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financial
The
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
VOL. 100
Iirtintde
Railway Sc Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 13 1915
The (Chronicle.
NO. 2590
liteek ending Feb.6.
Clearings at-
Inc.or
1914.
Dec.
1913.
1912.
$
Chicago
298.516,300 336,253,527 -11.2 323.671.
892 275.359,507
Cincinnati
600
25,168,050
29,277,300 European Subscription (including postage)
14.0
28,702,450
22,872,950
Cleveland
13 00
26,181.407
29,010,314 -9.8
European Subscription six months (including postage)
24,279,671
19.216,458
Detroit
7 5()
22,590.000
26,631,310 -15.5
Annual Subscription in London (including postage)
22,406,083
17,662,666
£2 14.. Milwaukee
18,135,973
19,091,083 -5.0
16.062,097
Six Months Subscription in London (including postage)
15,172,974
£1 118. Indianapolis __-.
8,510.717
7.724,703 +10.2
Canadian Subscription (including postage)
8,273,748
7,678,909
Columbus
$11 50
6.324,400
8,044.600 -21.4
7,092,200
7,096,500
Toledo
5,796,268
Subscription includes following Supplements
5,578.578 +3.9
4.795,235
4,443,804
Peoria
3.338,904
3,938,213 -15.2
3,723.191
B %NK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids_.
3,284,355
3,300,627
3,617,056 -8.8
RAILWAY EAR\INGE;(monthly)
3,058,106
2,569,457
ELECTRIC RAILWAY(3 times yearly)
Dayton
1.960.461
2,599,346 -24.6
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly
2,338,606
2.144.956
Evansville
)
1,143,505
1.416,961 -19.3
1,053.832
1,009,321
Kalamazoo
682,090
549,426 +24.2
Terms of Advertisind-Per Inch Space
823,686
733,290
Springfield, HI
1,093,274
1,103,217 -0.9
1,110,348
1,246,729
Fort Wayne__
Transient matter per inch space(14 agate lines)
1,250,002
1,202.043 +4.0
$4 20 Akron
1.076.107
1,132,934
1,225.000
Two Months
1,536,000 (8 times)
1,618,000
20.3
22 00 Lexington
1,199,000
946,772
Three Months (13 times)
1.101.597 -14.1
Standing Business Cards
1,644.613
29 00 Youngstown
1,350,512
1,371.273
Six Months
1.883,478 -27.2
(26 times)
50 00 Rockford
1,563,503
1,335,177
725,595
Twelve Months(52 times)
825,438 -12.1
797,314
87 00 Springifled,0
742,162
688,966
699,323 -1.5
CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Block;Tel.Har
676.721
466,405
rison 4012. Decatur
483,719
469,438 +3.0
LONDON OFFICE
530,608
-Edwards & Smith,1 Drapers' Gardens, E. C.
507.688
Canton
1,500,000
1,796,411 -16.5
1.416,626
910,091
Quincy
961,127
WILLIAM. B. DANA COMPANY, Publishers,
977,296 -1.6
913,629
621,279
Bloomington
. _
793.661
639,706 +24.1
697,960
P.O.Box 958. Front, Pine and Depeyster Ste.,
604.650
South Bend
New York.
676,047
634,073 +5.0
610,277
488,444
Mansfield
455,047
444,833 +2.3
336,736
329,466
Jacksonv
Published every Saturday morning by WILLIAM B. DANA COMPA
231,00
334,972 -31.0
305,381
NY, Jackson ille, ni.
368,658
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold
1437,34
459.589 4.8
505,000
G. Dana. Danville
459,278
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office of
490,19
541,076 -9.4
472,862
the Company.
518.333
594,82
Lansing
967,363 +27.
457,233
386,967
Lima
1" 407,960
598,454 -31.
457,420
379,126
Owensboro
CLEARING-HOUSE RETURNS.
464,398
506.582 8.
729,505
560,143
Ann Arbor
384,627 301,758
The following table, made up by telegraph, &c.. indicate
21.6
208.838
176,392
s that the total Adrian
45,881
65.31 -29.7
bank clearings of all the clearing houses of the United States
35.848
30,000
for the week
ending to-day have been 62,562.512,153 against $3,281.
Tot.Mid.West. 436,702,576 490.403,244 -11.0 462,445,326 393,043,
.
942,247 last week
581
and 62.949,200,063 the corresponding week last year.
San Francisco__ _
50,099,083
49,377,84
+1.5
53,517,236
58,515,573
Los Angeles
16.705,022
24,720,11 -32.4
28,916.050
20,805,118
Clearings
-Returns by Telegraph.
Seattle
10,660,980
11,682,723 -8.7
10,788,432
Per
10,340.906
Week ending February 13.
Portland
11,232,562
10,490,182 +7.1
1915.
1914.
10,380,826
Cent.
11,000,000
Salt Lake City
5,961,276
5,453,176
+9.3
5,979,554
7,381,168
New York
3,755,672
$1,069,035,044 $1,274,299,869 -16.1 Spokane
4,081,475 -8.0
9,438,140
3,991.770
Boston
.114,645,799
1,841,295
2,052,110 -10.3
117,443.071
2,595.615
-2.4 Tacoma
2,720,452
Philadelphia
Oakland
91,710,390
3,651,316
3,703,165 -1.3
101.744,121
4,400.808
-9.9
3,979.102
Baltimore
*28,943.330
1.640,591
1,797,766
26,303,261 +10.0 Sacramento
1,704,400
1,580.157
Chicago
194,384.882
1,808,768
2,238,332 -19.
223.244,768 -12.5 San Diego
3,108,012
2,612,004
St. Louis
..!82.107,795
905,065 &,
64,542,044
835,098 +8.
1,027,028
-3.8 Fresno
800,000
New Orleans
*18,448,231
920,281
16,706,046
812,594 +13.4
+10.4 Stockton
902,481
872,054
Pasadena
805,028
1,022.263 -21.2
1,142,481
Seven cities, 5 days
792.307
81,579,275,471 31.824,298,180 -13.4 San Jose
593,052
669,78 -11.3
700,000
Other cities,.5 days
709,833
47.265,418
546,274,218 -10.8 North Yakima _ _
324,8.54
375.000 -13.3
397,499
382.600
Reno
262,153
295,416 -11.1
Total iti. cities, 5 days
309,219
314,761
$2,066,544,889 32,370,562,398 -12.8 Long Beach
522,511 Not Included in total
All cities, 1 day
495,967,264
578,637,665 -14.3
Total Pacific_
111.170.998 119,607,041 -7.1 130.307,78
126.797,805
le, xn, gl, 1,2 C, ono 901t rasv: _12 1 Kansas City_ _
77,652.510
53,409.775 +45.4
55.424,96
53.200,182
Minneapolis
31,709,920
22,441,654 +41.3
21.737.34
*One day's figures estimated.
18,920.246
Omaha
17,000.000
17.302,274 -1.7
16.878,504
The full details for the week covered by the above will
16,473,196
St. Paul
10,484,245
10,597.917 -1.1
9.303.27
Saturday. We cannot furnish them to-day, clearings being be given next Denver
10.564.951
8,409,232
made up by the
8,558.281 1.7
8,397,58
clearing houses at noon on Saturday. and hence in the above
8,417,646
St. Joseph
7.472.375
the last
7.563.035 1.2
7,601,92
7,818,196
of the week has to be in all cases estimated, as we go to press Friday day
5,071,921
5,598,625 -9.4
night. Des Moines
4,686,21
4,095,312
We present below detailed figures for the week ending with
4,545,792
2,727,756 +66.6
Saturday Duluth
3,133,20
2,382.945
noon, February 6, for four years:
Sioux City
2.612.167
3.369.824 -22.5
3,091.406
2,522,193
Wichita
3,858,427
3,388,807 +13.9
3,590,182
3,614,127
Lincoln
2,003,274
2,118,280 IV'tck ending Feb. 6.
5.4
2,077,565
1,854.965
Davenport
1,804,182
1,879,208 ---- - - .
4.0
1,973,269
1,578,484
Topeka
1,468,27
1,571,247 -6.6
Inc. or
1,944,962
1,953,466
Cedar Rapids
1,671,555
1,951,954 1915.
14.3
1914.
1,767.743
Dec.
1913.
1912.
1,166,725
Waterloo
1,548,06
1,934,309 +8.0
1,254,378
1,039.413
Helena
1.031.38
1,012,985 +1.8
862,256
$
$
$
%
$
891.322
Fargo
1.156,91
440,806 +162.3
1,848,079,256 2,258,996,807 -18.1 2,077,900,673 1,857.668,866
New York
478,246
841,389
627,04
Philadelphia
606.005 +3.
168.439.651 173,867,830 -3.1 173.755,190 146.303.753 Colorado Springs
540,462
609,128
Pueblo
552,71
Pittsburgh
705,080 21.7
47,514,555
51,386,227 -7.5
59,789,8.54
719,732
45.145,690 Fremont
649.834
409,99
Baltimore
360,542 +13.7
38,509.929
36,989,802 +4.1
440,107
43,521,687
37,795.914 Billings
353,026
405,28
Buffalo
480,489 15.6
11,175,011
11,355,229 -1.6
369,345
11,159,199
10,046,002 Hastings
273,089
190,78
Albany
186,638 +2.
6,082,384
7,056,294 -13.8
7,368,798
223,645
5,352,697 Aberdeen
178,074
Washington
650,000
500,143 +30.
8,077.499
8,568,762 -5.7
7,908,380
329,141
8.173,279
292.741
Rochester
Tot.Oth.West. 181,336.060 148,205,634 +22.4
5,443,250
6,797,832 -20.0
6,370,035
4,170,139
146,825,564 139.720,648
Scranton
3,650,427
3,932,600 -7.2
3,061,628
2,732,906
Syracuse
3,432,537
3,004,461
3,444.813 -0.4
80,868,032
2,378,637 St. Louis
81,010,792 -0.2
80,798,472
Reading
76,845,209
1.555,568
1,679,577
1,779,028 -12.6
19,647.262
1,475,491 New Orleans_ _
21.956,039 -10.5
19,494,219
Wilmington
24.049,454
1.674,690
2.217.284 -24.5
12,885,957
1.920.745
1,441.430 Louisville
17,302,495 -25.5
17.359,009
Wilkes-Barre
15.629,641
Houston
2,044,875
1.885,420 +8.4
9,300,000
1,705,713
1.740,970
9.949.976 -6.5
Niiheeling
1,876,139
2,156,684 -13.0
2,499,500
4.802.344
1.662.728 Galveston
3,916,500 +22.6
3.928,500
Trenton
3.842.000
Richmond
2,146,915
1,721,983
1,896,285 +13.2
9,730,509
2,187.625
9,127,06
+6.6
8,538.808
York
9,021,856
751,057
974.500 -22.9
989.443
7.982,240
802,350 Memphis
9.500,23 -16.0
9,033,799
Erie
9,246,370
972.840
1,237,643 -21.9
1,216,660
9,397.827
879,801 Fort Worth
7.949,14 +18.2
8,294,476
Greensburg
7,08.5.518
1,919,371
624,023
711,720 +47.5
14,294,517
521,804 Atlanta
16,817,05 -15.0
19,462,464
Chester
15,508,716
610,334
709,507 -14.0
762,633
5.932,885
608.337 Savannah
5.547.57
+1.4
Binghamton
5,064,657
6.271.685
809,000
Nashville
837,000 -3.3
5,900,000
823,600
657,800
7,847,45 -24.8
7,485,523
Altoona
5,558.938
528,060
494.445 +6.9
4,444.519
388.178
380,726 Norfolk
4,467,124 -0.5
4,223,216
Lancaster
4.014,919
1,487.628
1,640,969 -9.3
2,653,361
1,712.747
1,081,300 Birmingham
3,855,03 -31.2
Montclair
3,846,489
3,272,704
417,653
Augusta
434,486 -3.9
1,732,233
407,281
2,263,589 -23.5
2,257,332
2,583,912
Mobile
1.180,147
1.663,17 -29.0
1,414,568
Total Middle_ 2.156,328,629 2,156,328,629 -16.4 2.410,291,988 2.132,80
1.577.557
1,575.271
1.928,41 -18.3
6,245 Knoxville
1,608,669
1,889,769
Jacksonville __ _ _
2,550,000
3,544,06 -28.0
3,675,092
3,725,009
Boston
153,309,413 180,830,233 -15.2 190.646.586 166,816,591 Little Rock
2.357.967
2.743,83 -14.1
2,602,850
Providence
2,489,887
7,996,000
2,336,902
8,815.100 -15.0
8,574,900
9.039,000 Chattanooga. _ _
2,648,86 -11.8
2,717,645
2,842,661
Hartford
6,279,887
7,225,101 -13.1
7,536,480
2,211,317
4,336,904 Charleston
2.709.82 -18.4
1,941,378
2,125.340
3,610,528
New Haven
3.459,011
+4.4
2.992,600
3,235.723
2,777.081 Oklahoma
2.003,50 +49.2
1,982,481
2,148,113
Springfield
2,697,098
2,960,362 -8.9
3,182,783
2,791.163
2,594,947 Macon
4,596,72 -30.8
3,624,539
4.467,273
Portland
2,111,846
2,370,267 -10.9
2,880,808
2,049,687
3.880,498 Austin
2,636,47
+9.3
3,239,631
2,828,427
Worcester
2,968,018
2,689,442 -4.7
3,296.665
410,834
2,244,331 Vicksburg 508,61 -19.2
344,975
450,349
1,405,912
1,280,379 +9.8
Fall River
1,254.319
317,087
1,340,130 Meridian
391,01 -18.9
393,432
364,155
889,394
1,081,983 -17.7
New Bedford__
1,065,916
962,234
554,348 -16.6
882,148 Jackson
533.975
736,104
Lowell
853.890
738,616 +155
990,224
534,314
1,055,917 -15.6
513,099 Muskogee _
993.964
904,371
Holyoke
783,721
783,378 +0.04
1,159,176
702.255
1,682,821 -31.1
626,477 Tulsa
906.323
666,386
Bangor
419,121
454,61
-7.7
455,811
464,145
Total Southern 214,079,126 230,476,649 7.1 210.766,435 210.145,823
_ .
Total all
3,232,24 3Y80.733,225 -13.2 3,582,780,913
or. new aug. .0.... CoC0 010 CC. IRA -IA 9 999 1,12 RIO ing gig grit
3,198.02§74153
Outside N. Y_ 1,433,862,991 1,521.656.418 -5.8 1,504,880,240
-For Canadian clearings see "Commercial and Miscellaneous News".
No 4.
1,340,702,537
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
;10 00
For Six Months
1915.
500
THE CHRONICLE
[voL. loo.
What the requirements are in the way of new currency issues in times of emergency is illustrated by
FINANCIAL SITUATION.
THE
fact that while, prior to Aug.4 last, no emergency
The term of the present Congress will expire on the
had been issued under the Aldrich-VreeMarch 4, now less than three weeks off. In the currency
subsequent to that date a total of $384,meantime that body has much legislative work to land Act,
emergency notes was put out. Yet
accomplish, particularly in the enactment of the 485,000 of
did not obviate necessity for recourse to that
appropriation bills, and it will be no easy task for even this
t that has always had to be resorted
it to get through in time. There is one piece of other expedien
to in periods of great stress in the past for the last
legislation to which we have seen no alllusion made,
namely the issuance of Clearing-House
but which, it seems to us, ought to form part of this half-century,
certificates for the settlement of balances, thereby
work.
amount of cash for general
It is our view that the provisions of the Aldrich- releasing a corresponding
Vreeland Law for the issuance of emergency cur- use.
In a special tabulation printed to-day on a subrency, which law expires on June 30 next, should
that twelve Clearing Houses
be extended for another year or two, and possibly sequent page, we show
United States put out an aggregate
indefinitely. Originally, this Act, which grew out throughout the
,000 of certificates. Addof the panic of 1907, and which is intended tofurn- of no less than $211,778
to the $384,485,000 of notes issued under
ish temporary measures for dealing with critical ing this
get a total of,roughly,
situations such as then arose, expired by its terms the:Aldrich-Vreeland Law,we
issues that were
on June 30 1914, but in enacting the Federal Reserve $600,000,000 of special currency
. Therefore, we
Law it was deemed best to extend its tenure for found necessary on this occasion
contend that the Federal Reserve Board should be
another year.
powers such as the
Fortunate it was that this was done, as the new endowed with special emergency
Federal Reserve banking system had not yet got Aldrich-Vreeland Law confers.
Under the Federal Reserve Law, Federal Reserve
in operation when the war broke out. Hence, had
unlimited amounts,
it not been for this Aldrich-Vreeland Law, the banks notes may be issued in practically
on the pledge of the collateral specified in
would have been in even a worse plight than they but only
bills accepted for rewere at the time of the 1907 crisis for supplying the the law, namely notes and
discount under the rigid conditions named in the
demand for additional circulating media. On that
-Vreeland Act, on the other hand,
former occasion it was possible to draw additional law. The Aldrich
use of a much wider range of collateral,
supplies of gold from Europe—$100,000,000 gold grants the
as declared in the Act itself, being "to
was actually imported in very quick order at the time its purpose,
available, under the direction and control
—whereas in 1914 not a dollar of gold could be ob- render
Secretary of the Treasury, as a basis for
tained from Europe; in fact, the process was re- of the
us. additional circulation, avy securities, including comversed and Europe insisted upon taking gold from
paper, held by a national banking associaIn large measure the relief extended to commerce mercial
the country was con- tion." The use of "State, city, town, county or
and to the banks in 1914, when
l bonds" is distinctly countenanced.
fronted witkthe extraordinary situation arising from other municipa
with such bonds as collateral, under the
the outbreak of a general European war, came Indeed,
tions prescribed in the Act, a bank may
through the provisions of the Aldrich-Vreeland Law qualifica
take out additional circulating notes all by itself
for the issuance of emergency currency. The Fedintervention of the national currency
eral Reserve banks were not yet organized; therefore without the
associations, sanctioned by the Act, and which
not a dollar of aid could come from that source.
for collective action on the part of given
These Federal Reserve banks are now in working provide
banks in the various sections of the counorder and are accordingly in position to extend needed bodies of
assistance through the issuance of Federal Reserve try.
Thus the Aldrich-Vreeland law provides the means
notes with any recurrence of conditions such as
more effective action than the Federal Redeveloped in either 1907 or 1914. But it will hardly for much
Law, and also action on a larger scale. The
be claimed that the Federal Reserve system is yet serve
these means should not be countenanced in
so firmly established that it can be depended upon use of
ordinary times, for they do violence to the true prinin and by itself to cope with a situation of extreme
of banking which underlie the Federal Reserve
difficulty. Even, however, should the new banking ciples
But extraordinary occasions justify and
system be placed on an enduring basis,and be able to System.
extraordinary remedies. No one knows how
fulfill all its functions with scientific precision, it is require
the present European war will last, or what
a question whether it should not anyway have at long
happen after its conclusion. The Federal Reits command the emergency powers conferred by the will
serve Board should be fully equipped for any and all
Aldrich-Vreeland Law of May 30 1908.
ncies, and as the conflict in Europe is obviAt times of great crises it is in the first degree continge
fraught with dangerous possibilities, it seems
essential that those charged with the duty of hand- ously
expedient and certainly not wise that the
ling financial affairs shall have means and powers at hardly
Board or the Secretary of the Treasury should be
their command commensurate with the requirements.
of any of the special powers now possessed by
What is needed on such occasions is authority to shorn
of currency, un- reason of the Aldrioh-Vreeland law.
create suddenly huge new supplies
der the exercise of a wise and sound discretion and
What little could be superficially said for the
fortified with adequate safeguards. It happens that
is better adapted to this Shipping Bill as a relief for emergency is met anew
the Aldrich-Vreeland Law
Reserve law—so long, at least, by the later figures of export trade and by more
end than the Federal
banks, because of the newness evidence that congestion at ports is more obstructive
as the Federal Reserve
obliged to feel their way along in a than lack of vessels; on the other hand, nothing can
of their duties, are
be added to the overwhelming objections to a scheme
cautious, halting fashion.
FEB. 13 1915.]
THE CHRONICLE
which may be pronounced "all" objection. The
deadlock in the Senate which has caused the longest
continuous session of that body on record has been
broken by two Senators who realized that the struggle had been pushed past all toleration. The present
outlook is that the thing is dead for this Congress,
although there may be an effort to drag it through
by a device akin to the "rider" or to "save the face"
of the President by consenting to amendments. Is
the "face" worth saving? It is impossible to avoid
seeing that this clinch of submissive partisanship
with a more respectable partisanship which still
keeps company with reason is solely because Mr.
Wilson, unhappily for the country, is too selfconfident to confess a mistake and too proud to
accept a defeat.
"Upon what meat doth this our Caeser feed that
he is grown so great?" asked Brutus. In this instance the "meat" must be the possession and lust
of power, for it is otherwise inexplicable that a man
who, a few years ago, had only the confidence of a
teacher and would doubtless have confessed his
ignorance upon many subjects, is now (in his own
estimation) wiser than all business experience and is
so sure of his ground and so bold that he publicly
declares those who do not see as he thinks he sees
"do not know what they are talking about", and
publicly denounces and threatens (see the Indianapolis speech) those Senators, members of a coordinate yet independent branch of the Government
under the Constitution, who venture to dissent from
what he declares the will of the country.
Therefore, another special session? When Congress does not do what the President may "recommend to their consideration" in a positive manner,
does that constitute an emergency or one of the
"extraordinary occasions" in which a special session
is allowed? Possibly the country may gradually
decide that such occasions are becoming more nearly
"ordinary". In the two years of this Administration
Congress has been almost continuously in session,
and now the country, so needing rest, is menaced
with a continuance of the overhanging cloud of restless, ignorant, presumptuous interference with natural processes of recovery. It is a very long lane,
says a proverb, that has no turning. If this persistent trouble over a foolish scheme which is adhered
to because it has been advanced, has the effect of
exhibiting to the underlying sense of the country
how far Governmental perversions have gone,it will
not be wholly wasted.
The dividends declared by the Fall River CottonManufacturing corporations thus far in the current
year indicate a rather unsatisfactory situation in
that industry as compared with the same period
of most earlier years. Many mills have made no
return whatever to shareholders and some others
have reduced the rate of distribution, including
one or two that have for a very long time adhered
to a stated figure, no matter what the prevailing
conditions. This change of policy by ultra conservative corporations, more than anything else,
seems to demonstrate clearly the poor results attained from operations the last few months. Latterly, there have been reports from Fall River, as well
as from other New England centres of cotton manufacture, of some improvement in the demand for
goods, and a hopeful view of the future is quite
generally entertained. But the effect of this on the
501
earning power of the mills and consequent returns
to stockholders will be reflected in the statement
of dividends for the second quarter of the year, the
distribution for the first quarter having, naturally,
been based upon the business of the last period of
1914, and not upon a problematical basis, as would
be the case if prospects rather than accomplished
facts controlled. It is to be hoped that later results will be such as to prove the present more
optimistic feeling to be well founded.
Our compilation of dividends declared by the
Fall River mills for the initial quarter of 1915 shows
that of the 37 corporations included therein, 17 make
no return to shareholders, 3 decreased the rate
of distribution and 17 maintain the percentages of
a year ago. The total amount to be paid out in
the period this year reaches only $258,775 on an
aggregate capitalization of $29,536,670, or an
average of but 0.88%, whereas in 1914 the distribution was $353,667, or an average of 1.20%. In
1913, too, the result was much better (1.17%) than
that now disclosed and in 1911 the return on the
money invested was 1.60% and in 1910 was 1.90%.
Furthermore, from 1907 to 1909 inclusive, those
holding stock in the corporations, benefitted to the
extebt of over 2% in the opening quarter; 1905
and 1898, on the other hand, gave very poor results
—0.32% and 0.26% respectively.
The Stock Exchange at Amsterdam reopened on
Tuesday last for business for the first time since the
war began. The regulations by the Dutch Minister of
Finance, prepared in advance, to apply to Stock Exchange transactions, as summarized by the London
"Economist," provide that for the present the Amsterdam Bourse alone shall reopen, Provincial exchanges throughout Holland remaining closed. There
will be three kinds of prices: (1) those which are to be
the basis for the calculation of margins on loans; (2)
"execution" prices, at which in case of forced liquidation the collateral will be turned over; (3) daily
quotations at which securities admitted to official
dealings change hands. Securities sold before July 29
will have to be delivered at the latest five days from
the re-opening of the Exchange; in case of default the
buyer is entitled to purchase the stocks in the market,
and the seller must then consider the purchase money
as having been lent by him "at call" to the buyer
as from July 28. The margins are to be brought up
to 10% and maintained at that figure and are to be
calculated at the prices as from time to time fixed
under provision No. 1 mentioned above, being subject to three days' notice from the lender. When the
daily quotation of a security reaches the "collateral"
quotation, the lender may demand re-payment of the
loan, or in default sell out part of the security for
his loan. Calling of loans will not be possible until
the Minister of Finance specifically fixes time for
such action, and even then it will be possible to prevent it by supplying further margin up to 20%,in
which case the loan will run until six months after
the conclusion of peace. If half of the loan is repaid
before that time, the remainder will not be callable
until one year after peace. Interest on these uncallable loans will be at least 6%. But loans not in
this way protected against demand for repayment
will, when the time comes, have to be repaid within a
month from being called up in the case of monthly
loans. In the instances of advances in account
current against security and 01 loans at call," one-
502 "(;,
THE CHRONICLE
[voL. 100.
fifth has to be repaid every five days. The Winnipeg has added to the interest created by Germany's
(Manitoba) Stock Exchange opened for limited declaration of a war zone around the British Isles
to which we referred in our issue of last week. Our
trading on Monday.
State Department on Wednesday sent a note to
The Budget Committee of the Russian Duma,in its Great Britain containing friendly observations on
estimates for 1915, places revenues at 3,132,000,000 the use by British ships of neutral flags and at the
roubles ($1,566,000,000); expenditures, 3,680,000,- same time dispatched a communication to Germany
000 roubles ($1,840,000,000); extraordinary expen- inquiring what steps would be taken by German
ditures, 134,000,000 roubles ($67,000,000). The naval commanders to verify the identity of ships
Committee expresses the belief that all budgetary flying neutral flags in the recently proclaimed zone
expenditures can be met by the financial resources of war. The representations to Great Britain
of the country, and says that this is indicated by are based on a statement of the British Foreign
the large revenues collected within the last few Office justifying the .use of neutral flags by her
months. M.Bark, the Russian Minister of Finance, merchantmen to escape capture. The American
after the recent conference in Paris over the internat- Government points out that frequent and continued
ional loan,in an interview explained the Russianfinan- use of this strategy might cast doubt on the character
cial situation. He said in part, as reported by cable: of vessels really entitled to fly th American flag,
"Russia has met the financial strain, like France and how it might produce dangers to which neutral
and England, with her extraordinary resources, in- ships ought not to be subjected on the high seas and
ternal loans, loans from the Russian State Bank and in unblockaded waters. In the note to Germany,
credits opened in England. The suppression of the it is understood that the German Admiralty is
alcohol monopoly entailed a diminution of 470,000,- asked how it proposes to carry out in practice its
000 roubles ($235,000,000) in the Budget of 1914,
merchantships and
but the benefits of this suppression are already being recent proclamation of war on
warning that, on account of the misuse of neutral
felt. Although it was feared that the calling of so its
many men to the colors would seriously embarrass flags by belligerent vessels, neutral ships could not
industry, it has been found that, thanks to the sup- always be distinguished when an attack was made.
pression of the traffic in alcohol, the results of labor The introduction of the submarine into warfare
are from 30 to 50% higher than before the first half produces a situation not covered by an existing
of 1914, when the Budget showed a surplus of declaration of international law. But it is under155,000,000 roubles ($77,500,000). The Finance stood that our State Department has made it clear
Minister has also effected ceonomies amounting to
that an attack on a vessel flying the American flag
514,000,000 roubles ($257,000,000.)"
without first ascertaining definitely that such use
The Russian Duma on Tuesday held its first session was fictitious could not but be viewed gravely by
since it met on Aug. 9 when it approved the entrance the American Government and bring about serious
of Russia into the war. Press dispatches from Petro- complications. Premier Asquith, in an announcegrad state that the present session is certain to be ment made to the House of Commons on Thursday,
characterized by unusual features, notably in the said that the British Government was about to take
broad consideration of demands for greater popular more stringent measures against the trade of Gerrights and for the abolition of political and religious many. Replying to a question from Admiral Lord
disabilities, all owing to the changed relations be- Charles Beresford "whether the Government will
tween the Government and the people which the place all food and raw material used in German
was has brought about. At Tuesday's session it was industries on the list of absolute contraband," the
decided to permit members of the Duma from Ger- Premier said :"The Government is considering the
man families to speak if they requested it, but to question of taking measures against German trade
such members who formerly belonged to the Octo- in view of the violation by the enemy of the rules
berists—the party holding the positions between the of war. I hope shortly to make an announcement
Liberals and the Conservatives—is denied the of what these measures are to be."
privilege of aligning themselves with that or any
other party.
The Turco-Italian incident growing out of the
seizure by the Turks of George Alexander
The British House of Commons on Wednesday forcible
British Consul at Hodeida, Arabia,
evening, after two days of debate, passed without Richardson,
refugee in the Italian Consulate at Hodeida
division army estimates for 3,000,000 men, exclusive while a
adjusted. Mr. Richardson was taken
of India, and also by a "token" vote provided for the has been
Italian Consulate on Sunday and the
pay of officers and men. This vote is interpreted as before the
flag flying over the building was saluted by
giving the Government a blank check to be filled out Italian
Mr. Richardson then left on the auxilas required for conducting the war. The introduc- the Turks.
iary crusier Empress of India.
tion of the largest military Budget in the history of
Great Britain devolved on Monday upon the ParliaThe greatest activity in the war has this week been
mentary Under-Secretary of the War Office, H. J.
a conflict which probably represents
Tennant, as Earl Kitchener, the Secretary of State in the East,
fighting of the conflict being in progress in
fiercest
for War, is a member of the House of Lords. The the
Mountains. Both the Russians
nominal sum of £1,000 under the Carpathian
Budget provides the
Asutro-German forces suffered tremendous
the
each of the fifteen groups of expenditures, but the and
Kojiouwka. The Russian official statethe measure means a vote of supplies losses near
adoption of
ment declares that a German battalion was almost
without limit for an army of 3,000,000 men,to be completely annihiliated near Laslehden, East Prusaccounted for when the war is ended.
sia. Germans and Austrians are on the offensive
Carpathians to East Prussia. The result
The news that two Cunard Line steamships, the from the
present engagement will probably decide
Lusitania and the Orduna, had used the American of the
the Russian troops will commence another
flag when fearing attacks by German submarines whether
FEB. 131915.]
THE CHRONICLE
503
invasion of Hungary or be compelled to evacuate agreement entered into
by the Allies to pool their
part of Galicia as they have already done Bukowina. financial resources for
the purpose of future war
The Russians have issued two official reports of financing. Press dispatches
from London state
the operations, according to which they have had that the belief is prevalent
there that any joint war
the better of the contest. Their right wing, has, at loan which may be issue
d by the Allied Powers will
any rate, succeeded in crossing the mountains, for be floated in New York
, Petrograd, Tokio, Paris
it has been engaged in a battle near Bartfield and and London. Our own
bankers, however, doubt
Svidnik, which are on the Hungarian side of the very much wheth
er New York will participate in
Carpathians and on the edge of the plains which any direct war
loan. The loan itself, it is reported,
sweep down to Budapest. This army, too, threatens will be on a
4% basis and be guaranteed by Russia,
the rear of the Austro-Germans, who having entered France and
Great Britain and possibly by Japan.
Lupkow Pass to the east have suffered severe losses The joint loan
plan is considered in London much
from another Russian force which was awaiting more likely to
succeed than three or four separate
them there. The fiercest fighting, however, has loans,as in the
latter case Russia would have to pay
occurred on the Galician side of Tukholka Pass, a higher rate
than Great Britain and France and
where on Sunday the Austro-Germans captured the Japan still more
than Russia . The combined credit
heights in the region of Koziouwka, only to be of the Allies,
London bankers argue, should permit
driven from them after a bayonet fight which the the raising of a large
sum at 4%. The arrangement,
Russian report describes as being "without precedent however, does not
contemplate a huge joint war
in history."
The Germans have been forced loan. The larger
Powers merely are to become
to abandon Lodz, which indicates that their equally responsibl
e for advances which may from
defeat before Warsaw is a worse disaster than was at time to time
be found necessary to aid Belgium,
first reported. There has been little or no fighting Servia
and other minor Allies. The effect of the
this week in Flanders, France or Alsace. It is arrangemen
t is that while Russia and France from
believed that the Germans are preparing for another now on
become responsible for a share of the advances
attack on the British line near La Bassee, which, if hithe
rto made by England alone, they will now resuccessful, would open the door to the French coast. ceive subst
antial benefit through a participation in
Meanwhile the Allies are reported to be making Engla
nd's immense liquid financial resources for
slow progress along the coast of Belgium, the recent condu
cting the war.
capture of the Great Dune being of considerable
India Council bills were allotted on Wednesday
advantage as from it almost the entire coast as far
in London at is. 4d. per rupee. Japanese treasury
as Ostend can be controlled by artillery.
bills to the amount of £3,000,000 have been placed
in London at 5%% discount. This issue is in part
Germany's threat against neutral commerce that
a renewal of £4,000,000 in bills and notes maturing
is supposed to be contained in its declaration
of a in February and March. It is reported by cable
"war zone" has not ,apparently become an appre
- from London that Brazil is issuing ten thous
and
ciable factor in Stock Exchange prices at the
British contos of currency treasury bills, one-year
6 per cents
centre. It is argued, according to some
corres- to meet creditor's claims against the Brazi
pondents, that there is no need for Germ
lian Governany to ment. These are to follow an
internal issue of
delay until February 18 (which is the
date for 50,000 contos in gold treas
ury bills, one-year fives,
establishing the zone) the capture of Briti
sh ships renewable at the Gover
nment's option for another
and it is in British ships almost exclusively
that
food supplies at the present time are being trans year. The latter will be used to meet the Governported to the United Kingdom. Why,then,shoul ment's gold creditors. Money in London closed
d at 1%. The deposit of the
London Joint-Stock
there be delay? And what is to be gained, so far
banks as announced on Wednesda
y, aggregated
as England is concerned, in making threats for the
£700,909,000, against £569,106,000 last
year. The
future instead of proceeding with business at once.
cash resources of these institutions
amount to
The latest English war loan has been quoted at a £146,
750,000, which compares with
£91,166,000 a
fraction below 94, but the closing quotation was at year
ago.
that figure. The price of Consols is still pegged at
the minimum quotation of 68M and the absence
The effect of the war on British trade
of trading in the premier security is causing some
is indicated
by the Board of Trade returns,
which were published
hesitation in investments of spare balances of funds
on Saturday last, and which, while
in the war loan on the ground that the terms of the
they indicated a
decrease of only £604,000 in
next loan may render the present war loan less marimports, registered the
large loss of £19,558,000 in
ketable. Assurances by the Government as
exports. Food imports
to the increased £7,250,000
; but this was more than offset
basis on which the next war loan will be floated or
by the decline in
whether there is to be any immediate flotat
manufactured articles and raw
ion at material, in which
cotton alone showed a decrease
all would, it is believed, encourage investments. On
of £3,500,000. In expor
condition that the sellers agree to purchase
ts, the feature was a dewar crease of £17,000,00
0 in manufactured articles, of
stock with the proceeds London jobbers have been
which £6,000,000 was in
buying at the mimimum small parcels of Consols
cotton textiles. In coal
the exports decreased
£1,750,000. Cotton goods
that could not be sold otherwise. British home
exports totaled 340,442,00
0 yards for the month,
rails have been inclined to sag somewhat, despite
compa
the fact that the coal labor situation has improved, the ring with 688,105,000 yards a year ago. Of
total this year 4,210,000 yards came to the
a strike of the colliers in Yorkshire having been Unite
d States, against 7,542,000 yards last year;
averted by the act of the employers in granting
160,015,000 yards went to India, against 310,until the end of the war all demands.
490,000 yards, 34,475,000 yards went to Chma,
A steadying influence in the English financial against
102,408,000 yards, 4,738,000 yards toh to
situation as a whole was the announcement of the Netherland
s, against 8,775,000 yards; 11,869,000
504
THE CHRONICLE
[VOL. 100.
bought in the open market and
yards to Egypt, against 26,364,000 yards,and 17,- (of which £767,000
South America, against 35,- £303,000 net received from the interior of Great
398,000 yards went to
£1,514,000 (of which £514,000
416,000 yards. The Yorkshire woolen trade was Britain), outflow,
handicapped by continued delays in the sold in the open market and £1,000,000 set aside
severely
note redemption .acdeliveries of wool. The Government has appointed and "ear'marked" currency
We add a tabular statement comparing
a committee to investigate the situation and suggest count).
the Bank
means of improvement. Dyestuffs difficulties, also, for the last five years the different items in
of England return:
are a factor. A modified plan to develop the dye• DANK OF ENGLAND'S COMPARATIVE STATEMENT.
1913.
making industry in the United Kingdom was an1914.
1912.
1911.
1915.
Feb. 12.
Feb. 16.
Feb. 11.
Feb. 14.
Feb. 10.
nounced early in the week by Walter Runciman,
34,415,000 28,109,350 27,680,810 27.705,673 26,925,543
Circulation
12,446,227
18,786,875
President of the British Board of Agriculture. The Public deposits 96,946,000 50,193,141 20,903,278 39,679,707 13,751,475
39,682,281
41,262,833
115,830,000
Other deposits
11,255,998 13,031,483 15,151.287 14,830,493
plan, which will be undertaken under the auspices Gov't securitles 24,758.000 35,995,885 37,895,284 31,495,762 29,303,667
Other securities_ _ _ A04,615,000
29,973,852
51,239,000 32,494,742
of the Government, provides for the formation of a Reserve,notes&coin_ 67,204,485 43,139,292 27,760,364 39,229,327 29,021,928
36,991,174
37,996,973
Coin and bullion__
company with a capital of £2,000,000, of which one- Proportion of reserve 31.57% 53.46% 41.75% 51.25% 52.75%
to liabilities
34%
5%
345%
3%
5%
half will be placed on subscription. The Govern- Bank rate
for
ment is prepared to advance a pound sterling
The weekly statement of the Reichsbank as of
every pound subscribed up to a maximum of £1,Government will make Feb. 9 showed a further increase of 31,304,000 marks
000,000. If necessary, the
,000 marks,
a further contribution up to £500,000 at the rate in gold, making the total 2,195,057
year ago. The cash
one
of £1 for every £4 of additional capital subscribed. against 1,277,605,000 marks
Government advance will bear interest at 4% item, which includes Imperial and Loan bank notes
The
addition to coin and
and will be repayable within 25 years. The Govern- and loans of other banks, in
32,971,000 marks; loans also dement,furthermore, will grant £100,000 for laboratory bullion, decreased
creased 503,000 marks, discounts and treasury paper
and other experimental work.
week increased 75,716,000 marks, securities increased 55,In financial circles in Paris the event of the
decreased 1,932,000 marks, and
has been the arrival of the second consignment to 000 marks, deposits
of stocks, bonds and note circulation increased 13,382,000 marks. The
the French centre from Geneva
at 4,677,970,000 marks, against
money sent away from Paris in August for safe- latter now stands
a year ago and 1,879,380,000
keeping, valued, it is estimated, at between 2,500,- 1,919,163,000 marks
1913.
000,000 francs and 3,000,000,000 francs. This is marks in
regarded as a strong, practical indication of the
In local money circles lenders have shown rather
return of financial confidence. President Poincare
of 300,000,000 more disposition towards reserve as a result of the
has signed a decree opening a credit
of new capital applications. Rates have
francs to meet the most urgent needs of persons whose evidence
appreciably for early maturities, but
property has been destroyed as a result of the war. not hardened
distant ones, as, for instance, five months
The proposed joint loan of the Allies has had a the more
at the close at a range of
steadying influence on the Paris Bourse, though and six months, are quoted
33'@3M%,against a single rate of 33.1% a week ago.
business is very dull there. The official French
market has become a purely investment one, since The demand for funds in mercantile and industrial
future trading has been forbidden. French rentes quarters shows no improvement, however, and the
closed at 71.50 francs for cash, against 72.75 francs fact that gold has begun to return from Ottawa suggests to borrowers that there will be a safety valve
a week ago.
available in this form whenever money rates show
Official bank rates at the European centres have signs of hardening. Sterling exchange is now so compoint
not been changed this week, London continuing at pletely and concededly below the gold-import
prevent a move5%,Berlin15%, Paris15%, Vienna 53'% and Amster- that it requires arbitrary action to
here argue that any
dam 5%. At London short and 90-day bills closed at ment in this direction. Bankers
advance in local money rates will neces0
131 5-16%, against 1 87 a week ago. Open substantial
all the more difficult.
market rates at the Continental centres are stil sarily make the restraint
Saturday's bank statement reflected, by an inLast
nominal, no advices having been received on this side
loans, the growing activity
of the Atlantic, so far as we have been able to dis- crease of $29,439,000 in
securities. Net demand deposits
in issuing new
cover.
00 and net time
return of the Bank of England showed showed an expansion of $21,447,0
The weekly
$1,926,000. The increased deposits
a decrease in the gold holdngs of £444,097. There deposits of
the reserve requirements.
was a contraction of £412,000 in note circulaton and added $3,834,350 to
while the aggregate reserve increased $3,hence of £32,000 in the total reserve. The propor- Hence,
surplus showed a contraction of
tion of reserve to liabilities now is 31.57%, against 566,000, the actual
$268,350. There was a further decrease of $745,000
31.53% last week and 53.46% last year. Public
deposits increased £7,835,000 and other deposits in note circulation. Reserve in "own vaults" de£8,106,000. Government securities increased £3,- creased $963,000, to $369,599,000, of which $295,Reserves in Federal Reserve
054,000. The Bank's gold holdings now amount to 797,000 is specie.
$4,359,000 to $112,645,000, and
£67,204,485, against £43,154,292 a year ago and banks increased
to
es
£36,991,174 in 1913. The reserve stands at £51,- reserves in other depositari increased $170,000,
$32,245,000. The surplus above requirements now
239,000, against £33,494,742 and £27,760,364 in the
ly. Other securities stands at $143,991,580. One year ago, under the
two preceding years, respective
form of bank statement, which required 25%
(loans) total £104,615,000, against £35,995,885 last old
aggregate £115,830,000, instead of 18% reserve, the surplus was $40,068,000,
year and other deposits
special correspondent and two years• ago it was $8,257,350. We give the
against £50,196,141. Our
movement into and out of bank statement in complete form on a subsequent
reports by cable the gold
!week: Inflow, £1,070,000 page.
the Bank for the Bank
FEB. 131915.]
THE CHRONICLE
Referring to money rates in detail, demand funds
have been quoted within a range of 1%@23/2%,
while the renewal rate has remained pegged by tacit
consent at 2% throughout the entire week. On
Monday 1%@2%% was the range for Stock Exchange loans and the same range was current on
Tuesday. Wednesday's lowest was 2% and highest
23.(%; on Thursday 1%@2% was the range; Friday
(Lincoln's Birthday) was a holiday. Time money
closed at 23/2@2%% for sixty days (without net
change from last week); 2%@3% for ninety days
(unchanged); 3% for four months (unchanged),
and 33.4@3wri for five and six months (against
70
Commercial paper still is quoted at 33'0)
,
3317o)•
4% for sixty and ninety-day endorsed bills receivable
and for four to six months single-names of choice
character. Names not so well known require 431@,
4%%.
In the sterling exchange market demand bills
sold on Thursday at 4 82%,which is the lowest quotation current since 1907. In October of that year
4 82 was quoted. Exchange on Paris and Berlin
also touched a new low record for the current downward movement on that day; demand bills on Paris
declined to 5 203/i and cables to 5 193,while exchange
on Berlin reached 853/i for sight and 85% for cables.
Importations of $3,500,000 gold have been received
this week. This amount includes $1,000,000 that
arrived on the United Fruit Line steamer Sixiola,
which brought the gold from South American mines.
The remaining $2,500,000 came from Ottawa and
was released by the agency of the Bank of England
at the Canadian capital. It came consigned to
Lazard Freres, agents of the Bank of France, and
is believed to represent in part proceeds of the sale
of French Treasury bills in London a few weeks
ago. This gold, it is understood, will be deposited
in the First National Bank of this city for account
of the Bank of France. It will be recalled that
$2,000,000 in gold was taken by Lazard Freres
about a month ago from the Assay Office in this
city and also deposited with the First National
Bank'for the account of the Bank of France. It is
understood that a considerable volume of gold will
now come forward from Ottawa if the local money
situation should show any distinct sign of firmness.
At present, however, money supplies are so abundant that there is slight encouragement to increase
the yolume of funds by bringing in gold. How
far the exportation of the metal will be resisted by
the Bank of England is an interesting question.
The $2,500,000 already secured may hardly be considered a fair test of the Bank's position, as the
importation undoubtedly has to do with French
official business in this country. Financial institutions here have been in cable communication with
officials of the Bank as to whether the metal will
be released. The Vice-President of one of the
largest trust companies in this city, that makes a
specialty of sterling exchange, cabled a direct question whether gold would be released. The reply
was the indefinite one that it was possible to secure
it. The trust company then cabled for a definite
offering price and received back a request for a bid.
There the cable correspondence ended, as the
character of the replies was construed as a suggestion
that any bids made would be refused.
The weakness in foreign exchange rates is due,
of course, to the active offering of bills against the
505
large export movement. Cotton and grain bills
have been in increasing supply and finance bills
have also been drawn freely and have pressed on
the market. It is understood that there has been
selling of exchange by a prominent Wall Street
banking house against heavy shipments made to the
British Government. Selling of foreign securities
has not been an important offset, although there
appears to be a steady movement in this direction.
Selling of American securities on French account
has not been heavy because of a special reason that
appears to have been overlooked, namely, that
most of the important issues of American railroad
bonds that have been floated in France were brought
out, and are payable, principal and interest, in the
currency of France and not outside of France. These
were conditions that were insisted upon by France
as one of her financial policies. A statement of our
foreign trade, prepared by the Department of
Commerce, for the week ending February 6th,
showed excess exports of merchandise over imports
of $37,000,000, while for the ten weeks ending with
February 6 the export excess has been $275,000,000,
ar at the rate of $27,500,000 per week. These
figures cover customs districts that usually do a
trifle more than 85% of the country's foreign trade.
Weakness in sterling exchange is not a mystery
under such circumstances.
The Continental exchanges have followed very
closely the sterling market. Bankers' sight drafts
on Berlin closed at 853/2, against 863 last week;
4
while cable transfers finished at 85%, against
86 13-16. Exchange on Paris closed at 5 203/a for
sight, against 5 193 last week, while bankers' cables
finished at 5 193/, against 5 183'. Bankers' checks
2
On Amsterdam closed at 401 1, without net change
/
from a week ago, and bankers' cables at the close
were 403/ plus 1-32, against 403 , while commercial
A
sight closed without change at 403/ Italian ex8
.
change, bankers' sight, finished at 5 45, against 5 40
on Friday last week.. In Paris the London check
rate closed at 25.14 francs, against 25.19 francs a
week ago.
Compared with Friday of last week, sterling exchange on Saturday broke sharply, declining to
4 83%(4)4 83% for demand, 4 83%@4 83% for
cable transfers and 4 8231@4 833 s for sixty days;
/
an increase in the volume of exports, bringing out
heavy supplies of commercial bills, was responsible
for the break. On Monday the opening was unchanged, but, later, rates receded to 4 833. for
demand and 4 83 9-16 for cables, chiefly on the large
accumulation of offerings over the week-end; the
range of quotations was 4 833i@4 83% for demand,
4 83 9-16@4 83% for cable transfers and 4 82(4)
4 823/a for sixty days. Demand bills sold down to
4 82% on Tuesday, establishing the lowest point
touched since October 1907; in the afternoon, however, the market railled and closed firm, with the
range 4 83 3-16@4 833/a for cable transfers, 4 82%(4)
4 833 for demand and 4 813/a for sixty days; the
outstanding feature continued to be the abundant
supplies of cotton and grain bills, while buying by
bankers acted as a stiffening influence. On Wednesday sterling opened weak, but later turned firm on
rumors of prospective gold imports; demand ranged
between 4 83@4 83 3-16 and cable transfers at
4 83 5-16@4 83 7-16; sixty days remained without
change at 4 813/a. The market ruled weak on
THE CHRONICLE
506
Thursday and again reached new low figures. Closing quotations were.4 813/ for sixty days, 4 82%@
4 833/i for demand and 4 83@4 83% for cable transfers. Commercial on banks nominal, documents
for• payment nominal. Seven-day grain bills at
4 823'. Cotton for payment nominal; grain for
payment nominal. Friday was a holiday.
The New York Clearing-House banks, in their operations with interior banking institutions, have
gained $3,154,000 net in cash as a result of the currency movements for the week ending Feb. . 11.
Their receipts from the interior have aggregated
$6,258,000, while the shipments have reached $3,104,000. Adding the Sub-Treasury operations and
the gold imports, which together occasioned a loss
of $652,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a gain of $2,502,000, as follows:
Week ending February 11.
Banks' interior movement
Sub-Tress. oper'ns and gold imports_
Duo
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$3,104,000 Gain $3,154,000
22,238,000 Loss
652.000
627,844,000
Total
$6,258,000
21,586,000
$25,342,000 Gain $2.502.000
The following table indicates the amount of bullion
in the principal European banks:
Feb. 11 1915.
Feb. 12 1914.
Banks of
Gold
Silver
Total
Gold
Silver
Total
67,204,485 43,154,292
England _ _ 67,204,582
43,154.292
France a _. 169,351,880 14.633,320 183,985,200142,894,760 25,980,560168,875,320
Germany - 109,752,850 2,200,000 111,952,850 63,880,700 15,511,400 79,392,100
176,785,000 4,792,000181,577,000 169,281,000 6,570,000 175,851,000
Russia _
Aus-Hunc 51,578,000 12,140,000 63,718,000 51,957,000 11,704,000 63,661,000
Spain _ _ _ 23,241,000 28,519,000 51,760,000 19,446,000 28,478,000 47,924,000
49,235,000 2,800,000 52,035,000 45,588,000 2,935,000 48,523,000
Italy
142,900 20,012,900 12,628,000
826,200 13,454,200
Netherl'ds 19,870,000
600,000 15,980,000 8,233,333 4,116,667 12,350,000
Nat Belgd 15,380,000
6,030,000 5,723,000
5,723,000
Sweden — 6,030,000
9,315,500 6,815.000
Swits'land 9,315,500
6,815.000
2,287,000 2,606,000
2,606,000
Norway -- 2,287,000
Tot week 700,030.715 65,827,220765,857,935 572,207,085 96,121,827668,328,912
Prey week 698,029,762 65,627,220763,656,982570,222,073 96,279.333666,501,406
a Date for 1915 for Jan. 28. c July 30. d Sept. 21.
PRESENT AND FUTURE .ASPECTS OF THE
WAR.
The prevalent view taken of the military situation,
as it now exists in Europe, undoubtedly is that the
strategic stalemate which was created two or three
months ago is continuing, with no sign of being
broken. The contests on the Belgian frontier, in
France, and in Alsace, continue to be made up of
advances or retreats which the War Office bulletins
measure by hundreds of yards. An incessant artillery duel is the program. On the Russian border,
the series of moves and countermoves repeats itself
on the grand scale of operations, but with no more
decisive result than in the fighting of the previous
five months. The situation on Germany's eastern
frontier resembles an enormous chess-board, where
checks are alternately applied by the opposing
commanders to the initiative of their respective
antagonists.
On the sea, the status can be hardly described as
changed from what it was when the ocean, five
months ago, was swept practically clear of German
ships. The one novel incident, the raids by German
cruisers and aeroplanes on the eastern coast of
England, has had no military effect whatever, unless
tolincrease the vigilance of the watch maintained
on German waters by the British fleet. The events
at sea, indeed, have been chiefly marked by complications involving neutral Powers, as when Germany, after capturing two English vessels in the
[voL. 100.
Irish Sea with her submarines a fortnight ago, issued
an Admiralty bulletin, warning the world that in
future raids no guaranty could be given that passengers and crew would not be sunk with the ships,
or that neutrals could escape the danger. Commented on at first as a mere assertion of illegal and
barbarous purposes, the Admiralty's warning can
scarcely be said, in the light of subsequent discussion, to have been taken seriously. Our own
Government refused to make any formal protest,
at least until the text of the German notice should
be received, though it appears to have asked positively whatthe warning actually means. On Monday
of this week there followed the Lusitania incident,
indirectly connected with the German Admiralty
proclamation, when the big Cunarder went into her
English port flying the American Flag. That this
use of neutral colors is a traditional right of wartime has been quite universally conceded; the
expedient was used by our own ships in the Spanish
War and by the German cruiser Emden in one of
its raids on an Asiatic port, when it flew the Japanese
flag. Nevertheless, the incident was irritating and
for England undoubtedly humiliating. It emphasizes further the patent fact that the whole question
of the relations of belligerents and neutrals on the
sea in time of war remains in a most unsatisfactory
condition.
We are not among those who imagine that this
war is in the least likely to be complicated through
the drawing into it, as a result of such incidents, of
neutral Powers like the United States and Holland.
But if so, then what will determine the end of the
contest ? How will this war, which has reached
the present extraordinary military deadlock, and
in which the prospect of brilliant and conclusive
operations of the Napoleonic sort is no longer seriously considered, be actually terminated? The
question is so baffling that the most experienced
observers simply refuse to make explicit predictions.
There are undoubtedly developments under. way
which will alter to some extent the status of the
opposing armies. Lord Kitchener's new British
army should be on the Continent in the spring, adding perhaps a million men to those already at the
front. But Belgium and the western German
frontier are one long line of entrenched and fortified
camps. Actual invasion of Germany from the west
is scarcely thinkable. Russia has certainly thus
far been held in check on the other side of Germany,
and no greater evidence of a coming invasion on that
side has presented itself than has been visible at
any previous time.
When all this is said, there remains, among the
distinctly military problems, the question of
Austria's position in the war, and the further question as to the entry of other European neutrals into
the conflict. The Austrian situation is as obscure
as it is peculiar. She alone occupies, at the moment,
the position of a defeated nation. Alone among
all the belligerent States she has shown signs of
that popular dissatisfaction which always comes
with an unsuccessful war. The removal from the
Premiership of the Austrian statesman, Count
Berchthold, the real diplomatic instigator of the war,
and his replacement by a Hungarian statesman,
throw at least some light on the theory that Hungary
has chafed under the placing of Austria's own interests first in the strategy of the war. The question of a possible change of European neutrals into
FEB. 13 1915.]
THE CHRONICLE
belligerents still converges on Roumania, Bulgaria
and Italy.
The status of affairs in that regard is singular.
Last month's advance of $25,000,000 by the Bank
of England to the Roumanian Government, apparently for use in purchase of supplies in England,
seemed, on its face, to point to a plain understanding
between Roumania and the Allies. As an indication, it has been offset this week by the news of a
$30,000,000 loan by a Berlin bank to Bulgaria.
It does not necessarily follow that these operations
have involved political commitments; it is possible
that the two Balkan States may have only been
fixing the price for their neutrality. Yet a strong
belief continues to prevail that the Roumanian
people are eager to move against Germany and
Austria, and that Bulgaria would, under such circumstances, be inclined to take the field against
Roumania, for whose conduct in the second Balkan
war the bitterest feelings are still entertained.
Supposing both these nations to enter the conflict,
there might be involved a serious menace to Austria
and Hungary; but, on the other hand, it might
mean nothing more than renewal of war between
the Balkan States themselves.
Italy has thus far show signs of picking a quarrel
only with Turkey. This might in certain circumstances have involved a collision with Turkey's
German Allies; but Turkey has yielded, with the
best grace it could. That anti-Austrian sentiment
in Italy is extremely strong, and that popular
feeling has been held in check by the Government
with great difficulty, are apparently established
facts. It has been lately pointed out, in a review
of the Italian situation by Signor Ferrero, brother
of the historian, and New York correspondent of
the "Corriere della Sera", that the composition of
the Italian Ministry, the popular eagerness to recover the Trentino, the hatred of Austria for its
conduct regarding those northeastern Italian possessions, are practically irresistible impelling forces
toward the engaging of Itlay on the side of the
Allies. The further point is made that Italian
statesmen fully recognize the position which Italy
would occupy after the war is over, if it were to
maintain neutrality throughout the war. If Germany were victorious, Italy might have to answer
for its refusal to support the Triple Alliance; with
victory going to the Allies, there would be left no
claim, territorial or otherwise, for Italy to present.
Thus the matter stands as regards these possible
new participants in the conflict.
Even granting the entry of one or all of these,three
neutral States into the war, how is the end of the
contest to be actually brought about? The idea,
frequently expressed in England at the opening of
the war, that Germany must be "beaten to her
knees" has been pretty much abandoned. The
theory of financial exhaustion has obtained no color
whatever from the events since the war began.
The hypothesis of physical exhaustion might, perhaps, be considered as partly confirmed by the
German Government's action in seizing the foodstuffs of the Empire for distribution to consumers,
under official auspices. But even this may have
been only an early and systematic provision for
remote emergencies.
Moreover, exhaustion of men and exhaustion of
treasure are all the time telling on France, England
and Russia as well as on Germany and Austria.
507
Such conditions, with the military operations still in
a status of deadlock, usually present a case for
mediation, such as that undertaken by the United
States in the Russo-Japanese War. It might yet
be the political fortune of our Government to bring
about the end of this present war, through mediation of this sort. But the psychological moment
must be chosen for the effort, and there is no indication that it has yet arrived.
Whether the United States is or is not to have a
hand in restoring peace, it will rightfully have a
powerful voice, after the war, in reconstructing the
laws of warfare on land and sea. We have learned,
these last few weeks, to what extent the rules affeeting neutral commerce are a jumble of anachronisms
and absurdities, which threaten the peace of neutral nations and which at times run counter to the
common dictates of humanity. In any such postbellum conference as will follow the ending of the
war, not only must the question of non-contraband
be intelligently dealt with, but the whole problem
as to the status of food supplies in transit must be
faced. Starving a whole people, as it has been
loosely declared England is trying to starve Germany,
might be sound military policy. It might even be
justified by precedent—though we doubt it. But
it would certainly be repugnant to the principles of
common humanity. The whole movement of the
eighteenth and nineteenth centuries, in the way
of revising rules of war, was directed primarily
toward confining the injuries of the fighting to the
armies in the field rather than the populations in
their homes. We have drifted pretty far away from
such conceptions of the case during this present
war; it will be high time to return to the humane
point of view when the war is over.
The world at large, we imagine, will then be ready
to take up consideration of these aspects of the
matter in a more receptive mood even than in the
long years of peace which followed the Napoleonic
wars. No nation has actually more at stake in a
proper revision of such questions than Great Britain;
which, in the matter of transportation of food supplies in time of war, is the most vulnerable of all,
and the very existence of whose civilian population,
if the principles nowadays occasionally asserted
were to continue in full force, might hereafter hang
by the thread of a single naval victory or disaster.
STEAMSHIP CONFERENCE NOT IN CONFLICT
WITH SHERMAN LAW.
In the U. S. District Court here, last week,
the Government's Sherman-Act suit for dissolution
of the Prince line, and others comprising the socalled Brazilian Steamship Conference and other
lines comprising the Far-Eastern Steamship Conference, was dismissed. This case itself and the
reasoning of the decision were much like that of the
North Atlantic Passenger Conference case of about
four months ago. In each case the opinion was
given by Ju:stice Lacombe, and the three other judges
sitting concurred.
As in the former case, it is found that the combination assailed has been practically dissolved by
the war, hence that the questions presented are
largely academic and need not be exhaustively discussed. As to the charge of excessive rates exacted,
the testimony does not show it. The conditions of
ocean traffic are peculiar, its waterway being open
508
THE CHRONICLE
to tramps as freely as to regulars; in one sense, as
a witness put it, "ocean freights are as unstable as
the water itself." Hence, regular rates normally
reasonable cannot be held otherwise merely because
some tramp steamers will cut themr.deeply rather than
go to their next port in ballast; if the cost of service
is taken as a test of reasonableness of rate, the
evidence shows that the rates accused "as a rule
covered merely cost of service and a reasonable
profit, indeed a small profit, for the compecing line,
which shaded down defendants' rates very little,
ran frequently at a loss."
As for the accused rebates, it is found that they
were given publicly and open to all, on the condition
of exclusive service, and it is as useful for a line to
know in advance what cargo it can calculate upon
as for a shipper to know what rate he can have;
would also be necessary to wait to the end of a rebate
period in order to know whether the service had been
exclusive; "the arrangement is probably as old as
trade itself—one natural result of it would/seem to
be stability in sailings and service, both desirable
for trade, which might not otherwise be maintained." As to the charge that defendantsIrefused
cargo at their own berth rates while having unengaged space, Justice Lacombe says sailing with
some free space does not necessarily prove that there
was such at the time of refusing cargo,.for some
engagements might have been canceled afterwards. The evidence is generally unsatisfactory
on this matter, and some witnesses for the shipper
admitted that their tenders of cargo were in the
hope "of making out a case"; it is hard to find where
the truth lies, but on the whole the Court inclines
to condemn any such refusal as alleged, while there
is free space, unless good reasons are shown.
An injunction against using the device of "fighting ships" was to granted, similar to the one in
the former action, but no evidence appeared that
such a device had been attempted. The purpose of
the combination, it is found, was to make a little
money for the parties concerned. The Court says
that "in the mere initiation and carrying-out of the
enterprise outlined we see no unreasonable or abnormal restraint of trade." No evidence of injury
to shippers has been obtained, and "it seems a fair
inference that whatever restraints may have resulted
from defendant's combination and conduct are
merely the usual normal and reasonable restraints
against which it has been held that the Sherman Act
is not directed."
The rule of reason thus receives one more application and approval.
THE 1914 ISSUE OF CLEARING-HOUSE LOAN
CERTIFICATES.
Up to the present time no authentic information
has been available of the extent to which ClearingHouse loan certificates were issued in 1914 following
the outbreak of that gigantic war among the leading
countries of Europe which is still in progress. The
subject is one of wide and general interest. The
occurrence of that great conflict took the whole
world by surprise. It came with unexpected suddenness and no one was prepared for it. Its effects in
unsettling financial conditions—in paralyzing credit,
and in disrupting foreign exchange and all international financial arrangements among the European
countries themselves and between them and the
[VOL. 100.
United States—were as exceptional and as extraordinary as the conflict itself is unparalleled in human
annals.
The financial expedients that had to be employed
in dealing with this unprecedented situation will long
count among the most noteworthy phenomena in
history. Resort had to be had to measures which
previously would have been deemed incredible.
For instance, not only did bank discount rates at all
the European centres rise to very high figures, the
Bank of England rate mounting to 10%, but practically all the leading countries of Europe found themselves obliged to make moratorium announcements,
thereby legally postponing the payments of debts.
Even Great Britain, up to the beginning of this
European contest, the world's financial Gibraltar,
was forced to take this step. Three separate moratorium declarations were promulgated in that
country, each postponing the payment of debts for
a month, making three months altogether, and
covering the period from August 4 to November 4
as far as ordinary and general debts were concerned
and a month longer in the case of bills of exchange
since the third moratorium proclamation allowed
a month's extension of payment in the case of all
bills maturing up to and including November 3 (and
which had not had the benefit of a previous
extension), which necessarily carried bills originally maturing on November 3 over to December 3.
The world's international relations are so close
and intimate that this country could not avoid being
involved in the European financial disturbances and
this was the more so because the European moratoria rendered unavailable several hundred million
dollars of credits standing in favor of the United
States. This made emergency measures necessary
here as well as in Europe. But, at least we did
not have to have recourse to such desperate remedies
as did the financiers and governmental authorities
of Europe. No moratoria were put into effect and
would not have been possible, anyway, in this
country,except over limited areas, owing to the fact
that the various States are supreme within their
several jurisdictions and each State would have had
to act separately in deferring the payment of debts
and obligations.
What was necessary here was the creation of large
amounts of new currency issues to meet the sudden
call from all quarters for funds. Banking interests
and Treasury officials proved equal to the occasion
and acted with commendable promptness. There
were two methods of quickly supplying additional
circulating media in large volume. One was by the
emission of emergency currency under the AldrichVreeland Law, enacted in 1908, following the panic
of 1907, and this the Treasury officials facilitated
in every way, and the other was by the issuance
of Clearing-House loan certificates. The lastmentioned did not furnish a direct addition to
the supply of currency, but indirectly it had the
same effect, inasmuch as the possession of the privillege of settling Clearing-House balances in certificates made it possible to release much cash held by
the institutions for ordinary uses.
Since the Aldrich-Vreeland law was put upon the
statute book, there has been more or less speculation as to whether there _would be any further need
for Clearing-House certificates with the advent of
another crisis such as happened in 1914. At one
FEB. 131915.]
THE CHRONICLE
509
stage of the legislation which resulted in the enactIt does not appear surprising that the totals on
ment of the Federal Reserve Banking Law, amend- the present occasion should not quite have reached
ments were actually inserted which would have the former amount, inasmuch as emergency bank
rendered it impossible for the banks again to note circulation under the provisions of the Aldrichemploy Clearing-House !certificates. In the ight Vreeland Law was available in 1914 but had no
of recent experience it can now be seen that any existence in 1907. Recent statements by the Compprohibition of that kind would have been a sad troller of the Currency have shown that no less than
mistake and might easily have had serious conse- $384,485,000 of emergency currency was emitted
quences.
throughout the country and that this currency was
There was no such general use of the Clearing- issued to 41 different currency associations in 40
House certificate plan as in 1907, the Emergency States. Three other currency associations, organCurrency Law having furnished an acceptable ized in anticipation of possible needs, did not find it
substitute, and yet the issuance of Clearing-House necessary to avail of the privilege. In the crisis
certificates was found necessary—and to a very large of 1914 we believe Clearing-House certificates were
aggregate. Following the panic of 1907, we availed used only in the settlement of balances between
of the services of Mr. Gilpin, Assistant Manager the banks themselves. On the other hand, in 1907
of the New York Clem ing House, and were thus such was the dearth of currency and the difficulty
able to publish an extensive body of statistics re- of adding to the supply that in a number of cases
lating to the issuance of Clearing House certificates Clearing-House certificates were pledged for checks
at that time. We are again able to avail of the or notes of small denominations meant to serve
services of Mr. Gilpin and accordingly present now as currency for general circulation. It hapthe record for 1914. Mr. Gilpin sent inquiries to pened, too, in 1907 that at some localities where
100 different clearing houses and out of the whole no Clearing-House certificates at all were put
number he finds that certificates were issued by out, cashiers' checks for small uniform amounts,
or
only 12. The aggregate amount was, nevertheless, checks authorized by the Clearing House, or banks
large, reaching no less than $211,778,000. At the associated, were issued to provide funds for paytime of the panic of 1907 51 clearing houses al- rolls, Sze. Not alone this, but at that time some
together put out loan certificates.
few of the railroads and also some industrial corBefore going further into details we will premise porations—the Standard Oil Company among the
by saying that as, on the former occasion, the en- number—issued checks of larger or smaller denomindeavor has been to indicate in a concise form a few ation in making payments to their employees during
leading and essential facts with reference to these the period of extreme stringency, and while hoarding
Clearing-House certificates. The items given in was still being practiced, and some of these checks
the tabular presentation printed at the end of this passed current and formed substitutes for currency
article comprise (1) the date of the first issue of for the time being.
certificates in each case; (2) the date of the last
In 1914 the facility with which emergency currency
issue; (3) the date of the first cancellation; (4) the could be taken out obviated the necessity
for desdate of the final cancellation;(5) the aggregate issue, perate and extra-legal devices
of this kind and as a
being the aggregate of the several amounts put out matter of fact, the
situation never reached such an
from day to day during the whole of the period in acute
stage as it'did in 1907—thanks no doubt
which this means of relief was practiced, and (6) the to the
promptness with which Government officials
maximum amount outstanding, with the date when and the
leaders in the banking world alike acted.
such maximum was reached. It will be readily In view of
all this, the fact that over $200,000,000
seen i hat the the aggregate of the different issues of Clearing
-House certificates should, nevertheless,
would not necessarily correspond with the maximum have been issued
indicates that clearing houses, at
amount outstanding at any one time, since while least at the larger cities, performed
an important
certificates were still being issued others might be in part in the financial rescue work of 1914,
and that
process of cancellation. As a matter of fact, this is the Clearing-House certificates still constitute
an
precisely what happened at a number of points, important measure of relief in critical banking and
and hence in several instances the maximum amount financial periods, notwithstanding the other aids
outstanding falls considerably below the aggregate for the same purpose that have come into existence.
issue.
If we combine the $211,778,000 of Clearing-House
As already stated, the aggregate amount of cer- certificates issued with the $384,485,000 of emertificates put out by the various clearing houses gency currency put out, we have a total of almost
throughout the country was $211,778,000. The $600,000,000 of special currency called into existence
maximum amount outstanding at any time was by the disturbances and unsettlement growing out
somewhat less than this, being $195,754,000. The of the war. This is obviously a huge sum and the
total is in both cases smaller than the corresponding fact that not the least hesitancy was displayed in
totals in 1907. the aggregate issue then was $248,- resorting to the use of these readily available ex279,700, and the maximum amount outstanding pedients is evidence of how acute conditions were
$219,857,500, as shown in the compilation published definitely prevented. As against only 12 clearing
houses having issued certificates in 1914, no less
in the number of our paper for May 30 1908. To
than 51 clearing houses availed of this expedient, as
this must be added, however, $7,256,600 for ceralready stated, in 1907. The remoter sections of
tificates issued by Kansas City, but which had to be
the country did not have recourse toit at all thistime.
omitted from our table because no return for that
On the other hand, at the leading centres the
city could be obtained. Including this sum in both Clearing
-House certificates were issued with greater
instances, the aggregate of the issues on that occas- freedom than
before. At New York the aggregate
sion is brought up to $255,536,300 and the amount issue was $124,695,000 and the maximum amount
Outstanding to $227,114,100.
outstanding $109,185,000. In 1907 the aggregate
THE CHRONICLE
510
issue was only $101,060,000 and the maximum
amount outstanding $88,420,000. Similarly, in
1914 Chicago had an aggregate issue of $42,190,000
and a maximum amount of $41,890,000, as against
$39,240,000 and $38,285,000, respectively, in 1907.
The increase, however,at least at New York, appears
to have been largely precautionary, for from the
report of the New York Clearing-House Committee
made to the Clearing-House Association at a meeting
on December 21, and published in the columns of the
"Chronicle" on January 23 1915 (pages 274 and 275),
it appears that while the aggregate issue was $124,695,000 and the maximum amount outstanding
$109,185,000, the largest amount actually in circulation was only $57,625,000. This was on October 5,
on which date there were outstanding certificates
to the amount of $101,265,000.
In 1907, when the aggregate issue at New York
was $101,060,000 and the maximum amount outstanding $88,420,000, no definite statement was
made as to the maximum amount in actual use,
but close computations developed that $74,000,000
was about the amount. The certificates bear interest while they are outstanding, whether in actual
use in the payment of balances or not. Nevertheless,
holding the certificates, where not required, does
not cost an institution anything, since though the
interest on the certificates is charged up against
the bank, it also receives credit of interest on the
certificates held by it—whether certificates received
from other institutions in the payment of balances
or taken out by itself and not used—and thus the
one item necessarily offsets the other.
St. Paul and Minneapolis also issued a trifle more
certificates in 1914 than in 1907, but these two,
with New York and Chicago, are the only ones distinguished in that way. In the case of the other
8 points, the 1914 totals fall below those for 1907.
As in the past, the bulk of the Clearing-House certificates put out were at the seaboard cities and at
Chicago and a few other points in the Central West.
This is natural, because the heaviest callefor money
always occur at the leading centres. New York
and Chicago must respond to the demands of their
out-of-town correspondents and the use of the
Clearing-House loan certificates releases the necessary funds for that purpose. Out of the total issue
of $211,778,000 of Clearing-House certificates made
in 1914, $149,960,000 was supplied by the four
seaboard cities, namely $124,695,000 at New York,
$11,530,000 at Philadelphia, $11,385,000 at Boston
[VOL. 100.
and $2,350,000 at Baltimore. Six cities in the
Central West contributed $58,468,000 more to the
total, and of this Chicago alone was responsible for
$42,190,000. The other five Western cities which
put out certificates in 1914 are all within a limited
distance of Chicago, St. Louis having issued $10,805,000, St. Paul $2,040,000, Minneapolis $1,915,000, Detroit $1,350,000 and Des Moines $168,000.
In the South only two clearing houses issued certificates, namely New Orleans $2,150,000 and Louisville $1,200,000. Here is the record:
Atlantic Seaboard—
New York
Philadelphia
Boston
Baltimore
South—
New Orleans
LouisvMe
$124,695,000
11.530,000
11.385,000
2,350,000
$149,960,000
$2,150,000
1.200,000
$3,350,000
Central West—
Chicago
St. Louis
Minneapolis_ __
St. Paul_
Detroit
Des Moines
Grand total
$42.190,000
10,805,000
1,915.000
2,040,000
1,350.000
168,000
$58,468.000
$211,778,800
With the exception of the twelve cities named, no
Clearing-House certificates of any kind were issued
in 1914. It is noteworthy that Pittsburgh, which
issued $7,445,000 of certificates in 1907, issued none
in 1914; that Omaha, which issued $1,999,000 and
Atlanta which issued $1,500,000, put out none of
these obligations in 1914. Among other points
that employed the device at the former date and did
not employ it in 1914, may be mentioned Cleveland,
which had $3,220,000, Indianapolis, which had $1,650,000,and a host of other pointsfor smaller amounts.
Most noteworthy of all, no banks whatever on the Pacific Coast took out certificates. In 1907 the Pacific
group was down for an aggregate of $21,432,000, of
which $12,339,000 was contributed by San Francisco, $1,250,000 by Oakland, $2,088,000 by Los
Angeles, $1,675,000 by Seattle, $1,413,000 by
Spokane, $1,000,000 by Portland, $215,000 by
Tacoma, $802,000 by Salt Lake and $650,000 by
Denver. None of these points had any ClearingHouse certificates in 1914.
With reference to the date of the first issue, this
occurred at all points on either August 3, 4, 5 or 6,
and the last issue also occurred in August in the
case of St. Paul, Minneapolis, Des Moines, Detroit,
New Orleans and Louisville. St. Louis and Baltimore made their last issue in September, but at
New York, Chicago, Philadelphia and Boston the
last issue did not occur until October. Final cancellation at New Orleans took place October 23, but
at all the other points not until November and
December. Further particulars will be found in
the detailed statement which we now annex.
CLEARING-HOUSE CERTIFICATES ISSUED DURING EUROPEAN WAR CRISIS OF 1914.
Compiled by William J. Gilpin, Assistant Manager New York Clearing House.
Clearing Houses.
Oct. 15
Oct. 14
Oct. 2
Oct. 5
Sept. 2
Sept. 15
Aug. 5
Aug. 18
Aug. 29
Aug. 13
Aug. 5
Aug. 15
Aug. 26
Oct. 2
Oct. 16
Oct. 7
Sept. 8
Aug. 13
Aug. 23
Aug. 29
Sept.30
Oct. 8
Dec. 1
Aug. 15
,
Te CZ Cb CO N.X0 CA
csi e-I
Aug. 3
Aug. 4
Aug. 3
Aug. 4
Aug. 5
Aug. 4
Aug. 4
Aug. 5
Aug. 6
Aug. 5
Aug. 5
Aug. 6
Final
First
Cancella- Cancellalion.
tion.
9.Q Vt,
,
61
Last
Issue.
0000000 00000
ZAZZAAOZZZAZ
New York
Chicago
Philadelphia
Boston
St. Louis
Baltimore
New Orleans
St. Paul
Minneapolis
Detroit
Louisville
Des Moines
First
Issue.
Aggregate
Issue.
Maximum
Amount
Outstanding.
$124,695,000 $109,185,000
42,190,000
41,890,000
11,530,000
11,530,000
11,385,000
11,385,000
10,805,000
10,725,000
2,350,000
2,225,000
2,150,000
2,150,000
2,040,000
2,040,000
1,915,000
1,915,000
1,350,000
1,350,000
1,200,000
1,200,000
168,000
159,000
Date of
Maximum
Amount.
Sept. 25
Oct. 14
Oct. 2 to 16
Oct. 5-6
Sept. 2 to 7
Aug. 15 to 26
Aug. 5 to 23
Aug. 18 to 29
Aug.29 to Sept.29
Aug. 13 to Oct. 7
Aug. 5 to Dec. 1
Aug. 15
$211.778.000 8195.7ra nrin
certificates were issued by only the twelve above.
Note.—Inquiries were sent to 100 clearing houses. It is found that
issued $200,551,000. The total issued in 1907-08 (51 clearing houses) was $255,536,
The same clearing houses in 1907-08
300 and the maximum amount outstanding $227,114,100.
FEB. 13 1915.]
THE CHRONICLE
511
Valley last year, if capitalized at 5%, would
have
SEEKING TO REPEAL FULL CREW LAWS. suffi
ced to eliminate 10% of existing crossings at
The determination of the railroads of Pennsyl- grade. The men who
want to be needlessly hired
vania and New Jersey to make a united effort for for train service and
the public at large cannot eat
repeal of the vicious "full-crew" laws of those States the same cake. If
the economies effected in the cost
calls attention also to the present situation on that of hauling freig
ht are to be absorbed by the demands
subject in this State. Perhaps it is not yet.gone of organized
labor through time-serving legislators,
wholly from public memory that the law here was the benef
its of increased efficiency cannot reach
a Sulzer matter and that one of the charges brought complainin
g and uncomplaining shippers and the
against him was that he corruptly made an ante- small secur
ity holder, for whom nobody is holding a
election promise to support it; at least, he signed
it brief at present.
despite the protest of the principal roads operating
The roads are stirred and encouraged by the fate
in this State. A bill for its repeal was introduced of the
,
full-crew bill at the hands of the people of
nearly a month ago, by a Manhattan Assemblyman, Missouri,
and they are not too soon taking their
the form of putting the matter being to leave the num- appeal direc
tly to the public.
ber of men in train crews to the discretion of the
Public Service Commission.
IMMIGRATION AND EMIGRATION IN
1914.
The trainmen have retaliated by getting a bill
A feature of the year 1914 revealing depre
introduced which declares illegal operating any train
ssion
more than a half-mile in length. This bill, brought in the United States as clearly as bank clearings,
forward by an Assemblyman who is said to be himself railroad earnings, building operations and coma switchman was foreshadowed by a letter sent out mercial failures was the decided contraction in
to all members of the trainmen's brotherhood just the movement of aliens to these shores. In parbefore Christmas, urging recipients to hunt up and ticular is there a sharp contrast with the movement
cite any cases of trouble by long trains, such as in 1913—a year that showed a larger gain in foreignblocking crossings, pulling out draw-riggings, going born population through the influx of immigrants
wrong on cross-overs, backing in yards, "or in fact than any prior similar period in the history of our
anything that would make an argument why this country. In fact, we must go back to 1908 to find
bill should become a law." The framer of the bill a smaller influx than in 1914. There is a disposition
among those unfamiliar with the subject to ascribe
says it would mean limiting trains to some 70 or
80 the drop in immigration almos
t wholly to the breakcars instead of the more than 100 which are
some- ing out of war in Euro
pe, but such is far from the
times drawn; as far as he knows, no such meas
ure truth. Naturally, that
unfortunate event had its
has yet been proposed in this State, but autom
obilists effect as many who
under ordinary circumstances
and residents in cities where there are cross
ings at would have migrated
here were prevented from doing
grade are in favor of it. This is almost a humo
rous so either by being force
d to givetheir services to
citation, for automobilisits might naturally
prefer the mother country or
through difficulty in obtaining
shorter trains as not making them wait
so long transportation.
But, even before there were any
when a train reaches the crossing first.
The train- whisperings
of war the trend of aliens to the United
men allege that their labor will be less
severe on States was
shorter trains and the risks of accident
appreciably reduced, it apparently having
will be less; been
sensed abroad that conditions here were
they profess a regard for the public welffare
not
and omit such as
to encourage immigration on any large
to give their real reason for urging this bill
and scale.
objecting to repeal of the other, which they
obtained
The number of alien
in 1913. The roads have the largest possible inter
est the last year was, s who entered the country in
however, by no means small,
in prevention of accidents to trainmen as well as to
passengers, and they can be trusted to take pre- reaching 848,231 (of which 688,495 immigrant and
cautions; moreover, the waste which full-crew laws 159,736 non-immigrant), but this compares with
impose upon them diminishes by so much their re- 1,616,903 in 1913 (which was the high record) and
sources which might otherwise be turned to safety 1,221,630 in 1912. Furthermore, there was in 1914
an.outflow almost as large as in the
improvements.
previous year
and consequently the net gain in forei
These laws and the retaliation proposed by the
gn-born poputrainmen have the same object: to compel employ- lation fell below that of any similar period since
ment of superfluous men and thus far neutralize the 1908, when, as a result of the depressed situation
increased train efficiency which the roads have been here, there was a net loss. In brief, the net gain
able to produce by improved way and more powerful in 1914 was only 262,853, against 1,017,957 in 1913
and 646,742 in 1912. The resul
engines; the spokesman for enginemen in one of
ts in detail for the
the last five
years are appended.
so-called wage arbitrations actually advanced
the A:ten Arrivals—
proposition (and without visibly having his
1914.
1913.
1912.
1911.
1910.
tongue Immigrant
689,495 1,387,318 1,026,360
782,545 1,071,885
in his cheek in derision) that as fast as the hauling Non-lmmigrant
159,736
229,585
195.270
154,969
151,588
Total
power of engines increased the wage of the men
848.231 1,616,903 1,221,630
on Alien Departures—
937,514 1,223,473
them ought to increase too, this was the substance Emigrant
293,635
274,209
299,385
352,423
260,439
of his plea, even if not made in precisely these words. Non-emigrant
291,743
324,737
275,503
259,050
199,016
Total
Now the managements of thirteen roads in New Net gall
585,378
598,946
574,888
611,473
459,455
01 population_ 262.853 1,017,9
57
646,742
326,041
764,018
Jersey and Pennsylvania appeal to the public, and
As regards the nationality
of the years' arrivals,
the example will doubtless be followed in other a
few words will suffice. With aggregate immigraStates. It is estimated that this enforced employtion exhibiting so decided a drop, it is, perhaps,
ment without service costs at least
13/i millions in hardly necessary to state that the inflow from almost
Pennsylvania annually, that the cost to the N. Y.
every country showed a decline from 1913, and that
Central alone is a million; that the Erie is mulcted after
the commencement of hostilities in Europe
some $700,000, and that the cost to the Lehigh the decre
ase was especially marked. In fact, in
512
THE CHRONICLE
[VOL. 100.
the last six ation to say that in normal times a gain of at least
some instances the return 'movement
in this that percentage would be recorded. The extent of
months quite appreciably exceeded the flow
s, the deviation from the normal is, therefore, best indirection: This was true in particular of Italian
for ordinary dicated by saying that whereas now we have a loss in
and due largely to lack of employment
July 1 gross of $220,000,000, a gain of that amount would
labor here. Of this nationality, arrivals from
w, have been the record if the times had not been out of
to December 31 were 67,556 fewer than the outflo
In the last analysis, therefore, the effect of
cutting down the years' net immigration to only joint.
the depression has been a loss of $440,000,000.
4,182, against over 250,000 in 1913. The net
such a difference as between what it is.ordinarinflux of Poles and Austro-Hungarians for the year, What
reasonable to count upon, and what in this inalso, sank to insignificant proportions as compared ily
has actually been realized, means for the
with recent previous years and a considerable drop stance
d transportation industry and for trade in
in the inflow of Hebrews is to be noted-63,648, railroa
not require a very active imagination
against 131,472. Russian departures exceeded ar- general, does
to suggest.
rivals.
The shrinkage in reve'nues is the more noteworthy
is of the compilation covering the occupaAnalys
inasmuch as it occurred in face of a much larger
tions of those who came here in 1914 shows that
ent, both at the Western primary maramong the various classes of skilled workmen im- grain movem
great trunk lines to the seaboard.
portant losses as compared with 1913 were the kets and over the
months of the year the railroads had
rule. Of carpenters, for instance, the net arrivals In the first six
a diminished grain movement as a
were only 7,662, against 16,822, blacksmiths 2,208, to contend with
us season's crop shortage.
against 6,144; shoemakers, 4,198 and 12,338; tailors' consequence of the previo
, however, the transportation
11,623 and 27,344; masons, 4,000 and 8,307; machin- In the last six months
of the splendid harvests of1914,
ists, 1,006 and 2,105; dressmakers, 4,882 and 8,518; lines got the benefit
enal rise in prices which came as a result
seamstresses, 6,248 and 11,082; locksmiths, 1,344 the phenom
t in Europe serving to stimulate
and 3,549; and weavers and spinners, 1,642, against of the great conflic
of 3,557 the quick marketing of the grain. The contrast be3,476. Of miners there were net departures
tween the movement in the first half of the year and
during the year, against arrivals of 1,120 in 1913.
half is very striking, indeed.
In the miscellaneous, or what might be termed that in the second
receipts at the seaboard; for the six
unskilled, division, farm laborers made up the great- Take, first, the
s to June 30 the record was 104,373,000 bushels
est proportion, but even at that the net inflow was month
grain received in 1914, against 164,802,000
only 131,366, against 367,754, while of servants of
bushels in the corresponding six months of 1913,
63,676 covered the net immigration of 1914, against
g a loss, therefore, of 603/ million bushels.
143,764 a year earlier. Furthermore, as showing showin
Now look at the record for the full twelve months as
conclusively the slackened demand for ordinary
given in the following. This shows, it will be oblabor, there was a net outflow of 60,030 of those
, 373,111,000 bushels received in 1914, against
classed simply as laborers, against net arrivals of served
only 318,633,000 bushels in the 52 weeks of 1913,
96,962 in 1913.
thus giving an increase of 543/i million bushels. It
follows that in the last six months there must have
RAILROAD GROSS EARNINGS FOR THE
been a gain in the seaboard grain receipts of no less
CALENDAR YEAR.
than 115,000,000 bushels.
The year 1914 was a poor one throughout. Hence
RD FOR 52 WEEKS.
GRAIN AND FLOUR RECEIPTS AT SEABOA
1910.
1911.
1912.
1913.
it is not surprising to find that railroad gross earnings Receipts of—
1914.
19,279,879 18,437,891
bbls. 24,075,000 13,606,000 18,754,024
a large and general falling off. The extent of Flour
show
97,528,068 76,029,415
bus1a.254,942,000 207,189,000 157,025,083 68,194,983 45,703,644
Wheat
31,614,000 51,003,000 34,480,295 47,296,134 50,466,287
the contraction, now that it is possible to present Corn
0 54.070,000 77,742,034
75,058,00
Oats
5,161,050 4,130,025
2,941,000 3,340,000 9,256,046
962,692
1,041,677
the figures for the full twelve months, will, however, Barley
8,556,000 3,031,000 1,154,183
earnings Rye
83
be a surprise to many. Briefly stated, gross
279,657,641 219,222,512 177,292,0
373,111,000 318,633,000
Total gran
of the railroads of the United States for the calendar
n priWester
In the case of the movement to the character.
year 1914 fell behind those of the calendar year 1913
s, the comparisons are of like
mary market
in amount of, roughly, $220,000,000.
weeks of the year the aggregate
are very comprehensive, covering In the first 26
Our compilations
the five leading cereals (wheat, corn,
about 250,000 miles of road (in exact figures deliveries of
and rye) were only 337,029,000 bushels
249,726 miles), or practically the entire railroad mile- oats, barley
420,660,000 bushels in 1913, the decrease,
age of the country. On this mileage the gross earn- as against
83H millions bushels. For the 52
ings for 1914 were $3,013,849,825, as against $3,233,- therefore, being
there is a different story to tell.
550,827 in the twelve months of 1913, the shrinkage weeks, however, aggregate grain receipts in face of
that
thus being $219,701,002, or 6.79%. The size of these Here we find
s of both corn and barley, reached
totals indicates the magnitude of the railroad trans- diminished arrival
ng aggregate of 1,012,568,000 bushels in
portation system of the United States and also the the imposi
t 950,643,000 in 1913, giving an incomplete way in which our tabulations cover the 1914, as agains
is thus
.
crease, roughly, of 62 million bushels It
same.
the receipts gained
in the last 26 weeks
While the loss of $220,000,000 is evidence of the evident that
in trade and over those of the preceding year no less than 145,prevalence of unsatisfactory conditions
bushels. In the table we now introduce the
industry, it yet does not in and by itself reflect the 000,000
of the Western grain movement for the 52
extent and depth of the depression and the deviation details
would have been, had the weeks are set out in our usual form:
from what the results
RECEIPTS OF GRAIN AT WESTERN PRIMARY MARKETS.
normal. The normal course is
Rye.
Barlett.
Corn.
Oats.
Wheat.
course of things been
Flour.
Jan. 1 to
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
by year with the Dee.26. (Slit.)
railroad revenues to rise year
for
07,903,000 104,971,00 137,552,000
in population and business Chicago—. 9,616,000 50,231,000 127,156,000 124,069,000 25,475,000 3,388,000
1914...
