations engaged in busi¬
accruing from business
ness
of Normal Income Tax
(give official position)
(character of organi¬
zation). of
;
(country), located at
(Post Office
address), do solemnly declare that said
(give name of organi¬
zation) is a foreign organization engaged in business in the United States,
and is the owner of $_
of bonds of the denomination of $__
(numbers, &c.) of the
(give name of the debtor) known as
(describe particular issue of bonds) bonds, from which were
detached the accompanying coupons, due
—_, 191--, amounting
to $
or upon which there matured
191-_ $
of registered interest, or is the owner of
(property or invest¬
ments) upon which there was accrued
191— $
— of
(give name), the
organization), a
I,
(name of
'
income.
■
' "
■
•
Oct. 3 1913, the said
organization is subject to the normal tax of 1% per annum upon the
amount of net income accruing from business transacted and capital in¬
vested within the United States, for which tax it will make its return in
due course, but it hereby claims exemption from having the said normal
tax of 1 % on said income withheld at the source.
Under the provisions of the
Income Tax Law of
Official position
,
Name
The Treasury
'
!
Name
'
.
-•
—
j,
of organization-—---
Department also furnishes
___
.—
(in T. D.1914)
supplemental regulations prescribing how itemized monthly
list returns and annual list returns of all coupon and regis¬
tered interest payments on
.
,
AND
LIST
ANNUAL
RETURNS OF COUPON
by
or
Debtors or withholding agents are
to Section 2, Act
nual list
■
deducted and
:(State adress in full)
(State name of debtor
(Address in full) do sol¬
emnly swear (or affirm) that the following is a true and complete return
of all coupon and interest payments as above descrived, made by said
organization and from which the normal tax of 1% was deducted and with¬
held at the time of payment, or for which it is liable as withholding agent,
during the month of
191--, on bonds (or other similar
obligations)
of the__
(Name of debtor organization),
as fully set forth in detail on lists attached hereto, said lists, Form 1012,
and this summary constituting the monthly list return of normal income tax
ivithheld at the source, as required by the regulations: and that there are here¬
with inclosed all certificates of ownership which were presented with said
coupons or orders for registered interest covering the interest maturing
on $
of the bonds described, and that said withholding agent
has paid no coupons or orders for registered interest not accompanied by
the certificates of ownership as required by Treasury regulations.
I
(we)
'__
duly authorized
the
(Name) of
withholding agent of_
located
organization),
at
Amount of
Income on
Obligation.
of
Description
return,
,
To be made in
duplicate to the collector of
amount of normal
and insurance
organization.)
internal revenue for the dis¬
before the 20th day of
who have received
bonds and mortgages or deeds of trust, or other
the names and addresses of persons
companies
I
the preceding month.
(State address in full)
of
;
(State name of
debtor organization)
located at
(Address In full),
-do solemnly swear (or affirm) that the following is a true and complete re¬
turn of all coupon and interest payments as above described, made by said
authorized withholding agent
organization and from which the
itield at the time of payment or
(if any) to collector
Sworn
to and subscribed before me this
—day of—
191—
.
—
7 —
-----
—
Amount of tax remitted herewith
_
Signed:
- —
(Capacity in wnich act g)
(Address.)
if they so desire, pay, at the time this
internal revenue with whom the list is filed,
the month for which the list is made.
certificates of collecting agents, authorized by
list Is filed,to the collector of
the amount of tax withheld during
-
Note B.-—All substitute
withholding agents will be con¬
making
monthly list returns debtors or withholding agents will enter the name,
address and the number of the substitute certificate, of the collecting agent
regulations, that are received by debtors or
sidered the
normal tax of 1 % was deducted and withfor which it is liable as
same as
in lieu of the
name
certificates of owners,
or
withholding agent,
and in entering same in
and address of the owner
of the bonds.
withholding agents of
payments made upon bonds
obligations shall be made on or before March 1 of each
and in substantially the following form:
the normal tax of 1% withheld
by debtors or
from interest
other similar
calendar year
(Form 1013.)
United States Internal
come
companies or associations
on which the normal tax of 1 % has been deducted
(Name) of
(we)
the duly
o
Withheld.
——
Total for month--
payments of interest upon
similar obligations of corporations, joint-stock
and withheld during
Claimed.
The annual list return to be made
withholding agent is located on or
each month, showing
Is Liable
Note A.—Withholding agents may,
(Name of debtor
trict in which the
0f
Income.
T
for Tax.
•
Internal Revenue—Monthly list return of
income tax withheld at the source.
Filed by—
of which With- Amount
Tax
Exemption hold'g Agent
Amount
$.— A—— $
required by regulations made in purboth a monthly and an an¬
required monthly list return
States
—
Amount
of Oct. 3 1913, to make
(Form 1012.)
United
joint-stock companies, or asso¬
tax of 1% has been
companies, on which the normal
withheld during the preceding month.
—District of
shall give a list of all coupon or interest
payments made on which the normal tax of 1% was deducted and with¬
held and shall show the name and address in full of the owners of the bonds,
amount of the income, amount of exemption claimed, amount of income on
which withholding agent is liable for tax, and the amount of tax withheld,
and shall be made in substantially the following form:
The
of corporations,
other similar obligations
ciations, and insurance
To:
(T. D. 1914.)
———
organization.)
Of internal revenue for the dis¬
trict in which the withholding agent is located, on or before the 20th day
of each month, showing the names and addresses of persons who have re¬
ceived payments of interest upon bonds and mortgages, of deeds of trust,
Collector.
-suance
—— —
—
(Name of debtor
duplicate to the collector
To be made in
AND
INTEREST PAYMENTS. >
:r|" >::Vi>V
Monthly List Return of Amount
Withheld at the Source.
which the normal tax of 1 % was
regulations for the ad¬
ministration of Section 2 of the Income Tax law.
Under
an announcement made by Secretary of the Treasury McAdoo on the 16th inst., the time for filing these itemized
monthly returns for the month of November is extended
from Dee. 20 to Jan. 5.
The regulations in the matter are
as follows:
'
;;V.:. ,
MONTHLY
Filed
be made pursuant to
withheld shall
'
(Form 1012d.)
Revenue—Summary of
United States Internal
following form:
shall be in substantially the
(Form 1018.)
in the United States
or
Revenue—Annual list return of
tax withheld at the source.
deeds
of trust or other similar
obligations of corporations,
companies, or associations, and insurance
Filed
by
To be made in
trict in which the
I
the preceding
(we)__
joint-stock
companies.
(Name of debtor organization.)
duplicate to the collector of internal revenue for the dis¬
withholding agent is located on or before March 1, show¬
ing the totals of each monthly return on
totals for
amount of normal in¬
bonds and mortgages
From interest upon
calendar year.
(Name of)_
authorized and withholding .agent
*
of
Form 1012 and their agrgegage
'
"
(State address in full) the duly;
.(State name of debtor or-
1792
ganization),
located
(or affirm
swear
CHRONICLE
THE
at
(State
address
In
full),
solemnly
do
that the following is a true and complete return of the
monthly totals of all
and interest payments made and normal taxes
coupon
filed with
reported
as
ended December 31
on
Form 1012 and their aggregate totals for the year
Amount
Amount
Amount
which
on
of tax
of
! is liable
claimed; \ for tax.
tax
has been indorsed
of
Revenue,
at
V
,
/
f
C., not later than
the
20th
of next
day
Signature of collecting agent, ..1^
'
OWNERS
~
i
■
ARE
'
BOTH
RESIDENTS
OF
—
;
i____
■
.
Uv
CITIZENS
FOREIGN
.--Vv;
AND
SUBJECTS
OR
COUNTRIES.
■1
:
-
.
1
■
,
When collecting agents substitute their own certificate in lieu of owner's
v.")-
certificate
Form 1004, said substitute certificate shall be in substantially
on
--------
/
—
total for year.
same number as this certificate, will be sent by the col¬
lecting agent direct to, the Commissioner of Internal Revenue at Washing¬
ton, as prescribed by regulations.
To
;
Sworn to and subscribed before me this
(Collector.)
;
(Address)
day of
(Capacity in which, acting).
_
The monthly list return in the form as required herein
or
constitute
withholding agent will not be required, in making an
annual list return of the tax withheld from income derived from interest
bonds and mortgages
deeds of trust,
or
or
other similar obligations
of corporations, joint-stock companies, or associations and insurance com¬
panies, to again make
each person,
an
itemized list of the amount of tax withheld from
but will give in the annual list return the totals of the monthly
(name of collecting agent), do solemnly declare that
of $____
owner
bonds of the
zation), from which
due
with
(us)
me
a
detached
were
191
__,
(name of debtor organi¬
the
accompanying interest
(maturity), amounting to
—
duly executed certificate filled
up
coupons
has filed
___,
in accordance with Treas¬
Regulations of October 25 1913, Form No. 1004, which certificate has
ury
been
indorsed by
(us)
me
as
follows:
"Owner's certificate No.
(name of collecting agency),
____,
that the
owner
(date), and
191__
in said certificate declares that, being a nOn-resident
foreigner;
said interest is exempt from the income tax imposed on such interest by
the
United States Government under, the law enacted October 3 1913, and that
list return for each month of the year for which annual list return is made.
All substitute certificates of
(we),
the
shall
;•
I
191—,
„
part of the annual list return to be made by debtors or withholding agents,
the debtor
No.
;
.
.-..district of__
-
1004a.)
certificate, of which the following certificate is the counter¬
part, and bears the
——
Signed:
(Form
•
•
The owner's
Aggregate
.(■
following form:
November
collecting agents, authorized by regulations,
received by debtors or withholding agents will be considered the
are
D.
191-.
WHEN
December
that
,191__ (date), and that
partnership, and the names of the indi¬
or
Address,
the
certificates of owners, and in entering same in making monthly list
same as
follows: "Owner's certificate No.
as
191-_, to the Commissioner of Internal-
Washington,
Date,
:
upon
in accordance with
month, in accordance with Treasury Regulations.
due.
collector.
held.
tax
October
and
(us)
me
and address of the firm
name
stated, and dated
as
to
$
July
August.September
a
by
(name of collecting agency)
the
Balance
remitted
with¬
tion
•
June
up
places of residence, was recorded on said
original certificate, and I (we) do hereby promise and pledge (myself, our¬
selves) to forward the above-described certificate, executed by the owners
Amount
Income
of '
i withholdExemp- ing agent
income.
January
February
March
April
May
duly executed certificate filled
a
vidual members thereof, and their
191
I
Month.
(us)
me
xcvii.
Treasury Regulations of October 25 1913, Form No. 1003, which certificate
withheld therefrom by said organization or for which it is liable as withhold¬
ing agent
[Vol.
citizen of the United States, wherever residing, or
no
the United States, or any
coupons,
interest,
or
of its possessions, has
and
I
(we)
do hereby
foreigner residing in
interest in said bonds,
any
promise and
pledge myself
'
returns, debtors or withholding agents will enter the
name
and address of
the collecting agent and the number of the substitute certificate in lieu
'
the
original
certificate containing
Until the further
of the bonds.
the
and
name
ruling
on
address
of
the
of
owner
this subject by this department,
(ourselves)
owners as
to
forward
ing coupons or registered interest orders filed with
agent
wkept the
owners
withheld at the source,
a
debtor
for hik
accordance with
All
forms of
W.
II.
McADOO,
Secretary of the Treasury.
V
'
icle" Dec. 6, p. 1629), the Department under date of the 5th
Washington,
No.
owners.
direct
the
to
IS
BE
ATTACHED WHERE AGENT'S CERTIFI-
SUBSTITUTED
FOR OWNER'S CERTIFICATE.
I, (we),
— _
of $
TO TAXES ON INCOME
certificate
the
on
AT SOURCE.
own
which
were
■
(Form
this certificate, will be sent by the
collecting agent direct to the Commissioner of Internal Revenue
ton,
prescribed by regulations.
as
'
No—
I
thie
zation)
,
Washing¬
a
191__
were
' <\
(maturity), amounting to $
duly executed certificate filled
been indorsed by me
(name
(us)
1913,
as
Form
follows:
up
has filed
with
No.
1001,
which
___________
191
certificate
__
has
and
provisions of the Income Tax Law of October 3 1913, said
interest is exempt from the payment off taxes collectible at the
source, which
of Internal
next
certificate did claim
Revenue, at Washington, D. C., not later than the 20th day
in accordance with Treasury Regulations.
month,
Signature
of
collecting
agent,
and I
FIRMS
UNITED
CO-PARTNERSHIPS
IN
THE
STATES.
on
Form
1003, said substituted certificate shall be in substan¬
1003a.)
part and bears the
same number as this certificate, will be sent by the collect¬
ing agent direct to the Commissioner of Internal Revenue at Washington,
•
prescribed by regulations.
I
•••■■"
..
the
owner
i._
bonds
pons
due
were
191-_
of
the
stated and dated
;
,
Date,
j.,
-
Address,
----'
___—
191__..
WHEN OWNERS ARE FIRMS OR CO-PARNERSHIP OF FOREIGN
When collecting agents substitute their own
certificate
the
on
following form:
'
;
(Form
4
agent
as
direct
the
to
.'
-
following certificate is the counter¬
this certificate,, will be sent by the
part, and bears the same number as
Washington,
.
1014a.)
The owner's certificate, of which the
collecting
certificate in lieu of owner's
Form 1014, said substitute certificate shall be sustbantially in
Commissioner
of
Internal
Revenue
at
prescribed by regulations.
(name of collecting agent), do solemnly declare that
(we),
of $
owrner
from
bonds of the
which
were
191-_
due
me
(us)
a
duly
detached
■_
(name of debtor organi¬
the accompanying
(name
of debtor
detached the accompanying interest
(maturity), amounting to $
cou
has
interest
(maturity), amounting to
executed certificate filled
coupons
has filed
up
in
accordance
with
Treasury Regulations of November 28 1913, Form No. 1014, which certifi¬
cate has been indorsed
by me (us)
as
follows:
"Owner's certificate No
191--"
all the members of the firm or partnership,
names
are
certificates
declare that said
said
that
owners
are
(date), and
co-partnership and
a
except partners whose
recorded thereon, are non-resident foreigners, and as such are
exempt from the income tax imposed on such income by the United States
Government under the law enacted October 3
(name of collecting agent), do solemnly declare that
of
organization), from which
"
•
the United States, wherever
...
(we),
as
Signature of collecting agent,
/
.
that
certificate, of which the following certificate is the counter¬
No
owners
191__, to the Commissioner of Internal Revenue at Washing¬
(name of collecting agency),
(Form
as
of its total actual legitimate annual expenses of con¬
(we) do hereby promise and pledge myself (ourselves) to forward the
tially the following form:
The owner's
excess
Treasury Regulations.
with
When collecting agents substitute their own certificate in lieu of owner's
certificate
account of the
ton, D. C., not later than the 20th day of next month, in accordance with
I
OR
on
of Section 2, Act of October 3 1913, and did solemnly
above-described certificate executed by the
zation),
ARE
allowed
incurred in conducting said business, Under regulations
personal expenses of the partners is included in the deductions claimed
or
191__.
OWNERS
deduction of $
a
(name of
.___
191. J' (date), and the partnership in said
declare that neither the partnership nor its individual members has claimed
the
WHEN
a
No
Address,
Date..
expenses
made in pursuance
hereby claimed, and I (we) do hereby promise and pledge
myself (ourselves) to forward the above-described certificate executed by
.the owners as stated and dated
191__, to the Commissioner;
of
(us)
COUNTRIES AND CLAIM IMMUNITY FROM INCOME TAX.
(date),
that under the
exemption is
has filed with me
in accordance with Treasury
"Owner's certificate No.
of collecting agency),
,
1011, which certificate has been indorsed by
__,
(name of debtor organi¬
detached the accompanying interest coupons due
Regulations of October 25
at
(name of debtor organization), from
follows: "Owners' certificate No.
,
bonds of the
from which
as
.'
(name of collecting agent) do solemnly declare that
of $.
—
(us)
me
at
...,
(we)
owner
Revenue
ducting the business of said partnership, and that.nO portion of the living
1001a.)
as
(us)
me
deductions in
•
-
.
The owner's certificate, of which the following certificate is the counter¬
part, and bears the same number
Internal
detached the accompanying interest coupons due
(maturity), amounting to $
191__
actual
certificate in lieu of Owner's
Form 1001, said substitute certificate shall be in substantially
following form:
of
.
(name of collecting agent), do solemnly declare that the
bonds of the
collecting agency),
WHp OWNER IS A DOMESTIC ORGANIZATION NOT SUBJECT
When collecting agents substitute their
this certificate, will be sent by the
as
Commissioner
duly executed certificate filled up in accordance with Treasury Regulations
'
CATE
V:,V ;v..
is the counter
prescribed by regulations.
as
of November 28 1913, Form
CERTIFICATES TO
1011a.)
■
owner
collecting
submitted below:
are
collecting agent
prescribed forms of certificates
agent's certiifcate is substituted for the certificate of the
These several forms
(
(Form
■
part, and bears the same number
Supplemental to the announcement of Nov. 28 (see "Chron¬
(T. D. 1915) presents
THE
The owner's certificate, of which the following certificate
V
be attached to interest coupons in cases where the
IN
Form 1011, said substitute'certificate shall be in substantially
on
the following form:
:
:
CO-PARTNERSHIPS
OR
ACCOUNT OF OPERATING EXPENSES INCURRED.
;■
Approved December 9 1913.
to
FIRMS
When collecting agents substitute their own certificate in lieu of owner's
certificate
OSBORN,
ARE
UNITED STATES CLAIMING DEDUCTION FOR TAX ON
it.
or
OWNERS
'
Commissioner of Internal Revenue.
,
inst.
_1
191__.
—
WHEN
monthly and annual list returns herein provided for shall
G.
the
but all such certificates of ownership shall be for¬
10H inches wide and 16 inches from top to bottom.
W.
by
Treasury Regulations.
Address,
Date,
of the bonds are not subject to having the normal tax
ing that in which said certificates of ownership were received by him
be
executed
Signature of collecting agent,.
its district, on or before the 20th day of the month succeed¬
or
certificate
191__, to the Commissioner of In¬
withholding
or
warded by the debtor or withholding agent to the collector of internal reve¬
nue
above-described
ternal Revenue, at Washington, D. C., not later than the 20th day of next
month, in
list return is required to be made of certificates of ownership accompany-;
no
the
stated and dated
States or any
residing,
or
1913, and that
foreigner
of its possessions, except those named abo^e, has
in said bonds, coupons or
no
citizenlof
residing in the United
any
interest
interest, and I (we) do hereby promise and pledge
„
myself (ourselves) to forward the above-described certificate executed by the
owners
as
stated and
dated
19U_, tojjthe Commissioner
o
in accordance with Treasury Regulations.
Signature of collecting agent
next month,
*
Address,
■
Date,
of
not later than the 20th day
Washington, D. C.,
at
Internal Revenue
the Stock Exchange, was the only publiq
transaction in bank stock this week.
Four shares of trust
certificate on Form
FIDUCIARIES.
ARE
168, made at
TRUST
1015a.)
(Form
of which the
agent
collecting
Washington, as
I
(name of collecting
bonds of the
(we),
,
agent), do solemnly declare that
(name of debtor organi¬
two
from which were
191--.
Date,-
OWNERS BEING FOREIGN
INCOME
THE
When collecting agents
certificate
the
H. K. Pomroy
resigned,
•*
.
"
the
y;yy.
•
yv;
at
regulations.
Washington, as prescribed by
No.
the following certificate is the counter¬
number as this certificate, will be sent by
to the Commissioner of Internal
Revenue
same
direct
agent
substantially
(Form 1016a.)
.0
collecting
in lieu of owner's
-7.
The owner's certificate, of which
part and bears the
By
/,
.
-y ;y .yy. ■
.
collectingTagent) [do 'solemnly declare that
(name of debtor organi¬
zation), from which were detached the accompahying interest coupons
due
-----,191-- (maturity), amounting to $
„, has filed
with me (us) a duly executed certificate filled up in accordance wit
Treasury Regulations [of November 28 11913, Form No. 1016, which ce*
tificate has been indorsed by me (us) as fdllows:
"Owner's certificate.
I
(we),
(name of
______
bonds of the
the owner of
-----
*
No.
(name of collecting
——
(date), and that under the provisions of the
Income Tax Law of October 3
and that the said interest or
organization,
191-J
agency),
income is exempt from the
the source, which exemption it claims, and
I (we) do hereby promise and pledge myself (ourselves) to forward the
above-described certificate executed by the owners as stated and dated
191.--, to the Commissioner of Internal Revenue at Washing¬
payment of taxes collectible at
ton, D. C., not later than the
Treasury Regulations.
20th day of next month, in accordance
;
'
with
'
Signature of collecting agent,
Address,
Date,
y
'
;
-
191
,
—
v
.
y;y::^£y''■
FOREIGN
BEING
OWNERS
■'
•
ORGANIZATIONS^ENGAGED
BUSINESS IN THE UNITED STATES AND
on
Form 1018, said substitute
;
IN
as
in lieu of owner's
1018a.)
(we),
tion)
,
..—._—
„
•
of which the followjing'certificate is
the counter¬
interest
coupons
due
that
collecting agents for
accompanying coupons to be
presented for collection, shall be subject to all of the provisions of the
regulations as published in Treasury Decision 1903 of November 28 1913,
the same as the said regulations are made to apply to Form 1000a, as given
prescribed herein to be used by
"
in a Hitchcock
amendment,
well as the regional re¬
the proposed new notes as having
member banks, as
banks, must accept
legal tender quality.
decided to remodel
Section 8 of the
of State banks and trust com¬
panies into the new system, and voted in favor of a provision
whereby regional banks would be required to keep a fund in¬
„
ing notes.
cratic
„
the use of a part
$12,000, as provided
tact in the treasury to
„
Other caucus
The conference also
W. H. OSBORN,
Secretary Of the Treasury.
down to
bill, providing for the entrance
trein.
to
serve
full
substitution in lieu of the owner's certificate,
'
arbitrary limit
73^% below 40%, and an additional
additional decrease of 2J^% in the
Wednesday provided for
000
191—v
W. G. McADOO,
of
amendments adopted
of the sur¬
plus earnings of the regional banks for building up the
gold
reserve,
for an increase in the compensation
of the members of the Federal Reserve Board from $10,-
on
agent
Commissioner of Internal Revenue,
in
$1,200,000,000
the depletion of the reserve
iy2% for each
and that all the
.
should be issued
Later (on Thursday) this was further modified so
additional tax of 1% will be imposed when the re¬
amount of the reserve.
Address,
Approved:
additional circulating notes
falls not more than
tax of
Treasury Regulations.
t
no
tax of 1% on
an
serve
agency),
191--" (date),
and that under the regulations made in pursuance of Section 2, Act of
October 3 1913, said organization is subject to the normal tax of 1% per
annum upon the amount of net income accruing from business transacted
and capital invested with the United States, and did therein claim exemp¬
tion from having the said tax withheld at the source from said income, and
I (we) do hereby promise and pledge myself (ourselves) to forward the
above-described certificate, executed by the owners as stated, and dated
191__, to the Commissioner of Internal Revenue at Washing¬
ton, D. C., not later than the 20th day of next month, in accordance with
All of the forms
currency
bill
the Democratic
the amount of notes to
323^%.
(us) a duly executed, certificate filled'up in accordance
Date
the
as
pose a
has filed with
(maturity), amounting to $
Signature of collecting
of
be issued failed at Wednesday's
caucus, it was decided to increase the required gold reserve
behind the circulating notes from 35% to 40%, and to im¬
(name of collecting agent), do solemnly declare that
bonds of the
(name of debtor organiza¬
(name of collecting
.
gold, and a tax pf 5% on notes in excess of
not so covered."
While the attempt to fix an
with Treasury
Regulations of December 5 1913, Form No. 1018, which certificate has been
indorsed by me (us) as follows: "Owner's certificate No.
me
provisions
special tax of 13^ % upon notes of Federal reserve banks
of $900,000,000, not covered by an equal amount
on
from which were detached the accompanying
191-.
the
excess
.No
I
of
the amount of reserve remained below 33 1-3 % of
outstanding notes; his amendment also sought to impose
long
the
certificate shall be in substantially
prescribed by regulations.
the owner of
that
and
this certificate, will be sent by the
agent direct to the Commissioner of Internal
Revenue at
Washington,
and Currency bill
when at a
several amendments looking to the
strengthening of the gold reserve features were decided upon.
Mr. Root's declarations relative to the bill, and his warning
against the inflation of credit which would result without
statutory limitation on the issuance of the proposed currency,
followed the introduction by him of an amendment to section
16, governing Federal reserve note issues, in which he pro¬
posed that the reserve to be held against such notes be in¬
creased from 35% to 50%; that there should be a tax upon
the deficiency of reserve whenever the reserve fell below 50%,
part and bears the same number as
collecting
34, the Banking
vote of 54 to
a
hurriedly called caucus
a
"(Form
take the
as a Gover¬
succeed H. G. S. Noble,
given at least partial recognition by
leaders
of
that body
on
Wednesday,
the following form:
The owner's certificate,
has been chosen to
was
SUBJECT TO*TAX.^5
lyhen collecting agents substitute their own certificate
member of the
a
member of the committee recently appointed
a study of the subject of corporation organiza¬
certain
der
as
certificate
elected
of the Stock Exchange to
o'clock last night, according to
a special dispatch to the "Journal of Commerce."
Some of
the late amendments to the bill, as reported by the "Journal,"
are: .'\y yv
' :yy
■'
■
I. Offered by Senator La Follette, providing that no mem¬
ber of the Senate or House of Representatives shall be a memof the Federal Reserve Board, a director of a Federal reserve
bank or ,an officer or director of any member bank.
2. Adopted without division, defining loans which may
be made on real estate, this amendment permitting reserve
city banks as well as country banks to lend on real estate,
while excepting central reserve city banks.
Last Saturday's
speech of Senator Root, in which he
pointed out the dangers which to him seemed imminent un¬
said certificate declared that it is a foreign
1913 the said organization in
$40,000.
y*'
——
passed by the Senate at 8
was
„ —
certificate shall be in
"
y,'.
tion and financing.
.
substitute their own certificate
.;/■>
.
preceding transaction was at
as a
undertake
to
ORGANIZATIONS NOT^SUBJECT TO
TAX AT THE SOURCE.
Form 1016, said substitute
on
following form:
•
•
-
place of William C. Van Antwerp, whose election
nor of the Exchange was announced a week ago.
------
—,—
y.yy.
Whitney has been
Howard F.
he (it) did claim exemption from
having the normal tax withheld from said income, and I (we) do hereby
promise and pledge myself (ourselves) to forward the above-described
certificate executed by the owners as stated and dated , 191—,
to the Commissioner of Internal Revenue, at Washington, D. C., not later
than the 20th day of next month, in accordance with Treasury Regulations.
Address,
.....
Nominating Committee
capacity as stated therein,
Signature of collecting agent,
$40,500. The last
.yVv:-
__
fiduciary
memberships were re¬
ported posted for transfer this week, the consideration in the
case of the first two being given as $41,000 each and the other
detached the accompanying interest coupons due
1
191
(maturity), amounting to $
has filed with
me (us) a duly executed certificate filled up in accordance with Treasury
Regulations of November 28 1913, Form No. 1015, which certificate has
been indorsed by me (us) as follows:
"Owner's certificate No.
(name of collecting agency),
191--" (date), that
said certificate is executed by a fiduciary, and that the fiduciary acting for
and in the capacity as stated herein, assumes the duty and responsibility
imposed upon withholding agents under the law, of withholding and paying
the income tax due for which he (it) may be liable, and that, acting in said
zation)
Oct. 1913— 1000
"v.; - '== y
985
985
985
Close. Last Previous Sale.
168
Dec. 1913— 168
——«
York Stock Exchange
Three New
.
No.
the owner of
yy
.,;'vy;
will be sent by the
Commissioner of Internal Revenue at
direct to the
prescribed by regulations.
& Trust----—
4 N. Y. Life Ins.
following certificate is the counter¬
number as this certificate,
part, and bears the same
Bank of
168
168
COMPANY—New York.
23 Commerce, Nat.
the following form:
The owner's certificate,
Low. High.
BANK—New York.
Shares.
auction.
stock were sold at
company
certificate in lieu of owner's
certificate shall be in substantially
substitute their own
1015, said substitute
National Bank of Commerce stock
shares of
A sale of 23
at
OWNERS
WHEN
When collecting agents
LEGISLATIVE AND FINANCIAL NEWS.
BANKING,
—
191--.
.-
1793
CHRONICLE
THE
1913.]
DEO. 20
redemption of outstand¬
endorsed at the Demo¬
Thursday was pne prpviding for an
provide for the
Among further changes
conference
pn
CHRONICLE
THE
1794
extension of the time limit
re-discountable commercial
on
of agricultural transactions from 90 days to 180 days,
paper
with the discretion left to the Board of Reserve to accept
longer time
and
paper,
the
provision which would permit
a
clearing-house associations to continue their present system
of
examining the transactions of the banks within the clear¬
which
that
*
the amendment
the bill
from
the
other
voted down in
were
changes above, the Senate
reduction
in
the
of
rates
on
Senate changes as outlined in the
on emergency cur¬
In order to prevent a reduction of the outstanding issue
banks,
the
Senate
may
without division
adopted
regional banks from the limitation
an
An amendment
was
also adopted
member bank of the
a
a
period of two
con¬
a
exhibited by
may
be increased,
careful
and
earnest
than
study
No-
been the subject of more
human nature has
that
presented
by
the great
multitude of individuals making up the business world in any country in
of gradual inflation.
process
and caution of the
that
nature
It is
constant
as
the fundamental
as
people.
which
has
of
England, from which
France, from which
of
of
many
of
many
exhibited
been
many
all
financial
the
history
in all the financial history
in all the financial history of
came;
us
in
came;
us
of Austria, of Italy—unless our
us came;
confidently expect that under
we may
this proffer of easy money from a paternal government, available for each
of us,
available to send
and energetic
years
week ago,
which apparently
were
toil,
di¬
life-blood
the
into
the enterprise
of
every
Americans, East and West, North and South, to embark in
features made
reserve
because it places no limit whatever upon the
be issued.
"That process is this:
give him
a
the
quantity of
with ideals to be realized;
man
ducer;
and
little credit;
will occur that has
good character, enough to-
a
the man with visions of great fortunes to be won;
the inventor, the organizer,- the pro¬
little by little, with easy money, they get capital to begin business
to
enlarge
business.
As
business
the
"Little by little business
enlarges, sales
*
prosperity leads to the desire for growth.
notes, to
reserve
process
Little by little the merchant, the manufacturer, the
starting out for himself and with
young man
;He referred to the language of
follows: "Federal
as
confidently expect that the same
we may
occurred time and time and time again in older countries.
Section 16 of the bill, which he sought to have stricken out,
section, reading
which*
*
business ventures which will lift them up from the hard conditions of daily
rectly responsible for the changes in the
this
*
quarter of our vast country, available to enable all the young and hopeful
by the Democratic leaders this week, Senator Root quoted
notes that may
thorough,
one
following their public service.
In his criticisms of
*
It
'
expansive currency,
an
"The psychology of inflation is interesting, and it is well understood.
phenomenon
Germany, from which
proposed system the Secretary of the
and members of the Federal Reserve Board for
It provides
At present
elastic currency.
an
for which the bill contains any provi¬
a currency
human nature has been changed,
Treasury, Assistant Secretaries of the Treasury, the Comptroller of the Cur¬
rency
provision for
a
It provides a currency
one.
of
exempting
making ineligible for any service
sense
"If the people of the United States have not wholly changed their nature
of bond-secured
amendment
no
compelling reduction.
from
their bond-secured issue must not exceed the issuing bank's capitalization.
nected with
sions
redundant currency is the source
a
of which I shall presently point out.
some
elastic
an
is not needed, for
money
according to the hopefulness and optimism or the natural conservatism
imposed on national banks that
now
country
shall expand when
currency
qualities of humanity, and it differs in different countries only in degree,,
one-half
purchase of the security bonds by regional reserve
currency following the
evils,
always increased, but not
follows:
are as
is needed and contracts when less money is
money
important not merely that the
is needed, but that it shall contract when
but not
the
Some of the other
"Times"
more
It is
propositions
We all agree that it is a currency which
does not provide an elastic currency.
taxation of emergency currency
month until it reaches 6%.
a
a
issued under the existing Aldrich-Vreeland
from 5 to 3 % for the first three months the notes
cent
propositions of this bill
which we began to address ourselves
upon
elastic currency.
an
I observe that this is in
Thursday adopted
be in circulation; after that the rate would increase
„per
the reserves of the banks will permit.
the fundamental
elastic currency?
an
of manifold
Aside
One of these provides for
law; this would reduce the taxation rate
rency
propositions
of limitation here in anything
way
vast an enlargement of the demand
as
as
to
to an industrial and commercial
of their proposals into
some
practically every instance.
important provisions.
which may be
return
me
should have
we
"What is
money
The efforts of Senator Hitchcock
Republicans to inject
that
was
needed.
adopted later in the Senate, many of
them without opposition.
and the
bill against
our
Now let
expands when
The amendments agreed upon by
system.
were
*
by
no recourse
obligations of the United States
*
Government note can
:
find
we
impose by
we
be obtained, upon which a
may
-
"So, sir, I think
-
taking out of the civil service the experts and officers of the
currency
discount
be issued.
to the subject and call attention to the fact that one of those
The Democrats determined to stand by
the conference
xcvii.
tion to the point of consumption may be drawn against by successiveholders in good faith, and each transfer may be made the basis of a bill upon
in the fundamental
ing-house association.
new
[Vol.
*
increase
and
♦
is enlarged with easy money.
With the ex-
be issued at the discretion of the Federal Reserve Board, for
haustless reservoir of the Government of the United States furnishing easy
the purpose of making advances to Federal reserve
money,
banks."
started, the spirit of optimism pervades
"The said notes shall be obligations of the United States."
"That," said Mr. Root, "is to
view
my
the national currency of the United States.
practically, of what
the
Government
credits of
States.
call greenbacks.
we
of the
United
anybody else; they
*
*
and simple.
pure
They
money.
*
reserve
bad,
banks, shall take secutity from
bank
agent
reserve
is also to furnish to the
representing
amount of the notes.
the
Government,
Those two kinds of
curity which, if the Government
cific transaction,
Government, through
I should
say
*
in
a
security.
the
If it
the
spe¬
000,000 up.
"If
we
*
*
*
.
and notes which may be
is
tendered
as
"
own
important, because, while I do not quarrel with it
as a proper
description
of the kind of commercial paper which
may properly enter into
transactions
as
banking
basis for banking credits, we ought to observe that the
a
of the paper described is such that there is practically no business
enterprise possible in our country that cannot be financed by the use of such
scope
I refer to that because I
paper,
upon
am now
trying to ascertain what limitations
the general power to enlarge the demand obligations of the United
States
be found in the character of the paper that must be offered
can
securit:.
*
»
♦
.
as
•
crash,
limitation whatever by a reference either to the capital of the
no
discounting
or to the
standard.
There is no limit
bank
deposits of the bank discounting, or to any other fixed
that
I
can
find in the bill to
the quantity
of paper of the kind described that any bank
may take, except the bank's
ability to get the
money to pay
it, and I have asked
and
a
for the paper.
number of my
they have said they could not.
I have looked carefully for
no one
of
us
following this universal process,
is used
now
Now,
which
*
has known in the past decade
a new
enterprise,
in absorbing the great mass of money that flows to New York
of
rule of action, the same
principle which gives
$17,000,000,000
deposits in the banks of the country with less than $3,500,000,000 of
money
same
principle which gives
amount of money
us
deposits more than ten times the
that is in the banks will be applicable in the making of
the bills and notes that
notes;
us
in and out of the banks, with only $1,500,000,000 of money in the
banks—the
can
be brought in as security for these
Government
that is to say, merchandise in its passage from the point Of produ
a
•
against the occurrence of one of those periods of false and
us
prosperity
let
me
to
seems
which inevitably ends in ruin and suffering.
me< to
be inevitable if
crash inevitably comes
duces.
*
*
*
directly to the consequences of the inflation
turn more
we pass
this bill
as
it is.
from the kind of process which
I have said tha
easy money
pro-*
President, long before the crash comes the rest of this
But, Mr.
world of commerce that we have so
recently entered
*
the approaching storm.
The rate of interest
*
upon
*
.
not go up 2% in the city of New
can
the rate of exchange upon
London falls.
down but the rate of exchange upon
will have seen
York
but that
The rate of interest cannot go
London rises.
The business men of
Europe follow the course of business in the United States with a degree
of solicitude
and
of careful
attention
man in this Chamber has ever
They know the
course
They know what steps are being taken to avoid them.
distrust
of American
multitude of
men
and
who
with
finance
are
no
The confidence
responds to the trained judgment of
a.
familiar with the bsuniess of the world following
information
accurate
finance and American
that
of trade.
They know the dangers that lie before
They know the currents of opinion.
us.
or
and accurate information
equaled.
commerce.
*
*
every
movement
of American
*
Here, considering always the question as to whether we are in danger of '
the consequence of a loss of
must
we
not
It has been to restrict the railroad transportation companies,
disquieting.
to restrict their rates,
in
a
manner
confidence in our financial policy in Europe,
forget another tendency of recent years that has been very
and to enlarge their obligations—that is, their duties—
disquieting to the holders of railroad securities; and the
very
expression, to promote treatment of industrial corporations in a manner
♦
Observe, sir, that
same
suspected
*
every year and Is loaned out, and turn to bills and notes coming within
this description, as it is to buy a blank from a stationer.
the
is that when credit exceeds
country, the currency becomes
tendency in recent
which could not be financed by bills and notes coming within the
description
of the bill I have read.
It Is as easy to turn from a collateral note, such
as
the
friends if they could find it anywhere,
"I undertake to say that there is no new enterprise conceivable in this
country, that
The precise formula which
So, sir, I can see in this bill itself in the discharge of our duty, no influence
carefully
"There is in this description of the notes and bills—the
paper which may
constitute the security to be offered for the loan of the Government notes—
was
That is what happened before the panic of 1837,
country.
the signals of
The description
whose judgment
,
description of the bills
collateral security.
the margin
result of the
and gold leaves the country.
shall be commercial
,
turn to Section 13 of that Act, we find a
some one
a
structure.
the legitimate demands of the
We have found that upon this general author¬
get that, the amount to be issued may run from $1,800,-
can
up,
Students of economic movements have evolved to describe the reason for
a se¬
no restriction placed by the reserve
provisions, except the power of the bank to get gold for the 33 1-3% of its
and
That is the history1 of every movement of infla¬
dream.
1857, of 1873, of 1893 and of 1907.
to
Every one is making
up
smaller, as
and then another and then another,
our
*
us turn to the requirement that there
as
no
row,
in
ity, this unlimited authority, there is
reserve.
goes
Re¬
human.
All the world
human.
are
tion since the world's business began, and it is the history of many a period
interposed byl
furnished
It
of
should be deemed adequate security, and
*
the whole
comes
delusive
"Now, sir, let
rich.
continually growing
gold.
paper
money to you or me
down
"That, sir, is
lar transaction considered by itself.
;
They
whose capacity for business was small, breaks, and, as he
some one
manifestly the members of the Committee have regarded the provision as
furnishing adequate security to the Government in respect of the particu¬
paper
sales
Federal
on
a
security are provided for,
loaning
were
commercial
and
to them
33 1-3% of that amount of notes issued to the banks shall be based
"The
is growing
one
and
The members of the
They are
growing tide of optimism.
fails, he hits the next brick in the
The reserve is to be 35%, and it is required that at least
reserve.
cost
a
operation of inevitable laws, until finally
advancing them to the
making good to the Government the notes which have been issued
a
Every
between
credits of the Government of the United
the banks, and that the banks shall hold in their vaults as applicable to°
as
along upon
moves
"The section proceeds to provide that the Government, in issuing these
notes and
the community.
They are human.
gional bankers will not be free from it.
not
are
not free from it.
are
Federal Reserve Board will not be free from it.
It is authority for the increase,
The notes will be obligations of
States
are
"Bankers
plain, simple enlargement of
a
the sales increase, the businesses enlarge, more new enterprises are
very
any
a
years
has been in legislation, in litigation and in public-
disquieting to the holders of their securities.
am not now expressing
It would lead
quite apart from my present object.
the fact that the railroads, rightly or
are
I
opinion regarding either of these tendencies.
discussion
I
am
me
into
merely stating
wrongly, complain that their rates
being held down by the Inter-State Commerce Commission and that
their expenses are
increased
cost
and income is
cannot go on
being pushed up by the demands of labor and by the
of all materials, so that the margin
gradually decreasing and they are saying that the
without cutting off ail dividends.
about that, but it is
railroad
between expenditures
I
am not
process
going to
undeniable, and it is supported by the fact that
corporations have been
compelled
to
adopt
-
that policy.
arguesome
The-
Chicago Milwaukee & St. Paul RR. has reduced its dividends, the New
Haven Railroad has passed its
their dividends.
dividend, and other railroads have reduced
All this will necessarily have a certain disquieting effect-
Dec. 20 1913.)
and tend
THE
C
tpward distrust on the part of the holders of the thousands of
millions of dollars of
securities abroad.
our
dustrial corporations have
much the same effect , and we may rely
it that the holders of this great mass of American securities abroad are
upon
going to be in
had
very
condition of sensitive alertness regarding our credit and
a
the soundness of our financial policy .
It would take Very little, not merely to stop foreign investments in our
enterprises, but to bring tumbling back upon us the thousands of millions
of securities now held abroad.
*
*
*
In March 1907 there were over
S200.000.000 of American securities sent back frOm Europe merely on the
judgment of people there that our affairs were not going quite right.
So
long before October, the wise
ones
there had an idea that things
were
not
going quite right here.
*
*
*
Last September'over $200,000,000 came over here on some judgment of
people that it would be wise to reduce the risk of
some
A very little loss
and,
onus,
will go
of confidence would bring this whole
finances here.
our
tumbling down
mass
I have said, when they come they will be bought, and the gold
as
to Europe to buy them and pay for them.
*
Tnere Is another thing you must remember.
*
armed camp.
an
frightful effect of general
securities
back to us.
come
But
war.
If
a war
Immediately in
is always pos¬
war
immediately
comes,
to
our
immediately available gold.
a
tion,
It is not
actually to take place.
war
shall do it in the face of
we
that
necessary
So, sir, if
should wait for
we
we enter upon
this
of infla¬
career
clearly discernible danger—danger which,
a
if realized, will result, in dreadful catastrophe.
Gold always leaves
a coun¬
ness.
but you do not bring the money until you restore confidence.
tion
against loss; and long before
upon
inflated currency the
keep
us
*
ness.
we
to
from which the gold will have to
sources
bring the moneV but
*
a
rate so high
so
ruin
to
as
that
Safeguard No. 11.
vast
banks, the
reserve
banks, the Treasury Pepartment,
we
on
the country banks for
an
reserve
cities
increase of cash reserves
and the increase of cash for reserve of State banks will absorb the cash re¬
Senator Root's imaginary
tumbling
on
description of $4,000,000,000 of stocks and
from Europe and withdrawing from this
nonsense, and is certainly
experience In the panic of 1907, when exactly the
heads
our
country all of our gold is
contradicted
by
took
reverse
our
a
piece of metaphorical
place, notwithstanding the criminal conduct of the pirates
price, compared to the high
price of many{stocks in the year 1907, shows a fluctuation from 100 to 600%,
and, instead of Europe selling $4,000,000,000 of stocks, Europe sent to this
bill by President Grant in 1874.
rates
busi¬
1893.
upon
The
in
public spirit"of the
who
man
which I have been discussing and in another provision
presently allude
for
a
brief moment, exhibits
good
that his economic theories
injurious to
am
required
central reserve board appointed to
carry
sistible
influence.
I say that this
*
*
people of the
only
out the terms of the
and irre¬
bill presents the financial heresy twice repudiated by the
say
that the central
reserve
board appointed
by the reserve banks.
great restraint on inflation.
a
or
Government
were at
of
the
The serious side of it is that this is giving the
to every
speculator,
every
credit of the United States
a
It is
national bank charter.
indifference to honesty and soundness in business.
It is
a
premium
premium
a
on
speculation and disregard of all the rules of business soundness and morality.
invitation to every adventurer in the world to come into the national
an
a
An
he
comes to owe
answer
for
place the
banking
tor Owen in the
following statement issued
The effect of what Senator Root said
loud cry against the alleged
on
on
the 14th inst.:
the floor yesterday was to make
in this bill is
and
commercial
Jamas
B,
Forgan
inflation of the bill, flatly contradicting
of Chicago
claimed
it
would
contract
credits
$1,800,000,000. Mr. Root claimed it would expand the currency $1,800,000,000*
The fact is that the
sum
of their prophecies
can
showing that neither one of them can be followed.
mental
error
consists in this:
be added
together,
Mr. Root's funda¬
he ignores the normal tendency of meri to use
the currency they have got before they manufacture currency needed to
supply
a
seasonal demand
safeguarded in
a
number of
or an
The Federal
exigency.
ways to
reserve notes are
prevent inflation and to insure con¬
some
currency
not
furnish.
a
In
that
contingency
the
individual
member bank unable to supply the currency
ing to apply to the Federal reserve banks for it.
Second—The Federal
reserve
This is safeguard No. 1.
reserve
This is safe¬
agent.
knows that ■ better
keeips
all the joint-stock banks in Great
The Bank of France not only keeps reserves for itself
deposit.
one reason
Credit Mobilier and the
why they keep unduly high reserves.
Nobody knows
better than the Senator from New York that the main reason Is not even
a reason
appertaining to commerce and banking within or outside of them¬
selves.
The Reichsbank and the Bank of France
war
seeking to dissipate the reports which gained
following the delivery of his speech of
was
a
a
week
currency
ago
aspiring for Presidential honors, Senator Root
16th inst.
to
keep these reserves for
purposes.
that he
on
pointed out that before this Administration
the
comes
close and the next President shall have been inaugurated,
he will have reached the age
Administration
of 76 years.
comes
to
a
of 72, and that before the next
close he will have
passed the
that he should be the President of the United States.
could
not," he said, "render the service.
take it.
age
He therefore declared it manifestly impossible
I would not accept a
"I
I would not under¬
nomination.
I could not ac¬
The Federal
reserve
reserve
agent must consent.
This is safeguard No. 3.
bank must then put up dollar for dollar of
safeguard No. 4.
The Federal
reserve
The
commercial
bills of the qualified class maturing in not more than ninety days.
This
bank must also put up 33 1-3%
This is safeguard No. 5.
McDougal, President of the Buffalo ClearingHouse Association, and President of the Bank of Buffalo,
endorses Senator Root's contentions.
When these commercial bills fall due, the Federal reserve
to a.renewal of the
accommodation.
bank must
both consent
This is safeguard No. 6.
Reserve Board, charged with the expressed duty of pre¬
venting inflation by extending accpmmodation required by commerce, has
disastrous
currency
even
consequences,
prediction of inflation, witb its
the pending banking and
providing
bill be passed in its present form.
than
the
proposed political
as currency
In voicing his appro¬
Mr. McDougal says:
Senator Root is absolutely correct in bis
natural
dangerous
return this money to the Federal reserve agent unless they
The Federal
-—•
Elliott C.
val of the Senator's observations,
guard No. 2.
gold.
Nobody
The Bank, of England not only
must
and will¬
bank must be without the currency neces¬
and be willing to Apply to the Federal
Federal
on
individual must require currency which the normal supply of
does
furnish his notes to
sary
* * *
minimum reserve, and these
cept the office."
traction
First,
a
purposes.
for itself, but it keeps reserves for
That is
Hitchcock and others who criticized the Owen bill because of its contrac¬
tion.
Imperial
This reserve re¬
working reserve—and this bill makes it a work¬
reserve
and its branches, but it keeps the reserves of the
In
by Sena¬
gold.
Credit Lyonnais and all the other banks in France.
for his schemes."
to Senator Root's criticisms was made
**■*
*
Is required by law to keep
not compelled to
are
reserves
bank system and get the indorsement of the United States upon all the
moneys
,
keep it down to the minimum.
In the next
place, the banks abroad, while they keep a high gold reserve, do not keep
promoter, every blackguard who is able to scrape*
together $26,000 and take out
at a discount and when the
in the notes of other banks in Germany.
quired here, provided it is
Britain
bill, Senator Root said:
were
throe times as much discount.
The Reichsbank, of Germany
.
ing reserve—is amply sufficient, because it is a minimum reserve.
banks
a
Senators, I
The old Bank of Louisiana
That bank maintained its notes at par in gold when
than the Senator from New York.
alluding to the bank-deposit-guaranty feattire
<
The bill requires
It is required to be kept in gold or in the notes of the German
it
under this bill will have to represent that very heresy.
In
vested in the Reserve
thinks that credits have been unduly
of 33 1-3%, and it is not require^ to be kept in
a reserve
Government
*
I
There i$ no power
to compel or to consum¬
a power
few historical facts.
a
Confederacy
In the first
people of the United States.
description.
of 83 1-3% against ail demand liabilities; that is, whether
deposits.
•
be appointed under the same dominant, commanding
That is
the notes of this great Federal
Twice those specific theories, the same theories of finance, make
will
1-3%.
a reserve
notes of the
their appearance in this bill; and as a matter of course we ought to assume
that any
any
There is
to the reserve of gold under this bill.
as
That is not all
Those theories have been twice expressly repudiated by the
country.
inflation of
an
attention to
notes or
convinced
country.
our
of 33
ask your
false, and if put into effect, would be most
are
compel
Now, then,
to which I shal-
Yet Mr. President, I
to
inflation whatsoever.
to the issue of the paper currency
reserve
great leader of the Democratic Party, for whom I have a strong
and good faith I firmly believe.
Monday, and
expanded, either by raising the interest rate or by refusing its approval
personal regard, whom I respect and admire, and in whose sincerity of pur¬
pose
or
"Board to compel contraction when it
*
expression of the opinion
an
improved
Williams also took occasion to reply
vested in the Federal Reserve Board to initiate,
mate any
sir, this bill in the provision
But,
affiliated, and
responsible for exploitations of
I hope may be abated in the future under
part said:
initiate
be appointed members of the
may
Central Reserve Board under this bill.'
which
The Federal Reserve Board, if you will read this bill, has not the power to
compelling the repeal of the silver-
1900, when they re-elected McKinley against the same opponent. *
a very
with whom Mr. Root has been most intimately
Senator John Sharp
fundamental ideas contained in the Sixteenth Section of this bill; and, again
or
men
to Senator Root's strictures in the Senate on
1896 they elected Mr. McKinley as against the protagonist of the very
faith
stocks and bonds based three-fourths on fictitious value.
on
The
laws and better methods of administration.
The American people decided the case, when in
Mr. President, I do not propose to question the probable honesty,
is the
values,
and bonds against pretended
whose legal adviser he has been, have been
decided the
The American people
panic of 1907.
impossible. One of the most
attempting to tax the people of this country to pay high interest
this Character
purchase Act in
is
these safe¬
leased in the reserve and central reserve cities.
rate of
*
putting at stake all his future
a
would have inflation under
His theory that the release of actual cash by
grossly exaggerated, because I have shown that the actual requirements
imposed by the bill
and the
when they sustained the courage and patriotism of Grover Cleveland in
It is
the Federal Reserve
Board, and through Congress itself.
potent factors in rendering unstable the price of stocks and bonds
preponderance of their approval they sustained the veto of the infla¬
tion
on
~*
'
the United States would not stand for inflation, and
fraudulent issue of watered stocks
come to
no
American
Mr. President, I ought not to be obliged to argue about Inflation.
-
prevent inflation.
The public opinion of
that opinion would make itself felt in&varietyjof ways through the member
country has rendered its judgment upon it.
The American people closed
the case for and against Inflation when, with unanimous voice, or by the
bill
repre¬
Federal
The President of the United States, charged with supervising the affairs
The repetition of this panic in the future is
wake up from our dream of prosperity
from catastrophe will have lost their confidence,
interest will
of
a
of the United States could use his influence with the Federal Reserve board
country a fresh lot of gold with which to stop the criminal
In propor¬
confidence decreases you have to add to your rate of interest insur¬
as
ance
in
Treasury,
Safeguard No. 10.
■
When confidence Is lost, you can raise the rate of interest to the roof,
case
S. " The
inflation by
any
bank by withdrawing Government funds.
reserve
who broke the stock market so that the low
try In which the amount of currency exceeds the demands of legitimate busi¬
,
The Federal Reserve Board has on it the Secretary of the
senting the Administration, who could counteract
bonds
general conversion of American securities they hold into
a
stifeguard No.
This is
reserve notes.
obliged by law to determine'the rate of interest
charged by the Federal reserve banks for ail loans ihade by tlhe Federal
reserve banks, induding Federal reserve notes."" Safeguard No.'9. v
country, where they are
every
those Federal
on
Federal Reserve Board Is
lowering the reserves in the central reserve cities and in the
held the desire to strengthen up, to increase the amount of gold, will oper¬
ate to lead
directly
is
have been alert and solicitous to stop controversy as near its origin as possible,
The fear of it is always present.
The Federal Reserve Board Is authorized by law to fix the rate of interest
guards is not well founded.
and by the most strenuous exertions of many men in many countries who
and to prevent the
L
Senator Root's declaration that
Europe is
agent.
« »-«•
reserve
This is safeguard
!
*
For many, many years peace has been kept by the most delicate adjustments
sible.
right to refuse to have these notes issued by the Federal
No'. '7.'
*'** *
* 4
a
The threats against the in¬
control.
Inflation is more dangerous
Credit inflation Is fully fas
inflation, and, under this bill, is much more likely.
The peculiar danger of inflation lies in the fact
Board is to have discretionary powers to
Advocates
inflation.
that the Federal Reserve
Suspend reserve requirements.
of the bill may Argue that it contains adequate checks against
Of whAt use Are these checks if their utility be nullified by such
suspensions?
-
.
...
.
1796
THE
CHRONICLE
Above everything else, our
currency and credit system must be absolutely
sound.
Bankers recommend that the reserves
[Vol.
destroy confidence in
the American Government and its
against deposits and note
finances dub
as
issues consist of gold and that
they be increased from 33 1-3% to 50%.
Bankers also recommend that no discretion be allowed in the
suspension
of the reserve law, but that the
rights and restrictions of the banks be
promised for
xcvn
ability to control its
years but never until now answered."
clearly defined by law, and that
infringement of the
any
reserves be
«
penal¬
transmitted to Congress on the 17th inst.
The successful
operation of the parcel post has demonstrated, in Mr. Burle¬
1-3% against
annum
and
when the
not
less
12%
^'should fall to 25 %.
tion, and, at the
not less than at the rate of 6%
were
against notes
reserve
than
per
per
reserves
against
a provision would practically prevent undue inflatime, would permit the relief of the business com¬
only when credit is cheap;
occurs
credit is dear.
:-
•
gold than to
1
As it would cost member banks
Federal
carry
reserve
notes, there is
why they should not have in their vaults the very best
If we
no reason
reserve
money.
inflate
our reserves with
promises to pay, which are clearly not
the natural result would be to drive gold out of this
country, and
banking and credit system would be weak when it most needed strength.
reserves,
our
Bankers have been too timid to
speak plainly.
exaggerated the danger.
Senator Root has not
Should the Administration induce Congress to
imperfect bill, it will be guilty of an act of criminal recklessness
done in spite of ample warning.
The business public will hold it strictly
pass an
responsible for that act.. This country, by popular vote, has overwhelm¬
ingly repudiated similar financial fallacies.
If the bill goes through as it
now stands,
it will go through against the wishes of an
overwhelming
majority of the>business public, whose interests will be materially
damaged
by it.
.
•.
'
■
■
I have faith to believe that such
that the
more
perpetrate will
v'V'.-
a thing cannot
happen in this country;
intelligently discussed, the more the real enor¬
this matter is
mity of the commercial criminal
to
:';vA
be realized
act which the
Administration is attempting
by the business public.
There is so much
that is good in the bill that I believe bankers
would be willing to give
up
their ownership rights in the control of the
based
organization providing it were
absolutely sound principles which would work out for the
upon
good of the general business public.
''
Constitution."
While
the
pro¬
Postmaster-Gen¬
in favor of the
acquisition of both telegraph and tele¬
phone lines, Representative Lewis, the father of the
parcel
post legislation, advocates that the Government concern it¬
self at first only with the
taking over of telephone properties.
A bill which he has drafted to
this end provides that "all
telephone lines be purchased at a valuation to be fixed
by the
Inter-State Commerce Commission, and that the Govern-"
ment, by attaching telegraph instruments to the Bell and
independent telephone lines, conduct both a telegraph and
telephone business."
According to Representative Lewis's
plan, the lines would be acquired by issuing 3% bonds
ning for forty
years,
and
run¬
of telephone stock would
owners
have the privilege of
taking either cash
or
bonds for their hold¬
ings.
Mr. Lewis also proposes that while the
property is
undergoing appraisement by the Inter-State Commerce
Commission, the Government shall pay 4% ,interest on the
stocks
of
the
telephone lines.
He likewise suggests that
postage stamps be used in payment for the transmission of
telegraph
ing
messages over the
accounting
costs
telephone lines, thus diminish¬
and
bookkeeping.
Representative
Lewis estimates that it would
require an outlay of $900,000,-
♦—-
■
the
to conduct
properly within the postal
eral is
not when
Bankers also recommend that member banks should not be
allowed to
count Federal reserve notes as reserve.
to carry
visions of
It must be distinctly remembered, as a general
rule, that undue inflation
opinion, "the capacity of the Government
the public utilities which fall
deposits
Such
same
munity in times of stress.
no more
son's
deposits should fall to 33 1-3%,
or
when the
annum
long-needed currency reform
ownership of telephone and telegraph lines is
urged by Postmaster-General Burleson in his annual
report
ized by a tax to be paid by the
offending bank increasing proportionately
its reserves decrease.
Under such a system it would be perfectly safe
to allow the reserves to sink to
25% against deposits and to 33
issues, providing the tax
to pass a
Federal
as
note
hysteria the effort
.
000 to purchase the
telephone systems of the country, and
Society held in this he
figures that the Government would earn at least $100,000,city at the Hotel Plaza on the 17th inst., Secretary of the.
000 a year in their
operation.
The Postmaster-General's
Navy Josephus Daniels took up the cudgels in behalf of the
report, in dealing with the subject of Government control
Government, following a reference made at the gathering
over the
telephone and telegraph, says:
by Martin W. Littleton to the existing uneasiness in business
A study of the Constitutional
purposes of the postal establishment leads
circles.
Speaking "of the work of the Administration and its to the conviction that the Post Office Department should have control
At the dinner of the North Carolina
purpose
to overhaul
in inter-State
brave
the question of corporate
management
affairs, Mr. Littleton observed that "it
Administration, indeed, which dared
was
a
to
actually han¬
questions and shoulder the responsibility,"
and, he added: "it must be a very patient public to await
the test of time for proof of the soundness of
these policies."
dle three great
As to the
depression in business which has been witnessed,
Mr. Littleton said:
that
ever
known.
I have not seen
I have known it.
Government
revolutionary
There is
c
a
entre of the most
remarkable pessi¬
of depression and
sense
dismay here
before in this great city
during the seventeen years
This should not be ascribed
blindly to the policies
of the
the enactments into law of the
various advanced if not
nor to
measures
which have beep .enacted
in
the nation
State.
"We
and
the
are
undergoing the experience of having the
heavy hand of the
Government laid more firmly on the backs
of men and
corporations- for
the purposes of restraint.
Whether in the
of those who would abuse their
much with the equally
necessary
we do not know.
I, for
one,
process of the
opportunities,
we are
liberty of those
Administration will be found, after
a
necessary restraint
going to interfere
too
who would dare to
achieve
sipcerely hope that
approval*"
the reward of the
present
thorough test, in the general
popular
Secretary Daniels,, in defense of the Government and its
legislative policies, had the following to say:
"Reactionaries who think
by declaring that they
ures
to weaken
are
the advocacy of
progressive
the product of hysteria are
wrong.
real trouble is that this so-caded
'hysteria'hurts.
does not take from labor the bread it
wealth pay income tax.
call it hysteria because it
It
meas¬
The
keeps party pledges; it
earns;
it makes
protection-built
It elects Senators direct from
the people.
They
means we can have no
more Senators
from the
New York Central RR., no more
Senators from the Southern
Express Co.
no more Senators from the New
York New Haven &
more
Hartford RR.,
Senators from the Standard Oil Trust."
no
"They call it hysteria because it prevents the classes from
exploiting the
After all, the
and brings the government back
to the
people.
real hystericals are not the
people who stand upon the
masses
house-tops
for
and cry
reform, but the people who are guarding
special privilege and
seeing the "castles built by privilege tumble down
about their heads.
"Legislators in the recent past have been the favorites
tions.
They have felt
are
of great
corpora¬
a
compelling
power from
'higher up.'
The.impersonal element in the situation made it hard
to cure, but at
last the axe has
been laid at the root of the tree, and the
people have demanded that all
this
must be changed.
How?
By legalized
primaries,
,
pure food
seamen,
and
laws, by
an
income tax, by
even for
President, by
lower tariff, by laws to
protect
by regulation of trusts, by the abolition of
a
interlocking directorates
rebates, &c.
"Take the tariff.
The
used figures and facts.
men
They
who revised it were not
hysterical.
They
painstaking and scientific, and what
was
beneficiaries of protection, the infant
industries, gray
and hoary with age and obese from their
long pull at the
cried
out:
'You are going to impoverish our
cotmtry.'
Four months [the
Tariff
Bill became a law Oct.
3.—Ed.] under the new tariff have
passed, and the
report of Secretary of Commerce Redfield dec'ares
that 'the
flooding of our
markets with the cheap wares of
Europe; has not happened,' as predicted
and America's foreign trade is still
evidencing a
he answer?
were
The
pap-bottle,'
i
healthy growth.
"The latest exhibition of
hysteria is the effort to prevent the
passage of
Currency Bill.
It is well known by
everybody that this bill is certain
to become a law
substantially as now framed, and the
principal
the
of it
are
as
good
features
as
all
of the communication of
means
intelligence.
The first telegraph
part of the postal
service, ^,nd it is to be regretted that Congress saw fit to
relinquish this
facility to private enterprise.
The monopolistic nature of the
telegraph
business makes it of vital importance to the
people that it be conducted by
unselfish interests,, and this can be
accomplished only through Government
ownership:
■
The Act of
a
,
July 24 1866, providing for the Government acquisition of the-
telegraph lines
upon payment of an appraised
valuation, and the Act of
1902, directing the Postmaster-General "to report to
Congress the probable
connecting a telegraph and telephone system with the
postal service
by some feasible plan," are evidences of the
policy of this Government ul¬
timately to acquire and operate these electrical means of
communication
cost of
"New York is at this moment the
mism I have
over
line in this country was maintained
and operated as
upon
the statute books,
and
yet
those
who
would
as
postal facilities,
as
is done by all the principal nations, the United
States
alone excepted.
'
The successful operation of the
parcel post has demonstrated the capacity
of the Government to conduct the
public utilities which fall properly within
the postal provision of the Constitution.
'"/*
'
Every argument in favor of the Government
ownership of the telegraph
may be advanced with equal logic and force in favor of the
Government
ownership of telephone lines..
It has be?n
competently decided that a
lines
telephone message and a telegram are within the meaning of the law
govern¬
ing the telegraph service, and therefore it .is believed that the statute
en¬
abling the Government to acquire, upon the payment of an
appraised val¬
uation, the telegraph lines of the country, will enable the
Government to
acquire the telephonic network of the country.
While it is true that the
telephone companies have not complied with the requirements of Section
5267, Revised Statutes, this cannot be held to
nullify the intent of the law,
on the part of the Government
of any of its Constitutional
since the non-use
privileges in
ever
no
wise surrenders the right to exercise these
privileges when¬
the best interests of the nation
demand.
Since June last the
determine, the
Department has been conducting an investigation to
desirability and practicability of extending the Government
ownership and control of the means of communication, with a view to
the
acquisition by the Government of the telegraph and
telephone facilities,
to be operated as an adjunct to the Postal
Service.
The
eral is
now
submit
Postmaster-Gen¬
engaged in reviewing the data collected, and
later, if desired, will
to the
appropriate committees of Congress for their considera¬
same
tion.
"
Exception to Mr. Burleson's views is taken by Clarence H.
Mackay, President of the Mackay ^Companies, who on
Thursday issued the following:
The Postmaster-General is mistaken in his idea
that telephone companies
subject to the Post Roads Act of Congress of 1866. The
are
of the United
States, in the Richmond
case
were not.
In
denominating the telegraph business
as
Supreme Court
(174 U. S. 761) held that they
^ "
being "monopolistic in its
na¬
ture" he is also mistaken.
If *here ever has been more
continuous, keen
bitter competition than that between the
Postal and the Western
Union, I would be pleased to know when and where.
and
even
The money question,
however, is the main question.
The estimate of
8900,000,000 would not provide a look-in.
The Bell Telephone
Companies
alone would demand
more
than
that.
Then
there
are
the thousands of
independent telephone companies and farmers' lines
scattered all over the
country.
The entire bill, including the
telegraph lines, would be about
$2,000,000,000, which is about two-thirds of the national debt at
the close
of the Civil War, when
many
the Republic.
intelligent
despaired of the solvency of
men
,
Nor is this the worst.
sum
would be
Judging from the English experience, that vast
entirely lost, because under Government
management the
operating expenses
year by year would exceed the income,
the following
figures are taken from a report of the Postmaster-General 6f
Great Britain,
showing the results of Government ownership of
telegraphs in that country:
11199018920
Deo. 20
*
Actual Oper.
*Tot. Annual
Operating
Receipts.
■Expenses.
Loss.
$17,542,840
$2,026,035
$4,847,425
15,492,245
18,394,005
2,901,760
5,248,245
15,830,960
17,841,015
2,010,055
5,081,835
15,829,906
18,659,710
2,829,750
*5,911,605
18,985,090
3,237,670
person nor a
Loss.
$15,516,805
5,636,965
15,747,420
two or
shall
railroads
same
enormous sum
an
built
were
"Congress will
And
■/..
as
to get full
unexpected sum
joke
as
compared with
don't believe it, just try the Government service
you
—telegraph and telephone—in Europe.'
Postmaster Burleson's report
of increased
also deals with the subject
taxation remain to be concluded
but all will probably be closed
up within the next twelve months. . In addition to these are the new inves¬
tigations of the fertilizer industry, the relationship of the Oklahoma oi
fields to the general oil market, and the cotton pool.
"An investigation of trade agreements is also in progress, with a view
to establishing some facts as to what agreements, if any, apparently in
restraint of trade, are really in aid of competition and should be exempted
from the operation of the Sherman Act.
There is also an investigation
by the publication of additional reports,
prohibits
point Mr. Burleson
says:
From
compensation for carrying the mails is not free from difficulties.
by the railroad companies for the Government cannot be consid¬
of the same character of service as that performed by them as com¬
ered
as
mon
carriers for the general public.
When the data secured by the Depart¬
thoroughly considered and analyzed, its officers will lay before the
ment is
Committee on Post Offices and Pest Roads their conclusions as to just what
and adequate compensation for all services which the railroads
will be just
have been or will be called upon to render the Government.
Mr. Burleson also states that "it is
-
/
of maintaining the postal service for the
ended June 30 1913 is found to be exceeded by the
for the
revenues
<
same
period; that there is
actual surplus
an
$3,841,907, and that the postal service is now for the first
time since 1883,
a
With regard to the claim
self-supporting."
surplus of $219,118 in the 1911 report (Mr. Hitchcock's
a
obligations of the Department
con¬
of the year, and still outstanding on
course
June 30, and he claims there was in
reality
a
deficit of
The
tariff board
late
inquiries fully into the cost of
Different States and municipalities
study to the important question of wages and labor in the
clothing industries and to the working conditions in them.
No one, to
my knowledge, has ever correlated the work of the various public and
private organizations—national, State and municipal—and has added to
them an inquiry into the fundamental elements of cost in these industries."
making all clothing of various kinds.
have given
appropriation asked by Mr. Redfield for his Depart¬
The
ment is
$15,800,270,
of the Department
reasonable,
reasonableness
making all restraints of trade
the
placing
and
of
In addition Mr. Redfield
of Commerce.
recommends legislation
trade
of
un¬
of establishing the
burden
restraint
the
problem is outlined in
this week by Secretary Redfield
issued
the
upon
person
alleging it; to prohibit "watering" of stocks, and to prohibit
corporations and
from owning stocks in or controlling
persons
The plans for developing the trade
competing companies.United
the
Bureau of
by
reorganization of the
a
Foreign and Domestic Commerce are also a feature
In discussing the trust problem, Mr. Redfield
of the report.
says:
abroad
States
a
to whether the 'trust' form of
as
of great
"But it is doubtful, at best, whether these favorable elements are
all the
maximum
efficiency at minimum cost beyond which an increase of product means an
increase of cost per unit of
"It is significant
that
others pay but moderate
that product.
some
of the great trusts have ceased to exist;
dividends/if
any, on
that
their securities, and that, side
by side with the most mighty and supposedly the most efficient of them
have grown up independent organizations quite as
successful, and perhaps
earning even more upon their capital than their powerful competitors.
as
there
'big business' has not its
are
not
where
cases
his
Committee, the directors have adopted the following
sense
clay
views
analysis
have so much feared
are
in
real giants in strength or whether they are but images
There
.
we
can
of industry,
be
no
objection
toward
a
on
study
the part of
any one,
what¬
the
course
which
which shall determine the
the Legislature and
the Executive
may
Board of Directors
on
whether giving the privilege of
as to
manufacturer tends
Act to Afford Relief from the Present Uncertainty as to Intent and Pen¬
al ties, "and that the board
"The law with
States,'
States Senate, the Speaker of the House of
the President of the United
Representatives and to the Chairmen and members of the proper commit¬
for their information and for such action
both Houses of Congress
tees of
as
they
may see
fit to take.
The House of
bill
.
Representatives
removing the limit
from
upon
limit
no
on
the 15th inst. passed
may
a
be aeepted
While the bill
deposits, $1,000 is fixed as the maximum
which interest would be paid.
On the 2d inst. Post¬
master-General Burleson reported to Congress that during
the year ended June 30
creased from
of
the postal savings deposits had in¬
$20,237,084 to $33,818,870
the number
and
depositors from 243,801 to 331,006.
A bill which would
us
toward monopoly
oil
Commerce,"
or
so
a
Act to regulate commerce shall exceed
does not so tend.
the value of the property of the
carrier, the Commission shall pass an order,
carrier corporation to retire and reduce the
surplus
outstanding
legislation should in the future be required, it is im¬
of the Commission.
more
are
consumer.
immediate and well-known conditions that should and
be remedied by law is apparent.
follows:
stocks and bonds or floating indebted¬
portant that the truth be known, lest injustice be done, not so much to
to the
Its provisions, as quoted in the*' Jour-
are as
after due hearing, requiring the
fixing the prices to
is for the time fixed by the decisions of the Supreme
new
introduced by Representative
of any carrier subject to the
ness
the manufacturer
as
was
The bill would also prevent the inter¬
the 1st.
locking of directorates.
nal of
supervise the stock and bond
disposition of moneys derived from
the sale of these securities
Adamson
stocks
and shall be enforced
If, however,
give the Inter-State Commerce Com¬
issues of railroads and the
ful.
"That there
on
the amount which
on
depositors in postal savings banks.
places
Said order shall direct the
a
directs that copies of this resolution and of said
memorial be transmitted forthwith to the President of the United
Court that the fixing of retail prices on the part of manufacturers is unlaw¬
Some of these remedies
are,
can
for instance,
law providing that there shall be a presumption that all restraints of trade
are
the preambles and resolutions adopted by Its
April 11912 and embodied in a memorial to Congresss
entitled "The Sherman Anti-Trust Law—A Suggestion for a Supplementary
If at any time the outstanding
"It is important that we should know the truth about the fixing of retail
prices and
;
Resolved, That the Board of Directors of the Merchants' Association of
New York hereby reaffirms
wisely take concerning these matters.
.
legislation to the
the recommendation of the Execu¬
on
mission power to regulate and
truth, which truth, if it be indeed the truth, must itself determine in the
final
Acting
marked limitations, and
of the Bureau of Corporations is to study patiently that we
know whether these bulky things that
economic
ever
very
•
"The purpose
an
tive
the passage of supplementary
or
effect.
resolution in the matter:
bigness is rather less desirable than
efficiency.
with feet of
recognition of the principle of the Canadian Com¬
a
criticism here of 'bigbusiness' as such, but merely the ques¬
no
to whether
whether
may
by
same
production at the
quantities of labor have certain elements of efficiency.
''There is
in¬
organization is industrially efficient
It may be conceded that massing of capital and the grouping
factors that exist and whether there does not come a point of
tion
"
growing question in the minds of experienced and thoughtful
and whether bigness and bulk are always necessary to
lowest cost.
than $4,000,000
the effort which it made in the last Congress
renew
bines Act
.
.
"There is
more
bring about the amendment of the Sherman Anti-Trust
to
law
thereon
■
increase of
The Merchants! Association has also made known its
investigation planned by the Government
report
or an
that of the present year.
over
'
into the economic features of the trust
whole.
woolen and
of making knit goods! and
It did not, however, pursue its
hosiery.
tention to
annual
has never received thoughtful study as a
inquired into the cost of cotton and
approx¬
imately $733,000.
The extensive
close into the cost of production in the pottery
several times, but which
administration),. Mr. Burleson states that these figures did
not take into account the
tracted in the
point of important policy that the
It wishes to supplement the inquiry now
industry by
undertaking an inquiry into the cost of production of clothing of all kinds
and of different materials, including hosiery, knit goods and their fellows.
"It is recalled that not only is this a matter which affects every man and
woman in the country, but that it is a subject which has been approached
Department desires to carry out.
drawing to
worsted eloth and to some extent into the costs
the total expenses
fiscal year
;
gratifying to report that
into
production of clothing, in the following:
"It remains to state but one further
careful consideration of the subject, it becomes evident that the carriage of
their manufacture."
also deals with plans concerning an inquiry
The report
the cost of
a
and jobbers,
uniform price from being fixed by manufacturers
a
binding upon retailers, as to articles of
The determination of what shall be the basis for ascertaining a fair rate
the mails
and demerits of a condition which
pending with reference to the merits
compensation to the railroads for carrying the
On that
mails.
those on lumber, tobacco, water transporta¬
tion, the harvester industry and corporate
v.'-:-/v/.''-
.•
If
the ultimate attitude of Government toward combinations and
"Of the old investigations,
control of the telegraph lines which
to service—Government service would be a
present service.
men
monopolistic form is socially and economically efficient
is alleged, and upon the solution of this problem must
as
consolidation in business.
paid by the Government to the railroads to get rid of those con¬
tracts!
production,
depend
England
The English railroads were not modest in their
in this country.
as
in
the railroads and in which the railroads had an interest, the
on
had to be
of
undoubtedly address itself to some of these aspects of the
provisions.
Regardless of such legislation, however,
fundamental economic, fact to be determined, to wit,
there still remains a
the telegraph lines and then had to pay the
demands and the result was that a perfectly enormous and
the
corporation shall at the same time own a controlling interest in
competing corporations, or that the officers of corporations
affiliated directly or indirectly by holding office in other
situation with curative
Estimated.
x
telegraph companies and the railroads.
the
found this out when it took over
of
be
corporations.
complications that would arise would be in regard to the
between
contracts
of
more
not
whether the trust or
Including interest paid and fresh money expended,
One of the worst
of
1797
CHRONICLE
THE
1013.]
unreasonable, and placing the burden of establishing the reasonableness
of such restraint.upon the party alleging
it;
legislation looking to funda¬
mental charter provisions for every corporation doing inter-State business;
than
one
as
and bonds to such values
manner
of the property.
by which said reduction shall be made
provided by law for the enforcement of other orders
If it shall appear at any
time to the Commission that
of things
officer or
competing carrier or carriers, which in the nature
ought to compete,
have the same director
or
directors,
or
officers, the Commission shall, after due hearing, issue an order requiring
said carrier to eliminate such common officers or directors
of the
from all but one
boards, and such Order shall be enforced as other orders of the
Commission.
Section 2.—No carrier engaged in
inter-State commerce shall increase
that stocks and bonds shall not be issued except for money or property
its
at its true money
thereof/although permitted by the authority creating the corporation, until
shall
not
hold
value, preventing the watering of stocks; that corporations
tock
in
other
competing companies, and that neither
a
capital stock
or
bonded indebtedness or issue any certificates or
the proposition and plan therefore,
evidence
setting out all the details, reasons and
1798
THE
the
purposes and
State Commerce
whlcji thfc
usep to
Commission,
be applied, to the Inter-
money is to
which shall issue
an
conditions and limitations said Commission
ever
such
issue, and
CHRONICLE
deem
proper as
Philadelphia and Morgan, Harjes & Co. of Paris.
to
use of the
director of any
or
carrier,
for
or
carrier which
rector
or
directory of
dividends
other
Life Insurance Co., the Bank for
Savings,
Commercial Union Fire Insurance Co. of New
Commercial Union Assurance
Co., Ltd., of London, the New
York Central & Hudson River
RR., the West Shore RR.,
Treasurer of the
Metropolitan Opera & Real Estate
salaries
as
any money resulting from the sale of stock or bonds, or from
except from the earnings of the carriers, after proper pro¬
the American Museum of Natural
His son,
Temple Bowdoin, is
Morgan & Co. .V
vision shall have been made therefrom for the
upkeep of the roadbed,
its
Any violation of this provision shall be a mis¬
conviction in any United States Court having juris¬
equipment and facilities.
upon
diction shall be punished by fine
tion of the Court. '
imprisonment,
or
or
both, in the
■
one
in
newspaper
every
extra
advertising in
extra divi¬
dend of 2% was declared.
county through
whioh the roads operate; and would direct that the
for railroad
'
city declared this week an
dividend of 3%, payable Dec. 23 1913 to
holders of
record Dec. 20 1913.
Last year at this time an
_
the 1st, one
of
receipts
234%
1913.
The usual quarterly distribution
will be made Jan. 11914 to holders of record Dec. 20
shall be accepted at
I,
the regular rates for
freight and passenger fares; the other
bill makes provision for a commercial
directory, to be pub¬
lished by the
partnership
newspapers
Secretary of Commerce, by which
an
individual,
corporation qualified to do business in its
or
State, Territory
out additional
district might do
or
license, registration
or
so
own
everywhere with¬
V,'\.
/
-.
'
»
■
-
bocker Trust Co. of this
city, has been eleoted
Secretary of that
Lawrence L. Gillespie will retire from
membership in the
on
Jan. 1 and will
organize
general banking business.
The United
States Supreme Court
will hear
on
Jan. 5 the
arguments in the case of George G. Henry of Salomon &
Co., indicted for refusing to give the House
"Money Trust"
investigating committees the
of certain bankers who
names
participated individually as_underwriters in the sale of the
California Petroleum Co.
<
for years a Vice-President of
the
School,
»
v.,.
»
—
an
1914, in addition
forty-third consecutive semi-annual dividend
extra divi¬
to its
regular
of 5%.
The Central Trust Co. of this
city has declared
an
extra
dividend of 10% in addition to the
regular quarterly dividend
of a 10%, both
payable Jan. 2 1914 to holders of record
Dec. 23 1913. -'-'v! •/"'
V'■
'
;
—♦
/
/.;•. ■ ;
;l
The Fifth Avenue Bank, at 44th St. and
Fifth Ave., this
city; has issued a brief analysis of the Federal Income Tax
■
..
"Young Men Beginning Business."
on
was
Equitable Trust Co.
♦
Martin, of Wm. A Read & Co., spoke at the Tuck
Dartmouth College, Monday afternoon on "The
evening
a new
Gillespie
■.,
.
Finances and Future of the New Haven
Railroad," and in
the
Mr.
The Fulton Trust Co. of New York
declared
dend of 2%, payable on Jan. 2
—.»
R. W.
Assistant
an
company.
firm of J. S. Bache & Co.
firm to do a
—♦—
/
Frederick V. Clowes, who has been
paying teller for many
years in the Fifth Avenue office of the
Columbia-Knicker¬
restriction, except in
compliance with police regulations.
member of the firm of J. P.
a
The Greenwich Bank of this
by Representative Adamson
would require the railroads to publish their
scheduled in at least
'
a
History, &c.
»
discre¬
Of two other bills presented
on
Co.,
trustee of
sources
demeanor, and
the
York, the
It shall also be unlawful for any officer, di¬
carrier to appropriate, pay or receive
any
was
Co., the
Mutual
should compete with any other
any certificate of stock or issue and deliver
bonds until the approval of the Inter-State Commerce Commission
any
any
or
officer to issue
any
shall have first been secured.
or
does
He
trustee of the New York Life Insurance & Trust
a
money", and such order shall be enforced as pro¬
enforcement of other orders of the Commission.
Section 3.—It shall be unlawful for any person to hold the position of
vided by law for the
officer
xcvii.
then from the firms of J. P.
Morgan & Co., Drexel & Co. of
order specifying what¬
may
[Vol.
.
m
'
Vv\'
Law, which has been prepared by Herbert M. Teets of the
The report, in book form,
embodying the proceedings in
1913 convention of the New York State
Bank
Association has been issued in its usual distinctive
Act and regulations
bound in white cloth
bank will,
full of the
style,
and marked with
covers
gilt lettering.
The meeting was held at the Chateau
Laurier, Ottawa, on
June 12 and 13, and was the first annual
convention of the
Association
be
to
held
gathering took place
outside
the
Canadian soil
on
United
to
States.
The
celebrate, with the
■Canadians,
a century of peace among the
English-speaking
The attractive shape in which the report is issued
people.
makes
it
worthy
of preservation,
both
as
a
record
and
souvenir of the occasion.
J.
The book is compiled
by William
Henry, of 11 Pine Street, Secretary of the Association.
■
.
r
An appropriately engraved piece of silver
by his associates this week
pletion of his twenty-fifth
year
Clearing-House Association,
we
plimentary
The booklet also includes the text of the
governing collection at the source.: The
believe, favor interested inquirers with a com¬
copy.
-
^v/
.
The first -payment to be made in the
liquidation of the
Industrial Savings & Loan Co. of this
city was directed by
State Superintendent of; Banks Van
Tuyl
Under this distribution the shareholders
on
the 12th inst.
to receive
a first
dividend of 15%., while the general creditors will
receive the
full amount of their claims; in the case of
the shareholders
the claims filed aggregated
$2,377,508, while those of the
general creditors amounted
♦
William Sherer
New York Bar.
to
$4,294.
are
The institution
was
closed by Superintendent Van
Tuyl on June 29 1912.
was
presented to
to mark the
com¬
in the service of the New York
Mr. Sherer went to the Clear¬
ing House from the Sub-Treasury in 1888; for the first four
he acted as Assistant Manager and has since served
as its
Manager.
years
The Brooklyn Trust Co. has
declared, in addition to the
regular quarterly dividend of 5%, an extra dividend of 5%,
both payable Jan. 2 1914 to holders of record Dec.
19 1913.
Last year at this time
but this
was
on
an
the old
extra distribution of 10% was
made,"
capital of $1,000,000, an increase to
$1,500,000 having been made Jan. 15 1913 in connection with
the absorption of the Long Island Loan & Trust Co.
The old banking firm of Blake Bros. & Co.
of this city
move their offices about
May 1 from 25 Broad St. to the
Bank of America Building at 44 and 46 Wall
St.
The firm
will occupy the entire second
floor, which is situated
The Bank of Coney Island,
Brooklyn, which began business
Aug. 10 1909, declared this week its first dividend, being 2%,
above the bank.
payable Jan. 2 1914 to holders of record Dec. 24 1913.
will
The
advantage of daylight
new
on
offices will be
directly
larger, with the
both the Wall and William St sides.
The
-—♦
The application of the Union Trust Co. of this
city for
the listing of its additional
$2,000,000 of stock on the Stock
Exchange
the
was
10th inst.
approved by the Governing Committee on
The company's capital was increased
from
81,000,000 to $3,000,000 in June.
Greenpoint National Bank, Brooklyn, which began
business in February 1912, declared this week
annual dividend of
George S. Bowdoin, formerly a member of the firm of
J. P. Morgan & Co., died on the 16th inst.
in his
eighty-first
Bowdoin
became
Morton, Bliss & Co. in 1871
1884 to enter the firm of
which
He
was
changed ten
a
member
of
the
of
and withdrew therefrom
in
Bank of
of
for
name
later to J. P. Morgan & Co.
acute
indigestion.
He
was
fifty-five
years
of
age
♦
of
relinquished active business in January 1900,
retiring,
Coleman, Assistant Cashier of the Market Street
Philadelphia, died suddenly on the 10th
and had been associated with the Market Street
National
for more than twenty years.
firm
Drexel, Morgan & Co., the
years
initial semi¬
National Bank of
inst.
Mr.
an
2%, payable Jan. 2 19ll!
....
Nicholas
—■—»
year.
,
.
.
The remodeled and enlarged
building of the Ninth National
Philadelphia at Front and Norris streets was open
public inspection in the" afternoon of the 11th inst. from
one
.
to four o'clock.
v
v
"
•
1
"
.
,
Dec. 20
THE
1913.]
Action toward
CHRONICLE
placing the Federal National Bank of Pitts¬
burgh in voluntary liquidation was taken by its stockholders
and in partial
this week
accomplishment arrangements
the Mellon National Bank assumed
entered into whereby
the immediate payment of
gations
on
directors of the Federal National says:
•
Bank, after deliberate consideration, consultation,
and under advice and consent of the Comptroller of the
decided unanimously it is for the
Currency, have
best interests of all the stockholders of the
Federal National Bank to go into voluntary liquidation, and with that in
view
are
acting harmoniously and unanimously to accomplish this end.
For
of best conserving the assets of the bank in the interest of the
the purpose
stockholders, the Mellon National Bank at our request has arranged to take
all accounts of the depositors and pay same in full on demand, if de¬
over
that date
on
capital of $500,000
of
$104,737.
$3,197,886, while the
were
$4,299,705.
—
,":r
Its
resources
,
♦
The Bank of Montreal has appointed as Manager of its
Mr. Cassels is named
London office G. C. Cassels.
cessor
The board of directors with the approval of two-thirds of the stockholders
of the Federal National
deposits
were
a
November 24 reported a surplus
on
all its outstanding deposit obli¬
A statement in the matter issued by the
the 17th inst.
The City National has
ings deposits.
and
This arrangement went into effect
liabilities.
or
were
1799
to Sir Frederick
in
issue of November 8, has been,
our
Williams-Taylor, who,
made General Manager
Mr. Cassels had previously been
of the Bank at Montreal.
connected with the Bank of Montreal for
until about
William
a
P.
as suc¬
announced
as
a
number of years
when he joined the London office of
year ago,
He first became associated
Bonbright & Co.
Toronto office and had
with the Bank of Montreal in its
sired; and all assets after paying the depositors will be collected for the benefit
successively been employed at its Halifax and New York
of the stockholders of the Federal National Bank by liquidating committee,
offices, finally going to the London office in 1906 as Assistant
to be
appointed by the stockholders at a meeting thereof to be held Jan. 20
National Bank, corner of Fifth Avenue and
1914 at 3 p. m. at the Federal
Manager.;
•
■':
,.
■
.v
.
Smithfield Street.
From the
Pittsburgh "Gazette-Times"
we
by the event, it
To satisfy natural curiosity aroused
office
may
be stated that
in financial circles it is understood that the Federal National Bank board
was
forestall the effects of
actuated by a desire to
any
unwarranted gossip
growing out of the recent receivership of the Pittsburgh-Buffalo and affili-_
ated
Some months prior to the receivership of the coal
companies.
From the statement of the
take the follow¬
ing with reference to the Federal's liquidation:
com"
Montreal)
Royal Bank of Canada (head
of Nov. 29,
as
as
and the
fund $12,560,000.
reserve
the rate of 12 % per annum
ceivers for the coal company, but in anticipation of the event, an authorized
lantic to the
examination of the affairs of the hank, conducted by outside interests, was
the
but
Immediately after the coal com¬
especially strong in cash reserves.
pany
went into the hands of receivers the bank was for several days a cred¬
itor in its clearing-house
This past week, however, there have
operations.
been offerings of its stock in the market, and the absence of demand was
responsible for gossip that might eventually have resulted in deposit with¬
drawals.
To forestall such event, it is understood, the directors decided"
voluntarily wind up the affairs of the bank.
to
reported deposits of $4,343,379 and
It had
plus and profits of $1,293,037.
'
'
a
■
r
sur¬
.'
.
.
.
.
branches
throughout the West Indies covering Cuba, Porto
Rico, Dominican Republic, Bahamas, Barbadoes, Jamaica
and Trinidad.
It also has
|P0mtarni©0wmcrcialgttgUsfri£jettrs
(From Our Own Correspondent.]
profits to the surplus
ac¬
The great
French national loan
a success
that
as
bring the amount up from $250,000 to $300,000 and to
distribute the new shares in the form of a stock dividend of
had
It is stated that with its enlarged capital the bank
20%.
will have
The stockholders
surplus of $150,000.
a
to
are
ratify the capital increase at their annual meeting on January
13th.
The directors have recommended that the dividend
rate be increased with the
to 10 per
issuance of the
cent yearly.
'
'
'
stock from 8
new
•"./
soon
on
new
to sell that
The proceeds of the sale will
"amount to outside interests.
be credited to the stockholder
consenting to the waiver,
that the cost of the stock retained by
so
him will be.approxim-
The bank proposes to transfer its
undivided profits to its surplus of $100,000, thus increasing
ately $64 87
the latter to
a
share.
$150,00(3.
•
"
.
.
During
a
"run"
on
the City National Bank of Omaha,
an
stating that
announcement
made by
was
stated that there
had been circulated
the
causes
stated
examination had been
it of the condition of the bank, and that, in its
opinion, the bank
more
an
solvent.
was no
The Association further¬
occasion for the
little
than
more,
rumors
leading to the "run", President John F. Flack
that,
as
far
as
the officials
were
able to trace the
matter, the rumor had its origin in the circulation of a report
by newsboys that the bank had failed.
tuted
on
The "run"
was
insti¬
the 9th but by the 11th a return to practically
normal conditions had been witnessed.
On account of the
large number of the bank's savings depositors (about 11,000),
and in order to enable it to take
ness,
the directors
on
of its commercial busi¬
the 11th decided to take advantage of
its 30 and 60 day notice
care
years
would
have become
un¬
a
■
very
are
purposes,
can
kind during Christmas week.
any
get
away
will leave as early as. he can
Saturday.
To all intents and
then, business will be suspended ffom Tuesday
evening to
In addition
will begin on the
the following Monday morning.
last settlement
the
have to make up
of
the year
And, lastly, the banks will all
their accounts for the second half of the
the last day of the year.
then, little entering into
new
There will probably be,
risks during the next two or
Moreover, the preparations for the end of the
three weeks.
for the holidays, and for the first week of the new
year,
will take
up
the time of all business men in the interval.
Unless, then, something quite unexpected happens,
not
within
Christ¬
Thursday and the next day is a Bank
will put ip. an appearance on
year on
'
Wednesday, and only those who must come back
manage on
this
We
fortnight of the end of the year.
doing of
Everybody who
to
temporary.
Practically, therefore, there will be exceedingly
little business
which
With regard to
a
largely deal, during this week there
probably
will fall upon a
Holiday.
year
concerning the bank.
neglected for
decline in most.
a
Tuesday before Christmas.
Neb., the Clearing House of that city on the 9th inst. issued
that money
seen
there would be
quotations for almost every class of security
The decline is
by the stockholders at their annual meeting.
furtherance' of the plan
was
The crisis has lasted so long
into favor.
more
once
loan had sent up
stock will be offered at par ($100) to the present
25% of the issue > in
and it
that the bourses and the stock exchanges
capital of the South
shareholders, but they will be asked to waive their right to
over
favorably impressed, and whereas the preparations for the
mas
The
was
in which Frenchmen
Chicago Savings Bank of Chicago from $200,000 to $300,000
brill¬
considerable time to come; and that,
classes of securities that have been
come
■
the question of increasing the
will be taken
a
plentiful and cheap,
'
•
so
complete change in the temper of the Bourse, and whole
has been
Action
both
expected to be
out; that, therefore, ease would be
come
the loan
as
become
was
nobody doubted that the hoarded money
assured in Paris for
Savings Bank of Chicago is contemplated, the proposal being
to
very
much under the influence of the Ministerial crisis in France.
■
capital of the Northwestern Trust &
1913.
December 13
throughout this week
The London market has been
iant
■
Saturday,
London,
...
has declared the
would certainly
An increase in the
branch at Belize, the capital
a
of British Honduras.
,
regular quarterly dividend of 1%%, payable Jan. 2 1914, to
holders of record Dec. 24 1913.
The sum of $30,000 was
counts.
important city in
every
'
—The North West State Bank of Chicago
also transferred from undivided
Pacific, and including
Dominion, the Royal Bank of Canada has a chain of
capital of $1,000,000.
r
over
extending from the At¬
\
,
The Federal National began business in December 1901.
On Oct. 21 last it
Aside from
have been paid.
three hundred branches in Canada,
made, and the institution was declared to be not only absolutely solvent,
advertising
our
The paid-up capital is $11,560,000
Quarterly dividends at
aggregate $140,232,799.
John H. Jones, head of that concern, retired as President of the Fed¬
eral National Bank.
At least a week previous to the appointment of re¬
pany
1
given in
columns, it appears that the deposits of that institution now
there is
likely to be much change in the situation until the new
year
sets in.
Regarding the
very
new year,
much change, for
and dividend payments
uary
will be
ply of
on a
money
it is not likely that there will be
some
time at all events.
Interest
in London at the beginning of Janu-
large scale; will add materially to the sup¬
in the
open
market, and, therefore, will tend
interest and discount.
On the
to reduce both the rates of
required for the withdrawal of sav-" ^theFhS^,~th^Btitside;
or open;
market is not well supplied
.
1800
with
THE
CHRONICLE
funds—is, indeed,
even now dependent more or less
the Bank of England.
Furthermore, the collection of
revenue in the
quarter beginning with New Year's Day is
very much larger than in any other three months of the year,
and as all taxes collected are paid into the Bank of England
the transfer of money from the open market to the Bank of
England is on an immense scale.
As January proceeds,
therefore, the open market will be less and less well supplied,
and the Bank will be gaining more and more control.
For
Mobile
two months after that it will retain control.
[Vol.
Montreal
Total receipts of flour and
upon
;
'
How this situation will be affected
Flour,
Receipts at—
New
France remains to be
a
new
bush.
bush.
150,000
99,000
1,000
2,000
109",000
138,000
45,000
34,000
19,000
2,000
10,000
27,000
686,000
200,000
1,098,000
958,000
349,000
21,000
42,000
53,000
...
"Y,66o
„
Total week 1913..
Since Jan.
545,000
5,850,000
1,132,000
,658,000
283,000
55,000
11913.12,693,000 199884,000 49,757,000 52,428,000 2724,000 2955,000
497,000
4,613,000
876,000
1,318,000
522,000
43,000
11912.17,792,024 149143,083 32,027,295 74,404,034 8326,046 1006,183
*
on
loan will be introduced
Receipts do not include grain passing through New Orleans for
foreign
through bills of lading.
Wheat,
Corn,
Flour,
Oats,
Rye,
bush.
bush.
bbls.
bush.
bush.
1,346,114
Portland, Me
200,000
Boston
542,129
Philadelphia
636,000
Baltimore
1,037,636
New Orleans.....
64,000
2,763
88,877
55,161
19,000
79,368
30,000
Exports from—
New
York
l",666
—...
22,393
65,000
....
7,000
John
5,000
1,000
4,329,879
„4,020,708
Total weeku
Week 1912
28,763 '230,836
244,133 289,332
July 1 1913 is
.
*'
Flour
Week ending Dec. 19.
Silver,
Sat.
d.
per oz
d Consols, 2%
per cents
Mon.
71%
Am. Smelt. & Refining Co..
63
b Anaconda Mining Co
Atch. Topeka& Santa Fe...
Preferred
'
95
71%
71%
84.90
84.90
85.15
71%
62%
63
72%
63%
63
63
7
7
—_
—
....
83
Erie..:—
First
preferred
43%
—
36
'
36
Louisville & Nashville...... 136%
17%
27%
.28%
43%
35%
127%
J
Preferred
20%
109
55
55
Missouri. Pacific
26
26
Nat. RR. of Mex., 2d pref—
N. Y. Central & Hud. Riv..
11%
94%
94
N.Y.Ont. & Western..
26%
26%
Norfolk
&
Western
105%
.*.— 87
Preferred
Northern Pacific
127%
106%
107%
134%
20%
20%
55
106
.
745,017
1,000
600
84,427
26,899
"74,180
864
19,167
28,763
244,133
1,696,757
1,712,372
14,763
25,012
522,272
788,251
675
66,291
100,368
4,709
Wheat.
v
Exports.
Week
106
44
135
'
1
July 1.
Bushels.
888,000
21,164,000
Argentina
216,000
648,000
11,906,000
14,424,000
24,616,000
4,594,000
_r
Australia.—
India
20%
55
152,000
176,000
Oth. countr's
55
25%
11%'
11%
94%
26%
10Q
1.
Total
95
...110%
110%
109%
109%
109%
,54%
Reading
54%
83%
43%
54%
83%
43%
54%
83%
43%
83%
43%
....
45
a
a
Second preferred
83%
,43%
44%
43%
44%
-
:
Rock Island
14
13%
Southern Pacific
89
88%
Southern
Railway
22%
Preferred
77
Union Pacific
155%
Preferred
85%
U.S. Steel Corporation.:... 57%
Preferred
.....108
Wabash
:
Extended
a
Price
4s
per
share.
22%
77
77
154%
85%
3%
3%
50%
108
b£ sterling.
10%
3%
9%
:
50
.22%
77
154%
108
85%
Dec. 13.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Since
Since
639,000
869,000
281,000
7,392,000
5,776,000
33,863,000
476,000
8,701,000
9,059,000
32,034,000 2,950,000 111,925,000 139,451,000
10,488,000
36,896,000
3,854,000
Europe
on
dates
;
Corn.
„
Continent.
Total.
Kingdom.
Bushels.
Bushels.
Bushels.
Dec. 13 1913.. 13,952,000 13,864,000 27,816,000
Dec.
6 1913.. 13,712,000 15,656,000 29,368,000
4,633,000
5,338,000
Dec. 14 1912.. 16,656,000 14,608,000 31,264,000
Dec. 16 1911- 19,232,000
9,864,000 29,096,000
5,763,000 10,396,000
5,789,000 11,127,000
8,934,000 17,340,000 26,274,000
3,179,000 5,092,000 8,271,000
Bushels.
22%
157%
.
Bushels.
Continent.
Total.
Bushels.
58%
3
3
9%
8%;
51
flat prices.
are
+%
United
Kingdom.
13%
89
108
51
d Quotations here given
'
86
57%
3%
July 1.
Bushels.
r
Week
United
77
156%
83%
57%
9%
50%
Wheat.
55
45
13%
88%
108
83%
57%
57%
13%
88%
22%
77
155%
108
10%
50%
—
Preferred
13%'
88%
22%
1912.
Since
11,008,000 304,272,000 300,420,000 3,707,000 128,657,000
155,155,000
109%
Pennsylvania—.......... 55%
83%
"Y+Y
86
a
...
Corn.
1913.
-
The quantity of wheat and corn afloat for
mentioned was as follows:
'
26%
106
87
a
Company.
First preferred.
Since
Danube——
107
•
25%
-v.
:
North Amer. 6,056,000 147,530,000 118,338,000
Russia
2,872,000 80,038,000 64,947,000
35%
127%
20
.
1912.
Dec. 13.
28%
134%
11%
5,957
'
•
1913.
Bushels.
27%
43%
35%
94%
26%
105%
IIIIII
The world's shipments of wheat-and corn for the
week
ending Dec. 13 1913 and since July 11913 and 1912 are shown
in the following:
:
/
-
26
.
1912
28
127%
bush'
2,282,114 50,169,635
2,044,379 53,618,905
.....230,836 5,659,455 4,329,879 104692,164
289,332 4,820,328 4,020,708 78,519,637
Total
220%
58%
11%
100%
17%
56
87
——
17%
.
bush.
1913.
-
28
134%
20%
25%
11%
93%"
26%
105%
11%
-100
"
bush.
bush. '
Dec. 13.
2,786
Indies
Total
Since
July 1
1913.
<
151,270
458,044
309,677
752,642
So. & Cent. Amer..
West
Dec. 13.
Week
83
11
28%
44
35%
1913.
July 1
.
95%
58
28
-CornSince
Week
since July 1 to—
bbls.
bbls.
United Kingdom... 136,717 2,723,472
Continent
48,960 1,458,801
94
83
11%
100%
18
y
101
219%
58
100
136
Missouri Kansas & Texas...
83
11%
127
95%
7,346
15,649
*
72%
,
94
224%
58
85.40
101
94
83
27%
44
Great Northern, preferred.. 127%
Illinois Central.
109
95%
101'
224
28
28
Second preferred
94%
94
100%
17%
28
71
7
101
226%
58
12
18
Preferred
94%
83
..228%
Chesapeake & Ohio.58%
Chicago Great Western
11%
Chicago Milw. «fc St. Paul...100%
.
v
7
94%
Canadian Pacific
Denver & Rio Grander
72
101
94%
Fri.
85.90
7
..101
-
Thurs.
July 1
Dec. 13.
Other Countries
26 11-16 26 11-16 26 13-16
71*$
713-16
711-16
71 7-16
71 5-16
71 3-16
7
Preferred
Wed.
26%
719-16
71*$
dFor account
71 %
d French Rentes (in Paris), fr. 86:12%
Amalgamated Copper Co... 71%.
Baltimore & Ohio
Tues.
26 13-16 26%
-WheatSince
Brit. No. Am. Cols.
•
89,401
8,000 588,565
below:
as
—
Exports for week and
London,
183,529
860,982
The destination of these exports for the week and
since
Week
as
i.ooo
...
504,000
•
Cable.
bush.
6,346
"Y,66o
34,000
Quebec
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Peas,
bush.
89,401
6,000
Mobile
St.
Barley,
8,566
18,000
Galveston
on
Wednesday 80 lacs
telegraphic transfers, and the applications
exceeded 780% lacs, at prices ranging from Is. 4 l-32d. to
Is. 4 3-32d. per rupee.
Applicants for bills at Is. 4 l-16d.
and for telegraphic transfers at Is. 4 3-32d. per rupee were
allotted 45 %of the amounts applied for.
•
The
ports
The exports from the several seaboard
ports for the week
ending Dec. 13 are shown in the annexed statement:
and
English Financial Markets—Per
1,000
504,000
The India Council offered for tender
bills
52,000
"7",000
72~666
7,000
5,000
1,000
•
"if.ooo
Total week 1912..
Since Jan.
ment is confident of the maintenance of peace.
its
Rye,
bush.
229,000
79,000
19,000
268,000
Orleans*
Quebec
by
him.
The French banks generally are pleased at this, as it
promises to allow them to make loans as they please to for¬
eign governments.
The political public in France condemns
It.
The foreign public hesitates to form an opinion as to what
may happen.
Meanwhile, the German Reichsbank put down
its rate of discount yesterday—Friday—from 53^% to 5%.
This has made a very good impression everywhere, inasmuch
as it shows that in
Germany money is growing plentiful and
cheap.
It also seems to indicate that the German Govern¬
of
Barley,
bush.
823,000
9,000
St. John
Finance Minister announced that the Cabinet has decided
to withdraw the loan proposed by his predecessor, and he
left it doubtful whether
Oats,
bush.
1,962,000
~53~666
Galveston.....
by what happens in
On Thursday the new French
seen.
Corn,
bbls.
Portland, Me
Philadelphia
Baltimore.....
New
Wheat,
312,000
71,000
York
Boston
y
,.
grain at the seaboard ports for
the week ended Dec. 13 1913 follow:
The likelihood,
therefore, is that money will be. neither plentiful nor cheap
during the next three months, and that, consequently, rates
will not decline much.
xcvii.
Canadian Bank Clearings.—The clearings for the week
ending Dec. 13 at Canadian, cities, in comparison with the
same week of
1912, shows an increase in the aggregate of
0.2%. v
'
•
...
©ommerciat
KI/Vtn-aAOnnilftr»ni~o
au AWiis cellaneous
Week ending December 13.
|Ietus
Clearings at—
**■»»«"*'w*AA^AAlvvvvvsiVVvvvvvvvvvwvvvvwvv\AAA<www^t»t.i.«««*»%WVWuiaw
inc.
1913.
Breadstuffs
Figures brought from page 1834.^-The
statements 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:
Canada,—
;
Montreal.
61,237,092
49,000,000
at—
Flour.
Wheat.
Corn.
Oats.
Barley.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. 6m.56
lbs.
Chicago
Milwaukee
.
169,000
38,000
Duluth
Minneapolis
Toledo
Detroit
Cleveland
St.
._
Louis...
Peoria
Kansas
7,000
17,000
72,000
42,000
City
Omaha
Tot. wk. *13
Same wk. '12
Same wk. *11
Since Aug. 1
1913—
1912—
1911
345,000
357,000
308,636
441,000
113,000
1,866,000
2,365,000
747,000
32,000
2,000
542,000
30,000
264,000
301,000
148,000
82,000
172,000
283,000
349,000
707,000
1,055,000
468,000
169,000
91,000
258,000
70,000
78,000
6,703,000
8,516,000
4,329,400
5,072,000
5,016.000
5,551,796
3,596,000
4,077,000
3,609,471
1,957,000
2,816,000
1,347,537
7,887,000 17$,442,000
7,376,520 207,039,966
4,405,166 123.217,467
1,199,000
535,000
"542",000
1,413,000
238,000
84,000
723,000
27,000
560,000
410,000
227,000
610,000
2,000
37,000
76,000
5,000
101,000
3,000
51,000
60,567,345
46,105,762
41,049,735
Vancouver.......
10,993,437
"13,124,214
^-16.2
4,061,397
3,367,808
2,519,193
3,346,722
5,720,564
1,817,325
1,626,873
2,989,824
4,154,006
3,180,891
3,578,863
3,830,357
—12.1
2,066,791
+ 21.9
Ottawa
...
Hamilton
Calgary
London
St.
John
Victoria.
Edmonton
Regina
Brandon...
839,765
705,414
Lethbridge
74,000
Saskatoon—
8,000
22,000
Moose Jaw
....
Brantford.
Fort William
New
252,000
266,000
184,197
73,977,000 107,121,000 50,981,000 8,017,000
63,778,328 114,272,688 48,806,336 10001642
69,424,610 68,108,780 42.70?.140 fi
■
%
+ 1.1
43,590,305
Winnipeg
Halifax
Rye.
or
Dec.
...
Toronto
Quebec..
Receipts
"1912.
Westminster.
Medicine Hat
Total Canada
3,610,737
+ 6.3
+ 6.2
+ 13.5
—7.3
6,184,559
—7.5
1,958,833
1,942,022
4,066,601
5,093,375
2,885,605
896,067
627,075
—7.2
—16.3
—26.5
—18.4
+ 10.2
—6.4
+ 12.4
—30.9
1,988,201
2,879,634
1,479,216
1,844,069 —19.8
750,541
640,315
+ 17.2
1,088,022
1,022,308
+ 6.4
528,857 Not incl. in total
574,951 Not incl. in
204,456,596 204,004,267
1911.
51,531,992
39,965,198
30,539,941
11,627,445
5,145,264
2,775,604
2,073,856
2,960,274
5,140,410
1,556,882
1,669,855
2,689,133
3,237,979
2,325,683
741,270
669,644
1,950,827
1,147,126
550,322
570,200
1910.
40,930,984
37,432,829
22,039,923
9,421,230
3,080,774
2,702,997
1,627,194
2,089,898
3,098,159
1,516,417
1,569,032
2,270,037
2,303,873
1,336,324
667,913
528,983
957,206
total
+ 0.2 168,868,905
133,573,769
National Banks.—The
following information regarding
Comptroller of the
Currency, Treasury Department:
national banks is from the office of the
Deo.
■
Capital, $25,000.
First National Bank of Republic, Pa.
Capital, $25,000.
Opperman, Pres.; John P. Byrne, Cashier.
10.467—The First National Bank of Bixby, Okla.
Capital, $25,000. Carr
Peterson, Pres.; C. Lipscomb, Cashier. (Succeeds Bank of Bixby.)
Chas.
EXISTENCE.
Mont., expired by
(To be succeeded
-
by a State bank.)
•
INSOLVENT NATIONAL BANKS.
6.326—The Yates Center National Bank, Yates Center, Kan., was
placed in the hands of a receiver Dec. 5 1913.
8,454—The First National Bank of Bayonne, N. J., was placed in the
receiver Dec. 8 1913.
v;
■■
to
2
to
Jan/
2
$1
Jan.
1 Dec. 21
to
Jan.
1
$1.50
Jan.
1 Dec. 21
to
Jan.
2
Dec. 31 Dec. 28
to
Jan.
IK
Jan.
2 Holders of rec. Dec.
3
Jan.
1 Dec. 21
to
Jan.
1
Railways, preferred
lsf pref. (quar.)..
Little Rock Ry. A Electric, common
30c.
to
Jan.
1
Preferred
Louisville Traction, common (quar.)
Manila Elec. RR. & Ltg. Corp. (quar.)-Massaehusetts Electric Cos., preferred..
3
1
IK
Dec. 31 Holders of
$2
Jan.
Memphis Stret Ry., common.*
1
Dec. 31 Dec. 23
to
Jan.
1
IK
IK
Dec. 31 Dec; 23
to
Jan.
1
Preferred
Land (quar.)..
Traction, pref. (quar.)
Illinois
Indianapolis Street Ry
—
Interstate
... —-
(quar.)
Mohawk Valley Co.
.
DIVIDENDS.
following shows all the dividends announced for the
future by large or important corporations.
■ 4
Dividends announced this week are printed in italics.
^
Books Closed.
Cent.
Payable,
Days Inclusive.
...
1 Dec.
16
to
Jan.
1 Holders of
Jan.
rec.
rec.
Dec. 19a
1
2 Holders of
rec.
Dec.
18a
Northern Ohio Tr. A Lt.,
IK
Jan.
1
of
rec.
Dec.
15a
Philadelnhia Co., com.
IK
Feb.
2
of
rec.
Jan.
1
Jan.
2 Holders Of
rec.
Dec. 20
IK
Dec. 31 Dec. 27
—
pref. (quar.)
(qu.) (No. 129).
Porto Rico Rys., Ltd., com. (quar.)
Public Service Corp. of N. J. (quar.)..
Reading Traction_
„
_
_
Jan.
1
15 Holders of
rec.
Dec.
31
$3
Jan.
1 Holders of
rec.