31,471,000 3.035.000
0
growth of the country
1913___ 9,529,000
loss, we have already Milwaukee
0 17,746,000 3,997,000
activity. In ratio the 1914
1914... 3,259,000 9,522,000 18,553,000 26,626,00 19,409,000 3,007,000
hat less than 7%. It is no exagger- 1913._ 3,039,000 7,551.000 12,789,000 15,354,000
seen,
was somew
THE CHRONICLE
FEB. 131915.]
Wheat.
Flour.
Corn.
Jan. 1 to
Oats.
Barley.
Rye.
(bush.)
(bbls.)
(bush.)
Dec. 26.
(bush.)
(bush.)
(bush.
St.Louis-1914_3,479,000 33,039,000 16,776,000 24,749,000 2,408,000
396,000
1913___ 3,216,000 30,787,000 20,832,000 23,936,000 2,207,000
780,000
Toledo
1914_
6,784.000 4,329,000 3,468,000
40,000
96,000
5,558,000 4,377,000 4,626,000
1913_
7,000
74,000
Detroit
1914_ 444,000 2,077,000 3,142,000 4,059,000
1913_ 383,000 1,333.000 2,651,000 3,706,000
68,000
11,000
Cleveland
1,381,000 3,551,000 4,405,000
1914_ 788,000
66,000
71,000
799,000 4,967.000 4,570,000
1913- 1,355,000
397,000
14,000
.Peoria
1914_2,250,000 2,345,000 14,666,000 12,642,000 2,769,000
479,000
1,918,000 17,911,000 10,902,000 3,185,000
1913_ 2,125,000
721,000
Duluth
60,095,000
1914_
1,183,000 6,785,000 10,596,000 4,684,000
1913_
128,000 73,155,000
488,000 9.995.000 13,397.000 1.509.000
Minneapolis-1914_
113,784,000 12,856,000 21,962,000 27,594,000 5,978,000
110,974,000 8,016.000 24,099,000 34,701,000 5,702,000
1913_
Kansas City
1914_
61,306,000 23,142,000 9,875,000
1,000
1913_
33,764,000 20,761,000 9,962,000
Omaha
1914_
15,219,000 29,358,000 15,679,000
1913_
20,214,000 28,927,000 14,500,000
Total ofall
1914_19,836,000 406,455,000 232,527,000 267,802,000 86,694,000 19,090,000
1913-19,775,000 336,284,000 248,855,000 245,719,000 104,842,00014.943,000
Lest undue importance be attached to the country's bounteous harvests of 1914 and the large grain
movement resulting therefrom, it is proper to note
that this was practically the only favoring influence
of the year. In nearly all other respects, leading
conditions were adverse-in most cases decidedly
adverse. This is true even as regards one very important agricultural staple, namely cotton. The
cotton crop of 1914 will undoubtedly prove the largest
on record, but the war in Europe cut off a good part
of the foreign market for the staple and reduced
the price to a figure so low as not only to retard the
movement but to cripple general industrial activity
and paralyze the energies of the population.
In the first six months of 1914 the shipments of
cotton overland were 813,596 bales, as against
757,916 bales in 1913. For the twelve months the
shipments overland were 1,654,171 bales, against
1,757,582 bales. To see the full measure of the
contrast, however, between the first half of the year
and the second half, it is necessary to consider the
receipts at the Southern ports. Here the situation
was the exact reverse of that in the case of the grain
movement. The first six months recorded an increase, the last six months a decrease, notwithstanding the unexampled size of the crop. Whereas in the
period from Jan. 1 to June 30 the receipts of cotton
at the Southern ports were 3,365,164 bales in 1914,
against only 2,402,659 bales in 1913, for the full
twelve months the port receipts were only 7,953,651
bales, against 9,533,855 bales in 1913 and 11,288,794
bales in 1912, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1909 TO 1914, INCLUSIVE.
Full Year.
Ports.
1914.
1913.
1912.
1911.
1910.
1909.
Galveston
bales_ 3,220,293 3,247,965 4,327,940 3,135,813 2,882;807 3,052,438
Texas City, &e
437,988 708,254 974,288 806,305 407,029 343,846
New Orleans
1,534,583 1,517,379 1,755,536 1,495,219 1,579,170 1,609.732
Mobile
219,094 379,241 307,704 290,769 277,087 317,346
Pensacola, &e
90.069 178,397 177,911 243,241 157,166 223,531
Savannah
1,261,039 1,709,206 1,788,985 1,914,008 1,378,979 1,536,742
Brunswick
135,208 278,484 352.289 322,324 209,267 296,747
Charleston
262,230 435,689 372,518 338,288 288,519 249,302
Georgetown
110
389
1,836
1,490
2,140
Wilmington
172,828 376,942 484,627 432,591 377,523 385,410
Norfolk
440,994 597.236 662,954 599,158 623,987 579,354
Newport News, &a
179,325 104,952
83,653
11,650
10,053
27,164
Tote!
7,953,651 9,533,855 11,288,794 9,591,202 8,193,077 8,623,752
In trade, depression became steadily accentuated
with the progress of the year, one influence to that
end being the keeping of Congress in session until
quite late in the year for the purpose of carrying
through the Administration's radical policies for the
regulation of business. The hostility generally displayed towards capital and corporate interests acted
in the same direction. In the last five months of
the year the conflict raging in Europe proved an
added adverse influence of no small proportions.
513
The iron and steel industry was depressed beyond all
others. Prices dropped to extremely low levels and
the demand dwindled away. The Steel Corporation
carried unfilled orders on the books of its subsidiaries on Dec. 31 1914 of only 3,836,643 tons and on
Nov. 30 of but 3,324,592 tons, against 5,026,440
tons Feb. 28 1914 and 7,932,164 tons on Jan. 1 1913.
Iron production in the United States in November
was only 1,518,316 tons and in December but
1,515,752 tons, against 2,795,331 tons in January
1913.
Anthracite coal shipments to market in the twelve
months of 1914 ran pretty close to the total of 1913,
the comparison being 68,342,601 tons, against 69,069,628 tons in 1913. But anthracite coal stands
in a class all by itself and rarely is influenced much
by general trade conditions. A better guide to the
state of the coal trade and the volume of traffic over
the railroads is furnished by the shipments of coal and
coke over the Pennsylvania RR. lines East of Pittsburgh and Erie. These coal and coke shipments
reached only 68,518,731 tons in 1914, against 76,130,427 tons, being a decrease of 7,611,696 tons,
notwithstanding a gain of 489,815 tons in the anthracite shipments. Another indication of the course of
things in the iron and steel industry is furnished in
the shipments by water of Lake Superior iron ore
from the upper Lake ports of 32,021,897 tons in the
season of 1914, against 49,070,478 tons in the
season of 1913.
It should be observed, also, that the live-stock
movement in the West-probably as a result of the
short crops and the extreme drought of the previous
year,which rendered it necessary to part immediately
with some of the live stock, owing to the inability
to provide fodder for the same-appears to have been
on a diminished scale'. At least at Chicago the
receipts show a diminution in all the leading items,
only 2,221,836 head of cattle having been received
in 1914, against 2,513,074 in 1913; only 361,711
calves, against 375,385; only 6,620,330 hogs, against
7,570,938, and only 5,453,119 sheep, against 5,902,798, aggregate receipts of all having been 226,550
carloads in 1914, against 257,701 in 1913.
Labor troubles also played some part in influencing
the unfavorable outcome of the year, though most of
these were mainly of local consequence. The strike
in the coal regions of Southern Colorado continued
throughout the year-it not being officially terminated until December, but, as a matter of fact,
it
ceased being much of an influence long before
this,
the places of the striking miners being gradually
filled
by others, and demand for coal, any way, was
on a
restricted basis because of the prevailing
business
depression. In the copper mining regions of Lake
Superior the strike precipitated in July of the
previous year continued until April, when
it was
settled.
There was also an extensive suspension of mining
in many districts of the bituminous
coal regions of
the Middle and Middle Western States, beginning
with the first of April, due to differences between
miners and operators regarding new wage scales. In
most cases an adjustment of these differences was
reached by the end of April or the beginning of May,
but in the Kanawha field of West Virginia settlement
was somewhat longer delayed, and in Eastern Ohio
mining remained suspended until the end of the year.
Winter weather, which sometimes affects railroad
operations for the worse during the early months,
was on the whole quite satisfactory in 1914, just as it
had been in 1913, the comparison between the two
years being, therefore, free from disturbance on that
account. Here in the East a severe snowstorm on
Lincoln's birthday, followed by several other snowstorms, caused considerable interference with railroad operations during the latter half of February,
but the blockade from that source was confined
mainly to the coast section and did not extend very
far inland.
While comparisons of earnings were unsatisfactory
throughout the whole of the year, the largest losses
as a rule were experienced in the later months. Our
statement for the half-year, published in the issue of
the "Chronicle" of Aug. 8 1914, showed a loss for
this period in amount of $84,601,109, as against the
loss of $219,701,002 now recorded for the full twelve
months. Larger or smaller decreases were shown
in all the months of the year, with the exception of
March, when there was a trifling gain due to the
fact that coal-mining in the bituminous regions of the
Middle and Middle Western States was pushed quite
hard in fear of a suspension of mining with the 1st of
April on the wage question (a fear which we have
already seen was found to be well-grounded in a number of cases),and due in part also to the fact that comparison was with the period of the tremendous floods
in the Middle Western States the latter part of March
in 1913.
As early as February we had a monthly statement
showing a decrease of $23,823,138, or 10.22%, and
in May the loss was $26,007,920, or 9.73%; but the
latter part of the year, with the war in Europe operating to intensify business depression, the decreases
reached startling figures, the falling off in October
being $28,740,856, or 9.64%; in November, $32,646,340, or 11.96%, and in December,$25,616,363,
or 9.97%, as will be seen by the following summary
of the monthly totals.
Grois Earnings.
Miles of
Road In
Month.
1914.
January
February
March
April
May
June
July
August
September
October
November
December
[vol.,. No.
THE CHRONICLE
514
243,732
244,925
245,200
243,513
246,070
222,001
235,407
240,831
242,386
244,917
246,497
245,027
1913.
1914.
1913.
Inc.(+) or
Dec.(-).
241,469 8233,073,834 8249,958,641 -$16,884,807 6.75
242,928 209,233,00,5 233,056,143 -23,823,138 10.22
243,184 250,174,257 249,514,091
+660,166 0.27
241,547 236,531,600 245,048,870 -8,517,270 3.48
243,954 239,427,102 265,435,022 -26,007,920 9.73
219,691 230,751,850 241,107,727 -10,355,877 4.30
231,639 252,231,248 261,803,011 -9,571,763 3.67
237,159 269,593,446 280.919,858 -11,226,412 4.03
238,698 272,992.901 285,850,745 -12,667,844 4.50
241,093 269,325,262 298,066,118 -28,740,856 9.64
242,849 240,235,841 272,882,181 -32,646,340 11.96
243,460 231,2.53.367 256,869,730 -25,816,363 9.97
At $219,701,002 the loss in gross earnings for 1914
far exceeds the amount of the gain in 1913, which
was only $145,727,242, or 4.76%, and is almost exactly the same as the improvement in 1912, which
aggregated $220,312,932 in amount but reached
7.78% in ratio. This improvement for 1912, however, was deprived of some of its significance by the
fact that it followed a loss in 1911, thus representing
in part merely a recovery of such loss. The shrinkage in 1911 was $31,026,566, or 1.09%, and it should
be borne in mind, as already noted, that the normal
state of things in the United States, when there are
no extraneous circumstances to interfere with the
onward march of business, is one of steady growth
from year to year.
If we go back to 1910 we find that there was an
increase then for the twelve months of $239,901,258,
or 9.25%, and that it was additional to an improvement in 1909 over 1908 of $282,453,959, or 11.50%.
This last, however, was wholly a recovery of the prodigious loss sustained in 1908, following the panic
of 1907. Our tables for 1908 registered a loss of no
less than $301,749,724; actually the loss was of
still larger extent, as our figures then covered only
199,726 miles of road. Careful computations which
we made at the time showed that, if we could have
had returns for the whole railroad mileage of the
country, the decrease in gross earnings would probably have been no less than $345,000,000. Prior to
1908, of course, we had an uninterrupted series of
gains year by year back to 1896, as will appear from
the following summary of the yearly totals. The
mileage covered in each year is indicated in the table.
Gross Earnings.
Mileage.
Jan. 1 to
Jan. 1 to
Da.31.
Year InYear
.
Oaten. Preced. cr se.
Year.
1894
1895
1896
1897
181.8
1999
1900
1901
1902
903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1014.
Miles. Miles.
156,911 153,950
157,537 156,110
162,037 161,340
165,253 163,840
164,893 163,075
164,080 161,295
172,358 167.396
179,097 176,673
181.928 178,921
8 , 38 77,427
166,724 193,257
195,251 193,285
203,411 199,983
205,276 202,953
199,726 197.237
228,508 225,027
241,364 238,080
241,432 238.275
241,430 237,848
244,259241,991
940.720 247.437
Year
Given.
Year
Preceding.
Increase.(+)
Or
Decrease(-
3
$
%
$
%
0.62 1,046,516,407 1,176,821,735 -130,205,328 11.07
0.90 1,086,454,608 1,024,461,781 +62,002,827 6.05
-266,004 0.02
0.83 1,114,430,883 1,114,696,887
1.15 1,185,154.654 1,122,817,579 +82,337,075 5.55
0.89 1,253.807,714 1,172.777,136 +81,030.578 8.98
2.20 1,332,666,8.53 1,213,e 6,610 +118,980,243 9.81
2.97 1,456,173,305 1,245,201,005 +113,972,300 8.46
1.25 1,603,911,087 1 454 922,185 +148,988,902 10.24
1.56 1,705,497,253 1,604,633,539 +100,863,714 6.28
2. 3 ,9 8,652,252 ,7 6,458,89 +2 2, 93,361 11.17
1.65 1,966,596,578 1,957,831,217 +8,765,276 0.45
0.962,099.361,086 1,629,382,949 +169,998.137 8.76
1.71 2,374,196,410 2,132,282,814 +241.913,596 11.34
1.14 2,595,531,672 2,373,888,811 +221,642,881 9.33
1.28 2,235,164,873 2,536,614,597-301,749,724 11.90
1.54 2,605,003,302 2,322,549,343 +282,453.969 11.50
1.87 2,836,795,091 2,517,783.833 +239,901,258 9.25
1.32 2,822,722,752 2,853,749,318 -31,028,566 1.09
1.51 3,045,778,327 2,825,465,395 +220,312,932 7.78
0.94 3,200,506,8843,054,779,642 +145,727,242 4.76
0.93 3.013.849.825 3.233.530.827 -219.701.002 6.78
In the case of the separate roads the losses were
very large and extended to all sections of the country and to all classes of carriers. The Pennsylvania
Railroad on the lines directly operated suffered a
decrease of no less than $34,880,949, and the sum
would be still larger if all the controlled roads were
taken into the calculation. The New York Central,
together with the auxiliary and controlled roads, the
whole going to form the New York Central System,
falls behind $30,031,006. There are few exceptions
to the general rule of loss, these exceptions being
found mainly in the Southwest (and embracing
systems like the Atchison Topeka & Santa Fe and
the Rock Island), where crops proved unusually
abundant in 1914, and compared with very poor
crops in the preceding season. As a result of these
good crops and the European demand for the same;
the export shipments of grain from Galveston reached
exceptional proportions. A few other roads are
distinguished for increases for causes local to themselves. The Chesapeake & Ohio belongs in this
category, its coal traffic having been very greatly
developed. In the following we show all changes
for the separate roads for amounts in excess of $500,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12 MONTHS.
Decreases.
Increases.
$2,215,681
81.480.388 Atlantic Coast Line
Chesapeake & Ohio
2,141,912
812,511 Boston & Maine
England..
Lehigh & New
730,378 Denver & Rio Grande_.... 2.110,839
Atch Topeka & S Fe (5)561.720 Wheeling & Lake Erie-- 1,941,047
Rock Island (2)
Seaboard Air Line
1,814,714
Buffalo Roch & Pittsb.._ 1,737,774
Representing 9 roads
In our compilation-- 83.584,997 Delaware Lack & West_ - 1,720,818
Decreases. St Louis Southwest (2)
1,708,257
434,880.949 Illinois Central
1,690,472
Pennsylvania (3)
10,822,421 Hocking
,
1,641151
Baltimore & Ohio
Chicago ditlasieyt Illinois_ 1,615,546
9.724,625
Great Northern
b8,535,704 Delaware & Hudson _1,557,133
N Y Cent & Hud R
8.044,311 Central of New Jersey -:1,458,791
Northern Pacific
7.951,602 Union (Penns)
Southern Pacific (12)
1,351.074
Lake Shore & Mich So..- 7,828,824 Nash Chatt & St Louis
1,342,839
6,337,063 Central of Georgia
Louisville & Nashville
1,238.110
4,866,352 Internal & Great North_ 1.236,020
Union Pacific (3)
4,842,725 Chicago & Alton
Phila & Reading
1,234,850
4.327.492 Boston & Albany
Southern RallwaY
1,228,123
Pittsburgh & Lake Erie_ 4,046,746 Toledo & Ohio Central
1,100,804
Elgin Joliet & Eastern-. 3,791,512 NY Chic & St Louis
3,784,245
Duluth Miss & No
1,098.2RV
NYNH& Hartford- 3,697,345
3,227,007
M St P & 8 M (2)
Pacific
3,674,856
Chic Burl & Quincy
Erie
Para
3,212,002 Phila Bait & Wash
Michigan Central
896.778
St Louis & San Fran (4) 2,971,444 Colorado & South (3)
766,710
Chicago & North West- 2,944,068 Virginian
2,870,588 Missouri Kan & Texa_
Duluth & Iron Range
s_
Erie(2)2,794.522 San An & Aransas Pass..
726,327
2,730,196 Spokane Port & Seattle
Chic Mil & St Paul
638,328
2,597,537 (Mn New On & Tex Pac
Norfolk & Western
593,537
2,467.649 San Pedro Los A & S L
Lehigh Valley
530,889
Missouri Pacific (2)..__.. 2,421.656
2,299.844
Wabash
Representing 85 roads
2.247.808
in our compilation_$202,311,305
Cleve Cin Chic & St L
Nole.-Figures In parenthesis after name of road indicate the number of
for which separate returns are given and which we have
lines or companies
combined so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR, together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting 817,842,492 decrease, the Pennsylvania Company $11.778,071 loss and the P.O.& St. L.85.253,386 loss. Including all
Bessemerse
I Itt)
KI%Val1;i
SM
7
NA:S1,
THE CHRONICLE
FEB. 131915.]
-State
lines owned and controlled which make monthly returns to the Inter
Commerce Commission, the result is a loss of $38,218,668.
1, 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 form the New York Central System, the result Is
a loss of $30,031,006
515
EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP.
Year.
1914.
1913.
1912.
1911.
1910.
1909'
$
06,825,574 107,771,979 99,880,253
Col & So t 13,599,752 14,366,462 14,250,131 14,434,581! 17,244,609 11,649,266
D & It G. 22,210,502 24,321,341 24,214,755 23,029,3091 21,174,478 22,288,589
let & C N 5,166,322 10,402,345 11,189,382 9,738.804 9.060.985 8,275,589
ki K & T. 31,447.257
30,256,434 28,095,793 28,326,574 25.665,384
Mo Pae_ _ 59.002,183 61,423,839 58.683.578 53,752,8161 53,638,13S 49,394,524
StL&SY d 43,140,411 46,111,855 44,096,671 42,585.929 42,305,299 39,883,874
St L S W. 11,454,870 13,163,127 12,769,933 11,784.602' 11,649,984 10.584.303
South Pac 132,595,170 140,546,772 138,103,910 130,552.181,136,203,346 127,892,744
Tex & Pac 18,084,545 18,362.543 17,679,618 16,139,0281 16,375,802 14,960,852
Unlon Pax 89,166.625 94.032,977 90.513,332 88,202,236 93,202,870 83,961,212
$
5
A T&SFe_ 114,304,546 113,579,168 114,013,935
In the foregoing we have been dealing entirely
with the gross revenues of the railroads. Net earnings have also been falling off. In fact, in the first
half of the year the losses in net were only less striking
than those in the gross, as far as amount is concerned, and in ratio ran very much heavier than the Total 594,172,1861568,
507.9731 555,796,677523,740,853538,958.864 498,236,190
,
percentage of decline in gross. In the last half of
S Includes all alfillated lines except Trinity & Brazos Valley RR., but
the year, however, when losses in gross were heaviest, Colorado Springs & Cripple Creek that, are excluded beginning Nov. 1 figures for
1911.
tremendous efforts at retrenchment and economy d Does not include Chicago & Eastern Illinois in any of the years.
were made, with the result that the reduction in
Our full detailed statement, embracing all roads
expenses in some of the months exceeded the losses
in gross, giving actually a small gain in net. This for which it has been possible to procure or to make
up the figures for the last two calendar years, is as
was true in August and September.
To complete our analysis we now insert six-year follows :
comparisons of the gross earnings of leading roads
GROSS EARNINGS OF UNITED STATES RAILROADS
IN CALENDAR YEARS 1914 AND 1913.
arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1813.
1914.
Year.
1910.
1911.
1912.
8
$
$
5
5
Cl & E Ill 14,688.323 18,303,869 15,464,386 15,006,595 a14,944,201
Ch 0 W.c. 14,112,350 14,302,117 13,296.376 12,814,715 12,732.006
C M & S P 691,225,055 593,955,253 887,989,690 578,224,891 880,388,166
Ch&NWO 84,938,229 87,882,297 81.904,530178.958,226 75,590,299
CSPM&O 18,230.807 17,915,603 16,512,811 115,400,307 16,192,865
DSS& Ati 3,080,250 3,570.147 3,217,229 3,072,836 3.317,352
Grt Nor__ 70,729,922 80,454,547 73.653,272 83,028,869 64,372,007
M & St LI 9,912.808 9.581,368 8,891,209 8,082,994 55,059.360
13,918,312
Iowa Cj
MSP&SS c 28,076,339 31,303,346 29,464,435 23,239,314 22,923,952
Nor Pac__ 65,078,806 73,123,117 68,665,913 62,914.049 70,932,666
EitJ&Gr lal 1,593,112 1,558,670 1,564,858 1,627,929 1,688.697
1909.
3
10,930,392
10,913,359
61,302,252
69,810,553
14,177,751
3,055,222
57,751,425
4,559.276
3,224,028
21,118,612
70,887,281
1,584,991
Total _ _ 401,866,001 429,950,334 400.624,709360,370,525 371,555,882329,295,142
a Now includes Evansville & Terre Haute.
S Now Includes Chicago Milwaukee & Puget Sound.
c Includes the Mason City & Fort Dodge and the Wisconsin Minn. & Pacific.
d Includes trans-Missouri lines.
e Includes Wisconsin Central for all the years.
I Beginning with 1911, includes not only operating revenue but also other all
receipts.
EARNINGS OF ANTHRACITE COAL GROUP.
1913.
1912.
1911.
1910.
1909.
$
Cen of N J 29,425,847 30,884,638 29.261,894 28,21.9,086 27,172,123 25,873,207
Lehigh V. 40,663,969 43,131,61: 39,618,617 38,803,364 36,643,713 34,353,823
NYO&W
. 9,087.708 9,421,476 8,796.969 9,095,635 9,108,924 8,399,229
NYS&W _ 3,896,599 3,907,035 3,530,162 3,989,335 3,818,052 3,417,432
Phil & Rd 47,553.677 52,398,402 48,948,439 45,893,052 46,201,852 42,250,346
1914.
Year.
$
a
s
$
$
Total _ _ 130,627,795 139,741,189 130,156.081 128,0130,452 122,742,664 114,294,037
d These are the earn ngs of the railroad company only: the results of coal-mining
operations are not included in any of the years.
EARNINGS OF TRUNK LINES.
1914.
1913.
S
91,895,912
Year.
s
102,718,333
1912.
1911.
1910.
s
is
$
98,121,277 88,071,011 90,889,847
1909.
s
Balt & Oa
82,293,830
CCC&StL 135,365,891 37,613,499 {32.714,238 30,431,915 30.923,005 27,857.741
Peo&E _ f
3,429,867 3,218,284 3,536,067 3,028,856
59,655,825 62,450,397 59,218,795 57.073,104 56,015,555 52,819,783
Erie
LS & MS_ 51,524,286 59,353,110 54,283,816 48,360,997 49,420.211 45,110,9E7
Mich Cent 33,464,968 36,676.970 32,911,753 30,164,491 29,894,816 27,415,468
NYC&HR 112051,261 121,815,088 109,697.588 103,954,862 99,908,478 93,172,861
FaunaEaztP&Ec187298,752c205148,244 c187452,316 c170233,278 c173255,926 c165820,983
WesP&E 93,905,332 110,936,789 106,554,507 92.223.235 94,772,254 84,013,141
28,986,871 31,286,715 29,952,186 29,295,290 29,826,573 27,439,595
Wabash
Tntal
854.148.897767.979.095 714.336,093653.026,466657,722,732 08,771,053
a Inemdes the Cleveland Lorain dg Wheeling RI'.
S Boston & Albany Included for all the years; also the Beech Creek RR., the Walkill Valley RR.,the New York & Ottawa, the St. Lawrence & Adirondack,the Ottawa & New York and the Fall Brook System included for all the years.
c Includes Northern Central in all years.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Year.
B R & P__
Ch 1 & L_
Hock Vail
Illinois C.
LE&W _a_
Tel & 0 C
Tol P & W
T0ISL&W
Wh & L E
1914.
1913.
1910.
1911.
1912.
1909.
8
5
$
$
$
S
9,667,696 11,405 470 10.336,87: 9,058,297 9,168,648 8,144,307
6,667,026 7,004 150 6.791,082 6.343.263 8,172,723 5,618,230
'
6,278,197 7,919'348 7598,369 6,814,322 7,942,955 6,465,433
64,339,817 66,030 289 82 140.952 80,824.279 ,61,201,476 c57,277,486
'
'
5,602.771 5.934 643 5 839 630 5,420,821 5,513,326 5,043,990
'
'
4.930,626 6,031 430 5 363 019 4,938,648 5,089,986 3,940,889
'
' '
1,212,845 1,382 831 1 345 331 1,269,887 1.256,112 1,111,051
'
' '
4.445,220 4,657,342 3'918'84
3,847,591 3,787,928 3,598,274
4
8,020,220 7,961,267 7:869:112 7,111,880 6,989.351 8 278,713
.
Total_. 109,164,418 118.328.589
1 1 1 9ns 217 MC 688.736 107.122,004 97,475,353
a Includes the Northern
Ohio.
c No longer Includes receipts
for hire of equipment, rentals and other items.
d Includes Indianapolis
Southern from July 1 1910.
EARNINGS OF SOUTHERN GROUP.
Year.
Ala Gt So
Cent of Ga
Mee & 0_
CNO&TP.
Lou & N.
Mob & 0_
NC&StL_
Nor & W_
Southern
Yes&M V
1914.
1013.
1912.
4,999,978
12,946,830
37,597,374
10,173.832
54,938.698
11,944,094
11,919,191
92,503,25
85,934,018
11.851,122
5,461.973
14,184,940
36,116,986
10,767,36
61,273,711
12,928,318
13,262,030
45,100,789
70.261,511
12,079,986
4,985,879
13,979,052
35.170,585
10,097,467
57,814,963
11,479,728
12,810,085
41.888,602
66,493,10
10,063,208
Total - 264,808,340281,437,811 2 4,782,1378
6
I
1911.
I
4,571,203
13,422,476
32,709,18
9,234,048
54,372,031
11,488.278
12,418,863
37,048.473
61,549,577
10,452,387
1910.
1909.
4,516,365
12,525,587
32,540,822
9,448,989
54,428,973
10.988,634
11,926,76.5
36,228,574
56,152.935
10,518,298
3.769.598
11,467,327
28,882,509
3,381,487
47,925,523
10,013.995
11.278,396
31,956,442
54,388,745
10.002.427
247.268,496 292,271,792218,042,427
Gross Earnings.
Name of Road.
Jan. 1 to Dec. 31.
Alabama & Vicksburg_
Alabama Great South_
Ann Arborc
Arizona & New Mexico
Arizona & Eastern....
AT & S Fe (5 roads)c_
Atlanta Birm Ez Atlan_
Atlanta & West Point_
Atlantic & St Lawrence
Atlantic Coast Line_ _ _
Atlantic City
Baltimore & Ohio
B & 0 Cl,Term RR.
Bangor & Aroostook
Beau S Lake & West
Bessemer & Lake Erie_
BM Ry of Chicago._
Bingham & Garfield._
Birmingham Southern_
Boston & Maine
Buffalo & Sus RR
Buffalo & SIMI Rh.--.
Buffalo Roth & Plash_
Carolina de Northwest_
Can Pat //yin maim_
Caro Clinch & Ohio_ _ _
Central New England_
Central of New Jerseyc
Central of Georgia_ _ _ _
Central Vermont
Charleston & W Caro_
Chesapeake & 0100_
Chicago & Alton
Chicago & East Illinois
Chicago & North Westc
Chic Burl & Quincy _
Ch Det & Can GT June
Chicago Great Western
Chicago Ind & LouLvv_
Chicago Junction
Chicago Milw dg St p.1
Chic Milw & Pug S.J
Chicago Peoria & Sc L.
Chic St P Minn & Omc
Chic Tic & South East
Cln Ham & DaytonCin N 0dc Texas Pac_
Coal & Coke
Colo & South(3 roads)c
Colorado & Wyoming.
Colorado Midland
Columbia & Puget S'd..
Copper Range
Cumberland & Penn
Delaware& Hudson_ _ _
Del Lack & Western._
Denver & Rio Grande_
Western Pacific
Denver & Salt Lake_ _ _
Bet & Tol Short Line_
Detroit & Mackinac._
Del Gr Haven & Milw_
Detroit Tol & Ironton_
Duluth & Iron Range_
Duluth Misaabe & Nor
Duluth Winn & Pacific
Duluth So Sh & Att...
Elgin Joliet & Eastern_
El Paso Southwestern.
Erie (2 roads)c
Florence & Crip Creek_
Florida East Coast...
Fonda Johnet & Glov_
Ft Smith & Western
Ft Worth & Rio Gran_
Galveston Wharf
Georgia
Georgia & Florida._ _ _
Georgia Fla & Alabama
Georgia Sou & Florida_
Grand Trunk Western_
Great Northern
Green Bay & Western_
Gulf& Ship Island_ _ _ _
Hocking Valley
Houston & Texas Cent
Huntington & Brd Top
Idaho & Wash North._
Illinois Centralc
Illinois Southern
Internat & Grt North_
Kanawha & MichiganKansas City Southern_
Lake Super & Ishpem_
Lake Terminal
Lehigh & Hudson Ely_
Lehigh Valley
Lehigh & New England
Louisiana & Arkansas_
Louisiana Ry & Nay
Louisville & Nashville_
1914.
1913.
Mileage.
Inc.(+) or
Dec• (-).
1914.
1913.
$
1,849.112
4,999,978
2,238,078
773,748
2,453,580
114,304,546
2,945,009
1,222,041
81,480,743
34,386,559
2,367,109
91,895,912
1,505,897
3,722.362
573,253
8,432,925
3,237,926
1,475,972
976,071
46,597,193
1,448,197
345,487
9,687,898
451,987
1,324,520
2,220,378
3,699,140
29,425,847
12,946,830
3,972,573
1,919,180
37,597,374
13,785,087
14,688,323
84,938,229
91,481,066
8900,277
14,112,350
6,667,026
1,936,524
91,225.055
$
1,913,281
5,461,973
2,353,385
1,021,469
2,790,417
113,574.168
3,405,152
1,270,728
81.573.703
36,602,240
2,387,525
102,718,333
1,777,094
3,445,816
631,431
9,282,094
3,085,125
1,534.924
1.330,049
48,739,105
1,882,430
809,189
11,405,470
500,785
1,518.371
2,842,412
3,740,693
30,889,638
14,184,940
4,188,785
2,023,953
36,116,986
15,019.937
18,303,869
87,882,297
95,155,922
1/893,003
14,302,117
7,004,150
2,067,529
93,955.253
$
-264,169
143
143
-461,995
309
309
-115.307
291
291
-247.718
109
109
-336,837
367
367
+730,378 11,136 10,890
-480.143
846
645
-48,687
93
93
-92.960
167
167
-2.215,681 4.701 4.629
-20,418
170
167
-10,822,421 4,516 4,458
-271.397
79
77
+276,546
831
631
-58,178
119
119
-849,169
205
204
+152,801
24
21
-58.952
27
27
-353.978
44
44
2,141,912 2,252 2,252
-418,233
253
253
-263,702
91
91
-1.737,774
586
581
-48,778
133
133
-191,851
233
233
-922,034
248
248
-41,553
304
304
-1,458,791
677
676
-1,238,110 1,924
1.924
-216,212
411
411
-104,773
341
341
+1,480,388 . 2,367 2,345
-1,234,850 1,033 1.033
1,615,546 1,282 1.282
-2,944,088 8,108 8,091
-3,674,856 9,377 9.120
+7,274
80
80
-189,767 1,429 1,
496
-337,124
817
618
29
-131,005
24
2,730,198 10,067 9.
69(
1,681,093
18,230,807
2,181.077
0,830,032
10,173,832
977,145
13.599,752
725,619
1,806,909
414,776
9564,31
835.885
22,605.984
40,971,267
22,210,50
5,629,963
1,508,135
1.476.713
1,149.327
2,677,937
1,744,456
4,510,482
4,971.801
1 457,542
.
3,080,250
9,208,664
8,471,963
59,655,825
1,217,741
5,415,758
927,100
633,410
802,383
1,003,842
3,080.882
778,595
538,120
2,439,580
7,223.944
70,729,922
776,328
1,757,762
6,278,197
8,376,827
552,958
449,626
64,339,817
8495,854
9,166,325
2,949,064
10,828,276
356.923
398,143
1.757,896
40.883,989
2
,859,730
1,691,871
1,940,288
54.03R.R.Le
1,630,589
17,915,603
2,044,881
9,910,558
10,767,369
1,001,555
14.366,482
835,835
1,721,291
587,068
y539,838
947,050
24,183,097
42,692 085
24,321,341
6,479,943
1,148,324
1,506,703
1,228,762
2,532 485
1,590:5 8
5
7,381.070
8,756,046
1,891,807
3,570,147
12.998,178
8,817,88
62,450,347
1,212 027
5,201,81
991,895
684,13
841,95
885,21
3,321,72
868,95
602,223
2,849,28
7,436,11
80,454,54
757,73
2,181.33
7,919,34
6,783,87
662,62
608,21
88,030,28
9498,809
10,402,34
3,354,00
10,624,93
657,00
656,917
1.852,149
43,131,61
1,847.219
1,715,455
1.921,218
61.275_711
251
+50,504
255
+315,204 1 753
.
1,741
379
+136,796
374
1,011
-74,526 1,015
-593 537
.
337
331
191
197
_24,410
-788.710 1,867 1,871
51
-110,216
53
+85,818
338
St
-172,292
51
55
138
135
+24,472
64
-111,165
64
-1,557,133
881
854
96(
-1,720,818
960
-2,110.839 2,589 2,581
-849,980
931
94
251
255
+359,811
71
-29,990
79
400
411
-79,435
+145,452
191
19
+153,900
441
44
292
27
-2,870,588
36
369
-3,784.245
-434,265
185
18
-489,897
628
62
-3.791.512
776
80
'
-345,899 1,027
98
-2,794,522 2.256 2,251
8'
+5,71
87
+214.145
898
691
81
-64.795
88
22
221
-50.722
231
235
_39.587
11
+138,829
13
-241,039
307
317
-90,362
350
351
-64,103
193
19
:
-209.705
395
..,
391
-212,167
347
'''''.7
-9,724,825 8,077 7,291a
241
+18,591 • 248
-423,571
308
2:
9
-1,841,151
351
3
.
-406,895
857
781
7!
-109,669
72
__158,587
130
151
-1,890,472 4,763 4,76:
15'
--2,755
137
-1,236,020 1,160 1.161
177
-409,937
171
+213,342
827
8:
7
3/
-300,079
35
11
10
258.774
91
97
-94.253
-2,467,649 1,444 1,441
28/
294
+812.511
271
279
-23,589
4-19,050
351
3
5'
-6.337.063 5,034 4,92:
THE CHRONICLE
516
Name of Road.
1
Mileage.
Gross Earnings.
1914.
1913.
s
Jan. Ito Dec. 31.
Inc.(±)or
Dec.(-).
$
$
1914.
1,303,914
+93,771
200
1,397,685
Loulsv Rend do StLouis
-50,733
92
529,359
478.626
Macon Dublin & Sayan
-28,903
190
556,063
527.160
Manistee & North East
11,570,257
-19.089 1,219
11,551,168
Central
Maine
-7,007
80
531,087
524,080
Maryland & Pennsylv_
380
1,585,411
-108,723
1,476,688
Midland Valley
587,578
+151.074
122
738,652
Range
Mineral
31,303.346 -3,227.007 4,127
28.076,339
Minn StP&SSM(2 ids)
-129,410
197
1,009,007
879.597
Minn & International_
+331,440 1,646
9,581,368
9.912,808
Louis_
Minneap & St
Iowa Central
-130,265
164
1,080,747
950,982
Mississippi Centralc__
71
-289
692,846
692,557
Niles Rig & BonneTerre
1.280,531
-30,112
365
1,250,419
Missouri & Nor Arkan_
-755,287 3,865
32,202,544
31.447,257
Missouri Kan do Texas_
-16,094
334
1,178,777
1,162,683
Missouri Okla & Gulf__
61,423.832 -2,421,656 7,284
59,002.183
micsopri pac(2 roads)c
-984,222 1,122
12,928,316
11,944,094
Mobile & Ohio
1,054,650
-254,080
6
800,570
Monongahela Connect.
530,359
138
-53,472
478,887
Munising Marq do S E.
13,262.030 -1,342.839 1.231
11,919,191
Nashv Chatt & StLoule
853,077
841,547
-11,530
48
New Jere & New York_
165
1,766,784
-393,505
1,373,279
Nevada Northern
-143,992
669,149
13
525,157
Newburg & Sou Shore_
-389,310
4,055,404
3,666,094
196
New On & North East
2,362,461
-391,961
1,970,500
403
New On Mobile & Chic
286
-4,797
1,556,324
1,551,527
New On Texas de Mex_
1.950.989
-239,906
283
1,711,083
New Orleans Great Nor
95,559,818 104,095,523 -8,535,705 3,691
NY Cent & Hud Riv_c
393
17,719,565 -1.228,123
16,491,442
Boston do Albany_c_
-282,463
4,205,196
358
4,487,659
Chic Ind & South_c_
45
214,253
193,542
-20,711
ChM Hal & Saginaw
1,471,472
245
1.436,709
+34,763
Cincinnati North_c_
35,365,691
37,613,999 -2,247.808 2,360
Clev Cin Ch & St L_c
-13,016
98,632
43
85,616
Detroit & Charlevoix
91
-7,872
380,370
372,498
Dunk All Vail & Pitt
+25,361
105
3,303,810
3,329,171
Indiana Harbor Belt
905
-331,872
5,602,771
5,934,643
Lake Erie & West_c_
51,524,286
59,353,110 -7,828,824 1,852
Lake Shore & M S_c_
33,464,968
36,676,970 -3,212,002 1,799
Michigan Central _c _
568
12,393,873 -1,098,902
11,294,971
NY Chic & St L_c
224
19,644,111 -4,046,746
15,597,365
Pittsb & Lake Erie_c
446
6,031,430 -1.100,804
4,930,626
Tel & Ohio Central _c
-136,282
90
476,543
Zanesville & Western
340,261
68,287,451 -3,697,345 2,003
64,590,106
N Y N II do Hartford_ _
568
-333,768
9,421,476
9,087,708
NY Ontario & Western
140
-10,441
3,896,594
3,907,035
N Y Susq & Western_c
900
-92,349
4,094,940
4,002,591
Norfolk Southern
95,100,789 -2.597,537 2,044
42,503,252
& Western__ _
Norfolk
112
-32,547
592,349
559,802
Northern Alabama__
73.123.117 -8,044.311 6,498
65,078,806
Northern Pacific
401
-58.626
3,755,955
3,696,829
Northwestern Pacific
Penn-Lines E of PittsPennsylvania RR_ _1 e 187.298,752 205,148,244 -17,849,492 4,521
Northern Central_ f
5
-60,572
159,330
98,758
Bait & Sparrows Pt_
+2,384
88
1,247,862
1,250,246
Diet Ches & A tlan_c
-73,582
26
373,880
300,298
Cornwall & Lebanon
-360,628
104
3.587.682
3,227,054
Cumberland Valley c
+136.409
398
13,083,925
13,220,334
. ..
Long Island. _c ...
-9,850
83
959,135
949,285
Maryland Del& Vac
-495,109
75
1,654,007
1,158,898
Monongahela
112
-187.94.7
3,931,219
3,743,272
NY Phila & Norf _c_
5
-15,533
502,884
487,351
Pennsylvania Term'l
-806,778
717
21,164.340
20,357,562
Phila Bait & Wash_c
42
-130,729
249,023
118.294
Susq Blooms & Berw
10
1,813,590
-243,808
1,569,782
Union RR of Balt_ _ _
356
6,581,747
-109,198
6,472,599
W Jere & Seashore_c
Lines West of Pitts
-11,249
214,964
127
203,715
Central Indiana....
-46,764
46
588,419
541,655
Cin Lebanon & Nor_
575
5.598,050
-210,165
5.387,885
Grand Rap & Ind_c_
66,676,741 -11,778.071 1,757
54,898,670
Pennsylvania Co_c
405.815
-86,655
22
319,160
Pitts Char & Tough_
44,260,048 -5,253,386 1,472
39,006,662
Pitts Cin Ch & St L c
-169,785
1,212,845
1,382,630
248
Tel Peoria & West
11.399,933
-453,338
10,946,595
910
Vandalia_c
-4,872
133,154
28
128,282
Waynesb & Wash...
942,132
931,559
-10,573
18
Peoria & Pekin Union_
17,231,178
16,956,619
-274,559 2,319
Pere Marquette
671,228
614.597
-56,631
Perkiomen
42
2,194,514
1,934,582
-259,932
Pitts Shawmut & Nor_
294
52,396,402 -4,842,725 1,119
PUB & Reading_c__ _ _
47,553,677
1,445,486
1,549,438
Port Reading
-103,952
21
865,942
990,878
-74.936
Quincy Omaha & K C.
2691
Mehra Fred & Potomac
2,952,780
2.990,199
-37,369
88
691,029
576,075
Rio Grande Southern_
-114,954
180
70,201,969
69,640,249
Rock Island (2 roads).c
+561,720 8,3281
3,519,804
-239.794
Rutland
3.759,598
468
St Jos & Grand Island_
1.593,112
1.558,670
+34,442
2581
St L & 8 Fr (4 roads)._
43,140,411
46,111,855 -2,971,444 5,2311
St L Brownsv & Mex
2.559,116
2,748,741
-189,625
548'
St L Merch Bdg & Ter
1,841,825
2,003,970
-162,145
9
St L Rocky MtSc Pac_c
2.427,399
2,660,744
+233,345
1061
St LouisSW (2 rds)_c_
11,454,870
13,163,127 -1,708.257 1.753
San Ant dc Aran Pass
4,856,685
4,130,358
-726,327
724
San Ped L A & ft L_
9,964,395
-530,889 1,132
10,495,289
Seaboard Air Line....
23,382,282
25,196,996 -1,814,714 3.101
South Buffalo
961,533
469,128
36
-492,405
Southern Railway_ _
65.934,019
70,261,511 -4,327,492 7,036
Southern Ry in Miss._
1,162,727
1.161,040
+1,687
281
Southern Pac(12 rile) e 132,595,170 140,546,772 -7.951,602 10,553
Spokane Port & Seattle
4,689,889
5,328,217
-638,328
556
Spokane International_
864,054
1.120,192
163
-256,138
Staten Island Rap'Fran
1,021,758
971.370
+50,388
11
Sullivan County
522,564
553,953
-31,389
28
Sunset
620,211
384,882
-235,329
63
Tacoma Eastern
651,340
489,176
93
-162,164
Tennessee Central....
1,585,570
1,717,756
-132,188
294
Term Assn of St Louis_
2,721,933
2,906,711
35
-184,778
Texas & Pacific
18,084,545
18,362,543
-277,998 1,887
Texas Midland
765,756
632,941
-132,815
125
Tonopah & Goldfield
674,912
698,095
-23.183
110
Toledo St L & West..
4,657,342
4,445,220
-212,122
951
Trinity & Brazos Vali_
1.528.847
2,497,347
-968,500
315
8983,826
Ulster & Delaware_
81,052,364
-68,538
129
89,166,625
94,032,977 -4,866,352 7,805
Union Pee (3 roads)_c_
3,443,435
4,794,509 -1,351.079
Union RR (of Penn)
31
489,404
528,269
Vermont Valley
-38,865
25
1,593,306
1.777,902
-184,596
VIcks Shreve & Pacific_
171
1,922,515
1,907,974
+14,541
Virginia & Southw
240
5,899,804
6.665,43
-765,626
503
Virginian
28,986,871
31,286,715 -2,299,844 2,519
Wabash
920.89
804,815
-116,082
63
Wabash-Pittsburg Ter
1,320,08
1,279,822
36
-40,801
Washington Southern_
578,94
488,765
-90,179
23
West Side Belt
6,020,220
7,961.26
-1,941.047
459
dr Lake Erie.
Wheeling
8,157,390
8,150,92
+6,462
.
661
Western Maryland__ _
1,495,92
1,339,830
-156,098
133
Western Sty of Ala.708,87
779,892
+71,017
92
Wilkes-Barre & East
482,30
+32,164
514,966
93
Winston-Salem South_
12,079,98
11,851.122
-228,864 1,372
Valley_c
Yazoo & Miss
-3,293,535 13,557
93,530,993 .96,829,47
roads
_1
1913.
200
93
190
1,219
SO
380
125
4,011
195
1,646
164
71
365
3,817
334
7.283
1,122
6
137
1,231
48
165
13
196
403
286
283
3,685
393
358
45
244
2.365
43
91
105
905
1,852
1.798
566
222
442
90
2.060
566
154
902
2,036
112
6,315
401
4,441
5
88
26
162
398
82
67
112
5
717
42
10
356
[VOL. 100.
-In the remarks under the head of "ArERRATUM.
rested Development of the Railroads-Governmental Ownership," in our issue of Jan. 30, page 361, in referring to the
speakers at the lunchpon of the Republican Club, a slip of
the pen resulted in the name of one of those who addressed
the gathering being referred to as "Prof. Edward Sherwood,
head of the University of Pennsylvania." This should have
read Edward Sherwood Mead of the University of Pennsylvania. Mr. Mead is Professor of Finance, Wharton School
of Finance and Commerce, University of Pennsylvania.
COMMERCE COMMISSION ALLOWS LOWER RATES TO
PACIFIC THAN TO INTERMEDIATE POINTS.
The Inter-State Commerce Commission yesterday made
an order permitting transcontinental roads to establish commodity rates to Pacific point terminals lower than those to
intermediate points, in order to meet new traffic conditions
that have arisen with the opening of the Panama Canal.
The new rates are to become effective within 30 days after
the tariffs are filed.
Although the Commission names specifically certain readjustments to be made in accordance with its decision, it
will be noted that it also suggests that the roads themselves
readjust the so-called "back-haul" rates from the Pacific
Coast to points inland. As we pointed out in our article
in the "Chronicle" of June 27 1914 (page 1954), in reviewing
the decision of the United States Supreme Court on June 22
1914 upholding the action of the Commission in the "Intermountain cases," the latter permitted the roads to charge
more to inter-mountain than to coast terminals where the
shipments came from points no further east than the Missouri River, while it denied the right to charge a higher rate
to inter-mountain points than to the coast when the shipments originated in the Chicago district.
Whatever benefits the roads may ultimately derive from
the ruling (for as already stated the actual new rates remain
in large measure still to be determined), its chief significance so far as can be judged at present, seems to be the
change in the Commission's own position in regard to the
matter and farther its disposition to modify previous orders
which would have borne heavily on the railroads.
The Commission has issued substantially the following
explanation of the matter:
Under the original order in the inter-mountain case, carriers were required from the Missouri River westward not Co charge more to an intermountain point than to a Pacific terminal. East of the river the stringency of the rule was somewhat abated. From Chicago to inter-mountain
points the excess charge permitted over the rate to the Pacific terminals
was 7%; from Pittsburgh, 15%; from the Atlantic seaboard 25%
The shrinkage of rates via the Canal from New York to San Francisco
put the transcontinental carriers in serious straits. On certain heavy
commodities, largely moving by water, if the carriers reduced their rates
to the Pacific to compete with the lowered water rates, a serious shrinkage
in through earnings was Inevitable. In addition to this loss on through
revenue, the carriers would have had to take a double loss on revenue to
inter-mountain points-first, because the inter-mountain rates would
the percentages over the terminal
ss have to be lowered, and,second, becauselower base.
180 rates would have been calculated on a
afforded on inter-mountain points, an
8,241
Had no additional relief been
468 abandonment of much rail carriage from the Atlantic seaboard territory
319
was imminent, and had additional relief on inter-mountain traffic not been
5,240
Atlantic seaboard in the
548 granted, there was grave reason to think that the
com9 future would have supplied by water the Pacific Coast with the
106 modities in question, and that many industries in the neighborhood of
1,715
customers or have been comeither lost their Pacific
724 Chicago would have
seaboard.
1,133 pelled to migrate to near the Atlantic
to
3,082
emergency a greater degree of relief on certain commodities
In this
36 inter-mountain points has been accorded by the Commission, but only on
7,037
result of the greater relief is that
In question. The net
281 the commodities
West section will continue in the
10.931 industries in the Chicago and Middle
556 business of supplying consumers on the Pacific.
carloads from the Missouri River to
163
On about 25 items which move in
10
rates of less than 75cents per hundred pounds carriers
26 the Pacific Coast at
63 are permitted to establish the rates proposed to the California terminals
92 and to continue rates. to intermediate points not higher than 75 cents per
294
pounds. On all other traffic from the Missouri River to the
34 hundred
carried as maxima at intermediate points.
1,885 Pacific Coast must be
125
From Chicago, Buffalo and Now York carriers are permitted to carry
110 carload rates to intermediate points 15, 25 and 35 cents, respectively.
451
the Missouri River to the same destination, and less than
463 higher than from rates from Chicago, Pittsburgh and
New York to inter129 carload commodity
may exceed those from the Missouri River to the same
7,582 mediate points
31 destinations by 25, 40 and 55 cents, respectively.
25
The 25 items include, it is stated, ores, hardware and other heavy
171
240 commodities, which are expected to be shipped largely in vessels going
503 through the Panama Canal from the Atlantic to the Pacific coast. The
2,515
asked especially for lower rates on these heavy commodities,
63 railroads
were not allowed business in such heavy traffic
36 arguing that if the decrease
23 would go to the steamship lines because of cheaper transportation by sea.
459
and pig iron may be less to the Pacific Coast than
Carload rates on coal
661
points, but the rates on such articles to the higher rated
133 to intermediate
92 intermediate points must not exceed five miles per ton-mile.
92
The Commission says in its opinion: "The Pacific Coast terminals to
1,372
these rates will apply are the points at which the Atlantic-Pacific
13,549 which
237 minor
- steamships deliver their freight. It is evident from the whole record that
the
099 rds) 3.013,849.8253,233,550,827 -219,701,002 249,728 247,437 whatever may have been the degree of competition in the past between
Grand total. ......,,,,
rail carriers and the water carriers as to the rates on these articles, concernet decrease (0.1570).
ing which additional relief is now sought, we are witnessing the beginning
the company.
c These figures are furnished by
of a new era of transportation between the Atlantic and the Pacific Coast.
months only in both years.
eleven
V These figures are for
127
48
574
1,751
22
1,472
248
910
28
17
2,325
42
282
1,020
21
269
FEB. 131915.]
THE CHRONICLE
"To secure any considerable percentage of this coast
-to-coast traffic rates
on many commodities must be established by the rail lines materially lower
existing. As we view it, the Panama Canal is to be one of
than those now
the agencies of transportation between the East and the West, but not
necessarily the sole carrier. If the railroads are able to make such rates
from the Atlantic seaboard to the Pacific Coast as will hold to their lines
some portion of this traffic with profit to themselves, they should be permitted to do so.
"The acceptance of this traffic will add something to their net revenues,
and to that extent decrease, and not increase, the burden that must be borne
by other traffic. It will also give the shippers at the coast points the benefits
of an additional and a competitive service.
"We are of the opinion that these carriers should be permitted to compete
for this long-distance traffic so long as it may be secured at rates which clearly
cover the out-of-pocket cost."
The Commission says that few, if any, of the intervening interests really
opposed the petition of the carriers, but that the inter-mountain territory
protested.
The Commission suggests that the railroads themselves readjust the cocalled "back-haul" rates from the Pacific Coast to points inland.
The principal roads involved are the Northern Pacific, Union Pacific,
Great Northern, St. Paul, Atchison, Topeka & Santa Fe, Southern Pacific,
Western Pacific and Rock Island.
HEARINGS ON ADVANCES OF WESTERN AND SOUTHWESTERN RATES POSTPONED.
The public hearings in Chicago on proposed freight rate
increases on lines west of Chicago, filed in Western Trunk
Line and Southwestern Tariff Committee Territories, have
been postponed from Feb. 15 until March 4. Announcement of the new schedule of dates is made as follows by the
Inter-State Commerce Commission:
"The hearings have been re-assigned beginning on Thursday, March 4,
before Commissioner Daniels at La Salle Hotel, Chicago, at 10 o'clock
a. m. and March 4, 5, 6 and 8 will be devoted to the presentation of
evidence from respondents supporting in general their claims for increased
rates, but not including evidence in support of increases of particular rates.
Beginning Tuesday, March 30, opportunity will be given for the presentation of evidence in rebuttal of such general testimony.
"If the time allotted for the consideration of evidence affecting particular
rates does not suffice, it may be possible to arrange additional dates; but
any such additional hearings will be scheduled for dates after April 2. On
March 9, 10, 11 and 12 opportunity will be afforded for the presentation
of evidence relating to rates on grain and grain products, including minimum car weights; March 13, 14 and 15 evidence to be presented with
reference to increased rates on live stock, fresh meat, packing-house products, fertilizer and fertilizer material; March 17 and 18 evidence relating
to increased rates on hay, on straw and broom corn; March 19, 20 and 22
evidence relating to increased rates on cotton piece goods; March 23. 24
and 25 evidence bearing upon proposed increased rates on coal and coke,
March 26 and 27 to evidence upon proposed increases on fruit and vegetables;
March 29 rates on rice and rice products.
"Beginning Tuesday, March 30, and continuing through Wednesday,
March 31, Thursday, April 1 and Friday, April 2, protestants and interveners will be afforded an opportunity to present evidence in rebuttal of
evidence obtained from carriers on the first four days of the hearing."
PRESIDENT FARRELL OF STEEL CORPORATION SEES
BETTERMENT IN BUSINESS.
An optimistic address by James A. Farrell, President of
the United States Steel Corporation, marked the annual
banquet of the Engineers' Society of Western Pennsylvania
at Pittsburgh on the 8th. In advancing the opinion that
apparently the turn of the tide had been reached Mr.
Farrell expressed himself as safe in saying to his hearers
that "if you will all strain a point just now,and trade a little
more with each other,and talk encouragingly as to conditions,
rather than pessimistically, the business of the country will
take on a momentum which will carry us into better times,
and, what is more important, create more employment for
labor." In expressing his views on the return to more
auspicious times, Mr. Farrell in part said:
517
better than they have been for a long time, and, due to easier
financial
circumstances and an export movement of unexampled volume in foodstuffs and other commodities,a balance of trade is piling up which will place
the business of the country upon firm foundations.
The years of greatest prosperity in the United States have been when the
balances were largely in our favor. The exchanges of the world to-day
stand in our favor. We are the only nation, at the present time, in a
position to assume the role of the world's banker. We have already supplied towards of $100,000.000 to other countries and our bankers
have
applications, I understand, for several times that sum. We are furnishing Canada with capital; we have made a beginning in extending
investment to South and Central America; branches of American banks are
being opened up in leading Latin-American countries, and this movement
is only in its infancy.
A new banking and currency system has been established which
will
greatly facilitate the extension of our financial ramifications abroad, as
well as at home. American dollars will be spent in America this summer
as never before, for few Americans will elect to seek their holday pleasures
in war-ridden Europe. Other items in our annual bill to Europe will be
radically reduced, such as remittances made by aliens, money sent from
this country to wealthy Americans who formerly lived most of the year
abroad. &c.
"Dollar exchange" is to-day nearer a reality than ever. The outlook,
indeed, for raising New York to first place among the financial centres of
the world is declared by able bankers to be now something substantially
more tangible than a dream.
The United States is to-day the chief granary of Europe. The priors
received should insure for our farming population an unprecedented measure of prosperity, and it has come to be an American axiom that when our
farmers are prosperous, the whole country prospers. The steel trade In
improving and the outlook is encouraging. The lumber industry
is likewise. Large orders from belligerents and neutrals in Europe are keeping
various lines of industry quite busy. Building has been quiet,
but
investors are coming to realize that money can be saved by starting operations now, material being avavilable at unusually attrative prices. There
is evidence of increasing merchandise traffic on the railroads, of oppor
tunity to earn more money, to establish credit and make expenditure
for
materials and equipment, which means activity in manufacturing
lines
dependent upon railroads for orders.
The Inter-State Commerce Commission's decision in the Eastern freight
rate case has raised the drooping spirits of the railroads, as has been tangibly
reflected by increased orders for material, and, where the voters have been
directly appealed to on anti-railroad legistive measures, the verdict has
been emphatically in favor of fair play for the companies, the common
sense of the people telling them that any unnecessary crippling of the
transportation companies means poorer service and, ultimately, more
expense to the public.
There is less clamor for indiscriminate Governmental suits against corporations, and we may reasonably hope that honestly conducted enterprises will hereafter be allowed to carry on their legitimatefunctions without fear of political or legal harassment. Business is to-day conducted
throughout the United States on an ethical plane not excelled by any nation,
as those who have had experience in the foreign trade field have reason to
know.
Our 1915 grain acreage promises to exceed all previous records, and,
whether peace be declared or not in the near future (let us pray that it will),
prices of exportable foodstuffs cannot fail to remain on a level remunerative
to our farmers. It is not imprudent to predict that our total farm values
for the current year, for the first time in the annals of this or any other
country, will pass the ten billion dollars mark.
RAILROAD AND BANKING PROBLEMS DISCUSSED
BY PENNSYLVANIA BANKERS.
The annual banquet of Group I of the Pennsylvania
Bankers' Association at the Bellevue-Stratford, Philadelphia, on the 5th, brought together important banking, railroad and other interests, not alone representative of the
State, but many hailing from New York, Boston, Chicago,
St. Louis, Baltimore and other cities. The discussions
covered three subjects: The regulation of the railroads,
treated by George Stuart Patterson, Solicitor of the Pennsylvania RR.; the war and its effects, by Dr. Nicholas Murray Butler, President of Columbia University, and the
Federal Reserve Act, which Joseph Wayne Jr., Chairman
of the Group and President of the Girard National Bank of
Philadelphia, elected to speak on as toastmaster. Mr.
Patterson alluded to the increase in freight rates authorized
by the Inter-State Commerce Commission and what it will
accomplish, and of ered some suggestions for the placing of
Governmental regulation on a sound economic basis, advocating at the same time that the jurisdiction of the Federal
Commission be extended and that of the States curtailed
in connection with the issue of railroad securities. We take
the following from his remarks:
Up to within a few weeks ago it seemed as If the prospects of a material
Improvement in business were doubtful, but apparently the tide has
turned and each day records a marked improvement in the general situation. It seems to me that the time has come when co-operation should
manifest itself among business men to bring about conditions which will
result in a larger employment of labor.
As business men, let us give our attention to solving industrial
unrest
by creating work, by tolling and spinning, and creating
a normal circulation in the arteries of commerce. The
problems of capital and the problem
of labor have an intimate relation;
both need employment. In my Judge
ment a campaign for the constructive
upbuilding of the business of our
country on a scale commensurate with
modern needs and opportunities
should be inaugurated. Our problems are
The decision of the Inter-State Commerce Commission Is a great step
national, our opportunitie
are national; let us hear more of national
common sense and see if we can- forward in the proper solution of the problem, quite apart from the addinot got back to work. Public
sentiment and Governmental inclination tional revenues which will accrue under the specific increases authorized.
unmistakably favor a live and let live attitude
First.—The decision sustains unequivocaliy the contention of the carriers
toward business.
The era of intensive domestic growth in
which this country has played that their existing revenues are inadequate; that such tendency is contrary
so great a part has carried us into another era
of world commerce, and it is to the public interests, and should be remedied by a general increase of
a favorable augury of the development of foreign trade
that American nearly all freight rates.
products are now to be found in many of the markets of
Second.—The opinion states that the aid of the Commission will be
the world.
There is no question of greater importance to the welfare
of American further extended to the carriers in helping them to overcome the present
industrial enterprise and labor than stimulation of commerce
abroad, since inadequacy of their revenues,
extensive over-sea trade tends, under normal conditions,
Third.—The decision states that the Commission do not "view with favor
to stabilize
domestic industry by insuring to manufacturers and producers a wider any attempt to
obtain an increase in net revenue through unduly restricted
sphere of activity. The European war should teach the United States expenditures upon
maintenance."
one lesson, namely national unity. The moment a crisis arose all internal
Fourth.—The co-operation of the Commission in securing Increases in
differences were dropped in each country. The people rallied loyally in passenger rates,
particularly low freight rates, and the imposition of addisupport of one common end.
tional charges for special services where no charge has heretofore been made,
This country has reached a crucial stage in its history. It can attain the or, if made, has been
too low.
largest success only by Government and people working with loyalty,
I submit that this opinion and decision has already and will still even
zeal and courage in a constructive and national sense. There is a strong more in future tend to restore
business confidence.
sentiment for co-ordinated effort in the trade activities; confidence in the
Helpful though this decision is, there remain further steps to be taken so
business future of the country I growing. Our internal conditions are as to place governmental
regulation on a sound economic basis. Let me
518
THE CHRONICLE
more
give you some of the suggestions which have been made by others
qualified to speak than I am.
accurate statement from time
The public must be afforded, by fair and
the past, of the
to time, a clearer understanding than they have had in
to the
problems of the railroads. If the public had been fully advised as
unduly
facts they would have appreciated the economic injury of legislation
such as "two-cent fare" laws, or
increasing taxation and reducing rates,
efficiency, such
as increasing operating expenses by limiting operating
train.
a
as extra-crew laws, or acts limiting the number of cars in freight
Recent events have proved beyond peradventure that the ntaion cannot
a sound public policy requires
prosper unless tho railroads prosper, and
that we all be so advised of the situation that the mistakes of the past
be not repeated.
In this connection, the valuation of the railroads now being undertaken
at a largo expense both to the carriers and to the Federal Government, will
be of distinct value. It will end the too prevalent idea of over-capitalization
of railroads, an idea assiduously disseminated through the medium of a few
glaring instances; and it will clearly show (in my opinion) that in most
instances the property investment accounts of the carriers are under and
not overstated and that the present general basis of rates furnishes an inadequate return on such investment.
The jurisdiction of the Federal Commission should be extended, and that
of the States curtailed, in connection with the issue of railroad securities.
The Federal Commission should be given the power, not to permit or prohibit the issue of securities, but to require full publicity of such issues, and
equal publicity as to the application of the proceeds thereof.
The Federal Commission should exercise full control over all State rates
or practices which directly or indirectly affect Inter-State commerce. There
are to-day many instances where the States in prescribing improperly lowfreight rates necessarily reduce inter-State competitive rates. Furthermore, no State authority should be permitted to force upon the carriers
either unduly low rates, or unduly high operating expenses by extra-crew
or other laws, for the resultant financial burden must fall upon Inter-State
traffic and traffic in other States.
The Federal Commission should be enlarged, and the salaries increased
so as to make such salaries commensurate with the duties and responsibilities
of the position.
The advice of the Commission should also be asked on pending Congressional legislation affecting railroads, and it should be specifically required
to point out to Congress and the country at large the economic effect of
Federal and State railroad legislation. Such a practice, if it had prevailed
in the past, would have led to the development of a sound public opinion
which would have prevented the passage of many of the State laws heretofore referred to.
The Commission should be also empowered to prevent the reduction of
rates already reasonably low and to force an increase in rates now inadequate. In other words, the functions of the Commission should be made
expressly constructive with respect to railroad credit and facilities, and there
Is no economic or legal justificaion for the theory, which would restrict
its activities to preventing extortion and unjust discrimination, and which
theory, if persisted in, must necessarily result in the diminution of railway
net income and the consequent injury to the public interests.
The Inter-State Commerce Commission should to some extent particithus
pate in wage arbitrations under the Federal Arbitration Act,and
remove the present anomaly under which the branch of the Government
to the Commission
granting an increase in wages has no official relation
which controls the rates from which must come the increase in wages.
Mr.Wayne in his remarks on the Federal Reserve Act said:
The Federal Reserve Act was conceived among surroundings charged
with an effort to create distrust of bankers such as you, but you have done
your work well, and may we live in the hope that at some not distant day
your efforts may be appreciated and that once again our vocation may be
regarded, at least by the legislators at Washington, as among the honorable
professions.
The Federal Reserve banks have, however, come to stay, and will in due
course be a valued adjunct to our banking system. We are fortunate in
having them administered by bankers tried in the management of large
financial institutions.
The onefeature of the Federal Reserve Act that gives me the most concern
Is its evident purpose and the design of its framers to break up the interrelations now existing between the banks of this country and make them
dependent upon the regional banks for many of the facilities now exchanged
to the mutual advantage of the banks and their custmoers.
The Reserve banks should be banks of deposit and discount and enjoy
the present power of note issue, but stop right there. The individual banks
can and should transact the general business of the country as they have
heretofore, with the added privilege of recourse to the Federal Reserve
banks for accommodations when the legitimate demands of a bank's customers warrant re-discounting. In other words, the regional banksshould
be reserve banks in the true meaning of the word and should not endeavor
to replace our clearing-house associations or assume the burden of clearing
the domestic exchange business of the individual banks.
In my humble opinion, the earlier the restrictions against bank directors
now contained in the Federal Reserve Act and the Clayton bill are removed
from these laws, just that much earlier is there a possibility of securing the
commanding position desired for the Federal Reserve system through the
co-operation of our larger State institutions, which are not attracted by
legislation that has much of merit but contains enough of restrictive and
destructive legislation to make them feel their position of interested spectators is preferable to that of co-operation.
The regrettable failure of the First National Bank of Uniontown. supposedly one of the strongest banks in the national banking system,could not
have been prevented by any action that might have been reasonably taken
by the Federal Reserve Bank of its district; its condition was too involved
to warrant assistance from that quarter, and the present Comptroller of
Currency is not to be criticized for the actionothis Department in demanding that the bank comply with the law. The point that stands out most
prominently in this bank's case is the utter failure under former Administrations to make the Government supervision of banks worth while.
The laws regulating the operations of national banks are ample and a
Comptroller of the Currency has in his power the authority to compel banks
What we need is more competent
to live up to the law or cease business.
at Washington, and not
and reliable work on the part of the Department
regulation of banks.
more laws for the
Dr.Butler, in touching upon the war and its consequences,
everything we believe
declared that "Everything we honor,
and in all Europe the few
in, is trembling in the balance,
be belligerent tomorrow.
spots that are neutral to-day may
world," he said, "is touched diEvery individual in the
cataclysm. We are
rectly or indirectly by this tremendous
[vol.. no.
watching the burning, not only of the world's best achievements, but, what is more awful, the burning up of the world's
ideals. Those who are engaged, those who are being sacrificed, are the very flower of European civilization. What are
we to say of modern science when its every talent is devoted
to the manufacture of implements of destruction? What are
we to say of philosophy? And what are we to say of the
teachings of religion?"
Some of the further observations of Dr. Butler are quoted
below:
We are confronted to-day here in our own country, as we look out over
this troubled and warring world, by two distinct and contradictory conceptions of human society. There are those who still believe, 58 1 am glad to
profess my belief, in liberty for the individual to lead his own life under the
law, to make his own career under the law, to acquire and manage his own
property under the law, and whim sees a happy, contented and just state
in a society where every one is free within the limits of the law to do his
very best.
That I call the conception of liberty, which is our fundamental, our
historic, our traditional American conception, for which, toward which, on
which, and out of which these people, their prosperity, their Institutions
and their achievements have been made. And there is another view.
There is a view that the State is something other than the individuals who
compose it. That it is something apart from them and something which
has rights and privileges superior to theirs and before which they must bow.
I care not, Mr. Chairman, whether that doctrine be preached in the name
of a tyrant who sits by divine right, by heredity, or whether it be preached
in the name of an exclusive and privileged governing class, or whether it be
preached in the name of an unrestricted majority. I call it tyranny, and
the very opposite of our American doctrine and ideal of human liberty, and
that to which we must address ourselves before we can play our part in
the tribunal of all nations and in the adjudication of issues arising out of
this colossal strife, that to which we must address ourselves is our own domestic philosophy of life and government, and happily there are signs, hopeful signs, that we are getting more ready than looked to bo tho case seine
two or three or four or five years ago.
We must outgrow and cast off our widespread distruct,fear and suspicion
cf each other. You cannot build the civilization on hate.
You cannot build satisfactory government on class antagonism, class
privilege and class distincdon. We cannot abolish these distinctions. It
is beyond our power to wipe out those classifications which God and nature
themselves have made, but we can on our public and private conduct rise
above them. We can look our fellow in the face as a man in whose honor
and honesty we trust and whose trust and confidence in us we ask and we
demand. With mutual trust and confidence and forbearance, with the
mean,the low and the petty, cast out from our public and private conduct.
we can make this nation of ours what we love to think It is going to be and
what we want it to be to take its place at the head of the whole civilized
world when these clouds are rolled away.
Patrick Francis Murphy, in contrast to the more serious
vein of the three speakers referred to above, addressed the
gathering in his inimitable humorous way.
POSTAL SAVINGS DEPOSITS EXPANDING.
An increase of nearly $3,000,000 a month in the deposits
of the postal savings banks since the European war began is
reported in a statement issued by the Post Office Department on Jan.31. The number of depositors has increased in
the period mentioned over 100,000. For the twelve months
ended June 30 1914 postal deposits increased about $9,600,000, or 28%; during the six months from July 1 to Jan. 1
an increase of $15,750,000, or 36%, was witnessed. The
statement of the Department says:
For forty-three months postal savings accumulated at the healthy and
substantial rate of about $1,000,000 a month. Then, when Europe's
of strange
paralyzing conflict broke out, withdrawals fell off and thousands savings
tarnished
faces appeared at post offices to entrust their soiled and
a net gain in deposits of
to Uncle Sam. Hence the August figures showed
and October rolled up
$4,000,000—four times the average gain; September
November and December felt the usual
over $3,500,000 each, and while
than twice the normal receipts, or
holiday drains, these months show more
$2,000,000 each.
about
$59,200.000 on deposit in postal
The new year opened with approximately
people, or an average of $119 per
savings banks to the credit of 497,000
depositor.
of the postal savings system is regard
This recent phenomenal growth
and Third Assistant Dockery, the latter of
by Postmaster General Burleson supervision of the system, as convincing
whom is charged with the direct
Government and of the increased utility of
evidence of confidence in the
private banking and business world. At a time
the postal savings to the
sum of cash which would have either gone
of grave financial stress a vast
in hiding reached these postal banks and
abroad or would have remained channels.
business
was diverted thence into
eloquent arguments in behalf of legislation now
These facts are regarded as
existing limitations on the amount that may be
pending which modifies the
from depositors. In all the large cities scores of
accepted by postmasters
turned away in the last few months because
would-be depositors have been
than the law permitted postmasters to accept.
they offered larger amounts
to $100 the deposit which may be made in a single
If the restriciton limiting maximum in a single interest-bearing
deposit be
month is removed and the
as proposed in the pending legislation, the
Increased from $500 to $1,000.
larger benefit from the operations of the posbusiness public will reap a still
Dec. 31 there were 0,631 post offices authorized to
It i n stated that on
tal bas ks
branches and stations. Of the 9,631 offices,
accept deposits, with 175
and 1,132 fourth class.
8.499 were of the principal grade
On Dec. 31 the postal savings deposits in New York
amounted to $9,486,538, comparing with $4,394,059 on
June 30 1914; in Brooklyn the deposits increased in the six
months from $1,501,446 to $3,002,286. Chicago ranks next
to New York in the amount of deposits, having on Dee. 31
$3,187,675; Boston as the fouKth city, following Brooklyn,
reports postal deposits at the end of the year of $1,449,543;
FEB. 13 1915.]
THE CHRONICLE
San Francisco comes next with $1,081,070; while Portland,
Ore., takes next rank with $1,047,852. Philadelphia, with
deposits of $640,209, is fourteenth on the list.
BANK DIRECTORS REQUIRED TO MAKE GOOD OLD
INVESTMENT LOSSES.
A call to make good losses incurred on investments has been
made upon the directors of six national banks of this city by
Comptroller of the Currency Williams. The transactions
date back a number of years, and the action of the Comptroller, which is said to have the endorsement of Secretary
of the Treasury McAdoo,is taken now before the statute
of limitations would serve to operate against the proceedings.
It is understood that altogether about $2,000,000 is involved, the directors of the National Bank of Cominerce in
New York being called upon to make up $750,000. The
transactions concerned are reported to have been in the
nature of underwriting operations, the Government holding
that they were investments not authorized by law. In the
case of the National Bank of Commerce the loss is said to
have developed through participation in a syndicate which
underwrote the purchase of stock in the Chicago City Railways, the bank's investment in the stock being reported as
$1,900,000. Depreciation in the stock was brought about
through a decision of the United States Supreme Court in
1906 which bereft the Chicago street railways of their franchises and compelled them to make new terms with the city.
This bank's purchase occurred before the administration of
James S. Alexander, who assumed the presidency in 1911.
Mr. Alexander, in referring to the matter, was quoted in
the "Herald" of the 7th as saying: "The bank has been
reimbursed and the incident is closed. The amount returned
to the bank was about $750,000. The original loss was
greater, but it has been reduced from time to time." It is
stated that of the directors serving on the board of the bank
ten years ago, the following are still in its membership: E.J.
Berwind; C. Ledyard Blair, James B. Duke, George J.
Gould, Daniel Guggenheim, Adrian Iselin Jr., James N.
Jarvie, A. D. Juilliard, Alvin W. Krech, Charles Lanier,
A. W. Mellon, James H. Parker, Charles A. Peabody,
Charles H. Russell, Valentine P. Snyder, Frederick Sturges
and Harry Payne Whitney.
REPORT OF NATIONAL CURRENCY ASSOCIATION
OF NEW YORK.
A report of the details concerning the issuance of emergency
currency through the National Currency Association of New
York was presented to the members by the executiv
e
mittee, of which William Woodward, President of the comHanover National Bank, is Chairman, on Tuesday.
The
plete cancellation of emergency currency issued to the comNew
York banks was effected on Jan. 25. Applications
for an
aggregate of $145,298,960 of emergency currency were
made
between Aug. 3 and Oct. 6 1914, and the largest
amount in
circulation at any one time was $137,012,260—on Oct.
21;
the largest amount of approved applications outstanding at
any one time was $144,975,960. A total of $650,000,000
securities passed through the hands of the committee as
collateral. The emergency currency was issued to thirtytwo of the forty-one members of the association. The following statement issued by the committee gives th3 facts
in detail:
519
approved by your committee and the Treasury Department was
283. The
largest number approved on any one day was seventeen, on Dec.
7,
ing to $17,850,000. The daily average of applications approved amountfor cancellation of currency after Oct. 13 was $1,681,482.
The maximum amount of emergency currency that could have
been issued
under the approval of the Secretary of the Treasury by the New
York association was $302,905.000, which, in accordance with the Aldrich-V
reeland
Act of May 30 1908, and as amended, is 125% of the combined
capital and
surplus of the member banks, amounting to $242,324,000,
showing that
the New York City Association availed itself of but
47.86% of the total
amount which, under the law, was possible to issue.
The following table summarizes the matter:
Applications
Withdrawal
Balance
Approved by
Applications
Currency
Date, 1914—
Committee.
Approved.
Outstanding.
Aug. 3
-Aug. 15
$82,323,910
$82,323.910
Aug. 15
-Sept. 15
57,750.650
140,074,560
Sept. 15-Oct. 6
5,224,400
1.323,000
144,975,960
Oct. 13
-Oct. 15
*Losomo
142.925.960
Oct. 15
-Nov. 15
46,633,130
96,292,830
Nov. 15
-Dec. 15
71,823,220
24,469.610
Dec. 15
-Jan. 25
24,469,610
Total
$145,298,960
$145,298,960
* Note.—$323,000 and $50,000 of Oct. 13 were
canceled before currency
was issued.
The National Currency Association of New York was organized on July 29 1910. Its present membership consists
of forty-one national banks, located in Manhattan, Bronx,
Queens, Brooklyn, Richmond and Long Island. The officers are: President, Frank A. Vanderlip of the Nationa
l
City Bank; Vice-President, Richard Delafield of the Nationa
l
Park Bank; Treasurer, Alexander Gilbert of the Market
&
Fulton National Bank, and Secretary, Edward Townse
nd
of the Importers'& Traders' National Bank. The
executive
committee is composed of William Woodward, of the
Hanover National Bank, Chairman; Francis L. Hines of
the
First National BanklJames S. Alexander of the Nationa
l
Bank of Commerce; Albert H. Wiggin of the Chase Nationa' Bank;Gates W.McGarral of the Mechanics &
Metals
National Bank; Frank A. Vanderlip and Richard Delafiel
d.
THE COTTON LOAN FUND.
As forecasted in these columns last week, the Cotton Loan
Committee issued on Feb. 8 a statement declaring the Fund
closed, the amount of the loans standing at $28,000. Following is the official statement:
Sufficient time having been allowed for applications executed
on or
before Feb. 1 to reach the Cotton Loan Committee, the
Fund has been
declared closed, the amount of loans standing at $28,000.
The handling
of the loans will be as outlined in the accompanying letters.
We understand the letters to the Class "A" subscribers and to
the respective State
Chairmen are being sent out from Washington to-day
(Feb. 8) by the
Central Committee. As indicated in the letters herewith,
the Guarantee
Fund is being returned by the Cotton Loan Committe
e to the respective
borrowers.
The letters above referred to include one to Class A subscribers from the Central Committee at Washington, stating
that as the Fund has been drawn upon only to the extent
of
$28,000, it will not issue a call to Class A subscribers
for the
amount loaned but has borrowed upon the notes
eral received by it sums sufficient to cover the and collatThe 3% guarantee fund proved insufficient to loans made.
meet expenses,
but is, nevertheless, being returned to the
borrowers, and
each member of the Cotton Loan Committee
will assume his
own expenses. This letter is as follows:
Washington, D. C., February 6th
1915.
Dear Sirs:
The Cotton Loan Fund has been availed of
by borrowers only to the extent of $28,000. In order to cause the Class
"A" subscribers as little inconvenience as possible, the Cotton Loan
Committee has decided that, for
the present, it will not issue a call for the amount
loaned, and has, therefore,
as authorized by the Plan, borrowed, upon
the security of the notes and
collateral received by it, sums sufficient
to cover the loans made.
If all of the loans are paid,it will probably be
unnecessary to make a call
upon the Class "A" subscribers. We beg
to remind subscribers, however,
that they remain liable upon their subscripti
ons to the extent of the sums
loaned, payment of which the Committe
e must reserve the right to call at
any time.
While the 3% Guarantee Fund
contributed by borrowers to cover
expenses and losses was entirely insufficie
nt to meet the expenses of the
Cotton Loan Committee, the applicatio
n thereof to such expenses would
have made the cost of such loans to
the borrowers so much greater than
anticipated that, with the sanction
of the Central Committee, the Cotton
Loan Committee has returnec.to the
borrowers the amounts contributed by
them. The members of the Cotton
Loan Committee have, however,
relieved the Central Committee of any
embarrassment in this connection
by each member thereof assuming
his own expenses, which, in the case
of the New York members, has involved
the entire expense connected with
preparations for and the detailed
administration of the Fund. Messrs.
Rushmore, Bisbee & Stern, the
counsel to the Cotton Loan Committee.
have made no charge for their
services, and, so far as this Committee is
advised, all State and local
committees have borne their own expenses.
Very truly yours,
CENTRAL COMMITTEE,
By W. G. McADOO, Chairman.
The committee began its sessions on Aug. 1 1914 and completed its work
on Feb. 3 1915, having held a total of forty meetings,
as follows: Thirteen
daily and three semi-weekly in August, nine semi-week meetings
ly
in September, seven semi-weekly in October, four semi-week
ly and one weekly
meeting in November, one meeting
in December and two meetings thereafter at the call of the
chair.
Emergency currency was issued to thirty-tw
o of the forty-one members
of the association.
Applications for emergency
currency were first approved on Aug. 3 1914
and from that date until
the last approval, Oct. 6 1914, an aggregate of
$145,298,960 was approved by
the committee and the Tresaury Department. The largest amount
of approved applications outstanding at any
one time was $144,975,
960 ($323,000 having been withdrawn before currency was issued), on which
date $190,805,890 in collateral was held by the
committee.
The largest amount of
emergency currency in circulation at any one time
was $137,012,260 on Oct.
21, on which date there were outstanding approved applications to the
amount of $142,800,960.
There passed through the
deposits and substitutions, hands of the committee. Including original
both withdrawals and deposits, collateral
amounting to $650,610,800,
of twhich $382,994.800, or 58.87%.
consisted
of commercial paper;
$267,616,000. or 41.13%, bonds and securities. The
highest amount of applications
approved on any one day was $20,763,000—on
Aug. 3—secured by commercial
paper amounting to $14.745,000 and bonds
$14,529,000.
The total number of applicatio
The letter sent out by the Cotton Loan Committee to
ns approved was 129: the largest number
approved on any one day was
fourteen, on Aug. 4, amounting to $14,311.- Class "B" subscribers returning their portion of the Guaran950; daily average of applications
approved in sessions for that purpose was tee Fund is as follows:
$2,641,798.
Dear Sirs;
The first cancellation was approved
Oct. 13, amounting to 32,000,000
Although the 3% Guarantee Fund contribdted by borrowers to
and the last Jan. 25 1915. The total number
cover
of withdrawal applications expenses and losses is,
because of the limited extent to which the Cotton
520
THE CHRONICLE
[vol.. No.
Loan Fund has been used, entirely insufficient to meet expenses, the use is moderately overdrawn. To return the check stamped "no funds"maight
thereof for that purpose will make the cost of the loans to the borrowers impair the bank customer's credit. Now the banks will be obliged to
accounts are low, raise the amount of the
so much greater than had been expected that, with the approval of the notify all depositors when their
or carry an overdraft as a loan.
Central Committee, the Cotton Loan Committee has decided to return to minimum for daily balances
sums so contributed by them. Accordingly, I am
borrowers the entire
enclosing herewith check of the Cotton Loan Committee to your order for
HOWARD ELLIOTT ON TOO MUCH RAILROAD
, which payment is made for account and credit
the sum of $
REGULATION.
of the following persons and Is to be accounted for by you to them in the
amounts set opposite their respective names, viz.:
An address bearing on the railroad industry—crippling
Amounts.
Names.
legislation, the urgent need of the roads in the way of higher
rates, both freight and passenger, &c.—delivered by Howard
Elliott, Chairman of the Board and President of the New
York New Haven & Hartford RR., before the Alumni
Association of the Massachusetts Institute of Technology
in January, has been printed in pamphlet form. With reSecretary.
letter from the Cotton Loan Committee to the bor- spect to hindering legislation, Mr. Elliott said:
The
It cannot be denied that some of the difficulties in which this great
rowers, noted in the foregoing, is as follows:
industry now flounders are due to errors and misconceptions in the
We are also advising each borrower that this remittance has been made
you for his account, that the thirty-day notice of desire to prepay will be
waived, and that his loan may,therefore, be paid in whole or in part at any
time, with interest only to date of receipt of funds in New York.
Very truly yours,
past
as to the duty of the public service corporations to those they were trying
to serve. There is, however, much of good and high purpose in the management of railroads and some of the errors and mistakes which are now
condemned were made through lack of experience in what is a relatively
new business, considering the life of the country, and in an earnest effort
to accomplish results which have added to the comfort and convenience
of all the people. It should also be remembered that practices now condemned in business life were considered proper by individuals and the
Government itself only a few years ago. These errors in management and
the impatience of the public have helped to bring about the great mass of
confusing, drastic, conflicting and crippling legislation that we have to-day;
Secretary.
but if the private owners and managers of these properties went too far
A letter from the Central Committee to the Chairmen of in one direction, the regulatory power of the Government and the passion
the various State committees notifying them that the Fund is for trying to correct failures incident to humanity by legislation are now
another. I believe the railroad managements of the
going too far
closed and no further applications for loans will be consid- country realize in they must strive for the highest honesty, the greatest
that
ered, and asking them to notify the local committees to that economy, efficiency in managing the properties, and recognize the fact
that the character of public regulation in the future will depend somewhat
effect, reads as follows:
upon the attitude of the railroad owners and managers in dealing with
Dear Sirs:
public.
The Cotton Loan Fund having now been closed, the Central Committee the
The people, however, should remember that in exercising their great
begs leave to notify you that no further application for loans rare to be
power through their Government to punish the railroads for errors and
considered by you. As a matter of record, please, therefore,forward notice
failures they may go too far and hurt those who were not responsible in any
to the foregoing effect to the local committees in your State.
way for these errors and cripple the very institution that should be well
In order that you may be advised of the details of closing the Fund and
equipped to serve all the people. It should not be forgotten, in considering
of the termination of the activities of this Committee and of the Cotton
extent to which Governmental control and regulation have gone, that
Loan Committee, we enclose herewith copy of the communication which the the
railroad property, after all, is still private property, and no power can
Central Committee is sending Class "A" subscribers.
justly require the use of the property without a reasonable reward.
This Committee desires to add that it appreciates very highly the
Mr. Elliott also said:
generous and patriotic assistance which has been rendered by the members
It would seem as if a sound policy for the State and Nation would be
of your Committee and of the Local Committees of your State. and, despite
conditions have rendered unnecessary the to strengthen the credit of the railroads and not to strain it, so that sethe circumstance that improved
use of the Fund, feels that its establishment has served a well-defined pur- curities now in the hands of the public will be considered safe and new
pose and that the efforts of this Committee would have been rendered in- securities may be sold to make those improvements which will shortly
become necessary to carry on the business of the Country.
effective without your assistance.
Very truly yours.
There are a number of signs that the pendulum of regulation, having
CENTRAL COMMITTEE,
swung so far in the direction of drastic and almost strangling legislation,
By
has stopped, and it is most earnestly to be hoped that the damage already
Chairman.
suffered by the great transportation interests of the country can be repaired before the next uplift in business.
Dear Sir:
We enclose herewith copy of letter which we are sending the
Bank, together with check as therein mentioned. As you will observe,
of the remittance is paid said Bank for the purpose of returning
to you in full the amount contributed by you to the mutual borrowers'
Guarantee Fund. We also desire to advise you that the Committee will
waive the thirty-day notice of your desire to anticipate payment of your
loan, and that you may, therefore, make payment, in whole or in part, at
any time, with interest to date of receipt of funds in New York.
Very truly yours,
POSSIBLE MODIFICATION OF COMPTROLLER'S
ORDER REGARDING OVERDRAFTS.
The Comptroller of the Currency made known this week
that he has received many letters suggesting certain modifications of his recent order directing the discontinuance of
overdrafts, and he indicates that if the facts should show
justification therefor, he will issue a modifying order in the
matter. The statement from his office says:
This office has received many responses from banks in various sections
of the country to Its circular letter of January 28th, relating to overdrafts.
These letters, generally commend the efforts of the office to abolish an
evil which, in some localities, had assumed large proportions, and which
has at times caused serious losses to many banks.
Many of the letters received suggest that certain modifications of the
order be considered, so as to prevent annoyances that might possibly follow
a too rigid enforcement. These suggestions, which are based upon the
experiences of many banks, under varying conditions, I am pleased to have.
If the office finds that a way can be legally found to cure the abuse
of overdrafts, and at the same time prevent hardships to those who may
unintentionally overdraw their accounts, or against whose overdrafts the
bank may be abundantly secured, I shall, in accordance with the earnest
desire of the Department at all times to give the fullest consideration to
the convenelence of the banks and their customers, issue such modification of the order of January 28th as the facts now being developed may
justify.
I am gratified to report that good progress has already been made in the
matter of reducing overdrafts. The overdrafts in national banks for the
past five years have averaged approximately 27 million dollars, the highest
amount during this period being 47 million. At the call October 31 1914.
this had been reduced to less than 19 million, and it is believed that the
amount can be very much further reduced, if not entirely eliminated, to
the mutual advantage of the banks and their clients.
The effort of the Department to abate the abuses of overdrafts is based
upon sound banking and business policy, and affords no reasonable ground
for complaint.
SECRETARY BRYAN'S ADVICE TO THE RAILROADS.
Speaking at the annual banquet of the Indianapolis
Transportation Club at the Claypool Hotel, Indianapolis,
on the 5th inst., Secretary of State William J. Bryan professed desire "to bring the railroads and the public of this
country into the relationship of honesty and understanding
which should be established between them." "Treat the
people fairly", he declared, "and they will do things which
you would not dare ask them to do. The people of this
country, I believe, would like to see railroad securities placed
upon as stable a financial basis as Government bonds." In
his further counselings he said:
Stop watering the stocks of railroad securities. There is no excuse for the
man at the head of a railroad to ask people to buy stock which does not
represent actual capital invested. People are not envious of the rich, but
they do not like the way some men make their money. Isn't there any
such thing as honesty? We have tried to make stock an honest investment. It Is time for the railroad men of the country to use their consciences as well as their pencils in their business.
Give railroad bonds stability and I, for one, will be in favor of permitting
railroads to establish surpluses just like the banks. I will ho in favor of a
dividends sufficient to keep their stock
law to permit the railroads to pay
pay the dividends whenever there is a
at par, and draw on the surplus to
time of financial stringency. This is something that the railroads have
never had the audacity to ask for. But the people would be willing to
give it to them, if they had the right to ask for it. The farmer is the great
wealth-producing agency of this nation. Have more faith in those who are
trying to remedy the conditions in the Government and you will not go far
wrong.
NEW YORK CHAMBER OF COMMERCE ON SAMUEL
REA'S RECOMMENDATIONS IN REGARD TO
PUBLIC REGULATION OF RAILROADS.
An order similar to that of Comptroller Williams, proThe constructive suggestions contained in the address on
hibiting overdrafts, has been issued by James J. Brady,
the railroad situation delivered in December by Samuel Rea,
State Auditor of Public Accounts of Illinois, as follows:
of paying checks which overdraw accounts is President of the Pennsylvania RR., before the Chamber of
Because the practice harmony with sound business
principles, you are
Illegal, as well as out of
approved by the Chamber on the 4th inst. in
future this practice must be discontinued, and Commerce,was
hereby advised that in the
customers.
the adoption of the report of its Committee on Internal Trade
will so inform your
you
co-operating with the Comptroller of the Currency
This Department is
and Improvements, to which the suggestions were referred.
for your information I beg to state that that ofin this movement, and instructions to the national banks operating in The committee feels that Mr.Rea's recommendations, which
similar
ficial has issued
to it that the foregoing instructions are com- involve an increase in the membership of the Inter-State
Illinois. You will please see
Commerce Commission and an extension of its powers of
piled with.
almost all of the banks in this and other cities
It has been the custom of
regulation to the support and control of all rates and praodepositors whom they know to be all right when the account
to pay checks of
FEB. 131915.]
THE CHRONICLE
tices affecting transportation or commerce are impossible of
attainment at this time, with Congress so near adjournment,
and that little can be done now for the establishment of the
reforms he proposes except by promoting a favorable opinion;
the committee is entrusted with a further study of the problem with the view of specific recommendations to Congress
for a more enlightened policy of public regulation of the railroads. The following is the report of the committee presented by its Chairman, Samuel W. Fairchild:
The Committee on Internal Trade and Improvements has been requested
by the President of the Chamber to consider the suggestions contained in
the address made at the December 1914 meeting of the Chamber by
Samuel Rea, President of the Pennsylvania Railroad Co.
That address, in its keen analysis of the railroad situation as affected
by the problems of Governmental regulation, made a profound impression
upon the six hundred business men who attended the meeting, and the longcontinued applause attested their strong approval. The address was
published in the Bulletin of the Chamber, it was sent to all of our members,
and has otherwise had a wide circulation. Mr. Rea made eight recommendations:
1st. That the membership of the Inter-State Commerce Commission
should be increased by the addition of new members selected from men
trained in railroad management and of broad business experience.
2d. That the term of office and the compensation should be made
sufficient to attract men of the greatest ability.
3d. That the power of regulation of the Commission should be extended
to the support and control of all rates and practices which directly or
remotely affect Inter-State transportation or commerce.
4th. That the Commission should have the power to maintain a rate
structure approved by it, even though it should be necessary to prevent
reduction of rates or compel advances of rates found to be unreasonably
low.
5th. That for the existing repressive policy of public legislation, a constructive policy should be substituted so as to permit the railroad companies to do their full share in the development of the country's resources.
The Commission should be entitled to deal with the questions before it not
merely from the standpoint of the shipper and the carrier, but from the
larger standpoint of the entire country.
6th. That the country should not be committed to the vast expenditure
involved in a Federal valuation of railroads until one system, or the lines in
one section of the country,shall first be valued and the results demonstrated
to the country.
7th. That Congress should refer to the Commission, for investigation
and report, such legislation as affected wages, working hours and conditions, increased taxes, boiler inspection, non-compensatory mail and
parcel-post service, and other matters which seriously affect railroad revenues and expenses.
8th. That the extraordinary power to suspend rates without a hearing
should be limited to a period not exceeding sixty days after being filed
with the Commission, or some such reasonable period.
These recommendations, in order to be adopted as a part of the national
policy, would require additional legislation by the Congress. Such legislation seems.to be impossible of attainment at this time, with the present
Congress already fully occupied with other subjects, and having only a
month before it will pass out ofexistence,on the fourth of March. There is,
therefore, little that can be done now for the establishment of the reforms
suggested by Mr. Rea, except by promoting a favorable public opinion.
Our Committee believes that Mr. Rea's recommendations, coming as they
do from one who stands at the head of one of the greatest railroad systems in
the country and one who has had the broadest experience in dealing with
the problems of railroad policy, should receive the approval of all
business
men. The recommendations are in the interest not merely of the
railroads.
but of the stability and prosperity of the nation. They represent
business
statesmanship of the highest order. The wisdom of the recommendation
s
is so self-evident that your Committee does not believe that it is
necessary
to enter into an elaborate explanation or advocacy of them. We
believe
that the stamp of the Chamber's approval upon Mr. Rea's suggestions
will serve to promote a public opinion that eventually will force their
enactment into legislation. Therefore, your Committee recommends the
adoption of the following resolution:
Resolved, That the Chamber of Commerce of the State of New York
strongly approves the constructive suggestions of Samuel Rea, President
of the Pennsylvania Railroad, as outlined in his address at the December
1914 meeting of the Chamber, and that it instructs the Committee to
make further study of the problem with the view of specific recommendations to Congress for a more enlightened policy of public regulation of the
railroads.
Mr. Rea's address was quoted at length in these columns
Dec. 5, page 1633.
521
trustees of the City College and partly by the Chamber.
At the Jan. 7 meeting of the Chamber, Chairman Schiff of
the Committee on Education presented a review of the negotiations with the city and recommended that,in view of the
fact that the committee had been unable to come to any
satisfactory understanding with the municipal authorities,
that further proceedings be abandoned. Action on Mr.
Schiff's recommendation was deferred until the meeting of
Thursday of last week (the 4th), when formal steps toward
the abandonment of the plan were taken. At this meeting
the following letter from George McAneny, President of the
Board of Aldermen, concerning the attitude of the city, was
read:
February 4 1915.
My Dear Mr. Low:
We have come very reluctantly to the conclusion, after
informal conference in the Board of Estimate and Apportionment, that
the city will be
unable to undertake its part in the financing of the proposed College
of
Commerce and Administration and Museum ofCommerce and Civics, for
an
indefinite time to come. The proposal before us, tendered
through the
Committee on CommercialEducation ofthe Chamber ofCommerce, has be
that the private donation of $500,000. offered
through your committee.
should be used for the erection of a building,and that the
separate donations
of $200,000, also pledged through your committee, be applied
to the equipment of the museum.
It was further proposed that the city contribute as a
site the old City
College, property, at the corner of Lexington Avenue
and 23d Street.
valued,roughly,at $1,000,000, and that the cost of the teaching
staff, and
of other maintenance of the college, should be carried by
the city as part
of its annual budget.
To provide the site would be a relatively easy matter.
To assume an
additional annual budgetary charge, and thus to increase the
sum to be
raised by taxation, would, in the present state of the city's
finances, be
much more difficult.
To avoid further taxation at the present time, it may. in fact,
be necessary to curtail some of the services and activities of the city rather than
to
increase them. In this situation we are obliged to let the plan for a college
of commerce go by, in the hope that it may be revived at some more fortunate time.
I hardly need assure you, however, that the members of the city government appreciate keenly the fine public spirit that has prompted your committee. We have appreciated particularly the interest and energy shown
by the Chairman of your committee, Mr. Mortimer L. Schiff, and by
Dr. Finley, who, as President of the City College. and later as commissioner
of Education for the State, has actively assisted Mr. Schiff. To these
gentlemen, and their associates, to the Chamber, and to those who have so
generously expressed their willingness to aid in providing a building fund,
we feel that the thanks of the city are due; and again regretting that it does
not now seem possible to take advantage of the opportunity offered, I am,
Very sincerely yours,
(Signed) GEORGE McANENY,President Board of Aldermen.
Honorable Seth Low, President Chamber of Commerce, 65 Liberty Street,
New York.
The report of the committee embodying the following
resolution, releasing the donors from their pledges, was
adopted at the meeting on the 4th:
Resolved, That the thanks of the Chamber of Commerce of the State of
New York be and hereby are extended to the donors of the funds of $500,000
and $200,000 to the proposed College of Commerce and Administration and
Museum of Commerce and Civics, respectively,not only for their public
spirit and generosity, but also for the patience and forbearance which they
have shown during theprotracted negotiations, and that they be and hereby
are released from their pledges; and further,
Resolved, That the thanks of the Chamber of Commerce of the
State of
New York be and hereby are extended to the donors to the
fund for establishing the Commercial Education Council, and that
the amount of their
subscriptions be returned to them, or they be released
from their pledges.
as the case may be; and further,
Resolved, That the executive committee of the Chamber of
Commerce
of the State of New York be requested to consider an
amendment or amendments to the by-laws of the Chamber of Commerce of
the State of New
York, providing for a standing committee on commercial
education to
be elected in the same manner as the other standing
committees of the
Chamber of Commerce of the State of New York, and
that upon the election ofsuch standing committee the presentspecial
committee on commercial
education be discharged.
The members serving with Chairman Schiff on the
committee of commercial education were Thomas W. Lamont,
COMMERCE COLLEGE PROPOSED BY CHAMBER OF
Alexander C. Humphreys, Robert A. C. Smith, Edward D.
COMMERCE ABANDONED.
The plans for the establishment of a College of Commerce Adams, Clark Williams, J. Louis Schaefer, James H. Post,
and Administration proposed by the New York Chamber of Lionel Sutro, Howard C. Smith, Joseph H. Sears and Felix
Commerce have fallen through with the announcement of M. Warburg.
the inability of the city to undertake its part in the financing
JOSEPH E. DAVIES EXPLAINS POWERS OF
of the project. The matter had been taken up by the ChamFEDERAL TRADE COMMISSION.
ber more than three years ago, and in response to its efforts
Joseph E. Davies, Commissioner of Corporations, entered
a gift of $500,000 to enable the establishment of the college
was made known at its meeting on Nov. 6 1913 by the into a lengthy dissertation of the functions of the new Federal
Chamber's Committee on Commercial Education through the Trade Commission, which is to take over the duties of the
Chairman of the committee, Mortimer L. Schiff; report had Bureau of Corporations, at last week's annual meeting of the
it that Mr. Schiff's father, Jacob L. Schiff, was the donor. Chamber of Commerce of the United States.
Mr. Davies said:
In addition to this half-million-dollar gift, there was also made
Generally speaking, the powers
with which the Trade Commission is
available a fund of 8200,000 in four subscriptions of $50,000 clothed are of
two kinds: investigative powers and
each to install a Museum of Commerce and Civicsin connection There is nothing new, novel or unprecedented or ofquasi-judicial functions.
an inquisitorial character in
with the new college, the $700,000 being offered on condition by thethe investigatory powers conferred. The powers previously exercised
Treasury Department, by the Secretary of Commerce, by the interthat the city undertake to furnish the funds necessary for State Commerce Commission,
and by the Bureau of Corporations in
the maintenance of the college and the museum. It was obtaining facts with reference to banks, navigation laws, railroads and
corporations, furnish abundant precedent for this delegation of power.
proposed that the college and the museum be placed under
The Trade Commission is empowered
the joint administration of the College of the City of New to the organization, business, conductto gather information with reference
and practices of corporations; to
secure this information by reports such as it shall prescribe; to classify
York and of the Chamber of Commerce, through a board of
corporations and to make public, with due regard to the protection of trade
trustees partly appointed from their own number by the secrets and lists of
customers, so much thereof as is necessary in the public
522
THE CHRONICLE
interest. By this means a great body of useful and correlated information
may be gathered to furnish perspective to government and to business.
There are 314 different classes of industry, according to the classification
made by the Director of the Census. Through reports of this kind there
will be available information as to the nature and character of each of these
industries, the degree of centralization in each, the dominant financial control, the degree of integration, their interlocking relationships, their
respective difficulties and problems, their position respectively with reference to foreign trade, and other facts, all of which may be gathered together
for affording to a disinterested government agency, seeking only the public
good and interested only in the public welfare, knowledge of and a general
view of the whole make-up of the industry of the nation, with reference not
only to the financial and legal, but as well to the economically helpful,
aspects of the situation.
Upon the direction of the President or either House of Congress, the
Commission is authorized to investigate and report concerning any alleged
violations of the anti-trust acts by corporations, and whenever a final decree
has been entered against any corporations in a suit to restrain violations
of the anti-trust acts the Commission is authorized to make an investigation
ofthe manner in which the decree is carried out, and,in case the investigation is made upon the application of the Attorney-General, the Commission
will transmit a report of its findings and recommendations to the Department of Justice and publish such report in its own discretion.
The law further provides that if, in any suit in equity brought by the
Gllvernment under the anti-trust Acts, the court is of the opinion that
relief should be granted, it may refer the matter to the Commission as a
Master in Chancery to make recommendations for an appropriate form
of dissolution decree. Thus there is placed at the disposal of the courts
the expert business knowledge and experience of a disinterested government
agency, which is familiar not only with the conditions of the industry in
the particular case at bar, but which will have as well, in the course of time
certainly, not only a broad understanding but also special information
regarding the economic business and industrial conditions—all of which
will be available in the aid of the courts, not only to the advantage of the
litigants but as well for the protection of the general public. This is the
translation into law of the suggestion contained in the message of the
President of "an Administrative commission capable of directing and
shaping corrective processes . . . in aid of the courts."
The Trade Commission Act provides that upon the application of the
Attorney-General an investigation of the business of any corporation
alleged to be violating the anti-trust Acts may be made, and that the
Commission shall make recommendations for readjustment which shall
bring it into accordance with the law.
Much has recently been said in connection with the applicability of the
Sherman law to foreign trade. It has been maintained, with much vigor,
that the principles of the Sherman law should not be applied to business in
this country that is engaged in foreign trade and in the extension of our
foreign markets. In support of that contention it is urged that combination through a common selling agency is necessary in the foreign market
in order to meet the competition of European cartels and other combinations of sellers in the markets of the world; that the small producer and
manufacturer in this country cannot extend his market into a foreign field
except through a common selling agency, because of the prohibitive cost
Involved; that if the inhibitions imposed by the Sherman law be placed
upon combinations engaged in foreign trade in the United States, it would
operate to the serious prejudice of small producers and to the distinct advantage and benefit of trusts, which can afford and do establish substations
in distant parts of the world; that the reasons for the Sherman law do not
obtain in foreign countries and in foreign trade because in an international
market competition is secured for the benefit and advantage of the buyer
through international contest for the market. On the other hand, it is
urged with powerful force that to permit combinations for foreign trade in
this country would furnish a very convenient and ready vehicle for the
easy violation of the Sherman law at home, contrary to our public policy,
and to the serious disadvantage of our citizens. This phase of the controversy is a comparatively new one, and is fraught with great Importance.
The information on this subject is sparse and largely based on hearsay.
What is necessary in the situation are the facts, and the Federal Trade
Commission is entrusted with the duty of investigating in foreign countries, combinations and other trade conditions which may affect the foreign trade of the United States. Undoubtedly, in conjunction with the
Department of Commerce and with the Department of State, a large
amount of information can be obtained which will give authoritative
information as to the facts which will enable the law-making power of the
Government to address itself to the problem with greater security and
confidence.
Both in the Trade Commission Act and in the so-called Clayton Act
certain important provisions of declarative law are enunciated, and the
authority to enforce compliance with these declarations is vested in the
Federal Trade Commission.
Unfair Methods of Competition.—In section 5 of the Federal Trade Commission Act itself the following very important provision of declarative
law is stated: "That unfair methods of competition in commerce are hereby
declared unlawful.,
The Act provides that the Commission is empowered and directed to
prevent persons, partnerships and corporations, except banks and certain
common carriers, from using such unfair methods of competition, and establishes the procedure by which this may be done.
In addition to the substantive provisions contained in the Federal Trade
Commission Act with reference to unfair methods of competition, the Clayton Act contains certain prohibitions, the enforcement of which is confided
to the Federal Trade Commission as to corporations under its jurisdiction.
The provisions of the law are very minute and only the broad features are
specified heroin.
Price Discrimination.—Section 2 prohibits in certain cases price discrimination where the effect may be to substantially lessen competition or tend
to create a monopoly in any line of commerce.
Tying Contracts.—Section 3 prohibits in certain cases so-called "tying
contracts"—that is, contracts whereby, as a condition of sale or lease of
commodities, the seller or lessor exacts from the purchaser or lessee an
agreement that he shall not use or deal in other commodities except those
furnished by the seller or lessor—where the effect may be to substantially
lessen competition or tend to create a monopoly in any line of commerce.
Holding Companies.—Section 7 prohibits, in certain cases, so-called
ownership by one company of the stock of
"holding companies," or the
substantially lessen competition beanother, where the effect may be to
concerned, or to restrain inter-State commerce, or
tween the companies
tend to create a monopoly.
provides that two years after the
Interlocking Directorates.—Section
"Interlocking directorates" shall be proenactment of the law so-called
particular with respect to corporations,
hibited in certain cases, and in
capital stock and surplus, other than certain
having more than $1,000,000
wherever they are or shall have been theretobanks and common carriers,
and location of operations, competitors,
fore, by virtue of their business
agreement between them would
so that the elimination of competition by
loo.
constitute a violation of any of the provisions of any of the anti-trust laws.
Enforcement of the Prohibitions of the Clayton Act.—The authority to enforce the foregoing provisions of the Clayton Act is vested in the Federal
Trade Commission as to all corporations which come within its jurisdiction.
by section 11 of the said Act.
Unfair methods of competition have been the chief weapons of monopoly.
It is generally conceded that one of the greatest menaces to relatively
smaller industrial units is to be found, not in the superior efficiencies of the
larger rivals but in their being able to employ unfair methods to destroy
a competitor by local price cutting under cost or similar unfair practices.
Some of the most powerful monopolies of the world are alleged to have
obtained their dominance by their ability to throttle competitors equally
efficient but less able to bear this strain involved in withstanding attacks
of this kind. An industrial unit of reasonable size may, by reason of the
personal equation, favorable location or other and similar advantages,
be equally or more efficient than its monopolistic rival, but may be quite
helpless if the monopoly be permitted to crush it by an unfair use of its
power. This is of especial significance to the business of the country because probably not one per cent of the three hundred odd.thousand corr orations in the United States have attained to a size which would approximate a monopolistic character. The great body of the business community
is interested in the preservation of the channels of trade and commerce
free and open. The "rules of the road," which preserve the right of the
Ford as well as of the high-powered moor car, must be enforced, and a
Government agency is designed for just this function in the channels of
trade in inter-State commerce in the creation of the Federal Trade Commission. Not since the Sherman law itself has been enacted has there been
sol mportant and beneficial a piece of legislation in the interest of the great
body of business men of this countryb s is to be found in the prohibition
of unfair methods of competition. It may be true, as some allege, that
some of these practices are already prohibited by the first three sections
of the Sherman law, but there is also strength in the position that the agency
for preventing these nractices is usually invoked only after a very large
number of Practices can be proven to exist under a blanket petition in equity
or under an indictment that alleges not an isolated Act but a series of acts
constituting a conspiracy in restraint of trade. In such a situation there
is too much danger that by the time the remedy is applied the patient should
be in a very weakened and dangerous condition. Here is an agency that
has been designed, as has been said, to destroy the very seeds of monopoly
in their germination rather than to permit them to develop into a vigorous
and rank growth which will throttle the healthful upshoots in the industrial field.
Briefly stated, the procedure In the enforcement of the substantive provisions of law declared in both the Federal Trade Commission Act and the
Clayton Act, as recited above, is the following:
Whenever the Commission believes that any person, &c., has been using
unfair methods of competition or violating the provisions of the Clayton Act,
and that its intervention in the matter would be to the interests of the
public, it shall serve a notice on the party complained of, who shall have
the right to appear before it and show cause why an order should not be
made to require that such practices cease. Other parties, for good cause,
shown, are allowed to intervene in the proceeding. On hearing had, if
the Commission shall be of opinion that the practices are prohibited by
the Act, it shall serve an order on the person complained of to cease and
desist. If such person fail to obey the order of the Commission, the latter
may app.y to the Circuit Court of Appeals to enforce the same and file a
transcript of the record in the case. The Court shall then take jurisdiction
of the proceedings and have power to affirm, modify or set aside the order
of the Commission, but the findings of the Commission as to facts, if supported by evidence, shall be conclusive and no additional evidence is permitted to be adduced without again referring the case to the Commission
for a rehearing. The only review of the judgment and decree of tho Court
is by writ of certiorari to the Supreme Court as provided by law. Any
party required to cease from using such method of competition or from violating the aforesaid provisions of the Clayton Act may obtain a Court
review in a similar manner.
The judicial review of the orders of the Commission thus provided for
is what is sometimes termed a "narrow" review. That is to say, the
Commission's conclusions of fact are conclusive, if supported by evidence.
but the Court may modify or reverse the order on the basis of violation
of constitutional provisions, absence of jurisdiction or violation of the rules
of procedure provided in the Act.
THE SHIP PURCHASE BILL.
After the longest continuous session in the history of the
Senate a deadlock on the Ship Purchase bill, which had continued since Monday, was broken on Wednesday night,
when the Republican and Democratic Senators who opposed
the bill, aided by Senators Norris and Kenyon, Progressive
Republicans, who had previously stood by the bill, forced
an adjournment. The adjournment, after fifty-four hours
and eleven minutes of debate, came on a motion by Senator
O'Gorman, his motion being adopted at 6:11 p. m. by a vote
of 48 to 46, the two Progressives, Senators Norris and Kenyon, voting with the Senators opposed to the bill. The Democratic leaders, in the hope of being able to strengthen their
forces, had effected on Saturday last, the 6th, a recess of the
Senate until Monday, the 8th. With the reopening of the
Senate on Monday and the return of some of the absent
Democrats, the majority members succeeded in again forcing
the Republicans and insurgent Democrats to a defensive
position. The Senate held continuous night and day
sessions from Monday until Wednesday, thus extending the
legislative day of Monday to the middle of the week.
Twice on the 9th inst., after the all-day and night filibuster of Monday, efforts were made to adjourn; both mo.
tions were defeated, one by a vote of 48 to 46 and the other
by a tie vote of 44 to 44. On the 9th formal notice in writing
was given by Senator Reed that he would seek a closure
amendment to the Senate rules to end debate on the bill at
2 p. m., Feb. 19, and cause a final vote to be taken three
hours later.
Following the adjournment on Wednesday night, it was
reported that the Administration had in mind several plans
PEE. 131915.]
THE CHRONICLE
for pushing the bill through the House, three possible lines
of action by that body being reported by the "Herald"
as follows:
First.—Adoption by the House of the Gore substitute ship bill, which is
practically that under consideration by the Senate with certain amendments
which will satisfy the Progressive Republicans.
Second.—Adoption of the ship bill as an amendment to the Weeks bill,
providing for the use of the auxiliary naval vessels as merchant ships when
they are not needed by the navy. This bill has already passed the Senate,
where it had the support of the Republicans.
Third.—Abandonment of the ship bill at this session to make way for
the appropriation bills and the calling of an extra session immediately
after March 4 to take up the ship measure.
This week's continuous session of the Senate extending
over fifty-four hours eclipsed the previous record session of
1893, when in the deliberations over the repeal of the silver
purchase provision of the Sherman law the Senate was in
continuous session for thirty-eight hours and forty-five
minutes.
THE INVESTIGATION INTO THE ROCKEFELLER AND
OTHER FOUNDATIONS.
The hearings of the Federal Commission on Industrial
Relations in this city, which had been in progress since Jan.
18, were brought to a close on the 6th inst. The members of
the Commission are now attending to personal matters, but
will meet again next month in Chicago to begin an investigation into the labor conditions of transportation lines. From
Chicago they will go to Houghton, Mich., where they will
look into matters concerning the miners, and they will later
direct their attention to the conditions in the textile industry
in Atlanta. In May the Commission will hold sessions either
in New York or Washington to hear those who it was unable to examine during the inquiry just closed. Dr. Frederick A. Cleveland, Director of the Bureau of Municipal
Research, and Dr. William H. Allen, former Director of the
Bureau, were the last of the witnesses examined by the Commission, their testimony dealing largely with the differences
between them concerning the acceptance of certain conditions imposed with the a -ceptance of gifts from the Rockefeller Foundation.
FRENCH BOND ISSUES.
In our issue of January 23 we gave the substance of the
remarks made by the French Minister of Finance, M.Ribot,
at the Budget Commission meeting on January 20. The
part dealing, however, with the French bond issues got
somewhat confused in translation or transmission, and
accordingly we reprint the following, which is a translation
from "L' Economiste Francais" of January 23.
M. Ribot, Minister of Finance, spoke before the Budget Commission
on January 20th, upon the subject of the two bills which he has laid before
the House. The one has as its object the raising of the limits for the issue
of bonds of National Defense and the other the authorization of an issue
of bonds at short date.
In regard to Treasury bonds and Bonds of National Defense, which are
In the same category and are redeemable at three, six or twelve months,
M. Mot asks that the limit of issue be raised beyond 3 billions. At
present, the amount of bonds subscribed, in France as well as in England,
and the United States, exceeds two billion seven millions, of this sum 250
millions have been subscribed in England.
During the first ten days of 1915, from the first to the tenth of January',
the number of bonds taken by the public reached the sum of 489 millions
deduction being made for repayment.
We have, indeed, reached the first series of repayment, that of bonds
at three months.
The Minister reported that, in the ordinary departments, where there
are no large establishments of credit, the proportion of subscriptions for
bonds at six months and a year exceeds greatly that of bonds at three
months. This is an indication of an inquiry for saving, for investing
available capital for a rather long period.
M. Ribot thought it was possible to turn to advantage this need for
saving by offering to subscribers desirous of making an investment for a
longer period, bonds which shall fall due not later than the year 1925 and
which shall be exempt from all taxes.
He asked, in a special bill, tho authorization of an issue of bonds of this
kind for the advantage of the Treasury. He will thus be able to procure
for the service of the Treasury, besides the Treasury bonds, additional
resources, according to needs.
The Minister reserves discretion to himself, after the authorization is
granted, to establish, according to the state of affairs, the conditions of
ssuing the bonds. In any case, the interest assured for subscribers will
be 5%. as in the case of bonds of National Defense.
WHAT IS NEEDED FOR DEVELOPING FOREIGN
TRADE.
At the convention in Washington last week of the United
States Chamber of Commerce, Samuel McRoberts, VicePresident of the National City Bank of New York, spoke
on the subject of "The Federal Reserve Act in Relation to
Trade Expansion." Among other things, he said:
The public is beginning to understand the question, and it is interesting
to note that at last somebody has had the courage to point out that a
reform of navigation laws enabling a ship to compete with those under
other flags is more vital than Government aid or Government ownership.
Definite proposals are being made, and there is strong prospect that a
beginning will be accomplished. But, given these essentials, the machinery
523
Is still incomplete and useless without a definite and continuous Government policy to give permanence and stability to it all.
The requisite Governmental relation is two-fold. First: Government
co-operation in opening new markets for our trade through the consular
service, commercial attaches, and other Government agencies operated
either by the State Department or the Department of Commerce and
Labor. Second: Diplomatic intervention for the purpose of creating
entirely new opportunities for Atnerican commerce or the protection of
established trade and investment against discrimination, injustice and
confiscation.
Capital and the life efforts of many men are required. Capital is timid.
and, naturally, wants to stay at home. It can only be coaxed over the
border. Men will not risk their life work and hope of reward upon uncertainties. No broad and comprehensive campaign will be possible without
the same certainty of support and protection that is afforded by the foreign
offices of every world Power but our own. This defect in our foreign
policy can only be remedied by a wider and clearer understanding of the
whole question, and the resultant action of public opinion. What we
need is a settled and dependable policy, and under our form of Government
no policy can be constant unless based upon a compelling public opinion.
We will eventually win to a dependable foreign policy, but not until the
general public comes to recognize that foreign trade is an inseparable part
of domestic trade: that it is not a gamble for the few, but the business
of the nation; that its benefits do not stop with the banker and foreign
trader, but extend to every form of labor and agriculture; that it is worth
the expenditure for maintaining an army and navy, and, if necessary, the
expenditure of human life to protect it; that foreign affairs and responsibility abroad are inevitable to any people who have done their duty at home.
The fullest possible publicity should be given to any new foreign enterprise, so that its character can be recognized and the reasons justifying it
understood. The nationality of its ownership should be clearly identified
and a complete record of the esesntial facts concerning it filed with the
State Department. If it is based upon contracts or Government concessions, the State Department should be aware of their character and in a
position to determine whether or not they are in conflict with any policy
of our own Government before they are accepted. Any institution established abroad should be manned by citizens of the United States. This
will prove the slower process, and in the beginning some mistakes will be
made, but in the end it will produce an institution with a North American
character, soundly grafted upon our own country, which will command
more respect, both at home and abroad, and be capable of a more successfu I
growth than would be possible to a mongrel institution.
QUARANTINING CATTLE ON ACCOUNT OF DISEASE.
While the Chicago Union Stock Yards were reopened for
inter-State shipment of cattle on the 8th, the Federal quarantine was placed over several other stock yards on the 6th; the
yards affected are those located at Indianapolis, Louisville,
Cincinnati, Columbus and Baltimore. The Chicago Union
Stock Yards, as noted last week, were ordered closed by the
Department of Agriculture on Jan. 27. Under the orders
lifting the embargo on the 8th, no cattle can be held more
than forty-eight hours. Government inspectors are authorized to slaughter cattle held longer than that time. The
stock yards at Herr's Island, Pittsburgh, against which quarantine orders were issued by the Federal Government on
Jan. 27, but which were reopened on the 1st inst. for the receipt and shipment of stock for immediate slaughter, were
again made subject to quarantine on the 6th, when all interstate shipments of live stock were prohibited.
While the Buffalo stock yards were reported to have been
placed under quarantine in advices from Washington on the
6th, the Buffalo "Commercial Evening News" states that
the announcement adds nothing new to the situation at the
East Buffalo stock yards, according to the Federal and
State veterinarians. The local yards were closed on Jan. 28
and are still in a state of modified quarantine as regards interState shipments.
The Cleveland stock yardswere placed under quarantine
on the 7th inst. under orders of the State veterinarian. An
order quarantining the State of Ohio against shipments of
cattle, sheep and swine from Illinois for any purpose whatever, with the single exception of Western shipments through
the National Stock Yards of East St. Louis, was issued on the
9th inst. The order was agreed upon by the State Agricultural Commission and Dr. L. P. Beechy of the United States
Bureau of Animal Industry. The action is said to have
been taken largely at the instance of the Stock Yards Association of Cincinnati.
The Texas Sanitary Live Stock Commission was reported
yesterday to have announced a general quarantine against
live stock shipments from that State as a result of the
presence of the foot-and-mouth disease in States heretofore
free of disease.
On the 8th inst. it was reported that the Government holds
that cattle purchased for slaughter and found to be affected
with foot-and-mouth disease shall not be paid for but may
be condemned under the Federal meat-inspection law like
any other diseased stock. It is stated that purchasers of
cattle for slaughter in territory where there is reason to suspect the existence of the disease, purchase at their own risk,
and there is no reason why the Government should insure
them against the possibility of loss. Inspectors have also
been warned against the possibility that stock ostensibly in-
524
THE CHRONICLE
[VOL. loo.
tended for immediate slaughter might be diverted for sale allowed. According to dispatches from Washington, on the
as feeders and stockers, and they have been instructed to see 9th, the State Department on that date received a delayed
dispatch from Ambassador Page in .London, containing a
that all such stock is slaughtered without delay.
notice of the reimposition on the 5th by Australian authorities
of the embargo on wool, but thus far had not been advised of
THE RUBBER EMBARGO.
Details of the arrangement under which it was anr minced the more recent action again raising this embargo. The
on January 8 dealers aradjmanufacturers in the United States Washington advices state:
It is understood that the Australian authorities, while never entirely
could obtain supplies of rubber are contained in a confiden- lifting the embargo, did consent to wool shipments to the United States
tial communication addressed Jan. 30 to members of the under separate license or permits in each case, the object being to make sure
the American Importer, that
Rubber Club of America and the Rubber Trade Association by securing the personal guaranty ofUnited States to Germany or the wool
Austria.
from the
of New York,and made public on the 10th inst. by the Ger shouldanot be re-exportedunder this agreement, it was discovered that cerAfter month's working
man Information Service, which sends out pro-German ma- tain shipments of wool and woolen goods were being made from Boston for
terial on the war to the American press. According to the the Continent under alleged suspicious circumstances, whereupon, last
Friday, Australia promptly prohibited further exports to the United States.
New York "Sun," George B. Hodgman, President of the Apparently the authorities have now satisfied themselves that their susRubber Club and Chairman of the embargo committee, picions were groundless and decided to continue the exportation under the
verified the text of the communication, which includes the license system.
results of the conferences between the British officials and
MORATORIUM EXTENDED BY BOLIVIA.
B. G. Work, President of the 113. F. Goodrich Co. of Akron,
Announcement of the receipt of advices to the effect that
Ohio, who went to London to place the manufacturers' case
before the British Government. The substance of the under- a decree had been promulgated extending the Bolivian moratakings of the American manufacturers'as given in the "Sun" torium law for ninety days from Jan. 1 was made by the
State Department at Washington on the 8th inst.
are as follows:
1. Manufacturers cannot export or sell to any one who might export
crude rubber, waste rubber or reclaimed rubber except to Great Britain
or a British possession. They may not sell plantation rubber even to any
one in the United States. A manufacturer may, however, sell Brazilian
rubber to a customer in the United States, but for his own protection should
assure himself that no exportation is intended. All plantation rubber
must be used in the factory of the manufacturer for whom it is imported.
2. No direct shipments or partly manufactured goods may be made to a
European neutral, like Sweden, Holland or Italy. Such orders can be
filled only through an agent in London. For example,an order for automobile tires for Sweden cannot be shipped direct. You must appoint an agent
In London and he must get a permit from the British Government to ship
the goods from London to Sweden. This having been arranged, you can
forward the goods to your London agent. It is recognized that this mode
ofshipment is difficult for those who have no London agent,and the embargo
committee is endeavoring to secure the acceptance of a plan which will
greatly simplify it. To such manufacturers as have no London agents,
the Secretary is prepared to recommend firms of forwarding agents with
both New York and London houses, who can attend to such business.
3. Bear in mind that the British Consul-General at New York has no authority to modify these rulings. If you attempt to make a shipment direct
to Sweden and have the papers vised by the British Consul, you are still
in violation of your obligations. Informing the Consul that you are about
to violate will not help you. His signature means only that he has been
Informed, not that your obligations have been modified by him.
4. No goods must be sold for delivery to an enemy of Great Britain.
This is plain enough. If through intent, carelessness or misfortune your
goods are found in transit to Germany, your permit will be canceled. You
mead, we are informed, that there must be
mu.st be sure. This does not—
an agreement not to export,accompanying every tire you sell, but every
reasonable precaution must be taken. You should have definite agreements from every customer who is likely to export, and we would suggest
the use of a rubber stamp for all orders and invoices stating that the goods
aresold with tho understanding that they are not to be exported except to
Great Britain, France or Russia or to a European neutral by way of the
United Kingdom or to a non-European neutral.
5. All goods exported to a non-European neutral, like the South American countries, Mexico or Cuba, must be reported to the British Consul at
the port of shipment. We recommend that this report state only of what
the shipment consists and the port of destination. We do not understand
that it is necessary to state prices or7even the name of the consignee.
alio—
C
advise -notifying the
071 eridingfurtherinformation, we would —
British Consulof shipment to Pork; Rico, the Philippine Islands and the
Hawaiian Islands.
7. Tires which you export must !bear adequate 'mark of identification.
You must inform the British Consul in writing, stating what these are in
each case.
8. The question has been raised whether or not rubber from the Dutch
East Indies will come under these obligations. On this point we would
strongly advise, pending further information, that Dutch rubber be regarded exactly the same as if it were plantation rubber; otherwise, misunderstandings will almost surely arise, and the shipper would perhaps suffer
cancellation of his permits pending investigation.
REOPENING OF AMSTERDAM STOCK EXCHANGE.
The Amsterdam Stock Exchange reopened on the 9th inst.
SHIPMENTS OF ROSIN TO ITALY, HOLLAND AND
DENMARK PERMITTED BY GREAT BRITAIN.
Great Britain has decided to permit exportation of rosin
from the United States to Italy, Holland and Denmark,
according to information received at the State Department
on the 5th inst. from Sir Richard Cartwright, the new
commercial attache of the British Embassy. This is the
third declaration by Great Britain on the subject of rosin.
At first she declared commerce in naval stores free, and
subsequently withdrew her permission.
RUSSIA TO TAKE OVER BUSINESS INTERESTS.
The Ways and Means Committee of the Russian Duma
unanimously recommended on the 6th that the Government
declare a monopoly on tea, tobacco, oil, matches and insurance of all kinds. The recommendation, it is stated, virtually assures the passage of the bill by the Duma. The
bill declares that hereafter the things named shall form the
basis of the Government revenue,which heretofore has been
derived from the monopoly on vodka and from an indirect
tax on certain necessities.
GOVERNMENT OF VICTORIA TO BUY ARGENTINE
WHEAT.
The Victoria State Government has arranged, according
to the "Times" of the 6th inst., to import 1,500,000 bushels
Of Argentine wheat to fulfill milling requirements and to
enable more locally grown wheat to be used as seed for the
next crop, which, under special Government encouragement,
will be the largest ever sown.
INCREASE IN GERMAN SAVINGS DEPOSITS.
A wireless from Berlin on January 29 !state that a report
on the condition of the savings banks of the Empire during
1914, issued on that date, showed that the deposits in the
twelve months increased by $250,000,000 over the total of
Concerning this arrangement, Mr. Hodgman is quoted as the previous year.
saying:
The hardships, if there are any. which American manuafcturers will suffer
under this arrangement are negligible as compared with those which the MORATORIA AND. FINANCIAL MEASURES ABROAD
trade would suffer if the embargo on plantation rubber were re-established.
Late advices as to moratoria and financial measures abroad
Such an embargo, which Great Britain unquestionably has the right to imEconomist of January 9th and 16th;
pose, means half-time in the factories of American manufacturers, with are published in the London
consequent financial loss to them and suffering among their employees.
in its first named issue it printed the following:
Brazil cannot supply our needs alone, and the present production in the
Dutch East Indies is comparatively small. If American rubber manufacturers are to continue operations, they must get rubber from Ceylon and
the Malay States. British possessions. In order to prevent her enemiesfrom
obtaining this rubber, Great Britain placed an embargo on it. This embargo has now been raised under the conditions outlined. No domination
of the American industry is involved beyond strict precautions to prevent
rubber from reaching Great Britain's enemies.
THE WOOL EMBARGO.
reimposition by Great Britain of the embargo on merino
The
wools from Australia was announced on the 5th, but advices from Melbourne on the 9th stated that official notice
the exportation of wool
had been issued to the effect that
allowed to neutral countries with which the Auswould be
prior to the reimposition
tralian trade had been permitted
this ruling, it is
the embargo on the 5th inst. Under
of
exportation of wool to the United States will be
stated, the
The Board of Trade Journal week by week contains fresh items of official
news regarding moratoria and financial measures in foreign countries. The
current issue reports that in the Roumanian Parliament, on December 23d,
a Bill was introduced providing for a four months' moratorium. Its proprivate (monetary) engagements abroad
visions apply to commercial and
undertaken before the introduction of the Bill, whether payable in Roumania
or abroad. Interest, in the absence of any previous arrangement, is fixed
at 1% above the official discount rate.
An Imperial Russian Ukase, dated November 24th, extends the moratorium
in Poland in respect of debts arising out of contracts in general. The institution of lawsuits or the adoption of measures for recovery respecting all
debts due under contract incurred prior to July 30, 1914, and falling due
November 30, 1914, and January 30, 1915, is suspended for a period of two
months from the date of expiry of each such liability.
In Italy a Decree has been issued fixing April 1, 1915, as the date for the
termination of the moratorium.
The French Journal Officiel makes two announcements referring to Tunis.
A decree of December 22d provides that the postponement of payments
granted by the Decree of August 29th may be extended to the repayment
of debentures and to the payments of coupons, dividends, and interest which
FEB. 131915.1
THE CHRONICLE
may fall due before April 1, 1915. This Decree applies also to Algeria. A
Decree of December 29th limits, as regards Tunis, to 30 days the delays
granted by the Decree of December 15th,and makes it apply only to negotiable
securities which were endorsed before August 4th, 1914, and which are due
for payment before February 1, 1915.
The Diario Official of Santiago publishes a Decree, dated October 29th,
extending for a further period of 30 days the 60 days' moratorium in Chile
in respect of obligations contracted in gold before August 1st, which may
have become due between that date and November 1st.
In the 16th ult. the Economist said:
525
to Great Britain are said to be based on the statement of
the British Foreign Office justifying the use of neutral flags
by her merchantmen to escape capture. The American
Government points out how frequent and continued use of
this stratagem might cast doubt on the character of vessels
really entitled to fly the American flag and produce dangers
to which neutral ships ought not to be subjected on the high
seas and in unblockaded waters. A statement of the
British Foreign Office with regard to the use of a neutral
flag was issued on the 7th as follows:
A translation of an Imperial Russian Ikase has been received, says the
current issue of the Board of Trade Journal, prohibiting the remittance of
money or valuables to enemy subjects residing outside the Russian Empire.
The use of a neutral flag is, with certain limitations, well established in
and limiting the amount of money or valuables which any one person may practice as a ruse de guerre. The only effect in
the case of a merchantman
take out of Russia. The Ukase further lays down rules as to the sums due wearing a flag other than her national flag, is to compel the enemy to follow
to enemy subjects residing outside Russia, but owning commercial or industria the ordinary obligations of naval warfare, and satisfy himself as to the
enterprises or real estate within the Empire. Such sums may be paid in nationality of the vessel and the character of her cargo by examination,
Russia to the manager of the enterprises or landed estate concerned, who before capturing her and taking her into a prize court for adjudication.
The British Government has always considered the use of the British
previous to the commencement of the war, was legally authorized to receive
colors by foreign vessels legitimate for the purpose of escaping capture.
such payment.
In Sweden the moratorium for creditors domiciled abroad has been ex- Such practice not only involves no breach of international law, but is
tended to March 1st. The moratorium, however, does not apply to the specifically recognized by the law of this country in the Merchant Shipping
Act of 1894.
United States of America, the Netherlands, Spain and Norway.
In instructions to British Consuls in 1914 it is stated: "A ship is liable
to capture if a British character is improperly assumed except for the
BRITISH CAPITAL ISSUES CONDITIONAL UPON purpose of escaping capture."
As we have in practice not objected to foreign merchant vessels using the
TREASURY APPROVAL.
British merchant
as a ruse for the purpose of evading capture at sea
The official notice concerning the requirement that new at the hands of aflag
belligerent, so we should maintain that in the converse
capital proposals in the United Kingdom be approved by case, a British merchant vessel committed no breach of international law
the British Treasury was made in the following announce- n assuming neutral colors for a similar purpose, if she thought fit.
By the rules of international law, the customs of war, and the dictates
ment issued on January 18.
of humanity, it is obligatory upon a belligerent to ascertain the character
In connection with the reopening of stock exchanges the Treasury have of a merchant vessel and cargo before capture.
Germany has no right to
had under consideration the general conditions under which new issues disregard this obligation.
of capital in the United Kingdom can be permitted during the continuance
To destroy a ship, non-combatant crew and cargo,as Germany announced
of the war. It appears to the Treasury that in the present crisis all other her intention of doing,is nothing less than
an act of piracy of the high seas.
considerations must be subordinated to the paramount necessity of husThe use of the American flag by the Lusitania was made
banding the financial resources of the country with view to the successful
known on the 6th inst. with its arrival at Liverpool. In
prosecution of the war.
Accordingly, they wish it to be understood that until further notice they explanation of his act, Captain Dow stated that
he resorted
feel it imperative, in the national interest, that fresh issues of capital shall
be approved by the Treasury before they are made. The Treasury ap- to its use to save his passengers and the mails from possible
proval will be governed by the following general conditions:
sinking by German submarines. The British Government
(1) Issues for undertakings carried on or to be carried on in the United is reported as stoutly maintaining that the
Lusitania's
Kingdom shad only be allowed where it is shown to the satisfaction of the
Captain had not been ordered by the Government officials
Treasury that they are advisable in the national interest.
(2) Issues or participations in issues for undertakings carried on or to to use a neutral flag.
be carried on in the British Empire Overseas shall only be allowed where
A reportthat another Cunard Line-steamer,the Orduna,the
it is shown to the satisfaction of the Treasury that urgent necessity and
,
special circumstances exist.
which arrived at New York on Wednesday, had flown the
(3) Issues or participations in issues for undertakings carried on or to
Ameri-canflag when she left:Queenstown on Jan. 31, brought
be carried on outside the British Empire shall not be allowed.
(4) The Treasury will not in ordinary cases insist upon the above re- fort a statement on the 10th after alconference between the
strictions where issues are required fo: the renewal of Treasury bills or Cap. tam,Thomas M. Taylor, and Charles P.Sumner, local
other short investments held here and falling due of foreign or colonial
agent of the Cunard Line, as follows:
governments or municipal corporations or railways or other undertakings
The Orduna left Liverpool flying the English flag at the stern and the
All applications should be made in the first instance to the Treasury.
The Treasury will not be prepared to approve, under Paragraph 4 (3) of United States flag, as customary, at the fore. After leaving Bar Lightship
at Liverpool all flags were lowered. After leaving Queenstown, for about
the temporary regulations for the reopening of the Stock Exchange any
dealings in new issues which have not been approved by the Treasury before an hour and a half or two hours, she_did_fly a neutral flag while she was
clearing the Irish coast.
they are made.
AUSTRIAN GRAIN REGULATIONS.
It was reported on the 29th ult. that the Austrian Government had decided to organize a grain monopoly on lines
similar to those established by Germany. The Austrian
Minister of Agriculture is said to have announced that the
army had procured supplies of grain sufficient to last until
the end of August. Owing to the quantities of barley and
maize now being taken for breadstuffs, according to advices
from Vienna, there is said to be a serious shortage in the supply of fodder. Practically no grain, it is stated, is being
offered on the markets in Vienna, Budapest or Prague.
According to a cable dispatch to the New York "Sun" on
Jan. 31, the Austrian Government has issued an order that
bread shall henceforth contain not more than 50% of wheat
or rye flour. The remainder must be barley, maize, oats,
rice, potatoes and other commodities.
According to advices to Rome from Trieste on the 3d,
the Hungarian Government has requisitioned wheat and other
cereals stocked by farmers and merchants, who have been
forbidden to export any to Austria. Consignments already
contracted and paid for by Austrian importers are reported
to have been seized and are not to be allowed to be delivered.
A bill to make it unlawfuljorlships of foreign nations to
fly the American flag "for theTpurpose of disguising the
nationality of the vessel or forathe purpose of making it
appear to be a vessel of the UnitediStates or of United States
register," was introduced in the House on the 9th inst.
by Representative Martin of South Dakota. It proposes
a fine of from $10,000 to $100,000 and confiscation of the
ship as a penalty.
RAW COTTON EXPORTS PERMITTED IN HOLLAND—
BEET ROOT CULTIVATION CURTAILED.
A Reuter dispatch from Amsterdam on the 26th ult.
stated that the prohibition of the exportation of raw cotton
had been temporarily abrogated.
On Jan. 31 it was'announced by the "Norddeutsche Zeitung" that the Federal Council has decided to curtail by onequarter the legal restrictions on the cultivation of beet
root for the current year.
GERMANY'S WAR ZONE DECREE.
The official text of the decree under which the German
Government last week declared as a war zone the waters
around Great Britain and Ireland, including the whole
THE LUSITANIA'S USE OF THE UNITED STATES English Channel, from and after Feb. 18, was made public
on the 6th,as follows:
FLAG.
The waters around
English
The use of the American flag by Captain Dow of the Channel, are declared Great Britain, including the whole of thewar, and
hereby to be included within the zone of
Cunard Line SS. Lusitania upon entering the waters after the 18th inst. all enemy merchant vessels encountered in these waters
will
of the Irish Sea while bound for Liverpool from New York and be destroyed, even if it may not be possible always to save their crews
passengers.
has r sulted in the dispatch on the 10th inst. of a note by
Within this war zone neutral vessels are exposed to danger since, in view
the United States Government to Great Britain, making of the misuse of the neutral flags ordered by the Government of Great
Britain on
ultimo and of the hazards of naval warfare, neutral vesfriendly observations on the use by British ships of neutral sels cannotthe 31st be
always
prevented from suffering from the attacks intended
flags. At the same time a communication was sent by the for enemy ships.
The routes of navigation around the north of the Shetland Islands in the
Government at Washington to Germany inquiring what
eastern part of the North Sea
wide, along the
steps would be taken by German naval commanders to verify Dutch Coast, are not open toand in a strip thirty miles
the danger zone.
identity of ships flying neutral flags in the recently prothe
At the same time the German Government also furnished
claimed zones of war around England and Ireland. While the following "memorandum of the Imperial German Govthe Lusitania incident is not mentioned, the representations ernment concerning Retaliation against Measures Taken by
526
THE CHRONICLE
England in Violation of International Law to Stop Neutral
Sea Commerce with Germany."
Since the beginning of the present war Great Britain has carried on a
mercantile warfare against Germany in a way that defies all the principles
of international law. It is true that the British Government has announced in a number of decrees the London Declaration concerning nava
warfare to be binding on its naval forces, but in reality she has renounced
the declaration in its most important particulars, although her own delegates at the London Conference on Naval Warfare had recognized its
conclusion to be valid as international law.
The British Government hasl put a number of articles in the list of con
traband which are not, or at most are only indirectly, useful for military
purposes, and, therefore, according to the London Declaration, as well as
according to the universally recognized rules of international law, may not
be designated as contraband.
She has, further, actually abolished the distinction between absolute
and relative contraband, inasmuch as she has subjected to capture all articles of relative contraband intended for Germany, without reference to
the harbor in which they are to be:unloaded or to the hostile or peaceful use
to which they are to be put.
She does not even hesitate to violate the Declaration of Paris, as her
naval forces have seized on neutral ships German property that was not
contraband,in violation of her own decrees concerning the London Declaration. She has further, through her naval forces, taken from neutral ships
numerous Germans liable to military service and has made them prisoners
of war.
Finally, she lhas declared the entire North Sea to be an area of war,
and,if she has not made impossible the passage of neutral shipping through
the sea between Scotland and Norway, has rendered it so difficult and so,
dangerous that she has to a certain extent effected a blockade of neutre
coasts and neutral ports, in violation of all international law.
All these measures have the obvious purpose, through the illegal paralyzation of legitimate neutral commerce, not only to strike at the German
military strength, but also at the economic life of Germany, andlinally, by
starvation, to doom the entire population of Germany to destruction.
"The neutral Powers have generally acquiesced in the steps taken by
the British Government. Especially they have not succeeded in inducing
the British Government to restore the German individuals and property
seized in violation of international law.
In certain directions they have also aided the British measures which are
irreconcilable with the freedom of the sea, in that they have, obviously under the pressure of England, hindered by means of export and transit embargoes the transit of wares for peaceful purposes to Germany.
The German Government has in vain called the attention of neutral
Powers to the fact that it must face the question whether it can longer
persevere in its strict observance of the rules of the London declaration if
Great Britain continues its course and the neutral Powers continue to
acquiesce in these violations of neutrality to the detriment of Germany.
For her violations of international law. England pleads the vital interests
which the Empire has at stake, and the neutral Powers seem to satisfy
themselves with a theoretical protest. Therefore, in fact, they accept the
vital interests of belligerents as sufficient excuse for every method of warfare.
Germany must now appeal to these same vital interests, to its regret. It
therefore sees itself forced to military measures aimed at England in retaliation for the English procedure. Just as England has designated the area
between Scotland and Norway as an area of war, so Germany now declares
all the waters surrounding Great Britain and Ireland, including the entire
English Channel, as an area of war, and thus will proceed against the shipping of the enemy.
For this purpose, beginning Feb. 18 1915, it will endeavor to destroy
every enemy merchant ship that is found in this area of war, without it
always being possible to avert the perils that thus threaten persons and
cargoes.
Neutrals are therefore warned against furthern entrusting crews, passengers and wares to such ships. Their attention is also called to the fact
that it is advisable for their ships to avoid entering this area,for even though
the German naval forces have instructions to avoid violence to neutral
ships in so far as they are recognizable, in view of the misuse of neutral
flags ordered by the British Government and the contingencies of naval
warfare, their becoming victims of torpedoes directed against enemy ships
cannot always be avoided.
At the same time, it is specifically noted that shipping north of the Shetland Islands, in the eastern area of the North Sea, and in a strip of at least
thirty sea miles in width along the Netherland coast, is not imperilled.
The German Government gives such early notice of these measures that
hostile as well as neutral ships may have time to adapt their plans for landing at points in this area of war. It is to be expected that the neutral Powers will show no less consideration for the vital interests of Germany than
for those of England, and will aid in keeping their citizens and the property
of the latter from this area. This is the more to be expected as it must be
to the interests of the neutral Powers to see their destructive war end as
soon as possible.
On the same date the German Embassy at Washington
issued a statement with regard to the decree declaring that
Germany does not intend to molest or seize American vessels
laden with foodstuffs for the civilian population of enemy
countries. We quote the statement below:
The German Ambassador has not received instructions regarding the desision of the German Admiralty, but, according to the text of the decision, the
following seems clear: .
There is nothing new in the communication made on Feb. 4 by the German Admiralty with respect to the attitude of the German Imperial navy
toward the ships of the enemy or toward neutral commerce. It is absurd
to describe this as the proclamation of a paper blockade of the British Isles.
The communication is simply a statement of what has been since the beginning of the war the attitude of the navies of all of the belligerent Powers
towards the ships of the enemy.
A few months ago the English Admiralty proclaimed the closing of the
North Sea, the waters of which are essentially neutral. Germany does not
profess to close even the English Channel to neutral commerce, and she does
not intend to molest or seize American vessels laden with foodstuffs for
the civilian population of enemy countries. It is to be hoped that England
will not make necessary a reconsideration of this attitude by seizing American ships like the Wilhehnina.
Germany does, however, announce to the world that it proposes to conthe enemy, and it adds the notification
tinue to destroy ships belonging to of the facts thatBr
shiplt
areemaccount
to neutral Powers that, on
o
according to secret instructions now known to have
neutral flags,
plo
Government, bona-fide neutral vessels may actubeen issued by the British
ally be endangered.
cm ptedut es
ceerchan
and universally accepted sma
Although, according to well-understood
Justified in destroying
of warfare, naval vessels are perfectly
ivoL. loo.
of the enemy, the German Government now sees fit to issue simply a general reminder to that effect, stating the actual radius of operations of the
German submarines.
The warning may also be taken as in the nature of an answer to the offer
of a prize of £500 made in England for the first British merchant ship that
should succeed in ramming and sinking a German submarine, an offer calculated to revive the long-abandoned practice of privateering.
AEROPLANES NOT CONSIDERED WAR VESSELS.
A protest from the German Embassy at Washington
against the sale of aeroplanes to the Allies, on the ground
that they are in the nature of war vessels, has brought from
Secretary of State Bryan a statement in which the latter
dissents from this view; consequently, the Secretary says: "I
do not regard the obligation imposed by treaty or by the
accepted rules of international law applicable to air-craft
of any sort." In his complaint to the State Department on
Jan. 25 Count von Bernstoff, the German Ambassador, said:
"The Curtiss works at Hammondsport, N. Y., have sold and sent to
England the well-known hydro-aeroplane America and five hydro-aeroplanes of the same type. Thirty-six hydro-aeroplanes of a different type
have been ordered by England and are under construction by the same
firm. Also Russia has ordered a number of these vessels from Curtiss for
use in her navy.
"There is no doubt, and it does not need any explanation, that,from the
standpoint of international law, hydro-aeroplanes have to be considered as
war vessels, and that, therefore, by Article VIII of the agreement concluded
at The Hague on Oct. 18 1907, neutral countries are prohibited to supply
belligerent countries with such vessels. The selling of hydro-aeroplanes
by the Curtiss works,therefore, constitutes a bearch of neutrality. Hydroaeroplanes are not especially mentioned in The Hague agreement for the
simple reason that this kind of war vessels did not yet exist at that time."
Secretary Bryan's reply, made public on the 1st inst., is
as follows:
"The essential statement in your note, which implies an obligation on the
part of this Government to interfere in the sale and delivery of hydroaeroplanes to belligerent Powers is: "There is no doubt that hydro-aeroplanes must be regarded as war vessels whose delivery to belligerent States
by neutrals should be stopped under Article 8 of the Thirteenth Convention
of the Second Hague Conference of Oct. 18 1907.'
"As to this assertion of the character of hydro-aeroplanes. I submit the
following comments: The fact that a hydro-aeroplane is fitted with apparatus to rise from, and alight upon, the sea does not, in my opinion, give it
the character of a vessel any more than the wheels attached to an aeroplane
fitting it to rise from, and alight upon, land give the latter the character
of a land vehicle. Both the hydro-aeroplane and the aeroplane are essentially air craft; as an aid in military operations they can only be used in
the air; the fact that one starts its flight from the surface of the sea and
the other from the land is a mere incident which in no way affects their
aerial character.
"In view of these facts I must dissent from Your Excellency's assertion
that 'there is no doubt that hydro-aeroplanes must be regarded as war
vessels,' and consequently I do not regard the obligations imposed by
treaty or by the accepted rules of international law appliable to air craft
of any sort.
"In this connection I further call to Your Excellency's attention that,
according to the latest advice,s received by this Department from the
German Imperial Government. the latter includes 'balloons and flying
machines and their component parts' in the list of conditional contraband
and that in the Imperial prize ordinance, drafted Sept. 30 1909, and issued
in the Reichs-gesetzblatt on Aug. 3 1914. appear as conditional contraband
'airships and flying machines' (Article 23, Section 8). It thus appears
that the Imperial Government has and still retains air craft of all descriptions in the class of conditional contraband, for which no special treatment
involving neutral duty is, so far as I am advised, provided by any treaty
to which the United States is a signatory or adhering Power.
"As in the views of this Department the provisions of Convention 13
of the Second Hague conference do not apply to hydro-aeroplanes. I do
not consider it necessary to discuss the question as to whether these pro
visions are in force during the present war."
FEDERAL RESERVE MATTERS.
In summarizing the results last week of the conference
between the Federal Reserve agents and the Federal Reserve
Board the latter in a statement under date of the 7th said:
The Board at the first conference presented to the Federal Reserve agents
a list of questions touching the conduct and operation of the Federal Reserve systems and the relations of the Federal Reserve banks with their
members. Practically all of these topics were considered during the deliberations, and various memoranda were prepared by a committee of the
Reserve agents, and a formal report is in preparation.
The Federal Reserve agents presented a report setting forth definite
steps which should be taken in developing the clearing functions of the Federal Reserve banks, both as regards clearings within the several districts
and clearings between the several districts. Among other topics covered
were the bonding of Federal Reserve agents, methods ofimproving the plans
for the issue of currency and the situation at the different banks.
All the Federal Reserve agents were optimistic with regard to the probable
business of the coming year and the chances of profitable operations by
Federal Reserve banks. Some agents reported that the banks were already
fully provided for expenses and a share of their dividends, while in practically all districts it appeared that the support of member banks was being
obtained and that the prospect of successful co-operative work was favorable
The meeting was reported as highly harmonious and was considered productive of beneficial results. It is the first that has been held since the
convention of officers and directors of reserve banks held Oct. 20-22.
The "Baltimore American" of the 7th is authority for the
statement that one feature of the plan developed for the extension of Clearing-House operations by the twelve Federal
Reserve banks provides for the creation of a central fund of
possibly $25,000,000 to be held in Washington to the credit
of the reserve banks to take care of the Clearing-House
functions. The paper quoted further says:
According to information to-night, the central fund in Washington is to
be a gold fund made up of deposits from each of the twelve reserve banks.
FEB. 131915.]
THE CHRONICLE
As now contemplated, each bank might put up about 10% of its reserve
funds in the central fund. It was understood that the Secretary of the Treasury might place some of the Government money now on deposit with national banks in the fund to the credit of Federal Reserve banks. Such action would allow reserve banks to make smaller deposits in the central fund
from their own resources. This part of the plan was said not to have met
the approval of Mr. McAdoo as yet, and it is possible that it will not be
adopted. Its rejection will not affect the general proposal, however.
It has been estimated that the handling of the central fund here will
not entail any great burden on the force of the Federal Reserve Board. It
will be devoted exclusively to taking care of items between Federal Reserve
banks themselves and will have the practical result of setting up a clearing
agency in Washington for the 12 banks. Balances probably will be adjusted only once a week or once a month and will be largely matters of
bookkeeping.
In connection with clearings within a district the conference laid plans
which will not force member banks to clear through their reserve banks,
but which, it is hoped, will prove attractive to bankers and show the advantages of general intra-district clearing. At first the plans contemplate clearance only for such banks as accept it, but eventually it is believed,
that all banks will come in.
Dr. H. Parker Willis, Secretary of the Federal Reserve
Board, was a speaker at the annual dinner of the Railroad
Men's Improvement Society at the Biltmore on the 6th.
Dr. Willis discussed the demands of the railroads for new
capital and the advantages to business in the Federal Reserve Act. We quote the following from his remarks:
The most fundamental fact in the present railway situation is, I believe
the demand for new capital. The railroads, considering their difficulties,
have done well, but certainly the ten years just past have not been encouraging to railroads, nor to the railread investor.
War in Europe has destroyed enormous amounts of fixed and circulating
capital. When the war ends, however, it may turn out that there will be
a great demand for capital to be used in upbuilding industries. The natural
effect of this shortage of capital will be an increase in the rate of interest.
This demand for capital will be a demand for long-term investment funds,
not for money.
While this is proceeding, other enterprises throughout the world will
have to bear their share of the burden. Thus the railways, which are
among the greatest borrowers in every country, must find themselves
hampered by anything which stands in the way of their obtaining the resources they require. They are confronted by a peculiar problem because
of the practice, in recent years, of financing their necessities in no inconsiderable degree on a short-term basis.
There is a second factor that deserves careful consideration. This is the
change in our banking system. If the business community contents itself
with simply continuing its present methods it will derive great advantage
from the Federal Reserve Act.
It will find that local banks will be able, by re-discounting the paper
of
local enterprises, to provide the funds needed by such enterprises in
their
commercial transactions; that there will be no such wide fluctuations of
interest rates either geographically or from season to season as now
exists:
that there will be no need of emergency measures to safeguard the
country
from the possible results of financial panic or stringency. Credit will
be
more simply available, cheaper and more equitably open to all.
While the Act will be of enormous advantage to the business world, it
is
not well for any thinker on the subject to mislead himself in th the
belief that
such legislation will do the impossible. The Federal Reserve
Act is not a
measure which has to do with long-term investment of capital,
and those
who look to it as a direct means of relief for manufacturin
g enterprises,
like those who look to it as a means of providing agricultural
resources, must
inevitably be disappointed.
Above all things else, it is imperative to turn the funding
of railway obligations into long-term securities and to place those
securities in the hands
of the public. The railroad is not in the position of
a commercial borrower,
and it has long been a familiar fact that the best rates
of interest and the
most favorable terms were obtained by giving to railroad
securities a
reasonably distant maturity, and it has been equally obvious that
the credit
of railroads was best safeguarded and the stability of their funded
indebt
edness was most strongly assured when the securities were widely distribute
and their bonds held by bona fide investors, who bought them because they
sought a safe investment for their funds and intended to hold them because
of the income-producing power of the securities.
A resolution intended to dissipate any prevailing idea that
Baltimore has abandoned hope of being made the headquarters of the Federal Reserve Bank of the Fifth District in
place of Richmond was adopted by the Baltimore ClearingHouse Association on the 5th inst. The resolution reads
as follows:
527
notifying members that checks drawn on it and sent outside
the district for the purpose of creating exchange for themselves or other banks will be subject to exchange charges
to cover the cost of shipping the currency from Atlanta to
the Reserve Bank from which the checks are received.
FEDERAL RESERVE BANK OF ATLANTA.
Atlanta, Ga., February 3 1915.
To Member Banks:
As you are aware, no general clearing relations have been established
between the several Federal Reserve banks or between districts, and as a
consequence balances between the Federal Reserve banks, created by receiving checks upon each other, can only be settled by the shipment of
currency or gold.
Many of our members have been drawing their drafts on this bank,sending them outside of the district for the purpose of creating exchange
either
for themselves or for other banks, and such members
are now informed that
until further notice their checks against excess balances with
us, however
created, used in a way to make exchange or to transfer balances to
any
correspondent in cities outside of this district, when
such checks reach us
through any other Federal Reserve Bank, will be subject
to exchange or
transfer charges based upon the cost of shipping currency
from this city
to the Federal Reserve Bank from which such checks may be received.
From the experience we have had we find the cost of such shipments to be
on an average of about thirty cents per thousand
dollars.
Member banks are permitted, however, to draw against any excess balances they have over and above their reserve requirement,
and such checks
reaching us from member banks in the district will not be subject charge.
to
For the information of our members, we would state
that similar action
has been found necessary in other districts, and this charge covering
cost
of transportation has been authorized by the Federal Reserve Board
at
Washington. The entire subject of clearing is under study
by all the Federal Reserve banks as well as the Federal Reserve Board.
and full information
relating to the subject will be furnished without unnecessary
delay as soon
as a plan can be determined upon under which clearing may be
undertaken.
Respectfully,
JOS. A. McCORD, Governor.
Oscar Wells, whose resignation as Governor of the Federal Reserve Bank of Dallas (District No. 7), was reported
last week, relinquishes the governorship to become President of the First National Bank of Birmingham. This is
the institution of which W.P. G. Harding was at the head
before he entered the Federal Reserve Board at Washington. E. 0. Tenison, Chairman and Reserve Agent of the
Dallas Reserve Bank, has been tendered the office of Governor, succeeding Mr. Wells. John T. Scott, President of the
First National Bank of Houston, has been endorsed by the
Houston Clearing-House Association as successor to Mr.
Wells as a director of the Dallas Reserve Bank.
The discount rate of the Minneapolis Federal Reserve
Bank on agricultural and live-stock paper running over
ninety days has been reduced from 6 to 5%%.
A petition to have a certain section of Oklahoma now
included in the Dallas Federal Reserve District transferred
to the Federal Reserve District of Kansas City was heard
by the Federal Reserve Board on the 10th. A part of the
State of Oklahoma is already included in the Kansas City
District.
Curtis L. Mosher, at one time Secretary to Howard Elliott
when the latter was President of the Northern Pacific RR.,
and more recently identified with publicity and development work in Minneapolis, has been appointed Assistant to
Federal Reserve Agent John H. Rich of the Federal Reserve
Bank of Minneapolis. The bank is to undertake a campaign of education and publicity to acquaint the public
and member banks with the functions of the Reserve banks,
and Mr. Mosher will undertake the task.
PROPOSED NATIONAL EMPLOYMENT BUREAU AND
INQUIRY INTO THE UNEMPLOYED.
A favorable report on a bill for the creation of a
National'
Employment Bureau in the Department of Labor was
ordered by the House Committee on Labor on the
3d inst.
The bill, sponsored by Repersentative McDonald,
provides
for the creation of a new bureau in the Departmen
t of Labor
which shall publish bulletins, publish demands
for labor
and the demands for jobs, gather statistics
on the subject
and aid in bringing employer and employee together. The
bureau would be under the suprevision of three commissioners at a nominal salary, and the post offices throughout the
country would be 'utilized as labor exchanges. The expenses
of the work would be paid for by fees from corporations advertising for labor and fees from such laborers as are able to
pay the same.
On Jan. 26 announcement was made by Secretary of
Labor Wilson of the inauguration by his Department of a
system to aid in securing employment for wage earners.
Under date of the 3d inst. the Federal Reserve Bank of Concerning the new bureau, Mr. Wilson said:
The
Atlanta (District No. 6) has issued the following circular BureauDepartment of Labor, through the Division of Information of the
of Immigration, has recently established distribution branches
Whereas, It has become known to the members of this Association that
a request has been made of officers of certain national banks of Baltimore
City that they should indorse a certain employee of the Treasury Depart
ment for a position in a Federal Reserve branch bank which said applicant
stated would be located in tho city of Baltimore; and
Whereas, It is and always has been the earnest desire of the members
of this Association that the Federal Reserve Bank for the Fifth District
be located in the city of Baltimore, and
the location of a branch bank in
thib city would not fulfill the wish and desire of this Association and would
not satisfy the just claims which the city
of Baltimore has,in the opinion
of the members of this Association, for such banks; now, therefore,
be it
Resolved, That the members of this Association and the officers
of the
individual banks, members thereof, will
not, pending the decision of the
appeal which has been made to the Federal Reserve Board, in any
manner
whatsoever give any approval or recommendation
or oven a conditional
approval or recommendation to any person or persons whatsoever
for any
position of any kind in any rumored reserve branch bank in the
city: and
be it further
Resolved, That the establishment of a branch Federal Reserve Bank
in
the city of Baltimore would not, in the opinion of the members of this
Association, meet or satisfy the appeal which the members
of this Association have made to the Federal Reser° Board and would not be
doing
justice to the demands which have been made on behalf of the city
of
Baltimore for the location of the Federal Resevve Bank for the
Fifth District in said city of Baltimore.
528
THE CHRONICLE
throughout the country for the purpose on the one hand of developing the
welfare of the wage earners of the United States and improving their opportunities for profitable employment, and on the other hand of affording
to employers a method whereby they may make application for such help
as they may need, either male or female, citizens or alien residents, aud
have their wants supplied through said distribution branches. No fee is
charged employer or employee {for this service. Careful attention will be
given to the selection of applicants with a view to directing to employers
only such help as is specified in the application.
Through the Department of Labor an effort, it is stated,
will be made to determine the number of unemployed.
This Department has been collecting information in NewYork
on the subject for some time, but it is not and will not take
a regular "census" of the men out of work. Secretary Wilson stated on Jan. 25 that the Department has instructed the
Bureau of Labor Statistics "to gather information from all
available sources as to the approximate number of unemployed in Greater New York."
The investigation into the extent of unemployment, which
has begun in New York, it is understood, will be confined to
the seaport cities. President Wilson seemingly discredits
the numbers reported to be idle, having stated on Jan. 26
that he had been informed that many of the counts of the
unemployed are exaggerated. At the same time, the President took occasion to state that he found many evidences of
optimism in the business outlook. He said he had information from many sources, official and private, that business is
improving steadily, and he added that there are no indications, so far as he is aware, of business depression now.
There has been no depression, the President contended, west
of the Mississippi.
[VOL. 100.
of all flags. The Ambassador declared that as a result of
the European war Argentine's imports of manufactures had
been diminished fully $100,000,000 and suggested that
America ought to supply this demand.
Secretary of Commerce William B. Redfield, who at the
banquet of the Chamber on the 4th inst. stated that he
had dispatches from two foreign governments inviting the
United States to supplant belligerent European nations in
supplying their countries with articles made in the United
States, had something further to say in the matter on the
5th inst. After asserting that the January trade figures
would add at least $150,000,000 to the balance of exports
over imports, he is quoted to the following effect in the
New York "Times:"
And so we have paid the floating debt, and meanwhile we have recovered
our poise at home, and now face, if we are permitted to face, the greatest
opportunity commercially that ever came to an industrial State.
I wonder if some hard-headed business man thinks that hyperbole. I
have had a dispatch from the Prime Minister of a great country abroad, so
frank as hardly to be publishable in its original form, almost begging—let
us say strongly urging—that America take the place in his country that
Europe has laid aside.
I have another from a monarch of a European Power,saying frankly
which
that he wanted America to come into his land and take the place
of that
others had hitherto filled. To-day an able attache is at the Court
God, and entering his
monarch, speaking the monarch's language, thank
country to do what he can do to unite that nation to ours.
The King has said that he will put into America a branch of the bank of
his country if we will undertake to establish banks in his country, and that
whatever he can do officially to forward American commerce in his land
shall be willingly and continuously done.
That is the least of it. I beg of you not to be persuaded by the daily
news columns of the press into the belief that our foreign trade lies chiefly
n what we may call, for lack of a better term, "war orders." That is not
so. It is a complete misunderstanding of the whole situation.
Where would you golf you were a foreign merchant, let us say in Ceiyon,
FINAL SESSION U. S. CHAMBER OF COMMERCE—
Japan, China, Australia, or Siam, to place an order that required four
ON INCOME TAX, &C.
RESOLUTIONS
months for manufacture and shipment, save to the United States? Where
America,from
South Africa,
At its concluding session in Washington on the 5th inst., would you go fromplace an orderfrom Southfour months to Iceland, or from
fill, save to the
that took
to
the United States adopted New Zealand,
the Chamber of Commerce of
United States?
now for credits, and for
It is because the world Is coming to America
the following resolution on the lincome tax presented by the
very true sense she can go nowhere else. that I am
Merchants' Association of New York, protesting against goods, and because in athe present commercial opportunities for the United
deeply concerned about
law which denies the right to the States. We have had hitherto two great competitors in the world's marany interpretation of the
taxpayer to deduct from his income losses arising from trans- kets. Where are they now? In spite of their competition, highly organized,
scientifically localized,all overthe earth, backed by tremendous power of
actions the profit 3 from which it is his duty to include:
inance—in spite of it all we have grown so far as to be one of the "Big
Resolved, That the Chamber of Commerce of the United States of America
Three" in the world's markets.
in annual meeting assembled here protest against any interpretation of the
ncome Law which denies to the taxpayer the right to deduct from his inJohn H. Fahey of Boston has been re-elected President
come losses arising from transactions the profits from which it is his duty
of the Association. The other officers were chosen as
to include; and be it further
Resolved. That the President of the Chamber appoint a committee to follows: Honorary Vice-Presidents, Henry A. Wheeler,
present the above resolution to the Treasury Department and to present
arguments for the reconsideration of its present rulings on this point; and Chicago; A. B. Farquhar, York, Pa.; Vice-Presidents, Robbe it further
ert F. Maddox, Atlanta; Henry L. Corbett, Portland, Ore.;
Resolved, That in event the Department does not see its way clear to
John Joy Edson, Washington, D. C.; Chairman
grant relief from this unjust burden, the directors of the Chamber take such Treasurer,
action as is necessary to bring the subject to the attention of Congress and of Executive Committee, R. G. Rhett, Charleston, S. C.
to secure, if possible, amendment of the law which will prevent the taxation
of income which does not in fact exist, by allowing the deduction from
THE STOCK EXCHANGES.
taxable income of all losses, however incurred, actually sustained during
the taxable year.
A New York Sto k Exchange membership was reported
The Chamber also went-on record as favoring a permanent
tariff commission for the continuous study of the subject
of tariff revision, the commission to be organized "with
sufficiently stable tenure of office to be independent of all
political considerations." On the subject of a national
budget, the Chamber, acting upon the recommendation of
the Association of Commerce of Chicago, declared itself as
follows:
Resolved, That the Chamber of Commerce of the United States of America
re-affirms its approval of the proposal for a national budget and for budgetary procedure in relation to the annual estimates of the executive departments, and in comection with the annual appropriations for expenditures
by Congress, and urges upon the attention of the President of the United
States and of the members of Congress the advantage of, if not the necessity for, great improvements in present methods of preparing and publishing
estimates both of expenditure and of revenue;
And, that the Chamber further recommends to the consideration of the
President and of Congress the 1proposals for budgetary procedure which
havo9een exhibited by the Chamber in its original referendum and in its
pu lieations subsequently thereto.
The Chamber also expressed its appreciation of "the
magnitude of the task committed to the Federal Trade
Commission, the benefits that may result from hearty cooperation between the commission and the commercial interests,of the country,and the certain detriment"sure to arise
from an attitude of indifference or opposition; it furthermore cordially approved the suggestion of President Fahey
to appoint a committee to carry this spirit of co-operation
into effect, and expressed "the hope that this voluntary
committee representing the business interests of the country
may come to occupy a relationship toward this commission
for the Advisory Council under the
not unlike that providing
Federal Reserve Act."
was an appeal of Ambassador
A feature of the session
urged complete
of the Argentine Republic; who
Naon,
commerce between the Americas in ships
neutralization of
posted for transfer this week, the consideration being given
as $42,000. This is the same price as the last previous sale.
The following changes were made this week in minimum
prices for stocks below which transactions are not allowed
on the New York Stock Exchange. We give the successive
changes made in each stock where more than one change has
been made during the week, and also the previous minimum.
Previous --Changes with Dates_____.
When Effective.
Minimum.
Stock—
83 Feb. 9
85
American Express
28 Feb. 10
30
Baldwin Locomotive Works
100 Feb. 9
Corp., pref_..I03
International Harvester
23
20 Feb. 9
Loose-Wiles Biscuit, coin.stk. tr.ctfs,
95
92 Feb. 9
First preferred
85
82 Feb. 9
Second preferred
98
96 Feb. 9
preferred
Pressed Steel Car,
38
8
11
Line, preferredb 10
Seaboard Air
57
f55 Feb. 81
50
Southern Railway, preferred
153 Feb. 9J
40
36 Feb. 10
38 Feb. 8
U. S. Realty & Improvement
I Listed this week 1 Free Feb. 11
Willys-Overland,common
1 Free Feb. 11
Preferred
The Special Committee of the Philadelphia Stock Exchange
on Feb. 6 ruled that on and after Monday, Feb. 8 1915,
transactions may be made in the following securities without
restriction:
Slocks.—Alllanee Insurance Co., Cambria Iron Co., Consolidated Traction Co. of N. J., Fairmount Park Transportation Co., Insurance Co. of
North America, Interstate Railways Co. common, Interstate Railways Co.
preferred, Keystone Telephone Co. common, Philadelphia Traction Co..
Railways Company General.
Bonds.—LehIgh Valley Transit Co. ref. & impt. mtge. 5s, due 1960.
It was also announced on Feb.9 that on and after Feb. 10
transactions in Philadelphia Rapid Transit stook and trust
certificates may be made without restrictions.
The Special Committee also ruled on Feb. 6 that on and
after Monday, Feb. 8 1915, transactions may be made
FEB. 13 1915.]
THE CHRONICLE
529
buyer's or seller's option, in accordance with the rules of the stated, are patrolling the coasts to prevent cargoes from
Exchange.
being landed at Austrian ports.
The minimum prices for Baldwin Locomotive Works
stocks on the Philadelphia Stock Exchange have been lowered
AUSTRALIAN METAL EMBARGO REMOVED.
to 28 for the common and 99 for the preferred.
The embargo on the export of metals from Australia has
been removed in favor of the United States, subject to a
The following notice regarding the lowering of minimum guaranty that the
metals will not reach any British enemy
prices was posted on the Pittsburgh Stock Exchange on except by capture,
according to information reported to
Feb. 9:
have been received by the New South Wales Trade ComBeginning with Wednesday. Feb. 10, the following new minimums will
be established: National Fireproofing pref,. 19; Pittsburg Brewing pref.. missioner.
19; Independent Brewing pref., 19; Union Switch & Signal corn., 94.
GERMANY RESTRICTS USE OF METALS FOR ARMY.
According to a decision reached by the Committee of
—PRODUCTION OF BEET SUGAR CURTAILED.
Management of the Winnipeg Stock Exchange at a meeting
A dispatch from Rotterdam to London on the 1st inst.
on Feb. 5, the Exchange reopened for limited trading on stated that the German Government had issued an order
Monday of this week (Feb. 8). It was announced that all directing that all stores of copper, tin, aluminum, nickel,
sales must be approved by the Committee and that a mini- antimony and lead be reserved for the use of the army.
mum price will be fixed for certain stocks, others to be added
from time to time. The Exchange closed on July 29 1914.
Reports from Amsterdam on the 1st inst. stated that the
German Federal Council had decided to curtail by onequarter the legal restrictions on the cultivation of beet root
SWEDISH GOVERNMENT MEASURES.
The imposition by the Swedish Government of a fine of this year. Why the reduction is not greater is explained by
$1,250 and imprisonment for any one buying or selling gold a letter the Federal Sugar Refining Co. has received from a
co respondent in Germany, who says:
co ns above par was announced on January 15th.
a strong opposition
Decrees prohibiting the transit or forwarding to belliger- in "There is sowings this spring by the manufacturers to a large curtailment
the beet
for the following reasons: If the war
ent Powers of all kinds of war materials, as well as raw ma, tinues, our country will not only be short of 1,200,000 tons of cereals,conbut
also 6,000,000 tons of cattle feed imported in 1913,for the greater
terial essential to their manufacture, were issued at the same
part
from the United States. There ls no better crop by which this loss can
time by the Swedish Government.
be covered than sugar beets, which are rich in nourishing elements
Regulations have also been issued stipulating that all easily be preserved for any length of time by proper treatment. and can
"Further, it should be considered that usually in Germany a great
wheat bread must contain a minimum of 30% rye meal, and
for power
rye bread must be of the following composition : Sixty parts amount of papers are distilled to alcohol, usedat present and lighting
purposes. This product is the more valuable
as the import
rye meal, ten parts potato meal, orb:fried potatoes, and thirty of naphtha is impossible.
"If the war continues to next fall, the surplus of:sugar beets will be dried
parts common potatoes
and distilled, but
SWISS MONOPOLY OF CEREAL EXPORTS.
A monopoly by the Swiss Government on the exportation
of all cereals from Switzerland, as well as the sale of all
cereals within the country, went into operation on the 12th
ult. The action was taken with a view to preventing any
contraband trade in foodstuffs in favor of Germany or
Austria.
if we have peace before that time, all the beets will be
worked to sugar, which, in all probability, will be a very rare article next
fall in the world market."
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The public sales of bank stocks this week aggregate 74
shares, of which 47 shares were sold at the Stock Exchange
and 27 shares at auction. No trust company stocks were
sold.
Shares. BANKS—Ncto York.
Low. High. Close.
Last previous sale.
*47 Commerce, Nat. Bank of_
168
168
170
Feb. 1916— 170%
REQUIREMENTS GOVERNING SHIPMENTS TO
27 Security Bank
8236 82% 8235
SWITZERLAND.
* Sold at the Stock Exchange.
In response to inquiries concerning the requirements incidental to shipments to Switzerland, the Swiss Legation at
Albert R. Fish was this week elected a Governor of the
Washington has issued the following statement, we learn
,Stock Exchange, succeeding Alfred Mestre, resigned.
from the "Journal of Commerce" of the 6th:
"It is, therefore, stated that all goods destined for Switzerland must be
consigned directly to a Swiss consignee and not to a forwarding agent
At the annual meeting on the 5th inst, of the Association
in
a French or Italian port.
"Indeed, by virtue of a recent Italian decree, goods consigned to Italy of Stock Exchange partners, the following officers were
cannot be re-exported from that country, and consequently the merchandise elected: President, C. H. Boynton; Vice-P
resident, Charles
with Switzerland as its ultimate destination, but consigned to a firm in S. Sargent
Jr., and Treasurer, J. W.Prentiss. The GoverItaly, would not be received in Switzerland.
"Concerning the shipment formalities in New York. it is a matter of fact nors chosen are Arthur Hagen, Robert H. McCurdy,
that most of the steamship lines accept goods for Switzerland only if the7 Richard H. Swartwout and H. R. Winthrop, for three
years,
are accompanied by a declaration from the Swiss Legation in Washington, and Vernon C. Brown
and Robert C. Cairns for two years.
stating that the respective articles are not to be re-exported from SwitzerThe following is the nominating committee for 1915: George
land. The vise of the'British Embassy is required, and also the vise of the
T. Adee, Arthur Myles, John H. Holden, Erastus M.
Italian Embassy if the goods are to be shipped via Italy.
Cra"This declaration can be given for goods which figure on the Swiss vath and Buell Hollister, of Pyne,
Kendall & Hollister.
embargo list. This list will be found at all Swiss consulates, where the
declaration also may be obtained; but to avoid greater expense exporters
are advised to inquire at the shipping agencies if the certificate of the
Legation or of the consulate is required.
"For goods not indicated on the Swiss embargo list a declaration that
they are not to be re-exported from Switzerland can only be given upon
special cable instructions from the Swiss Government. American exporters who wish to obtain this certificate are advised to communicate with the
Swiss Legation in Washington, which is willing to ask at Bern for the
necessary authorization at the expense of the exporter ($3 to $C)"
At the request of New York State Superintendent
of Banks
Eugene Lamb Richards, representatives of State Comptroller
Travis began an investigation of the State Banking
ment on the 3d inst. Superintendent Richards Departis said to
have asked for the investigation in order that it
might be
brought to light that the conduct of his department
has been
economical and proper. An investigation of
the Excise
Department was commenced at the same time.
Examiners
in charge of Deputy Comptroller
Fred.P.Reusswig
into both of these departments with instructions were sent
to examine
into the financial affairs of the offices and
to report as soon
as possible so that recommendations,
if necessary, may be
submitted to the Governor and to the Legislature.
ITALY ABOLISHES DUTY ON WHEAT—OTHER
RESTRICTIONS.
A decree was signed by King Emanuel of Italy on January
31 abolishing the customs duty on wheat for a period of
five months, reducing by a half the railroad and steamship
tariff for the transportation of wheat,authorizing the Government to requisition wheat, flour and other cereals hoarded
for purposes of speculation, and, if necessary, to regulate
The operation of the provisions of the Federal Reserve
breadmaking and the sale of flour and bread.
Act, in their application to every-day banking transactions
with customers,is outlined and illustrated in a comprehensive
On the 8th inst. the Italian Government extended its booklet
prohibition of the exportation of foodstuffs so as to include man entitled "The Bank of To-Day," issued by the HarriNational Bank, New York. While it is now generally
salted and potted meats, oil, and everything serving to feed
understood that the Federal Reserve banks have no direct
cattle, poultry and other animals. The only articles of exdealings with the public, but are exclusively bankers' banks,
portation now are fruit, vegetables, milk and butter. The
nevertheless many of the provisions of the Act directly conGovernment has increased the surveillance on the frontiers, cern
the
with the object of checking contraband. Warships, it is ticularly business customer of the bank. This applies parto the rules and regulations issued to the banks by
530
THE CHRONICLE
[VOL. loo.
the Federal Reserve Board, and in this booklet the Harriman New York. The dividend will be paid only to those deposiNational Bank has attempted to make the matter clear and tors whose claims have been filed and allowed.
easily understood, thus rendering the publication of distinct
The First National Bank of Islip, Long Island, which
value to merchants as well as to other customers of national
closed its doors on Dec. 26 last, re-opened on the 8th inst.
banks.
The resumption of the institution was effected by the raising
in large part coming from the shareSecretary Frederick R. Fenton of the Investment Bankers' of $62,500, the money
upon to pay an assessment of $250
Association of America is distributing to the membership holders,who were called
bound in volume form. The per share on the $25,000 capital; or:th the failure of some
the third annual proceedings
assessment, certain of the
contents this year are particularly interesting, covering rail- of the shareholders to pay the
financing in all its aspects, discussions on the security residents formed a pool to supply about $10,000 of the sum
road
required to be paid in bringing about the
for gas bonds, the reports of the several committees,copy of which the receiver
the bank. The suspension of the institution
the constitution, list of officers, committees and members of rehabilitation of
occurred following the temporary disappearance of H. Claythe Association.
ton Haff, Cashier, whose whereabouts were unknown to the
the period from Dec. 12 to Dec. 21. The
The new Land Bank of the State of New York, referred to bank officials for
opened for business on former Cashier was arraigned on Jan. 13 before Judge Veeder
in these columns several weeks ago,
Court in Brooklyn on
Jan.29 in temporary quarters in the offices of the State Bank- in the United States District making a false entry an inin his
him with
Department at 61 Broadway. The institution, which be- dictment charging
ing
in October report to the Comptroller of the Currency. He was
gins with a minimum capital of $100,000, has been formed
pursuance of a law passed by the Legislature last year. Its released under $5,000 bail. bank was perfected at a meeting
The reorganization of the
object is to lend money on farm mortgages by the amortion the 6th inst., when Eugene R. Smith, Chairman of the
zation plan. The officers are as given on page 370 of our
committee, was elected President; County
issue of Jan. 30, except that B. G. Parker of Gouverneur, stockholders'
Clerk James F. Richardson, a large stockholder, was made
in the presidency.