Dec.
15
1
— —
Jan.
2 Dec. 25
Feb.
Jan.
2 Dec.
21
to
Jan.
1
Jan.
10 Dec.
20
to
Jan.
11
1
Jan.
23a
United Light & Rys., com.
Boston &
2H
Dec.
4
Jan.
to
3
Dec.
15a
15a
rec.
Dec.
15a
rec.
Dec.
15a
IK
Dec. 20 Holders of
Dec. 20 Holders of
IK
Jan.
1 Dec. 23
2
Jan.
2 Holders of
IK
Jan.
2 Holders of
Jan.
Jan.
—
rec.
rec.
Dec.
10a
Dec.
31a
(quar.).'
Jan.
1
Holders of
rec.
Dec.
15
Jan.
1 Holders of rec. Dec.
15
Jan..
1 Holders of
15
IK
preferred (quar.)
preferred (quar.)
K
1 Holders of rec. Dec.
15a
United Traction & Electric, Prov.
(qu.).
IK
26a
2K
Jan.
Canadian Pacific, com.
234
Jan.
2 Holders of rec. Dec.
la
Virginia Railway. & Power, preferred
Wash. Balt.& Annap. Elec. RR.,pf.(qu.)
IK
Dec
31 Holders of rec.
Dec.
Dec.
5a
Dec.
26 Holders of rec. Dec.
19a
154
Dec.
30 Holders of rec,. Dec.
19a
2
Dec.
30 Holders of
Dec.
19a
Chicago Indianapolis & Louisville, com..
..
2 Dec.
Jan.
2 Holders of rec. Dec.
1
Preferred....
IK'
Delaware & Hudson Co. (quar.)
Hillsdale <fe
la
20a
30 Holders of
Dec.
20a
Chatham A Phenix National (quar.)
Feb.
2 Holders of rec. Dec.
31a
City, National
2 Holders of rec. Dec.
rec.
Dec. 20 Holders of
rec.
Nov. 26a
22 Holders of rec. Dec.'
Colonial
21
to
Jan.
5
Columbia
-
Fifth Avenue (quar.)
First National (quar.)
25
Jan.
1 Holders of rec,
Dec. 31a
7
Jan.
2 Holders of
rec.
Dec.
31a
5
Jan.
2 Holders of rec.
Dec.
31a
3
Jan.
2
5
Jan.
2 Holders of
IK
Jan.
1
30
to
Jan.
1
10
Jan.
2 Dec. 25
to
Jan.
" 1
2
Jan.
2
2K
Jan.,
1 Holders of
Jan.
2 Dec.
Jan.
4
234
Jan.
2 Holders of rec. Dec.
19 Dec.
26
Southern, pref. (quar.)
Dec, 29
1
:..
Dec.
134
preferred.
Jan.
Dec.
2
12
to
,
19a"
:
......
Co. (quar.)
'SL
Special
— -
—
5
to
Dec. 18
German
25
to
Dec.
Greenpoint National, Brooklyn (No. 1)
15 Holders of
rec.
1 Holders of rec.
29
Dec. 31
Exchange.*......T...L.<.......
(quar.)—...........
Greenwich
Jan.
Dec.
6a
Jan.
29 Holders of
rec.
Dec.
26a
Feb.
d2 Holders of
rec.
Dec.
26a
Importers'
4
Dec.
20 Holders of
rec:
Nov. 11a
International
Jan.
Dec.
27a
Jan.
14
Feb.
10 Jan.
Feb.
10
Jan.
2 Holders of rec.
Dec.
15a
$5
Feb,
2 Holders of rec.
Jan.
$1.25
334
Nashville...*
2
Lykens Valley RR. A Coal..
Mahoning Coal RR., common
,
21
to
9a
Dec.
31a
Jan.
1
Jan.
Mutual
6
Jan.
2 Dec.
23
to
Jan.
8
Jan.
2 Dec. 21
to
Jan.
1
3
Jan.
2 Dec.
to
Jan.
2
4
Jan.
2 Holders of
5
Jan.
2 Dec.
3
Jan.
2 Holders of
5
Jan.
2 Dec.
....
—-
—
Jan.
29 Holders of
Dec.
26a
Jan.
15 Dec. 20
Jan.
14
IK
Dec.
9a
Union
Dec.
19a
rec,
Dec.
15a
1 Holders of rec.
Dec.
11a
1 Holders of rec.
Jan.
34
Jan.
Dec.
15a
15 Holders of
Jan.
Northern RR. of N. H. (quar.).....^..
134
2
Jan.
2
Jan.
10 Dec. 24
•
2
"
Dec.
154
m
Jan.
2
Feb.
1
Jan.
Jan.
Reading Company, 2d pref. (quar.)....
Rome A Clinton
334
Jan-.
Pac.Co.,pf.(qu.)(Np.6)
134
Dec.
rec,
1 Holders of rec,
Jan.
Northern Securities Co. (annual)
Norwich A Worcester, pref.
1 Dec.
14
Dec.
8a
to,
Jan.
to
Dec. 31
31 Holders of
2 Dec.
6 Dec.
Dec. 31a
rec.
Dec.
11
10a
16
to
Jan.
2
14
to
Jan.
6
Jan.
26a
12 Holders of
rec.
8 Holders of rec,
1. Dec. 21
to
31 Dec. 21
to
DeCi 23a
Dec. 31
Dec.
30
St. Louis & San Francisco—
.
Jan.
i
Jan.
IH
2K
$2.50
iJan.
Jan.
Jan.
2 Dec.
18
to
Jan.
2
15 Holders of rec. Dec.
31a
Dec.
2a
la
2 Holders of
rec.
2 Holders of rec. Dec.
10 Dec.
21
to
Jan.
2K
Jan.
1 Holders of rec. Dec.
Western Ry. of Alabama
1
Street and Electric Railways.
3
Jan.
2 Dec. 23
American Cities
Co:, preferred (No. 5)——
Asheville Pow. & L., pref. (qu.) (No. 7).
Augusta-Aiken Ry. & El. Corp., pf. (qu.)
Bangor Ry. & Elec., pf. (qu.) (No. 8)._.
Birmingham Ry., L. A Power, com. <fe pref.
3
Jan.
IK
Jan.
Boston & Worcester Elec. Cos., pref
Brazilian Trac., L. & P., Ltd.', pref. (qu.)
$1
to
Jan.
1
20a
1
....
(quar.).
.
....
Exchange
;
"...
IK
Dec.
IK
Jan.
3
Dec.
to
1
Jan.
1
2 Holders of rec. Dec. 23a
rec.
Dec.
15a
1 Holders of rec.
Dec.
20
31 Holders of
30 Dec. 24
to
Jan.
1 Dec.
18
$2.25
2K
Dec.
30 Dec.
K
to
Jan.
Dec. 31 Dec.
10
19
20
to
Jan.
13
Dec.
24a
Brooklyn
(quar.)............
Extra
(quar
Extra
5
Jan.
2 Holders of
rec.
Dec.
19a
5
Jan.
2 Holders of
rec.
Dec.
19a
Jan.
2 Holders of
rec.
Dec. 23a
10
....
(quar.)
(quar.)
York (quar.)
Title Guarantee A Trust
Dec. 22
Jan.
rec.
Dec.
Dec. 31 Holders of
rec.
Dec. 24a
Dec.
31 Holders of
rec.
Dec.
24a
Jan.
2 Dec. 21
td
Jan.
.1
2
Jan.
2 Dec.
16
to
Jan.
2
Dec. 31 Dec.
20
to
Jan.
IK
Jan.
2 Deci 28
.to
Jan.
Jan.
1 Holders of rec. Dec.
8
(quar.)....
rec.
IK
•
2 Holders of
6r
v
Jan.
3
1.'
...
Dec: 30
2
Lawyers' Title Ins. & Tr. (quar.)
Metropolitan (quar.)...
rec.
6
:
Holders of
2
"..
Extra
Dec.
Dec. 31
5
43).
Dec, 23
Dec. 31 Dec.
...
Jan.
14
Dec.
23a
to
Dec.
31
13
to
Dec.
22
States
:
1
Jan.
1
Dec. 22
Washington
(quar.)
15 Holders of
rec.
Dec.
Jan.
15 Holders of
rec.
Dec.
2 Holders of
rec.
Dec.
15a
(quar.) (No. 58;
Amer. Brake Shoe & Fdy., com. (qu.)--.
Preferred (quar.)
American Can, preferred (quar.)
Amer. Car & Fdy., com. (quar.) (No. 45
Preferred (quar.) (No. 59)
American Chicle, common (monthly)
Preferred (quar.)
American Cigar, preferred (quar.)
IK
Jan.
2 Holders of
rec.
Dec.
18a
IK
Dec. 31 Holders of rec. Dec.
20a
2
Dec. 31 Holders of
rec.
IK
Jan.
2 Holders of
rec.
K
Jan.
1 Holders of
rec.
Dec.
13a
IK
Jan.
1 Holders of
rec.
Dec.
13a
1
Dec.
rec.
Dec.
15a
IK
Jan.
2 Holders of
rec.
Dec.
26a
IK
Jan.
2 Holders of
rec.
Dec.
15a
Amer. Coal
IK
Jan.
Preferred
IK
Jan.
$2
Jan.
2 Holders of
2
Jan.
2 Dec.
21
to
Jan.
2
April
1 Mar. 22
to
April
IK
Feb.
1 Holders of
rec.
Jan.
1 Holders of
rec.
Dec. 20a
Amer. Beet Sugar, pref.
to
Jan.
1
IK
Jan.
1 Dec.
17
to
Jan.
1
City Ry. (Dayton, O.), com. (quar.)
Preferred (quar.)
2
Dec. 31 Dec. 21
to
Dec.
31
IK
Dec.
31 Dec. 21
to
Dec. 31
Cleveland
(quar.).
IK
Jan.
1 Holders of
iColumbia Ry., Gas A Elec., pref. (quar.)..
Columbus (Ga.) El. Co., pref. (No. 15)
IK
Jan.
1 Dec. 25
3
Jan.
1 Holders of rec.
IK
Dec.
Jan.
1
1
Feb.
2 Holders of
rec,
Jan.
16a
IK
Feb.
2 Holders of
rec,
Jan.
16a
K
Jan.
1 Holders of rec,
Dec.
15a
IK
Jan.
Jan.
14
IK
...
to
1
Dec.
22a
Products, common (quar.)..
(quar.)
...
American Express (quar.)
Common (quar.) (No. 16).
Preferred (quar.) (No, 28).
2
Jan.
15 Jan.
Continental Passenger Ry., Philadelphia.
$3
Dec.
30 Holders of
rec
Nov. 29a
Duluth-Superlor Tract., com.& pf. (qu.)
4)
1
Jan.
2 Holders of
rec
Dec.
18a
American Pipe & Construction
$3
Jan.
1 Holders of
rec
Dec.
15a
Amer. Power A Lt., pref.
3
Jan.
12 Holders of
rec.
Jan.
rec
Dec.
...
Frnnkfnrd A Snvthimrk Pn<ts
Rv. (avar.)
$4.50
Jan.?
1 Holders of
3a
15a
20 Holders of
19a
19a
Dec, 20a
Dec.
18a
2 Dec. 25
to
Jan.
1
11
to
Jan.
15
15 Jan.
rec.
Dec.
6a
2
1
21a
(quar.)...
(quar.) (No. 17).
American Public Utilities, com.
Preferred
(quar.)..
(quar.)..
Jan.
21 Jan.
IK
Consolidated Traction of N. J
Eastern Texas Electric Co.. pref. (No.
El Paso Electric Co. pref. (No. 23)
Dec. 26
Jan.
1 Dec. 21
13a
rec.
Jan.
Jan.
Jan.
2' Holders of
IK
IK
Dec.
31 Holders of rec. Dec. 27
IK
1
1
Dec. 22
(No. 34)..
American Bank Note, preferred (quar.)..
Preferred (quar.)
Dec. 31
L., Pow. A Tr. (quar.).
rec.
Miscellaneous.
Jan.
Consolidated Cities
1
1
Jan.
to
to
Jan.-
to
to
31 Dec. 25
to
1
31a
to
to
(quar.).:
21
22
20
13
Preferred
2 Holders of
25
21
Columbus Newark A Zanesv., pref. (qUar.)
Commonwealth Pow., Ry. A Lt., com. (qu.)
1
1 Dec.
1 Dec.
rec.
1
Jan.
2 Dec.
31 Dec. 25
to
Jan.
to
Jan.
30 Dec.
Ry.
to
20
Pec. 31 Holders of
Dec.
.
2 Dec. 20
Jan..
Jan.
(quar.)
Dec. 26a
5
25
Dec.
Cincinnati Street Ry.
rec.
4
(quar.).
(quar.)..
1
(quar.)
22a
20
Jan.
2K
Preferred
31 Holders of
Dec.
Cin. Dayton A Toledo Tract., preferred
(quar.)
Dec. 23a
Dec.
6
Extra
United
rec.
rec.
Holders of
2
....
Guaranty (quar.)
Union
2 Holders of
3l
3
....
New
Dec.
6
Brooklyn.....
Mutual Alliance
Jan.
Dec. 31 Holders of rec. Dec.
1
...
Christmas Dividend.....
Hudson
.
5
(quar.)
Equitable (quar.)..............
Fidelity..
......
Franklin.
rec.
Cin. A Hamilton Tract., com.
Extra
2
10
.
Columbia-Knickerbocker
Empire
2 Holders of
..
....
Central
Jan.
...
9
2 Holders of rec.
1
2 Dec.
5
(quar.)
Dec. 20a
Jan.
Jan.
1
Dec. 31a
Trust Companies.
Bankers
15
Dec.
rce.
IK
Jan.
rec.
Dec. 31 Holders of reft, Dec. 26
Dec.
rec.
Carolina Pow. &
to
1
rec.
1 Holders of
2 Holders of
to
31 Dec. 21
IK
2 Holders of
Jan.
15
Jan.
Dec. 31 Holders of
1
Dee. 26
to
Jan.
Jan.
1 Dec.
Jan.
13
4
IK
Jan.
rec.
19
Dec.
24a
IK
to
Dec.
6
Dec.
IK
rec.
1'
1
1 Holders of rec.
Capital Tract., Wash., D. C. (quar.)
21
6
-
rec.
Jan.
Jan.
Jan.
Dec.
17
2
—
Yorkville
"
4
National
Washington Heights, Bank of, (quar.).—_
West SideS.'...
Mutual of Westchester County
IK
Lt., pf. (qu.) (No. 19)__
Chicago City A Conn. Ry., pf. pariic. ctfs.
Chicago City Ry. (quar.)
...
...
Fulton (No.
r
pf. tr. ctfs. (qu.)
Seaboard National
State
.2 Holders of
$2
York, Bank of, N.B.A. (No. 260)....
Brooklyn (No. 39)..,
....
la
Jan.
1
Dec. 31a
to
Park, National (quar.)
People's Bank (No. 125)
5
rec.
to
15a
Jan.
2 Holders of
2
30a
16
Dec.
rec.
Jan,
Holders of rec. Dec.
1 Dec.
1 Holders of rec.
to
2 Dec.
2 •
to
1 Holders of rec,
Dec. 31
2 Holders of
Jan.
rec,
St. Louis Southwestern, pref. (quar.
Southern Pacific Co. (quar.)'(No. 29;
4
...
Dec. 20
2 Dec. 20
New
15 Holders of
.....
Jan.
North Side,
Jan.
Regular guaranteed (quar.)
to
Jan.
15a
Jan.
spec."guar.(qu.)
20
Jan.
Dec.
334
134
Philadelphia Baltimore & Washington..
2 Dec.
Jan.
Dec. 20a
Morris & Essex, guaranteed
(quar.)
Jan.
2
1 Holders of rec.
Jan.
.
Jan.
rec.
2
1 Holders of rec.
2
(quar.)...
New York & Harlem, com. & pref
N. Y. Lacka. & Western, guar. (quar.).
Norfolk Southern (quar.) (No. 13)
Northern Central.I
to
....
...
Jan.
$1.25
N.. Y. Cent. & Hud. Riv. RR.
21
5
Extra
3
■
Mine Hill A■ Schuylkill Haven
Dec. 20
1 Dec.
Metropolitan (quar.).........——:
Montauk (Brooklyn)
Jan.
Mobile & Birmingham, preferred..
31a
Dec. 23 Holders of
5
'.
IK
guaranteed (quar.)....
rec.
31a
Dec.
Jan.
.
A Traders' National
134
*
(quar.)..;
Dec.
rec.
Dec.
2
—;
....
Holders of rec
3
Liberty National (quar.)..
Jan.
10 Holders of rec.
15 Dec. 11
to
preferred.*........ .$2.50
SI.25
Schuylkill Nav. RR. <fc Coal
com. &
Extra
Dec. 24
12
Homestead, (Brooklyn)
6
Lehigh & Hudson River
-
Flatbush, Bank of, Brooklyn (quar.).
1
I.)
—
Special
First Security
6
(quar.).
Lake Shore & Mich. Southern
(qu.).
2
9
2
California Ry. & Power, prior pref.
1
Jan.
Dec.
5a
Brooklyn Rapid Transit (quar.)
Jan.
to
Dec.
.....
10
to
to
rec.
United N. J. RR. A Canal Cos. guar. (qu.)
18
to
Dec.
2
31 Holders of
Valley.RR. (N. Y.)."guaranteed
1
Dec.
31
Jan.
2
Dec,
Union Pacific, common (quar.)
Dec.
Jan.
334
K. C. Ft. S. & Mem.,
Jan.
1
Jan.
2
Reading Company, com. (quar.)
31
Jan.
2
Hocking Valley (quar.)..
Illinois Central, leased line, guaranteed-.
Inter borough Rapid Transit (quar.)..
Pittsb. Ft.Wayne & Ch,,
1
Dec.
to
2 Holders of rec,
IK
2K
1
—
Jan.
to
2
Harrisburg Portsm. Mt. Joy & Lancaster
St.L. Rcky Mt.&
(quar.)
—
to
Coney Island, Bank of (No. 1)
14
Central
2
Dec.
20
17
2
Jan.
25
2
Jan.
8
(quar.)
(No. 51)
Dec. 23
2
Jan.
Commerce, Nat. Bank.of, (quar.).
20a
Michigan
...
1
Dec.
Manhattan Ry.,
Jan.
2
7
—
4
Jan.
...
3
of rec. Dec. 20a
Jan.
rec.
Central
2
Jan.
10 Holders of
Preferred
2
Jan.
to
15 Jan.
Maine
1
Jan.
to
Jan.
A
Jan.
16
Jan.
Little
to
to
2 Dec, 21
1 Dec.
2
Jan.
Louisville
13a
1
2
2 Dec.
134-
Lehigh Valley,
Dec.
rec.
Jan.
Jan.
3
Guaranteed Stock (Mich. Sou. &N.
20a
Jan.
Georgia RR. A Banking {quar.)
Lackawanna RR. of New Jersey
Dec.
234
Williatnsport, preferred
...
Fitchburg, preferred (quar.).__........
Kansas City
rec.
3.16
Detroit & Mackinac, common and pref..
Elmira A
Inter oceanic of Mexico, 1st
Dec. 24a
IK
(Brooklyn
Coal & Iron National
5a
5 Dec.
Dec.
2
Kanawha AMichigan (quar.)..
14
Dec.
rec.
of
2
Jan.
2
Jan.
10
Southwestern
to
Dec.
3
Century
Dec.
10
21 Holders of
31 Holders of
17a'
Jan.
$2
Battery Park National....i..............
31 Holders of rec. Dec.
2K
—
2
rec.
Dec.
Banks.
2 Holders of rec. Dec.
Dec.
3
Delaware Lackawanna & Western (extra)
Detroit
la
Jan.
2'
.
Jan.
IK
Chicago Rock Island & Pacific Ry. (quar.)
Connecting RR. (Philadelphia)
1
(qu.)
preferredWest India E. Co., Ltd., (qu.) (No. 24)..
Winnipeg Electric Ry. (quar
Washington Water Power, Spokane
West End Street Ry., Boston.
2
Chicago & North Western, com. (quar.).
Preferred (quar.)
Cuba RR., preferred
rec.
17a
rec.
Feb.
2
Dec.
1 Holders of
2 Holders of
Jan.
(quar.) (No. 70).
15a
rec.
2 Holders of
134
Chicago Burlington & Quincy (quar.).
Dec.
Jan.
Second
Chesapeake <fc Ohio (quar.)
1
rec.
2K
$1.50
.
134
Lynn (quar.)...
Jan.
to
1
(quar.)
:
Traction, Philadelphia
Canada Southern
Boston Revere Beach &
1
Jan.
Dec. 31 Holders of rec. Dec.
Dec. 20 Holders of rec. Dec.
2h
Preferred
First
to
IK
IK
United Electric Co. of N. J.
Beech Creek,
1 Dec. 21
2
Ry.-
3>4
2 Nov. 27
1
Jan.
Jan.
Elec. (quar.)
3
31 Holders of rec. Nov. 29a
to
2a
Jan.
IK
(quar.)
?.
Twin City Rapid Transit, com. (quar.)..
Union
to
•*
1
75c.
_—
214
guaranteed (quar.)...
Albany (quar.)
Dec. 24a
rec.
Jan.
(quar.).
Atlantic Coast Line RR., common
Boston & Lowell...;
6
18a
Atlanta A West Point
2 Holders of rec. Dec,
Dec.
Dec.
Allegheny & Western, guaranteed
Atch. Topeka & Santa Fe, pref. (No. 31).*
31a
rec.
2 Holders of
Dec. 17a
Jan.
3
2 Holders of rec. Dec.
1
rec.
1 Holders of
Jan.
1
15
Jan.
Toronto
-5 Holders of
-
Dec.
rec.
2
6a
31a
Jan.
to
to
1
23 Holders of rec. Jan.
to
11
to
Rome (Ga.) Ry. A
27 Holders of rec. Dec.
Feb.
1 Dec. 23
1 Dec.
2 Holders of
Jan.
Dec.
3
Jan.
4)4
Albany A Susquehanna (special)—..... $3.25n Jan.
Jan.
Jan.
Jan.
pf. (qu.) (No. 45)
Springfield A Xenia, common (No. 1)
Preferred (quar.)
....
Preferred (on account of accum. div.) —
Terre Haute Indianap. A East. Tr. (quar.)
2K
...w._.._-.
Albany & Susquehanna
Jan.
Dec. 31 Dec. 21
Ridge Ave. Pass. Ry., Phila. (quar.)
Railroads (Steam).
Preferred
to
Dec. 20a
Dec. 31 Dec. 21
(quar.)..
St. Jos. Ry., L., H. & P.,
Alabama Great Southern, common..
1 Dec. 23
rec.
IK
IK
——
._
Republic Ry. A Lt., pref. (qu.) (No. 10)..
When
Jan.
1
IK
(quar.).
<
Per
1 Holders of
1
15a
50c.
New Orleans Ry. & Light, common..;—.
Preferred
The
1 Dec. 20
Jan.
5
Preferred (quar.):.
Jan.
IK
Lake Shore Electric Ry.,
New York State Rys., common
:
Company.
'V6
Jan.
Preferred
Name of
Books Closed.
Days Inclusive.
2
Halifax Electric Tramway (quar.)
__
Hest. Mantua & Fairm. Pass. Ry., com.
^
4,741—The Columbia National Bank of Buff^o, N. Y., Dec. 6.1913.
Liquidating committee: S. H. Knox, Buffalo, N. Y.; Walter F.
Cooke and Geo. F. Rand.
Consolidated with the Marine National
Bank of Buffalo, N. Y.
a
When
Payable.'.
(Concluded).
Phila. (quar.)—. $1.31 K Jan.
Germantoum Pass. Ry.,
Honolulu Rapid Transit A
VOLUNTARY LIQUIDATION.
hands of
Company.
Street and Electric Rys.
-
EXPIRATION OF CORPORATE
Name of
(Succeeds Bank
10.466—The
4,932—The Big Timber National Bank, Big Timber,
limitation at close of business on Dec. 4 1913.
1
Per
Cent.
NATIONAL BANKS DEC..8 TO 9.
CHARTERS ISSUED TO
10.465—The First National Bank of Cloverdale, Ind.
D. V. Moffett, Pres.; O. V. Smythe, Cashier.
of Cloverdale.)
•
1801
CHRONICLE
THE
201913.]
Dec.
31 Holders of
1
Jan.
1 Holders of rec. Dec.
IK
Jan.
2 Holders of
K
Jan.
1 Dec.
16
to
Dec. 31
I?*
Jan.
1 Dec.
16
to
Dec.
6
to
rec.
rec.
Jan.
Dec.
21
16a
15
Dec. 23a
31
T
1802
THE
CHRONICLE
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Miscellaneous (Continued).
American Radiator, common
(quar.)
Amer. Seeding
Machine, com. (quar.)__
2
15 Holders of
rec
.
Jan.
15 Holders of rec
.
Jan.
2 Dec.
20
to
Jan.
2 Dec.
20
to
lH
American Snuff, common (quar.)
Common (extra)
American Steel Foundries (quar.)......
Amer. Sugar Refg., com. &
pref. (quar.)
American Surety (quar.) (No. 68)
.
(quar.)...
Jan.
15 Holders of
IX
Founders, common (quar.)..
(quar.)
American Woolen, pf. (quar.) (No. 59)..
Baldwin Locomotive Works, common..
Jan.
1
Amer. Type
Jan.
Manhattan Shirt, pref. (quar.)
Manning, Maxwell A Moore, Inc. (qu.)..
13a
31 Holders of
31 Dec.
2
{quar.).,
Preferred
rec
Dec.
2 Holders of rec. Dec.
rec
.
.
7
31a
2 Holders of rec. Dec.
15 Holders of
common
New
13a
Jan.
rec.
Neio
i
preferred
15 Holders of
15 Dec.
1
Jan.
1 Holders of rec. Dec.
13a
Jan.
1 Holders of rec. Dec.
Jan.
2 Holders of rec. Dec.
20a
2
Jan.
Jan.
Bliss (E. W.), pref. (quar.)
Booth Fisheries, 1st pref.
2 Holders of rec. Dec.
2
Jan.
2 Dec. 23
to
Jan.
Jan.
2 Dec.
to
Jan.
1
Jan.
1
IX
(quar.)
•J Britlsh-Amer. Tobac.
Ltd., ord'y (final)
I Ordinary
(interim)
Brooklyn Union Gas (quar.) (No. 51)
7
Extra
Jan.
15 Holders of
Jan.
3X
IX
IX
Dec, 31 Holders of rec
Jan.
2 Holders of rec
note
to
Dec.
Jan.
18
18
to
Jan.
1
Jan.
24
Feb.
Holders of
rec.
Feb.
Holders of
rec.
Jan.
Jan.
Holders of
rec.
rec.
1
Dec.
Holders of
IX
IX
California Petroleum Corp., pref.
(quar.)
^Calumet A Hecla Mining (quar.)
Jan.
Holders of
rec.
Holders of
rec.
Dec.
Dec.
Holders of
rec.
Canadian Car A Fdy., pref. (quar.)
Canadian Consd. Rubber, Ltd., com. (quar.)
Holders of
rec.
Dec.
IX
1
Jan.
IX
IX
i
Jan.
Holders of
Jan.
Dee. 23
Holders of
rec.
New England Telep. A
Teleg.
N. Y. Mutual Gas
Light-.
:
Dec.
Dec.
15
rec.
Dec.
Holders of
Holders of
Canadian Locomotive, pref. (quar.).....
Canadian Westinghouse,Ltd., (qu.)(No.36)
IX
IX
Jan.
Holders of
rec.
Dec. 22a
Jan.
Holders of
rec.
Jan.
Holders of
rec.
Dec. 31a
Dec.
Dec. 21
IX
IX
Jan.
Holders of
rec.
Dec.
....
Holders of
rec.
Dec.
15a
2
Dec.
Holders of
rec.
Dec.
15a
IX
IX
IX
Jan.,
Jan.
1
to
Jan.
15
Jan.
Jan.
1
to
Jan.
Holders of
rec.
Dec.
IX
Dec.
Holders of
rec.
Dec.
10
6
Dec.
Dec.
Preferred (quar.)......
Chesebrough Mfg. Cons'd (quar.)._.»._
Extra
4
Chic. June. Rye. A U. Stk.
Yds.,com.(qu.).
Preferred (quar.)
.....^
Chicago Telephone (quar.)
Chlno Copper Co. (quar.)
-
-
Dec.
to
V*
Jan.
15
Dec/
Holders of
Dec
Dec.
6
Dec.
rec.
Dec.
18a
rec.
Dec.
30a
Dec.
9
to
14
to
Dec. 21
Jan.
X
X
Jan.
Holders of
rec.
Dec.
Holders of
rec.
Jan.
Feb.*
.
*—...
IX
IX
IX
IX
<
Columbus Gas A Fuel, pref. (auar.)
Columbus (O.) L., H. A P., com. (quar.)
Holders of
Dec. 15a
rec.
Jan.
Jan.
Holders of
rec.
Dec. 20
Holders of
rec.
Dec.
15a
Jan.
15a
Holders of
rec.
Dec.
15
Jan.
Holders of
rec.
Dec.
15
1
Jan.
Holders of
.1
2X
Jan.
Cons'd Gas.El.L.&Pow., Bait..com. (qu.)
IX
IX
IX
IX
IX
IX
Jan.
Holders of rec. Dec.
Holders of rec. Dec.
Holders of rec. Dec.
Holders of rec. Dec.
Preferred
(quar.)...
Connecticut River Power, common
Consolidated Car Heating
Consumers' Pow.
(Mich.), pref. (quar.)..
Continental Can, Inc., pref„ (quar.)
Crucible Steel of Am., pref. (qu.) (No. 41)
Cuban-Amer. Sugar, pref. (quar.)
Dayton Power A Lt., pref. (quar.)...
Detroit Edison
(quar,)
Dominion Conners, Ltd.,
Preferred (quar.)
com.
Dec.
Jan.
Jan.
Jan.
17
to
Jan.
Dec.
17
to
Dec.
15
to
Jan.
Holders of rec. Dec; 17
Holders of rec. Dec. 15a
Holders of rec. Dec. 31a
Jan. 16
to
Jan. 26
2
2X
XX
—
Jan.
Jan.
Jan.
Dec.
1
Jan.
3
(quar.)
Goodyear Tire A Rubber, pref. (quar.)....
GorhaniManufacluring, pref. (quar.)..—•
Great Lakes Towing, pref. (quar.).*.
Belme (George W.) Co., common (quar.)
Common (extra)
Preferred (quar.)
1'......
Hercules Powder (quar.)
Homestake Mining (monthly) (No. 469).
Extra
;
Illinois Northern Utilities, pref. (quar.)..
Indianapolis Gas
Ingersoll-Rand, preferred.
Internat.Harvester Corp.,com. (qu.) (No.4)
Int. Harvester of N.J., com.(qu.) (No.16)
.....
Internal. Nickel, common (quar.)
Preferred
(quar.)
International Silver, pref. (quar.)
—
Pref. extra (on account of accum. dlv.)
Int. Smokeless Pow. A Chem., com. (qu.)
Island Creek Coal, com. (quar.)
Kayser (Julius) & Co., com. (quar.)
First and second preferred
Kolb Bakery, pref. (quar.)
Kresge (S. S.) Co., common
Preferred (quar.)
La Belle Iron Works, common (quar.)..
Preferred (quar.)
Lonston Monotype Machine (quar.)
La Rose Consolidated Mines
(quar.)
Extra...
Jan.
75c
Jan.
50c
Jan.
IX
IX
2x
: 2
IX
IX
65c.
$1
Jan.
Jan.
3
Jan.
IX
IX
2X
Jan.
ix
Jan.
Mar.
2X
IX
IX
15
to
Dec.
2*
Jan.
1
Dec. 20,
Dec. 15a
17
Dec.
31
Dec.
31
Safety Car Heat. A Lighting (quar.)....
2
Dec.
23
Dec.
1
Dec. 23
Dec.
10a
IX
2X
Jan.
Dec.
15a
Dec.
31
Extra
Sears. Roebuck & Co., pref. (quar.)
Securities
Company
....
....
Securities Corporation
General,(pf.) (qu.)
Shawinigan Water
Solar
Dec. 15a
1
Jan.
15
Jan.
15
Jan.
Jan.
20
Jan.
7a
IX
Jan.
2
Dec.
19a
Refining...
Dec. 20
Extra
10a
IX
IX
A Power (quar.)
Slos3-Sheffield Steel A Iron ,pref.
(quar.)
.30
Standard
common
Dec.
to
20
3a
Dec. 20
to
22a
Dec. 25
Dec. 20a
Jan.
19
Dec.
11
2
2
Dec. 20a
rec. Jan.
23
Holders of rec. Dec. 23
rec.
Dec. 20
rec.
Dec. 22a
Feb.
Holders of
rec.
Jan.
Jan.
Holders of rec. Dec. 20
Holders of rec. Dec. 16a
Holders of rec. Dec. 16a
Jan. 21
to
Feb.
1
Dec. 11
to
Dec. 21
20a
Jan.
Jan.
1
to
Jan.
Jan.
1
to
Jan.
18
Dec.
Jan.
to
Jan.
13
Dec.
to
Jan.
1
to
3
(quar.)
Dec. 31 I
to
Jan.
1
Jan.
2 I
to
Jan.
1
Dec.
20 1
10
to
Dec.
19
5
Dec. 20 I
to
Dec.
19
3
Dec. 22
f
to
Dec.
14
2
Dec.
22 T
to
Dec.
14
IX
IX
IX
.
Subway Realty (quar.).
Sulzberger A Sons Co., pref. (quar.)
(No. 109)
Swift A Co. (quar.)
Tennessee Copper Co. (quar.)
Jan.
2 I
t re<
Dec.
19a
Jan.
2
1
to
Jan.
Jan.
2
r
to
Jan.
2
Dec;
10a
75c.
Company (quar.)
Corp.,pref. (quar.)
IX
Underwood Typewriter, com.
(quar.)
Preferred (quar.)
I
1
1
Dec.
to
Jan.
4
2
to
Jan.
4
1
J
1
I
Jan.
Jan.
22
2 I
Jan.
40/
12
Dec.
Dec. 31
Jan.
2
Dec. 20a
Dec. 20a
L
10 1
Dec. 31
U. 8. Steel
Corporation, com, (quar.)
United Utilities, pref. (quar.) (No. 12)..
Utah Copper Co. (quar.) (No.
22)
Utilities Improvement, common
(monthly).
Preferred (monthly)
Va.-Carolina Chem., pref. (qu.)
(No/73).
Waltham Watch, common
I
Welsbach Co., preferred
Western Electric Co. (quar.)
5 1
Dec.
Jan.
5 I
Dec.
Dec .231 r
to
Dec. 31
Jan.
2 I
to
Jan.
20
1 7-16
...
U. S.
15 1
IX
U. S.
15 1
Jan.
Jan.
37^c.
IX
..."
Jan.
$1
50c.
(quar.)...
Jan.
2 I
to
Jan,
2
IX
Dec.
IX
Jan.
75c.
1-6
Dec.
Jan.*
Dec. 24a
Dec. 31a
30 1
to
Dec.
to
Jan.
Dec.
9
15
2 1
Dec.
Jan.
2 I
Dec.
15 F
1
Jan.
1 1
9
15
*
Dec. 311
Dec.
15a
Weyman-Bruton Co.,
common
(quar.)..
Common (extra) (payable in scrip)
Preferred (quar.)
Willys-Overland, pref. (quar.)
(F. W.), pref.
(quar.)
Yale A Towne Mfg. (quar.)
Special
Young (J. S.) Co., common (quar.)
Preferred (quar.)..
Yukon Gold Co. (quar.)
31 I
Dec. 24
2
Dec. 31 F
Dec. 24
2
Dec. 31 F
Dec. 24a
X
Jan.
15 I
Dec. 20a
Jan.
15 1
Dec. 31
Jan.
2 F
i
Jan.
2 F
Deo.
13a
IX
IX
IX
IX
Jan.
2 F
Dec.
13a
Dec.
(No. 18)
$2
3
20
1
2X
IX
7Xc.
Jan.
Dec.
Jan.
Holders of
rec.
Dec. 20
Dec.
Holders of
Holders of
rec.
Dec. 22
Jan.
Holders of
rec.
Nov. 17
rec.
rec.
Dec. 23
IX
IX
Jan.
Holders of
Jan.
Dec.
16
to
IX
Dec. 15a
Jan.' 1
Feb.
Jan.
21
to
Feb.
1
'
2
to
Jan.
3X
16
2 I
2
X
16
31 I
*
Extra.
Western Union Teleg. (quar.) (No.
179).
Westinghouse Air Brake (quar.),
'
1
to
Jan.
$1.50
v
United Gas Improvement
(quar.)
Gypsum, pref. (quar.)....
Printing of N. J., com. (quar.)
U. S. Printing of Ohio
(quar.)
I
2
IX
2X
(quar.)...'.
Extra (payable in stock)
Union Switch A Signal, com. A
pf. (qu.)..
United Fruit (quar.) (No. 58)
United Shoe Machinery, com.
Preferred (quar.)
Dec. 31
Jan.
Jan.
1
...
Union Carbide
Dec. 20 I
IX
3X
Tobacco Products
Woolworth
24 1
31 I
5
....
Standard Oil (Kentucky)
Standard Oil of Nebraska—
.
13
Dec. 24
IX
Dec.
2 F
a
13a
Dec. 22a
Jan.
1 F
Jan.
2 I
27
to
Jan.
Jan.
2 L
27
to
Jan.
1
Jan.
15 J
1
to
Jan.
5
Jan.
15 J
1
to
Jan.
5
to
Dec. 17
Dec. 10a
1
18
Jan.
.
!
2 :
2
Preferred..
Texas
31
4
Preferred
Standard Gas Light, common......
Torrington Co., preferred..
Dec. 20a
Mar.
Feb.
Coupler,
(quar.).
Extra
2
Holders of
Holders of
Dec.
15a
Dec.
IX
.....
2
Jan.
17
Dee.
2
3
Standard Oil of Ohio (quar.).
20
2
Jan.
Dec.
2
31
Extra
29
29
Jan.
IX
2
Jan.
Royal Baking Powder, common
(quar.)
Preferred (quar.)
20
Jan.
Jan.
Jan.
Jan.
IX
13a
to
2
IX
2
15
to
Jap.
5
13a
18
Jan.
5
Jan.
Dec.
18
Jan.
Jan.
15
Dec.
16
Feb.
15
Jan.
Dec.
Dec.
IX
IX
IX
IX
9
Jan.
2
...
2 1
Dec.
50c.
2a
Dec. 21
31 1
rec.
rec.
DeC. 31a
Feb.
to
37 Xc. Dec. 31
Dec.
Jan.
Holders of
Holders of
28
Jan.
rec.
to
15
Feb.
Dec. 20
Second preferred (quar.)
Republic Iron A Steel, pref. (qu.) (No.45)
Reynolds (R. J.) (quar.)
:.
Dec. 21
rec.
to
Jan.
Jan. 1
Dec. 31a
2
Feb.
3
—
Quaker Oats, common (quar.)
Preferred (quar.)
to
5
Holders of rec. Dec. 13a
Holders of fee. Dec. 26
Holders of rec. Dec. 26
Feb.
15
Southwest Penn. Pipe Line (quar.).
Jan.
IX
Xh Jan.
Jan.
X
25
Liggett A Myers Tobacco, pref. (quar.)
Loose-Wiles Biscuit, 1st pref. (qu.) (No.7)
Holders of
Holders of
31
1
Holders of rec.
Holders of rec. Dec. 20a
Dec.
30
1
Dec.
Feb.
18a
Dec.
Dec.
Jan.
■
17
Dec.
Dec.
Dec.
2X
IX
(quar.)
Jan.
Dec.
IX
18a
to
rec. Dec. 20a
Holders of rec. Dec. 13a
Holders of rec. Dec. 13a
Holders of rec. Dec. 13a
to
17a
Dec.
Dec.
Dec. 21
to
Dec. 31
Holders of rec. Dec. 23a
Dec. 16
to
Jan.
2
Dec. 13
to
Dec. 17
Dec. 13
to
Dec. 17
16
Dec.
Dec. 30
Dec. 20
to
Jan.
Dec. 21
to
Jan.
Holders of rec. Dec.
Holders*of
15
2
2
common
Railway Steel-Spring, pref. (quar.)....
Ray Consolidated Copper Co. (quar.)__.
Realty Associates (No. 22)
Extra (No. 6)
Jan.
Jan.
1
1
Holders of
IX
2
(quar.)
Lawyers' Mortgage (quar.) (No. 49)
Lehigh Valley Coal Sales
Pittsburgh Plate Glass,
Procter A Gamble, pref.
(quar.)
Dec. 20
1
15.
2
2
....
...
1
Jan.
Jan.
South Porto Rico Sugar, com.
(quar.)
Preferred (quar.).
Holders of rec. Dec.
Holders of rec. Nov.
Holders of rec. Nov.
Holders of rec. Dec.
Dec.
Jan.
Jan.
1
IX
IX
2X
20
IX
2X
iMUrentide Co., Ltd.
Second preferred (quar.) (No. 7)---
to
Dec.
$1.50
Preferred (quar.)
KaufmannDept.Stores,Inc.,pf. (qu.) (No.4)
2
Dec.
Jan.
Jan.
Dec. 31
Dec.
Holders of rec. Dec. 31a
Jan.
15
Jan.
Holders of rec. Dec. 17a
Holders of rec. Dec. 22
Holders of rec. Nov. 29a
Holders of rec. Dec. 20a
Jan.
Jan.
to
Feb.
Jan.
Dec. 31
f re<
Jan.
Jan.
9
15
Dec. 31
Jan.
IX
IX
IX
IX
IX
IX
General Gas A Electric, pref. (quar.)
(B. F.) Co., pref. (quar.).....
IJec.
20 Nor. 26
Dec. 31 i
2
Goodrich
9
to
Dec.
Jan.
IX
IX
IX
—
Guggenheim Exploration (quar.) (No. 44)
Extra...
Jan.
18
3
5
...
General Chemical of Cal., 1st pref. (qu.)
General Electric (quar.).
Hale & Kilburn, 1st & 2d pf. (quar.)
Hart, Schaffner A Marx, Inc., pref. (qu.)
Dec.
1
General Baking, pref. (quar.) (No. 8)
General Chemical, common (quar.)...
m
Dec.
2
16a
Dec.
Southern Utilities, pref.
Dec. 20
Feb,
Dec.
Dec.
rec
to
South Penn Oil (quar.).
Extra
Holders of rec. Nov. 29a
Holders of rec. Nov. 29a
Holders of rec. Dec. 29
Holders of rec. Jan. 28a
IX
2
Dec. 31
Dec. 31
Jan.
2
2 Holders of
Dec. 31
'
Jan.
Jan.
Preferred (quar.)...........
Electric Storage Battery, com. A pref.
(qu.).
Galena-Signal Oil, common (quar.)_..._
Preferred (quar.)...
General Fireproofing, com. A pref.
20a
Jan.
IX
IX
IX
....
(quar.)..
(quar.)
19a
Holders of rec. Dec. 12a
Holders of rec. Dec. 15a
Holders of rec. Dec. 31a
Holders of rec. Jan.
2a
Dec.
Jan.
Dec. 20 Nov. 26
IX
...
20a
1
;
Electrical Securities Corp., com. (quar.)...
Preferred
31
IX
IX
(quar.)....
du Pont (E. I.) de Nem. Pow., pref.
(qu.)
Eastern Light & Fuel (quar.)
Eastman Kodak, common
Preferred (quar.)
Jan.
Jan.
Dec. 23
IX
IX
Dominion P.ATr., Ltd., pf.(qu.) (No. 29)
Dominion Steel Corp., com. (qu.) (No.,11)
Dominion Textile, common (quar.)
Preferred (quar.)
Jan.
rec.
18
15a
Dec. 31
Jan.
...
Jan.
18
Jan.
1
15a
X
Common
rec.
Jan.
Dec.
5
Preferred (quar.)
Ottawa Light, Heat A Power
(quar.)
15a
Feb.
Preferred
Holders of
27
Dec. 31
2
$6.75
2a
; Dec.
to
Extra
5-12
...j.
monthly)..........
(monthly)
Preferred (monthly)....
Cluett, Peabody A Co., Inc., pref. (quar.)
Dec. 22
Dec.
7
to
Dec. 22
Holders of rec. Dec. 18a
Jan.
15
2
$1.25
17a
Deo.
Dec. 27a
20
Northern Pipe Line.
Dec. 23
Dec.
Dec. 23
Jan.
Phelps, Dodge A Co. (quar.)
Holders of
IX
,
,
,
Jan.
Extra
Jan.
75c.
Cincinnati Gas A Electric (quar.)
Cities Service, common (monthly)
10
1
22
2X
IX
Ohio Oil (quar.).
Extra
1
Jan.-
2
-—
7
9
to
10a
Central Coal A Coke, common
(quar.).....
Central Leather, pref. (quar.)
Central States El. Corp., pf. (qu.) (No. 6)
Dec.
15
15
Jan.
......
to
20
16a
Dec.
....
Extra
Jan.
9
Jan.
Dec. 31a
2
$2
to
1
Dec.
2
.3
8
Jan.
Dec. 31
Jan.
De«.
to
Jan.
North American Co. (quar.)
16
Dec. 26
to
5
15
Jan.
1
Dec.
.
Jan.
23
Jan.
2 Holders of rec
Jan.
1
Dec.
Jan.
2
Extra
Jan.
.
Dec.
15
15
Dec. 27a
.
to
Niagara Falls Power (quar.)..
2
rec.
12
1
Dec.
rec
Nipissing Mines Co. (quar.)..
20
Jan.
--
31 Dec.
10
Dec. 20
1
Bonus
Dec.
Jan.
6a
Dec.
.
.
Dec. 31 Dec. 13
to
Dec. 31 Holders of rec
4
....
31a
IX
Canton Company
Case (J. I.) Thresh. Mach., Inc .,pf. (qu.)
Celluloid Company (quar.)....
15 Holders of rec
IX
(quar.).....
15a
Jan.
rec.
to
31 Holders of
3
Dec. 20
Canadian Cottons, Ltd., pref
Canadian Gen. Elec., Ltd., com. (quar.).
Common (extra).........
-
Dec.
IX
Nov. 26a
Jan.
$6
Jan.
Jan.
3
Dec. 20a
Jan.
6a
Jan.
2 Holders of rec
3
Jan.
2 Dec. 21
37 Xc. Dec. 31 Dec.
6
50c.
Dec. 31 Dec.
6
Extra.
15a
Dec. 22a
.
2 Holders of rec
1 Dec. 21
to
lx
26
Dec.
.
to
Jan.
IX
IX
Dec. 20a
24
16
IX
IX
(*)
Dec.
Dec.
Dec.
Dec.
.
.
Jan.
*
.
Dec. 26
.
ec
Dec. 31 Dec.
171
Dec. 26
rec .
IX
IX
(quar.)
15a
7 See note (k)
71 See
IX
IX
Buffalo Oen. Elec. (quar.) (No. 77)—
California Elec. Generating, pref. (quar.)..
<
Jan.
Jan.
: i
Brunswlck-Balke-Collender, pref. (quar.)
(quar.)
21
...
17
Jan.
.
1 Holders of rec
Dec. 31 Holders of
13a
13a
Deo. 31
.
.
X
Preferred
.
15 Holders of rec
Extra
Michigan Light, pref. (quar.)
Dec.<224
rec.
Jan.
1
......
...
Preferred
15 Holders of
IX
Brown Shoe, common (No.
1)__
Preferred (quar.).
4
Dec.
Dec.
Dec.
.
.
rec
13a
31a
Dec. 31a
.
rec
Jan.
.....
6
..
10a
Deo.
Dec.
.
.
2 Holders of rec
IX
2X
National Sugar (quar.)...
National Surety (quar.).
■
31 Holders of
15 Holders of
Nat. Enam. A
Stamping, pref. (quar.)...
Baltimore Electric, preferred...
Dec.
Feb.
1
IX
—
2 Holders of rec
1 Holders of rec
Jan.
13a
Bell Telephone of Canada (quar.).......
Bethlehem Steel, pref. (quar.)
3X
2X
Preferred
Jan.
Jan.
rec.
2 Holders of rec
$1.50
...
May Department Stores, pref.
(quar.)..
Mergenthaler Linotype (quar.)
10a
Jan.
to
Jan.
Jan.
25c.
Jan.
24
Jan.
IX
....
1H
IX
—
Jan.
Deo. 13a
.
2 Holders of rec
15 Holders of rec
15 Holders of rec
$1.75
)
6
Dec.
rec.
2 Holders of rec
Jan,
Jan.
$1.25
la
Jan.
to
Jan.
IX
.
-
(quar.).
13a
13a
13a
Dec.
com.
28
Dec.
Dec.
Dec.
Dec.
A
Forbes,
(quar.)
Preferred
2X
IX
2X
IX
IX
1
MacAndrews
28
... .
2 Holders of
Jan.
Lorlllard (P.) Co., common
(quar.)..
Preferred (quar.)
Dec. 31a
.
X
Books Closed.
Days Inclusive.
-
rec
IX
2X
When
Payable.
Miscellaneous (Concluded);
1
Dec. 31a
Dec.
2 Holders of
2 Holders of rec
Jan.
IX
Per
Dec.
Jan.
xcvn.
Cent.
Name of Company.
Jan.
to
Jan.
(quar.)...
Amer. Telephone A Telegraph
American Tobacco, pref.
Jan.
IX
IX
(quar.).....
Am. Smeltera Secur., pf. A
(qu.) (No. 36)
Preferred B (quar.) (No.
35)...
Dec. 31 Dec. 23
1
Preferred
Preferred
[Vol.
Dec. 31 I
Transfer books not closed for this dividend.
6 Less Income tax.
d Correction.
/Payable in stock,
h On account of accumulated
dividends,
i Payable in scrip.
k Transfers received In London not later than
Dec.23 will be in time to be
passed
for payment of dividend to transferee.
I Subject to
ratification by stockholders at
a
meeting to be held Dec. 30 1913.
m
Stockholders are given the privilege of sub¬
scribing to com. stock of the company to the extent of
5% of their present holding.
n Dividend declared at same rate as
previous years ($3
45), but fOc. deducted to
pay company'sincome tax underAheAet of 1913.- *-*—
~
liliC
THE
20 1913.]
1803
CHRONICLE
DETAILED RETURNS OF TRUST COMPANIES,
Aufctiob
usually
not
On Dep.
and Philadelphia:
auction in New York, Boston
New York:
By Messrs. Adrian H. Muller & Sons,
Net,
Legals.
wUhC.H.
Deposits.
Banks.
Average.
$
Average
Average.
00s omitted.
Average.
$
Specie,
Loans.
Surplus
Trust Cos
Reserve.
'
2 The
Co..
Celluloid
Bonds—
Per cent.
...,-127Yi
Shares.
1,000 Tramp Cona. Mg. Co., $1 ea.$4 lot
12H Denv. N. W. & Pac., com.$2 lot
12^ Denv. N. W. & Pac., pref.$3 lot
72 Smuggler Leasing Co., $1 ea. I $85
700 Smuggler Min'g Co., $1 ea.J lot
4 N. Y. Life Ins. A Tr. Co..-.985
30 Alliance Realty Co
89
4 Baltic Hotel Co
i..-.>._-$5 lot
$1,500,000
—
.200
...
Co..
$4 lot
Treadwell Mining
25 Ohio Valley Ry.
50 Geo.
A.
Co., $10 each
•}
'
23.672.2
1.330.5
Fidelity
5,614,0
LawyersT.I.AT
Col.-Knicker..
7,125,9
1.543.6
Peoples
New York
11,993,2
Franklin
.'
1,197,3
Guaranty
V.
.
......
25,000 Wootton Land & Fuel
Co., $5 each
15,000 San Diego Fruit Co.,.
Bonds.
.k
:
,"v
...
.
4.376.5
1.266.6
...
TitleGuar.AT. 11.437.1
6,000 San Diego Land Co_.
12,000 Sweetwater Water Co.
100,000 Tombstone Cons. M.
Co. of Ariz., $10 ea.
Co
Ice Co.,
Co-op.
pref., $5 each
14.860.0
Astor
Notes of Tomb¬
$1500 000
Mining Co..
Shares—
Campbell Mills of Prov
People's
Bankers......
U.S.Mtg.ATr.
stone Cons.
50 So. Pittsburgh City
60
3,699,7
Brooklyn
Lincoln
528,4
6,156,6
824,4
.
Metropolitan
Broadway
.
$
$
$
$1,015,000 Imperial Cop. Co.
spec. cont. mgr., tr. co. ctf.
$90,000 Devel. Co. of Am. 15yr. coll. tr. 6s, tr. co. ctf. dep.
$250,000 Tombstone Cons. M.
i
Co. of Ariz., spec. cont. 63.
$725 .OOONotesoflmp'ICop .Co.
$
431,0 3,722.0
1,135,0
26,0
1,042,0 2,345,0
1.242,0 10,376,0
240,0
1,100,0
4,197,0
1,750,0
3,387,0
590,0
416,0
254,0
811,0
143,0
223,0
1,010,0
1,336,0
1,305,0
9,0
542,0
15.1 + 10.0
15.0 + 10.0
15.0 + 11.8
15.2+
7.3
15.1 + 10.2
14.8 + 10.1
5,648,0 16.1 + 11.0
9,683,0 15.4 + 10.1
37,355,0 15.1 + 10.0
15,164,0 15.1 + 10.1
30,293,0 15.0+10.0
7,083,0 15.3 + 10.2
8,929,0 15.2 + 10.1
12,039,0 15.1 + 10.0
11,479,0 15.2 + 10.2
737,0
235,0
,
15,428,0 1,257,0
45,531,0 5,074,0
16,018,0 1,878,0
43,702 ,<k 4,300,0
8,844,0.
V 942,0
10,006,0 r, 140,0
20,833,0 1,814,0
1,212,0
11,994,0
%
18,073,0
91,074,0
27,479,0
14,275,0
20,482,0
92,113,0
685,0 2,007,0
187,0 10,010,0
23,168,0 2,057,0
113,793,0 13,502,0
34,404,0 3,692,0
19,721,0 2,145,0
34,087,0 2,058,0
147,433.0 12,455,0
.
674,0
7,267,0
...
$50 par
1 N. E. Society ctf. of lifememb.,
1 Newsboys Co., Inc.,
-■
...
Per
Totals, average 95,626,0 552,229,0 54,200,0
6,265,0 45,228.0 401,169,0 15.0+10.3
58,034,0
6,156,0 46,672,0 403,068,0 15.9 + 10.3
cm.
$2,000 New Jer.Co.lst 6s,'16,A.AO. 66
$1,000 Raton Water Works Co. of
N. M. 1st 5s, 1935, F. & A
55H
13 550,332,0
Dec.
Actual figures
_
$5,000 Denver N. W. & Pac. Ry.
1st 4s, certf. of deposit.
.$190
Brooklyn, $1,500,000; Bankers,
$2,000,000; Astor, $1,250,000; Title
$10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance A 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.
By Messrs. Francis Henshaw & Co., Boston:
Shares.
V
$ per sh. I Shares.
\
.<j
13
178
I Great Falls Mfg. Co.
$ per sh.
180
,
Nashua & Lowell RR. Co
SUMMARY
By Messrs. R. L. Day & Co., Boston:
Shares.'.,.
$ per sh.
Co., com.28H-28V$
Appl. Co.$100 lot
.
10 Merrimack Mfg.
1 Boston
36 Hood
5 Guar. Trust A S. D. Co
155
5 Mutual Tr. Co.,
$50 each... 40M
Total- 179,900,0 307,341,6 1,853,094,0 311,008,0
10 Quaker
port, 6s, 1927
71
$14,000 U..S. Telep. Co. 1st 5s, '19 30
$4,000 John C. Winston Co. deb.",
6s, 1918
56
$500 The Canister Coi, Easton,
1st 6s, 1920
20
City Nat. Bank. 118-118 H
112K
20 Franklin Tr. Co., $50 each.. 54
15 Aldine Trust Co
*
•
>t
'
y
.
.
'
,
t
•
.
M
.
Statement of New York
Banks
.
* ;
....
City Clearing-House Banks
Companies.—-The detailed statement below
the New York City Clearing-House
members for the week ending Dec. 13.
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
Total..
The
State
under which the various items are
"Chronicle," V.. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
made up, see
DETAILED RETURNS OF
We omit two ciphers
distinguish between the results for New York City (Greater
and those for the rest of the State, as per the
.
(
are
made up, see
"Chronicle", V. 86,
...
Mech. A Met.
America
BANKS.
City
•Chemical
Merchants'Ex.
Butch.ADrov.
25.0Q0.0
Chat. A Phen.
People's
2,250,0
•Citizens' Cent.
'
Nassau
Market A Fult.
.
...
Imp.ATraders'
Park
River...
Fourth
......
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
First
4,000,0
Irving
Bowery...:
N. Y. County.
•Gcrman-Amer.
250,0
500,0
750,0
14,640,9
2.383.8
485.2
5,884,3
2,764,9
22.229.3
3.382.1
784,6
2.086.5
678.3
Avenue.
100,0
•German Exch.
200,0
825.6
Fifth
1,000,0
1,000,0
250,0
2.305.8
1,000,0
1,000,0
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty...
N.Y.Prod.Ex.
State
•Security
..
Exch..
Nassau, Bklyn
*
494.4
1,000,0
200,0
Lincoln
Union
1.038.6
1.773.7
1.298.7
2,525,5
2.850.1
925.7
200,0
Germania
Coal A Iron
its, Aver.
serve.
$
$
$
Trust Cos.
State Banks,
Trust Cos.
in
in
outside of
outside of
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
125,681,0
4,832,0
19,426,0
2,048,0
70,196,0
'
888,0
491,6
364,0
564.8
997,3
1.139.9
22,468,0
10,438,0
8,712,0
14,486,0
52,588,0
25,965,0
82,285,0
1,328,0
27,568,0
13,610,0
101,807,0
34,732,0
3,470,0
8,586,0
3,944,0
89,520,0
12,851,0
3,332,0
4,861,0
14,612,0
8,944,0
4,000,0
13,068,0
3,866,0
23,834,0
21,691,0
8,987,0
19,016,0
11,603,0
6,501,0
9,255,0
8,190,0
3,127,0
6,606,0
3,921,0
9,319,0
3,803,0
33,997,0
4,005,0
1,301,0
434,0
1,340,0
1,551,0
of Sept. 9
22,950,000
68,400,000
♦9,478,000
♦10,150,000
38,804,500
163,181,300
•12,463,100
♦11,405,100
299,682,200 1,025,073,000
—1,424,900 —13,204,200
125,877,000
+ 287,500
178,953,200
+ 338,200
342,562,800 1,062,882,700
—2,219,100 —20,434,800
131,078,600
—1,179,700
184,639,800
+ 21,900
23,013,800
—1,310,700
22,416,100
—390,300
Capital
as
54,737,500
+636,900
Specie
472,0
2,953,0
1,584,0
6,408,0
2,285,0
2,419,0
8,094,0
15,836,0
1,497,0
9,593,0
499,0
778,0
3,392,0
412,0
17,811,0
4,780,0
1,928,0
1,461,0
3,612,0
9,728,0
3,939,0
18,412,0
1,842,0
152,0
2,220,0
610,0
1,141,0
856,0
269,0
6,376,0
2,306,0
2,282,0
363,0
119,0
4,103,0
3,093,0
21,782,0
6,386,0
782,0
1,377,0
2,800,0
165,0.
2,569,0
2,298,0
59,0
674,0
689,0
236,0
20,880,0
2,569,0
565,0
1,149,0
3,040,0
2,213,0
5,784,0
1,082,0
406,0
256,0
640,0
319,0
296,0
621,0
2,038,0
.
254,0
81,0
195,0
1,390,0
839,0
308,0
5,573,0
5,354,0
2,205,0
5,799,0
2,288,0
1,031,0
2,051,0
1,522,0
2,035,0
503,0
362,0
415,0
1,454,0
607,0
350,0
193,0
,
16,903,0
30,050,0
16,686,0
46,768,0
21,398,0
161,550,0
24,620,0
6,195,0
2,044,0
10,396,0
37,425,0
99,502,0
4,672,0
20,101,0
2,311,0
76,479,0
21,115,0
11,580,0
8,595,0
15,370,0
62,600,0
23,252,0
81,817,0
26.4
Change from last week
1,663,0
29.0
Dec.
13.
106,335,300
—555,200
9,681,400
—50,700
26.3
26.2
25.1
Deposits
...
Change from last week
25.0
25.5
25.0
Change from last week
90,967,700
—969,500
122,379,700
—1,158,500
deposits.
27.3%
16.1%
18.7%
13,1%
Percentage last week..
27.4%
16.1%
19.7%
13.3%
Reserve on deposits
25.1
25.1
25.6
P. C. reserve to
25.5
27.3
-
26.0
+ Increase over last week.
—
24.4
Decrease from last week.
• As of June 4,
25.2
Note.—"Surplus" Includes all undivided profits.
"Reserve on deposits" includes
for both true ^companies and State banks not on'v cash items but amounts due
from reserve agents.
Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo¬
cation as shown below.
The percentage of reserve required is computed on the
25.7
aggregate of deposits,
26.8
25.8
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State.or City
25.8
of New York owned by the
26.8
The State banks are likewise required to keep, a reserve,
25.3
tion, the reserve being computed on the whole
23.5
deposits
24.2
to the amendment of
25.2
ment of
26.5
clusive of
25.4
obligations of the State or City of New York
26.4
for it
26.1
25.5
26.5
26.9
25.2
26,659,0
12,600,0
•90,539,0
34,205,0
3,567,0
8,536,0
3,600,0
100,536,0
14,356,0
3,681,0
5,538,0
14,640,0
9,320,0
3,731,0
13,115,0
4,517,0
27,876,0
23,112,0
10,238,0
24,547,0
14,171,0
6,480,0
9,276,0
6,887,0
1298,860,0 259,132,0 71,763,0 1274,578,0
•
21,782,800
—918,600
Legal-tender A bk. notes.
27.1
payable
not
exclusive of moneys held in trust and not payable within
bank or held In trust for it by any public department.
varying according to loca¬
within
amount of deposits exclusive of time
thirty days, represented by certificates (according
1910), and exclusive of deposits secured (according to amend¬
City or State of New York, and ex¬
equal to the market value (not exceeding par) of bonds or
1911) by bonds or obligations of the
an
amount
owned by the company or held in trust
by any public department.
Trust Cos.
25.3
25.1
27.1
24.5
Reserve Required for Trust
and State Banks.
Total
Companies
Of
Reserve
which
Required, in Cash.
Location—
15%
26.1
Manhattan
25.3
27.2
Brooklyn Borough (without branches in Manhat.) 15%
Other Boroughs (without branches in Manhattan) 15%
25.3
Brooklyn Borough, with branches in Manhattan.
25.0
Other Boroughs, with branches
25.3
Cities of the first and second class
26.3
Cities of the third class and villages
25.2
Elsewhere in State
Borough
15%
10%
10%
s
—State Banks—
Total
Of
Reserve
which
Required, in Cash.
25%
15%
20%
10%
10%
10%
15%
20%
20%
15%
5%
3%
15%
'
7^
15%
15%
15%
in Manhattan
15%
15%
6%
25.9
25.0
K
Totals,average 133,650,0 211,715,6 1300,865,0 256,808,0 72,705,0 1274,819.0
Actual figures
Y. Greater N. Y. Greater N. Y. Greater N. Y.
%
39,754,0
'
1.929.4
1.833.9
6,048,7
7.945.0
14,353,9
65,3
10.214.4
2.172.0
5,000,0
Chase
*
Average.
1,880,0
9,270,0
464,0
3,000,0
Hanover
Corn Exch
Average.
6,394,0
1.333.5
316.
Re¬
28,612,0
983.3
200,0
...
Pacific.
Metropolitan
Net Depos¬
177,670,0
1,080,9
4,889,0
16,533,9
500,0
5,000,0
Commerce
Legals.
$
544.2
121,9
500,0
American
Second
300,0
—
Ex.
•Greenwich
East
600,0
p.
COMPANIES.
State Banks,
13.
Loans and investments..
Specie.
19,649,0
27,400,0
17,592,0
51,301,0
23,042,0
4,338,1
4,993,4
2,234,0
9.006.8
6.300.9
32,723,1
7.802.4
'
.
,
(00) in all cases.
Loans.
$
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
AND TRUST
STATE BANKS
Change from last week
2,000,0
2,050,0
'
,
under which the various items
For definitions and rules
Surplus as of Sept. 9
Average.
S
Merchants
but the figures are compiled so as to
the whole State,
Change from last week
New York....
Manhattan Co
under its
These returns cover all the institutions of this class
charge.
in
weekly
Banking Department also furnishes
Greater N.
Surplus.
46,672,01,677.646,0
of the State banks and trust companies
returns
Week ended December
also given:
For definitions and rules
00s omitted.
403,068,0
46,672,0
......jl,849,192,0317,166.0 77,919,0
......
are
Capital.
6,156,0
550,332,0
following:
.
.
shows the condition of
Banks.
58,034,0
.....Jl,274,578,0
71,763,0
Trust Cos.
New York)
•
Trust
and
45,228,01,675,988,0
1,298,860,0 259,132,0
__r.
*
•
78,970,0
Actual.
Per cent.
$1,000 Springf. Wat. Co. 5s, *26.. 91
$500 Sweets Steel Co., Williams-
21
200
5 First National Bank,.
1,274,819,0
401,169,0
45,228,0
2H
40 Keen-O-Phone Co., $10each.
Bonds.
12
r—
105
9 Germantown Pass. Ry
eaoh$3 lot
10 Pa. Acad, of Fine Arts......
$
$
$
$
$
.
11^ Am. Pipe A Constr. Co
48-49^
1 Library Co. of Phila........ 10
10 Com'wealth Casualty Co
20
Co.,
3,450 Santa Cruz Mg. Co., $1
90
Phlla. L. Ins. Co., $10 each.. 10^
97 Ins. Co. of State of Pennsyl.
40
60
12J^
12H United Flremea'i Ins.
$10 each..........
Deposits.
72,705,0
6,265,0
TruBt cos.
3 Real Estate T. I. A T. Co...300
*
r_
'
Net
Banks.
■
.
12 Harrison Bros. A Co
with C.H.
Specie.
133,650,0 211,715,6 1,300,865,0 256,808,0
552,229,0 54,200,0
46,250,0 95,626,0
Banks
...
$
$
Averages.
$ per sh.
Shares.
$ per sh.
40
200 Elec. Storage Battery Co., pf. 46
42 West End Trust Co..—
165
$94 Peter Hagan Co., Camden.$50 lot
2 Regal Shoe Co., pref
82
2 Girard Trust Co
.1
877 H
12 Real Est. Tr. Co., pref..... 86M
25 People's Nat. Fire Ins. Co.,
$25 each
17
2 Fire Ass'n of Phil., $50 each.320
Shares./
162 Real Estate Tr. Co., com
17 Harrison Bros. A Co
Legal
Tenders.
Loans.
Surplus.
Capital.
ending
Dec. 13.
Lofland, Philadelphia:
By Messrs. Barnes &
On Dep.
Week
Athenaeum, $300 par..340
rights
5c.
Rubber Co.
COMPANIES.
COVERING BOTH BANKS AND TRUST
$ per sh-
Shares.
50 Parker Transm. &
of the trust companies is as follows:
The capital
$10,000,000; United States Mortgage A Trust,
Guarantee A Trust, $5,000,000; Guaranty,
25.8
.
25.9
The
rate
trust
Banking Department also undertakes to present sepa¬
figures indicating the totals for the State Banks and
companies in Greater New York, not in the Clearing
shown in the table below,
House.
national banks in the Clearing
amounted to $44,621,000 and according to aotual figures was $44,598,000.
Circulation.—On the basis of averages, circulation of
.'House
These figures are
also the
results (both actual and average) for the Clearing-
as are
1804
THE
CHRONICLE
House banks and trust
companies.
combined each
and
xcvii.
of the
thus
[Vol.
In addition, we have
corresponding item in the two statements,
affording
trust
Boston and Philadelphia Banks.—Below is
a
summary
weekly totals of the Clearing-House banks of Boston
aggregate for the whole of the banks and
an
Philadelphia:
We omit two ciphers
(00) in all these figures.
companies in Greater New York.
NEW
YORK
CITY BANKS AND TRUST
Capital
COMPANIES.
Banks.
and
Loans.
Specie.
Legals.
Surplus.
Clear .-House
d embers.
d embers.
ActualFigures
Week ended Dec.
Clear.-House
Average.
13—
Stale Banks and
Total of all
Boston
Trust Cos. Not Banks & Trust
in C.-H. Aver. Cos. Average.
Oct.
25.
8.
Nov.
Oct.
21
and
179,900,000
(National banks
State
179,900,000
29,650,000
Sept.
9
307,341,600
307,341,600
Loans and investments..
1,849,192,000 1,853,094,000
Change from last week —10,616,000
-23,448,000
Deposits
1,677,646,000 1,675,988,000
Change from last week
—2,403,000 —18,347,000
Specie
317,166,000
+ 6,398,000
Change from last week
Legal-tenders
Change from last week
381,522,100
60,893,500
—482,800
78,970,000
+2,020,000
68,306,400
+ 183,800
Oct.
Nov..
25.96%
329,513,000
25.84%
13,645,300
14.89%
64,190,000
60,465,000
55,554,600
395,085,000
+ 8,094,000
389,978,000
+ 4,776,000
69,199,900
—299,000
Nov.
45,228,000
+ 318,000
13,738,300
—854,000
435,206,000
+ 5,094,000
82,938,200
—1,153,000
29.
6.
Dec.
13.
58,966,300
—536,000
441,757,000
+ 10,350,000
383,633,0
382,676,0
382,580,0
103,684,3 382,598,0
103,684,3 380,474,0
103,684,3 381,526,0
103,684,3 382,916,0
103,684,3 379,857,0
22.
Nov.
Dec.
459,177,900
+4,477,000
46,672,000
+2,256,000
15.
103,684,3
103,684,3
103,684,3
1_
116,019,600
Aggr'te money holdings.
Change from last week
8.
Nov.
343,158,300
Trust Cos.: Cash in vault
60,735,0
25.
Nov.
87,276,400
+2,203,800
330,895,000
13.
518,144,200
+ 3,941,000
Banks: Cash in vault
Ratio to deposits.....
Money
on
Change from last week
Total
reserve
Change from last week
Surplus CASH
Banks
25%)
12,250,500
3,729,800
t
a
For Week.
1913.
These
over
last week.
—
$2,934,266
13,583,237
$16,380,020
$20,369,293
$16,517,503
,
$152,632,940 $147,528,187 $136,763,314
$151,996,251
800,162,393 834,122,757 712,456,743
721,393,336
.
$952,795,333 $981,650,944
15.32%
1.03%
i6.35%
1910.
$2,809,268
13,570,752
16,633,550'
$22,748,785
Dry goods
General merchandise
25.20%
1911.
$3,735,743'
18,639,028
_.
YORK.
1912.
$4,109,757]
Total 50 weeks
26.29%.
+ Increase
11,302,0
11,305,0
11,307,0
are
The
Total
*420 061,0
were
Total
15.07%
10.13%
87,519,0
FOREIGN IMPORTS AT NEW
cos.—
15.92%
10.37%
*429 430,0
Dec. 13; also
January:
11,097,900
dep. with bks.
on
*430 504,0
*428 213,0
88,678,0
177.492.2
161.477.9
169.540.3
167.346.6
173.199.8
139.182.4
192.220.7
158,699,4
Imports and Exports for the Week.—The
following
+ 8,597,650
Cash in vault
91,600,0
92,702,0
90,939,0
11,306,0
11,290,0
11,287,0
11,299,0
11,288,0
which
Since Jan. 1.
% of cash reserves of trus
*431 735,0
*431 ,208,0
the imports at New York for the
week ending
totals since the
beginning of the first week in
289,650
15,980,300
♦431 ,351,0
*427 ,801,0
92,141,0
9,774,0
9,826,0
9,811,0
;v
■
■
now include the item
"Exchanges for Clearing House,"
December 13 as $14,401,000.
on
10,808,250
+ 8,335,150
Change from last week
93,704,0
91,378,0
%
166,016,3
149.903.6
188.588.8
164.440.3
162.731.4
138.567.7
168.147.5
158.596.5
"Deposits"
Dry goods...
General merchandise.
Total
Cash
*
reported
...
(above
$
9,877,0
9,870,0
9,876,0
9,820,0
9,815,0
273,719,0
271,796,0
271,123,0
274,553,0
266,170,0
266,321,0
260,898,0
260,160,0
a Includes
Government deposits and the item "due to other
banks/'
At Boston
Government deposits amounted to
$1,525,000 on December 13, against $1,557,000
December 6.
reserve-
Trust cos. (above 15%)
Clearings
on
deposit with
other bks. & trust cos.
$
235,917,0 26,602,0 4,179,0
236,545,0 26,223,0 4,143,0
233,383,0 26,146,0 4,198,0
233,218,0 26,786,0 4,324,0
231,127,0 26,913,0 3,993,0
232,246,0 26,311,0 3,754,0
230,414,0 25,827,0 4,007,0
228,883,0 25,749,0 3,803,0
Phila.
371,901,500
+2,273,200
77,919,000
+ 1,696,000
6.
Dec.
a555,676,700 2,231,664,700
—6,035,300 —24,382,300
311,008,000
+ 2,756,000
22.
29.
Dec.
554,340,300 2,407,434,300
—5,427,700 —28,875,700
...
15.
Nov.
Nov.
209,550,000
74,180,500
banks
$
60,735,0
60,735,0
60,735,0
60,735,0
60,735.0
60,735,0
60,735,0
1.
Nov.
Circu¬
lation.
$
Nov.
Deposits.
following is
a statement
$848,630,057|$873,389,587
of the exports (exclusive of
specie) from the port of New York to foreign
ports for the
ending Dec. 13 and from Jan. 1 to date:
week
Decrease from last week,
the deposits after
eliminating the item, "Due from reserve deposi¬
tories and other banks and trust
companies in New York Cl,ty"; with this item in¬
amounted to $598,729,500, a decrease of
$9,332,600 from last
week.
In the case of the Clearing-House
members, the deposits are "legal net de¬
posits" both for the average and the actual figures.
6 Includes bank notes.
are
EXPORTS FROM
NEW
YORK.
cluded, deposits
V'
■
V
'
■
1913.
For the week
The averages of the New York
City Clearing-House banks
and trust companies, combined with those for the
State banks
and trust companies in Greater New York
City outside of the
Clearing House,
compare as
follows for
a
series of weeks
past:
•'
We
GREATER
omit
two
NEW
ciphers
in
YORK.
all
these
Week Ended—
Investments
$
Oct.
11
Oct.
1
Nov.
8-__.
Nov.
15
Nov.
22..—
Nov.
29
Dec.
6
Dec.
$
$
13.__.
477.978.7
475,842,4
474,527,4
470,562,4
468.570.8
478.139.8
482.711.9
.469,981,9
454,700,9.
459,177,9
IMPORTS
Week.
France
Lega
Disc'ts
Tender
On
and
and
with
Invest¬
.""""566
...1......
Total 1913
New York City.
Fidelity
$
100,0
200,0
500,0
400,0
300,0
200,0
200,0
200,0
200,0
100,0
Mutual
—
...
New Netherland
Twenty-third Ward..
Yorkville
357,3
123,1
500,3
$
681.8
728,3
178.3
464.4
320,6
104.4
498.5
1,587,0
148,0
1,647;0
345,0
6,310,0
547,0
6,597,0 1,215,0
6,394,0
644,0
1,112,0
63,0
5,213,0
596,0
3,218,0
441,0
1,886,0
259,0
4,429,0
560,0
Brooklyn.
First National
Manufacturers' Nat..
Mechanics'
National City
Side
North
.....
300,0
252,0
1,000,0
300,0
200,0
703.1 4,008,0
304,0
932.2
6,061,0
700,0
527.4 10,780,0 1,344,0
589.5 4,700,0
511,0
181.6
2,859,0
210,0
Jersey City.
First National
......
Silver.
Great
'
.
/'++■'.
Britain
France
Germany
124,0
91,0
524,0
202,0
515,0
125,0
376,0
146,0
111,0
306,0
180,0
98,0
482,0
858,0
583,0
117,0
496,0
208,0
257,0
593,0
48,0
110,0
672,0
125,0
186,0
555,0
524,0
1,434,0
663,0
259,0
$
„■
»
.
-
w
;
_
«
-
„
»
*
_
West Indies
43,348
"
2,079,0
4,895,0
—
821,851j
547,0
550,0
2,987,0
1,618,0
1,623,0
220,0
125,0
676,5
298,2
4,699,0
3,455,0
260,0
218,0
65,0
56,0
531,0
432,0
5,847,0 10,531,6 84,502,0 9,015,0 4,291,0
10,757,0
5,847,0 10,531,6 84,978,0 8,934,0 4,157,0 12,522,0
Totals Nov. 29-.-. 5,847.0
10,531,6 84,873,0 8,849,0 4,113,0 12,166,0
79,248,0
79,345,0
79,620,0
Totals Dec.
6
were
us
to send you Circular No. 615
American
Municipal
describing Canadian
Bonds.
Spencer Trask & Co.
43
Albany
EXCHANGE PLACE—NEW YORK
Boston
Chicago
White, Weld & Co.
13
Totals Dec.
1,630,508
$250,133 $10,625,737
289,093
9,498,752
132,369
6,716,364
Municipal Bonds
Ask
1,855,0
1,572,0
Hoboken.
Second National.
18,413,482
2,577,078
Uawtours ami ffiwaMcial.
and
1,390,0
Id
$789,984 $46,726,858
1,196,878
55,335,767
i.
—
118", 000
'
A
3,223,0
5,550,0
12,949,0
4,652,0
2,969,0
301,0
57,0
151,0
Third National
•162,714
43,862
43,372
imports for the week in 1913, $24,973
American gold coin and $90 American silver coin.
1,742,0
317,0
223,0
110,0
First National
$185
7,909
123,750
—
....
$22,354
72,745
23,592
108,018
6,191,442
1,382,0
4,111,0
2,989,0
2,447,0
Nat-
.
...
Mexico
6,302,0
6,905,0
7,156,0
1,059,0
5,473,0
3,257,0
1,398,0
826.9
441,2
Hudson County
$517,711 $39,930,674
154,273
6,621,177
...
_* .
$578,017 $25,237,678
881,402
30,047,948
81,636
14,847,267
Of the above
400,0
250,0
200,0
—
$98,438 $69,309,584
24,789
33,316,465
15,200
10,108,850
j..
Total 1912
Total 1911
376,716
137,678
22,205
Deposits.
Notes.
C.-H.
Banks.
"20",525
22,493,639
1,717,015
$2,518,057
$1,012,397
13,081
2,748,033
11,974,426
4,828,078
2,143,606
Net
Bank
Specie.
'
Columbia
Since Jan. 1
"$20",893
—
Total 1911..
Deposit
Sur¬
plus.
Manhattan and Bronx.
Century
Week.
714,000
544,489
265,171
~~$~17~, 938
Mexico
South America....
All other countries.
Total 1912.
ments.
Colonial
YORK.
Imports.
Since Jan. 1
....
All other countries
tal.
:
NEW
80,000
'
South America
Capi¬
Washington Heights.
Battery Park Nat_.__
AT
$43",575~,270
Germany
West Indies
Total 1913..........
Banks.
SPECIE
Gold.
548,159,0
533.920.6
514.203.2
518,144,2
W'e omit two ciphers (00) in all these
figures.
Loans,
OF
Great* Britain
542,910,1
541.911.1
541,171,0
535,262,8
533,422,3
541.373.5
''
:
AND
Exports.
EntireRes
Reports of Clearing Non-Member Banks.—The follow¬
ing is the statement of condition of the clearing non-member
banks for the week ending Dec.
13, based on average daily
results:
since Jan. 1 1913 and for the
corresponding periods in
onDeposit
$
84,318,5
85,718,9
86,000,5
83.841.5
84,323,1
87,206,7
85,852,7
84.624.3
85.072.6
87.276.4
667,617.173
1912 and 1911:
EXPORTS
TotMoney
Holdings.
Legals.
$15,105,756
652,511,417
The following table shows the
exports and imports of
specie at the port of New York for the week
ending Dec. 13
figures. '
$
2.337.821.3 393,660,2
2.310.190.4 390.123.5
2.292.589.6 388,526,9
2,306,105,0 386,720,9
2,296,512,9 384,247,7
2,299,281,3 390.933.1
2.468.186.1 2,313,964,0 396.859.2
2,478,354,0 2,310,016,0 385.357.6
2,436,310,0 2,256,047,0 369,628,3.
2,407,434,3 2.231.664.7 371,901,5
25
Nov.
Specie.
2,499,481,0
2.471.431.0
2,455,756,6
2,475,040,3
2,466,185,3
2,460,101,3
18....
Oct.
Deposits.
1910.
,
$17,294,540
737,672,611
"
"
Loans and
1911.
$22,094,434
790,854,871
$832,953,846 $812,949,305 $754,967,151
Total 50 weeks
and
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
1912.
$15,023,992
817,929,854
Previously reported
Bonds and
14 WALL STREET
NEW
YORK
Investment Securities.
THE ROOKERY
CHICAGO
0
111 DEVONSHIRE STREET*
BOSTON
Dec. 20
THE
1913.]
Wall
Street,
Friday Night,
Dec.
$1,000 premium.
Financial Situation.—Waiting
the new currency bill which is
expected soon to become a law, and the impending year-end
settlements, are among the influences which have kept the
security markets in a state of partially suspended animation
throughout the week.
Operations for foreign account have
to a greater or less degree had the opposite effect, and helped
to prevent utter stagnation at the Stock Exchange.
These
operations were largely on the selling side until to-day, and
were somewhat responsible for pronounced weakness in some
internationally listed issues.
indeed, of
a decidedly encourag¬
We refer to the Government report showing
the winter-wheat acreage to be about 4 per cent larger than
last year and the condition as over 97, one of the highest
on
record, indicating a possible crop nearly 50,000,000
bushels larger than the heretofore unequaled crop of 1913.
Additional evidence of the greater business and traffic
activity in the West than in the East is supplied by the
Union Pacific's report of operations for the fiscal year end¬
ing June 30th.
This shows net earnings applicable to divi¬
dends on the common stock of about 15% per cent, as against
13 % for the previous year.
The bond market continues to be in an unsatisfactory state.
It may, indeed, be said to be growing more and more un¬
satisfactory, not only in the local market, but elsewhere.
The proposed issue of $51,000,000 4% per cents by the State
has very naturally caused a decline in the price of bonds of
a
lower rate.
London bankers are discouraging all new
offerings, as the result of a Canadian issue recently showed,
and British Consols made a new low record this .week.
The Bank of England reported a further reduction of gold
holdings, but its percentage of reserve is still much above
that of recent years at tjiis season, and all the foreign bankers
make a much better showing than a year ago.
Owing to last Saturday's favorable bank statement and
the* currency movement this week, the local money market
has been unusually easy for the season, arid it now seems
probable that at home and abroad the year-end settlements
will be effected with less disturbance and fluctuation of rates
One event of the week was,
ing character
than is often the
ease.
*
.
„
market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3 @4%.
Friday's rates
on
call were 3 @3%%.
Commercial paper on Friday quoted 5 % @6% for 60 to
90-day endorsements and prime 4 to 6 months' single names
and 634©63-2% for good single names.
;
I .;
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,199,235 and the percentage
of reserve to liabilities was 55.10, against 55.85 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 2.
The Bank of France shows an increase of 4,592,000
francs gold and 10,466,000 francs silver.
; •
The open
Averages for
week ending
Dec.
13.
Differences
from
previous week.
Averages for
Averages for
week ending
week ending
Loans and discounts... 1,300,865,000 Dec .14,997^000
75,000
44,621,000 Dec.
_
deposits......... 1,274,819,000 Dec. 10,696,000
2,765,000
256,808,000 Inc.
Specie .—. ..
_
Legal-tenders
Reserve
72,705,000 Inc,
....
Dec:
316,369,000
311,523,750
335,308,000
321,193,250
Inc.
7,555,000
4,845,250
14,114,750
Inc.
3.18,704,750
25% of deposits.
10,808,250
Surplus reserve
2,116,000
Note.—The Clearing House now issues a statement weekly, showing the actual
on Saturday morning, as well as the above averages.
The
condition of the banks
banks and trust companies, also
issued by the State Banking Department, giving the condition of
reporting to the Clearing House, appear on
figures, together with the returns of the separate
the
summary.
State banks and trust companies not
the second page
preceding.
Foreign Exchange.—For sterling exchange the
has
been
market
Offerings of bills have
light and there have been few features of interest:
as a
whole ruled easy this week.
To-day's
(Friday's)
actual rates for sterling exchange were 4 8095@
852Q@4 8530 for cheques and 4 8585@4 8595 for
4 8110 for sixty days, 4
Commercial on banks 4 78% @ 4 80% and documents for payment
4 80@4 81%.
Cotton for payment 4 80% @4 80% and.grain for payment
4 81 %@4 81%.
'
The posted rates for sterling exchange as quoted by a representative
house were not changed during week from 4 82 for 60 days and 4 86 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 24 % @
5 23% less 1-16 for long and 5 21% less l-32@5 21% for short.
Germany
bankers' marks were 94 1-16@94 3-16 for long and 94%@94 13-16 less
1-32 for short.
Amsterdam bankers' guilders were 40 1-16 less 1-16@
40 1-16 less 1-32 for short.
Exchange at Paris on London, 25f. 31 %c.; week's range, 25f. 32%c. high
and
25f. 31 %c. low.
Exchange at Berlin on London, 20m. 49%pf.; weeks' range, 20m. 49%pf.
high and 20rn. 48%pf. low
The range for foreign exchange for the week follows:
•
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
High for the week...4 8125
4 8545
4 8595
Low for the week —4 8090
4 8520
4 8575
Paris Bankers' Francs—
5 20% less 1-16
High for the week.__5 23% less 1-16
5 21%
521%
Low for the week ...5 24%
521% less 1-16
cables.
Germany Bankers' Marks—
High for the Aveek.. -.
94 3-16
Low for the week ..." 94 1-16
Amsterdam Bankers' Guilders-r—
94 13-16
"
94% less 1-64
94% plus 1-64
94 13-16 plus
1-64
40% less 1-16
High for the week...39 11-16 plus 1-16 40 1-16
40% less %
Low for the week ...39 11-16 less 1-16
40 plus 1-16
Domestic Exchange.—Chicago, 5c. per $1,000 discount.
Boston, par1
Sfc. Louis, 5c, per $1,000 premium.
San Francisco, 30C. per $1,000 pre-
lower.
are
United
.
Bonds.—Sales of Government bonds at
States
111%,
102%.
For to-day's prices of all the
different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.—The stock mar¬
the Board
limited to $6,000 4s coup., at 111 to
are
and $1,000 3s coup, at
throughout the week, until to-day, was less active than
and, while prices moved irregularly, the average
of thirty active issues remained about the same as a week
ago.
To-day's market has, however, been a surprise to
many in that it was the most active in a long time (357,750
shares having been traded in), and also because an upward
movement of prices carried a considerable number of repre¬
sentative issues to a level 2 points above last night's close.
Undoubtedly it was largely a speculative movement, but
there must have been some absorption of stocks, which may
have been influenced by expectation that an amended cur¬
rency bill will soon become a law.
That public sentiment
will be more optimistic in such an event is generally believed,
and it is quite possible that a considerable short interest
which existed last night has been materially reduced to-day.
Among the exceptional features of the week, Canadian
Pacific was unique in a decline of 9% points.
At the same
time Am. Tel. & Tel. showed a loss of 6% points, Louisville
& Nashville 2%, while New Haven, illustrating the irregu¬
larity with which prices moved, recovered 4 points of its
recent decline.
'Union Pacific closes almost 5 points higher
than it sold early in the week, and other issues show an ad¬
vance of from 2 to 4 points.
;
,
"
; ;
For daily volume of business see page 1813.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
ket
last week,
for
Week.
Dec
18
90
300
600
7% Dec 15
40% Dec 19
91
100
.
60
10 121%
_
28
18
90
Dec 18
89%
18 103
Dec 15
95
Dec 13
58
" Dec 13
60
18
Dec
13 120
76
Dec
18
62
Dec
Norfolk
700
.
Petrdl, pref._
.
800
Southern
400
Quicksilver Mining
Preferred
...
1,600
.....
100
66%
Jan
July
Jan
Dec
Dec
300
96%
May 109%
13
Companies
Oct
Dec 175
Nov
June 190
11 118
10
,
Dec.
Dec 19 104
Dec
Mining..__
Nov
Dec 15 170
Dec 16 181%
100 107
Green Bay & W deb B__
8%
43%
Mar
200 181
Preferred
Jan
Dec
Dec 16 121% Dec 16 119% "*Aug 125
23% June 33
Dec 16 28% Dec 16
350
Mexican
Highest
150
Nov
7%
40
Dec
95
Teleg & Cable
7% Dec'19
42% Dec 16
Dec
90
740
60
Fdy_.
Amerlcan Express
Mackay
.
Dec
90
Dec 19
'
Preferred vtc
Homestake
Lowest.
Highest.
Lowest.
110
Adams Express
Allis-Chal Mfg v t c
Am Brake Shoe &
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
Week ending Dec. 19,
19 107
13
Dec 18
June
11
77% Dec 16
17%
Mar 121
Dec 18 100
75%
Jan
Jan
Jan
Nov
July
87
Jan
69
Apr
17
63
Dec 10
62
Dec
79% Dec 13
81
Dec 17
69
Nov
99%
Jan
Dec 19
40
Dec 16
39
Dec
47%
Apr
1% Dec 17
1
Dec
4% May
Dec
8
39
1% Dec 18
2% Dec 19
2% Dec 19
.2
Oct 99%
July 101
Dec 105%
May
Sept
100
91
Dec 18
91
Dec 18
90%
100
90
Dec 13
90
Dec 13
87
100
95
Dec
16
95
Dec 16
95
Virginia Iron, Coal & C_
200
36
Dec
15
37
Dec 15
36
D4c
54
Jan
Wells, Fargo & Co..
326
85
Dec 18
88
Dec 19
85>
Dec 125
Apr
So Pac
subs, 1st paid
United Dry Goods
Preferred
.
4,881,000
2,674,000
329,513,000
held
135,150,000
133,650,000
197,808,700
201,897,600
1,276,790,000 1,291,852,000
51,080,000
46,899,000
1,246,095,000 1,284,773,000
258,266,000
241,108,000
77,042,000
75,261,000
'
Net
Havens
Preferred
$
$
133,650,000
211,715,600
Circulation.....
Dec. 16.
•.Dec. 14.
S
Gapital
Surplus.,-
a little more activity this week in the mar¬
and industrial bonds, and, notwithstanding
the general decline in State and municipal issues, prices in
this department have been generally maintained.
Of a list
of 20 active issues, 10 have advanced and only 7 are lower.
Of the exceptional features, American Tel. & Tel. cony.
4%s have been conspicuous for an advance of 2 points, in
contrast with the shares, which have declined about as much.
Brooklyn Rapid Transit, New York Railways, Rock Island,
St. Paul and Wabash issues have also been notably strong.
On the other hand, Southern Pacific, Reading and New
General Chemical
1911.
Y.
6s
There has been
Colorado & Southern...
.1912.
1913.
v
York 4s, 1961, at 97 to 98;
ket for railway
Chic St P M & Omaha.
CNot including Trust Companies.)
per
Bonds.—Sales of State bonds at
$8,000 N. Y. Canal 4s, 1961, at 99% to 99%; $10,000 N.
Canal 4s, 1962, at 97% to 98%, and $38,000 Virginia
deferred trust receipts at 52 to 52 %.
Am
CLEARING-HOUSE BANKS.
NEW YORK
Railroad
and
State
the Board include $4,000 New
19 1913.
The Money Market and
to know the provisions of
of the
46%c. per $1,000 premium.
Minneapolis, 60c.
Cincinnati, 5c. per $1,000 premium.
Montreal,
mium.
dfejette.
imites'
1805
CHRONICLE
-
Jan
Jan
Market.—Trading in outside securities was dull
to-day, when the market improved,
speculation was more active and prices showed an upward
tendency.
United Cigar Stores com. gained over 4 points, to
95% and closed to-day rit 95%.
British-Amer. Tobacco,
old stock, sold down from 24 to 23%.
The new stock was
very quiet at 24%.
Tobacco Products pref. registered a
few transactions at 83 and to-day at 84%.
Considerable
strength developed in some of the Standard Oil stocks to¬
day, of which Standard Oil (California) was conspicuous.
After ranging between 224 and 231 during the week, it sold
up to 249 to-day..
South Penn Oil moved up some 8 points
to 283.
Prairie Oil & Gas sustained considerable loss, sell¬
Outside
most oh the week until
ing down to 403 to-day, though earlier in the week it was up
to 435.
Atlantic Refining at 725 to-day shows an advance
of some 25 points.
Standard Oil of N. J. fluctuated between
393 and 399 and closed to-day at 395.
Anglo-Amer. Oil,
new stock,
eased off from 12% to 12 and closed to-day at
12%.
Consolidated Rubber Tire com. improved from 36
to 41 and was traded in to-day at 40.
The preferred moved
up from 103 to 109 and sold to-day at 107%.
In bonds deal¬
ings in the new N. Y. State 4%s, "when issued," were down
from 105% to 104 11-16 and at 104% finally.
Canadian
Pacific 6% notes sold up from 101% to 101%, the "rights"
being traded in between 4% and 4%.
Mining stocks were
quiet and steady.
Braden Copper eased off from 7% to 7;
Greene-Cananea new stock advanced from 28% to 29.
Nipissing fluctuated between 7% and 8% and closed to-day
at the low figure.
Goldfield Consolidated lost a point to
L.the final figure to-day being 1%.
.
<
Outside quotations will be found oil page 1813.""'
w«
New^Tork Stock 'Exchange-—Stuck Record,
Daily, Weekly and" Yearly
OCCUPYINQ TWO PAQES
For record of sales during the week of stocks
usually
Inactive,
I
U
U
%
■
tiiij'
,1.1/
3
>
'
(.!■
t
-
'•••
•
.
Saturday
V
Monday
Dee. 13
DM.
Tuesday
IS
PRICES.
Salts of
the
Thursday
Dec. 17
Dec.
Meek
Friday
18
Dec.
STOCKS
NEW YORK STOCK
1
EXCHANGE
V
19
92*8
92%
98
,98
92
98%
98
92%
98%
\ ♦117' 119
118
117ia 118
91*4
913
90*4
9078
V
80«4
80
80
♦7978
80
'80%
857a
80%
I
22Hj 22214 217%
21534
320
,*285
*285
320
*285
'.SOS, 56*8
"50
55*4
*11
II84
11
*10%
271| 28i2
271a
♦27
f 97% 97l2
9684
96*4
•131% 13312 •13114
*131%
124*8 124*8 12412
♦124
•165
170
*165
170
♦165
V
50
*
"6184
*61*4
•149% 157
*870
:■
17%
17U
•26
*8%
2678
t
18
♦17
34
t
.
*20
*4
934
*8%
2678
27%
42
42
27
4212
34
•56ia
60
59
•6
8
•14*4 18
147U 148U
132
130 1 *125
130
28
19
27%
6%
9*4
*17
27%
*4
*10
27
9*4
28%
42%
34
34
34
*28
35
105
4,460
2334
67
57
143s
•6
10
10
•14
20
*14
20
*14
20
148*4
130%
148% 149%
130S4 131
130
♦125
148% 149%
130% 131
*125
130
•8
■"memrnm
12
*
*8
12
*
40
*125
125
§125% 125%
♦121" 125%
♦130
*130
liUs
92
65*4
25l2
IH4
*25
35
6718
II84
91%
683s
26
26
j
9038
67l4
25l2
103
25%
31
*25
1H2
91
25
24l2
33
19%
*53*s
24%
103
19%
*19%
53%
65
11%
11%
91*4
68%
70
106
86
#*78%
*82
♦84
86
•86is
1234
88i2
13l2
19
.
13
19
5l2
•13
18
,
•7
•15
8
2178
22%
75
*74
75
12
•11S4
45
12
105% 10512
14934 151
1212
3934
*7
10
♦15
22
105
105
3*8
31s
11
9
30
30
30
5
4ls
18
9
*10
86%
91%
21%
74%
12
12
45
22"
75
9
•12
20
•103
105
♦
83
20
20
20
6884
69*8
•16
21%
•10
38
*32
35
*32
3
3
8%
8
83a
9%
2%
734
33
32%
4%
*32
*4
4%
16%
16
84
6
•32%
4
•15
18
15
500
6
400
200
41%
20
20%
20
7038
19%
68%
20
69%
70%
70%
9
40
*44
46
*44
92
46
•88
•44
92
40
*88
92
♦88
23
92
•88
92
2214
•69%
257a
87l2
2214
22%
*69%
22%
*22%
2234
73
*70
73
73
15
46
413s
•0
74
•70
*43
92
22%
73
*65
88
44
43
.•110%
113
*110
113
113
♦110
113
•30
38
*30,
38
36
36
♦63
•36
38
04i4
3512
*63
63%
37%
*63
04%
♦63
:*ZQ
•633s
♦35U
•9212
•3»4
•19
37%
64l4
37%
35
96
*92l2
*312
4i2
20
87%
43U
90
4%
43%
*110
*34%
*92%
*3%
'*20
•20
22
2134
10%
27*8
28l2
*2H4
: *918
2284
10l2
27*8
283g
21%
*9%
*27%
983s
98!
*98
99
*98
8
•6
10
•43
50
43
♦81
\
23
28ss
A
82
8H2
6O84
4312
8112
6U4
*81
99
•98
21ia
*91,
27*8
•6
60*8
198
271a
281s
eoi2
99
*97
160
•150
*155
160
26%
87%
26%
43%
26%
88
.
88
*4234
37
95
*92
4%
22
21
21%
*9%
•8
7
43
83
68
♦155
160
X,—
*155
*0
83
43
*81
160
98
8
•41
61%
98'4
•9734
21%"
10%
28%
8
01%
99
*26%
28%
*95
43%
♦81%
61%
29
28%
*41
61%
•21%
•93s
•273s
28%
•0
*42
*4
2134
22%
10%
98
98
•92%
4%
21
•21
<28
<
»6
Banks
Bid
655
Ask
Bank*
200
Battery Park
Bowery T1
BoroU
225
Nat..
175
135
8
4284
62
158
140
Chase
575
(W 5
-
mm
Cosmopol'n H
85
50
60
River-
or
at
Snuff—.....
3
Feb
20
Feb
Apr
Nov
18
Jan,
9
Mch
Feb
4
30
3134 Feb
103
Jan
61% Jan
80
42
Jan
6
107
Feb
J'ly
y
193
Jan
84
„
7484 Jan 30
J'ne
150
Jan
434 Jan
Deo
08% Dec
102*8 Jan
Jan 22
7
123
Mch
34
.30%
1778
43
47%
110%
19%
69%
8912
NOV
Aug'
Aug
Aug
J'no
91
Sep ,
109% Sep }
203% Deo
178
183
183
610
030
New Neth?__
Security ?
115
210
225
12$
Lincoln
325
345
850
Manhattan ?
310
875
320
New York Co
New York
Sherman
State?
380
J80"
390
200
Pacific ?
910
Banks
Bid
...
Ask
220
290
495
505
Banks
Bid
Mt Morris ?.
Mutual ?
270
Jeaboard
430
290
Second
375
...
Nassau
180
Ask
Banks
Did
.....
Ask
966'
139
....
Germ-Amer ?
130
Mark & Fult.
245
255
Mech & Met.
265
215
219
Mercb
356
159
475
350
148
450
Park
23d Ward ?.
„
CJnion Exot..
140
425
255
130
375
135
145
Unit
People'8 ?■
230
500
....
140
Exch.
Merchants'..
190
Greenwich ?.
260
Hanover
«
American
97
8
Feb 10
Nov
44% Jan
lO0s4 Jan
13
60%
8334
60%
99%
7%
Jan
German Ex ?
620
^1<Lan^^,^n^Sale3auction this week. First
°aJh*d*7' tvEx"rl^ta-
J mm at Stock Exchange
6% Jan
28%
2734
12%
33%
85
Germanla?..
Gotham
105
East
Oct 10
May 6
Liberty
250
300
98
120
170
165
220
302
94
...
Feb
2
930
Fourth
285
Do
Feb
30% Oct
75% Aug
46% Jan
825
Garfield
298
78% Jan
67% Jan
J'ne 12
Sep
2
Oct 17
J'ne 10
49
115
6'
Harrlman
180
tl68
J'ne 10
Mch
Sep
J'no
Oct"
Sep
Sep '
May
Deo
Deo
Nov
Feb
Sep;
Sep
May
Apr
Apr i.
Imp & Trad.
Irving
165
_.
preferred
American Malt
101%
47%
120%
03*3
Nov
11% Feb
90% Feb
4384 Jan' 6
67# J'ne 10
Do
90
77
175
340
Commerce
J'ly 9
J'ne 10
17
preferred
American Cotton Oil....
Do
preferred
American Hide Sc Leather
104% Mch
6
Mch
117
63% Mch
2
J'ly
46% Dec
40% Jan 31
129% Jan 30
60% Jan
2U
J'ly 2
J'ne 28
02% Oct
54% Deo
Ask
175
Columbia^..
J'ne 10
33%
60%
33%
92%
3%
15%
Oct ;
Bid
160
4%>rn Exch 1L
108
,
Do
May
2278 Apr
64% Mch
30% Oct !
17% Oct
62% Aug
08
Metropolis?.
Metropol'n ?
635
250
170
175
Prod Exch ?.
160
300
Public^]..,
200
Reserve..
84
88
275
West
230
185
-
Wash K'ts ?.
Wasteh Av?_
165
310
178
Stat&sH
450,
Side?.
'
160
Installment paid,
s^res.
n
11 State banks,
a Ex-div.
9s
Sold at private sale at this
price,
rights.
s
Ex-div.
b. New
I Fall
stock.
paid.
179
479
600
It
,1 ^ thaQ 100
/Ex
24%
aoeum.
<
'
!
Deo
Deo 1
Deo |
165
330
135
80
Apr
Oct
COMPANIES—BROKERS' QUOTATIONS.
City
200
Foundry
preferred........
American Cities
J'nell
3
2
Mch
96%
3978
69%
934
Feb
Jan
Jan
60% Jan
4178 Oct 24
79% J'ne 12
58% J'ne 10
Coal A Iron.
150
21
60
57
Sep
Not
Jan>
30
Jan
Feb
99
Oct 31
/80% J'ne 10
■36% J'ne 10
48
Apr
Oct
Oct 1
Ap^
J'flo
Apt j
111% Sep
178*4 Sep
Jan
0
68% Apr 23
6% Get 17
260
120
65
4
11
3
■
Mch
Jan
32
Deo
Jan
3
Jan
Apr
Apt
8678
20%
4934
16%
Deo
45
$24% Oct 2i
80% Sep 16
5
Corp....
145
190
preferred
American Can
J'ne
Jan
Feb
Jan
I5O84 Deo
83% Oct
28
J'ly
57
J'ly
334 J'ne
123g J'ne
2
Jan
14
1934 J'ne 10
Do
Do
Nov
preferred
140 Amer Smelters Sec pref B
8,100 Amer Smelting 9c Refin'g
Do
121
preferred—
"""316
400
450
90
27
380
Colonial H.
01% J'ne 10
41% Sep
5
Do
preferred
American Beet Sugar....
preferred
American Car &
Nov 22
40%
80*3
27%
56%
115%
Deo
Deo
103
Feb
30%
69*8
29%
09%
4334
Deo
28% Jan 13
J'ne 11
$18
Jan
8
Deo
Deo
28
2984 Jan
Sep
10284 Jan
93% Jan
35% Jan
63% Jan
0
Aug 12
17% Aug 13
46
117
179% Apr
93% Apr
101% Apr
Dec
Deo
Deo
26%
68%
20%
33%
10%
109
6% Deo 19
40% J'nell
20
600
Fidel ityl
190
13
...
Fifth Ave?.. 4500
Fifth
300
...
2
131% Apg!
126% May
111% Sep,
Deo
18
9
j
4l3g Apr
44*4 Dec
103% Deo
30
Jan
13
6% J'ly 8
28% Deo 12
334 Oct 24
1,400 American Locomotive...
82
First
30
......
900
175
...
J'nell
J'nell
J'nell
......
1,100
150
Butoh & Dr.
♦
"""360
140
205
16
29
6884
Banks
100
1,300
168
Century If...
......
Ask
100
400
Chelsea Exf.
Chemical
Citizens' Cen
425
Bronx
Bronx
Bryant ParkU
Bid
1,100
Chat & Phi
500
J'ly 9
J'ne 4
J'ne 6
J'nell
J'ne 10
28
•80
158
7%
15%
101%
137*4
,7934
United Rys Inv't of S F—
Do
preferred..
Wabasu
Do
.
10% J'no 4
2778 J'ne 10
...
Do
preferred
Western Maryland
Wheeling & Lake Erie...
Dp
1st preferred....
Do
2d preferred.....
Wisconsin Central....
Industrial
&
Miscell.
dAlaska Gold Min Par
$10
Amalgamated Copper
American Agricul
Chem.
J'ne 10
Jan
i
i
3078 Jan I
68% Jan
99% Sep 13
28% Jan
2
81% Mch 20
22% Jan
8
43% Sep 23
19% J'ne 12
72
Do
preferred
American Ice Securities..
200 American Linseed
Do
preferred
300
61%
*97%
160
1,540
68
42 84
BANKS AND TRUST
New York
America 1
Amer Exoh.J
4%
22%
22%
10%
82
97%
17.550
95
61%
97%
61
•155
64%
37%
37
95
1,450
38
'
37
•92%
•384
21%
21%
10%
*26%
,28%
100
27%
27
27%
X8684 87
87% 87%
43% 43%
43% 4334
111*4 11134 *110
113
37
4
■
21%
27%
28%
,
94
4
10
26
43%
63%
♦35%
23«s
73
*36
64%
•
26%
87*8
4,600
94,600
46
•4234
.
2034
71%
•87
.
22% ,22%
2578
87i2
2612
600
5%
9
48
preferred.•
110
Jan
121% Apr!
142% Apr j
29*4 Jan
Jan
.
J'ne 12
Nov 10
83
Do
preferred
Twin City Rapid
Transit
Union Pacific
Do
75
88% Nov 10
....
2,000
4,900
1,050
♦41%
*6
,*42
*44
475
20*4 Apr
49% Sep 23
38
....
...
4%
'
6
40
34
preferred
Southern Pacific Co
Texas & Pacific
1,600
Third Avenue
(N Y)_...
4,761
Toledo St L& Western..
38
3
3%
14% J'ne 10
Certificates (wh. iss.)_
Southern v tr ctfs
900
stmpd.
Do
preferred
do
960
21%
8
Do
Jan 11
35% Jan 13
67
71
Jan
J'ne
92
Feb 11
29
Apr
4734 Mch
Jan
Jan
22%
42%
17%
58%
26%
_
Dec 19
Nov 10
06
J'ne
98%
108%
148%
87%
Apr 10
Aug
3138 Mch
1153« Jan
1197j Deo
.
69
168
Deo
88
247a Feb
4434 Jan
1934 Jan 11
6% J'ne 17
20
....
1,276
106
21%
2%
20%
70%
22%
75%
12%
4034
685
32,063
20
60
20%
69%
45%
87%
92%
152% 154% 192,300
§84
84
255
83
♦89
•69%
•
*103"
150% 152
6
697g
Seaboard Air Line......
9
*41
42l2
500
•8
•22
i
91%
♦8
83%
*32
15%
85%
3934
105
*82%
4%
45%
.
39
20
3%
9%
17
9
*16
Do
2d
preferred.....
St Louis
Southwestern..
Do
preferred.
900
.800
Feb
Deo
29% J'ne
110734 Feb
Jan 11
95
11% Oct 17
17% Oct 17
2s4 J 'ne 17
13
J'ne 28
Deo
120
171
J'ne 10
84
Rock Island
Company..
Do
preferred
100
7
♦1134
3934
151%
82% Oct ,14
St Louis & San
Francisco
Do
1st preferred
.
Sep 18
Sep 23
92% Apr 10
151% J'ne 10
...
20%
"l7"
17
44«4
85%
91%
2134
74%
6,850
4,300
7
20
*
58
17
641
14
.....
preferred
Jan
25% Dec
57*8 May
35
J'ly
62% Oct
26*8 Oct
100% Dec
Feb 13
104
Jan
140
J'ne25 {109
......
1st preferred
2d
53
Sep ,
141% Jan ,
22
J'ly;
0738 Oct I
31% Sep !
66*3 Mch
18
Apr 1
40
May
18534 Jan «
170
Aug
13834 Mch
27% Jan ;
§57
Jan
154% Aug
129
122% J an
123*4 Jan
Dec 13
14334 Aug
May
Deo
1287S Dec
18% J'ly
§40
Feb
Mch
87
77i8 Deo 11
Jan
30
109*4 Jan 30
129% Jan 10
3378 Jan 11
113% Jan
3
J'ne 10
106
58
6%
20%
98
100
242",600 Reading..
17
40
151
33
4%
15%
9
4212
191|
6884
*43
*30
6%
20%
80% Aug 16
101*4 J'ne 10
....
20%
4%
*15
13
♦103"
38
3%
9%
18
•6
•42
*32
3*s
912
80is
4i2
4%
Western
Do adjustment
pref
Northern Pacific.......
Norfolk &
>
Jan
138
27% Jan
90% Dec 15
05% Deo 12
26% J'nell
......
100
69
Dec
15578 Feb
Jan
Deo
May
677- Apr;
48
Apr
May
May
11% Jan
Jan
J'ly 17
39% Apr
66
64% Apr
43% Jan
9
23
Dec
36
142% Jan
J'ne 10
;
Dec
120
6
47
-
40% Jan
1134 May
120%
16%
6338
22%
Jan
Jan
Feb
Jan
_
;
Dec
Mch
>
24
47% Deo
6
Jan
597
14
38
'
Apr <
30
29% Jan
31
35,186 Pennsylvania
Pittsb Cin Chic &
St L_.
300
Do
preferred
88
•4
19
75
*
150% 151%
*82% 83%
*16
21%
38
13's
20%
20
•55
45
♦7
*32
•10
•14
86%
9134
21%
117%
102% 104%
83% 83%
88
•4
6%
2034
5734
16%
3984
38
•6
85%
9134
39i8
*32
*16
,
11%
39%
8314
21l2
•4%
45
85
10514
14914 150*8
*82% 8312
*16
2U2
*3%
10
*44%
8584
9178
•16
\
*16"
10
*7
22
83%
58
22
39
♦7
7
21
3,200
Aug
18% J'ly
84% J'ne
8
Sep
Jan 30
J'ly 28
Jan
7
35
Apr
Oct
Oct
62% Apr
101% Apr
175% Feb
630
9
Jan 30
Nov 12 {150
Western.