N. Y., has replaced Edgar A. Newell
First Vice-President; John Vos was named as Second VicePresident, and William J. Large was chosen Cashier. Mr.
In furtherance of plans for the opening by the National Large has been Assistant Cashier of the Bank of Coney
City Bank of a branch at Rio de Janeiro, Brazil, eleven Island. Some of those who assisted in bringing about the
employees of the bank sailed for Brazil last Saturday. Pre- reorganization are J. Henry Dick, Horace Havemeyer,
ceding their departure a luncheon was tendered them at the Samuel T. Peters, John B. Stanchfield and Benjamin S.
bank. The National City Bank made its initial entry into Wells. It is understood that the larger depositors have
foreign territory last November with its establishment of a agreed to a deferred-payment plan. The shortage in the
branch at Buenos Aires, this being the first branch of an bank is said to have been due to delinquent notes and bad
American bank to be established outside the United States. loans.
—4-The party which will assist in the work of establishing the
A reorganization of the Eagle Savings & Loan Co. of
Rio de Janeiro branch is in charge of L. J. Burnes, Assistant
Manager of the Foreign Exchange Department of the Brooklyn Borough was effected on the 20th ult. when sevNational Exchange Bank, R. 0. Bailey and J. C. Martine. eral new directors were elected. At the subsequent election of
Messrs. Bailey and Martine attended to the preliminary officers on the 21st ult. the one change made was the election
details incident to the opening of the Buenos Aires branch of William H. Gluck as Treasurer, succeeding Joseph Wood,
who resigned some time since. Ward W. Pickard is Presiof the bank.
dent; John B. Creighton, First Vice-President and SecreFred A. Mack has been elected a director of the Columbia tary, and George J. Jardin, Second Vice-President.
Bank of this city.
The plans whereby the cap-ital of the Fidelity Trust Co.
Norman B. Ream, the capitalist and financier, died on of Newark is to be increased from $2,000,000 to $3,000,000
the 9th inst. at the Presbyterian Hospital in this city in were ratified by the stockholders of the institution on the
his seventy-first year. Although Mr. Ream, who was born 8th inst. The arrangements embody the payment of an
in Somerset County, Pa., entered the ranks of wage earners extraordinary dividend of 375% to the stockholders,275%,
at the age of fourteen as a school teacher, he continued at or $5,500,000, being paid in cash,50% in stock of the Public
that work for about six months only, when he entered the Service Corporation, while 50% is to be in the nature of a
Normal School. At the age of seventeen he enlisted in the stock dividend. The detailed proceedings ere set out
Civil War, and after being seriously wounded in February in our issue of Jan. 30. It is expected that the dividend
1864 he was honorably discharged for disability. For a declarations will be made next week.
time he was employed as a clerk in Harnesdville, Pa., but
Robert Sutherland Ross, Vic- e-President of the Commercial
later located in the West, eventually at Chicago, starting
Trust Co. of Jersey City, died suddenly in this city on the
his career in that city in 1871 as a grain and live-stock comin Jersey City 49 years ago
mission merchant, and for a time, with John Cudahy, 6th inst. Mr. Ross was born
estate
and was particularly well known in financial and real
Nathaniel Jones and Charles Singer, virtually controlled the
in that city. Up to a few weeks ago he also served
Chicago grain market. Mr. Ream became a member of affairs
Third National Bank and was instruthe New York Stock Exchange in 1885, but withdrew from as President of the
mental in bringing about its recent consolidation with the
the commission business in 1888 to devote his attention
to real estate and corporate interests. He was one of the Commercial Trust Co.
organizers of the National Biscuit Co., and was active in
Hosmer P. Redfield has b- een elected Treasurer of the
the formation of thajUnited States Steel Co. He had been Connecticut Trust & Safe Deposit Co. of Hartford, sucintimately associated with such men as Marshall Field, ceeding the late John P. Wheeler. Mr. Redfield had been
George M. Pullman, E. H. Gary and J. P. Morgan. For Assistant Treasurer since 1894, and prior thereto had been
many years he had made his headquarters in New York Teller from 1887. His successor as Assistant Treasurer
at 24 Broad Street. He was on the board of directors of
is Allen H. Newton, who has been in the employ of the comnumerous corporations.
pany for a number of years, serving since 1903 as Teller.
James C. Fargo, formerly head of the American Express
Co., died at his home in this city on the 8th inst. He was
in his eighty-sixth year. Mr. Fargo retired from the express
field inJune 1914. Out of respect to his memory the business of the American Express Co., extending over 73,000
miles of railroad, was brought to a standstill at noon on
Wednesday, the day of the funeral.
The payment of a 10% dividend to the creditors of Adolf
Mandel, private banker, 155 Rivington Street, this city,
being liquidated by the
whose business and affairs are
as receiver in bankruptcy, has been authorSuperintendent
States District Court of
ized by Judge Mayer of the United
The annual report of the Fidelity Trust Co. of Philadelphia for the year ending Jan.31 1915 shows that not earnings
amounted to $1,451,981, equivalent to over 36% upon the
outstanding capital stock of $4,000,000. The statement
contains a very interesting comparison of figures indicating
the growth of the company during the past ten years. On
Jan.31 1905 the capital was$2,000,000;the surplus$6,000,000
and undivided profits $358,114. On Jan. 31 1915 the report shows the capital to be $4,000,000, the surplus $11,000,000 (a gain of $5,000,000) with undivided profits of
$1,289,808 (a gain of $931,694). This increase of $5,931,694 has been attained after paying dividends of $6,280,000 and distributing gratuities of $169,443, the surplus being
FEB. 13 1915.]
THE CHRONICLE
531
accumulated exclusively out of earnings. During the same directo
r of the Sioux City Stockyards, director of the St.
period of ten years the amount of funds held in trust Louis Stock
Yards, and other concerns.
increased from $110,105,761 to $192,817,956, an increase of
$82,712,195. The institution, of which Rudulph Ellis is PreWith regard to the merger of the Commercial National
sident, has deposits of $28,736,263 and aggregate resources
Bank, the Old Second National Bank and the People's
of $45,114,584.
Savings Bank of Bay City, Mich., announced in December,
we are advised, under date of the 6th inst., that the People's
David C. Bradley was elected last week a director of the Savings
Bank will remain in its present location, but the Old
Exchange National Bank of Philadelphia in place of Second
Corn
National has moved into the new Commercial Bank
William W. Supplee, resigned. Mr. SuPplee, who had been Building.
The merger was effected under the name of the
a director since 1896 and also a Vice-President for a number People'
s Commercial & Savings Bank.
of years, was obliged to resign owing to ill health.
As to the consolidation of the Lumberman's State Bank
and the Bay County Savings Bank, arranged last summe
r
At a meeting of the directors of the Ninth National Bank under the name of
the latter, to become effective with the
of Philadelphia on the 3d inst., E. Henry Thurman was beginning of the
present
appointed an Assistant Cashier. The other officers of this the time being remain year, we learn that both banks for
in their present locations.
bank are Ira W. Barnes, President; Joseph T. Pearson,
Vice-President, and John G. Sonneborn, Cashier.
It is announced that W. T. Ravenscroft, Presid
ent and
principal organizer of the Federal National Bank Denver
of
,
John Young, formerly Auditor of the Farmers' Deposit Colo., will shortly resign to
accept the vice-presidency of
National Bank of Pittsburgh, died in the Western Peniten- the St. Louis Union Trust
Co.
tiary on Jan. 26. He was sentenced in June 1908 to serve Vice-President of the Federa of St. Louis. A.J. Bromfield,
l National, it is understood will
a ten-year sentence, following his conviction on charges of succeed Mr. Ravenscrof .
misapplying the bank's funds. He was to have been released
on Feb. 20, his sentence having been commuted to that date
The Thomas Cruse Savings Bank of
Helena, Mont.,
for good behavior.
capital $100,000, has been taken over and
consolidated with
the Montana Trust & Savings Bank of that city.
The latter
It is announced that W. L. Connell, who has been the is affiliated with the
National Bank of Montana, of which
President of the Union National Bank of Scranton, Pa., T. A. Marlow is Presid
ent. The deith of the organizer and
since its organization eigh years ago, has resigned so as to President of the Thoma
s Cruse Savings Bank, Col. Thomas
devote his entire time to personal activities. F. W. Woller- Cruse, brought abo t
its absorption
ton, Vice-President, it s stated, has been advanced to the
pr,sidency.
N. B. Solner, Cashier of the Union Savings & Trust Co.
of Seattle since its organization in 1903 has been elected
The Garfield Savings Bank Co. of Cleveland will estab- Vice-Presi
dent and Trust Officer of the institution. Mr.
lish shortly a profit-sharing plan for the benefit of its em- Solner
will continue to act temporarily as Cashier.
ployees. Beginning with the March 31 quarter, this year,
and each subsequent quarter-year, after a sufficient sum
to
R. P. Loomis has been advanced from the office of Aspay dividends and add 2
to surplus is taken from the sistant Cashie
r to that of Cashier of the Metropolitan Bank
net earnings, 4% of the remaining net profits will be
set
aside for the profit-sharing fund. Employees may con- of Seattle, J. T. McVay,who had officiated as Vice-President
and Cashier, having relinquished the latter office.
tribute 3% of their monthly salaries to the fund. At
the
end of each five-year period the total fund, plus accumu
lated
The new Cashier of the Enterprise Bank of Charleston,
earnings, will be distributed in proportion to the amoun
t S. C., is Arthur L.
contributed by each employee.
Way, not Arthur L. Nay, as the types
made us state in our issue of Jan. 30.
B. S. Dickson has been elected President of
Savings Bank of Columbus,0.,succeeding C. the Columbus
J. H. Barr, President of the First National Bank of Birmwho retires from the presidency and directo G. Henderson, ingham, is to become Chairman of the board of the
rate, because of
instituimpaired health. The new President has
tion, succeeding Major E.M.Tutwiler, who had accept
ed the
with the institution as teller and Secreta been connected post only on condition that he be called upon
ry for 28 years.
to fill the office
W. C. Willard, President of the Hayden-Clinton
temporarily. Mr. Barr will be succeeded in the
presidency
National
Bank, has assumed the treasurership of the
Columbus Sav- by Oscar Wells, who resigns as Governor of the Federal Reserve Bank of Dallas. Mr. Wells is one of the
ings Bank and H. E.Bradley has been made Vice
most promis-President. ing young
bankers in the South. He is a native of Missou
ri
and after taking a collegiate course became
The Fletcher Savings & Trust Co. of Indianapolis is
associated with
now others in
domiciled in its handsome new bank and office buildin
organizing the Wells Banking Company.
g at
In
the corner of Pennsylvania and Market streets in that city. 1899 he bought the Bank of Edgerton at Edgerton, Mo.
He
became its President,but relinquished this office
The trust company occupies the first threefloors of the buildto become
Cashier of the Carthage National Bank.
ing. The main banking room is particularly handso
Since 1905 he
me,
constructed of marble and bronze; the color scheme is Taver- had been identified with banking interests in Texas.
He
served as Cashier of the Fort Worth
nell Claire marble with a honed finish. The offices on
National Bank until
the 1909, when he
second and third floors have balconies which
went to Houston to become Cashier of the
are
open and look down through an open court to the entirely Commercial National Bank. In 1912 he was
elected Vicemain floor. Presid
The Fletcher Savings & Trust Co. was organized
ent of the Union National Bank of Housto
in 1912, be- he
n, with which
ing a consolidation of the Marion and Germa
n-American of remained until his appointment as director and Governor
trust companies. It has a capital of $1,500
the Federal Reserve Bank.
,000. Evans
Woollen is President, Albert Metzger and Hugh
Dougherty
are Vice-Presidents, Armin Bohn is Treasurer,
THE ENGLISH GOLD AND SILVE
Frederick
R MARKETS.
Shepard Secretary and Vinson Carter Trust
We reprint the following from
Officer.
the weekly circular of
Samuel Montagu & Co. of London
, written under date of
Edward Tilden, the well-known packer
January 28 1915:
and
Chicago, died on the 5th inst. at Delavan Wis. banker of
Mr. TilGOLD.
During the week
den was a native of Utica, N. Y.; his early life was
spent in been comparatively the receipts announced by the Bank of England have
small, and were as follows:
Delavan, where he attended the public schools, and
Jan. 21—£174,000 in bar gold.
where he
began his business career in a general store as
Jan. 25— 16.000 in bar gold.
bookkeeper.
A further C1,000,000
was set aside on account of the Treasury currenCY
Later he located in Chicago, his banking career beginn
ing note reserve, making the total in that reserve .C22,500,000.
when he became Assistant Cashier of the Drovers' Nation
During the week the reductio
n on balance was therefore E810,000
al
The
Bank in 1883; he remained with that institution until 1897, sum "Canadian Press." under date of Jan. 13 1915, reports that a .
large
of gold was released from the
stock at Ottawa, in connection with the
when he became Treasurer of Libby, McNeill & Libby, of Issue of the City of
Montreal loan in New York.
The receipts of gold bullion
which he subsequently became President. He had also been
at the Dominion Assay Office at Vancouver,
President and director of the Drovers' Deposit National Bank B. C., last year show that the number of deposits amounted to 1,015, the
weight in troy ounces was 166.150, and the net value 2.029,50 dollars.
0
(now the Drovers' National Bank), the National Packing In 1913 the deposits numbered 783. the weight in troy ounces was 111.500
Co. and the Anglo-American Provision Co., Treasurer and and the net va ue $1,448,625, the increase in deposits being 332, in weight
of gold 54,650 troy ounces and
value
in net
$580.875.
as compared with
The December output of West Africa was £147,699.
for November 1914. The last
8127,472 for December 1913 and 1154,674
four yearly outputs were as follows:
£1,497,179
£1,727,044 1912
1914
1,069,442
1,634.700 11911
1913
SILVER.
steady.
The tone has remained fairly
in evidence, but was
Inquiry from the Indian bazaars has been less
sufficient, with occasional orders from the Continent and elsewhere, to
maintain prices between 225d. and 22%d.
Supplies continue somewhat restricted, as sellers seem inclined to wait
for a rather higher level than that which now obtains.
Under date of Dec. 30 1914, advice has been received from India that
"the shroffs have commenced doing business for the Feb. 5 settlement
from the beginning of the week. The dealers are not doing settlement
business as yet, but will probably do so in a few days' time. With the re
opening of the settlements, the market is likely to become more active."
The stock in Bombay consists of 4,800 bars, as compared with 4,700
a week ago.
An Indian currency return for Jan. 22 1915 gave the following details,
in lacs of rupees:
59,24 lacs I East Indian securities_ _10,00 lacs
Notes in circulation
7,65 lacs
29,16 lacs Gold in England
Reserve in silver coin
8,43 lacs Securities in England
4,00 lacs
Gold coin and bullion
of 175,000 ozs. has been made from San Francisco to HongA shipment
kong.
Quotations for bar silver per ounce standard:
Bank rate
No
czyf.h
Jan. 22---22%
quotation Bar gold per oz.standard_ 77s. 9d.
23- _22 11-16
French gold coin per oz___ _Nominal
fixed
,
25_ _ _22 A
U. S. A. gold coin, per oz Nominal
for
26_ _ _22%
"
forward
27_ _ _225
delivery.
"
"
Av.forwk_22.677
The quotation to-day for cash silver is Hd.below that fixed a week ago.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Wednesday,Feb. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of January. From this statement it appears that the
aggregate of unfilled orders on Jan. 31 was 4,248,571 tons,
recording an increase of 411,928 tons from last month when
the amount of outstanding orders was 3,836,643 tons. This
is the highest figure since April 30 1914, when the amount
of outstanding orders was 4,277,068 tons. In the following
we give the comparisons with previous months:
Tons.
Jan. 31 1915-4,248.571
Dec. 31 1914...3,836,643
Nov. 30 1914_3,324,592
Oct. 31 1914...3,461,097
Sept. 30 1914_3,787.667
Aug. 31 1914_4,213,331
July 31 1914-.4,158,589
June 30 1914-.4,032.857
May 31 1914-3.998.160
Apr. 30 1914...4,277.068
Mar. 31 1914_4.653,825
Feb. 28 1914-5.026,440
Jan. 31 1914_4.813,680
Dec. 31 1913...4,282,108
Nov. 80 1913_4,396,347
Oct. 31 1913...4,513,767
Sept. 30 1913_5.003,785
Aug. 31 1913_5,223,468
[VOL. 100.
THE CHRONICLE
532
Tons.
July 81 1913_5,399,358
June 30 1913...5.807.317
May 31 1913...6,324,322
April 30 1913_6,978,762
96
Mar. 31 1913-7.468. 5
Feb. 28 1913...7,656,714
Jan. 81 1913..../,827,368
Dec 31 1912_7.932.164
Nov. 30 1912...7,852,883
Oct. 31 1912_7,594,381
Sept. 30 1912_6.551,507
Aug. 81 1912_6,163.375
July 31 1912_5.957,079
June 30 1912_5,807,346
May 31 1912_5,750.983
April 30 1912_5.664,885
Mar. 31 1912...A.304.841
Feb. 29 1912_5,454.200
Jan. 31 1912...5,379,721
Tons.
Dec. 31 1911_5.084,761
Nov. 30 1911_4,141.955
Oct. 31 1911.--3,694,328
Sept. 30 1911_3.611.317
Aug. 31 1911-3.695.985
July 31 1911_3,584.085
June 30 1911_3,881,058
May 31 1911...3,113,187
April 30 1911_3,218,704
Mar. 31 1911_3,447,301
Feb. 28 1911...3,400.543
Jan. 31 1911_3,110.919
Dec. 31 1910_2,674.750
Nov. 30 1910_2,760,413
Oct. 31 1910-2,871,949
Sept. 30 1910_3.158,108
Aug. 31 1910_3.537.128
July 31 1910_3,970.931
Prior to July 31 1910, reports of unfilled orders were issued
the totals
only quarterly. In the following we showfigures wereat the
end of each quarter or period for which the Company. made
public, back to the organization of the Steel
Tons.
Tons.
Tons.
30 1907_57,603.878 June 30 1904_03,192,277
June 30 1910__4,257,794 June 31 1907_58,043,858 Mar. 31 1904_54,136,961
1910...5,402,514 Mar.
Mar. 31
58.489,718 Dec. 31 1903_53,215,123
Dec. 31 1909...5,927,031 Dec. 31 1906_ 7,936,884 Sept. 30 1903_53,728,742
1906_5
Sept. 30 1909_4.796,833 Sept. 30 1906-56,809,589 June 30 1903_54,666,578
30
June 30 1909...4,057,939 June
7,018,712 Mar. 31 1903..55,410,719
Mar. 31 1909-3,592.595 Mar. 31 1906-.57,605,086 Dee. 31 1902_55,347,253
1905..5
Dec. 31 1908...3,603,527 Dec. 31 1905_55,865,377 Sept. 30 1902_54.843,007
Sept. 30 1908...3,421,977 Sept. 30 1905_54,829,855 June 30 190
2_4,791,993
June 30 1908_3,313.876 June 30 1905_ 41,597,560 Dec. 31 1901_54,497.749
Mar. 31 1908_3,765,343 Mar. 31 1904_4,896,203 Nov. 1 1901_52,831.892
Dec. 31
31
3,027,436
0
4
.30
Sept . 1907::;6, 25, 08 Sept. 30 1909_5
old basis. Under the present
•The Meares prior to Dec. 31 1907 are on theof the company's own interests
outside
Method only orders received from sources
shown above as 3,027,436 tons, the
are shown The amount as of Sept. 30 1909.
now employed.
former basis, would. It is stated. be 2.434,736 tons on that
gonnixerciat andrAtscellantonsEttnirs
II•••••••••*•
-The
_ Breadstuffs Figures brought from page 569.
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 Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Oats.
Corn.
Wheat,
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 56185. bush. 32 lbs. bush.4815s. bu.56 lbs.
531,000
50,000
820,000 2,966,000 2,523,000
182,000
Chicago_ _ _ _
694,000
412,000
376,000
44,000
110,000
22,000
Milwaukee__
27,000
188,000
71,000
300,000
466,000
Duluth
350.000
710,000
485,000
9500
1,831,000
Minneapolis.
58,000
112,000
33,000
84,000
Toledo
89,000
118,000
36,000
8,000
Detroit
155,000
2,000
149,000
32,000
12,000
Cleveland....
580,000
31.000
5,000
836,000
972,000
82,000
Louis_
St.
175,000
46,000
10,000
345,000
72,000
99,000
Peoria
139,000
474,000 1,333,000
Kansas City.
400,000
997,000
141,000
Omaha
405,000 9,588,000 8,335,000 5,071,000 1,767,000 264,000
Tot. wk. '11
473,000 4,263,000 4,881,000 3,420,000 1,566,000 217,000
'14
Same wk.
312,000 5,183,000 8,690,000 3,881,000 2,210,000 266,000
Same wk.'13
Since Aug. 1
140,176,000 61,855,000 16167000
1914-15__. 11,482,000 297,596,000 161,725,000 135,127,000 62,664,000 9,681,000
1913-14... 11,523,000 205,600,000 130,307,000 199.297,462 68.234,506 12001000
0 099 394 256.216.777 126.605.363
1018-15
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 6 1915 follow:
Receipts at
New York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans •_
Newport News„..
Galveston
Mobile
Montreal
St. John
Wheat,
Flour,
bush.
Mts.
209,000 1,827,000
191,000
27,000
318,000
8,000
514,000
37,000
27,000 1,052,000
93,000 1,187,000
267,000
10,000
531,000
5,000
81,000
8,000
225,000
25,000
Corn,
bush.
765,000
218,000
302,000
910,000
33,000
100,000
17,000
2,000
Rye,
Oats, Barley,
bush.
bush.
bush.
42.000 94,000
369,000
2,000
2,000
66,000
94,000
51,000
11,000
267,000
1,372,000 200,000 316,000
69.000
407,000
5,000
68,000
19,000
12,000
-449,000 8,143,000 2,347,000 2,736,000 327,000 413,000
Total week 1915_
10,513,000 2410,000 2329,000
Spice Jan. 11915. 3,360,000 36,016,000 10.876,000
768,000 230,000 60,000
876,000
463,000 1,781,000
Week 1914
1432,000 325,000
SinceJan. 11914. 2.596.000 13,999,000 5,423,000 4,913,000
not include grain passing through New Orleans for foreign ports
• Receipts do
on through bills of lading.
The exports from the several seaboard ports for the week
ending Feb. 6 are shown in the annexed statement:
Corn,
Wheal,
bush.
bush.
Exports from2,263,648 354,427
York
New
Portland, Me__ ._ 318,000
30.221
185,750
Boston
Philadelphia ____ 701,000 146,000
1150,972 1,098,462
Baltimore
19,000
New Orleans ___ _1,146,000
Newport News__ 267,000 100,000
1,507,000
Galveston
17,000
Mobile
225,000
St. John
Ry.., Barley,
Oats,
Flour,
bush,
bush.
bush,
Ibis,
404,803
58,767
104,939
04,000
8,000
300
6,457
9,000 22,000
6,000
27,475 1,189,553 119,473 247,614
3,000
10,000
10,000 407,000
5,000
25,000
peas
bush.
6,509
5,000
19,000
--6,509
Total week__ __7,769,376 1,765,110 202,871 1,796,820 128,473 374,417
4,246
3,246,575 129,937 215,169 115,843 89,894 47,711
Week 1914
The destination of these exports for the week and since
July 1 1914 is as below:
Corn
Wheat
Flour
Since
Since
Since
July 1
Week.
July 1
Week.
Jul 1
Wed
1914.
1914. Feb. 6.
Feb. 6.
1914.
Exportefor week and Feb. 6.
bush.
bush.
bush.
bush,
bbls,
bbls.
since July 1 to515,147
United Kingdom__ 64,344 3,434,124 1,510,950 88,860,256 218,749
1,502,933 10,630,545
96,062 2,932.103 5,933,329 112314,916
Continent
2,000
834,882
86,870 2,824,122
Sou.& Cent. Amer_ 12,932 952,172
40,693 1,206,527
33,883
28,268 892,899
West Indies
8,318
120
53.884
100
Brit. Nor. Am.Cols.
17,925
615
382,519
1,165 198,654 233,227
Other Countries__
202,871 8,963,836 7,764,376 204415,096 1,765,110 13,213,344
Total
215,169 7,424,237 3,246,575 131472,409 129,937 2,935,953
Total 1913-14
The world's shipments of wheat and corn for the week
REPUBLIC IRON & STEEL ending Feb.6 1915 and since July 1 1914 and 1913 are shown
UNFILLED ORDERS OF
-The report for the year ending Dec. 31 1914 is given in the following: •
CO.
in our "Investment News Department" on a subsequent
Corn.
Wheat.
Page. The unfilled orders of finished and semi-finished
19 4-15.
product and pig iron, expressed in tons, were:
1913-14.
1913-14,
1914-15.
Finished,&c. Pip Iron.
Finished,&c. Pig Iron.
76,378
293,734
99,624 Dec. 31 1910
199,058
Dec. 31 1914
82,106
391,887
86,902 June 30 1910
214,895
1914
June 30
39,996
457,785
99,296 Dec. 31 1909
120,959
Dec. 31 1913
94,247
59,906 June 30 1909
504,928
June 301913392,420
89,924
391,040
92,757 Dec. 31 1908
613,053
Dec. 31 1912
59,196
283,743
96,935 June 30 1908
454,961
June 30 1912
74,500
448,627
168,392 June 30 1907
414,431
Dec. 31 1911
102,077
481,925
June 30 1911
Exports.
I
6. I
Week
Since
Since
Feb. 6.
July 1.
July 1.
-Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
190,074,000 2,077,000 13,213,000 1,158,000
North Amer. 12198000 276,812,000 99,646,000
12,074,000
4,813,000 9,323,000
Russia
2,347,000 37,116,000
9,431,000 17,883,000
Danube._ ....
1,972,000 7,983,000 18,250,000 3,962,000 106,281,000 128,129,000
Argentina
8,996,000 30,336,000
Australia_
128,000 17,392,000 25,464,000
India
76,000 5,085,000 5,514,000
0th.counts s
406,400,000 6,039,000 133,738,000 156,993,000
Total ____ 14324000 330,689,000
1Veek.
Feb.
Since
July 1.
Since
July 1.
-The shipments
ANTHRACITE COAL PRODUCTION.
to tidewater during the month of January
of anthracite coal4,831,329 tons, as against 5,280,644 tons
1915 aggregated
.
a decrease of 449,315 tons. In the
in January 1914, being
the
The quantity of wheat and corn afloat for Europe on dates
following we show the shipments by four various carriers for
years:
January of the present and previous January
mentioned was as follows:
1912.
1913.
1911.
1914.
1915.
760,757 1,015,126 1,257,132 1,186,534 1,134,280
810,588 1,175,151 1,020,447 1,021,447
954,072
813,367
760,035
772,130
704,491
608,296
791,698
863,371
922,099
618,938
575,538
623,947
4 ,8 6
67 19
5 22 7
61 75 8
591,917
7,
6 6 72
5535157
8
5 6,818
536 163
597571:002070
682,845
717,235
678,531
706,303
212,039
221,706
230,683
197,275
183,718
West...
53.670
104,912
New York Ont. &
England-- 96,794
Lehigh & New
4,831,329 5,280,844 6,390,089 5,763,606 5,904,117
Total
Road__tons_
Phila.& Reading__
Lehigh Valley
Jersey Central
West
Delaware Lack. & ......
Delaware & Hudson
EPerinezny_17i_l!
Corn.
Wheat.
United
Kingdom. Continent.
Total,
United
Kingdom, Continent
Total,
Bushels.
Bushels.
Bushels,
Bushels.
43,432,000
25,288,000
Feb. 6 1915_
38,232,000
22.806,000
Jan. 30 1915_
Feb. 7 1914._ 21,608,000 15,984,000 37,592,000 3,791,000 7,837,000 11,628,000
Feb. 8 1913.. 20,336,000 22,352,000 92,688.000 8,595,000 14,705,000 21,250,000
Bushels.
Bushels.
1
FEB. 13 1915.]
THE CHRONICLE
-The clearings for the week
Canadian Bank Clearings.
ending Feb. 6 at Canadian cities, in comparison with the
same week in 1914, shows an increase in the aggregate of
19.6%.
Name of Company.
533
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
WMOON.1 0[...WONOOMa00‘OVC.V.N
,
01...Vt.t,-.MMONMO,NCVWVONONLOC..•
,
0.-1M,MMCILOVVNNV.W..
06000e6O.
WC:C4WVp.04atZMdaM , ;.49,0
SC,
CDNOMMMOOV00010=1,.V.O.000MODC.
01.010tO,
VON
Railroad.(Steam) Concluded.
North Pennsylvania (guar.)
Feb. 25 Feb. 11 to Feb. 19
2
nc. Feb. 27 Holders of rec. Feb. la
Pennsylvania (guar.)
Phila. Germantown & Norristown (guar.)- $1.50 Mar. 4 Holders of rec. Feb. 20
Reading Company,first preferred (guar.)
Mar. 11 Holders of rec. Feb. 23a
lireek ending Feb. 6.
Southern Pacific Co. (guar.) (No. 34)-191 April 1 Headers of rec. Feb. 270
Clearings atUnion Pacific, common (guar.)
April 1 Ho.ders of rec. Mar. 1
2
Inc. or
Preferred
1913.
2
April 1 Holders of rec. Mar. 1
1914.
1912.
1915.
Dec.
Wisconsin Central, Preferred
2
April 1 Holders of rec. Mar. 11
Street and Electric Railways.
$
$
$
Canada%
54,933,736
54,597,848 -25.0
42,272,320 American Railways, pref. (guar.)
1% Feb. 15 Holders of rec. Jan. 30a
Montreal
93,374,535 -26.g
46,454,809
134 Feb. 15 Holders of rec. Feb. 6
35,973.372 Boston Elevated By.(guar.)
Toronto
28,837,251
22,135,654 +17.7
25,152,155 Brazllian Tr., I,t.& Pow„Ltd.,com.(ou.) 134 Mar. 1 Holders of red. Jan. 30
Winnipeg
8,789,940 -38.6
134 Mar. 1 Holders of rec. }eb. 156
15,627,010
10,749,267 Cent. Arkansas By.& Lt. Corp., pf.(qu.)
Vancouver
3,910,757 +3.1
4,274,392
114 Feb. 15 Jan. 31 to Feb. 15
9,818,588 Connecticut RS'.& Ltg., corn. & pt.(qu.)
Ottawa
3,210,627
3,179,839 -13.9
2,883,121 Detroit United By. (guar.)
134 Mar. 1 Holders of rec. Feb. 130
Quebec)
2,141,149 -15.5
2,159,885
Feb. 15 Holders of rec. Feb. la
Halifax
2,009,166 Illinois Traction, common (guar.)
3,627,105 -29.3
3,772,997
Hamilton
2,494,954 Internat. Traction (Buffalo). pref.(No.5) 2
Feb. 15 Feb. 2 to Feb. 15
1,581,250 -15.1
1,717,557
1,722,758 Northern Texas El. Co..com.(qu.)
(No.22) 14 Mar. 1 Holders of rec. Feb. 130
St. John
Preferred (No. 19)
1,676,532 +1.1
1,812,818
1,549,785
London
3
Mar. 1 Holders of rec. Feb. 130
3,395,363 -19.0
Calgary
4,768,317
4,297,778 Pacific Gas Sc Elec., 1st pref (go.)(No.2) 1% Feb. 15 Holders of rec. Jan. 300
Original preened (guar.)(No. 36)_ _ _
2,663,423 -45.5
3,206,902
3,035,052
Victoria
1% Feb. 15 Holders of rec. Jan 30a
3,136,962 -30.1
3.863,159
4,208,745 Philadmphia Co.,5% preferred
234 Mar. 1 Holders of rec. Feb. 10a
Edmonton
1,707,097 -31.0
2,387,754
1,929,323 Tampa Electric Co.(guar.)(No.41)
$2.50 Feb. 15 Holders of rec. Feb. la
Regina
Miscellaneous.
952,358 -2.0
521,852
499,825
Brandon
Adams Express (guar.)
369,311 -32.2
616,722
572,665
Lethbridge
$1 Mar. 1 Feb. 17 to Feb. 28
1,226,028 -41.9
2078.076
1,764,435 Amalgamated Copper (guar.)
34 Feb. 23 Holders of rec. Jan. 306
Saskatoon
661,822 -30.0
560,999
477,932 American Chicle,common (monthly).- _
1
Feb. 20 Holders of rec. Feb. I50
Brantford
751,880 -24.6
1,241,341
869,167 American Coal
Mar. 1 Holders of rec. Feb. 27a
3
Moose Jaw
757.803 -38.8
812,701
603,855 Amer. Graphophone. pref. (qu.)(No. 67) 134 Feb. 15 Holders of rec. Feb. la
Fort William__ _ _
Amer.La France Fire Engine, Inc.. corn_
412,718 -18.6
510,636
1
Feb. 15 Holders of roe. Feb. 1
New Westminster
American Radiator, common (gear.).
- 4
365,404 -45.1
Mar.31 Mar. 23 to Mar.31
Medicine Hat
Preferred (guar.)
Not included in total
194 Feb. 15 Feb. 9 to Feb. 15
Peterborough ...
American Sewer Pipe
34 Feb. 15 Jan. 31 to Feb. 15
motel cerecle_ 129.339.626 160,914,778 -19.6 183,369,541 147.879.263 Amer. Smelting & Refining, corn. (guar.) 1
Mar. 15 Feb. 25 to Mar. 4
Preferred (guar.)
194 Mar. 1 Feb. 12 to Feb. 18
American Soda Fountain (guar.)
14 Feb. 15 Holders of rec. Feb. 1
-Among other securities, the following, American Sugar Refg., corn. & pref. (qu.). 134 April 2 Holders of rec. Mar. la
Auction Sales.
5
Mar. 1 Feb. 14 to Mar. 15
not usually dealt in at the Stock Exchange, were recently sold American Tobacco, common (guar.)._
Preferred (guar.)
114 April 1 Feb. 19 to Mar. 15
Atlantic Refining
at auction in New York, Boston and Philadelphia:
5
Mar. 15 Feb. 20 to Mar. 2
Beatrice Creamery, common (special). - 7
Mar. 10 frolders of rec. Feb. 27d
By Messrs. Adrian H. Muller & Sons, New York:
Bethlehem Steel, pref.(guar.)
nl% April 1 Holders of rec. Mar. 16a
Per cent. Shares. Stocks.
Per cent. Bond Sc Mortgage Guarantee (quar.)
Shares. Socks.
4
Feb. 15 Holders of rec. Feb. 8
1 Free right N. Y. Soc. Library_$81
16 Internat. Ocean Telegraph Co_ 9591
Borden's Condensed Milk, corn.(No. 39) 4
Feb. 15 Feb. 2 to Feb. 15
2 Redwood Library & Athe16 2-3 Kingston Consol. RR. Co.,
Buckeye Pipe Line (guar.)
$2 Mar. 15 Holders of rec. Feb. 20
naeum, Newport, R. I.,
common
$39 lot
Burns Bros., common (guar.)
14 Feb. 15 Holders of rec. Feb. 1
$25 each
Kingston Con.ol. RR. Co.,
125
10
Butterick Company (guar.)
34 Mar. 1 Holders of rec. Feb. 15a
preferred
$25 per sb. 2 The Co. of the Redwood Li- lot
Calumet & Recta Mining
$5
Mar. 18 Holders of rec. Feb. 18
brary Sc Athenaeum Special
21 Standard Consol. Mining Co.,
Cambria Steel (guar.) (payable In scrip)_
114g Feb. 15 Holders of rec. Jan. 300
310 each
$6 lot 200 E. W. Bliss, com. $50 each_ _ _140
Canada Cement. Ltd., pref. (au.)
(No.20) 194 Feb. 16 Feb. 1 to Feb. 10
2
660 The Nevins
-Church Press_ _$100 lot 25 New York Staats Zeitung_$25,618
Canadian Converters, Ltd.(guar.)
34 Feb. 15 Holdeis of rec. Jan. 3I0
27 Security Bank of N. Y
824 Caney River Gas (guar.)
200 Mohawk Mining Co., $25
2
Feb. 20 Feb. 10 to Feb. 22
Per cent. Cent.States El. Corp., corn.(qu.)(No• 5)
$5891 per sh. Bonds.
each
34 Feb. 19 Feb. 10 to Feb. 19
100 Union Typewriter Co., corn__ 124 $100 Canada Copper Corp., Ltd,
1
Mar. 15 Holders of rec. Feb. 27
Cleve.& Sandusky Brewing, pref. (guar.)...
5434 Columbus Gas & Fuel,common (gear.).. 1
200 NipissingMines Co.,$5 ea_ $54 p.ah. cony. deb. 6s
Mar. 1
$13,300 Atlantic Phosphate & Oil
100 Canada Copper Corp., Ltd.,
Consolidated Goa (clear.)
114 Mar. 15 Holders of rec. Feb. 10a
per eh. Corp. ref. 6s, 1933; July 1914
$5 each
$191
Consumers Co., preferred
391 Feb. 20 Holders of rec. Feb. 10
20
Coupons attached
1 Seat on N. Y. Metal Exch.,
750 Mar.15 Feb. 21 to Mar.15
Crescent Pipe Line (Var.)
subject to rule!) of the Exch.- $5
134 Mar. 15 Holders of rec. Feb. 27
Diamond Match (guar.)
1
Mar. 15 Holders of rec. Feb. 27
Extra
By Messrs. Francis Henshaw & Co., Boston:
154 Feb. 15 Holders of rec. Jan 30
Dominion Bridge, Ltd.(guar.)
114 April 1 Holders of rec. Mar. 15
Shares. Stocks.
$ per sh. Dominion Textile, Ltd., corn. (guar.)
$ per sh. Shares. Stocks.
10
Mar. 1 Holders of rec. Feb. 156
Eastman Kodak,common (extra)
6 Franklin Co.,Lewiston
20191 16 CM. San. & Clev. RR., pref.,
291 April 1 Holders of rec. Feb. 27a
12 Bates Mfg. Co
pat $50
6791 Eastman Kodak, common (guar.)
220-22091
23.4 April 1 Holders of rec. Feb. 27a
Common (extra)
3 Lyman Mills
32 Rights Lawrence Gas Co_ _1.62-1.63
12591
114 April 1 Holders of rec. Feb. 27a
Preferred (guar.)
2 06
8 Pepperell mfg. Co
33491 30 Rights Merrimac Chemical Co
ix Mar. 1 Holders of rec. Feb. 13a
General Asphalt, preferred (guar.)
15 Pennsylvania Textile Co., corn. 57
109
25 Everett Mills
114 Mar. 1 Holders of rec. Feb. 23a
General Chemical, common (guar.)
25 Bigelow-Hartf. Carpet Co., pfd 10591
15e. Feb. 27 Holders of rec. Jan. 30a
Goldfield Consolidated Mines
pl% April 1 Holders of rec. Mar. 19
By Messrs. R. L. Day & Co., Boston:
Goodrich (13. F.) Co., pref.(guar.)
134 Feb. 15 Feb. 6 to Feb. 15
$per.sh. Shares. Stocks.
Shares. Storks.
$ per sh. Hercules Powder. pref. (guar.)
(No.484).
650. Feb. 25 Holders of rec. Feb. 206
9 Rights Amer. Trust Co
10 Springfield Gas Light Co
35
26731 Homestake Mining (monthly)
Illuminating Sc Power Secure.. pf. (qu.) 194 Feb. 15 Holders of rec. Jan. 30
100 Everett Mills
53 Rights Lawrence Gas Co _ _ 1.61-1.62
109
134 Feb. 27 Holders of rec. Feb. 16
Independent Brewing, prof.(guar.)
33 CM. San. & Cloy. RR., pref.,
1
Mar. 1 Holders of rec. Feb. 10
par $50
68
Bonds.
Per Cent. Inland Steel (gear.)
(No.32) 134 Mar. 1 Holders of rec. Feb. 86
Int. Ham Co. of N. J., pf. (qu.)
7 Salem Gas Light Co
2004 $1,000 Lynn & Bos. RR.6s. 917_ -101
Int. Fiery. Corp.. pf.(go.)(No.8)
1 Boston Athenaeum, par $300_ _325
134 Mar. 1 Holders of rec. Feb. 80
500 Internat. Consol. 011 Co. of
International Nickel, common (gear.)....
214 Mar. 1 Feb. 16 to Mar. 1
39 Rights Merrimac Chemical Co..
Wyo. let 6s, 1916
80
Jefferson & Clearfield Coal Sc Iron, prof.
14 Feb. 15 Holders. of rec. Feb. 96
2.024-2.05 1,000 Boston Wharf Co.Ist 4s,'41 98
2 Hood Rubber Co., pref
Jumbo Extension Mining (No. 3)
Sc. Mar. 1 Holders of rec. Feb. la
110
1,000 Edison Elec. Co.of Los Ang.
11 Cambridge Gas Light Co
Kings Co. El. Lt. Sc Pow.(qu.)(No.60)_
2 Mar. 1 Feb. 9 to Feb. 23
26691
1st & ref. 5s, 1922
9914
Lackawanna Steel. pref. (guar.)
14 Mar. 1 Holders of rec. Feb. 27
By Messrs. Barnes & Lofland, Philadelphia:
Lehigh Coal & Navigation (guar.)
51 Feb. 27 Holders of rec. Jan 30a
Shares. Stocks.
3 per sh. Shares. Stocks.
Mar. 1 Feb. 14 to
Mar. 8
3 per sh. Liggett Sc Myers Tobacco, common (go.) 3
Lindsay Light, common (guar.)
35 Feb. 27 Holders of rec. Feb. lEa
,
75 Columbus Hy.. P.& L., com__ _ 41
110th & 11th Sts. Pass. RY
280
Preferred (guar.)
14 Feb. 27 Holders of rec. Feb. I5a
4 Continental-Equit. Tr. Co., par
60 Colonial Trust Co., par MO.__ 77
May Department Stores, corn. (guar.).92
1 Bank of North Ameslea
$50
134 Mar. 1 Holders of rec. Feb. 15a
261
6 Fidelity Trust Co
6104 Bonds.
b414 Mar. 31 Feb. 25 to Mar.31
Per cent. Milwaukee & Chicago Breweries, Ltd
Mobile Electric Co.. pref. (guar.)
$5,000 Francisco Sugar Co. 1st 6s,
14 Feb. 15 Holders of rec. Jan 30
3 Finance Co. of Pa.. 1st pref.... 124
Montreal IX.,Fft.&Pow.(quar.)(No. 55). 234 Feb. 15 Flolciers of rec. Jan. 30
1939
1 Land Title & Trust Co
50094
8714
Notional Biscuit, corn.(au.)(No.67)
131 April 15 Holders of rec. Mar. 290
$500 North Springfield Water Co.
10 Real Est. Title Ins.& Trust Co_300
Preferred (guar.) (No. 68)
15 Feb. 27 Holders of rec. Feb. I5a
5., 1928
%
4 Union Pass. Ry,CO
18734
804
National Carbon, preferred (guar.)
134 Feb. 15 Jan. 27 to Feb. 15
$25,000 Eureka Slate Co.. s. f. 68,
361
2 John B.Stetson Co., corn
National Cloak dt Suit, pre.(guar.) •
194 Mar. 1 Feb. 19 to Mar. 9
1929
25 Gloucester Ferry Co., pref., par
10
National Lead, pref. (guar.)
194 Mar. 15 Feb. 20 to Feb. 23
$1,500 Norfolk Wire Cloth & Wire
15
$50
134 $ob. 15 Holders of res. Feb. la
Fence Mfg.Co. 1st 6s.'27.41001ot National Refining, common (guar.)
10
15 Phila. Life Ins
Niles-Bement
-Pond. preferred (guar.)._
114 Feb. 15 Feb. 7 to Feb. 15
$1,000 Syracuse Gas Co. 1st 5s,
75 Columbus By. P. de Lt., Pref..
North American Co.(quar.)(No.44).... 14 Apr. 1 Holders of rec. Mar. 18
71
1946
10191 Ohio Cities Gas
Series "B"
Co.,common (guar.).14 Mar. 1 Holders of rec. Feb. 15
Penmans, Limited, corn.(guar.)
1
Feb. 15 Holders of rec. Feb. 5
By Messrs. Samuel T. Freeman & Co., Philadelphia:
People's Gas L.& Coke (guar.)
2
Feb. 25 Holders of rec. Jan. 20
$ per sh Phi>adelphia Electric (guar.)
Shares. Stocks.
$ per oh. 1 Shares. Stocks.
14 Mar. 15 Holders of rec. Feb. 20
.
2 Citizens' Pass. By., $50 each_.._280 I 5 Philadelphia National Bank_ _ _425
Prairie Oil Sc Gas
(r)
Feb. 10 to Feb. 23
Pratt & Whitney, preferred (guar.)
14 Feb. 15 Feb. 7 to Feb. 15
Pressed Steel Car, pref. (qu.) (No.64)
DIVIDENDS.
14 Feb. 24 Feb. 4 to Feb. 23
Procter
common (guar.)
4
Holders
Jan.
The following shows all the dividends announced for the Pullmandr Gamble,(gear.)(No. 192).... 2 Feb. 15 Holders of rec. Jan. 30a
Company
Feb. 15
of rec.
30
Quaker Oats, common (par.)
future by large or important corporations.
234 Apr1115 Holders of rec. April la
Preferred (guar.)
134 May 29 Holders of rec. May la
Dividends announced this week are printed in italics.
Quaker Oats, preferred (guar.)
114 Feb. 27 Holders of rec. Feb. its
Sears, Roebuck & Co.. corn.(guar.)
lig Feb. 15 Holders of rec. Jan. 30a
Silversmiths Comnany (guar.)
When
Books Closed,
Per
1 Feb. 15 Holders of rec. Feb. 8a
Southern California Edison, corn. (cm.).
Name of Company.
Days Inclusive.
Cent. Payable.
134 Feb. 15 Holders of rec. Jan 31
Southern Pipe Line (guar.)
6
Mar. 1 Holders of rec. Feb. 15
South Porto Rico Sugar, corm.(guar.)
Railroads (Steam).
1
April 1 Holders of rec. Mar.13a
Preferred (guar.)
Alabama Great Southern. preferred
Feb. 23 Holders of coo. Jan. 23s
8
2
April 1 Holders of rec. Mar.130
Atchison Topeka & Santa Fe,corn. WO14 Mar. 1 Holders of rec. Jan. 29a Standard 011 (California) (gear.)
234 Mar. 15 Holders of rec. Feb. 24a
Baltimore & Ohio, common
24 Mar. 1 Holders of rec. Feb. la Standard 011 (Indiana)
3
Feb. 27 Feb. 2 to Feb. 28
Preferred
Mar. 1 Holders of rec. Feb. la Standard Oil (Kansas)
2
3
Feb. 27 Feb. 12 to Feb. 27
Bellefonte Central
Standard Oil of New York (gean)
50c. Feb. 15 Jan. 31 to Feb. 15
2
Mar. 15 Holders of rec. Feb. 26
Stewart Mining
Extra
Feb. 15 Jan. 31 to Feb. 15
50c.
10 Feb. 20 Feb. 10 to Feb. 21
Buffalo Rochester & Pittsburgh, common 2
Feb. 15 Holders of rec. Feb. 90 Studebaker Corporation, pref. (guar.).194 Mar. 1 Holders of rec. Feb. 206
Preferred
Feb. 15 Holders of rec. Feb. 9a Union American Cigar, common
3
1
Feb. 15 Jan 24 to Feb. 15
Canadian Pacific, cons.(guar.) No. 75 >Preferred (guar.)
234 April 1 Holders of roe. Mar. la
194 Feb. 15 Jan 24 to Feb. 15
Preferred
United Cigar Mfrs, Prof.(Mar.)
2
April 1 Holders of rec. Mar. 1
194 Mar. 1 Holders of rec. Feb. 230
Chestnut Hill (guar.)
750. Mar. 4 Holders of rec. Feb. 20a United Cigar Stores of Amer., corn. (qu.)
134 Feb. 15 Feb. 2 to Feb. 15
Chicago Milwaukee & St. Paul,common. 24 Max. I Holders of rec. Jan. 290 United Cigar Stores of Amer., pref. (guar.)
14 Mar. 15 Mar. 2 to Mar. 15
34 Mar. 1 Holders of rec. Jan. 29a United States Steel Corp.,Prof.
Preferred
194 Feb. 27 Feb. 2 to Feb. 23
(gear.)
1% April 1 Holders of tee. Mar. la White(J.G.)Engin.Corl)
Chicago & North Western, corn. (guar.).
(go.)
..1)f•
(N0.8)- 194 Mar. 1 Holders of rec. Feb. 16
2
April 1 Holders of rec. Mar. la White(J.G.)Manag.Corp•,Pf
Preferred (guar.)
(gu)(No.8) 134 Mar. 1 Holders of rec. Feb. 18
Chic. St. Paul Minn.& Om.,corn. di pref. 34 Feb. 20 Holders of rec. Feb. la IVEmington Gas, preferred
3
Mar. 1 Feb. 19 to Feb. 28
(gear.)... 14 Mar. 1 Holders of rec. Feb. 10a Woolworth (F. W.). corn. (guar.)
Cleveland & Pittsb., reg. guar.
134 Mar. 1 Holders of rec. Feb Ka
(No.11)
1
Mar. 1 Holders of rec. Feb. 10a
Special guaranteed (guar.)
Wcolworth (F. W.), Pref. (guar.)
134 April 1 Holders of rec. Mar. 10a
Mar. 1 Holders of rec. Feb. 15a
Cripple Creek Central,corn '(gt1.)(No.21) 1
1
Mar, 1 Holders of rec. Feb. 15a
Preierred (guar.)(No. 37)
a Transfer books not closed for this dividend. b Less British income tax. d Cor2% Mar. 20 Holders of rec. Feb. 25a rection. e Payable in stock. f Payable in common stock. g Payable in scrip.
Delaware & Hudson Co. (guar.)
2% Mar. 1 Holders of rec. Feb. 8a S On account of accumulated dividends. n Declared 7%, payable in quarterly InIllinois Central (No.120)
334 April 15 Holders of rec. Mar. 19
Minn. St. Paul & S. S. M.,corn. & pref
stallments beginning Apr. 1. p Declared 394%, Payable
% April 1 to holders
134 Mar. 19 Holders of rec. Feb. 27a of record Mar. 19 and 191% July 1 to holders of record June 18. r Being a distribuNorfolk & Western, COMI12012(quar.)_ _ _
Feb. 19 Holders of rec. Jan. 30a tion of the stock of the Prairie Pipe Line Co. on the basis of 147shares of Prairie
Norfolk & Western,adj. Pref.(guar.).
- 1
Pipe Line Co. stock for each share of Prairie 011 Sc Gas Co.stock.
THE CHRONICLE
534
[VOL. 100.
-The following are and since Jan. 1 1915, and for the corresponding periods in
Imports and Exports for the Week.
the imports at New York for the week ending Feb. 6; also 1914 and 1913:
totals since the beginning of the first week in January
EXPORTS AND IMPORTS OF SPECIE AT NEW
YORK.
FOREIGN IMPORTS AT NEW YORK.
Exports.
1914.
1915.
For Week ending Feb. 6
3
51,783,591
12,526,319
Dry goods
General merchandise
$
54,032,574
16,649,922
1913.
s
$3,585,313
17,920,632
1912.
s
83,305,772
18,462,778
314.309,913 320,677,496 821,505,995 821,768,550
Total
Since January 1.
Dry goods
General merchandise
312,991,189 S21,744,367 317,267,236 815,806,110
71,865.041 75,712,306 83,967,872 79,306,788
Total five weeks
EXPORTS FROM NEW YORK.
Week ending Feb.6
1915.
I
1914.
1913.
1912.
3
$
$23,526,602j $24,926,782 $21,717,402 312,449,143
107,723,204 79,384.165 88,514,080 69,201.078
For the week
Previously _reported
Total five weeks
Week.
3131.249.8065104,310,947 3110,231,482 881,650,221
Week.
$
Great Britain
France
Germany
Wtst Indies
Mexico
South America
All other countries
384,856.230 897,456,673 3101.235,108 395.112.898
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 6 and from Jan. 1 to date:
Imports.
Since
Jan. 1.
Gold.
$11,000
5214,000
$40,600
425,000
124,539
28,706
111,000
$639,000
2,054,310 8,738,276
5,497,886 20,102.678
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$778,281 $4,072,890
312,000
78,000
Since
Jan. 1.
$
$302,473
138,950
792,680
637,224
282,018
$203,845 $2,153,345
427,052 2,024,027
269,423 1,816,198
$535
$755
3,289
5,667
1,700
4,190
39,579
4,190
34,168
600
51,576
7,800
258,089
113,674
$863,431 $4,931,948
959,279 3,878,125
1,282,911 5,691,844
Total 1915
Total 1914
Total 1913
1,260
$40,670
357,672
172,096
3431,894
1,267,886
1,273,193
The following table shows the exports and imports of
Of the above imports for the week in 1915, $44 160 were
specie at the port of New York for the week ending Feb. 6, American gold coin and $5,139 American silver coin.
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board on February 6:
The statement indicates a gain of 20.3 million dollars in the gold resources of the banks, due partly to the fact that during the week the capital
of the Reserve system has been increased by the receipt of 14.6 million dollars on account of the second installment of the capital subscriptions due
from member banks, and also to the fact that the loss of gold reported for the previous week by New York has been more than fully made up during the report week. Cash resources show a gain of 1.8 million dollars, mainly at New York.
Loans and discounts increased about 2.5 million dollars, Atlanta, Dallas, Richmond and New York showing substantial gains for the week.
Of the total gain in investments, about 1.4 millions represents fresh purchases of Government bonds by the Chicago and Kansas banks. The loss
of 4 millions under the head of all other resources is due largely to the decrease in the amounts of national bank notes and Federal Reserve notes held
by the banks.
Net deposits show an increase of 4.8 million dollars, New York and Dallas reporting the largest gains under this head.
Federal Reserve Agents report a total circulation of over 20 million dollars of reserve..notes. which, however, are (secured over 75% by the deposit
with the agents of gold and lawful money. About 3.5 million dollars of reserve notes are on hand in the banks, leaving the net liability of the batik
on account of their circulation only 3 million dollars.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS FEBRUARY 5 1915.
RESOURCES.
Feb. 5 1915. Jan.29 1915. Jan. 22 1915 Jan. 15 1915. Jan. 81915. Dec.31 1914. Dec.24 1914. Dec.18 1914. Dee.11 1914.
Gold coin and certificates
$256,217,000 $235,905,000 3239,662,000 5236,516,000 5232,553,000 5229.069,000 8232,568.000 3233.279,000 3232,073.000
Legal-tender notes. silver certificates and
26,578,000
25,748,000 25,008.000 28,170,000
17.997,000
18,228,000
22,641,000 20,882,000 18,747,000
subsidiary coin
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
3278,858,000 5256,787,000 $258,409,000 3252,744.000 $250,550,000 $255,647.000 8258.316,000 $258,287,000 $260,243.000
7,714,000
5,945,000
2,761,000
86,331,000
4.903,000
2,721.000
56,833,000
4,089,000
2,140,000
$6,049,000
4,344,000
2,049,000
$16,420,000 $13,955,000 313,062,000 $12,442,000
Total
9,173,000
19,704,000 13,180.000 $10,934,000
Investments
Due from Federal Reserve banks: Items in
5,419,000
7,421,000
9,142,000
7,595,000
transit
6.823,000 10,891.000 13,491,000
15,144,000
All other resources
Total resources
$4,632,000
4,215,000
1,746,000
$4.102,000
2,750,000
1,700.000
$5,049,000
2,266,000
1,728,000
$9.876,000 310,593.000
6,467,000
255,000
38.552.000
59,043,000 $10,257,000
$4,410,000
3,686,000
1,780,000
6,249,000
14,159,000
11,349,000
4,815,000
2,660,000
$6,466.000
1.960,000
1.831,000
1.976,000
$322,224,000 $302,234,000 $304,538,000 $297,098,000 3287,301,000 $277,844,000 $271,683,000 $269.990,000 $272,476,000
LIABILITIES.
$35,123,000 $20,440,000 518,432.000 318,075,000 318,058.000 $18,051,000 518,050.000 318.050,000 518,047,002
Capital paid in
284,101,006 279,516,000 284,193,000 277,185,000 267,389,000 b256,018,000 6249,786,000 6248,084,000 6250,937,00u
Reserve deposits
Federal Reserve notes in circulation (net
amount)
a3,000,000 a2,278,000 81,913,000 a1,838,000 .1,854,000 .3,775,000 a3,847,000 .3,856,000 .3,492,000
Total liabilities
5322,224,000 8302,234,000 $304,538,000 $297,098,000 $287,301,000 5277,844,000 5271,683,000 3269,990,000 3272,476,000
Gold reserve against net liabllities_b
91.0%
86.0%
87.1%
88.5%
86.5%
88.2%
92.6%
91.6%
91.7%
Cash reserve against net liabilities_ b
99.0%
93.6%
93.3%
93.1%
95.3%
98.4%
102.3%
102.5%
101.8%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
103.1%
circulation_ b
99.6%
99.3%
102.8%
103.5%
93.4%
93.5%
95.7%
94.0%
Feb. 5 1915. Jan.29 1915. Jan.22 1915. Jan. 15 1915 Jan. 8 1915. Dec.31 1914. Dee. 29 1914. Dec.181914.Dee. 111914.
a) Federal Reserve notes in circulation_
$18,702,000 $17,679,000 $17,106,000 516,804,000 816,530,000 516.027.000 *$12,412,000 38,869,000 36.702.000
Deduct:Gold and lawful money in hands
of Federal Reserve Agents for re3,210,000
5,013,000
8.565.000
12.252,000
tirement of outstanding notes
15,702,000 15,401.000
15,193,000
14.966,000 14,676,000
Net liability of Reserve Banks upon
outstanding notes
$3,000,000
(6) After deduction of items In transit between Federal Reserve Banks, viz
$5,419,000
31.854,000
52,278,000
$1,913,000
31.838.000
$7,421.000
$9,142,000
87.595.000 416,249,000
33,775,000 *$3,847.000
33.856,000
$3,492,000
$5,663,000
$5,169,000
32,919.000
$7.930,000
• Corrected figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB.5 1915.
Boston. New York. Philadera. Cleveland. Richmond. Atlanta. Chicago. Se. Leafs. Minneap. Kan. Ctly Dallas. San Fran.
_
$
RESOURCES.
$
$
s
s
$
S
S
3
3
$
3
;old coin and certificates
10,130,000 10,305,000 11,318,0001 7,201,001 16.473,000
15,948,000 96,474,000 17,490,000 19,102,000 8,830,000 3,940,000 39,006,000
mai-tender notes. silver certifi36,000
cates and aubsidlary coin
2,353,000 9,756,000 5.020,000 1,001,000
897,000
599,0001 640,001
93,000
246,000
28,000 1,974,000
Total
18,301,000 106,230,000 22,510,000 20,103,000 8,856,000 5,914,000 39,252,000 11,027,000 10,341,000 11,917,000 7,841,00 16,566,000
174,000 1,532,000
230,0001 2,158,001 1,257,000
644,0001 244,000
ills discounted and loans
370,000
435,000 4,173,000 3,828,000 1,475,000
'vestments
556,000 5,362,000 1,569,000
1,076,000
481,0001
It
3,850,000
990,000
820,000
.
14,861,000
ue from other F.R.bks.-net
1,553,000 2,819.000
473,000 1,638.000
133,000
436,000
257,000
AII other resources
78,000i 886,001
204,000 1,102,000 1,476,000
123,000
17,000
_
19,504,000 129,623,000 24.885,000 21,481,000 13,046,000 9,948,000 47,232,000 15,866,000 11,794,000 12,706,000 10,885,001 19,070,000
Total resources
LIABILITIES.
15,994,000 122,990,000 19,564,000 16,836,000 7,670,000
eserve deposits
326,000
-net
1,237,000
530,000 2,130,000
ue to other F.R.banks
Reserve notes in ohmederal
118.000 1,174,000
lation--net amount
3,184,000 6.633,000 4.084,000 3,997,000 2,072,000
Ci%pita! paid In
10.504,000 129,623,000 24,885,000 21.481.000 13 046.000
nr.....100110111.1
I
5,693,000 42,932,000 14,042,000 8,873,000 9,476,000 7,321,00)12.710,000
1,319,000 1,383.0001 1,308,001 3,823,000
1,668,000
74,000j 476,00i
1,158,000
1,427,000 4,300.000 1,824,000 1,602,000 1,773,000 1,690,001 2,537,000
0046.000 47 229 non IR RAR ono 11 704 000 l2lflft000Ilti88!L
19.070.000
-The following detailed statement
Statement of New York City Clearing-House Banks and Trust Companies.
the condition of the New York City Clearing-House members for the week ending February 6. The figures for the
shows
separate banks are the averages of the daily results. In the ease of the totals, aetual figures at the end of the week are
also given:
THE CHRONICLE
FEB. 13 19151
Loans,
Discounts,
Investnets.
(Nat.Banks Dec.31)
ctC•
(State Wks Dec.24)
Net
Profits.
Members of Federal
Reserve Bank.
$
3
Bank of N.Y.. NBA.. 2,000,0 4,480,9
Merchants' Nat. Bank__
2,000,0 2,006,5
6,000,0 9.408,0
Mech. & Metals Nat___
National City Bank__ 25,000,0 34,503,9
Chemical National Bank
3,000,0 7.785.3
Merchants' Exch. Nat._
1,000.0
762,3
Nat. Butchers & Drov__
300,0
68,0
American Exchange Nat. 5,000,0 4,769,8
Nat. Bank of Commerce 25,000,0 16,480,5
Chatham & Phenix Nat_
2,250,0
1,371,8
Hanover National Bank 3,000,0 15,228,6
Cittzens' Central Nat... 2,550,0 2,393,2
Market & Fulton Nat__
1,000,0 1.971,5
Importers' & Traders'.. 1,500,0 7,508,7
National Park Bank__ __
5,000,0 15,002,0
East River Nattonal_ _ __
250.0
64,7
Second National Bank__
1,000,0 3.009,9
First National Bank_ _ _ _ 10,000,0 21,595,1
Irving National Bank__
4,000,0 3,653,0
N. Y. County National_
500,0 1,902,5
Chase National Bank_ __
5,000,0 9,172.3
Lincoln National Bank_
1,000,0 1,822,0
Garfield National Bank_
1,000,0 1,227,6
Fifth National 13ank __ __
404.8
250,0
Seaboard National Bank
1,000,0 2.733,4
Liberty National Bank_
1,000,0 2,760.4
1,000,0
638,7
Coal & Iron Nat. Bank_
1,000,0
966.3
Union Exch. Nat. Bank_
Nassau Nat., Brooklyn.
1,000,0 1,103.9
Average.
$
26,922,0
23,162,0
90,972,0
217,323,0
33.808,0
8,842.0
2,035,0
58,388,0
154,742.0
24,999,0
87,395,0
23,678,0
8,769,0
29,192,0
103,492,0
1,840,0
15,527,0
119,185,0
47,230,0
10,081,0
122,900,0
14,400,0
8,103,0
4,212,0
24,963,0
27,788,0
6,724,0
9.890,0
7,805,0
Gold.
Legal
Tenders.
Notes I Notes
[reserve ' [not
for state counted
DistItuas
lions]. reserve].
Silver.
Average. Average. Average. Average. Average, Average.
$
3
S
S
$
$
1,866.0
056.0
316,0
31,0
1,027,0
156,0 1,117,0
17,0
34,0
8,455,0 2,011.0 2.230,0
86,0
12,0
46,105,0 31,096,0 13,798.0
234,0
352,0
1,424,0 1,299,0
899,0
.21
15.0
511,0
191,0
275.0
71,
49,0
33,0
120,0
10,0
2,830,0 1,723,0 2,785.0
232,0
4,0
9,456,0 3,039,0 3,907,0
482,0
52.0
1.365,0
399,0
685,0
184,0
32,0
10,482,0 1,516,0 4,110,0
102,01
13.0
1,350,0
106,0 1,567,0
61,0
18,0
902,0
888,0
500,0
94,0
1,369.0 1,381,0
549,0
7,0
7,002,0 1,271,0 3,399,0
229,0
41,0
79,0
100,0
11,0
1,311,0
2
70,0
950,0
166,0
8,0
17,164,0 2,560,0 7.085,0
89,0
5,0
5,009,0 1,455,0 4,870,0
59,0
83,0
485,0
112,0
603,0
130,0
1,0
9,476,0 3,616,0 2,905,0
945,0
55,0
1.089,0 1.042,0
772,0
122,0
124.0
607,0
831,0
669,0
54,0
3,0
105,0
11,0
283,0
11,0
2,835.0
749.0 2,718,0
39,0
5,0
1,151.0
432,0 1,446,0
25,0
39,0
489.0
143,0
192,0
29,0
192.0
231,0
658,0
20,0
218.0
142,0
424,0
13,0
1,0
Totals. avge. for week 112,600.0 174,795,6 1,314,167,0 134,721,0 57,140,0 59,932,0
a Feb. 6
n Jan. 20
n Jan. 23
n Jan. 16
n Jan 9
Average. Average. Average.
s
3
$
23,859,0
799,0
319,0
21,145,0
2,000,0
88,083,0 1,558,
0 5,000.0
268,661,0
325,0 3,563.0
28.292,0
499,0
8.319,0
87,0
496,0
1,744,0
152.0
50,0
55,753,0
712,0 3,867,0
133,533.0
6,598,0
24,254,0
26.0 1,199,0
91,002,0
305,0
21.337,0
806,0 1,655,0
8,852,0
182,0
25,426,0
167,0
50,0
98,068,0
918,0 3,580,0
1,963.0
50,0
13,582,0
685.0
118,260,0
5,077,0
53,755,0
276,0 1,269,0
9,263,0
200,0
139,003,0
450,0
15,380.0
890,0
350,0
8,690,0
4,272,0
250,0
9,0
29,826,0
405,0
28,357,0 1,000.0
500,0
6,331,0
400,0
9,325,0
400.0
06,0
7,031,0
267,0
6,0
3,110,0
856,0 110,487,0
1.341,276,0
6,457.0 40.986,0
965.0 112,645.0
788.0 108.286,0
713,0 113,039,0
637.0 108.103,0
567.0 100,738,0
1,347,253,0
1,329,000,0
1,306,630,0
1.270,485.0
1,229,406,0
7,095,0
5,837,0
5,737,0
4,511,0
4,949,0
4,867,6
37,900,0 11,176.0
937,0
6,328,8
31.118,0 3.541,0 1,554,0
1,124,2
10,057,0
921,0 ' 160,0
1,004.7
.8,058,0
295,0
395,0
460,7
2,017,0
304,0
92,0
1,827,2
12,607,0 1,094,0
611,0
6,979,3
70,150,0 5,427,0 2,450,0
778,7
3,634,0
295.13
25,0
691,64,977,0
730,0
71,0
2,227.1
14,935.0 1,607,0
628,0
820.7
3,480,0
487,0
58.0
999,0
5,855,0
574,0
86,0
2,110,5
12,839.0 1,302,0
372.0
714,7
4,440,0
170,0
357,0
520,0
10,537,0 1,478,0
856 1
'
687,0
403,
17,020,0 1,078.
301,8
10,257,0
615.0
72,0
1,645,0
834,0
583,0
529,0
125,0
476,0
4,733,0
58,0
188,0
1,564,0
146,0
148,0
1,039,0
185,0
910,0
672,0
277,0
415,0
504,0
299,0
234,0
30,0
42,0
1,583,0
58.0
11,0
76,01
93,0
110,0
177.0
56,0
192,
538211
194,0
11,0
256,881,0 31,281,0
8,210,0 14,162,0
4,612,01
21,0
256,474,0
255,233.0
253,828.0
254,645,0
251,173.0
30,864,0
31,245,0
30.454,0
31,088,0
30,847,0
7,762.0
7,990.0
7,861,0
7,876,0
9,327,0
13,364,0
15,001,0
17,678,0
15,837,0
17,485,0
4.362,0
8,177.0
5.277.0
6,273.1:
0
1
6,077.
20,0
21,0
22,0
19,0
27.0
1,249,0
11,635,0
3,777.0
1,363,0
1,671,0
15.285,0
409,0
922,0
4.369,0
1,227.0
3,340,0
563,0
616,0
1,775,0
1,046,0
244,0
122,0
9,0
25,0
90,0
650,0
135,0
116,0
117,0
82.0
123,0
124,0
26,0
68,0
77,0
264,0
8,0
122,0
177,
267,0
770,0
25,0
42,81
619,
229,0
18.0
267.0
91,0
114,0
269,0
16,450,0 32,779.7
n Feb. 6
n Jan. 30
n Jan. 23
n Jan. 16
n Jan. 9
1
I
I
I
I
1
I
I
I
1
1
1
1
I
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3,349.0
Brooklyn Trust Co
10,000,0 12,451.5
Bankers Trust Co
U. S. Mortgage & Trust 2,000.0 4,226,9
Astor Trust Co
1,250,0
1.
033,3
Title Guarantee & Trust 5,000,0 11,652.1
Guaranty Trust Co.... 10,000,0 21,360.8
1,000,0 1,330.3
Fidelity Trust Co
4.000,0 5,083,2
Lawyers Title Ins.& Tr_
2,000,0 7.094,1
Columbia Trust Co__ _ _
1,000,0 1.
People's Trust Co
376,7
New York Trust Co.... 3,000,0 11,647,6
1,000,0 1.
9
030.
Franklin Trust Co
545,2
1,000,0
Lincoln Trust Co
2,000,0 6,123,4
Metropolitan Trust Co_
1,500,0
378,2
Broadway Trust Co_ _
1,150,0
283,0
561.0 1,680,0
45,800,0
29,945,0
10,774,0
4,995,0
2,392,0
10,872,0
77,967,0
3,2315,0
4,876,0
16,099,0
3,374,0
5,764,0
12,517,0
4,396,0
11,370,0
18,688,0
9,353,0
5,920,0 2,869,0
272.417,0
3,300,0
270,946,0
270,719,0
271,792.0
272,998,0
271.752,0
3,296,0
3,298.0
3,299,0
3,295,0
3,252,0
9,0
1,0
3,000,0
194,0
100,0
99,0
202,0
208.0
907,0
30,0
11,0
I
200,0
6,0
15,0
9,0
3,0
17,0
8.0
20,0
7,0
40,694,0
41,439,0
42,542,0
42,946.0
46,216,0
4,0
3,225,0
474,0
..41,10
420,
0.
0
Cit-444N=
Totals, actual conditio
Totals, actual condltio
Totals, actual conditio
Totals, actual conditio
Totals, actual conditio
Average. Average.
2
2
1.771,0
1,570,0
6,281,0
27,203,0
2,071,0
719.0
133,0
4,216,0
10,139,0
1,707,0
6,926,0
1,861,0
830,0
2,195,0
7,209,0
162.0
1,000,0
£.884,0
4,149,0
650,0
11,029,0
1,111,0
801,0
318,0
2,196,0
2,533,0
464,0
704,0
500,0
I
Totals, avgc. for week
Net
Demand
Deposits.
2,743,0
3,865,0
4,143,0
3,934,0
5,669,0
63.014,0
60,522,0
61,133,0
59,981,0
52,494.0
.
.4.14.141414,s
0014141414.J0-401+1003N-4
4.,-4.N .4 4 .C..n °ow Na.
,
OW
OOGIO7nOe3C71
2,050,0
1,500,0
500,0
500,0
200.0
2,000.0
3,500,0
250,0
750,0
100.0
200,0
200,0
1.000,0
200,0
1,000,0
1,500,0
1,000,0
136,288,0
128,510,0
119,173,0
114,402,0
107,826,0
56,743,0
57,524,0
59,248,0
56,723,0
52,548,0
004.0,W.000W
1414014141404.0-4.4.4.00
State Banks.
Not Members of
Federal Reverse Bank.
Bank of Manhattan Co.
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Corn Exchange Bank_ _ Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germania Bank
Bank of the Metropolis_
West Side Bank
N.Y. Produce Exch....
State Bank
Security Bank
1,315,647,0
1,306.678,0
1,287,483,0
1,273.922,0
1,2130,365,0
opONNW$4,0
4..=W0.000-4.
40.00.200
Totals, actual conditio
Totals, actual conditio
Totals, actual condltio
Totals, actual condltlo
Totals, actual conditio
National
Net
&int
Time
CirculaDeposits. Lien.
Reserve
Excess
due from
with
Reserve
Legal
Deposi- Deporttaries.
tortes.
Reserve
Bank
Notes
[not
reserve].
:nObb. o
Capital.
- .4.01WOO40WW00. 4.
*
00
.
00-4C443-4-40.0wWOWQ
0.=ON.0a0.NO.,..
Week Ending
Feb. 6 1915.
(00s omitted.)
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
Nat.Bank1 Nat.Bank Federal
I00000l000*0010
CLEARING HOUSE
MEMBERS,
535
2,667,0
2,820,0
2,738,0
1,925,0
10,740,0
4,710,0
1,575,0
3,536,0
13,622,0
403,0
420,0
2.200,0
1,403,0
3,836,0
1,037,0
653,0
1.982,0
1,612,0
58,0
13,0
22,089,0 5,210,0
120,787,0 19,647.0
33,226,0 6,036,0
15,962,0 4,352.0
20,647,0
669,0
148,038.0 17,493,0
6,209.0
110,0
10,314,0
263,0
45,399,0 14,012,0
17,435,0
803,0
31,603,0 4,639,0
10,603,0 2,634,0
9,518,0 1.112,0
23,217,0 3,867,0
14,109,0
46,0
46,250,0 89,191,7
685,748. 49,247,0 2.008,0 5,662,0 3,282,0
85.0 26,393,0 49,654.0 529,155,0 80,893.0
Feb. 6
690,542,0 48.301,0 1,718.0 3,883,0 3.217,0
05,0 26,146,0 46,668 0 525,779,0 81,912.0
.
Totals, actual conditio n
.30
670,902,0 48,154.0 3,138,0 5,574,0 2,936,0
90,0 26,020,0 48,829,0 519,616,0 79.800,0
Totals, actual conditlo n Jan. ,..,
_ ,......
668.841,0 47.376.0 4,144,0 5.014.0 2,878,0
52,0 25,790.0
73,0
Totals, actual conditio :1:: :;"1,
n
.
515,780.0 82,017,0
677,361.0 47,239,0 2,599,0 8,141,0 2,999,1
131,0
83.0 26,509,0
Totals, actual conditio .., 7:: -,'
.
530.122,0 81,453,0
Totals, actual conditlo -"
a- "
2,256,796,0 215,249,0 67,358,0 79,756,0 7,894,0 3,110,0
962,0 142,805,0 52,623,0 2,142,848,0 90,650,0 40.986,0
175,300.0 297.767.0 +35,168,0 +9,270,0 -2,393,0 -4,286,0 -540,0 -942,0
+189,0 +3,219,0 +2057,0 +34,875,0 +763.0 -843,0
Grand Aggregate. avge.
Comparison, prey. week
condition Feb. 6.. 2,262,6113,0 215,456.0 66.223,0 80,341,0 7,579,0 2,743,0 1,080,0 144,890.0 49,335,0 2,143,978,0 92.203,0 40,694,0
+29,439,0 +6.561,0 -2,429,0 -3,908,0 -1,192,0--1,122,0 +167,0 +4,529,0 -4,706,0
Grand Aggregate, actual
+21,447.0 +1,926,0 -745,0
Comparison, prey. week
Grand Aggregate, actual condition Jan. 30_ 2.233,224,0 208,895,0 68,647,0 84,249,0 8,771,0 5.865,0
913,0 140,361.0 54,041,0 2.122.531.0 90.377,0 41,439.0
Grand Aggregate, actual condition Jan. 23. 2,212,213,0 197.781,0 70,247,0 84.385,0 8,213,0 4,159,0
825,0 144,742,0 51,567,0 2.098,038,0 83,926,0 42.542,0
Grand Aggregate, actual condition Jan. 16_ 2,197,408,0 192,866,0 68,743,0 80,832,0 9.151,0 4.007,0
708,0 139,800,0
2,059,263,0 89,3153,0 42,946.0
Grand Aggregate, actual condition Jan. 9_ 2,188,899.0 185,912,0 64,474,0 78,120,0 9,076,0! 6.000,0
677.0 132,972.0
2.031,280,0 89,654,0 46.216,0
Grand Aggregate,actual condition Jan. 2_ 2.191,508,0 189,276,0 61.259.0 71.505,0 8,237,0 5.102,0
527,0 132,287,0
2,022,165.0 91,936,0 48,569,0
,
Grand Aggregate,actual condition Dec. 26_ 2,179,097,0,190,954 0 59,253,0 68,570,0 9,639,01 4,418,0,
622,0 129,971,0
1,980,179.0 93,480,0 52,576,0
Totals. avge. for week
STATEMENTS OF RESERVE POSITION.
Averages
Cash reserve Reserve in
in vault. depositaries
Total
reserve.
*Reserve
required.
Actual
Surplus
reserve.
Inc.or dec.
from
Cash reserre Reserve in
precious wk
in vault. depositaries
Total
reserve.
Figures.
aReserve
required.
Inc. Cot dec.
Surplus
from
reserve. ,preolous wk.
Members Federal
3
2
$
$
$
3
$
Reserve Bank.. 251,793,000 110,487,000 362,280,000 241,752,530 120.527,470 +5,749,890 256,125,000 112,645,000 368.770,000 242,860,290
125,909,710 +10579560
58,265,000 5,920,000 64,185,000 49,035,060 15,149,940 -1,381,800 56.352,000 6,099,000 62,451,000
State Banks
48,770,280 13,680,720,-2,914.860
Trust companies._ 60,199,000 26.398,000 86.597,000 79,373,250 7,223,750 -5,193,950 57,122,000 26,146,000 83.268,000 78,866,850 4,401,150'-7.933.050
Total Feb. (1... 370,257,000 142,805,000 513,062,000 370,160,840,142,901,160 -825,860 369,599,000 144,890,000 514,489,000 370,497,420 143,991,580 -268,350
Total Jain. 30._ 368.206,000 139,586,000 507,792.000 364,064,980,143,727.020 +5,434,910 370,562,000 140,331,000 510,923,000 3613,663,070 144,259,930 +1,237,140
Total Jan. 23 355,438,000 143,363,000 498,801,000 360,508,890'138.292,110 +9,643,300 360,626,000 144,742.000 505,368,000 362,345,210 143,022,790 +7.051.780
Total Jan. 16_. 345,034,000 137,195,000 982,279,000 :453,630,1901123,648,810 +14103230 351,592,000 139,800,000 491,302,000 355,420,990 135,971,010 +15391200
Total Jan. 9._ 330,929.000 131,083,001) 462,012,000 347,471,4201 114,540,580 -2,632,160 337,582,000 132,972,000 470,551,000 349,974.190 120,579.810 +6.494.890
, , ,-4.701,770 330.177,000 132,287,000 462,464,000 348,379,080 114,084,920 -3,036,230
Total Jan. 2._ 130,900.000 130,852,000 461,752,000, . ,
Total Dec. 26.. 333,976,000 129,252,000 463,228,000341,353,490 121,874,5101 +890,930 328.416,000 129,971.000 458,387,000 341,265,800 117,121.200 -8,176,780
•This 19 the reserve required on Net Demand D0905118 in the case of State Banks and Trust Companies but in t ie ease of Members of the Federal Reserve Bank
it Includes also the amount of reserve required on Net, TIme Deposits, Which was as follows: Jan. 30, 5238,700: Jan. 23 3268,200: Jan. 16, $226,950; Jan,9, 5248,750.
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies but In Ole cs..e of Members of the Federal Reserve Bank It
ncludcS also the amount of reserve required on Net Time Deposits, which was as follows: Jan. 30, $291,850: Jan. 23, $236,850; Jan. 16, $227,050; Jan. 9, 5247,450.
[voL. loo.
THE CHRONICLE
536
In addition to the returns of "State banks and trust com
The State Banking Department reports weekly figures
condition of State banks and trust companies panies in New York City not in the Clearing-House" furnished
showing the
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
presents a statement covering all the institutions of this
shown in the following table:
Thefigures are compiled so as to disSUMMARY OF STATE BANKS AND TRUST COMPANIES INGREATER classin the whole State.
NEW YORK. NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
tinguish between the results for New York City(Greater New
Differencesfrom
(Figures Furnished by State Banking Department.)
Feb. 6 1915. previous week
York)and thosefor the restof the State,as per thefollowing.
8554,046,700 Dec. $280,900
Loans and investments
For definitions and rules under which the various items
43,591,100 Inc.
448,400
Gold
,600
6,5598k7100
Currency and bank notes
are made up, see "Chronicle," V. 98, p. 1661.
643 427 000 ire..
:
Total deposits
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust com557,025,700 Inc.
464,200 ments of State banking institutions were published in the
panies in New York City, and exchanges
145,081,600 Dec. 7,572,600
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve. 28.3%.
RESERVE
-State Banks
-Trust Companies
- tions relating to calculating the amount of deposits and what
$10,686,300 11.72%
543,205,400 9.85%
Cash in vault
permitted in the computation of the reserves
78,524,700 17.91% deductions are
Deposits in banks and trust co's. 12,665,200 13.90%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
523,351,500 25.62%
$121,730,100 27.76%
Total
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past'
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
We omit ciphers in all these figures.
- Loans and
Week Ended
Investments
Nov. 14
Nov.21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
2,693,549,1
2,725.762.7
2,716.296,6
2,727.144,8
2,739.891.7
2.736,668,6
2,741,417,1
2,744,806,5
2,745,614,3
2.749,071,9
2,764,600,2
2,775,955,6
2,810,842,7
Demand
Deposits.
Specie.
.47b,678.3
2
2,489,479,2
2,505,515.9
2,510,353,2
2,525.517,5
2,527,814,4
2,537,104,2
2,560,108,2
2,580,567,9
2,606,658,9
2,644.972,0
2.664,534,5
2,699,873,7
Other
Money.
IN
381.795,4 115,869,5 497,664,9
404,600,2
94,044,4 401,848,9
90.093,1 395,603,0
86,175,0 390,159.6
86,774,8 389,8E5,2
83,229,3 388,931,6
83,404,1 386,758,3
85,177,0 386,751,0
87,061,4 399,544,3
88,585,8 409,672,5
89.077.3 422,241,0
85,552,6 424,148,7
Capital as of Sept. 12_ _ __
643,626,3
612,901,6
608,533,3
608,010.0
602,362,3
605.680,7
611,698,5
607,295,8
602,350,5
629,276,2
650,606.3
660,446,2
658,143,6
$
24.550,000
$
$
67,300.000
39,119,300
10,758.000
$
11.300,000
151,148,900
13,894,000
11,702,800
Loans and investments._
Change from last week_
332,601.500 1.136,214,300
+2,193,600 +15,668,900
131,825,500
-612,200
189,485.700
-770,300
Gold
Change from last week-
40,768,200
+1,056,600
87,885,000
+909,500
'3urrency and bank notesChange from last week_
28,191,400
-2,457,700
15,521,900
-5,399.900
Deposits
Change from last week_
423,007,400 1,274,454.700
+8,946,200 +8,154,300
135,622,000
-456.400
Reserve on deposits
Change from last week_
96,607,500 265,922,400
-1,197.200 -9,418,400
22,011,100
+197,800
199,716,400
+1,775,300
an
26,946.500
+1,101,900
18.2%
17 WA
16.2%
IA nor.
Surplus as of Sept. 12_ _ __
Total
Entire
Money Reserve on
Holdings. Deposits.
307,801,5
305.509,9
303,984,6
303,090,4
305,702.3
303,354,2
301,574,0
312,482,9
321,086.7
333,163.7
338,596,1
State Banks
Trust Cos.
State Banks
Trust Cos.
outside of
in
in
outside of
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
Week ended Feb. 6.
E.. C. reserve to deposits_
Pereentnee IAgt week
27.3%
95 OM
26.2%
2A .3%.
+ Increase over last week. -Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Net
Profits.
Excess
Nal.Bank Nal.Bank Federal Reserve
Loans,
Due from
with
Notes(Re- NotesiNot Reserve
National
Discounts,
Legal
Net
Reserve
Legal
serve for Counted
Net
Bank
Bank
Gold.
Tenders. Silver. State InNotesjNot Deposi- Deposi- Demand
as
Time
Week Ending
Circu(Nat. banks Dec. 31) Investtastes. Deposits. Deposits. lotion.
stitutions] Reserve). Reservej. taxies.
Feb. 6 1915.
k State banks Dec. 24 mats..*C.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
Members of
$
$
5
$
$
$
$
$
$
$
$
$
$
Fed'I Reserve Bank.
$
86,000
31,000
39,000
128,100 1,932,000
1,771,000
200,000
6,000
200,000
20,000 200,000
Batt'y Park Nat. Bk
87,000
24,000 113,000
670,600 4,467,000
5,000 513,000 283,000 3,991,000
11,000
300,000
First Nat. Bk., Bklyn
300,000
579,200 4,600,000 109.000
55,000 112,000
11,000 592,000 384,000 4,549,000
24,000
300,000
Nat. City 13k., Bklyn
119,000
68,000
38,000
400,000 1,259,100 4,567,000 258,000 281,000
557,000 1,683,000 A .641,000
First Nat.Bk.,Jer. C
393,000
90,000
61,000
21,000
800,800 3,459.000
250,000
1,000 285,000 744,000 2,378,000
68,000
Eluds'neo.N.Bk.,J.0
195,000
56.000
27,000
670,300 5,066,000 108,000
220,000
21,000
1,000 317,000 541,000 1,924,000 2,572,000 214,000
First Nat. Bk., Hobo
54,000
43,000
71,000
291,400 4,061,000
125,000
8,000
SecondNat.Bk.,Hob'n
218,000 173,000 1,813,000 1,768,000 102,000
1,795,000 4,399,500 28.152,000 852,000 490.000 512,000
Total
176,000
18,000 2,682,000 3,708,000 21,067,000 4,360,000 1,523,000
CLEARING
NON-MEMBERS,
Capital
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash'n Hgts.
500,000
Century Bank
400,000
Colonial Bank
300,000
Columbia Bank
200,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland Bank
100,000
Yorkville Bank
Mechanics' Bk., Bkln 1,600,000
200,000
North Side Bk., Bkln
6,000
48,000
23,000
122,000 177,000 247,000
156,0CC 397,000
47.000
56,000 260,000
82,000
9,000
20,000
9,000
39,000 114.000
94.000
34,000 125,000
62,000
60,000 173,000
93,000
186,000 524,000 349,000
46,000 110,000
54,000
3,800.000 4,643,100 57,377,000 3,415,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTr.Co.,Bkn
Meehan. Tr.,Bayonne
82,000
360,600 1,733,000
477,800 7,869,000 em000
731,700 6,820,000 287,000
694,700 6,486,000 444,000
183,000 1,223,000 104,000
478,500 5,996,000 529,600
288,400 3,171,000 199,000
514,000 5,075,000 354,000
727,500 15,970,000 687,000
186,900 3,034,000 171,000
714,000 1,948,000 1,060,000
525,000
80,000
13,00C
20,000
20,000
70,000
605,000
33,000
90.000
126,000
322,000
40,000
30,000
550,000 1,338,000 11,442,000
Total
Grand aggregate
Comparison, prev.wk.
Excess reserve,
Grand aggr'te Feb. 6
Grand aggr'te Jan. 23
Grand aggr'te Jan. 16
Grand aggr'te Jan. 9
Grand aggr'te Jan. 2
500,000 1,020,700 7,962,000
50,000
317,300 3,480,000
82,000
92,000 1,205,000
507,000 300,000 8,950,000
437,000 574,000 7,276,000
409,000 413,000 6,828,000
63,000 1,096,000
66,000
355,000 131,000 5,931,000
186,000 237,000 3,106,000
325,000 319,000 5,915,000
982,000 872,000 16,371,000
195,000 161,000 3,247,000
196.000
70,000
3,544,000 3,162,000 58.925,000
24,000
331,000
138,000
351,000
844,000
3,000
3,000
6,145,000 10,380,600 96,971,000 4.872,000 1.237.000 2,550.000 1,130,000 498,000
+1370000 +62,000 -73,000 -132,000 -12.000 -161,000
$242,860 decrease
6,145,000 10,380,600 95,601,000 4,810,000 1,310,000 2,682,000 1,142.000 659,000
6,345,000 10,776,900 95,332,000 4,858,000 1,310,000 2,692,000 1.480,000 323,000
6,345,000 10.864,100 95.934.000 4,861,000 1,347,000 2.872.000 1,734,000 268,000
6,345,000 10,792,200 95,721,000 4,779,000 1,387,000 2,980,000 2,005,000 314,000
6,345,000 10,792,200 96,623,000 4,779,000 1.303,000 2,956,000 2.068,000 235,000
267,000 1,350,000 5.339,000 977,000
68,000 531,000 1,353,000 2,037,000
335,000 1,881,000 6,692,000 3,014,000
21,000 6,561,000 8,751,060 86,684,000 8.218,000 1,523,000
+1,000 +117000 -1053000 +1103000 +160.000 +5,000
"'''. 91:4vil
20,0006,444,000 0,804,000 85,581,000 8,058,000 1,518,000
18,000 6,795,000 10830000 85,567,000 8,074,000 1,530,000
16,000 6,501.000
85,976,000 7,672,000 1,724,000
11,0006,503,000
86,179,000 7,041,000 1,727,000
10,000 6,505,000
87,000,000 7,343,000 1,748,000
-Summary of weekly totals of
Philadelphia Banks.
Boston Clearing-House Banks.
-We give below a sumClearing-House banks and trust companies of Philadelphia: mary showing the totals for all the items in the Boston Clearing-House weekly statement for a series of weeks:
figures.
We omit two ciphers (00) tacit these
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus.
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
$
103,684.3
103,684,3
103,684.3
103,684,3
103,684.3
103,684.3
103,684,3
103,684,3
103,684.3
103,684,3
103.684,3
Loans.
390,844,0
389,633,0
396,719,0
397,010,0
395,929,0
393,452,0
393,545,0
395,052,0
393,671,0
394,575,0
395,694,0
Reserve. Deposits.
a
87,948,0
85,738,0
76,641,0
73,357,0
68,608,0
75,010,0
78.158,0
79,909,0
82,966,0
84,437,0
85,162,0
425.332,0
427,516,0
426,510,0
427,709.0
422,876,0
431,039,0
434,191.0
437,435,0
438,174,0
438,966,0
443,310,0
Circulalion.
14,278,0
13,316,0
12,972,0
12,686,0
12,418,0
12,178.0
11,789,0
11.647,0
11,592,0
11,554,0
11,562,0
Clearings.
$
124,747,4
163,149,8
141,291,2
152,095,9
133.478,5
131,233,4
178,536,7
151,220,0
150,965,1
144,309,4
168,439,7
deposits and the item 'due to other banks' (Feb. 6,
.
a Includes Government
Clearing House" (Feb. 6, 815,707,000) Due
8128,240,000): also "Exchanges tor
from banks Feb. 6, $51,945,000.
Change from
Feb.6 '15. Previous week. Jan. 30'15. Jan. 2315.
Circulation
$9.362,000 Dec.
Loans, disets dr investments. 234,216,000 Inc.
Incliv. deposits, Incl. U. S_
175,768,000 Inc.
Due to banks
83,738,000 Inc.
Time deposits
4,993,000 Dec.
Exchanges for Clearing House 13,166,000 Inc.
Due from other banks
23,333,000 Inc.
Cash reserves
21,218,000 Dec.
Reserve in Fed. Reserve B'k_ 9,241,000 Dee.
Reserve with other banks.._ 27,276,000 Dec.
Reserve excess in bank
8,618,000 Dec.
Excess with reserve agents.. 14,676,000 Dec.
Excess with Fed. Reserve B'k 2,941,000 Dec.
$38,000 $9,400,000 $9,645,000
1,580,000 232,636,000 233,543,000
523,000 175,245,000 177,788,000
982,000 82,756,000 83,505,000
48,000 5,041,000 4,693,000
1,321,000 11,845,000 11,473,000
1,169,000 22,164,000 24,660,000
577,000 21,795,000 21,793,000
551,000 9,792,000 9,155.000
1,121,000 28,397,000 28,140,000
585.000 9,203,000 9,117,000
1,129,000 15,805,000 15,464,000
555,000 3,496,000 2,817.000
Imports and Exports or the Week.
-See second page
preceding.
FEB. 13 1915.]
Manlier?
azette.
Wall Street, Thursday Night, Feb. 11 1915.
The Money Market and Financial Situation.—Sentiment in the financial district was somewhat disturbed during
the early part of the week by the German Government's announcement last week that a war zone would be established
around Great Britain. The feeling of distrust thus created
has gradually subsided on the conclusion that the matter
is only an incident of the war and perhaps not likely to be
more disastrous than other drastic measures adopted. Other
events which have influenced sentiment generally had the
opposite effect.
First among these is the Government report of exports
for the first week in February, which indicates that the total
for the month will as far exceed that of January as the latter
was larger than December's, and thus a new record be established. This large trade balance in our favor is beginning
to bear fruit. Sterling exchange has sold lower this week
than at any time in several years past and $2,500,000 of
the gold sent from here to Ottawalast autumn to the credit
of the Bank of England is being returned. Undoubtedly
more of the 0,000,000 then sent will come back. Reports
from the iron and steel industry show that orders received
in January increased 411,000 tons, although estimates had
fixed the increase at 200,000 tons, and that plants are now
running at 60% of capacity, as against 35% a few weeks
ago.
Attention has been divided this week between these
matters and affairs at the National Capital. TO uphold
the strict neutrality to which we are pledged,and at the same
time to maintain our rights as such neutral, requires on the
part of Government officials a more or less constant vigilance,in which they have the sympathy of the people at large.
It is reported, for instance, that English ships have sailed
under the United States flag, which has created an interest
in the legitimacy of such procedure. At the[same time the
persistency with which President Wilson insists upon the
passage of the Ship Purchase Bill recalls a plank in the platform adopted by the Baltimore Convention in 1912 which
reads as follows: "We believe in the preservation and maintenance in their full strength and integrity of the three coordinated branches of the Federal Government, the Executive, the Legislative and the Judicial, each keeping within its
own bounds and not encroaching upon the just powers of
either of the others," and we wonder if the President has
forgotten.
The open market rate for call loans on the Stock Exchange
on stock and bond collatera1s ranged from 13'g to 23%%.
The rate on Thursday was 13%@2%. Commercial paper
closed at 3%@4% for sixty to ninety-day endorsements and
prime four to six months' single names. Good single
names 4%@4 %•
The Bank of England weekly statement on Thursday
showed a decrease of £444,097 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
31.57, against 31.53 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
Foreign Exchange.—The market for sterling exchange
ruled weak, demand bills selling as low as 4823%. There
was a pressure of bills of all kinds. Gold to the amount of
$2,500,000 was engaged for New York from Ottawa. An
additional $1,000,000 reached this centre from South
America.
To-day's (Friday's) actual rates for sterling exchange were 4 8136 for
Sixty days. 4 82/,@4 8336 for cheques and 4 83@4 8336 for cables.
Commercial on banks nominal and documents for payment nominal.
Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent bankers this week.
Thursday's actual rates foe Paris bankers' francs were nominal for long
and 5 2236(45 2034 fol short. Germany bankers' marks were nominal for
long and 8.5% for sight. Amsterdam bankers' guilders were 4036 for short.
Exchange at I'aris on London 25.14 frs.; week's range, 25.1336 frs. high
and 25.1936 frs. low.
Exchange at Berlin on London nominal.
The range for foreign exchange for the week follows:
'
Cables.
Sterling Actual—.
Cheques.
Sixty Dais.
High for th q wok.. _ 4 82%
4 83%
4 83%
Low for
week_ _ _ 48136
4 83
48236
Paris Ban'Prunes
thekers
High for the week_ _
519
1
59.54
5 19%
Low for the week__
5 209
Germany Bankers' Marks—
High fin th,e week_ _
86%
86%
Low for the week_ _
85%
85%
Amsterdam Bankers' Guilders—
High for the week_
40 7- 6
40 5-16
Low for the week
40%
40 5-16
Domestic Exchange.—Chicago, pat. Roston. par. St. Louis, par
bid and 10c. premium asked. San Francisco. 30c. per $1,000 premium.
St. Paul, 40c. per $1.000 premium. Montreal. $5 per $1,000 memium.
Minneapolis, 40c. per $1,000 premium. Cincinnati, 10c. per $1,000
discount.
537
THE CHRONICLE
State and Railroad Bonds.—Sales of State bonds at the
Board this week include $1,000 New York 4s, 1960,at 1003/s,
2
$9,000 Nei York Canal 43/s at 108% to 108%, and $18,000
.
Virginia 6s deferred trust receipts at 55 to 563%.
The market for railway and industrial bonds has been substantially less active this week than last, transactions having
amounted to less than $2,000,000 per day, par value. The
tendency of prices, moreover, was generally towards a lower
level. Of a list of 25 active issues, 15 are lower,8 are higher
and 2 hold the same prices as last week.
Iowa Central and Minneapolis & St. Louis issues have been
notably strong, selling up 33% and 2 points, respectively. A
speculative demand for these bonds was based on reports
of better prospects and improving conditions of the roads.
On the other hand, Wabash, Union Pacific, St. Paul 5s,
w. i., and Central Leather bonds are from % to 23/i points
lower.
United States Bonds.—The sales of Government bonds
at the Board are limited to $10,000 2s, reg., at 99, and
$4,000 4s, reg., at 1093%. For to-day's prices of all the different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.—On a steadily increasing volume of business since Monday's record of 207,000
shares, the stock market has been decidedly strong, especially in the industrial list. Shares that benefit by Europe's
demand for various commodities have led the upward movement, and several such are from 3 to 5 points higher than
last week. Smelting & Refining heads this list in an advance
of 53/ points. Nat. Lead is 5 points higher. Am. Sugar
/
43%, Beth. Steel 41 2, Pittsburgh Coal pfd. 45%, Am. Beet
Sugar 4 and U.S. Steel 3%.
Of the railway list, only Canadian Pacific's advance of
43% points seems worthy of mention, although Union Pacific, Southern Pacific and Northern Pacific are from 23% to
23 higher. New York Central dropped 43% points on Tues%
day as a result of the announcement that a new $100,000,000
6% loan is proposed by the company, notwithstanding an
official statement that this loan will be so used as not to increase the fixed charges.
To-day's market was by far the most active and buoyant
of the week, following an Inter-State Commerce Commission decsion allowing a readjustment of rates on inter-mountain lines, and improved sentiment on the general situation.
For daily volume of business see page 546.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
weac endisto Feb. 11.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
11: 82 Feb 11 82 Feb
Adams Express
10 6 Feb 10 6 Feb
Assets Realization
36 Feb
Chic MU & St P rights 11,000 7-64 Feb 8
200 45 Feb 6 45% Feb
Cuban-American Sugar_
Detroit Edison
10011236 Feb 9 113 Feb
26 11 Feb 9 12 Feb
Green Bay & W.deb B_
Iowa Central
13
736 Feb 11 7% Feb
Lackawanna Steel
100 30 Feb 11 30 Feb
Manhattan Beach
300 2 Feb 9 2 Feb
Manhattan Shirt
100 50 Feb 10 50 Feb
10100 Feb 8100 Feb
Michigan Central
Nash Chatt & St Louis_.
10012536 Feb 91254 Feb
NY Lack & Western_ _ _
14 11341 Feb 11 11336 Feb
Union Pacific warrants_
303 2834 Feb 8 2836 Feb
United Dry Goods, pref _
110 60 Feb 11 60 Feb
Virginia Iron C & C_ _
100 364 Feb 11 3634 Feb
Range ewe Jan. 1.
Lowest.
11 80
10 5
8 7-64
8 38
9 11136
6 1036
11 6
11 28
9 2
10 50
8 100
9 125
11 112
9 274
11 4836
11 3636
Highest.
Jan 82
Jan 8
Feb -32
Jan 47
Feb 113
Ja 1236
Feb 734
Jan 30
Feb 2
Jan 11
Feb 100
Jan 126
Feb 11336
Ja 294
Jan 60
Feb 363.1
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Outside Market.—Business in the outside market continued quiet, price changes with few exceptions being narrow
and uninteresting. The outstanding features in the trading
were the Kelly-Springfield Tire issues and the new N. Y.
Central cony. 6% bonds. The common stock of the former
advanced sharply from 105 to 116, broke to 106, but recovered to 113 finally. The 1st pref. gained about 3 points to
853/i but reacted to 84. The 2d pref. advanced from 118 to
126, reacted and rested finally at 123. United Cigar Stores
for a time was unusually active, weakening from 93% to 95%,
3
and selling up to-day to 9%. United Cigar Stores of America
cony, rose from 923 to 93, dropped to 91 and sold up finally
%
to 933%. United Profit-Sharing advanced from 3 9-16 to
3 15-16. Corp. for Riker-Hegeman stock fluctuated be3
tween 63% and 7% and sold finally at 75%. Sterling Gum
3
moved up from 33% to 34 and back to 33%. Nat. Cloak &
Suit corn., after early loss of half a point to 513%, advanced
to 53. The pref. moved up from 983% to 99, though it sold
to-day at one time as low as 985%. Willys-Overland corn.
was also conspicuous for an advance of two points to 9734,
reacting to 95, with the final figure on the "curb" at 96.
The stock sold on the Exchange to-day for the first time down
from 97 to 96 and back to 97. Trading in oil stocks was wwell
distributed though total transactions were small. Atlan.Refining opened at 618 and broke to 570, with the close to-day at
585. Prairie Oil & Gas, ex-rights, dropped from 239 to
219, closing to-day at 230. Prairie Pipe Line lost 10 points
to 147 and ends the week at 151. South Penn Oil sold down
from 286 to 270 and up to 278. Standard Oil (Indiana) was
off from 440 to 428. Standard Oil of N. J. improved from
396 to 406 and ends the week at 403. Transactionsin the
new N.Y.Central cony.6% bonds,"when issued," exceeded
$2,500,000, down from 104 to 1023%, with the close to-day
4
at 1023%. The "rights" were traded in down from 15 to 1
and up to 1 1-16. Chic. & N. W.5s advanced from 110 to
1103%. Western Pacific 5s improved from 33 to 36 and sold
to-day at 35. Mining stocks without feature.
Outside quotations will be found on page 546.
538
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive. see
preceding page.
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday
Feb. 6
Monday
Feb. 8
Tuesday
Fob. 0
Wednesday
Feb. 10
Thursday
Fob. 11
9312 9378 9338 933
4 9378 9414 9378 9414 9438 9538
9812 498
9814 9814 *98
985
8 98
98
98
99
8
1043 10428 1037g 104 *10312 105 *10414 10512
*104 106
6914 683 6912 6812 69
6812 69
69
4
693 7
3 018
4
4 6933 7018 69
70 2 707
7
8 703 703
70
697 70
8
8714 8712 8718 8714 87 8714 87
8712 873 88
4
15412 1573 1563 1593 15618 15818 15814 1593
2
4
15414 155
4
8
•____ 325 .____ 325 *____ 325
325
417 4238 43
8
4314 417 4212 %lig 45
22
415* 4284
.10 g 1114
11
,
11
11
11
"103 1114 11
8
11
31
'29
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3012 "29
3012 *2912 3012 293 30
8
8612 8714 87
874 8512 873
4 853 8612 8714 88
4
125 4 125 4 •124 128 •324 127
3
3
125 125 *123 127
122 12212 •12212 125 4112414 125
12353 1233 "123 125
8
-- 1166 166
▪
fig- •:::: fig- *-_ -_ 125 - *____ 130 *__ _ 130
•____ 150 *__ __ 160 • __ 150 . _ __ 150 •__ 150
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39
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1494 1493
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7
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-___ 128 *____ 128 •__ 128 •____ 128 •__ 128
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4
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115
114
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1918 1918 1914
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312 *212 3
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95
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7
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3014 3014 •30
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80 •. 80 •__ -- 80 •____ 80
41_ _
6413 6413 8812
6412 634 8434 63
6112 62
61
4
*1013 10314 *102 103 ;10312 10312 1044 10412 2102 102
"
1150 154 •150 154 •150 154 •148 154
.150 154
3104 107
*104 110 *101 107 *104 107 *104 107 '
•26
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28
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28
•26
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1044 105
1041 1051
8
4
3
10012 10312 102 8 1033 103 105
3
*10912 11412 109 1093 •109 114 *110 11412 *110 114
120
3
4
5
120 12018 120 120 8 1193 12053 1194 12014 12012 23313
233 23312 2232
232 232
•230 233 •230 233
107 10714 107 10714 z1013 106
2
1063 1061
8
4
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.
15
1512 .
1512 1512 *1512 1812 *1512 1812 *15
'2 181
794 781s 781*783 783
79
077
17814 7814 •78
•Bid and asked prices, no sales on this day.
dawn Per share. e First installment paid.
Friday
Feb. 12
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest
Railroads
10,870 Atchison Topeka & Santa Fe
920 Do pref
300 Atlantic Coast Line RR
6,705 Baltimore & Ohio
930 Do prof
1,800 Brooklyn Rapid Transit
25,145 Canadian Pacific
Central of New Jersey
6,500 Chesapeake & Ohio
300 Chicago Great West tr ctfs
200 Do pref trust ctfs
6,562 Chicago NI ilw & St Paul
200 Do prat
500 Chicago & North Western_
80 Do prat
Chicago St Paul Minn & Om
Do prat
Cleve Cin Chic & St Louis_
200 Do prat
Colorado & Southern
Do 1st prat
Do 2d pref
300 Delaware & Hudson
Delaware Lack & Western...
100Denver & Rio Grande
100 Do pre!
10,610 Erie
2,700 Do 1st preferred
Do 2d preferred
3,715 Great Northern pref
18,170 Iron Ore properties
300 Illinois Central
6,700 Interboro-Metropolitan v t ctf
12,345 Do pref
3 Kansas City Southern
00
110 DO prof
Lake Erie & Western
Do prof
13,600 Lehigh Valley
Long Island
500 Louisville & Nashville
Manhattan Elevated
2,090 Minneapolis dr St Louis
2,690 Do pref
200 minn St P & S S Marie
Do prof
2,100 Missouri Kansas & Texas_ _
20 Do prat
10,800 Missouri Pacific
Nat Rys of Mexico 1st pref__
Do 2d preferred
32,200 N Y Central & Hudson River_
51,153 NY N II & Hartford
500 N Y Ontario & Western
Norfolk Southern
3,430 Norfolk & Western
Do adjustment preferred_
5 975 Northern Pacific
.
8,640 Pennsylvania
100 peorla & Eastern
100 plush Cin Chic & St Louis_
Do pref
157.940 Reading
100
1st preferred
2d preferred
800 Rock Island Company
3C0 Do prof
St Louis & San Francisco__ -100 Do 1st preferred
Do 2d preferred
St Louis Southwestern
Do prat
-1
:666 Seaboard Air Line
2,400 Do prof
39,044 Southern Pacific Co
359 Certificates (when issued)..
6.850 Southern v tr ctfs stamped_
2,900 Do
preferred
do
100 Texas & Pacific
5,235 Third Avenue (N Y)
100 Toledo St Louis & Western_
100 Do pref
900 Twin City Rapid Transit
45,220 Union Pacific
1,500 Do pref
500 United Railways Investment_
500 Do pref
1,650 Wabash
500 Do prof
550 Western Maryland
Wheeling & Lake Erie
100 Do 1st preferred
200 Do 24 preferred
400 Wisconsin Central
Lowest.
93 Jan
96 Jan
99 Jan
6714Jan
6918Jan
8412Jan
1535
8Feb
324 Jan
41 Jan
1014Jan
27 Jan
5512 Feb
12412Jan
122 Jan
1168 Feb
2 963
8Jan 28
8912July
5 90 Feb 11 :9613 Dee
5 107 Jan 22 §9913 Dec
9 743
8Jan 26
67 Doe
4 7314Jan 20
69 Dec
6 88 8 Jan 22
7
79 July
5 1683
4Jan 21 153 Dec
22 325 Jan 22 300 July
4 465
8Jan 26
40 Dec
4 1238Jan 22
914 July
11 32 Jan 21
25 July
9 9312Jan 22
8434 Dec
14 130 Jan 22 128 Dec
5 12912Jan 22 122 Dec
10 1175 Jan 30 170 Jan
125 May
132 May
121 Jan 18 121 Jan 18
22 July
Jan 13 §58 Jan 20
150
40 July
20 Mar
24* Jan 13 26 Jan 23
45 Jan 18 47 Jan 29
371 July
8
29 Dec
37 Jan 18 37 Jan 18
142 Jan 4 152 Jan 18 1383 Dec
4
399 8Jan 8 425 Jan 19 388 Jan
7
4 Jan 12
712Jan 25
4 July
8 July
612Jan 7 137g Jan 21
2112Jan 4 2334Jan 21
204 July
32 July
337 Jan 15 3712 Jan 22
8
2614 July
28 Jan 16 3014 Jan 26
1124Jan 2 118 Jan 22 11153 Dec
3
2212July
2514Jan 2 35 4Jan 21
10612 Feb 10 110 Jan 22 10312 Dec
1034 July
10 8Jan 16 13 Feb 5
3
60 Dec
49 Jan 19 58 4 Feb 11
3
2118Jan 11 2512Jan 22
2014 July
58 Jan 18 575 Jan 22
4918 Dec
*
713 Jan 22
518 July
5 Jan 5
17 Apr
130 8Jan 2 13918Jan 22 118 July
5
30 Jan 11 39 Jan 20
28 Jan
112 Jan 5 12112Jan 22 125 Deo
128 Jan 20 128 Jan 20 128 Jan
1513 Feb 8
918 July
1011 Jan 11
25 Jan 18 35 Feb 9
2712 June
106 Jan 4 116 Jan 20 101 Dec
126 Jan 14 128 Jan 19 130 June
84 Dec
74 Jan 4 1212 Jan 22
28 Jan 4 33 Jan 20
26 Dec
7 Dec
3Jan 8 1514Jan 21
83
23 Jan 5 23 Jan 5
30 Jan
478Jan 23
41
8Jan 23
5 Dec
77 July
8418Feb 9 924Jan 22
49 Jan 29 57 Jan 19
493 July
8
4Jan 6 243
213
8Jan 22
253 Del y
181 Ju e
9912Jan
85 Jan
100 Jan
10414Jan
4 Jan
8912Jan
4 10312Jan 22
27 8512 Jan 28
2 107 Jan 22
4 10812Jan 22
7 Jan 19
5
28 72 Jan 18
142 8 Jan 2
1
8512Jan 11
83 Jan 8
5
8Jan 2
1 Jan 21
24 Jan 22
10 Jan 25
3 Jan 18
18 Jan 20
34 Jan 15
1114Jan 4
36 Feb 8
8114 Feb 5
9512 Feb 9
14 Jan 4
50 Feb 10
11 Jan 11
35 Jan 2
1 Jan 6
6 Jan 6
97 Jan 5
4Jan 2
1153
7912Jan 4
8 Jan 5
23 Jan 5
4Jan 15
3
112Jan 7
ON Jan 4
1st Jan 6
12 Feb 8
3 Jan 4
31 Feb 9
Industrial & Miscellaneous
21,810 dAlaska Gold mining_Par 810 82818Jan
734Jan
107 Allis-Chalmers Mfg v t o
33 Feb
440 Do preferred v t c
4Jan
513
39,625 Amalgamated Copper
48 Jan
550 American Agricultural Chem_
901*Jan
Do prof
3314Jan
22,900 American Beet Sugar
83 Feb
Do pref
Amer Brake Shoe & Foundry
134 Jan
Do pref
254 Jan
17,150 American Can
9112Jan
1,110 Do prat
Foundry.... 44 Feb
1,000 American Car &
113 Jan
360Do pref
594Jan
American Cities Prof
82 Jan
20 American Coal Products
1105 Jan
105 Do pref
39 Jan
5,425 American Cotton Oil
9712Jan
Do pref
412Jan
1,350 American Hide & Leather....
4Jan
193
7.500 Do prat
20
53Jan
1.000 American Ire Securities
200 American Linseed
22 -1an
414 Ja n
1.150 Do prof
83 Feb
2118
850 American Locomotive
600 Do pref
4 Jan
150 American Malt Corporation..
2812Jan
100 Do pref
78 Jan
pref B____
Amer Smelters Sec
30,175 Amer Smelting & Refining... 56 Jan
100 Jan
260 Do pref
144 Jan
American Snuff
103 Jan
Do pref (new)
2613Jan
Amer Steel Foundry (new)
11,380 American Sugar Refining-- 100 Feb
109 Feb
334 Do prat
2,710 Amer Telephone & Telegraph. 118 Jan
220 Jan
510American Tobacco
1,410 Preferred, new
1031i Jan
16 Jan
American Woolen
230 Do prat
78 Jan
I Ex-righta. I Less than 100 shares.
s Full paid.
Highest.
Range for Previous
Year 1914.
9612 Dec
85 Jan
965 Deo
8
1024 Dec
5 July
6418 July
95 June
1534 Jan 22 137 July
8612Jan 11
87 July
8512 Feb 2 s80 Dee
1 Jan 19
3 Dec
2
17 Jan 15
8
1 Dec
212Jan 26
2 Apr
11 Jan 21
8 May
214 Dec
4's Feb4
173 Jan 23
1773 July
4
37 Jan 21
36 July
1512Jan 26
1014 Dec
41 Jan 28
453 Jan
4
8812Jan 22
81 Dec
988 Jan 26
92 3 Dec
7
18 Jan 23
14 Dec
63 Jan 26
58 Dec
14 Jan 20
1112 Dec
48 8 Jan 28
7
33 July
2 Jan 11
2 Dec
93
8Jan 23
43 Dee
4
9912Jan 16
944 July
122 8 Jan 22 112 July
7
8112Jan 26
7712 Dec
1414 Jan20
74 Dec
35 Jan 19
22 July
12July
153Jan 22
134 Dee
33 Jan 22
*
2124 Jan 22
103 Dee
4
24 July
3 4Jan 18
3
814 July
16 Jan 18
3 Dec
6 Jan 18
293 July
4
3Jan 21
397
7 83012Feb 9
12 11 Jan 19
10 37 Jan 16
2 5813Jan 21
4 5234Jan 19
15 91 Jan 12
6 42 Feb 11
1 85 Feb 2
,
7 1373 Jan 22
2 314Jan 19
8Jan 21
5 973
5 4812Jan 18
7 115 Jan 20
5 80 Jan 12
20 82 Jan 20
7 110812 Feb 10
4 4853Feb II
R 9753Jan 26
54 Feb 9
9
4
5 283 Feb 9
4 2512Jan 18
12Jan 16
2 3014 Jan18
5
8 983 jan 19
5 2 4 Ja il 2
4
6
20
19
2
4
16
19
7
5
5
4
4
4
5
4
a Ex-div. and rights. SNOW stock
6 Jan 22
3013 Feb 1
784 Feb 3
6612 Feb 11
10412 Feb 10
155 Jan 29
106 Feb 1
32 Jan 18
11112Jan 29
11412Jan 29
12112Jan 20
2343
4Jan 29
10714 Feb 9
173
4Jan 23
79 8 Jan 15
7
Highest.
3
100 8 Jan
1013 June
4
126 Jan
983 Jan
3
834 Jan
9414 Mar
22012Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
13878 Feb
180 Jan
13114 July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mar
15912 Feb
4063 June
4
1914 Jan
3113 Feb
3212Jan
4934 Jan
40N Jan
4
1343 Feb
3914 Jan
115 Jan
164 Jan
654 June
2813 July
62 Jan
9 Jan
2112 Jan
15614 Jan
38 Feb
14178 Jan
133 Feb
164 Jan
3513 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
965 Jan
8
78 Jan
315 Jan
43 8
10578 July
90 Apr
11812 Feb
11512 Jan
8 Jan
91 Feb
101 Mar
17214 Jan
8938 June
93 Jan
165 Jan
8
25 Jan
53 Jan
3
1712Jan
93 Jan
4
2634 Jan
654 Jan
2238 Feb
58 Feb
9912 Jan
10612 June
2814 Feb
8514 Feb
1734 Apr
453 Jan
4
1214 Jan
23 Jan
1084 Jan
16433 Jan
86 Feb
2334 Feb
4914 Mar
453Jan
13 Jan
35 Jan
838 Jan
21 Jan
11 Jan
48 Feb
81912 July $287 May
8
6 July 1414 Feb
3212 July 49 Jan
483 Dec
4
7818 Feb
473 Jan
4
5913 Mar
904 Dec
9712 Jan
19 July 3312 Dec
66 May 80 Deo
80 Apr
9712 Feb
12912 Jan 14678 Feb
191, July 3518 Jan
,
80 July 98 Jan
4214 Dec
5313 Feb
112 July 11818 July
5912July 68 Jan
182 Jan 18612 Mar
1102 Jan
107 July
32 Jul) 4612 Feb
935 June 9738 Mar
8
314 July
54 Feb
17 July 2534 Feb
197 July 3234 Feb
8
712 July
115 Jan
8
24 Dec
3134 Jan
2014 July 371: Jan
9
96 Jan 10212 Mar
414 Dec
30 Dec
5018 Jan
7914 July
85 Jan
5014 July 7118 Feb
9712 Apr 105 Jan
148 Dec 172 Jan
994 Jan
1063 July
4
27'2July 3712 Feb
97 Mar 10973 Jan
1077 Mar115 Dec
8
114 July 12414 Jan
215 Apr 258 Mar
1013 Jan
4
109 June
12 July 2068 Jan
7213 Mar 83 Jan
'Ex 24% accum. div.
6 Quoted
New York Stock Record-Concluded-Page 2
539
For record of sales during the week of stocks usually inactive. sea second page preceding.
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday
Feb 6
Monday
Feb 8
Tuesday
Feb 9
Wednesday
Feb 10
Thursday
Feb. 11
Friday
Feb. 12
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest.
Highest.
Range for Previous
Year 1914.
Lowest.
Highest.
lodustrIal & Miss (Con)
1,320 dAnaconda Copper Par $25 $25 Jan 2 $2818 Jan 21 $2414 Dee $3814 Feb
650 Baldwin Locomotive
524 Mob
81 m
3 :a
289812
10
18 140 Jan 41 102 ;n
0 83 a
225
Do pref
110 June
Feb
2,300 5Batopilas Mining__ _Par 520
$114 Feb
$4 Feb 5
$12 AK
$ 8 Jan 9
7
74,565 Bethlehem Steel
465 Dec
8
4614 Jan 2 5734Feb 10 2912Jan
2,810
Do pref
8
913 Dec
91 Jan 2 105118 Feb 11 68 Jan
100 Brooklyn Union Gm
118 Jan 5 129 Jan 22 118 Dec 130 Jan
Brunswick Term & li. S
57 July
8 8 Feb
5
15 Jan 28 15 Jan 28
100 Butterick
27 Feb 4 2884 Feb 11 26 Jan
2912 June
6,245 California Petroleum v t Ws
30 8 Feb
5
15 Jan 16 2l Feb 8 1518 Dec
3,650
Do pre
4
47 Jan 18 542 Feb 8 50 July 68 Mch
Case (J I) Thresh M pf tr ate- 180 Jan 21 180 Jan 21 177 Dec
9518Jan
54,909 Central Leather
3814 Dee
33 Jan 27 3914 Jan 8 25 8 Jan
7
Do pref
310
100 8Jan 7 104 Jan 27 947
3
8Jan 104 Jul,
25 Cent & Sou Amer Tel
*110 Jan 6 1112 Jan 20 1103 Jan 110912Feb
5,020 dChino Copper
Par 85 323
4Jan 6 3712Jan 22 $3112 Dee $44 Feb
'
Cluett, Peabody & Co, Inc_
70 Feb
6812 Feb
Do pref
98 Jan 20 101 Jan 28 99 July 10412Feb
1,300 Colorado Fuel de Iron
213
4Jan 5 27 Jan 21 2012July 3412 Feb
1,200 Consolidated Gm (N Y
1133
4Jan 4 12218 Jan 21 11212 Dec 13912 Jan
610 Continental Can
4014 Jan 4 4912 Jan 19 3712 June 454 J1113
Do pref
230
8812Jan 5 93 Jan 21 84 July 911 Jt113
4
5,200 Corn Products Refining
8 Jan 2 103
8Jan 16
7 July 1314 Jan
Do pref
600
65 Jan 5 6912Jan 19 584 July 72 Jan
300 Deere & Co pref
88 Jan 29 89 Feb 11 913g Jan
4Feb
993
Distillers' Securities Corp_
1012Jan 8 133
4Jan 25 11 July 2012 Mel
Federal Mining & Smelting__
93
4Jan 7 10 Jan 6
7'gMay 15 Jan
Do pref
600
26 Feb 10 30 Jan 22 28 8 Dec
43 Jan
5
432 General Chemical
165 Jan 26 169 Feb 11 160 Apr 180 Jan
Do pref
191
10814Jan 30 1083
8Feb 10 10712 Feb 110 Jun,
600 General Electric
140 Jan 6 14514Jan
5
12 Dec 150 8Feb
1,000 General Motors vot tr Mfg-- _ 82 Jan 2 9458Feb 19 1378Jan
11 37
99 Mai
3
600
Do pref voting trust eds. 90 8Jan 4 98
3
Jan 27 70 July 95 Feb
4,800 Goodrich Co (B F)
241- Jan 7 334 Feb 4 1942Jan
2878 Apr
100
Do pref
95 Jan 14 983
4Jan 28 797 Jan
95 Dec
5,320 aGuggenheim Explor_Par $25 $454 Jan 7 $525
8Jan 22 $401,July 857 Air
12
67 Homestake Mining
1114 Jan 8 1118 Jan 19 1093
4July 112212 Mc'
3,025 dInspiration Con Cop_Par $20 8165
8Jan 2 5195
8Jan 18 $1414 July $1914 Jul.
500 International Harvester of N J 92 Jan 5 991g Jan 11 82 July
11312 Jan
Do pref
113 Feb 3 117 Jan 20 11312Jan
7
7
International Harvester Corp- 73 Jan 7 7318Jan 11 82 Dec 118 8 Jul:
11144 Jan
Do pref
114 Jan 14 114 Jan 14 11414 May 118 Jul;
Int Mere Marine stock tr etfs_
501)
2l Jan 22
1 Jan 16
38 Jan
4
158 Dec
Do pref stock trust ars_
400
4 Jan 16
81 Jan 22
1514 Jan
3 Dec
800 International Paper
8 Jan 6
684 July 107 Feb
93
8Jan 16
8
500
Do pref
34 Jan 9 36 Jan 16 30 Dec
41 Jan
International Steam Pump__
3 June
9 8 Jan
7
100 Do pref
5 Jan 4
61 Fob 6 11 June 29 Jan
100 Kayser & Co (Julius
80 Jan 4 80 Jan 4 80 Jan
94 Jun
Do 1st pref
107 Jan 13 107 Jan 13 106 Mch 108 4 Ma
4
1,600 Kresge Co (S 13)
99 Jan 18 107 Feb 11 81 Jan 105 Feb
Do pref
200
106 Feb 10 106 Feb 11 99 Jan 105 Mc
• •
100 Laclede Gas (St L01112
8Jan 15 98 Feb 9 85 July 101 Pet
927
Liggett & Myers Tobacco_..._ 207 Jan 9 220 Jan 22 20712 Dec 231 Mc
Do pref
100
1133
4Jan 5 11912Jan 21 1113
8Jan
118 Jul
12
100 Loose-Wiles Biscuit tr co ctfs_
20 Feb 9 31 Jan II 26 Dec
38 Jan
Do 1st preferred
95 Feb 4 10518Jan 13 101 Apr 105 Ma
Do 2d preferred
89 Jan
9514 Jun
Lorillard Co (P)
16512Jan 6 180 Jan 21 160 July 190 Api
Do pre
11214Jan 6 118 Jan 19 110 Jan 11773 Jul
*
7242Jan 11 75 Jan 20 61 July 87 2 Fel
10 Mackay Companies
4
n
Do pref
100
4Jan 19 6518Jan
70 Jan
6718Feb 10 693
Ili
14,741 Maxwell Motor Inc tr etre- 1514 Jan 6 2384 Feb 11 1412 Dec
E-4
1514 De
11,800 Do 1st pref stk tr etfs
5
4314Jan 2 6238Feb 11 4112 Dec
44 De
0,800
Do 26 pref Mk tr Ws
1712 De
IS Jan 6 2512Feb 11
17 Dec
F2
. 10 May Department Stores
6914 Jar
§50 Feb 10 *50 Feb 10 5112 Jun
Do prat
So
4
97 Jan 19 97 Jan 19 9712Jun 1013 Fel
34,370 Mexican Petroleum
7312 Fel
51 Jan 9 77 Feb 9 4612 Jan
goo
Do pref
67 Jan 15 8018 Feb 11 67 May 87 Fel
o
1,420 dMiaml Cooper
Par $5 $1714 Jan6 $1011 Jan 26 51612 Dec 5244 Fel
C.)
3,284 Montana Power
42 Jan 4 4834 Fob5 41 Dec
8
527 Jul
Do pref
4®
99 Jan 29 101 Jan 18 101 Apr 103 8 Jul
7
1,600 National Biscuit
120 Feb 1
132 Jan 22 120 July 139 Fe
Do pret
200
121 Jan 4 126 Feb 3 11914Jan
128 Jul
100 Nat Enameling & Stamping
912Jan
1212Jan 18
14 Fe
9 July
50 Do pref
179 Jan 1
17912 Feb 8 80 Jun
867 MI
8
5,575 National Lead
44 Jan
52 Feb 11 40 July 52 Jai
375
Do pref
1043
4Jan
10934Jan 19 105 Jan
109 Fe
1,160 5Nevada Cons Cop_ __Par $5 5117
8Jan
8Jan 19 $1014 JMY $3612 Jai
5133
100 New York Air Brake
57
59 Jan 2 58 July 69 Jai
North American Co (new)--- 64 Jan 1
Jan
68 Jan 4 644 July 7914 M
Pacific Mall
1812Jan
2212Jan 19 1714 Jul
29 Jal
200 Pacific Telephone & Telegraph 2618Feb 1
3112Jan 16 20 July 31 Jai
425 People's Gas Lt & C(ChM)._ 11712 Jan
12078Jan 16 106 July 125 .Tai
16,100 Pittsburgh Coal
1514Jan
2138Feb 11
15 Dec
2312 Fe
8.000
Do pref
815
8Jan 4 95 Feb 10 79 Dec
9312 Fe
Pittsburgh Steel pref
175 Feb 1 175 Feb 1 82 Apr
93 Fe
1,500 Pressed Steel Car
28 Jan 29 39 Jan 11
263
4Jan
46 Fe
10
Do prof
99 Feb 5
10514 M,
4Jan
Public Service corp of N J..-- 106 Jan 13 1024Jan 25 973
106 Jan 13 107 Jan
114 Al
1,005 Pullman Company
152 Feb 8 15512Jan 22 150 Dec 159 Jai
100 Quicksilver Mining
1 Jan 4
l7 Jan 12
7 Jun
8
2 8 Ja
7
Do pref
14Jan 5
214 Jan 22
14 Jun
4 Ja
100 Hallway Steel Spring
22 Feb 3 25 4Jan 12 1942July 3442 Fe
3
Do pret
88 Jan fi 88 Jan 8 88 Deo
8,135 dRay Cons Copper___Par $10 21514Jan 2 51814Jan 22 $15 Dec 101 Fe
22212 At
4,250 Republic Iron & Steel
19 Feb 1 223* Jan 19 18 Dee
27 la
Do pref
1,410
72 Jan 30 783
4Jan 20 75 Dec
9114 M
500 Rumely Co (M)
7
8Jan 22
418Jan 4
3 8 Dec
7
18 Ja
600
Do pref
212Jan 20 16 Jan 5 20 4 Apr
3
41 Ja
1,410 Sears, Roebuck & Co
18214 Jan 4 20912 Feb 1 17014 Jul
19712 July
Do pre
1213
8Jan 4 125 Feb 2 120 Dec 1243 Ju no
4
850 Sloss-Shettield Steel & Ir011.24 Jan 6 2784 Jan 22 19't July 35 Ja
710 Standard Milling
4414 Feb 5 473
4Jan 19 32 Jan
45 DI
Do met
69 Jan 16
67'2D so
10,570 Studebaker Corporation (The) 3524 Jan 2 70 Jan 16 5912 Dec
473 Feb 8 20 Jan
4
3
614 Meh
Do Prof
500
Si Jan 2 9614Jan 19 70 Jan
92 May'
4,500 5Tenneasee Copper___Par $25 $283 Feb 4 8331
4
8Jan 8 5243 July 53634
4
400 Texas Company (The)
131 Feb 6 13514 JanII 112 July 1497 Fe
8 Meh
100 Underwood Typewriter
554 Feb 11 5518Feb 11
7314 June
88 Jaa
Do prof
1120460138122 J
Janan 13 112060s111422 JanJJan 23 103 Dec 113 Al
44
500 Union Bag & Paper
Jan
Do pref
1 135814
19
5
8
e
3211 F
8 F:
500 United Cigar Mfrs
42 Jan 25 4518 Feb 11 39 July
Dec
Do prof
100
10214 Feb 1 105 Feb 11 99 June 5014 Pi
1037 Fe
8
US Cast Iron Pipe & FdY---8 Jan 2 10 Jan 19
7 June
1312 Ja612
3
Do pref
270
34 Feb 11 35 Jan 22 30 4 July
49 Ft
US Express
71 Jan 20 71 Jan 20 46 Jan
87 M eh
US Industrial Alcohol
15 Jan 27 15 Jan 27 15 Dec
20 AlDr
Do prof
220
70 Jan 26 78 Feb 11 75 Dec
8518 JaIn
100 U S Realty & Improvement
36 Feb 11 50 Jan 12 5112 Dec
6334 M eh
2,300 United States Rubber
5178 Jan 2 593
8Jan 9 4412 July 63 M ell
Do 1st preferred
300
102 Jan 29 10412Jan 14 951 July
104 J3
/ In
1
4
149,220 United States Steel
38 Feb 1 533
8Jan 21 48 Dec
8714 In
Do pref
9,750
x102 Feb 1 109 Jan 21 10314 Dec 11234 Je
Je
15,020 ellYtah Copper
Par $10 v
4Jan 22 $454 Dec
111/3
510 VIrgInla-Carollna Chemical-- -48131a31 6 5553
15 Jan 4 228 Jan 22 17 Dec $594 .11 eh
4
347 M
8
Do pre
80 Jan 6 88 Jan 16 96 May 10712 M eh
3,800 Western Union Telegraph__- 57
Jan 2 645
8Feb 2 533* July 86 8 F1
7
1,641 Westinghouse Elee & Mfg-67 Jan 2 74 Jan 11 84 Jan
791231 ly
Do 1st preferred
118 Jan 9 118 Jan 12 1157 Jan 12412 Ji
*
goo Willys-Overland (The)
96 Feb 11 97 Feb 11
_
25 Do pref
597 Feb 1 197 Feb 11
720 Woolworth (F W)
9014 Jan 6 947 Feb 11 89 July 10314 F,
g
el;
200
Do pref
115 Jan 8 1175
8Feb 8 11244 Jan 118 2.l oh
7
Er-rights. a Ex-dlv. and rights. b New stork. a Quoted dollars per
•BM and asked prices: no sales on this day. i Imes than 100 shares.
share. 5 Ex-stoe15
dividend. x Ex-dividend.
2612 2612 *26
263 .263 274 255 2658 274 2 7
8
4
4
78
3018 31
30 .__ 30
30
2912 2912 .30
3212
100 100
99 *
99
*99 10018 199
101
99
4
12
4
3
3
4
44
3
3
12
4
*12
3
4
34
4
5234 543
4 543 5718 5558 5712 5512 573
4 56
575
8
104 1015 1043 105
*10314 104'z 104 104
8
4
1047 1054
8
1291 *12612 130
127 127 *12612 130 *127 12912
•127
*5
*5
7
*5
7
7
.5
7
*5
7
281 .2712 30
*27
281 *27
*2712 2812 283 283
4
4
1912 1951) 194 214 201s 2114 120
20
20
2114
5434 5212 5412 *50
53
*51
52
5212 52
534
4
._
85 *.
85 *_
85 *_ __ 85
85
*76
iii2 34 2 Kis 3612 587 363
7
4 358 37
36 8 374
7
•102 10314 103 103 *102 10314 102 8 1024. 103 103
7
•112
___ *112
___ 1112 112 *113 114
354 - 4
11114- 35 8 353
5 3618 354 36
38
36
35 8 363
7
4
*____ 60 •____ 60 41_ __ 60 41 _ _ __ 60 *____ 60
*100 10212 *100 102 *100 102 *100 102 *100 102
*233 26
4
*233 26
4
243 2512 243 241
4
4 2514 25 8
4
7
•1173 1183 11812 11812 119 119 21173 117 4 118 11812
4
4
4
3
.46
48
46
46
*45
47
47
45
145
48
*9014 93
19112 92
92
92
92
192
*90
92
.9
94
93
8 94 *914 958
912 912
93 1014
8
*6112 67
654 65 s 6512 651 *65
6712 6812
3
68
•--__ 89 .873 88 8 •____ 881 *873 88 8 88 8 89
4
5
5
5
4
•1I12 13
*1112 13 .114 13
*11
12 g
*11
13
8
*____ 10 •_ __ _ 10 ._ _ ... 10 •____
8 •____ 10
*28
30
*28
28
30
26
26
28
26
26
1165 1653 16614 167 1168 168 1168 168
4
169 169
1109 1097 *10814 110 .10814 110
8
1083 1083 -i,.,7 -r o
8
,
*141 143 *141 142
8g 142 142
14112 14112 1424 143
94 94
9414 941 *93
94
94
94 8 9414 945
8
5
.944 951 *9412 951
954 951
9512 9514 954
95
32
33
323 3318 3212 327
4
3214 3278 323 3318
4
•96
97
*9614 971 •964 97
*9614 97
9612 9612
5012 5012 514 511
515 52
8
51
5114 5112 5214
1116 1161a'113 118 5115 118 §117 117 *115 118
1814 1814 183 183
8
8 1814 181
183 183
8
8 1812 1918
*94
9812 943 943 .943 9734 96 9612 9612 964
4
4
•____ 117 •____ 117 *____ 114 *____ 114 •__ 114
01_ __ _ 69 •____ 69 111 _ _ _ 65 41_ ___ 65 •____ 65
.
•__
103 *_ _
103 *..
110 •_
100 •__
100
Nei
17
s *Nz 17
8 ""N2 14 ;
.
Ii2 13
4
N4 13
4
*4
518
5
5
51s 54 *4
514 *44 54
*8
9
812
812
812 8 4 *8
3
9
83
4 87
8
*33
35
*33
*33
35
35
*33
35
35
35
• __
__
3 •
3 •____
3 41 _ _
3 .____
3
64 618 *6
15
15
*6
.6
15
*6
15
80 80
•77
82
*7612 82
*78
82
*78
82
•104 10412 *104 10812 *104 10812 *104 10812 10104 10812
•10212 10312 104 106
1043 105
4
105 10558 107 107
*104 1054 *104 10512 *104 10512 106 106
106 106
*97
98
*97
98
98
98
*98 103
*97 100
*210 21912 *210 2194 *210 21912 *210 2194 *205 2191
*117 119 •117 119 *117 119
119 119 *117 119
•____ 23 ._ __ _ 23
20 20 *_
20 •_-__ 20
*---- 95 41
._ 95 *____ 94 •_ _ _
. 95 •____ 92
•---- 85
____ 85 .____ 83 *..... 84 *____ 82
•___ 180 •____ 180 *___ _ 180 *__ _ _ 180 *_ .... 180
*114 118 11114 118 *114 118 *114 118 "114 118
•70
75
*70
75
175
75
75
4
10
*71
75
*67
69 •67
69
69
*67
6718 6718 .67
69
18
1818 17 8 18
7
18
1834 19
2214 223 233
4
4
5812 59
5812 583
59
60
6012 613
4 6112 623
8
22
2214 22
221
22
233
8 2338 25
243 2512
8
4152
56
*52
56
*50
56
150
50 "50
56
*97 100 •
100 •_ 100 *_ 100 s_ _ 100
76
763
8 764 763
7618 77
7614 76
53 7
64 77
*70
797 •75
8
80
797 SO
8
80
80
80 8018
1812 1858 1812 18 8 1812 1812 183 187
5
4
8 19
19
4812 4811 48 483
8 4814 48 4 48
3
48
4818 4812
*MI Mt *9914 994 9912 994 993 993
4
4 993 993
4
4
•122 124 .122 124
124 124
120 1214
12114 124
*12214 125 *12212 128 *124 128
124 124
124 124
*1012 12 .10
12
103 103 *10
4
4
12
*1012 12
*78
90
17912 7912 .78
90
*78
90
*79
90
47
47
47
49
5014 503
4 50
51$4 5112 52
§1.09 109
108 108 .108 109
108 10834 .10712 109
12
12
117 1178
8
117 12
8
12
12
1218 1212
•___ _ 5712 •____ 58 •____ 58
58
*58
5714 5714
*65
68
*65
68 .65
68
*65
68
*55
68
•11) 2012 *1412 21
•1812 21
*1812 21
81812 21
•26
294 *25
2914 *26
2914 *211
2914 2818 264
*118 119 .118 119
11814 11814 11814 11814 1183 1183
4
4
*173 183
4
4 183 19
8
1812 1918 187 2012 2012 2138
8
894 893
8 8914 907
8 903 92
4
91
98
94
95 8
1
•____ 82 •___ 82 •____ 82 •___ 82 •____ 82
30
*29
30
30
2912 294 294 30
31
3112
•
_ 99 •
_ 98 * . 98
98
198
98
*164 los *iiii ___ *ioi ____ *103 ____ "
*i15K1
*152 153
152 1524 152 152 *152 15212 152 1-524
*118
114 *1
114 *1
1
114
1
*1
114
*I
214 *1
212 *114 214 *114 214 *114 214
*20
23
23
23
•20
23 •20
2512 *20
23
*__ _ 90 •____ 90 •____ 90 41 _ ___ 88 •____ 90
1712 1712 1713 173,
8 1714 1712 17
173
8 17
177
8
•1914 1934 1912 203
8 2038 20 s 2014 2012 2012 21
5
*7272 75
734 7412 75
4
7532 7512 7512 7
77
6
*114
112
114 *Ili
114
11
*114
112
114
114
438 42
8
44 418
44 51g *412 5
5
5
20112 202
20218 20214 20378 204
205 206
2033 205
4
•123114 _ _.*12334
_ •I233
4 _ -- *12 3 2 r- *1233 ..r..34 .
4
.20 26
25 25
26 26
*23 26
2512 -203-4
.43
4538 44512 451 4140
454 4514
43
443
45
•66
70 .66
70
*66
*66
70
70
70 .68
46
4634 463 473
4
4634 4618 47
4578 4738 40
95
05
96
96
98
96
964
*95
96
98
2938 304 2914 293
293 293
8
293 2912 295 30
8
8
131 131
133 133 *131 135
13212 133 "131 134
•____ 60 *__ 60 •____ 60 •_ 60
5518 5518
•_ . 100 •__ _ 100 •__ _ 100 *__ . 100 *_
100
•ii
618
4 4
a 6
6 6
;Ai 6
*254 2814 •25
30
*2511 281 *2512 2814 *2512 2814
•42
45
4218 421
44
44
4518 4518
44
44
•102 1031 •102 1031 .102 1031 .102 105
101 105
*9
12
*84 12
12
.9
12
.9
12
*9
3412 341 *3334 3412 34
*333 341 *3334 341
4
34
71
4165
.65
71
*65
71
*65
71
71 .65
40
*15
•15
30
*15
45 .15
45
40 .18
75
75
80 .75
*74
85
85
*74
78
78
• ___ 4() *_ __ 34 •__ 40 11._
36
36
38
56
561
5612 57
-56
35i8 5612 5612 573/
57 '
*1023 1031 10318 1033 10314 1031 41102 10312 *102 10312
8
4
40 8 415
7
)
8 40 8 41
7
8 4118 4218 424 444
39 8 403
10312 10414 10312 104
10312 1033 10312 104
104 10518
2
533
52
5
5212 53
52 8 5338 523 5318 5318 5438
4
*2012 22
*2012 22
*20
22 •204 22
21
2214
4183
86
*83
86
*83
89
*83
86
87
*83
6312 641
63 8 64
7
634 634 634 63 8 6312 64
7
7012 703
4 703 703
2
7034 711: 17014 70 4 7112 7134
,
*117 120 •____ 120 *____ 120 *117 120 *117 120
97
96
97
*97
a ;54 ------931 ii 9478 9478
4
i94
117t. 1171. 1178. 11716 *11rt 1152 *117 1111 0117 118
n
n
540
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
interest"—except for income and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 11.
Price
Thursday
Feb. 11
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No Low High
Ask Low
Bid
U. S. Government.
99
10 9812 9914
983 987 99
4
8
S 2s consol registered_ _41930 Q
98
99
985 99% 99 Feb '15
5
d1930 QU 82,consul coupon
10112 Jan '15
10112 10112
81918 Q - F 10112
US 38 registered
102 102
81918 Q - F 10112 ---- 102 Jan '15
US 38 coupon
4 1097 109%
109%
8
%
1925 Q- F 10912
109
U 5 4e registered
1925 Q- F 11012 --__ 110 Deo '14
17 S 48 coupon
12
10-30-yr 25_81936 Q F 9812 ____ 95 July'13
U 8 Pan Canal
id65- 102
4
US Panama Canal 35 g----1961 @ -M 10112 ---- 102 Jan '15
Foreign Government
93 Feb '15
95
Argentine--Internal 53 of 1909_ _ M- S 93
84
88 July'14
_
Chinese (llukuang Ry)-5s of '11 -D
95%
Cuba—External debt 58 of 1904_ 51- S 2 9512 Sale 9512
Sale 94
94
Exter dt 52 oi '14 ser A _ 1949 F A 504
5_
9214 93 June'14
1949 F- A
External loan 430
8212
84
Japanese Govt—£ loan 4lie 1925 F - A I 8214 8.5
Sale 07612
77
,,
1925 J - J 1577
Second series 4354
7512 783 June'14
4
1931 J - J
Sterling loan 48
7914 Apr '14
Mexico—Exter loan £ 55 ot 1899 Q- J
65 July'14
1954 J - D
Gold debt 4s of 1904
-(s _1924 F - A 94 9512 9512 Jan '15
Pray of A lberta—deb 4t
8
Tokyo City—Os loan of 1912_ _ _ _ M- S - - - 817 82 Jan '15
:These are prices on the basis of $50£
State and City Securities.
100 100% 10018
10018
1960 MN Y City 41s
Sale 100
10018
41s Corporate stock_ _ _ 1964 al- S 100
105
1963 M- S 10478 Sale 104%
4348 Corporate stock
96%
4% Corporate stock
1959 M-N 96% Sale 9614
8
96%
4% Corporate stock
1958 M- N 96 965 9614
9612
8
4% Corporate stock
1957 M-N ---- 965 9612
98
Sale 96
4% Corporate stock
1956 M-N 96
8
105
New 430
1957 M- N 104% Sale 1047
New 430
1917 M- N 101 10118 10114 Jan '15 % Corporate stock- —1957 M-N 104% Sale 104%
101%
43i% Assessment bonds_1917 M-N 101 10118 101 Feb '15
85 4 Jan '15
3
335% Corporate Stock- —1954 M-N 8412 86
100
N Y State
-48
10012 Feb '15
1961
Canal Improvement 4s.._ _1961 3-3
10018 Jan '15
J
Canal Improvement 48._ A962 2-3 10014 - - - - 1003, Jan '15
Canal Improvement 45._ _1960 J 100 __ _ _ 10018 Jan '15
Canal Improvement 43(8_1964 J - J 1033 108% 1084
4
1037
8
_ 10812 Feb '15
Highway Improv't 41(8_1963 M- S 108% _
Virginia funded debt 2-13.._ _1991 _
8414 July'14
68 deferred Brown Bros etfs___
55
587
8
Sale 55
93
0914
9 -431- -664
8
6 93 9412
9 82 8412
31 07512 80
-- - 9512 952
82 82
54
37
8
33
6
10
3
16
99 10038
100 10014
104 105%
95% 97
95 8 97
5
953 97
4
95
96
1037 105
8
100% 10114
7 10418 105
10012 101
4
84% 858
10012 10012
10018 10018
100 1003
s
100 10012
9 10814 110
10814 108 8
5
18 52
60
Railroad.
84
6612
63 66
an Arbor 1st g 45
8612 Jan '15
51995 Q
67 9158 9584
94
9318 Sale 93%
Xitch Top & Fe gen g 48._1995 A 92
91
874 924 92 Jan '15
A813 863
4
4
83 85
8512 Feb '15
Adjustment gold 48
51995 Nov
Registered
86 Mar'13
51995 Nov
6 -ilia -if4
Stamped
853
4
85% 853
51995 M- N 85
1 92% 9518
937
8
Cony gold 4s
1955 J -D 93% _ _ 93%
Cony 48 issue of 1909
--- 9912 May'13
1955 J -D
953
4 44 923, 957
Cony 48 (issue of 1910) 1960 J -D 9534 Sale 93 4
3
10
1013
8 28 10014 101%
8
-year gold 5s
1917 J -D 1013 Sale 101%
92
94
East Okla Div let g 45_ _ 1928 M- S 92% _ _ _ 94 Jan '15
8
2 865 89
8
887
8
Short Line 1st 4s gold_
1958 J - J 88% Sale 887
99 July'14
93
99
Cal-Aria 1st ek ref 43.(8_1962 Mioi- i6i103 Feb '15
S Fe Pres & Ph lst g 58_ 1942 M- S 10112
10018 1004
Chic az St Louis 1st 65___ _1915 151- S 100 _ _ _ _ 100% Feb '15 5 88 93
3
923
4
923 Sale 92 4
4
A tl Coast L let gold 4s__ _51952 M924 July'14
50
-year unified 45
1959 J -D 85
Ala Mid 1st gu gold 55_
1928 M- N 10112 -- 10512 June'14 -5 91 -Olt;
9312
Bruns es W let gu gold 4s_1938 J- J 92%- _ 9312
_23
-5
Charles & Say 1st gold 75_1936 J - J
8512
8612 26 84s 87'4
87
o1952 M-N 86
L & N coil gold 4e
8
Say F & W 1st gold 68
...1934 A -0 1165 122 115 Dec '14
lst gold 58
1934 A -0 10414 10612 1103, Marl'
_
OS May'14
4
SU Sp Oca & G gu g 4s
1918 J - J 961 9218 11 8918 9212
gae 92
pelt & Ohio prior 330_ _1925 J - J 92
8812 8812
8812 Jan '15
11 Registered
51925 Q 22 894 9112
90
8612 Bale 8912
Gold 48
51948 A 81 8712 Jan '15
8712 8712
Registered
51948 Q- 3
3
863 151 83 4 88
4
gtii2 sale 88
20-yr cony 410
1933 _
104 _ _ _ 112 Jan '12
Pitts June 1st gold 68
1922 -if - -8758
873, Jan '15
88 _
P June & M Div 1st g 3118 1925 M-N
2 7812 84
82
li2 8 82
.5PLE& W Va Sys ref 48_1941 M- N 82
9 87% 9912
89%
Southw Div let gold 31(8_1925 J - J 8912 Sal 8912
100 Apr '13
- Cent Ohio R late g 41(s1930 M- S
ii5i3; 105 10512 June'14
CI Lor & W con 1st g 58_1933 A - - -- - - - 1024 June'12
Monon River let an g .58..1919 F - A
-- - --_ 10534 June'14
Ohio River RR let g 5s
1936 J -D 101
- - - --- 101 ia4 10438 May'14
General gold 55
1937 A 11312 Feb '12
Pitts Clev & Tol 1st g 68 1922 A 968 Mar'14
Pitts & West Ist g 4s
1917 J -J 95
91 June'12
Stat Isl Ry 1st gu g 445_1943 J -D
Bolivia Ry let 55
1927 3-3
110 July'14
Buffalo R & P gen g 55
1937 M- 5 10414
100 103
Consol 4%s
1957 M-N 102 10212 102 Feb '15 _
All & West lst g 4s gu
- 0412 94 Jan '14
1998 A - •
Clear & Mah lst gu g Eg 1943 - J 263 - - 112 Apr '14
.
Roth & Pitts 1st gold 68_1921 F - A 10314 --- 10718 Jan '15
Consol 1st g 6s
1115 July'14
8
1922 J -D 10814
ranada Sou cons an A 58....1962 A- 0 1034 10312 10314
10314 20
Registered
1067 Apr '14
8
1962 A Car Clinch & Ohio let 30-yr 58'38 J -D
100 July'14
Central of Ga 1st gold 58___p1945 F - A 104 103 10312 Feb '15
Consol gold 5s
10158
8
1945 M- N 10114 102 1015
Registered
10614 Mar'13
1945 M- N
Chatt Div our money g 4s 1951 J -D
86
86
86
86
Mao & Nor Div let g 581946 3-3 10014 — _ 107% Jan '12
Mid Ga & Atl Div 58
1947"-3 10014
-- 1041 Apr '14
Mobile Div let g 56
1946 2-3 10134
1093 May'll
4
Cen RR As B of Ga col g 58_ _1937 M-N
-12f4 9712 Dec '14
Cent of N J gen'l gold 58
11212 11514
31987 J - J 2174 11514 11434
114%
Registered
81987 Q- J 113 _ _
114 Jan '15
112 114
Am Dock & Imp gu 5s.._ _1921 J - J 10312 10512 104
104
4
1023 104
Leh & Hud Riv gen an g 501920 J - J 10015 _
100 June'13
-- 10012 Jan '13
NY & Long Br gen g 48_1941 M- S 9418
Cent Vermont let an g 4se1920 Q - F
80 May'14
Chess az 0 fund di impt 58._1929 J - J 95
96 95 Dec '14
1st consul gold 58
1939 M-N 103% 10114 1033 Feb '15
4
10214 104'i
Registered
1939 M-N 10212
10512 June'14
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 11.
3.
el
15
....
Price
et
Th ursdap
F . l
Week'sn
L/iaastilse
Sale
Range
Jan.itl Sincel.
Ask Low
High No Low High
Bid
Chesapeake & Ohio (Con.)—
9014
14 8818 91
1992 M- 8 8812 9112 9014
General gold 434s
9312 Feb '14 ____ ____
1992 M- 8 •---- 91
Registered
Sale 74
743, 50 701 7612
1930 F - A 74
Convertible 430
8
4
1944 .1 -o 833 8512 837 Jan '15 ____ 837 837
Big Sandy let 4s
8212 83 July'14 -___ ____ ___ _
Coal River Ry 1st an 4 1945 .1 -0 80
1940 a - a 96 _ — 96% Dec'13 --__ __ _ __ _ _
Craig Valley let g 55
4
Potts Creek Br let 4s__ _1946 a - .1 ..-_,- ---- 843 Jan '13 --__ ____ _ _ _ _
883 July'14 ____ ____ _ _ _ _
4
R & A Div 1st con g 49_ 19891.1 - 3 8318 85
1989J - .7 --------82 Apr '14 ____ ___ ____
2d consul gold 45
Greenbrier Ry 1st gu g 4s..1940M- N -------- 90 Apr '14 ___ __ _ _ __ _ _
6018 60 Feb '15 __-_ 55
60
Chic & Alton RR ref g 3s_ _1949,A -0 58
4
8
10 38 41
41
Railway 1st lien 3345
1950:J - a 407 Sale 403
1 983, 983
983
8
8
- A 9814 ____ 98%
Chic 13 & Q Denver Div 48 19221F
4 8114 821,
8212
19491 - J 823, -- - - 8214
Illinois Div 330
1949 3 - .1 80 ____ 8614 Aug '12 ____ ____ ___ _
Registered
9414 94
2 9312 9414
94 18
1949 J - .11 94
Illinois Div 4s
1949 J - J •,-- 0312 93 June'13 -___ __ - - - Registered
4
A -0 10212 __._ 1013 Jan
1919
Iowa Div sink fund 5s
62 22
- ° 14 ° ;
4
5
963 Jan '15 --;8 1913 196 4
1919 A -0 988, 99
Sinking fund 45
36 9512 07
2
97
1927 M-N 97 -- - _ 967
Nebraska Extension 48
8
9612 ---- 963 Sep '12
1927 15I-N
Registered
8
1921!M- 5 9712 - - - - 994 July'14 _____ ___ _ _ _ _
Southwestern Div 48
Joint bonds. See Great North
9214
65 89
91
Sale 9012
1958 m_ 5 91
General 45
2 2712 29
2712
2612 2912 2712
Chic dc E Ill ref & imp 48 g.._1955!.7 - J
10212 106 10212 Feb '15 ____ 10212 10212
19341 A -0
1st consol gold 6s
75
6712 27 60
19371M- N 5712 663, 60
General camel 1st 58
2 5912 5912
5912
1937M- N 5912 Sale 5912
Registered
_ .
4
973 Feb '13 ---- - - - _ . _
Pur money let coal 5s_...1942 F - A ---- 92
2712 July'14 --- - - - _ __
Chic & Ind C Ry 1st 5s_... 19362 - J-_-- 33
_4
18 6812 733
71
1959 M- S 704 Sale 70%
Chic Great West 1st 4s
2 117 117
117
4
This Ind dr Mull:Iv—Ref 68_1947 J - .1 113 1173 117
1947 3 - a ---- 104 1035, Mar'14 ---- - - - - - — Refunding gold Os
9,55 Apr '11 --- - - - - _ _ .
1917 J --Refunding 48 Series C
.
Ind az Loulay 1st gu 48-1956 J - J -- -- -- -- 86 July'12 ---- - - - - _ - - .1 -... -- 904 Aug '12 --_ - - - - -_ - _
Male Ind & Sou 50
-year 48._1956 J
Chic L S& East 1st 430.---1969 J -D --------104 Dee '11 --- - - - - - - - .1hicago Milwaukee 8t St Paul—
91%
9112 10 88
Gen'l gold 45 Series A__ __e1989 J - J 04's_.__ 9114
.
23
Registered
e1989 Q - J ------9 4 July'14 -----------8I 14 8gI2 8914
1 8999
8914
Gen & ref Ser A 430
2014 A -0
s
1015 1117 100% 1027
8
8
10112 Sale 1005
Gen ref cony 8er 13 n_._2014 ._ _
Gen'l gold 334s Ser B
el989 J - 3 79 ---- 8014 Jan '15 --- 8014 8014
Registered
e1989 J - J -------86 June'll -----------8 9912 10112
10112
General 43.(s Ser C
e1989 J - J 10112 102 10112
0018
2 89
8914
1934 a - a 8834 887 8914
8
25
-year deben 48
9714 262 934 978
Convertible 4350
1932 J -D 967s Sale 9618
. .
8
Chic & L Sup Div g 5s
1921 .1 - .1 10212 -___ 1023 Sep '13 ---- - - - - ._
107 June'14 -8.
Chic dr Mo Riv Div 5s
1926 J - .1 1045
i 614 iii8
- ai 1033
8
3
Chic&PVletg58
1921J -J 10314 R% 1038
8814
891
CM & Puget Sd 1st an 48.19492 - J 8834 9112 100% Jan '15 ____ 10014 8913
1
1003,
1003,
.1916.5 - J 10012 ____
Dak & Grt Sou gold 85..
2 107 1073,
. 1073, 107%
Dubuque Div 1st 8 f 68._1920 J - J 10714
Far & Sou assum g 6s
1924 J - J 11014 __-- 110 June'13 —_ _ __ _ _
o
La Crosse & D 1st 58
1919 J - J 1017 _ _ 10218 Jan '14 --- ____
8
8
WI,& Minn Div g 5s
1921 J - .1 1025 ____ 1013, Jan '15 ---- 1015 10158
4
19203 - .1 1083 --- 10914 Mar'14
Wls Vail Div 1st (is
MB & No 1st ext 4Sis._.-1934 .1 -D 99% _ _- _ 10212 July'14 --__ _ _ _ _
.
_...1934 .1 -D 0912 10112 10213 July'14
Cons extended 432e
Chic& Nor West Ext481486-1926 F - A 94 ..— 9212 Jan '15 ____ -924 -9212
3
1886-1926 F - A 911s ---- 94 8 July'14
Registered
3 8012 Feb '15 ____ -783- -81 .
79
80
1987 M- N
4
General gold 330
Registered
p1987 Q - F -- -- ---- 7812 Jan '14
9278 10 -8914 927j927
4
5-- 923
j
1987 M- N 925
General 4s
8
3 89
9212
Stamped 43
1987 M- N 923 Isle 923,
9212
Sinking fund 65____1879-1929 A -0 108 ___ 10812 May'14 ____ ____ _ _ _ _
1879-1929 A -0 ---- ---- 10512 Dee '13 __ _ _ _ __ _
Registered
2 1024 10278
1027
8
8
1879-1929 A-0 10312 ____ 1027
Sinking fund 55
_
Registered
1879-1929 A -0 101 __ 102 Oct '13 ---7 101 2(71i
101
___Debenture 55
1921 A-0 10118 -_— 101
.
1921 A -0 --------101 Dec '12 .... ____ _ _ _
Registered
1933 M-N 103 -- 103 Jan '15 ---- 102 103
Sinking fund deb 58
_
_
4
Registered
1933 M-N --------1015 Apr '14 __-_
14
Hi's
Frem Elk & Mo V let 68_1933 A -0 11614 _— 11914 Feb '15 __-- 111
---- — - 9012 Sep '09 ---- ____ _ _ _ _
Man G B & N W 1st 3%5_1941 J ,
---- ---- - - - - ----- ---- - --- — Milw & S L lat gu 3%8-1941 J 1921 M- 5 10818 ____ 10618 Dec '14 __-_ _ _ _ _ _ _
Mil L S & West let g 6s
Ext de Imp s f gold 55_ 1029 F - A 10312 ___ 10618 Mar'14 —__ ____ ___ _
_ 1134 Feb '14 —_- __ __ _ _ _ _
Ashland Div let g 68.-1925 M- 5 11114
1924 J - .1 11114 _— 11314 Mar'14 —__ .._ _ _ _ _ _
Mich Div let gold 6s
5 90 9118
9118
91% 9118
Mil Spar az NW 1st an 42-1947 M- 13 91
____
1917 M- S 104__ 1073, May'14 ---- -_
Northw Union let 75 g
_2 1023
10518
4105%
Iilale 10518
St L Peo & NW 1st gu 55_1918 J - .1 10518 __
8
Winona az St P let ext 75_1916 J - D 1035 -... 10614 July'14 ---- _ _ _ _ 10212
3 10212
10212
Chicago Rock 181 & Pao 6s 1917 J - J 10212 1034 10212
3
4
1917 J - .1 1018 103 1043 Mar'14
RegIstered
4
4
14 813- 841
8434
19882 - J 8414 Sale 8414
General gold 48
l' 82 82
82
19
Registered
-:- 8718 82
687
8 35 6713 71
88 A - J
8
1934 j-0 687 Sale 68
Refunding gold 4s
5712 70 53
5712
Sale 56
1932 J - J 57
20
-year debenture 58
945 June'll ____ _ _ _ _ _ _
1918 M-N -- 91
Coll trust Series P45
22
2312 33 1958 25
2002 M- N 2312 24
Chia RI az Pao RR 4e
41 1918 2512
24
Sale 23
24
Trust Co cern of deposit ____ _ __
_
85 July'13 ____ ._ __ _
R I Ark & Louis let 4%8..1934 M- S ---- 78
9
. 13
9912 Jan '15 ___. 9912 9 .
_
Bur C R & N—let g 551934 A -0 99 100
1007 May'14
8
CRIF&NW lstgu 55.1921 A-0 ---- ---19272 -D -___ ____ ____ ------. _ - _ _ - - _—
M & St L 1st gu g 7s
7
.
Choe Okla & 0 gen g 58.019193 - J --------99 May'13 _ _. ... ___ _
1952 M-N --------9914 June'14 --__ _ ___ ___ _
Consol gold 58
84
Keok az Des Moines 1st 581923 A -0 83 93 81 Jan '15 ____ 84
3
St Paul & K C Sh L 1st 43is'41 F - A _ - - 90 4 6812 Dec '14
Chic St PM az 0 con 13e. _1930 J -D 1174 -- -_ 1173 Jan '15 ____ 11518 1175
Cons 68 reduced to 3345_1930 .1 -D __ _ _ _ _ _ _ 90 Jan '15 --- - 90 90
10112 30 10118 102
8
Debenture 58
1930 51- 8 101 1013 10118
_
Ch St P az Minn 1st g 68_1918 M-N 114 ____ 11812 Jan '14 ____
__
North Wisconsin 1st(Is__ _1930 .1 - J 112 __-_ 1295, Mar09 ____ ---- ...-___1919,A -0 10331 ____ 10312 Feb '15 ____ 10514 1054
St P de S City 1st g 6s
S
Superior hort L 1st 58 a-019301 M- g ---- --r- -,
85 l---- an ii ------ -_ -_-_- -_-_-Chic T II & So-east 1st 5s
1900 .1 -0 ___ •86
MC & West Ind gen 9 6s_g19321Q -M 1054 107 105 Jan '15 __-_-_ 105 - 105 -year 48
19523 -J 79 Sale 79
80
80
13 78
Consol 50
cle B & 13 2d gold 430
1937 J - J --------96 Mar'14
1st & refunding 45
10.503 - J
Ise guaranteed 48
i(2 Jne 14 --- ii _
__
___
I
I
MISCELLANEOUS BONDS—Continued on next page.
11.1
0>1
II.
00.4
1111111
>>10 11 0
. 8
1
C1 ,
1
stamped."
I-
Street Railway
Street Railway
Sale 78
78
7812 20 75 797
Sale 102
Brooklyn Rapid Tran g 55_1945 A -0 102
10212 19 100121023, Hud & Manhat 58 Ser A___ _1957
287
96 2612 2918
23
Bale 23
1957
83 80
Adjust income 58
4 80 8512
80
1st refund cony gold 48__ _2002 J - J 82
1932
Sale 998
NY & Jersey 1st 58
100
45 98%100
-year secured notes 5s._ _1918 J- J 100
6
-76 liE;li, -7513
;
4 76% 77 734 7654
Interboro-Metrop cell 4348_1956
58_1916-1941 J - J 10012 10134 101 Jan '15
10014101
Bk City 1st con
Interboro Rapid Transit—
Bk Q Co & S con gu g 58.-1941 M-N 90 .... 98 Apr '14
98
Sale 978
98
125 97 983
1986
8
1st & refunding 58
Bkiyn Q Co & S 1st 5s___-1941 J -2 98 __ 101 May'13 _
91
Sale 90
91
141 8814 91
8
1008
I 100 1005, Manhat Ry(NY)eons g 43_1990
Blau on El 1st g 4-5e— _1950 F - A 10012 _ — 1003
90
91
903
4
1990
903
4
1 88% 91
1950 F - A
101 10012 Feb '15 _
Stamped tax-exempt
991210012
guar 4-58
Stamped
Metropolitan Street Ry—
s
8212 ,823
Kings County El 1st g 48_1949 F - A 827 —__ 8212 Jan '15
10014 101 101 Feb '15 ____ 100 101
8
8212 Jan '15
821 8212
1949 F - A 827 84
BWaV 5 7th Av 1st s g 55-1943
5
Stamped guar 43
9912 July'14
983 101
78 Jan '15
77 78
Col & 9th Av let gu g fa 1993
45-1051 J - J - - - - 78
Nassau Elec guar gold
99 993 101 Apr '14 __
4
F 1st gu g 55_1993
8
97
1 96 97%
Lox Av & P
1927 F - A 9612 965 97
Chicago Rys 1st 58
8
____ ____
Met W S El (Chic) 1st g 4s 1938-- ---- 80 Mar'14
ref g 4;01951 J -5 92 __- 1017 Jwae'12
Conn Ry & L 1st dr
1007- --- - 10018 Dec '14
8
Milw Elee Ry & Lt cons g 58 1926
1951 J - J 941 _ _ _ _ 9614 June'14
Stamped guar 4145
92• 9258 91 Apr '13 __
Refunding & exten 4348_1931
8
693
4
5 653 721
70 694
4
434e_.1932 J - J 69
991 10112 102 Nov'12 ____ - ______ Del United let eons g
4
_._____ _
___- __
Minneap St let cons g U....1919
- 13 --------84 Jan '14
Ft Smith IA A Tr let g 55— 1936 51
Montreal Tramways 1st dr ref
__-_ ____
5/3-1916 J -D 9912 - — _ 100 June'14 _
1941
95
Grand Rapids Ry 1st g
93
9418 Jan '15 ____ 941s 944
-year 55 Ser A
30
8912 92 Apr '14
- - - - -_
5059 F - A
avana itiec couso, e
Due Argil. e Dtte May. 0/Me-rum A Due July. 8 Due Aug. o Due Oct. p Due Nov. g Due Deo. Option sale, e"German
•No price Friday: latest this week. a
Pm.13 1915.]
..t,
5
4
BONDS
N. Y. STOCK E XVII AN(111. rc„
Week Ending Feb. 11
5;47..
New York Bond Record-Continued-Page 2
Price
Thursday
Feb. 11
Week's
Range or
Last Sale
r.
g2
coal
Range
Since
Jan. 1.
BONDS
N. Y. STOOK EXCHANGE 14
Week Ending Feb. 11
4414.
5.11
Price
Thursday
Feb. 11
Week's
Range or
Last Sale
1
1
Range
Since
Jan, 1.
High No. Low 11158 St PM & M (Continued)Oln Ham & Day(Con.)Ask Low
Bia
Bia
Ask Lew
High No. Lozo High
4
10018 Mar4 ---- __ _ ___
/
1
OlnD &I baling 58
1941 M-N
Registered
13614 May'06 -1937 J-J ____
0 Emu at r 4 ta ist gu 48 g_1923 81-4. --------98 men 11 ---- ____ ____
1st guar gold 58
3
1937 J -J 105 ...:. 106 4 Feb '14 ......
Cin 1 & W 1st gu g 4s___1953 J-J --------65 J'ly '14 ---- --__ _:__
Registered
1937 J -J ---- ---- ,4
/
4
Day& Mich 1stcons4 8_1931 J-J ---- ---- 94% Dec1 ___ ____ ____
Will & S 1 1st gold 5s
1938 J-D 105 ...... 10412.1'n- ei5 . _
0
--------66 J'ly '14 __-- ____ ____ Gulf& El I lst ref& t g5s-01952 J -3 874 89 90 Dec'14 ...Ind Dec & W 1st g 5s____1935 J-J
1074 Dec '02 --- ____ ____
1st guar gold Is
Registered
1935 J-J
11952 J -J
Cleve Cin C & St L gen 4s_1993 .1-1) 72 73 71 Feb '15 ---- 71 74
Flock Val 1st cons g 4%8_1999 J -J 9712____ iii
iii
1 9313 95
1
4
4
4
- 845 82 J'ne/ _-_ ____ ____ -5
-4- Registered
20-yr deb 414s
1931 J-J
1
4
4
___ 973a Jan / ----1
1999 J -J
81 ---- 81 Feb '15 ---- 81 81
Col & H V 1st ext g 4s
1939 J-J
Cairo Div 1st gold 4s
8318
1948 A-0 --- _ 8512Jan '15 ---- 851k 8Iz
---- 80 83 Feb•14 --__ _______
Col & Tol 1st ext 4s
Cin W & M Div 1st g 4s 1991 J -J
1955 F-A -_ ____ 904 J'ne '14 -_-4
1
4
1990 M-14 - 82 83 Dec/ ------------ nous Belt& Term 1st 58_1937 J -J St L DIvlst cob tr g 455
931;
93 Feb '15 -1990 M-N ---- ---- 8214 Mch'14 _-__ ____ ____ Illinois Centralist gold 4E4_1951 J-J
Registered
8918 100 9718 J'ly '14
----85 Mch•14 ._-_ ____ ___.
.
Spr & Col Div latg4s
Registered
1940 MS --1951 J-J -.
Sep '11 --W W Val Div 1st g 4s
1st gold 33's
1940 J -J -- 92 91 Apr 12 -- ____ ____
1951 J-J
8258 ____ 7834Jan '15 ---____ ____
1920 M4'4 -----_ 10634 Apr '14 ..... -------0 1 St L& C consol 6s..
-Registered
Registered
1951 J-J ---.. 8812 Feb '13 ---151. gold 4s
k1938 -F 8813 ____ 90 Feb '16 ---- 90 90
1st g 3%8
1951 A-0 82 8 ___ 7814 Dec'14 ...3
Registered
/1936 -F 87 --- 90 Mcli•13 ---- ____ _
Registered
1951 A-0 --- ____ _
. ----Cin S & Cl con lat g 5s---1923 -J --------103 May'14 ---- _ _ _ _ _ _
1st gold 3s sterling
1951 M-S ---- ..... MI- -7
0 C C& I gen con g fis _1934 J -J --------105 4 J'ly '14 --. ____ ____
Registered
1951 M-8 ---_ ___ .__
Registered
Coll trust gold 4s
1934 J - .1 ..,_,- ____ . _ _
1952 A-0 87 --__ 37 Jan '15 0
Ind 1.3 & W 1st pref 4s-1940 A-0 76 ---- 94 J'ly 08 ---. ____ ____
Registered
1952 A-0 - --__. 9514 Sep '12
0 Ind & W 1st pref 5s_d1938 Q-J -- -1st ref 4s
---- ---- -- -, 1955 M-N 8814 8718 884
8612 10
Peo & East 1st cot 4s
1940 A-0 05 Sale 65
65
Purchased lines 34s
I 65 6.5
1952 J-J 8213.___ 82 Feb 1 --2312
L N 0& Tex gold 48
234
2312 -__ 234
1 21
Incomeits
1990 Apr
1953 M-N 8512 8638 8638 Feb '15 ---9334 45 934 938
Clove Short L 1st gu 4128-1961 A-0 92 931; 934
4
Registered
1953 M-N .
-- 9618 84 May 14 --Cairo Bridge gold 48
Col Mid and 1st g 4s
15 Jan '15 ---- 15
17
15
1947 .1 .1
1950 J -D *88
89
I
89
Trust Co. certfs, of deposit.-- ,,,- 15
Litchfield Div 1st g 3s
1518 15 Dec'14 ---- ___ _ _
1951 J-J --------74 Feb '14 -Louisa Div& Term g 3%81953 3-J 77 ____ 81 May1 -Colorado& Sou 1st 4 4s
89
2 8518 9(iii2
89 Sale 89
1929 F-A
/
4
3
Registered
85 837
Refund & ext 4 548
83%
8
2 824 85
1935 81-N
1053 .1 -J --------83 Aug1 ---/
4
3
Middle Div reg 5s
Ft W & Den 0 1st a 6s
1921 J -D 102 10212 10112 Jan '15 ---- 100 10112
1021 F-A --------123 May'99 ---.
Omaha Div 1st g 3s
Conn & Pas Rivs 1st g 48-1943 A-0 - --- -_,-,--1951 F-A ---- ____ 724 Feb '14 ---- ---- ---- ---0
4
-/
Cuba RR 1st 50-yr 5s g
11101- 101 Mas1 __. _ ___ ____ St Louis Div & term g 3s_1951 J -J --------751 Mch12 ---1
1952 J -J /
4
Registered
ri Lack & Western1951 J -J _
es
-Gold 334s
10078
8
4 10034 101
5--• M & Es 1st con gu 715_1915 JD 10034 -__ 1007
1951 J -J iii ::::
'MIse11.5 ..--/
4
e
Register d
1915 JD --------103 Nov13 -----------Registered '
1051 J-J
--- --__ 1014 Oct '99 .......
8414 10 84
Suing Div 1st g 3348
t4
-D 8414 Sale. 844
2000 J
1st ref gu g 3 J•is
1951 .1-) 77 -___ 7858 Meh1 --.
/
44
N Y Lack & W 1st 68_...-1921 J-3 1073 109 109
4
109
'Registered
3 10714 109
1951 J-J
._
-2 _
.. _ _
Western lines 1st g 4s
1923 F-A 101 ___ 11.144 Feb '14 -__ ____ _ _
Construction 58
1951 F-A 83 .....:- -91 - Feb-14 ---/
4
8
Term 34 Improve 4s
. 14
15
Registered
1923 51-IN 954 957 954 Jan '15 --- 9514 (.
1951 F-A - --__ ____
-__.
Belley & (Jar 1st 68
Warren 1st ref R0 g 334s_,2000 F-A ---- ..__ 10218 Feb '03 -... ____ _ _ _ _
1923 J-D 104 - ____ 1174 May'l
/
4
Del & 11 ud 1st Pa Div 754_,_1917 MS 10518 10818 1085 Mch14 ___ ____ ____
Carb & Shaw 1st g 48..-1932 M-S --------941g J'ly '12 .....
8
..
1917 Ni-s -------149 Aug ail .-.
Chic St L& NO g Is
Registed
er
1951 J -D 10758 10954 1097 Feb '15 ---- 109s 109.
8
1916 J-1)1
;% 994
9912
4 i
li 99%
10-yr cony deb 45
Registered
1951 J-D ---- 10934 114 Feb /
1
41
1922 .1 -.1 9914 1004 99 Jan '15 1st lien equip g 41's
99 99
Gold 3!.4s
1951 J-D -------- 00 Oct '09 _.
1st & ref 4s
9558 10 92 96
1943 VI-5. 9558 Sale 955k
Registered
__ ____
1951 J
Alb & Sus cony 3%s
8Feb '15 ---- 8458 84 8
Joint 1st ref 5s ser A
1948 A-0 8414 85 845
1983 JD 997 Sale 994
-D- ;
9978 25
Rens& Saratoga 1st 78_1921 VI-N 1134 ___ 1133
8Jan '15 ---_ 11338 1133
Memph Div 1st g 4s
1951 .3 -D 80 _ ._ _ _ 9218 Aug'12 -_-_ 98I 100
Deny& It Gr 1st cOn g 4s 1936 J-J
8
76 79 775 Feb '15 80 76 78
Registered
1951 J -D -----------____ ---St L Sou 1st gu g 4s
Consol gold 4 %s
8114 85 88 J'ly '14 -_1936 J -J
1931 rd-s ...._
2 l rii"•bA
Improvement gold 5o
1928 J -D 76 834 80 Jan '15 ____ 78 80 led Ill& la 1st g 98
1950 J-J 851 8778 83',Jan '15
834 84
1st & refunding 55
46
34 38 48 lnt& Great Nor 1st g 6s._1910 M-N •100
1955 F-A 43 46 45
100 Jan '15
100 100
Rio Gr June lst gu g 5s
/
4
1939 J -D --------109 Dec '12 ___ ____ ____ James Frank a Clear lst 4 1959 J-D -_-- ____ 9112 Mcb1 ___
4
Rio Or So 1st gold 4s
1940 J -J ---- --- 614 Apr '11 --- ____ ____ W an City Sou 1st gold 31950 A-0 68 69 68 Feb '15 sl 65 69
8
74 - 85 Mcil'u8 _
Guaranteed
1950 A-0 -------- 63 Oct '00 ___
1940 J -J
-1- Registered.
‘•
Rio Gr West 1st g 4s
71
71
2 70% 713
Ref & inapt 5s
4
Apr 1950 J-J 91 Sale 91
9118
1939 J -J 71
I 89 9118
Mtge& col trust 48 A
1949 A-0 ------- 60 J'ly '14 ---- _ _ _ __ _ Kansas City Term 1st 455_1960 j J ---- ,211 193 j ly '45
1 Feb 4
J
: 9712 99 0
93 93
Utah Cent 1st gu g 48_41917 A-0 ------ 90 Apr '14 -- _ _ _ _ _ _-_ _ T ake Erie & W 1st g U___1937
Des Moi Un Ry 1st g 59_1917 M-N -------- 110 Sep '04 _.
-5 5 2d gold 5s
1941 J -J ....- 943 9434 May'14 ...... -Det& Mack 18t iien g 4s
North Ohio 1st gu g 5s
1945 A-0 -- 100 98 Mch'14 ....
1995 J-D 80 ____ 80 Jan '15 ____ an- - Gold 4s
ehVali N Y lst gu g 4%8_1940 J-J 101 10118 101
10114
1995 J-D 78 ___ 82 J'ly '14 ___ ___ - ___ _
1 itis; Mit;
Det lily Tun-Ter Tun 4%5_1961 MN --- 973 93 4J'ly '14 ___ ___
Registered
5
4
1940 J -J *---- 10018 100% 1005,
1 100% 100%
Dul Missabe & No4 gee 58_1941 J-J 10118 104 104 J'ly '14-_ ---_ Lehigh Vail (Pa) cons g 4E3_2003 M-N 87 88 90 Pne44
/
1
Dui & Iron Range 1st 58-1937 A-0 --- 102 101
General cons 4148
101
2003 M-N 96'i.._ 9714Jan '15 _ 9714 9714
i loci iöi
Registered
1937 A-0 -„- -___ 10612 Mch'08 ...._ ___ ___ Leh V Ter By 1st gu g 5s
1941 A-0 108 1091; 10618 Feb '15 ...... 10534 10818
2d 68
Registered
1941 A-0 --------11113 Dec '11
_ 104 Feb '11
1916 J-J 98
Du So Shore& At g 5s
_ Leh Val Coal Co 1st gu g 5s..1933 J-J 1015,..,,,. 1044
1044
1937 J-J --__ 101 J'ly '14 ____
: 10414 116i';
pigin Jol & East lst g 59_1941 MN *11141; ____ 1044 10411
Registered
1933 J-J 100 ____ 105 Oct '13....,
3 1044 iOi
/
1
5-2rie 1st consol gold 7s
1st lot reduced to 48
__
.