300
Jan
Feb
24% Deo
pref!
45% Deo
Dec
18% J'n* 10
2d preferred
N Y Central & H
28,325
R—...
N Y N H &
Hartford
65,606
N Y Ontario &
l6",116
1334
•19
19
»
Missouri Pacific..
Nat Rys of Mex
1st
Mch
Deo
1683s
142%
132%
23%
115% J'nell
52
Apr i
Jan 10
1287a
19%
65%
283a
61%
11%
9
Deo
30
Jan
198
95
132% Jan
9
41% Jan
3
Feb 5
Jan 30
10
10
Jneii
131
preferred
"2",710
103%
88
12%
1984
4%
*15
7
17i2
{45
85t4
♦9lia
2134
§75
1134
387a
1212
18
♦86
'
13*8
♦4
*91%
*21*4
*1614
75
13%
19%
5
2H2 *._.,_
*
"
68
17ia
86l2
9212
2214
88
6%
2034
57*4
16%
*44%
85%
9134
2134
*74%
•
45
85*8
•91*8
•2H2
•74*8
\ 12la
38*8
20
'
♦15"
*4414
'
13%
19%
7%
♦
58
80
♦79% 82
117% *.... 117%
161% 162%
101% 16234
86
*8334
*8384 86
87
8,600
106% 108%
107
108%
82
*79%
10634
106% 107
80
87%
13%
*
19
7
21
*86
103
27
Do
10
J'ne
12
pref
Minn St P & s S
MarieDo
preferred
Missouri Kan & Texas...
500
•82
108
106%
106% 10684
117%
161% 102
*83*4 86
4l2
•16"
A
♦
1314
193s
*4
20
•4
80
11712
160*8 162U
80
♦83*4
86!
863a
10%
93%
69%
"l~,306
33
10%
Z91%
69%
•2534
'mmmrrn
100
20%
53%
25%
•23
92%
69%
68%
1.180
& St Louis—
140
145
Nov
162
41
Nov 10
127
...
10%
*25% 26%
102% 103
10
NOV
Jan
8
Jan 13
10
141% J'ne 10
12014 J'nell
Nashville...
85%
2034
89%
117*8
Jan 16
10
10
_
Western....
Jan
0
Jan 21
395
Feb
Dec
Deo
J'ly
Dec
Deo
8% J an
2
16% Jan
2
32% Jan
6
49% Jan 3Q
11
J'ne
45
Vaiiey
Minneapolis
9
Jan
68%
15%
30%
99%
139%
134%
9
41
21% J'ne
56
J'nell
7
May
pref
Do
30
10%
91%
27
*25*4
102% 102%
105*4 106%
106% 106*4
86
*77%
106*8
79l2
11712
"16114 1623s
-
107"
106
*23
25
.
Manhattan Elevated
140
19%
53%
24%
54
24%
11%
91%
69%
91%
683s
*25% 26%
102% 10234
19%
*53
31
10%
•
......
City Southern...
2,300 Louisville &
40
•132
Do
.
15,800 Lehigh
12334 124%
140
19%
5334
25%
25
....
106*4 1073s
106
107i8
20
*25
91
10234 10234
142
""loo
12%
♦_
140
25i8
Do
pref
Lake Erie &
130
♦8
40
{125
53*8
Kansa
250
149% 151%
133
133%
130
*131
1912
800
8
128
55
58%
59
140
24%
•
24
lLinois. Central..
4,275 Inter boro-Metrcp v t ctf
Do
pref
8,900
1434
59«4
24*8
*56*1
*125
•25
■■j
14%
59
*132
1912
53*8
properties...
105
8
130
4
10
J'ly
20% J'ne
33% J'ne
28% J'ne
115% J'ne
26% J'ne
10234 Dec
123s J 'ne
HI
104
•125" 12712
203s
2,200
1,300
1st preferred
2d preferred
Jan
J'nell
Dec 19
Jan
j
94% J'ly
Aug
283
305
2
9
116% Jan
1
91
1
Jan 11
23
3,900 Great Northern pref....
Iron Ore
2,600
105
138
Deo
11134 Ool >
104% Fob 1
148% Aug
111% Apr.,
*101% Feb
80% Aug
7634 Jan
226% Mch
Jan 30
Jan
1778 Jan
171% Nov 19 {189
54
347# Aug 26
60
Oct 16
94*4
147% J'nell
167
38478 Dec 10 445
133$ J'nell
23%
pref
Do
Do
123% 125%
31% 32%
*0
148
Do
Ene
IR'ooo
123'4 124
31
31%
8
30
142
200
44
143S
68%
2334
145
2123
Denver & Rio
Grande...
Do pref
934
27%
42%
•8%
35
Duluth So Shore & Atlan
42
♦132
*1912
•63*8
525
200
103% Feb
188
J'ne 10
9684 Nov 10
131% Nov 10
pref
4
♦6
1234
43
20
Jan 10
80
23
Delaware & Hudson
Delaware Lack & West."
510
17%
4
♦8%
26%
Do
200
*
,
Highest
101% Jan
rl30% Deo
9234 May26
26634 Jan
9
362
Jan 13
5li8 J'ly 11
KMs J'ne 4
Chicago «fc North Western
Do
pref
Cleve Cin Chic & St L
770
27%
17%
•26
5%
27
*42%
J'nell
J'ne 10
Jan 0
Jan 29
Jan 9
Jan 22
88
J'nel8
J'ne 10
J'ly 9
275
pref trust ctfs.—
10,510 Chicago Milw & St PaulDo
175
pref
40
27%
♦4
90*8
77%
-8334
208i2
Do
511
170
'
19
27%
5%
934
*8%
*
8
*127
13
_
*165
*0
17
•1434
147% 14814
1301a 132
132
•128
170
40
,
59
\ 8
•8
'
390
27%
43%
♦34
34
35%
84%
123
123% 123% 123»4
31
31
31% 31%
102*4 104% *102% 104
14%
14%
♦14%
1434
59
6734
59%
59%
*23% 23*4
*23% 2334
{58% 58% ♦67
58%
35
•33*4
12314 12312
3112
3112
105
105ia
•14
14*8
5734
58i4
23*8
243s
31
3H2
10512 10578
§14%
14i8
58
57*8
•23ls 24
'■■i *
♦17
6l2
42
123*8 124
:7:
19
20*8
300
Lowest
106%
102%
133%
106%
J'nell
Chesapeake & Ohio.:
Chicago Gt West tr ctfs—
3,100
Highest
90i4 Nov 10
96
J'ly 9
Jersey.—
.
*60" 75
*61% 65
§149% 149%
151
151%
385
§385
390
*372
*149% 157
*8i2
2684
'
♦165
UXbthare lots
112
_
320
♦
*372
2714
♦200
65
♦60~
65
♦60%
4212
I 42%
285
40
390
♦4
♦79%
86%
213%
86%
214%
285
170
♦14978 157
26*8
6i2
934
*165
•
♦372
•17
29
*4
1
*79%
86%
212
91%
59
395
♦370
'
91%
803s
,'IJ
'
Range for Previous
, Year 1912. -
Railroads
.
1,800 Atlantic Coast Line RR.
4,950 Baltimore & Ouio..
Do
100
pref
3,300 Brooklyn Rapid Transit.
93,450 Canadian Pacific
•
125 Central of New
*27
40
62
149U 157
390
91
^
10,800 Atchison Topeka 9c S F
Do
932
pref—
—■
93%
98%
11534
92%
8O84
87%
216%
*115
♦11
174
*
40
92%
98%
117% 119
66%
5634
57%
58%
11%
♦10% 11%
11%
11%
28
28%
27%
27% 28
97*8
97
♦96*4 97%
98%
98%
99%
13234
131% 131% ♦131% 133% §133
133
124% {124% 124% 124% 124%
125% 125%
•
46
♦56
11%
28%
93is
98%
98%
119
91% 91%
80%
♦79% 80%
86%
86% 86%
218% 217*4 219
320
280
{280
,
65
92%
98%
119
91
•
•
92%
*93
118
91*4
*80*s
On Oasis of
Lowest
.
93
Range Slxte Jan. 1
Shares.
'
92*8
page
,
BALE
Wednesday
10
Dec
preceding
see
'•
•
STOCKS—HIGHEST AND LOWEST
41 rj
deo.
New York Stock Record—Concluded—Page 2
201913.}
inactive,
For record of sales during the week of stocks usually
second page preceding
see
Saturday
(
•
Dec.
16
Dec.
15
•100
♦95% 101%
*24%
26%
102% 103
112% *107
112%
26
102
115%
115
117%
24834
246
247%
102%
101*2 101*2 §101% 101% *101
*15
v 17%
*15
17*2
77%
*76*2 >77%
77%
•98*2 102*4
102U
102
•15
17
•15
17*2
*15
18
*15
Industrial & Misc (Con)
Amer Snuff pref (new)
7712
•76
77*2
*76
77*2
*76
121g
3388
12i8
*12
15
*12
15
*12
77%
15
34i8
30
31
Amer Steel Found (new).
1,500 American Sugar Ref.ning
Do
preferred
83", 599 Amer Telephone & Teleg
1,700 American Tobacco......
3384
34
34%
29
30
31
30
30
39
•36*2
39
*36*2
39
86%
•96%
36i2
•28
30"
2S*s
•63
697g
67*4
*36*2
34
3378
30
1,100 Assets
39
39
27%
•25*4
•163s
17
•163s
17
*100
*96%
5100% 100%
29%
29%
2934
30%
*28*4
30
•28*2
29*4
67*4
67%
6734
68%
6S%
*67*4
68%
*67*4
*120
125
*121% 122% ♦121% 123
124U 125
*25%
27%
*25%
27%
27*4
*25*4 27*4
*25*4
16% ..16%
16%
16%
1638
163S
*16*4
17
•4934
51
•48
52
•48
•92
93
•123
128
•25%
28*8
67*4
128
♦123
27*4
91*4
91*4
*48
•89
91
2414
•92U
3688
23*2
23*2
90*4
24*8
94
23«4
92%
92%
92*4
92U
36*2
367S
37
37*g
26
26
26*s
27*g
37U
•26
2734
1261a 127
83$
26%
94
94
*92
95
3634
36%
2734
127% 128
37*4
37
27
8%
8%
62*4
62*2
•62
64
62*8
93i2
♦93*4
95
•933s
95
9338
884
•16
17
15
157g
1534
•U
*10
14
♦11
15
11
11
•3U2
40
•31*2
38
♦31*2
38
*31*2
137
137l2
1534
13334 137*2
•3534
39
♦75
78
75*8
18
17
1758
39
*35
37
*35
75*8
•35
♦75
78
*75
17*2
77
7578
76
76
167g
76%
44
44
43
43
•100
141g
14*8
14*8
101
102l2 ♦100
•112
114
•101
102i2
1678
*
166*2
114
"•3*8
4
166"
4
•3*4
♦1334
15%
1334
*7
8
•33
35
*33
36
•14
5k
1678
♦14
17
•7812
80
*78*2
80
•100
109
13%
♦414
85
102
30
*35
18
78
4434
4434
14%
14%
100% 100%
*
*100
101
114
*
"*Va
4
*3%
15
1334
157g
*4%
•15*2
80
*78*2
6%
22
80
8%
•78*2
♦7*a
35
6
*5
1,000
300
■
*15
82
200
109
109
*100
109
*100
•79
83
*79
81
*79
81
*79
81
*97
102
*97
102
*97
102
*97
102
2634
*25
30
♦27
34
*27
34
*27
34
*93.
95
*93
95
*ipo
*20*2
109
♦100
•93
95
♦93
95
*93
95
*93
95
•210
220
♦211
220
*211
225
*210
220
♦110
112
♦108*4 112
111*2 111*2 ♦109
115
200
*27
32
*27
32
*27
32
*27
32
*27
♦95
105
*95
100
*95
102
*95
105
*95
105
86
86
♦84
•86
91
*86
91
*87
91
*87
91
•158
165
*158
*158
165
*158
165
*158
165
*153
165
165"
-|
*108% 110
*108% 110
*108*2 110 ~ *108*2 HO
♦64
*63
70
70
70
70
§65
65
*6334
*6334
*6334
69
101
•98
*97
101
*97102
•97
102
*97
•97
101
102*2
45
44
4412 45U
42%
44
44%
45*2
4438
45*4
44%
45*4
21
21
21
21 "
21
21U 2138 .♦21*4 2134
21%
21%
21*4
120
*117
*118
•118
120
121
120%
♦118
118
118
*11734 120
117
117
117
117
♦116% 119% *116% 119%
11678 11678
*116*4 118
•10
11
•10
11
10
10%
IO84
1034
*9%
934
*934
10%
♦108la 110
*108*2 110
.
•78
82
•4278
•102
82
*79
45
43
43
106
♦102
106
78
•14i«
♦56
61
*57
•651s
69
*6378
14i2
106
14*4
59
66
43%
43%
104
*102
14%
14%
14%
14%
14%
♦56
65
58
58
*56
65
66
59
69
104
*102
77
77
45
*427S
45
104
66
66
66
*647a
300
200
66
•22
23%
♦22*4
23*2
♦22U
2512
•22*4
25
*20*2
117
117
•18
20
•86
87i2
11534 116
20
23*2
86
25
*24*2
26
•92
98
♦92
85
150*2 150*2
24i4
•23
24
•91
97i2
♦91
97*2
17%
98
.
*2212
*22%
24
*22%
*91
97%
*91
97%
*91
lOOlNationai Biscuio
Ho
preferred
300 Nat Enamel'g & Stamp'g
200!
Ho
preferred
400 National Lead
I
Ho preferred
2,200 rfN evada Cons Cop Par $5
200:New York Air Brake
400
*76%
17%
20.
79
*14
16
*14
16
14
14
14
14
3is4
173
19%
172
172
•25
30
*25
30
33
37
34
*34
34%
*172
171*8 171*4 *171*4 174
*24
30
25
*25
25*4
•31ia
327g
62*4
18*2
*31*8
33
*31*8
*59
62*4
*59
62%
♦31%
*59
♦17*2 :
is*2
*16
17%
17
66*2
*65
67%
29
2S34
10978 110
♦65
♦60
•17ia
•65
3434
68
66*2
2834
29
♦28*a
•110ia
114
♦107
115
85
•80
85
'
*82
29
33
'"166
100
*17
*17
*65
67*2
*65
68
29
29
29
112
112
114
114
*82
85
82%
114
100
45
839
40*2
*39
45
♦39
45
■>
40
100
53
•53
55
♦53
55
*53
56
*53
55
§5412
•5412
'
100
54*2
100
100
100*8
55
100*8
55
100
55
55
100
100
»
.
55
56"
~6478
5534
"55%
2634
98
*95
10458 104%
47
4734
•93
•95
5434
40
120
♦53
55
100
55
92%
"55%
56%
467g
1047S 10478
46%
47%
47%
25
56%
25
25
25
♦90
98
98
95
95*4
60
605s
565s
60*8
5634
68*2
59%
60
5S%
59%
636s
-
64
62*4
64
62
62%
63
63
63
63%
•112
•'
98
116*2 *112
*8512
116*2 ♦112
87
♦86
87
•1121a 115
*112*2 113
♦86
Ask
Bid
Bank.
Ask
Bid
Ir
Corp (The)
prex erred
Do
Do
106% Oct 10
63
J'ne 9
97
J'ne 10
110
Jau
2
107
Dec
■L
102
297s J'ne
91
J'ne
J'ne
21
1,604
" Sep
4
100
Oct
4
29
104% Jan
Mch
6
71
Jan
49% Feb
4
195
83
7
8
Sep 15
9
397g J.„n
Jan
95
Jan
200
116% Jan 22
76% Jan
2
10734 Jan
69
Apr
88
Oot
105% Jan
78% Feb
2
105
Dec
112
Jan
4
6234 Apr
$23% Feb
Oct 14
Jai- 28
preferred
Realty A lmprov't
Do
1st
Do
preferred
First
273
285
300
175
200
145
280
Flatbush
Greenpolnt-.
National City
North Side 1.
People's
145
155
150
Coney Isl'd \
...
—
m
m
~
Bid
Trust Co's
Ask
Trust Co's
Homestead
\
80
310
100
Equitable Tr.
450
460
Farm L & Tr 1075
1125
425
100
120
Astor
140
Bankers'
Tr.
410
220
B'way Trust.
150
205
Columbla450
400
NY City
Knlokerboc
85
.
300
350
.
Deo
Deo
131
12% Feb
20
Oct
95%
68%
11078
$24%
Jan
Oct
NOV
Sep
85
Nov
124% Jan
9
J ne
6
19% Jan 30
74% Oct 21
92% Jan 30
56% Jan
2
88
Oct 20
J'ne
*22
Nov 18
104
J'nelO
8
J
51% Jan
105% Feb
$18% Jan
50
45
Jan
95
Jan
9
77
36
Jan
7
2834 Feb
7
96
118
Jan 21
6
165
Jan
2
35
J an
9
90% J'nelO
100
15
Jan 13
Jan
$16
J'nelO
22
17
J'nelO
28% Jan 31
J'ne 11
14
Nov 24
33
Dec 18
92% Sep 13
92% Jan
7
9934 Jan
4
213% Jan 2
45% J .n 28
40% Jan 31
66% Feb 4
9
l
1
1534 Deo
36
2
Feb
64% Nov 10
J'neio
J'ly 10
Novl4
36
Dec
110
J'ne
4% Jan
35% Dec
13
Feb
43
56% Jan 31
50
Jan
4984 Nov28
77
67
Jan
9% J'ne10
NOV 14
51
NOV 10
98
J'nelO
76% Jan
3
49% J'no 11
102% J'nelO
3953 J'nelO
22
93
J'ly
1
J'ntSO
56% Deo 15
51% J'nelu
107% J'ne 13
81% J'ne2U
109
J'ne 14
Jan
9
116
105-% J'ly
Jan
75
117
Sep
$67% Sep
$52% Jan
40% Deo
11478 Dec
71% Dec
Jau
57% Jan
122
8
Mch
86% Jan
891? Aug
128
Aug
117% Oot
11634 J'ly
66% Jan
11478 Jan
112% J'ly
93%J'ly
2
May
85% Mar
8034 Sep
58% Feb
107% Dec
115% Jan
112
86% J'ly
67% May
45% Feb
69% Apr 4
109% Apr 9
81% Jan
9
69% Jan
2
110% Jau 30
60% Jan
2
43% Jan
3
114
Jan
3
75% Jm
9
79% Jan
2
119% Jan 17
Aug
Aug
May
Sep
115% J'ne
114% Sep
17% May
67% May
22% May
6438,Oct
Jan
3
7S4 Jan
Oct
49%
98%
$47%
130%
$34% Feb
41'4 Jan
3
16% Jan 30
Deo
60
J'ly
90% J'ne
95
NOV
59% Sep
Jan
81
Nov
103% Oct
221
30
99% Jan
3
113
Jan 21
Oct
9338 Oct
39%, Jan
10% Jan
39% Jan
4
126
Aug 29
J'nelO
35
101
jan
53
Aug
4034 Sep
Aug
$24% Sep
105
Jan
140
93% Jan 13
78
175
1534 Feb
64% Feb
89% Deo
99% Dec
6
r26% J'nelO
89
Feb
Feb
106% Feb
158% Feb
27% Feb
98% Dec
72
15434 j ne 12
23
J'ly
8
87% Aug
Sep>
5538 Apr
122% Oct '
27% Aug
100-% Aug
40% Sep
103% Aug
120% Aug
1634 Mch
101% Jan
J'ne
38
Deo
103
an
22% J'ne 11
Deo
Feb
74% Jan
28% Dec
4
46
38% J'nelO
105
Deo 12
Sep
Feb
129% Sep 23
24% Jan
2
14% J'ne 11
73
J'neU
Bid
Ask
Bid
Trust Co'r
,
Fidelity
210
220
415
Fulton
270
155
Guaranty Tr.
515
130
138
N Y Life <fc Tr
t985
145
150
N Y Trust...
590
Lincoln Trust
120
•
•••
455
475
140
150
i
550
130
Title Gu & Tr
395
405
Franklin
360
Transatlantic
200
220
Hamilton
270
280
Union Trust.
335
370
Home
100
110
U S Mtg & Tr
405
415
king? County
530
United States 1030
Metropolitan
1050
Nassau
125
345
355
People's
145
155
Queens Co
Mutual Alli¬
Mut'l
Brooklyn Tr.
Citizens'
600
285
Ask 1
Brooklyn
Hudson
135
ance
Bid
Trust Co's
Ask
N Y CUy
CUy
Law T I & Tr
300
Mechanic^.
Montauk *f..
1000
435
Trust Co's
Manulact're.
Nassau
985
Empire
125
fclllsldeH
N Y
Central Trust
Commercial
155
114
122
26% Jan
4
Sep 18
130
4
TRUST COMPANIES—BANKERS' QUOTATIONS.
NY City
Brooklyn
Mch
90% Oct
$30% Sep
161
Apr
J'ne
4
Do
U S
J'ly
167
J'ne 11
31
Oct
Oct
Sep
Jatt
225
Oct
118
Aug
47% J'ly
105% NOV
92% Oct
215% Oct
118
Aug
J'ne 10
90
104
__
Dec
Oct
J'ne 13
8
116
100
Jan
.
8912
105%
55%
10S34
105
1
Brooklyn
102% Oct
Jan
10J
Jan
Aug 4
J'ly 18
J'ne 10
Nov 13
20% J'nelO
43
Dec
6
116% Jan 23
18% NOV20
preferred..
Mch
102%
I5tv8
105%
36%
6
235
J'ne 11
104
preferred
Ujnion Bag & Paper
,
84% Apr
95% Oct
52% May
preferred
1,640 United States Rubber...
116
*112
116
116% *112
87%
87%
88
87*4
87*4
*110% 113
♦110% 113
*110*4 113
Banks
Spring....
preferred
preferred..
Do
2d preferred
;
*60%, 92%
56% ' 5778 247,750 United States Steel.,
Do preferred
3,875
1047g 105%
10,975 dUtah Copper__.Par $10
47%
48%
1,400 Virginia-Carolina Chem
2634
2684
Do
300
96
98
preferred
160
60%
5,350 Western * Umon Teleg..
5,750 Wjsti;.g--ouse El & Mfg
63l2
64%
Do
1st pref Trcd
*112
116
88
90
"7,700 Woolworth (F W)
100%
*110*4 113
BANKS AND
:
•
55%
55
100
Dec
149
Company...
Railway Steel
U S Cast Iron Pipe & Fdy
§40
54
100
100
104% 10434
104% 10434
47%
47-%
24l2 24*2
10484 10484
47ia 48
2688
27*2
25
*621a
5534
56"
,
Dec
90
18% J'nelO
1
Pub Serv Corp of N J...
Do
45
*39
53
preferred
preferred
700 Texas Company (The)..
100 U iderwood Typewriter
.
•39
i
63
3
81% Jan 14
2,200 ^Tennessee Cop..Par $25
85
108
,•10684 IO934 •10538 10934 *10634 10984 *10634 IO934 *10634 10934 §108
*5
6
*5
5
6
5
5%
*4%
5*2
*434
*4*a
5*2
•25
•25
80
28
28
*26%
28
*26% 28
♦26*2
*26% 29
11
11
11
*9%
11
*9%
♦9*a
*9% ii
*9*2
*9%
11
34
9
Feb
31% Jan 22
300 Studebaker
114
4
Dec
Jan
9
Do
2978
*S1
82%
12
70
J'ne 10
Ho
Mch
1934 May
6278 May
94
J'ne
__
778 Mch
26
9
Dec
16
Mail
Mch
4
15% J'ly
9% Jan
x4578 Jan
60
300 Sloss-Sheffield Steel &
Standard Milling:...
68
29%
17
North American Co (new)
...
18
17
J'ne 10
J'ne 4
Oct . 9
Oct 15
Dec 8
1578 Dec 16
2%
12%
6%
32%
4%
19
2
7
30
30
9
,
7
110% Sep
114% Sep
4% Jan
19%Jan
12% Jan
48% Jan
18% Jan
95% J'nelu
May 12
111
6
2,330 Republic Iron & Steel...
Do
650
prei erred
450 Rumely Co (M)
Do
preferred
935
500 Sears, Roebuck & Co....
62%
3
Oct
8
'"400 diiay Cons CopperPar$10
33%
*59
116
2
Do
26
*31%
*59
111% Sep 15
Mayl2
7
9
Oct
570 Pullman
34
33%
62%
1734
*31%
J'nelu
53 % J an
20% Jan
Jan
Do
174
26
26
32*2
62%
•29
85
*82
34
174
33%
96
111
.05% Jan
82% Jan
200 Pressed steel Car:
16
♦14
17*2
2,700
80
17%
19%
78*4
17%
•34ia 38
17U2 171*2
?
19%
19%
78*4
16
•14
-
17%
19%
19%
78*4
173s
Nov29
Nov 29
J'ly 11
Dec 4
20
86%
17%
19%
578*4
17*2
15%
73%
40%
13%
8134 Sep 30
68
Jan
2
8
108
18
79
17%
19%
78*2
May
6
People's G L & O (Chic).
400'Pittsburgh Coal
98.
19*8
17*2
2
70
Aug 18
J'ly 16
Pacific Telep & Teleg.
26
♦76*4
1758
2
Jan
J nelO
Pacific
108
Jan
40
13
650
*105
44
187
Mayl6
56
___
400,
*92
1984
ctfs
1,800
*24
80*8
•18*4
'80
co
22
98
Mchx9
1st
300^
151
150% §151
23%
23% 23%
*91
97%
97%
*149
24
preferred
Loose-Wiles Bis tr
2,000'dMiami Copper___Par $5
2378
108
«
2134 Jan
2
18
Jan 22
_
106% J'ly 22
Do
117
25%
.
"
*91
Liggett & Myers Tobacco
85
86
*24%
105% 105*2 *105
150% *149
106%
150
150
\*S3
25
...
18
18
18
85
*24%
*92
1
106% *104*2 100l2 *105
•lSOh 15H2
i *221a
*84
26
98
I 85
♦25
98
18
116%
100% Jan 16
80
22
237g
22
22
116
Pump...
preferred
Kayser & Co (J ulius)
Do
1st preferred
Kresge Co (S S)
117
23%
23%
24
25
116% 116%
*18
18%
116%
85
25
1
*20*2
18
•18
*92li
•105
*2234
24
116
Do
Dec 19
934 J'nelO
Dec 17
89
preferred
84
Do
2d preferred
100
Lorillard Co (P)
rl50
103
Do
preferred
65
60 May Department Stores.
Do
97%
preferred
4I84
6,500 Mexican Petroleum
'
•22U
preferred
Do
66%
14%
14%
61
*427g
*102
79
*77..
79
*75
44
*42?8
*102
143s
14*4
78
Do
Paper.....
preferred:
Lackawanna Steel.
Laclede Gas (St L) com..
32
105*
pref stk tr ctfs
Do
212% 215
217% 217%
115
110% 110% *109
•95
•277«
Do
200 Internat Steam
22
*78%
...
preferred
Internat Harvester Corp.
Do
preferred
Int Mer Mar.ne stk tr cts
800 International
6%
16%
82
16%
xjo
Do
4
1334
8%
79% Jan 31
25
;
2,600
1,000 dGuggenh E.xplor Par $25
a Insp'n Con
Cop Par 120
1,0.50
950 internat Harvester of N J
miM
47% Jan
41% Feb
12934 J'nelO
General Electric
'
16% Feb
.....
pref v t ctfs
3,000 Goodrich Co (B F)
Do
preferred
300
95% Oct
101% Deo
333s Sep
80
Feb
100% Oct
$25
J an
850% Nov
23% Feb
4334 Sep
135% Dec
I4y% Aug
10
Jan
22% Oct
75
Dec
89% Oct
99% Dec
100% Deo
20
Dec
36% Aug
2184 Sep
11% Feb
37% Jan
5234 Sep
155
J an
188% J'ly
30
Feb
42% Sep
70% May
82% Sep
81
60% Dec
Sep
105
Dec
109% Sep
$47
Dec ?S62% J'nv
$16% Dec
$21% Oct
99% Dec
14238 Jan
17% Jan 31
33
preferred
Sep
Aug.
40% Apr
72% Oct
Deo
84
97% Mch
11
80
49% Dec
-
Oct
515$ Oct
119
Nov
28
66% Feb
86
Jan 30
30% J'ne 10
...
Feb
Feb
Feb
Mch
May
127% Oct
6034 Aug
108% J'ne-
Dec
10234
2734
56%
137%
125% J'nelO
738 J'ne 10
92
pref.
100 Gen Motors vot tr ctfs
35%
8%
35
*5
"moo
114
*13%
*32
Do
49
103% Feb
30% Feb
24% J'ne 10
$48
105% Feb
61% J'nelO
preferred
420 Deere & Co
114
101
•loo'
*
8
5
18
77%
77%
43%
77%
Do.
4,483 Distillers' Securities Corp
100 Federal Mining <St Smelt'g
3G34
77%
114
35
5
82
*99
•25
77%
17%
100*2
81
•99
36
*
137
136
135%
43*2
4
1334
400
38
8
8*2
35
1578
*78*2
109
*100
♦80
*32%
*33
*7*2
*33
514
38
*76
114
"♦3%
8
•4U
*
4
1334
8
18
77
114
1334
135s
1734
13
77%
17*2
100*2 100%
100*2
114
17
*9
$5
1,670 Consolidated Gas (N Y)_
2,550 Corn Products Refining.
92
17%
36
43*2
1
114
♦
92
10,200 dCtuno Copper. _ .Par
1,100 Colorado Fuel & Iron
64
15
1434
143g
14% *14%
100*2 100*2 *100% 101
1414
100*8
14*4
100
♦
101
*
114
"*3%
114
167g
*62
92%
135
3634
76*2
3734
Feb
$34
Jan
137% Jan
Feb
31
J'nelO
*31%
-78
*43
288
94% Mch
4188 May
41 % J an
74
Aug
J'nelO
9384
25% Jan
41% Jan
7
26%
31
53% Jan
105% J'ne
J'ly 23
17
Nov
Deo
120
62% J ne 10
120
Oct 17
25
Mch27
Aug
18
79
32% Jan
Dec 15
16
Jan
Feb
Jan
23% Sep
Sep
307s J'ne 10
...
Jan
Aug
82
117s Nov 14
45
t ctfs.
preferred
443g Oct
133% May
124
Sep
149% Mch
324% J'ly
106% Jan
115%
13758
241%
101%
106% Jan
May 7
11,700 Central Leather
Do
405
preferred.
*10
38
13434 1357g
133*4 134%
45
76%
•43
14
15*2
63
92%
1634
933g
16
17
*62
v
116% Jan
140
Jan
74
105
Jan
113% Deo
29434 Jan
90% Dec 16
2734
2734
127% 128
§9
9
9
834
884
62%
Du
Dec
J'ne
Feb
26
Jan
110
Highest
99
Jan
200
""206 Case(JI)ThreshMpftr cfs
36%
*26
27
128
Previous
Lowest
40% Feb
118
luu'4 J'ne20
25
J'nelO
i
pre* erred
Do
""340 California Petrol
105
36% Dec 13
_
preferred
200 Brooklyn Union Gas....
Butterick Co
5034
J'ne
9978 Dec
110% J'ne
*92
"25%
*127
Do
J'ne
25
91
*89%
2578
8%
931*
20
Locomotive...
1,100 Bethlehem Steel
900
100
26
91
24%
6312
♦62
*
61
*
24*g
126*2 127
9
838
126*2 126*2
*48
52
90*4
Realization
250 ii aid win
....
52
for
Year 1912
Highest
Lowest
29
3434
30
34
§39
*96*2
*96*2
new
Woolen.
Do
39
*12%
34%
100-share lots
0/
J'lyll
14% Dec 3
preferred..
108 Amer Writing Paper pref
3,260 aAnaconda Cop Par $25
15
3334
2934
34*4
29
1
Amer:can
""166
basis
96
2934
*12
15
Preferred,
624
18
•75i2
•'
On
Shares.
101%
•985s 101*2
102
19
Range
EXCHANGE
■
*98
102
♦98%
*98*2 102
26
*24%
*24%
26
•2434
102
103
101*2 101*2
101*2 102% *101
113
*110 ;
•107
112*2 *106
112*2 •106
112l2 •107
113%
110
113% 1153s
1146s 116
11478
11034 113*4
248
248
248
245
243 I 246
•240
246
243
*9888 10U2
*24% 26
101i2 10112
Friday
Dec.
18
Dec.
1
Range Since Jan.
STOCKS
NEW YORK STOCK
Week
PRICES.
Thursday
Wednesday
Dec. 17
Tuesday
Monday
Dee. 13
SALE
LOWEST
AND
Sales of
the
STOCKS—HIGHEST
145
(West-
......
135
285
295
90
100
520
theater)...
130
140
Washington
.
Westchester
-
....
..
•
I."
:
a
and asked prices; no sales on this day.
| Le33 than 100 shares,
t Ex-rlghts.
a Ex-dlv. & rights,
b Naw stock,
d Quoted dollars
gteok Exchange or at auction this week. « Ex-stock dividend.
Y Banks marked with a paragraph (tf) are State banks, a Ex-dlvldend.
i
• Bid
p»
share,
t Sale *1
I-
1808
New York Stock
Jan. 1 1909 the
n.
Week Ending Dec.
rT
Price
stock1 exchange
y.
Dec.
2s consol register ed_.dl 930
Q-J
U S 2s
consolcoupon__._.dl930 Q-J
U S 3s registered
#1918 Q-F
U S 3s coupon
98
High
102% i03"
102% 103
110% lllia 11112 Dec '13
111
111
112
11134
96«4
95l2J'ly '13
99U ldd'14 99
Oct '13
.1925 Q-F
1925 Q-F
10-30-yr 2s#1936 Q-F
U S Panama Canal 3s
g_._196l Q-M
Low
High
594%
595%
101»4
101*4
109%
101%
101%
No.
«94% Oct '13
98
Sep '13
10214 Nov'13
10238
10238
97
#1918 Q-F
U S 4s registered
U S 4s coupon
U S Pan Canal
As* Lore
97
n.
Since
Jan. 1
....
"6
103%
961*
8734
87
70
1954 J-D
t These
are
100
88
v
83
the b asis
on
89%
Registered...j
84
89%
87% 95%
74% 87%
of $5 to £
88
7334 Dec '13
rices
903*
99% 102%
94% 97%
9412 Oct '13
8ffla
86%
7312
92
75%
87i2
Nov'13
80
99%
8358
82%
88i8
100
_
Gold 4s Of 1904
95
85
961*
32$ % Corporate
100
9934100
100i8
J03
Sale
IOII2 102
10234 103
101% 102
144
90i4
13
9638
10
96
lOlU
103l8
IOII4
6
104
103
953s 10034
9958 105%
9034 97&g
90% 9734
9134 9734
9978 105%
45
10384
102%. Sale 10278
9512 96i8 96i8
95% 96i8 961*
9512 96i8 9638
4% Corporate stock
..1959 M-N
4% Corporate stock
1958 M-N
4% Corporate stock
1957 M-N
New 4Hs__
1957M-N
New 4Hs___
1917 M-N
4M% Corporate stock...1957 M-N
4M% assessment bonds__1917M-N
43
100
100
3
100
stock...1954 M-N
84
Sale
State—4s
....1961 M-S
Canal Improvement 4s
1961 J-J
Canal Improvement
4s...1902 J-J
07
Sale
97
98
4
97
03
Sale
9938
9712
99%
8
Canal
07Ja Sale
*8714
Improvement4s
1900 J-J
South Carolina 4
Ms 20-40..1933 J-J
Virginia funded debt 2-3s__1991 J-J
6s deferred Brown Bros
ctfs
.
,
....
mSS
mmm
62
Sale"
8384
80*4
21
7
9934 Nov'13
103% J'ly '10
8li2 Sep '13
52
-52%
Registered
42
g
70
Registered
1995 A-O
Adjustment gold 4s_.___/il935 Nov
Registered
hi 9 95 Nov
Stamped
Conv 4s issue
ftl995
of 1909
83
Mch'13
831*
83i2
9912 May'13
9238
93
83
88
9S34
99l2
9978
9834 j'ly '13
91
91
91
00?2 Sale
F-A
87"
"no"
93 ■■■
8 Fe Pres & Ph 1st
g 5S..1942 M-S
Chic & St Louis 1st 6s___1915
M-S
Atl Coast L 1st gold 4s___hl952
103
'109
103
9412
Dec'13
9o"l2
90
103
107
10
87
95%
98
Oct '06
95
Deo *13
::::
102"%
95
Aug'12
Sale
8534
8534
92%
Sav F & W 1st gold
6st_..1934 A-O
Li*
37
103%
>.1925
Registers
20-yr conv 4^s
Pitts June 1st gold 6s
1930
....
OOU Sale
00£4
Safe
89i2
....
BCPt Sale
....
1922 J-J
112
P Junc& M Div 1st
g 3 ^sl925 M-N
PLE& W VaSysref4s..1941
M-N
Southw Div 1st gold 3
J^s.1925 J-J
Cent Ohio R 1st c g 4
Hs__1930 M-S
CI Lor & W con 1st
g 5s_.1033 A-O
Monon River 1st gu
g 5s..1919 F-A
Ohio River RR lstg 5S...1936 J-D
General gold 5s
1937 A-O
Pitts Clev & Tol 1st
g 6s..1922 A-O
Pitts & West 1st g 4s
1917 J- J
Statlsl Ry 1st gug
4^8—1943 J-D
Bolivia Ry 1st 5s...
1927 J-J
Buffalo R & P gen g 5s
1937 M-S
Consol 4 Ks
1957 M-N
All & West 1st g 4s
gu
1998 A-O
CI & Mnh 1st gu
g 5s
.1943 J-J
Roch & Pitts 1st gold 6s..1921
83%
8412
8712
——
102" ""
9912
88
'219
S9is
51%
88%
84%
83%
87
89%
90%
90%
,82%
87
86%
Apr 13
100
101
103
Nov'13
103
106%
102
98%
....
105
102" 103%
Nov'13
9858 Oct '13
9858
985S
97
nr.
91
May'13
91
J'ne'12
"96% "97
81
1061s 106
108
106
103
103
107% 110%
108% 1117s
103
106%
....
104
Sale 103
i03i;::::
1945 M-N
....
102
....
....1945 M-N
103
Oct
Oct
,104
100*4 Jan '11
1105gMch 13
no"
105
93
Oct
107
Dec
J-D
S234
10H2
J-J
J-J
Mobile Div 1st g 5s
1946 J-J
Cen RR & B of Ga col
g 5s. 1937 M-N
Cent of N J gen!l gold 5s___ 1987
J-J
Registered
hl987 Q-J
Am Dock &
Imp gu 5s_..1921 J-J
Leh & Hud R gen
gu g 5S.1920 J-J
N Y & Long Br
gen g 4s_Il941 M-S
Cent Vermont 1st gu g 4s__el920
Q-F
90
....
101i8
101i8
.
98
100
90
107% Jan 12
102% Sep '13
10934 May 11
9934 Dec '13
11312 114
114
113
113
103
IO284 105
IOOI4 ...^ 100
90
..
80
83
90
"98" 102%
113
Nov'13
J'ne'13
100% Jan '13
82
Dec'13
100% 100%
Bk City 1st con 5s__1916-1941
J-J
Bk q Co & S con gu
g 5s__1941 M-N
Bklyn QCo&S 1st 5s...1941
Bklyn Un El 1st g 4-5s
" ~
Stamped guar 4-5s
Kings County El 1st g 4S.1949
Stamped guar 4s
1949
Nassau Elec guar g >ld 4s_1951
Chicago Rwys 1st 5s
..1927
Conn Ry &
Llst&ref5g 4^s'51
Stamped guar 4Mb
1951
Det United 1st cons g 4J^s_1932
Ft Smith Lt & Tr 1st g 5s
Grand Rapids Ry lstg 5s
•
J-J
69%
99%
87% Sale
857s
96% 96% 96%
100
998;
96%
20
100
98
Apr '13
May'13
9984
9934
9934
9934
83
82% Nov'13
80% 8278 83
Nov'13
77
73
Dec'13
96% Sale 96%
96%
10178 J'ne'12
95% J'ne'13
6734 Sale 67%
•
68%
6
90
F-A
J-J
m
-
-
98
O tN-
M
1
%
93
I
98
98
101
98% 101%
98% 10134
81% 82%
81% 86
73
35
78
96
98%
"95%
M
84
99% 103%
84% 92%
96% 96%
99% 102%
101
99*4 Saic
99S4 Sale
J-J
1936 M-S
1916 J-D
117
101
mm
F-A
F-A
J-J
25
87%
97%
....
F-A
J-J
9934
..
F-A
104%
99% 103
10238 104%
*"3
101% 105%
103
....
87%
....
87%
88%
100*4 NOV '13
106
5s
on
110%
110
110
101% 102%
104%
10738 109%
99% 100
101
102%105%
92%
91%
96
78%
85%
84
80%
8484 Jan '13
84%
06
92%
106
'13
98%
106
105% 105%
104% Nov'13
104
105
102
Oct '13
102
102
99% 100% 102
Nov'13
101
Dec '12
98
....
100%
9978 103
101% Dec '13
10078 Aug'13
lie"" III
Io034
117
...
117
90% Sep *09
111
111
...
90%
107
88%
104
106
91
84
106% 108%
103% 106%
Oct '13
83%
83% Sale
94
J'ly'11
106% Nov'13
104% Nov'13
106%
104
104
Nov'13
115
121%
107% 112%
104
107%
114% 114%
111
113%
90% Dec '13
91
....
107%
10078 1007.
J'ne'13
108% 109% 108%
108%
103*4 107% 104
Sep '13
110%
114% Feb '13
104
8434
104%
82%
94%
"70%
89"
Dec'12
71
Sale
70
71%
71
75
75
Dec '13
97
Sep '11
mi "92%
50% Sale
a-o
94
100% 101
....
1918 m-n
m-s
a-o
106%
85
19
100% _fc..
106
10634
J'ne'13
110 ,J'ne 13
110%
101% 102% 101% Dec '13
102%
102%
102%
107%
107% Sep '13
9934
9978
9978
100% Aug'12
102% 102% 102%
102%
91%
92% Oct '13
90
92% 92% Oct '13
80
85
72
4834
5Q%
50
1
48%
66%
50
64%
85
453
50
87%
10834
85
J'ly '13
102
101%
99
90
9434 j'ne '1,1
Deo '13
102
105% Sep '11
....
j-d
1930 m-S
"9*6" IIII
99% May'13
9978 100%
106
106
106
Dec'13
91
98
75
79
Jan '13
91
"90" "95"
Nov'13
75
89
116
120% 11738 Nov'13
89% Dec '12
100" Safe 99%
100
11578 Nov '13
11534
11534
129% May 09
106
Nov'13
106% 108
105
83
98" 102%
115% 120%
106" 109%
Dec '13
83
105%
114% 12078
Dec '13
l05_ 107%
82%
89%
93%
Next Page.
Street Railway
99
1st refund conv gold 4s
2002 J-J
6-year secured notes 5s___1918 J-J
106%
100
2002 m-N
2002 m-n
Chic& West Ind
geng 6s._fll932 q-m
Consol 50-year 4s
1952 j-j
MISCELLANEOUS BONDS—Continued
Street Railway
Brooklyn Rapid Tran g 5s_*v-*u A-O
100
'37
102%
Oh St p & Minn 1st
g 6s..1918 m-N
North Wisconsin 1st 6s...1930
j-j
St p & s City 1st
g 6s.__.1919 ArO
Superior Short l 1st 5sg0l93OM-s
100
82
82
101
100% Sale 100%
102% Sep '13
102%
103%
103% Nov '13
102%
102%
102%
104%
Debenture
10134 105%
100
" ~917|
9478
j-j
Consol gold 5s
1952 m-N
Keok& Des Moines 1st 5s.1923
a-o
St Paul &
KCShLlst4^s'41 f-A
Chic St p m & o con 6s...1930
j-d
Cons 6s reduced to
3^s..l930 j-d
99%
112% 11938
112% H8%
Dec '13
86
Sep '13
Registered
11
90
"2
105% Dec
i Ark & Louis 1st
4^s_1934
bur c r & n—1st
g 5s... 1934
c r 1 f & n w 1st
gu5s_1921
m is St l 1st gu g 7s
.1927
Choc Okla & g
geng 5s
ol919
11
Feb '13
88%
10034
J'ne'13
106
1932 j-j
1914 m-N
98%
79
"93" "94"
Coll trust Series l 4s
p 4s
109
97
J'ne'11
105%
5s
99% 100%
89% 99
5
""1
79
86
106%
Chic r i & Pac rr 4s
106% 106%
85% Oct '11
_
79
80
1879-1929 A-O
...1879-1929 A-O
6s
20-year debenture
Nov '11
Dec
....
94
Winona & St p 1st ext 7s_l9l6 j-d
Oiiicago Rock Isl& Pac 6s_1517 j-j
Registered
1917 j-j
General gold 4s
1988 j-j
Registered
.1988 j-j
Refunding gold 4s
1934 a-o
110%
102
102
1045s
IO6I4 Mch'13
Deo *11
103
.u
104*4
9634
9634
J'ly '08
108U10914 IO734 Oct '13
109
1095s
109%
panada Sou cons gu A 5s_1982 A-O
v"
Registered
1962 A-O
Central of Ga 1st gold
5s__pl945 F-A
110%
103
lOOU 103% Apr '13
9534 Mch'13
....
wv; :::
11
9978
90%
98% Feb '13
80
Mich Div 1st gold 6s___1924
j-j
Mil Spar &n w 1st
gu 4s.l947 m-s
Northw Union 1st 7s
g.._l»17m-s
11312 Feb '12
95
Dec
9978
90%
92
Sale
Sinking fund
F7
97%
Jan '12
83
1886-1926 F-a
Registered
!rJ%"
97%
10214 J'ne 12
102
1922 J-D
1st pref income g 5s
pl945
2d pref income
g 5s
pi945
2d pref income g 5s
stamped
3d pref income
g 5s.._.pl945
3d pref-income g 5s
stamped.
Chatt Div pur mon g 4s__1951
Mac & Nor Div 1st
g 5s__194G
Mid Ga & Atl Div 5s
1947
88
100
F-A
Consol gold 5s
23
""60
104
"99% io"o"f8
90%
102% 105%
11
J'ly 12
90% Aug 12
91
....
70
77%
116% 125
86
5s
1879-1929ia-0
Registered
1879-1529 a-o
Debenture 5s
1921 a-o
Registered
1921 a-o
Sinking fund deb -5s
1933 m-n
Registered
...1933 m-n
Frem Elk & Mo v 1st
6s._19'33 a-c
ManG b & n w
lst3Hs 1941 j-j
Milw & s l 1st
gu 3hs...1941 j-j
Mil l s & West 1st
g 6s__1921 m-s
Ext &
imp. s f gold 5s_.1929 f-a
Ashland Div 1st g 6s___i925 m-s
j
84% Nov'13
80
►
1
9058
8914 J'ly '13
9034
911*
92
Oct '13
90i8
90%
95% Apr
108
loo" 105%
2
Registered
..1886-1926 F^A
General gold 2Mb
1987 M-n
Registered
pl987 Q-F
General 4s
......1987 M-n
Oct '12
97
9014
Q-J
h!948iA-'O
hi9.',8 Q-J
Il920
96
23
87%
80%
17
Apr '12
J'ne'13
6734
99%
75%
Havana Elec consol g 5s
1952
nterboro-Metrop coil 4 Mb. 1956
lnterboro Rapid Transit—
lst& refunding 5s
1966
ManhatRy (NY) consg4s_109O
Stamped tax-exempt
1990
Metropolitan Street Ry—
liway & 7th Av 1st c g 58.1943
Col & 9th Av 1st gu g 5s__1993
Lex Av & P F 1st gu
g 5s.1993
Met W 8 Ei (Chic) 1st g 4s_1938
Milw Elec Ry & Ltcons g 5sl926
Montreal
Tramways 1st
&
98% Sale
98%
86
88
87
88%
88
.
98%
87
178
71
98
81%
64
98
98%
5
Dec '13
86%
95
8734
95%
-»
100% 101
97
97
100
98%
80
10078
10078
98% Nov 13
98% Dec *13
93% J'ly 06
100% 102% 102
94
100
103%
99
97% 101
98%
Oct '13
91
156*4 102"
Apr '13
102
Nov'12
91
91
ref
30-year 5s Ser A
1941
Wew on Ry & Lt gen
4^8.1935
98"
93% NOV'13
7378
74%
Refunding & exten 4Hs__1931
Minneap St 1st cons g 5s
1919
.
"98"
94
743s Sale
06
68
97
Nov'13
97
97
80
807s
8534 Feb *13
85
85%
J.
No price
Friday; latest
this week,
d Due April,
96%
80
1,19
106% 108%
9734 98
70%
winning fund
123i8 J'ne '12
110% May'll.
.
01
J-J
Registered
62
1919
5s___.1921
j-J
j-J
J-j
j-J
J-j
J -j
J-j
j-D
ex
4Mb ...1934
4Hs...
1934 j-D
Clue & Nor West cons
7s__1915 Q f
Extension
.
1st gold 5s
-...1934 A-O
Sll Sp Oca & G
gu g 4s...1918 J-J
Dalt & Ohio prior
3j^s__. 1825
Gold 4s...
87
1921 J-J
8934
68
11738
102% Oct '13
....
97
08%
107
J'iy"i3
70
101
1989 J-J
gu
4s
.88
105%
70%
102
j-D
J-j
Mo Riv Div 5s.._1926 J-J
P W lstg 5s
1921 j-J
PugetSd 1st
Wis Vail Div
Mil & No cons
1st extended
106*4
i2n2
4s......ol952lM-N
g 5s_
g
1st 6s
95
104
10212 ""
Sup Div
La Crosse & D
1st 5s
Wis & Minn Div
101% 103%
90%
_e
48.1949
Grt Sou gold
5s...1916
Dubuque Div 1st s f 6s__.1920
Far & Sou assum
g 6s
1924
85% 92
94% 100%
IOH.1 Nov'13
90
93%
L
93
117% Sale 11738
*8s% 'eo*% 88%
100% Sale 100%
Gen 4Mb Ser C
1959fJ-D
4s
Registered
87
94l2
9412
Ala Mid 1st gu
gold 5s.._f928iM-N
Bruns & W 1st gu gold 4s_1938!
J- J
Charles & Sav 1st gold 7s.l936 J- J
J
L & N coll gold
Consol 1st g 6s
Dec '13
70
93
"97%
98
*89
Chic &
Chic &
Chic &
CM&
Dak &
92
93i2
87
101l8
M-S
hl952M-3
'
IIIIi02
"9884
93
101% 103%
96% 99%
90%
90%
68®4
6834
108% Dec *13
Dec'13
97% 96
95
106% Jan '13
96
97*4 Feb '13
....
8534
"92"
J'ne'13
98
63%
100
81%
90% Sale
67% 68%
107
1937 M-n
Convertible 4Ms (wh issued)
99% 100
92% 10534
1Q358
98
105%
9834 99%
93U
93
'
98
102% 101% Nov'13
9634,
9634
9634
94*4 Sale
94%
9434
96% Sep '12
«1989 Q-J
Gen'l gold
3,^s Ser B_._el969 J-J
Registered
;
el989 J-J
86
84
Safe
"sT% "9334
gold 4s Series A_._el989 J-J
88%
86
50
•60
Registered
98
Dec '13
03i2 sale
64
102
*97" IIII
88
"60% 68"
98®4
9834
81*4
81%
86% Aug 12
92
92%
81«4
93%
88
10
53
....
101%
84 84
84%
86
61
25-year deben 4s___..___1934 J-J
Convertible 4^s
.1.1932 j-D
9158
83
85i2
03
Oct
61
53
987g
81%
1942 f-A
ChicLS&Eastlst4^s.._1969
ChicMil&StPtermigSs 1914
Gen'l
Q8%
91% Dec '13
83%
60
"96%
'13
j an
87
"61" Safe"
gold 5s
1947 J-j
4s Series C....1917 J -j
Louisv 1st gu 4s
1956 j-J
Chic Ind & Sou
50-year 4s_. 1956 J-j
797«
92
81
86
1955 J-D
4s Series L...1914
9214
85
33
M-Nj
70
70i4 Dec '13
92
9158
-
....
East Okla Div 1st
g 4s...1928 M-S
Short Line 1st 4s
gold_^-1958 J-J
Cal-Ariz 1st & ref
4^s___19G2 M-S
Registered
50-year unified
Sale
.
Conv gold 4s
...1955 J-D
Conv 4s (issueof
1910)
1960 J-D
10-year gold 5s .._..___.1917 J-D
Debentures
71
02
M995 Q-J
4s_1995 A-O
13
Oct 12
Dec *13
95
Refunding
Refunding
69
""21
78
e Due
May.
g
D^e Juasc
a
Das July,
s Duo Aaa.
0 Due Oct.
v Due
Nov.
g
Due Deo.
.
90% 101
99% 99%
77% 92%
85% 85%
Nov'13
Mch'13
85
.
Railroad.
Ann Arbor 1stFe gen
g 4s_,
tch Top & S
*88"
....
Chiclnd& Louisv—Ref 6s. 1947 J-j
10134
7734
88%
96%
8434
86%
"97% 100"%
86%
91
85% Feb
86%
ind C Ry 1st 5s__.1936 j-J
Chic Great West 1st 4s
1959 M-S
§f% "81%
38
Sale
j-D
Registered
86
101%
99
f-A
..1958 m-S
Pur money 1st coal
5s
97% 101*4
9738 101%
N Y
102% 103
"if
9038
See Great North
General4s
105%
10134
3
110
99% Mch'13
Chic & E 111 ref &
imp 4s g_1955 J-j
1st consol gold 6s
1934 A-O
General consol 1st 5s
1937 M-n
102
7
lOlU
103'8
101i2
845S
102
78
Registered
1927 m-N
Southwestern Div 4s__.._1921 M-S
Joint bonds.
95
103
9038 Sale
...1949 J-j
Illinois
1
4
88
Div 4s
■
1949 j-j
Registered
1949 J-j
Iowa Div sink fund
5s___1919 A-O
Sinking fund 4s
..1919 A-O
Nebraska Extension 4s.._1927 m-N
P*ty Securities.
N Y City—4 3^8.
i960 m-S
4Mb temp rects (w i) ..._1963
103
High
9854
10534
Dec '13
m-S
j-D
J-j
Potts Creek Br 1st 4s
1946 J-J
R & A Div
1st con g 4s...1989 j-J
2d consol gold 4s
.1989 j-J
Greenbrier Ry 1st gu g 4S.1940 M-n
Chic & Alton RR ref
g 3s_.1949 A-O
Railway 1st lien 3Ks
1950 J-J
Chic B & Q Denver
Div 4S.1922 f-A
Illinois Div 3J^s
1949 j-j
Foreign Government.
Argentine—Internal 5s of 1909. M-S t 95
9618
Chinese (Hukuang) By 5s £
J-D X 88
91
imperial Japanese Government
Sterling loan 4Ma
1925 F-A X 87% Sale
2d Series
4J^s
1925 J-J I 5L Sale
Sterling loan 4s____
1931 J-J X 78%
Republic of Cuba 5s exten debt. M-S U00
sale
External loan 4Hs
1949 F-A X
9312
Tokyo City loan of 1912 5s
M-S t__
8634
U S of Mexico s f
g 5s of
1899 Q- J I 82
8712
102
Low
No
High
98*4 Sale 9834
105% 104%
,1992 m-S
...
95% 100%
Since
Jan. 1
104
Registered
1992
Convertible 4Mb
1930
Big Sandy 1st 4s_____„__1944
Coal River
Ry 1st gu 4s._1945
Craig Valley 1st g 5s
1940
Range
or
Ask Low
Bia
1939 m-N
...
Range
Last Sale
Dec. 19
Nft,
1939 m-N
Registered
General gold 4Mb
103%
Week's
Friday
19.
1st consol gold 5s
103*4
99
Price
stock1 Exchange
y.
Week Ending Dec.
Chesapeake & Ohio—
Gen funding &
impt 5s.__1929 J-J
114%
114%
109
all—"and interest"—except for income and defaulted bonds.
are now
Range
Range or
Last Sale
19
Bid
changed, and prices
was
Week's
Friday
19.
U. S. Government.
0
U S
Exchange—Bond Record, Friday, Weekly and Yearly
Exchange method, of quoting bonds
*
Option i&l*
\
'
a*
Price
Week's
Friday
Range or
BONDS
y. STOCK
EXCHANGE
Week Ending Dec. 19
n,
Ask Low
1937 j-j
Cin H & D 2d gold 4Hs
1st & refunding 4s
97
1920 M-N
All936 Q-F
£1936
1923
C I St L & C consol 6s
gold 4s
Registered
1st
Cin S & Cl
con
1st g 5s
CCC&l consol 7s
1914 j-D
:
90
Income 4s
1990 Apr
Col Mid and 1st g 4s.____.1947 j-j
Trust Co. certfs. of deposit.-Colorado & Sou 1st g 4s
1929 f-A
Refund & exi4Ms
1935 M-N
v
Ft W & Den C 1stg 6s.__1921 j-d
Conn & Pas Rivs 1st g 4s__194'3 a-0
Cuba RR 1st 50-yr 5s g
1952 j-j
Del Morris &Western—
el Lack &
Essex Ist7s_19l4
1st conso. guar 7s
Registered.
1st ref gug 3 J-^s
N Y Lack & W 1st 6s
M-N
1915 J-D
*—.1915 J-D
2000 J-D
J-J
1921
1923 F-A
Construction 5s
Term & Improve 4s
1923 M-N
Warren 1st ref gu g 3 >4s-.2000 F-A
Del & Hud 1st Pa Div 7s...1917 M-S
Registered
1917 M-S
«•
.....1943 M-N
1st & ref 4s
Alb & Sus
.
.
.1916 J-D
1922 J-J
10-yrconv deb 4s_
1st lien equip g 4Ms
1946 A-0
1921 M-N
3 Ms
conv
Reus & Saratoga 1st 7s
Denv & R Gr 1st con g 4s._1936 J-J
Consol gold 4 Ms
1936 J-J
Improvement gold 5s.
1928 J-D
1st &
1955 F-A
refunding 5s_
II" loo"
89
88*4
79
84
83
Oct
82* *85
82
82
So Shore & At
Du
g
101
" IIII
91
"81 " "82~ "
10478 IO5I4
90
90
102
82i4
81
Dec '13
79
89
30
35
J'ly '13
35
49«4
10
25
27
Nov'13
26
10
25
26
J'ly '13
25
36I4
26i2
Purchased lines 3Ms
L N O & Tex gold 4s_
89
9478
91
Sale
103
104
91
91*2
Dec'13
103
100
ioos8
1005s 103lg
10314
103
105l2
Nov'13
103
103
103
84
io8i4
9412
108
May'10
100&8 101*2 1003#
10314 10358 103I4
IIII "88
9014
102
84
84
108
105*8 104
104
102l2 106lg
94
94
94
44>8
•
11138
94
97
10218 Feb '03
ios'ii IIII
108
Nov'13
107*2 11058
107
149
Aug '01
9712
"9534 "98"
97
97*2
97
99
101
99i»
99i8
94
9484 Sale
9434
83ij 85
8358
835s
114U 116
12H2 May* 12
96«4 101*8
933a
99*s
83
8884
8234
90i2
837i
68
Sale
81
Dec *13
80V2 "89"d
93
Nov'13
90
957s
9034 Oct '13
80
85
99
68
17
69
67
8414
Dec '12
109
Mch '08
85
78
8514
67l|
671*
7978 Dec '13
671*
81
67i2
M-N
110
Sep '04
84
J'ne'13
9784
99ij
100*8 103
.,
88
82
82i8
96
9534
998«
Sep '13
104U Mch '13
" IIII
99U
10414 104l4
Nov'13
100
A-O
*98
84»
82ia Oct *13
..
100
99U Dec '13
103
100
10612 Mch '03
104
Feb '11
110
99is 103«s
Aug'12
M-S
iml io'f
100
9714
10034 10134 102
Oct *13
100
10014
Oct '13
101
10318
J-D
100
Jan '12
IIII
109
83U
82
Aug'13
82*8
82
84
Aug'13
M-S
M-S
10814
J-J
82
J-J
J-J
7H8 Sale
.
7078
109"" 109""
15
F-A
88
72
Sale
71*2
71
Sale
6978
102
Chic & Erie 1st gold 5s
1982 M-N
Clev & Mahon Vai g 5s__1938 J-J
Long Dock consol g 6s
1935 A-O
88*s
IO934 104
"
98
103l2 Aug
*98i2
90
74
1921 J-J
A-0
1923- a-o
1930 a-0
"CHorida E Coast 1st 4^s_.1959 j-D
•U
ortSt U DCoIstg4j^s_l941 j-j
Ft W & Rio Gr 1st g 4s
1928 j-j
Registered
h
I
1st & refunding 4 ^sser
Registered
...
1921
A1961
1961
1st Consol
j-j
5:3
Street
'13
96" ioii2
"81 " "87"
10738 Feb '13
10738 108
108
-106
104
99
....
9212
106
104
9378 Sale
9?78 Sale
9814
118*2
115
...
101
99
110
9878 101l2
Dec '13
9634
Aug'10
9358
9838
9378
210
9378
3
98*2
15
"76"d
93
96i4
9278
96
9634 1005g
73
Sale
55
Sale
97
9312
118
Oct '13
98*4
124i2
11712 Aug'13
117l2 11914
Nov'13
9934 104l2
Y 1st guar g
May'99
J'ly '13
70
7512 Mch'12
77
....
j-j
77i2 Sep "'13
1011s Oct '99
78
NOV'13
"76"I2 IIII
"75 " IIII
j-j
j-j
F-a
"851! "90
F-a
8712
11713 May'lO
94i2 J 'ly 12
IIII "87""
m-S
102U Aug'13
Feb'11
1045s 114
j-D
j-D
j-D
j-D
104*2
♦74*2
90
Oct '09
j-d
"83**4
9212
Au"g"'i2
j-d
-
mm
m
m
-
-
-
"87" "95**2 98* J'ly"
^
mm
Gold guar
5s_
"50
102i2 Nov'13
Dec '13
8734 88
5078 5078 Dec '13
....
03*2
105
9078 Sep '13
68i2 Dec '13
68l2
70
95i8
Sale
95
95iS
93
91
91I4
101*8 102
Nov'13
100
Aug'13
63
7234
54*8
101
73
55
Jan '13
95
Mch'13
98
95
Portland Gen Eiec 1st 5s_1935 j-j
St Jos Ry, L, H & P 1st g 5s 1937 M-n
City Cab cons g 5s_1937 j-j
105
St Paul
1960 j-j
A-0
j-j
41
284
79
72*2
60*8
5178
101
General gold
Gold 5s
a-0
j-j
1948
80*4 Sale
93
....
95
80*4
No price Friday; latest bid and asked this
77*2
92*2 .96
857s 93*2
Dec '13
'OS
84
week,
Oct
71
Union Elev (Chic) 1st g 5s_1945 A-O
United Rys Inv 1st lien coll
trust 5a Pitts issue
1926 M-N
J'ne'13
a
Due Jan.
IOOI4
—
10414 J'ne'12
lOOUDcc '13
100
....
IOOI4 Sep '13
10712
II"
107b Dec '13
96
*...
91
103141111
104
102
105
...
84~ " III!
M-s
a-O
a-0
«100*38 III!
997a
88i2
M-S
j-D
,...
...
85
90
85
j-D
*92
88i2
Nov'13
Nov'13
95
Nov'13
95
Jan
'11
11014 Nov *06
100
98
103
...
100
J an
13
104
89
Aor '13
89
.-
Nov'13
llli2114i4 nils Nov'13
10534 Dec '13
10534
92
92i8
9212 NOV'13
NOV'13
10234 10412 104
1083s
10838
108
92is
92
1931
1919 j-d
1931 M-n
1930 j-j
..1930 j-j
Oct '13
90
"91
--
10434 May'12
98
120U Mch'13
111
Dec *13
11334 H6
91
1946 f-A
J'ne'13
105*2 Mch'13
.1920 M
1921 M-S
.1980 IV!
87
Jan
105
...
Nov'13
8734 Nov'13
91
86
'13
111
...
10434
985s 103i2
L& N & M & M
t
69^8 Sep 12
8634 Dec '13
58
85
Istg4^isl945 M-s
joint 4s
1952 jRegistered
61952
N Fla& S 1st gu g 5s_
1937
N & C Bdge gen gug4Hs 1945 jPens & Atl 1st gu g 6s_.
1921 F.
S & N Ala con gu g 5s
1936 F-
108*4 Nov'13
106i2 109
105
on
92
96
9914 Oct '06
M-S
M-n
4s
Mch *13
9614 Mch'12
...
1955 M-N
gu g
107
...
8634
Atl Knox Sc. Nor 1st g 5s..1946 j
Mender Bdge 1st s f g 6s
1931 M-s
Kentucky Cent gold 4s
1987 j-
Bdge Co
10U2 Feb '10
9978 Nov'13
....
89
Y94U j-j
1940 j-j
Atl Knox & Cin Div 4s
J'ne'12
j-D
1930 j-D
1937 rtrl-N
Pensacola Div gold 6s
St Louis Div 1st gold 6s
Oct '13
"
*10012
5s_ly35 A-O
1»27 M-s
5s_ol932 q-j
5s
1927 M-s
gold 4 Ms
93
Nov'13
Q-J
q-j
'v T
g
N O & M 1st gold 6s
N O & M 2d gold 6s
Nov'13
llli8 Dec '11
99*2 Oct *13
.83
10284
111-
Sep '13
95
86
Feb '05
103*4 Nov'13
97*2 Oc+ '13
9714
108*2
108i2 109l2 108*2
-
104
107
..
8734
8314
1945 m-
Nov'13
91*4 Men *12
Next Page.
Railway
United Rys St L 1st g 4s
St Louis Transit gu 5s
fr
1934 j-j
1924 A-O
1
m,
1
—
mm
69
o
1
1
-
-
—
-
52
Sale
90
s
94*2
Nov'13
69
Sep '13
52
523s
9434N0VT2
Gas and Electric Light
825s
63*2 79
102*1 10734
95
99*2
94
100
"00
Oct
96
10312 103*2
8578 Dec '13
85
99
f 4s_.1927 a-0
Va Ry & Pow 1st & ref 5s._1934 j-j
N OV '08
80
con
6s.
United RRs San
101
103*2 Feb '13
74
7434
743g sale
106*2
106*2 Sale 10558
Nov'13
95*8 96
90
1949 M-S
1949 M-S
Guar ref gold 4s
08
May'13
92
89*2
'
102
4s—.1945 M-s
*
NoV'13
95
1933 j-j
1945
1914
..1914
Long Isld 1st cons gold 5s_/il931
1st consol gold 4s
;
/41931
General gold 4s
1938
Ferry goi{i 4Ms
1922
Gold 4s___
—*...1932
Unified gold 4s__;
1949
Debenture gold 5s_
.1934
Registered
BONDS—Continued
~
j-j
L & N-South M
96
96
J'ne'13
94l2 Oct '13
101
Leh& N
L & Jeff
A-O
Income 6s
Aug *12
80
70'a
F-a
5s.1«33 j-j
1933 J-J
1st int reduced to 4s
2d gold 3s
6 312
6312 Nov'13
935s
Leh Val Coal Co 1st gug
Street
ol960
1937
Tri-City Ry <fe Lt 1st s f 5s_l923
Underground of London—
4*^s
1933
May*13
83
Registered
——'—1940 J-J
Lehigh Vail (Pa) cons g 4s_2003 m-N
Leh V TerRy lstgu g5s...1941 A-O
Registered
1941 A-O
Paducah& Mem div 4s
90
10834 J'ne'09
99
Portland Ry lst& ref 5s.__1930 M-n
Portland Ry Lt & Pow 1st
& ref conv s f 5s
1942 f-a
Adj inc 5s
81
123
4Ms-1940
Collateral trust gold 5s
E li & Nash 1st g 6s
J'ne'12
119
100
104" '
104
92
69r
Leh Vail N Y 1st gu g
Railway
Third Ave 1st ref 4s
9434 jan '11
947s J'ly '12
7518 Nov'12
F-a
.1959 j-D
an City Sou 1st gold 3s
1950 a-0
K' Registered
1950 a-0
Ref & inapt 5s
Apr 1950 J-J
Kansas City Term 1st 4s... I960 J-J
T ake Erie & W 1st g 58—1937 J-J
2d gold 5s
1941 J-J
North Ohio 1st gu g 5s
1945 A-O
Registered
NOV'11
90
•
nil "9914
Third Ave Ry 1st g 5s
90i2 Dec '13
...
75
15
Nov '13
78
...
67
Nov'13
95*4 Sep '12
89
89i2
95l2
Jamestown Franklin &
Clearfield 1st 4s
L Cin & Lex
9958 Dec '13
95
66
,92*2
94
May'12
108
1st R E & ref 4s 1942 j-j
•
lnt& Great Nor 1st g 63
Iowa Central 1st gold 5s
'
...
85
1931 M-s
_1950 j-j
1919 M-n
1938 j-d
1951 m-S
St L Sou 1st gu g 4s
la lstg 4s
Ind III &
Unified gold 4s_
llli2 May 12
92i2 Sale
1933 j-j
al942
89
Louisiana & Ark 1st g
Louisville & Nashville-—
MISCELLANEOUS
30-year adj inc 5s
,.1951
Registered
idois 102""
12
9 6*2 Oct
96
gold 6s
Registered
Reduced to gold 4Hs_1933 j-j
Registered
1933 j-j
N Y Rys
..
121*2124";
80
1933 j-j
1933 j-j
St Paul M & Man 4s.
Chic St L & N O g 5s
' J'ly" 09
90
84
76i2
N Y & R B lstg 5s—
Nor Sh B 1st con g gu
108
Mt Vernon 1st gold 6s
Sull Co Branch 1st g 5s
Great Northern— 4s_1.1921
CB&Q coll trust
lstg4s——1932
1951
Registered
1951
Gold 3Ms
.1951
Registered
.1951
Memph Div 1st g 4s
1951
Carb & Shaw
80
~89 " ~8978
j-j
j-j
j-j
'11
93i2 May'09
....
94
1923 j-D
Bellev & Car 1st 6s
N Y B & M B 1st
IOUI4 Dec '06
81
Aug'13
1940 A-O
1942 J-D
6s...1926 J-J
>..1942
*81*2
M-n
J-d
...
Registered
105l4 111
1017S 10078 Nov'13
9 514
82*4
65
77ig
10334 104
71
Nov'13
.
101
[1940 F-A
1943 M-N
Wilk & Ea 1st gu g 5s
66
72
Dec '12
107i2 106
cur gu
F-A
76
~85H "00~"
103i2 1047s 10678 Nov'13
May'12
10114 10912 109
12U2
121i2 Sale 121l2
N Y Sus & W 1st ref 5s.1937 J-J
87
84
667s
Apr '12
88*4
88*4
A-0
6s._1922 M-N
Dock & Imp 1st ext 5s
1943 J-J
N Y & Green L gu g 5s_._1946 M-N
8178
84
71*2
...1953 A-0
Buff N Y & Erie 1st 7s___1916 J-D
6s
Sep
84i80ct *13
88i2 Feb '13
*66*2
j-j
j-j
El C & N 1st pref 6s.
77
J-J
Series B
cons
1951
Registered
A-O
general gold 5s
Mar'13
100
....
gold 5s
.1920
gold 4s
...1928
N Y L E & W lstgfd 7S..1920
Erie 1st con g 4s prior
1996
Registered
1996
1st consol gen lien g 4s
1996
Registered
1996
Penn cod tr g 4s
1951
50-year conv 4s A
1953
1st
100
—
Jan *08
ext
Evans & T II 1st
*81*2
j-j
Registered.
1951
Spring Div 1st g 3^3—_.1951
Registered
1951
Western lines lstg 4s
1951
Registered
1951
Refunding gold 4s
61*2 Apr '11
ext
con gu g
"95 " "96*2
j-j
j-j
j-j
M-n
Gold 3 Ms
84
108*4
108*4
5tii
Mid of N J 1st ext 5s
j-j
1952
;1953
Registered
1953
Cairo Bridge gold 4s
1950
Litchfield Div 1st g 3s
1951
Louisv Div& Term g 3
1953
Registered
1953
Middle Div reg 5s
1921
Omaha Div 1st g 3s
1951
St Louis Div & term g 3s_1951
Registered
*.1951
Apr '13
9218 Apr '13
100i4 Deo '12
1955 M-n
80
"ns
92
"82"
1951 m-S
1952 a-0
1952 a-0
25
13
Oct
100*2 Sep '08
96
95
j-j
A-O
Registered
8934
qq
.
1st ref 4s___
8934 Sale
90
88*2
j-j
—1951 a-o
1951 a-o
..1951 M-S
ColJ trust gold 4s
"94" J'ly"'08
"94 '
"97 " io"o"
j-j
4s_1951
1951
—..1951
1951
;
104*12 J'n*e"l3
j-j
1999
.1999
1948
gold
Registered
120" 120"
" Mch"'"l3
4th
Ev & Ind 1st
1 llinois Central 1st
1
105i2 May'13
10534
1955 F-a
1937 j-j
Registered
1st gold 3s sterling
Registered
iof" 103""
1937
...
Extended 1st g 3Ms
IO-9V4 115" "
2dgold4Hs—
General gold 5s
Terminal 1st gold 5s
Registered
Registered
103
10U2 J'ne'll
101
Dec'13
Coal & RR 1st
Ms
Col& Tol 1st ext 4s
1st gold 3 Ms
U0l8 11034 1 IPs Dec '13
~
H
13614 May'06
i0"5*"2
j-D
53-61952
g 4
cons
9258 Mch'll
97
Sep '12
U414 Sep 12
118*2 Dec'13
j-j
61952
~ock Val 1st
IOOI4 10P2
IOH4 Oct '13
120
9414
90
M-N
do
j-j
Hous Belt & Term 1st 5s
M-S
2d ext gold 5s
3d ext gold 4Ms
118
—1937
5s—.1938
Will & S F 1st gold
Gulf & SI 1st ref &tg
—
1920
1947
...1919
1923
Mrie 1st consol gold 7s
N Y & Erie 1st extg 4s
j-j
Col& H V 1st extg 4s.
Oct '13
102
10034
97
5s..l94l M-N
g
89b
83
Mch'13
A-0
....1916 J-J
5s
1937 J-J
f?lgin Jol & East 1st
*-1937
1937
Registered
90
8914
Sep *13
90
83
1937
923s
'07
Apr '12
102'4 10434 10478 Oct '13
90
Dec'13
94i2 90
...,
84
6s
87l2
91
J-D
2d
923g
"90
Dec '13
91
Gold 4s
1995 J-D
Det Riv Tun-Ter Tun 4 ^s_ 1961 M-N
Dul Missabe & Nor gen 5s_1941 J-J
Dut & Iron Range 1st 5s
1937 A-D
Registered
85
89U Feb '18
85l2
"79"" ~7978
A-0
'9*6*
j-j
1940
1948
1922
1937 j-j
Registered
15
No.
J'ne'll
98
108*2
4s
1st guar gold 5s
Mch'13
81
1940 J-J
1939 J-J
Mtge&col trust4s A
1949
Utah Cent 1st gu g 4s.al917
Des Moi Un Ry 1st g 5s
1917
Det & Mack 1st lien g 4s._.1995
85*2
90*2
j-j
"86~«4 ~803l
Sep '13
90
89*2
87*2
8634
II
High
93i2 Nov'13
a-o
£
E Minn Nor Div 1st g
12
85
IIII "77"I2
Rio Gr West 1st g 4s
ext guar 4s
Ask Low
Bid
94*2
Minn Union 1st g 6s
Mont C 1st gu g 6s;
107*2Dec '02
IIII "85"
Last Sate
90*2
Registered
Rio Gr June 1st gu g 5s-_.1939 J-D
Rio Gf So 1st gold 4s
1940 J-J
Guaranteed
Pacific
8684 Feb *13
Ind B
i
(Continued)—
Mont ext 1st gold 4s_.—1937 j-D
Registered
1937 j-D
St P M & M
Mch'll
103' Dec"
Consol sinking fund 7s..1914 j-D
General consol gold 6s._1934 j-j
Registered
1934 j-j
& W 1st pref 4s_^_1940 a-0
O Ind & W 1st pref 5s
_dl938 q-j
Peo& East 1st con 4s..iJ. 1940 a-0
High
"97" idois
Oct '13
88
1 1st gu g 5s
»
Low
"8614 J'nV'12
guaranteed 4s
Cin D &
No,
Week?*
Range or
EXCHANGE
STOCK
Week Ending Dec. 19
Jan. 1
10034 Oct '12
...
1959 j-j
1959 j-j
1941 M-N
C Find & Ft W lstgu 4s g_1923 M-n
Cin 1 & W 1st gu g 4s
1953 j-j
j-j
Day & Mich lstcons4 J^s-1931
Ind Dee& W 1st g 5s
1935 j-j
>
1st guar gold 5s
1935 j-j
Cleve Cin C & St L gen 4s._1993 j-D
20-yr deb 4 Ms
1931 j-j
Cairo Div 1st gold 4s__„..1939 j-j
Cin W & M Div 1st g 4s
1991 j-j
St JL Divlst coll tr g 4s
1990 M-n
Registered
1990 M-n
Spr& Col Div lstg4s
;1940 M-S
W W Val Div 1st g 4s
1940 j-j
1st
90*2
Y.
N.
Since
II
High
Price
Friday
Dec. 19
BONDS
Range
Last Sale
Dec. 19
Bid
1809
Record—Continued—Page 2
New York Bond
1913.)
DEC. 20
71
0 Du®
Feb.
83
Atlanta G L Co. 1st g 5s_
1947 j-D
Bklyn U Gas 1st con g 5s_.1945 m-N
Buffalo Gas 1st g 5s
1947 a-o
1932 j-j
1923 j-j
1918 f-a
90
Gas & Elec Berg Co c g 5s._li)49 j-D
Gr Rap G L Co 1st g 5s
1915 f-a
Hudson Co Gas 1st g 5s
1949 m-N
102*2
100
98
Columbus Gas 1st g 5s
Detroit City Gas g 5s
Det Gas Co.
m
Kan
City (Mo) Gas 1st
J Due April,
ft Due July,
g
5s 1922 a-0
ft Due Aug.
m.
~
54
9834N0V'13
95&s Sep '08
1003a 100*8
—
*
mm
J'nc'13
....
98*2
1st g 5s
Det Edison 1st coll tr 5s—.1933 j-j
Eq G L N Y 1st con g 5s
1932 m-S
con
m
102*2
102*4 Dec '13
102*4 103
mm— —
100*8
106*2 Oct 12
Feb'13
100
101
100
Oct '09
1 no».
99*2 100*2
f
"
94
0 Due Oct,
t Option
sal®.
25
"I
!
1810
New York Bond
[VOL. XOVH.
Record—Continued—Page 3
rfc
Si-Si
BONDS
■
H.
Price
If
"ft.
Friday
Range or
1-2
Since
Dec. 19
Last Sals
bq<8
Jan. 1
Week's
Range
Ask Low
Bid
A/ranila RR—Sou lines4s.l936 M-N
JYJ-ex Internat 1st con g 4s 1977 M-S
Stamped guaranteed
.1977 M-S
Minn & St L 1st gold 7s__
1927 J-D
Pacific Ext 1st gold 6s__
1921 A-O
1st consol go.d 5s........1934 M-N
1st and refund gold 4s
1949 M-S
pes M & Ft D lstgu 4s..l935 J-J
MStP&SSMcong4sintgu 1938 J-J
1st Chic Term Is f 4s
..1941 M-N
M S S & A lstg 4sintgu.l926 J-J
Mississippi Central 1st 5s.. 1949 J-J
Mo Kan & Tex Istgold4s..l990 J-D
2d gold 4s
.01990 F-A
1st ext gold 5s_......... 1944 M-N
lst& refund 4s_.
....2004 M-S
Gen sinking fund 4 Hs-—1036 ^
fit Louis Div 1st ref g 4s__2001 A-O
77
88
No
60
89
Nov'10
64
50
69
88
89
60
96
96"
_86%
93ift Mch'll
8684
87%
737ft
737ft
73ii
Sale
7378
81
71
70
9984
821ft
1927 J-D
6sl923 J-J
1st 6s...1917 J-J
Jasper Branch 1st
g
McM M W4 Al
T & P Branch 1st 6s
.
1917
J-J.
NatRysofMexprlien4Hsl957 J-J
Guaranteed general 4s...1977 A-O
NatofMex prior Iien 4Hs-^926 J"i.
j
1st consol 4s
1951 A-O
N O Mob & Chic 1st ref 5s_1960 J-J
;
N04N E prior lien
pl9l5
9984
82
98
J-J
g 6s
Registered
......1997
*. Debenture gold 4s.......1934
Registered...
1934
Lake Shore coll g 3 J^s....1993
Registered
.......1993
Mich Cent coll gold 3 Ms. 1998
A
Registered
1998
Beech Creek 1st gu g 4s_.1936
\
Registered.
1936
.V2d guar gold 5s
1936
V
Registered
1936
\ Beech Cr Ext 1st g 3 J^s.&1951
__
v
_
,
...
J-J
J-J
M-N
M-N
F-A
F-A
F-A
F-A
J-J
95
631*
78
72
86
70
46
48
102
100
84
J-J
A-O
....
77
84
90
93
Moh & Mai 1st gu g 4s...1991 M-S
guar 1st 4s
.1986 F-A
Registered
•___.1986
Y& Harlem g3Hs_.
2000
Registered
2000
Y & Northern lstg 5s_.1927
Y& Pu 1st cons gug 48.1993
Tor& Mont 1st gug 5s...1916
?ine Creek reg guar 6s
1932
it W & O con 1st ext 5s_.M922
OsweA R 2d gu g 5s
el915
v R W & O T R lstgu g 5s..1918
Rutland lstcong4&s
1941
7 Og& LCham lstgu 4sg 1948
Rut-Canad lstgu g4s_.1949
fitLawr& Adir lstg 5s...1996
V
2d gold 6s
1996
F-A
M-N
M-N
A-O
A-O
A-O
J-D
72is
72
721ft
.
'
.
102«4
'
Registered
1940
JL&S 1st gold 3Ms—.1951
1st gold 3 Ms
1952
20-year debenture 4s
1929
N YChic& StLlstg4s_.1937
Registered
......1937
"
;
J-J
M-S
Q-M
Debenture 4s
J-J
M-S
M-N
A-O
A-O
A-O
...1931 M-N
West Shore 1st 4s guar...2361 J-J
Registered
2361 J-J
N Y Cent Lines eq tr4Ms 1^22 J-J
98
98
May'11
90
983ft
...
85
983ft
985ft
102
" Oct"'13
102
92
Oct *13
92
92
991s
104% Oct '13
987«
987ft
104
90
80
97ia
Apr "13
Sep '13
92
102
J'ne TO
Series
84
108
Sep '12
11912 Mch'12
94
96
86
951*
95I2
867ft
95i2 Sep '13
86
86%
861*
85
831*
88i2
88
881ft Sale
.
83l2
89
833ft
88i2
8878 Sale
881ft
88
881*
93
881ft
10184
1001s
J'ne'06
90
85
82
01
901*
90
90«4
'
86l2
811*
80
931*
81l2
051ft
9434
971ft jan *13
85«4 Dec *13
III I "90"
903ft
NOV *13
811*
951* Sale
89%
9414
J'ne'08
82
....
99i2
97l2
89
971*
831*
23
9
Dec'13
90
89
A-O
M-S
J-J
Q-F
Ref and ext lstg 5s
1984 A-O
Milwaukee Gas L 1st 4s_.,1927 M-N
Newark Con Gas g 5s.
1948 J-D
N YG ELH & Pg5s
1048
Purchase money g 4s
1949
Ed El 111 1st cons g 5s
1995
NY&QE1L& P 1st con g 5s 1930
N Y & Rich Gas 1st g 5s...1921
Pacific G<fc KlCoCaIG& E
Corp unifying & ref 5s
1937
Dec *13
Sale 100
100
•
••
1
981ft
971*
9778
7
88%
90%
88% Dec *13
rnmm
101
107
M-N
....
903ft
lAtaat bid and asked.
«
907ft
92
95
98 "
♦86
94
Jan '12
J'ne'12
811* Deo *13
....
111
Oct '13
86
Doc'13
98
87'
98
95
DOC '13
97
...
101
4
Mch *12
99
Dec'13
971*
.
97U
Deo'13
....
97h Sale
97
"98ift IIII
983ft
95
1001ft
»
•
.
9914
01
94% Mch '19
102% J'ly '12
Due Jan.
5 Due Feb.
3
8
f 4s'37 J-J
26
...
—
16
...
on
NOV'13
102
IIII
Jan '03
101% May'12
IIII
1008ft 100% Deo '18
IQB4 101; Nov'13
84% Sep '13
833ft 0ct *13
"84"
97% Nov'13
901ft
83
90U
84% J'ly *13
84% NOV'13
92% NOV'13
845ft
833ft
9i7g
92% Feb '13
Jan '05
101% Nov'13
110
1011ft
lOHft
*
853ft
....
1093ft J'ly '09
91% Feb '12
....
84
♦
833*
90% Oct '12
84%
84%
833ft
867ft Sep *13
90% J'ly '12
95%
951ft 100
95%
109
May'10
102% J'ne'12
102
102% Nov *12
95% Sep '13
981ft
....
98U
1003ft Oct '13
100% Nov'13
106
"9l"lft "93"
92
92
90
Apr *13
95% Jan '13
...
•
105
..
....
J'ne '11
94% Oct '13
88ift....
97% Jan 13
100
J'ne'13
106
IIII ~95
Feb '13
93% Jan '11
54
Jan '13
45
Sep '13
98
40
Oct '12
1001* Sale 100%
100%
89
Sale
89
89
89
Sale
89
89
IIII*65" 65" Au"g~'i3
Apr *13
Nov'll
93
J'ly'13
9234
112
98%
Dec '13
Doc *13
52%
90
101% 102%
100% 103%
Philadelphia Co
conv 5s
1919 F-A
Conv deben g 5s...
..1922 M-N
Stan Gas & El conv ■ f 6s_.1926 J-D
81% 86%
106% 108%
99%101%
Syracuse Lighting 1st g 5s..1951 J-D
Syracuse L & P 5s
...1954 J-J
Trenton G & E 1st g 5J....1949 M-S
907*
96
Union Elec L & P 1st g
Ref & ext 5s..
94%
94%
Utica El L & P 1st g 5s
Utica Gas & E ref 5s..
5S-.1932 M-S
.1933 M-N
1950 J-J
..1957 J-J
Due May.
g
Due June,
i Due July.
0 Due Oot.
—
m
Dec '13
70%
Mch *11
101
100% 101
m
Dec "13
100
m
Mch'12
99
m
Oct '13
93
98
•mm,
Nov'13
99
-
Aug'13
Sep '13
-
97
95
......
....
96% Dec *13
94% Nov'13
....
93%
97
100
101
Dec '11
85% J'ne'12
80%
101
100
Feb '01
97
93%
J'ne'13
94
mmrnm
Nov'13
101
m'mmm
m
m
~
102% 104
p Due Nor.
-
100% bee" 11
1013ft Dec *13
s
15
Deo '13
987ft Nov'13
Sep *13
99%
m
'"B
Nov'13
.
110
260
Dec"! 3
Next Page.
J-D
s
70
Sep *12
99% J'ly *13
....
Oh G-L & Oke 1st gu g 5s_1937
Con G Co of Oh lstgu g5sl936 J-D
ind Nat Gas & Oil 30-yr 5s '36 M-N
Mu Fuel Gas 1st gu g 6a__1947 M-N
991ft 102%
97% 102
88%
r.
7" 9
100
871ft
9714
93
DOC *13
110.
104
99
....
92% J'ly '09
J-J
A-O
M-N
A-O
F-A
con g 6s
1943 A-O
Refunding gold 5s......1947 M-S
Registered
1947
114
"88% "88%
12
977ft
M-N
F-A
M-N
J-J
J-J
Peo Gas & C 1st
101% 10434
...
977ft
F-A
Passaic G & E 5s____1949 M-S
_JEJf9 prise FridjLF!
102
97%
PacPow& Ltlst& ref20-yr
5s Internat Series
....1930 F-A
Pat r
103
109%111
109%
109%
Dec '12
124% 122
871*
88% Apr *13
100
1003ft Oct '13
....
100i2 J'ly '11
..
101%
101%
1013ft Sale 101%
1013,,
813ft 81%
816ft
109
106% Apr *13
101
99
101
Oct *13
J-D
s
Gas and Electric Light
100
107
85
....
....
,
Purchase money 6s
...1997
Convertible deb 6s
1922
Ed E1 111 Bkn 1st con g 4s.l939
Lac Gas L of St L 1st g 5s.el919
1153» Aug'11
1003*
....
MISCELLANEOUS BONDS—Continued
Gas and Electric Light
Kings Co El L & P g 5s
1987 A-O
Apr '13
108
1940 A-O 100
113%
....1943 J-J ♦105
90%
91U sale
p eading Co gen g 4s
1997 J-J
G
92
Registered
1997 J-J
IIII "9l"i2 92%
Jersey Cent coll g 4s
1951 A-O
Atlan City gu 4s s
1951 J-J
75%
Ct Jo&Gr Isi lstg4s
"751J 77
..1947 J-J
^ t Louis & San
Franeiscpr—
General gold 6s.;
....1931 J-J
1081ft IO9I4 108
General gold 5s
998ft
;
..1931 J-J
993ft
73
3t L & S F RR cons g 4S..1996 J -J
73i2
62%
Gen 15-20-yr 5s
52i2
..1927 M-N
♦
52
Tr Co certfs of deposit.
62
^
93
Southw Div 1st g 5s
923ft
1047 A-O
70
70
Sale
Refunding g4s._._.
1951 J-J
803ft
Registered
1951 J-J
Apr'12
981* Nov'11
81
**
Aug *13
lOO&i IIII
Pi'.ts Sh & L E 1st g 5s
1st consol gold 5s
98
82
gold 5s
Philippine Ry 1st 30-yr
in" Jan"l2
119
F-A
J-D
M-N
A-O
Q-F
...1920
...1939
5s., 1939
4s..1931
Pt Huron Div 1st g
Sag Tus & H 1st gu g
105
Apr'12
1301ft-J an *09
123U Mch'12
...
11a
,...1921 J-D
1st consol
Oct '12
...
guar g
Ch & W M 5s
103%110% 1111* Mch'll
III I
65
*32
1001ft Sep '13
llOU
noift
J-J
Flint & P M g 6s
93%
026ft
103" ini
H4%
E3Ms
1949
ISeries F gu 4s g
1953
Series G 4s guar
1957
C St L & P 1st con g 5s
1932
Peo& Pek Un lstg 6s.....1921
2d gold 4Ms..
.61921
PereMarquette—Ref4s...1955
Refunding guar 4s
1955
90" "90"
76
46
92
90
90
1940 J-J
Series O guar
1042 M-N
Series D 4s guar.......1945 M-N
106U
987*
J ne'09
"74" ~75%
1942 A-O
1948 M-N
1950 F-A
Series C 4s
1942 M-S
P O C & St L gu 4Ms A...1940 A-O
Series B guar..
.....1942 A-O
1311ft Jan "'09
....
F-A
lstgug4Ms_1941 J-J
Pitts Y & Ash 1st cons 5s_1927 M-N
Tol W V & Ogu4MsA—.1931 J-J
Series B 4Ms
1933 J-J
107
95
913ft
941* Oct '13
6412
66
no"
1942 A-O
B
Series O
Gr R & I ex
108
19
64
....
99
Series D 3 Ms
Erie& Pitts gugSMsB..1940
§712 Dec" 12
83ift
100li
Jan"l3
Oct '02
105
91
....
100
Int reduced to 3 Ms
Series C 3 Ms
Oct '12
...
1940 J-J
4s
•
M-N
J-J
J-J
A-O
J-J
J-J
Apr'13
20
886ft
Sale
64
....1921 J-J
Series
J-D
M-N
77i2
88
J-J
J-J
M-S
70
1033ft
881ft
Sale
92
3Ms...l916 M-N
1942 J-D
1944 J-D
1931 A-O
Cin Leb & Nor gu 4s g
..1942 M-N
CI & Mar 1st gu g 4Ms__1935 M-N
CI& P gen gu g 4 Ms ser A 1942 J-J
80
771* May'13
80
88I4
1011ft
ake Shore
Registered
;
1997
Debenture gold 4s......1928
25-yr gold 4s...
.1931
Registered
..1931
Ka A&G R lstgu c5s
1938
Mahon C'l RR 1st 5s._.1934
Pitts & L Erie 2d g 5s
.al928
PittsMcK& Y lstgu 6S..1932
2d guaranteed 6s
-.1934
/
McKeesA B V lstg 6s
1918
Michigan Centra* 5s ....1931
A
Registered.........
1931
71
871*
Guar 3Ms trust ctfs 0
Guar 3 Ms trust ctfs D
Guar 15-25-year g 4s
81
72
103
1053ft Jan '13
90
Nov'13
901*
Registered
1921 J-J
Guar 3Ms coll trust reg__1937lM-S
Guar 3 Ms coll trust ser B.1941 F-A
Trust Co ctfs gu g
763ft"83"
98
IO214
Etica& Blk gold gu g 4s..1922 J-J
Riv 33^s_...1997 J-D
1
Co—
Guar 1st g 4Mb
9Hft
76
....
Pennsylvania
,
84
88
Apr '13
Deo '13
8814 Sale
Q-M
M-N
Sod Bay & Sou 1st g 5S...1924 J-J
Sunbury& Lewis lstg4S.1936 J-J
U N J RR & Can gen 4s._ 1944 M-S
421ft 8 7
1011ft lOHft
791ft 871ft
80
88
791* 8634
84
77
OOlj
A-O
A-O
D R R R &
B'ge 1st gu 4s g '36
Phila Bait & W 1st g 4s...l943
78
967ft
761ft
99
70
F-A
M-N
J-J
J-J
" "881ft
76
10351 Sale"
100
Q-J
Convertible gold 3Ms...ol915 J-D
Registered ......__.._ol9l5 J-D
Consol gold 4s
1948 M-N
AH eg Vai gen guar
g 4s
1942 M-S
111
1051ft 105I2
62
M-S
M-S
J -D
J-J
M-N
1st real est g 4s..
.....1923 M-N
Consol gold 5s
1919 M-S
Consol gold 4s......
1943 M-N
1041ft 108U
76U
967*
Jan *11
88
104
104
ennsylvania RR—
89
111
1948
Dec'13
103
102
6s..1938 J-J
Oregon-Wash lst& ref4s.. 1961 J-J
pacific Coast Co lstg 5s. .1946 J-D
96
88%
77
Dec'13
77
——
Wash Cent 1st gold 4s
Nor Pac Term Co
lstg
96
95
98
"88"" Sale"
J-J
J-D
Registered certificates..1923 Q-F
May'12
767*
Sale
N J June R
•
96
95
991*
99i2
1163ft Nov'13
Jan 13
1181*.... 123
1161ft us
1151ft J'ne *13
92
93ift sale
931ft
A-O
St Paul & D duth 1st 5s.. 1931 F-A
2d 5s
1917 A-O
1st consol gold 4s
1968 J-D
1121ft 117U
11234 11234
796ft 857ft
107lft 109
52
991* Mob'12
83ift Feb '13
851ft Dec '13
921* J'ne'12
897ft Feb '12
95
im
117
StP-.uI-DuluthDivg4s_.19U6 J-D
"83%
751ft
Aug' 09
"84" "87
Dul Short L 1st gu 5s
1916 M-S
St P& N P gen gold
6s...1923 F-A
106
761*
Feb'13
Sale
"931ft
75" "82"%
791* May'13
801*
808ft
79i* Dec '13
84
General lien gold 3s
s
75
84i2
....
Q-J
a2047 Q-F
a2047 Q-F
Registered
881*
967* Feb '13
65
Aug '13
46
46i2
101l» Oct *13
"81" "82""
76
101S4 103
Jan '13
77
75
88
92
110
751*
72
4s—1996 A-O
1996 A-O
10-25-year conv 4s.....1932
10-20-year conv 4s...
1932
Convertible 4Ms
1938
Pocah O & O joint 4s...1941
OC&T 1st guar gold 5s._1922
Scio V & N E 1st gu g 4s
1939
Northern Pacific prior 1 g 4s 1997
Registered
..1997
78
72%
g
801ft Oct 13
Feb 13
831ft
....
....
......
Div'l 1st 1& gen g 4s..—1944
"7034
89
1027ft.... 1061* Jan '13
1027..... 113
J'ly '04
62
62
528ft 80
....
Ry 1st cons
Registered.
100
9l" ~99\
95
111
108%
N & W
1011ft 1011ft
1021* 106l2
88U
88I4
10484 10584 1041* Nov'13
J-J
J-J
gart & Ad 1stlstgug5s_.1942 J-D
1981 J-D
ouy& Oswe gu g 4s
.
95
Sale
New River lstgold 6s....1932
103
186
10434
102l4
99U No« 12
99i2 J'ne 12
107
Improvement & extg6s_.1934 F-A
10412
10114
3
68
749
75
lstg4s....01992 M-S
97
Nov '13
1023ft
Sale
82U
1041ft
Registered $5,000 only—01992 M-S
96
NO.
Oct '13
68
601ft
If
«3<*S
102U Sale 1017ft
General4s
1955 J-D
Norfolk Sou lst&ref A 58—1961 F-A
Norf& Sou 1st gold 5s
..1941 Wl-N
Norf & West gen gold 6s
1931 M-N
108
High
77
75
68
20-yrc
N Y O & W ref
8778
101
87'; 8884
A-O
New Orleanr Term 1st 4s..1953
N Y Central & H Rg 3^8.1997
95
9514
81»4
9934
Ask Low
104
J-J
Housatonic R cons g 5s
1937 M-N
NYW'ches&B lstser 14Ms'46 J-J
N H & Derby cons
cy 5s
1918 M-N
New England cons 5s
1946 J-J
Consol 4s
...1945 J-J
Providence Secur deb 4s_.1957 M-N
67% 7712
791* 87
77i2 78i4
99«4 102
82lft
82i2
78U Apr *13
99*1
951*
•
5s..._.
~96
861*
951* Dec '13
69
Nov'13
96
68
....
Nov* 13
5s.....1940 M-N
82% Nov'13
1990 F-A
1942 A-O 103" 106" 103 Dec '13
100
991ft Oct 13
MK&Ok 1st guar 5s....1042 M-N
98
95
100% 98
M K & T of T 1st gu g 58.1942 M-S
96
96
104
May'18
.' Sher Sh& So lstgug5s.. 1942 J-D
97
lOHj Mch *13
Texas & Okla 1st gug5s..l943 M-S
ioV, 104 102is
10214
Missouri Pac 1st cons g 6S..1920 M-N
95
85
95
Sale
Trust gold 5s stamped..al917 M-S
97
May'12
Registered....
....al917M-S
031ft
"9'2"ii "95"" 921ft
1st collateral gold 5s.....1920 F-A
Registered
1920 F-A
"631ft
40-year gold loan 4s
1945 M-S —II "637ft 63ift
78
Dec '13
3d 7s extended at 4%
1938 M-N
"72 " "73"
72*4
737ft
1st & ref cony 5s
...1959 M-S
89 '
89
89
90
Cent Br Ry 1st gu g 4s...1919 F-A
72
74i2
Cent Br U P lstg 4s
1948 J-D
110
Mch'05
Leroy & C V A L lstg 6S.1926 J-J
86is
88ift Nov'13
Pac R of Mo 1st ext g4s_.1938 F-A
976ft 100
10134 J'ne'13
2d extended gold 5s
.1938 J-J
102
101
101
BtL Ir M&S gen con g 5s_1931 A-O
104
Oct '12
Gen con stamp gu g 5s..1931 A-O
75
IIII "75"" 75
Unified & ref gold 4s
1929 J-J
807ft Oct '12
Registered
....1929 J-J
761* Dec '13
Riy& GDiv lstg4s
1933 M-N "761s "78"
96
Jan '13
Verdi V I & W 1st g 6s_..1926 M-S
Mob & Ohio new gold 8s...1927 J-D m"%Il5" 114 Nov'13
1071s 111
11284 Jan '13
1st extension gold 6s
&1927 Q-J
798ft 81
796ft •
8B4
General gold 4s_..___-_.1938 M-S
10384
1071* J'ne'13
MontgomDiylstg5s
1947 F-A
S4L8c Catro guarg4s_._. 1931 J-J
VTashvttleCh& StL 1st5sl928 A-O
97
97% J'ne'12
IIII "96
1948
Last Sale
79
onv deb 6s (wh iss)
Harlem R-PtChes lst4s_1954 M-N
B 6c N Y Air Line lst4s
1955 F-A
Cent New Eng lstgu 4s._1961 J-J
627g
89
60
89
Kan O & Pac 1st g 4s
Mo K & E 1st gu g 5s
$t Louis
100
Week's
Range or
Dec.
Nfl,
Bid
Convdebenture6s
7984 Dec '12
92%
Price
STOCK EXCHANGE
Week Ending Dec. 19.
High
„
....
Y.
N Y New Haven & Hartf—
Non-conv deben 4s
1955 J-J
Non-conv 4s
...1956 M-N
Cony debentures M«
1956 J-J
12412 Oct *12
1101ft Aug *11
881ft
881ft
90
Low
Mch'10
79
75
98is
Da J «fc Wa lstgu g
High
N.
Friday
19
BONDS
„
,
Y. STOCK EXCHANGE
Week Ending Dec. 19.
Option sale.
"23
j
New York Bond
7H|
72
77i» J'ly 12
108ij J'ly '12
99i4 May'13
A-O
A-O
A-O
83l|
78
751s 76
76ti
lOlij
75
Sale
75
....
104
8H2
83
81*4
815s
88
M-N
J-J
J-D
J-D
J-J
J-J
83i2
77h
....
A-O
A-O
—
73 "Sale
735,
82
734*
1939
.1939
1921
1st Hen 50-yr g term 4s
1954
1st rel and ext g 4s
1956
1
J-J
j-J
j-J
J-J
J-J
J-J
90Xi Sale
J-D
J-D
M-S 1
—
-2--
—
75i8
Oct '09
Oct '13
.
88X1
90
84 89*8
M-N '
M-N
m-n
J-j
A-O
M-N
J-j
A-O
j-j
A-O
J-j
M-N
102
J-J
J-J
....
Sale 103
100
M-S
102
83*8
10211
j-J
J-J
J-j
84
'85
j-j
J-j
A-O
Exten &
M-S
A-O
j-J
J-j
J-j
Manufacturing & Industrial
Am Spirits
102*4
Aug '13
72*4
80
;
84
100
■j—.
J-J
1
1
Debenture 5s;
.......1952
Gen'l Motors 1st lien 6s__.1915
111 Steel deb 4^s
1940
HO
M-S
J-D
F-A
89i2 Sale
92
91
J-D
109ig llOXa
105*8 Sale
89
8978
,
J-J
IOOI3
rjnj
,J-J
1
F-A
86
101"
........
J-J
M-N
98
Sale
9714
86
-.86'
01
Dec '13
75ia Dec '13
102*4
103
98X4'^
81*4
98i2
98
98i2
82*4
»
100
Oct '13
102
69
102
61i2
;
'
9 Hi
94
91i2
11714
117
5s
con
5s Series A
(P)
....1944 A-O
1951 F-A
7s
—
Mexican Petrol Ltd cnv 6sA_'21 A-O
Nat Enam & Stpg 1st 5s..1929 J-D
Nat Starch 20-yr deb 5s...1930 J-J
National Tube 1st 5s
.__1952 M-N
N Y Air Brake 1st conv 6S.1928 M-N
Railway Steel Spring—
Latrobe Plant 1st
f
5s__1921
lnter-ocean P 1st s f 5s__1931
Repub I & S 1st & col tr 5s_1934
10-30-year 5s s f.."
1940
Standard Milling 1st 5s
1030
The Texas Co conv den 6s.1931
Union
s
J-D
M-N
S f 10-60-yr 5sjreg
<G963 M-N
Va-Car Chem 1st 15-yr 5s_1923 J-D
Dec 1922 J-J
WestinghouseE & M sf 5S.1931 J-J
10-year coll tr notes 5s._19l7 A-O
Telegraph & Telephone
Telep & Tel coll tr 4s..1929 J-J
Am
Convertible 4s
;
1936 M-S
20-yr convertible 4^8...1933 M-S
Chicago Telephone 1st 5s__1923 J-D
Commercial Cable 1st g 4s_2397 Q-J
Registered
.......2397 Q-j
Cumb'ti. T & T 1st & gen5s_1937 J-J
Keystone Telephone 1st 5s.l935 J-J
MetropolTel&Tel 1st s f 5s_1918 M-N
94*4
Mich State
Telep 1st 5s
1924 F-A
N Y & N J Telephone 5s g.1920 M-N
N Y Telep
lst&gensf4Hs 1939 M-N
Pac Tel & Tel 1st 5s
1937 J-J
South Bell Tel & T 1st sf 5s 1941 J-J
West Union Col tr cur 5s
1938 J-J
Fd and real est g 43^s
1950 M-N
Apr'13
Mch'13
Oct '12
l
Mut Un Tel gu ext 5s
Northwest Tel gu
96I4
91
117
j.
V
96I4
Nov'13
8712 Nov'13
88I2 Feb '13
9512
95*4
9618
0612
102*4 Dec *13
89*4 ;
89*4
8412
8412
97X8
98i2
B S Rubber 10-yr coll tr 6s_1918
U S Steel Corp—(coup —rfl 9 63
5s
96
A-O
A-O
A-O
M-N
J-J
.
1st
11712
96*8
95X4 Nov'13
Bag & Paper 1st 5s_103O J-J
West Electric
72
Dec'13
J-J
Stamped
1930 J-J
U S Realty & I conv deb g 5s_'24 J-J
U S Red & Refg 1st g 6s_._1931 J-J
101
98
79X2
•'< 96
94*4 Feb^l3
6018
6k
5-year convertible 5s
1915 M-S
Liggett & Myers Tobac 7s.l944 A-O
5s
1951 F-A
90X4
9078
89
.90i2
91
91
IO9I4
IO9I4
105*8
105*4
89*8
»89*4
108
May'll
93
93
94
92%
72
99
M-N
1923 A-O
,
1950 M-S
1st
96i2 Oct '13
,
1929 M-S
73i2
102*8
951s J'ly 13
931s Dec '13
90's Dec *13
Lorillard Co
IOOI4 102i2
10018 103i2
851s J'ne 12
1
:
1925 A-O
1951 F-A
1931 M-N
1934 M-N
"79 " "79"
106
71*4
92i|
78*8
95'g
1942 M-N
Int St Pump 1st s f 5s
Lackaw Steel 1st g 5s
555s
66I4
68
Dec '12
84
84
94x4
9078 Sale
95*s J'ne '12
102*8,
1926 J*- J
10712 112
106
75
.
......
M-S
A-O
A-O
Indiana Steel 1st 5s...
1952 M-N
Ingereoll-Rand 1st 5s
<71935 J-J
Int Paper Co 1st con g 6s.. 1918 F-A
Consol convs f g 5s
1935 J-J
103
IO6I4 Nov'13
108*4 NOV'13
101
F-A
fts__1936 J-D
General Baking lst25-yr 6S.1936 Jx-D
Gen Electric txeb g 3J4«„..1942 F-A
94i2 Sale
J-J
J-j
'
101
84i| Dec'13
M;-S
A-O
E I du Pont Powder 4
....
——
Oct *13
87
87 x2 Dec '13
.i
s f g 5s
1st 25-year s f 5s
Cuban-Amer Sugar coll tr 6s 1918 A-O
Distil Sec Cor conv 1st g 5s_1927 A-O
'
J-D
A-O
13
73 i
73
95*4 Nov'13
1915 M-S
Ga
Corn Prod Ref
1041s Oct '13
835s Dec'13
105x4 Sep '12
87»4Jan '13
8214 Feb'12
....
J-D
Feb
99
Q-F
1931 M-N
Beth Steel 1st ext s f 5s
1st & ref 5s guar A
Cent Leather 20-year g 5s
Consol Tobacco g 4s
,
P-A
g
07
Nov'13
_
1
i
Feb
9512 Nov'13
....
.—.
,
34
101
-
"63 " ~64i2
66I4
5578
8412
Dec *13
A-O
J-J
A-O
~1944 A-O
Gold 4s...
"1951 F-A
Registered
1951 F-A
Am Writg
Paper 1st s f 5s.1919 J- J
Baldw Loco Works 1st 5s..1940 M-N
1051s J'ly '12
0412 May'13
56
Mfg
Registered
104*8 109*8
A-O
Dea'13
75
Am Thread 1st col tr 4s.."l919
Am Tobacco 40-yr g 6s
"l944
....
I
1028
75i«
76i«
103
«1915
Debenture 5s
Am Hide & L 1st s f
g 6s.."l919
Amer Ice Secur deb
g 6
~1925
Am Smelt Securities s f 6»~1926
—
1
80i2 Dec '13
Sep '12
100
Impt gold 5s
Am Ag Chem 1st c 5s..
Am Cot Oil ext 4Xa
105*4 Deo '11
103 J'ne'13
105ii Dec '13
,
—
F-A
F-A
>
10512 Nov'12
79 Mch'13
j-J
1005s Sale 1006s
1005J
A-O
IOOI4—— 101
Dec'13
M-N
73 Sep 12
M-N
99
101
997s Deo '13
M-S
101
—..112
Oct'06
M-S
1001s —103*4 NOV'12
M-S
102
Sale 102
102
M-S
1021s
104 Mch'13
M-N
10214
102
NOV'13
J-J
10212
102Xj
1021a
A-O
89ij 90
91 Nov'13
F-A
90
92
J'ne'13
J-J
995s
100
Aug'13
J-j
1021s Apr'11
A-O
97X2 98X2 98i»
98i2
F-A
10312 105
IO414 Nov '13
I J-J
85
88*8 88X4 Dec'13
1 A-O
101*81061s Sep'12
1 J -D
99X2 Sale
99
99'i3
I Mch
20
40
51
Nov'12
J-J
92
99X3 Apr '11
1 p-A
106X3 Nov 04
,
J-J
103
103X3 Oct'13
A-O
10214
101
Aug'13
J-D
98i2 10312 Sep'13
I A-O
85
85i2 8513 Dec *13
J-j
94
94
94
J-j
85
91
85
Dec'12
J-J
82
80
80
J-j
J-D
1930 F-A
1949 M-S
20-year equip s f 5s....1922 J-J
Winston-Salem S B 1st4s..I960 J-J
Wis Cent 50-yr 1st gen 4s. 1949 J - J
Sup&Dul div & term 1st 4« '36 M-N
i—-■
-
J-J
J-J
A-O
M-S
J-D
RR 1st consol es
99ij
102xg....