1920 M-S ..--- 111 11011
11012
1 1097 11015
8
N Y& Erie 1st ext g 48_1947 M-N 93 _
Leh & N Y 1st guar g 4s
1945 M-S 8 -1- /
4
- 9712J'ne14 --__
7 2 - U18 Feb 14 -4
2d ext gold 515
Registered
/
1
4
1945 MS
1919 M-S 10114 _ _ 102 rne 4
3d ext gold 4348
1923 81-14 99%--- 9105 Jan' ---- 98 8 -ig% Long Isid 1st cons gold 55011931 Q-J 10211____ 1041
10412
,
7
15
4th ext gold Is
1st consol gold 48
1920 A-0 10114 162 10114 Jan '15
h1931 Q-J 8978 ____ 9614 Meh1
/
42
10114 10114
5th ext gold 48
935, Mar 14
1928 J -D .89
General gold 40
1938 J-D 86 8812 8618 Feb '15
NY L E & W lst g td 78_1920 M-S •102 .__. 1104 J'ne'14 ___
1922 M-S 92 954 954 May'14
Ferry gold 4548
Erie 1st con g 49 prior
8314
82 Sale 824
/
1
4
i -861- -iiii,
1996 J-J
4
Gold 4s
1932 J-D --------991 Oct '06Registered
1996 J -J 80
83
' Unified gold 4s
'14
1949 M-S 82
884 May'14
let consol gen lien g 49-1906 J-J 67 68 674 Jan8715 13
ails -5i9i, Debenture gold 5s
1934 J-D 99 101 95'* Jan '15
95% 95%
Registered
1996 J-J
77 Apr '12
Guar ref gold 4s
1949 M-E3 8518 ____ 86
86
Penn cod tr g 4s
84 8612
1051 F-A 8718 8834 874
8734 11 g71- 875
1949 M-S
____ 95 Jan '11
2
50
-year cony 4s A
1953 A-0 63 Sale 02%
NY s MB 1st con g 551_1935 A-0 10018 ____ 10014 Jan '14
6314 18 60 6312
4-&
do
Series B
1953 A-0 647 Sale 644
8
65
10 64 664
N Y & it B 1st g 55
1927 M-S --- _ __ 10212Jan '14 --Buff N Y & Erie 1st 7s-1916 J-D 102 103 103
Nor Sh B 1st con g gu 5s_01932 Q-J
Jan'
15
10213
Chic & Erie 1st gold 5s
1982 NI-N 101 105 1041a Feb '15 ---,.. 1014 103 Lollisiana& Ark 1st g 58_1927 M-S ____ 102 102 J'157 '14
ea
10412
____ 914 Feb '14 __
°ley & Mahon Vai g 5s1938 J-J 10118 ---- 101 Feb '15 ---- 101 101
&
1930 J-D 11118 115 112 Jan '15
___Long Dock consol R 69.-1935 A-0 120 .... 12218 May'14 ------------ Louisa Is Nash Gen 68
Gold
1937 M-N 10618 ____ 1005, MMay'14
Coal & RR 1st cur gu 6s 1922 M-N -,-.. 1023; 106 Dec '12 ____
Unified gold 48
1940 J-J 9334 Sale 9312
94
1
Dock & Imp 1st ext 5s......11443 J -.1 102 ____ 103
103
1
Registered
1940 J -J •9114 ___ 95 J'ne'14
1940 pa-N 100 . . 1034 Aug/ ..... iiii- ioi
N 1( & Green L gu g 6s
1
4
2
Collateral trust gold 59-1931 M-N 1034 _
1034 Jan '15
N Y Sus & W 1st ref 5s-1937 J -J
90 100 93 J'ly '14 __ _ __- - - _
- E H & Nash 1st g 68
1919 3-0 Hwy ____ 1083 May'14 --8
2d gold 4 545
L Cin & Lex gold 4 3is
.
1937 F-A ---- _ _ 1004 Dec 'OB.._ _ _ _ _
1931 M-N 9918 ____ 1025,J'ly '14 General gold Is
io ig
NO St 81 1st gold 68
1940 F-A 70 75 75 Feb '15 _
1930 J -J 1i458____ 11338Jan '15
Terminal 1st gold 58
11374 1133*
N 0& M 2d gold 68
1943 M-N IOU 103 102 Jan '14 ____ _ ___ ___
1930 J-J 107 110 111 Feb '14
Mid of N list ext 5s
Paducah & Mem div 4s._1946 F-A 89 ____ 84 Dec'14
1040 A-0 99 ____ 1114 Mav'12 __-_ _ _ _ _ _ _ _ _Wilk & Ea 1st gu g 5s
St Louis Div 1st gold 6s 1921 M-S 10714
1942 J -I) 85 89 92 J'ly '14 ____ _ _ __ _ _ _ _
107'2 Jan '15 s
4
Ev & Ind 1st con gu g 08_1926 J -3 --------106 May1 _-__ ____ __ _
2d gold 38
/
42
1980 MS 59 ____ 693 Sep 12___ i661- 10713
8
E
Ati Knox & Cin Div 4s
T li 1st cons 61921 J -J 95 100 100 Decvans& '14 __-- _ _
/
1
4
1955 IVI-N 8812 89 8812
55-881
_
AN Knox & Nor 1st g 58_1946 JD 107 __ Ill Jan '1
1st general gold Is
1
4
3
1942 A-0 ---- 85 9958 Dec/ ....... ____ _ _ Render Bdge Isis f g 6s-1931 M-S 10411,,.,,.. 106 Jan
Mt Vernon 1st gold 6s_1923 A-0 --------108 Nov1 --__ ____ __..../
41
'14 - Kentucky Cent gold 4s
Suit Co Branch 1st g 543_1930 A-0 --------95 J'ne'12 --_. ___ _ _
1987 J-J 8734 89 88 Jan '1
L& N & M & Mist g 4 lis 1945 81-S 9914
Florida E Coast 1st 4 fis 1959 J-D 89 90% 90
9034
2 891; lij.'
101 May'14:: 88 86
L & N-South II Joint 4s1952 J -J 79 804 80 Jan '15
ort St U I)Co 1st g 4348 _1941 J-J -- -- -- . 92 A112.10 -- • --__ ____
79 80
Registered
h1952 Q-J ___
95 Feb '05 _
1928 3-J ---- tci 82 Apr '14 --__ ____ _ _ _
Ft W & 111° Grist 4s
CZ.reat Northern-g
N Fla& S 1st gu g 58
1937 F-A 101i-- 106 J'ly '14
.
N & 0 13dge gen gu g 4 Jis 1945 3-) 95 ____ 97 Dec/
4
96% 73 9478 961
0 11 & 0 coil trust 48_1921 J -J 9613 Sale 984
1
4
4
Pens & At 1st gu g 6s_1921 F-A 10714 10938 1085 Feb '15 _
Registered h
8
10 945 9684
96
1921 9-3 *- -- - 964 96
8
10812 1085*
1st & refunding 4 Pis ser A 1961 J -.1 994 10018 1004
S & N Ma con wu cc 5s
10018
6 9914 101
1936 F-A 10478 ____ 1054
10518
Registered
Gen cons vu 50-yr 58_1963 A-0 10114 182 102 Jan 'l'__ 10518 10518
_
1961 ------------ 96 J'ne•13 ---- - --_
St Paul NI & Man 4s
9918 102
. L & Jeff Bdge Co gu g 48-1945 M-S ____ 83 8318 Mch1
--1933 J -J 96 ---- 974 May'14 ---- -- -- -_/
4
4 _
1st consol gold Os
_.
11958
2 11718 11958 k I anna Rit-Sou Poet:48_1936 M-N __ ____
8
1933 J -J 1195, Sale 1195
Registered
'13 ---_ ____ ____ •8 ex Internet lst con g 4s1977 11-S ____ ..-_ 77 Mcia-ii
1933 .1-J -___ 12118 1174 Aug
Reduced to gold 4 1-48.1933 J -J 101 10218 10111 Jan '15 ---- 10014 10112
Stamped guaranteed____1977 M-S -....... 79 Nov'll :-"'
_
Registered_ _.....
1933 .1 -,J __ 10318 10854 J'ne 09 -- -- --- - - _ Ainn & St List gold 78.---1927 J-D -- ---- 12418 Oct '1 -'
Alont ext ist gold 4E4_1937 J-1/
Pacific Ext 1st gold 68-___1921 A-0 95 ..-- 11018 Aug'11 -_-:
9112 95 94 Jan '15 ---- 924 1;4
Registered
1st consol god 58
--------941, Apt 1/44
1934 51-N
1937
Pacific ext. guar 45 £.__:,940 J-D
88 "tkii
k
Ist and refund gold 4^
1949 M-S 5158 Sale 504
5
92 8 Mch'11 -- ____ ..._
56
79 40 56
E Minn Nor Div 1st g 48-1948 J -J 87 ._
Des Iflendeia i gr D 1st g0111 0... 10,530 54j ib _8 4 s(9 , J ne
&' 521011ad 4g u 4:8:_1935 .1 s : 90 8912 ' 1
l ta
nt
9
t s
1 1
i 5i€7 _ 41 67
; 40
- - 95 May'14 -- _ _- __-_-_
A-0 89
0
924 .
011 -2l
1 ..c
Minn Union 1st v 6s
.
R a0
Iower
1922 J -J 1074 ---- 1101 ian
Mont0 1st au a 6s
"ii" "66'
'14 -1937 J - J 110 122 125 J'ne'14 '--- - -- - -9 35 55
-Continued on Next Pi e
LA NEOUS BONDS
------100
D1
----
----
a
"881;
----
----
a
a
Street Railway
Street Railway
low ON Ry & Lt gen 4148.1935 J-J
United Rys St List g 48-1934 J -J ____ 66 6954
78 84 81 May'14 .._.
51
'2 2
4 Y Rys 1st R E & ref 45 1912
St Louis Transit gu 5s---1924 A-0 5932 65 6512 Dec 014 __- ;
8
7278 20 7118 727
J-J
727 Sale 7218
8
Dec/ ..--1
4
4
30-year ad' Inc 55_ .. _a1942 A-0
8
5558 140 5118 555 United RRs San Fr s f 48_1927 A-0 50
M
5512
4 V State Rys 1st cons 4 1-4s_'62 M-N 8412 Sale 884.11y '1-1 .-- - - ____ Va Ry & Pow 1st & ref 5s-1034 J -J -___ Sale 50
- 8614
9078 924.Fly '14 -'ortland Hy 1st & ref 59___1930 11-N
(ias and Electric Light
9918 ---- 9918 Feb '15 ---- 994 994
'ortland Ry IA & Pow 1st
Atlanta G L Co. 1st g 5s-__1947 J-D 10114 __ _ 1014 May
/ ____
1
4
4,
& ref cony a f 58
1942 F -A 8418 87 92 Mch1 -__. ____ ____ Bklyn U Gas 1st coo g 5s_1945 M-N 10334 104 104
4
/
4
104
3
Portland Gen Elec 1st 58_1935 J -J 99 ---- ____
ast
__ __.._ ---- -- - - ---- Buffelo Gas l g 58
1?.4? .-. .„.„.. .... A4 rtic'13 -. A-0 7
it Jos Ry, L,II & P 1st g Is 1937
98 Nov 'ea
it Paul City Cab cons g 58-1937 M-N 9678 ____ 1031z Feb '13 - --- - - -- - 055
____ __- '' ist. g9
s cony 6s when issued- j 17;34 Sale 112
J -J
191-2 j
1
-- 97
97
113% 117
1
'bird Ave 151 ref 48
8
1960 J-3 -62 - Yale 82
9252 107 791, 825 Detroit City Gas g 58
-1923 J -.1 9858 100 9818 Dec'14
AdJ Inc 58
795, 29 753* 8114 Det Gas Co.con 1st g 5s
01960 A-0 793* Sale 793*
1918 F-A 9812
955
8
'laird Ave ' y 1st g Is -7-1937 J -J 105 107 1084 Feb '15 .--. 1084 10815 Det Edison 1st coll tr 58-1933 J-J 10218 ---- 10214 Sep '08 ____
____
10214
1
7r1-City Ry St Lt 1st s f 58-1023 A-0 967 Sale 96%
3 95 9714 Eq 0 L N Y 1st con g 58-1932 Ia-8 ____ ___ 10612 Oct '12 __
96%
8
indergr of London 4%9-1933 J- 7
94 9618 J'ly '14 ___ ___ ____ Gas& Elec Berg Coca 545-1949 J-D 97 ____ 100 Feb'13
Income 6s
1948 - _ 72 90 8711 J'ly '14 __-- --__ - Or Rap G L Co 1st g 5s
1915 F-A 9818 ____ 100
felon Elev (Ohic) let g 58-1549 A - ) _______ 84 Oct '08 ____ ____ ____ Hudson Co Gas 1st g 5s-1949 M-N 10114.... 103 Oct '09 .......
-(
103
1
TnIted Rys Inv 58 Pitts /
1
4
81926 M-N *____ 65 71 J'ne'18 ___ ____ ____ Kan City(Mo)Gas 1st g 5s 1922 A-0 -_-,,._- - 92 Mch '14
..
•No price Friday: latest bid and asked tais week. a Due Jan
o Due Feb 4000 April. 8 Due July. 8 Due Aug. o Dug Oct. I Option we.
-ColumbuslaG
5( _5558
)_ _-___ __ __
---- __
10i- iijiis
_ _ _ _
6f ii
10958 115%
- --__
1015; io21-- 2
.
__
-_
lOilq
---
ill"
542
New York Bond Record-Continued-Page 3
[VOL. 100.
2
21
Week's
Pm.
,
Price
,.
Range
BONDS
Week t
ii
Mimi
BONDS
N. Y. STOCK EXCHANGE 11 Thursday
Range or
Since
Thursday
Rang, or
1.4
Sine.
N. Y. STOOK EXCHANGE.0., Jan. 1.
...,a„
Feb. 11
Feb. 11
is
Week Ending Feb. 11
Last Sale
Law soft
01
Jan. 1.
.-44a.
Week Ending Feb. 11
(Con.)-14.1
ow
.422 Low
Ask Lou
High No Lou, High N Y N H & Hartford
High No. Lou iltpli
90 93
Cent New Eng 1st gu 48-1961 J -2 ---- 804 81;510'14 _. ____ _ _ _ _
90 93 93
11 stmssm con g 48intgu 1938 J -2 -------9714 Feb 15
105
_1037 M-N 19413 __ 105
___ _
J'ne'12 .......
1 105 105
Housatonic It copse
1941
1'49
1st Chic Term is48 i nt, gu_1926 54-N
Ny Wches&B 1st ser5s-- '46 J -J 0813 70 6812Feb '15 ---- 68 701
___ _
A4 ,, s & A is2g
2 -J --------96 Nov13 ......
1 4his
N II & Derby cons cy 5s__1918 M-I' 100 ._ _ 197 Aug 09 .._ __ _ _ _ _ _
__ _.
MisassippiCentral 1st 5s_1949 J -J 8558 ___ 91 J'ly '14
12 75 81
81
New England cons 5s____1945 J - J --------3
8
Mo Kau & Tex lst,gold 48_1990 2-1.) 807 Sale 79 4
d', 511.012.ii
2 53 60
60
1945 J -J -.,-60
... ggiz _igi
Consoi 4s
_ z
91991 F-A 60
2d gold 45
i
5512
7 89 as
89
Providence Secur deb 4:1957 M-N • 5814 6014 584
1944 1.1-N ---- 90 89
1st ext gold 58
3 80 8258
82
49 494 N Y O& W rel lstg
_91992 Id-8 81 ____ 8113
2004 M-S 62 .__ 47 Jan '15
1st& refund 48
9213 J'ne'll -.. ____
3 6912 7012
7012
Registered 35.000 4s_only__V 992 M-8 -- - 7034____ 7012
1936 J -J
Den sinking fund 4 his
____
7512
General4s
1955 J-D ---- 76 7513 Feb '15 ---- 7513 ___St Louis Div 1st ref g 4s 2001 A-0 -___ -___ 7814 Apr '13
4
_
____ Norfolk Sou 1st& ref A 5s 1061 F-A --,- 84 94 J'ne 14 ...... ____ _ .._
1940 M-N --------998 Dec '13
Da,& Ws 1st gu g ts
Nod & Sou 1st gold 5s
78 .J'ly '141941 M-N 11.1114 102 192 Jan '15. _- 1003 102
1990 F-A
Kan C & Pac 1st g 4s
_ _ ____ Nort & West gen gold 6s
120
1 120 120
1931 M-N 11714 120 120
1942 A-0 92 100 104 Apr '14
Mo K & 11 1st gu g 5s
.titi 88
119
4
1 119 119
Improvement& ext g 6s 1934 F-A 1183 ____ 119
1042 MN ---- 92 88 Feb '15
M Is,& Ok 1st guar 5s
New River 1st gold 6s
1932 A-0 116 120 120 Sly '14 .....- ___ -- _ _
2 80 89
89
M li & T of'S' 1st gu g 58_1942 M-S ---- 92 89
....., ____
4
N & %V fly lstcons tz 43_1096 A-0 923 93 923
4
93
81 -92 94
Sher Sh & So 1st gu g 5s_1942 J-D ---------_ 96 _ Slay'13
1996 A-0 -------94 May'14 ...-- _--- -Registered
186 90 9913Jan '14 ---_ _ -Texas& Okla 1st gu g 5s...1943 54-SS '
4
Dly'l 1st l& gene 4s
1003
1944 3 -j 8g12 0 8812 Feb '1. 85 8712 40312
4
4
5 993 10112
4
Missouri l'ac 1stcons g 68-1920 54-N 1003 Sale 1003
0378
l0-25-year cony 46
4 893 95
1932 J-D 99 103 1014 Feb '1. -_. 10112 102
4
4
Trust gold 58 stamped__a1917 54-8 937 Sale 934
1932 54-S 99 103 99l Jan 15 .--- 993 993
10-20
-year cony 4s
4
al917 M-8 ---- _ _ 97 May'12 -...
4
Registered
10214 13 10112 103
8812
.193851-S 102 103 10113
2 8812 9013
S
Convertible 4 his
1st collateral gold 58
9 F-A 884 - ale 884
___ ____
.....
3
89
8
,,
Pocah C Sr C Joint 4s___1941 J -D 8812 895 895
1 8918 80
1920 F-A ------ ..
Registered
'1'_
48
37 373- 4912 (.) C & T 1st guar gold 5s__1922 J-J 10112 ._ __ 10534 Jan
4
40-year gold loan 48
1945 M-S 4514 Sale 4334
2 -tij- -oli
90
4512 31 38 47
Selo V & N E' 1st Rue 4s__1939 m-ti 90 ___ 00
1959 M-S 4412 Sale 424
1st & ref cony 58
92 102 8918 934
,
Northern PacifiJprisa ig 4s 199 Q-2 9114 sole 9013
3d 75 extended at 4%__._1938 M-N --------78 Jan '15 ---, 78 78
4
90 4
3
1 85 85
85
1 883 90 4
1997 Q-J 91 92 903
4
3
Registered
1919 F-A 85 Sale 85
Cent Br fly 1st gu g 4s
641
50 6284 65
4
General lien gold 38
a204? Q-F 64 Sale 633
1948 J-1) ---- ---- 774 Dec '13
Gent Br U P 1st g 4s
Registered
___
a2047 4.3-F ---- ____ 6212Jan '1 ---- 6213 6212
Leroy & (7 V AL 1st g 5s_1926 J -2 -------- 110 Meh'05 --.
-0
St P-41I-Duluth Div g 413_1996 J -D -------- - 9 Jan '1 _-- ____ _ _ _ _
8
Pac R of Mo let ext g 4s 1938 F-A 87 ____ 86s Jan '15-_- 867 8678
,
r_.,_ ____ 0012 Sep '1'
----S_-_Dul Short L 1st tut 5s-___1916 M
____
1938 J -J 96 --_ 9712 J'ly '14
2d extended gold 5s
8 45 10112
9978
4
,
8
St P& N P gen got I 6s___1023 F-A 110 113 10912Jan 'l'---_ 10912 10919
St L in NI& S gen con g 5s_1931 A-0 99 997 99 3
_
Registered certificates_1923 Q-F --------11539
Gen con stamp gu g 5s 1931 A-0 ------102 J'ly 14
_
_
-107 Jan '1
St Paul & D _In th 1st 58_1931 F-A 101
ji7; ij. Unified & ref gold 4s__1929 3-J 6612 69 7014 Feu '15
-----1003410014
--8 Oct '12 --,
034
1929 2-j ------2d 5s
1917 A-0 19014 __- 10014 Jan'
Registered
0 67
67
1st consol gold 48
3 67 6784
1968 2-1) --------87 Feb 1 ___ ____ ____
Inv& 0 Div lst g 4s
11/33 M14-N 66
Wash Cent 1st gold 4s
1948 Q-M --- _ _ 8112 Dec 'I' ---- ____ ___
Verdi V I & W 1st g 5s
1926 M-8 --------921 Dec '13
4 11484
4
4
4
1 1143 11,13 Nor Pac Term Co 1st g 6s 1933 J -J 1111- 113 112 Dec'14
Mob Sr Ohio new gold 6s
1927 J -D 1111 11434 1143
_ _ Oregon-Wash lst & rd1 4s_1961 J-J 8574 89 86 Feb14 -___ ail: 86
1st extension gold 6s____711927 Q-J 103 ____ 1124 Apr 14 ....... _
ii ii PacificCoast Co 1st e 55 _1946 J-1) ---- 9984 9814 Jan '1 ---- 98 984
General gold 4s
1938 M-S 74 -___ 75 Jan '15
-a- ennsylv RR 1st g 4s..-1923 M-N -,,- ____ 98 Dec'14 ___ _ __ _ ____
Montgoni Div 1st g 58.-1947 F-A 10018 103 10414 J'ly '14
102 May'14 ___ _ _ _
___1927 J -D ---_ --- 95 Dec '13
Consol gold 5s
St Louis Div Is
1919 M-S 192
J ' --,, Si iii
86 ---- 87 Jan 15, 84 87 87
Consol gold 45
St L & Cairo guar g 4s
1943 M-N 7,:.- ,--1931 J-J
10538Jan :15,--- 10412 105h
71 9938 100
Convertible gold 3 his_o1915 J-D Wu Sale 100 .100
klashvilleCh SAW- 1st 581028 A-0 1964 _
____
a Jasper I3rancnist-g us1923 J-J 107 -_ 111 Jan 13-.,._
Registered
o1915 J-D --- 9934 3 ne'14 ...._ _ _ ___
41 lif 983981
4
12
___ _ _ _ _ _
Consol gold 48
McM NI W & Al atMs
1942 M-N 97 Sale 1714
1917 J-J 10134 - -__ 10384 Jan '14
__
4
Consol 4125 when issued 1960 _ _ 1044 Sale 10448 104 806 10438 1047
T & I' Branch 1st Gs
'917 J-2 101 ____ 113 ply '04
__ _
Aileg Val gen guar g 48_1942 M- E1 9514 9518 94 Jan '1 _-__ 94 94
Nat Rye of Mex pr lien 4 his*0,4Iiv2 J -J ---- 60 58 J'ne 14
,,
0 R R R & B•ge 1st g 4s .38 F_A 9212--- 91 Mehl --- __ --__ _ -- Guaranteed general 48-'4077 A-Q --------77 Feb •13 .......
--___ _ _-_
Phi's BaltSr IV lst g 48_1943 M-N V ___ 9918 Fly '1
s
Nat of M ex prior lien 434s1926 J-.3 ---- ---- 967 Feb '13
_ __ _
_ _ _ _
Sod Bay & Sou 1st g 5s
2924 3-2 -------- 102 Jan '0 1st consol 4s
1951 A-0 --------60 Apr '14
-ii4 ai
N 0 Mob & Chic 1st ref 5s..1960 J -J ---- 35 35 Feb '15
---- --Sunbury & Lewis 1st g 48_1936 J -2 -i;7''- ---____ jeer4 May 1 ---- _ _ _- __ _
U N .1 RR & Can gen 4s:1944 M-8
N O& N E priorlien g Gs_p1915 A-0 ____ 104 101 J'ne'14
_ - Pennsylvania Co
-- 7912 Mae'13
New Orleanr Term 1st 4s 1953 J -J 102
3 10014 10218
s
Guar 1st g4 his
1921 2J .100 10172 102
4
20 -fo 811
80
N ): Central & H It g 3 his..1997 J -J igi 804 80
7814 7814
Registered
1921 J -J 9914 10114 99 Dec '14 -____
1997 2-j ---- 8012 7814 Jan '15 ___
Registered
Guar 3 his coil trust reg 1937 MS 85 ____ 8412 Apr '1
8
868
1 30 86 88
Debenture gold 45
1934 M-N 865 Sale 8811
__
_ _ _ _
Guar 334s coil trust ser 13_1941 FA 85 ____ 8712 2ly '14 ____
Registered
934 oil-N -___ ___ 8918 .3'ne'14
1
• 8 ii
7.
Trust Co ars gu g 33-58_1916 M-N 87 -___ 9814 Jly '14 ____ _
Lake Shore coil g 3345
1999 F-A 7313 744 75 Feb '15
83
1 gi- -EU____
,
Guar 3;is trust ctfsC
1942 J -D 83 ____ 83
R eglstered
1998 F-A --------7612 J'ne'14
_
79 Dee '14 -Guar 33is trust ctfs D.___1944 J-D 83 ____ 84 J'ly '14 .___
J P M & Co ctfs of dep.--- '
, ---921 Pit
70
1931 A-0 9312 ____ 9412 Feb '1
8 6814 70 • Guar 15-25-year g 4s
-Mich Cent coil gold 3 30_1998 F-a 70 Sale 70
,
1942 MN ---- ____ 9312 Apr '14
0thLeh& Nor gu 48 g
Registered
1998 F-A _ _ 744 75 J'ne'14
_ _ __ _ _ _ _
_ _
Cl & Mar 1st gu g 4348_1935 M-N ---- __ 98 May 14
Beech Creek 1st gu g 4s 1936 .1 -.1 di ____ 9514 Apr 14
8
CI& P gen gu g 4 his ser A 1942 .2.-J 10012 ___ 1013 N0v13 __ __ _ _ ____
____
1936 J -2 8812 ---_ 99 hlay'll
Registered
Series 1.3
1942 A-0 1004 ___ 1093 J'iy '0 ___
......
---...
2d guar gold 5s
1936 J -J
__
__
Int reduced to 334s...,1942 A-0
4 --- 9114 Feb12 _-___
Registered
1936 2-j _ ..._ - - ----. __ _ _ ____
Series C 334s
1048 M-N 8234 ___ 9018()et '1 ____
_
.
Lteech Cr Ext 1st g 334s_51951 A-0 ---- - -___
_ _ ____
---------Series D 334s
--------88 Oci '12
.Series
1950 F-A 8214 --- 8418 Dec 1 ____
Cart& Ad 1st cue 4s
1981 .1-0 .
8614 May'14 .___ _ _ _ _ _ __ _
_ ... _..-- ___ _ ____
Pitts gu g 334s 13_1940 J -J 84 87
.
Gouy & Oswe 1st gu g 55-1942 J-1) 10414 _ - __
..
04
Series C
1040 J -J 84 -- 9 J'ly 12 -Mob & Mal 1st gu g 4s
1991 51-S 9213 ____ 9512J'ne '14
iti iv' Or R & I exist gu g 434s_1941 J-2 99 ___ 100 Feb '15 ---- its - iso
„,N J June It guar 1st 45_1986 F-A ---- ---- 86 Jan '15
___ _ __
Pitts Y & Ash 1st cons 5s_1927 M-N 10134._ 109 May'l ___. _ _ _ _ _ _ _ _
N Y & Harlem g 3348....„2000 M-N -___ ......._ 87121)0o '12
Tol WV & 0 gu 434s A
1931 J-J 9758 __ 99 J'ly '14 ___ _ __ _ __ _ _
..--_
Registered
2000 M-N -,-- --- „,..„ Series 13 4 his
1933 3-J 9758 ____ 9812 J'ne'1 __ _
N Y & Northern 1st g 58._1927 A-0 101212 ____ /9173Jan '15
_8
1E7 i1217
8
_
Series 04s
1942 M-S --- -___ 9312.11y '14 :.
N Y& Pu 1st cons gu g Ss_1993 A-0 ---- 88 92 Oct '13 25 -9'9 itif13
101
1
P C C & St L gu 4 3is A
____
----- „„. ,-....
;
Nor& 8Iont 1st gu g 58_19161A-0 1940 A-0 1001 10158 101
116 Feb '14
Series 13 guar
5 0912 10112
Pine Creek reg guar 68_1932 -D -------1942 A-0 10014 101 10114 1011
4
Series 0 guar
con 1st ext 5s-h1922 A-0 102 --__ 1018 Jan '15
1942 M-N ---- 99 10112 Feb15 ---- 10112 10112
10134 10134
e1915 F-A ___ ____ 1001Jan '15
Series D 4s gur.r
Oswe& R 2d go g 5s
1945 M-N 9338._, 94 J'ne'1
10018 10018
_ 104 J'ne'10
___
R W & 01'It 1st gu g 5s1918 M-N 10014
Series 11 334s guar g___ _1949 F-A 90 _- 92 J ne 1 _ ----0 Apr'13 --,
- ---Rutland 1st con tz 4 54s_1941 J -J ------- 9
8
Series P gu 4s g
1953 J -D 938 ____ 9514 Jan '1
Og & L Chan)1st go 9s g 1048. . ---- 11 "
Series G 4s guar
4
97'2 Jan 1
1957 M-N 933
1 70 71)
70
1- 1
_
C St L & P 1st con g 5s
1st go g 48 1949 J -J --------92 Joe'09 .....- ___
1932 A-0 10218 ___ 10612 May'14 ___
St LawrSz Adir 1st g 5s
St
- - -1996 3-J --------108 Sep 12 _... _ _ - --_-__ Peo& Pek Un 1st g 6s
1921 191-F --------10114May'14 ...... _ _-_ ---2d gold 6s
-2d gold 434s
1991' A-0 --------11913 Mch 12 --61921 M-N --------89 Feb '1 ---- ____ ---Utica & 13Ik Riv KU "' 4s 1922 J-J 961 ___ 97 Feb '15 ---- 98 97 Pere Marquetto--Ref4s1955 J-3 ...... 20 25 llay'l ____ ____ ___ Lake Shore gold 3 his
9 19 40 Dec'1 __. ____ _......
1955 2-3
Refunding guar 48
.
1997 J-D 8313 834 8314 Dec '14 ___. _ _
854 May'14 __
---Registered
Ch & W M 55
1921 J-D 55 ___ 73 May'14 .......
1997 J-D
14 993 93
92
4
4
Debenture gold 4s
Flint & PM g es
1920 A-0 89 ____ 85 Dec'1 ____ ____ ___
102851-S 92 Sale 917
9212 45 90 9214
-- ---25-yr gold 4s
1939 M-N 68 ___ 65 J'ly '1
1031 MN 9114 Sole 9114
1st consol gcld 5s
Pt Huron Div let g 541_1939 A-0 6512 7012 75 Apr '14 ...._ _ _ __
Registered
1931 IVI-N --__ 9212 9173 J ne'14 .... ___ _
-, --- ..- ---Sag TUB & H 1st gu g 4s 1931 FA ---__ •-r - - ---- _ _ _ -- -Ka A& Gil 1st gu C 58-.1938 3-2 ---- .- -. „,_.,-Y'l ---- ____ -Mallon 0 1 RR 1st 5s_1934 J -J 10258 -__ 10714 Apr '14 --:
.
---- Philippine Ry 1st 30-yr s f 48'37 J -J --__ 60 65 Ma
1040 A-0 105 ___ _ 1084 may'14 ....._ ___ _ ____
Pitts & L Erie 2d g 5s__$1938 A-0 103 -- 103 Jan '15-.. joi jai- Phts Sh & L E 1st g 5s
_ _ 11314 Ney'll
1943 J -J _-Pitts Melt & Y 1st gu 6s 1932 J-2 112 ____ 1301g Jan '09 . lst consol gold 58
4
9414 26 923 947;
1997 J-3 93r2 'Sale 9312
2d guaranteed Is
Deeding Co gen g 4s
. 12314 Mci212 _
1934 J -J 112
5 9134 9212
92
1997 J-J --------92
McKees& 13 V 1st g 68._1918 J -J 100 ___ ._.
---- ---- Lk Register.
___ _
1951 A-0 9234 ____ 91'3 Jan '15 ____ 91 9112
Slichigan Contra, Is __1931 M-8 102 ----. 1051- J 'ne'14 .--- ---- ---Jersey Cent coil g 4s
4
-1051 3-J
Atlan City gu 4s g
__
---_
. 1034 May'14 Registered
1931 (3-M 101
s
- iii fit., mayli ___ ___ _ _ _ _
1047 J-J
18
- - Q tJo & Or Is' lst g 4s
___ 98 Apr '12.
1940 J -3 85
10712Jan '1 --- 106: 10712
•!
Registered
.1-3 --------87 Feb '14 -- ---- --- "-It Louis& San Fran gen 6s1931 J -J Iiii14 110
1940
21 99 100
4 100
993 --. 903
4
1931 J -J
J L & S 1st gold 3;0_1051 14-S
-------90 J'ne'08 ____ _
General gold 5s
'14
1st gold 3,4s
1
St L& SF RR cons g 4s_1996 J -J 09 --- 75 317'1 ____ ig 4,1
- - 767
2
8
1952 111-N 81 ___ 791 Jan'15 -_ 767 - 1927 MN 38 ....- 43 Feb
20
-year debenture 4s
Gen 15-20-yr 55
1929 A-0 81 82 784 Dec '14 ____
'1
3634 42
N Y Ohic& St L lste 4s...1937 A-C 9312 933 933 Feb '15 ---- -iii - W.
4
4
Tr Jo certfs of deposit-- ---- 40 ___ 42 Jan '1. .... 383 43
4
____
Stamped_ _- _.-_ ---- ____ 40 Feb
Registered
1937 A-0 --__ ___ 924 J'ly '14
s-1947 A-0 - _ __ 93 Dee 1 _ _ _ _ _
5Debenture 45
Southw Div 1st g
2
1931 M-2478 827 82 Dec '14 _ _ --- --68 66 Feb '1 _ _ 6i12 '70
1951 J -J 66
West Shore 1st 43 guar
2361 J -J 90 9112 9013
Refunding g48
6
9012 - -ilia; -62-J . __ __-- 804 Alch'll _-_-- ____ ___.
1951 .V
Registered
Registered
'361 J-J
8334 8834
,
8834
4
4
IT y Cent Lines eri tr 4 35s 1922 .1-3 ------ 10912 J'ly '11 ---3 888 893
Trust Co ctts of deposit- --_ 66 ____ 64 Jan '1 ___ 6112 64
__ 64 ____ 62
53_15_
stamped_
62
N Y Connect Ist gu 4;0 A_1953 F-A 9412 96 ---------------------do
2 6134 66
- --- - - -- MN 10934 ---- 10934 Feb '15 ___ 107 1093
_28
N Y New Raven ,cIlat•tf-.
S Sr M cou g
4
Non-cony deben 4s
73
2 691 7312
1955 1'J 7114 72 72
K 0 Ft s Sr M Ity ref g 421_1936 A-0 73 ---- 73
72
5 72 72
_
Non-cony 4s
1056 VI-N 7114 73 72 Jan '15 ___ 72 72
K C & M R & B let gu 55_1929 A-0 -_-- 95 98 Mch'14 ..... _
989 J ..1.4
1t
e
sti:a:7.7;1555 NI- 3
Cony debenture3 his
bt
cs
1956 J-3 63 64 6313 Feb '15 __
is18st
13 ii- -id
781
_7 __ 0 12 87 Dec'14
_7 89 7
0
0
Oonvdebenture8s
1048 J-J 1045 Sale 10414
bond
._- _ -- _ - --10478
6
3 103'2104 St2dLgS4Ws
63 6
Harlem It-Pt Ches 1st 48_1954 43-N -------991 Nov12
4
59
17 57 61
Consol gold 4s__.....1932 J-D 59 Sale 57
____
B& NY Air Line 1st4s 1955 F-A ____ __ _ 994 J•pe'12 ____ _ _
Gpsir's Pt Ter 1st"" 51,- 1947 J-0 - --- - - - - 9814 Jan 14 __ ____ .:_.-
N
-_
..do
.
,
MISCELI AN EGOS BONDS-CA./Arm- On N.V 1-1.4 :e.
0
Liglt.
Gas &nu
& tj
___1d37 A-0
hin„,
1997 A-0
Purchase money Os
1925 M-8
Convertible deb 5..
Mtn 1st COD r. 48.1939 J-J
Lac Uas L oh St L Isle 58-r1919
1934 X-O
-F
Eel Ind ext 1at c Is
Milwaukee Gas L 1st 4s-1027 M-N
1948 J -D
Newer:, OM Gaze Is
1948
E L II & l'5s
N Y
1949 F-A
Purchase money g 43
1095 3-2
Ed
III Ist cons g 5s
551930 F-A
NY&QE1 L& P 1st con g
1921 41-1`.
N V k Rich Gas 1st 5s
Pacific G 1 11 I 0.3 eal G Fr E
c
1-11
Cern enifying& ref 5s_ _1937
Vac P ,w & Lt 1st & ref 20-yr
1930 F- A
58 Intermit series
1049 5-s
5s
P.4 P4s43f
,
*No price Friday:latest bid and asked.
Gas and Electric Light
19 7
114
114
PeO Gas& 01st con g 6s---1543 A-0
M-S
101 Feb '1
Refunding gold 58
1947 M-S
99 Sep '13
Registered
112
103
Ch G-L & Cke 1st gu g 524_1937 J-J
Con 000of Ch 1st gu g 591936 J -D 10014 10112 10014
13 10014 iof
10014
101
93 Mch '1
97 9812
Ind Nat Gas & 011 30-yi 5s'36 14-N
8
Mu Fuel Gas 1st go g 59-1947 11-N 1661 "."-: 100 Jan 'I
9018 9118
1019 F-A 96 97 05 Sep '13
Philadelphia Co cony 5s
1922
9684 J'ne'1
6114 10311 Cony deben rls s f 6s-1926 MN
J -D
8312 8342 Stan Gas & El cony
8812Jan '1
190 Mg11•14
Syracuse Lighting 1st g 5s 1951 .1-1)
1 954 J-J
8512 J'ne'1'
Syracuse L & P 55
M-8
Trenton 0 & E 1st g
1014.1'ne'14
101. Feb '15
nion Esst 5 &
Un sf sc lec Ls P 1st g 5s 1932 M-S
M-N 9018 _. 89 Jan '19
9312 927
8
93
15 91 9314
30
1953 .1-3 103
98 Jan '1
Utica El L & P 1st g 5s
1957 J -J
8834 J'ly '14
973 973 Utica Gas & K ref 55
10914 Dee 11
4
4
882
1961) -D 1021± 10312 10$':Jan '1
100 Jan '14
Westchester Ltg g 58
9913
°orlon 4810.
a Due Jan. a Due Feb. 6 2344 5446, 0 900 June. ta Due July, 0 Due Oct. p Lige Nov.
103 ---- 103 Jan '15
11218 113 10912 Dec'14
11012 11334 J'ly '14
871 89 8734 J'ly '14
4
101 Sale 1003
4 101
9813 99 9812
9812
9119 9112 9118 Feb '15
_ 10134 Jan '14
101
103 1033 163
8
103
843 85 8414 Feb '15
4
109 J'ly '14
101 Feb14
- 921? fly '09
10284 103
110 114
10018 101
4 1011i 103
1 1Q01 1994
lOU
100
96
96
itii4 DWI;
FEB. 13 1915.]
New York Bond Record—Concluded—Page 4
BONDSPrice
52
Thursday
N. Y STOCK EXCHANGE
Feb. 11
:lg.
Week Ending Feb. 11
4t
Week's
Range or
Las, Sale
g3
3
.zZ.
Range
Since
Jan. 1.
,
.1.
BONDS
N. Y STOCK EXCHANGE it
Week Ending Feb. 11
...,6.
543
Price
Thursday
Feb. 11
Week's
Range or
Lam Sale
g
Ranee
g t , Since
ai 4. , Jau.l.
High No. Low High Wabash (Concluded)—
lisa
Ask Low
MO No Low High
Ask Low
ma
Equit Tru,t Co'12'sStiszJan '14 — ____ ____
t
8 ASe i Pass 1st gu g 4s-__1043 J -J_...., 79 79 Jan '15 ---- 7814 80
9378 59 19 30
8 F & N P 1st sink.g 5s___1919 J-J -------104 Oct '09 -------------- 0 Stamped
2212 Sale 214
s & Oh Ex t 1st g 5s_ __1041 '-J 95 _ _ _ 100
Seaboard Air Line g 4s--1950 A-0 80 8212 75 Dec '14 -----------100
1 100 100
Des Moil] Div 1st g 9s___1939 J-3 -- ____ 8U . Aug 12 —.. _ _ _ _
Gold 45 stamped
1050 A-0 81 8212 8312 Feb '15 ---- 78 8312
_
Om Div 1st g 3 JO
1950
1941 A-0 60 8014 80 Jan '15 ---- 60 60
Registered
4
64 713
8714
Tol & Ch Div 1st g 4s
)1999 A-0- Sale 88%
1991 M-8 65 74 72 Feb '15 ---. 72 72
F-A 8714
Adjustment 5s
67
1 86 87
Wab Pitts Term 1st g 4s1954 J-D
1959 A-0 66 13834 87
Refunding 45
8 12
8i Jan '15 ---. 84 8%
Cent and Old Col Tr Co certs. ---71
Atl-Birm 30-yr lot g 9s__e1933 M-S 8014 83% 82 Jan '15 ---- 81 82
8 Feb '15 ____
6
6
9
8414____ 85% hich'14 ---- ____ ____
Columbia Tr Co ctfs
Car Cent 1st con g 4s__1949 J-J
7 J•ly '14 _ 10314 Jan '13 ---- ____ ____
Col tr ctfs for Cent Tr ctfs __.
Fla Cent & Pen 1st g 5s_1918 J -J 10014
7
_.
712 Dee'14
3
.. 109 Nov 19 ------------Id gold 48
1930 J-3
1st land gr ext g 5s
1054 --J-D
5 Feb '15 __-8
6
3 14
,
158 -32
_ ___
100 Dec'14 -___
Consoi gold 58
1043 J-3 1008 .
Trust Co cents
12 Jan '15 ---12 114
12
12
4
Ga & Ala liy 1st con 5s—o1945 3 -.1 1011 10269 10112Jan '15 ---- 10012 10134 VVash Term)1st gu 3tis___1945 F-A ---- -___ 83% J'ne'14
1st 40
4
Ga Car& No 1st gu g 5s-1929 J -J 1013 10212 10011 Jan '15 ---- 10012 10012
-year guar 45
1945 F-A --------100 Sep '12 _-__ ___ ___ _
1926 j-.1 10118 ___ 100% Dec 14 ___. ____ ____ West Maryland 1st g 4s
Seab & Rea 1st 5s
1952 A-0 683 Sale 885
4
4
69
21 54 6914
West N Y & Pa 1st g 5s_1937 J-J 10214____ 1027& Jan '15 815 1027s102?
Southern Pacific Co—
Gen gold 4s
Gold 4s (Cent Peg coil) _221949 2-I.) 8312 85 84% Feb '15 *6 8312 8814
1943 A-0 76 80 7812 Jan '15 ____ 7812 78%
— 90 Feb '14 ---- _-__
k1949 J -D
Registered
Income 5s
d1943 Nov . _ 35 34 Feb '07 -- ___ __ __
8278 183 8012 ___- Wheeling & L E 1st g 5s___1026 A-0 95 ____ 102 J'ly '14 ---- __ —__.
20-year cony 4s
8334
91929 51-8 8269 Sale 82
9869 374 96 9934
20
8
-year cony 5s
Wheel Div 1st gold 5s___1928 J -j 90 ___. 951r Nov •13 --- ____ _ _ _.
1934 J-D 9712 Sale 967
8814 167 8614 90
Cent Pee 1st ref gu g 4sI940 F-A 8769 Sale 8712
Exten 82 [mut gold 5s____1930 F-A .91 ____ 91 Feb '19 ____ ____ _ _ _
9412J•ly '12 ------------1114 1st consol 45
Registeree
1949 F-A .. -1949 M-S 85% ____ 8512
1
8512
1 65 65 *
8Jan '15 ---- 8712 88 8
Mort _war gold 3 14s_k1929 14) 89 90 883
20
-year equips f 5s
5
1922 J-J --------90 Apr '14 — ____ ____
Through St I, 1st gu 421_1954 A-0 8869 Sale 87 Feb '15 -___ 87 89
Winston-Salem 8 B lst4s_1960 3-j
____ 88 Feb 14 ____
___
10212 Dec'14 ____ __ ____ Ms Cent 50-yr 1st gen 4s 1049 3-J --- 8712 87 Jan '15 _-__ ___- 87
G H & 8 A M .•*2 P 1st 5s_1931 81-N 10212-887
8
84%
Gila V 0 & N 1st go g 5s_1924 M-N --------10269 Apr '14 -- ____ ____
Sup&Dul dly az term 1st 48 '36 MN 8514 --__ 8412 Feb '15 __ 8912 8412
nous E & \i T 1st g is_1033 M-N 100 ____ 103 Jan '15 ---- 103 103
1933 M-N 100 10112 10911 J'ly '14 ---- ____ ____ Manufacturing & Industrial
1st guar 58 red
II & TO 1st fr 5s int gu_1037 3 -J 10712 10912 109 J '11e'19 -___ ____ . _ _ _
1928 A-0 100 Sale 100
Gen gold 45 it guar__ .1921 A-0 95 9614 95's Jan '15 ---- 93 9512 Am Ag Chem 1st c 5s
100
10 99%101
Waco& N \V di v isle 6s 1930 M-N 108 110 108 Mcb'14 _ ____ ____ Am Cot 011 ext 4 s ____p1915 Q-F 10014 Sale 100
10018 29 9978 10018
103 Mc.13•14 .--- ___ ____
Debenture 5s
A & N W 1st en g 5s
1931 M-N 94 Sale 94
1941 J -J 100
94
5 9212 94
Morgan's La & 'I' 1st 7s-1918 A-0 ,,,,.. -- -- 10712 J'ly '14 —. _ _ ____ Am Hide& Lists f g 8s
1919 M-8 10214 1031 10218 Feb '15 ---- 10012 10314
1920 3-4 102 ____ 10614 J•ly '14 -- ____ ____ Amer Ice Secur deb g 6
1925 A-0 85 86 84 Feb '15 _--- 89 85
1st gold 6s
A-0 --------112 Feb '07 — __ ____ Am Smelt Securities if 6s_1926 F-A 10412 105 10469 Fee '15 _-- 103%1043
1938
No of Cal guar g Is
4
100%
8
4 1003 10112 Am Spirits M(g g 68
Ore le Cal 1st guar g 55-1927 J -J 1007 Sale 10012
11115 88-S ....-- 94 9434 J'ly '14 __—__ - ____
__ ___ Am Thread 1st col Sr 4s
• So Pac of Cal—Gu g 5s-1937 M-N 101 ___ 10112 Nov 13
1919 J-J --------94 .I'ne'19 ____ __ ____
Si_ _ 91% Sep •I2 ____ _ _ ____ Am Tobacco 40-yr g Gs
l'ac Coast 1st gu 4s g_1937 J -J 90
1044 A-0 110 ...._ 121% Feb '15 ___- 1207 1214
;
8
823 27 8i14 8269
San Fran Terrill 1st 4s_1050 A-0 80 803; 82%
Registered
1944 A-0 -___ ...... 121% May'14 ____ ___ _ _
____ _ _
Gold 4s
Tex & N 0 con gold 5s 1993 J -J -_ . 97 96 Apr '14
—
1051 F-A 97 98 9818 Feb '15 _—_ 973- 9818
4 _87 135 8414 89
3
Sri Pac RR 1st ref 4s __1955 J-J 867 Sale 8669
Registered
11151 F-A --------98 .1 'ne'19 ____ ____ ____
Am WrItg Paper isle f 5s_1919 J-J 59 Sale 59
9
10014 65 9814 101
*4:althorn-1st cons g 5s_1994 J -J 993 Sale 995
80
13 59
____ Baldw Loco Works 1st 5s1940 M-N 101 __ 1003 Jan '15 ---- 1005* 8214
-J-,- 10014 100 Aug 13 —
Registered
1904 3
4
1004
1
Develop & gen 9s Ser A 1956 A-0 653. 663 6612
Beth Steel 1st ext St Os
4
4
8234
863
4 39 ___- 69
1926 J-J 100 Sale 997
2
10014 72 9812 10014
1st & ref Is guar A
78
4 74 76
Mob & Ohio coil tr g 4s1938 M-S 75 Sale 75
1042 MN 88% Sale 8814
8918 185 8518 8918
____ ____ Cent Leather 20-year g 5s_1925 A-0 9834 Sale 98%
100 Dec •14
Mom Div 1st g 4 15-5s
99 10312
,
1996 J-J
9914 81 967* 9912
_ _ _ __ _ _ Consol Tobacco g 4s
St Louts div 1s5 g 4s
1951 J -J 8412 84% 88% J'ly '14
-1051 F-A -----975* Jan '15 ..--- 97% 97 4
3
____ ____
1918 J -.I 10214 .... 10434J'ne'14
orn Prod lief s f g 5s
Ala Cen R 1st g Os
1931 M-N 971; Sale 9714
9714
2 94 4 97
3
14
_ _.._ _ 1st 25-years(58
Ala G t Sou 1st cons A 5s...1943 J-D 95 9312 9934 Mar 14
1934 MN 93% 9412 9414 Feb*15 _ — 93 9469
i512 gii2 Cuban
Sugarcoll tr 1%1918 A-0 9414 98 9114 Doc •14 ____ ____
AM & Dans 1st g 4s
,
1948 J -J 8412 88 85% Jan •15 ____ -Amer
J-j --------8214 Feb '12
1948
____ ____ DistilSec Cor cony lst g 58_1927 A-0 54 Sale 5314
2d 4s
54
28 51'z56
____ ____ E I du Pont Powder 4 J4s 1036 J-D 8734 Sale 8734
AU & Yad 1st g guar 4s 1949 A-0 ..— ........ 7534 Dec'14
8318 28 84
._.____ General Baking 1st 25-yr Gs_1956 JD --.... ---- 87123'1y '14 ____ ____ _8812
(Col & Greenv 1st 6s
__ _
1918 J-J 1004 ____ 10069 J'ly '14
•E T Va & Ga Div iC 5s-1930 J -J 10138 ____ 106 J'ne'19 - _ _ ._ _ _
_ Gen Electric deb g 3
;0
79 J'ly '14 ____ ____ ____
1942 F-A 73 79
1031/Jan '15
10312 1.6i12 Debenture Os
Con 1st gold 5s
1952 M-8 10314 104 10334 Feb '15 _--- 103 105
1956 M-N 103% J'iy '14
E Ten reor lien g 58
1936 WS 98 ---- 10312
10114 13 10934 101%
_.-- -___
1915 A-0 10114 Sale 10114
tts511sen 6s
GI e' 1 deb
Indianal l n tI
Si
Steel
69% May'13
Ga Midland 1st 3s
1940 A-0 85 8512 8512
851
1948 A-0
8 84 87
Ga Pan Ry 1st g (1s
MotorsS ee1 1s
1061* Jan '15
41
108 106121952
M-N 9912 Sale 99%
997
1922 J-3 10718 _
24 99 10012
_ _ __ _ _ Ingersoll-Rand 1st Is_ _ _41935 J-3 100 .._. 100 Oct '13 .--.
Knox & Ohio 1st g 8s
1925 J -J 106% ---- 11018 May'14
Mob & Bit prior lien g 5s_1945 J -J 10012 ...... 105% Nov 12
____ __ Int Paper Co 1st con g 63_1918 F-A 10034 1007 100%
8
__10014
1 10012 jou/
Consol cony s f g Is
Mortgage gold 45
1935 J-J ---- 8112 80
80
8 80 82
1945 J -J 70 8412 79 hich'13
Rich & Dan con g 6s____1915 J-J 101 ____ 10078.1'1y '14 ------------ Int 8t Pump 1st s f 5s
1929 M-S 48 50 46 Feb '15 --- 38 46
Lackaw Steel 1st g 5s
Deb Is stamped
1923 A-0 9012 Sale 9012
91
41 89 91
1927 A-0 --------10314 Feb '14
1st con 5s Series A
Rich & Meek 1st g 4s
1950 M-8 6914 74 71 Feb '15 -_-- 85 71
1998 M-N --------73 Sep 12 ----------So Car & Ga 1st g 5s
5-year convertible 5s
1915 M-8 100 ---- 100 Feb '15 ..-- 99 100
M-N 100 101 100 Jan '15
i()(
1919
100
Virginia Slid ser 00 6s
4
1916 M-8 10014 ..... 112 Oct '06 ..... ____ ____ Liggett & Myers Tobac 7s_1994 A-0 1223 Sale 1223
12318 22 122 12412
4
1951 F-A 10014 Sale 100
58
10334 Noy'19 ---- ---- ---- Series D 4-5s
10014 49 100 102
1921 M-S 10014.
Series E 55
orillard Co(P)7s
102 Dec'1 —
3
4
1944 A-0 123 1233 123
124
1028 M-8 100 4 2 12214 124
55
104 hich'13 ------------ Series F 5s
1031 M-S 101
1951 F-A 100 bah_ 100
10058 27 100 102
General 5s
exican Petrol Ltd coy 68 A..'21 A-0 100_-- 100
8
1938 M-N 1023 ____ 102 Jan '15 ---- 102 102
100
4 9614 100
Va & So'w'n 1st gu 521_2003 J-J 10018 ___ 10014 Jan '1. ____ 10014 10014
1st lien & ref Os series C 1921 A-0 100 aale 100
100
1 95 100
1st cons 50
-year 5s
1958 A-0 86% 90 8812 Dec '1 ___ __ _ ___ Nat Enam & Stpg 1st 5s_1929 J-D 93 -.-- 9212
9212 34 9212 931
4
W 0 & W 1st cy gu 4s
__ Nat Starch 20-yr deb 5s_1030 J -J 83 ---- 8469 J'ly '14 . ____ _ _
1924 F-A 88 --- 92 .1'ne•13 ...... _ ___
West N 0 1st con g 6s
1914 J -J ---- --__ 1004 May'14 ____ _ _ _ —
_
National Tube 1st 5s
1952 M-N 963 99 9969
e2
9978
_dpokane Internet 1st g 53_1955 J -J ---- 98 9812J 'ne'19 ___ ___-_ .7: N Y Air Brake is;cony Gs-1928 M-N 91 4 Sale 90 Feb '15 --2 98 94
91
94
per A of St L 1st g 4 J4s_1939 A-0 98% ___
J•1 ' ____
_ - - Railway Steel Spring—
& 1st con gold 5s___1894-1994 F-A 10012 105 102 Jan '15 __-- ied ioiLatrobe Plant 185 s f 58_ 1021 J-J 95 97 96 Feb '1 ____ 9514 9612
Gen refund s f g 98
1953 J-J 8469 88 11184 May'14 -------- - - - ____ ____ ___
Inter-ocean P 1st s f 5s.._1931 A-0 90 92 90
92
17 90 93
St L hi Bge Ter gu :5s_1930 A-0 99 101 102 J'ne'14 ____
_ :
I & 81st & col Sr 5s_1934 A-0 --------104 J'ly '1 .--- _ _ _ - ---Pex & Pac 1st g )1d Is
9514
2000 J-D 95 9514
6
s
10-30-yeac 5s s f
1940 A-0 93 Sale 92%
93
5 9012 93
2d gpld Inc 5s
-9'000 Mch --- 40 51 Noy'12 ___ _ _ _ _ ____ Standard Milling 1st 5s
1930 M-N 89 ____ 89
89
8 89 90
La Div B L 1st g 55
1031 J-J --------95 May'14 ___ ____
The Texas Co cony deb 824_1931 J-J 100 Sale 997
1001
W Mln W& N W 1st gu 5s_1930 F-A --------10613 Nov•04 ____
- Union Bag & Paper 1st 524_1930 J-J ___ 9669 90 Feb '1 139 99 100
_--Tol & 00 1st g Is
1935 J-J lea 105 103
103
2 icii" ioiStamped
1930 J-J •79 -___ 9114
Western Div 1st g 513
1935 A-0 100 ____ 101 Aug'13 ____
US Realty& I cony deb g 5s..'24 J -J ____ 7934 7512 Jan '1 — -:_-- --_-Jan '15 .--- -79 - -78 General gold 5s
1935 J-D -------- 10112 Apr '14 __ _ _ _ _ _ _ US Red & Refg lst g 6s
1931 J -.I ____ 30 20
Kan & hi 1st Cu g 9s
1990 A-0 86 8812 8714 J'ne'19
U 8 Rubber 10-yr coil Sr 824_1918 J -D 10212 Sale 10212 Jan '15 —. 20 20
10058 23 1011*10269
1929 j-j 9569 ____ 96 Feb '15 ___ 96 96
2d 20-year 5s
U S Steel Corp—lcoup _41983 M-N 10114 Sale 1007
8
10114 188 997 10218
8
Tol r & W 1st gold 4s
1917 3-J 86 88 86 Jan '15 ---- 66 68
8 f 10-60-yr Nilreg
d1963 hi
-N ---10118 Feb '15 __. 993 10214
4
Tol St L& W pr lien g 3 Si s_1925 J -J 76 78 76
Va-Car Chem 1st 15-yr 5s_1923 J-D 93 ---- 9369
1 78 78
76
9412
94
4 90 9512
50-year gold 4s
471
2 9212 49
West Electric 1st 5s Dec 1922 J -J 1013 Sale 101%
1950 A-0 472 Sale 9712
4
1015* 14 100 4 1013
2
4
Coll tr 4s g Ser A
1917 F-A --89 43 J'ne'19 ____ _ _ _ __ _ _ Westinghouse E dr Al s f 58_1931 J-J
9314 Sale 9314
I'm Ham & Buff 1st a 4s-51946 3-fl 80 85 854 J'ne'14 ____
10-year coil tr notes 5s_1917 A-0 994 ____ 9812Jan9334 18 90% 94
'15 _--- 9814 9812
['lister & Del 1st con g 5s_1428 J-D 100 10012 101 Jan '15 ---- 100 iiii
Li 1st refund g Is
1952 A-0 --------76 Apr 19 ___ ____ ____
Miscellaneous
Adams Ex colt tr g 45
Union Pacific—
1998 55-8 71 7212 71
71
10 7018 73
1st RR & land grant g 48-1947 J "J 95 Sale 95
60 945 97:8 Armour & Co 1st real ess'39 JD 917 Sale 917
96
9212 37 905* 93
Bush Terminal 18148
9512 9414 Feb '15 ____ 944 95
1947 3-J
Registered
1902 A-0
--__ 85% Feb '15 ........ 853 855*
20
Con.sol 58
9012 45 8812 91
-year cony 48
1999 J-J
1927 J -J 90 Sale 90
88 91 .87
87
3 87 90
Bldgs Is guar tax ex
9014
4
1st & ref 4s
8 8814 903
9200888-8 901 Sale 9018
1960 A-0 86 87 8678 Feb
Granby Cons M S &Poem Gs A'28 MN 98 99 98 Jan '15 ____ 83 88%
25 9012 01
.3re Ry & Nay on g 4s_,1948 J-D 9012 91 91
91
'15 _--- 98 99
Ore Short Line 1st g 6S-21922 F-A 10914 Sale 1094
1 10711 10914 Inspir Cons Cop 1st cony8s 1922 M-S 9958 Sale 994
1094
9918 82 97 997
1st consol :
-year cony deb Os
5
's
1919 J-J 978 Sale 974
1048 J -J 105 106 105 Feb '15 ---- 103 105
9734 145 945 97
7
Guar refund 424
91% 36 877 91% Int hiercan Marine 4 Sis-1922 A-0 3314 Sale 334
'
1029 J -D 914 Sale 91
34
18 304 as
Utah & Nor gold 5s
108 May'll ____ ____ ____ Int Navigation 1st s f 5s
A.
1920 J -J 100
1929 F-A 351 38 41 Jan '15 __-_ 41 57
1st extendeu 4s
1933 J -J ----------9114 42 883 9114
4
--r-m ____ ____ ____ Montana Power 1st 5s A _1943 J-J 9114 Sale 901
Uandalle cons g 45 Ser A-1955 F-A 87 -- 93 Apr 'is ---- ---- ---- Morris & Co 1st s f434s ____1939 J-J
• Consol 4s Series B__1957 M-N 87 ...._ 9214 May'14 _ ____ ____ Mtge Bond(NY)4s see 2 _1986 A-0 86% 90 8812Jan '14 _
__
___- 83 Apr '14
-Vera Cruz ez P 1st gu 4 lis 1934
10-20-yr Ea series 3
.1-J --- 97 94 Oct '12 ____ _ _ _ _
1932 J-J 94 ..- - 100 J'ly '14 _ — ---- - —
Virginian 1st is Series A _.
98% 25 iiii, iiii, 14 Y Dock 50-yr 1st g 4s
-11162 M-N 977 Sale 97%
;
1991 FA
-- 7934 Dec '14 --- ---- - — Wabash 1st gold .is
100% 14 97 1007 Olin Falls l'ow 1st 5s
8
1939 M-N 10012 Sale 100
1932 J-J 10O3 10214 um Jan '15 _-_-_-_ ieli" jai,' V 2d gold Is
1939 F-A ---_ 937* 943 Feb '15 ---- 88 94% Snag Lock &0 Pow 1st 5s_1954 hi
-N 9114
Debenture Series 11
Ontario Power N F 1st 5s1943 F-A 95% 94 92 May'14 _ _ _- --1939 .1-4 -------- 90 J'ne'12
Sale 954
95% -5 -94 - -95%
1st lien equips td g 5s
Ontario Transmission 524_1945 4I-N 90 90 J'ly '14 ___ ____ _
1921
90 Feb '15 __ 90 90
1st lien 50-yr g term 4s_1954 M-8 _ii _ ___ 75 Apr '19 —__ ____ _ -- - _ Pub Serv Corp NJ gen
j
-j
5s__1950 A-0 88 - ale 8712
S
88
1st rei and ext g 4s
13 8669 8914
89 25 ii
RayConsCopper 1st
27
1058 J-J 27 Ssle
107
Oent Trust Coctfs. - 25% May'14 ___ _ __ ____ Sierra & 8 F Power cony 8s1921 J -J 107 Sale 10612
26 103 107
30 5014
1st 5s_1949 F-A ---_
..
!In qta nod
,
_-__ ____ ____ Wash Water Pow 1st 5s___1939 J -J 9812 931t 9214 Feb '14 ------------ — - -- ---- 53 Apr '14
____ 10312Jan '14 -----------MISCELLANEOUS BONDS—Concluded
Coe( .... Iron
Telegraph ez Telephone
Bull& o u...ti irou ,A as_
---11132 J-D 87 --- 90 J'ly '19 ____ ____ _ _ _ Am Telep & Tel coil Sr 4s__1929 J-J 8834 90 8838
17 87 894
89
Debenture :.s
a1926 51-8
_ 86 80 .1•15' '14 ------------Convertible 9s '
1938 M-S 90 9512 931
t.)01 t• & 1 Co e'en s re
1 9334 95
9334
5s.....1943 F-A -89- 90
20-yr convertible 43s ___103$ M-8 99% Sale 99
_--_ _ __
9969 175 96 1001*
Col Indus 1st & co1 I 5s gii_1934 F-A7212 87 Dec'14.— 72 _73 Cent Dist
72%
7238
1
Tel 1st 30-yr 5s_1943 J -D 9812
9812
2 9869 99
Cons led Coal Me 1st 5s___1035 J-D ----_ 73 Mch•19 ____ ____ ____ Commercial
---- 9812
Cable 1st g 4s_2397 -,1 ___ 83 8814 J'ne '14 ____ ---- -Cons Coal of Mel Ist&rli 5s '.950 3-0 --.....; 894
'
14
2397 -j *____ 84 79 Apr '14 __„ ---- -Continental Coal 1st a 5s_1952 F-A -04 - -1591 99% Ply '14 ---- - -- - -- - - Cumb'd T& T
Registered
___ ____ ____
Feb
99
1st& gen 5s..1937 -J
97'zl 12 95 9713
9714 Sale 974
Gr Mr Ooal& C 1st g 6s_h191.9 A-0
90 9812 102% Apr '08 ____ ____ ____ Keystone Telephone 1st 5s_1935 J-j .89 ___ 8918 Dec'14 --- - --- -Kan & H 0 & C 1st s t g 5s_1951 J -J 90----- - - -- - --- MetropolTel&Tel 1st s f5s_1918 M-N 100 101%1001 Jan '15,___ 100241005*
93 Me11.14
/
4
Pocah Con Collier 1st a f 58_1957 J -J 8712 89- 88 Jan '15 ____ 88 88
Mich State Telep 1st 5s
1 974 984
1924 F-A 9814 99 9814
981*1
St L Rock hi t& P 1st 5s---1956 J -.1 --------75 Jan '15 ___ 75 75
N V & N J Telephone Is g_1920 M-N *100 105 101 Dec'1 -- --- - --- Trust Co. ctfs of dep
8 75 8118 NY Telep 1st& gen s f4 1481939 Ni-N 955 Sale 954
8118
4
. 8012 85 803
9515 32 94% 964
Teen Goa,gen 5s
1951 3-J 10014 101 100%
100
/
1
4
5 100 101
Pac Tel & Tel 1st Is
4
9714 32 943 9778
1037 J-J 9769 9712 973
Blrm Div 1st consul Gs
1917 J-J 10112 10214 1013 Feb '15 ---- 10014 10134 South BellTel& T lets f 5s 1941 J-3 98 Sale 977
4
98 I 32 964 99
Tenn 1.31g 1st g Os- -----a1917 A-0 100 --__ 101 Jan '15 ____ 10914 101
West Union col tr cur 5s-1938 J-J 9712 Sale 9712
9712
3 964 9712
Cab 0 M 0,, 1st gu 2 69_1922 J -D ---- ----101 Dec '14 ---- --__ ____
Fd and real eat g 45s
. .
1950 M-N 9169 Sale 903491% 21 884 92
Victor Fuel 185 s 15.
11153 .1-J __ __ 84 73 Apr •19 ____ ____ ____
Mut Un Tel gu ext 5s
1941 VI-N --------104 .1 ne 11 ____ ____ _ ___
Va Iron Coal&Coke 1st g 0.1949 as-s 86 go 86 Jan '15 ____ 86 86
Northwest Tel au 4545 g_1934 J-3 85 -___ 93 Jan '13 _-__ _.----•No price lorlday (atest bid and asked. a Due Jae. d Dee April. e Due May. g DueJune. SDUJUIy. tDueAug. °Due Oet pllue Nos. e Due Dee. e0Dtlonsale
BOSTON STOCK EXCHANGE-Stock Record se.EINage
B
544
-NOT PER CENTUM PRICES.
SHARE PRICES
Saturday
Feb. 6.
Monday
Feb. 8.
Tuesday
Feb. 9.
Wednesday
Feb. 10
Thursday
Feb. 11
Friday
Feb. 12
Sales
of the
Week
Shares.
Last Sale 23012 Jan'15
Last Sale 7
July'14
Last Sale 50 Jan'15
Last Sale 612 Nov'13
Last Sale 39
if- ;58- W- ;55i2 :if
Jan'15
Last Sale 160 Mar'14
158 s__ 158 ▪ __ _ 158
4
-- *1042 ....- 10412 10413 10434 1043
160 *145 164 *145 162
Last Sale 165 Jan'15
55% 5214 5314 53
51
54
*118
+116
*8612 88
88
*86% 88
Lasl Sale 87% Feb'15
96
*95
96
*95
96
7
73
4 *612 7
7
43
44
43
44
43
43
43
4918 4913 493 51
50
5014 49
4
Last Sale 10312July14
iLoi4 11654 *i8i- 155
25
no 25 *20 25
Last Sale 20 Feb'15
11912 1193 1193 *1193 120
4
4
4
12014 12014
80 8 8078
7
117 IOW Iliti- *i6O- 111 106 106
71
7072 70% 70% 70% 7012 707
8
93
93
93 • _ _ 04
51
4912 4912 61
51
50
50
50
50
50%
9112 92
9112 92
4
4 913 913
91% 911
4 913 9212
4
212
*214 213 •214 212 *214
214 214 *214 212
173 173 *173 1814 *1734 1814
4
*1713
4
4
104 1043 1154i2 1664
10012 10314 10212 10312 103 105
4
11012 11114 10958 11012 11034 112
11212 113
1123 11314
4
120 12014 12014 1205 11934 12012 1193 120 3 12014 1203
8
4
3
3
•I6
18
•173 1812 *16
4
18
*16
18
Last Sale 15 Mar'14
78
7812 78
7818 781g 7813 78% 78% 78
7814
*61
6212 .
61
63
62
6212 6212 6212 62 62
101 101 +100 10112 101 101
101 101
101 101
• 53
4
4
53
4 53
_
*53
4
;io 12 *1034 1112 *1014 1112 *1013 --- - Last Sale 12 Jan'15
1113
*91g
Oh *913 93
8 *912 10
913 10
*912 10
258 258
258 258 • __ 257
25612 25612 256 25614
141 14113 14134 142
142 142 *141 142
102 102
101% 101% 10112 10112 10112 10112
82
8212 8213 83
8212 83
8212 824 ;ii- 8212
*91
9112 91
9114 91
9114 *9012 91
*99 90
170 170
154 160
157 163
1643 165 +170 174
4
• _3
July'14
Last Sale 3
;12
. 1212 1214 1214 *12
1212 •12
1213
*25
40
39
40
40
40
*35
40
*613 20 •____ 20 *_--. 20 •____ 20
Last Sale 20 July'14
*iii_ 38 •____ 38
Last Sale 38 Dec'14
30 •___. 38
141 141 141 +140 141 140 140
152 152
152 152
15112 15112 15112 151%
+17
1712 •I7
/ad Sale 1712 Feb'15
*17
1713 *17
108 108
108 10812 108 108
10818 10813 10818 10812
*2813 29 .2812 29
2812 2812 2812 28%
2814 29
*27
2713 •27
2712
27
+27
2712 27
Jan'l
Last Sale 1
*1
112 •1
112 •1
112
113 *1
11612 117
117 117 4
11612 1163 11612 117
11612 117
3
4
5413 5514 5412 5514 547 55
55
5412 5514 55
8
2834 29
2834 29
4 29
283 29
29
4
283 283
4
7
40
8
41
4012 4012 41
4112 14113 10218 425 4412
0354 43 3
103 10313 10234 104
105 105%
1033 10414
4
Miscellaneous
100
201 Amer Agricul Chemical
100
246 Do pref
50
10 Amer Pneumatic Service
50
25 Do pre!
100
2,166 Ammer Sugar Refining
100
353 Do pref
100
3,320 Amer Telep & Teleg
100
American Woolen
100
226 Do pref
15 Amoskeag Manufacturing.--76 Do pref
13 Atl Gulf & W ISS Lines_100
Do pref
100
10
150 East EgMton Land
100
40 Edison Electric Ilium
100
47 General Electric
165 McElwain (IV H) 1st prof-100
180 Massachusetts Gas Cos-100
100
45 Do pref
.100
112 Mergenthaler Linotype-.-.
10
Mexican Telephone
50 Mississippi River Power-.-.100
100
30 Do pref
_100
New Eng Cotton Yarn
100
Do prof
37 New England Telephone 100
100
231 Pullman Company
10
Reece Button-Hole
100
243 Swift & Co
25
232 TonIngton
25
5 Do pref
25
Union Copper L & M
100
638 United Fruit
25
1,420 United Shoe Mach Corp
25
412 Do pref
100
4,609 U S Steel Corporation
100
251 Do pref
4
*9358 94 1 *933
94
3
98% *9814 98,1 *98
*___ _
190 1
190
91
9112 92
92
*115 120 *115
21'l 2112 2113 2112 2118
*230
*230
*230
*93%
.
98%
190
*pi%
9418 *94% 94%
9812 9814 9814
190 190
100
91
9112 91
120
115 115
213
4 21
21%
+230
95% 9518
190- 16691 91
112 119
2112 22
LINCOLN'S
BIRTHDAY.
-
;55- 41
;55•___ _
159
•10412
:iflii2
*145 160 •145
56
54
554
120 120 *118
•8634 88 . 4
863
96
96
96
7
7
7
43
45
43
50% 49 4
3
50
*iio*20
*119
'150
-ig '20
119% *11918
*ioi- 115 .456'70
*93
71
94
71
93
•
1
138 *1
114
•
260 266 .245 265
273 2812 283 304
4
4
513
3
4
*12
3
4
4134 42
4214 423
4
5314 533
3 53
5338
2013 2012 203 21
3
5413 43
8
43
8 43
8
•2
212 •213 214
46% 47
4613 4714
53
53% 5313 54
393 395
392 393
18
1713 1712 *17
35
31 35 4 353 36
3
4
3313 33 4 33
3
333
4
•18
2
•13
4 2
8% 84
8% 88
1
*43
5
•43
4 514
6512 6514 67
65
*2312 24
233 24
4
1112 1112 12
12
*27
30
*27 ____
•.30 .50 *.30 .50
4
4
+4
413
4434 45
4512 4512
•86h 8712 *86
88
2112 2112 21
21
*433 43
4
43
4 5
*25
3 3
*23
4 28
7
634 63
4
612 634
*4
412
414 414
13
*1
*1
13
3
4
4
*312 334
5
5
5
5
1834 183 *1812 187
4
8
•
.60 .90 . .50
.
1
60
61
593 6012
4
12
12
12
1212
512 512
53
3 512
513 512
513 513
2318 234 23
233
3
4.1
114 *1
ii2
•
.70 .90
4 *4
-. - -414
414
*4311 44% *431 44
69
68
68h
69
1414 141
14
14
5513 56
5534 5613
1712 1712 *1714 171
31
3114 31
14 31
1,
4
114
*1
*1
534 53
3
513 558
2312 *2318 2314
+23
. .10
1
.
.10•
273
4 2714 Ili27 - -153
*13
8
*13
8 112
3112 31 2 3112 3212
213 212 •212 3
•.28•.26
if
201 - - % 2012 - 2
6
4 3912 40
3913 393
218
218
218
2%
10
95
4
10
95
3
3
5218 523
53
53
*138
114 •13
3
112
*14 2
•13
4
114
44
3818 4114 41
3.50 .75
• 60 .75 .
Bid and anted prices.
*
418
*1
118 *1
265 265 *245 265
3
3
3
293 30 2 293 297
3
3
4
1
.45 .50
4212 432 4134 4252
5312 542 5318 54
201 4 203
3 204 204
*43
8 43
414 43
8
214 23
8
214
24
463 475
4
4514 4/
533 541z 5312 54
4
393 393
390 390
17
17
*1714 173
4
36
*3534 3613 36
334 337
8 3312 34
178
2
2
2
8 8 83
5
3 *812 9
5
51
*43
4 414
66
67
66
68
24
243
24
2578
12
12
+1112 . 1212
28
28
*28
30
3
%28 .30 ..25 .40
4
4
*33
4 414
453 4538 45 45
3
*8612 88
*8612 88
2112 2112 *21
22
43
4 43
4
*1453 43
4
*23
3
.25, 3
613 612
63
4
634
*4
414 *4
44,
*1
13, *1
13
8
317 32
313 35,
WI 511 *43
4 5
183 1812 183 183
3
4
4
*.50 .75 .
3.70 .90
5714 5812
5918 60
12
12
12
12
514
512
VA 514
538 512
512 512
23
2314 23
2314
*1
112 *1
114
.90 .90 +.70 .90
414 412 *4
42
*44
44% 4312 4312
6917
70
7038 69
14
1414 .14
1412
563 5 4 *5614 563
4 63
4
*1712 1712 *17
1714
3012 31
2912 3012
114
'1
114 *112
5
58 53
4
5 4 53
3
4
2312 2212 23
23
.10 _ _
'.10
•
28 - - 18 2711 2 i
27(1
7fe
,
112 113
•1, I%
*311 3211
+3113 33
2h 212
*213 2 8
7
..27 .35 '3.30
3
3 22
2214 213 - __21
4012 5114
41
40
24 218
218
214
1012 104 1012
10
7
5312 5278 52 8
53
, 112
.13
*1% 2
4 2
•134 212 •13
4412 48
4312 46
'
3.50 .80 *.50 .75
Last Sal 13
260 265
2914 3013
*12
3
4
42
43
5412 553
3
113 2012
4
413 412
212 212
463 4712
4
54
5514
390 399
18
183
4
36
3638
3312 35
17
17
8% 9 4
3
5% 514
673 69
4
2612 28
*1112 1212
Eastla;.27
*33
4 4
-87
712 8712
22
23
43
4 43
4
3
3
612 6%
4
413
4
Last Sale 13
*312 4
5
5 18
--lastaWe .75
584 59
12
123
8
514
512
53
3 512
2314 2412
Last Sale 1%
.90 .90
414 412
4414 4434
10
72
143 1413
8
5713 58
1712 177
8
293 31
4
Last Sale 114
;, iiki - ,
ii
•2
2Last Sa3 .10
s
2 1t
84
3 112
13
3212 3238
23
8 212
Last Sale .28
22
2313
41
4112
--__ ____
1012 1012
5313 5
414
13
3 13
8
Last Sale 13
4
48
50
Lost Sale .70
s Assessment paid. 0 Ex-stock dividend.
Range since Jan. 1.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
20 AAch Topeka & Santa Fe-..100
100
10 Do pref
100
165 Boston & Albany
100
231 Boston Elevated
100
75 Beaton & Lovell
100
208 Boston & Maine
100
Boston & Providence
Boston Suburban Elea Cos_
Do pref
Boston & Wore Electric Cos
Do pref
Cade June Ry & U S
84 Do prat
100
Connecticut River
100
607 Fitchburg pref
4 Georgia Ry & Elec stmapd_100
100
Do pref
100
133 Maine Cearal
100
291 Mass Electric Cos
100
665 Do pref stamped
100
912 bl 'Y' N 11412 Hartford
Northern New Hampshlre_100
100
Old Colony
100
Rutland, pref
100
50 Union Pacific
100
10 Do pref
110 Vermont & NIassadhuSettil _ 100
50
62 West End Street
50
15 Do prat
[VOL.
Lowest.
9312Jan
97 Jan
18318 Jan
91 Feb
112 Feb
21 Jan
225 Jan
Rangefor Previous
Year 1914.
Highest.
11 961 Jan 22
15 9814 Jan 20
2 198 Jan 12
9 06 Jan 5
11 125 Jan 23
18 34 Jan 2
5 23012 Jan 27
50 Jan 8
50 Jan 19
39 Jan 20
39 Jan 20
12 105 Jan 22
11 165 Jan 12
9 75 Jan 5
2 120 Feb 6
5 8712 Feb 5
15 98 Jan 21
813 Jan 7
56 Jan 6
4;
49 Jan 29 56%Jan 19
103
165
51
118
ta
Jan
Jan
Feb
Jan
Jan
Jan
tt% 2(1
143I2Jan
20 Jan
11612 Jan
8Feb
807
105 Feb
66'4 Jan
85 Jan
2 15014 Feb 4
8 20'4 Jan 2
4 12353 Jan 22
11 80% Feb 11
9 122 Jan 19
2 7212 Jan 25
13
4 93 Feb 4
48 Jan
90 Jan
2 Jan
17 Feb
10012 Feb
109 Feb
116 Jan
5 5314 Jan 20
28 93 Jan 19
23 Jan 9
4
8
1 1912Jan 9
6 I1112Jan 29
4Jan 29
5 1143
4 12112 Jan 21
77 Feb
50% Jan
98 Jan
5%Jan
10 Jan
9%Jan
248 Jan
1384 Jan
10018 Jan
8015 Jan
87 Jan
154 Feb
5
20
19
16
4
6
4
2
16
30
2
8
12 Jan 15
39 Feb 8
12912Jan
1501s Jan
17 Jan
1043 Jan
4
2814Jan
27 Jan
.95 Jan
116 Jan
54 Jan
2812 Jan
38 Feb
102'4 Jan
2
2
22
4
4
21
18
30
2
2
1
27
793 Jan
4
6212 Feb
101 Feb
8
57 Jan
1212 Jan
10 Jan
260 Jan
145 Jan
103 Jan
86 Jan
9212Jan
200 Jan
19
9
6
19
19
18
22
22
30
7
28
4
1214 Feb 8
4613 Jan 26
143 Jan
155 Jan
1814 Jan
10412Jan
30 Jan
27i2 Jan
I Jan
125 Jan
57 Jan
2912Jan
5314 Jan
109 Jan
no.
29
22
2
29
16
4
25
7
6
8
21
18
Lowest,
Highest,
8814 Nov
97% Jan
175 Nov
77 may
150 Dec
3012 July
225 May
7 Mar
50 July
100 July
10138 Feb
195 Jan
10114 July
170 Feb
55 Jan
255 Jan
712 Feb
60 Jan
58 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
90 8 Jan
7
9 Apr
54 Dec
497 July
8
100 May
140 July
19 may
1103 Nov
4
82 Apr
115 Jan
65 Nov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887 Apr
11
99 Mar
14 Jan
6612 Jan
7T% Jan
112 Feb
165 Jan
30 Jan
163% Jan
85 Jan
130 Feb
75 Jan
95 Mar
4714 Jan
89 Dec
2 Dec
17 Jan
9714 Mar
103 Mar
112 Nov
14 Mar
723 Mar
4
5712 Dee
973 June
4
5 Feb
1313 May
9% Dec
234 Nov
137 Dec
9812 Nov
7614 Nov
85 Nov
200 Dec
214 May
18 July
55 Jun
20 Apr
38 Dec
128 Nov
148 Dee
16 Jan
10112 Nov
27 Feb
27 Ma
.95 Dec
z113 Dec
5214 Dec
28 Jan
48 Dec
10314 Dec
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
100% June
9 Jan
163 Jan
4
1422 Feb
265 Mar
15013 Feb
102 Jan
945 Feb
8
96 Mar
2163 Feb
4
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20% July
107 4 Mar
8
31 May
2912 Jan
2 Feb
173 Feb
613 June
4
3018 July
6714 Jan
1123* Jan
Mining
25
Adventure Con
138Jan 8
1 Apr
1 Jan 22
2 Jan
20 Ahrneek
26 240 Jan 25 266 Feb 4 23934 Apr 300 Mar
10 2614 Jan 6 30's Feb 9
21,748 Alaska Gold
12 Jan 20
25
/0 Algomah Mining
19
.45 Feb 10
,2
822 Allouez
25 3512 Jan 5 4313 Feb 3
3412 Jan
433 Feb
4
2,388Amaigamated Copper_ _ 100 513
4Jan 2 5818 Jan 21 49 Dec
7814 Feb
2,531 Amer Zinc, Lead & Smelt_ 25 1684 Jan 4 2114 Feb 3
121 Nov 213 Jan
8
5
810 ArIzona Commercial
5 Jan 29
213Noy 6% Mar
314Jan 4
585 Butte-Balaklava Copper- 10
212Jan 8
2 Jan 16
1 Nov
418 Feb
1 i ,235 Butte & Sup Cop (Ltd)
4
10 353 Jan 4 4812Feb 4
24 Nov 4034 May
1,143 Calumet tic Arizona
10 5212 Jan 30 56 Jan 21
53 Dec
7014 Mar
70 Calumet & Heels
25 350 Jan 4 400 Feb 3 350 Dec 460 Feb
610 Centennial
25 15 Jan 12 183 Feb 4
4
14 Jan
19 Feb
720 Chino Copper
6 327 Jan 6 371s Jan 22
8
3014 Dec
4313 Feb
1,329 Copper Range Cons Co__ _100 30 Jan 13 35 Feb 11
29 Dec
4034 Feb
90 INgy-Ngest
2 Jan 4
20
112 Nov
1% Jan 21
890 East Mate Copper Min
10
93 Feb 11
4
8 Dec
13 Fen
3 Ja b
812Jan 5
155 Franklin
512 Jan 12
26
412 Feb 5
2 Nov
778 Apr
1,811 Granby Consolidated
100 55 Jan 7 69 Feb 11
60 Dec
91 Feb
2,648 Greene-Cananea
2114 Apr
100 2314 Feb 1 28 Feb 11
423 Feb
8
11 Dec
22 Feb
140 Hancock Consolidated.- 25 11 Jan 18 12% Jan 8
28 July 30 Mar
10 28 Feb 9 2954 Jan 19
20 Iledley Gold
.25 Jun
.27 Jan 5
Jan'15
25
.27 Jan 5
Helvetia Copper
3 Apr
61 Fen
4 jre la
25
214Jan 21 e4 Feb 4
5 Indiana Mining
4
4412 Dee
5014 June
1 443 Feb6 4712 Jan 16
. 86 Island Creek Coal
81 June 8912 June
1 8512 Jan 5 90 Jan 13
10 Do pref
16 Dec
24 Feb
25 1712Jan 11 23 Feb 3
430 Isle Royale copper
318 Mar
27
61,41(61:
5 Feb 5
414 Jan 8
5
237 Kerr Lake
Feb
313 Jan 9
234Jan 5
25
26 Keweenaw Copper
43 Nov
6% Jan 19
1012 Jan
812 Jan 27
28
280 Lake Copper Co
11
3
412 Feb
Dec
612 Feb
318 Jan 7
25
156 La Salle Copper
114 Dec
184 Jan 15
84 Jaay
518 m n
114 Jan 9
5
Mason Valley Mines
Jan'15
2 Na
334 Ir
4 Jan 21
25
3 Jan 11
705 Massachusetts Consol
4Jan 12
June
53
9 Jan
414 Jan r
25
235 Mayflower
163 Dec
4
4
2413 Feb
8 163 Jan 2 19 Feb 3
25 Miami Copper
8 Jan 20
4
5 Jan 20
4
.50 J uly
25
114 Feb
Jan'15
Michigan
39 Apr
25 464 Jan 15 6212 Feb 5
4912 Dec
1,034 Mohawk
8Jan 19
1078 Je
1 Dec
5 12 Jan 6 133
1658 Feb
230 Nevada Consolidated
4
713Jan
,
er_._ 25 51 4Feb 1
n35_2043 Dee
712 sFFF nbbb
7544 aeee
1,570 New Arcadian Copp,
8Feb 3 5% Jan 4
5 July
63
6
721 Nipiaing Mines
1931 Dec
15 22'4 Jan 25 2412 Feb 11
2,955 North Butte
112Jan 6
6243584 DANarv
. 6 Ap
9
eoee
25
2818 j n
1 Jan 28
e
Feb'15
North Lake
.90 Feb 0
.70Feb 3
25
120 Cdflaway Mining
Jan
4% Jan 12
3
25
3 8Jan 4
615 OM Colony
44 Dec
25 4214 Jan 9 4514 Feb 4
105 OM Dominion Co
25 64 Jan 28 72 Feb 11
515 Osceola
84 Feb
8Jan 21
10 12 Jan 7 163
1234 Dec
420 Pond Creek Cana
207 Jan
3
25 50 Jan 16 58 Feb 11
517 Dec
8
287 Quincy
68 Feb
1814 Jan 22
4
15 Dec
145 Ray Consolidated Conner- 10 155 Jan 7
25 28 Jan 4 32 Feb 4
28 Dec
1,247 St Marra Mineral Land
421e Feb
2
0 A pr
13 Jan 20
8
118 Jan 7
Feb'15
I Jan
Santa Fe Gold & Copper_ 10
214 Jan
53 Feb 5
4
10
4 Jan 15
4 Nov
345 Shannon
10 184 Jan 5 245* Jan 20
18 Dec
210 Shattuck-Arizona
.10 Feb 4 .12% Jan 28
5
Feb'15
.10 June 297'13 Feb
South Utah M dc S
. '2 FFeebb
2
25 2212Jan 6 2914 Feb 3
22 Nov 32 Feb
805 Superior
138Jan 4
17 Jan 21
8
114 Nov 2% Jan
320 Superior & Boston Copper-. 10
25 25 Jan 4 34 Jan 29
2413 Dec
325 Tamarack
43 Feb
238Feb 11
333.1an 4
25
140 Trinity
2,14 Nov
513 Jan
.28 Feb 3
.20 Jan 2
1
Feb'15
.23 Dec
Tuolumne Copper
.85 Mar
5,265 U 8 Smelt, Refin & Min_ 50 2018 Jan 28 2534 Jan 6
2414 Dee
4312 Feb
50 38 Jan 15 4312Jan 2
4012 Apr
800 Do pref
4878 Feb
2I! Jan 22
5
2 Jan 2
1,270 Utah-Apex Mining
114 Nov
2 8 Feb
3
9l Feb 1 1012 Jan 20
5
1,215 Utah Consolidated
4
14 Feb
83 Jan
10 483 Jan 6 55I Jan 22
4
530 Utah Copper Co
454 Nov 59 June
13 Feb 4
25 1% Jan 11
8
100 Victoria
1 Mar e2% May
Feb'15
214 Jan 21
25
1%Jan 18
47 Feb
17 Dec
8
Winona
25 32 Jan 6 50 Feb 11
3,293 Wolverine
30 Dec
4734 Feb
Jan'15
.51 Jan 25
25
.75 Jan 12
Vgyandott
.30 June
114 Jan
klix-r1Rhte. a Ex-dividend and rights s Unstamped. 9 28 paid. es Halt paid.
Feb'15
fa 2
kNl34uly
THE CHRONICLE
FEB. 131915.]
Outside Exchanges-Record Transactions
-Complete record of transactions
Boston Bond Record.
In bonds at Boston Stock Exchange Feb.6 to Feb. 11, incl.
Salesfor
Week's
Thu
Week.
Range.
dog
Sales. Low. High. Shares.
Bonds.