10414
99*4 —64i2
107
108
109
100
....
79
M-N
gold 4s
i.....1954
Trust Co certfs.......
gu 3ks„. 1945
1st 40-year guar 4s......1945
--------
J-J
j-j
—
West Maryland 1st g 4s...1952 A-O
West N Y & Pa 1st g 5s
1937 J-J
Gen gold 4s_...........1943 A-O
Income 5s
i
^1943 Nov
Wheeling & L E 1st g 5s_1.1926 A-O
Wheel Div 1st gold 5s
.1928 J-J
9014
NO(X'13
72*8 Sale .725s
79i| 79*4 79*4
A-O
♦ 2d
Wash Term! 1st
101*8 May'll
88X1 Sale 88*8
88*4
j-J
J-J
Cent and Old Col Tr Co certs.
Columbia Tr Co ctfs
■»
■
....
J-D
A-O
M-N
1——
.1941
1939
1941
Tol & Oh Dlv 1st g 4s..—1941
Wab Pitts Term 1st g 4s
1954
;
72ij
73
74U
7414
82 Dec* 13
j-j
p-A
Range
M-S
J-J
Det & Ch Ext 1st g 5s.
Dee Moin Div 1st g 4s
Om Div 1st g 3^s....
83
J-j
A-O
90i8 Sale
Jan. 1
Equit Tru.^t Co ctfs
Do
Stamped
Apr 07
84vg
0Oi8
♦891s---'
94i2 J'ly '12
89
90'4 8989VS
82*4 85
85
85
100
101
IOII4N0VI3
99
-.J. 10218 j'ly'12
101
102
102 Sep '13
10114105
103 Nov*13
108
109
108 Dec *13
93X8 95
93 NOV *13
HO
11914 Mch'10
100
IOII1IO6 Jan'13
100
108 Oct *13
104
1071110514 J'ly '13
106
112
Feb'07
101' .... 1011a May'13
102
....
10HiNov'13
9ix2Sep '12
85
87 Oct '13
84x4 Sale
P-A
Cent Trust Co ctfs
Do
Stamped...
75i2
♦83".—. 90 J'ne'13
100*8
103U Jan '13
100*8 — — 104
NoV12
101*4 w..-. 101*4 Dec'13
1021*
102
J'ly 13
102
.... 1017s NOV'13
101*8
lOlllOct '13
j-j
Since
i
~
1930 M-N
F-A
J-J
1st gold 5s
2d gold 5s..
Debenture Series B...
1st lien equip sfdg 5s
—
P-A
A-O
M-S
VV
83»2
Oct'13
-—
A-O
VTT abash
10771 Deo '13
72
71
v
Last Sale
High
107*4 110
A-O
Week's
Range or
Dec. 19
TJ
Ask Lew
Bid
M-N
Price
Friday
BONDS
STOCK
EXCHANGE
Week Ending Dec. 19.
Price
Friday
Dec. 19
Y.
STOCK
EXCHANGE
Week Ending Dec. 19.
1811
Record—Concluded—Page 4
89
90
Nov'13
Feb *13
0U4 Jan '13
8012
25
82
Oct '13
IOII4
101i2
90»S
99*8
91ls
9978
9978
91*4
997s
100
87
8S7s
9412
-04i2
84
89X4,
84I2
8914
89*8
93*8
~32i2
Dec "'12
83i2 Nov '11
94x8 Dec '13
9U4 Sep '13
J 'ly '13
100
97
Dec'13
10314 May ll
'94
9412
95i|
9614
90l2
96*4
95
8718
1941 M-N
104
g.1934 J-J
93
NOV'13
.
87i2
J'ne
11
Jan '13
MISCELLANEOUS BONDS—Concluded,
Coal & Iron
i
Buff & Susq Iron s I 5s....1932
Debenture 5s...
al92G
OolFA: I Co gen sf g 5s
1943
Col Fuel gen 6s
1919
iOol Indus 1st & coll 5s gu..l934
.Cons Ind Coal Me 1st 5s
1035
(Cons Coal of Md lst&ref 5s 1950
;GrRivGoal& O lst g 6s._hl91D
[Kan & H C & O 1st s f g 5s_1951
90
Sep '13
74
Dec'13
911s Dec '13
10714 J'ne'12
76
Dec'13
76
87
'Pocah Con Collier 1st s f 5s. 1957
L Rock Mt& P 1st 5s—.1955
86
Term Coal gen 5s
LBirm Div 1st consol 6s
rJTenn Div 1st g 6s.
1951
98
1917
101
rOah C M Co 1st gu
to tali Fuel 1st g 5s
Victor Fuel 1st s f 5s
g
.al917
6s
1922
.1031
—1953
fya Iron Coal&Coke lstg 6s 1949
•
No price Friday; latest
bid and asked, a Due Jan.
Aug'13
Dec'13
1025s Apr
9214
9214
76
Oct '13
Dec '13
96
NOV'13
1007s Oct *13
103
J'ly '13
"80" Ma"y'i3
92i2 Dec'13
dDue April,
e Due May.
IDue June, ft Due July, ft Due Aug. oDueOot. y Due Not. (Due Dec,
Option eat*. /
.j
1812
CHICAGO STOCK"EXCHANGE—Stock Record.
STOCKS—HIGHEST AND LOWEST SALE PRICES
Sales
STOCKS
STOCK
EXCHANGE
Dec.
Monday
13
Dec.
Tuesday
15
Dec.
16
Dec.
Dec.
17
Week
Friday
Thursday
Wednesday
Dec.
18
19
Railroads
Chicago Elev Rys comlOO
30
*25
30
*25
*75
85
*75
85
*75
»89*2
90*4
29*8
712
212
28*2
*6ia
*2
90
28*2
*7
2U
30
*25
*75
85
90*8
28*2
29
7*2
*7
212
*2
*18
•
\
19
*18
19
18
18
*30
^
29
.
*7
*2
35
*30
35
*30
35
*4i4
5
*414
5
30
*18
30
90*2
29
29
2938
Last Sale 7*2
*2
30
21S
*18
19
19
Last Sale 35*2 Nov'13
Last Sale 412 . Deo'13
•
5
Dec'13
*2
2*2
*18
35
*4*2
v
pref
Rys part ctf
2,162 Chic Rys part ctf
Chic Rys part ctf
20 Chic Rys part ctf
25 Kansas City Ry <Sc
Oct'13
Last Sale 31
30
—....
......
26
26*2
;- 8734
8734
400
871a
404
*125
26
263s
*400
*125
*125
...
400
400
405
26*8
8684
26*2
87*2
26*2
*8612
877g
8778
8712
*___.
26*2
27*8
*125
35
35
35
*32
85
35
35
\
81
80
81
80
80
*80
81
80
11434 H5l2
111
8*1
: *49
50
11034 114'8
*49*2 50
*49*2
50
50
50
60
80
*78
80
*78
80
*78
80
79
t *46
65
♦46
65
*50*2
65
*46
54
*5034
51*8
*5034
*210
220
127
127
112*4
51
220
1220
127*2
11388 1133a
11334 114*2
.51
*210
51*8
*210
127
5078
Last Sale 50
610 Amer
128
12734 12784
fish
838
8*2
83s
"*8*2 "9"
858
884
93
*92
93
"92"
"92"
! •17
92*8
92*8
19
*17
19
*17
19
*17
19
*100
100*2 *100
100*2
6234
62*2
6234
*62
100*2 100l2
*62
6212
92*2
Dec'13
92i3
100*2 100*2
Nov'13
101
101
100*2 101
63
66*2
*118
119
*118"
119
*118
119
*118
119
*116
118
*116
118
*116
118
*116
118'
Last Sale 116
133
*•110
133
132
132
132
132
*130
133
120
*110
120
*110
120
*110
120
*62
•
62*2
♦34
188
*75
35*2
*34
116
ltfi
78
*90
91*2
91*2
40
*
171*2 172*2
124
! *123*2
*16
|
18
*60
,
65
\ 103*4 103*2
\ *222la 230
65
*60
10338 10358
*222*2 230
78
91*2
65
*60
Nov" 13
Rumely
Do
345 Swift
230
*
Last Sale 1*8
55
55*2
111
111
♦5
547g
9
55*2
*110*2 111
*5
655s
5534
11034 111
*5
9
56*8
66*8
1107g 111
9
*5
July'13
56*2
57*2
109*4 109*4
56*8
5538
111
111
Last Sale 10
9
Last Sale
t---
Aug'13
com
pref
Dividend Record
Capital
t
(00s
•
A
.
ittcd.)
om
In
In
131
Jan
6
May 1
Jan 13
45
138
Deo
Oot
1O038 Oot
19878 Moh
Jan
3
39
Mch
70
Deo
6
77
Mch
95
J'no
Jan 29
49
Feb
6558 May
55*2 Oct
55
44
55*2 Sep 16
Sep 11
Sep 29
3*2 Nov 11
16*2 Jan 31
Mch
221
184
Jan
222
J'no
155
135*4 Jan
150
Moh
~21h
Oot
87
Oct
"id"
Feb
Feb 11
87
Oct
1105s Sep 12
103
J'ly
IIH4 Feh
Feb 13
63
Deo
80*2 Sep
97
Deo
56
Jan
77
53
100*4 Dec 12
76*2 Jan 31
115
Jan 23
102*2
73*2
12678
7638
105*2 Deo
May
Mch
Sep
Sep
Aug
J'ne 12
130
Sep 15
114
Deo
1
123
Jan
12214 Oct
13034 May
J'ne
2
136
Nov 10
103
Mch
135
Sep
J'ly 14
115
Feb
120
Jan
67
Apr
14
118
Jan 25
3
Nov
63
Jan 27
130
Sep 23
s
Deo
61
J'ly
103*2 Jan
Nov22
100
65
J'ly 10
8934 Deo 8
Aug 14
:
80
Deo
1015gJan 13
:
98
Doo
161*2 Apt
!
178Nov 29
19
_
85
40*2 Aug 4
155
J'ne11
117
Mayl9
Nov
195
J'ne 12
99'4 J'ne 24
142
Deo 18
1
Feb 13
Nov
5
92
6
98'4 Jan
Doo
215
Feb 15
Jan
49
Aug
97*2 Aug
109*4 Apr
397
Nov
105*2 Jan
110
Jan
4
*13534 May
234
Nov
1*2 Feb 10.
May
585s Feb
17S Jan
80*2 Sep
9" Sep
"l5""Nov
108*2 Feb 15
J'nell
Nov
218
6884 Jan
105*a Feb 19
9
J'ly 22
87*4 Mcb24
112
2
111
Sep 17
14*2 Jan
2
Jan
3
Dividend Record
Surp.
>
.
,
A
t Profits f
om
:"94*2~ Apr
*107*2 Apr
9878 NOT
99i2 Apr *103*2 Oot
Jan
22U2 Nov
12534 J'ns
121*2 Jan
3078 J'ly
70
280
1223s Oct
140
34
Jan 17
50
s
i
1077# Mch
8
J'ne 11
94*2 Doo
973s Feb 6
21434 Jan
2
12434 Fob 17
16*4 Nov 17
66
101
Feb 21
69
Aug 29
„'
Slock,
(00s
Apr
61
Aug
Feb
J'nelO
100
com
135
TOO
2
3
1
Capital
1911.
1912.
Southwest Tr A 8
iod.
% Bid.
••'•
Ask.
In
In
1911.
itted.)
$200,0
Standard Tr A Sav
1912.
200,0
Union Trust Co..
1,200,0
West Side Tr & Sav
$30,9 Org. J uly
424,5
1,000,0
400,0
Woodlawn Tr A 6
$209,1
Per¬
Last Paid.
iod.
200.0
6
56,6
1,657,2
'12.
5
%
V.
95.
Bid. Ask,-
Q-M Oct.
6
J-J
18. 120
D.
125
'13, IK 154
July 13,
3
Q M Sep.30'13,2
Q-M Oct. *13, 3
<
157
145
300
150
■
1,197,4
Not pu bllshed
45.6 Beg. b
Kaspar State
400,0
200,0
248,4
9,8
60,1
1,250,0
627,3
200,0
'13. 2
174
mm mm.
^
m
m
<^J
1912
'
mmmm
10
10A2«
us
' '' '"
mm m m m m m
Oct.
'
mmmrnmmmm
■
125
(If)
120
237
V 95.
D
Chio Pneu Tool 1st 6s..al921 J
164
Chicago Rys 5s
Oct.
'13, IK 169
Q-J
Jan. '14,
200,0
19,6
63,6
People'aStk YdsSt
VSecond Security..
200,0
Security
400,0
South Chicago Sav
200,0
South Side State.
200,0
State Bank of Chic
State Bank ol Italy
.
1,500,0
200,0
250,0
Union Bk of Chio.
500,0
Washingt'nPkNat
100,0
:
A23.2
6
Central Tr Co of 111
4,500,0
2.2J1.0
8
Chicago City BAT
Chicago Sav B AT
Chicago Title A Tr
10
Colonial Tr A Sav
600,0
408,5
1,000,0
262,9
6,600,0 (2,263,2
501,6
1,000,0
Cont A Com Tr A S
3,000,0
Drovers Tr A Sav
260.0
First Trust A Sav
6,000,0
Ft Dearborn TrAS
250,0
Franklin Tr a Sav
300,0
Greenebaum Sons
1,500,0
Guarantee Tr A 8
200,0
Harris Tr a Sav..
1,500,0
300,0
Home Bank A Tr.
;Illinois Tr A Sav.
'14, 41 zm 256
V.93, p.1235
266
Oct.
251
J-J
Q-J
QJ
85,9 Beg. b
145
200,0
! Mid-City Tr a Sav
•Northern Tr Co..
500,0
1,600,0
iNor-West Tr a S.
n255,0
16A4<
7
179
183
223
315
143
m
People's Tr A Sav
200,0
500,0
Pullman Tr A Sav
$00,0
278,8
ISherldan Tr A Sav
200.0
49,8
;trlbuted as a 20% stock dividend,
93*4
9534
-
J
-
A
-
A
t-'-.
-
J
-
99*2
..
m
7A2e
6
us.
7
Q-J
Q-J
Ma 7'10
'12.
1928 j
-
us.
8
8
11
8
Q-J
Q-J
8
Q-J
Extension g
is..
.1938 j
-
j
Yo"
78*2
78*8
93
74
Sep
Jan
U6
Mil El Ry A Lt 1st g 6S..1926 F-A
do
ref A ext 4HS..1931 j - j
Morris A Co 4^8—
Nat Tube 1st g 5a;
1939 j - j
1952 M-N
1922 A-O
48
15
45
993S
99*2
20
99
93
9658
Dec'12
47
"
—-
$1111 ldl"
58
1017j|
997s
1924
1914 j
218
TrI-City
j"-"j
-
99*8 102*1
9878 100*f
101*2 io8*»:
"99" "99*t[
•
J
-
t
be
J
+mmmm
75
87
77*4
76*2
82
81
AnrU'12
"85*",* «r
Nov'13
■•••
mrnmrnm
103*4 Aprll'12
100
"93" 100*
Aug'13
95*2 Sept '12
84
93*2
86
90
89
995s
Sale
Sale
9934
M- S
6s....1945
5s
1922
Western Elec Co 6s
1922
+ ~ +
20
93
Sep *13
101
99*2 100*i
93
115*2 8ept *12
98 *s
993s
~98*"a ToT"
Deo'13
100
99
Deo'13
99
100
Sep '13
89*2
89
99«4
Nov'13
89
Deo'13
97
93
12
103
100*t
99*4 100*4
978,
887,
89
99
93*4
100*4
75
73
98*4 April'12
a-o
U S Gypsum 1st g
85*2
100
A Lt oolt
5s.......1923 a-o
115
95
96
trust lien s f
Union Eiec (Loop)
'12
10478 April'12
99
75
$
J $
330
Oct
75
100
$
99*"a IIII
9958
75
May'12
91
"99*1 "10T
'
Note—Accrued Interest mus
added to all
Chicago prioe l.
f Oct. 21 (close of business) for national banks and Oot. 22 (opening of business) for State Institutions.
$ Nfl
Dividends not published; stock all acquired by the Continental A Commercial National Bank. °a Due Dec. 81
i Capital Increased from $600,000 In September 1913, the October 1913 dlv, of, 1H% being first dlv. on n«
extra,
n
Stockholders to vote Jan. 13 1914 upon Increasing capital to $300,000, the additional stock to be
x Sales reported beginning April 18.
g Dividends
are
paid Q.-J. with extra payments Q.-F.
I Dec. 31 1912.
f Ex 24<
Increase In capital to $400,000 authorized Sept. 24, a cash dlv. of 75% to be declared In connection therewith.
Y. 97, p. 1000, 574.
V Sj
jUrldand.-The regular dlv. of 4% also declared payable Jan. 2 1914,
h Aug. 9 1913.
ta Includes extra dividend,
s Ex-dtyldend and exnitook dividend,
u *4 afli't pa
accumulated dividend,
to
.
ToY'i
100*4 July *11
$—.
Pub Serv Co 1st rel g 6S-1956
Swift A Co 1st g 6s
Ry
1
10034 Miy'12
1947 M- S
South Side Elev 4Kb
152
*21
Nov'13
98's Sale
Chic Gas L A C 1st 5S-1937 j - j $100
101%
99*4
Consum Gas 1st 6s
1936 j -d $....
100
Mutual Fuel Gas 1st 5s 1947 M-N $ 99
Refunding gold 5s
165
180
'"72" ■" "75"
Sale
1911 M- S
135
295
93
'12
77
1st A ref g 5s
440
316
94
100*4
94*4
84
93
'13
Sep '13
t
77
$103
104*2
$ 94
94*2
t 85*2
102
147
89*8
77*8
99*8 1017|
71*4
89
Sep' 13
77*4
176
290
90
77
100
325
98
89 *s
75
mmmrnmmmm
July'13, 4
V. 92, p. 1537
Oct. *13, 2K
Oct.
'13, 2
Sept 30*13,U2
88
96i2
90
mmmrnmmmm
J-J
us J'ne 1
92*8 98U
Dec'13
96*4
'
Sale
77
Peop Gas L A C 1st 6s.__1943 A-O X
IK 130
Ap 10'1 l.V.92,p.l004 215
8
Q-J Sep. 30*13,2
312
94*2
j
Metr W Side El 1st is..-1938 F-A
190
Jan.'14,
Sale
1913 M-N
5s
Lake St El—1st 5s..
485
Q-J
90
'
105*8 April'12
475
'13, 4
Oct. '13, IK 180
Oct. '13, IK 169
*12.
917«
A Light Co
North West El 1st 4a
173
91
89«4
99*8
77*4
Int Har 8-yr 5% g notes. 1915 F-A
Kan City Ry
N W Q L A Coke Co 5a__1928 Q-M t 99
Ogden Gas 5s
1945 M-N t—.
Oct.
High
91
Oct '13
1007S
10058
100*4
100*4
9878 Dec'13
103*2 Dec'13
9934 April* 12
99
July'13
do
mt
Low
90*2
47*a Sale
J i—-
No.
'13
Dec'13
7714
100
$1111
High
Feb
99
Sale
-.1913 F-A
152
16£4e
i
9 4'8
.
90
96*4
155
♦ Bid and ask prices; no sales were made on this day.
price Friday; latest price this week.
| Sept. 1 1911.
f Due June,
c Due Fep. d Due Jan. 1.
e Extra dlv.
capital.
V. 97, p. 155.
k New stock.
I 4% of this Is
.
j
150
3 K
12
mmmm
8
-
Q-J Jan. '14, 71
450
.Apr 10 '1 l.V.92,p.l004 147
'14
V. 95, p. 693 114
Bee. b us J'ly 1'12 V. 94. p. 484 160
15
16
7,287,7
Q-J Oct. '13, 4
435
131,8 Com.b
8
2,960,6
8
160,2
62,2 Beg. b
243,2
Sale
1940 A-O t.^..
Nor Sb Gas of 111 1st 6s.. 1937 F-A
m
Org. D ec. 0
Org. 8 ept. 5
72,8
Sale
77*4
Nor Shore El 1st g 6s
6
Bee. b
99
O
Klec 6s...61943 M- S
300
2 K 225
2K 221
Oct
Jan.
Range
for
Year 1913
82*4 AprllT2
96*8 May '12
97
A
-
164
J-J
89 34
74
110034 101
Commons
1100*4 10034
9878 99
Cudahy Pack 1st M 5s
1924 M-N
Dla Match Con deb 6s
1920
}103i2 104
99
Gen Mot 6% 1st L notes. 1915 A-O $ 98-
391
141
.Apr 8'12 V.94, p.1030 160
10
Q-J Oct. '13, 2K
us
222
t* -h'1* -1,!\*< i
Sold
Inland Steel 1st M g 6s.. 1928
386
us
series "C" F
6s
Cicero Gas Co ref G m__1932 J
135
.Apr 3'11 V; 92, p. 929
70
Commonw-Edlaon 5s....1943 M- S
130
us
6
i »y
B'ds
Ask LOU)
"90*8
-
Chic Ry AdJ Inc 4s_._cl927 Mayl
Chicago Telephone 5s
1923 J -D
■
215
Oct.'13,
295
July '13, 6
Oct. '13, \K 140
6
•
8,000,0
10ld Colony TrAS
Jan
Q-J
8
27,4 Beg. b
129,5 Beg. b
285,8
56,4
"12"
2,456,3
Merc'ntlleTrASav
Liberty Tr A Sar.
Chio Ry Pr m M g is.cl927 J
mmm'
Michigan Ave Tr.
LaSalleStTrASav
;MarketTr ASav.
109
"
Merchants' L A Tr
LakeViewTrASav
Chic Rys is
Chic Rys 4a
Chic Rys coll
220
'13,
2 K 210
8A2e
8A2«
Q-J Jan.'14,
171
21
174
1,972,8 Not pu bllshed —se e note (1f)
(11). v
10
187,5
Q-J Oct. '13, 2K 257
8H
16
None Q-M Dec30'll, 4
3,441,7
..I
5,000.0 10,607,2
200,0
113,3
109,3
300,0
300,6
1,000,0
28,7
250,0
30,9
200,0
53,4
250,0
Kenwood Tr A Sav
142
248
X
t
eA" A-O X 89
series "B" J -D
78*8
190
'13, 2
Oct.'13,
2
Oct *13.
IK
Oct. '13, 3
2 V. 95. p.623
Sep.30 *13,4
Nov'13,
8
•,
Last Sale
91
$.""1
series
132
8
10&2«
Chio Rys 5s..
136
Oct'13.
8
172
1927 f
128
IK
1H
Q-J
6
,
1927 F
134 185
V. 95, p.1944 100
Q-J 'Oct. '13.
Jan '14,
0«
'
..1928
213
Q-J
11,0 Org.N ov.27 *12.
10
139,2
9H
Q-J
21,7 Beg. b us Nov I'll
6
.6
171,5
Q-J
8
8
143,0
Q-J
6
6
31,1
Q-J
12
12 *
2,709,2
Q-J
54,4 Beg. b us. Aug 19'1
8
10
259,0
Q-M
6
0
M-N
180,3
Auto Elee 1st M 6s
131
0
200,0
600,0
'
2K 215
Week's
19.
J
-
593 128
0
Ogden Ave State.
1939 J -D
Cal Oaa A El unlf A ref 5s 1937 M-N
117,1
104,8
Q-J
1929 J
Armour A Co 4Kb
Chic City A Con Rys 5s.rfl927 A
Chicago Elev Ry 5a
1914 j
250,0
200.0
T
Am Tel A Tel coll 4s
.
Cbloago City Ry 5b
210
Sept30T3,2
Sept30'13 1H 161
Dec.
Bid
138
116
Q-J
6
'13,
Range or
Friday
255
Q-J
6
Price
est
period
225
8
7
Inter¬
Week Ending Dec. 19.
110
6
5
Oct
-
250
6
9
"
EXCHANGE
215
8
,
BONDS
CHICAGO STOCK
242
July '13,; 6
Q-J Oct'13,
IK
Q-J Oct. '13, 2
Q-M Sep.30T3,3
2
J?
m**' m
(11)
1,515,3
300,0
Q-J
130
'743,0
North Ave StateNorth Side St Sav
•
mmm
265
2,000,0
North West State
422
V. 06, p.273. 130
V. 94, p 465. 116
.Aug 26'1
,.
'mm's'^1"
2,000,0
Produce
10
Chicago Bond Record
1
mm m
250
'13, 2
—Be e note
Feb '12;
10
J-J
7
mm
'13, 8y
Q-M Sep30'13, 4U 419
Q-M Sep 30 *13, 2*i 330
nk
Aue *12.
•
8
8 A 2*
K
180
us
10
60,2 Beg. b
200,0
rNat Bk of Repub.
National City...
260
Oct.
n.
Orga
9
409
'I4,2*27n 215
'IS, 2tf 250
Q-J
M2,5
Lawndale State..
404
Oct.
8
100,0
Lake View State.
Dec.
Jan.
0
10
10
8&2«
8&2<
137,6
114,0
144
Q-J
6
.10
200,0
109"
Q-J
16
407,5
60,1
mmm
Q-J
6,568,7
126,4
2,000,0
F
NOV
liii.
Quaker Oats Co.100
pref...
100
r,
200,0
250,0
Erring Park Nat..
t
405
113
100
NAME.
Last Paid.
Per¬
12
17
10,000,0 12,149,6
12
150,0
243,0
12*4
1,000,0
668,8
Priy ate Ba
•Ft Dearborn Nat.
8
8
964,8
2,000,0
iHalsted St State
200.0
28,8 Org.N ov 25
Stock Yards Sav.
126
Feb
279
$200,0
100.0
8,000.0
800,0
750.0
200.0
National
Feb
67
100
Co
'Woolworth,
2H
Sep30T3,l*2w 220
150
"~0~
None
An Jan '13,
77,5
6
20,6 Org. J an. 27 '13. V. 95, p.1585 107
33,9 Beg. b lis. Oot 7 *12 V. 96. p.944 139
277
21,500,0 10,761,8
10
10
Q-J Oct. '13. 3
to
Capital State....
Oot
Sep
J'ly
J'nn
Surp. tfc
Stock, f Profits
•
IU2 Jan
47
104
Stockmen's Tr A S
•
1178 Apr
52
116
...100
common
■
name.
50*2 Jan
Mch
Jan
91
J'ne 12
"105
com
.100
392 Ward, Montg'y A Co pref
Western Stone
100
Chicago Banks and Trust Companies
'v
58
945 U S Steel
9134 May'13
Oot
6
100
1,143 Union Carbide Co
100
Unit Box Bd A P Co.100
204
Mch22
94
100
Do
120
145
14*4 Aug
325
71
15*2 NOV 29
......
103
23 The
10238 162*2 102*2
145
2025S sl42
Oct 24
Do
pref
100
2,720 Sears-Roebuck com..100
20
Do
pref
100
Studebalcer Corp com. 100
Do
pref
.......100
Nov'13
103
103
Jan
57s Jan
25
Sep
8978 Jan
Feb 11
90
850 People's Gas LACoke.100
Nov'13
Last Sale 66
103
103
77
100
33
13,137
H4
11
Oct
Feb 11
55
J'nelO
8
100
Pacific Gas A El Co._100
-
Jan
J'ne
3
35
103i2 Jan
13934 Jan
23s Nov 18
Knickerbocker Ice pf.100
National Biscuit
100
Do
pref
100
90*2
Last Sale 20
65
10278 103*2
222l2 225
pref.
Do
rights
Pub Serr of No 111
1*8
1*4
90*2
15
10278
222*2
102*2 102*2 *102l2 10258 *102*2
203
203*2 205
203*2 20178
206
.1*8
Last Sale 75
*75
*90
♦
17
Nov'13
Last Sale 2534 Deo'13
116
117
116
116
1*4
100
652 National Carbon..._100
Do
pref
100
134*2 135*4
133*4
*
*
40
Last Sale 45*2 Sept'13
40
36
170*2 172,.
171*2 17212
172i2 175*4
171*2 17238
171*4 171*4
♦121*2 124
122*3 122*8 *121*2 124
*121*2 124
*121*2 124
*16
*16
18
Last Sale 16*4 Nov'13
18
*16
18
*60
(•102*2 103
}■ 205
91*2
♦
17
116*2
H8
......
38
6
40
500
6
11034 Dec 15
49*2 Dec 12
73*2 J'nelO
40
J'ly I
47*2 J'ne 12
200
Apr 26
u124*2 Deo 17
100
......
Dec'13
Last Sale 113
35*2
116
78
*90
78
132
*34
1*4
*75
*75
*_.._
77
35*2
116*2
1*8
138
♦90
17
»
77
115*2 116*2
35l2
!?4
) 116*2 116*2
V
1*8
"77
j
Nov 13
.
Goodrich (B.F.) com. 100
142 Hart Shaff A Marx
pflOO
1,265 llinois Brick
100
Internat Harvester Col 00
Last Sale 15*2
1043s Jan1-
1934 Nov
Oct 31
135
Nov
78
Chicago Title A Trust 100
Do
65*2
66
102*2Dec'13
Last Sale 7684 Aug* 12
Last Sale 118*2Dec'13
*
Deo
28
100
com.
pref..
310 Diamond Match
Last Sale
"77"
Telep A Teleg
1st
125
100
......
92*2
Deo
4fli2 Jan 31
129*4 Jan 30
Oct 16
100
pref
Do
77""*Fet>"i3
9212
Sep 22
Apr
9334 Jan
May
83
9*2 Jan
3
45
Mchl8
7
400
357 Commonw'th-Edison.lOO
Do
rights
430 Corn Prod Ref Co comlOO
834
Last Sale
h~93"
——
128
.
211 j J'nelO
81
J'nelO
9
Cal <fc Chic Canal & D 100
100 Chic Pneumatic Tool.l00
Dec'13
51
51
61
Last Sale 215 Nov'13
220
25
100
Shipbuilding
Do
75
J'ne
4*2 Oct
pref
100
Radiator. .100
pref
...100
Do
185
51
51*s
*210
12734 12734 «124*2 12734
Do
210 Amer
78*4
90
,
Miscellaneous
240 Booth Fisheries
*78*4
Last Sale 2*a
I
38
80
•
115*4 115*4
79
»
16*4 J'ly 24
230
50
i *78
J'nelO
5*2 J'ne
2
40
Nov
25
3
35*2 Nov 10
35
80
J'ne 28
Lt.100
Deo'13
35
♦SO*
18
"3"
"4"
95 American
Last Sale 125
...
fc*32
87*4
Jan 20
Do
pref
100
Streets W Stable 0 L.100
Do
pref..
_.._100
.
*400
*400
"2"
70
Jan
91
J'ly 16
Jan 14
1,100 American Can
27h
8634
2678
30
102
_
88
33*4 Sep
5
9
Sep
2
458 Apr 5
37
Sep 26
.
23
24*2 J'ne
100
"1"
209 Chic
90*2
2834
19
*30
5
♦4ia
90*2
,
Do
Nov'13
Last Sale 75
90*2
90*4
29*4
7*2
212
90*4
Nov'13
Last Sale 25
30
85
90
90i4
29l2
712
2U
Highest
Loioest
Highest
Lowest
(1912)
Year
Range for Year 1913
Shares
_
*25
Rany. for Previous
CHICAGO
of the
Saturday
deo. 20
chronicle
the
1913.]
1813
Ask
Bid
Telegraph and Telephone
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
e
Amer Teleg A
Cable...100
66
Central A South Amer. 100
98
106
.25
99
101
Empire A Bay State Tel.100
Franklin
100
60
72
e
Ac.,
State
Northwestern
u. s.
Bonds.
Bonds.
Bonds.
40
Saturday
Par Value.
Shares.
1913.
19
286,fig*
2K.869
150,415
28-8,846
Wednesday
....
Thursday...
-Friday
...
18,850,600
12,845,500
24,672,600
357,749
Tuesday
$1,245,000
1,944,000
1,597,000
1,766,500
$14,428,800
24,917,850
165,753
——
Monday
31,758,025
$8,000
25
65
"90
99%
Stocks—No. shares.._
value
Par
Bank shares, par
Bonds.
8,628,000
452,870,600
$10,522,500
$8,922,500
$482,802,520
bonds
DAILY
96
Harvester
Listed
Unlisted
Shares.
Shares.
Shares.
99%
93
N Y C Lines Eq 5s
1913-22
4>$s Jan 1914-1925...J-J
4^3 Jan 1914-1927...J-J
N Y Cent 4^s 1914....M-S
4%s 1915
M-N
6s Apr 21 1914
A-021
11,015
Monday
....
3,272
4,287
15,378
14,498
Tuesday
19,474
Friday
4,685
29,723
$285,000
4,395
59,700
2,958
4,852
8,907
115,600
28,787
$396,700
13,278
....
24,073
2,770
4,168
3,987
93,768
Wednesday
Thursday
3,372
11,209
67,000
4,511
20,125
Saturday
39,200
4,664
.
4,958
1,734
.
)
4.90
b 5.10
4.90
99% 100
98%
98%
Bid
Street Railway*
Ask
United Lt A Rys
com...100
100
100
1st preferred.
New
York
2d
City
16
stk—100
Bleeck St & Ful Fy
1st mtge 4* 1950
20
J-J
65
70
B'y & 7th Aye stk—.—.100
2d mtge 5* 1914
J-J
Broadway Surface RR—
1st 5s 1924.
1
J-J
145
United Rys of St L—
Common
.....100
160
Cent
9812 100
10
~97%
1
3
Christopher A 10th St stklOO
115
Scrip 5s 1914...
F-A / 28
Eighth Avenue stock...100 280
Scrip 6s 1914
...F-A / 99
42d A Gr St Fy stock
100 220
35
310
10012
42d St M A St N Ave
1st 6s ext at
5% to'40.IVI-S /--150
100
Ninth Avenue stock
.100
87
88%
8OI4
Anglo-American Oil new
20
Atlantic Refining
4s
>
J-D
1951
West Penn TrAWatPow 100
65
100
Preferred
New York City
e
J-J
Kings Co El L A P Co. 100
New Amsterdam Gas—
99
N Y A E R Gas 1st 5s '44 J-J
101
10312
J-J
99
101
45
......100
70
80
N Y A Richmond Gas... 100
25
35
101
?
■
3
North'n Un 1st 5s 1927..M-N
99
27
Standard G L 1st 6s '30 M-N
115
1
eSixth Avenue stock.... 100
89 % 100
J-J
Sou BouJev 5a 1945
90
A-O
So Per 1st 5s 1919
98
Tarry WP A M 6s '28—M-S /
75
80
28 A 29th St* 6s '96 ctfs A-0 /
7
16
Twenty-third St stock..100
Union Ry 1st 5s 1942..F-A
Westchester 1st 5s '43.J-J
225
260
100
103
•Yonkers St RR 5s 1946. A-O
90
*161
163
50
Line..100
Eureka Pipe Line Co
100
Galena-Signal Oil com.. 100
57
60
65
335
345
174
178
132
135
136
41
e
National
100
325
335
e
New York Dock com—10Q
Co..100
100
107
90
-Coney Isi A Bklyn......100
1st cons g 48 1948
J-J
61
Sou West Pa Pipe Lines.
100
155
165
75
76%
Standard Oil (California) 100
Stand Oil of Indiana
100
247
250
Otis Elevator
Standard Oil (Kansas)
403
408
2
4
435
80
Stand Oil'of Kentucky
—100
..100
425
79
610
620
100
64
66
Stand Oil of Nebraska..100
340
360
Con Gas of N J 5s 1936.. J-J
95
Columbia Gas A Elec
5s
1927..
J-D
1938...
J-J
98
100
Denver G A El 5s 1949.M-N
Nassau Elec 1st 5s 1944 A-O
100
102
Electric Bond Share pref
95
98
102
'14M-N
101
-4
87
100
Trac—.100
68
75
eLaclede Gas preferred..
20
24
Madison Gas 6s
.72
Narragan
100
70
90
Lo.ulsv St 5s 1930
New Orl Rys A Lt com.
J-J
100
100
"92"'
105
St 1st 4s 1948 M-N
J-D
New'k Pass Ry 5s
-
'30.J-J
Rapid Tran St Ry
100
1st
5s
A-O
1921.
J C Hob A Pat 4s '49 M-N
100
So J Gas El A Trac
7212
_73%
101
99
98
M-N
95
Pat Ry con 6s 1931..J-D
2d 6s 1914 opt
A-O
108
Republic Ry A Light... 100
Preferred
100
15
16
53
1924
25
33
100
105
111
70
92
94
Pacific Coal... 100
92
100
Texas Pacific Land Tr.100
94
Preferred
Stern
Bros
100
270
290
100
Sulzberger A Sons Co pf.100
Helme (Geo W) com..100
e Preferred
100
145
175
Texas
107
A
pref
295
72%
100
111
e
TonopahMin(Nev)~£eePbila Stk E
Trenton Potteries com—100
3%
No Hud L H A P 5s 1938A-0
95
Port<5-Rican-Amer Tob.100
Reynolds (R J) Tobacco. 100
215
230
Preferred new
,.100
45
65
245
255
Trow Directory
7
15
Tobacco Products com..100
100
130
.1—100
100
100
2
100
com
Preferred
St Joseph Gas 5s 1937
Preferred
1st g 4s 1949...
J-D
United Gas AElecCorp.100
100
3434
35%
82%
♦612
77
~78%
35i2
7H2
113
100
200
108
120
100
140
160
95%
e
Preferred
Young (J 8) Co
74%
17
e
47%
Adams Express
Col tr g 4s 1947
92
105
10
N Y A Hob 5a May '46.. J-D
91
/65
72
90
Amer Bank Note com——60
♦41
Realty
40
1st g 5s 1919
Con g 5s 1929
J-J
J-J
90
95
44
<UB Indus Alcohol
e
70
75
89
2$
U S Steel Corporation—
Col sf Apr 5s 1951 op
130
135
US Tit Gu AIndem
42
62
American Chicle com
100
200
205
99%
100
97
100
e
100
00
101
100
118
120
1911
e
98
Preferred
e
American Express
25
28
Amer
Malting 6s 1914—J-D
00
1920
M-N
100
102
Amer
Press Assoc'n.
35
Am
60
Graphophone com..100
Preferred
Hardware
80
100
100
100%
Col
s
f Apr 5s 1051 not opt
100
Virginia Iron C A C
100
Wells JSargo A Co.....100
Westchester A Bronx Title
A Mtge Guar
100
Westingh'se Air Brake.50
Willys-Overland com—.100
e
100
Preferred
Worthington(HR)Co pf.100
b Baals,
k Listed on Stock Exchange but usually inactive. / Flat price,
n Nominal, s Sale price, s New stock, «
Ex-rights,
e Includes ail new stock dividends and subscriptions.
* Listed on Stock Exchange but infrequentlyjKkVi' iWvlwtiw1 ..W'MefaLtJAul, of
dealt In; record
•Many, win be found on a preceding page.
Bx-300% stock dividend
- ■ --7—
-•
Per share.-
s
a
And accrued dividend,
Ex-div.
v
.w
42
83
100
100
Preferred
100
American
1st 5s
37
American Brass
48
60
15
100
15
43
40
12
61
100
..J-D
100
1919
Union Ferry stock
35
165
1st mtge 5s
10th A 23d Sta Ferry
1Q4
102
157
25
12
149
100
♦49
20
60
99
200
142
100
100
95
9
"94%
190
100
.—.——50
American
100
57
%
6
91
Preferred
Book
Preferred
J-J
100
Preferred
100
Trent P A H 6s 1943... J-D
6
U S Express—
U S Finishing
95
1946..M-N
Hob Fy 1st 6s
100
list
%
100
U S Casualty
100
U 8 Envelope com....—100
100
100
J-D
——.100
Alliance
100
N Y A N J 5s 1946
95%
United Dry Goods
t Preferred
x
Preferred
Weyman-Bruton Co
15%
J-J
13
e
275
100
e
47
87
68
Preferred
103
109
100
73%
N Y A E R Ferry stook—100
1st 5s 1922....
M-N
90
96
United Copper
84%
46
16
72%
1941 op.J-D
Companies
B AN Y 1st 6s 1911
83%
42
United Cigar Stores com.100
Preferred
100
36%
15
United Cigar Mfrs com 100
e Preferred
100
Industrial&Miscellaneous
1st A ref g 5a
100
t
7%
25%
Western States Gas A El—
Ferry
..100
Preferred
"95"
100
com
Preferred
11
subsidiaries,
List
x
180
65
...
E,
lis t.
290
200
Tennessee Ry LAP com. 100
Preferred
100
Toledo Tract L A P
70
Ex
100
Standard Coupler com.. 100
23%
24
Preferred—See Chic Stk
180
7412 Western Power
126
100
Ext
60
*23%
♦233s
e
Singer Mfg Co
160
100
6% notes Sep 15'22MAS15
100
97
190
Mac Andrews A Forbes ..100
Utah Securities Corp...
J-J
Con M 5s 1928
Tobac.£l
185
102% 104
104% 105%
Johnson Tin FoilAMetal 100
Preferred
M-S
J-J
Gu g 5S 1953
No Hud Co Ry 6s 1914
92
85
230
73l2
90
Machine A Fdy_. 100
100
90
*24
104
100
120
85
New stock
e
.100
100
115
United Electric of N J—.100
x
75
100
145
100
British-American
100
com
33
98
♦89
60
Stk E
i ract of N J....100
Royal Bak Powd
31
98
50
El Co.
81
Pub Serv Corp of N J—See
ox
140
"
100
(Prov)
90
59
1
100
...100
preferred
Sears, Roebuck ACo—See N Y Stk
100
com
Preferred
85
80
64
1st 5s 1933
108'
J-J
list Standard Gas A El (Del) 50
75
102
Cigar
Conley Foil
102
100
62
perpetual
1st preferreJ
2d
Safety Car Heat A Lt_—100
{See also Stock Exchange List)
Amer
96
Pat A Pas Gas A Elec...100
65
.100
.100
Preferred
"of
1926._A-O
Newark Consol Gas
Pacific Gas A E
24l2
eNor Ohio Tr A Lt com.100
eN Y State Rys com
110
<
115
130
42
37
4
15
102
98
Newark Gas Cs Apr '44.Q-J
76
100
*34
94
"id"
100
Preferred
Amer
94
100
....
191
.100
Whitney pref.—100
Realty Assoc (Bklyn)...100
Remiugtou Typewt'r comlOO
2300
Tobacco Stock*
69
Indianapolis ,Gas_~
1st g 5s 1952
P 100
Plercp Oil Corp (w i)
66
Jackson Gas 5s g 1937..A-0
100 2000
Oil
Preferred
88
42
70
t
Cons
*40
80
66
e
No
189
10
129
77
Preferred
ctfs 6%
100
Washington Oil..,
Waters-Pierce
38
75
Preferred
l'l
Vacuum Oil
78
60
eHavana Elec Ry L A
e
9212
9712 100
125
60
Detroit United Ry
Producers Oil...
90
10%
30
,
100
com
Pratt A
87
A-O
4s 1958 opt
89
Pope Mfg Co
285
'J
100
Preferred
-Federal Light A
e
55
*29
325
85
1 0
100
.
Conn Ry A Ltg com
'
e
54
50
Pittsburgh Steel pref—100
e
~ 169"
275
100
F-A
* 50
Lighting Co
♦10
167
100
85
Indiana
26
50
320
100
94
93.,
90
100
Union Tank Line Co
%
2%
71
68
80
100
Oil of Ohio
*>8
2%
21
1st
preferred.
Pittsburgh Brewing
"
78
,72
100
e
Standard
125
...100
Preferred
4
■
103
396
Swan A Finch
100
Hudson County Gas
F-A
Com'w'lth Pow Ry A L.100
"
89
Essfex A Hudson Gas.... 100
Gas A El Bergen Co
——__100
5%
*4%
100
Pettlbone-Mulliken Co 100
e
Standard Oil subsidiaries...
325
Gr't West Pow 5s 1946..
Other Cities.
Buff St Ry 1st con 5s '31
83
.100
Preferred
394
87
100
Gas Lt Co....100
Elizabeth
92
1941...F-A
J-J
73
10
Preferred
30
160
100
com
Standard Oil of N Y
95
Consumers Power (Rllnn)—
1st A ref 5s '29 opt
(old) —100
.100
20
"25 ~
155
Y Transportation
20
Niles-Bem-Pond com...100
60l2
1%
100
Ohio Copper Co
e Ontario
Silver
100
5s
...100
Mtge A Seourlty
283
com.
1st
Preferred
e
N Y
278
S3
1st 4^8 July
165
108
Consumers' L II, A Pow^-
N Wmsburgh A Flatbush—
92
153
106
82
Stelnway Is' 6s 1922
83
100
..
N Y Title Ins Co.
7/
J-J
100
Surety
N
78
Con R 4s 1955
Brk C A N 5s 1939
Mortgage Bond Co
215
101
100
0*1%
244
165
99
~98 ~
20
408
Stand Oil of N J
163
100
Preferred
205
stock..100
45
100
Manhattan Transit
241
Stand Oil of N J
10
103
Manhattan Shirt
100
12
A-O
190
100
Refining
68
Bklyn Hgta 1st 6s 1941.A-O
Brooklyn City RR
185
180
Prairie Oil A Gas
1134
97
180
Southern Pipe Line Co.. 100
South Penn Oil
100
65
102
94
83
Lawyers' Mtge Co
100
Lehigh Val Coal Sales...50
141
403
80
112
25 *139
100
Monotype
Solar
J-J
99
B B A VV E 6s 1933
112
*54
100
Atlan Ave RR con 5s '31 A-O
110
Internat Smelt A Refg—100
Lanston
46
12
4
50
108
125
215
Northern Pipe Line
Ohio Oil Co
*3g
104
3
48%
108
115
Buffalo City Gas
i.
102
120
68
100
60
Preferred
119
115
334
Amer Power A Lt com..100
8%
110
117
International Silver pref.100
1st 6s 1948
J-D
♦45
♦65
7%
105
A-O /
100
Preferred
101
100
100
1st g 5s 1951
680
640
4
43
100
100
International Salt
290
100
Am Lt A Trac com
Preferred
Brooklyn
■«
*
com...
330
Preferred
Bay State, Gas..."
"95"
Rub
Preferred
12%
730
.
Cities Service Co
89
com...
Preferred
50
50
Am Gas A Elec com
2
38
100
Ingersoll-Rand
Intercontln
208
Oil
New York Transit Co
Other Cities.
100
120
100
Oil
Continental
Preferred
100
105
100
M-N
Hocking Val Products..100
1st g 5s 1961
J-J
e
15
5
100
100
Colonial
55
Consol 5s 1945
*12%
720
Cumberland Pipe
100
97% 100
M-S
...
Land A Improve't
Indiana Pipe Line Co
50 *133
*
39
National Transit Co.—.25
100l2 10212
118% 121
J-J
Hoboken
Internat Banking Co
100
share 1 International Nickel....100
270
Crescent Pipe Line Co
1st consol 5s 1948
Milling
1st,5s Nov 1930
75%
74%
Per
Standard Oil Stocks
100
Borne-Scrymser Co.
100
Buckeye Pipe Line Co
50
Chesebrough Mfg Cons. 100
Electric, Ca* & Power Co*
.
15
67
1st 6s 1922
78
111 C stk tr ctfs Ser A
West Pac 1st 5s 1933..M-S
2
9
Herring-Hall-Marvin
1
4
100
...100
June 1 1922—J-D / 62
Hccker-Jones-Jewell
c
"86"
Conshl 5s 1948 ctfs_.F-A r 23
Second Avenue stock
70
Railroad Securities Co—
e
85
Preferred
170
65
10l2
N Y A Q El L A Pow Co.100
240
32
100
Cent Un Gas 5s 1927
9912 10U2
*27
Wash Ry A El Co
125
Dry Dock E B A Batt—
1st gold 6s 1932.
J-D
105
*57
35
30
90
1st g 5s
50
1%
83
90
Preferred
;
108
*1%
80
preferred..;
Havana Tobacco Co
88
Preferred
106
10
80
66
49
72
.100
100
29
103
188
100
140
Northern Securities Stubs..
13
171
1st preferred
28
61
83
27
2d
100
35
10212
Cen Pk N A EII Rstock.100
75
Preferred
130
95
_25~"
77
100
Goldfleld Consol M
40
42
e
88%
k Hackensack Water Co—
125
50
130
22
Ref g 4s '52 op 1912—.J-J
Hale A Kilburn com
100
15
9%
Pitts Bess A Lake Erie—-50
"
79
10l8
list
12
preferred
2d preferred
100
10012 10212
stock..100
mtge 68 1922
M-N
*77
x
100
100
ASk
*69la
E
,
1%
126
General Chemical com.100
e
117
1st
87
*1%
100
com
Preferred
e
99% 100%
...100
100
preferred
14%
86
100
Empire Steel A Iron
98
95
Stk
com.. 100
2d preferred
N Y Chic A St L
e
*74
99%
60
$
89
14
100
Preferred
100
com
35
84
100
Preferred
e
100
...
1st
65%
32
100
com..
Preferred
100
Preferred
*
Preferred
Croestown
1st
preferred
Preferred
Colo A South
64%
100
com
Emerson-Brantingham—100
......100
Preferred
41
109
Davis-Daly Copper Co...10
duPont(EI) de Nem Pow 100
99% 100
Chic A Alton com..—.100
«Chic StPM AOm
40
107
100
Crucible Steel
e
74
100
...100
Preferred
e
85
70
100
Heating.
Rubber Tire
Continental Can
Railroad
*
.100
Debenture 4s 1951...A-O
93
6 5.10
1915.J-J
5% notes Oct'17—See N Y
e
Bid
98
preferred
'
Westingh'se El A M 6s 1915
*
"and interest" except where marked * f
Street Railway*—(Con
95
4.90
1916.. F-A
West Maryland 5s
Inactive and Unlisted Securities
price* are now
60
97
91
98%
*
bond
85
58
2d preferred
Preferred
Southern Ry 5s
e
Ail
80
e
Consol
97% 98%
9934 100
t
Total
100
1st
Consol Car
b 5.10
Seaboard Air L Ry5s'16 M-S
$23,000
52,300
25,500
63,800
57,200
63,200
3.786
4,068
100
Cluett,PeabodyA Co comlOO
97
93
Missouri Pacific 5s 1914. J-D
Sales.
$35,000
80,200
85
80
80
e
Preferred
South Pac Co 5s J'ne 151914
Shares.
20
70
99%
97%
99% 100
1914..F-A
Mo Kan A Tex 5s 1915.M-N
Bond
Sales.
130
15
80
Claflln (H B) Co com—100
e
99%
1914..F-A
127
100
—100
Preferred
St L A S F 5s 1913 opt.J-D
6s Sept 1 1914 opt
M-S
Bond
92
120
City Investing Co
list.
99%
52
87
110
Casualty Co of America. 100
Celluloid Co
—.—.100
e
Philadelphia.
Boston.
Unlisted
Listed
48
100
Preferred
98%
Minn A St L g 6s
Week ending
19 1913.
com
99%
1915..A-O
Michigan Central 4%s. 1914
EXCHANGES.
Dec.
100
—
'.-i
113% 114%
105
106%
*2%
2%
100
6
Brown Shoe
5s '15-F-A
89
6s 1912..M-S / 85
99% 100
Lake Sh A Mich So 4%s.'14
BOSTON AND PHILADELPHIA
TRANSACTIONS AT THE
125
285
British Col Copper Co
Preferred
87
115
278
Borden's Cond Milk com.100
K C Ry A Lt
$663,125,500
RR. and misc. bonds..
282,000
"83"
50
100
98%
8 1914..A-08
1914.__ A-O
63 April
1%
15
60
.50
Preferred)
96
Inter
$757,700
$1,707,220
28,224,700
$12,500
Bliss (E W) Co com
99% 100
Int A Gt Nor 5s
$1,183,500
25,543,000
636,399,000
bonds
Total
$165,100
$7,000
422,500
10,093,000
Government bonds
State
80,360,455
129,629,031
$7,183,979,165 $11,696,490,350
2,936,693
1,456,316
$127,473,375 $252,485,050
$700
$2,300
8
100
97%
Gen'l Motors 6s '15—See NY Stk Ex
99%
Hocking Valley 4 k'S'14 M-N
99%
111
Cent 4Hs
1914
J-J
1912.
1913.
1912.
1913.
Exchange.
93
Coll 5s April 1
Stock
York
1
1939
Preferred
99%
Coll 5s Oct 1
Jan. 1 to Dec. 19.
19.
Week ending Dec.
Sales at
New
98%
ChlcElev Rys 5s 1914...J-J
$7,000
100
Deb g 6s
list.
Ex
Bklyn Rapl Tr—See N Y Stk
$422,500
$10,093,000
IVLN
Barney A Smith Car com 100
99%
Erie
$127,473,3751
95
100
99% 100
J-J
Balto A Ohio 5s 1914
43
96
Bond A Mtge Guar
1915—M-S
Copper 5s
4%
41
93
Amer Writing Paper
85
25
Atlantic
*4
100
95
Teleg pref. 100
Pac Telep A
Ches A Ohio 4 Hs 1914.. J-D
1,456,316
167
72
Amal
~5~666
71
162
Preferred
Short-Term Notes
62,000
61,000
69
50
pref—„5
Amer Typefounders com.100
112
Southern A
$2,000
118,000
1,979,000
105
e
95,500
78,000
1,561,500
50
Ask
99% 100%
F-A
80
Teleg
Bid
Mlscell—(Con)
Fdy 6s 1935.A-O
American Surety
American Thread
70
100
Preferred
e
Steel
Deb 4s 1923
118
Pacific A Atlantic...
Dec.
Am
50
112
100
Mackay Cos com.....100
«
Railroad,
Stocks.
—
Gold A Stock Teleg...
e
Week ending
Y)
Comm'l Un Tel (N
EXCHANGE
Indust and
60
e
1814
BOSTON STOCK .EXCHANGE—Stock Record.
SHARE
PRICES—NOT
PER
CENTUM
Sales
PRICES
STOCKS
BOSTON STOCK
oj the
Eaturday
Monday
Dec. 13
-
Dec
Tuesday
15
Dec
18
-
198
•92
92%
98%
85%
83
*9234
98%
•08%
98%
195
197% *_
85
85
85%
*
198
150
; 92%
*98
"84"
86
160
*155
38
35
37
240
240
36%
*240
*7
15
•7
v
165
*00
65
*240
15
85
86
*160
:
35
*7
*7
•
I
36%
r
mmmm
•162
85
•37"
164
♦162
*103% 104
164
*103%
"39"
♦37~
39"
;
164
165
*163
39"
*37"
*230
*163
164
*37
~7l"
"Vl"
*72"
75"
165
*163
r
%.j. •119
•119
86
*84%
•91
98
86
z92
65
66
*10
10%
65%
67%
.70
V1034
100
♦....
167
'<
•83
*83
92
1034
•10
't 10%
64%
*
.05
*
105
105
*105
120
08
68
*68
69
W0«4
90%
mm
*25"
*105
......
75
78
74%
69%
64l2
.65
.67
120
6412
6978
.70
n
:
64*4
68%
'
30
9H2
11
r
69
"II
158" 158"
32%
151%
83%
*25
105
68
6734
*90
*10
.70
105
67%
.*90%
50
9U2
*10l8
92
160
«
27
165
55
08
*105
■
♦90
68
68
*90
,
...
6734
♦9O84
97
& Providence. 100
240
Dec
7
Sep
Suburban El Cos.
.
290 * Jan
& Wore Elec Cos.
3
37% Dec
162
Sep
101% J'ne
200
J'ly
-10
70
Deo
7
Dec
pref
Pacific
Do
Jan
13
200
J'ly
122
Feb' .8
119
Dec
Aug
82% J'ly 11
126
Feb 10
124
88
Sep 20
83
Dec
91% Dec 19
10% Dec
1
110
Mch 13
125
Dec
16
Dec
Dec
*115
_
19 38
.60
Feb
16
68
Do
33
-
pref
^
..
<(.
J'ne
7238 Dec
126
Feb 21
176% Feb 11
36
Mch25
162% Jan
Dec
"23% Oct"
£174
81% Feb
100
Jan
J'ne
41
Jari
152
6
90% Jan
9
150
Feb 27
67% Dec 16
85
J'ly 15
50
A
Feb
Jan
130
25
Aug 28
139% J'ne 12
80% J'ne 10
105
Dec 13
100
107% Oct
6
2ke Aug 12
J'ne2l
158
100
Vermont & Mass__._100
203 West End St...
50
115
165
;Mch
68
.100
pref..
Aug
May
107
79
Rutland,
50
Feb 14
106
Dec
260
130
31
Dec
290 " Dec
'
6334 Nov 24
200 Union
Nov
94
16% Oct 31
Feb
5
202
'
3
',*• 65
Men 7
7% Mch 6
45
Jan 24
67% J'ne
pref.
Jan
Dec
112
205
Dec
...
Dec'13
♦105
115
Dec
35
65s4 Deo 12
Nov 15
100
Deo 15
153
Last Sale 82
Jan
114% Jan 30
Jan 27
150
pref stamped.100
32l2
153
Nov
82
10378 Feb
101% Nov
211% Sep
10138 Feb
100
pref
Chic June Ry & US Y.100
Do
pref
Connecticut River
100
Fitchburg pref
.100
Ga Ry & Elec stmpd.100
Do 4 preL__.._.._100
Maine Central
.100
Mass Electric Cos
100
Do
215
100
& Maine
Do
^
111
160
*25
32%
150l2 150%
Year 1912
Lcvrest
100% Jan
9534 J'ly
Dec
185
8,990 N Y N H & Hartford.lOO
8,747
Do
Rights
8 Northern N H.100
25 Old Colony.;
100
.75
mm
151% 151% *151
♦83
83% *83
83%
*
70
•2.65
106
"25"
32%
"68%
100
100
14984 14934
83%
♦90
04%
69%
100
*27
92
.60
65
Nov'13
*68
75
"
64%
688g
•166%
301, 30%
160% 150%
85
.70
>
39
Last Sale 119i2Nov'13
85
85
♦84%
86
85
68%
.65
75
*119
-
86
*10
65
07%
.
62
4
*64
,
.72
•84%
92
*84%
10%
m m -
"7*5""
*72 ~
75"
•73"
......
Last Sale 103i2 Dec'13
■
Last Sale 200
•119
245
Range for Previous
Highest
91% Oct
100
Albany..
100
289 Boston Elevated.....100
26 Boston & Lowell
6%""Nov~13
39
pref
78 Boston &
2,243 Boston
5 Boston
Boston
10
Do
Boston
Dec'13
*37
*103%
.
85
39
60
Last Sale
.Railroads
Afcch Top & Santa Fe.100
Do
,
155
Last Sale 7
60
......
186
36
36l2
*240
15
t
"37% ,;V8~~
Lowest
Dec'13
*153
85%
..
35%
60
60
Shares
Nov'13
186
188
186
160
85
•150
250
*240
15
*60
*
Last Sale 92U
Last Sale 98
.
Rang- Since Jan. 1
basis of 1W-share lots
Jn
EXCHANGE
1
98%
19384
190
37
f 35%
Dee If
93
*9284
*98
151
151
Deo 18
Feelfc
Friday
17
Dec
i
•92%
*98
Thursday
Wednesday
Dec
89% Sep
150
Dec
80
Oct
96
8
3
Nov
.
'
t>
4434
90
,
■-
44%
90%
44
11434 116%
101
IOI84
109
no
♦90%
2%
16%
111
110% 115
70
7734
60
*59%
99
99
110% 113%
100
77%
76%
767,
60
60
60
100
*99
100
'
*8
9
*8
9
8
•15
10
*15
10
15
11
11
•10%
11%
237% 238
136% 136%
♦99
90
*10%
235
235
134
133%
*99%
88%
89%
237%
137%
99%
8884 8884
100
90
91
91
99%
91
91
•2IO84 211
♦210% 211
•
♦
3
•25
132
150% 151%
150
150
-16%
15%
*15
103% 103%
103
1584
103%
27
27
27
*26%
♦125
27
60
50
27%
27%
65
55%
•1%
2
*250
255
♦1%
255
♦250
19%
20%
19%
20%
1
*.90
1
32%
68%
32%
69%
16
16
'
♦32
32%
.69
;
15«4
13%
"
69%
16%
3%
60
27
,
400
♦13
27
60%
400
37
i
32%
*2%
3
9%
3
03
69
29%
30
•13%
30
14%
30
♦%
3
47
•82
16%
%
««%
*2
5
•2
2%
•38
39
*38
*143,
14%
68
17
1
4%
49
17%
•1734
17%
82%
1%
5%
*31
■
•1%
6%
•25%
♦.10
'
"
22%
2%
•28
20
,
'
*384
4
.00
.60
•36%
4684
*1%
37
47
1»4
J *8%
884
'
■
478,
;
*1
*40%
J •%
47%
'1 %
!g7«
41%
«4
_
_
1%
16,
29
h
3%
285s
Last Sale 141*
*30%
%
3%
♦46
47
4%
2
56
6%
21%
1
39
*338
6
*21
%
89%
21%
41*
280
k
2 k.
71,
1,825
*3Xt,3*4
10
36,
Dec'13
1
Last Sale 84
4
3%
*1%
25%
*.11
.20
*2134
22%
2ki 2 k,
2%
28
37,
♦33,
20
*.18
♦2134
2%
28
28
4
k«
•3%
32%
1
54
56
17%
32%
17»4
17%
321*
321,
♦31
184
Last Sale Ha
6
.20
22%
2%
28
4
26
6
26
Dec'13
6
26
22
22
*21|
♦3%
4
4
1,390 Shannon
435 Shattuck-Arizona
South Utah M Ac S...
165 Superior
480 Superior Ac Boston Cop
485 Tamarack..........
......
.....
2%
291,
,
4
.65
.65
.65
.05
.65
♦.60
.65
3634
3034
871,
37%
371*
37ia
38
47
47
47
47
47
47
47
r 8%
•47
47%
•l
1%
♦1
1%
*1%
1«4
41%
»4
•1%
40%
2
25
38
47
•1%
*40
*%
•
.
*1%
«
♦1%
8%
*:
1»4
47%
1>4
8%
8
8
*%
47%
40%
«4
Aaa't paid.
♦47
1
*1%
41
473,
1%
8%
471*
♦4634
16,
8%
-
.
♦477,
"
1
•1
1%
41
«4
1
Last
* Ex-atock dir.
%
*1
134
1»4
•40
"
•%
1%
8%
.60
*1®4
4134
40
Sale[ .65
h
.60
704
1®8
1150
......
Copper...
Deo
Do
pref__
.....
Utah-Apex Mining... '
35 Utah
48%
1%
Copper Co.....
25 Victoria..
•
2
6
555
■18
2
3
44% J'ne 12
79
J'ly l
1
1
16
25
5
42
10 Winona
34
...
J'ne 10
2% Jan 14
1
Aug 14
5
Nov 20
25
25
26
5
3% J'ne 4
3% Nov 24
I84 Nov 19
5
NOV25
25
25
4
Jan
2
2
"
Jan
2
33
22
Jan
16
May
.70
Deo
2
Jan
Jan
11% Sep
40% Jan
4
87% Jan 10
337, Jan
2
3% Feb
Jan
2%
233,
1%
60%
18%
Jan
Jan
Dec
Jan
Jan
2
Deo
1934 Jan
10
15
25
52% Deo 4
15% J 'no 10
30
Nov 28
10
25
10
J'ne 10
1
J'ne 12
10
5
Deo 15
10
21
Feb 19
5
.15
Aug 12
21
25
Nov24
Apr
Jan
2% Jan
2®4 Jan
83, Jan
66
Jan
107
Jan
Jan
k. Aug 15
13% Jan 2
31
Sep 23
43
1
Deo
Jan
9
Jan
17
Feb
Jan 18
% Dec
24
Feb
4
1
Deo
3
20
Jan
Mayl6
6
Jan
9
3% Jan 28
43% Jan
2
4
Deo
34
Jan
45% J'ly 7
1% May 6
7% May 6
60
6
47
Jan
278 Sep 24
11% Jan
1
40 " J'ne 10
1
.55
Oct 18
34
'J'ne 10
DO
5
5
10
•
_
3
2
2
50
25
Mch
72% Deo
16% Jan
Jan
46
Jan
Deo
15
40% Jan
e438 Feb
3
25
25
44
100
28% Jan
80
Jan
38
Ike Jan
21
25
2% Deo
1% Deo
2% jan
3% Jan
22
5-% Jan
2234 Feb
J'ne 10
10
25
Wyandott
_
9% Mch29
34% Jan 2
.35
Feb
10% Dec
Deo
65
25
o
5
Nov25
25
41
Jan
J'ne 10
25
25
Jan
223, Deo
•*
26% Jan
2
Jan
20% Jan
2
Apr
.80
Jan
Jan
Jan
13
2134 J'ne 10
".99
May 17
%J'ne 6
3
Apr 30
4184 J no 10
67% Deo 16
85
4% Nov 24
26%
5%
10%
5%
15%
Oct
3
Apr 28
59
Feb
7% Feb
2
84 Jan
17.
88
% J'ne 10
7% Nov 5
Feb
Dec
Feb
Dec
Oct
12% Jan.
078 Sep
15%
25%
48%
3%
78% Sep 16
35% Aug 29
Jan
Jan
60
Jan
J'ne 10
2
Jan
% Sep 12
89% Nov25
78
.90
'
« Unstamped.
405
Jan 27
5
Wolverine..........
Ex-div. and rights,
2
15% Jan
9
Jan
2
2
20% J'ne 10
% Deo 18
5
2
4%Dec
2"io J'ly
19% Feb
67% Feb
2
47% Jan
63
Feb
24% Feb
6
25
25
...........
3
Oct 28
Jan
Jan
Sep 10
Oct 17
Feb
Jan
72% Jan
1
10- J'ne 10
"
310 Utah Consolidated...
8%
a
Trinity
650 Tuolumne
621 U S Smelt Ref & Mtn.
Dec'13
Ex-rlghta.
Santa Fe Gold & Cop.
...
24
2%
28
7
46
Feb
Dec
00
327, Feb 10
6% Sep 17
6
30% J'ne 10
32
Deo 1
25
...
......
Dec'13
24
28g
29
......
210 Ray Consol Copper
100 St
Mary's Min Land.
26
Last Sale .20
•28
210
6
36%
47%
1«4
8%
47%
36
......
Ojibway Mining...
Colony
Old Dominion Co
499 Old
55
8
26%
150 North Lake
Oct* 13
171a
1784
.
.....
55
54
♦1%
5%
2778
749 Pond Creek Coal
73 Qulncy
17«4
2
6
25
Consolidated;.
218 Oweola
54
Deo
388
New Arcadian Copper 25
2,632 Niplssing Mines
5
11,472 North Butte
15
18
47%
68%
171*
35
J'ne 10
Jan
Jan 30
24% Oct
2% Jan
42% Jan
80% Sep 16
1% J'ly 14
18% J'ne 10
56% J'ne 11
5
71
17%
5%
25»4
134
18
69
17%
*31
......
48%
69
17%
17>4
32%
1%
210
...
71
47%
68
55
1
4
33j
48
Dec
15% Dec
2% J'ne
.05
J'ne
25
...
69%
1768
47
17%
26%
Apr
2
62
5
Coal...
4%
49
47
65
60
1
7% 7%
27%
1
300
29% J'ne 11
10
120 Mohawk
4
1
334
1
5
Jan
330
33
145 Nevada
27%
Jan
Nov24
2778 Jan 10
% May 8
40
26%
♦84
*84
1
69
May 12
100
Do
pref.......
Isle Royafe Copper..
Kerr Lake
Keweenaw Copper...
Lake Copper Co
La Salle Copper
Mason Valley Mines.
Mass Consol........
Mayflower..
Miami Copper......
Michigan
a.
46%
27%
68%
107%
111
1
Mining..... 25
.14%
20%
Sep
Jan
Deo
Feb
10834 J'ne 10
.15
May20
10
Gold
146,
♦138
8
h 174
Hedley
40
....
Jan
6534 Feb
28% Feb
25
39U
14%
182
Nov29
14%
•
25%
*34
♦84
334
*46%
67%
17%
k.
480
213,
*.60
8
♦1%
778
2684
*84
810
......
7
*21
.60
25
3«s
7
♦1%
14%
1»8
72
839
2
8-
8
65
k.
,
J'ne 24
230
Cop 10
100 Helvetia Copper.
4
6
Jan
12
300 Indiana
19
Last Sale 2%'
.85
27% Oct 24
83%
18
7%
May
Jan
Jan
102% J'ne 10
25
80 Island Creek
83U
334
3%
27
23
2
Hancock Consolidated 25
48
k.
28% Jan 20,
; 132 Greene-Cananea
12
83%
28% Jan 15
9% J'ne 10
2% Deo 9
61
J'ne 10
3i2
Feb
13% Jan
98% Jan
263, J'ne 24
60
J'ne 11
•
•
Deo
Dec
158
2
6
Sep 15
25
•
90
148% Ocr
Sep 27
Mcb
Dec
90
2
Sep 25
1,102 CopperRange Con Co 100
50 Daly-West
20
708 East Butte Cop Min. 10
200 Franklin
25
843 Granby Consolidated. 100
2ia
18
108
41% J'ne 10
1,127 Calumet & Arizona.. 10
48 Calumet & Hecla
25
205 Centennial
25
255 Chino Copper
5
3
47
83%
♦17
Allouez
Apr
Jan 11
165% Jan
25
.......
93
214% Deo
2% Mch
—
91% Jan U
6
Bos&CorbCop&SilMg
Deo'13
*293,
*14
31,
.30
*3
Ahmeek
3,958 Butte & Sup Cop (Ltd)
30
14%
mmmrn
147
25
3,030 Bu"te-Balaklava
3i2
30
72
2l2
...
2%
14%
240
Nov'13
212
69ia
*238
pref
5,938 Amalgamated Copper 100
2,800 Am Zinc Lead & 8m. 25
865 Arizona Commercial.
6
ioi2
•68%
28%
Do
8
Jan
103
Apr
*88% J'ly
a4J'ne 6
...
61
62%
3971* 400
3
26
26
4,955 Alaska Gold .1
10
Algomah Mining.... 25
*'
♦3
•2OS4
*84
>16,
10
3
25
25
....
pref
Mining
110 Adventure Con
19% 20*7,
Last Sale li8
Nov'13
32U 32i4
33ia 3312
70
71
687S
70i8
17
17
17
18i2
♦3% i
37,
4i8
281,
Do
60
14% Apr 15
J'ne12
6,434 U S Steel Corp......100
203
Do
pref
...100
20
3U
334
2778 28
6012 61
397% 400
Torrlngton..
3% Feb
Aug
155
Jan 13
95% Mch24
Sep 4
160
Apr
101
100
5
10% Aug
10% Jan
272% Sep
8
220
-
Nov
x9U% J'ne
93% Jan 22
9
17
100
,
352
104
637, Apr 7
127
Dec 19
149
Dec 18
.100
pref
75
Jan 23
Feb
Nov
79% Nov
14
288% Jan 10
18684 Jan
2
J'ne 16
J'ne14
Jan 16
Union Copper L & M 25
1,306 United Fruit
100
6,635 Un Shoe Mach Corp. 25
255
19«4
143,
1%
28
"
55U
563s
104% 105
8
.20
37s
2734
38,
14%
•1
26
♦.60
52
♦2
1
3
34
3
Dec 18
3
22
Apr 30
Jan
12% Aug 22
May26
Apr 28
625
158ia 160
5178
536s
2784 2784
56ia 5784
105
105U
15711 159
*U4
152
1
100
J'ne10
.86
303 Swift & Co
27
1
.99
255
16%
27
28
.99
37,
39
5
2%
161*
75
15
95
63
10234 103
27ia 27la
21
11334 Dec
114% Dec
137% Jan
8378 Sep 23
6
209
pref
Mch
J'ne
..100
Do
14
Jan 11
Jan 3
Feb 1
Jan 3
19% Aug 25
130
87
Aug
7
234
100
Dec
3
Jan
Morgenthaler Lino
100
Mexican Telephone.. 10
Do
14912
16l2]
*21,
Id*
69%
9
Dec
98
3
23s4
118%
117%
140%
9284 J'ly 23
0
Jan 10
10
64
2
4% Jan
May .8
Mav27
74
gg
Jan 11
99% Jan
110% Dec 15
16% Dec 18
N E Telephone..
100
228 Pullman Co
..100
100 Reece Button-Hole.. 10
127
149
14934!
16
0
21%
584
28
149
127
33
6%
39
•31
22
Nov'13
I
57
-
99% Dec 12
108% Dec 9
MassachusettsGasCoslOO
N E Cotton Yarn
Nov'13
125
*38,
21%
*%
236
176
Last Sale 26
*120
*3ki
*2
90
Nov'13
10%
4%
*5%
1784
32%
1%
22
90
17i2
•4 k,
478
*2
212
6%
6%
6
65
*.11
90
Last Sale 3
33
*3
39
17%
*
90
*209l2 212
10%
30
McElwain(WH)lst pf
Sep
41
8934 Deo 8
2% J'ne 11
16
Nov 3
....
*
3
*%
%
3%
*2
*
"
_
*53,
1
♦2584
2%
♦13%
♦297,
14%
5%
37,
3%
2%
173,
22%
28S4
_
53,
65
29
♦2%
68%
*28%
751
89%
10%
♦2%
10
2%
68%
*3ki
3%
69
.20
3
10
*4'A 4%
*2
2ke
384
5
89
48
37i2
18
47
*1%
89
371,
83%
1
♦31
89
100
3684
33
18
69
*99
30%
32%
*214
373,
83%
25%
*17%
135% 13634
99
13
17%
*47
234% 235%
234
99 V
13
83%
17%
8%
♦84
*%
3%
11
13
♦82
1
25
8
16
13
46
14%
8,
55
32%
13
48
1
1
69
•54
33
400
47
40
14%
•
37%
*3
5%
3%
3%
2%
584
21%
*5%
*21%
*%
•334
•47%
♦12%
37%
*40
2k
*2
5%
21%
1
24%
♦84
♦84
400
28%
60%
83%
17%
4%
*3
1%
8%
25%
1
♦13%
*297,
•%
_
%
3%
♦3%
8
32%
*2%
97,
2%
68%
28%
2%
68%
28»4
14%
5
3%
•1
60%
60%
37
32%
2%
9%
.
4
*%
60
28
46
•3
♦5%
21%
"3% "3%
28
27%
3034
*16%
4%
99
8
Last Sale .60
""3% "3%
13
♦82
83%
17%
ke 4%
•2
2k»
3%
384
400
40
4
5
10%
*12
*3
3%
47
1®4
255
82%
703,
1634
3»4
70%
99
*15
X
135% 13534
273s
♦31%
69%
16%
3»4
32*4
*395
_
234
51
.99
18
60
9
16
IH4
273,
•.90
13
__
100
*8
50%
1»4
♦250
69%
603,
68%
28%
*13%
*29%
*%
159
20%
400
3634
32%
2%
934
2%
*99
*1518
llU
77%
*5934
♦27
20%
13
37
32%
•2%
9%
60
.99
1
•32
27%
00
50%
*27%
1%
400
.
13%
60
17
77l2
28
20%
♦.90
""3% "4% "3% "4"
27
113t4 1151s
1514
1514
77U 773s
27%
56
66%
104% 104%
255
20
4
*3%
158
278,
*16
284
102% 103%
109% 110
115
1173s
110
IO284 103 1
*27
27l2
.99
60
65%
1043, 105
•.90
10
103
27%
1578, 158%
50% 50%
*27
2
*250
10
*27
»2ij
j
72
215
90i2
Last Sale 68
103
1%
2734
*1'4
109
Miscellaneous
Amer Agricul Chem._100
Do
pref
100
125 Amer Pneu Service.. 50
220
Do
pref
50
819 Amer Sugar Refin_..100
194
Do
pref
100
24,840 Amer Telep & Teleg.100
25 American Woolen
100
272
Do
pref
...100
10 Amoskeag Manufacturing
90
Do
pref
147 Atl Gulf & W I 8 S L.100
135
Do
pref
100
35 East Boston Land
10
2,232 Edison Elec Ilium
100
665 General Electric.,
1.00
46
90
90%
i- 2"|
2»8
16
16%
102
1027,
80
*123% 120
149% 150
28
►
48
90
3
*25
61
60
54%
104% 105
210
*45
.
•68
♦1
50%
2734
104% 104%
210
30
129
•27
1%
158% 159
8
♦1
149% 150
15%
15%
103
103%
27% 27%
♦1
1%
158% 159%
90
3
•27
•1
8
15%
16%
11%
*10%
234% 235%
13484 135%
99% 99%
89
88%
89% 90
*68
"
130
60
100
8
*25"
30
130
7634
♦99
210% 210%
*67
132
76%
♦5934
15%
11%
23534
134%
100
88%
*
3
*25"
80
•68
'
2%
16%
*15
77
; *59%
!
-
441, 44%
90% 90%
23,
*2%
17
*16%
IOI84 102%
109% 109%
113% 115%
9l"
110
,
\
•44
90%
2%
16
16%
101% 102
*2%
2%
•16%
10%
101% 102%
\ 111% 111%
k
44
90%
2%
'
".40
J'ne 12
2d nald.
w
4% Jan
Jan
1% Jan
Ball paid.
2%Deo
Nov
9% J'ly
6212 Jan
la4 Deo
3% Deo
65
Dec
Deo. 20
Boston Bond Record
1913.]
bonds
i
Price
exchange
boston stock
Last Sale
am Agrlcul Chem 1st 5s
1928 a-o
Am Telep Se Tel "Oil tar 4s..l029 j-j
Convertible 4s
1936 u\-s
0..1995
Adjustment g 4s....July 1995
Stamped
July 1995
60-year conv 4s_.
1955
10-year conv 5s
1917
Gui& w
Bur & Mo Riv
cons
Gs
92
84
•
8934 ioh4
01t2
0u2 Sale
50
62
May'13
85 id
97
Assented income
iooi4 iooi4
14
59
50
85
82is
82
'96' "98
f-a
98i4 Nov 13
98% 100
9812Mch'12
98i2 Dec '12
83
j'ly '13
987s Dec '13
J-J
J-J
985s
99is
a-o
80
82
77%
::::"92
7912
107
861;
110%
Dec'13
77~" "79"
Nov'13
90
Mch
98
'95" "95"
13
iooi4 Aug'12
92
80
70
92
j'ly'13
" "92
8oi4 Sep ' 2
1940 M-N
1927 m-s
Oct
95
Savannah Elec 1st
122
Gold debenture 4s
1917
4s.
17
98% 102 '
67
80
73
73
106% 125%
10178 107
103" iiT%
! 88
88
Aug'13
Jan
9%
93
101
'11
70% Deo *1(j
100% 100
90
Nov'13
Dec
91
96
100
'13]
103%
91
90
97
Apr !07
100*4 Mch'13
95% Nov'13
90
93
92
99%
l6o"*4
10(1*4
95% 95%
92
93
92
,96%
95%
9878 101*4
92
99% Deo '13
9978
97
97
j'ly *13
99%
Oct '13
97
96% Nov'13
f-a
92
92
1932 j-j
97.
99%
97%
96% 96%
92
100%
99% Dec '13
97
90
90
j'ly '13
92%
92
9234
Wisconsin Cent 1st gen 4s__1949l j-j
92
93% Feb '12
* No price Friday; latest bid and asked.
NOTS.-r-Buyer pays accrued interest in addition to the purchase prioe lor all Boston bonds.
101
13
99%
Dee '13
88
!
89%
Oct '13
103
96
97
101?8
10178
11138 Oct 12
104
103% Sale 103%
.1916 m-n
Western Teieph & Tel 5s
Mch '12
93%
89%
Apr
9878
j-j
80
101%
"94" "j'""
95%
93%
10634 Nov'13
1930 f-a
1919 m-n
1929 j-j
Torrington 1st g5s
1918 m-s
Union Pac rr & Id gr g 4s_1947 j-j
20-year conv 4s
1927 j-j
United Fruit gen sf 4hs
1923 j-j
Debenture 4hs
..1925 j-j
u s Steel Co 10-60-yr 5s Aprl963 m-n
West End Street Ry 4s
1915 f-a
Gold 4hs
1914 m-s
Gold
m" 122"
Feb'13
122
5s__1952
78
95
Aug '13
75
Seattie Elec 1st g 5s
12
a-o
cons
Safe
92
107% 113
76% 7g%
90% 90%
'13
73
99%
j-j
1933 a-o
1922 f-a
1923 j-d
1932 f-a
1919 j-j
13
Oct
101
j-j
j-j
Shannon-Ariz 1st 6s g
Terre Haute Elec g 5s
"97 ""991;
9914 Oct '13
1933 a-o
Unstamped 1st 6s
98% loosf
80
j'ne'13
95
M-N
1926 a-o
1946 a-o
,i fitch burg 4s
|! fremt Elk & Mo v 1st 6s..1933
85%
97i2 Sep '11
; Cudahy Pack (The) lstg 5-1924
Det Gr Rap & w 1st 4s
Dominion Coal 1st s f 5s
83"
79
92
1948
6s
Puget Sd Elec Ry 1st 5s
Repub Valley 1st s f 6s
90
81
87
deb
conv 5s
1934
deb 3^8-1956
20-year conv 6s__
Oreg Sh Line 1st g 6s
Pond Creek Coal 1st 6s
1135a Feb '11
a-o
.1949
Copper Range 1st 5s
80
107
J-J
Oh m a St p Wis v div 6s._102o J-J
Oh & No Mich 1st gu 5s....1931 M-N
Ohlc a w Mich gen 5s_.
.1921 J-D
Concord & Mont cons 4s
1920 J-D
Conv
con
Feb
89%
1915 a-o
92
96%
957#
Apr '08
95%
93%
.93%
99%'
j'no'08
97
-.1932 a-o
(The)
n y nh & h
89*4
May'13
Current River 1st 58.^.
Eng Teieph 5s
5s
Oct '07
98
Illinois Div 3hs
1949
Ohlc Jet Ry & Stk Yds 5s._1915
Goll trust refunding g 4s_1940
Oh Mllw & St p Dub d 6s..1920
99
102
10414 104%
1103
..1922
93
1
HJ. oh
99%
93%
9378
"31
90i? Feb '13
Nov'13
97
96
95%
Low
78
99
"7
115
New
101
92
ft/1
96
No
High
993g Apr'13
9334
9378 Nov'13
Iff"
1934 m-s
Since
107%
107*4
7638Jan '13
gu.1936 a-o
1934 m-s
5s
Range
Jan.
93%
91
....
10738 108
Kan o & m Ry & Br 1st 5s.1929 a-o
New River
82ia
1928 m-n
—
'12
99
933g
Deban 4 la»
..Dec 1931 j-j
Mich Telephone 1st 5s_„<
1917 j-j
New Eng Cotton Yarn 5s_.1929 f-a
16414 j7ne"'i3
85
Ask Low
9334 Sale
..
Marq Hough & Out 1st 6s__1925 a-o
Mass Gas 4^s
1929 j-j
67
...1927 M-N
1921 m-s
Denver Exten 4s
Nebraska Exten 4s
b & s w sf 4s
5s.1925 f-a
la. Falls & Sioux c 1st 7s
1917 a-c
Kan o Oiin &'Spr 1st 5s
1925 a-o
k c Ft s & m Ry ret" 4s
Kan c m & b gen 4s
8414
Last Sale
f gen
s
84
97
j'ne'13
101
100%
Houston Elec 1st
j-j
1021 q-j
...
Kan o Ft Scott & Mem 6s
104% Oct 'of-
"Feb
4s
08'
051s Fen '12
iooi4 Mch '09
95
Registered
8334
97
J-J
104
Week's
Range or
98%
5-yr 6s.l915 a-o
GtNor c b & o cob tr 4s._1921
92
8414 Aug'13
j'ly "13
100% Deo '13
J-D
J-D
827„
8278
104
10
"nft,
Bid
General Motors 1st
102
837g 893.102i2 1d3
230
93
"
-
Price
Friday
Dec. 19
exchange
Week Ending Dec. 19.
1.
High
«;»
"44
Dec'13
84
1919 a-o
Iowa Div 1st 4s
i
Low
827g Oct '13
Sep '13
Oedar Rap & Mo liiv 1st 7s 1916 M-N
Cent Vermt lstg 4s...May 1920 q-f
0 b a q Iowa div 1st 5s...1919 a-o
•
NO
104
'92 " ~92%
1942 f-a
..1918 J-J
1951 J-D
Butte el & Pow 1st 5s
i
8434
89«4
Bos& Corb 1st conv sf 6s..1923 m-n
.BostonKiev3 -yrg4s
..1935 M-N
Boston & Lowell 4s.......1910 J-J
; Boston & Maine 4 hs
—1944 J-J
Plain 48.__._
8378
j
'~93 ~ Sale
Nov
m-n
1 sb Lines 5s.1959
High
\
Jan.
lU33»Mch*13
a-0
.
Low
boston stock
Since
§1
0QC3
99*4 Apr '13
"84 " Safe"
20-year cony 4 Mb
1933
Am Writ Paper lstsf 5s g..l919 jVJ
Am Zinc las deb 0s
1915 M-N
Atch Top & 8 Fe gen g
\4»k
bonds
Range
Range or
Bid'
At!
Week's
.
Friday
Dec. 19
...Week Ending Dec. 19
.
1815
II Flat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
PRICES—NOT
SHARE
CENTUM
PER
Dec.
15
108
108
108%
109% ♦107% 109%
•108
♦108
Dec.
Dec.
10
107% 107%
*
*
17
Dec.
♦ii"
"l7"
17
24*4
38%
48
12%
~67 ~
*17"
25
"24%
24%
88%
47*4
♦38
38%
•38
47
47%
•47
47
*46%
47
37%
*37
♦75
75%
*75
•10
87%
75%
10%
♦37
*10
•10
•20
22
84%
73%
•17%
307|
84%
73%
18
3078
10%
21*4
84%
73%
•74
18
•17%
30%
53%
•30%
39
*39
♦10
80
57
107%
""210
17%
65
45%
24%
150
1,822
and
see
Inactive
Lowest
below)
Baltimore
Con Gas el l & Pow.100
Do
30
100
17
♦
Stocks
Shares
13
♦50
57
107%
pref
j
100
Houston Oil tr ctfs
100
Do
pref tr ctfs. 100
Northern Central—
50
101
j'nelO
120
Jan 16
00
Jan
117
101
j'ne 12
120*4 Jan 31
"25% nov 14
101
Jan
116
12% Deo 18
56% j'ly 28
107% Dec 13
iiii
24%
24%
45%
24%
♦38
38%
~38~
38"
38
38%
204
♦47
48
47
47
47%
47%
1,111
46%
45%
46
11% j'ly 29
42% j'nelO
775
Gen
33
76%
10
*10
46
36%
75%
10%
Elec Storage
37
75
37
*45%
36%
*74%
329
30
45
24%
Seaboard Air Line
Do
pref
100
100
United Ry & Electric. 60
Highest
Lowest
Highest
♦16%
•44%
24%
....
45
•44%
24%
•37%
47%
♦iii!
17
*25"
107%
*12
12%
*
•iiii
107% 107%
19
107
107
106% 106%
108
108% 108% ♦107
107%
109% *108% 109
*
.15
15
•12%
Dec
18,
Jan. 1
Range since
Bonds
(For
Week
Friday
Thursday
I Wednesday
Tuesday
.
Range for Previous
Year (1912)
active stocks
Sales
PRICES
of the
Monday
Saturday
Dec. 13
14% j'ne 11
41% j'ly 19
23
Jan
6
Feb
68
123
21
Jan
0.
Apr
2
Jan 30
49% Sep 23
6
27% Apr
3
Feb
8% Jan
5334 Jan
121
Dec
18
Dec
145% Mch
18% Jan
6
May
Apr
25% not
72% j'ly
130
Apr
27% May
69% j'ne
26% Sep
Philadelphia
American
.
Cement...
50
2
American
Railways.. 50
37
j'ne 11
41
j nelO
Cambria Steel
50
Electric Co of America 10
40%
♦37
♦75
21%
84%
73%
♦17%
*30%
63%
6$% 53%
•39
39%
25%
18%
25*4
18%
•
39
25%
18*4
-25%
•18%
81%
81%
80%
6%
6%
44%
44%
44
83%
83%
6
K.
81%
6%
44%
s3
83
47
37%
75%
10%
♦10
10%
10
21
21
♦21%
22%
♦21%
22*4
♦22
23
203
Battery.!00
Asphalt
....100
Do
pref
.100
Keystone Telephone. 50
Lake Superior Corp
100
84%
84%
84
84
♦84
84%
84
84
266
Leh c & Nav tr ctfs
50
74%
18
30%
74%
♦17%
♦30%
74%
74%
18%
455
70% j'ne 10
4
15% Jan
265
Lehigh Valley
Lehigh Valley Transit
Do
pref
Pennsylvania rr.
Philadel Co (Pittsb)..
50
50
31
54
39%
50
50
50
29% j'ne 12
53 ^ Deo 13
Elects..
Phila r t vot tr ctfs—
25
120% j'ne 10
50
18
50
46%
46
36%
74%
53
53% 53%
25%
18%
18
18
18
80% 81 %
6%
6%
81
18%
81%
44
44
83
,
50
100
73%
10
,
22%
22%
48%
80
50
104*4 105
"60
38%
43%
"80
8%
7%
223
Preferred
100
Warwick Iron & Steel. 10
...
Washing ton-Va Ry.
100
Preferred .........100
Welsbach Co
..100
West Jersey & Sea Sh. 50
Westmoreland Coal.. 60
Wilkes Gas Se Elec
Preferred
•
.........
Bid
6s
1998.q-f
83%
1923
"98%
105
"0"% "9%
35
p & e gen m 5s g *20.a-o
Gen m 4s g 1920...a-o
sEx-dlvldend.
| $15 paid.
41% Nov 18
80% j'ne 10
Bid
61% Jau
9
Jan
8
50
1]26% Deo
28% Jan
1
3
85% Sep 23
6% Jan 13
51% Jan
9
91% Feb 3
113
47
Jan
23
Jan
Sep
55% Oct
12% j'ly
58*8 Aug
39% Deo
73% Deo
13
Sep
35% Sep
100
Sep
927s Jan
1678 Sep
32% Deo
60
Dec
63 y% apr
18
Apr
59% Apr
6
Apr
27
Feb
87% Mch
78% Feb
8% Jan
66% Feb
49% Deo
||1678 Jan
22% May
24% Sep
29
Sep
89% Apr
8% Apr
74% Jan
6
Deo
63
49*4 Feb
86% Jan
Sep
92% Aug
BALTIMORE
Bid
Coal & o Ry 1st 5s '19a-0
Coal & i Ry 1st 5s*20 f-a
Col & Grnv 1st 6s 1916 j-j
91
101
1939..j-d
103
Ask
90
3
23% Mch 28
37% Mch 28
7
Oct
Mch
j'ly
Jan
Consol Gas 5s
**
m
111
93%
m m
100
mmmm
j-j
Gen 4%s 1954.....a-o
ConsGE&P4Hs'35 j-j
85%
87
Consol Coal 5s 1950..j-d
87%
83
Fair & ci Tr 1st 5s '38 a-o
mmmm
Read Trac 1st 6s '33
l6o"%
100%
u Trac Ind gen 5s '19.j-j
Un Rys tr ctfs 4s '49 _j^j
Ga & Ala 1st con 5s '45 j-j
Ga Car&n 1st 5s g '29 j-j
United Rys Invlst coil tr
s f 5s 1926..
m-n
Welsbach s f 5s 1930
j-d
"71%
Georgia p 1st 6s 1922..j-j
Ga So & Fla 1st 5s '45.j-j
71
g-b-s Brew 3-4s '51.m-s
89%
Houston Oil div ctfs._f-a
70
m
mm
m
mmmm
102
150
mmmm
mmmm
101
Rys 1st 5s 1937.j-d
93% MaconRy&Lt 1st 5s'53j-j
Md Elec Ry 1st 5s *31 a-o
baltimore
Inactive Stocks
102% 102%
90% 9078 Atlan Coast l (Conn) .100
69
72
Canton Co
100
Memphis St 1st 69 '45.j-j
Monon v Trac 5s '42 j-d
94
230
Mt Ver Cot Duck 1st 5s._
50*4
102
NptN & o p 1st 5s'38m-n
95
n*& a Terml 5s '29..m-s
30
Nor&Port Tr 1st 5s'36 j-d
97
"
York
con
100
57%
Consolidation Coal...100
99*4
1
104'
•
1 1 t
1
1
■
mmmm
Georgia Sou & Fla
100
1st preferred
..100
2d preferred.......100
g-b-s Brewing
....100
lof"
_
1
1
1
1
1
1
•
1
1
I II
i iI I
1
•
mmmm
•
~7934
5-20-yr 4s 1925.....j-j
b s p & c 1st 4 j^s 53 f-a
Bait Trac 1st 5s '29.m-n
No Bait Div 5s 1942j-d
Cent Ry cons 5s '32.m-n
9978
84%
Ext &
85
102%
103
m-n
Atl Coast l(Ct)ctfs 5s j-d
•
84%
1910
Anacostia & Potom 5s a-o
Atl c'st conv deb 4s_m-n
1
1
1954-1955...Various
5s
80
Imp 5s 1932 m-s
Ohas City Ry 1st 5s'2 j j-j
Chas
Ry g & el 5s '99ms
City & Sub 1st 5s 1922 j-d
City&Sub (Was) 1st 5s '48
I $i7X P&ld.
_
£22% paid.
42
77
mmmm
mmmm.
~9~6%
"95%
51%
98%
mmmm
rnrnmmi
88
Norf
Ry & l 5s '49..m-n
"07"
mmrnrn
100%
mmmm
105
mrnmm
j-j
105
—
8
1%
Pitt un Trac 5s 1997..j-j
j-j
Sav Fla & West 5s '34 a-o
90
91
Seab Air l 4s 1950.—a-o
95
Seab & Roan 5s 1926..j-j
101%
South Bound 1st 5s_.a-0
97
u el l&p 1st 4ks'29m-n
01
Un Ry & el 1st 4s '49 m-s
99%
Income 4s 1949...j-d
89
Funding 5s 1936..j-d
92%
Conv notes 5s 1914 j-j
100
Va Mid 3d ser 0s '16.m-s
103%
4th ser 3-4-5s 1921 m-s
102
5th series 5s 1926—m-s
102
103% Va (State) 3s new '32.j-j
Fund debt 2-3s 1991 j-j
89% 91
West If o con Gs 1914.j-j
101
99% wll Se Weld 5s 1035... j-j
Poto Val 1st 5s 1941
4s
•
mmm'm
North Cent 4 ms 1925 a-o
Series a 5s 1926....j-j
Series b 5s 1920
Bait City 3 hs 1930...j-j
•
mmmm
80
all "and
interest"
88
1
1
1
are
98%
103%
92
Bonds
,
Prices
139%
94
93
103
Knoxv Trac 1st 5s *28 a-o
99
Phil Elec gold tr ctfs.a-o
Trust ctfs 4s 1949
j-j
Impt
1
50
84% Jan
j'ne
5s '55.j-j
84
Con & coll tr 5s '51 m-n
58
...
Imp m 4s 1947.a-0
Wil-b g&e
p Co lst&coll tr 5s'49m-s
34
81%
81%
People's Tr tr ctfs 4s.l943
57
Nov 19
Stand Stl Wks lst5s'28 j-j
116
111"
6s
j'ne 10
Stan'd Gas & el 6s'26 j-d
100
"96%
Consol
37
Roch
"67%
Kentucky Tra&t 5s'51f-a
Keystone Tel 5s 1935
j-j
Lake Sup Corp inc 5s'24 o
Lehigh Nav 4^s 14.q-j
GenM4^sgl024_q-f
Leh v o 1st 5s g 1933.j-j
j 'ne 10
1
40%
41%
11%
5234
Ry & l con 5s '54 j-j
Spanish-Am Ir 6s '27._j-j
83
Peoples Tr tr ctfs_
f-a
Deo 10
81
Terminal 5s g 1941 q-f
p w & b col tr 4s '21..j-j
Fr Tac & h 1st 5s '40. j-j
1943.
21
75% j'ne 10
4
j'ly 22
philadelphia
Ex
Rys tr ctfs 4s'49j-j
4s
9% j'ne 10
Ph & Read 2d 5s 1933 a-o
1919 j-j
a-o
Mining....
Union Traction
j'ne 10
70% j'ne 10
50
....
United Gas
Ask
100%
Bid and asked: no sales on this day.
1,469
j-d
100
60
Tonopah
976
30%
'
(York Railway....... 50
3,999
44
83%
Consol 4 ms 1923...j-d
Annuity 6s
j-d
44%
Gen cons 4s 2003..m-n
80% Leh v Tran con 4s '35 j-d
1st series a 4s 1935.m-s
1st series b 5s 1935 m-s
"7%
MarketStEl 1st 4s '55m-n
NatLH&p serB 5s '19 j-j
New Con Gas 5a 1948.j-d
nyph&no 1st 4s'39 j^i
Income 4s 1939...m-n
Penn Steel 1st 5s '17.m-n
"64~"
.
;
6%,
43%
83%
Leh v ext 4s 1st 1948.j-d
100
.Railways General.... 10
..Tonopah Belmont Dev
1
United Cos of n j
100
United Trac Pitts pref 50
Virginia Ry & Power..100
Reading
Interstate
Preferred
North Pennsylvania
_
3,283
Gen Asphalt 5s 1916.m-s
Harw Elec 1st Gs 1942 m-s
*10%
30
100
Del Co
Elec &
"47%
"55"
Preferred
s'tl
Edison Elec 5s 1946
Nat Gas Elec Lt & p..100
Phila Co (Pitts) 6% prf 50
6% cumulative pref
50
,Phila German & Norris 50
Phila Traction
50
43%
83%
Ch Ok & g gen 5s
Schuylkill..... 50
;Minohill&SchuylH.. 50
Pennsy receipts $30 paid
Pennsylvania Salt
50
82
Rys 5s 1917
Bethleh
Little
100
1,164
1,345
Con Trac of n j 1st 5s '33
60
50
Kentucky Securities..100
Keystone Telep, pref. 50
Keystone Watch Case 100
20
a-o
Atl c Gas 1st s f 5s '60 j-j
Berg&EBrew lst6s'21 j-j
100
10
6,577
25%
Bonds
Prices are all "and
interest"
Alt & l v Elec 4 Ms'33f-a
Am Gas & Elec 5s '07.f-a
Am
522
18%
♦18%
Mi 6
83
18
Philadelphia
philadelphia
Ask
1
%
100% 101%
6
43%
83%
83%
83%
Bid
6^«
61
81%
6%
»
80% 81
44%
6%
44
Inter sm Pow & chem
Pennsylvania Steel
53%
39%
25%
•18%
Consol Trac of n j
100
Harwood Electric—100
Huntington & b t
50
;'
53^53«/e
mi 63%
30%
30%
39%
25%
Milling
10
Amer Rys pref.......100
Lit Brothers
♦18
39%
25%
American
Insurance Co of n a_.
18
,
40
25*4
Amer Gas warrants......
...
74%
18
80%
74%
*39%
25*4
Inactive Stocks
Preferred
74%
18 '
30%
39%
26%
philadelphia
Cambria Iron
Central Coal & Coke
Preferred;
♦75
2
*49% Feb 24
53% Jan
9
12% Jan
9
54% Jan
9
4278 Feb 4
78
May 13
13% May 10
31% Jan 9
93% Jan
3
102
104%
81%
83%
101%
103
mmmm
mmm
mmmm
89%
81*4
61
mmmm
mmmm
mm
89%
61%
85
89
99
100
100
mmmm
mmmm
mmmm
102'
109%
mmmm
m
IT
1
m
m m
"83
997, 100%
104
ult
1816
.%■
[Vol; xcVii.
THE " CHRONICLE
•
A>'Vr&A *
:HP'-
ittuestiwcwt and fiailraad Intelligence.
s
■*■•
nn"irrv^rrnnj^nrijvvuvyirxiJWVUijijmrmruiJWumnjTjmi^viri/Lrtnj~u-i'iri~iri~i——r--"
The
■ * ■■ - a
-—
GROSS
RAILROAD
;<v :•%
M
EARNINGS.
earnings of every STEAM railroad from which regular weekly or monthly return®
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
following table shows the
gross
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or,
Month.
Ala N O & Tex PacN O & Nor East- November
$
334,617
161,186
161,844
45,687
1st wk Dec
Atch Topeka & S Fe October
10368555 11363806
Atlanta Birm & Atl October.
352,640
313,898
Atlantic Coast Line October— 3,085,875 3,033,457
Chariest & W Car October
215,393
190,750
Lou Hend & St L October
127.084
121,397
Ann Arbor
«.
Baltimore & Ohio- October
9,337,971 9,408,363
174,484
165,552
B & OCh TerRR October
Bgtngor & Aroostook October...
Birmingham SouthBoston & Maine.
Buff Roch & Pitts.Buffalo & Susq
__
-
Canadian Northern
Canadian Pacific.
Central of Georgia_
Central of New Jer.
Cent New EnglandCentral VermontChes & Ohio Lines.
Chicago & Alton
Chic Burl & Quincy
/ Chic & East 111
p Chic Great WestChic Ind & Louisv.
Chic Milw & St.P.l
812.235
774,310
1.076,295
38,984,263
1,156,551
10,517,149
681,403
479,856
36,817,789
627,729
1,157,753
4,131,193
442,233
17,633,304
5,756,494
846,360
12,195,601
68,934,821
4,853,658
11,170,363
1,080,825
10,394,849
590,911
427,871
35,105,890
646,803
1,040,788
3,902,980
374,674
17,813,145
5,333,249
832,543
1,147,400
..
Chic M11 & PugSj
cChic & North West October
8,523,493 8,431,908 32.410,738 31,134,964
»Chic St PaulM&O. October1,856,241 1,807,987 6,551,421 6,242,121
Chic Terre H & S E October...
230,915
188,581
753,415
664,446
..
,
Cin Ham & Dayton October...
Colorado Midland. October...
b Colo & Southern.
_
Cornwall
Dec
October
Cornwall & Lebanon October...
Railroad
October...
Delaware & Hudson October.—
Del Lack & West__ October
Cuba
Denv & Rio Grande
Western Pacific.
Denver & Salt Lake
Detroit Tol & Iront
_
2d wk Dec
2d wk Dec
4th, wkNov
October.
Detroit & Mackinac 2d wk Dec
Dul & Iron Range. October...
Dul Sou Sh & Atl__ 1st wk Dec
Elgin Joliefc & East- October..
_
El Paso & Sou West October
987,436 3,782,508
784,615
695,962
220,486
324,572 6,732,611 7,254,052
67,594
81,530
19,778
142,044
32,927 \ 116,768
289,813
1,372,874 1,257,575
2,115,534 2,021,740 8,589,429 8,385,286
3,746,633 3,860,825 14,534.753 14,142,017
448,000
461,100 12,098,345 12,404,212
122,000
110,800 3,325,804 3,088,790
14,871
570,504
26,663
592,635
552,370
611,537
144,091
173,457
16,515
674,179
22,202
577,175
882,851
©52,324 4,261,411 4,049,974
54,726
53,318
1,647,968 1,538,736
1,127,865 1,149,904 4,529,921 4,398,222
791,186
757,683 2,838,479 2,739,932
5,732,617 5,780,078 22,383,907 22,347,031
338,356
326,788
1,184,985
1,107,695
79,684
366,702
368,118
80,757
379,441
1,152,303
987,694
222,088
249,316
3,739,768
1,015,199 1,005,097 25,673,430 24,897",124
126,548
143,294 3,234,206 3,194,394
49,979
51,551
1,183,187 1,148,881
36,119
38,299
1,097,761
1,112,222
7,658,140 7,972,026 39,551,020 37,612,571
182,837
177,044
733,508
669,160
739,594
734,800 3,056,272 2,888,074
5,683,987 5,539,957 28,702,702 27,712,661
136,000
208,000 5,085,675 5,880,300
191,850
164,002 4,124,378 3,953,404
.311,036
293,153
1,228,576
1,196,316
924,972
953,987 3,533,050 3,634,434
183,697
623,167
179,227
59.9,015
3,875,426 3,947,468 14,581,420 15,337.040
148,323
131,670
582,692
543,619
1,227,400 1.202,735 27,651,284 26,074,744
13,682
12,932
65,429
71,554
1,086,837 1,062,704
4,303,242 4,216,193
53,760
50,336
203,792
184,885
186,800 217,700 4,127,400 3,488,100
5,503
15,324
372,349
144,259,
199,807
214,429 4,601,692 4,719,785
-
____
_
Grand Trunk Syst. 1st wk Dec
Grand Trk West. 1st wk Dec
Det Gr Hav & M 1st wk Dec
Canada Atlantic- 1st wk Dec
Great North System November
Gulf & Ship Island- October
October
Hocking Valley.
November
Internat & Grt Nor
Interoceanic Mex.
Kanawha & Mich—
Kansas City South.
2d wk Dec
2d wk Dec
October...
October...
Lehigh & New Eng. October
October. .1
Lehigh Valley
Louisiana & Arkan. October
a
Louisv & Nashv.'. 1st wk Dec
Macon & Birm'ham November.
Maine Central
October
Maryland & Penna. October
s
Year.
Previous
Year.
Current
Previous
Year.
Current
or
Month.
Year.
N O Mobile & Chic October
YNH&Hartf.. October
N Y Ontfc West— October
N Y
October
786,105
745,665
224,901
201,271
6,095,535 6.465.792 24,074,710 25,025,072
799,935 3,569,675 3,624,400
774,140
1,225,090
361,835
325,035 1,320,324
Susg & West—
Norfolk & Southern October...
334,592
307^785 1,215,434 1,172,641
Norfolk & Western
October
4,139,509 3,888,377 15,979,393 15,021,923
Northern Pacific
October
7,432,031 7,667,043 26,685,744 26,229,714
Northwestern Pac. October
343,534
335,260
1,548,773 1,506,073
Pacific Coast Co
October..
745,097
746,792 2,845,277 2,954,230
16941246 16374615 65,765,733 62,116,989
Pennsylvania RR._ October..
Balt Ches& Atl_. October.
151,688
30,236
174,098
25,482
Cumberland Vail. October
1,182,585
321,076
320,185
1,221,247
Long Island
October
985,602
958,400 5,040,724 4,605,998
Maryl'd Del& Va October
73,423
16,336
14,991
74,109
N Y Phila & Norf October
315,088
1,396,930 1,295,019
299,023
Northern Central October
1,242,780 1,223,916 4,753,289 4.561,536
Phila Bait & Wash October
1,851,749 1,831,994 7,368,433 7,349,081
W Jersey & Seash October
460,270 2,980,609 2.941.339
469,626
Pennsylvania Co__ October... 6,130,961 6.134.793 24,763,137 24,156,317
Grand Rap & Ind October.
500,639
483,604 2,102,717 2,025,823
Pitts O O & St L
October
4,165,538 4,181,897 16,031,369 15,600,576
Vandalia
October
1,107,791 1,083,154 4,192,920 3,965,931
N
.
.
.
._
,
_n
Total Lines—•
East Pitts &E
October
23488101 23022128 94,277,769 90,585,737
12093021 47,969,777 46,561,616
A
West Pitts & E October—. 12125020
All East & West. October
35613121
Pere Marquette.
October
1,611,720
Reading Co—
Phila & Reading- October
4,641.333
Coal & Iron Co_. October
3,269,930
Total both cos... October
7,911,263
Rich Fred & Potom October
230,710
.
.
Rio Grande June
Rio Grande South.
Rock Island Lines
Rutland.
September
_
116,859
1st wk Dec
12,246
October
6,465,002
347,845
October...
;
St Jos & Grand IslI October
141,672
St L Iron Mt & So.
October
3,010,473
St L Rocky Mt.& P October—
230,429
St Louis & San Fran October
4,333,665
St Louis Southwest- 2d wk Dec
278,000
_
San Ped L A & S L_
Seaboard Air Line..
Southern Pacific.._
Southern Railway..
Mobile & Ohio.
•
_
•
*
Erie..
October..
Florida East Coast- October
Fonda Johns & Glov OctoberGeorgia Railroad— October
Grand Trunk Pac__ 4th wkNov
Illinois Central
S,773,182
999,512
195,636
183,569
16,608
26,411
347,562
2d wk
Week
S
1,602,806
783,685
728,626
1,034,718
39.979,231
1,740,516
392,181
315,650
992,495
961,443
October
105,377
101,638
October
4,357,925 4,526,403
2d wk Dec
205,890
205,546
October
228,710
228,091
2d wk Dec
503,200
471,600
2d wk Dec 2,681,000 2,825,000
66,685,246
October
4,823,265
1,605,613 1,443,301
October
11,436,868
2,787.791 2,881,994
October363,925
1,204,647 1,306,701
329,881
October
376,253
1,518,580 1,522,381
389,884
1st wk Dec
688,057
642,360 6,140,282 15,629,996
1st wk Dec
273,441
296,531 7,105,799 7,297,362
October
9,482,484 9,575,518 35,269,130 33,967,736
October;
1,483,235 1,480,539 5,771,299 5,612,912
1st wk Dec
265,403
278,034 6,598,056 6,366,507
2d wk Dec
124,683
131,818 3,360,649 3,346,566
October
9,246,434 9,410,078 33,533,185 33,519,173
Bessemer & Lake E October
ROADS.
$
.$
341,143
179,393
167,004
46,593
Ala & Vicksburg November
Vicks Shrev & Pac November
g
Year.
July 1 to Latest Date
Latest Gross Earnings.
Previous
Year.
Current
Previous
Year.
Current
Year.
.
OinNO&TexP.
Ala Great South-
October
928,496
554,394
1st wk Dec
October... 13512,897
1st wk Dec 1,418.393
1st wk Dec
263,319
1st wk Dec
209,426
1st wk Dec
98,779
1st wk Dec
54,210
October...
507,301
Georgia Sou & Fla
Spok Portl & Seattle
Tenn Ala & Georgia 1st wk Dec
Tennessee Central. October
Texas & Pacific
2d wk
1,547
159,638
437,897
7,183
18,706
94,871
Dec
Tidewater & "West- October...
Toledo Peor & West 1st wk Dec
Toledo St L & "West 1st wk Dec
Union Pacific Syst. October
10354,504
Virginia & So West- October...
178,042
705,626
Virginian...
October
Wabash
November
Western Maryland; October
2,547.170
758,641
Wheel & Lake Erie. November.
672,332
48.354
Wrightsv & Tennille October
Yazoo & Miss Vail. November 1,330,811
142247548 137147355
35115149
6,134,285
5,936,696
1,625,536
4,789,607 17,119,819 17,520,275
4,784,547 9,807,553 14,592,387
9,574,154 26,927,37 32,112,661
871,068
211,981
893,99:
312,085
129,465
294,84
12,912
295,095
322,810
7,103,128 24,751,273 25,773,411
351,916
1.382,011
1,420,440
168,854
620,597
579,352
3,100,462 11,309,211 11,594,783
196,226
666,665
777,641
4,368,642 16.459,436 15,832,585
292,000 6,269,302 6,373,403
908,053 3,510,261 3,393,391
556,096 10,435,007 10,045,769
13915,714 50,276,307 50,845,185
1,394,418 31,142,791 30,421,051
236,770 5,768,115 5,341,815
191,993 4,689,998 4,415,772
85,727 2,411,376 2,236,324
54,892 1,134,117
1,081,240
512,925 1,928,851
1,911,353
43,819
60,219
2,429
566,589
152,685
602,656
404,711 9,029,954 8,869,403
36,313
7,765
28,803
625,389
618,358
20,337
94,244 2,118,655 1,828,243
9,687,569 35,970,103 35,006,002
157,460
679,330
598,400
519,502 2,384,308 1,883,150
2,742,492 13,794,849 14,207,331
630,478 2.981,474 2.577.340
714,826 3,908,683 3,761,657
36,407
121,728
105,038
1,168,920 5.246,663 4,545,910
Current
Previous
Year.
'Period.
Various Fiscal Years.
Year.
%
Jan
Delaware & Hudson
N Y Central & Hudson River.e. Jan
Lake Shore & Michigan South Jan
1
to
Oct
31 20,280,901
1
to
Oct
1
to
Oct
31 98,202,596 90.418,557
31 49,154,726 44,541,088
Oct
18,494,276
M\ 1st wk Dec
Chicago Division J
Mississippi Central- October..
u Mo Kan & Texas. 2d wk Dec
543,319
543,884
x Missouri Pacific.
2d wk Dec 1,096,000
Nashv Ohatt & St L October.
1,155,150
a Nat Rys of Mex
2d wk Dec
598,445
5,207
Nevada-Cla-Oregon 1st wk Dec
New Orl Great Nor. October
175,787
.
_
_
<?N YO&Hud Riv_ October.-. 10780194
Lake Shore & M S October... 4,952,107
n Lake Erie & W_ October
532,941
•
Chic Ind & South October;..
384,272
3,252,502
Clev C O & St L_ October
3,045,934
Peoria & Eastern October
285,222
Cincinnati North. October
158,184
Pitts & Lake Erie October— 1,759,120
N YChic& St L_ October- 1,118,171
Tol & Ohio Cent- October..*
540,805
Tot all lines above October
26809450
Michigan Central October
-
Ocb
31
31
to
Oct
31 30,151,373 26,962,438
Jan
1
to
Oct
31 28,358,142
Jan
1
to
Oct
31
Jan
1
to
Oct
31
.
Jan
1
to
Oct
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
676,540 14,740,910 14,956,261
83,535
364,381
338,096
686,416 15,665,203 16,003,520
1,187,000 29,144,159 29,887,620
1,170,229 4,289,031 4,391,820
1,296,910 15,529,807 29,451,292
7,278
201,140
222,693
133,381
654,457
562,599
10475449 42,340.359 39,946,683
5,172,316 20,120,371 19,495,169
562,333
2,131,991
2,150,097
423,040
1,417,133
1,434,878
3,204,940 12,446,236 11,725,046
3,188,640 12,394,265 11,985,689
330,935
1,182,498
1,263,889
155,324
552,998
530,652
1,836,554
6,972,766 6,892,247
1,253,014 4,131,152 4,235,708
514,872
2,805,170 1,998,443
27117417 105994937 101658501
to
Cincinnati Northern
.
87,413
to
1
1
Cleve Cin Chic & St Louis
Peoria & Eastern..
,
Minn St P & S S
1
Pittsburgh & Lake Erie
a Mexican Railways 4th wkNov
1st wk Dec
Mineral Range
Minn & St Louis..\ 2d wk Dec
Iowa Central.._j
Jan
Chicago Indiana & Southern. Jan
Jan
Michigan Central
*
Lake Erie & Western_n__
1
to
Oct
1
to
Oct
Jan
1
to
Oct
Jan
1
to
Oct
Jan
Total all lines
Pennsylvania Railroad
5,008,247
3,614,561
26,680,505
2,827,577 2,770,336
1,168,030 1,147,405
31 16,921,592 14,962,684
31 10,255,329
9,962,980
31
31
31
31
5,033,940
1
to
Oct
Jan
1
to
Oct
1
to
Oct
1
to
Oct
31
2,985,638
31 10,414,018
31
134.426
1
to
Oct
31
Northern Central
Jan
1
to
Oct
31
Phila Bait & Washington..
West Jersey & Seashore.._
Jan
1
to
Oct
31 17,694,711
31
5,627.326
Chesap & Atlantic-
Jan
4,417,498
250696096 230127819
155019154 144147105
Jan
Long Island
Maryland Delaw & Virginia.. Jan
N Y Philadelphia & Norfolk- Jan
Baltimore
Cumberland Valley
4,803,657
3,460,671
302,922
3,308,384
11,254,118
264,360
,
2,716,890
9,524,066
122,312
2,991,164
10,572,138
16,851,679
5,632,177
51,656,040
.4,521,541
35,858,957
8,785,640
1
to
Oct
Jan
1
to
Oct
Jan
Jan
1
to
Oct
31 55,885,786
31
4,682,238
1
to
Oct
31
Jan
1
to
Oct
31
Total lines—East Pitts & Erie Jan
—West Pitts & Erie Jan
1
to
Oct
31
218955112 205502743
1
to
—All lines E & W_ Jan 1
Rio Grande Junction.
Dec 1
to
Oct ;31
Oct
31
109299579 102702045
328254692 308204788
to
Sept 30
to
Oct
Pennsylvania Company.Grand Rapids & Indiana
Pitts Cfn Chic & St Louis
Vandalia
Rutland
Jan
....
1
37,196,569
9,468,324
31
820,341
3,132,184
818,116
2,999,296
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Current
Year.
Weekly Summaries.
$'
4th week Sept
1st
2d
3d
week Oct
week Oct
4th week
1st week
2d week
3d week
42 roads)
Oct
Nov
Nov
Nov
i
42
4th week Nov
1st week Dec
i
\
41 roads)
41 roads)
36 roads)
41
roads)
roads)
Year.
$
21,565,852
f39 roads)
41 roa<^
41 roads)
39 roads)-
week Oct
Previous
—
20,520,726
16,035,827
16,610,832
16,663,202
24,282,094
15,335,437
16,313,257
16,527,733
19,797,281
15,060,149
15,875,520
16,875,113
17,075,961
25,448,604
15,416,641
16,989,416
16.719,885
21,595,613
16,069,143
Increase or
Decrease.
$
+ 1,045,126
+160,304
—264,281
—412,759
—1,166.510
—81,204
—676,159
—192,152
—1,798.332
—1,008.994
Monthly Summaries.
%
Cur. Yr.
Current
Year.
Previous
$
i
$
Prev. Yr.
Year.
Increase
or
Decrease.
5.08
Mileage.
February
.240,986
237,756 232,726,241 218,336.929 + 14,389,312
1.01
March.... .240,510
1.56
2.41
.240,740
.239,445
May
June
,.230.074
,.206,084
July
.219,492
August
September. .242,097
October
.243,690
November.
91,093
'
%
237,295 249,230,551 238,634,712 +10,595,839
236,515 245,170,143 220,981,373 +24,188,770
236.619 263,496,033 232.879,970 +30,616,063
227,242 259.703.994 242,830,546 + 16.873,448
203,773 235,849.764 223,813.526 +12,036,238
216.709 259.835.029 255,493.023
+4,342,006
239,050 285,050,042 275.244,811
+ 9,805,231
240,886 299,195.006 300,476,017 —1,281,011
89,750 83,073,462 83,060,461
+13,001
4.58
0.53
4.12
1.44
8.44
6.36
April
.
.....
...
...
_
Mexican currency,
b Does not include earnings of Colorado Springs & Cripple Creek District Railway from Nov. 1 1911.
e Includes the Bos¬
Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
road, does not make returns to the Inter-State Commerce Commission,
f Includes Evansville & Terre Haute and Evansville & Indiana RR.
g In¬
cludes the Cleveland Lorain & Wheeling Ry. in both years,
n Includes the Northern Ohio RR.
0 Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota & Pacific, 's Includes Louisville & Atlantic and the Frankfort & Cincinnati,
t Includes the Mexican International,
u Include®
a
ton &
the Texas Central in both years
rtB»lpts._
x
and the WIchite Falls Lines in 1912, beginning Nov. 1.
Includes St. Louis Iron Mounta!»_&_Southern,.
-
v
Includes not only operating
—
.
revenues, but
also ail other
i
CHRONICLE
THE
Latest
Gross Earnings by
of December
1817
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Weeks.—For the first week
final statement covers 41 roads and shows
our
6.36% decrease in the aggregate under the same week last
Latest Gross Earnings.
j
year.
j
Name
Week
Current
Previous
Current
Previous
Year.
or
Year.
Ygar.
Year.
Month.
First Week of
i
1912.
1913.
December.
Increase.j
Decrease.
•
$
436,509 404,223 4,761,397
4,439,661
22,756
349,307
25,797
337,144
166,069
1,677,799
170,290
1,602,359
633,070
62.964
588.014
68.454
Hanger Ry & E!eo Co October...
131,261
13.315
120,501
Baton Rouge Eloc Co October..
15,028
57,094
BeltL RyOorp(NYO) August
65.012
501,624
431,577
80.752
82,606
Berkshire Street Ry. October...
Brazilian Trac, L & P October.— 1988.398 1770,18? 19,578,162 16.954,§54
109,044
Brock & Plym St Ry. October
9.315
9,594
104,109
2285.878 2251.548 16.644,210 16.223.584
Bklyn Rap Tran Syst August
309.932
31,133
291,226
36,794
Cape Breton Elec Ry October
99,358
877,927
95.5S0i 1,007,520
Chattanooga Ry & Lt October
Cleve Painesv■& East October
34.060
362,209
339,663
35,497
Cleve Southw & Col- October
1,051,382
984,627.
106,914
111,955
Columbus (Ga) El Co October
54.378
492,874
444,250
48,766
Com'th Pow.Ry & Lt November
a288,996
1,065,318
149,420 al,816,752
191,584
183,008
1,178,819
1,103,253
Coney Isl'd & Bklyn. August
October
638,426
658,783
Connecticut Co
f,954,444 1,776,462
Curnb Co (Me) P & I. October
204,249
176,976
Dallas Electric Corp. October.—
226,968 202,728
1,791,325
1,483,570
Detroit United Ry.. 4tn wkNov
279,0/0 284,982 11,673,101 10,616,822
D D E B & Bait (rec) August
51,545!
402,436
49,816
415,089
73,835! 1,056,565
110,047
888,426
Duluth-Superior Trac October
East St Louis & Sub- October
2*8,966 227,088 2,216,894! 2,000,224
El Paso Electric Cos
October
71,029
718,398
74,560
637,081
Federal Light & Tract October
L> .206
1,909,848
1,745,741
184,087
42d St M & St N Ave August
154,371
157.748
1,249,254
1,172,400
October
Galv-Hous Elec Co.
175,449
1,957,892
193,411
1.663,190
Grand Rapids Ry Co October
101,569
104,329
1,071,827 1,025,834
74.249
825,741
82,211
Harrisburg Railways- October...
763.006
Havana El Ry, L & P
Wk Dec 14
50,160
2,695,014
53,267
2,447,984
Railway Dept
Honolulu Rapid Tran
& Land Co
49,243
52,044
512,553
i October
463,717
22,216
24,853
250,319
Houghton Co Tr Co. October.
256,975
Hudson & Manhattan August
268,177 2,452,128 2,374,237
273,911
Illinois Traction
October.
689,193 6,458,095 6,105,335
729,533
Interboro Rap Tran. October
2854,893 2919.937 26,902,926 26,358,288
Jacksonville Trac Co. October
47,619
57,663
556.903
496,699
Lake Shore Elec Ry. October
110,504
117,720
1,193.592
1,109,025
Lehigh Valley Transit November
98,597
113,029
1,509,473
1,308,281
Lewis Aug & Waterv. October
575,007
51,301
51,599
522,828
Long Island Electric. August
30,817
28,473'
172,517
152,912
Louisville Railway.
November
258,437
2,950,955
260,943
2,860,133
Milw.El Ry & Lt Co. October
510,0S0 489,251
4,958,821
4,671,171
Mllw Lt Ht & Tr Co. October
101.426
119,939
1,206.277
1,042,952
Monon^ahela Val Tr. October
77,837
87,393
788,832
705,450
Nashville Ry & Light October
204,178
180,608
1,819,692
1,704,796
N V City Interboro.
August
53,268
37,677
401,019
288,901
N Y & Long Isl Trac. August
44,162
41,041
278,070
260,626
N Y & North Shore.. August
108,762
17,225
15,645
101,612
N Y & Queens Co— August
133,075 130,458
938,938 V 890,721
New York Railways. October
1264,953 1255,203 11,836,554 11,536,338
N Y Westches & Bos. October-.—
34,841
24,086
N Y & Stamford Ry. October
26,847
28,597
Northara Easton & W October
15,830
15,856
158,357
152,037
Nor Ohio Trac & Lt. October.
279,360 249,148 2,724,058
2,497,014
North Texas Elec Co October
201,479 201,567
1,749,603
1,450,678
Northw Pennsylv Ry October
311.856
29,571
29,434
288.154
Ocean Electric (L I). August
36,644
34,100
122,065
112,914
Paducah Tr & Lt Co. October
24.642
26,434
240,383
233,107
Pensacola Electric Co October..
25,399
24,759
236,770
237,031
Phila Rap Trans jCo. November- 2018,496 2008,400 22,099,068 21,217,175
Port (Ore) RyL&PCo October
574,524 565.839
5,540.021
5.484.589
Portland (Me) RR— October
82,620
79,415
881,335
828,288
PugetSdTr, L& P.. October
744,519 715.378 7,070,311
6,877,900
Republic Ry & Light November. 251,259 233,971
2,700,561
2.391,040
Rhode Island Co.
October.
433,314 434,594
StJoseph (Mo) Ry ,Lt,
Heat & Power Co. October
103,814
103.953
1,023,979
968.178
Santiago Elec Lt & Tr November38.326
32,490
417,312
367,289
Savannah Electric Co October
69,381
63,885
681,367
615,168
Second Avenue (Rec) August
97,215
92,272
700,405
648.382
Southern Boulevard. August
20,048
15,199
137,201
95,553
Tampa Electric Co.. October.
73,998
65,640
686,090
624,892
Third Avenue
August
344,293 324,046 2,700,731
2,539,722
Twin City Rap Tran. 1st wk Dec
172,616
158,892 8.251,449 7,637,882
Underground Elec Ry of London
London Elec Ry._ Wk Dec 6.
£14.725
£668,270
£14,480
£667,300
£13.020
Metropolitan Dist. Wk Dec 6.
£636,628
£12,818
£618,383
London Gen Bus._ Wk Dec 6.
£55,107 £3,028,623 £2,'519,099
£58,958
Union Ry Co of NY C August
261,574 240,654
1,843,834 1,694,521
United Rys of St Li- October—. 1129,269 1096,445 10,542.580 10.171.510
Virginia Ry & Poweir. November. 429,332 406,832 4,587,826 4,252,930
Wash Balto & Annap November.
67,921
67,724
763,121
718,293
Westchester Electric. August
65,223
61,045
406,703
398,339
Westchester St RR__ October
21,529
'20,885
Western Rys & Light October
221,206 201,982 2,093,418
1,86V, 763
Wisconsin Gas & Elec November65,025
68,272
681,511
620,634
Yonkers Railroads
August
461,784.
67,369
63,910
484,615
York Railways:
October
69,278
65,183
631,341
589,092
Youngstown & Ohio. October
23,070
23,226
210,160
199,380
Youngstown & South October.
15,063
14,611
144,481
139,307
American
(25 roads)
Previously reported
Alabama Great Southern.
Arbor—_
Ann
—
—
—
I 11,377,995 12 ,479,454'
_
.—
Chesapeake & Ohio——
Chicago & Alton
— _____
Cin New Orleans & Tex Pacific
Duluth
So
Shore
Atlantic.
&
Georgia Southern & Florida.
Louisville & Nashville.
Mexican
Railway.
Mineral Range——
_
>
_ .
Mobile & Ohio
N evada-California-Oregon
Rio Grande Southern
Seaboard Air Line
_____
Tenn Alabama & Georgia.—
—
Toledo Peoria & Western.
Total
Net
(41 roads).
(6.36%)
298,951 1,400,410
13,052
85,7271
45,687
642,360
296,53
191,993
53,318
54,892
,202,735
98,779
46,593
688,057
273,441
209,426
54,726;
54,210
1,227,400
168,600:
5,503
263,319
5,207
12,246
554,394.
:
1,547
18,706
_
_
906
~t~682
"2,071
7,278'
666
12,912
556,096
2,429
20,337
•
1,702
882
1,631
Net Earnings Monthly to Latest
Dates.—In our "Rail¬
Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle " we give the October figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission.
The reader is referred to that Supple¬
ment for full details regarding the October, results for all the
separate companies.
In the following we
gjive all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
We also add the returns of the industrial
panies received this week.
-Gross
Net
EarningsYear.
$
7,944
Jan 1 to Nov 30—79,758
Earnings
Current
Previous
Previous
Year.
Year.
$
2,299
14,419
$.
Bellefonte Central.b.—Nov
Brazil Railway. 1.
Jan 1 to Oct 31
514
7,274
69,813
15,396
£234,072
£960,533
£2,341,867 £2,140,607
£110,933
£860,333
..Oct
com¬
'
Year.-
Wheeling & Lake Erie„Nov
672,332
July 1 to Nov 30—
3,908,683
242,425
714,896
3,761,657
1,247,649
,
£109,271
£924,553
238,157
1,421,029
Gross
Previous
Year.
Year.
$
Cities Service Co.
Dec
1
$
$
368,557
1,892.617
125,817
1.181,415
362,334
1,805,821
120,410
1,100,354
Nov
529.289
4,963,413
438,100
3,906,315
242,257
2,049,264
199,217
1,628,077
102,735
1,018,755
80,196
998,855
41,310
361,311
32,698
348,157
528,633
5.091,630
470,452
4,664,983
215,630
1,894,337
161,729
1,602,654
62,061
376,219
59,083
348,187
32,429
181,432
32,235
181,846
65,383'
382,000
58,576
48,928
524,653
259,924
112,546
to Nov 30
to Nov 30
1
$
.
Year.
Year.
Nov
_
Detroit Edison.a
Jan
-—Net Earnings
Current
Previous
Earnings
Current
_..
_
__
__
_
*
.
...
...
...
.
INDUSTRIAL COMPANIES.
Companies.
,
—
...
26", 549
1,440,955
1,008,994
Currrent
_
■
"9,821
15,324
236,770
—
Roads.
November.
_..
24,665
3,300
165:300
way
is devoted.
_
'
23", 090
17,433
1,408
_______
decrease
Rys Co..
November.
Atlantic Sa.re Ry
c Aur Elgin & Ch Ry. October
_
45,697
Jan. 1 to latest date.
of
Road.
„
_
,
_—
Kansas Gas & Eiec.a—Nov
Dec
1
to Nov 30—
—
-
Kings Co. El Lt & P.a.Nov
Jan
g
to Nov 30——
1
—
M exican Tel & Tel— Aug
_
Mar 1 to Aug 31
—
.
Nor Ontario Lt & Pow.a-Oct
Jan 1 to Oct 31
77,095
696,513
Power.a__Oct
258,517
2,843.223
230,108
2,480,400
1,266,259
97,270
1,076,160
109,382
—
Pacific
Lt
Nov
1
&
to
_
—
Oct 31
Pacific Pow.& Light.a—Nov
Dec 1 to Nov 30
1,265,570
102,901
1,229,802
57.860
618,637
47,621
603,506
Portland Gas & Coke_a_Nov
Dec 1 to Nov 30———
117.290
1,269,886
111,701
1,172,429
61.861
641,819
57,119
581,046
Corp and
Cos_
.Nov
162,653
June 1 to Nov 30.--.__
892,663
120,388
720,219
95,566
536,873
66,066
377,075
Utah
Securities
Subsidiary
a
Net earnings here given are after deducting taxes,
These results are in Mexican currency.
Interest Charges and Surplus.
1
&c.— :—Bal. of Net Earns.—•
'
Current
Previous
—Int., Rentals,
Previous,
Current
.
_
,
b Net earnings here given are before deducting taxes.
g
__
__
•
Year.
Year.*
Year.
8
Year.
Roads.
S
$
S
Bellefonte
Jan
1
Central
—Nov
to Nov 30.
—
—
240
2,640
274
.12,756.
2,44
2,684
2,055
11,735
Includes
a
acquired
c
earnings from
of that date,
as
These figures
are
May
1
1913
only
the
on
additional
stocks
for consolidated company.
INDUSTRIAL COMPANIES.
-—Int., Rentals, cfce.^——Bat. of Net Earn.—•
Current
»' Previous
Current
Previous
'Year.
Year.
Year.
Year.
$
s
s
$'
•
„
.
Companies.
D etroit
al06,991
126,133
to Nov 30— _ol.108.997 al,061,29-1
940,267
15,097
12,535
26,213
175,559
152,993'
185,752
E dison
Jap 1
_
all6,124
N oy
—
Kansas Gas & Electric. .Nov
Dec 1 to Nov 30_——_
Kings Co El Lt & Pow__Nov
Jan
1
71,571'
803
to Nov 30—
,i o (
78,390
£149,469
817,708 £1,150,243
92,226
566,786
£87,165
£83.6,217
227,048
137,574
£301,953
£124,286
36,742
471,037
38,606
495,005
75,803
795,222
58,663
581,155
Pacific Power & Light. .Nov
Dec 1 to Nov 30
29,144
24,526
334,803
293,196
28,716
283,834
23,095
310,310
21,735
18,899
195,791
40,126
393,631
38,224
385,255
_
a
£
1
Nov
to Nov 30
248,188
Includes reserve for depreciation.
After allowing for other income received.
EXPRESS
COMPANIES.
—Juh
1 to Aug. 31-
1913
1912.
236,780
255,878
131,664
Western Express Co.—
Gross receipts from operation
115,942
62,112
Express privileges—Dr
Total operating revenues.
Total operating expenses
Operating income
Atlantic Shore Ry.b.-Nov
Jan 1 to Nov 30
»
-
120,837
62,999
53,830
48,952
4,877
777
57,838
49,957
7,881
4.100
777
7,103
'
125.111
.
111,668
98,910
12,758
1.555
11.203
124,213
93,988
30,225
1,912
28,310
Year.
22,756
337,144
25,797
349,307
68,553
56,158
—Net Earnings
,
Current
Year.
Previous
'Year.
3,661
86,801
281
85,884
34,593
24,582
C275.151
c2,120,413
139,302
Commonwealth Power, Ry
&
Light
Dec
a
No
:
1 to Nov 30.
C288.996
_c2.210.283
v
149,420
1,288,633
1,198,726
Hudson
Valley Ry.b—
July 1 to Sept 30
Jan 1 to Sept 30.
316,749
672,695
202,950
478,413
147,893
255,759
91,294
167.354
260,943
2,950,955
258,437
2,860,133
108,900
1,250,679
109.739
1,218,194
26,434
240,383
24,642
233,107
9,388
79,203
8,253
74,001
Phila Rapid Transit ....Nov 2,018,496
July X to Nov 30—— 10,098,015
Louisville Railway b.—Nov
Jan
1
to Nov
30—
Paducah Trac &Light.a.Oct
Jan 1 to Oct 31
—Month of AuguSt1913.
1912.
Net operating revenue.
One-twelfth annual taxes
Gross Earnings
'
Previous
Current
Year.
"
Roads.
Aug-Aiken Ry & Elec.a.Nov
Nor Ontario Lt & Power—
Jan 1 to Nov 30
Dec
■
...
20,163
195,164
Pacific Light & Powe.*__Oct
Nov 1 to Oct 31—
Portland Gas & Coke
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net earn¬
ings reported this week:
2,008,400
9,860,293
844,516
4,210,841
3,995,049
Porto Rico Railway
Nov
Jan 1 to Nov 30.—
71,044
778,756
70,478
755,637
34,499
344,475
29,659
273,671
Puget Sound Tr.L&P.a.Oct
744,519
7,070,311
715,378
6,877,900
325,034
2,920,541
318,564
2,908,477
251,259
2,700,561
233,971
100,246
2,391,040
1,050,591
Jan
1
to
Oct
31
J.
Republic Ry& Light.a.Nov
Jan
1 to Nov 30—
100,015
947,947
"
Virginia Ry
& Po\y Co b Nov
429,332
July 1 to Nov 302,168,630
Wash Bait Sc AnnapolislNov
Jan 1 to Nov 30
812,141
67,724
n 763,121.
406,832
214,920
2,026,193 ' 1,072,133
,
67,921
718.293
30,670
376,756
212,712
1,014,538
34,528
364,080
18 IS
THE
Gross Earnings—
Previous
Net
Current
Roads.
Year.
CHRONICLE
Earnings
Current
Previous
Year.
%
Wisconsin Gas & Elec_a.Nov
Jan 1 to Nov 30--
68,372
681,511
-■
—
Net
a
.
earnings here given
are
b Net earnings here given
are
(Report for Fiscal Year ending June 30 1913.)
$
18,218
183,669
20,896
181,414
65.025
620,634
xcvii.
Wabash-Pittsburgh Term. Ry. and We3t Side Belt RR.
Year.
Year.
(Vol.
TRAFFIC STATISTICS.
Wab.-PUtsb. Term.
*(000) omitted.
after deducting taxes,
before deducting taxes.
Includes earnings from May 1 1913 only, on the additional stocks ac¬
quired as of that date
Total Both Lines.
1911-12.
1912-13.
1911-12.
2,708
60,565
3,901
33,338
3,607
Tot.rev.tons car.p.m.*
3,034
87,364
Av. earns, p. ton (cts)
22.32
20.05
.13.62
Tot.
c
West Side Belt RR.
1912-13.
tons carried*
rev.
1912-13.
1911-12.
32,650
4,299
120,702
93,215
13.10
28.11
25.90
.
Charges and
Surplus.
—Bal.
—Int., Rentals, &c.Current
Roads.
■
Current
Previous
Year.
Year.
Year.
'
$£'
17,362
$
16,273
17.231
52,711
350,932
6,771
48,053
222,440
1,769,481
86,684
_.
Hudson Valley Ry—
July 1 to Sept 30
Jan
1 to Sept 30
a*52,038
3:662,696
360,999
3717,777
1,795
5,445
3,118
250,701
73,358
217,690
___Nov
Nov 30-
70,167
767,667
66,001
713,334
Paducah Trac & Light--Oct
Jan 1 to Oct 31
7,593
73,758
7,437
70,883
Phila Rapid Transit.
Nov
July 1 to Nov 30-—'
792,251
3,987,498
761.838
3,798,281
223,343
Puget Sound Tr, L & P-_Oct
153,097
1,526,501
150,869
1,465,302
1,394,040
167,695
1,443,175
43,517
492,965
43,662
484,850
56,729
557,626
463,097
Virginia Ry & Power Co Nov
July 1 to Nov 30_-
134,495
667,383
122,512
618,626
a:88,032
X444.991
397,898
3433,739
Wash Bait & Annapolis.Nov
■<*...
Jan 1 to Nov 30
24,012
264,773
23,011
248,159
3*8,689
3:120,448
311,916
3121,205
8,900
97,941
8,874
97,098
3:12,313
39,661
391,003
Louisville
Jan
Ry
1
to
...
— .
Jan
1
Oct
to
31_
Republic Ry & Light
Jan
to Nov
1
Nov
30.—
•
—
Wisconsin Gas & EIec__Nov
Jan 1 to Nov 30
3
1.447
1.001
$10.46
$8.67
$6.68
.
*18,556
x7,060 zdef .47,490
:
,,
546
65(>
599
1.089
$6.14
667
■
685
561
662
599
679
573
421
371
84
79
505
450
497
465
5,601
5,009
r'd 1 m.*
Av.rate p.pass.p.m. (cts)
Av.earns. p.tr.m.(cts.)
5,104
1.75
816
52,265
50,303
196,768
1.81
1.712
1.86
60.61
53.20
45.86
25.11
23.64
32.?8
2.48
7.76
6.53
0.29
0.35
2.96
85.99
61.80
56.52
ACCOUNT
FOR
Wab.-Pittsb. Term.
1912-13.
YEAR
56,353
3:89,652
r^>.
ENDING. JUNE
1912-13.
65.35
28.41
3.36
0.82
78.72
West Side Belt RR.
1911-12.
.
3.86
2.97
90.09
INCOME
1.80
72.35
29.01
0.89
73.55
-
30.
Total Both Lines.
1911-12.
1912-13.
1911-12.
.$351,262 $315,517 $133,199 $112,986
25,508
33,553
42,308
67,106
300,336
194,057
355,797
292,405
89,440
82,437
9,241
7,940
48,318
37,743
7,199
3,881
$484,461
67,816
656,133
$428,503
100,659
486,463
.
98,681
.
55,517
90,377
41,624
General freight
freight
.
Coal
freight
Passenger
.
Miscellaneous
Total oper. rev
$814,864 $663,307 $547,745
Maint. of way &struc$164,342
$97,037
$484,318 $1,362,608 $1,147,625
$64,504
$255,736
$161,541
69,51$
285,387
205,365
9,6(9
31,390
29,469
94,881
413,034
354,637
35,239
87,067
93,101
$91,394
171,937
1.76
•.
67.68
2.88
earns, p.rev.tr.m.
Ratio of exp. to earns.
Ore
V;
4,544
•
'
33.35
Av No. pass, per train
Gross earns.p.rev.tr.m
Maint. of equipment-
186,075
135,856
Traffic expenses
21,208
306,296
56,190
19,860
259,756
57,862
Transport'n
expenses
General expenses..--
Total oper.
expens_$734,111
Net oper. revenue--
90,000
Oper. income— ,_.def$9,247
Hire of equipment
Other income
99,312
10,182
106,738
30,877
$570,373 $338,503 $273,742 $1,072,614
$92,935, $209,242 $210,575
$289,995
72,000
1,200
1,200
91,200
$80,753
Taxes
$20,935 $208,042 $209,377
24,728
32,652
27,533
543
88,320
78,811
3,907
$844,115
$303,510
73,200
$.198,795
33,195
92,227
$230,310
52,261
79,566
$324,217
$31,363
19,150
184,736
2,838
36,054
105,514
41,771
755
$362,138
$31,261
19,150
After allowing for other income received.
Total
income—.
Interest
ANNUAL
Int. on receiv. certfs.
Disct. receiv. certfs..
REPORTS.
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have beerr~published during the preceding month will be
given on the last Saturday of each month. This index will
not include
reports in the issue of the "Chronicle" in which
it is published.
The latest index will be found in the issue
of Nov. 29.
The next will appear in that of Dec. 27,.
^
the
are
■
principal traffic statistics and comparative
1912-13.
Av. miles oper.
7,349
1912-13.
7,150
1911-12.
Rects. pas.trains
rev.
1,501
Passenger cars..
1,110
Freight
Road serv.equip
Passenger Traffic
No. of
carr.
3,958
•
:
8,563,262
8,194,026
m.903,046,763 886,336,274
'SI.45
c—
$1.40
»
freight cars
__
16,456,182
Tons carr. 1 m.b6283029209
Rects.
;
1
Freight Traffic
41,761
105,514
.
177,964
105,514
41,761
deductions..$238,761 $200,843 $182,667 $174,808
$421,428
$375,651
def.-def.$159.145def$76370sur$61934sur$62857 def$97,211 def$13,513
TERM.
Wheeling & Lake Erie RR.
Pitts.
6,000,000
,.3,159,740
3,500,000
&
*
9,624
300,000
note..
......
30
1913.
.$10,000,000
notes.
*795,867
Loans and bills payable—
Wabash RR
300,000
Miscellaneous
87,074
Audited
vouchers.........
Matured interest unpaid...
H. F. Baker, receiver
$68,081,289
Real estate mortgages outstanding
60,236,000
5,268,000
....
.
44,000
116,140 Miscellaneous
1,475,931
....
Profit and loss
Total
Wabash
Real estate mortgages...
12,487
* *
Other loans and bills recelv'le
Miscellaneous
JUNE
Mortgage bonds
,
7
.....
Wheeling & Lake Erie
SHEET
Capital stock
Secured debt—
Pitts. Term. RR. & C. Co.
Bonds pledged—
•
'
Pitts. Term. RR. & Coal—
stocks
BAL.
RY.
$53,463,367
Total
105,239
1,205,836
83,150
-
*123
...
r——
—
$68,081,289
($795,867) include (1) D. Herbert Hostetter
at
5.4% (J.-J.), $106,834; (2) Fidelity Title & Trust at 5 and 6%, $129,600;
(3) Pa.
Co. for L.G. A. at 5% (F. & J.), $25,000; (4)
Mary G. Des Granges at 5% (M.i&A.),
$35,000; (5), Mutual Life Ins. Co. at 5%, $395,000: (6)
MaggiePrintyat5and5)£%,
$74,000; (7) miscellaneous at 5. 5.4 and 6%. $30,433.
Tons commercial
Tons co. fgt; car.
a—
rev. pass.
carried
Pass.
1,331
1,026
30,224
32,692
3,817
cars
train mile
105,514
sur. or
Cost of property
Stocks owned (pledged)—
x
*
Equipment—
41,771
WAB ASH-PITTSB.
STATISTICS.
1911-12.
Locomotives..-
Bal..
5,250
Cash—J
income account for several years, compiled for the "Chron¬
icle."
Further data will be giveH another week.
;
TRAFFIC
Total
30,804
-
Cros3 Creek RR
(Report for Fiscal Year ending June 30 1913.)
Below
ctfs. '
on rec.
Rental Wabash equip
Interest & discount..
Unpledged
Union Pacific Railroad.
,
$79,617 $124,473 $244,601 $237,665
$21,873
$21,856':
$9,490
$9,405
19,150
19,150
142,665
137,225
42,071
40,739
1,648
1,190
—
bonds...
on
Commis.
per
7,466,831
rev.
-
train mile
.
7,424,334
Assets.
$4.01
-559.29
552.38
Other
BALANCE SHEET JUNE 30 1913.
Liabilities.
,
Road and equipment
.$4,397,170
Securities owned.
'
S4.18
Tons per rev. fgt
train mile-d_._
WEST SIDE BELTER.
14,709,164
5356162375
60,001
investments
687
Working
assets
Miscellaneous
1,237
1,328
_!
Capital stock.
Secured
debt
Loans and bills
Audited
,$1,080,000
3,046,143
payable..106,000
vouchers.
H. F. Baker
161,135
(Receiver), <fcc
35,671
Profit and loss
<
563
'
(inc.co.frt.)
carried*.
Rentals..
'.
671
No. of pass
No. pass, c
262,109
8,309
132,531
1,150,673
"
..Nov
to Nov 30
1.593
$4.90
train
Net
Oommonwealth Power, Ry
& Light
Dec 1
0.897
$5.20
per
tons
rev.
A v. tons p.tr
of Net Earns.—
Previous
Year.
Augusta-Aiken Ry & El.Nov
0.775
m
Av.
Interest
Av.rate p.ton m.(cts)
Av.earns.p.tr.
^
3,921
a Mixed
train statistics included, except under train and
miles; also motor cars and special train service excluded.
b Based on way bill tonnage, commercial freight only,
c Mixed trains included in freight-train
performance;
vice not included,
d Based
on
31,473
locomotive
.
Total-...
"
,
special train
$4,460,4231«
;
ser¬
RECEIVERS'
BALANCE
Total
-.$4,460,423
SHEET. JUNE 30 1913.
W-P.Term.Ry.W.S.B.RR.
conductor's tonnage, including company freight.
Assets—
Y
W.-P.Ter.Ry.W.S.B.RR.
Liabilities—
,
Road & equip
EARNINGS AND OPERATING EXPENSES.
Cash..—.
$2,352,845
44,148
165,734
supplies.
32,694
Misc. acc'ts
1912-13.
1911-12.
•
1910-11.
1909-10.
Passenger-
--.$21,322,493 §20,207,257 $20,981,405 $20,814,820
Mail and express
5.034,212
4,859,879
4,637,739
4,509,434
Freight.
63,773,804
57,483,558
59,964,3.64
61,479.680
Switching, rentals, &c__
1,679,798
1,629,403
1,618.464
1,702,531
Outside oper.—revenue.
1,828,152
1,797,512
1,781,136
1,721,627
Total revenues.-._-_$93 .638,459
Maint. of way & struc..$10 ,688,564
Traffic expenses. _i
§85,977,609 $88,983,108 $90,228,092
$9,594,538 $10,445,203
$9,915,482
2,119.603
2,021,492
1,985,017
2,251,895
2,241,017
1,964,856
9,812,175
9,208,725
9,074,653
24,755,109
23,991,335
22,208,262
1,856.087
1.900,062
1,790.639
4,368,789
3,464,147
3,264,348
2 ,107,146
2 ,530,727
10 ,694,011
General
expenses
Maint. of equipment
Transportation expenses 26 .077,120
Outside oper.—expenses
1 .932.649
Taxes
4 .666,277
-
Total exp. and taxes.J58.696.493
Rev.
over
exp.
$54,758,196 $53,271,981 $50,203,257
& taxes_$34,941,966 $31,219,413 $35,711,127 $40,024,835
OTHER
INCOME. FIXED CHARGES, &C.
'
Receipts—
'
Interest on bonds owned
Dividends on stocks owned
...
Balance of interest on loans, &c
Rentals for lease of road,&c._
1910-11.
$1,392,509
14,596,702
*2,016,542
*243,361
304,800
1,951,210
1,360,038
101,600
-
Miscellaneous income
;
Total other income
Total net income
35
97,718
27
97,626
89,650
$19,207,971 $20,148,671 $18,643,590
$54,149,937 $51.368,085*$54,354,716
Deduct—
Interest on bonds held by public
Sinking fund requirements
Hire of equipment1—balance
Rentals for lease of road, &c
•
"
1911-12.
$1,834,020
14,651,247
2,131,975
1,332,167
Rents from steamships
Net income from lease of unpl.lds.,&c.
Miscellaneous
'
1912-13.
$2,647,583
13.151,422
$14,201,658 $14,068,704 $12,623,282
11,980
12,013
12,013
1,825,988
1,930,118
1,742,563
*
1,332,303
1,292,009
903
25,247
T.097
3,981,740
3,981,744
3,981,744
21.663,370
21,664,739
21,659.571
expenses
Preferred dividends (4%)
Common dividends (10%)
Mat'ls &
$805,964
53,567
283,181
19,127
rec...
Receivers'
ccrtfs.2$2,395,880
Vouchers &
wages
Int. & tax. accr'd.
Miscellaneous
'
Def'd debit items.
Profit & loss—.
Total
i
—-
—
*
40,980
360,365
30,757
Def'd
credit items
'
$714,286
534,500
53,967
4,124
272,741
15,167
310
8,295
Profit & loss
.$2,996,767 $1,192,597
190,093
Total ..—$2,996,767
$1,192,597
-V. 97, p. 1421; V. 95, p. 751, 421.
Boston
&
Maine
Railroad.
(Statement Filed Dec. 14 by "Conference" of Ry.Commissioners.)
The "conference" composed of Inter-State Commissioner
Prouty and the Railway Commissions of four New England
States filed a statement on Dec. 14 saying in substance:
Conference.—The Boston & Me. RR. traverses the States of Maine,
Massachusetts, Vermont and New Hampshire t the greater part of its
mileage being in Massachusetts and New Hampshire.
Apattempt to deal
with the rate situation by the independent action of the several commis¬
sions could only result in confusion and discrimination.
The I. S. C. Com¬
mission therefore suggested that the several commissions interested should
confer on these matters.
A series of hearings and conferences has resulted
which have been participated in by a single member of the I. S. C. Com¬
mission, but by all members of the various State commissions.
It should
be noted, however, that the matters herein discussed have not been
sub¬
mitted to nor passed upon by the Federal Commission as a
body nor by any
individual member of the same except only the one concurring herein.
The I. S. O. Commission has no
authority to approve in advance a sched¬
ule of rates.
The carrier must in the first instance file its
tariffs, which are
then subject to examination and correction by the commission.
The pres¬
ent powers of the commissions of Massachusetts and V ermont are
almost
identical with those of the Federal Commission in this
respect. The commis¬
sion of Maine has a more limited juridsiction still over
rates, but the com¬
mission of New
Hampshire must approve rates before they can be established.
Rate Limitation in N. II.—When the Boston & Maine leased the roads
located in New Hampshire the Legislature of that State
provided that the
leases should be upon condition that no advance in rates, either State or
should ever be made.
Subsequently advances were in fact
proceedings were begun attacking these advances.
The Su¬
Court of N-. H. held that the obligation not, to advance rates was
binding upon the B. & M. even as to its inter-State charges.
Assuming
inter-State,
made
and
preme
Total deductions
Balance, surplus.
*
-
-
—
—
$43,017,942 $42,974,574*$40,020,270
--$11,131,995
$8,393,511 $14,334,446
,
that this decision is wrong as to inter-State
rates, and
that the B. & M.
inter-State" transportation charges, still it is evident
might void the leases themselves.
As a practical matter,
therefore, the condition is
might
Comparisons of the item
been
marked is inaccurate, the figures
having
later years;
the final result, however, remains
slightly changed in
Unchanged.—-V. 97, p. 12SS,
so
1025.
that
advance its
to
do
so
obligatory.^. The Legislature of N. H..
recog¬
nizing that possibly in justice to this company its transportation charges
I»E0. 20 1913.)
THE
CHRONICLE
should be increased, has provided that the commission of that State may
Eermit such advances, but that no advances shall be made until they have
affirmatively sanctioned by that body.
It results, therefor^, that the
1819
Instead, we have divided the B. & M. lines into two classes.
Class A
embraces main lines between Boston and Portland and Boston and Con¬
cord, N. H.; entire main line and Cheshire and Troy branches of the
Fitchburg; main line between Springfield, Mass., and Windsor, Vt., and
between Worcester and Nashua; and the Stony Brook, Saugus, Lexington,
Watertown and Medford branches.
Class B includes all other lines.
We have approved a maximum mileage schedule for Class A lines.
We
system cannot be revised without changes in the State of New Hampshire.
think that a schedule of 16 2-3% higher should be appliee on Class B lines,
Financial Status.—The B. & M. RR., upon the basis of its present rates,
and that between points on Class A lines and Class B lines a constructive
is bankrupt.
Fotf the year ending June 30 1913 it had remaining after the
mileage should be made up by adding together the actual mileage on the Class
A line and the actual mileage on the Class B line, plus 25% of Class B
% upon the capital stock were paid during the year, but they were not
earned.
distance, and that to this constructive mileage the Class A scale should
Comparing July, August and September of the present year with
be applied.
the corresponding months for 1912,we find a decrease in net operating reve¬
nue of $687,000.
Reasons for Exceptional Increase of Local Rates.—The scales thus approved
The gross operating revenues for October were approxi¬
differ radically from that first presented by the railroad.
While some in¬
mately $150,000 less than for the corresponding month in the preceding
crease in revenue will result to the carrier, our central thought has been to
year; no statement of operating expenses for that month has yet been
remove the glaring discriminations between individuals and localities which
furnished.
From an analysis of its operating expenses for the year 1913,
now exist, and pave the way for a proper revision o. the commodity rates.
as compared with other years, upon the B. &M. and with other railroads,
The most marked advances being in short-distance rates in the vicinity
and as compared with the first three months of the current year, it seems
of Boston, one thing may be referred to.
The road is, as to a part of its
probable that its income from operation will fall at least $1,000,000 short
of what it was in the year 1913.
.
territory, a great terminal yard.
The average haul upon all its traffic is
102 miles, as compared with 143 miles in the U. S. as a whole.
It also appears that certain of the charges against this income will be
The average,
haul upon its local business is but 60 miles.
Even in the case of this short
materially increased during the current year as compared with the previous
haul the traffic passes through numerous junction points, where it is re¬
like period.
O wing to an advance in the rate of interest, the interest charges
classified.
These terminal services are expensive.
will be increased approximately $600,000.
Of the total freight
The actual interest charge
locomotive mileage upon the system, over 66% is in switching service.
will exceed that for the previous year by a much larger sum than this,
The company has shown the N. H. Commission that the average cost of
but this is in part offset by income from the property purchased.
Owing
to an increase in the per diem charge for the use or freight cars, the item for
handling business at the Boston terminal was 41 cts. per ton; allowing for
use of the property 10 cts. per ton, makes a total of 51 cts. per ton.
hire of equipment, if the same amount of business is transacted, and if no
The
total gross revenue per ton received by the road upon all traffic handled
greater car efficiency can be secured, will be approximately $400,000 larger.
While it is hoped that the result will be more favorable than the indication,
during the year 1913 was $1 13.
These figures show how significant must
be the terminal expense.
it now appears probable that for the year 1914 the Boston & Maine RR. will
This expense to-day is aggravated by the fact
that these terminals have not been so maintained and added to that the
lack, if no increase in rates is allowed, $2,000,000 of sufficient income to
business can be done to good advantage.
pay its taxes, its interest and its fixed charges, without the payment of
It is probable that on some of the short lines running out of Boston, the
any dividend upon its capital stock.
•
inconsistently low rates long in effect allow the company less than the cost
Causes of Deficit.—This showing is in part due to the mismanagement of
of the service.
The most significant increases are in the case of these shortthe company.
The B. & M. has outstanding $27,000,000 of short-time
distance rates out of Boston and other cities of New England, but we are
paper which it will carry for the current year at a charge of about 734%.
satisfied that the rates established for these short distances are, in propor¬
as compared with 534% for the preceding year.
Of this short-term paper
tion to the cost of the service, too low rather than too high.
$20,000,000 was used to purchase stocks which the B. & M. now owns.
Competitive Destinations.—Merchants arid manufacturers located at
Assuming that these stocks may finally be worth the price paid, which is
Boston and other points upon the B. & M. come into competition in certain
doubtful, their purchase at the time was utterly unnecessary and ill-advised,
territory with New York and other points located upon other lines of rail¬
and the consequences of those transactions ought not to be visited upon
road.
To advance the rates from B. & M. points to these competitive
the rate-paying public.
destinations without a corresponding advance from points not located upon
The attempt or the New York New Haven <fc Hartford RR. Co. to ac¬
the system would manifestly place B, & M. interests at a serious disad¬
quire control of the Boston & Maine system and combine that system in
vantage.
The traffic manager of the B. & M. stated that rates from points
operation with its own proved disastrous and the effect is still obvious in
upon his line to these competitive destinations would not be advanced
the operating cost of the Boston & Maine.
without a corresponding advance from points upon other lines, and it is
Under the contract of the American Express Co. the Boston & Maine
understood that the schedules which have been approved will not be estab¬
receives 35% of the gross income of the express company.,
Mr. Elliott
lished unless this is done.
It is also understood that the B, & M. will at
stated that negotiations were in progress which he hoped would result in
once proceed to revise its commodity tariffs to the end that the present
increasing this percentage to 45.
As applied to the business of the express
discriminations may be removed.
company for the year ending June 30 1913, this increase of 15% would
Increase in Revenue.—The increase in revenue that would have resulted
amount to nearly $370,000.
from establishing the schedule of local class rates presented by the railroads
On the other hand, many things have necessarily contributed to increase
would have been approximately $900,000; the amount of additional revenue
the operating cost and therefore diminish the net income of this company
derived from the rates approved by us will be approximately $500,000.
for the last four years.
First among these is increase In wages.
The Boston
About 14% of the entire freight revenue of.the B. & M..RR. is derived from
& Maine has not paid upon all parts of its system the standard Easterh
business handled under these rates.
No definite estimate was made by
scale to its employees, but, as we understand the matter, within the last
the B. & M. of the amount of additional revenue which could be obtained
three or four years this has been changed so that to-day standard wages are
by advances in its commodity or in its long-distance rates, but we have al¬
paid upon all parts of the system to engineers, firemen and trainmen.
ready expressed the opinion that many of these rates must be increased
Wages have been materially increased in the last five years upon all rail¬
with extreme gaution, if at all.
roads, but the increase upon the B. & M. has been greater than the average.
It should be noted that these local rates of the B. & M. under considera¬
The recent advance in wages under the decision of the arbitrators sitting
tion are not involved in the "Eastern Rate Advance case" pending before
at New York will cost the Boston & Maine $300,000 annually.
the I. S. C. Commission.
Many of the joint rates of that company are
Per Diem Charges.—The B. & M. is pre-eminently a terminal road.
It
embraced in that proceeding, and should the general advance be allowed,
is the delivering and originating carrier with respect to much long-haul
the B. & M. would to some extent benefit thereby.
business upon which it receives itself but a comparatively short haul.
Passenger RaZes.'—While at least two of the States require the sale of
The car while being unloaded and again loaded is necessarily in the posses¬
mileage books at 2 cts. per mile, so that no general increase in passenger
sion of the B. & M.
The tendency of this is to make that company a Targe
fares can now be made, serious consideration should be given to the ad¬
debtor to Its connections on account of freight car equipment, and this is
visability of somewhat increasing the passenger fares.
At the present time
the local fare upon many parts of that system equals or exceeds 2>£ cts.
aggravated by the fact that its own freight car equipment is inadequate.
When the charge for the use of freight cars was upon a mileage basis the
per mile and when a mileage book, good to bearer, is sold for 2 cts. a mile,
B. & M. did not suffer, but with the change to a per diem basis, and with
speculators put these mileage books on sale at something in excess of 2 cts.
the increase of this per diem, the charge for car hire against this company
and something less than the local fare.
This certainly Is wrong.
If mile¬
has become a very serious matter.
This item in 1909 was $626,000; in
age books were sold at 234 cts. instead of 2 cts. per mile, and local fares
were adjusted upon a minimum of 2# cts. and a maximum of 234 cts. , the
1913 it had Increased to $1,748,000, and, owing to a futrher increase in the
relation between the mileage book and the local fare would be a more just
lcrease for the present year.
one than at present exists.
Many of the Commissioners feel that there
should be no difference between the mileage book and the local rate; that
Leased Lines.—The most doubtful question in this connection is upon the
the local rate shou
->roperly adjusted and the mileage book abolished.
reasonableness of the rentals paid for the leased lines.
The company pre¬
We are all of the
that these passenger fares require readjustment
sented figures to show that the rents paid were much lower than would be
and that the stati
e?
v
h might interfere with uniform treatment should
justifiable in view of the value of the properties.
Excluding the Fitchbe so modified th
ossible, some just rule applicable to all territory
burg, the average capitalization of the leased lines is about $50,000 per mile,
may be formulated.
ssuming that the same number of mileage books
and the average return upon this capitalization is less than 6%.
The cap¬
were sold as at present, an increase of 34 of 1 cent per mile would yield
italization of the Fitchburg is about $128,000 per mile, and the return
additional revenue of approximately $500,000 per year.
It is doubtful if
3.84% upon this capitalization.
The I. S. C. Commission will in'the near
that increase could be made in any other way in which it would be so
future, under the Act of March 11913, value these lines, and,until that work
evenly distributed and so little felt.
is completed no definite opinion can be expressed upon the propriety of
It is generally claimed by the railroads that the passenger business on a
these leases.
We have assumed that some might be somewhat excessive.
system like the Boston & Maine, at 2 cts. a mile, pays little if any profit.
Rate Increase Justified.—After allowing for any probable excess in these
For this statement there are at the present time no reliable data.
leases and charging up everything which Is fairly due to mismanagement.
The I. S.
C. Commission is about requiring carriers to separate in their returns to
It is still our opinion that the B. & M. should be allowed some advance in
that Commission th& cost of conducting their freight and passenger busi¬
its transportation charges.
The company claimed that such increase
ness, and it is hoped that before long, it may be possible to determine
should amount to at least $5,000,000 per year.
To this we do not assent.
whether the present passenger fares contribute a proper amount to revenue.
It cannot be known until the property is once more efficiently operated
Changes in Management.—Clearly no increase in rates should be allowed
and until its leasehold lines have been valued-hvhat the advance should be
until it is made reasonably certain that the revenues of this company will
but we are clearly of the opinion that there should be a substantial advance,
be prudently expended in the public interest.
Certain changes have
now,
provided that such additional revenue can be obtained without
already been made in the management which are in our opinion In the right
imposing upon the public unreasonable transportation charges; and pro¬
direction.
The operations of that property has been entirely divorced
vided further, that some assurance can be given that the money , when ob¬
from that of the New Haven company.
Mr. McDonald, formerly chief
tained, will be prudently expended in the public interest.
executive of the Maine Central, has been put in charge of the property.
'Manner of Rate Increase.—Assuming that the rates,are to be increased,
His long and successful service upon the Maine Central inspires confidence
it is a very perplexing question just, how this increase shall be effected,
iri his selection, and there is reason to believe that if he can receive proper
At least two New England States require the sale of mileage books, good to
support he may do much toward the rehabilitation of the Boston & Maine.
bearer, at 2 cents per mile.
In the face of these statutes it is impossible
It appears, however, that he is still identified with the Maine Central
to advance materially passenger fares, and it is doubtful if public sentiment
would consent to such an advance.
Whatever additional revenue is ob¬
system and draws from that company $15,000 a year and from the Boston
& Maine, $35,000 a year, making in all $50,000;
tained now from increases in rates must therefore come in the main from
In our opinion the
salaries of from $50,000 to $100,000 annually in the case of the chief execu¬
freight traffic.
tives of the principal railroads of the U. S. are utterly extravagant.
It has seemed to us a very hazardous ilndertaking to attempt an advance
We
of what may be known as the long-distance rates of the system.
think $35,000 is liberal compensation to the President of the Boston & Maine
The in¬
dustries of New-England are In competition with similar industries in other
RR., and that that company should hare the benefit of his entire time and
energy.
The salaries paid other officials of this company above $5,000
i. keen.
To increase the cost of transportation to the New England manu¬
annually call fOr no special comment.
4
' ■
facturer without a corresponding increase to his competitor would place
Separate Traffic Departments .—These departments of the Boston & Maine
and the New Haven should finally be entirely separated.
It is imperative
upOn our New England industries a burden which they are not very well
that some strong man should devote his entire time to the revision of the
able to sustain.
There are many joint rates',from points upon other lines to
chaotic schedules of the B. & M. for some years to come.
Morevoer, it is.
insisted by many that traffic of the B. & M. is being diverted to the New
irect burden upon the industries of this section, but to advance these rates
Haven at the expense of many thousands of dollars of revenue each year.
if the basis of division remains the same would operate to increase the reveWe have not been able to investigate this claim, but it is clear that the
nue not only of the B. & M. but also of its connections, and, whatever con¬
traffic department of the B. & M. should be so independent of the New
clusion may be finally reached, there is nothing before us now which would
Haven that this and all similar questions can be fairly considered.
indicate that such advances would be proper in case of these connections.
Outlook.—The present financial condition of the B. & M. RR is critical.
It might finally be possible to change the basis of division so that the B. & M.
The most embarrassing feature is that nobody can tell exactly what should
would obtain the entire benefit of the advance, but this would require time,
be done to protect the just interests of all concerned.
much negotiation, and possibly litigation.
It may finally turn
out that these properties should be thrown into the hands of a receiver and
The rates which can oe dealt with, and which ought to be first dealt
pass through a process of reorganization, but this would be a calamity
with, are the local rates from point to point upon the lines of the system.
which ought to be avoided if possible.
These rates are of two kinds—class and commodity.
The class rates are
Nothing can be done hastily.
The present condition was years in the forming and will require years in
the basis of the rate structure, commodity rates being usually in the nature
the correction.
of an exception to the class tariff.
For the moment there is need of patience and co-operation.
We therefore suggested to the com¬
If disaster is to be avoided, all interested parties must exercise forbearance
pany that it present a proposition for the establishment of revised class
and must undergo ternporary inconvenience.
rates.
This involved the labor of a large force for several months, and it
The stockholders of the B. & M. cannot reasonably expect to receive
was not until late in September that the company presented its proposition
further dividends in the immediate future.
It is true that they have
to apply a uniform mileage scale of class rates upon all parts of the system,
and gave the figures showing the amount of revenue which would have been
actually paid Into the treasury on the average about $120 per share, and it
received had those rates been applied to the business which actually moved vis also true that up to the present time they have received dividends equiv-*
alent to about 6% on the money which was paid in.
for the year 1913.
After an adjournment of one month, the shippers pre¬
If these stockholders
had deposited that money in the savings banks of New England, or had
sented their objections to these rates.
invested it In the underlying bonds of these railroad properties, they would
As just noted, the proposition of the B. & M. was to establish a single
have received during this time from 334 to 4%.
uniform mileage scale over all its lines, and there are many reasons why the
They chose the high rate
with the more uncertain form of investment, and it is not unreasonable that
adoption of such a scheme would-be highly desirable.
It would, however,
entirely Ignore traffic density and other differences in opqrating costs, and
they should how assume the responsibility for the loss due to the poor judg¬
ment of themselves or their representatives.
tbe conferdnce with some hesitation finally rejected it.
,
een
B.
&
M.
can
advance no rates,
either State or inter-State, which apply
within the limits of N. H. without the approval of the commission of that
State.
Moreover, that State is so situated that the rates of the B. & M.
Sayment of its fixed charges and its taxes $49,000. Dividends aggregating
.
.
Ser diem rate which took effect on Jan. 1 1913, there will be a still further
""
Earts of the United States in almost every instance, arid that competition
Soints upon the B. & M. which might be advanced without imposing a
0
1820
THE
CHRONICLE
The financiers who are carrying this short-time paper might well abate
something from their present demands.
If these gentlemen are not willing
to renew this paper at a fair rate of interest, it will probably be necessary to
allow matters to take such course as will involve not only the loss of inter¬
est but the possible loss of a part of the principal.
The public will not pay,
in the way of increased rates, 7 A % interest.
The owners of these leased properties, especially in he more considerable
and more doubtful cases, might well accept something less than the full
rent reserved for the next two or three years while these matters are in
process of adjustment.
The public must expect to sustain some part of this burden.
It should,
perhaps, during this acute stage abate something from the demands which
under ordinary circumstances would be reasonable.
It should not be
taxed for mismangagment, but it sould remember that the cost of furnishing
the service now demanded has increased and that this property Is entitled
to a fair return.
We are satisfied that New England desires ahigh-grade
and efficient service and will willingly pay a reasonable price for that ser¬
can be known what it is.
The foregoing statement is concurred
vice when it
in by Charles A. Prouty, of the
S. C. Commission; Frederick J. MacLeod, Chairman, and George W.
Anderson, George W. Bishop, Clinton White and EdwardE. Stone, of the
P. S. Commission of Massachusetts; RoberfcC. Bacon, Chairman, and Wil¬
liam R. Warner and Park H Pollock, Of the P.. S. Commission of Vermont;
Edward C. Niles, Chairman, and John E. Benton and Thomas W.
D.
Worthen, of the P. S. Commission of New Hampshire; and Elmer P. Spofford, Chair an, and Prank Reiser and John A. Jones, of the RR. Com¬
I.
.
mission of Maine.
The members of the Vermont Commission state that they
believe the
one-seale plan to be the only consistent and fair one, but have acceded to
the plan adonted for the sake of securing uniform action.
The Maine Com¬
missioners dissent frpm the suggestion that Mr. McDonald should sever
his connection with the Maine Central RR.— V. 97, p. 1731, 1662.
Owens Bottle Machine
Company.
(Report for Fiscal Year ending Sept. 30 1913.)
Pres. E: D.
>
Libbey, Toledo, Nov. 11, wrote in substance:
Plants and Production.—Factory No. 3 at Fairmont, W. Va., has again
been
enlarged, the present equipment being 6 furnaces and 12 ten-arm
The production from this plant for the year amounted to
613,091 gross of bottles, and from your company's three plants to 760,620
gross, an increase of 147,529 gross
or 24%.
A small plant adjoining Factory No. 1 on Westlake St., Toledo, has been
leased for experimental purposes and is known as Factory No. 4.
Bottle-Blowing Machines.—The improved types of machines to manufac¬
ture bottles of capacities from A oz. to 6 oz.. and from 6 to 32 oz., respecively, have proven entirely successful, have been accepted by our licensees
and in ou^ own plants, and it is believed will largely supplant earlier types,
All new installations have been of these machines; 17 new type machines
for making the smaller bottles and 30 for making the larger bottles are
now installed or on order and under construction.
machines.
New Licensees.—The two licensees mentioned in the last annual
report
1471)—(1) The Owens Eastern Bottle Co., and (2) The D.C.
Jenkins Glass Co.—are now operating. The former's new plant at Clarks¬
burg, W. Va., manufacturing bottles for prescription, proprietary and
druggists' use, should be in full operation by Dec. 1; it is equipped with
six of the newer types of machines.
Your co. is a large shareholder in this co.
During the year one new licensee has been added—the Maryland Glass
Corporation or Baltimore, for the exclusive manufacture of bromo-seltzer:
bottles from blue glass, and for no other use.
Machine Installations.—-The past y6ar has been a most satisfactory one
in the installing of machines, and, for the coming year, orders are now in
(V. 95, p.
1913 and due Dec. 11943.
and
aggregate annual capacity now being approximately 8,000,000 gross
bottles, or about one-third of the estimated.production of the U. S.
of
Trade
Conditions.—During the year business conditions in the bottle in¬
dustry have shown a general improvement.
There has been a gradual
reduction in prices of bottles and a demand for improved quality.
The
demand for Owens machine-made ware has kept pace with the requirements
for higher grade bottles, and many new customers, especially those demand¬
ing near-to-accUrate weight and capacity, have been added to our former
valuable list.
Patents.—Several valuable applications for improvements" on our present
ut
gatents have been our rights have been respected, and in the excepted with
At the present time, case
exception, made and are still pending.
one
a
like result in the near future is
confidently expected.
Increase of Capital Stock.—The stockholders on Dec. 17 1912 authorized
an increase in the capital stock to $15,500,000, consisting of $15,000,000
and
com.
pref.
of which $3,750,000 com. and $500,000
outstanding (V. 95, p. 1750).
and Stock.—Cash dividends aggregating 7% on the
$500,000 pref. stock,
are now
Dividends
in Cash
Eref. been 12% on the com.past year (V. dividend of 50% in common stock
and paid during the stock and a 95, p. 1750.)
ave
In the opinion of your directors, a com.
stock div. of 33 1-3%, payable
stock, should be immediately declared
divs. upon the outstanding issiies, both of com. stock, as
thereby increased, and of the pref. stock, should be continued at the same
rates, respectively, as heretofore.
[The 33 1-3% stock div. was paid
Dec. 10.
See V. 97, p. 1667, 1429.]
Stockholders of record Deo. 24 1913 will receive on Dec. 31 quarterly
dividends amounting to 1 %.% on the $500,000 pref. stock' and to 3% on the
$5,000,000 common.—V. 97, p. 1667,, 1429.
to holders
now
of record of the
com.
and paid, and cash
Total Machines Installed and Ordered in
United
States—Aggregate Annual
Capacity of Same.
1910.
1911.
71
28
103
18
133
99
121
166
Total installed and ready for oper.
Total ordered
—
Total installed and ordered
Capac., yearly. No-of gross. abt_3,770,000
1912-13.
Revenues—
Sales.-----
1911-12.
*$978,251.
Royalties—
Other
—
--------
income
$998,398
1,998,460
279,783
1,605,223
130,764
Nt
■'
.
1913.
161
33
26
7,000,000 8,000,000
.
'
f.M
1910-H.
$789,855
552,933.
153,607
$520,290
.
477.413
48,535
Gross income-..-----$3,256,495
Expenses—
•
$2,734,384
$1,496,395
$1,046,238
Manufacturing, &c
$1,284,809
General (including experi¬
mental).-.—.
215.523
"Depreciation on rebated
$1,297,590
$487,458
$464,279
128,143
89,437
.79,311
machine y__--
.
;
-
— ■-«,
_
9,615
+
$1,500,332
-$1,756,163
$1,425,733
$1,308,651
$576,895
$919,500
$553,205
Preferred dividends (7%)
$35,000
Com. divs. (see note)
(12)449,988
$32,480
(12)300,000
$32,480
(10)250,000
$32,500
(8)200,000
$1,271,175
$976,171
$637,020
$260,533
Total expenses...
Net earnings——
Deduct—
—
Balance, surplus
$493,033
*
The decrease of royalties is due to the absorption of the Owens West
Virginia Bottle Co. and the Northwestern Ohio Bottle Co., both of which
paid royalties in 1911-12.
If the royalties for 1912-13 were computed on
the same basis as for 1911-12, the increase would be $107,276.
Note.—There was also paid Dec. 24 1912 a dividend of 50% in com. stock
(V. 95, p. 1406).
A distribution of 33 1-3% will also be made in com. stock
on Dec. 10 1913 to holders of record Dec. 1 (V. 97, p. 1429).—V. 97, p. 1667.
1429.
•
GENERAL
.
INVESTMENT
NEWS.
..
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.—-Bonds Offered.—Potter,
placing privately at 98^ and int.,
yielding about 5.10%, the first issue of $2,500,000 First
Consol. Mtge. 5% gold bonds, Series "A," dated Dec. 1
Choate & Prentice
are
•
also in effect
a first lien on the connection with tne
Memphis-Chattanooga
Ry., which will be constructed by the Wauhatchie Extension Ry. Co. of
M. bonds and shares
this mortgage.
The company owns about 290 miles of road traversing the richest coal and:
iron districts of the South and extending from Wauhatchie, Tenn., through
Birmingham, Ala., to Meridian, Miss., and forming the middle link in the
"Queen and Crescent Route," the shortest line between Cin. and New OrL
other company formed for the purpose, all of the 1st
of the capital stock of which will be pledged under
Earnings for Years ended June 30 1913, Showing Steady Increase.
1912-13.
1910-11.
1908-09.
1906-07.
1903-04.
$5,231,985 $4,479,119 $3,560,292 $4,168,478 $3,009,445
Net for charges. 1,499,535
1,352,465
942,266
713,210
607,154
Bal. after charges 1,134,620
955,038
550,254
413,667
320,612
Earnings for the year 1912-13 were over three times interest charges,
including requirements on these new bonds.
The company has outstanding
$3,380,350 6% pref. stock and $7,830,000 ordinary stock, upon which annua!
dividends of 5% are being paid, representing, at current market quotations,
an equity of about $9,500,000.
The Southern Ry. Co owns a majority of
the stock and has pledged it as part security for its First Consol. Mortgage.
See also Y. 97, p. 1582, 1285.
Gross
Albany & Susquehanna RR —Special Dividend.—The
"special dividend" payable Jan. 5 (No. 6) is $3.25 per share.
This is at the same rate ($3.45) as the special dividend of
each of the last- 4 years, less 20 cents per share reserved to
pay the company's income tax under the Act of 1913.—
V. 93, p. 1258.
•
American
Railways, Philadelphia.—Johnstown Sale.—
See Johnstown Traction Co. below.—-V.
97,
p.
1424, 1353.
Atlantic Coast Line RR.—New President.—J. R.
Kenly
who has been Vice-President since 1905 and connected with
the system in various capacities since 1882, has been elected
President to succeed T. M.
1582,
1512,
Boston & Maine
See "Ann.
Boston
Emerson, deceased.—V. 97,
p.
1494.
Reports"
Comments
RR.—Report of State RR. Commissioners.
on a
on
preceding
Said
Report
page
and compare V- 97, p. 1731,1662
("Boston News Bureau," Dec: 17).
Boston & Maine security holders should not interpret too
the remark in the
pessimistically
report by the Railway Commissioners that many of
Boston & Maine's freight rates can be increased with extreme caution, if
at all.
According to individual expression of opinion among the Com¬
missioners, the prospects are fair for raising the annual revenue, through
increased freight rates, by $1,500,000.
Boston & Maine has over 1,000
commodity rates at present, but the bulk of its tonnage moves under a
relatively small number of these rates.
The computation that the sale of mileage books at a 2K-cent>-per-mile
rate would yieid $500,000 more revenue if purchases were not curtailed is
somewhat beside the mark, as there would undoubtedly be considerably
less books sold.
Legislation in Massachusetts and New Hampshire would
have to be modified before the mileage book rate in these States could be
increased.
•
Of course any lease revisions are more or less fanciful, as it is not to be
presumed that modifications of these long standing guaranties would *be
accepted without a bitter contest.
So far as the Boston & Lowell, for in¬
stance, is concerned, it is scarcely conceivable that that road—the key to
the whole Boston & Maine transportation and terminal situation around
Boston—would agree to reduce the 8% rental.
Academically speaking,
however, it may be worth while to figure that a general cut of 1 % per annum
in dividends from the Boston & Maine as lessee would be a matter of $500,000 or more on the $60,890,000 of leased-line stocks.
Boston & Maine
owns only 700 miles
out of 2,250 of its operated mileage.—V. 97, p. 1731,
1662.
California
Ry.
&
Co.—Prior Preference Stock
to redeem at par, 1000
shares of prior preference stock on Jan. 2 1914, in accordance
with the provisions of the certificate of incorporation and
resolution adopted by the directors.
Called.—The
company
The shares to be called
made by the
are
Power
proposes
to be determined
by lot, and
a
drawing will be
Bankers Trust Co., 16 Wall S'., N. Y., agent of the
company
for such purpose
from the list of holders of prior preference stock of record
3 P.M., Dec. 31.
The shares so called will not be entitled to receive divi¬
dends after that payable Jan. 2 and the holders of such shares will be prompt¬
ly notified.—V. 97, p. 1662.
Canadian Northern Ontario Ry.—Agreement.—Notice
is
given that the
will apply to the Parliament of
extending the time for
the construction of various projected lines and confirming:
company
Canada at its next session for an Act
1909-10.
'
;
exceeding 5%.
Datalfrom Statement b.v Secretary R. D. Lankford, N. Y., Nov. 26 1913
Part of an authorized issue of $25,000,000, approved Nov. 26.
The
company covenants that it will set apart the proceeds of these $2,500,000
bonds, separate from its other moneys, for additions and betterments,
which will be diligently undertaken and completed so far as possible during
1914, 1915 and 1916.
Other than bonds not exceeding $350,000 for the
Wauhatchie extension (3.2 miles), no additional bonds will be issued prior
to Jan. 1 1916 (see V. 97, p.
1285).
This issue will be secured by mortgage to the Guaranty Trust Co. or
N- Y. [and Guy Gary], as trustees, upon all the railroad and other real
property, leasehold Interests,rights, privileges and franchise?, now owned
or hereafter acquired,
subject to the two existing mortgages outstanding
at less than $19,600 per mile, to retire which, bonds of this issue are reserved;
187
.
YEAR ENDING SEPTEMBER 30.
INCOME ACCOUNT
.
1912.s
Par, c*$500 and $1,000; r*$l,000
Interest J. & D.
Future issues may be made
multiples.
in lettered series at rates of interest not
1
hand which continue to tax our construction department.
The number of
machines installed in the United States in the late year was 161, against
133 in 1912; number on order, 26, against 33; total, 187, against 166: the
(Vol. xcvii.
An agreement between the company and the Canadian Pacific Ry. Co.
respecting the terminals at Belleville.
*
An agreement between the company and the Georgian Bay & Seaboard
Ry. Co. respecting joint tracks and terminals at Orilliaf
Also authorizing the company to enter into agreements, pursuant to
Section 361 of the Railway Act,-with certain other companies.—V. 97, p.
1424...
.
"
/.,
...
'
.,
.
| Canadian Northern Ry.—Lease/ of Terminals,
&c.—
Notice is given that the company will apply to the Parlia¬
ment of Canada, at its next Session, for an Act extending the
time wherein theTcompany may construct various of its
jected lines of railway and also to confirm:
pro¬
A lease from the Canadian Northern Montreal Tunnel & Terminal Co.,
Ltd., to the company and to the Canadian Northern Quebec Ry. Co. and
the Canadian Northern Ontario Ry. Co., respecting the terminals and tun¬
nels at Montreal [the preliminary bore of this tunnel, over 3 miles in length,
Compare V. 97, p. 1424.
Grand Trunk Pacific Ry. Co. and His Majesty
respecting the western entrance to terminals at Winnipeg.
An
agreement between the company and the Midland Ry. Co. of Manitoba
respecting the operation of the joint section between Emerson and Portage
completed on Dec. 101.
An agreement between the
was
the King
Junction.
•
[Gerard Ruel, Chief Solicitor for the Canadian Northern lines, coincidently with the filing of the aforesaid notice, gave notice that the Toronto
Niagara & Western Ry. Co. would ask for an extension of its rights under
Acts of 1903,1904 and 1906 to build from Toronto via Hamilton and Grand
Falls or town of Niagara Falls into N. Y. State, also westerly via Brantford. Woodstock. London and Chatham to Windsor. —V. 97, p. 1662,1582.
Central
press
Railway Co. of Canada.—Re-financing.—A
report from London on Dee. 18 said:
The company
new
has resolved to retire existing bonds, replacing them by a
issue covering the whole main line between Montreal and Midland.
Y.-Pres. C.N. Armstrohg told the bondholders that the railway was now
negotiating with an important shipping company which proposes to put, a
ine of steamers on the Great Lakes and from Montreal to British ports.
.
I >E0. 20
Negotiations
are
permanent and prosperous footing.
It is our purpose to obtain an
and by immediate rehabilitation of the present track and
equipment to take advantage of the opportunities for business which have
never been developed on account of the lack of capital.
The committee believes that a result satisfactory to the bondholders can
be obtained in a reasonable time by reorganizing the property without
proceeding with an important new railway from
Compare V. 97, p. 1662.
also
upon a
able management,
Montreal to the North.
Chicago & Alton RR.—Bonds.—The $823,000 gen. M.
were recently authorized by the P. S. Commis¬
sion of Missouri, will, it is said, be taken in the usual way
jointly by Kuhn, Loeb & Co. and the Union Pacific RR.
bonds which
Under the plan, after tne $1,000,000 of 1st M. bonds
disposed of to provide for the rehabilitation of the property
equipment, and the payment of liens covering certain of the equipment,
the fixed charges will be only $50,000 per annum, or about $113 per mile of
owned and leased mileage.
This compares with the fixed charges of the
old company of $778,958 per annum, or about $1,770 per mile of owned and
leased mileage.
As the traffic or other conditions justify, the plan con¬
templates that another $1,000,000 of 1st M. bonds may be disposed of, to
provide funds for betterments, improvements and additional facilities, and
with these bonds outstanding the fixed charges will only be $100,000 per
annum, or at the rate of $226 per mile of owned and leased mileage.
Capitalization of Old Company—$18,104,400 Bonds and $25,000,000 Stock.
Ohio So. Div. M. 4% bds_$4.495,000jFirst Dreferred stock__.__$7,500,000
Gen. Lien &]Div. 4% bds.
4,253,000!Second preferred stock.5,000,000
Consol. M. 4M% bonds.. 9,356,4001 Common stock
.12,500,000
heavy fixed charges.
shall have been
and
will be used to reimburse the treasury for $414,303 expen¬
The proceeds
ditures for real estate and $408,697 for equipment.
On
of the
account
expense
involved, the company, it is reported, has
the purpose to participate with other roads in the use of the
proposed Union depot.
On the basis of its one-fifth interest it would have
to pay $400,000 on the proposed $40,000,000 Union Depot 5% bonds as its
share of the annual interest charge..
On the basis of its 8% use of the
abandoned
•
depot its share of the fixed charges would be $160,000 annually, or nearly
ten times as much as at present.
The company's share of the Union Depot's
operating expenses would prasumably be $75,000, against $25,000 at pres¬
ent.
This burden, it is said, is more than conditions warrant the company
to assume.—V. 97, p. 1662, 442.
*
•
■
'
.
Chicago & Eastern IllinoisyEtR.—Receiver's Certificates.
—The receivers have applied to the U. S. District Court at
Chicago for permission to issue $2,000,000 6% 6-months
certificates dated Jan. 1 1914.
The Equitable Trust Co. of
New York has, it is reported, agreed to purchase the whole
or any part of the certificates.
The proceeds will be used
for additions and improvements.—V. 97, p. 1495, 1425.
Estimated Cash Requirements of Plan,
anticipated further advances after Dec. 1 1913, to receiver
repairs and improvements, foreclosure costs and allow¬
compensation of committees, expenses of reorganiza¬
tion, incorporation of new co. and cash working capital, &c__
444,252
The aforesaid estimate item of $3,332,204 is exclusive of (a) receiver's
obligations incurred for equipment, which should be liquidated as they ma¬
ture by the new compiny, and (b) certificates of indebtedness issued under
order of Court of Feu. 24 1908 ($245,000) with interest thereon to Oct. 1
1913 ($61,918), the prioritj'- of the principal and interest of which is being
contested by Central Trust Co. of N. Y. and the N. Y. Trust Co.
The
new company will discharge such claims as shall be finally adjudged to be
superior to the lien of the Ohio Southern Division and General Lien mort¬
gages.
These, it is beiieved, will be comparatively small in amount.
It is contemplated that the aforesaid sum of $4,079,955 be raised by
offering for subscription, the folloM'ing amounts of securities of the new
company, namely:
Adjustment mortgage 5% 40-year gold bonds, $6,
799,923: pref. stock. $5,132,582; common stock, $5,633,408.
If the entire
amount of the securities so offered should be subscribed for, there would
remain a balance of $1,200,077 Adjustment Mortgage bonds, $867,418
pref. stock and $866,592 common stock.
From assurances received by the committee from holders of the existing
bonds, the committee is confident that at least $2,099,955 of the $4,079,955
of new money Mrill be provided by depositors under the plan.
A syndicate
has therefore been organized to insure the raising of the remaining $1,980 ,000.
The syndicate is to receive for its compensation a commission of
$130,000 Adjustment Mortgage bonds, and in addition for each $1,000
paid by it $1,702 02 Adjust. M. bonds, $1,439 39 pref. stock and $1,691 41
common stock.
Consequently, if the syndicate is called upon to pay the
entire'sum of $1,980,000, it Mrill receive, in addition to the $130,000 Adjust.
M. bonds as commission, $3,370,000 Adjust. M. bonds, $2,850,000 pref.
stock and $3,349,000 common stock.
To the extent that the syndicate is
not called upon to pay the full amount of its underwriting, any surplus
of Adjust. M. bonds, pref. stock and common stock resulting therefrom
will be returned to the treasury.
In addition, $1,000,000 of Adjust. M
bonds, or so much thereof as shad not be required by the committee for
the purposes of the plan, will remain urthe treasury for corporate purposes.
In the preparation of the plan. the committee has given careful considera¬
tion to the interests of general creditors and pref. and common stock¬
holders of the old company, but has concluded that the situation does not
permit of making any provision for them.
For
for
ances,
,
At first it is
proposed to electrify a division of the railroad 113 miles long,
extending over the Rocky Mountains between Three Forks and Deer Lodge,
Mont.
This work will be begun early in 1914.
Either the 14,000 volt,
25-cycle alternating-current system will be used or the direct-current
2,400-volt
system, and it is practically certain that the
overhead trolley
be employed.
Ultimately the electrification Mill be extended to that
portion of the main line between Harlowton, Mont.* and Avery, Jdaho, a
main-line distance of 440 miles, and, including sidings, a total of 450 miles
of track.
This work svill mean an outlay on the part of the railroad com¬
pany of perhaps $6,000,000 or $8,000,000, and the electrical c nstructibn
work will proceed at such a rate that the annual expenditure will be about
$1,500,000 or $2,000,000.
[Since the foregoing was written the "direct
current" system, it is understood, has been chosen.]
As there will bo no delays for coaling, taking on water, cleaning fires or
waiting for steam, it seems a fair conclusion that the tonnage will be handled
wjth fewer locomotives, higher average speed and with a regularity which
will result in better
operating conditions, especially during freezing weather,
when the steam locomotive is at its wrorst and the electric locomotive is at
its best.
Passengers will be able to enjoy the mountain scenery
without
incident to steam locomotion.
One of the important bene¬
operation is the regenerative control of trains descend¬
ing mountain grades by means of which energy will be returned to the line.
the annoyances
fits from electrical
as
Energy will be purchased from the Montana Power Co. (V. 96, p. 1018),
already noted.
See "Electrical World" for Dec. 21 1912, Jan. 11 1913
and Feb. 8
1913.
Tentative
Offer for Bonds and Notes.—
See Idaho &
Washington Northern RR.
>
below.—Y. 97,
p.
1682, 1583.
Rock Island & Pacific Ry .—Application.—
company'has filed an application with the P. S. Com¬
mission of Missouri for authority to issue $3,500,000 addi¬
tional general 4s to be dated Jan. 1 1914.—V. 97, p. 16G2.
Chicago
The
Cities Service Co., New
Plan
York —Dividend Increased.—
1.
Cleveland Cincinnati Chicago &
St. Louis Ry.—
Merger.—The shareholders on Dec. 15 voted to have the
company
take title to the properties of the following
proprietary companies and to make the^ necessary instrartients, bringing the same directly under its. general and
other mortgages that now cover the stock:
.
Water RR. Co., FairCo. and Cincinnati & Southern Ohio
Compare V. 97, p. 11 i4.:—V. 97, p. 1425, 1286.
Cincinnati Wabash & Michigan Ry. Co.,,White
Franklin & Martinsville RR.
River Ry. Co.
Ry.—Syndicate Dissolved.—The
syndicate which in September last, purchased $5,000,000
1st M.50-year 43^% bonds guaranteed by the Lake Shore,and
took an option on $6,800,000 more, has dissolved after hav¬
ing sold $7,500,000 of the bonds:. '
Cleveland
The
shore
Short
Line
remaining $4,300,000 bonds have
been withdrawn by the
offered at present. See V.97, p.728, 802, 1732.
Lake
and will not be
Concord
<&
Claremont
RR.—Refunding
Bonds.— The
shareholders of this road, leased to the Boston-& Maine RR.,
have voted to issue $500,000 30-year 5% bonds to refund the,
$500,000 4bonds due Jan. 1 1914—V. 45, p. 26.
& Ironton Ry.—New Plan for All Di¬
reorganization committee named below
announces
the following plan
of
reorganization, which
embraces all ,the divisions of the Detroit Toledo & Ironton
Ry.
The committee states that "it feels convinced that the
plan is for the best interest of the first mortgage bondhold¬
ers," and adds:
"
•
Detroit Toledo
visions.—The
new
.
"This
.
plan is the result of long and careful
unanimous approval of the divisional
holders.
We recommend the adoption
assessments
consideration and has the
committees and many largo bond¬
of the plan and the payment of the
therein called for, and ask harmonious action and co-operation
the improvement of the property and
net earnings.
The subscribers to the plan furnishing the required
$4,000,000 of new money will become the owners of approximately 400 miles
of raod,
together with terminals and other property."
[Committee:
William Church Osborn, Chairman: Otto T. Bannard, Sidney C. Borg
andfcFrederick II. Ecker, with Harry Forsyth, 26 Broad St., N. Y., as
Secretary, the N. Y. Trust Co. as depositary and George Wellwood Murray,
Alfred A. Cook and Henry V. Poor as counsel.
[Notice is also given by the Wallace Committee (of which the aforesaid
Mr. Ecker is a member) to the holders of Ohio So. Div. 1st M. bonds that
the new plan has been adopted by it as a modification of the plan of April 14
1913 (V. 96, p. 1156, 1228).
Similarly the Bannard committee (of which
the aforesaid Messrs. Bannard and Borg are members) notifies holders of
General Lien & Div. 1st M. bonds of the adoption by that committee of
the plan as a modification of the plan of June 3 1913 (V. 96, p. 1628).
with the single purpose of securing
its
Introductory, Remarks by Osborn Committee.
We have been requested by holders of Ohio Southern Division bonds and
GenerahLien bonds to prepare a plan of reorganization of the property as a
whole, it appearing much wiser to maintain the integrity of the system
from the Ohio River to Detroit.
Coal developments south of the Ohio
River should provide tonnage
the
in the future for an
independent railroad, and
present system when extended and improved should furnish proper
a new territory upon a desirable basis, and establish the property
facilities to
Reorganization
of
Dated
Dec.
15
1913.
Proposed Capitalization of New Company.
50-Year Gold Bonds.—Denomination $1,000, int.
payable semi-annually, principal to mature in 50 years from date, but to be
redeemable at option of new company on any interest payment date upon
60 days' hotice, at 105% and int.; and to be secured by the new first mort¬
gage to N. Y. Trust Co., as trustee, covering all or substantially all the
properties, rights, &c., to be vested in the new,company, and also all prop¬
erty thereafter acquired through the use of the said bonds or their proceeds.
The total amount of bonds to be issued under the first mortgage is not to
be limited, but $1,000,000 thereof will be disposed of solely to provide for
the rehabilitation of the property and equipment and the payment of liens
covering certain of the equipment, and an additional $1,000.000solely for
betterments and improvements to the property and for additional facilities.
Further 1st M..bonds may only be issued thereafter from time to,time,
under carefully guarded restrictions, for the cost of additional property
and equipment thereafter acquired, for the building of a bridge or bridges
over ttie Ohio River, for terminals and terminal facilities, fqr substantial re¬
locations and for future extensions and additions in Kentucky, West Vir¬
A monthly dividend of
of 1% has beep declared on the common stock,
payable Feb. 1 1914 to holdors of record Jan. 15, placing the stock on a 6%
yearly basis, compared with 5-12 of 1% (or 5% per annum) from Feb. 1913
to Jan. 1914, inclusive. 1-3 of 1% (or 4% per annum) from Feb. 1912 to
Jan. 1913, and % of 1% (or 3% per annum) from Feb. 1911 to Jan. 1912,
inclusive.
The regular monthly payment of ^ of 1% on the pref. stock
will be made at the same time.:—V. 97, p. 1732, 364.
,land
Aggregate %4,079,955;
Obligations of receiver (six months' claims, taxes, certificates of
indebtedness, &c.), estimated as of Oct. 1 1913—l
$3,332,204
Cash advances made by or on behalf of bondholders' committees
under authority of the Court for maintenance, supplies and
.
operating, expenses, repairing damage occasioned by Ohio
floods, payment of coupons, and other outlays not included in
the above statement of the obligations, &c., of the receiver,
estimated as of Dec. 1 1913, with interest
303,499
Chicago Milwaukee & St. Paul Ry —Main Line Electri¬
fication.—The following from "Electrical World" of N. Y.
for Nov. 29 is officially confirmed: '
:
'
will
1821
CHRONICLE
THE
1913.]
,
First Mortgage 5%
ginia, Ohio and Michigan, which shall be subjected to the mortgage.
2. $8,000,000 Adjustment Mortgage 5% 40-Year Gold Bonds.—-Denomi¬
nations $1,000 and $100, int. payable semi-annually; at such rate, not ex¬
ceeding 5% per annum, as the surplus or the net income as defined in the
mortgage shall suffice to pay.
This interest is to.be cumulative from and
after Jan. 1 1919, but there will be no right of foreclosure for non-payment
of interest until the maturity of the principal of .the Adjustment bonds.
Principal to mature 40 years from date; to be redeemable as a whole at
option of new company on any semi-annual interest date as follows:
At
70% and int. during first year, commencing with the date of the mortgage;
at 75% and int. during second year; at 80% and int. during third year; at
85% and int. during fourth year; at 90% and int. during fifth year, and at
par and int. thereafter.
Mortgage to Central Trust. Co. of N. Y. as
trustee.
Until the full 5% interest shall have been paid thereon for two
successive years and at least for the period of five years from the date of
the mortgage, the holders of all Adjustment bonds shall have the right to
cast one vote
for each $100 face amount of .such bonds at all meetings of
the stockholders, but this right may, at the option of the hew company, be
terminated upon its agreement to pay the interest thereon absolutely,
without regard to the amount of the not income.
No other mortgage or
charge having priority thereto shall be thereafter created, except that upon
discharge of the new first mortage there may be substituted in lieu thereof
such other first mortgage with priority over the adjustment mortgage as
shall be'approvedby the holders of 75% in amount of the adjustment bonds.3. $6,000*000 of Preferred (p. & d.) Stock (par $100 a share), entitled to
receive a non-cumulative dividend at rate of 4% per annum in each fispal
year that the new company shall have any surplus or any net income appli¬
cable to the payment of dividends, before anjr dividends for such year shall
be paid on the common stock, and without
deduction for any United
States, State
or
other taxes which the new company may
be required at
time to pay or retain therefrom, except any Federal income tax or taxes.
If in any fiscal year the surplus income applicable to dividends shall be in
excess of 4%
upon the pref. stock and 4% upon the common stock, all
any
shares, whether pref. or common, shall participate equally in any further
dividends for such year, until dividends of 6% shall have been paid or set
apart upon both the pref. stock and the common stock, and thereafter the
common shall be entitled to receive any net earnings for such fiscal year
applicable to the payment of dividends.
4. $6,500,000 Par Value of Common Stock, in shares of $100
each.
Terms to
Participants in Plan if Depositing Old Securities and Paying
Assessm't
-Will Receive Neio SecnrUiesof $1,000
Assessment.
* Adjus. Bonds.
Pref. Stock.
Common Stock.
of—
$
$
$
$
S
$
S
$
Ohio Southern bds.350-1,573,250 583 1-3-2,622,083 550-2,472,250 550-2,472,250
General Lien bonds.350-1,488,550 583 1-3-2,480,916 500-2,126,500 500-2,126,500
If Paying
Holders
do
coup.Dec. 1'09250-
Rec. ctf. Feb.24'08 250-
Consolidated
bds.. 100-
21,265 416 2-361,250 416 2-3-
4,079,955
Balance
'
Total auth. issue.
*
35,441 200102,083 20050-
935,640 166 2-3-1,559,400
These adjustment bonds are given at
17,012 30049,000 300467,820 100-
25,518
73,500
935,640
6,799,923
5,132,582
1,200,077
867,418
866,592
6,000,000
6,500,000
8,000,000
.
60 for par of the assessment.
5,633,408
1823
Amis,
THE
of New Secur's Given
Above
on
Basis for
CHRONICLE
each SI,000 of Cash Assess11
Class of Securities and Amount
Outstanding—
Ohio Southern bonds ($4,495,000)
Adjust. Bds.
$1,666 66
General Lien bonds ($4,253,000)
1,666 66
General Lien coupons due Dec. 1 1909 ($85,060)._
1,666 66
Receivers* certfa. order of Feb. 24 1908 ($245,000). 1,666 66
Consolidated bonds ($9,356,400)
1,666 66
Of the amounts payable by the depositors as above
$1,571 42
1,428 57
800 00
800 00
500 00
provided,
a
the bondholders.
The sale
stock
deposit therefor.
The balance of the assessment is payable in one or more
as called for by the committee, on not less than ten days'
Certificates of deposit issued as aforesaid by the Central Trust
Co. of N. Y., upon which have been noted the payment of $100 per bond,
installments
1583).
pursuant to the plan of Ohio Southern Div. dated April 14 1913, and cer¬
Convertible
new
Bonds.—E.
Suburban
Clark
Earnings of the Controlled Properties.—
Gross. •
Net.
properties)
$722,552
$314,150
ending Oct. 31 1913 (inter-co. cliges. eliminated).2,331,614
967,013
This substantial increase in earnings has been due to the steady
growth
in
earning power of the subsidiary companies and to new properties.
Consolidated net earnings of the company and its subsidiaries for the
twelve months ending Oct. 31 1913, after providing for all prior obligations,
were $326,016, or over 6.4 times the interest
requirements upon the $725,000
of notes to be presently issued.
As the proceeds of this present issue are
to be used largely to retire floating debt (incurred in
extending the prop¬
erties and for permanent improvements), the interest charges to the com¬
pany will be but slightly increased by the present issue of notes.
The notes are a part of an authorized issue of $10,000,000
(interest rate
not to exceed 7%).
Of this amount, $725,000 are to be issued forthwith
for the purposes stated above
and $1,500,000 are reserved for the retire¬
ment of the 6% debentures due Mar. 1 1922.
The balance is to be re¬
served for issuance hereafter under provisions which
carefully safeguard
the interests of the holders and provide, among other things, that additional
notes can only be issued when
(die consolidated net earnings, after provid¬
ing for all prior obligations, shall be equal to at least three times the inter¬
est requirements of the notes of this issue then outstanding, and proposed
to be issued, together twith the interest requirements of any obligation
ranking equally with this note, including guaranties of securities of sub¬
sidiary Companies given by your company after Dec. 1 1913.
A syndicate composed of certain directors of the company and firms of
which directors are members (such directors and firms being also substan¬
tial stockholders) has underwritten the entire present issue, agreeing to
purchase at par and accrued interest any notes (with option warrants) not
subscribed for and-taken by the stockholders.
The syndicate will receive
a compensation figured
only on the amount of notes which it actually pur¬
chases.
See also V. 97, p. 1583.
Calendar year 1910 (original
Ridge
Co .-Re-incorporation—
&
Co.,
circular of Dec.
Philadelphia, in
company's
view to re¬
digest as follows:
13 1913, ask the deposit of the
shares at their office on or before Dec. 31, with a
incorporating the
company.
Their plan
we
-
The company was organized in N. J. and controls, through
of stocks and bonds of operating companies organized in
Illinois,
ownership
the street
railway and electric light properties in East St. Louis and Alton, 111.,,
together with interurban lines between those two points and to Belleville,
O'Fallon, Lebanon, Collinsville and Edwardsville.
Owing to recent legis¬
lation in New Jersey it it thought advisable to reincorporate the company
In Maine, or some other State, with all the present assets, and subject to
all its obligations, which the new company will assume.
Capitalization--
Present Co.
New Co.
Fitchburg
on
State has
*"
Present Shareholders—
stk.,
Com. stk.,
Pref. stk,,
Com. stk.,
each
each
each
each
Paying
Cash.
$70,000.$2,000
$70,000. 5,500
$70,000- None
$70,000- None
—
Grand
share¬
Will Be Exchanged for
New h% Pref.
New Com.
$60,000
$60,000
70,000
___/
j__
70,000.
$750,000
above, would make a total amount of $1,700,000 in cash which would be
available to liquidate the present floating debt of about
$700,000 and pro¬
vide for improvements and extensions as required.
converted into
pref. and common stock
present capitalization of $14,000,000, and the
in
company will have received
its treasury approximately $1,700,000 in cash.
Our firm has agreed, in case the plan is declared
operative, to take the
place of any of the pref. and common stockholders who do not exercise the
privilege given by this plan, and will surrender the proper amount of pref.
or common stock, or both, and make the
required payments.
Pref. and
the
common
stockholders who do not
privilege of subscribing for the
new
care
to avail
themselves of
6% convertible bonds will
receive
stock of the new company—one share of the new 5% pref. stock for each
share of the present 5% pref. and one share of the new common for each
share of the present common.
Earnings of the Combined Companies for the 12 Months ended Nov. 30 1913.
Gross earnings
$2,690,5431Interest
$590,451
Net, after taxes.
$1,118,206|Preferred dividend
350,000
Surplus, equal to 2.54% on common stock
$177,755
Assuming that business conditions are normal, there should be a satis¬
factory increase in the earnings for 1914, due to the increased power busi¬
ness recently taken on and to reduced operating
expenses due to improve¬
ments which are now being completed, so that it is fair to assume that there
should be a surplus over dividends on the pref. stock
equal to at least 4%
on
the
common
stock.
If the deposits are not sufficient to warrant the consummation of the
plan, the share certificates will be returned.
Compare V. 96, p. 417.
Fayetteville
(N. 0.)
Light &
Power
Co.—Foreclosure
Sale.—The property was sold for $76,000 at foreclosure sale
on
Pacific
Trunk
Dec.
17
Ry. of Canada.—Interest Payments.—
&
Washington Railroad.—Tentative Offer.—•
Chicago Milwaukee & St. Paul Ry.,. it is stated, has
offered to purchase this property provided the holders of the
bonds and notes will generally accept 4% debenture bonds of
the Ch. Mil. & St. P. due 1934 in exchange, $ for $.
This
applies to the $3,390,000 1st M. 5% bonds; $1,200,000 5-year
convertible 6% notes due 1915 and $729,000 4-year 6% cou¬
pon notes due 1916.
Nothing, it is said, will be given for thtf
$5,000,000 stock. See "Ry. & Ind. Section."—V. 92, p. 659.
so that $750,000 will be realized from these payments and
$2,000,000 of stock will have been converted into $2,000,000 of convertible bonds.
When additional money is required, the remaining
$1,000,000 of convertible
bonds may be sold at, say, 95, or $950,000, which, added to the
are
Trunk
The
$550,000,
If and when the entire $3,000,000 of convertible bonds
Compare
Idaho
The conversion of $1,000,000 of the present pref. stock into convertible
bonds will realize for the company $200,000 cash and the conversion of
$1,000,000 of the present common stock into convertible bonds will realize
as above and the 5% pref. stock is converted onehalf into 6% pref. stock and one-half into common stock, the total
capitali¬
zation then outstanding will be $6,000,000 6% pref. stock and
$10,000,000
common stock, a total of $16,OOO,0OQ, or an increase of
$2,000,000 over the
interest whatever in the property.
The earnings (est.) of the Well, Grey & Bruce Ry. for the half-year end¬
ing Dec. 31 1913 applicable to meet interest on the bonds will, it is an¬
nounced, admit of the payment of £3 15s. 6d. per £100 bond, to be applied
£1 3s.5d. in final discharge of coupon No. 60, due July 1 1900, and £2 12s.ld.
on account of coupon No. 61, due Jan. 1 1901.
Payment will be made on
and after Jam 1 1914 at the offices of the Grand Trunk Ry. Co., 203 Dashwood House, New Broad St., London, E. C.—V. 97, p. 1663, 1426.
New Bonds.
$10,000
10,000
Grand
from L6ndon
the privilege
of converting one-seventh of their pref. stock into convertible bonds
equal
in face amount to the par value of the pref. stock thus converted "
upon (1)
payment of $20 per share for each share converted and (2) exchange of
the remaining six-sevenths of their present 5%
pref. stock for an equal
Pref.
no
Ry.—Notes.—A press dispatch
reported the announcement that
within a few days an issue of £2,000,000 7-year 5% notes
would be offered at 97.—V. 97, p. 1583, 1426. ■
V
company.
Privileges of Exchange to
on
Fitchburg RR. Co. due Jan. 1 1914 will be
Compare Boston & Maine under "Reports"
V. 96, p. 1629; V. 95, p. 1541, 1472 —V. 97, p. 1504.
Preferred stockholders of the present company are offered
pref. stock of the new company.
The common
offered the rights shown in the following table.
usual.
Moses Wil¬
assured by the Bos¬
bonds and dividends
Georgia Ry. & Power Co.—Favorable Decision Affirmed.
Supreme Court of Georgia on Dec. 13, in the suit
brought by the State against the company to recover the
Tallulah Falls property, affirmed the decision of the lower
Court in favor of the company.
The Court held that the
converted, the 6% pref. stock will be $3,000,000 and the common stock will
be increased $1,000,000.
This 6% pref. stock will take precedence as to
both dividends and assets over the 5% pref.
stock, as well as the common
stock.
The 5% pref. stock will be preferred as to both dividends and assets
over the common stock and may be
exchanged at any time at option of
holder, one-half into 6% cum. pref. stock and one-half into the common
5%
as
1.—Pres.
was
—The
new common stock.
The authorized issue of these bonds will be $3,000,000,
in denominations $100, $500 and $1,000. If they are all issued and thereafter
are
Jan.
Dee. 17 that he
above.—V. 97, p. 950, 802.
These $2,000,000 6% bonds will bear date Jan. 1 1914 and mature Jan. 1
1919, int. J. & J.
They will be convertible at any time before July 1 1918
an equal amount of
6% cum. pref. stock and in addition 33 1-3% in
amount of the
stock of the
paid
into
holders, also,
on
ton & Maine RR. Co. that interest
Prospective.
cumulative (first) pref. (p. & d.)
$2,000,000
stock ($3,000,000)
See text
$6,000,000
5% cum. pref. stock (par$100)_:
$7,000,000
6,000,000
i
Common stock, par $100 a share______._ 7,000,000
6,000,000 10,000,000
6%
new
RR .—Payments
liams announced
Convertible 6% bonds. $3,000,000 auth.,
stock of the
properties and in the development of the subsidiary companies to their
Year
Co., Beaumont.—Interurban
line from Beaumont to Port Arthur
Dee. 15.
See V. 97, p. 49,
'
W.
-
other improvements and additions" to provide for increased business.
A
large part of this development has been for future growth from which in¬
creased earnings are anticipated.
new
on
'
payable to the Treasurer, 60 Broadway, N. Y. C.,
Sresent efficient operating condition, which development and the making of
lg of power houses, transmission and distribution lines includes the build-
Electric
&
are
The company has
expended, directly or through its subsidiary companies,
since its organization in 1910, upwards of $10,000,000 in the
purchase of
Top RR. & Coal Co.—Ratified.—
Louis
A circular dated Dec. 1 shows:
Data from Circular of V.-Pres. E. N.
Sanderson, Dec. 1 1913.
.
St.
rata,
Feb. 10 1914, with interest at 7% per annum on each in¬
of payment; or (c), at any installment
anticipate payment of the remaining installments.
Colgate, Parker & Co., 2 Wall St., N. Y.. and Bodell & Co.. 10 Weybosset St., Providence, R. I., will assist as to fractional warrants.
plan is subject to the approval of the P. S. Commission of Ohio and
the RR. Commission of Michigan.
Unless within 20 days from Dec. 16 50% in face amount of the Ohio
Southern bonds deposited with the Central Trust Co.. under the Ohio South¬
ern plan of April 14 1913 shall dissent from this substituted
plan, this plan
will be binding on all depositors under said Ohio Southern plan.
In like
manner all depositors of General Lion bonds under
plan of June 3 1913 will
be bound by this substituted plan unless 50% in amount of the bonds de¬
posited with the N. Y. Trust Co. thereunder dissent therefrom within 20
days from Dec. 16.
Holders of Ohio Southern bonds or General Lien bonds
who have not already deposited their bonds under said earlier plans and also
holders of coupons from General Lien bonds due Dec. 1 1909, of receivers'
certificates issued under order of Feb. 24 1908, of Consol. Mtge. 4H%
bonds and certificates of deposit of Knickerbocker Trust. Co. for said
consols may become parties to the plan by depositing their holdings with
the N. Y. Trust Co. on or before Jan. 6 1914 and by paying the assessment
as called for by the plan.
Compare V. 97, p. 1496, 1663.
East
pro
stallment from Dec. 1 1913 to date
date subscribers may
The
was
entitled to subscribe
1914 and 50%
the payment
respectively, together with interest at 5% on all payments made, respec¬
tively, on behaif of certificates of deposit from May 10 1913 and from
July 10 1913 to Jan. 6 1914.
Texas
are
in cash or N. Y. exchange, either (a) in full on or before Dec. 20 1913 at
par, with interest at 7% per annum from Dec. 1; or (b) at option of sub¬
scriber, in installments, 25% of the principal sum Dec. 20, 25% Jan. 10
of the first installment of $100 payable hereunder, such holders being en¬
titled to credit hereunder for the $100 per bond theretofore paid by them
Completed.-—The
formally opened
certificates
Subscriptions
tificates of deposit issued by the N. Y. Trust Co. upon which have been
noted the payment of $100 per bond, pursuant to the plan of the Northern
and Southern divisions dated June 3 1913, will upon presentation to the
Eastern
trust
(10%) at par and int., on or before Dec. 20, for $725,000 of
7% 10-year gold notes dated Dec. 1 1913, carrying an equal
amount of common stock option warrants
(see V. 97, p.
notice.
Line
by order of the Superior Court under a mortgage to the
—Holders of record
each $20 coupon of that date); $75 for each $1,000 of receivers' certificates
of the issue of Feb. 24 1908, and $30 for each Consol. bond or certificate of
East Broad
Philadelphia, representing
Ry. & P. Co., V. 90, p. 1613.
Federal Light & Traction Co., N. Y.—Right to Subscribe.
as of Dec. 1 of pref. stock and of common
first in¬
The stockholders on Dec. 12 authorized the merger of the Rocky
RR. and Shady Gap RR., both leased lines.—V. 97, p. 1663.
was
See Consol.
Cumberland Savings & Trust Co.
The bonded debt was $65,000.
The
property consists of about 2 miles of road, power station and equipment.
stallment must be paid in N. Y. funds to the depositary, N. Y. Trust Co.,
26 Broad St., on or before Jan. 6 1914, to wit: SI00 for each Ohio Southern
bond or General Lien bond or each certificate of deposit therefor; $75 for
each $1,000 of General Lien coupons (being $1 50 or the $5 assessment on
N. Y. Trust Co., depositary hereunder, have noted thereon
xcvii.
Dec. 15 to N. T. Detchert of
on
Com. Stic..
$1,571 42
1,428 57
1,200 00
1,200 00
1,000 00
Pref. Stk.
[Vol.
•
.
Illinois Central RR.—Joint Bonds Offered.—Kuhn, Loeb
& Co., New York, and Baring Brothers & Co., Ltd., London,
offered at par and int. on Dec. 15 $5,000,000 "Illinois Central
RR. Co. and Chicago St. Louis & New Orleans RR. Co,
Joint
First
Refunding
Mortgage
5%
Bonds,* Series
A,"
in¬
terest day on or after Dec. 1 1918 on 90 days' notice at 110
and int.
Int. J. & D.
Trustee, Farmers' Loan & Trust Co.
See adv. on a preceding page.
dated 1913 and due Dec. 1 1963. but redeemable
on
any
j
Payment for bonds purchased in the U. S. A. is
to
be made in New York
funds between Dec. 22 1913 and Jan. 8 1914, at option of purchaser.
Digest of Letter from Pres. C. H. Markham, New York, Dec.
Mileage Covered.—The joint and several obligations of the
tral RR. Co. and the Chicago St. Louis & New Orleans RR.
1-
1913.
Illinois Cen¬
secured
by mortagge on about 1,512 miles of railroad (in addition to trackage and
leaseholds), including the important bridge over the Ohio River at East
Cairo, Ky.f with its Kentucky approach, and on valuable terminal prop¬
erties in New Orleans, Louisville, Memphis, Evansville, and elsewhere, sub¬
ject to existing liens to meet which, at or before maturity, provision has
been made.
.The railroad so covered includes the main line of the Illinois
Central system from Cairo to New Orleans, and provides the connection
with the Central of Georgia Ry. system at Birmingham, Ala.
It also con¬
nects New Orleans, Birmingham, Memphis and Louisville with the main
line to Chicago and the North, and comprises all lines of the Illinois Central
system south of the Ohio River except the Chicago Memphis & Gulf^RR..
Co.,
DEC. 20
Official Statement Put Out by Lehigh Valley RR Co.
RR. (52 miles and 21 miles, respectively),
& Mississippi Valley RR. system, which is oper¬
the Brookhaven & Pearl River
and excluding the Yazoo
ated independently.
The proceeds
be covered by this mortgage, $33,348,(&) to refund or retire a like amount of
$50,132,000; and (c) for future improvements, better¬
ments, construction or acquisition of additional properties, or other cor¬
porate purposes, under restrictions provided in the mortgage, $36,519,900.
Description of Bonds.—The Joint First Refunding bonds will mature on
Dec. 1 1963, and will be issuable in series bearing interest at not exceeding
5% per annum.
Series "A" will be "dollar bonds" in denominations of
$1,000 and $500 each.
Series "B" will be sterling bonds, denominations
£200 and £100 each.
Series "A" and Series "B" will each be redeemable
(but not part of either series) at the option of the Chicago St. Louis & New
Orleans RR. Co. at 110% and int. on any interest date on or after Dec. 1
1918 upon 90 days' notice.
Interest on both series will be payable at rate
of 5% per annum on June 1 and Dec. 1 of every year. (c*&r*).
Sterling bonds will be exchangeable for dollar bonds on and after Dec. 1
1915 at fixed $4 85 to £1, upon payment of $30 per £200 bond or $15 per
£100 bond, with adjustment of interest.
The bonds will be issued in cou¬
pon form with the privilege of registration as to principal, and in the case
mortgages,
$39,639,000 of bonds, bearing interest at 4% per annum, of which amount
$26,639,000 are in the hands of the public, and the balance, $13,000,000, in
the
Dividends.—The usual semi-annual dividends of
Stock Exchanges.
.
Dividends and Earnings.—The Illinois
Mahoning & Shenango Ry. & Light Co .—New
sel and
Mr.
Massachusetts
Bureau
'
.
4% (less income tax) has been declared on the £1,400,000,,
non-cumulative 5% stock, payable Dec. 18 to holders of
This compares with the full rate of 5% in the four preced¬
ing years and 4H% in 1908.
No distribution is made on the £1,000,000
second preference 4% stock from the earnings of the year ending June 30.
In 1912 2% was paid, in 19ll and 1910 4% and in 1909 1%.
See "Annual
Reports."—V. 95. p. 1397.
'■«
A dividend of
Gross
Net
Net
Other
Interest,
Balance,
Year—
(Mexican)
(Mexican) (Sterling). Income. Rents,Ac. Surplus.
1912-13_.$9,121,389
$3,255,362
£322,720
£8,136 '.£241,122
£89,734
1911-12.. 8,963,156
3,254,263
331,071
4,367
235,980
99,458
From surplus as above in 1912-13 there has been deducted a dividend of
4% on the £1,400,000 first preference stock, £56,000, comparing with 5%
(£70,000) on the first preference stock and 2% (£20,000) on the second
preference stock, respectively, in 1911-12, leaving a balance, surplus, of
£33,734 in 1912-13, against £9,458 in 1911-12.—V. 95, p. 1397.
(Pa.) Traction Co.—Consolidation—New
Bonds.—Papers were filed at Harrisburg on Dec. 16
merging under this title, with $2,000,000 of authorized cap¬
ital stock, the Johnstown Traction Co. and its leased line,
the Johnstown Passenger Ry.
"Pittsburgh Money" says:
Johnstown
Stock and
Traction.Co. has authorized an ipcrease in its capital
be pref: stock with a par
share and $1,000,000 is to be common stock, par value
$50 per share. At the same time the shareholders voted to increase the
bonded debt from nothing to $5,000,000.
This action is preliminary to,
the consolidation of the Johnstown Traction Co. and the Johnstown
Passenger Ry. Co.
See p. 98 of "El. Ry. Sec."
.
«
The Johnstown
stock from $500,000 to $2,000,000; $1,000,000 to
value of $100 per
Philadelphia Statement as to Sale (Philadelphia "News Bureau." Dec. 18).