Am Agile Chem lot 5s.1928 10041 100% 10011
Am Tel & Tel coil 4s_1929 88% 8841 89
99
99%
20
-year cony 439a _1933 99
98
98
Amer Zinc L dr SEis.....1915 98
93% 93%
Atch Top & S Fe 4s _ _ _1995
61
60
Allan 0& WI SS 58 _1959
99
99
Central Leather Ss__ _1925
Cl)dr Q-III Div 34s 1949
8119 8149
99
1922
99
Denver Ext 4s
Chicago Junction 5s_ _1915 100% 100% 100%
Gt N
-C B&Q coil 45_1921 96% 96% 96%
Mas.• Gas 449s
1929 9645 6611 97
New Rag Te.ep 58___ _1932
100% 101
106% 106%
Ray Connol Copper 68.1521
Southern Bell Telep 531941
974 97%
Swift & CO let Is. _ 1944 964 944 96
93
United Fruit 436s
93
,
1923
100% 100%
Steel Corp 5s__ _1963
99% 99%
West End Street 4s
1515
1649 96%
West Tel & Tel 5s_ __ _1932
Range since Jan. 1.
Low.
$11,000 994
31,000 86%
3,800 9539
4,000 98
1,000 91%
7,000 60
2,000 99
1,000 8134
2,000 98%
2,000 100
12,000 65
13,000 95
17,000 9934
1,000 10619
500 974
16,000 94%
4,000 93
2,000 10034
1,000 99%
11,000 95
High.
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
101
89
100
98
9339
62
99
8134
99
10011
96%
97
101
106%
9741
96%
93
102%
99%
97
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from Feb.6 to Feb. 11,both
inclusive,compiled from the official sales lists, is as follows:
'Major
IVeck's
Thurs.
Range.
Week.
Par. Sales. Low. High. Shares.
Stocks.
Amer Telep dr Teleg__ _100
Booth Fisheries. pref _100 72
Chic Pneumatio Tool_ _100 50
Chic Rys part ctf "2"____ ......
Chic Rys part elf "4"____ ......
Commonwealth-Edis _100 13631
Deere & Co. pref
8839
Diamond Match
100 97
Hart,Shaft & Marx,p1.100 1064
Illinois Brick
100 62
Int Harveeter of N J
100 96
Kansas City Ry & Lt-100
X C Ry & Ll Corn Ctrs_ __ ......
Preferred CUa
National Biscuit
100
Preferred
100
National Carbon
100 130
Pacific Gag dr Elee Co 100 42
People's Gas Lt& Coke 100 119
Pub Serv of No.IlLcom100
Preferred
100 9011
Quaker Oats Co
100
Preferred
100
Runlet y, preferred_ _ _100
.
Sears-Roebuck,corn_ _100 206
Stewart War Speed com100 52
Swift & Co
100 10811
Union Carbide Co
100 160
U S Steel, common_ _100
Ward, Montg & Co,pref._ 11334
Bonds.
Armour & Co 44s__ _1939 92
Chicago City Ry 58_1927 9811
Chic Pneu Tool L t 58_1921
Chicago Rya 58
1927 9611
Chic Rys 5s, Ser A
Chic Tty AdJ Inc 48_1927 4144
Cbicago Telep 5s
1923
Commonw-F.dison 58_1943
Cudahy Pack 1st M 581924
Dia Match Con deb6s.1920
Metr W Side El lat 58_1938
Ogden Gas 5s
1945 9211
PeoGL&Crefg 58_1947
Pub Ser Co lat ref g 581956 8934
South Side Elev 4496_1924
Rwift A. Ca let a So
1044 4181.4
12031 1204
7074 72
47
50
25% 26
211 24
136 13631
88% 884
96
98
1084 10619
62 62
96
96
28
30
27
3039
53
57
122 122
124 125
120 130
42
42
11834 119
79
7939
9611 97
23234 235
104 1044
434 439
202 206
5019 52
10811 10841
159 162
4011 4139
11211 11311
92
9211
9811 9844
94
95
964 9634
90
90
4111 4111
10049 10011
10131 101%
10011 10011
102 102
77
77
9211 9214
1003.1 10011
894 8934
884 8811
0444 OR14
17
126
326
595
75
784
40
68
294
40
30
210
490
50
25
30
170
2
192
145
137
66
76
25
1,211
145
394
398
60
99
Range Since Jan. 1.
Low.
High.
12014
7074
4519
254
2
136
88
9234
105
61
96
2041
2041
45
122
121
11911
4139
11634
75
95
230
1034
44
184
4811
1044
14414
3831
11011
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
120%
73%
53%
3139
3
139
8874
98
107
65
96
30
3049
57
125
125
140
4211
121
7914
98
235
1044
419
215
62
109
165
53
11331
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
310,000 91
25,000 9774
9.000 94
23,000 9574
7,000 8934
3,500 4111
2.000 9949
4,000 100
500 10034
9.500 102
3,000 75
7,000 92
9.000 9934
32.000 8741
2.000 88
154.000 0414
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
ra”
924
99
95
97
90
44
101
102
10011
102
77
9211
101
89%
89
OR
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
war
Pittsburgh Stock Exchange.
-Following sales were reFeb. 6 to Feb. 11, both inclusive. Like records will
be found in previous issues.
ported
Bonds.
-Feb. 11, $1,000 at 60.
Independent Brewing ea. 1955
-Feb. 8, $1,000 at 62; Feb. 9, 37,000 at 5934 @go;
Pittsburgh Brewing 6s, 1949
Feb. 10, 82,000 at 5919; Feb. 11,32,000 at 5914.
Pittsburgh Coal deb. 5s, 1931-Feb. 9, $5,000 at 93; Feb. 10. 813,000 at 0341(4
9411; Feb. 11, $7,000 at 94.
Stocks.
-Feb.6, 110 at 18418%; Feb.8, 200 at 18@l811;
American Sewer Pipe (par $100)
Feb. 10, 40 at 1834.
-Feb.8.45 at 113; Feb.9, 15 at 114:
American Window Glass, preferred (par 3100)
Feb. 10.60 at 114(4115; Feb. 11,30 at 11434.
Caney River Gas (par $25)Feb. 8. 15 at $24.
Columbia Gas & Elect.in (par 3100)
-Feb. 0.400 at 11; Feb. 8, 200 at 11; Feb. 9.
1.45 at 104(4107-4; Feb. 10, 800 at 1034611; Feb. 11, 850 at 11@114
Crucible Steel, common (pal $100)
-Feb.9, 10 at 1334; Feb. 10,50 at 1344111344:
Pr Feb. 11, 175 at 1341(414.
Preferred (par 3100)
-Feb.8.60 at 7841(4)79; Feb. 11, 145 at 78414479.
Harbison-Walker Refractories, preferred Oar 8100)
-Feb. 10, 10 at 984; Feb. 11,
10 at 984.
Independent Brewing, common (par 350)
-Feb. 9, 20 at 8214; Feb. 10, 150 at $3;
Feb. 11, 140 at $349(4341.
Preferred (par $50)
-Feb.6, 100 at 320%; Feb. 8.90 at 320; Feb. 10. 180 at $19;
Feb. 11. 382 at 3191B20.
Lone Star Gas (par $1001-Feb. 8. 143 at 9411(49414.
Manufacturers Light & Heat (par 550)
-Feb. 6. 63 at 34944: Feb. 8, 95 at 34931:
Feb. 9, 72 at 8494; Feb. 10, 115 at 3494(4494C Feb 11. 278 at $4934(4494.
-Feb. 6, 185 at 35@5%; Feb. 8, 10 at
National Fireproofing, common (par 850)
$534: Feb. 9.400 at $5(4519: Feb. 10, 290 at 85; Feb. 11, 130 at 85.
Preferred (par $50)
-Feb. 6. 370 at 320642034; Feb. 8, 270 at $20: Feb. 11, 578
at 819(81949.
-Feb.6.10 at 81434; Feb.9,10 at $1445; Feb. 11,64 at 814.
Ohio Fuel 011 (Par 81)
-Feb. 11, 90 at 34034.
Ohio Fuel Sunnily (par 325)
-Feb. 8,50 at 57.
Oklahoma Natural Gas (par 3100)
-Feb.6, 50 at 674; Feb. 8, 30 at 6731; Feb. 9,
Osage & Oklahoma Co.(par 3100)
40 at 6814.
-Feb.8,200 at 85; Feb. 9. 416 at (431133
Pittsburgh Brewing, common (par 850)
Feb. 10, 145 at 8344(44%; Feb. 11.300 at $44.
-Feb.6, 135 at 321; Feb. 8, 10 at $21.
(par 850)
Preferred
-Feb.9, 100 at 19; Feb. 11,250 at 214(421%.
Pittsburgh Coal,common (par 8100)
-Feb.6,25 at 89;Feb. 9. 125 at 91@9134; Feb. 10, 35 at
Preferred (par 8100)
914169534; Feb. 11, 10 at 95%.
-Feb. 9, 10 at 6.
Pittsburgh Oil & Gas (par 8100)
-Feb.9,28 at 107; Feb. 11, 10 at 107.
Pittsburgh Plate Glass (par 8100)
-Feb. 9, 400 at 13 cts.
Pittsburgh Sliver Peak (par $1)
-Feb. 6, 170 at $14346415; Feb. 8. 350 at 814%@15
common (par 85)
pure 011,
Feb. 9,380 at 8144651439; Feb. 10, 10 at 81441; Feb. 11,860 at 31434(51434.
545
San Toy Mining (par $1)
-Feb. 9, 1,200 at 11 eta
Union Natural Gas (par 3100)
-Feb. 8, 48 at 131.
Union Switch sr Signal, common (par 350)
-Feb. 8. 14 at 396; Feb. 10, 15 at 894:
Fcb. 11, 142 at $94.
Unitel States Steel Corp., common (par :100)
-Feb. 10, 10 at 4174; Feb. 11. 110
at 454404544.
Westinghouse Air Brake (par 350)
-Feb.8. 47 at 3120; Feb. 9. 140 at 811941; Feb.
10,30 at $11939 ©11941; Feb. 11,31) at $11919.
Westinghous, Electric & Mfg., common (par $50)
-Feb. 8, 20 at 83549: Feb. 9
48 at 33519: Feb. 11, 45 at $3515.
Westinghouse Machine (par $50)
-Feb. 10.40 at $1249.
Baltimore Stock Exchange.
-Complete record of the
transactions at the Baltimore Stock Exchange from Feb. 6
to Feb. 11, both inclusive.
Stocks.
Thurs.Week s
Salesfor
Range
day
Week.
Par. Sales. Low. High. Shares.
Range Since Jan. 1.
Low.
Congo' Gas, EL & P...100
10339 105
37 10231
Cosden & Co
5
5
2,500
5
5
Houston 011 trust ctfa_100
11
104 II
60 1041
Northern Central
50 8574 854 8519
114 83
Penns Wat & Power_ _ _100
5 68
68
68
492 25
25
United fly dz Elec
25
50 25
Wayland 011 & Gas---- 5
350
341
34 341
334
Bonds.
All C L cony deb 45..1939 86
85% 86
31,300 85
Bait Spar P& C 4198_1953
96
9634 6.000 95
85
Carolina Central 4s_ _ _1949
85
3,000 84
9634 97
Chicago fly 1st 58. _ _1927
8.000 9541
10339 1033.4
City & Suburb let 59_1922
2,000 10131
City & S (Wash) 1st 58'48
2,000 100
10034 10049
9519 9519
Coal & Iron bat 5s_ _ ..1920
1,000 9441
10419 10419 5.000 1033-4
Consolidated Gas 53.-1939
1954 9314 9349 9334 21.000 93
General 459s
Consol G,E & P 440_1935 884 88
884 2,000 87
Consol Coal cony 65_1923 10044 100% 10039 17.500 993-4
1950 9034 9031 9049
Refunding 53
3,000 8631
98
Davison Chemical 68_1932
98
5,000 97
Elkhorn Fuel 5s
1918 9319 9314 9349 9.000 924
Fair & Clarks Trac 58_1938 100
100 100
11,000 9831
Georgia& Ala cons 53_1945 10234 102 10234
7,000 10031
102% 102% 14,000 101
Ga Car & Nor bat 58..1920
Ga Sou & Fla 5s
1945
10219 10231
8,000 10114
Maryland El fly 1st 58 '31
9819 9834
4,000 96.41
10141 10131
M St & St P C joint 581928
3,000 100%
Mt V-Wood 58, oils of dep 39
36
3941 30,000 35
9949 9974
Portland fly ref 5s...1030
1.000 99
United fly Sc E 4s__ _ _1949 8334 8234 8344 34,000 81%
1949 6074
Income 4a
6031 61
43.000 60
8539 86
1936
Funding 55
2,000 854
86
1936 86
8611
Small
1.700 8
634
I 10234 10249
Va Mid 5th series 5s _1926
1.000 1014
High.
Jan 10734 Jan
Jan
5
Jan
Jan
12
Jan
Jan 8514 Jan
Feb 68
Feb
Jan 25
Jan
Feb
439 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
88
97
85
97
10334
10034
96
105 .
94
8834
10039
91
98
9341
100
10214
10274
10234
9841
102
3734
'9934
84
63
87
8734
10244
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
A-st
Philadelphia Stock Exchange.
-The complete record
of transactions at the Philadelphia Stock Exchange from
Feb.6 to Feb. 11, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
1Veck's
&Wier
ThursWeek.
Range
day
Par. Sales. Low. High. Shares.
Stocks.
Alliance Insurance____ 10
American Gas of N J__100
Warrants
American Rya Pret- -100
Baldwin Locomotive_ _100
Preferred
100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery_ _100
Fairmount P Trans
General Asphalt prof._ 100
Insurance Co of N A__ 10
International Powder_ _ _50
Keystone Telephone__ _ 50
Preferred
50
Voting trust milts
50
Lake Superior Corp__ _100
Lehigh Navigation..... 50
Trustee certificates_ 50
Lehigh Valley
50
Lehigh Val Transit..... 50
Preferred
50
Mineh111 & 511
50
Northern Central
50
North Pennsylvania-- 50
Penna Salt Mfg
50
Pennsylvania
50
PhCo(Pitts)pf(cum6%)_50
Philadelphia Electric_2234
Pinta Rapid Transit__ 50
Voting trust recta.- 50
Philadelphia Traction- 50
Reading
50
Tono-Belmot Devel__ _ 1
Tonopah Alining
I
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
US Steel CorporatIon_100
Preferred
100
West Jersey & Seashore 50
York Rya, preferred- 60
Scrip.
Cambtla Steel scrip
Philadelphia Co scrip_1916
do
do
do
1918
Bonds.
Amer Gas & Elec 5s.2007
Small
2007
Baldwin Loeom 1st 5s1940
Bethlehem Steel p m 61'98
Elan dr People's tr cgs 48'45
Small
1945
Inter-State Rys coll 4s '43
Keystone Teleph 1st 58'35
Lehigh C & N CO08445'54
Lehigh Vail cons 4456_1923
Lehigh Vail C 1st 58_1933
Market St Elev 1st 4a _1955
Penns Consol 48
1948
Temporary etfa 414a___
Convertible 334s...1915
People's Paps 't etta4a '43
Finis Flee tr etts 58_1948
Phila El tr etfs 58 small'48
Trust certfa 48
1950
Small
1950
Reading gen 45
1997
J-C collat 4s
united Rye gold tr etf48 31
19 9
•4
W Jersey & SS let 43_1935
x Ex-dividend.
Range Since Jan. 1.
Low.
153.4 16
68 1519
16
101 104
103
648 100
%
262
39
34
34
13 10034
101341 101
30
30
3034
628 30
9941 99 100%
116 99
42
4234
42
268 42
4234 43
52 4174
49
4739 49
772 4714
% 144
1
5
880
%
65
28 65
65
2134 2134 2139
162 21
30
30
30
50 29
1444 134 1574 4.265 1334
63
62
6334
609 61
14
14
50 1374
9
9
9
10
9
7634 75
7634
171 74
75
7819
283 74
674
669 65
6734 66
1431 1431
130 1441
2739 2745
16 2719
55
55
5 55
8514 8534 8514
40 83
9249 9219
51 9234
90
90
14 90
53
5244 53
1,733 5294,
38
38
38
180 38
24
2349 24
3,942 2334
10
1039
87 10
10
1034 6,160 10
1034
78
77
78
188 77
7234 7131 733.4
568 71%
341 4,175
334
334
349
644
619 13141
1,689
649
36
36
36
995 36
225
225 225
1 222
824 817-4 8234
1,376 8041
4434 17,050 38
4434 40
10331 10334
25 103
50
50
48 50
3274 32
33
41 304
9639 9634
90
90
80
80
47
941
3,675
8531 8514 8574
8539 8519 8574
102
102 102
11649 11634
7744 7731 78
81
81
58
58
5914
94
93
94
9949 9934 9934
10039 10019
10434 10449 10439
93
93
974 9774
104% 10444 10414
99% 9944
82
82
10141 10134 10231
10139 10114
7841 78
7819
80
80
80
9314 9334 9494
9354 93% 93%
73% 73%
0514 9844
316,000
700
2.000
1,000
13,000
100
13,000
4,000
43,000
1,000
2,000
2,000
2.000
30,000
500
2000,
2,000
300
9,000
400
25,000
5.000
4,000
1.000
90
80
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
9614 Feb
90
Feb
80
Feb
85
85
10134
11534
7731
80
5754
90
9741
10034
103
93
9711
10414
9934
82
10014
101
774
79
93
9014
73
9614
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
High.
16
104
Jan
Feb
X Feb
101
Jan
40
Jan
10374 Jan
4234 Jan
45
Jan
50
Jan
I% Feb
13854 Jan
22
Jan
3114 Jan
1534 Feb
6349 Feb
14
Jan
979 Jan
7619 Feb
77
Jan
6919 Jan
1619 Jan
29
Jan
5514 Jan
8541 Jan
9234 Feb
90
Jan
54
Jan
39
Jan
24
Jan
11
Jan
12
Jar
7944 Jar
764 Jr
4% Jan
714 Jan
3919 Jar
225
Feb
83
Jan
5334 Jan
108
Jar
50
Jar
33
Feb
9734 Jan
91
Jar
81
Feb
86
8534
102
117
78
814
594
94
9941
10031
10441
934
9834
105
100
83
1024
10214
784
8034
95
93%
7341
9641
Feb
Jar
Jan
Jar
Jar
Jar
Feb
Feb
Fet
Jar
Jan
Jan
Feb
Feb
Feb
Jan
Jar
Jar
Feb
Jar
Feb
Feb
Feb
Feb
THE CHRONICLE
546
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY. AND YEARLY. '
Stocks.
Week ending
Feb. 12 1915.
110,727
216,058
245,647
253.880
348,419
Saturday
Monday
Tuesday
Wednesday
Thursday
Fliday.
Total
Par Value.
Shares.
39,512,200
18,854,300
21,931,100
21,483,600
29,383,250
1,174,731 $101,208,450
Railroad.
etc.,
Bonds.
1915.
59,108.000
$268,000
10,000
4,000
514.000
Jan. 110 Feb. 12.
1914.
1915.
1,216,462
1,174,731
-No.shares__ _
Stocks
$101,208,450 5107,483,725
Par value
515,300
$4,700
Bank shares, par
Bonds.
$14,000
Government bonds_
$288,000 $1,436,500
State bonds
9,108,000 16,114,000
RR. and raise. bonds_
1914.
7,411,492
13,367,831
3637,260,035 $1,171,410,745
$79,200
$180,700
$199,500
2,874,500
73,741,000
59,300,000 517.550,500
Total bonds
U. S.
Bonds.
$1,457,500
532,000
1.838,500
61,000
2,151,000
30,000
1,594,500
68.000
2,066,500
77,000
HOLI DAY.
Week ending Feb. 12.
Sales at
New York Stock
Exchange.
State
Bonds,
576,815,000,
$70,000
11,900,000
115,701,500
$127,671,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Feb. 12 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore
Shares. 1Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
12,717
23,826
22,244
17,477
27,325
$36,000
21,500
42,200
14,000
28,000
9,982
$26,473
8,362
93,579
6,722
10,877
10,363
45,260
19,109
55,593
HOLI DAY
325,300
63,200
42,000
09,000
49.738
103,5831 3141.700
215
1,459
342
407
1,430
3.853
$256.200
5195.582
60,700
New York City Banks and Trust Companies.
Banks
Bid
New York
America* ___ 555
Amer Exch.. 210
Battery Park 120
Bowery* __ _ 400
.
Bronx floro*_ 225
Brous Nat_ _. 160
Bryant Park* 143
Butch & Dr_ 120
Century* ___ 155
Chese
565
Chath &Phen 178
Chelsea Ex*. 125
Chemical ___ 395
Citizens Cent 185
City
355
Coal & Iron_ 148
Colonial* ___ 450
Columbia* __ 300
Commerce __ 1168
Corn Exchs_ 305
C,oemopolitn* 85
East River__
70
Fldelity*____ __ _ _
Fifth Ave.__ 4300
Fifth
250
840
First
Garfleid
190
Germ-Amer* 130
German Ex*. 375
Germania •_ _ 425
Gotham ____ 190
Greenwich* _ 265
Hanover..._. 615
Harriman ___ 275
Imp & Trad_ 495
172
Irving
Liberty
570
Lincoln
300
kianhattan•_ 305
Mark& Full_ 245
Ask
585
215
135
__ _ _
260
____
____
130
165
575
185
135
405
170
360
155
____
325
t170
310
105
____
135
____
300
860
210
140
____
475
____
280
635
285
510
177
585
325
320
250
Bank
Mech & Met_
Merch Exch.
Merchants'
Metropolis* _
NTrtroporn• _
Mutual
New Neth* _
New York Co
New York_
Pacific*
Park
People's*
Prod Exch*_.
Public*
Seaboard _ __ _
Second
Security* ___
Sherman ____
State*
23d Ward*....
Union Exch.
Unit States*.
Wash ICts*.
Wee trh A v.
.
West Sides._
Yorkville *
Brooklyn.
Ccney fed*.
First
Flatbush
Greenpolnt _.
Hillside*__
Homestead*.
Mechanics Montauk*
NaSSIM
National City
North Side*.
People's ____
Bid
238
165
180
300
165
325
210
250
380
210
390
225
155
410
400
--__
____
125
100
140
300
275
160
450
540
____
240
110
__ _.
____
80
130
215
273
175
145
Ask
Trust Co'r
240
. _.
_
New York
Rid
A sk
233 360
190 Astor
415 422
Bankers Tr
390
150
175 BMay Trust. 145
____ Central Trutt 985 995
225 Columbia ___ 420 440
800 Commeidal -----8.5
290 305
395 Empire
Equitable 'Fr 400 410
240
100 Farm L & 7r 1090 1120
____ Fidelity
205 220
275 300
160 Fulton
175 Guaranty Tr 540 550
Hudson
125 135
430
136
425 Law TI & Tr 127
1'8212 Lincoln Trust 105 115
135 Metropolitan 390 400
135 Mutual Aill100
133
once
145 Man (West____
cheater).... 130 135
-----NYL1IeT&Tr 950 885
175 N Y 1 rust_ _ 585 600
.
475 Title Cu & 1 r 390 400
575 Tensatlantic 200 220
Union Trust_ 350 360
11 8 M tg & Tr 395 403
United States 1040 060
105 Westchester. 125 135
260
130
155
Brooklyn
125 Brooklyn Tr_ 460 475
100 Citizens'.... 135 140
140 Franklin ____ 245 260
105 Hamilton _
205 285
230 home
160 167
285 Kings County 585
200 Peoples . -__ 280 295
135 Oneens Cu
75
on
• Banks marked with a (*) are State banks. t Bale at auction or at Stock
Exchange this week.
CURRENT NOTICE.
-Spencer Trask & Co. have leased the offices upon the first floor of the
Broad Exchange Building, corner Broad St. and Exchange Place, formerly
occupied by the Standard Trust Co. Following necessary alterations the
firm will move to the new and more commodious quarters, which, with
additional space in the building, will better serve the requirements of the
business.
-E. H. Rollins & Sons, 43 and 49 Exchange Place, N. Y., have prepared an analysis of the last annual report of the Minneapolis & St. Louis
RR.system, from which, they say, it may be argued that the variousbond
issues are currently quoted at prices substantially below intrinsic values.
Inactive and Unlisted Securities
All bond prices are •and Interest" ezeept where marked
Standard 011 Stocks-Pe Share
PO7 Bid.
•14l4 1412
Anglo-Amer Oil new
100 580 585
Atlantic Refining
10 235 265
Borne-Scryrnser Co
Buckeye Pipe Line Co... 50*114 116
Cliesehrough Mfg Cons_ _100 650 655
95 105 •
1
Colonial 011
100 230 235
Continental 011
Crescent Pipe Line Co__ _ 50 *40 42
Cumberland Pipe Line_ 100 30 53
220 230
Eureka Pipe Line Co_ _ _1
Galena-Signal 011 cow_ _100 137 142
100 165 168 I
Preferred
1111nols Pipe Line(When les). 129 132 I
Indiana Pipe Line Co.... 50 103 104
25 *35 36 1
National Transit Co
New York Transit Co. _ llX 222 228 1
100 94 96 i
Northern Pipe Line Co
25.130 132 1
Ohio 011 Co
1312
.......25J 413
Pierce 011 (new)
Stand Oil Stka (Cona)- Per share
Par Bid. Ask.
Prairie 011 & Gas
100 230 235
Prairie Pipe Line
iss)___ 148 151
Solar Relining
100 235 245
Southern Pipe Line Co 1003215 229
South Penn Oil... .
100 275 280
Southwest Pa Pipe Lines.100 115 120
Standard 011 (California) 100 292 294
Standard 011 (Indiana)..100 430 435
Standard 011 (Kansas) 100 355 365
Standard 01101 Kentucky100 250 255
Standard 011 of Nebraska100 315 325
Standard 01101 New Jer.100l 402 404
Standard 011 of New Y'rk100 194 196
Standard 011 of Ohlo
100 430 435
Swan & Finch
100 150 160
Union Tank Line Co__ _ _ 100 81 83
Vacuum Oil
.10 192 195
I( *33 37
WashlintIon 011.
[Vol,. 100.
Tobacco Stocks
-Per She re.
Par Bid. Ask.
American Cigar common_ 100 115 125
Preferred
100 96 99
Amer Machine & Fdry...100 85 80
British-Amer Tobao ord. Cl •173 1814
4
Ordinary, bearer
Cl *1712 18
Conley Fell
100 275 300
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes 100 172 180
Porto Rican-Amer Tob 100 235 250
• 6% scrip
155 165
Reynolds (It J) Tobaceo..100 280 290
Preferred
118 120
Tobacco Products corn__ 100 50 70
Preferred
100 9212 94
United Cigar Stores corn.100 9352 95
100 112 117
Preferred
8
United Cigar Stores(new) 10 *914 93
100 135 150
Young (5 S) Co
Short Term Notes
-Per 'esu.
Amal Cop 5s, Mar15 '15 MS 1001a 10038
8
3
Amer Lccomotive 5s,'15_J-J 100 8 1005
410012
55, July 1916
J-J 993
5s, July 1917
J-J 9914 100
s
Am Tob 6% scrip, Sep I '15. 101181013
3
8
Am T & T Sub Cos 55, 1916_ 100 81005
Bolt &T)hio 4a,I915 J-D 10014 10012
8
81005
BethSteel5s,Enel1'15 J-D 11 1003
4
Chatt Ry & L 58, 1915_J&D 993 100
9112 92
Cites & Ohio 58 1919
J-J 9512 9612
Chic Elev 113 58. 1916
,
Chic & Wind 5s, 1915__M-S 100 10014
Coneol Gases, June 25'15_ 03.00 2.50
Consum Pow 68, 17__M&N 9712 99
100 10014
Erie RR 5s, April 1 1915_ AA-0 10014 10012
lis, Oct 1 1915
510, April 1 1917_.A-0 9712 98
General Rubber 4148,'15.J-J 100 10014
liar My & Pt Ch 5s,'15 M-N 983 9912
4
Hocking Valley 88,'15-31-N 101 10114
Int Harv 55, Feb15 '15_F-A 100 10014
lack Steel 5s, 1915
M-S 100 10014
Lake Sh & Mich So,J'ne'15_ 13 50 3.00
4
G E 6s, 1918.A&O 10614 973
9 ,22
0 Louisv
Mich Cent 4I9s, 1915
M-S 10 10014
0 00
Minn Gen El Os, 1917_J&D 991
New Eng Nov 118. 1917_M-N 923 9312
4
N Y C & Riv 5s.'15_ _A-0 10018 10014
10018 1003
8
4I95, May 1 1915
10012
55, Sept 15 1915
53, Oct 1 1915__ _____ A-0 10014 10
012
NYNHkH 55. 1915_M-N 9834 9912
3
Par G&E5s, Mar25'15M-S25 1001a 100 8
100 10012
55 Dec 15 1915
Pub Ser Corp N J 5s,'16 51-S 9912 100
Schwarz & Sulzb 60,'16_J-D 997 10018
8
Seaboard A L 5s. 1916__M-9 9812 100
Southern Ry 5s. 1916_ _F-A 993 100
4
9812
55, Mar 2 1917
-52 98
Sulz&SonsCo 68...Fnel'1611-S 99% 10018
UnTypew 5s,Jan15 '18 J-J15 9714 9814
United Frult6s,Mayl '1731-N 101 0138
4
Gold notes fis 1918 M-N 973 9814
9814
Utah Co 6s, 1917
9 '4
UtahSecurCorp 6s,'22M-S1.5
A ° 77 78
10014
Western Power 60, 1915.J&J
9714
West States G&E6s Oct '17
Par
Penn Tr& WatPow 100 Rid,West _Preferred
1
48
Elec. Gas & Power Cos
Am Gas & Elec corn
5 •89 92
Preferred
5 *4712 4812
Am Lt & Trac common100 314 317
Preferred
100 108 110
Amer Power & It cora__ _100 6212 65
Preferred
100 81 83
Amer Public Utilities com100 34 38
Preferred
100 64 67
Bay State Gas
50 *100 12e
Buffalo City Gas Stock. l00
Cities Service Co corn__ _100 48 51
Preferred
100 55 5712
Columbia Gas& Elec
100 11 1112
1st 5s, 1927
J-J 71 72
Flee Bond & Share pref 10f 9812 100
Indiana Lighting Co_
100
48, 1958 optienal
F
-A 69 72
Pacific Gas & El eom
100 42 4312
Preferred
100 82 83
South Calif Edison com_100 74 76
Preferred
10f 90 92
Standard Gas& El(Del)_ 50 *411
6
Preferred
50 •1713 1812
United Gas & Elec Corp_10e 22 25
1st preferred
59 62
10
2d preferred
100 20 23
Utah Seeudties Corp__ _ _10C 12
1312
-See Short-Tern, Notes
6% notes
Western Power common_10( 1412 1513
Preferred
101 6112 63
Industrial
and Miscellaneous
Adams Exp col tr(Os'47J-D /7112 73
75 85
101
Alliance Realty
Amer Bank Note com__ _51 *30 35
Preferred
American Book
10( 134 137
American Brass
American Chicle coin_ __.10( 180 182
10( 95 97
Preferred
Am Geaphophone com 10( 33
prefr rred
7f).
10f 70 .
American Hardware_ _ 10f -.__ 119
Amer Malting Os 1914
Ext to 1917
6 7
0
9
0
American Surety
..1-D 19 '2 19
5I 6
Amer Typefounders com_10( 37 40
10( 87 90
Preferred
12 1
Amer Writing Paper___ _101
1: 150
Bliss(E W)Co coin
Preferred
Bond ,k Mtge Guar
Ilii 1 i30
10f 10
(
0 15
Borden's Cond Milk com_10 1 14 102
Preferred
1 •7
Braden Copper Mines
71s
10c 85 13
Casualty Co of Ameries.10( 133 188
6
Celluloid Co
101' 15 20
City Investing Co
Preferreu
100 70 80
Consol Car Heating
IC( 63 66
Duvis-Daly Copper Co _1( *118 114
du Pont (E I) de Nemoup
Powder
101 195 200
Preferred.
101 84 86
Emerson-Brantingham _10( 10 20
New York City Notes
101314 10158
9969 2
Preferred
10( 45 50
Os, Sept 1 1915
10212 1023 Goldfield Canso, Slices...It •112 135
4
Os, Sent 1 1916
1043 10458 Havana Tobacco Co
8
10(
Os. qeD2 1 1917
5
8
10(
Preferred
Pere:. Basis
RR. EquIpmentil1st g 55 June 1 1922..5-E 567 63
Bid. Ask. IntercontInenel Rub corn 10( 4 65 4.50, Intermit Banking Co__ _ _10( 95 jiff
Baltimore & Oldo 4142
Buff Roch & Pittsburgh 434s 4.80 4.501 International Nickel_ __AO( 11113 113
4.80 4.501 Preferred
Equipment 4s.
10(1 103 105
05.00 4.80' International Salt
Central of Georgia 55
100 17 20
O 4.00 4.80
Equipment 4348
A-0 /59 63
1st g 55 1951
Chicago & Alton 48
6
International Silver pref-100 99 102
Chicago & Eastern Illinois 5s
6
2-1) 9712100
1st 6s 1948
Equipment 414s
6
Kelly Springfield Tire
10f 113 114
Chic Ind & Louisv
5
4.80
1st preferred
100 8312 8412
4.70 4.60
Chic St L & N 0 5*
10( 123 125
2d preferred
4.60 4.40 Kerr Lake Mining
Chicago & NW 4345.
f *458 43
4
6,75 5.75 Lanston Monotype
Chicago It 1 & Pae 4I9s_
101' --. .__
Colorado & Southern 5s__
5.00 4.80 La Rose Como'Mines
1
•5
8
3
4
Erie 55
101' 185 190
5 CO 9.85 Lawyers' Mtge Co
5 00 4.85 Lehigh Val Coal Sales _6(1, 155 165
Equipment 434s
500 4.85 Manhattan Transit
21
3
$ 12
Equipment 45
3 27
2
Evansville & Terre Haute 55
6
Marconi Wireless of Am _I *23
0 C5
10C 152 156
0
4.95 4.70 Mortgage Bond Co
Hocking Valley 48
4.50 Nat Cloak & Suit corn__ _10(
Illinois Central 59
100 98 100
Preferred
4.70 4.30
4149
13982 0
5
5.10 4.80 N Y Mtge & Security-100 . 14512
Kanawha & Michigan 4
100 55
N Y Title ins Co
6
K C 515 dr Memphis 4345..
Loulaville dc Nashville 58___ 4.70 4.50 NiptasIng Mines
IC *10e. 15e.
5 75 4 s
2
h
5.00 4. 0 0 ilo Copper Co
Minn SIP & 58 Al 4148-100 67 69
vator corn
d
Missouri Kansas & Texas bs. 5.75 5.50
100 90 9112
Preferred
7.10
Missouri Pacific 59
5.10 4.90 Pittsburgh Brewing
Mobile & Ohio 58
5
0
5C 54 18 19
Preferred
5.10 4.90
Equipment 430
10C
New York Central Lines 58... 5.95 4,85 Producers 011
710 100_
5
0: 9212.
4.95 4.85 Realty Assoc (TitlYn)-.1000 8_0
Equipment 4145
4.90 4.70 Remington Typewriter
N Y Ontario & West 4348.
Common
Norfolk & Western 4595...- 4.60 4.40
151 preferred
4.60 4.40
Equipment 49
10C 48 35
2d preferred
4.50 4.33
Pennsylvania RR 4I4s
•Th 714
4.50 4.35 Riker-Hegeman (new)
Equipment 45
Royal Bak Powd com___ 100 150 160
6
Pere Marnuette
1130 10212 IC312
6
Equipment 444s
5.40 5.00 Safety CarHeat & Lt___ 100 103 105
St Lents Iron Mt & Sou 58..
in ner rdtg Cu
t
0
6S ag d aM c o p
2205 23
102 .2
0 3
0
,
St Louis & San Erancisce 5
Coupler corn 11170
8:cio 4.90 S
Seaboard Air Line 58
5.00 4.90 Preferred
Equipment 414s
Southern Pacific Co 4195.... 4,65 4.55 Sterling Gum
-Warner Speedo'r 100 5314 52
5.00 4.80 Stewart
*
(1
338
Southern Railway 4148
Preferred
100 100 102
Toledo & Ohio Central 45....
- -- Suizberger & Sons pref._ 100 90 92
Texas & Pacific Coal__ 100 125 .
Railroads8
8 2
12
N.Y. Cent. es when Ise._ ___ 10214,027 Tonopah Extension 31113-__1 *23
1
'1
Tonopah MM of Nev
Rights
1 *638 7
West Pao let 58, 1933_ _ _ 31-S 34 36 United Profit Sharing
New
--; 7 11
514
,
?
U S Casualty
10( 190
Street Railways
Par Bid Ask. U S Envelope corn
1_4.?
Preferred
IW 13
O( 1005
& L_ _ 100 5412 56
Com'w1th Pow Ry
3
101
100 82 83 U 1 Finishing
10 15
.Preferred
Preferred
10( 33 40
Federal Licht & Traction 10C 13 18
1st g 5.1 1919
.1.1 89 100 55 60
Preferred
16
Con g 51 1929
.1-2 70 80
Republic Ry & Light...AOC 14
100 64 67 UP Tit Cu & Indem_._ _IOC 30 50
Preferred
814 913 Westchester & Bronx Tith
Tennessee Ry L dr I'corn 100
& Mtge Guar
10( 170 180
10C 36 38
Preferred
Willy, Overland see Stock _ _ -- __ _ United Lt & Rya eon._100 42 45
Exchange List
10( 67 68
1st preferred
Worthington (H R) Corn.
10( 65 68
2d preferred
10C 40 50
10(1 89
Waal RY & El Co
,
8514 YU O s n old
8412 6t '258 258
l nn d ef
101
Preferred
4
.. .1-11) 803 81
45, 1951
*b558. a And accrued dividend. OB8813.
Flat price. is Nominal.
r
"
"
a
x-dividend. f/Ex-rights.
n.70
;t2
g 12.1
THE CHRONICLE
FEB. 13 1915.1
547
investment and igailroad intelltgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
otslumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
Ala N 0& Tex Pac$
$
N 0 & Nor East_ January __ 297,298 327,042 2,093.404 2.430,140
923,812 1,154,063
Ala & Vicksburg_ January _. 117.152 165,452
861,375 1.110,271
Vicks Shr & Pac_ January _99.061 164,507
50,253 1,392,890 1,422.686
51,119
Ann Arbor
4th wk Jan
Atch Top & San Fe- December 9.701.634 9,137,494 61.101,052 57.906.276
246,136 339 813 1,377.653 1,831.984
Atlanta Birm & Atl December
Atlantic Coast Line December 3.073.852 3.630.478 15.007.498 17.453,837
894.940 1,071,572
Charlest & W Car December
150,555 199,993
730,967
Lou Hand & St L December
710,305
106,434 109.953
g Baltimore & Ohio- December,. 6,674.075 8,052.972 47.138.435 53,656,845
933,578
821.646
B & 0 Ch Per RR December
111,389 132,059
274,457296,683 1.703.881 1,782,317
Bangor & Aroostook December
315.333 469,346 5,232,441 5.300,597
Bessemer & L Erie_ December
449.749
635,509
96,009
Birmingham South_ December
66.581
Boston & Maine
December 3.588.9783.946.954 24.603,434 25,839,874
Buff Roch & Pittsb_ 1st wk Feb 167.430 204,388 5,952.841 7,208,074
929.678
770.373
131,919 153.423
Buffalo & Susq RR- December
Canadian Northern 1st wk Feb 232.900 303,100 11,150.200 15,238,900
Canadian Pacific 1st wk Feb 1.440,000 1,752,000 63,296,125 84,767,161
Central of Georgia- December 1.102.462 1.415.887 6,333,382 7,655.440
Cent of New Jersey December 2,944.326 3,117,292 16.870,326 17,635,137
296,724 327,075 1,887.026 1,952.143
Cent New England_ December
Central Vermont— December- 291.930 316,339 1,988,2.52 2,178,088
Chez dc Ohio Lines_ 1st wk Feb 623.522 615,304 23,302,388 22,832,428
4th wk Jan 358,780 368.768 8,660,62 9.084,774
Chicago & Alton_
Chic Burl de Quincy December- 7.729.151 7,556,599 49,794,21651,495.123
.1- Chicago & East III December 1,229,861 1,305,169 7,594,875 8,492,974
o Chic Great West_ 4th wk Jan 307,472 322,711 8,517.774 8,725,874
Chic Ind & Louisv_ 1st wk Feb 106,677 118,304 3.970.916 4.326.408
Chic Milw & St P-1 December 7.282,244 7.799,246 48,790,069 50.373,955
ChieM II & Pug SI
oChic & North West December 6,713,187 7,013,660 44,772,634 47,035.903
oChic St PM & Om December 1,518.6901.831,860 9,773.821 9,966.709
Chic Terre H & S E December
196,297 174,231 1,164,522 1,149,272
Cin Ham & Dayton December
653.435 819,121 5,170.413 5,418.597
127,382 138.136 1,045,410 1.008,436
Colorado Midland_ December
b Colorado & South. 1st wk Feb 252.983 223,149 9,102,270 8,670.298
Cornwall
97.185
66,804
December
14,431
9.680
167,291
20,675
Cornwall& Lebanon December
25,083
156,2171
Cuba Railroad
403.378 458,343 2.008.459' 2,173,574
December
Delaware & Hudson December 1,807,869 1,823,075 11,920.644112.471,624
Del Lack & Western December 3,562.409 3.733,219 22,664,38623,420.340
Deny & Rio Grande 1st wk Feb 319,900 368.800 13,990,760 15,419.185
Western Pacific 4th wk Jan 107,800 102,400 3,390,187 3,955,383
Denver & Salt Lake 4th wk Jan
738,408
17,812 1,079,674
36,200
Detroit Tol & front. December
837,597
131,106 140,753 1.046,688
Detroit & Mackinac 4th wk Jan
700,004
25,992
632.095
28,337
Del & Tot Shore L_ December,. 137,184 150,172
804,967
737.350
Dul & Iron Range December
67,852 118,451 2,730,862 4,796,138
Duluth So Sh & Atl 4th wk Jan
76,740
83.247 1,726.808 2,084,742
Elgin Joliet & East_ December
505,590 778,161 4.249.402 6,295,131
El-Paso & Sou West December
612,885 797,446 3.780.490 4,381,062
Erie
December 4,548,252 5,096.937 31,216.708 32.548,958
Florida East Coast_ December_ 446,298 468,880 2.109.621 2,064.092
Fonda Johns & Glov December
519,723
63,514
75,764
459.943
Georgia Railroad
December
244.778 299.298 1,512,878 1.759.641
Grand Trunk Pac 3d wk Jan
53,570
82.263 3.234,695 4.560.282
Grand Trunk Syst_ 4th wk Jan 1,091,716 1,285,798 29.922,921 33,186,516
Grand Trunk Ry 3d. wk Jan 623,257 700,905 23,162,257 26,340,685
Grand Trk West_ Jd wk Jan 128.198 129,244 4.145,022 4.092.665
Del Or H & Milw id wk Jan
44,347
41,739 1.521,068 1,470,651
Great North System December,. 4.595,680 5,677,958 40.280.076 45,910.682
Gulf & Ship Island_ December
131.189 178.961
836.112 1.074.125
Hocking Valley
December
414,792 574.412 3,539,651 4,282.599
Illinois Central..,....,. January __ 5,171,599 5,485,622 37,795.433 40.143,138
Internal & Grt 'ar December
807.965 767,165 4.823.456 5.608.285
Kanawha & Mich December
205.029 247.429 1.585,596 1,752,084
Kansas City South_ December- 839.412 926.122 5.288.577 5,429.345
Lehigh & New Eng.. December
184.867 172,600 1,368.856
964.924
Lehigh Valley
December- 3.210.874 3.282,857 22.117.027 22,630,924
Louisiana & Arkan_ December.. 140.184 142.513
868.659
874,175
sLouisvilie & Nashv 4th wk Jan 1,282,090 1,647,652 30,954,263 36,740.606
Macon So Birm'ham December12.262
18.39478,342
82.978
Maine Central
December
797,004 898.459 5.910.393 6,151,669
Maryland & Penna_ December
36 558
40,238
279,940
288,276
a Mexican Railways 3d wk Nov 103,600 206,500 3,852.700 3.959.600
Midland Valley__ _ _ December,. 120.549 136.457
760.171
901,513
20.852
Mineral Minim
4th wk Jan
14,889
456,518
208,723
Minn & St Louis_ _1 4th wk Jan 207.175 203,964 6,158,298 5.835.098
Iowa
_I
Minn St P & S SM 4th wk Jan 603,737 666.420 17,334,114 18,529,915
Central_71,185
Mississippi Central_ December
85.357
458,106
534,722
U Mo Kan & Texas_ 1st wk Feb 664.588 679,012 20,654,708 21,013,349
z Missouri Pacific 1st wk Feb 1,016,000 1.085.00036,614,279 38,090,996
844,405 1,127,695 5,664,900 6,524,041
Nashv Chatt & St L December
5,702
Nevada-Cal-Oregon. 4th wk Jan
2,402
241,874
231,040
127,830 166,734
New On Groat Nor_ December
817.541
980.640
e N Y C & Hud Riv December 7,612.567 8.202,878 49,637,775 54.245.440
Boston & Albany December 1.284,979 1,393,356 8.432.993 9.272,962
Lake Shore & MS December 4,046.920 4,550.220 26.543,555 29.711.827
n Lake Erie & W_ December
396.047 461.555 2.917.509 3.058,387
Chic Ind & South December
332,267 449.760 2.130,998 2.280,4
54
Michigan Central Dember 2,656,591 3,059,258 17,202,680 18.668.771
ec
Cloy 00 & St Li
Peoria & Eastern( December 2,901,172 3,116,554 18.781,845 19,821,732
Cincinnati North. December
114,736 137,729
833,872
821,678
Pius & Lake Erie December
934.762 1,180,371 7,601.788 9,673,784
NY Chic & St L_ December
960.113 1,065.367 5.732.067 6.246.463
'rot & Ohio Cent_ December
382.384 505,704 2.874.676 3.295.984
Tot all lines above December 21602538 24122747 142689758 157097564
Latest Gross Earnings.
ROADS.
'
July 1 to Latest Date.
Week or !Current 1Previous
Month.
Year.
Year.
Current
Year.
Previous
Year.
$
3
$
NO Mobile & Chic_ December
141,988 203.605
918,526 1,153,350
NY N H & Hartf__ December 5,015,072 5.493,255 33,095,293 35.554.126
NY Out & West___ December
673.103 673.698 4,939,635 5,013.488
NY Sum & West__ December
358,332 333.209 1,906.029 1.979,731
Norfolk Southern__ December
329,212 366.1261.963.838 2,101.874
Norfolk & Western_ December 3,021.440 3.772,427 21,446,398 23.499,805
Northern Pacific_ _ December 4,679.791 5,878,258 35,579,878 40,168,716
Northwestern PaL December- 227,689 251,461 2,047.129 2,096.107
Pacific Coast Co__ November
518,044 678,148 3,014,424 3.523.424
zPonnsylvania RR__ December 14366256 16673573 95.512.202 105181498
Bait Ches & Atl_ December
752.592
82,841
748,903
93,448
Cumberland Vail. December
210,549 290,029 1.518.591 1,816,999
Long Island
December
899,885 923.637 7.265,082 7.070.210
Maryl'd Del & Va December
75,159
570,235
80,486
556.910
N Y Phila & Norf December
268,020 303.774 1.950,209 2.019,763
Phil Bait & Wash December 1,583.957 1.730,357 10.538,637 10,838.064
W Jersey & Seash December
383.905 399.588 3,756.268 3,853,447
Pennsylvania Co__ December 3.551,308 4,668.661 28,436.709 35.136.369
Grand Rap & Ina December
395.816 454,947 2,849,217 3,014,173
Pitts CC & St L. December 2.856,153 3,394.056 19.972.41923,083.355
Vandalla
December
925.466 954,603 5.815,887 6,124,528
Total lines—
East Pitts & Erie December 18159633 20795141 124889516 136684859
West Pitts & Erie December 7.832,097 9.605.582 57,818.676 68,186.994
All East & West_ December 25991729 36400723 182708192 20.481.854
Pere Marquette
December.. 1,421,699 1,489,292 9.350,708 9.074,272
-Reading to
Phila & Reading_ December 3,745.437 4,331.622 24 225.085 26.586,918
Coal & Iron Co December 2.949,665.2,845,591 15,953.693 16,101.022
Total both cos
December 6.695.102 7,177,213 40.178.778 42,687.940
Rich Fred & Potom December
226.703 240,709 1,347.732 1,372.109
Rio Grande June— November
103.204 106.466
541,518
527.669
Rio Grande South 4th wk Jan
11,439
10,471
341.827
417,526
Rock Island Lines December_ 5.888.718 5,663,096 36.237.698 36.497.299
Rutland
December_ 253,802 292.806 1,847.044 2,047,853
St Jos & Grand Isl_ December
116,021 134.175
850.456
869.629
St L Brownsv & M_ December
158,832 170,471 1,149.258 1.250,777
St L Iron Mt & Sou December 2,497,925 3,034.243 15,809,345 17,417,209
St L Rocky Mt & P December
263.440 247,205 1,461,022 1,257,456
St Louis & San Fran December 3.546,866 3.789,281 22.489,742 24,265.221
St Louis Southwest_ 1st wk Feb 193,000 250.000 6,762,615 8,367,843
San Pod LA & S L_ December.. 718,187 932,490 4,673,088 5,437 984
Seaboard Air Line December 1,845.154 2,333,75 10,370.194 12.324.401
Southern Pacific
December,. 9,997.195 1128351467,405.08273,420.171
Southern Railway 4th wk Jan 1,472,969 1,970.69937,384.911 42.721,008
Mobile de Ohio,._ 4th wk Jan 274,487 361,574 6,485,374 7,734,952
(Mn N 0& T P 4th wk Jan 259,645 344.449 5,534.454 6.409.684
Ala Great South_ 4th wk Jan 134,301 172,396 2,799,284 3,299,539
Georgia So Se Fla_ 4th wk Jan
60,101
74,278 1,374,315 1,575.463
Spok Port & Seattle December,. 343,557 392.701 2,532.210 2,787.556
Tenn Ala & Georgia 4th wk Jan
2,207
1,399
42,546
56,605
Tennessee Central_ December
110,848 151,180
766,732
888.500
Texas & Pacific
1st wk Feb 344,132 336,687 11.432,040 12.198.050
Tidewater & West_ November
7,053
36,147
5,154
33.957
Toledo Poor & West 4th wk Jan
35,634
734,632
40,042
812,265
Toledo St L & West 4th wk Jan
94,742 100,707 2,655,109 2.802,201
Trinity & Brazos V. December_
90,241 246,798
587,116 1.360,998
Union Pacific Syst_ December 7,041,701 7.456,576 49.026.080 51.974.788
Virginia & Sou West December
151,935 152,153
975,296
991.885
Virginian
December
434.864 549,899 3.053.619 3.564.125
Wabash
January __ 2,198,068 2.288,506 17,471,410 18,703.683
Western Maryland_ December
640,838 676,249 4,200,197 4,310,544
Wheel & Lake Erie. December_ 321.886 577,576 2,867,831 4,497,056
Wrightsv & Tennilie December
, , . ,
146,805
193,357
Yazoo & Miss Vall_ January __ 1,015,26311,198,640 7,067,593 7,952,441
Various Fiscal Years.
Period.
Delaware & Hudson
Jan 1
N Y Central & Hudson River_e Jan 1
Boston & Albany
Jan 1
Lake Shore & Michigan South Jan 1
Lake Erie & Western_n
Jan 1
Chicago Indiana & Southern_ Jan 1
Michigan Central
Jan 1
Cleve Cinc Chic & St Louis Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
New York Chicago & St Louis Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
zreansylvania Railroad
Jan 1
Baltimore Chesap & Atlantic.. Jan 1
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Delaw & Virginia_ Jan 1
N Y Philadelphia & Norfolk.. Jan 1
Phila. Baltimore & Washing'n Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana
Jan 1
Pitts Cinc Chic & St Louis_ Jan 1
Vandalla
Jan 1
Total lines—East Pitts & Erie Jan 1
—WestPitts & Erie Jan 1
—All Lines E & W.. Jan 1
Rio Grande Junction
Dec 1
Rutland
Jan 1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
o
to
to
to
to
to
to
to
to
to
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Doc
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
nee
Current
Year,
Previous
Year.
$
$
3122.677,15024.220.748
31 95.559,818 104095523
3118.491.442 17.719,565
31 51.524.288 59.353.110
31 5.602.7711 5.934,643
31 4,205.1961 4.487.659
31 33.464.96836,676,970
31 35,365.691 137,613.499
31 1,471,4721,436,709
31 15.597.365'19,644,111
31 11,294.971112,393.873
31 4.930.626, 6,031.430
31 275508606.308387092
30 1872987521205148244
31 1.250,2461 1.247.862
31 3.227.0541 3,587,682
31 13,220.334:13,083.925
31
949,285, 959,135
31 3.743,2721 3,931.219
31 20,357,56221,164,340
3 54 979 679 6 . 81. 47
1 6. 92 590 9 657 7 1
. .
4
6 6 4
31 5,387,
885 5,598.050
31 39.006.06244.260.048
31 10946595 11,399,933
31 241504'700 261545260
'
31 111733895 129516798
31 353238595 391062058
30 1,026,4981 1,053,165
as a SW%0mu a TKO c051
AGGREGATES OF GROSS EARNINGS—Weekly
atri Aoatitiv
Current
Previous
Increase or
Current
Increase or
*Weekly Summaries.
Previous
Year.
Year.
Decrease.
*Monthly Summaries.
Year.
Year.
Decrease.
$
$
S
Mileage.
Cur. Yr. Prey, Yr.
$
3
3
3d week Nov (36 roads)---- 11,577,909 15,010.869 —3.432,965 22.87
March _
245.200 243.184 250.174.257 249.514.091
+860.166 0.27
4th week Nov (35 roads)_.... 14,517.713 17,915.795 —3,398,082 18.99
6.531,600 245 048.870 —8.517.270 3.4 1
,
1st week Dec (37 roads)____ 11.191,969 13,645.289 —2,453,320 17.98
May
246.()70 24-:...— —
265.435,022 —28.007.920 9.73
2d week Dec (37 roads)____ 11.008.619 13,301,723 —2.293.104 17.22
June
222.001 219.691 23P.U..
850
402 241,107.727 —10.355.877 4.30
3d week Dee (34 roads),._ 10.347.462 13.174,223 —2.826.761 21.46
July_
235.407 231,639 252,231.248 261.803.011 —9,571,763 3.67
4th week Dec i37 roads)__.._ 15,140.798 18.121,396 —2,980.598 16.45
August
831
1st week Jan 35 roads)____ 9.417.808 10.844.847 —1,427.039 13.16
' '
S pte 1-.
iii..M1 mit
—978,867 8.98
2d week Jan 35 roads .--- 9,918.756 10.897,423
Oectobiner-_e_r...
6
4
26 6 5
87
6
:86 1,18 2 . 4 :346 1.. 6
269.325.262 278 0 2 1 73 . 40 8 0 19 9
. .
92 ,
3d week Jan 35 roads)---- 10,454.162 11.820,619 —1,366.456 11.56
November _246,497 242,849
4th week Jan 37 roads),.,.,.,. 14.161,846 17,112.484 —2,950.636 17.28
December 245,027 243,460 231.253.367 256.869,730 —25,616.363 9.97
a Mexican currency. b Does not Include earnings of Colorado Springs & Cripple Creek District Ry.
1911. e Includes the New York &
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry.. the latter of which, being from Nov. 1 road. does not make returns to the
Canadian
Inter-State Commerce Commission. I Includes Evansville & Terre Haute and Evansville & Indiana RR.a g Includes the Cleveland Lorain & Wheeling
Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes
Ry.In both years. n
Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas Central and the Wichita Falls Lines. o Includes not only operating revenues,
g
but also all other receipts. z Includes St. Louis Iron Mountain 8 southern. z Includes the Northern Central beginning July 1 1914. • We no longer
ndude the Mexican roads in any of our totals.
;,41:818 A RE :fl
MOIR NgiAglit =fiiillii 1:2g
[Vol.. 100.
THE CHRONICLE
548
Latest Gross Earnings by Weeks.—For the fourth week
of January our final statement covers 37 roads and shows
17.28% decrease in the aggregate under the same week last
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
year.
Current Previous
Year.
Year.
$
$
7,956,731 9,547,372
134,301
172,396
51,119
50,253
368,768
358.780
322,711
307,472
344,449
259.645
36,200
17,812
25.992
28,337
76,740
83,247
74,278
60,101
$
$
22,755 1.613,396
38,095
866
9.988
15,239
84,804
18.388
2,345
6,507
14,177
1.091,716 1,285,798
Previously reported (14 roads)Alabama Great Southern
Ann Arbor
Chicago & Alton
Chicago Great Western
Cinc New On & Texas Pacific_
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & AU
Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Mllw
Canada Atlantic
Louisville & Nashville
Mineral Range
Minneapolis St Paul & S S M...
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
Southern Railway
Tennessee Alabama & GeorgiaToledo Peoria & Western
Toledo St Louis & Western
Total (37 roads)
Net decrease (17.28%)
Increase. Decrease.
1914.
1915.
194,082
1,282,090 1,647,652
20,852
14,889
603.737
666.420
274.487
361,574
5.702
2,402
11.439
10.471
1,472.969 1,970,699
1,399
2,207
35,634
40,042
94,742
100.707
14,161.848 17,112,484
365,562
5,963
62,683
87,087
3,300
968
497.730
808
4,408
5.965
52.240 3,002.876
2.950.636
For the month of January the returns of 45 roads show
as follows:
Month of January.I
Gross earnings (45 roads)
1915.
1914.1 Decrease. 1 %
53 327,905 60,887,671
7,559.766
12.41
It will be seen that there is a loss on the roads reporting
in the amount of $7,559,766 or 12.41%.
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
—Gross Earnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Bangor & Aroostook b__Dec 274.457
1,703.881
July 1 to Dec 31
6,892
Bellefonte Central b____Jan
Chicago & East ill b___Dec 1,229,861
7,594,875
July 1 to Dec 31
New London Northern b— .
259.483
Oct 1 to Dec 31
535,791
July 1 to Dec 31
1,038.452
Jan 1 to Dec 31
43,716
Rio Grande Southern b_Dec
301.694
July 1 to Dec 31
St L & West a__Dec 344.463
Toledo
2,291,971
July 1 to Dec 31
80,310
296.683
97.282
613.828
507,136
1,782.317
944
1,546
7.710
282.211
170,059
1,305,169
8,492,974 1,934,458 1,372,202
252.467
539.159
1.117,851
55.362
371.642
408,350
2,434,871
25.682 def14.060
11.311
62.632
86.298
36.262
21,931
16,840
132,081
88.914
849,049 8117,285
3451,559 3744,499
INDUSTRIAL COMPANIES.
—Gross Earnings— —NetEarnings—
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
37,476
51,699
117.642
Adirond El Pow Corp a_Dec 116,210
316,894
382,238
1,231.509 1,210,267
Jan 1 to Dec 31
3,161
8,608
4,280
10.281
Dec
Calif Tel & Light a
41,952
48.328
105.000
119,163
Jan 1 to Dec 31
53,200
54.938
107,479
Keystone Telephone____Jan 109,887
171.377
204.320
398,328
Southern Calif Edison__Dec 397,314
4,756.632 4.729.263 2,424,468 2,304.448
Jan 1 to Dec 31
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
3 After allowing for miscellaneous charges and credits to income for the
month of Dec. 1914, total net earnings were $34,697. against $106,052 last
year, and for period from July 1 to Dec.31 were $336,285 this year. against
$905.597 last year.
Interest
Charges and Surplus.
—Int., Rentals. cte.— —Bat, of Net Earns.—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
114,322 zdef15,710
Bangor & Aroostook ..Dec 114.043
zdef210
671.586
678,043 zdef53.344
z50,167
July 1 to Dec 31
Jan
269
235
709
1.277
Bellefonte Central
New London Northern—
76.123
82,137 def50,441 def96,197
Oct 1 to Dec 31
154.806
160,683 zdef92,184zdef149,357
July 1 to Dec 31
312,800
Jan 1 to Dec 31
324.490zdef276.548zdef238,177
19,410
19,879 zdef1,960
z2,693
Rio Grande Southern.. Dec
118,916
120.320 zdef28,435
z13,537
July 1 to Dec 31
Roads.
INDUSTRIAL COMPANIES.
Companies.
—Int.. Rentals, &c. —Bat,of Net Earns.—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
20.845
20,734
16.742
30,854
Adirond El Pow Corp_-Dec 253.378
254,833
128,860
62,061
Jan 1 to Dec 31
1,845
2,218
2.062
1.316
Tel & Light........-..Dec
Calif
19,898
25.673
22.655
22,054
Jan 1 to Dec 31
26.733
28,550
26.388
26.467
Keystone Telephone--'.Jan
39,646 z175,035 z153,173
42,641
Southern Cal Edison—Dec 892,010
819,445 z1,630,966 z1.535.020
Jan 1 to Dec 31
received.
After allowing for other income
Current
Year.
Previous
Year.
$
$
$
$
Fourth Week of January.
Jan. 1 to latest date.
American Rys Co-__ December- 467,973 462,149 5,407,429 5.247.331
360,137
373.914
Atlantic Shore Ry___ December: 23,721 24,607
cAur Elgin & Ch c By December 152,658 168,956 2,024,376 2,030,351
712.243
64,570 65.372
698.441
Electric November
Bangor By &
183.128
178,825
17,128 16.386
Baton Rouge Elec Co December
618,531
634,666
(NYC) October...... 67.146 69.931
BeltL Ry Corp
977.152 1,003,623
Berkshire Street By.. December.. 76,638 76.164
Brazilian Trac. L & P November a929730 f6009487 167340.988 165932.152
124,403
7,689
8,071
121,757
Brock & Piym St Ry_ December
Bklyn Rap Tran Syst October__- 2273,180 2185,735 22,890.504 22,258,104
29,796 36,169
380,952
349,894
Cape Breton Elec Co December
996.085 1,104,553
84,896 97,032
Chattanooga By & Lt November
423,595
425,923
Cleve Pamesv & East December_ 27,693 33.525
Southw & Col_ December_ 96,900 105.364 1,255,284 1.255,236
Cleve
59.937 56.904
681.606
608.636
Columbus(Ga) El Co December
gComwth Pow,Ry&L December_ 1341.385 631,963 14.006.484
7.995,452 8.153,238
December. 630,642
Connecticut Co
Consum Pow (Mich).. December- 335,499 325,027 3.415.402 3,155,214
195.100
Oumb Co(Me)P & L November 196,249 203.917 2,310,109 2.149,252
Dallas Electric Co...... December 186.414 204,412 2,208,878 2.193.500
612,116
600,272
Detroit United Lines 3d wk Jan 207,609 48.955
428.008
500.705
DDEB& Bat(Rec) October...... 43.464 109.263 1,200.595 1,165.829
Duliith-Fluperior Trac November 104,457 236,850 2,409.829 2.428.243
East St Louis & Sub_ November 207.713 87.720 1.041.792
886.879
88,386
El Paso Electric Co.._ December
173.976 1,556.382 1,584.752
I2d St M & St N Ave October__ 173,800 203,561 2.424.119 2.373,065
Galv-Hous Elec Co... December 192.136
98,208 101.387 1,160.653 1.178.942
Grand Rapids By Co November
991,872
993,929
87,682 86.178
Harrisburg Railways. December
Havana El Ry,L & P
317,865
299,870
(Railway Dept)__ WIt Feb 7 51,633 57,094
508,280
503,437
Honolulu R T & Land October_.... 52,949 52.618
296,853
276.633
24.833
21.486
Houghton Co Tr Co.. December
)Hudson & Manhat_ November 458,574 470.204 5,067,032 5,010,291
7,188,041
Illinois Traction.... _ November 706.342 729.946 7,479,121 32,760,152
Interboro Rap Tran_ December_ 3000,364 3035.729 33,786.643
679,622
715.255
56.142 64.485
Jacksonville Trac Co December
142,958
132,252
10,026 13,244
Key West Electric...... December
Lehigh Valley Transit November 149.939 191.199 1,700,506 1,634.293
625,134
626,850
49.437 51.794
Lewis Aug & Watery_ November
211,762
212,864
Long Island Electric_ October_.._ 18.989 17.873
Louisville Railway December 259.827 275,321 3 166,482 3,226.278
536.537 6,005,496 6,016.916
Milw El Ity & Lt Co_ December- 535.097
Milw Lt, Ht & Tr Co December.. 114.515 116.545 1,493.668 1,443,251
511.124
552,251
N Y City Interboro October__ 59,225 56.552
349,709
351.264
N Y & Long Island October___ 37,224 32.838
143,317
138.517
N Y & North Shore_ October...._ 14,562 13.680
October__ 116.513 113,761 1,148,054 1.170,381
NY & Queens Co
New York Railways_ November.. 1061.863 1138,477 12.365,914 13.005,028
376,137
374,395
NY & StamfordPtys December. 24,466 24,879
420,795
374,936
NY Westches & Bos_ December.. 38,043 34,173
155.906
158.358
Northampton Trac October..._ 15.494 15.830
Nor Ohio Trac & Lt. December 316.380 295,377 3,636.084 3.284.532
North Texas Electric December 162,561 184.876 2,071.098 2,132,200
28,844
330,739
340.700
Northw Pennsylv Ry November.. 27.320
6.735
7,151
150.041
142,906
Ocean Electric (L I)_ October_..
29.461 29.523
303.514
296.565
Paducah Tr & Lt Co_ December
20.107 26.290
264,840
285.758
Pensacola Electric Co December
Phila Rap Transit_ _ December_ 2074.522 2141.522 3,961.390 24.240,589
PortiOre)Ry,L&Pdo. November 494.626 576.244 5.758.679 6,116.265
963.782
76,066 75.113
956.448
Portland (Me) BR....November
Puget Sound Tr L&.December 717.550 790.307 8.450.974 8,613,600
Republic Ry & Light November 244,251 251,827 2,756.557 2,702.533
December_ 411,510 424,554 5,333.494 5.388.757
Rhode Island Oo_
336.703
332,602
Richmond Lt & 1111.. October__ 31,492 27,752
(M
St Joseph o)Ry,Lt.
Heat & Power Co. December.. 119,892 117.830 1,294,124 1.252,904
464.639
457,691
Santiago El Lt & Tr_ December.. 41,046 40.378
842,639
71.678 74,505
827,780
Savannah Electric Co December
780.859
883,430
Second Ave (Bee)..... October...... 82,893 90,787
188,685
175,243
Southern Boulevar_ October...... 19,713 19.108
280,987
271,843
Staten IsI Midland.... October.— 24,026 21,940
981,000
85,501 83,107
844,940
Tampa Electric Co.. December
October... 334,044 351,321 3,302.502 3,391,446
Third Avenue
December_ 497.524 523.829 6,034.609 6,026.402
Toronto Street Ry
762,535
739.669
Twin City Rap Tran_ 4th wk Jan 245,964 241,634
Union Ry Cool'N Y C October ___ 237,162 233.185 2,428,194 2,308,062
November 978.994 1062.951 11.457.945 11,605.532
United Rys of St L
Virginia By & Power. December_ 443.650 450.486 5,169.633 5.037.509
754.505
763,122
Wash Bait & Annan_ November.. 64,169 67.724
514.804
503,938
Westchester Electric_ October__ 49.662 46.696
256.982
251.226
Westchester St RR December_ 18,421 19,336 2,448,427
2.333.576
Western Rys & Light November 218.777 217.994
602.566
583.291
October...... 63,461 60.673
Yonkers Railroad
795.017
773,207
December.. 69,982 71,174
York Railways
272,369
255.883
Youngstown & Ohio. December- 24,351 22,914
158.247
162.161
13.529 13.767
nr.,,,h Atnvarrins..
e These
S Represents income from all sources. mikeis. figures are for consolig Includes constituent
dated company. jEarnings now given in
companies.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC. railway gross and net
earnings reported this week:
Earnings— —Net Earnings—
—GrossPrevious
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
168.956
49.408
Aurora Elign & Chic a—Dec 152,658
1.097,375 1,137,190
412,312
41M.
July 1 to Dec 31
Chautauqua Traction_b—
39,884
38.950
11,133
Oct 1 to Dec 31
9,115
a Net earnings here given are after deducting taxes.
taxes.
b Net earnings here given are before deducting
Interest Charges and Surplus.
—mat.. Rentals. tic.-- —Bal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
ear.
Year.
Roads.
Aurora Elgin & Chic____Dec
July 1 to Dec 31
Chautauqua Traction—
Oct 1 to Dec 31
40.567
239,584
37,984
224,828
19,102
21,560
8.841
172,728
20,019
221.793
det7,969 det12,445
z After allowing for other income received.
ANNUAL REPORTS
Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
.
.turday of each month. This index will
.
given on the last Sa
not include reports m the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Jan. 30. The next will appear in that of Feb. 27.
THE CHRONICLE
FEB. 13 1915.]
549
El Paso & Southwestern Company.
(Report for Fiscal Year ending June 30 1914.)
The Phelps, Dodge & Co. (copper mining) interests, but
not that company itself, is understood to own the entire cap.
stock. Pres. James Douglas Jan. 1 1915 wrote in substance:
N. E. RR. Co., the Alam. & Sac. Mt. RR. Co., the El Paso & Rock Isl.
By. Co. and the Dawson By.& Coal Co.(which owns the entire stock and
bonds of the Dawson Ry. Co.). The operation of the above companies is
conducted by the El Paso & Southwestern Co.. which controls the El Paso
& N. E. Co. through ownership of its capital stock. The El Paso Sr N. E.
Co. also owns $50,000 bonds of Alamogordo & Sacramento Mt. Ry. Co,
and the entire capital stock ($400,000) of the Alamogordo Lumber Co..
and $312.000 of the $340,000 outstanding bonds. The El Paso & Northeastern RR.
RR. of Texas each owns a one
System.-The lines comprising the El Paso & Southwestern Co., the oper sixth interestCo. and the El Paso S. W. Passenger Depot Co.
($14,800) in El Paso Union
ations of which are embraced in the following statements, are:
The El Paso & Rock Island By. Co.connects the El Paso & Northeastern
June 30- line with the Ch. Rock
Isl. & Pacific system, with which an agreement
1914.
1913.
l9riodorfthe ntT
pe0 f o 9 9lye shange of traffic, on an equitable mileage
2
9
4.69
4.69 basism iethine
El Paso & Southwestern RR. Co. of Texas
was ,t
r
El Paso & Southwestern RR. Co., Texas State Line to
The El Paso & Southwestern RR. Co. owns the entire capital stock
337.81
337.81 ($2.000,000) of the El
Tucson. Ariz
Paso & Southwestern RR. Co. of Texas and also
120.12 $200,000 capital stock of
Doming, Courtland and 5 other branches
120.64
Southwestern & International Express Co.. and
13.03
Burro Mountain RR.Co.(June. to Tyrone, N. M.)
$200,000 stock of the Texas & Western Telegraph & Telephone Co.
19.22
Northeastern RR.(El Paso to State line).... _ _
19.22
El Paso &
El Paso & Northeastern By. Co.. State Line to CardCAPITAL AND OWNERSHIP OF SUB. COMPANIES-RENT/IT..
124.78
124.78
zozo, N. M
PAYABLE BY EL PASO SOUTHWESTERN CO.
24.88
24.88
Janina and Capitan branches
(Amounts all or chiefly held by public are in heavy type.)
El Paso & Rock Island By. Co., Carrozozo to Santa
127.51
127.51
Rosa. N. M
Amount Owned by Allied Co's (1) Eastern Division132.20
132.20
Dawson By. Co., Dawson to Tucumcari, N. M
Issued
Yearly Rental under Lease.
31.07
31.07 El Paso & N.E.Co.stock
Alamogordo & Sacramento Mountain Ry. Co
$12,000,000 All by El Paso.& S. W.Co.
New Mex.Ry.& Coal Sat & Coll. Tr.55 3,000,000 None (see
59.65
59.65
Chicago Rock Island & El Paso By. Co
below).
let Cotisol. & Coll. Tr 5s.$5,000,000_. 2,000,000 (5208,000 in cos • treasury)
Atch.Top.& S. Fe By.(Whitney,N.M.,to Burro Mtn.
(a) Dawson Ry.& Coal Co.(N.J.) stock__ y100,000 All by El Paso.& N.E. Co.
33.27
Junction)
1st M.Coll. Tr.5s, guar., due 1951_ ___ 3,000,000 None (see "y' below)
1,028.75
982.33 Dawson Ry.Co
Total
Rental RIP.& S. W Co., $170,030
Capital stock
53,000,000 All by Dawson By.& C. Co.
The Burro Mountain RR., 13.03 miles (built during the year) was
1st mortgage
z3,000,000
do
do
do
.
t
.
, 5 y n iavestmege- (b) Alamogordo 5% bonds
Fe
1o co tr
.
d ?Apr
eg of
o be 7
e 31
f 3 ngl Felt ti e
operated u
onpderear
& Sac. Mt.RY
Rental El P. & S. W. Co.. $19,300
The joint
tion
Capital stock
y900,000 All by E. Paso. & N. E. Co.
tween Whitney and Burro Mtn. Juno. began in Oct. 1914.
1st M.guar.5s, due 1928
372,000 350.000 by El P.& N.E.Co.
-There was an increase in freight revenue for the year (c) El Paso & N.E.RR.stock
Operating Revenues.
(no bonds). x300,000 All by El Paso.& N.E.Co.
of $273300. or 3.83%. mainly due to the extension of transcontinental (d)El Paso & Northeastern Ry
E. P.
Co.,
service over the Western division. Passenger revenue increased $107,162.
Capital stock
x2,700,000 All by El E.Co.
Paso. te N. ,
or 9.30%. due mainly to the opening of the Tucson gateway for transcon1st mortgage 5s
22,700,000
do
do
do
tinental traffic.
El Paso & Rock Island RY
(e)
Rental El P.& S. W. CO. $168,600
-The maintenance of way and structures charge inMaintenance. &c.
Capital stock
y2,500,000 All by El Paso.&
W.Co.
creased $243,968, chiefly $135,328 on ties and $65,687 on buildings.
1st mtge.5s,due 1951,guar
2,500,000 None.
348.556 cross-ties were replaced. Slag ballast was inserted under 130 miles
(2) 1Vestern DiViSIOM-E1 Paso & S. W.RR. Co.of track, in connection with which 114 miles of embankment were widened,
Capital stock auth.,$20.000,000
$14,000,000 All by El Paso.& S. W. Co.
1.271 feet of wooden trestle bridges were replaced with permanent struc1st mtge.20
-year 5s, auth.$7,000,000.. 5.055,000
tures of steel or concrete.
do
do
do
Five Mikado locomotives, with a tractive power of 299,555 pounds, were (a) El Paso & S. W.RR.of Texas
Capital stock (no bonds)
2,000,000 All by El P.& S. W. RR.Co.
purchased, all equipped with automatic stokers. One locomotive was sold
Rental El P.& S. W.Co.,5% on inY.
and three scrapped. Average tractive power of all locomotives owned (b) Burro Mt.RR
Capital stock (no bonds)
25,000 All by El Paso & S. W Cc.
June 30 1914,37.612 pounds. Freight equipment purchased and delivered:
500 automobile cars, 200 stock cars, 200 steel gonolola cars, 50 steel Rodger (3) Morenci Southern Ry.stock (no bonds) 750,000
do
do
do
1,000,000
ballast cars; total freight cars, 4.166; average capacity, exclusive of tank (4) Nacozari RR.stock (no bonds)
do
do
do
x The collateral for the 1st & Coll. Tr. M.55 of the New Mexico Ry.& Coal Co.
cars, 86,000 pounds.
(under which name the El Paso Northeastern Co. was incorporated in 1897), are the
Average per Mile Charged to Oper. Expenses for Maint. of Way & Structures. Issues marked with an in this table, and also $100,000 stock and 81.500,000 Is
NI.5s
Fuel Co.,all these several issues,a total par value of 3
7
.300.000,
1907-08. 1908-09. 1909-10. 1910-11. 1911-12. 1912-13. 1913-14. ownedof New Mexico
absolutely by the El Paso & Northeastern Co.
$1,115
$987
$1.006
$1,032
$1.110
$1,285
$1,056
y The New Mexico Ry.& Coal Co. 1st & Consol. Tr. Issue is a
securities mentioned in the foregoing paragraph and also on the second lien on the
Charges for Repairs and Depreciation of Equipment (per Unit).
5900.000 stock of
Alamogordo & Sac. Mt. Ry., 81,500.000, or 60%, of stock of El Paso & Rock Isl.
-Locomotives- -Pass. Cars- -Freight Cars
- Ry. and $51,000, or 51%, of stock of Dawson R.& Coal Co.: total par value of
1913-14 1912-13 1913-14 1912-13 1913-14 1912-13 collateral, $9,751,000, of which $2,451,000 is covered ass first lien.
Repairs and renewals_ _ _$3,124 $2,794 $1,020 $1,005 $57 31 $77 69
z The Dawson By. & Coal Co. bonds cover all the stock and bonds, $3,000,000
1767
Depreciation
755
332
335
47 16
55 22 each, of Dawson By. Co., and also $1,000,000 each of stock and let M. bonds of
the Dawson Fuel Co., which owns 35,000 acres of coal lands.
-V.100, p. 229.
Weight of Rail per Yard in Main Line and Branches June 30 1914.
P
80
-lb.
75
Total. 85-lb.
-lb.
70
-lb.
65-lb. 60, &c.
673.66 187.73 141.50 205.39 136.95
Main line
.47
1.62
11.22
321.82
.27
21.40 132.60
Branches
45.48 110.85
-These aggregated $1,987,608, including
Additions and Betterments.
principally equipment,$1,241,115; right of way and station grounds, $104.035; ballast, $277,379, and water and fuel stations, $74.759.
OPERATIONS AND FISCAL RESULTS FOR YEARS ENDING JUNE 30.
1913-14.
1912-13.
1913-14.
1912-13.
1,029
982 Tons car'd (rev.). 4,540,165 4,308,986
Mlles operated....
335,536
339,522 T'ns car.lm.(rev.)789,956,978750740290
Pass. carried
mile_38,421,180 35,502,121 Rate p.1. per m__ 0.937 eta. 0.949 cts.
Pass. car'd 1
Rate p. pnas. p. m. 3.277 cts. 3.245 eta. Fgt. tr. rev. p. m.
$7,393
$7,421
31.540
Pass.tr.rev.per m_
$1.485 Av.t'ns p. tr. mlie
365
358
-Also per Mile of Road-June 30 Yrs
Gross Oper. Revenue (Excl. other Income)
1907-08.
1909-10.
1911-12.
1912-13.
1913-14.
864.68
Miles oper., av_878.41
901.58
947.50
1,000.83
Gross revenue_67,564,105 87,437,661 $7.613,456 $8,657,716 59.057.553
$8.747.87 $8,467.18 $8,444.57 $9,137.43 $9,050.04
Per mile
Freight Tonnage for Year Ending June 30 1914
-Products of, etc.
Ores. Stone,&c. Lumb.
-Coke.
Agric. Anint. Coal
Mfrs,
Misc.
281.689 103,658 1,123,195 2.009.094 195,966 167,177 526,495 103.640
1913-14. 1912-13.
1913-14. 1912-13.
S
$
Oper. Revenue1,259,100 1,151,937 Net before taxes.-3,415,077 3,505,780
Passenger
7,399,309 7,126,209 Taxes
487,224 378,952
Freight
Mail, express, &c... 340,512 316,267
Operating income_2,927,853 3,126,828
63,303
58,632
Other than transp
21,399,766 1,545,467
Other income
Total oper. rev_..9,057,553 8,657,716
Gross corp. Income4,327,619 4,672,295
way & strue_1,283,247 1,039,280
Maint.
Maint. equipment_ _1,241,720 1,161,259 Lease of roads, rent
2,143,606 2,262,097
1s, &c
204,892 175,735
Traffic
2,575,383 2,420,389 Interest charges.... 173,495 207,478
Transportation
300
800
291,388 321,625 Miscellaneous
General
Dividends (5%)..1,236,884 1,169,023
Total oper. exp._ _5,596,630 5,118,283
Net earnings
Total deductions.3,554,785 3,638,898
3,460,923 3,539,433
Outside oper. (def.). 45,846
33,653 Balance,surplus__ 772,834 1,033,397
a Other income includes in 1913-14 dividend from stock of El Paso Southwestern RR. and Nacozari RR. stock, $1.070,000; income from funded
securities. $254.875, and inc. from unfund. accts, rents, &c., $74,890.
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
Assets$
Liabilities$
$
Equip.(Iess res've) 4,045,098 3,052,165 Common stock _ _ _25,000,000
Invest. sub. cos.Collateral notes.... 2,500,000
Bonds pledged. 6,055,000 5,05.5,000 Loans & bills pay_ 1,000,000
Bds.,&c.,unprd 22.029,373 22,000,000 Traffic, &c., bats_
283,616
Adv. for COD
Audited vouchers
structIon, &c_ _ _12,837,319 2,164,979
and wages
605,817
Niiscell. invest'ts. 2,275,001 2,329,374 Miscellaneous
1,651,937
1,243,871
668,850 Unrnatured int.,
Cash
div., &c
Rock Isl. Co. stk. 3,040,000 4,290,000
8,111
69,000
69,000 Accrued taxes_ _ _ _
Loans& bills rec.202.995
Def'd cred. Items. 602,438
Traffic, &c., bals,
317,383 Reserves not spec.
ag'ts& cond.,&c. 365,279
622,161
Miscellaneous_ _ _ _
615,721
invested
6,205,258
984,927 Profit and loss... 5,468,888
921,596
Mat'ls Oz supplies_
558,721
514,245
Special deposits__
648,184
Oth.def'd deb.items 510,616
Grand total___43,528,559 42,754,307
Total
1913.
3
23,950.700
2,900,000
272,809
381,998
2,093,828
36,653
170,903
787,109
6,205,258
5,955,048
43,528,559 42,754,307
x Includes "temporary advances." $1,232,619 in 1914 (against $1.140.344 in 1913), and other advances ($1,604,700), viz.: Burro Mtn. RR..
$378,433; El Paso St N. W.By., $176,896; El Paso & Rock Isl. By.,$733,163. and Dawson By.,$316,208.
Capitalization of Companies Controlled, Comprising the El Paso &
-The capitalization of subsidiary companies is shown
Southwestern System.
in the following table. El Paso & Northeastern Co. Is a holding and not
an operating company. It owns all the securities, both stocks and bonds,
of the El Paso &N.E. By. Co., all of the capital stock of the El Paso &
W.
New York State Railways.
(Balance Sheet of Dec. 31 1914.)
The comparative income account for calendar years was
shown in the "Chronicle" of Jan. 23 last, page 305. Compare maps, &c., on pages 113 to 115 of "Electric Railway
Section" and advertisement in last week's "Chronicle."
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
Assets
-.
Road, equip., &cA7,119,602 46,281,282 Preferred stock..., 3,862,500 3,862,500
Material & suppl's 329,835
326,159 Common stock.. ..19,952,400 19,952,400
Cash
218,338
236,582 Funded debt..__ _y23,822.000 20,959.000
Bills receivable_ _ _
8,500
8,000 Taxes accrued__ __
124,433
121,230
Accts. receivable..
98,260
98,946 Interest accrued__
281,772
254,573
0th.current assets
784
Bills payable
3,125,000 4,785,000
Stocks owned_ _ _22,458,708 2,402,415 Accts. payable_ _
163,839
281,395
Special deposits... 125.198
77.632 Other unrd debt_
462,483
558,469
Prepayments
32,301
37,222 0th.cur. liabilities 199,022
155,389
Re-acquired Beene.
6,400
6,400 Reserves
20,287
23,165
Unamort. stk. disAccrued amortizacount.&.3
969,776
574,890
tion of capital
682,495
492,217
N. Y. State Rys.
Surplus
1.392,471 1.352,190
1st coosol. 449
Pledged for loans 2,721,000 2,748,000
Total
54,088,702 52,797,528
Total
x See list on page 115 of "Elec. By. Sec."
Sec."
-V. 100, p. 475, 399, 305.
54,088,702 52,797,528
y As stated on p. 114 of "Elec. By.
American Light & Traction Co.
(Report for Fiscal Year ending Dec. 31 1914.)
RESULTS FOR CALENDAR YEARS.
1914.
1912.
1913.
Earns,on stk ofsub.cos. $3,714,960 $3,751,976 $3.688,867
717,421
714,258
Miscellaneous earnings_
567,993
1911.
$3,618,793
525,260
Gross earnings
Expenses
$4,144,053
113.810
$4,432,381
157,293
$4,466,234 $4,256,860
123,108
117,657
Net earnings
54.275,088 $4,343,126
Div. on pref. stk.(6%)
$854,172
$854,172
Cash div. on corn.(10%) 1,478,880
1.341.182
54.139,203
$854,172
1,215.732
$4,030,243
$854,172
1,101.388
Total dividends
62,333,052 $2,195,354 $2,069,904 51.955,560
Balance, surplus
$1.942,036 $2,147,772 $2,069,299 $2074,683
There was also deducted in 1914 31,478.880 (10%) for stock dividends
on common stock, against $1,341,182 (10%) in 1913, leaving 5463,156 la
1914, against $806.590.
CONDENSEDZBALANCE SHEET DEC. 31,
1914.
1913.
1913
s.
1914
.
Assets$
$
MammiesS
Investment acct._ 24,860,356 25,956,359 Preferred stock _ _ 14,236,200
.
14,236,200
Temporary Invest. 1,946,616 2,116,720 Com.stk.in
treas.115,329,0001 1,089,000
do int.&divs.rec.
13,891
45,565 Coin. stk. outsVgf
113,911,000
91 Undivided earns._
Treasury stock_
4.006.866 4,141,957
TJndiv. profits subReconstruc. res've 5,952,172 5,353,925
sidiary cos
9,621.000 8,252,597 Accounts payable_
43.426
52.524
Bills receivable..
3,093,358 1,410,225 Dividends accrued 908,812
837,912
Certf. of Indebt_
110,973 Contingent fund._
867,591
879,607
59,050
Managers stk.con.
104,250 Warrants
54,360
36,330
779 Deposits on man.
Miscellaneous.
1,791,094 2,361,630
Cash
stock contracts.
13.704
13,500
Accts. receivable..
68,966
198,356 Taxes in adv., &c..
42,200
5,500
41,454,331 40,557,455
Total
41,454,331 40,557,455
$1.089.000 of the company's capital stock.
-V. 99. p. 1912.
Total
THE CHRONICLE
550
Capital Traction Co., Washington, D. C.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. George E. Hamilton says in substance:
[VOL. 100.
BALANCE SHEET DEC. 31 DETROIT UNITED RY.
1913.
1914.
1914.
Assets
42,117,908 41,200,312 Capital stock.._12,500,000
Investment
676,292 Mortgage bonds. 24,900,000
569,577
Stores
74,801 2-year 6% notes__ 2,000,000
74,000
Prepaid acets,Ase.
Treasury bonds a2,346,000 2,897,000 Depreciation fund 2,703,627
Stocks owned_ _ b2,982,675 2,983,134 Current liabilities_ 1,419,741
Other accounts- - _c2,458,905 2,127,313 Unred'med tickets 152.429
&c., fund_ 255,916
86,358
102,960
Acc'ts receivable_
30,154 Conting. liab. res. 589,000
82,686
Cash
d6,246,001
31,003 Surplus
31,003
Ins., tee., funds
1913.
12,500,000
24,900,000
-To the general business depression is due in large
-Dividend.
Earnings.
2,483,627
measure the decrease of $53,751 in passenger receipts. A decrease, how3,398,892
expenses reduced the net loss to $25,877. For the quarever, in operating
190,531
1
ters ending Sept. 30 and Dec. 31 1914 dividends of only 1.V per cent,
251,414
instead of 13/2 per cent (V. 99, p. 815) making the total dividend
600,000
There was also appropriated [and included
,
distribution for the year 53
5,781,903
in operating expenses] $56,723 for the depreciation fund and $21,699 as
bonus to employees in recognition of one year's meritorious service.
50,765,714 50,106,367
Total
50,765,714 50,106,367
Total
-The P. U. Commission Feb. 18 1914 authorized the sale
Funded Debt.
of $360,500 of bonds, being the remainder of the $6,000,000 mortgage issue
-The balance sheets of the subsidiary companies show mortgage bonds as
Note.
of 1907; $44.000 of said bonds have been sold.
follows: Rapid Rallway system, 52,890,000; Sandwich Windsor & Amherstburg
-An agreement was entered into with the Washington Ry., $600,000; Windsor dr Tecumseh Electric Ry., $189,000; Detroit Monroe &
Through Service.
& Maryland Ry. on Dec. 31 1914 for through service, with a division of Toledo Short Line Ry., 32,941,000, and Detroit Jackson & Chicago Ry.,$4,000,000.
fares based in part on the relative service rendered. [This followed an
a Includes treasury bonds: Detroit United Ry., $1,615,000; Detroit & Lake St.