The American Railways Co. has sold the Johnstown, Pa., Passenger Ry.
to the Johnstown Traction Co., and will receive approximately $2,700,000 for its investment of nearly $2,200,000 made about four years ago
in over 95% of the $2,000,000 stock of the Johnstown Passenger Ry. Co.
This will give a substantial sum to the A.Rys. Co. for addition to surplus
account.
A large part of the price received in the saleof the property will
be in cash and the balance in securities of the Johnstown Traction Co,
Although the details have not all been worked out, the transaction repre¬
sents a handsome profit to theA. Rys. Co. [Thetransfer, will be made Jan. 2.
In connection with the merger of the Johnstown Passenger Ry. and the
Johnstown Traction Co., it is proposed to retire the $1,500,000 American
Rail ways-Johnstown Passenger collateral trust 5s, by offering to exchange
them at 102
for a new 5% first ref. mortgage bond of the merged com¬
Co.
panies at 95.—V. 93, p. 187.
;
,
Dividends.—A
quarterly dividend of 134% has been declared on the $9,r
being the
were
same
of record Dec. 24,
Payments
amount as paid in Sept. last.
previously made semi-annually.
1912
June, 4; Dec., 2i^
—V. 97, p.
1426,
Laramie
5 (2\i J.&D.)
1201.
Hahn's
1913
June, 2Yi and 1 ex.; Sept. & Dec., \M
Peak &
Pacific Ry.—Promoter Bank¬
rupt.—Isaac Van Horn, the promoter and former President
of the company, on Dec. 15 filed a petition in bankruptcy in
the U. S. District Court at Concord, N. H.
Liabilities $778,877 and assets $100.
money was
Mr. Van Horn says that all of his
put into the road.—V. 96, p. 1488.
Lehigh Valley RR.—Sale of Bonds.—It was officially an¬
nounced on Dec. 17 that the company had sold to Drexel &
Co. $10,000,000
of 434% general consolidated mtge. bonds
of 1903, part of a block of $13,000,000 that was in the treasury;
on June 30 last
$26,639,000 of the issue, bearing 4%
interest, being already outstanding (V. 97, p.
374).
Phila¬
delphia advices state that these $10,000,000 434s, offered
at 93 34 %» to yield about 4.83 %have all been resold.
Missouri Oklahoma &
Gulf Ry.—Receivership.—Judge
appointed
receiver for the
Hook in the Federal Court at St. Louis on Dee. 11
City
as
properties of the Mo. Ok. & Gulf RR. Co., Mo. Ok. &
(julf Ry. Co. and Mo. Ok.& Gulf Ry.of Texas and Kan., on
application by the Baldwin Locomotive Works, a secured
creditor to the extent of about $205,000.
Nov. 1913 coupons
are in default.
Kansas City "Star" Dec. 12 said in subst.i
Alexander New, chief counsel for the
barrassment
was
due
to
railroad, said to-day that the em¬
Franco-Americano Of
the failure of the Banque
Paris, which financed the road.
The bank sold most of the bond issue of
between 12 and 13 million dollars.
M
Mr. Kenefick has worked ten years on the project.
He is a construc¬
tion contractor.
The trains are now being operated over 335 miles of the
road's own tracks.
It extends from Denison, Tex., to Baxter, Kan., on
its
own
tracks and by traffic arrangements the
trains run from Sherman,
Tex,., to Joplin.
It is projected to extend from Kansas City to the Gulf.
The railway runs through a comparatively new but rapidly
developing
country.
The construction is said to be of the best and with the lowest
grade of any line running through that part, of the Southwest.
By reason
of this roadi ranches have been converted into farming country and settled
number of good, enterprising towns have sprung up along the
different parts of the line.
4 -5
reorganization have been under way several months and it is
believed that they will be consummated in a very short time and construc¬
tion resumed.
It is expected that the road ultimately will be built to
Dallas, Tex., to Oklahoma City and to Kansas City.
Mr. Kenefick has been in Europe two months.
The receivership in no¬
wise affects a number of other enterprises now being constructed and de¬
up,
and
line.
a
Good coal is being mined on
Plans for
_
veloped by him. -,
Indebtedness as Shown in Receivership Petition ("Oklahoman," Dec. 12 1913.)
Outstanding bonds: "Railway" lst.M. bonds, $7,007,000, and 2d M.
bonds, $1,467,000; "Railroad" 1st M. bonds, $10,655,200.
The "Texas"
Company 1st M. bonds, $350,000, and the "Kansas" Company 1st M.
bonds, $75,000, are held by the S5. Louis Union Trust Co. as security for
.
the "Railroad" issue of Dec.
15 1912.
Schedule of debts: Baldwin Company, $205,822; equipment trust obli¬
gations, $650,524; bills payable, $179,648; vouchers audited but unpaid,
$144,511; wages, $54,362; 1912-1913 taxes, $59,501; 1913-1914 taxes,
$57,236; coal bills, $116,157; miscellaneous, $4,000.
In addition there are
suits aggregating over $175,000 and judgments in appeal of $47,237.
The
"Railroad" Company is also charged with $301,732 for equipment trust
obligations and $15,919 in hnpaid vouchers.—V. 97, p. 887, 444.
Nashville
Chattanooga
Dead.—President John W.
—V.
Dividend Record (Per Cent).
1911
Regarding Extension of Trust Agreement.
for the term of 21 years, at which time the then
wind up its affairs, liquidate its assets
and distribute the same among the holders of preferred and common shares
according to the priorities hereinbefore expressed; provided, however, that
if, prior to the expiration of said period, the holders of at least two-thirds
of the shares then outstanding shall, at a meeting called for that purpose,
vote to terminate or to continue this trust, then said trust shall either ter¬
minate or continue in existence for such further period as may then be
determined."—V. 97, p. 1730.
Clause in the Declaration of Trust
Prest. William Kenefick of Kansas
.
June 30
000,000 stock, payable Dec. 29 to holders
Matter.—Boston "News
<
"This trust shall continue
first preference
record Dec. 5.
Ry.-^Quarterly
Dec. 4 said:
board of trustees shall proceed to
Mexico,—Div. Reduced—
Michigan
Boston .—Redemption of
for Massachusetts Electric Cos. shares, especially the
preferred below 65, have naturally raised the question how
possible that a stock redeemable at par in seven years could be selling
at so great a discount.
It is of course generally appreciated that the vol¬
untary trust under which Massachusetts Electric does business expires hi
1920.
At the time of expiration the holder of Massachusetts Electric pref.
is entitled to $100 per share and this he may demand in cash provided the
alternative of security in exchange for his pref. offered is not more attractive.
It has been rather generally assumed that this obligation to wind up the
holding company and give $100 per share of pref. was fixed and carried no
alternative.
This is not the case.
The voluntary trust can be extended
for another period of years by the vote of two-thirds of the outstanding
stock.
If, therefore, when the voluntary organization runs out in 7 years,
it should be found that it could not be wound up except at heavy sacrifice
to stockholders, thC owners of the stock would have no practical alternative
except to vote for its continuance. '
^
.
Dec. 22
issue of
$1,500,000 six-months' 6% notes and from funds in the treas¬
ury.
The $2,039,520 collateral trust 6% notes which fall
due on Jan, 1 will, it is understood, be taken care of in the
&
Cos.,
Electric
Recent low prices
Interborough-Metropolitan Co.—Payment of Notes,—
Kanawha
connection with the company under special
it is
The $1,817,000 6% 2-year notes which mature on
will be paid when due from the proceeds of a new
Earnings.—For years ending June 30:
his
decline in the
Central RR. Co. has paid dividends
.
retains
Preferred at Par in 1920 an Optional
..
•
a
Calkins
retainer.—V. 97, p. 521.
uninterruptedly for over 50 years.
The surplus earnings of the
for the year ended June 30 1913, after payment of all charges,
notwithstanding the severe loss of traffic and increase in expenses due to
the floods, amounted to $6,575,113. equivalent to more than 6% on the
capital stock.
The net earnings for the four months ended Oct. 31 1913
show an increase of $322.238.—V. 97, p. 1733, 1504.
manner.—V. 97, p. 800..
Officer.
elected Secretary, general coun¬
director to succeed Leighton Calkins, who resigned,
—William Coleman has been
its stock
Interoceanic Ry. of
were
paid quarterly.—V. 97, p. 1733, 1426.
company
same
5%
declared upon the pref. and com. stocks Dec. 17, and it was
announced that hereafter dividends on these stocks will be
Application will be made to list these bonds on the N. Y. and London
on
treasury.
This is the first financing that the company has done since 1910, when
approximately $20,000,000 was raised by an increase in the capital stock
and the sale of the same at par.
This money was used, as stated at the
time, in the retirement of fixed obligations, the purchase Of additional
equipment and the prosecution of additions and betterments to the prop¬
erty.
Since that time the company has financed its improvements, which
have been very heavy, from its current resources.
It has been the policy
of the management to entrench the company strongly with ample cash
balances, as has always been indicated by the published annual reports.
The Lehigh Valley has lately been in the market for {considerable equip¬
ment and is known to have a number of extensive plans under way for the
development of its terminals and property and it is for the purpose of
paying for these improvements and maintaining its strong financial position
that the directors have authorized the sale of the bonds mentioned.
of "dollar bonds." as to both principal and interest, which latter will be
re-exchangeable for coupon bonds under conditions provided in the mort¬
gage.
The principal and interest of "dollar bonds" will be payable at office
of Illinois Central RR. Co. in N. Y., and of sterling bonds at Baring Bros.
& Co., Ltd.. in London.
The interest of the sterling bonds will also be
payable in New York at the fixed rate of $4 85 per £1.
Both principal and interest will be payable in gold, without deduction
for any tax, assessment or governmental charge which the companies or
the trustee may be required to pay, or to retain therefrom, under any pres¬
ent or future law, of the U. S. of A. or of any State. Territory, county
or municipality therein
(except Federal income taxes).
Counsel advises
us that coupons and interest from bonds, the property of a non-resident
alien, are npt subject to the Federal income tax, and that, under the pres¬
ent U. S. Treasury regulations, the company will not be required to deduct
the tax from coupons or registered interest, payable in the United States,
representing the interest on bonds owned by non-resident aliens, when such
coupons or orders for. registered interest are accompanied by the prescribed
certificate, signed either by the owner or in his behalf by reputable bankers,
or some responsible collecting agency, certifying to the ownership of the
bonds and giving the name and address of the bona fide non-resident and
..
& Northern RR. Co. bonds, $750,000 of
balance at 5%, maturing April 1 next
the
(that company being a subsidiary of the Lehigh Valley RR.).
The balance
of the proceeds will be used for the purchase of steel passenger equipment
and additional freight locomotives and steel cars and for certain terminal
and other improvements now under way or contemplated in the near future.
There have already been issued under the General Consol. Mortgage
roads, terminals properties, &c., to
100 (of which present issue is part)
alien owners.
from the sale of these bonds are to be used in the retirement
of $2,000,000 Elmira Cortlants
which bear interest at 6%, and
Security.—The total authorized amount of the mortgage will be $120,000,000, issuable as follows: (a) To reimburse the Illinois Central RR. Co. and
subsidiaries for advances made for the purchase and improvement of rail¬
prior
1833
CHRONICLE
THE
1913.]
97,
p.
&
St.
Louis
Thomas Jr.
Ry .—President
on Dec. 17*
died
1281, 1287, 176.
National Railways
of Mexico.—Subsidiary Taken Over.
—The company on Nov. 1 1913 took over the ownership
and control of the railroad and other property of the Vera
Cruz to Isthmus RR., on the terms
mentioned in the annual
report—see last week's "Chronicle," page 1739.
Amcrican RR. will be taken over later.—V. 97,
1739,1663.
.
The Panp.
1728,
*
New York Central & Hudson River RR .—Consents
—
informed, have been received from
the holders of over $60,000,000 of the $90,578,400 Lake
Shore collateral 334% bonds to the exchange of their bonds
for new 4 % bonds under the plan V. 96, p. 1424.
As the con¬
sent of three-quarters of the bonds (about $68,000,000) ik
required to make the plan effective, the consent of only
about $8,000,000 additional bonds is necessary to make thtconsolidation possible.—V. 97, p. 1504, 1287;
Up to date consents,
we are
1824
THE
New York New Haven & Hartford
RR.
Commissioners
as
to
CHRONICLE
000
RR.—Report of State
Boston & Maine.—
1733, 1663.
new
a good showing.
Out of
earnings, it is said, the company has carried to various sinking funds and
to maintenance and improvements about
$350,000.
This is in
addition to $60,000 or $70,000 that has been
expended on paving.
The
company has also earned and paid about $150,000 interest, which does not
include interest on the obligations of
subsidiary companies.
Compare
V. 97, p. 1358, 1116.
equipment.
Sherbrooke (Que.) Railway & Power
Co.—Acquisition.
'
The company is reported to have
acquired the Bumrws Falls Power Co.,
which controls the electric
light and power business in Ayers Cliff, Que.—
.
plication to abandon the unconstructed Throgg's Neck route
from the main line at or near East 180th St. to
Throgg's Neck.
This
js based on the evidence brought out at the October hearings that
the cost of construction would be so
great as to make it impossible for the
company to earn a return on the investment.—'V. 97, p. 1089.
•
Antioch
&
Eastern
Ry.—Loan.—The
com¬
pany has obtained in New York convertible long-term loans,
aggregating, it is reported, about $1,000,000, to provide for
proposed extensions and acquisition of rolling stock.
A line
from Marysville to Colfax is said to be
proposed.
The
Western Pacific Ry.-interests are understood to have been
considering the purchase of the property.—V. 97, p. 596.
Portland (Ore.) Ry., Light & Power
Co.—Official State¬
ment— Pres. Franklin T.
Griffith, Portland, Nov. 29 1913,
V. 97, p. 952.
Portland
charges and taxes have increased
of the
many
other business institutions
payment of the accrued dividends on the latter, all
payable Dec. 20 to stock of record of Dec. 15.—V. 96, p. 63.
Sunbury & Susquehanna Street Ry.—Receivership.—
Judge Herbert W. Cummings, in the Northumberland
See V.
earnings of this
year
directors, have decided that
a
and
tions
of
and
p.
Portland,
1734, 1505,
and
that
1914 will
show
more
a
96, p. 1022.
Republic Railway & Light Co.—New Officer.—Frank
director.—V.97,p.299.
St.
Louis Rocky Mountain & Pacific Co.^nOyer
70%
of 1st M. 5s Assent to Sale of Railroad.—More than 70% of
the outstanding 1st M. 5s have been
deposited with the Bank¬
ers Trust Co. of N.
Y., depositary, as assenting to agreement
of Aug. 1 1913 (V. 97,
p.,366 445 803).
A
/ •
•
y
Income
Account for
Gross earnings.
Net, after taxes..—_
Interest charges.
...
153,510
October
69,655
and
for
the
Four
$82,153
31,692
20,291
dividends.$30,171
10^,327
$18,002
V.
97,
current
p.
assets
substantially
double
i913
the
current
1283, 803.
liabilities.
See
St. Louis & San Francisco RR.—Statement
of Chairman
Yoakum in Regard to Financing.—See
"Reports and Docu¬
ments" on subsequent pages of
to-day's issue.—V. 97,
1734, 1664.
St.
p.
.
int., by the St. Louis Southwestern Ry.
p. 1025, 366.—V. 97, p. 1108, 1139.
Francisco-Oakland
Terminal
Compare V. 97,
Rys.
'
ears,
costing $300,000.
'
■
.
(1)
Acquisition by the company of the ordinary share capital of the
Central Rys., Ltd., carrying dividend
July 1 1913, on the basis
of £7 10s. of "full paid" ordinary capital of this
company, carrying dividend
from July 1 1913," for each £10 fully-paid
ordinary share of the Cuban
.Central Rys., Ltd.; and (2) that the capital be increased to
£10,960,000
by the creation of 1,000,000 ordinary shares of £1 each.
[See "London
Statist" of Dec. 13 and Nov. 29.]—V. 97, p. 1664.
Cuban
Vera
Cruz
to
Isthmus
RR.—Merger.—
See National Railways of Mexico
jibove.—V. 91,
p.
-;V:
590.
'
Wabash-Pittsburgh Terminal Ry.—Report.—
See "Annual
Reports"
on a
preceding
page.
A
'*
.
Informal Conference of Bondholders.—A private informal
conference
was
held Dec.
18 at the office of Samuel Unter-
37 Wall St., of the principal First Mortgage bond¬
holders of the company, at which upwards of
$10,000,000
bonds were represented, to obtain the views of the bond¬
holders upon the present situation so as to
guide the bond¬
holders' committee in preparing plans for the
reorganization
of the Wabash-Pittsburgh Terminal and
Wheeling & Lake
Erie properties.
An authoritative statement says:
myer,
The meeting was entirely harmonious.
It was the unanimous
opinion
with for the reorganization of the Wabash-Pitts¬
burgh Terminal property, involving the raising by the bondholders of the
moneys necessary to discharge the receivers' certificates and other
prior
claims upon the property and to effect a settlement with
the Wabash road
and also to provide for funds with which to obtain control
of the Wheeling
& Lake Erie on reorganization.
The committee and
counsel were instructed to
proceed accordingly with
a plan, the bondholders
present unanimously expressing
satisfied to take their proportion of the
securities necessary
to provide new money.
It is estimated that about
$10,000,000 of new
money will be required apart from what will be needed to
reorganize the
Wheeling & Lake Erie.
This does not take into account car
the formulation of
themselves
as
that
Co.—Paid.—
The company paid on Dec. 12, at the rate of
7% per annum,
the matured six months' interest
(to Dec. 12) on the $2,500,-
for 60
bouglV "ram J. G. Brill & Co. of Phila., and have all been
that plans be proceeded
Louis
Southwestern Ry.—Guaranteed
Bonds.—The
Paragould Southeastern Ry. has applied to the Missouri P. S.
Commission for authority to make a
mortgage to the Guar¬
anty Trust Co. of N. Y., as trustee, to secure an authorized '
issue of $5,000,000 30-year 5% bonds, and to
issue there¬
under $511,000 bonds, which are to be
guaranteed, prin. and
San
ere
Railways of the Havana & Regla Warehouses.
—Plan.—The shareholders on Dec. 9 duly
approved:
Months
ending October 31.
1913-4 M»s.-1912,
$777,642
$666,661
$"0 108
$222,803
$170,675
31,898
126,815
126,853
207
'25,528
3,842
cars
United
1909-10, 1908-09.
1,1231738 890,121
133,Q79
83,328
$70,460
$39,9S0
To the earnings of 1913 should be
added $10,000 per month for
railway
rental, which began with
August 1913, in accordance with plan for proposed
sale of railroad to the Atchison.
Dividends at 5% per annum are
paid on
the $1,000,000 outstanding
pref. stock.
Balance sheet of June 30
showed
The
delivered.—V. 97, p. 952, 667.
ending June 30.
1913
Oct.-—1912.
__.__$230,429
$196,226
Other deductions......J_______
Net
be used to pay
upon consummation
_._
,
United Railways & Electric Co. of Baltimore.—Sale
of
Bonds.—The company has sold to Baltimore bankers
$348,000 first consol. 'M. 4% bonds, the oroceeds of which will
on largest coal tract under
private ownership
pending arrangement with Atch. Top. & Santa
place under the lien of the mort¬
gage $3,000,000 1st M. 4% bonds, which will be a direct
obligation of that
company.
The earnings show a substantial surplus above interest
charges
over a period of years.'
Sinking fund, 3 cts. per ton of coal mined, for an¬
nual purchases of bonds; $93,000 bonds have thus
been retired and canceled.
The company now has in
operation 13 mines, all fully equipped with the
most modern electrical
appliances, each mine having its own town', with,
stores, houses and other necessary buildings.
The mines have a total
capacity of about 10,000.tons daily.
*
'
Coke produced^(tons)
■■■..
Wilkes-Barre, Pa.; Frank
Sayles; Pawtucket, R. I.; R. Lancaster Williams, Baltimore, Md.; Frank
Hayne, New Orleans, La.—V. 97, p\ 725.
yV"y'-y;
Absolute first mortgage lien
in the United States.
The
1910-11.
y.
B.
Bonds, Earnings, &c.—Fisk & Robinson, who are trading
in the 1st M. 5s of 1905, due
1955, outstanding $7,606,000,"
offering them at the market to yield 6p2%, report:
1,257,052
;
Gas & Electric Corp.—New
Directors.—The
having been increased from 15 to 25, the following
have been elected directors:
,
'
on
com¬
George W. Bacon, of Ford, Iiacon & Davis; A. H. Wiggins, Pres. Chase
Nat. Bank; A. J. Hefnphill, Pras. Guaranty Trust
Co., and S. Z. Mitchell,
Pres. Flectric Bond & Share Co., ail of New
York; John J. Gannon, Pres.
Hibernia Bk. & Tr. Co., New Orleans, La.; W. P. G.
Harding, Pres. First
Nat. Bank, Birmingham, Ala.; F. M. Kirby,
are informed that, in view of the
large amount of bonds which continue
deposited, it is expected that holders of
substantially the entire out¬
standing issue will have approved of the plan at an early date.
Coal and Coke Output for Past Five Fiscal Years
y
the
United
We
1912-13.
1911-12.
Coal mined (tons)1,326,521'
1,167,985
Commission
against
and other roads.
board
to be
■
RR.—Report.—See "Annual Reports."
rates of conc&ssions than those afforded the
general'public, and is not de¬
prived of jurisdiction, to consider the merits of a
controversy by absence of
affirmative showing of the right of the officer
presenting the complaint to do
so in the name of the United
States.—V. 97, p. 1288, 1025.
B. Lasher has been elected Treasurer to succeed A.
L. Linn
Frank L. Daine has been elected a
Ry. Co., will also
for every six
The Government complained that the failure of the
roads to establish
through routes and joint rates between Chicago and other
points and
Oregon Short Line RR. stations via the Northern Pacific and the Atchison
subjects those carriers to undue prejudice and disadvantage,
deprives the
Government of the full benefit of land-grant deductions
reserved to it by
statute, and defeats the spirit and purpose of the so-called Public
Highways
Acts. '.v.;y
•'y'-y
■
The Commission held that the "allegations of undue
prejudice and disad¬
vantage are not sustained;
that existing through routes via the Union
Pacific are not shown'to be unreasonably long,
Inadequate or unsatisfactory;
that the Union Pacific and Oregon Short Line are
operated jointly and over¬
come the clear intent of Sec. 15 of the
Act; that the Commissi >n is not em¬
powered to require carriers to grant to the U. S. free transportation or
other
Reading (Pa.) Transit & Light Co.—New President.—
Norman M, Crawford, ,it is stated, will succeed as President
WilliamS. Barstow, who resigned Dec. 18.—V.
Fe
Digest of Letter from Secretary Alvah K. Todd Dec. 6 1913.
a floating debt of $125,000, incurred for
extensions
improvements, and during 1914 will require further extensions
improvements, principally boiler equipment and the
reconstruc¬
pany
favorable
director of the company and also of the Phila¬
,
.
Decision.—The Inter-State Commerce
Dec. 16 handed down a decision in a case
delphia & Reading Ry. to succeed Col. Henry A. duPont,
who resigned.—V. 97,
p. 805, 798.
Jr.
49.
Union Pacific
Reading Co.—New Director Elected—C. C. Harrison has
been elected
p.
shares held by them, respectively.—V. 96,
p. 654.
and the prospects for the coming year, your
conservative policy requires that the dividend
around
97,
95,
stock, if authorized, will accordingly be offered to the
stockholders for sub¬
scription at par ($100 per share), to the extent of one share
consideration
condi¬
in
receivers.
of the boiler house.
The
directors
believe
that
the
funds
so
needed should be raised by the sale of additional stock.
The $374,000 new
a dividend of SI
per .share,
payable Dec. 1 1913.
The gross and net earnings now being obtained indi¬
cate that we are justified in
anticipating an improvement in business
tions
as
The company has
and
shall be reduced and have therefore
declared
results.—V.
Dec. 15 appointed Frederick J.
Tampa (Fla.) Electric Co.—New Stock.—The sharehold¬
ers will vote Jan. 5 on
increasing the capital stock authorized
and issued,
respectively, from $2,244,000 to $2,618,000.
overdeveloped.
As a result, interest
than net earnings, and surplus avail¬
After careful
County
on
The
more
dividends have therefore decreased.
"
full
grow
able for
'
r
Byrod, Harry E. Davis and Charles H. Grant
approximately as during the previous seven years.
In order to provide for
this anticipated growth, large investments were made
during 1911 and 1912
for hydro-electric
plants, equipment and extensions.
During the past
year Portland has not grown as expected.
In many respects progress has
but your company and
have been temporarily
:'j
petitioners for the receivership were the York
Printing Co., the
Phoenix Bridge Co. and
Sunbury Borough, holders of unpaid claims aggre¬
gating $20,000.
There are said to be $1,050,000 bonds
outstanding.
On Dec. 1 1912 the dividend on the stock was increased
to SI 25 per
share and has been continued at that rate quarterly.
It was expected that
the city of Portland, and therefore, our
earnings, would continue to
made,
•
Springfield (0.) & Xenia Ry.—First Common Dividend.
—An initial dividend of
2% has been declared on the $300,000 common stock, along with a
regular quarterly payment
134%
the $300,000 5% cum. pref. stock and 2% in
Court at Sunbury, Pa.,
wrote in substance:
been
who had not pressed
compiled, and it is understood that they make
New York Westchester & Boston Ry.—Abandonment
of
Proposed Road.-^The P. S. Commission has granted the ap¬
Oakland
paid at the rate of 7%
applied
considerable diversity of opinion regarding the amount to be
cars to be replaced by new stepless cars.
.
of Oakland Rys. Co. due
The "San Francisco
420, 544).
p.
The results of operation for the first ten months of this
year have been
New York Railways
Co.—Application.—The P. S. Com¬
mission has re-heard the application of the company to issue
was
(V. 95,
principal at maturity
$115,464 additional stock, making the total authorized
$872,964.—V. 94, p. 698.
There
1913
Although the notes bear only 6% , the interest was
in consideration of the forbearance of the
holders,
the collection of the
of
deducted for the value of old
—V. 97, p. 1664.
iikWtiis' feold iidtes
ten
12
XCV1I.
Chronicle" Dec. 13 said:
New York & North Shore Traction Co.—New Stock.—
The P. S. Commission has been asked to sanction the issue
$2,600,000 bonds for
6%
June
See Boston&Maine RR. under
"Reports" above.—V.97,p.
| VOL.
may be required to furnish additional equipment.
The plan contemplates that the property shall be
owned
equipments
absolutely by
bondholders, except in so far as they may decide to
invite the 2d M. bondholders to a small
participation on supplying part of
the nmeey.,
It also involves the continued control of the
Wheeling &
Lake Erie by the bondholders.—V. 97, p. 1421.
the
present
1st M.
Dec. 20
Wabash
& Ontario
RR.—Special Master's Report.—
Steamship Lines, Ltd., and $4,000,000
This
plan worked out by the reorganization committee is said to
of about $20,000,000 in cash for new requirements
of underwriting syndicates.
The earlier suggestion
of an assessment of $40 a share on the stock, which was defeated, will, it is
stated, be considerably modified.—V. 97, p. 1419, 952.
A tentative
involve
the
raising
formation
the
.
ity to issue $5,000,000 6% notes, due July 1 1915, in order
to redeem the $3,000,000 6% notes maturing Jan. 1 1914 and
for further extensions and improvements.
The
new
notes will be issued in denominations of
redeemable
as
a
whole
$1,000 and $5,000 and
in installments of not less than $500,000 at
or
101 and int. at any time upon 30 days' notice in writing by the company
or in case of consolidation of its subsidiary companies.—V. 97, p. 1595,1580
INDUSTRIAL, GAS AND MISCELLANEOUS.
American
Shipbuilding Co., Cleveland,—New. Ch'man.
fight
of the board
information
about their investments in the future.
Mr. Christy has been identified with
marine affairs all of his life, and is a large holder of shares in the Ship¬
building Co.
It is understood that the shipbuilding company has received
a large volume of repair work as a result of the recent storms on the Great
Lakes, and it is intimated that this item will be upward of $3,000,000 be¬
fore the placing of such contracts is at an end.
It is also expected to receive
a number of contracts for new boats.—V. 97, p. 1505,1735.
The recent election of H. A. Christy of Chicago, who led the recent
of the minority stockholders for representation, as Chairman
is said to foreshadow the giving to the stockholders of more
American Water Works & Guarantee
Co., Pittsburgh,
Pa.—Report of Committee.—The committee of holders of pref.
and common stock, Edmund C. Converse, N. Y., Chairman,
on Dec. 15 reported in substance:
We desire to report briefly as to bur progress towards a reorganization.
Price, Waterhouse & Co., accountants, and Sanderson & Porter, engineers,
were employed by the receivers at our request to examine the books and
properties of the company and its subsidiaries.
These examinations have
been completed, and the reports received demonstrate that the earn¬
ings of the properties and their intrinsic merits justify a reorganization of
the company provided a plan of reorganization can be worked out satis¬
now
to the various classes of creditors.
The committee has also,,
through its counsel, made a legal investigation of the affairs of the com¬
pany and its subsidiaries. ;
As a result of the foregoing investigations and negotiations, the committee
expects to submit at an early date a plan of Reorganization which will be
in the interest of the depositing stockholders.
The details are not yet en¬
tirely determined, but while it will be necessary to raise new money, it is
the present intention to do this by the issuance of new securities which will
be offered for subscription to the stockholders who have deposited with the
committee on a basis that it is believed will prove attractive.
The com¬
mittee contemplates making some provision for those of its depositors
who are not able to avail of the opportunity to subscribe for such
new
securities.
In the meantime, stockholders will probably find it to their
advantage to consult the Secretary of the committee (B. W. Jones, 16
Wall St.), before accepting offers for the purchase of their stock.
[Press reports have said that the new company would probably be.called.
the American Water Works & Traction Co. and would have $22,000,000
factory
capital stock, divided inter $7,000,000 common,
and $10,000,000 2d pref.]—V. 97, p. 1506, 1117-
Assets
$5,000,000
Realization Co.—Official Statement
Consolidated Balance Sheet, Prepared for
Assets
an
extension of its indebtedness.
Merchandise
'
and accts.
Atlantic Fruit Co., New York,—New- Financing.-—The
on Dec. 15 authorized the increase in common
capital stock from $5,000,000 to $10,000,000 (the 7% cum.
pref. stock remaining $2,500,000), and also an issue of $2,000,000 30-year 6% gold debenture bonds dated Jan. 1 1914,
interest.J. & J:, denomination $1,000.
7
Part of the
erties and
new
stock will be used for the
be held
the remainder will
acquisition of additional
prop¬
in the treasury for future require¬
The proceeds of thp bonds will be applied in part for the purchase
properties, and to extend European business and the remainder
kept for working capital.
A certificate increasing the stock as above was
filed,in Delaware on Dec. 17.—V. 96, p. 287.
ments.
of
new
British-American
Year—
1912-13
1911-12
Tobacco
Net (after
S&pt. 30
—V. 97. p.
(N.
Y.)
1,385,575
490,584
Dividends.
(5%)£116,680
(5%)
...
Buffalo
(27}4 %)£1,719,938
Balance,
Surplus.
£315,218
Ordinary Share
Dividends.
Charges).
£2,151,836
1,981,159
1735, 598.
—
...
Co.—E'arriings.—
Preferred
Gas
105,000
(26^%)
Co, —Status of Appeal.—
Justice Rudd of the Supreme
Court on Dec. 9 made an order amending the
previously obtained by which the writ of certiorari to revieAv the
action, of the P. S. Commission is quashed and a re-hearing may be obtained
in the higher Court of the long-standing dispute over the price of artificial
gas furnished to the city.
Both lines of action left open by Justice Wood¬
ward when he vacated the injunction preventing the company from shutting
off the supply to the city will, it is understood, be followed.
First, the city will appeal to the Appellate Division from
the order
one
quashing the writ of certiorari, thus tasting the ruling of the Commission
that the re-hearing should be denied because the city did not apply within
four months after the decision fixing the price of gas.
Second, the city
will, on receipt of the Appellate Division's order affirming Justice Wood¬
ward in vacating the injunction, ask for a reference to determine how much
is due the company for gas used prior to the time the Commission fixed
the price at 90c. per 1,000 feet.
When Justice WoodAvard vacated the injunction he also decided that the
vacating order should be suspended if the city and the company reached a
compromise or if the city agreed to have a referee determine what is due
to the company on back bills.
By agreeing to a reference on the amount of
the old bills—estimated at about $280,000—the injunction remains in
force, preventing the gas company from depriving the city of its supply.
Without interfering with the reference, the city will seek to have deter¬
mined on appeal its right for a re-hearing of the whole question of the
price it shall pay for its future supply.—V. 97, p. 1205, 952.' .
Canada
Steamship Lines, Ltd., Montreal.—Merger
Completed—Sale of Securities.—Pres. James Carruthers on
Dec. 12 gave out a statement saying in substance:
The
was
consolidation which
finally consumated
at
has been under
to-day's meeting
for several months past
of directors of the Richelieu,
way
280,078
supplies, notes
receivable, &c__
,
12,500,000
12,000,000
6,106,308
♦Underlying bonds and loans
1,842,837
5% deb. stock to be issued
Cash
1,167,856
500,000
Leases, contracts & good-will
8,589,646
Balance
on
SS. Noronic.269,921
♦Embraces $1,842,837 underlying bonds and loans of Inland Lines.,
Ltd., Northern Navigation Co., Ltd., Niagara Navigation Co., Ltd., and
Canada Interlake Line, Ltd., against which debenture stock will be re¬
served at 90%—$2,047,598.
ATofe.—$534,983 of the $9,000,000 debenture stock will remain in the
hands of the company for future issue and in the meantime will be avail¬
able for financing purposes.
There will also be reserved $2,047,598 of
the issue (at 90%) against $1,842,837 underlying bonds and loans and a
further $311,111 against balance of $269,921 to be paid on contract price
f SS. Naronic, under construction, and other accounts.—V. 97, p.
1288.
Canadian Coal & Coke Co.,
,
Montreal.—Notes.—"Mon¬
treal Gazette," Nov. 24 and Dec. 12,
that the former high standing of the company
shareholders
150,000
SS. Noronic (building)
Dec. 15.—
will eventually be restored.
expected, the directors have decided not to make the usual quarterly
disbursement op Jan. 1.
Dividends at the rate of 7% yearly were paid
from April 1911 to Oct. 1912, inclusive.
Compare V. 97, p. 888.
A creditors' committee consisting of Albert 14. Wiggin, Pres. of Chase
National Bank; Samuel McRoberts, Vice-Pres. of National City Bank, and
Benjamin S. Guinness of Ladenburg, Thalmann & Co., will exercise super¬
vision over the assets that are back of the extended loans in order that stock¬
holders as well as creditors may have a better opportunity to realize.
The
committee will be represented directly by G. M. P. Murphy, the new Treas¬
urer. ■
The comnanv's schedule is said to show nominal assets of $16,000,000
liabilities, $4,000,000, and contingent liabilities of $1,500,000 more.—
V. 97, p. 1735.
•
'
'
,• V'-".V.; ;
v;.
' '
Capital stock—
7% preference shares
Ordinary shares (issued)..
.Investments,
The necessary legal papers have been
As
;
$555,538.
Accounts payable
$16,866,834
Real estate, bldgs. and docks
5,450,267
first pref.
prepared and are now being signed.
The officers state that the adjust¬
ment is satisfactory from the standpoint of the company, and in the absence
of untoward developments in the general financial situation, they believe
New Co. by Chartered Accountants.
Liabilities ($33,004,683)—
($33,004,683)—
Vessels
The Assets Realization Co. announces that it has made an arrangement
for
ordinary shares of such company.
in possession and control of the
Lines,
Bickerdike, Haddington, City of Hamilton, City of Ottawa.
It gives the Canada Steamship Lines, Ltd., a fleet of over 100 steamers
operating from Port Arthur, at the head of the Great Lakes, to the Lower
St. Lawrence and from Quebec to the West Indies and from New York to
Bermuda and the West Indies, and also of the valuable docks and wharves
of these different companies.
.
The capital of the Canada Steamship Lines, Ltd., as already announced,
amounts to $25,000,000, divided into $12,500,000 of 7% cumulative pref.
shares
and $12,500,000 of ordinary shares, with an authorized issue of
$9,000,000 par value of 5% consol. first mtge. debenture stock, which stock
is convertible into bonds at the option of the holder; $6,106,300 par value
of which will now be issued,,
V. 97, p. 1288, 178; V. 96, p. 1841.
The London interests in charge of the financing came to the conclusion
that the present was not the proper time to make any public issue, and this
debenture stock has, therefore, been taken up by a powerful
syndicate,
as
follows:
(a) $5,000,000 in England
among Vickers & Sons, Ltd.,
Furness-Withy & Co. and the British Maritime Trust, Ltd., Scrimgeour &
Sons, Royal Exchange, Prudential Assurance, London South-Western
Bank, Ltd., Wise, Speke & Co., Brown, Shipley & Co., London County &
Westminster Bank, Ltd., Linton, Clarke & Co., Sir John Nutting, Sir
Gilbert Parker, Mutual Life Association and others,
(b) Over $1,000,000
in Canada by James Carruthers, Burnett & Co.; T. P. Phelan, J. P. Steedman, Aemilius Jarvis & Co., John C. Newman, A. Emilius Outerbridge
and others.
Twenty per cent has already been paid in on these subscrip¬
tions and 30% will
be paid on Dec. 14 1913 and the balance on March 1
and May 1 next; the intention of the syndicate being to make a public offer¬
ing of the debenture stock as soon as financial conditions are more favorable.
The combined net earnings for this year for the different companies now
owned exceeded up to Nov. 1
$1,450,000 and the total net earnings for
the current year, notwithstanding the hard times and other adverse cir¬
cumstances, will amount to between $1,650,000 and $1,700,000.
The
company has physical assets valued by the Canadian Appraisal Co., Ltd.,
at over three times the amount of the debenture stock [the valuation of the
properties as going Concerns, $22,317,101, as determined by the Appraisal
Co. for the balance sheet below, being reduced by it to $19,250,406 in order
to show the valuation of the security for the debentures.—Ed.]
The net
earnings also, even for the current year, without the benefits of the consoli¬
dation are sufficient to meet the fixed charges, the 7% pref. dividends
and a small dividend on the ordinary shares, which latter, however, it is
not the intention to pay for the present.
With the savings to be effected
by the consolidation, the net earnings should amount to about $2,000,000
per annum on the basis of the business done this year.
Captain J. W. Norcross has accepted the position of Managing Director.
to the P. S. Commission of
are
Steamship
Canada
S.
Suebec A.; Thousand Islands Richelieu & Co., Ltd.; steamersCo. of the
Navigation Co., Ltd.; Steamboat Ontario Navigation Jacques,
Maryland "RR.—Notes.—Application was made
Maryland on Dec. 15 for author¬
Western
puts
following companies:
Richelieu & Ontario Navigation Co., Ltd.; Inland
Lines, Ltd.; Northern Navigation Co., Ltd.; Niagara Navigation Co.,
Ltd.; Canada Interlake Line, Ltd.; Quebec Steamship Co., Ltd.; Ontario &
recommended the sale of the road as an entirety.
and
Navigation Co., Ltd., when the sale was completed of the assets
of such company to Canada Steamship Lines, Ltd., the sale being made in
consideration of $12,000,000 7 % cumulative preference shares of the Canada
report to the U. S. District
due for principal and inter¬
refunding and extension" M. is some $44,000,000.
He
Thomas T. Fauntleroy, special master, in his
Court at St. Louis, Mo., finds that the amount
est under the "first
1825
CHRONICLE
THE
1913.]
said:
!
Interim certificates of Canadian Coal & Coke Co.'s issue of two-year 6%
The financing has been carried out along
the lines indicated about two weeks ago.
Of an authorized issue of $1,000,000 notes an amount in excess of $750,000 has been sold, and the com¬
pany is at the same time receiving an advance of $500,000 from the Ameri
can bankers who have been handling the arrangements.
The money thus
received is sufficient to wipe out the indebtedness of the company and to
provide from $300,000 to $400,000 for the completion of plants and devel¬
opment work.
This work should be completed by next spring, and the
company will then have, it is expected, an output of 4,000 tons a day,
against an average of about 1,500 tons a day at the present time.
The
notes,, it is stated, will realize 94 net; there Avill be no public offering, all
the underwriting having been taken firm.
It is understood that arrangements for permanent financing of the com¬
pany have made good progress, and that a definite announcement may be
made as to the result in the course of a feAv months.
These arrangements
concern
the sale of an issue of $2,000|000 to $3,000,000 1st M. bonds,
Avhich will ultimately retire the short-term notes and bank loan and provide
additional funds for the use of the company.—V. 97, p. 952, 240.
notes
are
now
being sent out.
Coachella Valley Ice & Electric Co.—Guaranteed Bonds.
—Wilson, Cranmer &Co., Denver, own and are offering, at
90 and int. $300,000 1st M. 6% bonds,*due serially after,
1937, $15,000 a year.
Denominations $500 and $1,000.
Guaranteed principal and interest by the Hoi ton Power Co.
of Imperial County, Cal. (V. 96, p. 289).
A circular says: Has a modern ice plant and ,all the ice business in the rich Coachella Val¬
ley of Southern California, and is now constructing (1) an electric power
line 125 miles long from Banning to El Centro, along the main line of the
Southern Pacific RR.; (2) local distributing lines in the Coachella Valley.
At Banning connection will be made Avith the liries of the Southern Sierras
Power Co., Avhich agrees to sell the company electric power under a long¬
time contract at 1 cent a k.Av. hbur. At El Centro the company delivers
Eowerhour. The profit on this contract atHolton PoAverof consumption of
under a long-term Contract to the present rate Co. at 2 cents a
.
av.
Holton Power Co. will be about $40,000.
The profit on the ratail business
in the Coachella Valley, as estimated by chief engineer for Nevada-Cali¬
fornia Power Co., will be $34,000 as soon as the gasoline pumps now oper¬
ating there are changed to electric pumps.
This will give the Coachella
Valley Ice & Electric Co. a revenue of $74,000 a year, Avith practically no
operating expenses.
The Holton Power Co. has a monopoly of the electric power and ice busi¬
ness of the Imperial Valley by virtue of perpetual franchises in all the com¬
munities Avhich it serves and private rights of way for all its lines.
Said val¬
ley is one of the most productive and fastest groAving agricultural sections in
the United States, and is irrigated with an unlimited supply of water from
the Colorado River.
Its present
35,000. It is an ideal
expensive and the water
population is about
electric poAver country, because all kinds of fuel are
cannot be used for steam
purposes because of the sediment it
sediment, however, like the sediment of the Nile, is an ideal
Columbus
The
(O.)
carries.
fertilizer.
This
Gas & Fuel Co.—Oversubscribed.—
offering of capital stock, subscriptions for Avhich closed on Dec. 16,
• See
V. 97, p. 1735.
it is announced, Avas oversubscribed.
Commonwealth Water Co. of N. Y.—Purchase by Village.
"Castleton, N. Y.," in "State and City" Dept. beloiv.—V. 87, p.1535.
See
Computing-Tabulating-Recording Co.,
N. Y.—No
1913.—An official statement says:
Further Dividend for
-■
The results of this company's
operations for the first ten months of this
in net earnings of more than 6% over the net earnings
period of 1912.
During this period a large amount of
money has been expended for additional equipment, patents, &c., which
should materially increase future earnings.
year shoAV an increase
for the corresponding
THE
CHRONICLE
The company, after
paying bond interest, fixed charges, &c., has retired
$134,000 of its outstanding bonds and distributed
3% in dividends to stock¬
holders, amounting to $314,000. '
"
'
1
"
In considering at this time the
declaration of a dividend, the board of
directors decided not to declare any further dividend for the
*
year 1913.
The annual report for the cai.
year 1913 will be mailed as heretofore.—
T. 97, p. 1736, 1206.
1
1
*
Sept. 30.
;^
Total
.'Year—
Net
Income.
Deprec'n, Int.
Income.
appointment of William J. Ferris of La Crosse as
receiver [by Federal
Judge
Dietrich in Boise City],
(b) to the disbanding of the New York committee
(r) urging the deposit of the First and
Refunding Mortgage bonds
with the Continental &
Commercial Trust & Savings Bank of
Broadway Trust Co. of N. Y., as depositaries.
>•
The committee
says: "The way is clear for you to take
Balance,
recover the
1208. 1736.
•.'I',-";
&
Lackawanna
cular dated Dec.
Dec. 17 authorized (a)
$6,000,000 6% 10-year con¬
bonds, of which $3,500,000 are to be offered at once at
par pro rata (25% of holdings) to present
shareholders; (b) an increase in
the capital stock from
$15,000,000 to $25,000,000, part of which will be
reserved against the, convertible
debentures, and the balance to be held
on
.
Data from Official Circular Dated at 30
Broad St., N. Y., Dec. 18 1913.
Convertible between Feb. 1 1916 and Feb. 1
1922, at option of holders,
into paid-up stock of the same
par value.
Dated Feb. 1 1914 and will
mature Feb. 1 1924, interest
payable F. & A.
Denominations $100 or
$1,000 c*.
Subject to call for redemption on or at
any time after Feb. 1
1919 at 105 and int. on 60 days' notice, and when so
called for redemption
may, at option of holders, provided the time for
conversion has not ex¬
pired, be converted into stock, as aforesaid, at
any time before date named
for redemption.
•
'
'
'
Shareholders of record Jan. 9 will be
permitted to subscribe at par at
the Bankers Tr. Co., 16 Wall
St., N. Y., on or before Jan. 31 for
$3,400,000
of the new debentures to the extent of
25% of their respective holdings.
'
•
,
Subscription warrants will be distributed on Jan. 10 1914.
Payment may
be made either (a) in full on Jan. 31
1914, the bonds to be issued immediately
(b) in three installments, viz.: Jan. 311914,
50%; May 1 1914, 25%, and
Aug. 1 1914, 25%.—V. 97, p. 1507.
or
V
Excelsior Springs (Ark.)
Water, Gas & Electric Co.—
Earnings, cfee.—William P. Bonbright & Co., Inc., who re¬
cently offered the company's bonds (V. 97, p. 1507),
report:
Earnings for October and Year
ended Oct. 31.
T3-Oc£.-'12. T2-T3-Yr-'11-12. —Increase—
$8,610 $6,992 $97,298 $73,477 $23,821
32.5%
Net, after taxes
——$3,783 $3,031 $42,728 $27,549 $15,179
55.1%
Bond interest
$14,640
$8,475
$6,165 72.8%
Depreciation, &c., allowance.—
;
4,755
f 1
4,755
Preferred dividend
I
12,000
12,000
Gross earnings——•
——
lurpius,
$11,332
—
$7,074
$4,258
The property, fae are
informed, is in excellent condition.
ferred to
60.2%
The fire
re¬
taking place in September last occurred, it
appears, in Hot
Springs, not Excelsior Springs,.and therefore had no relation
to this com¬
pany's property.—V. 97, p. 1507.
as
pi(Edward) Ford Plate
Glass Go., Rossford, O.—New
Stock.—This Ohio corporation filed on Nov. 18 a
certificate
of increase of capital stock from
$2,000,000 to $4,000,000,
$800,000 to be 6% cum. preferred.
Par $100 a share.
President Edward Ford,
writing Dec.
1, said:
"The purpose of this increase
is,to provide a much larger
production,
that we may be enabled to
supply the increased demand for our product.
In order to be in a
position to do this, we have erected an entire
new
plant at a cost of over $1,800,000 on our
property located at Rossford, O.
"There will be, no stock dividends.
The $1,200,000 of new common
stock has been fully subscribed and
paid for in actual cash,- as Avell as a por¬
tion of the $800,000 of
pref. stock, and at this writing there is
only about
$400,000 of the pref. stock now offered for sale.
The preferred is a
6%
cumulative stock.
.Dividends payable July 1 and Jan. 1 of
each year, and
stock subject to call at
any dividend-paying period after 5
years, at $102 50
per share. Property is entirely free from lienS of
any kind or character
"The business was established in
1900 with a capacity of
240,000 sq. ft.
of glass per month.
In'1910 the production, which had
then reached
so
.
nearly 400,000 sq. ft. per month, was increased
by improverrients to 550,000
ft. per month, and the construction of 14
additional
sq.
buildings was under
taken at a cost of over
$1,800,000, giving the company a total
capacity
of 368 pots, or about
1,000,000 sq. ft. per month before the end of
1913.
[The President and founder of the
company, Edward
Ford, is a son of"
Capt. J. B. Ford, who, it is understood, was the first
manufacturer of plate
glass in this country, and whose
large interests were taken over
by the
Pittsburgh Plate Glass Co.
First V.-Pres., J.
B.tFord; Second V.-Pres.
and Treas.. George R.
Ford.>^,^,^^^^^'-'i.,!,u',
■
A'
^Garland Corp.7 Pittsburgh, Pa .—Offered in London.
There was offered at
•
par in London Nov. 25 to 27 an issue of
$2,000,000
•%% cum. participating pref. stock, with dividends
guaranteed for 10 years
by the "Western Casualty & Guaranty Co. " of N. Y.
Outstanding capital."
$1,432,000 bonds, $2,000,000 pref. stock and
$2,467,100 common stock.
The pref. stock participates to the extent
of 25% of any
surplus earnings
"after yearly dividends,-as
declared, to the extent of $250,000 have been
received by the holders of common stock.
Average profits for the foiir
years ended Dec. 31 1912,
$303,168; bond interest, $85,920; present
pref.
div., $120,000; sinking fund, $50,000; bal., sur.,
$47,248. See V. 97, p. 363.
v
Goldschmidt DetinningCo.-^Suit
—
Suit has been brought in the U.S.
District Court to prevent the
Republic
Chemical Co. of Pittsburgh from
using the company's process in
recovering
tin from the sheet-iron bodies of tin cans
and for an
accounting.
This is the
over the process.
According to Hubert E. Rogers, counsel for'
the Goldschmidt Co., the Tin Products
Co., Of which Charles E. Acker, who
was denied a
patent for the process by the Patent
second suit
and large stockholder, about
Office,
was
a
director
a year ago
transferred certain patents it owned
to a new
company, the Republic Chemical Co.
The latter, it is
stated,
had hired a former employee of the
Goldschmidt Co., and now
employs a
former foreman of the Goldschmidt
plant at Chrome.
The Republic
Chemical Co. was put in the hands or
receivers after the failure of the
First-Second National Bank of Pittsburgh, which was
said to have loaned
the company more than $250,000.
Efforts are being made to
reorganize
the'company and the receivers are now
operating the plant.—V. 88,
Harrisoii
Oct. 31.
Year—
Bros.
Net
&
Co.,
p.
234.
Inc.—Earnings.—^4"5
Bond
DeprePreferred Pat.Rts., &c., Bal.,
Profits.
ciation.
Interest.
Dividends.
Charged Off. Sur p.
1912-13—$338,321
$110,000
$65,000 (5%)$75,000
$88,321
1011-12- 385,004
110,000
65,000
$180,000
30,004
A quarterly dividend of
1% has been declared on the $1,500,000
pref.
stock out of the earnings of the current
quarter.
Last year a
special divi¬
dend of 1 % was paid, but this
is
omitted because of the
disturbed busi¬
ness and financial
conditions.—V. 96, p. 358. at
-a| *3 ^
—
—
_
—
Holton (Cal.) Power Co.—Guaranteed Bonds.—
SeejOoachella Valle r Ice &'Electric'Co.—V. 96, p. 289. $
^Idaho-Oregon
Light & Power
cago Committee Urges Deposits.—
The bondholders' committee, A.
■
-
*
*3
W.^riest of Chicago, Chairman, has
made _'a statement
to^the bondholders
^ "4
Co.—Receivership—Chi¬
calling][attentionJ(a)|toj|the
recent
Coal
& Lumber
Co., Scranton, Pa.—
Proposed Exchange of Bonds.—Brooks &
Co., Scranton and
Wilkes-Barre, in their monthly miscellaneous investment cir¬
vertible debenture
for future requirements.
V
:
A syndicate headed by F. S. Smithers &
Co., Spencer Trask & Co. and
the Security Trust Co. of Detroit has
underwritten at par the present issue
of $3,400,000 6% 10-year convertible
debentures.
See V. 97, p. 1507.
\-y;^
appointed by the Federal Court to take
charge of the prop¬
erties or the
company will, it was announced on Dec.
12, not appeal from
the decision of the U.
S. Circuit Court of
Appeals directing them to hand
the control of the
gas company over to receivers
appointed by the State
District Court.
This will leave the
State receivers in
complete control.
—V. 97, p. 1359. 731.
Co., having placed'morgHhan two-thirds of their block of
$1,405,000 General
Mortgage 5% gold bonds of 1903,
offering the remainder privately at prices netting for
bonds due 1918-5.10%; for/those due 1919 to
1923, 5.20%.
The company "recognizes Its
obligation to pay the 1%
normal income tax." See V.
78, p. 822, and V. 97, p. 1206.
Detroit (Mich.) Edison Co.—-New Securities.—
'
^
Kansas Natural Gas Co.—State Receivers in Control.—
The receivers
are
The stockholders
property.
account of the respective bondholders
and
bonds.
Prompt co-operation.will bring order out of chaos and
get the affairs of the
company on the road to the,restoration of
your income.
Compare V. 97, p. 1118,
&c.
Gas^Co.—Bonds Offered.—Wm. A. Read
and reorgan¬
over
We already hold a substantial
majority of the bona fide
bonds.
Our depositories have been
directed to resume the acceptance of
deposits of bonds, and those who hold the
New York certificates may send
them to our
depositories.
We will make the necessary
payments to the
New York committee for
the
Bds.,&c.
(7%).
Sur.orDcf.
1912-13-$16,161,213 $2,041,110 $776,260 $907,962 $552,566 def$195,678
1911-12. 17.242,191
2,390,721
644.449
877,385
552,566
sur316,321
V.96,p. 198.
;r
Detroit City
Chicago and
the
ize your
■
Pref.Divs.
on
xcyn.
and
Cuban American Sugar
Co.—Earnings.—For year end.
Sept. 30.—
[Voj,.
I
1 say:
"
V
The Paint Creek bondholders'
meeting was made interesting by those
opposed to permitting the trustee to
exchange $1,250,000 Crescent Coal &
Lumber 5s with 50% stock,now
held in the sinking
fund,for $1,250,000 of
outstanding Paint Creek 5s (V. 95, p. 54), which latter
bonds apparently
the Lackawanna Coal & Lumber
Co. interests have
purchased or will pur¬
chase in the open
market, in order to effect the exchange and
release the
Crescent's so that they
may be canceled and at the same time
automatically
release $1,250,000 Lackawanna Coal
& Lumber 6s now held
by the Republic
Trust Co., trustee,
against a like amount of Crescent's in the
lumber com¬
pany treasury.
The entire issue of Crescent's would
be canceled and the
property be subject to the lien of the Lackawanna Coal &
Lumber 6s out¬
standing, whereas the Paint Creek bonds which at
rata interest in
the present have a
pro
40% of the Crescent's property, would lose this
equity and
a
havei nothing as
from $3,000,000 to
voted through by
compensation except that the issue would be
reduced
$1,750,000 of outstanding bonds*
The exchange was
$1,088,000 of bonds, and opposed by
$535,000 bonds,
practically $900,000 being unrepresented.
'
The Lumber
Company interests had been active for a month in
securing
proxies from bondholders, and it was natural
to assume that, there
being no
concerted opposition, they would
be able to carry the
resolution, as it
required only a 20% vote of the entire bonds
outstanding,according to
the mortgage.
However, the discussion in the
meeting brought up the
legal question as to whether or
not the Crescent bonds
can be taken out of
the sinking fund and
exchanged, owing to the fact that the
sinking fund
provisions relate purely to the use of cash and
the redemption of bonds in
a specific
manner, while the 20% clause refers to
the disposal of lands*in
possession of the company, or assets in the
treasury of the company.
It seems likely, however, that despite the
,
passing of the resolution,1
legal steps will be taken by several large out-of-town
bondholders to prevent
the trustee from effecting the
exchange.
There can be no question but that
the Lackawanna Coal & Lumber Co.'s
intervention two years ago prevented
the Paint Creek bonds from
defaulting.
On the other hand, it was not
a
philanthropic action, but supposed to be a business transaction in
which
they bought the controlling interest of the stock.
While they have in¬
vested a large sum of money in
retiring the floating debt of the Paint Creek
Collieries Co. and have provided funds
to meet the
coupons of the bonds
during the past two years, such action can have
no bearing on the with¬
drawal of the certain equity which the
Paint Creek bonds now have and will
lose through the proposed
exchange.
It is to be hoped that some
arrange-'
ment can be effected
whereby the Lumber Co. will not be
handicapped in
its desire to raise additional funds
both for the improvement of the Paint
Creek Collieries Co. and its own
properties, as anything but a successful
outcome to the Lumber Co.
proposition would entail disastrous
conse-,
quences in all probability to a number of the
allied interests.
[The Coal
Land Securities Co. of
Scranton, which has been placing Lack. Coal &
Lumber Co. 6s, paid on Oct.
1,in addition to its regular
quarterly2%,an
extra 1%; par of shares $50.
Sea Paint Creek Collieries Co.
below.
V. 95, p. 52; V. 97, p. 362.
see
Also
•
.
Long Acre Elec. Light & Power Co., N. Y.—Decision.
The Court of
Appeals at Albany yesterday, by
a vote
of 5to2, affirmed,
without opinion, the decision of the lower
courts dismissing in this
city on
June 10 the writ of certiorari obtained
by the New York Edison Co. to review
the order of the P. S. Commission issued
on March 3
granting permission
to the Long Acre Co. to issue
$2,000,000 stock and
$4,000,000 bonds.
p. 526, 369, 241; V. 96,
p. 866, 719, 65.
Those interested in the company
express themselves as sanguine that their
can now be carried out.—V.
97, p. 526.
Compare V. 97,
plans
Massachusetts
Lighting
A
Co.—Dividends-.—
>
regular quarterly dividend of $1 75 per share has been
declared on the
stock, $1 50 per share on the new pref. shares and
25 cents a
share on the new com. shares,
payable Jan. 15 to stock of record Dec. 26.
Compare V. 97, p. 1666, 1206.
!■.
'
old
common
•
Mount
Whitney Power & Electric Co., Cal.—Bonds
The Cal. RR. Commission
—
on Dec. 8
approved the issue of the additional
$250,000 1st M. 6s recently sold to Louis Sloss & Co.
See V. 97, p. 1737.
New York Edison Co.—Decision —
Long Acre Electric Light & Tower Co. above.—V.
97,
New York Terminal
See
Co.—Payment.—
-
p.
448, 302.
■
TheU. S. Mortgage & Trust Co. is
paying coupons from Jan.1911 to Dec.
10 1913 on $1,000,000 N. Y. &
B'klyn
jFerry 6s, amounting with interest
to about $146 on each
$1,000 bond, together with $935 on account of the
principal of each bond.
The payment is due to the recent
compromise
bid made by the city for the
company's property at the foot of
Broadway
of $1,000,000 with interest at the rate of
4% for 3 years, netting the com¬
pany about $1,120,000.
Joseph J. O'Donohue Jr. and Seymour L. Husted Jr. are
trustees.
Compare V. 91, p. 1633; V. 95, p. 115; V. 98, p. 557.
North Boston
Lighting Properties.—Pref. Shares.—
The shareholders on Nov. 26 1913 authorized
the issue of 9,093 additional
pref. shares for the purpose of providing funds with which to
pay for new
stock of subsidiaries about as follows:
4,410 shares of Maiden & Melrose
Gas Lt. Co. and 1,431 shares of Suburban Gas &
Electric Co., and the
pro
rata amount of the new stock of Maiden
Electric Co.
These
1913 for
9,093 pref. shares are offered to shareholders of record
Dec. 10
subscription at $100 per share, at the office of Treas. on or before
,
Jan.
10, to the extent of
share for every nine shares
(whether pref. or
both) held by them respectively.
Subscriptions are payable
either (a) Jan. 20, $12 50
per share; April 20, $12 50; July 20, $12 50, Oct.
20, $12 50, and Jan. 20 1915, $50 per share, the
installments to bear 6%
interest; or (b) in full on any installment date in
exchange for full-paid
shares, participating in any dividend thereafter declared.
A voluntary association formed in Mass. in
1911 and owning "practi¬
cally all" of the shares of the three Mass. companies above
named, and also
of People's Gas & El. Co. of Stoneham and Salem
El. Ltg. Co.
The com¬
bined bal. sheet of the 5 operating cos. showed
outstanding on June 30 1913
$100,000 bonds, $1,708,873 accounts and notes
payable and cap. stock
$3,535,500, while their total gross earnings for the
year 1912-13 were re¬
ported as gross, $1,505,726; net, $346,439.
The 6% cum. pref. shares
of the association (dividends Q.-J.
15) are $100 par; the common have
no par value.
At organization in 1911 there were to be issued 47,548
pref.
and 31,447 common shares.
Charles H. Tenney is Pres. and
Elihu A.
Bradley Treasurer.
Office 201 Devonshire
St., Boston.
common,
one
or
Ottawa
(Can.) Light, Heat & Power Qo., Ltd.—Stock.
The directors have decided to offer
shareholders of record March 1 next
the right to subscribe for $700,000 new
shares (par $100) to the extent of
one share for every 4 shares held.
Subscriptions will be payable in 5 equal
monthly installments of 20% each on the first
days of April to August 1914.
On Jan. 1 stockholders of record Dec. 20
will receive a 1
% bonus in addition
to the regular quarterly dividend of
2%, being the same amount as on
July 2 last.
This makes a total of 10% declared from
the earnings of the
calendar year 1913.
Comnare V. 96, p. 1844.
The proceeds are to be
used for additions to the electric
light and
gas
plants.
The Ottawa Gas
THE
Deo. 20 1913.]
Co. has under construction
on
CHRONICLE
the outskirts of the city a large new gas
mains, &c., will, it is seated .absorb a large part
plant for the Ottawa Electric Co., arid other
improvements, will take the balance.—V. 96, p. 1844.
plant, which, with
now
of the amount, and a new steam
Pacific Gas & Elec. Co. (of
Ariz.), Phoenix.—Injunction
Judges Morrow, Van Fleet and Sawtelle, in the U. S. District Court for
the District of Arizona, on Nov. 19, granted a preliminary injunction in the
guit brought by stockholders restraining the enforcement of certain gas
and electric rates prescribed by the Corporation Commission of the State.
pointed out, is of material interest to all public
utility companies in the country, the part of the opinion accepting
going
value" as a basis for rate-making being of especial importance.
The injunc¬
tion is granted on account of the following errors by the Commission:
(1) In the depreciation charged against the reproduction value of the
property to ascertain the present value, the Court stating the interesting fact
that a property that was at present in an efficient operating condition could
not possibly be depreciated by 49% of Its original value:
(2) in allowing
$23,000 for working capital, whereas $50,000 for such capital was entirely
reasonable: (3) in not allowing the company a value for its contract with
the Reclamation Service for the furnishing of electric power, an item which
the Commission entirely omitted in its valuation;
(4) in not allowing the
company some going concern value.
!
:
T
:
i
In commenting on the question last mentioned, Judge Morrow says:
"The Courts recognize a difference between the value of a plant of this
character, without customers or business, and & plant that has been fully
established and connected up with a municipal lighting system and with
the houses, business places and factories of regular customers.
The present
corporation was in August of last year a going concern; it was connected
up witn the municipal lighting system, the houses, business places, factories
and other institutions of a prosperous community and there was nothing
more to do except to deliver thp service, for which the corporation was fully
The Court's ruling, it is
•
and
efficiently equipped.
We think this element of valuation should be
considered in connection with the other elements of valuation with the view
of determining the actual present value of the whole plant."
The several items which the Court held should have been considered by
the Commission in making its valuation, and which it declined to entertain,
Aggregate at least $350,000.
The ruling of. the Arizona Commission is said
to be markedly at variance with the practice of the older commissions
throughout the country, and especially in the West.
Recognition of the
principle laid down by the. Court in the above-mentioned ruling would, it is
stated, no doubt serve to attract capital in favor of Arizona enterprises.—
V. 95, p. 1477.'
; v.;,,
-
Paint
Creek
Collieries Co.—Bond Plan—Pref.
Stock.—
See Lackawanna Coal & Lumber Co. above.
Brooks & Co., Scranton, Pa., June 1 wrote:
"At a recent stockholders'
meeting of the Paint Creek Collieries Co., it was'voted to create a pref. stock
issue of $5.000.000.
It is understood that only about $1,100,000 will be
issued,and this to the Lackawanna Coal & Lumber Co., which has during
the past couple of years advanced practically that amount to the Paint Creek
Co. for payment of back bills, interest charges, improvements and strike
expenses.
See V. 96. p. 1559; V. 97, p. 362.
Parke, Davis & Co., Detroit.—Extra Dividend.—
An extra dividend of 5% has been
declared
on
and
cum. 7% pref. stock.
Divs. Q.-J. Total auth.
outstanding, $500,000. The firm say in substance:
int.,
and
Serves, without competition, gas for illuminating, fuel and lndustria
Salt Lake City, Utah, comprising 100,000 population.
The
the company.
Com. stock is
$2,500,000;
1st M., auth., $3,000,000; outstanding, $1,455,000 (y. 93,
purposes in
Amer. Public Utilities Co. owns and operates
&52). Franchises liberal1907. run until 1956. Present plant300,000,000
active operation in July
and Company is now selling over was placed
ft. of gas per annum;
cu.
the stock, in addition to
the capital stock from $7,600,000 to $10,000,000, leaving unissued a few
shares of treasury stock.
The par value of the stock is $25.—-V. 97, p. 116
present capacity is over twice the output.
Ad¬
ditional bonds can be issued only for 80% of cost of extensions, &c., when
annual net earnings are twice the interest on bonds, including those to be
issued.
Sinking fund, 1% per annum on all bonds outstanding Jan. 1911
to
$45,000 are bonds riow.in the fund.
1920, and 2% thereafter until 1936;
Earnings Years ending July 31.
1913.
$257,333 $302,890 Bond interest..._ $70,070
116,199
162,924 Preferred dividend
$72,750
i.r_.w...l
Gross.
Net
$55,174
* ~
......
Surplus.
—v.
1912.
1913.
1912.
94, p. 922.
*-.v.-;'-.r
v;- ■;,
Corporation.—5% Called
Utah Securities
on
35,000
/v:
Notes.—
The company has
made a call of 5 % on the underwriters of the $27,500,000 10-year 6% notes.
The assessment is payable Jan. 5 and it makes
75% in all called for.
Definitive notes are now ready for delivery at the
Guaranty Trust Co. in exchange for the temporary notes outstanding.r The
notes to be issued under the present
1913:
5% call will bear interest from Sept. 15
consequently interest from that datp must be included in payments
See also V. 97, p. 1668.
:
/fv
under the call.
Vulcan
Detinning Co.—Suit.—
The. company has
filed
a
suit in equity in U. S. District Court, against
as receivers of the Republic Chemical
The bill of complaint alleges that Adloph Kern, who had been for
many years a director and officer of the Vulcan Detinning Co. and Its prede¬
Louis Muench and Edward E. Duff
Co.
companies since 1898, and who in the course of his duties had ac¬
quired valuable secret information with reference to his company's process
of detinning and business, entered into a conspiracy with other persons
while still in employ of Vulcan Detinning Co. for the purpose of inducing
his company to expend a large amount of money in developing its new
chloride process of detinning.
It is claimed that as a result Kern and his
associates formed the Republic Chemical Co., which, through them,
installed a plant at Neville's Island along the same lines as the plant of
the Vulcan company.—V. 97, p. 1589, 1220.
r
v
'
cessor
Waltham Watch Co.,
Boston.—Common Dividend.—
A dividend of 1%
has been declared on the $7,000,000 common stock,
payable Jan. 1 to holders of record Dec. 15, being the same amount as a
year ago, the first distribution since Jan. 1 1910, when a semi-annual pay¬
ment of 13^% was made.
Previous Common Dividend Record (Per Cent).
1908.
1907.
3
the regular quarterly payment of 3%, both payable Dec. 31 to holders of
record Dec. 29, being the same amounts as at the end of 1912.
Stock¬
holders of record Jan. 28 1913 received a stock dividend of 30%, increasing
1827
2K
(Jan.,
1544.
—V. 96, p.
;
1H; July,
1909.
K)
1910.
1911-12.
(Jan.),
3
None.
1913.
1 (Jan.)
'
Western Union Teleg. Co .—Withdrawal from Mtg. Lien.
company has brought a suit in the N. Y. Supreme Court in this
The
city to obtain authority to withdraw its real estate at 195 Broadway from
the mortgage made to secure $20,000,000 funding and real estate 4M%
bonds and to sell the same for $2,500,000.
The force of operators will be
moved about Jan. 1 1914 to the building to be used jointly with the New
York Telephone Co. at Walker and Lispenard Sts., between Church
St.
and West Broadway.
A 28-story building is being erected on the present
site, in which the company, it is reported, will lease quarters for its execu¬
tive offices.—V. 97, p. 1668, 1435.
f
,
^
' a;
,
People's Gas Light & Coke Co. of Chicago.—Denied.—
Judge Windes in the Circuit Court of Cook Co. on Dec. 16 denied the
application of James J. McCarthy, a minority stockholder, for a temporary
injunction to restrain the directors of the company from issuing any stock
or bonds and restraining Samuel Insull, John J. Mitchell and James A.
Patten, all directors of both companies, from acting as officers or directors
of the gas cqmpariy, on the ground that they are acting in similar capacities
with the Commonwealth-Edison Co.
A hearing on the merits of the bill
will
be
held
fc The bill
later.
alleges that the stockholders of the Commonwealth Edison Co.
have obtained control of the gas company and have conspired to manage
Its affairs, lessen its business, decrease the value of its shares, freeze out the
small stockholders and take over the assets of the gas company, Including
surplus of $16,000,000; that the virtual amalgamation has removed com¬
petition for the lighting business of the city and that the change is contraryto public policy.—V. 97, p. 1508, 1119.
Westinghouse Air Brake Co.—New Officer.—
A. L. Humphrey has been elected Vice-Pres. and Gen.
Mgr. to succeed
H. C. Bughman, deceased.—V. 97, p. 801.
Westmoreland (Pa.) Water Co .—Notice Filed.—
The company filed at Harrisburg, Pa., on Dec. 10 a certificate that it
has taken over the several properties mentioned in V. 97, p. 1290, and has
ncreased its sources of supply.—V. 97, p. 1290.
*
a
Republic Chemical Co.,
See Goldschmidt Detinning^Cb.
St. Joseph Lead
The shareholders on
Pittsburgh.—Suit.—
above and Vulcan Detinning Co.Jbelow.
Co—Consolidation Ratified.—
Dec.
.
9 by the favorable vote of 755,749 shares,
the plan for consolidation with the Doe Run Lead Co.
Pres.
Dwight A. Jones died suddonly soori after the meeting.
See V. 97, p.
1049,' 732.
L.J
ratified
Standard Oil Co. of Kentucky.—Stock Increase, &c.—
The stockholders on Dec.
18 authorized an increase of stock from
$1,000,000 to $3,000,000 and the number of directors from five to seven.
Compare V. 97, p. 1589, 732.
Troy (N. Y.) Gas Co .—New Securities.—
on Dec. 10 sanctioned the sale of $1,880,000 com¬
capital stock or convertible notes at not less than par, to reimburse
The P. S. Commission
mon
the treasury for capital expenditures.
$1,000,000; funded debt, $900,000.
Union
Capital stock Ddc. 31 1912, auth.,
See V. 93, p. 1793. »!■<?■•
alia •
Ferry Co., Brooklyn, N. Y.—Bonds.—
*
having decided to redeem, at par, and int. $100,000 of
5% bonds, lias appointed Fahnestock & Co., 2 Wall St., as fiscal agents
The company
Its
to] purchase
the specified amount at the above price.
cordingly asked.—V. 95, p. 180.
Tenders are ac¬
p: Union Oil Co., Los Angeles.—Dividend Omitted— The
directors, it is stated, on Thursday decided to omit the Janu¬
ary
dividend, but announced the intention to
resume
dends next July on a minimum basis of 4% pfer annum.
divi¬
Pres.
Lyman Stewart is quoted as saying in substance:
During 1914, about $1,750,000 will be required for sinking fund purand serial-note requirements and about $1,250,000 will be needed for
noses
further equipment if the business continues to grow in
.
the
same
ratio
as
during the past four years.
The floating debt, .which has been reduced
this year to ndrmal proportioris, will be still further reduced as a safeguard
against contingencies.
The situation has been chiefly brought about by
too much prosperity.
The volume of our business has doubled in four years,
capital stock, from gross sales of $10,©00,000 on a capital of $30,000,000, to gross sales in 1913 of $20,000,000
on a capital stock of $32,000,000.
This great flow of new business has
required each year millions of dollars for fixed investments in oil lands,
drilling operations, &c.
Stockholders can confidently look forward to in¬
creased dividends within one year, or two at the most.
[The gross sales
for the eight months ending Aug. 31 were $13,338,701 in 1913, against
$10,958,391 in 1912 and $9,240,900 in 1911.
On Sept. 22 1913 the current
liabilities were made up of $2,565,000 current bills payable and $1,072,000
accounts payable.]
Compare V. 97, p. 449, 1290, 1668.
'
with rio corresponding increase in
United States Rubber Co., N. Y.—18% Subscribed.—
on Dec. 16 gave out the following:
President Colt
The amount of subscriptions received from stockholders under
pany's offering of its first pref. stock, with
a
the com¬
few from abroad to be added, is
$1,715,700.
[Total amount offered, $9,422,000; price, par.]
Considering
that the general financial condition has not been propitious for the placing
Of securities of any kind, the subscriptions are as much as has recently been
anticipated.
The strong financial position of the company makes it inex-
Sedient to offerfavorable. The untaken stock will not be disposed of condithe unsubscribed stock outside until general financial to the
—The
new
firm
of
Perry, Price & Co. will
commence
business the first of the year with offices at 131 South La
Salle St.,- Chicago.
The firm will have memberships on the1
Chicago Stock Exchange and Board of Trade and will do a
general investment and commission business in bonds, stocks,
grains and provisions.
Mr. Oliver H. Perry Jr., the senior
member, has been in the banking and investment business
for the past ten years and has just severed his connections
as manager of
the bond department of Curtis & Sanger.
Mr. Price was formerly with the Price Cereal Co. and "the
Price Baking Powder Co.
The other members of the new
firm are Charles Aeppli, formerly with Alfred L. Baker &
Co., and Eugene H. de Bronkhart.
—Warren A.
Snow, formerly Treasurer of the American
Public Utilities Co., and Wm. H. Berteles, banker, both of
Grand Rapids, Mich., have recently been admitted to part¬
nership in the firm of Howe, Corrigan & Co., Grand Rapids,
the new firm to' be known as Howe,. Snow, Corrigan & Ber¬
teles.
Mr. Snow has had wide experience in the investment
bond business and will be the active head of that department
in the
new
firm.
'
:
—Hams, Forbes & Co. and Potter, Choate & Prentice
of this city, the Hibernia Bank & Trust Co. and the WhitneyCentral National Bank of New Orleans are jointly adver¬
tising in this issue $10,991,500 State of Louisiana refunding
4^% bonds.
Price of any maturity will yield 4.55%.
Having sold over $7,000,000 of these bonds, the remainder
is offered subject to previous sale.
See advertisement for
particulars.
—The second edition of "How to
Comply with the Income
Law," relating particularly to interest, by Stuart H.
Patterson, expert for the Committee of New York Trust
Companies, has just been published.
It covers Treasury
regulations to date and presents numerous illustrations and
examples.
The pamphlet is published by "Trust Companies
Magazine," 1 Liberty St.
Tax
—The San Francisco house of E. H. Rollins & Sons has
issued
pamphlet containing
a
an
alphabetical list of 256
the normal
California corporation bonds, showing whether
Federal income tax on the
coupons is paid by the
or is to
corporation
be^deducted before making payment to the bondholder.
ons are more
public except at a figure substantially above par.
Meanwhile, as a result
thp company has nearly $2,000,000 additional permanent
working capital."
See V. 97, p. 1360, 1434, 1515, 1738, 1754.
of the above,
,
pUtah Gas & Coke Co. (Salt Lake City).—Pref. Slock
Offered*—II. L. Nason & Co., Chicago, are offering, at par
W—yhite, Weld & Co. of this city, Chicago and Boston
offering
a
vestment.
very
are
attractive list of high-grade bonds for in¬
These bonds
ment.5|The yield
ranges
are
featured in
to-day^'s advertise"
S3
from 3.93% to 5%.
1838
THE
jcptrris
CHRONICLE
"
anal
icucn
PUBLISHED
ac
AS
a
[Vol.
xcvii.
dJtoatrajetris.
m
rswtr ot
i
<-
t-u
p>it»
ADVERTISEMENTS.
STATEMENT BY CHAIRMAN B. F.YOAKUM OF THE ST. LOUIS & SAN FRANCISCO
RAILROAD COMPANY
71
Broadway, New" York,'December 16 1913.
To the Frisco Stockholders:
f.
As the Frisco railway
properties
Receivers, and its affairs
•
are now
During the eleven
the Frisco has
-
$1,700,000
in the hands of
a
map
,
no
Date.
Road.
1899—St. Louis & Oklahoma City.
1902.-Ozark & Cherokee Central
;
1-902--Blackwell Enid & Southwestern
'
■
.
Mileage.
,
251.43
"
207.26
52.98
"
466.96
"
but the Texas & Pacific never executed the contract.
meantime the Frisco had made several
1,275.38
"
and
1901 __St. Louis Oklahoma & Southern.
1901-.Red River Texas & Southern
1906--Colorado Southern
Orleans Texas &
New Orleans & Pacific
(now New
Mexico)
1902--Chicago & Eastern Illinois
"
preliminary
sparsely settled country which has
largely developed through the agency of the
Frisco, it was exceedingly difficult to
get money for this
pioneering work.
Therefore, the usual plan of forming
so
syndicates to construct and'finance such lines
and in order to show
my faith in the
secure
the necessary
was
adopted,
undertakings, and to
help, it became imperative for me to
invest my own funds.
PROFITS FROM THE SYNDICATE
SALES OF
*
*
Number
Amount of
of
Syndicate
Syndicate
Road.
Subscrip¬
My
Subscrip¬
tion.
tion.
Subscribers
1902-04 St.
L,
&
Gulf
S
1903-09 St. L. Brown.&Mex
1902-03 St. L. S. F. & N.O.
1901-03 Okla.
City & West.
1902-04 Ark. Vail. & WestNew Iberia & Nor:
1909
-
.
'
.
ri
My Profit
and
St.L.M.^kS.E.
50
99
50(esi.)
5,300,000
Less 6%
Interest on
Investment
22,500 00
62,500 00
1,250,000 300,000 00
2,933 34
11,515 78
3,190,000
practically
gross,
None
its
upon
Line two years ago upon a paying basis.
I visited Mexico
City and conferred with Mr. Limantour,
then Minister of Finance, and Mr.
Brown, President of the
..
for
3,900 00
1,020 84
5,283 94
we reached an understanding
interchange of business through the Brownsville-Mata-
moros
gateway.
-0
*
international bridge was constructed over the Rio
Grande River, which is owned jointly by the Frisco and the
An
National
None
Lines
of
Mexico.
When the bridge was first
good interchange of business bejfcween
opened
Total
18,569,000 810,833 33 288,116 99 151,151 72
...
there
the two
lines, which would have soon reached 75 to 100 cars
There is a profitable business awaiting a settlement
a
Outside of the above, I received
$28,000 in 4y2% bonds
from the St. Louis & Gulf
Syndicate and $37,500 in sale
of the Gulf Construction Co. to
the Colorado Southern New
Orleans & Pacific Railroad
Co., as shown by me at the hear¬
ing in St. Louis.
\
V'V-.
These acquired railroad
properties (twelve in number)
have all proved
advantageous and profitable to the Frisco,
with the possible
exception of the Chicago & Eastern Illinois
and the New Orleans Texas &
Mexico (the Gulf Coast
Lines).
Judged by results at the present time these two
properties
do not appear
profitable, but considered from a broad con¬
structive standpoint, the
larger plans in view and the prob¬
able future earnings of these
properties, I believe their
purchase will be fully justified.
Prospective and retro¬
spective pictures are not always the same.
THE CHICAGO & EASTERN
ILLINOIS RR.
The Frisco acquired a
majority of the stock of the Chicago
& Eastern Illinois Railroad
Company in October 1902, and
at the time of this
acquisition I did not own any
Chicago &
Illinois stock, nor did I make
any profit directly or in¬
directly.
Chicago is the largest railroad
the West.
mile
National Lines of Mexico, and
$
7,900 00
2,148,000
38
Profits.
50,000 00
61
per
local business.
Had it not been for the revolution in
Mexico,
which broke out in 1910, the interchange business with the
National Lines of Mexico would have placed the Brownsville
^
My
2,700,000 75,000 00 38,187 45 29,187 45
3,981,000 300,833 33 227,580 42
111,759 49
51
Mexico and the Rio Grande River.
The Brownsville Line—Houston to Brownsville—was con¬
structed through a syndicate composed of 99 subscribers.
It is now earning $5,476
FOLLOWING
My interest therein, which is verified
by reports made at
the hearing concerning the
construction of these
lin^s before
the Inter-State -Commerce
Commission and by accurate
data, is shown by the following:
Date.
In the
surveys
country, extending from Chicago and St, Louis to the Gulf of
THE
RAILROADS.
-V
Pacific,
permanent locations for construction of its own line,
giving it an entrance into New Orleans by way of Baton
Rouge.
Right-of-way for a portion of the line had been
secured.
The completion of this line south of Memphis
is an important one and made more so
by the opening of the
Panama Canal, which will make the Frisco
probably the most
important transportation company in the distribution of
commerce for all
of the Mississippi Valley and
territory
tributary thereto, Mr. B.- L. Winchell made a thorough
investigation of the proposed line south of Memphis and
made reports showing its importance as a
connecting link
in the completion of the
longest water level grade line in the
All of the lines shown on the
map were acquired to fit into
the Frisco System and to aid in the
upbuilding of its business.
When the construction of these
lines was undertaken in
1897 through the then
since been
.
.
South Texas in carrying out the general plan of the
system.
We entered into negotiations for the use of the Iron Mountain
south of Memphis, including a portion of the Texas &
103.26 miles.
.143.90
"
_
an
The gap between St. Louis and Memphis
completed and
the Chicago & Eastern Illinois acquired to give an entrance
into the Great Lakes territory, it seemed
necessary to cover
the 385 miles south of Memphis to reach New Orleans and
personal interest in,
.
or
NEW ORLEANS TEXAS & MEXICO RAILROAD CO.
acquired by the Frisco.
The lines indicated in blue I had
personal interest in (see below for details). '
.
dividends,
tonnage into Chicago and other markets.
showing the following lines
The lines indicated in red I had
in
lines into that territory and have become
large carriers of coal
a
viz.:
has received
.
I have tried to avoid undue
length, and to confine myself
to those things which have been
most criticised and to other
facts of interest to
you.
It is not my desire to escape re¬
sponsibility, nor even to divide that
responsibility with
others.
'V--:; v:V
I hand you herewith
it
about
-
•
#
since the purchase of this property,
stock certificates approximately
on
$150,000 a year.
The interchange of
traffic, however, has resulted in gross earnings to the Frisco
of approximately
$3,750,000 annually.
At the time of the purchase of the
Chicago & Eastern
Illinois it practically controlled the coal traffic of Illinois
and
Indiana to Chicago markets.
Since that time the Southern
Illinois, Big Four and other railroads have extended their
are
Commerce
ment.
than
more
of
average
being investigated by the InterCommission, under the direction of the
United States Senate, I desire to
make the following state¬
State
years
paid out
and commercial centre of
At the time, railroads were
being consolidated
to large railroad
develop their traffic satis¬
factorily.
It was the judgment of the
Board, as well as
myself, that this investment would be
advantageous to the
Frisco, and while it has not been directly
profitable, it has
been indirectly of immense
advantage, by reason of the gross
earnings from interchange business which it
probably would
not have secured
except through ownership of the
Chicago &
into large systems, and those without
access
and commercial centres could not
Eastern Illinois.
-
day.
was
a
of the revolution in Mexico for the New Orleans
Brownsville
am confident that 25%, if not one-third, of the
line, and I
interchange traffic between this country and Mexico
controlled
can
be
through the Brownsville-Matamoros gateway.
But for the disastrous floods of 1911 and
1912, the New
Orleans and Brownsville lines would have shown satisfac¬
tory results.
War in Mexico cut into another large source
of traffic, which could have been handled
material additional cost in operation.
without
any
:
#
The loss in traffic and property to the Frisco on account of
these conditions amounted to several million dollars.
The
Gulf Coast line could
probably have stood floods and war
the result has been
year, but with two successive years
very unsatisfactory.
.
"
;
It is believed by an expert
one
,
.
r
engineer, who has recently made
for certain bondholders an exhaustive
study and report of
the New Orleans Texas & Mexico, that the line will within
three years show an earning capacity
averaging $7,000 per
a lowgrade road, it can be operated for 70% of its gross earnings,
resulting in a net of $2,100 per mile per annum.
This line covers the richest and most
productive section
in the entire Western Hemisphere, and while criticism has
been made of its acquisition, I predict that if it is eliminated
under the reorganization of the Frisco, its loss will be as
much regretted as its ownership is now criticised.
The syndicate which constructed the Brownsville Line
mile gross per annum.
It is also estimated that, being
_
had
no
agreement
understanding whatever that it would
behold to the Frisco.
This was shown by Mr. A. T. Perkins,
who was the representative of the
syndicate, and who gave
or
very clear account of its transactions at the Inter-State
Commerce Commission hearing in St: Louis.
The syndicate
which organized and projected this road—not the Railroad
a
Company itself—-received from large land holder^ donations
Deo. 20
including townsites, and much of the right-of-way
to undertake its construction.
the railway for right-of-way,
of land,
of that railway to induce them
All the lands then needed by
thought likely to be needed
conveyed to the railway company. •
in 1909 for the Brownsville Line $11,£27,200.
The total valuation fixed by the Railroad Com¬
mission of Texas in 1909 on that line, including equipment
and
appurtenances was $11,874,951 92, or an amount
slightly in excess of the price paid by the Frisco.
stations and other purposes, or
in the future, were
The Frisco paid
GROWTH OF FRISCO 'SINCE
,
..
1
Frisco Gross Earnings.—
Stock and Bond
1896.
1913.
1,162
5,269
_____
$5,157
$8,763
—$5,993,336 $46,050,000
$70,744
16.64%
and bonds under any
1897 were 7.29%
to-day its gross
on
pleasure is that on the railroads I
there are now something
like- 25,000 employees.
This army of employees support
and educate 100,000 people, and such employment is perma¬
nent, and will be there for those who operate these railroads
for all time to come.
These employees are loyal to the road,
as they know during all the time of my activity I have stood
for fair compensation, rules and regulations towards the men
who are engaged in the operation of the line.
1902786—
gives
me
have been instrumental in building
PHYSICAL VALUATIONS BY U. S.
GOVERNMENT.
about to have physical valuation by the Govern¬
ment of railroad properties in this country, and I confidently
believe that the assets of the Frisco will equal the par of all
are
.
At any
of its superior terminal facilities
and other points of advantage, together with its relatively
small capitalization, will hold its own with any other railroad
its outstanding bonds,
System
668%
,/
Increase.
territory it traverses.
Special attention has been paid to the acquisition of ter¬
minals at the large commercial centres.
No other railroad
in that section has as "adequate terminals or is as well pro¬
vided for the future in that regard as the Frisco.
A fact which
in the only way it could be done at
352%
70%
•
its total capitalization per mile, or
more than double what they'were in 1897.
Including the
outstanding Kansas City Fort Scott & Memphis Certificates
and equipment trust obligations, the total bond and stock
capitalization to-day is $57,766 per mile.
The Frisco, at the time of its reorganization in 1896, was
laid with 45 to 60-pound rail.
All of its main line has been
relaid with heavy rail, ballasted, and is in as good physical
operating condition as the average railroad through the
We
We built the system
the time; otherwise, there would have been no Frisco
as it stands to-day, the best of the Southwest.
It
tutes my
$52,655 25.55% (Dec.)
The Frisco's gross earnings per mile in
its total capitalization per mile, and
on
are
shows an average increase of approximately
life's work, and it is my purpose to see
Capitalization Per
Mile
earnings
above
The
6% annually during the last 9 years.
If we figure an aver¬
age annual increase of 5%, the earnings in 5 years will be
$57,562,000, and in 10 years $70,000,000.
If the through
line to Panama is opened within the next five years, the
Frisco would be its logical connection, and the figures named
would be largely exceeded.
consti¬
it on its
feet, its difficulties cleared away, and that the stockholders
get their money out of the property if they stay with it.
The property is worth every dollar against it in both stock
1897.
,
Frisco Mileage
'——
Frisco Earnings Per Mile
1829
CHRONICLE
THE
1913.]
1v'
Much comment has been
Frisco during a
■
.
.
'
•
made that the securities of the
long period of years have been sold at
than their aggregate par value
million dollars.
It is true that a
less
by a sum in excess of 30
comparatively new system
doing the work of extension and development like the Frisco
is not always as favorably situated in the money markets
as are the larger and more powerful systems with well estab¬
lished traffic and
Some of
section.
serving a highly developed and populous
our strongest railroads, however, are now
dearly for money as the Frisco ever did.
reorganization plan of 1896, the first and second
preferred stocks were limited to 4%, and as under the laws
of Missouri railroad stock cannot be sold for less than par,
that plan practically prevented further sale of preferred
stock.
This, perhaps, could not be foreseen at the time of
the reorganization, and I only refer to it as one of the diffi¬
culties encountered in financing the Frisco System.
There¬
fore, the only source of financing was through bond issues.
Grouping the three largest bond issues, and taking the
net amount of money received, the Frisco paid a total dis¬
count, including commissions, of about 32 million dollars.
(I have not the exact data at hand.)
No one received any
part of these discounts and commissions except the bankers
and investors themselves.
This discount, however, is not
a direct outlay of money but is an obligation whose maturity
is spread over 15 to 50 years.
In other words, its effect is
to raise the apparent average rate of interest from say 5%
on par to an actual rate of from 7 to 71/2 per cent.
This
computation of rate of interest includes final payment of
paying
as
Under the
the bonds in full.
other obligations and stock.
rate, the Frisco, on account
fair valuation.
sale' of securities.
■
my
stock
i
ownership in the frisco;
of St. Louis & San Fran¬
cisco stock.
My holdings are as large now as they have ever
been.
If to my own is added the stock held by my family,
in this country.
■'
•
:
our holdings are probably the largest in
the company. I
I have endeavored to be a builder, and to aid in the
have never lost faith in the property, and I have confidence
creation of wealth for the country into which the Frisco Lines
have been projected.
Oh the line from Houston to Browns¬ in its future outcome, notwithstanding its temporary troubles.
In conclusion, let me say that criticism of me is more or
ville, land values have increased from about $2 an acre in
less natural, following the receivership, and considering my
1901 to from $25 to $150 per acre to-day, or probably 100
close connection with the company.
That it has been
million dollars increase in value on the land within 10 miles
on either
side of the railroad along that 400 miles.
The severe to the point of injustice I have tried to make clear to
you in this communication.
What profits I have received
same can be said of Oklahoma, where we pushed railroads
from these undertakings represent at most only a liberal
through when it was 15 to 20 miles between houses.
interest on investments as shown above. My principal motive
The Oklhaoma lines of the Frisco serve the most populous
was not that of selfish personal gain, but the building of the
section of the State, and the most productive in agriculture,
railroad system and the growth of the country in which it
oil and coal.
The 1900 Census showed the State had a
lies.
The construction of new railroads through sparsely
population of 790,000, while in 1910 it was 1,657,000, and
it probably now is close to 2,000,000 people.
This gives settled Western sections does not appeal to bankers as in¬
vestments and therefore syndicate financing in accord with
you an idea of what that country was when we entered it,
existing custom was employed. No one will deny the great
and what it is to-day, due largely to the a|||Hties of the
changes that have taken place in public opinion during the
Frisco Lines.
past ten years.
I recognize the public disapproval of dealings
The southwestern group of States served by the Frisco
between a corporation and its officials.
While I believe
are rapidly becoming the greatest food-producing States of
it ought not to apply to pioneering enterprises which have
the Union, and will continue, as their.development is pushed
forward, to furnish their quota of all food-stuffs for the bal¬ in the past depended for the supcess upon syndicate or indi¬
ance of the country.
No one unfamiliar with that section vidual financing, on the. whole, I am Convinced that the
policy is right.
It is equally true that within the same period
of the country and the people who are pushing its growth
many other familiar corporate acts, such as contributions
so rapidly can appreciate what the last ten years have done
to
in its growth, development and prosperity.
political campaigns, rebating, trade and traffic agree¬
ments, have come under the ban of public upinion.
It is
Sincb I have been connected with the management of
my earnest wish to co-operate in the work of reconstruction
these properties their gross earnings have reached the sum
of $46,050,000 per annum, as shown below.
'During the with all the resources of strength and money within my
I shall devote myself to this work, and, in conjunc¬
period covered, the mileage operated increased only 224 miles. power.
tion with many able men who are also giving their time and
Increase over
Gross Earnings.
Previous Year.
'
energies to its success, will do all I can to rehabilitate the
1905—
:
—$29,958,000
11%
Frisco System and to so reorganize it that the stockholders
32,047,000
7%
may be fully protected and their losses regained.
Nothing
38,621,000
20%
35,806,000
Dec. 7% (following panic)
less than this will satisfy me or do justice to this great
am
one
of the largest holders
#
b
4
I
'
•
.
;
'
.
•
—
37,757,000
41,166,000
43,159,000
42,100,000
46,050,000
1913—
—It
5^%
9%
5%
Dec. 2 1-3% (Heavy loss from
9.4%
property.
is stated that Chandler Brothers & Co. of Phila¬
delphia and New York will on Jan. 1 separate their bond
investment business from their stock business.
A corpora¬
tion to conduct the bond business has been organized under
the laws of the State of New York with $1,000,000 capital
and $500,000 surplus.
The object of the change is to keep
the bond business distinct from the stock business.
If a
customer patronizing the bond department leaves securities
with the company, the same will be held entirely separate
from any collateral he may deposit with the firm in connec¬
tion with such
transactions.
-
Respectfully,
v
floods)
B.
—William P.
F. YOAKUM.
Bonbright & Co., Inc., announce the forma¬
Bonbright & Co., with offices in Paris.
tion of the firm of
The
new
firm is the Continental
representative of the New
York, Philadelphia, Boston and Detroit offices of
P. Bonbright & Co., Inc., and of the London house
iam P. Bonbright & Co.
William
of Will¬
—A co-partnership under the name of P. H. Goodwin &
Co. has been formed in Baltimore by Percy H. Goodwin and
Adam P. Barrett.
more
The partners are
Stock Exchange.
Building.
members of the Balti¬
The firm has offices in the Calvert
THE
1830
CHRONICLE
COMMERCIAL
Trade is
on
-
unusually slow
even
the part of a
EPITOME.
telegrams from the South to-night, is given below.
for this time of the year.
Talk
cheerful reading.
member of the Cabinet in favor of Govern¬
ownership of the telegraph and telephone interests
Decreases in railroad earn¬
ment
has not tended to help matters.
ings emphasize the need of higher
of idle cars has recently increased.
wool sales
iron
well
as
Those of pig
as
some
of the steel products have somewhat
increased and steel is rather
more
steady.
Senator Root's
speech warning the country against the tendency to inflation
in the currency bill has borne fruit in some modification
of its provisions.
Securities have shown greater steadiness.
The winter-wheat
prospects
thus far
are
excellent.
The
fact remains, however, that
business
that
men
are
enterprise is at a standstill and
watching and waiting rather than
,
refined Continent $11 30, South American $12,
Brazilian
Lard futures have not fluctuated within very wide
limits.
despite
on
the previous
very
another
same
of
period of 1912, showing
Sat.
Galveston
Texas
big receipts of hogs.
day they
On
a
single day these have
166,000, against 102,000.
were
To-day prices declined
a
January deliVery._cts.10.72}*
May delivery
....11.05
PORK
Pack¬
little.
Mon.
5,846
Wed.
Tues.
6,515
Fri.
Thurs.
8,533
5,760
924
13,577
2,526
13",430
18",173
18",3i7
15",947
15",531
3",736
1,392
imm
5",957
5",433
City
NewOrleans....
Total
10,148
3,285
7,000
5,324
9,390
60,379
8,705
7,009
5,324
90,788
6,537
2,450
1,970
24",860
M59
Gulfport
Mobile
Pensacola
...
Jacksonville, &c_
2,245
9,477
Savannah
Brunswick
9",552
9",731
8",462
7",426
2,245
52,394
.9,500
13,041
7,746
9,500
-
1,351
2",756
l"9li
2",528
1,241
3,254j
2,280
2,954
2,452
5,002
1,629
4,013
1,625
5,278
1,546
4,196
1,340
4,359
6,045
"*150
50
200
"252
'"55
""si
2.649,
M
2.i
following shows the week's total receipts, the
total
Charleston
Georgetown
Wilmington
Norfolk
Boston
52
Baltimore.
10,822
25,803
6,045
Philadelphia
Totals this week.
39,326
The
since Sept. 1 1913,
53,560
46,766
45.557
46,078
the
10.70
11.00
10.65
10.95
10.70
11.00
1913.
Receipts to
10.67
11.00
10.62}*
10.97}*
On
spot has been
9.50® 9.51 (August
9.07® 9.08 April
9.90® 9.91
9.62® 9.63 [September. 9;98® 9.99
January... 9.11® 9.13 May.
9.72® 9.73(October... 10.05@ 10.07
February .. 9.24® 9.26 June
March
9.37@ 9.38 July...... 9.82® 9.83|November 10.10@10.11
December.
December 19.
This
Week.
Galveston
Texas City
Port Arthur
.....
Mobile:
Pensacola
&c_
Savannah
Brunswick
Charleston..
Wilmington
Norfolk
This
Week.
Sep
1 1913.
Since
Sep
1 1912.
1913.
50,379 1,911,185 144,529 2,693,077
259,113 26.749
496,385
8,705
62,996
19.494
7,000
54,495
103,272
5.324
867,964
868,124 59,519
90,788
6,610
148,756
24,860
271,922
6 625
85 918
103,053
2,450
12.480
675
23,126
2,245
924,750
52.394 1,309,380 31,700
3.800
188 100
9,500
211,600
7,815
248,483
372,048
13,041
314,160 13,573
281,806
10,822
349,173
25,802
328,715 16,601
36,358
7,853
42,413
6t,045
200
2,222
6,517
1,511
591
21.232
4,225
8,037
40.517
2.682
2,649
63,394
Aransas Pass, &c_
New Orleans
Jacksonville,
Stock
1912.
Since
...
N'port News, &c_
New
York
Boston
Baltimore.
474
Totals.
25
484,048
63,046
"
2 ,279
277,200
50,562
166,545
14,939
71,577
19,819
70.984
77,990
33,733
61,537
65".! 11
106,434
7,841
6,513
6,950
4,647
6,092
3,436
970
"""342
222,241
41,720
7l"950
2,645
146.374
9,222
■"
Philadelphia
1912.
229,613
24,139
994,580 1.284.949
312,795 6,2,04.966 335,203 6.526,032
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons: j|
we
1911.
144.529
123.348
26,749
59.519
6,610
29.352
52 394
31 700
9,500
___
TexasCity,&c
New Orleans'
Mobile
Savannah
Brunswick.
1912.
50,379
21,029
90.788
24,860
3,800
7,815
89,092
49.375
1913.
Receipts at—
Galveston
__
Charleston,&c
Wilmington.
13,041
10,822
25.802
30.996
10.869
10 104
58.955
5,500
27.709
2,480
7,302
7,659
14,994'
.
16.939
13 618
23,613
31,056
N'port. N., Sec
6,045
7,853
All others
8,135
16,454
19,555
36,326
278
25.439
^2,795
335,203
471,233
_
I
81.268
7,914
33.523
76,629
16.855
16,601
_
1909.
82,392
65,674
13.573
Norfolk
1910.
1908;
108,137
8.249
92,991
8,924
43.911
25.748
4,036
10,743
19.908
287
341
150
27.154
15,205
29.939
361.069
208,499
351,736
.
...
SUGAR.—Raw weak and lower, owing to pressure of
offerings from Cuba.
Centrifugal, 96-degrees test, 3.30@
3.33c.; muscovado, 89-degrees test, 2.80@2.83c.; molasses,
89-rdegrees test, 2.55@2.58c. The visible supply in the world
is estimated at 3,550,000 tons, an increase over last year of
370,000 tons.
Refined quiet and easy; granulated 4.20@
*
and the stocks to-night, compared with
last year:
Packers sold.
quiet and steady;
mess
$23 25@$23 75; clear $20 25@$22; family $25@$27. Beef
quiet and steady; mess $18 @$19; packet $19 @$20;, family
$20 @$22; extra India mess $28 @$3CU Cut meats quiet and
steady; pickled hams 13@13He.; pickled bellies, 6 to 12
lbs., 12 H @13He.
Butter quiet and firm; creamery extras,
36@37c.
Cheese quiet and firm;
State, whole milk,
colored, specials, 16H@16He.
Eggs dull and lower; fresh
gathered extras 36 @37c.
OILS.—Linseed in fair demand and steady; City, raw,
52@53c.; boiled 53@54c.; Western raw, 51 @52c.; Calcutta,
70c.
Cottonseed quiet; winter 7.50@8c.; summer white
7@8o.
Cocoanut quiet and steady; Cochin 13c.; Ceylon
10H@10Mc. Cod dull and easy;, domestic 38c.; New¬
foundland 40c.
"
/
;
COFFEE on the spot has continued quiet; No. 7 Rio 9Ho»
Coffee futures have been-quiet and declining.
Cost and
freight offers have been lower.
Brazil has been considered a
rather heavy and persistent seller.
Rio de Janeiro and San¬
tos quotations have declined; so have the European markets.
Receipts have been liberal.
The total in sight is some 9,900,000 bags, or some 425,000 bags more than at the same time
last year.
The price of No. 7 Rio is about 4He. lower than a
year ago.
To-day prices were without marked change,
trading being light.
Closing prices were as follows:
•
.
..
The exports
for the week ending this evening reach a total
bales, of which 101,683 were to Great Britain,
23,018 to France and 136,851 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
of 261,552
Naphtha firm; 73@76-degrees, in 100-gaIlori drums 24He.
Spirits of turpentine 46c. Common to good strained rosin $4.
TOBACCO has been quiet, as usual, at this time of the
Though cigar manufacturers are not running at high
the consumption is liberal. Labor is scarce; that is
one trouble and by no means a small one.
Both filler and
binder are steady.
Warehouse people in Connecticut have
all that they San Ho.
In Wisconsin, warehouse business is
beginning unusually early.
In Ohio, it will not begin until
early in 1914.
Sumatra is quiet; Cuban steady.
COPPER has been quiet, with Lake 14H@14Hc.: elec¬
trolytic 14^0.; London has been weaker.
Tin on the spot
has been quiet and easy at 37Ho.; London has been stronger
and Singapore has advanced.
Lead here on the spot 4c.;
spelter 5.15c.
Pig iron has been somewhat more active,
with No. 2 Eastern $14@$14 50 and No. 2 Southern $10.50
@$11 * At lower prices rolled steel products have sold rather
more freely for 1914 deliveryf notably for steel bars, plates
year.
pressure,
r
From
Sept.
Export^
Great
from—
>
_
Texas City.
33,372
9,493
8,247
3,898
nent.
Total.
37,721
79,340
13,391
'7,000
2,847
594,378
202,272
105,438
84'
1S1.168
47,189
309,935
92,132
63,312
52,643
34,144
Arthur.
"V,000.
2,847
26,577
Orl'ns
New
Mobile
20,012
15,310
Savannah..
2,450
1,502
Brunswick
*,640
Pensacola..
Charleston
.
York.
Boston
....
Baltimore, j
"709
Total—
1912
Note.—N.
5,030
48,712
74,043
21,974
92,135
38,405
"5,701
7,202
24,302
18,209
"V, 832
356
Pt. T'wns'd
19
1913.
356
15,626
6,485
nent.
Total.
709,451 t,506,101
51,258
234,864
15,193
16,040
7,824
189,647
69,436
31,020
445,433
29,986
591,714
185,391
22,954
49,306
103,053
793,803
188,663
239,794
270,148
64,579
212,306
42,584
80,440
2,973
103,707
47,673
204,671
89,915
15,626
6,485
Fran..
Total
37,889
143,699
53,169
11,511
5,269
1,566
5,200
Dec.
■
23,942
13,840
3,700
501
1,065
2,002
Philadera..
San
22,162
5,567
9,200
3,700
4,528
Norfolk....
New
France,
4,528
.
Wilmington
Britain.
11,513
4,560
10,873
to
Conti¬
Great
Conli-
Ar.Pass.,<fee.
Pt.
1013
15,310
2,450
Sritain. France.
Galveston.
1
Exported to—
Exported to—
seasonable demand;
8.75@9.75c.; bulk 5.25@6.25c,; cases11.'25@12.25c.
Since Sept. 1. 6.204.966 6,526,032 6,669,632 5,694,904 4,898,482 5,987,383
fk endina Dec. 19 1913.
a
Crude'firm; Pennsylvania dark $2 50; second sand $2 50;
Tiona $2 50; Cabell $2 07; Mercer black $2; Newcastle $2;
Corning $2; Wooster $1 91; North Lima $1 49; South. Lima
$1 44; Somerset, 32-degrees and above, $1 35; Illinois $1 45.
shapes.
Total this wk.
-
PETROLEUM.—Refined firm, with
and
decrease since Sept. 1 1913
Port Arthur.
Aran. Pass, &c__
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
barrels
a
.V;.'^
321,066bales.
have sold, but shorts have deemed it advisable to cover.
4.25c.
week, making the total receipts since
Sept. 1 1913 6,204,966 bales, against 6,526,032 bales for the
At times weak, they have at other times steadied up,
reached 133,000, against 94,000 on the same day last year:
ers
bales
New York
LARD oh the spot has been quiet; prime Western
$13.
ending this evening the total receipts have reached
312,795 bales, against 291,330 bales last week and 358,923
Newp'tNews,&c.
taking chances.
For the
week
rates while the number
Yet, on the other hand,
the largest for months past.
are
Friday Night, Dec. 19, 1913.
THE MOVEMENT OF THE CROP, as indicated by our
Priday Night, December 19 1913.
The bank clearings make no very
xcvn.
COTTON.
2£he Ofarmtttmial Jimjes,
•.',,,
iVob.
103,707
47,673
112,540
144,849
147,393
42,605
114,470
4,179
21,182
101,683
23,018 136,851 261,552 1,724,481
718,590 2,288,957 4,732,028
75,535
20,571 162,833 258,939 2,223,344
699,954(1,995,462 4,918,760
Y. exports since Sept.
1 include 8,783 bales Peruvian and 75bales
Brazilian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Deo. 20
1913.]
THE
On
Shipboard, Not Cleared for-
Great
Dec. 19 at—
Britain.
CHRONICLE
Ger¬
many.
France.
Other
Foreign
FUTURES.—The
Coast-,
Leaving
wise.
Total.
19,288
26,665
_
7,901
1,849
29,467
9,600
1,000
8,302
2,000
1,800
17,000
930
3",000
Charleston
Mobile
Norfolk
3",583
11,836
2,958
3,000
10,000
New York
Other ports
'500
269
18,341
26,534
47,648
86,096
10,500
4,000
24,021
32,958
9,300
29,000
2,500
900
^300
28,000
4",000
2,000
as
follows:
Stock.
Saturday, Monday,
New Orleans.
Galveston
Savannah
229,552
143,517
135,874
73,990
26,541
28,579
55,811
57,193
Dec. 13.
Tuesday, Wed'day, Thursd'y,
Dec. 15.
Dec. 16.
Dec. 17.
Dec. 18.
76,747
Total 1912—
83,056
Total 1911— 122,212
12,914
71,018
41,795 88,800
52,423 103,094
50,875
33,519
67,922
.
-
31,969 243,523
751,057
48,900 296,120
988,829
24,281 369,932 1,194,355
December—
12.65-.66j 12.59- .60
12.75-.97 12.44-.65 12.32-.56 12.26-.49 12.31-.41
Closing
12.75-.76 12.49-.50 12.42-.43 12.37-.38 12.38-.39
Range
12.50
1910.
This created
a
general impression that
very
4
h
12.35
—
—
12.24-.39 12.24-.97
12.30
12.30-.50
12.72-.75 12.46-.47 12.42-.44 12.35-.36 12.37-.40 12.30
Closing
March—
...
12.88-.10 12.60-.78 12.52-.73 12.48-.70112.50-.61 12.48-.50 12.48-.10
Closing.... 12.88-.90 12.66-.68 12.62-.63 12.56-.57 12.59-.60 12.48-.50;
,
000 in
■
Week.
12.90-.14 12.61-.81 12.5K70 12.40-.65 12.46-.55 12.42-.53 12.40-.14
12.90-.91
12.51-.53 12.53-.54 12.47-.49
Range
Closing
January—
Range
Range
Speculation in cotton for future delivery has been active
at lower prices.
Judging from ginning reports issued by
Memphis people, the quantity ginned up to Dec. 13 approxi¬
mates 12,800,000 bales, against 12,439,000
during the same
time last year, 13,771,000 in the previous year and
10,695,-
Friday t
Dec. 19.
February—
Total 1913—
12. 5-26
highest, lowest and closing prices at
New York for the past week have been
April—
Range
—
12.65
—
—
ll2.55-.65
12.55-.56
12.48-.50j
—
12.85-.04 12.58-.76 12.50-.70 12.45-.67 12.49-.61
Range
12.48-.62 12.45-.04
12.84-.85 12.63-.64 12.60-.61 12.55-.56 12.60-.61 12.50-.51
Closing
,
—
12.86-.88 12.64-.66 12.60-.62 12.55-.57 12.59-.61
Closing
May—
June—
Range
the Census Bureau report on the ginning up to Dec. 13, to be
12.64
Closing
issued to-morrow, would be of a bearish character.
Also,
it has been pretty generally assumed that if the Census Bu¬
backed up the Memphis report, it would practically
discredit the recent Government crop estimate of 13,677,000
bales, exclusive of linters.
Some members of the trade in¬
cline to the opinion that the crop may yet turn out to be
12.64
112.56
—
12.56-64
—
—
August—
14,500,000 to 15,000,000 bales as a
ing linters.
There has been very
there and everywhere.
Liverpool,
and the South generally have sold
—
12.79-.81 12.59-.61 12.56-.58 12.51-.53; 12.57-.S9 12.48-.50.
July—
October—
reau
.
commercial crop, includ¬
heavy liquidation here,
New Orleans, Memphis
freely.
Wall Street in¬
terests have also sold on a liberal scale.
Large spot interests
have been prominent in the selling.
The Liverpool spot
sales at one time showed some tendency to decrease.
On
occasions the reports from Manchester have been
pessimistic.
Business over most of the Continent of Europe is said to be
bad.
The financial situation at home and abroad has
ingly discouraged not
seem¬
few from taking the bull side of the
market.
The general opinion has been that the times were
unfavorable for starting bull campaigns in anything.
The
spot markets have been quiet.
But on the other hand, now
and then have
come
a
reports that spot holders
follow the decline in futures.
recently been in
were refusing to
The week-end statistics have
respects bullish.
some
They have shown
that the visible supply of American cotton in the world is
very much smaller than it was at this time last year.
Spin¬
ners' takings recently have made a good
showing, and it is
argued that this, means a good consumption, as spinners
would not, it is contended, be apt to load
up with cotton at
around 13 cents unless they needed it.
At a much lower level
they might buy in order to replenish stocks, and as a precau¬
tionary measure, but hardly at so high a price as 13 cents.
Not a few stick to it, moreover, that this is a
small1'crop,
smaller by considerable than that of last year, and that it
means higher, prices, as
they believe that, there is every like¬
lihood of a good consumption.
Yet it is pointed out that the
consumption in November, according to the Census report on
supply and distribution, which appeared last Monday,
showed a total of only 482,000 bales, as against 542,000 in
October.
Bulls note,'however, that there were about 27
working days in October and
only about 24^ working
days in November, so that the daily consumption during
October, 1 which reached 19,883 bales, was just about
equaled, after all, during November.- The reports of big
ginning have been on the whole the most depressing factors,
accompanied by heavy liquidation and selling for a decline.
Saturday's ginning report by the Census Bureau is awaited
with great interest.
To-day prices declined oi^mg liquida¬
tion, particularly in January, partly for rflP&s account.
Spot cotton closed at 12.80c. for middling uplands, showing
a decline for the week of 60
points.
The stock here is steadily
increasing and in warehouse is now about as large as it was a
year ago.
\
,
...
Fair—
c.1.75
Strict mid. fair
1.50
on
on
Middling fair......1.30
on
Strict
0.90
on
middling....0.65
Strict middling
0.32
on
good mid
Good
on
Middling
Good mlfM^Bged.c
Even
Strict low middling.0.50 off Strict mlcTT tinged.0.20 off
Basis
c.
Low middling
1.25 off Middling tinged.a0 .40 off
Strict good ord——2.00 off Strict low mid. ting1.25 off
Good ordinary
3 00 off Low mid. tinged..3.00 off
Strict g'd mid. tlng.0.45
quotation for middling upland cotton in the
New York market each day for the past week has been:
'
NEW
1913-C
1912
YORK
12.80
Sat.
Mon.
Tues.
13.2.5
13.00
12.90
QUOTATION
FOR
1905-C-- —12.30
1S97.C
-13 20
1896
9.50
Wed.
Thurs.
12.90
Fri.
12.90
12.80
5.88
1889fc
7.19
1888
8.38
5.75
7.81
1887
1885
10.25
9.75
10.62
9.50
9.25
1884
7.90
1903
1902
13.20
1895
8.70
1894
1909
1908
15.10
1901
8.50
9.20
1900
10.00
1893
1892
1907———-11.7011899
1906
10.4511898
7.50
1891
7.94
1883
10.38
5.81
1S90
9.38
1882
10.38
—
-
9.88
MARKET AND SAL ES AT
1886
Market
Closed.
12.25-.27
....
12.06-.10 11.87-.90 11.86-.88 11.83-.85 11.90-.93 11.82-.84
Closing
11.95-.09 11.75-.87;11.70 — 11.76-.78 11.7&-.78 11.70-.77 11.70-.09
11.94-.96 11.75-.76 11.74-.76 11.71-.73 11.78-.79 ii.70-.72.
;• —
Range
Closing..
__
November—
Range
Closing
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks,
as well as
the afloat, are this week's returns, and conse¬
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday
only.
up
December 19—
Stock at Liverpool
Stock at London
1913.
bales.
.,
1912.
1911.
889,000 1,179,000
1910.
6.000
753,000
,3,000
882,001
5.000
108,000
59.000
60.000
64,000
1,002,000
1,244,000
816,000
10,000
214,000
2,000
14.000
952,000
3,000
233,000
175,000
2,000
8,000
35,000
33,000
Stock at Manchester
Total Great Britain..
Stock at Hamburg
Stock at Bremen
Stock at Havre
15,000
9,000
465,000
382,000
Stock at Marseilles
477,000
334,000
2,000
20,000
39,000
2,000
19,000
Stock at Barcelona
Stock at Genoa
Stock at Trieste
34,000
14,000
1.
Total Continental stocks
6,000
308,000
'
2.000
931,000
901,000
585.000
454,000
Total European stocks
-..1,933,000
India cotton afloat for Europe..
111,000
2,145,000
1,401 ,000
1,406,000
.
Amer. cotton afloat for
43.000
24,000
133,000
809,085
77.000
84.5,392
83,000
277,000
303,000
1,123,077
857,255
Europe.
Egypt,Brazil,&c.,aflt.for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
822,246 1.031.682
105,000
92.000
379,000
306,000
562.000
415.000
251,000
Stock iu U.
994,580
966,023
43,007
1,284.949
1,561,287
834.999
970,000
104.816
S.
ports
Stock in U. S. interior towns
U. S. exports to-day
223,000
48,103
105,647
Total visible
supply
...5,902,856 6.213,733 5,424,188 5,133,371
Of the above, totals of American and other
descriptions are as follows:
American—
Liverpool stock
bales.
Manchester
American afloat for
U. S. port stocks.
U. S.
37.000
371,000
1,031,682
1,284,949
834,999
48,103
879,000
822.246
994,5S0
Europe
interior stocks
966.023
43,007
U. S. exports to-day
Total
1,016,000
79 .000
stock
682,000
stock....
Continental
American
East Indian, Brazil, &c.—
645.000
45,000
556,000
809,085
1,564,287
970,275
104,816
.
771,000
50,000
422.000
845.392
1,123,077
857,275
105.647
.4,465,856 5,123.733 4,694.188 4,174,371
Liverpool stock
207,000
London stock
163,000
108.000
111,000
5.000
India afloat for Europe....
Egypt, Brazil. &c., afloat
Stock in Alexandria,
Egypt.....
Stock in Bombay, India
Total East India, &c
Total American
.6.000
3,000
29,000
Manchester stock
Continental stock
22,000
30.000
15.000
14,000
29,000
24.000
77.000
223.000
32,000
277.000
251,000
303,000
52,000
111,000
92.000
43.000
105,000
306.000
415.000
379.000
562,000
.
6,000
133,000
83.000
....1,437.000 1.090.000
730.000
959.000
.....4,465,856 1,123,733 4.694.188 4,174.371
Total visible supply.
.5,902.856 6.213.733 5.424,188 5.133,371
Middling Upland, Liverpool
rerpooi
7.1 Id.
7.lid.
5-05d.
8.16d.
Middling Upland, New York.
12.80c.
13.10c.
9.50c.
15.15c.
Egypt, Good Brown, Liverpool..
10.50d.
13.45d.
11 Hd.
9?id.
Peruvian, Rough Good, Liverpool
10.25d.
9.05d.
ll-OOd.
9.01 Id.
Broach, Fine, Liverpool
^
5 5-16d. 7ll-16d.
fi^d. 6 ll-16d.
Tinnevelly, Good, Liverpool....6 13-16d.
5«d.
6Hd.
7Hd.
_
.
,
ContinentaHmports for
past week have been 314,000 bales.
The above figures for 1913 show an increase over last week
of 161,153 bales, a loss of
310,877 bales from 1912, an excess
of 478,668 bales over 1911 and a
gairuof 769,485 bales over
1910.
•
;
.
OTHER
FOR
MIDDLING
COTTON
AT
MARKETS.—Below are the closing quotation!
of middling cotton at Southern and other
principal cotton
markets for each day of the week.
Closing Quotations for Middling Cotton
Week ending
December 19.
Galveston
Closed.
12.30-.35 12.25-.75
on—
Saturday, Monday,
NEW YORK.
13 1-16
13
13
13
13
13
13 y*
13
12 15-16
12 13-16
12 11-16
12 H
12 13-16
12 11-16
12 H
12 11-16
12H
i,
12 11-1
16
Charleston
13
12H
12*A
12 11-16
12 11-16
12 11-16
12"
12H
New Orleans..
Mobile
SALES.
Spot.
13 U
13 H
Savannah
Futures
Spot Market.
—
11.00
1904
15.25
—
—112.29
12.29-.31112.33-.35
QUOTATIONS
1910.
1911
Range
YEARS.
32
12.70-.75 12.30-.44 12.25-.36 12.26
Closing.... 12.52-.53 12.33-.34 12.31-.32
Sept.—
Middling 8tained._l.25 off
on
The official
Dec, 13" to Dec. 19—
Middling uplands.. —i
Closing
Range
.
The rates on and off middling, as established Nov. 19 1913
by the Revision, Committee, at which grades other than
middling may be delivered on contract, are as. follows:
12.74-.94 12.50-.65 12.43-.62 12.40-.61 12.44-.57 12.47-.58 12.40-.94
12.74-.75 12.55-.57 12.54-.55 12.48-.49 12.55-.56 12.47-.49;
Range
Contr'cl
Total.
13
13
Wilmington
Saturday... Quiet, 15 pts.
Monday
Quiet, 25 pts.
Tuesday
Quiet, 10 pts.
Wednesday. Quiet
Thursday
Quiet
.'
Friday
Quiet, 10 pts.
__
t
dec.. Easy
dec.. Steady
dec.. Steady
Steady.
Steady
dec.. Easy
5",200
;
5.200
Norfolk.
Baltimore
Philadelphia
.»
Augusta
——
1*506
L506
Memphis
2,100
2,100
St.
12 "13-16
mA
~12K
13 X
13.25
13
13
mi
13.15
12 15-16
13.15
V2H@y*
12H
13.15
13.05
12 ««« 12 H
13 X
13 3^
13M
13 X
13M
13>*
13^
13H
Houston., v
13 H
13
13
13
Little
12 H
12Yx'
12M
12H
13
12 H
LOuis
•
Total
13"
13 H
13.50
13 A
8.800
.
8.800
Rock...
•<
13M
.
IZH
13
A
13
i
12*4
,
AT THE INTERIOR TOWNS the
[Vol.
CHRONICLE
THE
1832
to
us
by telegraph this evening from the South
rain having
fallen.
detail below.
has been
a
i
Movement
to
December
1913
19
1,236
4.354
3,309
3,580
9,533
Ala., Eufaula..
Montgomery
i
;-
Ark., Helena.
Rock__
Little
878
Ga., Albany
4,703
8,265
15,201
4,190
Athens
Atlanta
Augusta
Columbus—..
2,393
2,096
7,505
2,043
5,160
5,500
1,543
Macon
Rome
La., Shreveport
Mlss.,Columb's
Greenville
•
Greenwood.--
Meridian
800
Natchez
2,836
1,500
21,328
Vicksburg
City..
Yazoo
Mo., St. Louis.
Raleigh—
45,814
797j
2,600
8,385
7,640
1,535
l,787i
2,550
5,888
2,363
2,558
4,532
57,958
91,373
20,719
15,078
22,088
29,204
235,690
8,578
686
10,819
5,300
200
1,300
21,692
15,673,
25,238!
700
41,017,252,093
36,434
473!
200
46,045
2,000
7,265
88,600
28,052
16,600
518,168
4,963
587
15,727
40,563
59,341
30.529
Paris.—
255,415
4,000
>7,903
263
35,226
1,331
549!
265
1,200
3.355
800
703
2,740;
389
.
,691,030
79,386
Galveston, Tex.—We have had rain on one day of the week,
reaching two hundredths of an inch.
The ther¬
ranged from 50 to 60, averaging 55.
Abilene, Tex.—Rain has fallen on two days of the week,
the precipitation reaching four hundredths of an inch.
Average thermometer 38, highest 46, lowest 30.
Dallas, Tex.—There has been rain on two days during
the week, to the extent of thirty-two hundredths of an inch.
The thermometer has averaged 44, the highest being 52
271
845
1,893
498
7,500
11,232
2,062
mometer has
6,949
36,949
10,041
16,562
46,528
2,500
587
5.S65
500
2,331 29,074
6,002 22,810
8,531 119,921
263,983
53,716
25,902
38,994
121,570
22,156
39,652
85,039
40,241
16,265
22,345
19,530
507
Tenn.,Memphis
Pallas.
4.541
6.542
15,234
4,405
1,126
2,481
6,991
1.236
1,834
5,294
3,432
359
679,202
Honey GroveHouston".
1,581
7.235
800
12,648
56,226
■
6,863
4,755
413
612
Nashville...
18,324
131,391
102,591
35,125
148,025
21,692
84,912
126,258
18,524
Okla., Hugo—_
Tex., Brenham
Clarksville
1,060
4,460
900:
S.C., Greenw'd
20.
6,598
7,713i
10,509
82,683
32,944
10,373
Dec.
Week.
Season.
Stocks
295
.1,481! 12,062
400
N. C
Week.
5,108
37,640
20,874
20,494
54,579
: 4,371
26,076
20,465
85,270
19,073
5,134
7,943,
37,938!
7,571
26,157
36,000
3,248
2,781;
3,363
7,878
120,711
26,384
85,057
170,422
276,272
48,597
40.528
50,323
133,540
32,045
456
O., Cincinnati.
953'
:
19,881
132,115
108,486
2,180
27,741
789
7,117
8,723
2,450
5,119
32,216
601
6,064
15,418
2,693
4,405
2,127
1,062
27,121
17,5S7
1,500
6,762
9,000
17,790
4,909
868
33,731
275
365
12,252
and the lowest 36.
Palestine, Tex — Rain has fallen on two days during the
week, the precipitation reaching seventy hundredths of an
inch.
The thermometer has ranged from 39 to 50, aver¬
aging 45.
San Antonio, Tex.-—Rain has fallen on one day during the
week, to the extent of thirty-six hundredths of an inch.
Average thermometer 47, highest 50, lowest 40.
Taylor, Tex.—There has been rain on two days of the week,
the rainfall aggregating sixty-two hundredths of an inch.
The thermometer has averaged 45, the highest being 52 and
13,545
2,698
5,200
809
900
26,502 161,261
102
662
793
16,114
42,247
1,505
3,909
2,653
3,000
3,465
97,700
2,500
3,317
38,623
3,700
1,779
2,923
52,195 170,651 100,707 2,332,060
114,597
4,408
3,518 11,000
6,500
3,590
2,189
99,699 157,134
6,848
2,560
towns227,7424,502,375203,227966,023 275,7834,978,116 244,988 834,999
Total, 33
The marketing of the crop, however,
less liberal scale than last season.
the rainfall
Ship¬
ments.
19.
on
denote that
quite favorable during the week, little
the weather has been
1912.
20
December
to
Receipts.
Dec.
Week.
Season.
Movement
Stocks
ments,
Week.
Selma
Ship¬
Receipts.
Towns.
TELEGRAPH.—Advices
BY
REPORTS
WEATHER
movement—that is,
receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
the
xcvij
the lowest 38.
>>■
*.■'.£
La.—Rain has fallen on one day during the
week, the precipitation reaching twelve hundredths of an
inch.
The thermometer has averaged 60.
New Orleans,
Shreveport, La.—We have had ram on three days during
the week, the rainfall being one inch and thirty-two hun¬
dredths.
Lowest thermometer 58, highest 62.
Vicksburg, Miss.—We have had rain on
the week, the rainfall reaching forty-five
inch.
The thermometer has averaged 52,
three days during
hundredths of an
the highest being
'
65 and the lowest 39.
WEEK AND
Memphis, Tenn— Rain has fallen on three days of the
showing the
week, the precipitation reaching twenty-nine hundredths of
overland movement for the week and since Sept. 1, as made
an inch.
Average thermometer 50, highest 59; lowest 61.
up from telegraphic reports Friday night.
The results for the Stock here the largest on record.
week and since Sept. 1 in the last two years are as follows:
Mobile, Ala.—It has rained on two days of the week, the
-1912-1913precipitation reaching seventy-six hundredths of an inch.
Since
Since
December 19—
Week.
The thermometer has averaged 58, the highest being 60
Week.
Sept. 1.
Sept. 1.
Shipped—•
OVERLAND MOVEMENT FOR THE
SINCE SEPT. 1.—We give below a statement
241,385
122,847
7,815
42,030
66,981
74,984
147,782
4,619
5,561
5,347
.23,246
64,912
694,998
85,517
703,824
73,416
38,287
38,914
9,154
8,769
5,414
69,236
42,172
40,672
.
Via Rock Island
.
Via Cincinnati
.
Via Virginia points
Via other routes, &c_.
Total gross
320
.
Via Louisville
v
33,790
13,169
1,353
4,336
6,328
5,294
21,247
*3,440
4,169
1,392
Via Cairo
>
216,650
91,483
2,898
52,733
50,084
89,114
192,036
.21,692
4,127
Via St. Louis..
•
.
overland-*
•
Deduct Shipments—
.
9,001
9,001
150,617
23,337
152,080
55,911
55,911
544,381
62,180
551,744
Total to be deducted- —
JS5
:
Leaving total net overland
Including movement by rail to
foregoing shows the week's net overland movement has
bales, against 62,180 bales for the week last year,
and that for the season to date the aggregate net overland
exhibits a decrease from a year ago of 7,363 bales.
been 55,911
1912
1913
Since
Since
In
Week.
.312,795
55,911
60,000
.428,706
24,515
Week.
56,000
7,699,347
851,509
.
Sept. 1.
6,526,032
551,744
888,000
453,383
30,795
Sept. 1.
6,204,966
544,381
950,000
_
"
— It has rained on two days of the week,
precipitation being two hundredths of an inch.
The
from 36 to 64, averaging 50.
Charlotte, N: C.—-Rain on one day of the week, with rain¬
fall of one hundredth of an inch.
Average thermometer
V
Charleston, S. C
7,965,776
737,963
335,203
62,180
thermometer had. ranged
46, highest 61 and lowest 31.
" ,
The following statement wo have also
Came into sight
.-
'v..
at 8
a.
m.
of the dates given:
.-453,221
during week..453,221
8,703,739
8,550,856
Nor. spinners'
takings to Dec. 19
"
Week—
-
308,848
highest, lowest and
been
as
1,172,285
84,771
1,223,842
years.
Since Sept. 1—
599,910
,—476,743
ORLEANS
in the New
78,386
Bales.
1911—Dec. 22.
1910—Dec. 23".
1909—Dec. 24
NEW
-
sight in previous
Movement into
1911—Dec. 22
Bales.
1910—Dec. 23.
1909—Dec. 24—
——
CONTRACT
8,854,819
.—7,741,562
6,911,795
—
MARKET.
—-
The
closing quotations for leading contracts
——
Nashville.
§2%
Closing
February—
Dec. 16.
Dec. 17.
Dec. 18.
Friday,
Dec. 19.
13.06-.08 1262-.75 12.51-.66 12.50-.56 12.54-.65 12.60-.65
12.88-.89 12.59-.60 12.57-.59 12.58-.59 2.65-. 67 12.55-.57
12.98-.20 12.68-.90 12.56-.79 12.55-.77 12.63-.78 12.65-.78
12.98-.99 12.69-.70 12.66-.67 12.68-.69 12.77-.78 12.65-.66
12.70
Range
Closing
1 larch—
Range
Closing
May—
Range
Closing
July—
Range
Closing
■
'
12.99-.01
I2.7T-.73
12.81
—
—
12.67-.69 12.72-.73 12.82-.84 12.70-.73
13.17-.38 12.87-.10 12.76-.98 12.73-.97 12.81-.95 12.81-.93
13.17-.18 12.90-.91 12.86-.87 12.88-.89 12.94-.95 12.81-.82
13.23-.43 12.95-.17 12.86-.06 12.82-.05 12.89-.05 12.91-.01
13.24-.25 12.97-.98 12.94-.95 12.97-.98 13.04-.05 12.91-.92
13.25-.44 12.99-.18 12.86-.08 12.86-.06 12.94-.08 12.94-.05
13.26-.27 12.99-.00 12.96-.97 13.01-.02 13.07-.08 12.94-.95
19 1913.
Dec. 20 1912.
Feet.
3.6
6.9
12.3
10.8
8.4
7.6
18.3
*4.2
10.5
17.0
■..!
•
COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yarn*
OF
goods, &c., from Great Britain for the month of November
and since Jan. 1 1913 and 1912, as compiled by us from the
British Board of Trade returns.
It will be noticed that we
have
000s
reduced the movement all to pounds
i
1913.
1912.
1913.
Lbs.
omitted.
Lbs.
Yds.
.
1912.
1913.
1912.
Yds.
Lbs.
Lbs.
Lbs.
1912.
Lbs.
104,842
91,501
116,324
142,266
123,892
123,876
127,289
113.5S7
142,141
331,571
312,440
390,034
383,017
97,968
104,822
130,2V2
118,848
519,865
109,823
113,319
115,058
97,171
132,905
133,690
127,530
118,834
65,251 1,809,365 1,604,796
338,200
299,961
396,867
365,212
118,756
137,798
648,913
563,606
560,905
559,693
22,674
622,341
2d quar.
58.463
70,577 1,773,424 1,671,563
20,880
524,131
560,800
June
20,449
19,5a6
18,632
3d quar.
58,667
May—
of All.
1913.
20,974
18,455
19,034
___
Total
Cloth.
$jfarn & Thread.
April
Dec. 15.
Tuesday, Wed'day, Thursd'y,
December—
Range
Above zero of gauge.
.Above zero of gauge.
EXPORTS
Feb
Dec. 13.
Closing
Above zero of gauge.
Below.
Mar
January—
— —
Shreveport.
Vicksburg
Jan
Saturday, Monday,
.
Feet.
Above zero of gauge.
Above zero of gauge.
Orleans-
Orleans cotton market for the past week have
follows:
Range
Dec
'
;
■\* \
New
*
484,178
•
received by tele¬
graph, showing the height of the rivers at the points named
Memphis
Interior stocks in excess
.
—
the
Canada.
Ff The
Sight and Spinners'
Takings.
Receipts at ports to Dec. 19—
Net overland to Dec. 19
1
;
.
Rain has fallen on two days during the week,
the precipitation reaching forty hundredths of an inch. ; The
thermometer has ranged from 29 to 66, averaging 50.
Madison, Fla.—We have had rain on one day during the
week, the rainfall being, thirty hundredths of an inch.
Average thermometer 59, highest 70, lowest 46.
Savannah, Ga.—We have had rain on one day during the
week, the precipitation reaching seven hundredths of an inch.
The thermometer averaged 52, the highest being 68 and the
Selma, Ala
lowest 36.
'
*
and the lowest 40.
22,086
25,817
22,708
21,663
587,553
606,254
615,558
489,529
.
121,292
105,437
104,615
22,548
638,971
635,361
22,812
579,546
641,782
108,326
119,959
125,965
Sept
18,364
17,639
17,108
119.434
20,730
548,973
569,622
102,612
106,471
119,720
141,304
142,771
127,201
4 th quar
53,111
66,090 1,767,490 1,846,765
330,372
345,186
383,483
411,276
Oct
21,811
24,703
666,185
117,932
124,521
139.743
Nov
19,979
19,897
568,946
105,355
106,345
125,334
149,224
126,242
979
1,013
July...
August.
StnnlHncra
nnrt
SOfilCS
630,937
563,650
_
Sundry articlesTotal exports of
cotton manufactures
1,478,077 1,480,692
October—
Range
Closing
U.
95^.00
11.70
—
11.70
—
11.75
—
11.85
—
11.78-.84
11.79 —
Tone—
Spot
Options
Quiet.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Quiet;
Steady.
Steady.
Very st'y
Quiet.
Steady.
Kingdom during the eleven months 1,478,077,000
pounds of manufactured cotton, against 1,480,962,000
pounds last year, or a decrease of 2,615,000 pounds.
the United
Dec. 20
WORLD'S SUPPLY AND
Other India
2,055,351
95,000
14,000
44,000
7,000
Tota
_
-1
8,550,856
714,000
83,000
701,000
102,000
453",221
ship.ts to Dec. 18-17.
reached
Season.
j
up
5,980,341j
5,741,703
Bombay receipts to Dec. 18
Alexandria receipts to Dec.
Other supply to Dec. 17 *-
Week,
Season.
Week.
484,178
101,000
2,000
60,000
9,000
2,135,485
8,703,739
370,000
64,410
687,000
104,000
i
Dec. 19.-
5,902,856 6,213,733
5,902,856
— -
6,213,733
422,786
5,050,901
4,945,491
905,410
352,786
70,000
in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
950,000 bales in 1913 and 888,000 bales in 1912—takings not being available
—and aggregate, amounts taken by Northern and foreign spinners, 5,353,351
bales in 1913 and 4,962,901 bales in 1912, of which 4,177,351 bales and
4,057,491 bales American.
*
Embraces receipts
MANUFAC¬
COTTON
OF
EXPORTS
DOMESTIC
TURES.—We give below a statement showing the exports of
domestic cotton manufactures for October and for the ten
•
.
yards
Piece goods...
.valueClothing, &c., knit goods..—value
Clothing, &c., all other
value
Waste cotton, &c
value
vaule
value
other.
MOVEMENT FROM ALL PORTS.
INDIA COTTON
1911.
1912.
1913.
December 18.
Bombay
Week.
Sept. 1.
370,000
714,000 101,000
95,000
*
Week.
Sept. 1.
Week.
Since
Since
Since
Receipts at—
Sept. 1.
350,000
41,000
s
Since September 1.
For the Week.
Exports
Great
Great
Conti¬
Britain.
nent.
iChina
Conti¬
Britain.
nent.
Japan
Tbtal.
18,000
14,000
9,000
1913---.
12,000
28,000
8,00.0
1911
155,000
58,000
144,000
42,000
2,000
1,000
1,000
'
■
~
m
•
■
—
—
—
m
i*
«.
111,000
153,000
8,000
5,000
6,000
2,000
2,000
1,000
•
•
1911.,
m «,
—
10,000
-
Arabic,
500
To Genoa—Dec. 10—Cretic, 501
BALTIMORE—To Liverpool—Dec. 12— Swanmore,
To Bremen—Dec.
12—Wittekind, 650--_Dec.
7,000
-j'. •"
Madras—
1,000
2,000
3,000
■'
«.
»
—
•
mm
•.
2,000
7,000
9,000
1
4,000
2,000
6,000
10,000
5,000
7,000
1912...:
-
-
-
-
-
V
All others—
7,000
2,000
2,000
1912....
'■'m
—
—
2,000
1,000
-
1,000
....
55,000
40,000
2,000
64,000
1,400
47,400
42,000
7,000
6,000
4,000
9,000
1,000
47,000
23,000
18,000
11,000
1911
9,000
12,000
28,000
23,000
37,000
5,000
/
484,000
157,000
49,410
126,000
95,000
214,000
SHIPMENTS.
port:
Of
Week. Sept.
Week.
1.
Sept. 1.
To Manchester
137666
156.606
3,250
India.
15,414
To America
Total
8,750 115,551
12,000 134,161
7.500 47i868
exports—— 25,250 371,933
38,500 408,880
79,289
6,750
96,837
6,000
17,500 122,708
16,439
4,000
34.250 315,273
6,485
Liverpool we have the
sales, stocks, &c., at that
Dec. 5.
Dec. 12.
Dec. 19.
66,000
5,000
3,000
71,000
10,000
1,000
51,000
10,000
98,000
808,000
616,000
145,000
120,000
419,000
338,000
54,000
3,000
1,000
45,000
53,000
4,000
36,000
<
3,000
119,000
128,000
770,000
Total stock
Of which American
-..746,000
Total imports of the week
Of which American
—179,000
586,000'
170,000
.125,000
453,000
394,000
147,000
431,000
362,000
541,000
afloat____
-
Of which American.
The
of the past week and the
Monday.
Saturday.
12:15
j
Tuesday.
daily closing prices of
Wednesday.
Thursday:
Friday.
•Fair
business
Good
Good
doing.
doing.
demand.
demand,
7.13
7.11
10,000
7.13
7.17
7.22
12,000
1
5,000
8,000
500
Futures.
500
1
to
/
opened
%
Steady
Steady
Quiet,
Firm,
10 points
point
2,000
1,000
500
,
Quiet,
2%@3%
pts. dec.
%@1 pt.
Quiet, unch.
Market
8,000
10,000
500
Sales
3@4 points 2@2M Pts.
.
decline.
advance.
advance.
advance.
Quiet, 1 %
advance.
Quiet unch.
Steady, 2% Barely st'y,
Easy,
st'y',
pts. dec. to
2% @4 pts. 10@15 pts. pts. dec. to 1@4M pts.
decline.
% pt. adv.
1 pt. adv.
decline.
decline.
Barely
Market,
P.M.
that the receipts for the week were
and the foreign shipments 25,250 bales.
309,000
business
doing.
7.33
.
Fair
busines
Quiet.
■
173,000
130,000
391,000
follows:
Fair
P. M.
7,000
84,000
889,000
682,000
for spots and futures
of the Liverpool market
tone
4
Egyptian bales weigh about 750 lbs.
Note.—A cantar is 9-9 lbs,
15,626
45,000
5,000
4,000
1
Spec.&exp.
10,250 T 1,300
9,000 105,945
93,968
356
—
Since
This
Since
This
Since
Week. Sept. 1.
'; •
Liverpool
To Continent and
'
Sales, American.
Actual export
Forwarded
Mid.Upl'ds
This
5,200
Nov. 28.
took.
which exporters took. __
Market,
i
410,000
3,836,486
450,000
5,156,640
330,000
5,257,918
week..
-
To
501
-
•_!
Sales of the week
Of which speculators
Spot.
Receipts (cantars)-—
Exports (bales)—
1,065
2,002
2,002
18—Neckar,
cable from
LIVERPOOL.—By
spot cotton have been as
December 17.
1
*
1911.
1912.
1913.
Alexandria, Egypt,
Since Sept.
..
.261,552
each day
ALEXANDRIA RECEIPTS AND
This
3,025.
208,410
112,000
310,000
17,000
23,000
7,000
46,000
1912
1913..
17—Titan,
following statement of the week's
Amount
Total all—
7,502
10,873
150
5,417.
4,640
9,200
1,700
.....
-
4,550--------------PHILADELPHIA—To Hamburg—Dec. 17—Graf Waldersee, 356SAN FRANCISCO—To Japan—Dec. 10—Inverclyde, 13.626—
Dec. 12—Nippon Maru, 2,000
PORT TOWNSEND—To Japan—Dec. 16— Shidzuoka Maru, 4,460
7,010
10
''
'
1911—.
—
To Hamburg—Dec.
17—Fridland, 5,417-- —
.
BRUNSWICK—To.Liverpool—Dec. 16—Nitonian, 4,640
To Bremen—Dec. 12—Anglo-Canadian, 9,200
CHARLESTON—To Barcelona—Dec. 12—Lucia, 1,700
To Genoa—Dec. 12—Lucia, 800
—
.
800
To Trieste—Dec. 12—Lucia, 1,200-.___
---.
...
1,200
4,528
WILMINGTON—To Liverpool—Dec. 16—Eagle Point, 4,528-10,854
NORFOLK—To Bremen—Dec. 12—Waverly, 10,854
—657
To Hamburg—Dec. 19—Borderer, 657
—
BOSTON—To Liverpool—Dec. 10—Sagamore, 565—Dec. 13—
"
36,000
15,310
2,450
—— -
2,450
7,502
SAVANNAH—To Manchester—Dec. 17—Kingfield,
To Havre—Dec. 17—Welbury, 10,873 ---To Bremen—Dec. 17—Fridland, 150
401,000
24,000
75,000
6,000
11,000 t,
32,000
21,000
■
1912
1913—.
9,716—Dec. 15—■
Total.
China.
Calcutta—
1913
1,599
1,086
1,225
3,750
50
*
1,225
Total
1912.
1911—.
18,867
1,599
Naples—Dec. 19—Possilipo, 50
Liverpool—Dec. 12—Ninian,
Dec.
Bombay—
1913.—.
13,867___Dec. 18—
Ernesto, 5,594
--i — ---;
PENSACOLA—To Liverpool—Dec. 18— Gracia,
Japan
&
346
346
Bremen—Dec. 17—'Siamese Prince,
Arlington Court, 5,000
To Rotterdam—Dec. 17—Maartensdijk,
To Barcelona—Dec. 18—Pio IX, 1,086
To Mexico—Dec. 16-^-City of Tampico,
To Genoa—Dec. 19—Possilipo, 3,750--
*
value §4,979,822 S4,174,473 §46,613,568 §43,910,145
Total manufactures of
from—
Glasgow—Dec. 17—Livingstonian,
To
To
MOBILE—To
1912.
|
44,247,751 32,828,600 393,649,754 391,891,541
§3,042,043 §2,370,304 $27,101,257 $26,017,4s2
1,903,745
212,608
172,866
171,674
6,637,388
7,198,170
635,478
668,439
3,310,763
367,988
4,504,255
558,796
504,033
599,885
70,114
54,002
5,536,734
4,997,393
557,723
"484,868
goods.
Yarn
1913.
1912.
1913.
All
7,089
To
Exported.
16,999
-
10 Mos. ending Oct. 31.
Month end. Oct. Zl.
Manufactures of
Cotton
Piece
Bremen1—Dec. 11—-Malmstad, 5,567---Dec. 12—St. Bede,
11,432
To Hamburg—Dec. 16—Frankenwald, 751
751
To Rotterdam—Dec. 11—Malmstad, 969
—
969
To Barcelona—Dec.
12—Glanton, 3,625—Dec. 16—Himalaia, 3,464_To Ghent—Dec. 17—Wray Castle, 8,542
8,542
To Venice—Dec. 12—Glanton, 665
665
To Trieste—Dec. 16—Himalaia, 2,7062,706
TEXAS CITY—To Liverpool—Dec. 16—Professor, 9,493
9,493
To Havre—Dec. 17—Swanley, 3,898
3,898
PORT ARTHUR—To Bremen—Dec. 19—Skogdad, 7,000
7,000
2,847
ARANSAS PASS—To Bremen—Dec. 17—St. Bede, 2,847
20,266
NEW ORLEANS—To Liverpool—Dec. 15—Custodian, 20,266
To
also presented:
year are
33,372
8,247
10,472
18—Swan ley, 8,247-
To Havre—Dec.
'
periods of the previous
figures for the corresponding
like
bales.
Liverpool—Dec. 12—Caronia, 450
450
To Manchester—Dec.
12—Romney, 259-----------259
To Bremen—Dec. 12—Prinz Friedrich Wilhelm, 1,863
1,863
To Hamburg—Dec. 15—Patricia, 499----——499
To Antwerp—Dec. 12—Lapland, 100■
100
To Barcelona—Dec. 13—Provincia, 1,298
1,298
To Genoa—Dec. 15—Principe di Piemonte, 600600
To Naples—Dec. 15—Principe di Piemonte, 100----—
100
To Manila—Dec. 12—Indradeo, 100
—
100
GALVESTON—To Liverpool—Dec. 11—Mechanician, 22,900---
and, for purposes of comparison
months ended Oct. 31 1913,
telegraphic returns, are as follows:
Total
from mail and
Dec. 17—Crispin,
6,303,351
5,127,351
1,176,000
452,068
336,068
116,000
Total takings to Dec. 19a_
Of which Anerican
Of which other
the
page,
NEW YORK—To
6,354,924 12,206,207 6,636,519 12,064,634
supply..
Deduct-—
Visible supply to
previous
from the United States the past week have
261,552 bales.
The shipments in detail, as made
exports of cotton
7
1912.
,1913.
Cotton Takings.
Visible supply Dec. 12-___-~Visible supply Sept. 1
American in sight to Dec. 19—
SHIPPING NEWS.—As shown on a
TAKINGS OF COTTON.
Week and Season.
1833
CHRONICLE
THE
1913.]
to
1 point
decline.
The statement shows
330,000
can tars
MARKET.—Our report received by
cable to-night from Manchester states that the
market
continues quiet for both yarns and shirtings.
The demand
for both yarn and cloth is improving.
We give the prices
for to-day below and leave those for previous weeks of this
and last year for comparison.
MANCHESTER
The
prices of futures at
below.
Prices
are
Liverpool for e$ch day are given
the basis of upland,
on
The
prices are given in pence and
Dec. 13
Saturday,
Monday,
Dec. 19.
4
12%
12%
12%\
p.m.
p.m. p.m
12%
4
d.
d.
d.
d.
d.
d.
s.
d.
Mid.
ings, common
32s Cop
Upl's
finest.
Twist.
d.
to
d. s. d.
d.
finest.
s.
d.
Oct.
31
19%
@
11%
19%
@
11%
11K
11%
11%
4
11%
@115-16
@113-16
7%
3M@11
3
7.63 9%
@
19% 6
1
@11 2%
Nov
7
21
19%
@
109-16©
28
105-16©
14
8
8
8
@11
4
@11
4
@11
3
@
11 6
Dec.
5
10 %
12
19%
19
19%
@
@11 6
2V£@11 4%
2
@11
4
Mid.
Dec.-Jan_
92% 88
6 99 % 89 M 8-5
Jan.-Feb.
6
99
89
7
00
Mar.-Apr.
Apr .-May
7
01
84
89%\85% 85
90%\89% 86 % 86
7
00
M;ay-June
6
6
July-Aug_
Aug.-Sept
Sept.-Oct.
6
d.
6.63
@
7.47 9%
@
@
7.36 10%
19% 6
10% 6
U% 6
1H@11 3
1%@U 3
6.79
2
@11 4
6.91
6
7.51 9%
6.78
7
6
6
3
@11 6
7.09
Oct.-Nov.
6
Nov .-Dec
6
7.33 10 3-16 @
11%
3
6.99
Dec.-Jan.
6
7.26 10 %
11%
11%
3
@11 6
@11 6
@11 6
7.06
Jan.-Feb_
6
7.22^ 10M © 11%
7.11 10%
@
@
3
d.
d.
7.11
03
\84%
85% 85
90
.80
84 %
99 M 89%i85% 85
81%
96M 86 % 82% 82
79
79
83% 79%
93M
76 M
54%
44%
39%
38%
38%
,
69%
46%
36%
31M
30%
30%
4
Friday,
12%
66
66 M 66
44
44 M 44%
34
34 M 34%
30
29M 30
28..
29
29
28
29
29
d.
d.
d.
d.
181
83% 70% 79
I80.M 82% 79% 79 %
80
83
80%
181.
82
85
83 M 83
82%
87 M 84 M 85
85 % 85
83
84
84% 83% 86
83
85M 82 M 83 M
85
81
80
81
82M 80
77
78%
79M 77
78
65% 64 % 66 M 64 % 66
44 M 43% 44
43
44
33
34
34% 33% 34
29
29M
29 M 28 M 30
28 M 27
28% 27% 28
28% 27% 28
28% 27
86% 85% 83
82
83% 83
83% 82% S2
December
Upl's
8%'lbs. Shirt¬
Cot'n
Cot'n
June-July
to
Twist.
Thursday,
12%
4
4
p.m. p.m. p.m.) p.m. p.m. p.m. p.m. p.m.
Feb .-Mar.
U>s. Shirt¬
ings, common
32s Cop
Wed'day,
12%\
Tuesday,
1912.
d.
8X
Thus: 7 03 means 7 03-1OOd.
100//is.
to
p.m.
1913.
good ordinary
clause, unless otherwise stated.
1834
THE
CHRONICLE
BREADSTUFFS.
talk to the effect that
supplied for
a
good many buyers
couple of months to
a
are
Indian corn has
shorts have
bought
and
year, too, as
everybody knows, there is no general disposition
enter into large
engagements.
Judging from present
appearances, therefore, the market is likely to continue
quiet, at least till the turn of the year.
The production last
week at
Minneapolis, Duluth and Milwaukee was 382,735
barrels, against 323,095 barrels in the previous week and
there have been
them
a more
orbit, because
narrow
factors at work powerful
enough to give
decided impulse.
no
Certainly there was nothing
striking in the weekly statistics.
It is true that the
world's shipments fell off.
They were only 11,008,000 bush.,
against 12,152,000 in the previous week, but this fact
very
caused
hardly
a ripple in the market.
almost without remark.
Last
of the visible
to pass
Monday's official statement
supply showing a decrease of 2,997,000
bush.,
practically 3,000,000 bush., as against an increase in the
or
same
week last year of
It included
ment.
But the effect
the
of
Indeed, it seemed
was
119,000 bush., did
following day from another
2,501,000
last
It
is
effect.
no
source
showed
bush., against 2,795,000 in
year.
had
cause some com¬
decrease at New York of
785,232 bush.
slight. A visible supply statement on
a
not
surprising
Neither did
the
decrease
week
same
this
likewise
of
lighter receipts.
The foreign markets have also
been sluggish with
some ten¬
dency of late towards lower prices, though it is true
that the
changes have been slight. America to all
appearances is
waiting; so is Europe.
Both wish further light on the
gen¬
eral situation.
Europe is feeling the ante-Christmas dulness.
Meantime
been
Mon.
Tues.
8934
9234
89%
8834
92%
89
89%
92
88%
in
the
main
IN
CHICAGO.
Wed. Thurs.
Fri.
88%
88 %
9134
8834
92
87 %
9034
8854
8754
firmer.
December
more
cautious.
Cash markets have
latterly ad¬
Chicago and Southwestern operators have been
buying. The Government report had little effect.
The
indicated crop is put at
2,446,968,000 bushels.
That was
larger than some expected.
Yet this caused but a momen¬
tary decline.
It was followed by
covering, which caused a
rally in the face of fine weather and
large receipts.
The
increase in the visible
supply; was only 466,000 bushels,
against 753,000 in the same week last
,
terests
have
Elevator in¬
year.
been
buying the low grades.
Cash markets
latterly been notably strong. The visible
supply, it is
true, according to one
statement, is 4,515,000 bushels,
have
against 3,959,000 bushels a
year ago.
The contract stocks
Chicago increased 101,000 bushels and are now
236,000
bushels, against 141,000 bushels a year
ago.
The week
opened, it is true, with a decline in cash corn at
2 to 3
Chicago of
cents, coincident with big receipts at
Chicago, Minne¬
apolis and Omaha.
But large elevator interests
were good
buyers, as it is profitable to make contract corn.
To-day,
prices weakened a little under
long liquidation, but rallied
on
covering.
Argentine corn sold here at 78c. delivered in
at
bags.
;
.
DAILY CLOSING PRICES
OF NO. 2 MIXED
CORN IN NEW YORK.
Sat.
Cash
corn
cts_
—
Mon.
nom.
Tues.
nom.
Wed. Thurs.
nom.
nom.
Fri.
nom.
nom.
DAILY CLOSING PRICES OF
CORN FUTURES IN
CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
December delivery in
eievator.cts. 6934
79%
79%
70%
69%
69%
May delivery in elevator
i.
6934
6954
7034
7034
6934
69 54
July delivery in elevator.
-.6834,
69
6934
6954
68%
69
.
the
that
news
a
are
vanced.
to
403,260 in the same week last year.
Wheat prices have swung within a
Sat.
xcvii.
freely, coincident with decreased selling
by country shippers.
They lost money on recent business
well
At this time of the
come.
WfiEAT FUTURES
OF
December delivery In eievator.cts.
May delivery in elevator
July delivery in elevator
Friday Night, Dec. 18 1913.
Flour has continued
quiet, buyers sticking to the old
policy of purchasing only from hand to mouth. There is
even
[Vol.
DAILY CLOSING PRICES
of the weather
reports have been more
For example, India has had
some rain and bids
for wheat in that
quarter of the globe have been somewhat
reduced.
In Argentina the weather has
been good for har¬
some
favorable.
_
Oats have at times been
somewhat
depressed by selling
by large elevator interests, but
they have just as often ad-,
owing to the covering of shorts.
The trading, on the
whole, has not been active.
The fluctuations have there¬
fore kept within
comparatively narrow bounds.
Cash
vanced
oats
have .been in the main
quite firm.
Elevator interests at
time bought December and sold
May at 2%c. difference.
It is worthy of note that
contract stocks at
Chicago decreased
one
1,659,000 bushels, leaving the stock
4,390,000 bushels,
against only 194,000 bushels a
year ago.
The visible supply
decreased last week
2,139,000
bushels,
accounting in
interesting fact,
an
the
same
ments, though in the aggregate
smaller, revealed the fact
that an increased proportion was
destined for the United
some degree for the
steadiness of prices as in
time last year the decrease was
only 330,000 bush¬
els.
Yet it is quite as certain that
the total visible
supply
is still
42,632,000
Kingdom.
ago
and 28,669,000 at this time in 1911.
vesting.
It
was
remarked,
too,
that
the
world's
ship¬
One view is that the dulness of the
European
markets is due to buyers
being pretty well supplied for the
time being.
No decrease is looked for at
Liverpool in the
shipments from North America and Russia.
Morevoer, after
the first of the year
they are expected to increase
noticeably
from Argentina and Australia.' It
is said, too, that the
sup¬
plies of native wheat held by growers in Western
Europe are
large.
Certainly in France the offerings of native wheat are
larger than recently, and would even be
considered liberal.
Good offerings of
home-grown wheat are also reported in the
United Kingdom.
In Germany,
although
wheat
grown
offerings of nativethe demand for forThe condition of Ger¬
are
disappointingly small,
eigh wheat is distinctly less active.
many's growing crop is 10% better than it
In Russia the outlook for
the next
South Russia supplies are
crop
was
a
year ago.
is favorable.
In
moderate, but in the interior
they
large, and in the Baltic districts are
increasing. Ship¬
ments from the Baltic are
liberal, and continued liberal
ship¬
ments from that centre are
expected.
In Italy,
Hungary and
Roumania the outlook for the new
crop is good.
At the Bul¬
garian ports receipts are increasing, and it looks as
though the
winter shipments would be liberal.
High
bushels, against only 19,995,000
prices
At the
-
crop
prospects
Australia.
The export trade in
this
country has been moderate.
Finally, as if to cap the climax,
the U. S. Government
crop report puts the
acreage of winter-
maintained
wheat at
.500,000
in
total which surprised
everybody.
acres, an increase over last year of
a
It
was
36,-
2,888,000 acres,
or.8.6%..' On its face, it would point to a
crop of
bushels, against 523,000,000 bushels harvested675,000,000
this year.
It is the largest ever known.' It is
based on a condition of
97.2%.
Of course,, no one looks to see such
a
condition
maintained, nor does any one count on such a
yield.
The
winter-wheat plant in reality is like a
young bear, with all
its troubles before it.
; Yet such figures certainly do not tend
to cheer a bull.
At times, however,
prices have been
plainly
firmi
Buenos Ayres quotations have
latterly
at
the
have
same
been
time
that
harvesting
unsatisfactory.
Rains
returns from
have
advanced,
Argentine
occurred
there.
and then been less
Some reports from Australia have now
optimistic.
Our Western belt would be none
the
worse
for
a
heavy coverlid of snow.
The weather there has
been rather
too mild.
To-day, prices declined, then
rallied, on good
buying with bullish reports from Argentina and
India.
Exporters took 360,000 bushels,
including 160,000 bushels
at Chicago for Lisbon.
DAILY CLOSING PRICES OF
WHEAT
,
No.
2
red
»
c.
December delivery in elevator
May delivery in elevator
Sat.
cts.100
98%
99
.,.
FUTURES IN NEW
YORK
Tues.
Wed. Ttiurs. Fri.
Mon.
100
98%
99%
100
98%
99%
100
101
97
98
99
'
97 %
101
"
97%
98% I
year
time
noticeably higher than a year ago.
To-day prices
advanced on covering.
Minneapolis is selling Canadian
oats for all rail
shipment to New York.
■
,
.
DAILY
CLOSING
Sat.
PRICES
Mon.
OF
OATS
IN
Wed.
Tues.
NEW YORK.
Thurs.
Fri.
Standards..46-4634 4554-4634 4554-4634 4554-4634
4554-4634 4554-4634
white.47-4734 463^-47
4634-47
No. 2
4634-47
4634-47
4634-47
DAILY CLOSING PRICES OF
OATS FUTURES IN
CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
December delivery in eievator.cts.
3934
39
3954
3954
39
39;
May delivery in elevator
4154
41%
4234
4234
4134
41%
July delivery in elevator
41
41
4134
4134
41
4134
—
The
following
are
closing quotations:
FLOUR.
Winter, low grades
$3 10@$3
4 80@ 5
4 20 @ 4
3 80 @ 4
4 55 @ 4
4 10@ 4
Winter patents
Winter straights
Winter clears
Spring patents
Spring, straights..,
40
00
35
15
Spring clears
__$4
Kansas straights, sacks. 4
clears, sacks
3
City patents
5
65
Rye flour
Graham flour
20
10@$4 25
15@
Kansas
75 @
85 @
3 00@
3 80 @
are
are
a
same
are
4 30
4 00
6 20
3 80
4 50
GRAIN.
Wheat, per bushel—f. o. b.
N. Spring, No. 1
N. Spring, No. 2
Red winter. No. 2
Hard winter. No. 2
Oats, per bushel, new—
Standards
No. 2,
No. 3
Corn,
$0 9934
white..,
No. 3 yellow
Steamer
0134
cts.
Rye,
elevator Nominal
.old
82
new
7454
per bushel—
New York
w
71
71
65 @80
—
Western
Barley—Malting
For other tables
usually given here,
The
82
No. 2 yellow
1
45 54 @46 34
46 34@47
45 34 @46
—
bushel—
2.-...^.
per
No.
96 34
1 01
see page
1800.
«
visible
supply of' grain; comprising the stocks in
granary at principal points of accumulation at
lake and
seaboard ports Dec. 13 1913 was as
follows:
UNITED
STATES
GRAIN
STOCKS.
Amer. Bonded
In Thousands—
New York..
Amer.
Wheat, Wheal.
,
Corn,
Oats,
Oats.
bush.
bush.
bush.
1,082
130
bush.
....
"
bush.
2,746
2,250
22
10
18
afloat...
Boston
Amer.. Bonded
Amer.
Amer. Bonded
Rye. Barley. Barley.
bush.
bush.
bush.
9
27
""I
"""2
.
467
13
Philadelphia..
408
1,723
1,315
51
Baltimore
125
357
1,842
127
New Orleans..
366
810
65
177
428
140
...
Galveston.
.....
Buffalo...
2,167
8
""§7
.
..
70
1,603
513
"708
.....
"113
88
522
...»
215
afloat
2,548
175
81
....
40
643
6,448
1,214
Detroit
Chicago
"
afloat
Milwaukee-
...
..
Duluth
450
287
9,226
afloat
Minneapolis
...
....
17,166
26
1,850
110
7,998
498
125
13
312
168
422
1,141
Total Dec. 13
1913-60,942 10,748
Total Dec.
6 1913._62.939
8,480
Total Dec. 14
1912..61,397
6,127
Total Dec. 16
1911-71,738
....
"295
1,898
336
.
441
....
"254
"309
"505
1,970
325
836
3,128
1,520
IIII
"751
1,239
43
45
1,173
1,652
"l72
"13
211
2,286
2,674 27,223
2,352 28,902
2,444,235
4,082
...»
...»
»»'
1,138
St. Louis
Omaha
299
""35
....
13
362
288
Kansas City
Peoria
Indianapolis
11,289
"333
....
"§
23
7,296
"
Toledo
....
195
9
19,240
"~52
2,769
3,126
205
"43
....
2,325
2,284
5,971
5,226
934
1,921
1,424
3,611
4,025
673
818
'
Deo. 20
1835
CHRONICLE
THE
1913.]
Wheat. Wheat.
Corn.
Oats.
Oats.
bush.
bush.
bush.
bush.
bush.
2,674 27,223
8
6,908
2,769
2,325
24
5,971
489
934
gaged with their holiday trade and cannot give much atten¬
tion to their spring needs.
Their stocks are low, however,
and a good buying movement on their part is inevitable after
the first of the year.
Export business is generally quiet,
although there are reports of good sales of heavy goods to
China by Southeastern mills.
Although exporters have com¬
plained of the dulness of business during the past year, the
figures, nevertheless, so far for 1913 show that exports have
been much heavier than those of the year previous.
Further¬
more, mills still have considerable export business on their
books yet to be shipped.
1
>
DOMESTIC COTTON GOODS.—The exports of cotton
34,131
38,228
15,693
23,662
2,769
3,126
205
2,349
2,308
1,921
1,424
6,460T
934
818
goods from this port for the week ending Dec. 13 were 2,824
packages, valued at $216,208, their destination being to the
points specified in the table below:
*
CANADIAN GRAIN STOCKS.
Canadian
Canadian Bonded
Wheat. Wheat.
Ft. William & Pt.
Other Canadian
Arthur6,695
7,447
bush.
bush.
24
489
24
24
489
493
43
104
„
2,530
Total Dec. 13 1913..14,469
8
6 1913.-15,739
16
1912—12,543
Total Dec. 16 1911—11,622
2
Total Dec.
Rye. Barley. Barley,
bush.
bush.
Oats.
bush.
1,068
3,310
bush.
8
bush.
bush.
327
In Thousands—
Montreal
Bonded
Canadian
Bonded
Oats.
Corn.
Total Dec. 14
3
6,908
9,326
6,458
4,422
SUMMARY.
In Thousands—
bush.
.60,942 10,748
14,469
American
Canadian
2,682
2,368
2,446
4,086
10,748
Total Dec.
6 1913—78,678
8,480
Total Dec. 14 1912-73,945
6,127
Total Dec. 13 1913—75,411
Total Deo. 16 1911-83,360
Bonded
Bonded
Bonded
—
—w
Rye. Barley. Barley,
bush.
bush.
6,219
3,654
4,129
376
>
DEPARTMENT'S REPORT ON
CEREAL AND OTHER CROPS.—The final estimates of
AGRICULTURAL
the Crop Reporting Board of the Bureau of Statistics, based
on the reports of the correspondents and agents of the Bu¬
indicate the acreage, production and value (based on
prices paid to farmers on Dec. l).of important farm crops
of the United States in 1913, 1912 and 1911 to have been
reau,
-
Europe
PerAcre
Bushels.
.1913 105,820,000
.1912 107,083,000
23.1
Corn
Cora
.1911 105,825.000
23.9
16.5
Corn
29.2
—,
.1912
—.
.1911
31,699,000
26,571,000
29,162,000
18,485,000
19,243,000
20,381,000
50,184.000
45,814,000
49,543,000
38,399,000
37,917,000
37,763,000
7.499,000
7,530,000
7,627,000
2,557,000
2,117,000
2,127,000
805,000
841,000
833,000
2.291.000
2,851,000
2,757,000
827,100
722,800
696,300
3.668,000
3,711,000
3,619,000
potat. .1913
625.000
94.5
Sweet potat .1912
Sweet potat .1911
583,000
605,000
48,954 000
49,530,000
48,240,000
1,216,100
1,225,800
1,012,800
36,011,773
34,283,000
36,045.000
577,000
555,000
474,000
95.2
Win. wheat .1913
Win. wheat 1912
Win. wheat .1911
Spr'g wheat .1913
Spr'g wheat .1912
Spr'g wheat .1911
All wheat— .1913
All wheat- .1912
All wheat.
.1911
_
Oats
.1913
Oats
.1912
Oats
.1911
Barley
Barley
Barley
Rye
Rye
Rye
.1913
.1912
.1911
.1913
...
.1912
.1911
Buckwheat. .1913
Buckwheat. .1912
Buckwheat. .1911
.1913
Flaxseed
—.
Flaxseed
Flaxseed
.1912
—.
Rice
.1912
Rice
Rice
.1911
.1913
Potatoes
Potatoes
Potatoes
Sweet
.1911
.1913
: :1913
Hay
Hay
Hay
.1912
.1911
Tobacco
.1913
Tobacco
.1912
Tobacco
Cotton
.1911
.1913
Cotton
.1912
Cotton
.1911
Sugar beets .1913
Sugar beets 1912
Sugar beets .1911
15.1
14.8
13.0
,
17.2
9.4
15.2
15.9
12.5
29.2
37.4
24.4
23.8
29.7
21.0
16.2
16.8
15.6
17.2
22.9
21.1
7.8
9.8
7.0
31.1
34.7
32.9
90.4
113.4
80.9
90.1
61.31
61.47
61.14
d784.3
<2785.5
<2893.7
<2181.9
<2190.9
d207.7
610.11
69.41
610.68
523.561,000
399,919,000
430,656,000
239,819,000
330,348,000
190,682.000
763,380,000
730,267,000
621,338.000
1,121,768,000
1,418,337,000
922,298,000
178,189,000
223,824,000
160,240,000
41,381,000
35,664,000
33,119,000
13,833.000
19,249,000
17,549,000
17,853,000
28,073,000
19,370,000
25,744,000
61.8
82.9
80.9
88.0
73.4
70.1
86.0
79.9
76.0
87.4
39.2
31.9
45.0
♦
e
Bushels
Per
pound.
—
of
5 Tons
«
50.5
86.9
63.4
66.3
83.2
75.5
66.1
72.6
$1.20
$1.15
$1.82
85.8
93.5
25,054,000
79.7
22,934,000
68.7
331,525,000
50.5
420,647,000
79.9
292,737,000
72.6 59,057,000
72.6
55.479,000
75.5
54,538,000
664 116,000 c$12.43
672,691,000 c$11.79
654,916,000 c$14.29
el2.8
<2953,734.000
el0.8
<7962,855,000
<>9.4
<7905.109,000
/13,677,000
el2.2
/13,703,000
ell.9
e8.8
/15,693,000
65,834,000
65,224,000
65,062,000
c$5.90
c$5.82
c$5.50
433.995,000
323,572,000
379,151,000
176,127,000
231,708,000
163,912,000
610,122,000
555.280 000
543,063,000
439,596,000
452,469,000
414,663,000
95,731,000
112,957,000
139,182,000
26,220,000
23,636,000
27,557,000
10,445,000
12,720,000
12,735.000
21,399,000
32,202,000
35.272,000
22,090,000
23,423 000
18,274,000
227,903,000
212,550,000
233,778.000
42,884,000
40,264,000
41,202 000
797.077.000
856,695.000
784,926,000
122,481,000
104,063,000
85,210,000
797,841,000
780,224,000
660,566,000
34,420,000
30,406,000
27,843,000
4,940,301,000
4,757,343,000
4,589,529,000
294,764,000
297,167,000
weight.
•;
53.7
—
1911
1,692,092,000
1,520,454,000
1,565,258,000
69.1
48.7
Total above crops
299.433,000
1913
1912—
Dollars.
ents.
2,446,988,000
3,124,746.000
2,531,488,000
•
Total
Per Bu.
Total
Bush.
(2,000
lbs.).
c
Per
ton.
<2 Pounds.
/Bales of 500 lbs., gross weight, excluding linters.
THE DRY GOODS TRADE.
New
York, Friday Night, Deo.
19 1913.
of the textile trade is season¬
ably active, with the volume of orders equal to, and in some
instances greater, than the average for this period of the year.
While orders placed by jobbers consist chiefly for small lots
to fill out present stock, there are numerous inquiries and
offers regarding business for delivery through next spring.
Many manufacturers and selling agents are naming prices
for the first quarter of the new year, and report that they
have received a good response from Western and Southern
merchants.
Buyers in this market from the West and South
state that both.retail and jobbing business in their local dis¬
tricts has been good and are surprised at finding so much
pessimism among New York merchants.
They state that
stocks in the hands of inland distributers are at low levels,
and in view of the prospect of an active spring trade can find
no reason for anxiety.
Out-of-town jobbers report that the
volume of spring business already placed is ahead of previous
seasons, and that after the holidays active buying will be
resumed.
The recent decline in cotton is causing dry goods
Business in all departments
buyers to follow the raw material situation closely and is
making them more insistent in their demands for lower
prices on all goods for delivery after the first of the year.
Many factors are of the opinion that the speculative bull
movement in cotton, customary during the crop-growing
is over, and that after the first of the year raw
material prices will be lower.
There is much cojnplaint of
dulness in demand from retailers for next spring, although the
volume of business which they have received compares favor¬
ably with past seasons.
At present retailers are busily en¬
season,
21
1,868
1,656
192
1,417
69
398
1,575
1,338
58,531
26,930
48,236
27,255
44,012
3,387
19,753
69,083
69,671
316,863
750
13
1,118
48
212
347
..
311
w—v
—
Indies
West
Mexico
Central
America
South America
countries
Total
Acres.
1,222
6,681
372,558
...
-
Africa
2,824
_
Jan. 1.
3,832
9
74,212
16,880
34,609
23,620
36,015
2,406
15,846
48,226
60,651
--
Arabia
Farm Value Dec. 1.
Production.*
Acreage.
Crops.
3,176
5
-
India
Since
;
Week.
Jan. 1.
China—.
Other
follows:
as
Great Britain
Other
Since
Week.
20
York to Dec. 13—
Neio
1912-
1913
>
~
.
—
.
The value of these New York exports
6
__
since Jan. 1 has been
$24,267,464 in 1913, against $24,870,014 in 1912.
'
Trading in domestic cotton markets is of fair volume and
general undertone steady.
Purchases for the most part
confined to small lots for immediate and nearby delivery,
conservatism still continuing to rule as regards future busi¬
ness.
In some instances, however, jobbers are reported as
the
are
livelier interest in certain lines for delivery after the
and are more willing to place orders
whenever concessions are offered.
Drills and sheetings rule
steady with a fair business passing; tickings, denims and
other heavy colored cottons are reported as well sold in some
of the larger mills, while ginghams are moderately active,
manufacturers being well supplies with business for the re¬
mainder of the year.
Road salesmen in shirting houses are
reported as getting their sample lines ready to commence
tours after the first of the year and expect to meet with
favorable
results.
Large houses handling handkerchiefs
report that they booked satisfactory advance orders and that
in many instances the volume of sales has been better than
that of a year ago.
The market for yarns continues to rule
easy, with not enough business to steady prices.
Print
cloths hold steady with a few sales reported from day to day,
but aside from this, business is quiet, although there have
been some large sales of 4-yard 80-square percales for delivery
during the first quarter of the new year.
Gray goods, 38Hinch standard, are quoted steady and unchanged at 53^c. to
5^c.
'
'
WOOLEN GOODS.-—Moderate activity prevails in mar¬
kets for men's wear, although it is stated that considerable
business is being sought for, more to keep machinery active,
than for immediate profit.
The general situation, however,
appears to be more settled, and whenever good values are
offered orders are placed.
Attractively priced overcoatings
are selling well, while there is a steady demand for noveltytaking
a
turn of the new year
..
dress fabrics
FOREIGN
DRY
GOODS.—An
improved
demand has
been noted for linens, with prices well maintained.
Season¬
able lines have moved freely, and the manner in which job¬
bers have called for certain lines of goods
is taken to indicate
greatly reduced.
A
feature in the situation has been the many requests for de¬
livery of goods not due until the first quarter of next year.
Burlaps are devoid of feature, the market ruling quiet.
Lightweights are quoted at 5.70c. and heavyweights nomin¬
ally at 7.00c.
that stocks in second hands have been
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
V
Week Ending
v*
"
'
,
Dec. 13 1913.
'
Pkgs.
Wool.
492
...
Cotton
*
4,502
Silk
Total
Since Jan. 1 1913.
Pkgs.
Value.
$
29,820
136,738
896,733
349,082
76,899
82,350
118,044
11,770
—_12,289
3,048,315
2,984,423
443,851
507,797
--
1913—.——1912———
83,376
1,306,825
412,299
—
Miscellaneous
Total
,
■
2,039
1,987
2,750
—
Flax
Value.
$
Manufactures of—
7,097,434
39,101,685
33,774,954
18,890,544
12,490.647
111,355,264
117,688,360
Warehouse Withdrawals Thrown upon the Market.
Manufactures of—
Wool.:
191
42,254
18,480
4.396,882
Cotton
859
261,557
42,696
12,217,714
Silk...
200
86,550
13,573
5,274,465
Flax
536
137,344
36,122
7,747,398
t
.-
—
—
1,051
121,044
2,837
Miscellaneous
648,749
96,978
6,357,452
consumption
—11,770
3,048,315
207,849
35,993,911
443,851 111,355,264
Total marketed
1913
Total marketed
1912
.14,607
16,122
3,697,064
3,600,487
651,800 147,349,175
734,483 146,173,967
Total
withdrawals
Entered for
Imports Entered for Warehouse During Same Period.
Manufactures of—
906
Silk
249,683
1,156
382
Wool—
Cotton
358,899
158,952
28,707
48,560
14,063
144,311
149,597
37,596
107,359
5,545,960
8,423,230
7,065,906
<236,385
41,277,676
Flax
648
Miscellaneous
745
Total
Entered for
3,837
1,061,442
.....11,770
3,048,315
443,851 111,355,264
15,607
..—15,647
4,109,757
3,735,743
680,236 152,632,940
726,467 147,528,187
-
consumption
Total imports 1913
Total imports 1912
6,680,778
13,561.802
1836
THE
|W£ AT115
CHRONICLE
OlTY DEfAftTMEflT.
P%Qe'
[Vol.
Nam^i
r^Rate.
1606--Hillsborough County, Fla
Tex. (2 issues)
1606—Howard School Twp., Ind——
1943
__
1678--Huntington County, Ind-—— 4)4
We present herewith
detailed
our
list
of
the
municipal
bond issues put out during the month of
November, which
the crowded condition of our columns prevented our
publish¬
of the "Chronicle" of Dec. 6.
1446--Jacksonville, Fla
1368—-Jefferson, Ohio
was
given
1675
on page
the total for November
to
}006-Jennings County,
Ind
Bate.
1524- -Abington Twp., Pa
1604. -Alabama City, Ala. (3 issues).
1838- -Algona, Iowa
1444- Allegheny County, Pa
1838- .Ardsley, N. Y
1368. .Ashland, Ohio
1444-,.Ashland,
Ohio__
Ohio
1604- .Ashland,
-
5
1764—Kaukauna,
•
*
Amount.
5
5
$25,000
50,000
5,800
1,100,000
10,000
4,500
1,200
6,500
6,800
1943
1923
5)4
4)i
1943
5
1918
al918
al915
1914-1920
5
1943
5
5
1919-1938
1929-1934
<*1923-1953
<*1918-1933
5
i.
434
5
—-
1948
434
1525-.Battle Creek S. D., Iowa
1838-..Beatrice, Neb—
1525- .Beloit, Wis. (2 issues)
1445-..Berkeley, Calif
1677-..Bigprairie Sch. Dist., Ohio-
5
1943
5
al917
1933
5
5
al919
1923
1838- .Bleckley County, Ga. (3 iss.)_ 5
1762-..Blue Earth, Minn
5
1677-.Bogota, N. J
"
5
al928
1762-..Brundage, Ala—
1762-..Butler County, Mo.
1445-.-Butte, Mont
^
1605-..Cadiz, Ohio
1677-..Cairo, 111
-
5
5
al924
5
.
fob""
5
al934
1914-1925
12,000
1914-1917
<*1923-1938
250,000
7,000
al920
—
4)4
1914-1936
a 1918
<*1933-1943
5
3,800
13,500
"
100
100.163
fo"o""~
100.266
100
100.284
100.25
100
•v
1/101
;
•
100
1447—Mt.
Pleasant
U.
No. 9, N. Y
1527—Mt. Verpon, N. Y
F.
S.
1765--MusselshellCo. S. D.15, Mont.
1765__Narragansett, R. I
1679--Nashville, Tenn
1765--Nebraska (3 issues)
1765—Nebraska
1368- .Ceredo, W. Va_
1762- -Chillicothe, Mo
1762- -Chippewa County, Mich
1525- -Cincinnati, Ohio
1677- -Clifton Sch. Dist., Ohio..
—
—
"
1923
6
15,000
200,000
3,500
1953
4)4
6
1839- -Coal Creek Dr. & Lev. Dist.,
Ill-'_
1762- .Cody S. D. No. 5, Wyo
1445. .Cohoes, N. Y„.
:
1605- .Columbus. Ohio (2 issues)
1445- -Connecticut
1605. .Custer County, Mont
—
-
—
—
1368. -Cuyahoga County, Ohio. —1525. .Daviess Co., Ind. (5 issues)
al920
6
1922-1928
<Z19i8-1923
1914-1916
6
434
60,272
1,500
22,200
15,500
4,000,000
100,000
45,000
43,120
135,000
100,000
7,000
5,800
127,000
118.000
4,500
8,000
10,000
7,500
15,000
16,000
.34,500
11,901
12,000.
.25,000
5
r"f936^"
4
■
5
6
1933
•"
1915
434
1525- -Decatur, 111
1525. -Decatur Sch. Dist., Ill
1605. .Decatur County, Ind
5
19234933
5
1933
4)4
434
1445- -Delaware County, Ind
1525- -Detroit, Mich....
1605- .Detroit, Mich. (2 issues)
1762_ .Dewar S. D
Iowa (2 issues)
1763- -Dubuque County, Iowa
1923
1914-1923
4
4
1943
1914-1922
5
.,
6
1445- -Dundee, Neb___
(5
1923
16
1605--East Baton Rouge Parish, La_ 5
1445—East Liverpool; Ohio (2 issues) 5
1525—East Longmeadow, Mass—
434
1605-.East View, Ohio
5
1605--Eatonville, Wash
•
6
1445—Elida Sch. Dist., Ohio
5
1763—Elk City, Okla
1839—Elwood Sch. City, Ind
434
1677..Essex County, Mass
4
1677__Essex County, Mass
1
4
1677--Essex County, Mass
434
1445:.-Essex County, N. J
4)4
1445-_Evanston, Ill_._:
4
1525--Everett, Mass—
4)4
1763—Exira Ind. S. D., Iowa.,
5
1763--Fairfield Sch. Dist., Iowa—— •
'•
1446—Fayette County, O. (2 issues). 5
1446—Fernandina, Fla—_
5
1525—Fontanelie, Iowa
5
1526--Forest Grove, Ore
1446--Forsyth County, No. Caro— 5
1606--Franklin County, Ohio
5
1923
1914-1933
~"<U926
,
1915-1919
1923
1922-1932
1914-1923
-
1924
—
1943
1933
-—__
—
1839
Franklinton
Twp., No. Caro— 6
5
1446--Gary, Ind
—
1606—Geddes U.F.S.D.No. 2, N.Y_
1678—Geneva, N. Y__
1763—Girard Vil. S. D., Ohio——
1526..Gloucester, Mass
1606—Gooding County, Idaho
1606—Greenville, Ohio
1606—Greenville, Ohio
1839
Greenville, Tenn
1839
Haledon Sch. Dist., N. J
1763—Halfmoon
&
Stillwater
-
434
5
1930-1933
6
4
5
al919
434
5
6
5
4HJ
4)4
al920
1943
1933
102.285
4,290
4,000
1923-1939
40,000
8,500
1916-1945
140,000
„
al921
1916-1935
1930-1934
al917
«—„
1914-1917
45,000
~
95
102.625
100
lb"0".25"
100
101.815
ibo".l6~
20,000
55.000
38,489
1914-1923
1923
100
100
al919
lb"0".27l
101.863
100.344
100
100.293
100
•
100
».
100
100
100
100
100
106.39
100
100
al921 7 7
1914-1920
1923
1914
35,000
262,000
4
'23-'28&'33
1608--Nutley, N. J__„
1841--Oakland, Calif.
1765—Olivet Sch. Dist., Cal
5
15,700
132.000
30,000
3,000
1933
5)4
97.3
100
lb'f.SO'
98.87
100.341
101.50
100
100
100
100.78
126,000
110,000
100
6.000
100
30,000
32,000
5,602
100
100
100
100
1914-1943
6
1914-1919
6
1916-1923
100.728
100
100
102.823
101
Drainage
—
—
_
1765--Oriental S. D., No. Caro
1765—Oxford Twp. Sch. Dist., N. J1608--Parke County, Ind
1528—Pascagoula, Miss
1448—Paterson, N. J—
1608-_Perris, Cal
1528--Pipestone, Minn
1841-.Pleasant Valley, W. Va
1608—Portland, Ore...
1608--Portland, Ore.
1765..Pratt Sch. Dist., Kan_
1448—Prince ville, 111—
1528--Racine, Wis
1608--Raleigh, No. Caro. (3 issues)—
1448--Ravalli County, Mont.
1448--Ravalli Co. S.D.No.3, Mont—
1528--Reidsville, No. Caro
1528—Revere, Mass
—
6
1933
5
30.000
7,000
20,000
16,000
25,000
165,000
20,000
5,000
10,000
315,248
1,170
35,000
10,700
35,000
125,000
55,000
14,000
50,000
15,000
250,000
3,000
al919
__
6
1933
4)4
1943
5
5
-
al926
6
6
1923
1923
">
'
5
<*1923-1933
5
1917-1Q26
a 1925
4)4
5
1943
5
<*1923-1933
5
<*1923-1933
__
4)i
1914-1928
4
1963
1766—Riceville, Iowa
5
1766—Rdane County, Tenn
5
v
1943
1370—Rockport, Ind
5
al919
1841—St. Johns, Ore—
6
1608—Str. Joseph, Mich
—
4)4
1932-1941
1528—St. Paul, Minn. (2 issues)
6
1916
1608—St. Paul, Minn
4)4
1943
1370—Salem, Ohio ,(2 issues)
•_ 5)4
1608—Salem, Ore
5
1923
1608—Salineville, Ohio—_—
5
1914-1918
1604--San Antonio, Tex
5
1528—Sanford, No. Caro.
6
1943
1448.-San Francisco, Cal
1
5
1914-1938
1528—San Francisco, Cal.
5
1608--San Mateo, Cal. (7 issues)
5)i
1766.-Sarasota, Fla
6
1933
1528—Shelby County, Ind
4)4
1915-1924
1528--Shelby County, Ind
4)4
1915-1924
1528—Sidney City S. D., Ohio.
5
al935
1609—South Orange Two. S.D., N.J. 5
al940
1680.-Spencer & Washington Sch.
Twps., Ind
5
1448--Springfield, Ohio
5
al928
1448--Springfield, Ohio
5
al918
1448--Springfield, Ohio
5
al916
1609--Stamford, Conn.
5
1938
1680--Starke County, Ind
4)4
al919
1680.-Steuben School District, Cal— 6
1914-1918
1842—Stillwater County, Mont
6
<*1924-1933
1766--Stokes Co., No. Caro. (3 issues) 6
1943
1842—Tacoma, Wash. (18 issues)
6
-
1528--Rhode Island
...
-
-
113,000
2,000
17,842
5,000
5.485
30,000
7,000
2.500
90,000
105,000
33,887
—_
1529--Vanderburgh County, Ind
1449—Van Wert, Ohio.—
1767—Venice Un. H. S. D., Cal
6
4)4
1914-1923
1928
1933
<*1923-1933
1923
1933
100
99.656
101.768
103.4
100
fob""
4,315
-
1610—Valdosta, Ga. (2 issues).
1766—Valier, Mont
100
100
100
95
101.69"
100
.
'
-
4)4
4)4
100
480,000
100.689
12,569
100.046
500.000
98.01
10,000 1/102.675
100
13,000
100
879,000
89,000
101.698
100
15,000
M
5,260
100.114
1,260
100.078
14,000
102.114
—
—
100
102.6
—
1449--Tutwiler, Miss
6
1680—Twin Falls Co. S. D. No. 5,Ida.6
1766—Ute Sch. Dist., Iowa—.
100
15,000
7,014
50,000
2.479
525,000
—
1529--Tippecanoe County, Ind
1/101.672
110,000
.
Ohio.
100.51
.,000,000/
1953
-
100.913
.
101.055
9,000
101.35
70,000
35.000
100.69
58,078
100.038
500,0001x100
4
-----
101.70
99.07
100
100
6.000
:
al917
Carolina.
106.705
102.7100
21,000/
1920-1929
-
1447-.One-Hundred
Two
Dist. No. 1, Mo
100.465
15,000,,? 103.05
5,000
103.1
30,000
101.083
160,000
,
5
.-
1529—Toledo,
434
5
6
4
1526-,Harrison School Twp., Ind— 434
1839--Hawthorne, N. J
—r—
5
1763
Henderson, Tex—.
5
1606—Herkimer, N.Y
5
1914-1923
1923-1933
1914-1923
1914-1921
103.23
131,000
50,000
101.098
60,000
250,000
100.77 |
140,000 ;
97.836
16,000
102.749
28,000
100
15,000
14,000
50,000
98.25
17,000
135,000
10,000
20.000
28,000
60,000
60,000
30,000
21,100
1,500
40,000
150,000
22,2501
<*1918-1928
1841--North Dakota (8 issues)
Union
Fr. S. D. No. 10, N. Y
1446--Hardin County, Ohio
1606—Harris Bayou Dr. Dist., Miss.
1526—Harrisburg, Pa
al919
—
6
10.000
11.000
8,000
—
1943
1763—Fredonia Sch. Dist., Kan
*
100
100.3
•
al940
6
5,100
r— — — — — — —
103.82
100.566
110.000
4)4
1527--North
—
"
.
5
-
8,500
—
100
8,000
D.
5
—
1943
6
1605r -Chillicothe, Ohio
—
100.266
4)4
1943
14,500
100,67
-Meridian, Miss
5
50,000
100.6
1678_-Midland, Pa. (2 issues)
5
1916-1933
20,000
100.55
1607--Midland School District, Pa__
28,000
1527--Millersburg, Ohio (3 issues)—- 5
lbb"""
15,451
1607--Milwaukee, Wis. (3 issues)
4)4
1~933
101.23
290,000
1527--Minidoka Co. S. D.No. 5, Ida. 6
<*1923-1933
100
2,000
1679_-Minneapolis, Minn. (10 issues) 4
1939
95
1,315,000
1679-'-Minnesota (35 issues) —4
100
156,885
1607—Montclair, N. J
4)4
1943
100.75
75,000
1607--Montclair, N. J
4)4
1943
64,000 101.6667
1841-.Montgomery
County,
Tenn 5
•
1943
20,000"
1765—Mooresville, No. Caro. (3 i§s.) 5
1943
65,000
1679_.Morgan County, Ind
4)4
1914-1916
15,000
100.4
1447-^Morgan County, Ind
4)4
1923
3,800
100.212
1765—Mt. Ayr, Iowa
5)4 :
1933
103.222
45,000
1605- .Charlotte, No. Oaro_
■
1677. .Chehalis County, Wash
1525-. -Chicago, 1111
1525- .Chico Gram. SI D., Calif__—
.
_
100
700,000
..
4)4
1679—Neenah, Wis
5 •
1607—New Bedford, Mass. (2 iss.)_- 4
1841—Newberg, Ore
6
1607--New Harmony, Ind
1841-_New Philadelphia, Ohio
4)4
1527--Newport, R. I
4)4
1607—Newport, R. I_
4)4
1608—New Rochelle, N. Y. (5 issues) 4)4
1679.-New York City3*
1679,-New York City
3
1527--Northampton, Mass
4
.
1605- California
1677- -Cambridge, Ohio
1445- .Carmel Spec. S. D., Ohio
1677- .Castile Sch. Dist., N. Y__
1445- -Central Lake Twp., Mich
100.781
lb"0".34i
6,000
30,000
23,000
10,000
200,000
5
1764--Mecklenburg Co., No.
5
5
4)4
100
25,000
8,000
106.343
4
<*1950-1985 4,675,000
91.518
434
33,114 xlOO
6
"al936~"
1,000
102.6
4.65
25,000
100.42
5
1918-1933
20,000
6
1923
4,500
6
1914-1923
103
60,000
534
100
180,000
4
90,000
100
5
1914-1938
50,000
.
1525. .Caldwell, Ohio..
5,600
.......
6
1447--Manhattan Beach S. D., Cal__
1764—Marceline, Mo
1447—Marion County, Ind
1527--Marion County, W. Va
1527--Martin County, Ind
1764—Mattoon, 111
1764—Mecosta County, Mich-—
1527-.Mercer County, N. J
100
■
100414
1914-1927
6
III
4)4
Caro—
fob""-"
100
-
1445- Calcasieu Parish S. D. No,. 8,
La
1914-1923
6
;
100.113
100.072
100.863
100.253
—
100
16,000
1914-1922
„
__
-
1001324
1607.
62,000
5
-
Ind
1764-Madill, Okla_
1527--Madison County, Ind
1607--Madison County, Ind
1447--Manatee County, Fla_——
100
100.20
1445-..Calcasieu Parish S. D. No.,6,
""1933 *
6
4^
2,000
1933
1933
6
5
4)4
4)4
J§i9--^s^?g^!e,s' Calif--
12,320
6
Ohio
Price.
98.13
100
.
6
25,000
48,000
10,000
12,000
13,000
1943
1914-1937
6~
6
101.869
9,200
1918-1923
1445-..Bonpas Drain. Dist., Ill
6
1368-..Boone County, Ind. (2 issues). 434
1838-..Bradley County, Tenn. (3 is.). 5
1762-..Briarcliff Manor, N. Y. (4 is.)-4.60
1914-1923
102.911
12,854
65,000
6,000
40,000
23,000
...
6
;
1840.-Laurens Co. S. D. No. 16, S.C.
1446--Lawrence County, Ind
1446--Lexington, Mo
30,000
25,000
115,000
1,750
25,000
1919-1940
5
1838- .Bingham Canyon, Utah (3 iss.) 6
1445-..Blackford County, Ind
434
1445...Blackford County, Ind
434
IIIIIII
-
iAn«"faiGr^ndeI6T-^
4)4
1526--Lone Star S. D., Cal—
6,000
<*1918-1933
Issues)
(3
1678—Logan Irrigation Dist., Colo—
"
1923
534
434
—
100
100,000
98.125
66.950
100
11,000 *100
17,000
100
250,000
97.51
2,000
101.25
20,000
<*1917-1933
1605-.Augusta, Ga__
1677. .Ballville Twp., Ohio
1444-.Banks Township, Mich
County, Ind_
$500,000
1,200,000
6,000
2,590
10.000
12,000
15,000
58,000
27,000
8,000
5,800
175,000
15,900
100,000
16,000
167,000
500,000
55,000
12,000
14,140
17,832
23,000
7,000
18,400
f
7,200.
20,000
9,500
20,000
25,500
'
5
5
100.662
100.05
101
1933
•
iROfi--Prn °£uuty» c&
irn«"S10wa^0ullty,TK5n
1606--Knox
}6<8—Lawence County,
40,000
5
1524-,.Atchison, Kan
1444-.Atlantic City, N.J
1677-.Auburn, Neb. (2 issues)
La
Price.
"Various
Wis. (2 issues)
1446-Kenton County, ky
1369—Lakewood,
SALES.
Maturity.
5)4
5)4
5)4
1444- .Ashville, Ohio
1761- .Asotin County, Wash..
1444-..Astoria, Ore
5
4)4
1606--Lake County, Ind—
1764--Lake County, Mich-
NOVEMBER BOND
1914-1923
1923
IK
_
}£26-Kansas City S.D.fMo-_....
and the number of separate issues 429.
'
1915
4)4
;
1606--Knox County, Ind.
Name.
6
5
Ind
}«R£--^?SOIJ,CPJlnty'
Mont
1914-1933
6
„
$29,896,624 and for the eleven months $349,669,014.
The
municipalities issuing bonds last month was 310
number of
Page.
6
1764--Kansas (4 issues),.
Since then additional returns
have been received,, changing
CoIo__
Irrigation District,
1764--Jackson
County, Miss
1606-_KaIispell,
ing at the usual time.
The review of the month's sales
al919
1446--Hurtsboro, Ala
MUNICIPAL BOND SALES IN NOVEMBER.
Amount.
Maturity.
5
5
1606--Houston,
xcvii.
..
2,100
200.000
13.500
4,000
16,000
50,000
40,000
35.400
25,000
50,000
105.50
100.7
fob". 12"
100
109.56
100.3
100.88
106.25
101.523
101.069
101.349
f00l3"
100.522
100
100.25
fob"""
DEO. 20 1913.]
THE
Page,
Name.
Rate.
1767.. .Vermillion County, 111
5
1680.. .Vermilion County, Ind. (6 iss.) 4)4
1449.. .Vigo County, Ind
4)4
1529-. .Wabash County, Ind
4)4
1530- .Wapokoneta,
1923
"
"fll92f
1610- .Washington Co., Ind. (2 iss.).
1449- .Washington School Dist., Ill—
1610- .Washington C. H., O. (2 iss.).
4)4
1449- .Washington Township, Ohio..
1767. .Waterloo, Iowa
1370- .Wauseon, Ohio
5
01919
Tol9T6"
\al926
1917-1926
5
{f
1449--Waycross, Ga
1767. .Wayne County, 111
1681. .Wayne Township, Ind
1530--Wayne County, Miss
1610--Wells County, Ind.
_
27,000
10,125
18,000
100,000
28,000
300,000
15,000
4,000
24,000
75.000
10,000
100,000
6,000
43,000
78,000
230,700
32,555
200,000
15,705
O1920
5
<11923-1933
1943
5
...
1943
4)4
4)4
4)4
....
1923
■
~~
1917-1942
6
5
1530. -Wood County, Ohio
1530. -Wood River Dr. Dist., Ill
1681. -Wooster, Ohio—
1371. -Worcester, Mass. (8 issues)...
al916
1914-1933
1914-1923
6
6
5)4
4
1610. -Youngstown, Ohio (5 issues)..
1611. .Youngstown, Ohio
5
1611- .Youngstown, Ohio
5
5
....
1928
100.271
100.545
101.57
100.12
100". 108
100.583
102.778
100.257
;
100
101.27
101.089
1933
100,000
1933
1933
1928
1933
45,000
111,000
35,000
4,000
10,000
2,212
—
97.594
13,200
4,700
;—-
5
5)4
—
1914-192?
5
5
....—
5)4
5
1928
1914-1918
94
85.009
95
90
-
91
89
90
91
—.$13,159,948
ADDITIONAL SALES OF DEBENTURES FOR PRE VIOUS
$1,500
10,000
95
95
1914-1918
1943
1943
450
200,000
44.985
90
90
100
All of the above sales of debentures (except as
will
6,000
250,000
Price.
Amount.
1915-1924
1933
—
100
Amount.
-$20,700
25,000
20,000
50,000
MONTHS,
Maturity.
Page.
Name.
Rate.
1611—Eastway S. D. No. 2904, Alta.
(August)
8
1844—Hantsport, N. S. (May).
5
1611—Lower Beaver Lodge S. D. No.
2812, Alta.
8
1682—St. Boniface, Man——
5
1844—Truro, N. S. (May).
5
104.82"
our
in
place
make
the
October.
These
sales
total
of
additional
debentures
indicated)
October issues
for
that
month
$13,767,788.
News
items.
Ga.—Commission Form
of Government Defeated.—The question of establishing a com¬
mission form of government failed to carry, reports state,
at the election held Dee. 10.
The vote was 318 "for" to
792
"against."
-
Easton, Md.—Voters Favor Purchase of Water Plant.—A
special election held Dec. 15 resulted, it is stated, in favor of
having the town buy the plant of the Easton Water Co., the
vote being 278 to 5.
The price agreed upon is reported as
$51,91456/
;
*
20.000
—
—
1Q
5,000
40,000
5,000
700,000
25,000
75,000
___
be found.
—
Oft
25|000
Total debentures sold in November.—
104.95
totals for previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which the reasons
—
100
000
1943
Columbus, Muscogee County,
________
99
5)4
—
1451—West Luther Township, Ont—
REVISED TOTALS FOR PREVIOUS MONTHS.
__
Price.
/S12.000
102.131
Average date of maturity,
d Subject to call in and after the earlier
year and mature in the later year,
k Not including $56,566,048 of tem¬
porary loans reported, and which do not belong in the list,
x Taken by
sinking fund as an investment,
y And other considerations.
_____„_
Amount.
1914-1933
1914-1943
1914-1933
1953
1943
1923
5
6
63^
5
4)4
5
5
1844—Trenton, N. S
1531—Vancouver, B. C_
1611—Vernon, B. C
1682—Vernon, B. C
1682—Vernon, B. C
1682—Vernon, B. C—„
1682..Vernon, B. O—
l6ll-._Wingham._Ont
a
Page.
Name of Municipality.
1676.-Allen County, Ohio (Octoberlist)——
1677—Castile School District, N. Y. (August list).
1605..Culberson County, Tex. (September list).. —
1678..Henderson, No. Caro. (June list)
i
1763—Hudson, Ohio (October list)
1840—Los Angeles, Cal. (October list).
1841.-Montgomery County, Tenn. (October list)
1679—Neenah, Wis. (January list)."
1679--Norfolk, Neb. (2 issues, October list).
1766.TSarasota, Fla.
(July list)
1767—Venice Union High Sch. Dist., Cal. (September list)
--—--
5;
—_
1611—Wilkie, Sask
(310 munici¬
palities, covering 429 separate issues)
——£$29,896,624.
for these eliminations may
5)4
1
1531—Simcoe, Ont...—
1769—Solsgirth Sch. Dist., Man
1531—Souris, Man
1682—Souris Sch. Dist., Man
1531__Toronto, Ont
took
following items included in
_
*
1682.-Waterloo, Ont.——
101.50
Maturity.
Rate.
Name.
Page.
*
Total bond sales for November 1913
The
1837
1682—Scarboro Township, Ont
100.027
100.177
100.225
4,019/
...
1449. -West Hartford, Conn.
1371. -West Park, Ohio.
1681. -Westville, Conn
1371. -White County, Ind
1610. _Wilkes~Barre, Pa
1610- .Williamston Twp., N. C
1530- -Wood County, Ohio (2 issues).
Price.
$9,000
21,980
9,000
4,000
14,000
23,400
4,000
2,250
10,000
10,000
28,500
11,3731
1914-1923
5
Ohio
Amount.
Maturity.
CHRONICLE
__
Kentucky.—Constitutional Amendments Declared Void.-—
20,000
34,000
15,000
50,000
The two proposed constitutional amendments approved by
the voters on Nov. 4 were rendered void on Dec. 15, when
Circuit
Judge Stout in the State Fiscal Court granted a
perpetual injunction restraining the issuance of a proclama¬
tion of their adoption.
The decision was rendered in the
ease of G. G. Speer against James B. McCreary, Governor.
Judge Stout holds that Secretary of State Crecelius violated
the provisions of Section 257 of the constitution, which pro¬
^
,
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
Price
Maturity.
'Amount.
1524—Altoona, Wis
6
1917-1919
100
$4,500
1761—Anamosa S. D.*, Iowa (June)__ 5
..l.
100.5
60,000
1762—Belleville S. D., Kan. (July
to
September)-..
5
30,000
J 00
1605^-Burlington, Iowa.J_.___
5
1918-1923
100
30.000
l762..Castaria S. D., Iowa (July).__ 5
100
■
2,000
1525--Claiborne Parish S. D. No. 13,
La. (April)
________—:_
5
1918-1947
15,000
1525..Clay County, Miss
100
1933
6,500
1525—Conrad, Iowa____,
1918-1929
5,000
1762—De Pere, Wis. (2 issues)
5
_!
4,900
100.918
1677._Doylestown, Ohio (August)... 5
100
1917-1918
1,200
1306—Eyanston, 111. (July)-.
4
40,000
1606—Fergus Co.
S.
D.
No.
84,
•
Mont. (September)
6
<11923-1928
8,000
1762—Flandreau, So. Dak. (August). 5ol926
100.093
7,500
1678..Henderson, No. Caro. (July). 5
100
1953
50,000
100
1606—High Springs. Fla__6
1923-33-43
35,000
1763—Huron S.D.No.44, Ivan.(Aug.) 5
100
1928
" 1
8,000
1678.. Jefferson Co. Free Bridge Dist.,
Ark._
5
1918-1938
100
700,000
1764—-Lake County, Ind
101.572
4)4
1914-1924
45,000
;1607—Lee County, No. Caro
5
1943
25,000
1840._Lincoln County, Mont
103.17*
5)4
1933
81,000
1764—Minden S. D., Neb. (April)
5
.
14,000
loo"'"
1765—Nelsonville, Ohio (2 issues)
5
5,096
100
•
1527.-Newberry, Fla
6
1923-1943
30,000
1527.-North Dakota (14 issues)
100
54,500
100.003
1527—NorthT&rrytown, N. Y.(Aug.) 5
al922
8,000
1528.-Norwich, Conn—u
102.069
4)4
1938
125,000
1528—Oak Creek, Colo..
^_____
12,000
1528._PascoCounty, Fla.
5'
1943
150,000
1765.-Porter County, Ind
100.310
4)4
7,400
1608—Raritan Twp. S. D., N. J____ 5
100.42
1921-1940
/12.000
102
1 7,500
1680_.Rocky Mount Grad. Sch. Dist.,
No.Caro__.-__
5
1953
35,000
1680—Sault Ste. Marie, Mich--...— 5
1933
30,000 1/100.55
1766—Silver Creek, Neb_ —i___ 5
dl918-i938
16,000
100
1842-.Thornton S. D. No. 25, Ida.. 6"
</l923-1933
2,000
—.
1843-_Warroad, Minn________
4,000
100
1767—Watonga, Okla. (May)..____ 6
1938
35,000f
1843..Winnesheik County, Iowa— 5
1930-1933
67,000
1768..Winside S. D. No. 39. Neb... 5"
al922
8.500
.
—
...
—_
'
—
—
——
— —
—.—
.
.
—
___
—
.
—
__
——
.
__.
—
—
.
___
A
_
All the above sales
indicated)
™
for Octob
These additional October issues will make the total sales (not
including temporary loans) for that month $35,660,445..
DEBENTURES
(except
SOLD
BY
IN
as
CANADIAN
are
MUNICIPALITIES
NOVEMBER.
Page.
Name.
1372—Alberta (Province of)
1768—Beckleigh Sch. Dist., Sask
1768—Bowmanville, Ont. (4 issues)
1768—Chauvin, Alta
1768.-Duck Lake, Sask
1681—Dundas, Ont
1768—Elkwood Sch.'Dist. Man
,
Rate.
—
4\i
8
5
Maturity.
Amount.
1923
$3,600,000
1914-1923
1913-1942
6
1923
6
1914-1933
1,800
150,000
1,800
11.000
6
5
6
5
1531.-Essex County. Ont
1681—Haileyburg, Ont
1681—Hibbert Township, Ont
Y9Y4-1923
1933
90.10
85.83
20,000
5,000
Man.
6
4)4
5
1451—Orangevilie, Ont. (3 issues)
1451—Pembroke, Ont
1611.-Peterborough County, Ont___
5
4)4
5
1611—Petrolea, Ont—
1769—Pittville Sch. Dist., Sask—___
1611-.Port Arthur, Ont
1682—Port Stanley, Ont. (2 issues)
1769—Pripce Albert Prot. S. D., Sask
1531—St. Boniface S. D., Man.——
1531—St. Vital, Man—.
1769—Saltfleet Sch. Dist., Sask.____
1451.-Saskatoon Sep. S. D., Sask_._
5
—
—
—
__
—.
8
4)4
6
6
5
5
8
5
30,000
7,500,000
13,500
1914-1923
9,000
13,500
Y9Y4-1933
10,000
1914-1933
7,000
1914-1923
1,900
1942
209,731.
13,449
26,000
1933
103,000
32,256
„1933x
1914-1623
1,400
1953
105,000
void.
ment
The
amendments
were
not. advertised. until
sixty days before the election.
The case will be taken to the
Court of Appeals and decided, it is expected, early in the
January term.
See V. 97, p. 1676.
Mich.—New Charter. Adopted.—A new city
adopted at a recent election by a majority of
767 votes.
The new charter provides, it is said, for the
election of a mayor and four councilmen for terms pf five
years.
These officials will appoint a general manager to
handle the administrative work of the community
They
are subject to recall at the end of each year by majority vote
of the electors.
The people are also granted initiative and
referendum powers under the new charter.
Manistee,
charter
was
New
York
State.—Final
Adjournment of ■ Legislature.—
regular session and six months of extra
session, the Legislature finally adjourned at 8 p. m. Dec. 12.
The regular session began Jan. 1 and ended May 3.
The
After four months of
extra session commenced June
16 but did not sit continu¬
ously until final adjournment, a number of recesses having
occurred during the summer months, notably during the
impeachment trial of former Governor Sulzer.
Acting Gov¬
Glynh recommended and succeeded in having passed
primaries bill, workmen's
compensation bill, 4fMassachusetts ballot" bill, a bill provid¬
ing machinery for the direct election of U. S. Senators by the
people and a constitutional convention bill.
All of these
measures have been signed by Governor Glynn and will take
effect immediately, with the.exception of the workmen's com¬
pensation bill, which will become"effective Jan. 1.
The
constitutional convention bill provides for a special election
to be held on the first Tuesday in April next, at which will
be submitted to the people the question as to whether
ernor
before final adjournment a direct
or
not
convention
a
to
revise the State constitution shall
If it is determined in the affirmative,
officers
which
the dele¬
at the next November election, at
Governor of the State and all of the State
be elected
time
are
a
to be chosen.
One of the last acts of the
Legisla¬
the passage of a bill
appropriating $160,900 to de¬
fray the.expenses of the impeachment trial.
This is in addi¬
tion to the $75,000 appropriated at the time the impeachment
ture
1682—Montreal, Que
constitutional amendment shall be voted
election, and that this section of the constitution is so manda¬
tory that to fail to carry out its provisions makes the amend¬
gates will
1531—ManitouConsol. S. D.No.314,
1682—New Liskead, Ont
a
be advertised at least ninety days before the
it must
be held.
43,000
1,500
16,000
1914-1933
1933
Price.
vides that before
on
1933
1953
1914-1928
85.246
was
court convened.
Vote
on
Constitutional Amendments
The official
98
96.50
canvass
Officially Canvassed.—
of the vote cast Nov. 4 shows that all
four of the proposes constitutional amendments
on that
day (V. 97, p. 1150) were adopted.
submitted
The proposed amendment to the State constitution permitting munici¬
palities to condemn property in excess of the amount actually needed for
public parks and streets received 424,928 affirmative votes and 270.467
negative votes, a majority of 154,461.
•
•
1838
THE
CHRONICLE
The proposed amendment
permitting the Legislature to pass the work¬
men's compensation law {see item
above) received 510,914 affirmative votes
Cert, check
a
providing for two additional county judges
Kings received 389,971 affirmative votes and 255,539 negative votes,
majority of 134,432.
The proposed amendment
providing for the use by the State of forest
BRAZORIA COUNTY (P. O. Angleton), Texas.— BOND SALE.—
Local papers state that the Commonwealth Trust Co. of Houston has
p r-
negative votes, a majority of 298.974.
This last amendment, it is claimed,
will permit the State to go into electric-power development.
chased $300,000 Road Dist. No.
bonds.
Pendleton, Wash.—Commission Government Defeated.—
Reports state that the question of establishing a commission
vote of 587 "for" to 771 "against."
(V.97.p.967).
«
accompanied
the
President's
is
"
City.
CITY SCHOOL DISTRICT
(P. O. Akron), Ohio.—BOND
4 p. m. Jan. 9 1914 by the
Board of Education, J. F. Barnhart, Clerk, for $75,000
4M % school bonds.
OFFERING.—-Proposals will be received until
Denom. $1,000.
Date Jan. 9 1914.
Int. J. & J. at office of Treasurer of
Board of Education.
Due $5,000 yearly on Jan. 9 from 1917 to 1931, incl.
ALGONA, Kossuth County, Iowa.—BOND SALE.—The $5,800
10-year drainage bonds (V. 97, p. 189) have been awarded to Geo. M. Bechtel & Co. of Davenport at par for 5Ms,
Int. M.&N.
ALLEN COUNTY (P. O. Lima), Ohio.—BOND SALE.—On Dec.
16
the $20,700 6% 3-yr. (av.) coup, ditch-impt. bonds
(V. 97, p. 1676) were
awarded to Spitzer, Rorick & Co. of Toledo at 100.66, it is stated.
will be held Jan. 27 1914, reports state, to submit to a vote the
questions
of issuing $20,000 park-purchase, $10,000 fire-hall-constr. and
$5,000 fire-
truck purchase bonds.
Langlade
County,
Wis.—BONDS
PROPOSED .—Local
Westchester
County,
N.
(P.
Co. of NT. Y.
Denom.
on
$1,000.
-
Clerk of County Commissioners, for $20,000
5% flood-emergency bonds.
Denom. $500.
Date Oct. 1 1913.
Int. A. & O. at office of County Treas.
Due $2,000 yrly. on Apr. 1 from 1915 to 1921,
incl., and $3,000 on Apr. 1
1922 and 1923.
Cert, check for $500, payable to County
Treas., required.
Bonds to be delivered and paid for within 10
days from time of award.
Purchaser to pay accrued interest.
'
,
„
AURORA TOWNSHIP SCHOOL DISTRICT (P. O.
/
Aurora), Port¬
age County, Ohio.—BONDS NOT SOLDi—Newspaper reports stated that
an issue of $3,500 bonds of this district had been
disposed of.
We are ad¬
vised. however, that no sale has been made of these bonds.
BEATRICE, Gage County, Neb.—BOND SALE.—N. W. Halsey &
Co. of Chicago recently purchased the $30,000
5M% water-works bonds
voted Nov. 4 (V. 97, p. 1445).
Due Dec. 1 1933,
opt. 1918.
Total
(incl. this issue); $336,231.
Assess, val., e ualized, 1913,
$1,495,562; actual value of property, est., $7,477,810.
The purchasers
are.offering these bonds to investors at 102.632 and int., to yield
4.90%.
BELL COUNTY (P. O. Belton), Tex.—BOND
ELECTION:-—Reports
bonded debt
election will be held Jan.
an
15 1914 to vote
issuing $600,000 Road District No. 5 road bonds.
BERGEN
on
the question of
COUNTY
(P. O. Hackensack), N. J.—BOND SALE.—
On Dec. 18 the $300,000 5% 20-yr. coup, or reg. road bonds
(V. 97, p. 1762)
awarded to Kean, Taylor & Co., N. Y., at 106.61.
Other bids were:
John D.Everitt&Co.
Harris, Forbes & Co., N: Y. 103.318
,N.Y.,]
A. B. Leach & Co., N.
were
Y.,)105.899 DouglasFenwick&Co.,N.Y
J.
S. Rippel, Newark,
j'tlyj
People's Nat. Bk., Hackens'kl05.25
R. M. Grant & C.p., N. Y__ 105.21
BINGHAM
.'
Weil, Roth & Co., and
Mayer,. Deppe & Walter,
Cincinnati, jointly^
103
are advised that the three issues of
6%,bonds,
offered without success on July 16 (V. 97, p.
to the Citizens' State Bank of
aggregating $25,000,
390), were awarded on Nov. 5
Bingham Canyon at par.
Date Dec. 311913.
BLAKEMORE SCHOOL DISTRICT, Fresno
County, Cal.—BOND
SALE.—The $3,800 6% bldg. bonds offered without success on
July 8
(V. 97, p. 189) have been sold to Fresno County at par.
BLECKLEY
COUNTY
three issues of 5%
(P. O. Cochran), Ga.—BOND SALE.—The
bonds, aggregating $65,000, offered on Oct. 21
(V. 97,
during November to Weil, Roth & Co. of Cincinnati
p. 903) were awarded
at par.
BOONE SCHOOL DISTRICT (P. O.
Boone), Boone County, Iowa.
—BOND ELECTION.—An election will be held Jan. 15
1914, reports state,
to decide whether or not this district shall issue
school-equip, bonds at not
exceeding $10,000.
BOWERSTON VILLAGE SCHOOL DISTRICT (P. O.
Bowerston)
Harrison County, Ohio.—BOND
ceived until 12
$20,000
Jan.
5M%
10 1914.
OFFERING.—Proposals
will
be
re¬
Jan. 10 1914 by the Bd. of Ed., J. S. Mason, Clerk for
school constr. and equip, bonds.
Denom. $500.
Date
m.
Int. J. & J.'
Due
as
follows:
$500_Mar. 1 1915 $500_Sept.1 1918 $500_Mar. 1
500-Sept. 1 1915 1000-Mar. 1 1919 1000-Sept. 1
500-Mar. 1 1916
500-Mar. 1
500-Sept.1 1919
500-Sept.1 1916
500-Mar. 1 1920 1000-Sept. 1
500-Mar. 1 1917 1000-Sept.1 1920 1000-Mar..1
1000-Sept. 1 1917 1000-Mar. 1 1921 1000-Sept. 1
500-Mar. 1 1918 1000-Sept. 1 1921 1000-Mar. 1
CAMBRIDGE, Guernsey County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Jan. 5 1914 by M. W. Stiles, City Aud.,
ror $43,115 60
4M% coupon taxable street-improvement bonds.
Denom.
(79) $500, (10) $328 06, (1) $335.
Date Sept. 1 1913.
Int. annually on
Sept. 1 at office of City Treasurer.
Due $3,000 yearly for 10 years,
$328 06 yearly for 10 years and $9,835 in 20 years from date.
Certified
Check for 5% of bonds bid for, payable to W. W. Lawrence, City Treasurer,
required.
Bonds to be delivered and paid for within 10 days from time
of award.
Purchaser to pay accrued interest.
CANISTEO
UNION
Steuben
FREE
County,
1922
l$1000Sept. 1 1925
1922)
500Mar. 1 1926
1000-Sept. 1 1926
1923
1923
1924
1924
1925
SCHOOL DISTRICT NO. 1 (P. O.
N. Y.—BOND OFFERING.—Proposals
will be received until 8 p.cm. Dec. 22 by W. E.
Hunter, Clerk of Bd. of Ed.,
for $29,000 reg. school bonds at not
exceeding 5% int.
Date
Denom. $1,000.
Dec.
1 1913.
Int. at First State Bank, Canisteo.
Due $1,000
1919 and $2,000 yearly on Dec. 1 thereafter.
Cert, check on an
incorporated bank or trust company for 2% of bonds bid for, payable to
"Board of Education." required.
These bonds will be certified as to genuineneess by the U. S. Mtge. & Tr. Co. and their
legality
1
Longfellow of N,. Y. C., and
a
approved by
duplicate original of
their opinion will be furnished purchaser.
Bonds to be delivered and paid
for at office of above trust company at 11 a. m. Dec. 30, unless a
subsequent
date shall be mutually agreed upon.
Purchaser to pay accrued interest.
All bids must be
on
forms furnished by the above Clerk.
Bonded debt
Assess, val., $726,176.
CARTERSVILLE, Bartow County, Ga.—BONDS INVALID .—We
are advised by the Mayor that, owing to a
technicality, the Commission
withdrew
the validation of the $110,000 sewer,
extension bonds voted Sept. 27 (V. 97, p. 1152).
street
and
'
water-main-
CASCADE
IRRIGATION DISTRICT (P. O.
Ellensburg), Kittitas
County, Wash.—BONDS NOT YET SOLD.—We are advised that no sale
has yet been made of the $700,000 6% bonds mentioned in Y. 97, p. 189.
CASTLETON, N. Y.—BOND SALE.—This village has issued on a
4.90% basis, $50,000 bonds to pay for the water works recently purchased
by the village from the Commonwealth Water Co. of New York.
Bonds
are due $2,000 yearly beginning in 1918.
1
.
CEDAR RAPIDS, Iowa— BONDS VOTED.—An election held Dec. 15
resulted in favor of the Issuance of $125,000 bonds for the construction of
a concrete dam.
The vote was 1,697 to 753.
A contract has been entered
into between the city and the Iowa Ry. & Light Co. for the use of the pro¬
posed dam.
Under the terms of the contract the city will build the dam
at its
own cost and expense to the extent of the 59-64 interest owned
by
the city.
The remaining 5-64 of the cost will be paid by the Iowa Ry.
& Light Co.
...
CELINA, Mercer County, Ohio.—BOND OFFERING .—Proposals will
be received until 12 m. Jan. 6 1914 by James K. Carlin, Village Clerk, for
$10,000 5% 10-year coup, water-works and electric-light bonds.
Denom.
Date
$1,000.
Dec.
1
1913.
Iht.
ann.
at
office
of
Village Treasurer.
Bonds to
Each bidder must deposit $500 in cash with Village Treasurer.
and paid for within 30 days from time of award.
be delivered
CERES
HIGH
SCHOOL
DISTRICT,
Stanislaus
County,
Cal.—
BONDS AWARDED IN PART.—On Dec. 9 $2,000 of the $35,000 5% sitepurchase and bldg. bonds offered without success on June 10 (V. 97, p. 465)
was sold to the Bank of Ceres.
CANYON, Salt Lake County, Utah.—BOND SALE.—«>
—We
CALIFORNIA.—BOND OFFERING. —Additional information is at hand
relative to the offering on Dec. 22 of the $1,800,000
4% highway-constr.
bonds (V. 97, p. 1677).
E. D. Roberts, State Treas., will offer for sale
these bonds at public auction at 2 p. m. in Sacramento.
Denom. $1,000.
Date July 3 1911.
Int. J. & J.
Due $400,000 yearly on July 2 from 1930
to 1933 incl. and $200,000 July 3 1934.
(including this issue), $32,000.
O.
Jefferson), Ohio.—BOND OFFER¬
ING.—Proposals will be received until 1 p .m. Dec. 29 by A. V. Hillyer,
state that
■
•
CADDO PARISH (P. O. Shreveport), La.—BONDS AUTHORIZED.—
Reports state that the police jury on Dec. 11 decided to issue $44,000 5%
bridge-construction bonds.
Hawkins. Delafield &
Y.—BOND SALE.—An issue
of $10,000 street-impt. bonds was awarded to Adams &
Nov. 6 at 100.05 for 5s.
Auth. election held Oct. 14.
Date Nov. 10 1913.
Int. M. & N.
Due Nov. 1 1918.
COUNTY
plant of
bonds.
—We
Dec.
papers state that this city proposes to issue bonds to purchase the
the Antigp Water Co.
•
•
'
water-works-impt.
lithograph¬
Canisteo),
election
(ser.)
Pa.—BOND OFFERING.—Proposals will
to-day (Dec. 20) by H. E. Coutler, Sec. of Council,
•
ANAHEIM, Orange County, Cal.—BOND ELECTION.—An
1-8-yr.
election held Dec. 6.
CABELL COUNTY (P. O. Huntington), W. Va.—BOND OFFERING.
are advised that this
county is offering for sale the $100,000 4M%
20-30-yr. road-impt. bonds offered without success on May 20 (V. 97, p.
252).
v
'
.
ABSECON, Atlantic County, N. J .—BOND OFFERINO.—Proposals
AFTON, Uinta County, Wyo.—BOND SALE.—We are advised that
the $15,000 bonds offered without success on July 12
(V. 97, p. 389) have
been awarded to Lyman & Samuels, contractors, of Salt Lake
7%
an
BUTLER SCHOOL TOWNSHIP (P. O.
Peru), Miami County, Ind.—
WARRANT OFFERING.—Proposals will be received until 2
p. m. Jan. 6
1914 by Marshall Jackson, Twp. Trustee, for
$4,550 5% school warrants.
Denom. (5) $100, (4) $500, (1) $850,
(1) $1,200.
Date Jan. 1 1914.
Int.
J. & J. at Citizens' Nat. Bank, Peru. ■ Due on Jan.
1 as follows:
$100
yearly front 1915 to 1919, inclusive, $500 yearly from 1920 to 1923,
inclusive,
$850 in 1924 and $1,200 in 1925.
Certified check for $300, payable to
Township Trustee, required.
All bids must be unconditional.
Bond Proposals and Negotiations this week
$4,000 in 1938 and 1943.
Certified check for 1%, payable to Treasurer,
required.
Bonded debt Dec. 17 1913, $5,000.
No fl<
loating debt.
Assessed valuation, $400,000.
at
Butler County,
ing bonds.
forming
will be received until Dec. 26 by H. Hammell, Treas., for
$20,000 5% coup,
school bonds.
Denom. $1,000.
Date July 1 1913.
Int. J. & J. at office
of City Clerk.
Due $3,000 every five years from 1918 to 1933 incl. and
$4,000
none
be received until 1 p. m.
for $40,000 4M % coup, tax-free bonds.
Denom.
$1,000.
Date Dec. 31
1913.
Int. J. ft D.
Due serially from 1915 to 1938.
Cert, check for
$500 required.
Bonds to be delivered and paid for on or before Jan. 3 1914.
Bidder to state whether or not
they will bear cost of. printing or
upon such matters.
follows:
offering for sale
BUTLER,
safeguarding of
ASHTABULA
days from time of
Purchaser to pay accrued int.
The amount of bonds to be sold
be reduced by the amount of assessments paid in cash
prior to Dec. 15.
BUENA VISTA, Marion County, Ga.—BOND OFFERING—This town
Auth. vote of 108 to
the people's interests, and many of whom have, besides, had a long experi¬
ence in the public service, which has made them
circumspect in
ARDSLEY,
Caro.—BONDS
award.
less uncertain in that judgment because I find it concurred in
by men whose
best energies have been devoted to conservatism and the
ANTIGO,
No.
may
public con¬
that I have naturally sought to scrutinize it very closely.
I take the
liberty of thinking that their fears and objections were not well-founded.
I believe the bill to be, on the whole, in the
public interest, and I am the
AKRON
.
Southport),
m. Jan. 6 1914
by Charles Milligan, Yil. Clerk, for
coup. Akron Ave. impt. (assess.) bonds.
Denom. $171 62.
Date Jan. 1 1914.
Int. M. & S.
Due $171 62 yearly on Sept. 1 from 1915
to 1924 incl.
Cert, check for 10% of bonds bid
for, payable to Vil. Treas.,
required.
Bonds to be delivered and paid for within 10
cern,
as
:
O.
BUCHTEL, Athens County, Ohio.—BOND OFFERING.—Proposals
materially detract from the beauty
have been
(P.
$1,716 20 5%
of the public domain.
The bill was opposed by so many public-spirited men, thoughtful of the
interests of the people and of fine conscience in every matter of
opinion
COUNTY
will be received until 12
I have signed this bill because it seemed to serve the pressing public needs
of the region concerned better than they could be served in
any other way,
and yet did not impair the usefulness or
an
\
BRUNSWICK
Francisco, Cal.—Hetch Hetchy Bill Signed.—The
Raker bill, giving San Francisco water supply and power
rights in the Hetch Hetchy Valley of the Tuolumne River,
Yosemite National Park, was signed yesterday (Dec. 19)
by President Wilson.—V. 97, p. 1761.
statement
Dist. No. 2 5M
NOT YET ISSUED.—The
County Treasurer advises us that the $40,000
bridge bonds voted July 8 (V. 97, p. 189) have not yet been issued.
San
The following
signature:
6 and $150,000 Road
BONDS VOTED.—At a recent election, the
proposition to issue $60,000
bridge bonds carried.
A like amount of bonds was voted on Sept. 23
form of government was defeated at the election held Dec. 1
a
Purchaser to pay accrued interest.
BRADLEY COUNTY (P. O. Cleveland), Tenn.—BONDS AWARDED
are advised by the Clerk that of the three issues of bonds,
aggregating $60,000. mentioned in V. 97, p. 464), the $25,000 5% 30-year
road impt. bonds have been awarded to Merriman, Adams ft Co. of Asheville, N. O., at par.
Date July 1 1913.
Int. ann. on July 1.
IN PART.—We
land for construction and maintenance of State-controlled reservoirs in the
Adirondacks and Catskills received 486,264 affirmative votes and 187.290
by
xcvii.
Ohio bank for 5% of bonds bid for, payable to|"Treas. •
Bonds to be delivered and paid for within 10
on an
of Bd. of Ed.,"
required.
days from time of award.
and 194,497 negative votes, a
majority of 316,417.
The proposed amendment
in
[Vol.
lOOOMar. 1 1927
lOOOSqpt. 1 1927
CHAGRIN FALLS VILLAGE SCHOOL DISTRICT (P°. O. Chagrin
Falls), Cuyahoga County, Ohio.—BOND OFFERING .—Proposals will
be received until 12
Jan. 3 1914 by John A. Church, Clerk
Bd. of Ed.,
bonds.
Denom. $500.
Date "day of sale.
Bank. Co., Chagrin Falls.
Due $1,000 each
six months from April 1 1919 to Oct. 1 1937 incl.
Purchaser to pay accrued
interest.
Bids must be made on blank forms furnished by above Clerk.
m.
for $38,000 5% coup, constr.
Int. A. & O. at Chagrin Falls
CHAMBERSBURG SCHOOL DISTRICT (P.
O. Chambersburg),
Franklin County, Pa.—BOND SALE.—On Dec. 13 the $20,000 4M%
bonds (V. 97, p. 1762) were sold at public auction to local
bidders in $1,000 to $4,000 lots at prices ranging from 100 to 102.15. Bonds
are due serially in from 1 to 10 years, but subject to call after 3 years.
tax-free building
CHARLES CITY COUNTY (P. O. Charles City), Va .—NO ACTION
YET TAKEN.—We are advised by the County Clerk that no action has
yet been taken looking towards the issuance of the $50,000 road bonds
(V. 96,
p.
1716).
CHATHAM
(P.
O.
East Hampton),
Middlesex County,
Conn.—
OFFERING.—Proposals will be received until 12 m. to-day (Dec.
20) by the Selectmen, Thos. A. Brown, First Selectman, for $35,000 4M%
30-year coup. bldg. bonds.
Denom. $1,000.
Date Jan. 1 1914.
Int.
J. ft J. at Central Nat. Bank, Middletown, or Liberty Nat. Bank, N. Y..O.
Cert, check for $2,000, payable to "Town of Chatham." required.
BOND
CHESANING (Village) UNION SCHOOL DISTRICT (P. O. Chesaning), Saginaw County, Mich.—BOND SALE.—We are advised that
the
$40,000 4M% tax-free building bonds (V. 97,
posed of to local parties at par.
p.
1305) have been'dls-
County, Calif.—BOND SALE.—On Dec. 9
road-impt. bonds (V. 97, p. 1060) were awarded
Diego at par and interest.
CHULA VISTA. San Diego
the $40,000 6% gold coup,
to the Bank Commerce &
Trust Co. of San
CINCINNATI, Ohio.—BOND
SALE.—On Dec. 19 the three issues of
41.500 street improvement
.
„
(city's portion) bonds to Weil, Roth & Co. of
$42,571—equal to 102.580.
20,000 street-improvement (city's portion) bonds
Cincinnati for
of Cincinnati at
102.78.
Calif.—BONDS NOT SOLD.—The
of Dec. 10 that no sale has yet been
(ser.) municipal improvement bonds
ESCONDIDO, San Diego County,
City Treasurer advises us under date
made of the $100,000 5% 10-39-year
offered on Oct. 7 (V. 97. p. 968).
4)4% bonds, aggregating $661,500 (V. 97, p. 1525), were awarded, reports
state, as follows:
■
,
~
™
j
$600,000 Millcreek trunk sewer bonds to Hayden, Miller & Co., Cleveland,
Rhoades & Co., N. Y., and Merrill, Oldham & Co. of Boston,
on their joint bid of 103.43.
,
1839
CHRONICLE
THE
DEC. 20 1913.
to Weil, Roth & Co.
'
CLAIBORNE COUNTY (P. O. Port Gibson), Miss.—BOND OFFERING.—Proposals will be received until 2 p. m. Jan, 5 1914 by B. H. Morehead, Chancery Clerk, for $10,000 5% 20-year bridge bonds.
Denom.
$1,000.
Date Jan. 1 1914.
Int. ann. on Jan. 1 in Port Gibson. Certified
check for $500, payable to Clerk of Chancery Court, required.
FOLLANSBEE, Brooke County, W. Va.—BONDS NOT SOLD.—No
was made of the $18,000 5 /0 10-34-year (opt.) sewer bonds offered on
4 (V. 97, p. 830).
Denom. $500.
Date Oct. 1 1913. Int. annually
sale
Oct
1.
Oct.
on
Dade County, Fla.—BOND OFFERING.—
LAUDERDALE,
FORT
Proposals will be received until Dec. 24 by Guy E. Phipps, Town Clerk,
for the $12,000 funding and $4,000 city-hall 20-year coupon bonds voted
Sept. 9 (V. 97, p. 1061).
Denom. $1,000.
Interest (not to exceed 6%)
payable semi-annually.
Certified check for $800, payable to J. K. Gordon,
Town Treas., required.
These bonds have been validated by the court.
Green Cove Springs), Fla.—BONDS VOTED.
—Reports state that a favorable vote was cast at the election held Dec. 9
on the proposition to issue $150,000 funding and road-construction bonds.
CLAYTON GRADED SCHOOL DISTRICT (P. O. Clayton), John¬
ston County, No. Caro.—BOND OFFERING.—Proposals will be received
until 7:30 p. m. Dec. 29 by Riley R. Gulley, Secy., for $25,000 5% 30-year
coupon tax-free site-purchase and construction bonds.
Denom. $1,000.
Date Jan. 1 1914.
Int. J. & J. at Clayton Banking Co., Clayton.
Certi¬
fied check for 2%, payable to "Board of Trustees,' required.
No bonded
or floating debt.
Assessed valuation, $1,482,105.
CLAY COUNTY (P. O.
CLEVELAND, Bradley County, Tenn.—BONDS NOT SOLD.—The
City Treasurer advises us that no sale has been made of the $75,000 sewer
bonds authorized May 12 (V. 96, p. 1509).
other
-
17 the
to FarThere were no
Bergen County, N. J.—BOND SALE.—On Dec.
bonds (V. 97, p. 1763) were awarded
FORT LEE,
$92,000 5% coupon funding
Son & Co., N. Y., for
son,
$92,045 (100.0489) and int.
bidders.
COUNTY (P. O. Columbus), Ohio.—BOND
5-yr. Glenn Ave. road impt. bonds
FRANKLIN
SALE.—
(V. 97, p.
the Ohio Nat. Bank of Columbus for $1,503 25 and
The New First Nat. Bank of Columbus bid par.
FRANKLINTON TOWNSHIP (P. O. Franklinton), Marion County,
No. Caro.—BOND SALE.—We are just advised by the Twp. Sec. that the
$20,000 6% 30-year gold coup, road bonds offered on July 26 (V. 97, p.
190) were disposed of on that day.
'
On Dec.
17 the $1,500 5%
1606) were awarded to
int. equal to 102.166.
Carbon County, Mont.—BONDS TO BE OFFERED
Cleric advises us that as yet no date has been set
$13,000 6% 15-20-year (opt.) water-works bonds voted
July 7 (V. 97, p. 190).
He further states that the bonds may not be of*
fered until next summer sometime.
$£ h
'
' \ •
FROMBERG,
NEXT YEAR.-—The City
for the sale of the
s
COAL CREEK DRAINAGE & LEVEE DISTRICT,
111.:—BOND SALE.—Yard, Otis & Taylor of Chicago
Schuyler County,
recently purchased
an issue of $60,272 6% coup, levee and drainage-impt. bonds.
Denom.
$1,000 and fractions thereof.
Date Nov. 1 1913.
Int. ann. on July 1 at
the State Treasurer's office at Springfield.
Due on July 1 as follows:
$6,858 1922. $5,935 1923 and 1924. $7,913 1925, 1926 and 1927, $7,914
1928 and $9,891 1928.
Bonded debt, including this issue, $134,271 49.
The purchasers are now offering these bonds to investors.
COAL CREEK VALLEY SCHOOL DISTRICT (P, O. Chehalis),
Lewis County, Wash.—BONDS NOT YET SOLD.—The County Treas¬
urer advises us. that the $3,000 building bonds offered without success on
July 12 (V. 97, p. 189) cannot be sold unless another election is held.
COPIAH COUNTY (P. O. Hazlehurst), Miss.—BOND OFFERING.—
Proposals will be received until 2 p. m. Jan. 5 1914 by B. Shelton, Chan¬
cery Clerk, for $25,000 6% 11-25-year (ser.) Road Dist. No. 1 bonds.
Int. semi-ann. in N. Y.
Certified check for 5% of bonds bid for required.
CONCORD, Middlesex County, Mass.—BOND OFFERING.—Propos¬
als will be received until 7 p. m. Dec. 22 by Geo. G. Morrell, Town Treas.,
for $12,500 4% coupon tax-free water-loan bonds.
Denom. $500. Date
Dec. 15 1913.
Int. J. & D. at Old Colony Trust Co.. Boston.
Due $500
yearly on Dec. 15 from 1918 to 1942, inclusive.
These bonds will be certi¬
fied as to geniuneness by the above trust company, and they will further
certify that the legality of this issue has been approved by Ropes, Gray &
Gorham of Boston, a copy of whose opinion will accompany the bonds when
delivered.,,
COSHOCTON COUNTY (P. O. Coshocton),
On Dec. 16 the $100,000 5% 6-year
*
For
100,340
($1,500) bonds Nos. 85, 86 and
87.
drainage bonds (V. 97, p.
1305).
*****
COUNTY (P. O. Dallas). Tex.—BOND ELECTION.—An
22, reports state, to vote on the question of issu¬
ing the $125,000 5% gold Dallas-Oak Cliff viaduct paving bonds (V. 97,
p. 1762).
*
DAVIESS COUNTY (P. O. Washington). Ind —BOND OFFERING.—
Proposals will be received until 12 m. Dec. 30 by John L. Clark, County
Treasurer, for $11,080 4)4 % coupon Harrison Twp. bonds.
Denom. $554.
Date Dec. 15 1913.
Int. M. & N.
Due beginning May 15 1915.
DALLAS
election will be held Jan.
DAYTON, Yamhill County, Ore.—BONDS NOT YET ISSUED.—
Recorder advises us that the $12,000 6% 20-year gold coup,
water-system-extension bonds offered without success on April 7 (V. 97,
p. 1060) have.not yet been issued.
,
DILLSBORO TOWNSHIP (P. O. Dillsboro), Jackson County,
No. Caro.-r—BOND OFFERING.—This township is offering for sale the
$15,000 6% 20-year road bonds authorized in June (V. 96, p. 1717).
Denom. $500.
Date "date sold."
Int. J. & J.
The Town
DILLSBURG SCHOOL DISTRICT (P. O. Dillsburg). York County,
Pa.—NO ACTION YET TAKEN.—We are advised by the Secy, of the
Board of Education that no action will be taken until late in spring or early
summer towards the issuance of the $18,000 building bonds voted Nov. 4
(v. 97, p. 1445).
VDULUTH, Minn.—BOND^OFFERING.—Further details are at hand
relative to the offering on Jan. 12 1914 of the $400,000 4)£% 30-year
onds will tax-free refunding bonds (V. 97, p.
by the Proposals for
Sold coup, be received until 2 p, m. on that day1763). City Council,
Palmer. City Clerk.
at Amer. Exch. Nat.
these
C. S.
Denom. $1,000.
Date Jan. 1 1914.
Int. J. &; J.
Bank, N. Y.
Certified check for 2%, payable to
"City of Duluth," required.
GALVESTON, Tex.—BONDS VOTED.—The election held Dec. 9 re¬
of issuing the foUowing 5% bonds (Y. 97,
1306):
$75,000 fire-boat bonds.
Due $1,500 yearly for 10 years and $2,000 yearly
thereafter.
Vote of 526 to 236.
300,000 city-hall and auditorium bonds.
Due $7,500 yearly beginning
1 year after date.
Vote of 506 to 256 >
.200,000 school-building site-purchase and construction bonds.
Due $5,000
yearly for 40 years, beginning after 1 year from date.
Vote of
sulted in favor of the questions
p.
A
128.
636 to
150,000 extension of sewer service bonds.
Due $3,500 yearly for 20 year
and $ 4,000 early thereafter.
Vote of 625 to 137.
150,000 street-paving , draining and Improvement bonds.
Due $3,500
yearly for 20 years and $4,000 yearly thereafter.
Vote of 616 to
146.
'
■
paving, draining streets and avenues north of
of 33d St. bonds.
Due in 40 years, subject to
grading,
25,000 filling,
Avenue H and west
-
EARLY, Sac County, Iowa.—BOND SALE.—The $10,000 electriclight and power bonds offered on July 10 as 5s (V. 96, p. 1853) have been
awarded to Geo. M. Bechtel & Co. of Davenport at par for 534s.
Denom..
$500.
Due $500 yearly after 1916.
£1
OKANOGAN IRRIGATION DISTRICT (P. O. Oroville),
Okanogan County, Wash.—NG ACTION TAKEN.—The Sec. of Bd. of
Directors advises us under date of Dec. 13 that no action will be taken
towards the re-offering of the $245,000 (unsold portion of the $300,000) 6%
irrigation bonds (V. 97, p. 968) until after Jan. 1 1914.
EL
CENTRO SCHOOL DISTRICT, Imperial County, Calif.—
BOND SALE.—On Dec. 1 the $30,000 6% gold building bonds (V. 97, p.
465) Were awarded to Wilson, Cranmer & Co.of Denver. Denom. $1,000.
Date June 3 1913.
Int. J. & D.
Due $1,000 yearly from 5 to 34 yrs. incl.
EAST
^ELCllN, Kane County, III.—NO ^CTIOaTyetItAKEN.—The City
COUNTY
GATES
Denom. $500.
ville at par.
GOLDSBORO,
Wayne
ELKIN, Surray County, No. Caro.—BOND SALE.—The $30,000
6% 40-year gold water-works and sewerage bonds voted Aug. 19 (V.97, p.
904) have been sold to John Nuveen & Co. of Chicago.
ELKINS INDEPENDENT SCHOOL DISTRICT (P. O. Elkins), Ran¬
dolph County, W. Va.—BONDS NOT SOLD.—We are advised that no
sale has been made of the $90,000 5% building bonds .offered on July 5
(V. 96, p. 1854),
*4■**.*£
ELWOOD SCHOOL CITY (P. O. Elwood), Madison'Countyrind.—
BONDS OFFERED BY BANKERS.—We are advised that J. F. Wild & Co.
of Indianapolis purchased on Nov. 15 at a premium of $100 50. an issue
of $11,000 4)4% tax-exempt school-building bonds.
Denom. $500. Date
Dec. 1 1913.
Int. J. & D. at the Elwooa State Bank of Elwood.
Due
$2,000 yearly Dec. 1 from 1915 to 1918, incl., and $3,000 Dec. 1 1919.
Bonded debt, this issue.
Ass'd val., $3,312,560; real value. $6,500,000.
Pa.—BONE OFFERING^-AttentloiTis
calleSTto
elsewhere In this Department of the offering on
10-20-year (opt.) coupon tax-free refunding
For details and terms of sale, see V. 97, p. 1763.
Date Dec. 1 1913. Int. J. & D.
County, No. Caro.—BOND OFFERING.—
Jan. 15 1914 by D. J. Broadhurst,
bonds:
$15,000 funding bonds.
Date May 1 1913.
Due in 37 years.
36,000 water bonds.
Date May 1 1913.
Due in 38 years.
9,000 fire-dept. bonds.
Date May 1 1913.
Due in 33 years.
20,000 water bonds.
Date Jan. 1 1914.
Due in 38 years.
23,000 street-impt. bonds.
Date May 1 1913.
Due in 40 years.
Denom. $1,000.
Int. semi-ann.
Cert, check for 3% of bonds bid for,
Proposals will be received until 12 m.
City Clerk, for the following 5% coup,
The validity of these bonds has
Carolina.
the advertise¬
payable to "City of Goldsboro," required.
been passed upon
The
by the Supreme Court of North
official notice of this bond offering will be found among
ments elsewhere in this Department.
Johnstown), Licking County, Ohio.—
be received until 12 m. Jan. 10 1914
GOSHEN TOWNSHIP (P. O.
.
BOND OFFERING.—Proposals will
by W. A. Kirtlan, Twp. Clerk, for $50,00 0 5% road-improvement
Interest semi-annual.
Certified check for $500 required. "
&
Sons
bonds.
County, Wis.—BOND SALE.—E. H.
purchased $10,000 water-works and
Wood
RAPIDS,
.GRAND
Rollins
of Chicago recently
$20,000 street-improvement 5% 6-year (average) bonds
and blank bonds—a basis of about 4.72%.
at 101.42, interest
GREENE COUNTY (P. O. Leakesville), Miss.—NG BONDS PUR¬
CHASED.—John Nuveen & Co. of Chicago advises us that the reports stat¬
ing that they recently purchased $10,000 road bonds at
p. 1763) are erroneous.
•
•
/
GREENE COUNTY (P. O.
A favorable vote was casr at
101.27 (V. 97,
Snow Hill), No. Caro.—BONDS VOTED.—
the election held Aug. 12 on the proposition to
391).
issue the $180,000 road bonds (V. 97, p.
GREENEVILLE,
Greene
County,
SALE.—We are
issue of $55,000) 6% 20-yr.
Tenn.-BOND
advised that the $40,000 (unsold portion of an
(V. 97, p. 391) has been sold to John Nuveen & Co.
Denom. $1,000.
Date Oct. 1 1913.
Int. A. & O.
water bonds
at par.
HALEDON SCHOOL DISTRICT (P. O. Paterson),
N. J.—BOND SALE.—We are informed that on Nov.
of Chicago
Passaic County
25 the $8,500 5%
building bonds offered without success on Sept. 5 (V. 97, p. 756) were
awarded to the "Trustees for the Support of Public Schools of N. J." at
par.
Denom. $500.
Date Aug. 1 19f3. Int. F. & A.
Due $500 yearly
Aug. 1 from 1923 to 1939 inclusive.
HAMILTON
COUNTY
(P.
O. Noblesville),
Ind.—BOND SALE.—
15 the $30,000 4% 15-year bublic-hospital bonds (V. 97, p. 1763)
awarded, reports state, to the First National Bank of Noblesville for
On Dec.
were
$30,001 25—equal to 100.004.
HARRIS
Dec.
15
COUNTY
(P.
Houston), Tex.—BOND SALE.—On
special road bonds offered without success
O.
the $1,000,000 4%%
(Y« 96, p. 1718), were awarded, it is stated, to Harris, Forbes &
Co., N. Y., the Harris Trust & Savings Bank of Chicago, and N. W.
Harris & Co., Inc., of Boston, at par and int.
Bonds to be delivered and
paid for not later than Feb. 1 1914.
Denom. $1,000.
Date April 10 1913.
Int. semi-annual.
Due serially for 40 years, optional after 30 years.
on
June 2
HARRODSBURG,
Mercer
County, Ky.—BOND SALE.—Reports
electric-light-plant bonds have been
$12,000 1-20-year (serial)
of to loc 1 investors.
disposed
nds.
Gatesville), No. Caro.—BOND SALE.—
O.
(P.
On Dec. 1 the $5,000 5% 5-year coup. Holly Grove Twp. road bonds of¬
on Oct. 6 (V. 97, p. 755) were awarded to the Bank of Gates, Gates¬
state that
under date of Dec. 12, that no action has yet been
towards the offering of the $162,000 5% coupon municipal
electric-light-plant-erection bonds voted Oct. 22 (V. 97, p. 1306).
He
further states that the Commissioners are considering the question of
building a plant or making a contract with the local electric-light company.
ERIE, Erie County,
(P.
fered
taken looking
the official advertisement
138.^
O. Galveston), Tex.—BOND SALE.—
(opt.) road bonds (V. 97, p. 1526)
were awarded to the City Nat. Bank of Galveston at
100.084 and int.
There were no other bidders.
Treasurer advises us,
Dec. 22 of the $311,000 4)4%
Vote of 622 to
call after "20 years.
GALVESTON COUNTY
On Dec. 10 the $250,000 5% 20-40-year
»
CROWLEY SIXTH WARD AND DRAINAGE DISTRICT (P. O.
Crowley), Arcadia Parish, La.—BONDS NOT SOLD.—The SecretaryTreasurer advises us that no sale has yetjbeen made of the $50,000 5%
coup,
awarded to Wm. R. Staats
Ohio.—BOND SALE.—
(aver.) road and bridge bonds (V. 97,
1677) were awarded to Davies-Bertram Co. of Cincinnati at 101.212
and interest.
Other bids are reported as follows
Seasongood & Mayer, Cin_.$100,826 Spitzer, Rorick & Co., Tol_$100,332
Hoehler & Cummings, Tol. 100,690 Coshocton Nat. Bk., Coshoc 100,225
100,200
Comm'l Nat. Bk., Coshoc.. T00;661 Otis & Co., Cleveland
Weil, Roth & Co., Cine.... 100,607 Byron D. Meredith, Nellie,
Ohio.....
*1,519
Field,Longstreth& Richards,
p.
Cincinnati
FULLERTON, Orange County. Cel.—PRICE PAID FOR BONDS.—
are advised
that the price paid for the $28,000 6% coupon bonds
Co. of San Francisco on Dec. 1 (Y. 97, p. 1763)
was $28,400—equal to 101.428.
We
HAWTHORNE, Passaic County, N. J.—BOND SALE.—The
$30,000
5% coup, or reg. road-impt. bonds offered without success on Oct. 17
have been awarded to the Hamilton Tr. Co. of Paterson at par and int.
Denom. $1,000.
Date Sept. 1 1913. ^Int. M. & S.
Due $2,000 yearly,
beginning Sept. 1 1916.
HICKMAN,
Fulton
Under date of Dec.
County,
Ky.—NO ACTION YET TAKEN.—
action has yet been
$15,000 6% 20-year levee-constr.
12, the Mayor advises us that no
taken looking towards tne issuance of the
bonds voted Nov. 4 (V. 97, p. 1446).
HIGHLAND
PARK,
Wayne County, Mich.—BOND
OFFERING.—
R. M.
Proposals will be received until 8 p.m. Jan. 5 1914, it is stated, by
Ford, Village Clerk, for $25,000 public-works and $18,000 fire 4)4 %
Interest semi-annual.
Certified check for $500 required.
bonds.
(P. O. Bonifay), Fla.—BOND OFFERING.—
Proposals will be received until 12 m. Jan. 6 1914 by the Board of County
Commissioners, Ray Neel, ex-officio Clerk, for the $40,000 6% 30-year
coupon Road District No. 1 construction bonds voted Sept. 17.
Denom.
$1,000.
Date Nov. 1 1913.
Int. M. & N. at office of County Treasurer.
Certified check for $1,000, payable to Clerk of Board, required.
Bonded
debt, $40,000 (this issue).
No floating debt.
These bonds were offered
on Nov. 24, but all bids received were rejected (V
97, p. 1446).
HOLMES
COUNTY
1840
CHRONICLE
THE
HOLTVILLE, Imperial County, Cal.—BOND SALE.—The $33,000
5%
bonds voted Sept. 23 (V. 97
sewer
Son & Co. of
p.
1154) have been sold to Farson,
Chicago.
COUNTY
(P. O.
BE
is contemplating
LOCKPORT,
$6,920 Morrow and $12,280 Cochran road bonds.
chased at par and int.
success on
INGLEWOOD
the $45,000 5% coup, municipal-impt.
June 2 (V. 96, p. 1854).
UNION
HIGH
by C. F.
$38,000 5% % 25-year (average) school bonds.
required.
•
SCHOOL
DISTRICT,
$55,000 impt. bonds.,
and $5,000
bonds of¬
yrly.
Los Angeles
OF BONDS.—The purchasers of the $150,000 53^ % bldg. bonds the sale of which was reported last week (Y. 97, p.
1763) were R. M. Grant & Co. and O. W. McNear & Co. of Chicago, who
bid in joint account.
'
'
'
Cert, check
The
O. Gainesboro), Tenn.—BONDS VOTED.
proposition to issue $100,000 road bonds carried.
Morgan
County,
Co. of Los Angeles was awarded
000 4A% harbor-impt. bonds
111.—BOND
ELECTION.—He(Dec. 20) to vote on the
election will be held to-day
on July 29, but were later
refused by them. (V. 97, p. 831).
offideal notice of this bond offering will be found among the advertiseDepartment.
$14,000 6-year (aver.) general sewer bonds for
$14,480—equal to 103.438.
11,000 7-year (aver.) gen. paving bonds for $11,377
50—equal to 103.443.
LOS ANGELES, Cal.—BOND SALE.—The Pacific Electric
bonds.
an
at office of City Treas.
solvent banking institution for 2% of bonds bid for, payable
ann.
LORAIN, Lorain County, Ohio.—BOND SALE.—On Dec. 11 the two
5A% coup., city's portion, bonds (V. 97, p. 1527) were awarded,
it is stated, to the Provident Sav. Bank & Trust
Co. of Cincinnati as follows:
Jamestown), Boone County, Ind.:—
OFFERING.—Proposals will be received until 1 p. m. Jan. 5 1914,
Fell, County Treas., for $5,200 UA % 10-ycar highway
JACKSONVILLE,
>
Int.
Issues of
it is stated, by A. A.
ports state that
on a
Due $5,000 Jan. 2 1922 and $10,000,
.
Date Jan. 2 1914.
& Co. of N. Y.
JACKSON TOWNSHIP (P. O.
impt.
Due $10,000 yrly. on Jan. 2 from 1917 to 1921 incl.
ments elsewhere in this
It is stated.
BOND
OFFERING.—Pro¬
''City of Lockport," required.
Bonds to be delivered and paid for at
4p.m. Feb. 1 at office of City Treas.
These bonds were awarded to Adams
COUNTY (P.
recent election the
Y.—BOND
to
IRONDEQUOIT SCHOOL DISTRICT NO. 4, Monroe County, N. Y.
a
Certified check for $1,000
Jan. 2 1922.
on
Jan. 2 thereafter.
on
Denom. $500.
—BOND OFFERING.—Proposals will be received until 12 m. Dec. 29 by
Albert S. Colebrook, Trustee (854 Powers
Bldg., Rochester), for $7,000
5% 1-18-year bldg. and impt bonds.
JACKSON
N.
County,
45,000 impt. (city's share) bonds.
County, Cal.—PURCHASERS
—At
Niagara
Schapp, District Clerk, for
posals will be received until 8 p. m. Jan. 19 1914 by p. M. Hutcheson, City
Treas., for the following reg. Union School-bldg. bonds at not exceeding
5% int.:
HUNTINGTON PARK, Los Angeles County, Calif.—BOND SALE.
—Reports state that N. W. Halsey & Co. of San Francisco recently pur¬
fered without
LITTLE FERRY SCHOOL DISTRICT (P. O. Little
Ferry), Bergen
N. J.—BOND OFFERING.—Proposals will be received until
Huntington), Ind.—BONDS TO
OFFERED SHORTLY.—It is reported that this county will shortly
offer for sale $11,881 Shock, $10,180
Hippensteel, $10,320 Eberhart,
xcvii.
County,
8:30 p. m. Jan. 6 1914, it is stated,
HOUSTON, Tex.—BONDS PROPOSED.—This city
the issuance of $250,000
electric-light-plant bonds.
HUNTINGTON
[Vol.
proposition to issue electric-light bonds.
JERSEY
SHORE,
Lycoming County, Pa.—BOND SALE.—The
Secretary Borough Council advisas us that under date of Dec. 17 the
$10,000 funding bonds authorized on Dec. 2 have been sold to local investors.
Railway
Nov. 14 $250,000 of an issue of $2,500,at par.
Denom. $1,000.
Date May 1
Due one-fourth yearly from 1914 to 1917, inclusive.
1913.
Int. M. & N.
See V. 97, p. 1230.
on
tice of New
LOUISIANA.—BONDS OFFERED BY BANKERS.—In an advertise¬
a
preceding page Harris, Forbes & Co. and Potter, Choate & Pren¬
York, and the Ilibernia Bank & Trust Co. and Whitney-Central
National Bank of New Orleans are
offering at a price to yield 4.55%, the
$10,991,500 4A % State of Louisiana refunding gold bonds.—V. 97,
p. 1764.
ment on
JOHNSON
TOWNSHIP
(P. O. Austin), Scott County, Ind —
OFFERING.—Further details are at hand relative to the offering
of the $2,500 5% FairviewDistrict No. 9 school bonds
Proposals for these bonds will be received until 2 p. m.
on that day by
Jno. M. Sarver, Twp. Trustee.
Denom. (1) $100, (16)
$150.
Date Dec. 1 1913.
Int. J. & J.
Due $100 July 1 1914 and $150
each six months from Jan. 1 1915 to July 1, 1922 incl.
BOND
to-day (Dec. 20)
(V. 97, p. 1764).
JOHNSTOWN, Fulton County, N. Y.—BOND SALE.—On
the
$20,000
5%
coupon
refunding
bonds
Dec.
LYONS, Wayne County, N. Y.—BOND ELECTION.—The question
issuing $142,000 30-year (serial) water-works-systera bonds at not ex¬
ceeding 5% interest will be voted upon Dec. 30, it is stated.
of
McKINNEY,
(V.
97, p. 1606) were
Isaac W. Sherrill & Co. of Poughkeepsie at 104.57 and interest,
awarded to
Other bidders
sewer
MADISON
were:
BOND
Douglas Fenwick&Co. ,N.Y_$20,853 N. W. Halsey & Co., N. Y__$20,605
A. B. Leach & Co., N. Y
20,826 Harris, Forbes & Co., N. Y__ 20,540
Curtis & Sanger. N. Y
20,742 J. J. Hart, Albany
20,524
Spitzer, Rorick & Co., N. Y_ 20,732 Kountze Bros., N. Y____
20,516
Adams & Co., N. Y.„_._„
John H. Watkins.
20,680 Chisholm & Chapman, N. Y_
Due $3,000 yearly on Jan. 5 from 1924 to. 1928 incl. and
$3,500 yearly
on Jan.
5 from 1929 to 1938 incl.
Certified check for $1,000 required.
These bonds were previously offered as 5s—see V.
97, p. 1230.
County,
(P.
O.
King
George),
DEFEATED.—Reports state that the
;
aggregating $3,560, also offered
on
Date June 1
M.
Bonds.
Bonds.
$1 75
Int.
Water.
Par
(P.
$500.
Int.
J.
D.
&
Due
_$2,000
$500 yearly
Memphis), Hall County, Tex.
MINNEAPOLIS,
Minn.—BOND OFFERING.—Further details
are
at
(V. 97,
Sealed proposals and popular subscriptions will be
1765).
p.
2 p.
m.
on
re¬
that day by Dan C. Brown, City Comptroller.
Denom. $50. $100. $500 and $1,000, as the purchaser thereof may desire.
Date Nov.
years, at
and
(care
$500.
Date
Dec. 31 from 1915 to 1922
1
1913.
Int.
M.
may
&
N.
at
the fiscal
Due not less ihan 5
option of purchaser.
These bonds
are
agency
years
of the City
nor
more
of
than 30
tax-exempt in Minnesota,
be registered in same or larger denominations
mpon
surrender
thereof to the City Comptroller.
of the above bonds for
on
LINDEN HEIGHTS, Franklin County, Ohio.—«uND
OFFERING.—
Proposals will be received until 12 m. Jan. 12 1914 by David A. Shade.
Village Clerk, for $20,000 5H% main and branch drains-construction
(assessment) bonds.
Dedom. $500.
Date Dec. 1 1913.
Int. J. & D,
Due $5,000 yearly on Dec. 1 from 1915 to 1918, inclusive.
Certified check
for 1% of bonds bid for, payable to Village
Treasurer, required.
Bonds
to be delivered and paid for within 10 days
fromjtime of award .^Purchaser
tojppy^accrued interest.
.
hand relative to the offering on Dec. 24 of the $40,000 4^ % library bonds
LINDEN, Montgomery County, Ind.—BOND OFFERING.—Proposals
1913.
.
Minneapolis in New York.
,
17
■;
MINERAL WELLS, Palo Pinto County, Tex.—BONDS VOTED.—
According to reports, the questions of issuing $200,000 street and $150,000
high-school bonds carried at the election held Dec. 9 by a vote of 280 to 36
and 276 to 40, respectively.
Interest J. & J.
Due $500 yrly. on
were:
$2,0011 J. O. Dutton, Marietta
Cert, check for $300 required.
ann.
ceived until
Int. J. & D.
bids
:
Dec.
on
COUNTY
Inclusive.
Other
Date
BONDS NOT SOLD.—No bids were received on Dec. 18 for the $8,571 90
5% 1-10-year (serial) sidewalk, curb and gutter (assessment) bonds offered
that day (V. 97, p. 1527).
;
O. Mount-
will be received until 10 a. m. Dec. 23 by A. O. Jones, Town
Clerk
Bank of Linden), for $4,000 5% tax-free bonds.
Denom.
Dec. 31 1913.
100.395.
Pond, Somerset
MIDDLETOWN, Butler County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Jan. 12 1914 by Walter Gibbins, City
Auditor, for $8,745 40 5% 1-10-year (serial) East Third St. (assessment)
bonds.
Denom. $874 54.
Date Oct. 1 1913.
Int. A. & O. at National
Park Bank, N. Y.
Certified check for $500 required.
Bonds to be de¬
livered and paid for within 10 days from time of award.
(P. O. Libby), Mont.—BOND SALE.—The
$81,000 5 A % 20-year funding bonds (V. 97, p. 905) were awarded to Ferris
& Hardgrove of Spokane on Oct. 24 at 103.17.
Denom. $1,000.
Date
1913.
on
Par
LEE COUNTY (P. O. Johesville), Va,.—BONDS NOT YET
ISSUED.—
The Clerk of the Circuit Court advises us, under
date of Dec. 13, that the
$60,000 Rocky Station Magisterial District and $16,000 Rose Hill
Magis¬
terial District road bonds voted June 24 have not
yet been issued.
LE ROY, Coffey County, Kans.—BONDS VOTED.—The
question of
Issuing $13,000 municipal-electric-light-plant bonds carried, reports state
at the election held Dec. 9 by a vote of 251 to 74.
Nov. 1
$1,000
1913.
MEMPHIS SCHOOL DISTRICT (P. O.
$7,200 6% 20-year coupon school
bonds offered without success on July 22 (V. 97,
p. 756) have been awarded
to A. P. Fuller at par.
'
'
;
LINCOLN
.
—AMOUNT OF BONDS VOTED.—The amount of building bonds voted
at the election held Dec. 4 (V. 97, p. 1764) was $25,060.
■'
•
16
\
$1 00
63 50
DISTRICT NO.
"
patches state that this city has awarded a temporary loan of $25,000, ma¬
turing June 10 1914, issued in anticipation of taxes to the Old Colony
Trust Co. of Boston, at 3,99% discount.
COUNTY
COUNTY SCHOOL
SCHOOL DISTRICT (P. O. Manteca), San
Calif.—BONDS VOTED.—By a vote of 103 to 39,
6% bldg. bonds carried, reports state, at
MELROSE, Middlesex County, Mass.—TEMPORARY LOAN.—Dis¬
(P.\0. Meridian), Miss.—BOND OFFER¬
ING.—Reports state that proposals will be received until Jan. 5 1914
by
W. R-. Pistole, County Clerk, for the $100,000 road bonds
authorized on
Oct. 9 (V.97. p.
1155).
LAURENS
Assess, val. 1912 $244,000.
MEADE, Saunders County, Neb.—BOND OFFERING.—According to
reports proposals will be received until 8 p. m. Jan. 5 1914 by C. Buerstalle.
Member of Village Board, for $10,000 5% 1-20-yr. (opt.) water-works bonds.
\
ville), So. Caro.—BOND SALE.—The
Float¬
the $20,000 6% 30-yr. coup, water and light bonds (V. 97, p.
1607) were
awarded to J. H. Hilsman & Co. of Atlanta for $20,642 50 (103.212) and int.
Dec. 15
Seiver.
$75 00
Par
97,
Int. F. & A. at Maiden and
No bonded debt at present.
MARSHALLVILLE, Macon County, Ga.—BOND SALE.—On Dec. 15
Tillotson & Wolcott Co., Cleveland,.$335 00
Weil, Roth & CO., Cincinnati
273 00
Hoehler & Cummings, Toledo
178 50
Otis & Co., Cleveland
175 00
LAUDERDALE
Date Feb. 2 1914.
from 1915 to 1918, inclusive,
.
95 60
S.
Denom.
$35,000
$14,000
$2,475
$1,315
Refunding Pub.Imp. MaileAv. MaileAv.
G. E. Denison & Co., Cleveland
1
Ohio bank for 5%
Bonds to be de¬
to
as
at
moras
bonds, aggregating $52,790 (V. 97, p. 1526),were
Seasongood & Mayer of Cincinnati for $53,435—equal to
' Other bids were:
-
on an
MARIETTA TOWNSHIP SCHOOL DISTRICT (P. O. Marietta).
Washington County, Ohio.-—BOND SALE.—On Dec. 17 the $2,000 5%
building bonds were awarded to the People's Savings Bank of New Mata-
to
\
Certified check
Int. J. & D. at Winthrbp Nat, Bank, Boston.
Due
June 1 from 1914 to 1923, inclusive.
These bonds will be
genuineness by the Old Colony Trust Co., which will further
certify that in the opinion pf Storey, Thorndike, Palmer & Dodge of Boston,
this issue is a valid obligation of said town.
certified
4V£% 10-year gravel-
LAKEWOOD, Cuyahoga County, Ohio.—BOND SALE.—On
:
Due $1,000 each six months from March
UNION
County,
$2,000 yearly
Dec: 15,
the four issues of 5%
101.221.
Ohio.—
als will be received until 10 a. m. Dec. 26 by Everett Paine, Town
for $40,000 4%
coupon
tax-free school-house bonds.
Denom.
KNOXVILLE, Marin County, Iowa.—BONDS NOT SOLD.—The
City Treasurer advises us that no sale has yet been made of the
$70,000
water-system-improvement bonds voted in September (V. 97, p. 830).
awarded
County,
MARBLEHEAD, Essex County, Mass.—BOND OFFERING.—Propos¬
Treas.',
Va.—BONDS
•
not advised as to the other three issues of
S.
the question of issuing $17,000
an election recently held.
Fletcher-American Nat. Bank of Indianapolis for $5,880 50
(100.349)
are
&
Denom. $500.
Joaquin
KNOX COUNTY (P. O.
Vincennes), Ind.—BONDS AWARDED IN
PART.—On Dec. 15 the $5,860 4K% 10-year C. M. Olin et al.
Vincennes
Twp. gravel-road bonds, dated Dec. 2 1913 (V. 97, p. 1764) were awarded
interest.
M.
1932, inclusive.
Cert, check for 5% required.
MANTECA
favorably voted on Oct. 4 (V. 97. p. 1154) and later sold without the usual
formality of advertising for bids.
This is the principal reason for the
special validating election.
We
Int.
ing debt $400.
OF
KINGSBURG, Fresno .County, Cal.—BONDS, RE-VOTED AND
SOLD.—A recent election resulted, it is stated, in a vote of
147 "for" to
7 "against" the issuance of $24,000 6% sewer bonds.
These bonds were
and
Lake
(V.
voters of the Rappahannock District
on Dec.
9 the proposition providing for the issuance
of $10,000
road-improvement bonds.
road bonds,
1914.
N. Y.
defeated
to the
6
1527).
p.
$6,000 electric-light and $10,000 water-works-impt.
5%
bonds awarded on Nov. 4 to the First National Bank of Kaukauha
for $16,125 (100.781) and int. (V. 97,
p. 1764), are in the denom. of $500
each and dated Aug. 1 1913.
Int.F.&A.
Due serially from 1915 to 1926,
subject to call after 5 years.
COUNTY
Madison),
.
coupon
GEORGE
O.
MALDEN, Whitman County, Wash.—BOND OFFERING.—Proposals
BONDS.—The
KING
(P.
will be received until 6 p. m. Jan. 6 1914 by S. D. Wood,
City Treas., for
the $7,000 6% 10-15-yr. (opt.) city-hall-constr. bonds voted Nov. 10
reports,
contem
Wis.—DESCRIPTION
TOWNSHIP
MAHONING COUNTY (P. O, Youngstown), Ohio.—BOND OFFER¬
ING.—Proposals will be received until 2 p. m. Jan. 9 1914 by the Road
Commrs., Frank Agnew, Secy., for $100,000 5% Road District No. 1
bonds.
Denom. $1,000.
Date Jan. 15 1914.
Int.F.&A.
Due $2,000
on Feb.
15, and $3,000 on Aug. 15, from Feb. 15 1915 to Aug. 15 1924,
inclusive.
Certified check on a Youngstown bank for $5,000
required.
Bonds to be delivered on Jan., 15 1914.
Miss.—BOND OFFERING.—Proposals will be re¬
5 1914 by W. H. Bufkin, Clerk (P. O. Laurel), for the
Sup's Dist. No. 2 bonds.
Denom. $500.
Int. semi-ann.
Outagamie
city
OFFERING.—Further details are at hand relative to the
offering
6 of the $36,000 5% road-improvement
(township's share) bonds
1915 to Sept. 1
COUNTY,
KAUKAUNA,
OFFERING,.—This
of bonds bid for, payable to Twp. Treasurer,
required.
livered and paid for within 10 days from time of award.
ceived until Jan.
KANSAS CITY, Mo .—BONDS
PROPOSED.—According to
issue of $70,000 Boys' Country School constr. bonds is
being
plated by this city.
Tex.—BOND
(V. 97, p. 1764).
Proposals for these bonds will be received until 12 m.
that day by Carl R. Kimball, Twp. Clerk.' Denom.
$500.
Date
20,630
an
County,
on
Jan.
20,462
advised
that the Finance Committee has.been authorized to sell the
$100,000 5,%
building bonds voted Oct. 11 (V". 97. p. 1230).
$50,000 5A%
Jan.
on
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT
(P. O. Joliet),
Will County, 111.—BONDS
TO BE OFFERED SHORTLY.—We are
JONES
Collin
is offering for sale the $75,000 school and
$75,000 street 5% 20-40-year
(opt.) bonds.
Auth. vote of 321 to 25 at the election held Nov. 25
(V. 97,
p. 1678).
•
13
same
to
a sum
No proposal will be entertained for any
less than par value thereof and accrued interest
date of delivery.
Certified
check for 2%
payable to the City Treasurer, required.
in the payment
The
ments
'
of principal
or
interest
on
of bonds bid for,
The city has
never
defaulted
its bonds.
offidal notice of this bond offfering will be fbund
elsewhere in this Department.
among the
advertise¬
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND OFFER¬
ING.—Proposals will be received until 12 m. Dec. 31 by the County Commissioners, Walter H. Aszling, Secretary, for $10,000 5% Children's Home
Dec. 20
Ky.—BOND SALE.—On Dec. II
bonds (V. 97, p. 1528) were^
Cincinnati as 6s for $30,525 (101.75).'
PHILMONT, Columbia County, N. Y.—BOND SALE.—On Dec. 12 the $8,000 8-year (av.) lake-purchase bonds (V. 97, p. 1608) were
awarded to the Hudson City Savings Institution of Hudson, which bid for
PERRY COUNTY (P. O. Hazard),
$30,000 13)^-yr. (aver.) court-house
awarded to Mayer, Deppe & Walter of
Date Jan. 5 1914.
Int. J. & J. at office of
Due $2,000 yearly on Jan. 5 from 1916 to 1920
Certified check on any solvent bank or trust company for $250, payable
to County Auditor, required.
Bids must be unconditional. Bonds
be delivered and paid for at County Treasurer's office on Jan. 5 1914.
MONTGOMERY COUNTY (P. O. Clarksville), Tenn —BONDS REAWARDED.—H. C. Speer & Sons Co. of Chicago advise us under date of
bonds.,
$1,000.
Denora.
the
incl.
County Treasurer.
to
a
Douglas
VERNON,
MT.
Westchester County,
tax-relief and $55,000
17 the $90,000
NATIONAL
CITY,
Sept. 2 (V. 97, p.
132) have not yet been issued.
(P. O. Corsicana), Tex.—BONDS
YET
voted
N. Y____ 103.67
N. Y__
_103.07i
Pressprich & Co.,N.Y.102.899
J. S. Rippel, Newark
102.875
Estabrook & Co., N. Y
_102.79
Kountze Bros.,
R. W.
NEW BEDFORD,
the $5,000
Int. J. & D.
1 1913.
1528) were awarded to Sidney Spitzer
The Security, the First Nat. and
the
made a joint bid of par.
1923 incl.
N. Y_102.54
SALE.—On
awarded to
Other bids
102.310
Harris, Forbes & Co., N. Y..101.823
Federal Trust Co., Newark..101.50
were:
SALE— On Dec. 17
awarded to Blodget
Denom. $1,000 or multiples thereof.
Due $8,000 yrly, Dec. 1 from 1914 to
& Co.,
N. W. Harris
..100.413
100.41
Inc.,Bosl00.326
NEWBURGH,
impt. bonds, aggregating $98,500 (V. 97, p.
1679), were awarded to Remicki Hodges & Co. of N. Y. for $99,416 05,
equal to 100.93.
NEW PHILADELPHIA, Tuscarawas County, Ohio.—BOND SALE.
—The $9,000 4K% 6-year (aver.) park bonds offered on Nov. 15 (V. 97, p.
1307) have been awarded to the Merchants' State Bank of New Phila¬
delphia for $9,095 (101.055) and interest.
.NEW RIVER DRAINAGE DISTRICT (P. O. Gonzales), Ascension
Parish, La.—BONDS VOTED:—Reports state that this district has voted
in favor of the issuance of $175,000 drainage-system-improvement bonds.
-
50,555 00
50,545 09.
50,545 00
50,535 00
R.W.Pressprich&Co.,N.Y. 50,525 00
Rhoades & Co., N. Y___ 50,460 00
Curtis & Sanger, N.Y
50,413 00
interest rate of about 4.87%.
Owners of the notes may use
principal to purchase the new securities.
The last occasion when the State offered a long-term loan was in June
1912.
At that time bids were invited for $25,950,000 4s, consisting
$20,000,000 due in 1962, $5,000,000 in 1942 and $950,000 serially
to 1922. • All of the 50-year bonds were sold, the price realized being
Of the 30-yr. bonds only $3,407,000 were disposed
of at the time
the average price being 100.188.
The remaining $1,593,000 bonds were
sold a year later at 100.026.
Of the 1-10-yr. bonds offered in
only $565,000 were allotted, the price in this case averaging
sequently the remaining $385,00Q bonds of this issue were
Comptroller as an investment for the sinking fund.
The bonds to be offered next month will be the first issued by the State
at 4H % interest.
An Act passed at the last regular session of thb
ture (V. 96, p. 1642) provides that future bond issues shall bear
TION
lower end
next
counter" in denominations
respectively.
office.' Due
.
10 1923
Sept.10 1933
Oct. 25 1923
Oct..
1 1933
Oct.
1 1923
Aug.
1 1923
Nov. 15 1933
of $100 each.
....
San Francisco
754,125 00
753,173 00
ORANGE, Essex County, N. J.—BOND OFFERING".—Proposals will
be received until 8 p. m. Dec. 29 by Dan F. Minahan, City Clerk, for the
$150,000 AH% 30-year school-bldg. bonds authorized Dec. 4 (V. 97, p.
1765).
Denom. $1,000.
Date Dec. 1 1913. Cert, check for 2% of bonds
bid for, required.
These bonds will be certified as to genuineness by the
U. S. Mtge. & Tr. Co. and their legality approved by Caldwell. Masslich
& Reed of N. Y. C.
Bonds will be ready for delivery on or about Jan. 10
Continental Trust & Savings
Bond & Goodwin, Chicago
Bank, Chicago
1-j.
1914.
The
ments
official notice of this bond
offering will be found among
the advertise¬
elsewhere.in this Department.
OVF.RCUP SLOUGH
and Wood¬
will be received
DRAINAGE DISTRICT, Jackson
ruff Counties, Ark.—BOND OFFERING.—Proposals
until Jan. 6 1914 by Jones & Campbell, attorneys
(P. O. Newport), for
about $90,000 6% 5-20-year (ser.) drainage bonds.
Denom. to suit pur¬
chaser
Date about Feb. 1 1914.
Int. semi-ann. at place to suit pirnchaser.
Official circular states that there is no litigation' pending or
threatened affecting this issue of bonds, the title of the officers, or the
boundaries of the district.
No bonded debt.
(P. O. Palo Pinto), Tex.—BONDS PRO¬
road bonds is being considered by the county.
PALO PINTO COUNTY
POSED.—An issue of $100,000
OFFERING.—
PARKE COUNTY (P. O. Rockville), Ind.—BOND
Proposals will be received until 1 p. m. Dec. 20 by J. H. Rush, County
Treasurer, for $4,765 4H % Anderson Road impt. bonds.
Denom. $238 25.
Int. M. & N.
Due $238 25 each six months from May 15 1915 to Nov. 15
F
1924 inclusive.
.
.
-
-
,
the election held
VILLAGE SCHOOL
DISTRICT (P. O, St..
SALE.—On Dec. 15 the
1680; were awarded,-,
County, Mich.—BOND
;
par.
SALE.—On Dec. 1
street-paving bonds were awarded to
Denom. (4) $568 66 and (4) $911 46,
Date Dec. 15 1913.
Int. ann. on Dec. 15 at the City Treas.
one bond of each issue yearly Dec. 15 from 1914 to 1917 incl.
:
ST. JOHNS, Multnomah County,
Bank of St. Johns, which bid par
1913) and $1,556 92 (dated Oct, 1 1913)
Ore.—BOND SALE.—The First
for the $7,013 87 (dated Sept. 15
6% coup, bonds offered on Nov. 4
(V. 97< p. 1448), has been awarded the same.
ST. JOSEPH SCHOOL DISTRICT (P. O. St. Joseph), Champaign
County, 111.—BONDS VOTED.—A favorable vote was cast at the election
held Dec. 15, it is stated, on the proposition to issue $14,000 building bonds.
Nat.
„__$762 232 50
758,555 00
757.819 00
Estabrook & Co.,. R. L. Day & Co. and Blodget & Co., Boston_ 757,725 00
Anglo & London Paris National Bank, San Francisco
755,662 50
Central National Bank, Oakland
__<*
755,500 00
William R. Staats Co..
proposi¬
Ga.—BONDS VOTED.—The
school bonds carried at
of $2,274 64 and $3,645 84
Glenn Steel at par for 5V£s.
G.
$750,000 5%
,(V. 97, p. 1679)
$762,622 50—
equal to 101.683.
The other bidders are reported as follows:
The $30,000 5H % 1-30-year (ser.) improvement bonds offered on Oct. 24
sold "over the
ELEC¬
$75,000
11.
Clinton
JOHNS,
ST.
issues
OAKLAND, Calif.—BOND SALES.—On Dec. 8 the
(ser.) tax-free municipal-improvement bonds
awarded to N. W. Halsey &.,.Co; of San Francisco for
H. Rollins & Sons, San Francisco.
Harris Trust & Savings Bank, Chicago
CLAIRSVILLE
ST.
1-30-year
E.
County,
$10,000 5% 25-year
vote of 187 to
Clairsville), Belmont County, Ohio.—BOND
$60,000 5% 27-yr. (aver.) school-bldg. bonds (V. 97, p.
it is stated, to the Dollar Savs. Bank of St. Clairsville at
were
were
whom (not ,
$30,000
ROYSTON, Franklin
Oct.
Buildipg
Building
Building
Refunding Aug.
1 1913
Building
Nov. 15 1913
of notes desired and to
general election.
Dec. 3 by a
this rate
,
will be received
for $35,000 park-
bridge-construction at Colona, and $45,000
bridge-construction bonds will be submitted to the voters at the
tion to issue
SALE.—On
Series "G"
109 50 and int.
NORTH DAKOTA.—BOND SALES.—The following eight issues of 4%
bonds, aggregating $15,700, were awarded during November to the State
10 1913
Watkins
BQND OFFER¬
paving and water¬
NIAGARA FALLS, Niagara County, N. Y.—BOND
Dec. 15 the $59,000 5% 22-year (average) gold school bonds,
(V 97, p. 1765) were awarded to Curtis & Sanger of N. Y. at
Oct.
:
50,090 00
49,610 00
Y__
bonds offered without)
of interest.
Sept. 10 1913
Oct. 25 1913
Oct.
1 1913
Oct.
1 1913
50,183 56
50,106 50
ROCKY MOUNT, Edgecombe County, No. Caro —
ING.—This city is offering for sale the $135,000 sewer,
works and $65,000 municipal-gas-works 5% 40-year
success on July 10 (V. 97, p. 193).
Legisla¬
Building
Building
N
John H.
50,285 00
COUNTY (P. O. Rock Island), 111.—BOND
PROPOSED.—According to reports, the propositions to issue
jail-construction,
June 1912
100.211. Sub¬
taken by the
Place—
Broken Bone Sch. Dist
Edgemont Sch. Dist
Eidsvold Sch. Dist.
Freemont Sch. Dist.....
Lydia Sch. Dist
....
Rosedale Sch. Dist
Shipley Sch. Dist..^...
Y
ROCK ISLAND
of
$1,500
1,500
2,000
2,200
3,000
1,000
1,500
$50,390 50
50,361 00
Co.,
&
Hallgarten & Co., N. Y__
Kountze Bros., N. Y
Chisholm
&
Chapman,
designate rate of int. , denomination
bearer) notes shall be made payable.
from 1913
100.223
of sale,
Amount.
Rorick
Spitzer,
N.
Co.,
&
N. Y
Dec. 29 1913. They will be drawn
Trust Co. of N. Y. Bidder
to
their
Due.
Hodges
Y
ROCHESTER, N. Y.—NOTE OFFERING.—Proposals
Dec. 23 by E. S. Osborne, City Compt,,
at an average
Date.
N.
impt. notes, payable eight months from
with interest and made payable at the Union
(P. O. Newton), Jasper County,
Iowa.—BONDS VOTED.—The proposition to issue $40,000, building
bonds carried at the election held Dec. 16 by a vote of 416 to 55.
NEW YORK STATE.—BONDS TO BE OFFERED SHORTLY.—State
Comptroller William Sohmer announced Tuesday (Dec. 16) that a block of
$51,000,000 4K% canal and highway bonds will be offered for sale late in
January.
Of the new bonds. $30,000,000 will be for the canal and $21,000,000 for highways.
Part of the proceeds wil be used for the redemption
of $27,000,000 eight to nine months' notes due Feb. 2 1914.
These notes,
authorized by Chapter 645 of the Laws of 1913 to be issued in anticipation
of the sale of bonds, were sold June 5, as previously stated in these columns,
Purvose.
-—$20,502 50
Due $510
N.
Adams & Co.,
until 2 p. m.
NEWTON SCHOOL DISTRICT
at par:
Bank of Mt.
Int. M. &
Remick,
$50,650 00
Sherrill Co.,
Poughkeepsio
Wm.R.ComptonCo.,N.Y.
A. B. Leach & Co., N. Y_
E.H. Rollins & Sons, N.Y.
W.
Isaac
the four issues of 4M % reg.
_
Co.,
Kissell, Kinnicutt &
N. Y__
___
SALE.—On Dec. 17
N. J .—BOND
Orange County,
Other bidders were:
and interest.
17 the
the "Warren
1 1913.
NEWBERG, Yamhill County, Ore—BOND SALE.—On Nov.
$38,489 48 6% 10-year improvement bonds were
to
Construction Co. of Portland at par.
Denom. $500. Date Nov
Interest M. & N.
awarded
Nat.
Vernon
each six
1933 inclusive.
POUGHKEEPSIE, Dutchess County, N. Y —BOND SALE.—On
Dec. 13 the $50,000 4M % 10-year coup, tax-free high-school bonds (V. 97,
p. 1680) were awarded to the Security Trust Co. of Rochester at 102.03
Other bidders were:
Adams & Co., Boston
Perry, Coffin & Burr, Boston. 100.81
Blake Bros. & Co., Boston
100.54 Estabrook & Co., Boston
100.53
First
Meyer-Kiser Bank, Ind__$20,642 50
E. M. Campbell & Sons
Co., Indianapolis
20,573 88.
Denom. $510.
Date Dec. 15 1913.
months from May 15 1914 to Nov. 15
1913 bonds were
.
Curtis & Sanger, Boston
YET TAKEN.
been taken
municipal-water-plant bonds
PORTSMOUTH, Norfolk County, Va.—NO ACTION
of Dec. 18, we are informed that no action has yet
the issuance of the $600,000
(V. 97, p. 1370).
POSEY COUNTY (P. O. Mt. Vernon), Ind.-—BOND
Dec. 15 $20,400 4H% gravel-road-construction bonds were
J. F. Wild & Co. of Indianapolis for $20,645 (101.20) and int.
looking towards
Co.. N. Y--102.77
Lee, Higginson & Co.,
Curtis & Sanger, N. Y
& Co. of Toledo at 100.34 and int.
Central Nat. banks of Portsmouth
—Under date
Bristol County, Mass.—BOND
the $80,000 4% reg. municipal loan or
& Co. of Boston at 100.86Jand int.
Date Dec.
N. W. Halsey &
SALE.—On Dec. 16
bonds (V. 97, p.
PORTSMOUTH, Scioto County, Ohio.—BOND
5% 7-year coup, sewer constr. (city's share)
VOTED.—
this county recently voted in favor
bonds.
.
NEWARK, Essex County, N. J.—BOND SALE.—On Dec. 18 the
$700,000 4H % 30-year coup, or reg. tax-free market bonds (V. 97, p. 1765)
were awarded to Kean, Taylor & Co. of N. Y. at 103.75.
A. B. Leach & Co.,
(V. 97.-
awarded to local investors. •
PORT OF ASTORIA (P. O. Astoria), Clatsop County, Ore.-—-BUD
REJECTED.—Reports state that only one bid was received on Dec. 9
for the $200,000 of the $800,000 5% 30-year gold dock bonds offered on that
day (V. 97, p. 1448).
This offer was rejected.
254) have been
p.
According to local newspaper reports,
of issuing $85,000 District No. 2 road
Other bids were:
Ohio County, W. Va.—BOND SALE.—'The
(aver, street-impt. bonds offered on Aug. 9
PLEASANT VALLEY,
$10,000 5% 12^-yr.
of N. Y. at 101.06
from Harris,
NAVARRO COUNTY
4.80s
4.80 ;
10
along
N. Y.—BOND SALE.—On
school tax-relief 3-year bonds
San Diego Cotinty, Cal.—BONDS NOT
advises us that the $10,000 park bonds
Pough-
bonding.
without
(V. 97, p. 1765) were awarded to A. B. Leach & Co.
and interest for 5s.
A bid of $145,856 95 for 5s was received
Forbes & Co. of New York,
ISSUED.—The City Clerk
Other bids were:
Isaac W. Sherrill,
for 4.75s
keepsie
-for
J. J. Hart, Albany.
for 4.80s| Adams & Co., N. Y
for
PHOENIX, Jackson County, Ore.—BIDS REJECTED.—'The^Mayor
advises us that all bids received for the $2,000 bonds offered on Nov.
were rejected because it was later found that the
town could get
N. Y
recent election.
Dec.
interest at 4.65%.
Fenwick & Co.,
bonds bearing
recently awarded $20,000 5% 30-year coup, road
bonds, dated Nov. 11913.
These bonds were awarded on Oct. 20 to Cutter,
May & Co. of Chicago (V. 97, d. 1307), but this sale was not consummated.
MONTGOMERY COUNTY (P. O. Conroe), Tex.—BONDS VOTED.—
The question of issuing the $150,000 road bonds (V. 97. p. 1527) carried at
12 that they were
Dec.
1841
CHRONICLE
THE
1913.]
LOUIS COUNTY (P. O. Duluth), Minn.—BOND
$35,000 AM% 6.85-yr. (aver.) Judicial
1608) were awarded to W. M. Prindle
at 100.01 and int.
E. H. Rollins & Sons of Chicago, who
Int., were third highest bidders out of a total of 9 bids
ST.
bonds (V. 97, p.
the issue.
SALE.—On
Ditch No. 3 constr.& Co. of Duluth
6 the
Dec.
offered 97.29 and
in all received for
-
........
., , ,
Ohio.—BOND SALE.—Reports
bonds, aggregating $14,535,
1608), have been awarded to
Spitzer, Rorick & Co. of Toledo at par and int., less $260 for att'ys fees.
ST. PAUL, Minn.—BOND SALE.—On Dec. 10 an issue of '$21,500
street-paving bonds was awarded to the East St. Paul State Bank of St.1
Paul at par and int.
Denom. $100 or multiples thereof.
Date Dec. 11913, due Dec. 1 1916, subject to call on interest-paying dates.
ST. PAUL'S GRADED SCHOOL DISTRICT (P, O. St. Paul's),
Robeson County, No. Caro.—-BOND SALE.—We are advised that the
$15,000 6% 30-year gold coup, bonds offered on June 14 (V. 96, p. 1574)
Auglaize
MARYS,
ST.
County,
that the four issues of 5% st.-paving
offered without success on Nov. 22 (V. 97, p.
state
have
;
been
sold..
•
.
Dec. 8 the $60,000
5% 20-year gold refunding bonds dated Jan. 1 1914 (V. 97, p. 1608) were
awarded to Henry Teal of Portland at 102.08 and int
Other„ bids were: »
SALEM, Marion County,
Morris Bros, of
was
■
IE. H. Rollins & Sons, Denver$61,021
Chic.$61,0861 Wells & Dickey. Co., Minn__ 60,750
wire that the price paid for these bonds
Portland and
Harris Tr. & Sav. Bk.,
We were
Ore.—BOND SALE.—On
advised last week by
$61,048—equal to 101.746.
us that
the City
Calif.—BOND SALE.—The City Clerk advises
park-impt. bonds were recently purchased by
SAN DIEGO,
$64,000 4H%
Treasurer at par
SAN
BOND
and int
DIEGO SCHOOL DISTRICT, San Diego
OFFERING.—Proposals will be received until
County, Calif.—
11 a. m. Dec. 22
$350,000
1448).
Valuation
received
County Treas. (P. O. San Diego), for the
5% site-purchase-bldg. and equip, bonds voted Sept. 10 (V. 97 p.
Denom. $1,000.
Date Oct. 20 1913.
Int. A. & O. Due $10,000 yearly,
beginning at the end of six years.
Deposit of 1% required.
$39,676,450.
These bonds were offered Dec. 3, but the bids
on
by John F. Schwartz,
rejected A
that day were
Fresno
held Dec. 9 resulted
$32,400
32,000
from
«
election
113. Due
„
serially
County, Calif.—BONDS VOTED.—The
in favor of the issuance of the following 5% bonds:
municipal-water-plant bonds.
The vote was 283 to
serially from 1922 to 1951 inclusive.
<
_
,
sewer-system bonds.
The vote was 288 to 116. Due
SANGER,
1914 to 1953
inclusive.
SALE.—
bonds
portion
and the
in
COUNTY (P. O. Redwood City), Cal.—BOND
A San Francisco newspaper states that the $1,250,000 5% highway
have all been sold, a block of $500,000, representing the remaining
of the issue, having been taken recently by E. H. Rollins & Sons
Wm. R. Staats Co.
The sale of $352,000 of these bonds was reported
SAN MATEO
V. 97, p. 970.
,
1842
THE
SCOTT COUNTY (P.
Dec. 15 the$l,600 4H%
CHRONICLE
O. Scottsburg), Ind.—BOND SALE.—On
highway-impt. bonds (V. 97, p. 1766) were
COUNTY
(P.
O.
Gate
City),
Va.—BOND
T.
STEELTON,
OFFERING.—
chased
of
$1,055,347;
taxable
Fulkerson
These bonds
SUMMIT
property: County. $4,066,595; Estillville Dist.,
Dist.. $353,972; and Johnson Dist.. $381,963.
on Sept. 15.
See V. 97, p. 469.
4,384 cast.
-
SEDGWICK,
Harvey County,
water bonds voted
local
investors.
SHELBY,
$4,000
5%
■'
193) have been disposed of to
m.
Jan. 12
Ohio.—BOND OFFERING.—Proposals
by H. S. Maring, Vil. Clerk, for $4,500
Re-planking
Grading
Concrete paving
Concrete paving
Concrete paving
840
767
457
912
,
coup.
Kenmore
following bonds recently authorized by
Village Board of Trustees:
$250,000 4^% water bonds.
Due in 30 years.
50,224 5%
street-improvement bonds.
Due serially for 9 years.
Watermains
the
—
Water mains
Nov. 19 1913
Nov. 26 1913
Nov. 26 1913
Nov. 29 1913
Nov. 29 1913
2,423 02
1,073 20
Cement walks
Denom. $1,000, except on 5% street
bonds, which one is in the denom.
$1,224.
Int. at U. S. Mtge. & Tr. Co., N. Y.
Certified check on a na¬
tional bank or trust company for 2% of bonds bid
for, payable to Frank
25
Nov. 29 1913
Nov. 29 1913
Nov. 29 1913
Nov. 29 1913
1.215 75
Grading& cement walks 1,427
Grading
2,403
Paving
——_10,153
Paving
501
20,000 4J^ % sewer bonds.
Due in 32 years.
8,000 4M% park bonds.
Due in 30 years.
29,000 5%
funding bonds.
Due serially for 8 years.
40
95
418 90
408 35
Cement walks
Water mains
Li. A. Norton, Chairman, for the
Nov. 12 1913
Nov. 19 1913
Nov. 19 1913
Nov. 19 1913
35
Cement walks
Cement walks
SOUTH ORANGE, Essex County, N. J.—BOND
OFFERING.—Pro¬
p. m. Jan. 19 1914 by the Finance
Committee,
Boulevard
(assess.)
—
.
70
35
38
Nov. 29 1913
Nov. 29 1913
Nov. 29 1913
Nov. 29 1913
00
1,752 66
Nov. 12 1918
"
,
Nov. 19 1918
Nov. 19 1918
Nov. 19 1923
Nov. 19 1923
Nov. 26 1923
Nov. 26 1918
Nov. 29 1918
Nov. 29 1918
Nov. 29 1918
"
Nov. 29 1918
Nov. 29 1918
"
Nov. 29 1918
Nov. 29 1918
Nov. 29 1923
Nov. 29 1923
Nov. 29 1918
"
TERALTA SCHOOL DISTRICT, | San Diego
County, Cal.—BOND
OFFERING.—Reports state that proposals |will be received until 11 a. m.
Dec. 22 by John F. Schwartz, Co.
Treas., for $24,500 j5% semi-ann. school
bonds.
Cert, check for 1% required.
Fenner, Village Treasurer, required.
Bonds to be delivered and
paid for
1914 at office of above trust company.
These
THORNTON SCHOOL DISTRICT NO. 25 (P. O.
Hope), Bonner
County, Idaho.—BOND SALE.—The $2,000 6% 10-20-year (opt.) sitepurchase and bldg. bonds offered on Sept. 6 (V. 97, p.
611) were later sold
to the State Board of Land Commissoners.
at 11 a. m; Feb. 2
bonds will
genuineness by the above trust company and the
validity
of 6aid bonds will be certified by Caldwell, Masslich &
Reed of N. Y.
City,
without expense to purchaser.
Separate bids must be made for each
The official notice of this bond offering will be
found among the advertise¬
ments elsewhere in this Department.
to
issue!
LOANS.
(aver.)
873 60
4,388 95
1,277 25
Cement walks
posals will be received until 8
NEW
SALES.—On
TACOMA, Wash.—BOND SALES.—During the month of November
this city issued the
following 6% special improvement assessment bonds,
aggregating $33,886 86.
Purpose—
Amount.
Date.
When Due.
Sub.toCall.
Grading
$2,591 80
Nov. 12 1913
Nov. 12 1918
Annually
payable to Vil. Treas., required.
Bonds to be delivered and paid for within
10 days from time of award.
Purch. to pay accrued int.
Bonded debt
Dec. 16 1913, $900.
as
Ohio.—BOND
bonds also offered on Dec. 15 were
so
were awarded to the Central
Savings & Trust
Co. of Akron at par and interest.
coup, taxable electric-lighting-system bonds.
Denom. $500.
Date
Mar. 1 1914.
Int. M. & S. in Shiloh.
Due $500 each six months from
Mar. 1 1915 to Mar. 1 1919, incl.
Cert, check for 2% of bonds bid
for,
be certified
Akron),
bridge and highway constr.
Davfes-Bertram Co. of Cincinnati
The $4,221 67 5% 2-yr.
,
Mayer at 100.325.
Other bids were:
\
Prov. S. B. & Tr. Co., Cin_$4,012
40|Sidnfey Spitzer & Co., Tol.$4,006 00
SHILOH, Richland County,
O.
$23,353 (101.534) and int.
Other bids were:
Mellon Nat. Bk.,
Pittsburg.$23,310 Spitzer, Rorick & Co., Toledo$23,145
Seasongood & Mayer, Cinc__ 23,302 Stacy & Braun, Toledo
23,131
Hoehler &
Cummings, Toledo 23,292 Breed, Elliott & Harrison,
A. E. Aub & Co., Cincinnati.
Cincinnati
23,108
23,052
Prov. S. B. & Tr. Co., Cine. 23,163 Otis &
Co., Cleveland
23,023
County, Ohio .—BOND SALE—On Dec. 15
street-improvement bonds were awarded to Seasongood &
will be received until 12
(P.
for
Richland
6%
COUNTY
Dec. 15 the $23,000
5% 6 4-5-yr. (aver.) coup,
bonds (V. 97, p. 1680) were awarded to
Kans.—BOND SALE.—The $25,000
during July (v. 97, p
11933,
subject to call after Jan. 1 1924.
SEATTLE SCHOOL DISTRICT (P. O. Seattle), Wash.—BONDS
VOTED.—The proposition to issue the $684,000 school bonds (V.
97, p.
1528) carried, it is stated, at the election held Dec. 6 by a vote of 8,413 to
.
issue of $55,000 43^ % 30-year tax-free bonds.
STILLWATER COUNTY (P. O. Columbus), Mont.—BOND SALE.—
offered
were
an
The $90,000 6% gold
coup, funding bonds (V. 97, p. 1063) were awarded
on Nov. 4 to C. O.
Kalman & Co. of St. Paul at 106.25.
Due Nov.
bank.
Cert, check (or cash) for at least 1% of amount of bid
required.
Neither the county nor either of the districts has a bonded or
floating debt.
val.
Dauphin County, Pa.—BOND SALE.—According to
Lyon, Singer & Co. of Pittsburgh recently pur¬
local newspaper
reports,
Proposals will be received until 12 m Jan 5 1914 by J. P. Richmond, Clerk,
for $100,000 E still ville
Magisterial Dist., $33,800 Fulkerson Magisterial
Dtst. and $33,300 Johnson
Magisterial Dist. 20-30-yr. (opt.) coup, road
and bridge bonds voted
April 29.
Int. (rate not to exceed 5%) semi-ann
at the Co. Treas.
office, or, if desired, at any designated New York or other
Assess,
xcvn.
STAMFORD, Fairfield County, Conn.—BOND OFFERING.—Ac¬
cording to reports, proposals will be received until 12 m. Dec. 26 by John
Hanrahan, Town Treas., for $135,000 4^ % 16 1-3-yr. (av.) school bds.
awarded to W. T. Hubbard for
$1,605—-equal to 100.312.
Denom. $80.
Date Dec. 15 1913.
Int. M. & N.
Due $80 each six months for 10 years.
SCOTT
[Vol.
TIFFIN, Seneca County, Ohip.—NO ACTION YET TAKEN.—'The
City Auditor advises us that no action has yet been taken looking towards
of the $300,000 Sandusky River
improvement bonds voted
Nov. 4 (V. 97, p. 1370).
the issuance
NEW LOANS.
NEW LOANS.
vvvvvvvWWSISIV»AlWyvVMS^'WWVWWWWWWVWW^
$100,000
$40,000
$103,000
CITY OF LOCKPORT, N.Y. CITY
SCHOOL
OF
BONDS
sealed proposals until JANUARY 19,
1914, at 8 o'clock p.m.. and sell to the highest
bidder or bidders, but at not less than par, the
following described bonds:
$55,000
For the purpose of re-constructing, improving
and
re-furnishing the Union School Building,
including a sanitary heating and ventilating and
closet system therein.
Bonds to be issued pur¬
suant to the provisions of Chapter 431 of the Laws
of 1912 of the State of New York, and a resolution
erf the Common Council
adopted December 8,
1913.
Sealed bids will be received
by the Committee
Ways and Means of the City Council of the
City of
Minneapolis. Minnesota,
DECEMBER
o clock p. m., for the
whole
orpart
$40,000 Library Bonds.
The above bonds
to be dated November 1st
1913, and become due and payable at a time not
less than five
years, nor more than thirty years
from date
thereof, as desired
by the purchaser
thereof, and will bear interest at the rate of four
and one-half
(4H%) Per Cent per annum, pay¬
able
semi-annually, and
sum
no
each and every year thereafter, excepting the last
installment, which shall be $5,000 00, to become
January 2, 1922.
due and payable
bid will be entertained
less than the
par value of said bonds
$45,000
For" the purpose of paying the City's share for
the permanent enlargement and improvement of
Union School Building.
To be issued pur¬
the
to
the
provisions of Subdivision 4 of
Section 105 of the City Charter and a resolution
the Common Council adopted December
8,
suant
interest uuon same to date of delivery,
and each
proposal or subscription must designate
very clearly the date on which it is
desired that
said bonds shall be
The
made payable.
right to reject
or
all bids Is hereby
A certified check for Two
(2%) per cent of the
par value of the bonds bid
for, made to O. A.
Bloomquist,
City
each bid.
Treasurer,
Circular containing
full
mailed upon application.
must
accompany
particulars
will
be
DAN O.
BROWN,
City Comptroller,
Minneapolis, Minnesota.
of
1913.
any
reserved.
'
$5,000 00 of the principal thereof shall become
due and payable January 2, 1922, and $10,000 00
EXEMPT FROM
Sealed
the purchase of bonds of the
City of Goldsboro, North Carolina, in the sum of
$103,000 will be received by the Clerk of said
City up to 12 o'clock M. on JANUARY 15, 1914,
when the Board Of Aldermen will meet and
open
said bids.
Bonds to bear interest at the rate of
five per cent per annum from their date and to
run as follows: $15,000
Funding Bonds, 37 years;
$36,000
Water Bonds, 38 years;
$9,000 Fire
Department bonds, 33 years; $23,000 Street
Improvement Bonds, 40 years; $20,000 Water
Bonds, 38 years.
All of said bonds (except the
last mentioned $20,000 Water Bonds, which wil
bear date of January 1, 1914) to bear date of
May 1, 1913, with interest coupons attached,
Payable semi-annually. Bonds will be in denomlations of $1,000.
Bids will be received
on
or
more
or
all
LIST
ON
APPLICATION
Ing&lls
Building
CINCINNATI
Certified
one
check
their validity passed upon by the
Supreme
Court of North Carolina.
For fuller conditions
information write City Clerk,
Goldsboro,
N. C.
The absolute right is hereby reserved
.
JOHN R. HIGGINS, Mayor,
City of Goldsboro.
BROADHURST, City Clerk,
Goldsboro, N. C.
"
D. J.
SCHOOL DISTRICT NO. 150.
BUILDING BONDS
Sealed
proposals
will
be
received
$200,000
by
Anna
Rynearson, Secretary of the Board of School
Inspectors of the City of Peoria, Illinois, for all
or any
part of $300,000 of the building bonds of
the said Board
of School
or
Peoria, otherwise known as School District
No. 150 of the
County of Peoria, in the State of
Illinois, until 5 o'clock P. M., of TUESDAY,
DECEMBER 30TH,
ment will be
1913.
furnished,
upon
A full official state¬
request, by
ANNA
Secretary
MOBILE
Inspectors of the City
RYNEARSON,
Board of School Inspectors,
Peoria, Illinois.
Bolger,Mosser&.Wi Daman
MUNICIPAL BONDS
Legal for Savings Banks.
SEASONGOOD & MAYER
issues.
and
Postal Savings and Trust Funds.
COUNTY, ALA.
ROAD
BONDS
The Board of Revenue and Road Commis¬
sioners of Mobile County
respectfully call for
bids for $200,000 00 in 5 per cent
Road
Bonds.
Monday,
Bids
to
be
December 29th,
opened
1913.
lars address
G.
RAILROAD
said
•
County of Peoria, Illinois,
Bonds
AND
of
equivalent to three per cent of amount of bonds
bid for, payable to the City of Goldsboro, must
accompany each bid.
No bid will be considered
for less than par.
All of said bonds have been
authorized by the North Carolina
Legislature
by
not exceeding
five per centum per annum, the
principal and interest thereof to become due and
payable annually from their date at the office
of the City Treasurer of Lockport, N.Y.
BONDS
INCOME TAX
bids for
the Board of Aldermen of said City to
reject any
or all bids.
$300,000
AU of said bonds shall be dated January
2,1914,
and be registered bonds of the denomination or
$600 00 each and shall be issued upon the faith
and credit of the city, bearing interest at the rate
MUNICIPAL
AND
and
annually each and every year thereafter until the
same shall be fully paid.
shall
be
sold
in
lots not
exceeding
$10,000 00 each, and part or all may be sold to one
purchaser, provided the entire $100,000 00 is
subscribed, and the bonds will be awarded to the
party or parties bidding the lowest rate of interest.
Each proposal must be accompanied by a certi¬
fied check, on a solvent banking institution, for
2% of the amount of the bonds bid for, payable
to the City of Lockport, N. Y.
Bonds will be
ready for delivery February 1, 1914, at 4 o'clock
p. m., at the office of the City Treasurer of Lockport. '
B. M. HUTCHESON,
City Treasurer.
Lockport, N. Y., December 15, 1913.
FUNDING
IMPROVEMENT BONDS.
at the office of
24th, 1913, at 2
for a
G0LDSB0R0, N. C.
WATER-WORKS,
on
and accrued
$10,000 00 of the principal thereof shall become
due and payable January 2, 1917, and $10,000 00
CITY OF
BONDS
Notice is hereby given that the undersigned will
receive
MINNEAPOLIS,
F.
E.
twenty-year
at noon of
For particu¬
STONE, County Treasurer.
WM.
KRAFT
lawyer.
Specializing in Examination of
Mtmiripal and Corporation
Bonds
SEND FOR LIST.
1037-9 first national bank
bldg*.
29 South L&'Salle
St.,
CHICAGO
CHICAGO, ILL.
Deo. 20
tax-free Main St. bridge constr. bonds awarded to E. M. Campbell
Co. of Indianapolis on Dec. 5 (V. 97. p. 1766) was 103.38 and not
as
County Auditor, for $20,000 5% coupon farm-experiment bonds.
Denom.
$1,000.
Date Dec. 26 1913.
Int. JT & D.
Due $2,000 yearly on Dec. 26
COUNTY (P. O. Lafayette), Ind.—PRICE PAID
are advised that the price paid for the
$260,000 4)4 %
TIPPECANOE
FOR BONDS.—We
from 1915 to 1922, inclusive, and $3,000 on
fied check for 1 % of bonds bid for, payable
& Sons
103.34,
These bonds were offered without success as
previously reported
TOLEDO, Ohio.—DENOMINATION OF BONDS.—An
passed Dec. 8 changing the denomination of the $200,000
$1,000.
O. Richmond), Ind.—BIDS.—'The other bids
34% tax-free highway-improvement bonds,
Dec. 6 to the Fletcher-American National
Bank of Indianapolis for $96,125 (101.184) and int. (V. 97. p. 1767), were:
J.F. Wild & Co., Ind'lis..$95,801 25 E. M. Campbell & Sons
Miller & Co., Indianapolis 95,742 00
Co., Indianapolis.
$95,351 40
Second Nat. Band and the!
Evansville Security Co... 95,100 00
Dickinson Tr. Co., Rich'd/95,401 00
received for the two issues of 4
aggregating $95,000, awarded on
I
"
TOLEDO CITY SCHOOL DISTRICT (P. O. Toledo),
Ohio.—BOND SALE NOT CONSUMMATED.—On Dec.
4)4% 18-year (aver.) school bonds (V. 97, p. 1680)
stated, to Breed, Elliott & Harrison of Cincinnati at
this firm refused to take the bonds, claiming that the
In conformity with the terms of its bid.
TRENTON, N. J.—BOND SALE.—On Dec. 16
Lucas County,
15 the $150,000
were
awarded, it is
N. J.—BOND OFFERING.—Proposals
by Thomas Carroll, Twp. Clerk,
the $24,100 4)4% 10-yr.
Roebling
Y___$24,347 00J John D. Everitt & Co.,
24,271 11 [
York
will be received until 8 p. m. Dec. 29
for $56,000 4)4% funding bonds.
Date
and bonds Nos. 26
to 56 are for 20 years.
Certified check for 5% of bid required.
The official notice of this bond offering will be found among the advertisements
Bonds Nos. 1 to 25 are due in 10 years
Dec. 15 1913.
New
.$24,220 50
A. B. Leach & Co., N. Y.
Weehawken), Hudson County,
WEEHAWKEN TOWNSHIP (P. O.
101.26. However,
award was not made
street-impt. bonds (V. 97, p. 1766) were awarded to Ferdinand W.
of Trenton for $24,365 10—equal to 101.10.
Other bids were:
Curtis & Sanger, N.
Dec. 26 1922 and 1923. Certi¬
to County Treasurer, required.
5)4s on April 1 (V. 96, p. 1649).
WAYNE COUNTY (P.
ordinance was
4)4% 15-year
fire-department-improvement bonds awarded to R. L. Day & Co.
Boston on Nov. 19 at 101.349 and int. (V. 97. p. 1529) from $100 to
coupon
of
1843
CHRONICLE
THE
1913.]
elsewhere in this Department.
"
N. Y.—BOND OFFERING.—Proposals will be received until
10 a. m. Dec. 26 by W. H. Dennin, City Comptroller, for $150,000 5% taxexempt certificates of indebtedness or revenue bonds.
Denom. $25,000.
Date Dec. 26 1913.
Due June 26 1914.
Certified check for 1% of bonds,
payable to the "City of Troy," required.
Bonds to be delivered and paid
for within 10 days from time of award.
Purchaser to pay accrued int. Offi•dal circular states that the city has never defaulted on any of its obligations.
the $75,000 4)4 % 22M~yr. reg. park and playground
fund loan bonds (V. 97, p. 1681) were awarded to A.
O. Decorah), Iowa .—AMOUNT OF
advised that the amount of 5% 17-20'(serial) bridge warrant-funding bonds purchased on Oct. 6 by the
Winneshiek County Bank of Decorah at par, was $67,000 and not $65,870 40, as first reported.
See V. 97, p. 1768.
Denom. $1,000. Date
Nov. 1 1913.
Int. M. & N.
(P.
COUNTY
WINNESHIEK
BONDS PURCHASED.—We are
year
Ind.—BOND SALE.—
5^-yr. (aver.) tax-free Stimson Ave. impt.
bonds, dated Dec. 15 1913 (v. 97, p. 1449), were awarded to the People's
Sav. Bank of Evansville for $14,876 75 (100.668) and int.
Bids were also
received from the City Nat. Bank and the Citizens' Nat. Bank of Evans¬
ville and E. M. Campbell & Sons Co. of Indianapolis.
.^4
VANDERBURG COUNTY (P. O. Evansville),
Vt.—BOND OFFERING .—Pro¬
County,
Chittenden
WINOOSKI,
posals will be received until 8 p. m. Dec. 29 by O. G. Allard, Village Treas¬
for $70,000 4% 20-year coup, or reg. tax-free refunding bonds.
De¬
nom. $1,000.
Int. J. & J. in Winooski, or at any bank in Boston or N. Y.
City.
Certified check for $1,000, payable to Village Treasurer, required.
Official circular states that this village has never defaulted in the payment
urer,
Ga.—BOND OFFERING.—Proposals will
Dooly County,
site-purchase sinking
B. Leach & Co. of
N. Y. at 101.70 and int.
On Dec. 15 the $14,800 4J4 %
VIENNA,
Del.—BOND SALE.—On Dec. 18
WILMINGTON, Newcastle County,
TROY,
Dec. 30 by J. S. Hollomon, Clerk and Treas.,
6% municipal bonds.
Int. J. & J.
Due $2,000 yearly from
1927 to 1941 incl.
be received until 3:30 p. m.
for $30,000
of either
WABASH, Wabash County, Ind.—BOND SALE.—On Dec. 16 the
principal
interest, has never repudiated any
or
issue of bonds and
WABASH COUNTY (P. O. Wabash), Ind.—BOND OFFERING.—
Proposals will be received until 5 p. m. Dec. 22, reports state, by N. P.
Lavengood, County Treas., for $4,000 4)4% road-impt. bonds.
engaged m any litigation affecting any bonds.
YANKTON, Yankton County, So. Dak.—BOND OFFERING.—Pro¬
posals will be received until 7:30 p. m. Dec. 29 by John W. Summers,
City Auditor, for $60,000 5% water-works bonds.
Denom. $1,000. Date
Nov. 1 1913.
Int. M. & N. at place to be agreed upon by purchaser.
Due in 20 years or $3,000 yearly for 20 years, or $15,000 every five years
for 20 years.
Bidders are requested to submit bids upon each of the three
WARROAD, Roseau County, Minn.—BOND SALE.—The remaining
$4,000 of the $30,000 bonds (V. 97, p. 1308) was awarded on Aug. 27 to
White, Grubbs & Go. of St. Paul at par.
feg
June 2 (V.
is not
$20,000 4H% 6 24-year (aver.) funding bonds (V. 97, p. 1680) were awarded
to J. F. Wild & Co. of Indianapolis at 103.59.
Denom. $1,000.
Date
Jan. 1 1914.
Int. J. & J.
Due $1,000 yearly Jan. 1 from 1916 to 1935 incl.
maturity propositions.
Certified check for
City Auditor, required.
These bonds were offered
96, p. 1651).
different
WASHINGTON COUNTY (P. O. Salem), Ind. —BOND OFFERING.—
Proposals will be received until 10 a. m. Jan. 31 by Frank S. Munkelt, Co.
Aud., for $100,000 4% bridge bonds.
Denom. $1,000.
Date Dec. 1 1913.
Int. at office of Co. Treas.
Due $5,000 each six months from May 15 1914
to Nov. 15 1923 incl.
Certified check for 3% of bonds, payable to "Board
of Commissioners," required.
All necessary blanks will be furnished by
the County Auditor.
Canada, its Provinces and Municipalities.
Ont.—DEBENTURE SALE.—
5% 20-year debentures was
of Toronto.
BUCKE TOWNSHIP, Ont.—DEBENTURE OFFERING.—This town
ship is offering for sale $13,000 5% 20-year debentures, reports state
Herbert A. Day is Township Clerk (P. O. Haileybury).
'
,
.
BRUCE COUNTY (P. O. Walkerton),
According to reports, an issue of $20,000
recently awarded to Brouse, Mitchell & Co.
,
Ohio. —BOND*OFFER¬
until 12 m. Dec. 26 by W. B. Alexander,
WASHINGTON COUNTY (P. O. Marietta),
ING .—-Proposals will be received
NEW
LOANS.
NEW
LOANS.
NEW
LOANS.
$56,000
$150,000
$357,224
$1,000, payable to
without success on
VILLAGE 8F SOUTH ORANGE, N. J. CITY OF ORANGE, N.J. Township ofWeehawken
COUNTY OF HUDSON
BONDS
proposals will be received by the Com¬
Sealed
mittee
on
Tillage
BOND
Finance of the Board of Trustees of The
South
of
Orange,
o'clock P. M., MONDAY,
until 8
Jersey,
New
JANUARY 19, 1914,
purchase of bonds of the Village of South
for the
Orange,
as
follows*
50,224 5
per
per
20,000 4)4
cent 9-year Serial
provement Bonds.
Both
per
States
and
principal
Mortgage
payable
Trust
&
at
the
Company,
of said bonds which will be in the denomina¬
tion of $1,224, said bonds will be engraved under
the supervision of and certified as to genuineness
by The United States Mortgage & Trust Company
of New York.
Each
proposal
certified check
Common
of the
be
must
accompanied
national bank
a
on
or
for
Council to
DECEMBER
be
29,
held
MONDAY
1913,
at
Thirty-year
4)4%
$150,000
eight
School
'
Bonds will be of $1,000
denomination and bear
by
a
trust com¬
pany, payable to Frank Fenner, Treasurer of the
Village of South, Orange, New Jersey, for 2 per
par value of the bonds bid for.
De¬
value of the bonds bid for. *-•
Bonds will be certified as to genuineness by the
United States Mortgage & Trust Company, and
their
legality
approved
by
Messrs.
Caldwell,
Masslich & Reed of New York City.
Bonds will be ready for delivery on or about
10,
For
1914»
information
further
address
the
United
States Mortgage & Trust Co., New York City,
or Mr.
Frank G. Goughtry. Comptroller, City
Hall, Orange, N. J.
By order of the Committee
FUNDING BONDS
of Mr. Daniel F.
Proposals should be accompanied by certified
55 Cedar Street, New York City.
Bonds to be
hi the denomination of $1,000 each, excepting
•ne
care
check for two per cent of the amount of the par
eent 8-year Serial Funding Bonds.
interest
United
N. J.,
STATE OF NEW JERSEY
for
Council
date of December 1, 1913.
cent 32-year Sewer Bonds.
8,000 4)4 per cent 30-year Park Bonds.
29,000 5
"Proposals
Minahan, City Clerk, will be opened at a meeting
Bonds.
Street-Im¬
endorsed,
of the City of Orange,
o'clock
cent 30-year Water Bonds.
per
proposals,
School Bonds", addressed to the Common
EVENING,
(Separate bids for each issue.)
$250,000 4H
Sealed
SALE.
on
Finance and
Township of
the County of Hudson will receive
Township Hall in said Township of Wee¬
hawken on DECEMBER 29TH, 1913, at 8 P. M.,
bids for $56,000 4)4% Funding Bonds of said
Township.
Bonds are dated December 15th, 1913, and will
be printed and approved by reputable New York
bonding
attorneys
and ready for immediate
The Township Committee of the
Weehawken in
at the
delivery.
Bond one to twenty-five are for ten years
addressed to the Township Com¬
mittee and accompanied by certified check for
5% of the amount bid, which, in the case of the
successful bidder, will be held and applied on
account of the full purchase price of said bonds.
Bids must be
The Township Committee reserves the right to
reject any and ail bids if it deems it to the best
interest of the Township so to do.
Assessed Ratables, 1913
$21,210,866 00
Outstanding School and Township
Bonds
--
-
---
Cash in Sinking Fund
Accounts...
HENRY T. STETSON, Chairman.
THOMAS
-
^
v
Dated, Orange, N. J., December 16, 1913.
'
CARROLL,
.
.
livery of the bonds will be made on February 2,
1914, at eleven o'clock A. M., at the office of the
United States Mortgage & Trust Company
55
City.
the said bonds will be certified
Cedar Street, New York
by Caldwell, Masslich & Reed, 100 Broadway,
New York City, without expense to the purchaser.
Further information can be obtained on appli¬
to
cation to Frank Fenner, Treasurer of the Village
South Orange,
Village Hall,. South Orange,
•of
New Jersey.
„
Low Rental
Light Offices
The right is reserved to reject any or all bids.
136-138-140 FRONT STREET
LAWRENCE
EDWIN
A.
NORTON,
ALLEN,
S.
EDWARD A. MARKS,
Committee on Finance of the Village of
South Orange, N. J.
Dated
December
19,
Block Front, Pine to De Peyster
1913.
,
St., New York
Formerly occupied by Federal Sugar Co.
Modern
building;
good
elevator
service
$311,000
Apply
CITY OF ERIE, PA.
4V2% BONDS.
City
coupon Refunding Bonds.
Denomination
Tax free; 2% certified check; proceedings
January
application.'
9.'
Descriptive
$1,000.
regular
circular on
premises
or
to
Cammann, Voorhees & Floyd
84 William
Sealed Proposals will be received by the
•Council, Erie, Pa., on DECEMBER 22, 1913, at
10 A. M., for the sale of $311,000 410-20-
delivery
on
Street, New York
552,400 00
60,221 87
Township Clerk.
cent of the
The validity of
and
bonds twenty-six to fifty-six are for twenty years.
1844:
THE
CORNWALL,
Ont.—DEBENTURE SALE.—A.
E.
Co.
&
Ames
Toronto have, it is stated, been awarded $30,000 water-works and
local improvement 6% debentures.
'
-DRYDEN,
Ont .—DEBENTURE
SALE.—According
CHRONICLE
SUDBURY, Ont.—DEBENTURES VOTED.—Reports state that the
questions of issuing the following debentures carried at the election held
Dec. 1 (V. 97, p. 1531): $8,000 power-house and pumping-station, $22,737
fire hall and municipal buildings completion, $10,000 sewer-system-extenf
an
issue of $5,000 15-year debentures has been awarded to G. A. Stimson &
of Toronto.
Co.
DUNCAN,
B.
G.—DEBENTURE
OFFERING.—Reports
state
that
sion,
$14,950
trunk-sewerage-system-completion and
light-extension.
'
'
this city is offering for sale the $10,000 street-improvement and $5,000 of the
$15,000 school-building debentures voted during August (V.
97,
p.
613).
TRENTON, Nova Scotia.—DEBENTURES A WARDED IN PART—
OPTION GRANT TO PURCHASE REMAINDER.—The Town Clerk ad¬
vises
'
v..
issue.
MINNEDOSIA, Man.—DEBENTURE OFFERING.—Proposals will be
until Dec. 29 by G. T. Turley,
Town jClerk, for $10,000 5%
PORT
submitted
(see V.
97,
WELLAND COUNTY (P. O.
are for
£100 each and repayable £4,300 July 1 1923;
1928; £6,100, July 1 1938; £128,800, July 1 1943; £56,500,
Principal and interest payable at Lloyds Bank, Ltd., Lon¬
don, in sterling or at the holder's option at the Imperial Bank of Canada,
Montreal, Toronto, Prince Albert, or at the Manhattan Co., N. Y., in cur¬
rency at par of exchange.
Interest will be paid by coupons half-yearly on
Jan. 1 and July 1; the first coupon for a full six months' interest, being pay¬
able on July 1 1914, will be attached to the scrip certificates, the last coupon
on the £56,500 series being payable on Oct. 1 1943.
QUEBEC, Que.—DEBENTURES AUTHORIZED.—Reports
»
WINNIPEG SCHOOL DISTRICT NO. 1 (P. O. Winnipeg), Man.—
DEBENTURES VOTED.—The election held Dec. 12 resulted in favor of
the proposition to issue the $1,000,000
school-site-purchase and construc¬
tion debentures (V. 97, p. 1531).
The City of Winnipeg and the Winnipeg
state that
passed«a by-law providing for the issuance of $150,000
a grand-stand for Quebec exposition.
School
stock
VANCOUVER, B. C.—DEBENTURE SALE.—According to
reports, this city has sold
:
WINGHAM, Ont.—DEBENTURES AUTHORIZED.—A by-law po-r
viding for the issuance of $1,806 50 sewer debentures recently passed the
Council, it is stated.
V*
debentures for construction of
SOUTH
'
(P. O. Windsor).
be
received
until
Dec. 22 by D. Gourd, Secy.-Treas. of School Board, for $32,000
6%
debentures.
Date Dec. 26 1913.
Due in 20 annual installments of •prin¬
cipal and interest.
1943.
the Council has
Welland), Out.—DEBENTURE SALE.—
318) have been awarded to the Imperial Bank,
WINDSOR SEPARATE
SCHOOL DISTRICT
Ont.—DEBENTURE OFFERING.—Proposals
will
Nov. 21
The debentures
1
p.
at Toronto, it is stated, at 92.28.
debentures.
loan was
£4,300, July 1
Oct.
July 15 (V. 97
success on
1372).
p.
Secretary,
The $100,000 4lA % 30 annual-installment road debentures offered without
PRINCE ALBERT, Sask.—DEBENTURES OFFERED IN LONDON.
Securities Corp. of Toronto purchased and recently re-
£200,000 5%
advised by the District
p.
—The Dominion
The issue price was 90. and it is understood that only 34% of the
These are
the debentures offered by the city on
,
are
under date of Dec. 10. that the $10,000 school-building debentures (V. 97,
1160) have been sold, subject to authorization by the Department of
Education.
.
subscribed for.
Int. J. & D.
Sask.—DEBENTURE SALE.—We
offering for sale the $15,000 6% 10-year fire-protection debentures voted
during October (V. 97, p. 1233)., John Smith is City Clerk.
•
London, through the Lloyds', Bank,
V;
VANGUARD SCHOOL DISTRICT NO. 3126 (P. O. Vanguard),
„
COQUITLAM, B. C.—DEBENTURE OFFERING.—1This city is
offered in
.
1913.
Ont.—DEBENTURE ELECTION.—The questions
$202,167 water-works-extension, $75,000 court-house and jail-
construction and $8,000 electric-light-system debentures will be
to a vote on Jan. 5 1914, it is stated.
PORT
30-year water-system bonds were
to S.
ARTHUR,
of issuing
$25,000 5%
Nova Scotia.—DEBENTURE SALE.—An issue of $44,985
5% 30-yr. water, street and sewerage debentures was awarded on May 30
G. Chambers at par.
Denom. (44) $1,000, (1) $985.
Date June 1
Due March 1 1941.
general debentures.
12
TRURO,
received
coupon
Nov.
on
to the Eastern Securities
Co., Ltd., St. Johns, at 95 and int.
Date July 2 1913.
Int. J. & J.
He further states that an option extending to Feb. 12 1914 has been
granted to the above company for the purchase of an additional $25,000
Nova
/y,
-
that
us
awarded
Scotia.—DEBENTURE SALE.—An issue of
$10,000 5% Sewerage debentures was awarded on May 13 to J. M. Robinson
& Sons of St. Johns at 95.
Date Aug. 16 1913.
Int. F. & A.
Due Aug.1
1933.
$9,844 48 electric-
.
'FOREST, Ont.—DEBENTURE SALE.—'The $20,000 5lA% electriclight-plant debentures offered without success on July 31 (V. 97, p. 472)
have been disposed of, reports state.
HANTSPORT,
xcvii.
STRATFORD, Ont.—DEBENTURES AUTHORIZED.—Reports state
that the Council recently passed a by-law providing for the issuance of
$25,000 school-extension debentures.
$2,476
reports,
to
of
[Vol.
Board
on
combine their
financial
requirements each year, and issue
th^ London market.
»
.
YORKTON, Sask.—DEBENTURE SALE.—An issue of $16,000 7%
debentures has been purchased by Wood, Gundy & Co. of Toronto, it is
stated.
...•,V:-,"
• ■
block of about $200,000 5% school debentures
through Wood, Gundy & Co. of Toronto.
a
.
MISCELLANEOUS.
REDEMPTION
CALL
OFFICE OF THE
NOTICE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d,
1913.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its
affairs on thi
31st of December, 1912.
The Company's business has been confined to marine and inland transportation
;
Brown
Jssued
on
Premiums
on
such risks from the 1st January, 1912, to the 31st December, 1912
Policies not marked oft 1st January, 1912..
Total Premiums..
:
753,427 33
54,822,884 99
Premiums marked oft from January 1st, 1912, to December 31st, 1912.....
Deposits in Banks and Trust Companies, etc
..$4,055,834 06
Rent received less Taxes and. Expenses.
42,787 34
130,987 28
—
—
"
•
■i
$197,204 74
544,016 02
,
195.79
Re-insurances
741,416 55
'
$1
of
Premiums
,
J62,840~93
■
,.v
■
T;
$91,649 80
Expenses, including officers' salaries and clerks' compensation, stationery, advertise¬
ments , etc
563,285 21
A dividend of Interest of Six per cent on the outstanding certificates of
profits will be paid to the holder
thereof, or their legal representatives, on and after Tuesday the fourth of February next.
*
The outstanding certificates of the issue of 1907 will be redeemed and paid to the holders
thereof, or thei
legal representatives, on and after Tuesday the fourth of February next, from which date all Interest thereon
will cease.
The certificates to be produced at the time of payment and canceled:
A dividend ef Forty per cent is declared on the earned premiums of the
Company for the year ending 31st
December, 1912, which are entitled to participate In dividend, for which, upon application, certificates will be
Issued on and after Tuesday the sixth or May next.
By order of the Board,
Q. STANTON FLOYD-JONES, Secretary.
HERBERT L. GRIGGS,
the Act of the General Assembly
of the State of South Carolina passed at the ses¬
sion of 1912, entitled "An Act to Provide for the
exercise by the State of its option to call in and pay
the whole or any part of the Brown Bonds and
Stocks issued under an Act entitled, 'An Act to
Provide for the Redemption of that portion of the
W. HARD,
THOMAS H. HUBBARD,
LEWIS CASS LEDYARD,
CHARLES D. LEVERICH.;
GEORGE H. MACY,
NICHOLAS F. PALMER,
$670,000 00
Banks
and
282,520 00
Trust
provisions of Chapter 481,Laws of 1887)
Estimated Losses and Losses Unsettled
in process of Adjustmenton
Unterminated Risks
Interest Un¬
of Profits and
.
OUR
$2,174,058 00
767,050 94
262,924 05
..........
Re-insurance Premiums.......
—
104,322 78
110,025 19
203,735 65
Settled, Including Compen¬
4,299,426 04
sation, etc
Certificates of Profits Ordered Redeemed,
82,698 Q9
75,000 00
Withheld for Unpaid Premiums
Certificates of Profits Outstanding......
22,556 09
7,293,220 00
•
Cash In Bank
Temporary Investments (payable Janu¬
ary 1913)...————
ANNUAL
The Financial Review
Gives
a monthly range of
Stock and Bond
Prices for five years.
We can supply
1888
Issue
whlcb
gives
1893
1883-1887
1888-1892
1893-1897
1898-1902
1908
298,641 20
994,882 29
1898
1903
615,303 16
European Bankers to
pay losses under policies payable In
1903-1907
1913
1908-1912
PRICE $2.2'
PER COPY
400,875 00
$13,623,851 38
$11,020,590 67
of..—.————
Commercial
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to...................
$40,804
of December, 1912, amounted to
26,696
Re-Insurance due or accrued, in companies authorized In New York, on the 31st day of December,
1912, amounted to..—.....
—
257,330
Unexpired re-insurance premiums on the 31st day of December, 1912, amounted to.....
47,650
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above, at........
450,573
And the property at Staten Island in excess of the Book Value, at
63,700
The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1912, ex?ceeded the Company's valuation by...—
1,695,027
—
&
138
$2,603,260 71
Rents due and accrued on the 31st day
Financial
Front
NEW
Chronicle
Street
VORK
99
00
39
CHRONICLE VOLUMES
FOR SALE
98
00
Second-hand volumes in good condition for
years
prior to
1908.
24
•Ife 4ihe basis of these Increased valuations the balance would be.—————————..$5,185,044 28
FOR 30 TEARS.
.....
Return Premiums Unpaid.
Claims not
692.766 69
....
Bills Receivable
( ash in hands of
Thw leaving a balance
RANGE OF PRICES
STEWART, 4th Vice-President.
Reserve for Taxes
900,000 00
...——
Secretary and
Sinking Fund
1883—1913
1,777,900 00 Certificates
2,716,537 00
paid
Real Estate on Staten Island (held under
foreign countries
the
Carolina-
SHEET;
Premiums
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Premium Notes
CARTER,
of
LIABILITIES.
j
la
T.
Commission of the State of South
•
W2LLIAM A. STREET:
GEORGE E. TURNURE.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
New York City and New York Trust
Companies and Bank Stocks
——
Stocks and Bonds of Railroads...—....
Other Securities
Special Deposits
Companies
S.
Treasurer
JAME$ H. POST,
JOHN H. JONES
Bonds
the Brown Consol. Bonds and
State Treasurer and
WILLIAM J. SCHIEFFELINe
WILLIAM SLOANE,
LOUIS STERN,
HENRY PARISH,
ADOLF PAVENSTEDT,
ASSETS.
United States and State of New York
as
the issue of other bonds and stocks,
December 22nd, A. D. 1892," 27 Stat¬
utes, page 738, notice is hereby given to all the
holders cf Brown Redemption Bonds issued under
said Act of 1892 of th? par value of One Thousand
Dollars
($1,000 00) each, and numbered from
No. 3037 to No. 3/80, both inculsive, and from
No. 4320 to No. 4425, both inclusive, and said
bonds of the par value of Five Hundred ($500 00)
Dollars each, and numbered from No. 2034 to
No, 2192, both inclusive, to present the said
bonds for payment and redemption to the State
Treasurer of the State of South Carolina, as
Treasurer of the Sinking Fund Commission, at
the office of the State Treasurer in the City of
Columbia, South Carolina, on January 1st, 1914.
And notice is hereby given that coupons for the
interest on any of. the bonds hereby called in
maturing after January 1st, 1914, will not be paid.
By order of the Sinking Fund Commission of
by
Columbia, S. C., Dec. 1st, 1913.
CHARLES M. PRATT,
DALLAS B. PRATT,
GEORGE W. QUINTARD,
ANTON A. RAVEN,
JOHN J. RIKER,
DOUGLAS R0BIN8ONj_
ANSON
BALANCE
Carolina
South Carolina.
TRUSTEES.
JOHN N. BEACH,
ERNEST C. BLISS,
VERNON H. BROWN,
WALDRON P. BROWN,.
JOHN CLAFLIN
GEORGE C. CLARK,
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
RICHARD H. EWART,
PHILIP A. S. FRANKLINJ
Bonds
South
approved
"
Returns
of
Under the Act of 1892.
State debt known
475,863 41
$2,104,257 48
Discount..
v
„
State
Pursuant to
Stocks
Losses paid during the year
Less Salvages
the
$4,069,457 66
.............
Interest on the investments of the Company received during the year....$302,088 79
Interest on
HOLDERS OF
Redemption
by
insurance,
Premiums
TO
COMMERCIAL & FINANCIAL CHRONICLE
138 Front St., New York
@FedFRASER