U. Commission requiring that passengers of either com- Clair Ry., $100,000; Detroit Jackson Sz Chicago Ry., 5520,000; Sandwich Windsor
order from the
pany be allowed to ride over the lines of both on one continuous trip for
Amherstburg Ay.,$110,000, and Port Huron St. Glair dr Marine City Sty.,$1,000.
one cash fare not exceeding five cents, or by tickets six for 25 cents.]
b Includes stocks owned: Detroit & Port Huron Shore Line Ry., 31,540,278i
-No action has been taken by Congress on the "Cros- Sandwich Windsor & Amherstburg Ry., 5253,135; Detroit Monroe sic Toledo Short
Public Ownership.
ser" Bill. which provides for the public ownership of the street railways In Line Ry., $1,027,172; Detroit Jackson & Chicago Ry., $25,000; Monroe Piers &
the District of Columbia. (Wash. Ry. & El. Co. V. 99, p. 344, 469.)
Park Resort, $24,409; Newport Stone Co. $5,000; Electric Depot Co., $77,681;
-The P. U. Commission having undertaken a valuation of River Rouge Ry., $25.000. and Anchor Bay Salt Co., 55,000.
Valuation.
'
all the public utilities of the district, as required by Act of April 1914,
c Includes Rapid Ry. System, $913,302; Detroit Monroe & Toledo Short Line
$650,011; Sandwich Windsor & Amwe engaged J. G. White Eng. Corp. to make an independent valuation.
Ry.,$149,121; Detroit Jackson Ss Chicago
OPERATIONS AND FISCAL RESULTS.
Ry.'
herstburg Ry $472,431; Detroit & Highland Park RR., 572397, and the Detroit
Almont & Northern RR.. $201,544.
1913.
1912.
1911.
d After deducting $186,450 discount on bonds and notes and adding 198,548
8,180,i97
Car mileage
8,210,128
.
8.087,925
7,962,375
-V.100, p. 473, 308.
Revenue passengers, No. 52,227,070 53,425,152 52,608,868 52,097,019 miscellaneous.
passengers, No. 17,452,370 18,195,307 18,472,325 18,249,770
Transfer
Gross earnings
$2,255,992 $2,310,166 $2,265,214 $2,256,640
Republic Iron & Steel Co.
Maintenance of way,&c. $137,336
$136.961
$74,980
$136,034
88.795
Maint. of equipment
91,619
76.653
77,909
(Report for Fiscal Year ending Dec. 31 1914.)
156,865
Operation ofpower plant
155,978
153,190
154,396
596,461
Car service
580,106
576,164
566,302
The remarks of Chairman Topping will be found at length
General & miscellaneous
170,735
214,605
192,844
217,670
with the comparative income
6%.
P.
Total oper. expenses_ $1,150,192 $1,179,269 $1.008,657 $1,127,485
Net earns, from oper
$1,105,800 $1,130,897 $1,166,557 $1,129,155
Other income
17,146
12,286
10,173
13,317
Total net income
Taxes
Interest
Dividends
Total
Balance
$1,122,946 $1,143,183 $1,179,874 $1,139,328
$142,108
$136,559
$130,967
$128,383
283,711
283,620
281,781
220,666
(5%)660.000 (6)720,000 (6)720,000 (6)720,000
$1,085,819 $1.140,179 51,132,748 $1,069,049
$37.127
$70,278
$47,126
$3,004
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets
Cost of road,equip.
Capital stock_ _ __12,000,000 12,000,000
and real estate_17.797,177 17,829,660 Bonds
5,683,500 5,639.500
Cash for seer. taxes,
82,751
60,326
Tickets
insur., int., Sc. 281,602
305,015 Accrued taxes, inInsurance reserve_
surance, inter178,000
172,000
121.444
Cash in hand
127,942
*78,374
est, stc
11,023
123,000
Tickets 010th. cos.
88,000
38,227
37,030 Bills payable
Mat'l & supplies_
50,833 Dividends due and
55,168
185,457
157,110
Acc'ts receivable_
accrued
8,017
7,996
172,107
300 Fire Maur. reserve. 178,000
Miscellaneous...300
7,596
64.319
Deferred charges_
Deprec. reserve__ _
73,843
82,023
151,490
_
Profit and loss
on subsequent pages, together
account, and the balance sheet and other tables. Below
are the usual comparative balance sheets prepared for the
"Chronicle."
Various other statistics follow:
SUMMARY
OF PRODUCTION (Tons).
Iron ore_a
Coke_ b
Limestone_a
Pig iron_ a
Bessemer steel ingots-a
Open-hearth steel ingots_a
Total steel ingots_a
Finished and semi-finished products.b
1912.
1913.
1914.
1,253,105 1,743,504 1,828,083
855,814 883,247
850,911
52,830
28,755 105,549
777,811 895,949 1,035.593
391,826 611.833 682,285
371.409 347,488 354,008
763,235 959,321 1,036,293
760,054 989,620 1,078,804
a Gross tons. b Net tons.
The report states that the expenditures for new construction, which
now completes all authorized improvements, aggregated $1,070,609.
The physical condition of the properties was, it is stated, never so strong
as at present and the financial condition of the company unquestioned,
the balance of net quick assets being $10,752,361. This amount is sufficient
for present working capital requirements and no financing is contemplated
except as suggested by the maturity June 2 1915 of $3,000,000 collateral
notes.
BALANCE SHEET DEC. 31.
1914.
1913.
18,516,687 18,413,878
1913.
1914.
Total
Total
18,510,687 18,413,878
Assets
68,220.589 66,376.367 Common stock _..27,191,000 27,191,000
* Cash in bank,$78,374. consists of$14,015 to credit of operating account, Plant,dso
$40 to credit of bond sales account and $64,319 to credit of depreciation New construction_ 1,024,082 1,844,222 Preferred stock__ _25,000,000 25,000,000
962,000
81,000
First mtge. bonds_
Investm'te in other
reserve fund.
-V. 100. P. 396.
-30
958,060 10 -years. f. 5E _13,301,060 13,305,000
943,586
companies
Collateral note...3,000,000 1,100,000
Cash to redeem let
Detroit United Railway.
91,795 Potter Ore bonds
89,841
mortgage bonds
293,500
jointly guar_ _ __ 283,000
Prepaid royalties
(14th Annual Report-Year ending Dec.31 1914.)
682,397 Martin & Palos C.
& expenditures_ 726,260
354,096
W. bds. & notes
C. Hutchins, Detroit, Feb. 2, wrote in substance: Raw and finished 7,779.440 7,454,745 Acctued interest__ 264,000 206,263
Pres. J.
175,050
materials
Liberal expenditures have been made for maintenance. Depreciation Ore contract pay204,073
Ore contracts.... 244,080
construction and mdlted with
reserve was charged with $80,000 for
768,770 Accounts payable_ 790,002 1,596,098
864,991
ments '
$300.000 out of the income of 1914, leaving a balance Dec. 31 1914 of Accounts and bills
Reserve funds_ _ _ _*5,830,271 5,615,637
2,703,627. Since 1909 some 72 miles of the tracks and foundations in
226,060
2,783,919 3,777,611 Accrued taxes.... 261,402
receivable
Detroit have been wholly replaced with a heavier type of construction,
374,316
797,291 1,827,098 Dividend warrants 187,158
and all the principal lines in Detroit have been equipped exclusively with Cash
440,246
2,746
Dividends accrued
pay-enter cars.
Profit and loss... 6,615,290 6,512,778
During 1914 the State RR. Commission and the Detroit Street Railway
separately undertaken to appraise our properties, and
Commission have
83,229,999 83,781,065
Total
83,229,999 83,781,065
Total
in that connection we have expended $103,432. Of this amount, $61,000
was charged to the contingent liability reserve and $42,432 to operation
*Includes fund for exhaustion of minerals and mining equipment, $1,out of the earnings of
account. This reserve was credited with $50,000
976,970; for depreciation and renewals, $3,088,021; for re-lining and re1914 and now amounts to $589,000 (V. 100, p.308).
In addition to the materials and supplies on balance sheet, $569,577, building furnaces, $269,069; for fire and accident insurance, 0291,169;
the companies hold in sub-departments other materials and supplies valued for contingencies, 5205,042.-V. 99. p. 820.
at $471,308,• total, $1,040,885.
On Dec. 1 1914 we took up $50,000 maturing bonds of the Detroit Ry.
Booth Fisheries Co., Chicago.
The rolling stock consists of 1.403 closed passenger cars, 263 open passenger cars, 247 freight and construction cars, 36 line cars. 84 express cars,
(Report for the Year 1914.)
16 miscellaneous cars, 2 locomotives, 3,862 motors and 3,057 trucks.
There are 11 powerhouses, combined capacity 67,290 h. p.; two storage
the report
On subsequent pages will be found at length points out
batteries, combined capacity 4,500 amperes; 18 sub-stations, combined
capacity 18,900 k. w.
of President A. B. Carpenter. Mr. Carpenter maintained
TRAFFIC STATISTICS FOR CALENDAR YEAR 1914.
that the previous volume of business has been
PassengersD. U. Ry. It. Ry. Sys. S.W.&A. D.M.&T. D. J.&C.
and in some lines exceeded, with somewhat increased results
Revenue
235,626,325 6.308,269 5,068.191 2,238,033 3,720,403
which it has been considered
Transfer
84,297,833
14,819 when the additional reserves
6
362,458
679,015
Employee
298,971
7,389,894
17,160
53,372
125,651 wise to set up are considered. Below we give the comparative
Total
327,294,052 6.969,698 5,764,366 2,291,411 3,860,873
Receipts
Revenue per passenger_ _
$.0398
8.1166
3.0512
5.2365
3.1510
All passengers
5.1055
3.0280
5.0450
3.1455
8.2310
Car mileage
37,703,137 2,669,641 1,037,467 1,387,708 2,084,767
Per Car Mile
Earnings
8.2583
3.3306
5.2582
8.4713
5.3345
Expenses
1.1887
3.2276
5.1663
3.2658
5.2473
3.0716
8.1030
Net earnings
3.0919
1.2055
3.0872
COMBINED RESULTS FOR CALENDAR YEARS.
(Detroit Untied RV, dePfd RP. System, Sandwich Windsor & Amherstburg Ry.,
Detroit Monroe db Toledo Short Line and Detroit Jackson th Chicago R.
1914.
1913.
1912.
1911.
No_252,961,221 240,940,133 208,538,594 182,612,786
Revenue passengers
No. 85,354,131 74,830,285 61,393,877 53,652,879
Transfer passengers
No. 7,865,048 8,147.219 7,646,593 6,983,988
Employee Passengers
4.96 eta.
5.25'eta.
5.26 eta.
Receipts per revenue passenger- 4.53 eta.
44,882,720 46,126,994 42,351,699 38.280,233
Car mileage
27.27 eta. 27.58 eta. 27.61 eta. 28.78 eta.
Gross earnings per car mile
7.88 eta.
8.74 eta.
9.36 eta.
9.60 eta.
Net earnings per car mile
$12,240,004 $12,723,829 311,695,530 $10,253,134
Gross earnings
7,730.409 6,580,042
Operating expenses8,702,660 8.694.231
Net earnings
Other income
Total net income
Interest on bonds, taxes, dsc
Dividends
Depreciation charged off
Contingent liability reserve
Total deductions
Surplus income
$3,537,344 $4,020,598 $3,965,121 $33.673,092
251.937
278,728
208,857
178,813
53,811,072 $44,281,535 $44,173,978 33,851.905
$2,166,072 52,151,058 $2,123,513 52,123,398
(6%)750,000 (6)750,000 (5)625,000 (5)625,000
500,000
500,000
400,000
294.000
100,000
100,000
50,000
53.260,072 $3,501,058 $33,348,513 93,148.398
5825,465
1703,507
8780,477
3551,000
balance sheet for two years:
COMPARATIVE INCOME ACCOUNT, DEDUCTING IN 1912 THE
DIVIDEND CHARGED AT THE END OF THE YEAR.'
1914.
1913.
1912.
Calendar Year ending-$1,210,7241 $779,611 $1,050,546
Net profits
289,235J
expenses
Administration
$921,489
$779,611 $1,050,546
Balance
1314,786
$299,736
Bond, &c.,interest$344,563
38.667
38,667
34,667
Reorganization expenses & bond dLsc't
294,868
215.705
312,174
reserve
Depreciation
60,000
Reserve for contingencies
154,000
154.000
140,000
Preferred dividends (7%)
$892.098
$723,159
$786,577
Total deductions
$29,391
$56,452
$26399
Balance. surplus
BALANCE SHEET YEAR ENDING DEC.27 1913.
CONSOLIDATED
Jan. 2'j5, Dec. 27 '13.
Jon. 2,'15 Dec. 27'13.
Liabilities
i
$
AssetsPreferred stock__ 2,200,000 2,200,000
tradeReal est.,
Common stock__ 5,000,000 5,000,000
marks,good-will,
10,744,006 10,480,260 Debenture bonds_ 4,000,000 4,000,000
&c
325,500 Bonds on cold-stor501,600
Sink, fund & mt..
1,847,310 2,072,136 age plants
385,314
225,000
Inventories
Acc'ts & bids rec.. 2,162,521 1,815,576 Acc'ts & bills pay_ 2,696,7161 2,487,137
Coating.,&c..res. *337,4751
112,285
Prepaid ins., Arc
372,818 Res. for depree n.. 709,250
452,209
650,617
Cash
Profit and loss_ _ _ 491,176
503,536
15,819,931 15,066,290
Total
Total
15,819,931 15.066,290
4, Contingent, &c., reserves Jan.2 1915 include reserves for bad debts and
doubtful accounts. $120,784. and reserve for contingent and unknown lia-7.
bilities and inventories. 1 99, p. 1368.
FEB. 13 1915.]
THE CHRONICLE
People's Gas Light & Coke Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. James F.Meagher,Chicago,Feb. 10, wrote in sulst.:
The gross receipts were $16.800,538. a decrease of $24,996, which, in
view of the state of business during the last six months, is not important.
Operating expenses on the other hand,. decreased $396,922, which is largely
the effect of the commutation of rentals payable under the Ogden and Universal Gas companies' leases described in the last report (V. 98, p. 519).
Furthermore, in January of this year there were substantial indications
of increased business activity. The surplus for the year. after deducting
interest charges, was $3,292,468, being equivalent to 8.55% on the capital
stock. After meeting dividends and setting aside $1,106,437 for depreciation and reserves, there remained $327,6carri to surplus account].)
91(carried
Upwards of 116 miles of mains were laid n extension of the system, the
total main mileage now being upwards of 2,900 miles. Meters set increased
30.792; gas stoves, 24,867; arc lamps. 2802.
The matter of a coal gas plant, mentioned last year (V. 98, is 519), is
still under advisement and one of our vice-presidents went abroad last
summer to study particular types of apparatus. When a definite conclusion
is reached, announcement will be made.
Statistics
Miles of street mains
Meters
Gas stoves
Public lamps
Arc lamps
Gross receipts
Operating expenses_
Net earnings
Interest on bonds
Charged off
RESULTS FOR CALENDAR YEAR.
1913.
1914.
1912.
1911.
41
2,912
2,795
2,718
2,676
633,259
602,467
573.118
545.773
405.243
380,376
353,794
328.824
12,051
12,196
16,4458. 9
99.251
96.449
93,148
88.033
$16,800,538 $16.825,534 $16.370,936 $15,896,286
10,011,034 10,407,956 10,267,619
9.538,758
$6,789,504 $6,417,578 $6,103,317 $6,357,528
$2,390,600 $2,236,793 $2,193,605 $2,059,300
1,293.721
1,106,436
1,269,961
1,175,647
Total
$3,497,036 $3,530,514 $3,463,566 $3,234,947
Balance for dividends $3,292,468 $2,887,064 $2.639.750 $3,122,581
Dividends
(8%)2,964,774(7j)2537500(7)2.450.000(7)2.450,000
Surplus for year
$327.694
$349,564
$189.750
$672.581
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
AssetsLiabilities
$
$
-Real est., [ranch.,
Capital stock_ _ _38,500,000 38,500.000
tun'is,mains,&c.97,064,568 95,752,903 Mortgage bonds__46,762,000 46,762,000
Materials
1,328,305 1,298,398 Gas bill deposits__ 297,783
307,929
Securities
1,194,011 1,067,122 Acc'ts payable_ _ _ 1,723,529 1,698,025
Acc'ts receivable_ 937,509 1,945,621 Bills payable
1,000,800
Bond coup. dopes_ 336,080
303,835 Bond int. accrued_ 817,388
785,143
Gas bills receivable 1,055,424 1,080,988 Depreo.& res'ves- 4,967,966 4,286,033
Other bills reedy_
34,227
74,252 Surplus
13,662,870 13,335,178
Def'd install,stock
subscriptions_
2,146,015
Cash
4,781,412 3,005,971
Total
106,731,536 106675,106
Total
106,731,536 106675,106
Note -The securities, $1,194,011. owned as above, consist of special deposits and securities in hands of trustees, $1,126,552 Green St. property,
&c.,$67,459.-V. 99, p. 541.
(The) Laclede Gas Light Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec. 31 1914.)
C. L. Holman, Pres. and Gen. Mgr., says in substance:
Results.
-The gas and electric departments show increases in gross earnings averaging 2.1%, notwithstanding unsettled industrial conditions.
Operating expenses increased 1.7%. due entirely to increased output.
Gas output increased 3.8%; electricity, 12.1%. both with a considerable
decrease in unit cost. We set aside $278,520 for depreciation and contingencies (an increase of 136,272, or 2.3%),in addition to meeting all necessary
repairs and maintenance.
Net earnings show an increase of $51,572, or 2.5%. Interest charges
increased $47,724, or 4%, due to the issue of new securities
tensive additions now under way. We earned $877,448. to cover the excommon stock, and paid 7%. or $749.000. The excess or 8.20%, on the
earnings. $121,682,
were credited to common stock dividend fund, making it
$512,538.
Construction.
-New additions cost $1.992,445,
of condemned, obsolete and replaced property;less $179,531,for the value
net
The 56
-oven by-product coke oven plant should be addition $1,812.914.
in
July 1. To Dec. 31 1914 the plant and site had costoperation by about
$1,124,492.
At Stations "A" and "B" the new coal gas plants were completed
early
in the year, materially reducing the cost of gas production by that method.
Other additions included coal and ash-handling machinery, locomotive
crane and coal tracks and additional electric switchboard equipment.
To the gas-distribution system was added 22 miles of main and 1,944
gas
services. The net increase in customers served was 2,563.
Debentures.
-Permission was obtained from the Missouri P. S. Commission to issue $5,000,000 of debenture notes to provide for certain large additions to the plant and property, including a by-product coke oven plant,
with a capacity of 1,000 tons of coal per day, and to reimburse the company
for construction expenditures since Doc. 1911, when the last installment of
Ref. & Ext. bonds was delivered. The first block of $2,500.000 of such
notes was sold at close to par. [See offering, V. 98, P. 765.1
Bills and Accounts Payable.-Tiris item was reduced $1,455,749, and there
are now no bills payable outstanding and only $479,964 of sects. payable.
Depreciation Reserve.
-This account was charged with the cost value of
all condemned and replaced property credited to plant account; also with
$173,773, representing all deferred charges and assets of doubtful value.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
1912.
1913.
1911.
$4,533.492 $4.444,498 $4,342,036
1914.
Gross earnings
$4,629,689
Operating expenses, incl.
maintenance and taxes $2,245,592
Depreciation
278,520
Net earnings
$2.105,577
Interest
$1.103,129
Prof. dividends(5%)
125,000
Corn. dividends (7%)
749.000
$2,207,238 $2,139,102 $2,125,033
266,217
272.249
251,485
$2.054,005 $2,039,179 $1,965,518
$1,055,405 $1,015.357
$987,477
125,000
125,000
125,000
749,000
749.000
*710.500
Total deductions-$1.977.129 $1,929,405 $1,889,357 $1.822,977
Balance, surplus
$149,822
$124,600
$128.448
$142,541
*Supplied by "Chronicle," being the
amounts paid during the calendar
years named but not shown in
the pamphlet report. This includes in 1911
four quarterly dividends of 1!,1
standing during the entire year% each paid on the $8.500,000 stock outand
rate on the $2.200,000 additional three quarterly dividends at the same
stock subscribed for and paid as stock
dividend early in 1911.
CONDENSED BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
Liabilities(Con.)
$
Plant, stores, &c.36,765,367 35,379,866
5% debentures_ _ _ 2,365,000
Cash
245,068
85,298
I 1,935,713
Accts. receiv.,dtc_ 566,301 1,076,940 Bills payable
Accts. payable... 479,964 J
-- Liabilities accrued 301,593
256,581
Total assets_ _ _37,576,735 36,542,104
536,049
Reserves
577,362
Liabilities
Reserve corn. stk.
Common stock
10,700,000 10,700,000
512,537
dividend fund
390,856
Preferred stock_
2,500,000 2,500,000
181,592
181,592
First mortgage 04.10,000,000 10,000,000 Surplus
Ref.& ext. M.58_10,000,000 10,000,000
Total liabilities-37,576,73536,542,104
-V.99, p. 1302.
551
Chicago Pneumatic Tool Co.(of N. J.), Chicago,Ill.
(13th Annual Report-Year ending Dec. 31 1914.)
Pres. W.0.Duntley,Chicago,Feb.11915,wrote in subst.:
The general depression in business continued to an even greater extent
during the past year, reducing the volume of business materially, and thus
greatly affecting our earnings. Competition on a very restricted market
was extremely keen. and we feel that, considering the many adverse circumstances, a creditable showing has been made. The regular dividends[4%
per annum] have been disbursed.
About 920 1st M.bonds have been retired or will be retired by the sinking
fund upon the investment of the money now in trust for this purpose. Of
the 200 treasury bonds,47 were turned over to the sinking fund.
In order to maintain our organization by furnishing work to employees
and to provide for any sudden increase in orders, the inventories have increased from $1,840,339 to $2.009,252 as of Dec. 31 1914. The plants
owned are in first-class condition, notwithstanding decreased operation.
Tools have been improved and new designs have been put upon the market.
The war in Europe materially curtailed our shipments to European subsidiaries. For a time these shipments were stopped entirely, but have been
resumed partially. As, however. the European subsidiary companies
carried fair stocks, they have been able to hold their own and show fair
earnings, which they retain for additional working capital.
RESULTS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
Net profits
$655.105 $1,171,245 $1,002,260
$772,527
Deduct
-Bond interest
$116,175
$115,000
$115,000
$115,000
Dividends, 4%
*257,951
257,951
257.951
257.951
Sinking fund
50,000
50,000
50.000
50,000.
Depreciation, &c
210,275
300,548
194,788
236,065
Total deductions
$634,401
$723,499
$617,739
$659,016
Undivided profits
$20,703
$447,746
$343,244
$154.788
* Dividends in 1914 were deducted by the company from
profit and loss,
but are shown here for the sake of simplicity.
BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
Assets
$
$
LiabilUies-8
$
Real estate, plant,
Capital stk. issued 6,485,800 8,485,800
pat'ts, good-will.
First M.5e issued_
&c.,less reserves 7,075,932 7,092,024 Int. on bonds...), 2,500,000 2,500,000
123,738
122,038
Stock other cos.,
Div. pay. Jan. 251
&c. (cost)
1,191,370 1,192,904 Accts., dm, pay'le 178,143
332,739
Treasury bonds
153,000
200,000 Reserves
9,852
8.493
Treasury stock_ _
37,000
37,000 Bills payable
287,017
100,000
Cash
96,818
99,342 Sinking fund
922,970
831,829
Accts. & bills rec.,
Surplus
a2,165,357 2,249,104
less reserves__
1,186,535 1,336,565
Sinking fund
922,970
831,829
Inventories
2,009,252 1,840,339
Total
12,672,877 12,630,003
Total
12,672,877 12,630,003
a After deducting $104,449 profits of subsidiary companies retained by
them for working capital.
-V. 100, p. 477.
United Cigar Manufacturers Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
INCOME ACCOUNT,
1914.
1913.
1912.
1911.
$3.766.932 $2.858.736 $2,705,824 $2,089,352
2,050,526
1,414,961
1.382,282
996,958
Profit from operations $1,716,406 $1,443,775 $1,323,542 $1,092,394
Misc, profits, int.. &c__
153,010
a409,854
211,013
170,751
Total profit
$1,869,416 $1,853,629 $1,534,555 $1,263,145
Int. on loans & deposits_ b$314,620
$345,259
$159,588
$83,718
Divs, on pref. stk.(7%)
350,000
350,000
350.000
350,000
Divs, on corn. stock_ _ (4%)724,160 (4)699,160 (4)618.120(43)675,00O
Gross profits
Admin. & selling exp
Total
$1.388,780 $1,394,419 $1,127,708 $1,108,718
Balance, surplus
$480.636
$459,210
$406,847
$154,426
a Miscellaneous profits, &c., in 1913 ($409,854), include misc, profits
received, rents, &c., included in the net earnings of the M. A. Gunst & Co.,
Inc., after payment of dividends on Its pref. stock outstanding and
hands of the public. b "Interest on loans, &c.," includes in 1914, inin the
addition to interest on mortgages, loans, deposits, losses on investments and
dividends on preferred stock of the M. A. Gunst & Co., Inc.
CONSOLIDATED BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets$
$
Liabilities$
$
Cost of property.*20,691,979 20,817,935 Common stock-_18,104,000
18,104,000
insurance,sse.,prePreferred stock__ 5,000,000 5,000,000
paid
69,640
53,710 Accounts payable_ 206,455
271,844
Supplies, &c
6,800,037 5,571,804 Bills payable
2,038,700 2,797.000
Bins receivable... 205,290
462,809 Mtg.
50,000
50,0-0
Accts. receivable_ 1,733,970 1,274,134 Pref. or Phil. plant
stock M. A.
Cash
734,126
423,254
Guest Co., Inc_ 560,000
580,000
Current assets subCurrent liabilities
sidiary cos
3,483,666
subsidiary cos_
923,310
Deposits
100,922
486,640
Surplus & reserve.x4,174,965 3,874,518
Total
30,235,042 32,087,312
Total
30,235,042 32,087,312
* Good-will, trade-marks, patent r ghts as of
real estate, machinery, equipment,and furnitureJan. 1 1914. $19,104.000;
and
and investments in affiliated companies, $401,318.fistures, $1,186,661,
x After deducting
$300.000 transferred to special capital reserve and
for reduction of good-will, the amount of special $180,188 appropriated
capital reserve included
Is $1,000.000.
The balance sheet as above covers the
Manufacturers Co. and of its subsidiary, the accounts of the United Cigar
Theobold &
and of the San Francisco and Los Angeles branches of Oppenheimer Co.,
Co.. Inc., and also the accounts of the head office the M. A. Gunst &
and the remaining
branches of the latter company.
-V. 100. p. 480.
Montgomery Ward & Co., Inc., Chicago.
(Report for Fiscal Year ending Dec. 311914.)
The chartered accountants say: "The year's
depreciation on buildings and equipment,and profits, after providing for
allowing for bad and doubtful
accounts, amount to $2,010,093. Before any
dividends are paid on the
common stock out of these profits, a sum
of $500,000 must be set aside as
provided in the company's charter. Inventories
have been taken at cost
or under."
EARNINGS FOR YEARS ENDING DEC.
31.
1914.
1913. •
1912.(01dCo.)
Sales
$39,725,712 abt.$35,000,000
Net earns, after depreciation_$41.042,486
$2,010,094
$1,653,481
$2,347,605
Preferred dividends
(7%)350,000 (6.43%)321,805
Balance, surplus
$1,660,094
$1,331,676
$2.347,605
BALANCE SHEET JAN. 1.
1915.
1914.
1914.
1915.
Assets
Liabilities
$
Real estate, buildCommon stock__ 8,186,396 8,186,396
ings, &e
x4,869,015 5,036,857 Preferred stock__ 5,000.000 5,000,000
Investments
1,038,820
181,800 Undivided profits_ 2,227,517 1,331,676
Accts. receivable_ 522,984
587,642 Accounts payable_
Notes receivable y1.137,328 1,943,352 Notes payable.- 1,818.072 1,705,164
500,000
400,000
Mdse, at cost
6,780,823 7,691,916 Reserves, &e
35,011
Cash
3,303,574 1,123,808
Prepaid exp.,&c
114,452
57,861
Total
17,766,996 16,623,236
17,766.996 16,623,236
Total
x Real estate, buildings, &c., include in 1915 $3,600,306 for land and
buildings and $1,268709 for machinery and equipment. y Of the $1,137,328 notes receivable in 1915, $1,128,500 were secured by mortgages on real
estate.
-V. 100, p. 479.
552
U. S. Industrial Alcohol Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
President Frederic M. Harrison says:
To replace properties destroyed by fire Jan. 9 1914, we have erected at
New Orleans a modern distillery and denaturing warehouse which, since
Dec. 1 1914, have been in full operation. The insurance moneys proved
adequate for this purpose. As the facilities of the new plants were not
available for practically 11 months of the year, and commercial depression
prevailed generally, it Is believed that we have cause for satisfaction in
the year's showing.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1913.
1912.
1911.
Profits from all sources_ $1,069,602 $1,006,774 $1,437,522 $1,308,399
Repairs, maint. & depr_
$171,674
$104,293
$166,221
$99,933
Insurance and taxes_ ___
115,393
94,094
96,757
99.585
Admin.& other exp____
129,271
156,029
152,793
206.136
Pref. dividends (7%)_-420,000
420,000
420,000
420.000
Balance, surplus
$233.264
$232.358
$601,751
$482,745
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets$
$
Liabilities$
$
Properties owned-16,845,671 16,826,899 Common stock _12,000,000 12,000,000
Cash
674,788
609.158 Preferred stock... 6,000,000
Accts.& bills rec 3,286,445 3,553,527 Accts. & bills pay_ *161,112 6,000,000
*361,954
Merchandise, maPref. div. Jan.1915 *105,000 *105,000
terial, &c.(cost) 1,000,352
877,652 Rep.Disti1.7% bda. 1,200,000 1,300,000
Unexp'd ins., &c_
29,085
36,681 Surplus
2,370,229 2,136,966
Total
21,836,341 21,903,920 Total
21,836,341 21,903,920
* The company deducts the accounts and bills payable ($161,112 and
3361,914, respectively, in 1914 and 1913). also $105,000 yearly for reserve
for dividend on pref. stock, paid Jan. 15. from the total of current assets
($4,990,671 and $5,077,021, respectively), showing the same as a net asset
($4,724,558 in 1914 and $4.610,067 in 1913), and omitting the item from
the other side of the account as a_liability.-V. 98, p. 1314.
(F. W.) Woolworth Co. (Five & Ten-Cent Stores), N. Y.
(Report for Fiscal Year ending Dec. 31 1914.)
GROSS SALES AND PROFITS FOR NINE CALENDAR YEARS.
YearSales.
Profits.
YearSales.
Profits.
1914
$69,619,669 $6,429,896 1909
$44,438,193 $4,702,802
1913
66,228,072
6.461,118 1908
36,206,674
3,617,077
1912
60,557.767
5,414.798 1907
32,968,145
2,971,119
1911
52,616,124
4,995,255 1906
27,760,664
2,723,354
1910
50.841.547
5.065.031
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1912.
1914.
1913.
Net sales
$69,619,669 566,228.072 $60,557,768
Net income
$6,429,896 $6,461,118 $5,414,799
Deduct
Preferred dividends (7%)
$997,500 $1,050,000 $1,050,000
Common dividends
2.750,000
1.000,000
3.000,000
Per cent
(2)6%)
(6%)
(5)6%)
Premium on preferred stock, &c
90,921
Total deductions
Balance. surplus
$44,088,421 $3,800,000 $2,050,000
$2,341.475 $2,661.118 53.364.799
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913..
Liabilities
Assets3
14,000,000 15,000,000
Real est..fran.,&c..7,217,603 6,401,326 Preferred stock
50,000,000 50,000,000 Common stock_ 50,000,000 50.000,000
Good-will
596,100
475,512 Mortgages payable 781,600
Treasury stock...a11,870
412,426 Accts. pay.& accr.
481,687
Securities owned
71,971
int., taxes, &c_.. 179,487
26,000
24,000
Mtges. receivable_
262,500
262,500 Pi. div. pay. Jan.1 245,000
Cash for dividend_ 245,000
Inventory (mese.)10,491,040 9,579,065 Res've, depr., furniture & fixtures 840,128
629,424
2,947,753 2,703,986
Cash
532,669 Res. for extra exp.
c543,019
Miscellaneous
31,123
on toreign shIp'ts
Imp.leased prem_b1,944,1351 1,889,819
8,367,392 6,025,917
Surplus
Org.exp.written off 250,0001
302,609
store supplies, &c_ 288,623
Total
[voL. loo.
THE CHRONICLE
74,444,730 72,585,912
Total
74,444,730 72,585,912
•Property (book values) in 1914 includes $1,929,521 real estate and
buildings. $5,095,933 furniture and fixtures and $192,149 ground lease and
lease right. a Treasury stock, $10.500 par value, acquired for retirement.
b "Improvements" include in 1914 alterations and improvements to be
written off during the terms of the leases. c Miscellaneous in 1914 ($543,019) includes accounts receivable, $180,121; net advances to foreign
branches and goods in transit, $199,607; proportion of surplus to F. W.
Woolworth & Co.. Ltd., England, applicable to dividends, $157,855, and
dividends and interest accrued, 55,435.-V. 100, p. 480. 146.
Sale of Republic Mine.
-The Republic Mine, which was owned by the
Republic Iron Co. of Michigan (of which your company has owned since
1902 about 99)6% of the capital stock), was sold upon a basis of $500,000
in trade for other ores(V.98. p. 1922). The Republic Co.is now in liquidation. To operate economically the mine should produce about 150,000
tons yearly, and because your company requires of such ore for its openhearth furnaces only about 8,000 tons yearly,the sale was considered wise.
Outlook.
-Trade Is far from normal, but the market is broadening and
we hope for better business. Specifications received in December were
larger in November and have been more than maintained during January.
[As to sale of $3,000,000 6% notes in Nov. 1914, see V. 99, p. 1530.
OPERATIONS, EARNINGS. CHARGES. &C.
1911.
1914.
1912.
1913.
Pig iron (tons)
767,49
1972.758
1,006,172
858.580
Ingots (tons)
973,4579
1,188,240
1,178,240 1,382,650
Shipments
1656.382
(fm.products)
7835922
1.038,634
783,922
Net earns,from operatn x$2,991,788 $7,579.814 $4,301,381 $3,492,789
Rents, investments, &c_
125,545
124,134
208,156
145,328
Total net income_.... $3,115,932 $7,787,970 $4,446,709 $3,618,334
Extraord. replacements_
$900,000
$378,112
$369,588
$500,000
Exhaustion of minerals_
199,440
167.246
137,837
Fixed chgs. under Cambria Iron Co. lease__ _
$2,478,095 $6,688,530 $3,901,351
517,105
453,580
490,268
$3,248,746
471,407
Balance
$1,960,990 $6,234,950 $3,411,083 $2,777,339
Dividends
(5)2,250,000 (6)2.700.000 (5)2,250,000(5)2,250,000
150,000
General deprec'n fund_
Total deductions__ $2,250,000 $2,700,000 $2,250,000 $2,400,000
Balance, sur. or def____def$289,010sr.$3,534,950sr.$1.161,083sr.sr$377,339
x After making deductions for ordinary repairs and maintenance, approximately $3,084,000 in 1914, $3,349,000 in 1913, $2,550,000 in 1912,
and $2,000,000 in 1911. currently charged during the respective years to
cost of production and in 1913 interest on bonds of Manufacturers Wat. Co.
BALANCE SHEET DEC. 31.
1013.
1914.
1913.
1914.
Liabilities$
$
Assets$
$
Leasehold estate...33,090,305 33,090,305 Capital stock __ _45,000,000 45,000,000
Plant additions_ 19,635,921 17,588,792 Terminal notes.-- 3,000,000
Equip. additions
950,577
727,840 Reserve for replacements,&c.a1,813,669 a2,619,641
Real estate
439,542
418,770
366,686
Sundry securities_ 766,653 1,592,250 Res. exhaust. min. 324,523
Inventories
13,642,753 12,252,341 Accounts payable_ 1,922.1631
61,125,000} 3,192,548
Cash
646,089 Dividend
199,007
Accts. receivable_ 5,551,395 5,273,120 Current bills pay_ 1,011,879J
Bills receivable... 152,247
109,543 Profit and loss__ 20,231,166 20,520.176
Total
74,428,400 71,699,050
Total
74,428,400 71,699,050
* Property, works, coal, ore lands, &c., subject to payment of $338,720
annual rental under Cambria Iron Co. lease for 999 years, being 4% on
$8,468,000 Cambria Iron Co's. stock.
b Payable in scrip.
a Includes "miscellaneous operating functs."
-There were also, Dec. 31 1914, 53,703,000 Manufacturers' Water
Note.
Co. bonds guaranteed by the company, all the stock being owned by the
Cambria Iron Co.
-V. 100, p. 400, 312.
National Cloak & Suit Co., New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. S. G.Rosenbaum,N.Y.,Feb. 1 1915, wrote in subst.
The net profits for the year were $1.003,196, and notwithstanding the
widespread business depression the net sales have been increased to 315,164,728. We also increased liberally our expenditures for sales promotion and
have thus made a larger number of new customers and a much larger number of orders than during any previous year. The principal Ill effects of
the war have been a decreased business from the cotton-growing States
and a smaller average order throughout the country, the latter showing a
tendency to economize on purchases.
Our new 16-story buildings are practically completed and, while, owing to
building construction, the expense of operating has been heavy, it is believed the additional facilities provided will enable us to work toward a
lower ratio of operating expense.
Our inventories have been taken on a conservative basis, and we have
no bonded debt or mortgage debt, and, no outstanding notes.
RESULTS FOR CAL. YEAR 1914 (COMPARED WITH PREDECES. CO.)
1911.
1912.
1913.
1914.
Net sales
$8,496,462 510,911,865 $13,276,257 $15,164,728
Net profits
51.377,528 31,357,448 $1,003,196
Quarterly dividends on pref. stock paid Sept. 1 and Dec.1 1914(3)6)175,000
Balance, surplus for calendar year 1914
$828,196
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets
$
Liabilities$
$
$
Lands, buildings,
Preferred stock.-- 5,000,000 5,000,000
plant, dm
3,898,337 2,019,423 Common stock- _12,000,000 12,000,000
Good-will
12,000,000 12,000,000 Accounts payable_ 840,116
683,733
Unfilled orders,&o.
Results.
-The net earnings were $1,960,990, or 4.36% on capital stock, Marketable secur220,779
ities .(at cost)
363,670 (due customers) 336,621
296,677
being but 31% of the earnings for 1913. Nevertheless, the quarterly
1,298,069 2,617,762 Misc. reserves.
25,401
19,800
dividends of 1 % have been maintained in view of the large surplus and Cash
1,142,255
779,219 Capital surplus._ _
53,675
72,993
earnings in recent years; but the large expenditures for improvements, Merchandise
41,702
39,964 Profit and loss_ 828,196
additions to equipment, replacements and alterations and increase in ACcts. receivable_
253,165
inventory made it advisable to conserve our cash resources. Consequently Prep'd catalogs,&c 308,060
174,807
the quarterly dividends of Nov. 1914 and Feb. 1915 were declared in Prep'd exp..
2
-year 5% scrip.(V.99. p. 1217; V. 100, p. 312.)
Total
19,084,009 18,073,203
Total
19,084,009 18,073,203
During 1914 the steel industry suffered a curtailment of operations and
-the highest -V. 100. p. 479.
a decrease in prices, but the labor rates established in 1913
ever paid by your company
-were maintained. The net earnings per
ton of finished product were the smallest in our history.
Canadian Car & Foundry Co., Ltd., Montreal.
Tariff
-War,&c.
-Prior to August the new tariff law permitted foreign
manufacturers to quote exceedingly low prices, which the American mills
(Fifth Annual Report-Year ended Sept. 30 1914.)
were compelled to meet. Later the European war completely unsettled
financial conditions throughout the world. In October the financial situPres. Nathaniel Curry, Montreal, Jan. 19, wrote in subst.:
was relieved and has since been gradually improving. With most
ation
Results -Hitherto the balance sheet has shown as investments the capof the large steel plants ofEurope tied up on account of the war, foreign
competition is now virtually suspended; but in the steel trade contracts ital stock of the subsidiary companies, but this year, in view of certain
are made so far ahead that it is almost impossible to secure an advance in unavoidable deficits in the operations of two of the subsidiary companies,
prices until there is evidence of sufficient business to fill up the mills. we have consolidated the accounts of all companies. The consolidated
No one can tell Just how seriously the tariff will affect the manufacturers balance sheet, therefore, groups the assets and liabilities of the company
the Canadian
or their employees. The foreign manufacturer is able to undersell in this with those of its subsidiaries, and Rhodes, Steel Foundries, Ltd., the
Curry Co., Ltd.; and the concountry because of higher-priced labor in the United States, which adds Pratt & Letchworth Co., Ltd.,
well
solidated statement of profits and surplus shows the combined results from
to the cost of plants assomeas operating costs.
competition from Canada on rails, which are the operations of these companies during the year.
We are experiencing
The business depression of the previous year was accentuated by
admitted free. The Canadian tariff on rails is $784 per gross too.
-The expenditures during the year charged to im- the declaration of war early in August. This stopped the flow of capital,
Improvements, &c.
provements aggregated $2,047,129.to equipment $222,737,to extraordinary and, with the reduction in earnings, made it necessary for the transportaacctoeurtahnexPendltures for new equipment. Our surplus
n
replacements and alterations $901,960 and to relining blast furnaces and tion companies
reserve accounts, owever, are strong, and we look forward with
rebuilding coke ovens $545,960 (aside from $190,516 included in ordinary
$3,084,000), a total of $3,717,786. The principal items include! confidence to a revival of trade when normal conditions again prevail.
repairs of
coal mines and improvements in haulage
The combined output of the associated companies for the past year was
,
additions in electrification ofby-products coke ovens
rebuilt, enlarged an
approximately $11,100,000 in value, as compared with $27,000,000 for
ventilation and pumping; 114 of 50 new ovens
battery
practically completed; 1913, a reduction of 59%• The sinking fund for the bonds was duly plaid.
improved: additional
v Three quarterly preferred dividends were paid;
-feet,
remodeled; new mill and modern building, 80x450
also semi-annual dividends
7 blast furnaces
to car shops with additional machinery; new of 2% on the ordinary shares on Dec. 1 1913 and June 2 1914 for the half
for warehouse; extension
plant diversifying product; 6.000 k. w. years ending Sept.30 1913 and March 311914,respectively. Until existing
equipment in rod, wire and nail plant.
power
conditions are changed for the better we believe it unwise to pay further
turbo generator for electric
replacements and improvements have been a great dividends out of surplus account. [See V. 98, p. 1217, 1453.1
The many needed
-The addition of $1,013,000 to the cost of properties
Capital Account.
maintenance of an efficient organization. While no
help toward the
your works,the capacity has been increased, account was made chiefly by the expenditure during the year on the Fort
effort has been made to enlarge
efficiency. The eight blast furnaces since William works, owing to commitments entered into in 1913. These works
principally through greatergreater capacity.
are as tar advanced that they can be put in operation upon short notice.
remodeling have about 20%
Cambria Steel Company.
(14th Annual Report-Year ending Dec. 31 1914.)
Prest.W.H. Donner,Philadelphia, Jan. 28, wrote in subst.:
THE CHRONICLE
FEB. 131915.]
-The operations of Canadian Steel Foundries
Subsidiary Companies.
Ltd. were conducted at a loss. The general steel trade has been depressed
and the company also suffered by shrinkage in our usual requirements.
Similar causes affected the Pratt & Letchworth Co., Ltd. which, in
consequence, was operated at a small loss. The Rhodes, Curry Co., Ltd.,
had a successful year.
General.
-Every effort is being made to reduce expenses, but there are
certain fixed expenses, however, which cannot be materially reduced.
Government orders have been received for large quantities of war materials, which will enable us to provide work for a considerable number of
employees, and tentative inquiries have been received for equipment
required by the Allied Powers.
CONSOL. SURPLUS AND INCOME ACCT. YEARS END. SEPT. 30.
1913-14.
1912-13.
1911-12.
1910-11.
Approx. combined outp-$11.100,000 $27,000,000
Net profits
$673,036 $2,351,325
Deprec'n, bond sinking
$1,039.933 $1,007,138
fund, &c
$278,077
$349,166
Bond interest
460,768
280,506
553
Cataract Power & Conduit Co., but the former company not having obtained the necessary consents from the public authorities, its time for
completing the purchase has been extended. (See terms V. 98, p. 1532).
Addition.
-The question of installing three additional generating units
in the otherwise completed wheelpit of our subsidiary, the Canadian
Niagara Power Co., is being seriously considered.
INCOME ACCT. CAL. YEAR (INCL. CAN. NIAGARA POWER CO.).
1912.
1914.
1911.
1913.
Gross earnings
12.675.974 12,742.192 12,497.196 12,246,413
Operating expenses_ _ _ _
413,509
440,265
365,097
343,587
a Reserve (see below)
100,000
100,000
100,000
100,000
Net earnings
$2,162.465 $2,201,927 $2,032,099 $1,802,826
Interest received
77,153
64.058
49.434
74,872
Div. on stocks owned-18,830
38,905
99,130
98,148
Total net income__ $2,245,353 $2,317,986 $2,180,663 $1.975,846
Int. on bonds and debs.
(see"Ry.& Ind."Sec.) $994.760
$994.760
$994.760 $1,068,390
Taxes
213,565
194,162
195,520
172,809
Balance
12,043
10,280
def.$65,809sr$1.721,653sr$1,039.933sr$1.007,138 Insurance
10,561
8,176
Prof. dividends_ _(5 %)$367,500 (7)3458,500 (7)3423,500 (7)1385,000 Park rental
55,442
48,674
51,964
(
39,548
Common dive:. (4%) -155,000
155,000 Dividends (8%)
460,616
159,000
460,616
159,000
460,616
429,412
Special reserve fund__ -350,000
Total deductions _ _ _ _ $1.736,426 11,708.492 11,713,421 11.718,335
Balance, sur. or clef_ _ _def.$592,309 sur.$754,153sur.$461,433sur.$467,138 Surplus for year
$508,927
$609,494
$467,242
$257,511
CONSOLIDATED BALANCE SHEET Sept. 30 1914.
a Charged in respect of obsolescence, inadequacy and as a reserve
extraordinary casualties.
against
Liabilities (Total $25,401.357)
Assets (Total $25,401,357)Real est., b dgs., mach..
Preference stock
$7.000,000
CATARACT POWER & CONDUIT CO.
3,975,000
patents & good-will_ _419,297,122 Ordinary stock
(Stock, $2,000,000; $1,005.000 owned by Niagara Falls Power Co.)
Can. C.& F. 1st M.6s- 5,817,416
Invested for red. ofMont.
St. Wks. bonds
100,000 Can. Steel F'dries 1st M.
Net
Other
Fixed
Calendar
*Gross
Dividends
Balance,
2,737,013
& collateral 6s
Materials, supplies, &c.,
Year- Earnings. Earnings. Income. Chgs., &c.
Paid.
Surplus.
749,000 1914.._....$1.770.323 $537,062 $26,100 $147,046
(at or below cost)____ 3,245,710 Mont. Steel Wks. 1st 6s_
1416.116
100,000 1913
121,139 Pur. mon. note Nov.114
Bonds,stocks & 0th. my..
1.729.780 532.568 26.159 140.901 (1A %)330,000 387,826
633,161
Accts. & bills receivable_ 2,215,142 Bank loans & advances....
Bonds outstanding, $1,384,000 (the same as on Dec. 31 1913); total cur106,260 Accts.,bills,&c. payble.,
706,593
Car trust notes
rent liabilities, $211.837. against $161,211; accumulated surplus, $1,752,68,643 Accrued int. & taxes_--155.433
Depr. on Gov.cont'ts,&c.
163,855 Deprec.& sinking fund._ 1,158,156 048. against $1,336,972.
Cash in banks
Deferred items
83,486 Special reserve fund____
500,000
* Includes in 1914 $378,600. being amount of reduction in revenue if
Operating & misc.fund__
237,315
Profit and loss
1,632,270 rates as ordered by the P. S. Comm., effective from May 1 1913. are
finally upheld, against 1249.652 in 1913.
Note.
-Dividends on the preference shares have been paid to June 30
1914 and on the ordinary shares to March 31 1914.
TONAWANDA POWER CO.
Contingent liability on bills under discount $30.980.-V. 100, p. 477.
(Stock, $250,000; all owned by Niagara Falls Power Co.)
Calendar
Gross
Net
Other
Fixed
Balance,
Midvale Steel Co., Philadelphia.
YearEarnings. Earnings.Income.Chgs.,&c. Dividends. Surplus.
1233,209 138,651 $1.270 $23,754
1914
$16.167
1913
224,176
32,258
1,450
(Report for Fiscal Year ending Oct. 31 1914.)
21,800 (2")$5,000
6,908
First mortgage bonds, $150,000; total current liabilities Dec. 31 1914.
RESULTS FOR YEARS ENDING OCT. 31.
$27,507; accumulated surplus, $239.923.
1913-14.
1912-13.
1911-12.
1910-11.
BALANCE SHEET DEC. 31 (INCL. CAN. NIAGARA POWER CO.)
Profits over all costs,
1913.
1914.
1914
1913
charges and expenses,
Liabilities
Assets
Including depreciation $416,989
$767,931
$770,951
$816,518
Capital stock ____ 5,757,700 5,757,700
Deduct
-Dividends -- $268,125
$487.500 Real estate, power$390,000
$585,000
5% 1st M bonds_10,000,000 10,000,000
Fire insurance fund..
100,000
100,000 houses, transmission systems,&c.24,473,954 24,426,063 Ref.& gen. M.(is. 8,226,000 8,226,000
Investment stocks 1,500,000 1,500,000 Debs.matured,&c.
22.500
23,500
*Bal.. sur.for year.. __
$148,864
$377.931
$85,951
$229,018
689,040 Accounts payable.
Cash on hand........ 947,541
33,087
45,574
233,669 Unpaid coupons &
BALANCE SHEET OCT. 31.
Cash tor loans,Ste. 243,986
289,201
141,001 accrued int., &c_ 376,634
Securities
383,116
1914.
1913.
1914.
1913.
460,363 Div. pay. Jan. 15_ 115,154
Bills & accounts_ _ 449,253
115,154
AssetsLiabilities
$
194,925 Accr.taxes & rents
64,959
60,380
Property & equip. 11,643,782 11,291,489 Capital stock
9,750,000 9,750,000 Material & suPP-- 206,829
15,675 Reserve for accr'd
17,773
Patterns
100,000
100,000 Bills payable
1,410,000 2,375,000 Prepaid insurance.
amortization of
Worked materials. 1,413,347 2,378,253 Accounts payable_ 217,514
411,532 Cash for renewal,
318,260 capital, &c.x____ 995,627
886,221
430,005
&e., fund
Raw materials_ _ _
537,628
515,327 Fire insur. fund
400,000
400,000
Surplus.:
2,964,881 2,476.351
Mdse., coal, &c
568,851
613,716 Surplus
*3,773,991 3,775,753
Bills & accts. recle 706,192 1,136,182
Total
28,558,542 27,973,996
Total
28,558,542 27,973,996
Invest'ts In bonds_ 400,000
400,000
Miscellaneous_
14,398
-Ed. Surplus as above in 1914,12,964,x Variously applied or invested.
Cash
167,307
277,318
881. is arrived at after deducting $20.397 net miscellaneous adjustments.
The earnings of the Niagara Junction Ry., whose $294,500 outstanding
Total
15,551,505 16,712,285
Total
15,551,505 16,712,285
stock is all owned, having outstanding $175,000 bonds, were: In 1914,
*After deducting $150,626 for adjustment on appraisal of fixed assets $76,598, against $83,697 in 1913; net income, $31,070, against $35,739:
-V.100, p. 313.
balance, surplus, $8,452, against $21,601.-V. 100, p. 313.
Creamery Package Mfg. Co., Chicago.
(Report for Fiscal Year ending Nov. 30 1914.)
EARNINGS FOR YEARS ENDING NOVEMBER 30.
1913-14.
1912-13.
1911-12.
1910-11.
$379,600
$321,496
1252.737
$302,298
50,000
25,000
None
None
Net earnings
Depreciation
Balance
$329,600
$296,496
$252,737
$302,298
Common dividends_ _(6'7)8180,000 3.5)195,000 (8)$240,000 (8)$240,000
0
(6
Preferred dividends_ _ _6% 15,675
13,305
5.989
1,050
Charged off
23,415
28,932
1,119
16,248
ix Balance, surplus
$110,510
$59,259
15.629
$45,000
BALANCE SHEET NOVEMBER 30.
1914.
1914.
1913.
1913.
Liabilities
Resources$
$
3,000,000 3,000,000
Real est.,mach.,&e.*1,353,834 1,319,263 Common stock
269,900 248.500
759,688 759,688 Preferred stock
Patents
804,4901 821,212
Merchandise
1 511,942 1,487,905 Bills payable
Accts. & bills recelv. a688,559 473,151 Accounts payable- 100,895f •
500,000 500,000
Special investments.. 199,242 212,102 Surplus
Cash on hand
169,769
59,259
94,309 157,153 Undlv. profits
Timber lands
237,478 219,709
Total
4,845,054 4,628,971
Total
4 845,054 4,628,971
*Real estate, machinery, plants, &e., in 1914 include lands, buildings
and their equipment (net). 1960,556; power plants and their equipment,
manufacturing machinery and minor equipment, $371,598; 'patterns and
transportation equipment. $50,835; furniture and fixtures, $45,845, less
$75,000 reserve to provide for depreciation. a After deducting $23,416
for discount and doubtful items (if any)
.-V. 100, p. 232.
Niagara Falls Pow.er Co.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Edward A.Wickes, N.Y.,Jan. 19, wrote in subst.:
Chicago Telephone Co.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Bernard E.Sunny, Chicago, Jan.28, wrote in subst.:
An increase of a little more than 6% in the gross earnings as compared
with an average yearly increase for several years of about 12% may be
regarded as fairly satisfactory in view of the lower rates on some classes of
service fixed by ordinance in 1913 and the general depression in business.
In 1912 new construction amounted to $3,700,000. while stations increased
48,074. In 1913 new construction cost $5.870,000 and 48,275 stations
were added. In 1914 new construction cost $7,050,000 and only 37,907
stations were added. Facilities were provided for an estimated growth in
1914 of 48.525, and construction will, therefore, be curtailed in 1915.
The expenditure of$7,050,000 in 1914 for new construction was the largest
in any year in our history. Much larger fireproof buildings have been
completed at new locations to replace the old Oak Park, Beverly, Irving
Iyde Park and Rogers Park exchanges To care for the rapidly increasing'
toll business between Northern Illinois, Southern Wisconsin and vicinity,
a special toll cable of 50 pairs of conductors, 27 miles long, was erected
between Great Lakes and McHenry, connecting with the existing Chicago..
Milwaukee underground cable at Great Lakes. 115 new toll circuits
installed throughout the territory, of which 44 come into Chicago.were
and
fast express service on toll traffic was put into operation between Chicago
and almost all suburban points.
GROWTH OF PLANT.
1914.
1913.
1912. 1911. 1910. 1909. 1908.
No. owned stations 468,719 430,812 382,537 334,463 300,618 262,359 231,160
Total miles wire_ 1,350,232 1,139,471 899,530 812,804 668,733 626.438 550,445
INCOME STATEMENT FOR YEARS ENDING DECEMBER 31.
1914.
1913.
1914.
1913.
$
Gross earnings_ _ 16,229.369 14,938,699 Gross Income__ 3,609,065 3,682,959
Oper. expenses_ _ _ 11,841,478 10,962,638 Rent,interest,&c. 1,038,468 1,046,405
Dividends paid (8%)2,160,000 2,160,000
Net earnings.. _ .. 4,387,891 3,976,061 Other deductions_
1,000
4,375
Taxes & uncollect. 1,061,876
905,939
Total op.income 3.326,015 3,070,122
Net non-op. rev__ 283,050
612,837
Results.
-The continuity of Increases in the yearly surplus of the genTotal deductions 3,202,844 3,207,405
erating companies was broken in 1914 by a decrease of $100.000. Of that
Gross Income__ 3.609,065 3,682,959
475,554
Balance, surplus 406,221
decrease $20,000 was due to the continued dividend suspension, begun in
1913, by the Cataract Power & Conduit Co. and the Tonawanda Power Co.
BALANCE SHEE7' DEC. 31.
(see V. 98. p. 1531). The appeal to the courts by the Cataract Power &
1913.
1914.
1913.
Conduit Co.from the decision of the P. S. Commission, in the Buffalo rate
Assets
$
Liabilities-case, in April 1913, is still pending. A further $13,000 of such decrease Land & bldgs_ _ 6,242,135
27,000,000
5,381,691 Capital stock_ _ ... 27,100904,000.
represented a decrease in interest earnings and $19.400 increases in taxes.
Telephone Plant.. _ 48,536,494 42,133,333 Funded debt
19,049,950 19,021,500
lwahe decrease of $39,461 in net earnings from operation was due to (1) General equipment 814.464
5,500
782.878 Bills payable
further restriction by the Dominion Government on the exporting of elec- Long-term Invest,
98,811
65,097 Accounts payable_ 1,901,530 1, 71, 01
tricity by the Canadain Company, which prevented us from meeting the Intangible capital..
819 954
9 2
Accr. accts not due 971,384
1,280
entire demand of customers on the New York side;(2) an order of the U. S. Cash & deposits.... 616,707
393,697 Unexting. premium
Secretary of War dated May 28 1914, requiring the reinstatement of the Marketable secure
53,474
on debt
1,400
1,405
momentary peak measurement of the expired Burton Law; and (3) to the Bills & accts' rec.. 3,007,281 8,246,494 Ins. & cas'ty res.. 359,230
344%78
5 421
depression in the business of certain customers.
40 : 01
0 010
38
Mans & supplies.
574,009 Employees' ben Id. 400.000
-The bill of Congressman Cline of Indiana, amended to Accr.inc. not due.. 328,034
Legislation.
278
Other prov. funds
1,063
659
include the former Burton Law momentary peak provision and in other Deferred debits__
201,898 Accr. deprec. res. 8,885,517 7,363,014
158,511
important particulars, on July 20 1914, was reported by the Committee on
1,178,914
797,786
Surplus
Foreign Affairs and placed on the House calendar.
-Stockholders owning 46,824 shares approved the sale to the
Merger.
5°,805,777 57,781,665
Total
Total
59,805,777 57,781,565
Buffalo General Electric Co. of the 10,050 shares of the capital stock of the -V. 100, p 477.
THE CHRONICLE
554
[VOL. 100.
Illinois Brick Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. William Schlake,Chicago,Feb.2 1915,says in subst.:
In periods of extremely low water it is necessary
power by steam to offset the deficiency in the current to generate enough
generated
power caused by the low-water conditions. In consequence, at by water
the outset
of operation there was created out of surplus earnings a
contingent fund
(now about 8400,000) to take care of these low-water periods.
The year
The year was a turbulent one for business, three factors having operated 1914, which proved to he a period of the lowest water in 20 years, the comagainst our own and many other lines of business, to wit: (1) A 3
-months' pany's revenue amounted to $1,009,373, but, owing to the low water constrike that laid idle all of our plants. (2) Soon after the strike ended, the ditions, it was necessary during parts of the year to generate large amounts
outbreak of the war in Europe. (3) With the advent of the war, interest of power by steam, and to cover this contingency $107,340 has been
rates became temporarily so high as to make building operations unprofit- charged to the contingent fund. However, in spite of this unusually lowwater year, there was s sufficient amount of surplus, after paying all
able.
fixed
Nevertheless. our current liabilities amount to less than one-half our charges, operation, taxes, maintenance and dividends, to reimburse the
quick assets. Bills payable show a decrease of $125,000. The earnings, contingent fund to the amount of 890.000.
$517,196,are in excess of what in the early months of the year we anticipated
INCOME ACCOUNT YEAR ENDING DECEMBER 31.
they might be. Moreover, the plants are in better condition than ever
before.
1914.
1913.
1912.
1911.
Buildings and machinery account stood a year ago at $4,386.505. Pur- Gross income (all source$)$1.009,373
,
$826,815
$721,883
3516,285
chases, additions and improvements during 1914 added to this account Oper. exp. and taxes___
153,821
117,048
101.975
68,959
$359,770. making a total of $4,746,275.
Net earnings
The deduction, however, of the $1,000,000 which you recommended a
$855,552
$709.767
$619,908
$447,326
year ago to be taken from reserve for depreciation of buildings and machin- Interest on bonds
443,574
407.104
384.139
381,125
Dividends (4%)
ery, reduced said account to $3,746,275.
339,800
Stock in treasury is $3300,000 less than it was a year ago, owing to purchases above referred to.
Balance, surplus
$72,178
$302,663
$235,769
$66,201
The brick strike above referred to was happily settled and further conBALANCE SHEET DECEMBER 31.
troversy eliminated by a 5
-year contract with our employees, so that we
look forward to a continuance of harmonious labor conditions.
1914.
1913.
1914.
1913.
Assets
Liabilities$
$
RESULTS FOR CALENDAR -YEARS.
Property account_16.874.840 16,315,592 Capital stock_ ..... 8,495,000 t.,495,000
Securities of other
1914.
First mtge bonds_ 9,176,000 8.505,000
1913.
1912.
1911.
Net profits
companies
$517,196
x1,449,020 x1,449,020 Bills payable
$593,607
$591.454
$460,735
331,500
177,870
Dividends paid
(6%)3279,000(5M)242,000 (4)8176,000 (2)388.000 Loose plant and
Accounts payable_ 108,344
49,417
Depreciation reserve____
equipment
206,045
67,8E7
307,055
114,057 Contingent fund__ 382,660 *400,000
325,064
317,837
Reserve for taxes
26,000
154,282 Depros fund
25,000
25,000
23.000 Bills & accts. rec. 520,101
250,000 *250,000
Res've for repairs&rentals
Cash
25,984
57,224 Sinking fund
30,000
200.000 *200,000
Prepaid charges._
6,382
5,644 Profit and loss__ _
y710
18,532
Balance,surplus
$6,151
$19,552
$35,389
331.898
Total
18,944,214 18,095,819 '1 eta!
18,944,214 18,095,819
BALANCE SHEET DECEMBER 31.
* Represented by $945,000 first mortgage bonds of company.
1914.
1913.
1914.
1913.
Assets 1
x Includes $1,350,000 bonds of transmission cos. owned-and operated.
Liabilities
8
Real estate
y After deducting $90,000 for contingent fund.
1,169,400 1,151,274 Capital stock
5,000,000 5,000,000
-V. 100, p. 402.
Ridge. & machlnery.3,746,275 4,386,505 Pay-rolls and current
Unissued stock
300,000 600,000 accounts not due.. 91,582 147,528
Cash
64,571
50,322 Bills payable
200,000 325,000
Pettibone Mulliken Co., Chicago and New York.
Accounts receivable_ 340,623 425,299 Dividend Jan. 15_
141,000 132,000
Bills receivable
36,377
67,699 Deprec.,&c.,reserve 337,102 1,131,057
(Report for Fiscal Year ending Dec. 31 1914.)
Bricks and supplies_ 497,688 439,028 Reserve for taxes__ 26,000
25,000
Prepaid insur. dr int_
6,443
Surplus
365,693 359,542
Pres. A. H. Mulliken says in
substance:
Total
6,161,377 7,120,127
-V. 100, p. 478. 58.
Total
6 161,377 7,120,127
Julius Kayser & Co. (Glove Mfrs.), New York.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. Julius Kayser, N. Y., Feb. 1 1915, wrote:
Total net profits, after making the regular deduction for depreciation and
setting up a sufficient raw silk reserve, amounted to $1,250,870. SR cornpared with $1,203,828 for the calendar year 1913. As required by the
certificate of incorporation, there was purchased for retirement $150,000
1st pref. 7% stock, leaving outstanding 32,450.000 1st pref. The increase
In the total net profits, as shown above,is especially gratifying in view of the
extraordinary conditions prevailing during the second half of the year.
With improving conditions in general business, we look forward with confidence to the coming year.
RESULTS FOR PERIODS ENDING DEC. 31.
Year ending
8 mos. end.
Dec. 31 '14. Dec. 31 '13. Dec. 31 '12. Dec. 31 '11.
Profits (after deprec.)-- 81.250.870 81.203.828 81.191,578
8589.685
Redemp. of pfd. s
$161,751$101,815
Special res've acc't
50,000
33.333
First pref.dividends_ _-(70
7)180,250 (7)190,750 (7)200,083
6140.000
Second pref. dividends (7%)48,650
(7)48.650 (7)48,650
b32.433
Common dividends ___(6%)360,000 (6)360.000 (4)240,000
Total deductions_ ___
$746,830
$757,893
$700,484
$3307.581
Balance,surplus
$504,040
$445,935
$4491,094
$282,104
the rate of 7% for the 8 months ending Dec. 31 1911.
b At
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913.
Assets$
Liabilities-$
Land, bides, Arc_ x2,183,876 2,033,496 lit pref. stock...- 2,450,000
2,600,000
Real estate other
2d pref. stock_ __ - 695.000
695,000
than plant
63,650
36,000 Common stock. _ _ 6,000,000 6,000,000
Patents, tradeSur. appl. In remarks, &c
5,664,000 5,664,000 dempt. of pf stk 550,000
400,000
Other investments 297,207
321,091 M tees. payable_ __
6,250
7,750
Materials& suppl's 4,361,131 3,695,037 Bills payable
2,086,261 1,425,000
Marketable stocks
Pay-rolls & mdse.
and bonds
4,060
161,740 account
300,921
395,087
Accts. receivable_ 1,109,373
896,010 0th. accts. pay'le. 103,840
157,900
Cash
342,161
332,364 Divs. accrued on
Interest and insurpref. stock
36,692
38,442
ance prepaid__ _
55,874
56,908 Reserve for change
In prices
45,861
175,000
Special res. acet
500,000
500,000
Proflt and loss_ _ _ _ 1,306,507
802,467
Total
14,081,332 13,196,646 Total
14,081,332 13,196,646
x After deducting $453.371 reserve for deprec'n.-V.
98. p. 520.
Pennsylvania Water & Power Co.
(5th Annual Report
-Year ending Dec. 31 1914.)
Pres. Charles E. F. Clark in the report presented at
the
annual meeting Feb. 9, says in substance:
Results.
-Gross income
shows a gain of $182,558, or
a gain of $109,315. or 36.1%. After making provision 22%; net revenue
the (initial) 4% on capital stock and the transfer of for interest charges.
fund, there was carried to profit and loss a surplus $90,000 to contingent
of $709.
-There were certified during the year
Bonds.
8850,000 bonds, and there were sold 8673.000on account of construction
bonds. There remain
the treasury for future requirements $362,000 bonds (V. 99, p, 1836)in
-The first payment of 350.000 to the sinking
Sinking Fund.
made in Dec. 1914. out of the $200,000 sinking fund account, andfund was
with this
money and other funds accumulated during the past five years the
trustees
have bought and retired $58,000 of your company's bonds.
Extensions.
-To meet the increasing demand we comp_leted the
eighth
unit with water-wheel generator, &c., representing 1 A
h.p., thereby
Increasing the electrical capacity of the power plant 112,000 h.p. The unit
service Dec. 16 1914. With the present installed electrical
was put into
capacity-112,000 h.p.-we believe that it will not be necessary to add
further equipment before 1917. When all ten units are installed the plant
will have a capacity of 144.000 h.p.
A second steel transmission tower line has been built to Baltimore on
-foot right of way, increasing the transmission line capacity
our original 100
b 25,000 k.w., and space was left for a second 25.000 k.w. circuit. Th
by
to the transmission system cost about $400,000, but the fixed
charge has been more than offset by reduction in the loss of current in transmission of over 2 %• The transforming sub-station building at Baltimore has also been extended, and one 12.500 k.w. transformer installed.
Conti
Miscellaneous construction work has also been carriod out.
fluent Fund.
-Our Installed
Eziroordinarik Low Water-Charge to
electrical capacity of 112.000 h.p. equips it to supply practically all the
Consolidated Gas, Elec. Lt.& Power
-the
Power used by its customers
Co..
Baltimore, the United Railways & Electric Co., Baltimore,and the Edison
Co. of Lancaster, Pa.
The year 1914 was a year of political agitation, low tariff,
legislation, untried new laws, war, panic, lack of confidence experimental
and
depression. Prices declined and trade decreased. This affected business
earnings, and, of course, diminished railroad buying. Only 1,532 railroad
new road were built, which is the smallest mileage since 1895.miles of
These
adverse restrictions necessarily affected our business and reduced the
net
earnings. These amounted to $139.205, contrasting with
$524,711
1912 and $596.532 in 1913. making an average of $420.149 per annum in
the last three years, or more than twice the annual dividend requirementfor
the two pref. stocks and more than three times the dividends on the on
1st
pref. During the year full dividends were paid on both pref.
$125.000 1st pref. was canceled by the sinking fund, leaving stocks, and
$2,125,000 of
this stock outstanding and in the treasury.
In December the I. S. C. Commission granted the Eastern railways
50/,
Increase in freight rates, with some exceptions. This has brought about
a
great improvement in business sentiment. The farmers are holding a
large part of the good crops of last summer for higher prices, which will
mean that much more tonnage for the railways during this winter. Prices
of steel are firm and not only railway buying of steel products has
creased, but general buying, all of which shows an improvement. inI
look forward to a gradual increase in business this winter.
INCOME ACCOUNT YEARS ENDING DEC. 31 (INCLUDING OLD
COMPANY TILL JUNE 25 1912).
1914.
1913.
1912.
Mfg.profits, less maintenance, taxes,
selling and administration expenses $126,159
$583,140
$511.922
Depreciation of plant
72,514
71,505
70,776
Net profits after depreciation
$53,645
$511,635
$441,146
Int., discounts, diva.,&c., received.._
13,045
13.392
12,789
Net profits for the year
$66,690
8525,027
$453,935
Surplus carried forward Dec. 31
620,597
305,570
Total
$687,287
$830.597
$453,935
First preferred dividends
(7%)$120,312 (7)$157.500 ).6)$81.375
(3
Second preferred dividends
(7%)52,500 (7%)52.500 (35)26.250
Organization expenses
40,740
Appropriated for 1st pref. sink. fund_
105,000
Total surplus end of year
3409.476
$620,597
$305.570
Note.
-The average net earnings, after depreen,for the 7 cal. years end.
with 1911 were $507,610 and for the 3 years end. with 1911 $493,926.
BALANCE SHEET DEC. 31.
1914.
1913.
1911.
1913.
LiabilitiesAssets$
$
t
$
Resiest.,bidgs.,&e. 1.573,295 1,622,944 Common stock__ 7,000.000 7,000.000
Pat'ts dr good-will 7,451,448 7,451,448 1st pref. stock__ 2,125,000 2,250,000
750,000
1st pfd. treas. stk. *300,000 *405,000 2d pref. stock.... 750,000
401,585 Accounts payable_
37.327
24,851
Notes & accts. rec. 194,960
478,775 Special surplus... 125,000
493,032
Inventories
285,696 Profit and loss._ _ 409,975
484,067
Cash
620,597
Total
10,946,802 10,645,448
Total
10,446,802 10,645,448
* 3,750 shares in 1914, against 5,000 shares in 1913 at cost. V.98.p.609.
Price Brothers & Co., Ltd., Quebec.
(Report for Fiscal Year ending Nov. 30 1914.)
Pres. William price, Quebec, Jan. 11, wrote in substance:
During the past year $188,206 has been charged to revenue in respect of
repairs and improvements, and, although plants have been well main.
tabled and inventories are cdrrectly taken at cost or under, while under our
system of cutting timber there is no depreciation to the wood lands, which
are constantly increasing in value, we have yet decided (although we do
not think it necessary) to put aside $250,000 out of accumulated profits
ahe o
toT gen peeralradtiegsrecolartitohne fund.
K .gami paper mill have proved
prov
adding considerably to the earning power of the company. satisfactory.
The current
year should show even better results from this source. The mill is now
operating at full capacity and contracts have been made for the output of
the year. The ground wood pulp mill at Rimouski has been shut down
during the year, owing to the low prices prevailing for this product.
The lumber part of the company's business, while proving profitable
as heretofore, has suffered in common with other similar undertakings,
particularly in the domestic market. We look with confidence to the current year to show improvements in this department, owing to the increased
demand from the United Kingdom.
INCOME ACCOUNT FOR YEAR ENDING NOV.30 (incl. Sub Companies).
1913-14.
1912-13.
1911-12.
Profits for year
$692,830
$512,528
$4463.717
Bond interest
$270,231
908:008 109
$277,499
$246,776
Interest on bank loans, &c
61,241
Sinking fund
Total deductions
Balance, surplus
$459,050
$233,780
$338,740
$173,788
8246,776
$216,941
FEB. 131915.]
THE CHRONICLE
BALANCE SHEE T NOV. 30.
1914.
1913.
1914.
LtattliffesAssetsS
$
Real est.,18gs ,&e..14,209,326 14,062,782 Capital stock ___ 5,000,010
let M.5% bonds- 5,804,863
Investment
100,000
1,632,109 1,401,433 Accounts payable_ 536.605
Inventories
1,675,509
126,842 Bills payable
Paper in transit_
34,894
Accounts receivle. 1,097,301
939,507 Accrued int., &c
a625,437
60,117 Reserves
14,621
Bills receivable__
2,556,682
26,564 Surplus
19,498
Cash in banks,&c_
121,705 Profit and loss__ _61.010,031
Oth.dcf.debitems. 131,166
_
17,244,021
Total
17,244,021 16,738,950
Total
1913.
$
5,000,000
5,824,163
481,801
1,575,316
„13
261,599
2,556,681
1,026,252
16,738,950
a Reserves in 1914 consist of reserve against accounts receivable. $23,693; lumber and paper shipments, $41,741; also general depreciation reserve, $440,000; marine and fire insurance, $50,000, and sinking fund,
1st M. bonds, $70,000. b After deducting $250,000 carried to deprec. res.
-There was also Nov. 30 1914 a contingent liability in respect of
Note.
bills under discount, $54,186.-V. 100,p. 313.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
-Authorized.
Auburn (N. Y.) & Syracuse Electric RR.
-The P. S. Commission has authorized an issue of $150,000
-months6% notes and $42,4006% equipment trust certifs.
18
The notes are to be dated Feb. 1 1915 and due Aug. 1 1916, and are to be
sold at not less than 993. the net proceeds, or $149,250, to be applied
toward the payment of outstanding notes and bills payable and part of the
company's $300,000 term note heretofore authorized. The equipment trust
certificates, issued in connection with the Guaranty Trust Co. of N. Y., are
to be accompanied by a cash payment of $10,580, and are to be paid in four
installments, with interest on the deferred payments at 6%. The proceeds
are to be used to pay the purchase price of 12 new enclosed-body equipped
-V.99, p. 1213.
electric passenger cars from the St. Louis Car Co.
-Notes.
Aurora Elgin & Chicago (Electric) RR.
Authority to issue $800.000 Collateral Trust bonds or notes has been obtained from the'lliinois P. U. Commission, but,as of Feb.4,we are informed
that no attempt has been made to sell the notes, and the collateral indenture
-V.99, p. 1595.
has not been prepared.
Buffalo & Susquehanna Ry.-Possible Investigation, &c.
Officers of the Western New York & Pennsylvania Traction Co. are reported to have been looking into conditions on the road between Buffalo and
Wellsville with the idea of submitting some sort of a proposition to the
bondholders' committee, William Salomon, Chairman.
John B. Olmsted. Buffalo, is Chairman of a committee made up of shippers and citizens along the line of the B.& S. who are desirous of preventing
-V.99, p. 1672.
a discontinaunce of the railroad.
-Authorized.
-The Iffinois
Chicago Great Western RR.
P. U. Commission has authorized the issuance of $2,748,000
-year 4% bonds to reimburse the comadditional 1st M. 50
pany for acquisitions and improvements from Oct. 1 1912 to
Aug. 31 1914.-V. 100, p. 396.
Chicago Rock Island & Pacific Ry.-Withdrawal.The People's National Bank of Hackensack, N. J., and the First National Bank of Ridgefield, N. J., which were parties to the suit brought by
N. L. Amster and others, to recover $7.500,000 from the old directors,have
withdrawn from the suit. This leaves Mr. Amster and nine other stockholders as the only plaintiffs in the suit. Compare V. 100,1). 473,396.
Cincinnati Hamilton & Dayton Ry.-Deposit of Gen.
-The committee of holders of General Mortgage
M. Bonds.
gold bonds due 1939, Charles H. Sabin, Chairman (V. 99,
p. 1051, 1130), is calling for the deposit of these bonds with
the defaulted (fixed interest) coupon of Jan. 1 1915 attached
at the Guaranty Trust Co., as depository, either in N. Y.
(140 Broadway) or in London (33 Lombard St.). The committee's agreement shows:
Default has been made in the joayment of the fixed interest due Jan. 1
1915 on these Gen. M. bonds. On July 1 1909 an agreement was entered
into between the Baltimore & Ohio RR. Co. and the Central Trust Co. of
N. Y., as trustee, providing, as shown in the General Mtge., that, the
Baltimore Company Tees for the benefit of each and all the holders of
the $20,000,000 bonds of which at last accounts $2,264.000 were in company's treasury and $ 07.000 pledged for temporary loans.-Edt that it
]
will during_July 1916 [or prior thereto in case it acquire the controlling stock
of the C. H.& D.] upon demand either (a) jourchase at $850 for each $1,000
bond, together with interest from July 11016 at 4%% per annum, all said
Gen. M. bonds that may during sakf month be presented at its New York
office for purchase and sale orfor guaranty hereunder or will give in exchange
therefor the new 4% bonds of the Dayton Company,described in said mortgage and guaranteed as to principal and interest by the Baltimore ompany
-as it may elect, in whole or in part. (Compare V. 88, P. 1498; V. 95, P
817; V. 97, p. 1024; V. 99, p. 48.)
It is therefore deemed advisable that the holders of the General Mortgage bonds should unite for the protection of their interests. [The committee is empowered to accept the aforesaid purchase or exchange, but
depositors will be allowed 30 days in which to withdraw, on payment of not
over 1% for expenses, &c., in case they dissent from any other plan of
reorganization or agreement to dispose of the bonds adopted by the committee.-V. 100, p. 473, 397.
555
Denver & Salt Lake RR.
-Notes.
-The company is
unoffici fly reported to have sold $250,000 2
-year 6% notes
to reimburse the treasury for improv'ts, &c.
-V.99, p. 1597.
Erie & Jersey RR.
-Bond Sale-Merger.
-See Erie RR. below.
-V.99. p. 816.
Erie RR.
-Bond Sale.
-The Guaranty Trust Co. of N. Y.
and Drexel & Co., Phila., announce in their advertisement,
inserted for record purposes on another page, the sale of the
entire $7,400,000 Erie & Jersey RR. Co. 1st M.6% sinking
fund gold bonds, a first and closed mortgage on a portion of
the low-grade line for through freight between Chicago
and Jersey City, and shortly to be a direct underlying lien
of the Erie RR. These bonds (free from N. Y. State personal property tax) were offered at 104
and interest,
yielding over 5.70%.
Authorized and outstanding, $7,400,000. Dated July 1 1905 and due
July 1 1955. Callable as a whole, or in part, on any interest date on or
prior to July 11920, at 110% and int., and at 115% and hit, on any interest
date thereafter prior to maturity. Denom. c* $1,000, r* $1,000. $5.000
and $10,000. Int. J.& J. Cumulative sinkingfund of $25.000 per annum,
payable April 1 1916, and yearly thereafter, to be applied to purchase of
these bonds upon tenders by bondholders at not exceeding 110%. to and
including 1921), and 115% thereafter prior to maturity; if not obtainable as
above in any year, bonds shall be called by lot at corresponding prices upon
the succeeding first day of July. To retire at least $2.643,000 of bonds
before maturity. Guaranty Trust Co. of N. Y., trustee.
Data from Letter of President F. D. Underwood.
These bonds are a first and closed mortgage on 38.6 miles of double-track
road, forming an indispensable part of the main through freight line of the
Erie System between Chicago and Jersey City. Over this mileage, extending from Graham, N. Y., to Highland Mills, N.Y.,38.6 miles, moves 93%
of the east and 84% of the westbound tonnage of the N. Y. Division
through freight traffic, the traffic density of the Erie & Jersey RR.for 1913
having been about 7,900.000 ton miles. as compared with an average of
3,400,000 ton miles for the Erie System as a whole.
Erie & Jersey is of most substantial construction, with no highway crossings, and the cash cost was in excess of $7,400.000. [The line, it is understood. includes a double-track tunnel 5.314 ft. long, two viaducts, one 3.200
ft., the other 588 ft. long. Rail 90-1b.; rock ballasted.] The road forms
an important part of the Erie re-construction program for additions and
betterments (including equipment), which between 1900 and 1915 involved
the expenditure of $100,000,000. This outlay has greatly increased the
carrying capacity of the system-from $40,000.000 in 1900 to a possible
$100.000,000 at present. The Erie System, with the exception of approximately 50 miles, is now a double-track low-grade line extending 998 miles
from Chicago to Jersey City.
The net ptoceeds of this issue are to be used to retire a corresponding
amount of maturing notes thus funded without other increase of debt of the
Erie RR.Co. After completion of the merger of the Erie & Jersey RR.Co.,
these bonds will become direct obligations of the Erie RR. Co. See also
official statements in V. 99, p. 816, and V. 100. p. 474, 481.
Fairmount Park Transportation Co. Philadelphia.New Plan.
-The company's plan of Dec. 10 (see V. 100, p.
139) having failed of adoption, the committee named below,
appointed on Jan. 18 at a meeting of the depositing stockholders and subscr4bers to the debentures, present a new plan
dated Feb. 5, the success of which they say is assured,adding:
Cash requirements, about $70,000, viz.: Bilis and account payable,
$26,149; improvem nts, $7,000; interest, due April 1 1915 on $750.000
1st M. 5s. $18,750; bond sinking fund Oct. 1 1915 (unless earnings suffice
therefor), $13,000; reorg. exp. at least $5,000. The improvements, to cost
$7,000, will increase the net earnings, possibly by over $10.000 a year.
Plan-Proposed Authorized Capitalization of Successor Company.
Pref.(p.& i.) stock,
,cum.from Jan. 1 1916. par $10 a share_ _$100,000
Common stock, in $10ares
°
400,000
Present 1st M.5s. due April 11937, undisturbed
750,000
It is proposed to acquire by Judicial sale or otherwise and to vest in the
new company (a) all of the property and franchises, subject only to the
present $750,000 1st M. bonds; (b) such present stock as may be deposited
and such of the obligations as the committee may deem desirable to acquire.
Holders of the 20,000 present shares (par $50) may. on or before Feb. 15
(but not thereafter), deposit their stock with the Fidelity Trust Co., Phila.,
as depositary, and subscribe $3 50 per share for each share deposited.
payable: Feb. 15 1915, $1 per share; March 15 1915, $1 per share; Sept. 15
1915, such amount as shall be called for, not exceeding $1 50 per share.
Subscribers will receive for each $10 so paid one share ($10) of new pref.
stock and five shares ($50) of new common stock. If the entire $70,000
to be subscribed is required, this will leave a balance of $30,000 pref. stock
and $50,000 common stock for expenses of the reorganization and treasury
of the new company.
The committee may, in their discretion, cause all of the new stock to be
transferred to voting trustees (in exchange for voting trust certificates) for
not over five years, such trustees to have power to sell all but not a past
thereof at such price as they may decide upon, provided the preferred stockholders receive not less than par.
Holders of 18.879 shares of stock have notified the reorganization committee that they will deposit their stock and subscribe the sum of $3 50 per
share. This insures the success of the plan.
When normal business conditions return the property should earn,without difficulty, its pref. dividends, and a substantial surplus for com. stk.
Reorganization committee: Percival E. Foerderer, Charles J. Jones,
Alfred C. Gibson, William L. Christnan and Samuel M. Clement Jr.
[Under the plan of Dec. 10 1914 there were deposited 26,910 out of 35,000
shares and $32.300 of the $50.000 debs. were subscribed.1-V. 100, p. 139.
Federal Light & Traction Co.
-New Director.
-John
Dunhill has been elected a director to succeed Samuel McCleveland Cincinnati Chicago & St. Louis Ry.-New Roberts.
Bonds-Joint Guaranty.
-The shareholders will vote Mar. 15
Interest C.A.Ry. F. L. &T. Balance
on authorizing the company to join with the Pitts. Cin. Ch. Cal. -Controlled Cos.- Federal Charges. &L.Div. Pref.Div. Surplus.
Net.
Net.
4r 9
Year. 6 6, 60
& St. Louis Ry. Co. and the Vandalia RR. Co. in jointly 19l4..12, 1oss. $918,276 $29,623 $586,155 $84,000 a$112.500 $105.998
and severally guaranteeing the principal and interest of not 1913.. 2.372,174 928,940 36,640 531.787 63.000 b150,000 147.513
a41%. b6%.
exceeding $10,000,000 Gen. & Ref. M. bonds of the Indian-V. 100, p. 140.
apolis Union Ry. Co.
Georgia Railway & Power Co.-N(w Director.
-
Digest of Circular Signed by Secretary Dwight W. Pardee, Feb. 11.
The Indianapolis Union Ry. Co. poroposes to execute its mortgage upon
its property, including its 999
-year lease of the Belt Ry. of the Belt Ry. &
Stock Yards Co. and its contract with railroads entering Indianapolis
for the use of its facilities by them perpetually, to secure not over $10,000.000 of its Gen. & Ref. 50-year bonds, to bear such rate or rates of interest
as, before issue. Its directors may determine. The proceeds from the sale
of these bonds will be used for the purpose of adding to its property by the
elevation of its tracks to comply with lawful demands of the city authorities
of the city of Indianapolis, and to add immediately to the number and extent of the tracks at its station. The payment of the principal and interest
of said bonds are to be guaranteed jointly and severally.by_the Cleve. CinChic. & St. Louis Sty. Co., the Pitts. CM. Chic. & St. L. Hy. Co. and the
Vendetta RR.Co.,which, as owners of the entire capital stock of the comps? (the two companies first named holding 40% each and the Vandalia
,
20 of the issue) will profit by the additional facilities.
The bonds will be sold as the work progresses and approximately as follows: In 1915. $1,000,000; in 1917, $1,500,000; in 1919. $1.500.000; reserve for redemption of present issue bonds of 1886, $860,000; reserve for
future corporate purposes, $5,140,000, making a total of $10,000.000.
The three guarantor companies aforesaid and also the Lake Erie & Western RR. Co., the Cincinnati Hamilton & Dayton Ry. Co., the Cincinnati
Indianapolis & Louisville Ry. Co. (Monon), and the Illinois Central RR.
have entered into a contract to use the tracks of the Indianapolis Union
Ry. Co. perpetually as their main passenger terminal, and to pay each its
proper and designated proportion of the interest on present values and of
any bonds issuded for editions to or improvements of the property.
V. 100, P. 397.
Lewis Lillie, Treasurer of the United Gas Improvement Co., has been
added to the board.
-V.98. p. 1694.
Grand Rapids (Mich.) Ry.-New Officers and Directors.
Frank I. Silliman Jr. of Philadelphia and Bert C.Cobb of New York have
been elected directors to succeed C. M.Clark and A. G. Hodenpyl. Louis
C. Delemater of Grand Rapids has been made Treasurer in place of George
S. Esterbrook, who resigned, and the office was added to that of Secretary.
S. E. Wolff of New York becomes Asst. Sec.-Treas. During the year the
company spent $112,202 in re-building its city lines.
-V. 95, p. 891.
Halifax Electric Tramway Co.
-For cal. yr.:
-Earnings.
Net.
Bond Int. Dividends Depr.,&c. Surplus.
1914$645,241 $269.818 $30.224 (8%)$112.000
$780 $126,814
6 610
p95,93. 268.925
4
118,307
30,000 (8%) 112,000 8,619
Indianapolis Union Ry.-New Guaranteed Bonds.
See Cleveland ChM.Chic. & St. L. Ry. above.
-V.91. p. 1511.
-Favorable Decision AfInterborough-Metropolitan Co.
firmed.
-The U. S. Circuit Court of Appeals on Wednesday
affirmed decisions handed down by the U. S. District Court
on June 30 1913 by Judge Hough in the U.S. District Court,
who dismissed two suits brought by the Continental Securities Co., of which Clarence Venner is the head.:
556
THE CHRONICLE
(1) To have the company declared an illegal monopoly and (2) to set
aside the mortgage made by the Interborough Rapid 'Transit Co. in 1907,
and also the First and Ref. M.of 1913 executed by the latter in connection
with the new subway contracts. Judge War, who writes the opinion,
says that even if the Interborough-Metropolitan were a monopoly, the
complainant has no cause to criticize the condition of the Interborough
Rapid Transit Co. stock as the result of the merger. The Court says that
"the record shows that dividends on the stock had been increased from
8% to 10% and the surplus from $1,467,409 to $7,340,348." In regard to
the suit seeking to set aside the mortgage of 1907 to the Morton Trust Co.,
It is stated that: "The questions involved have become academic by reason of the subsequent payment of the mortgage."—V. 100, p. 140.
Kansas City Railway & Light Co.—Plan.—In conformity with ordinance of June 8 1914 (V. 99, p. 196,
119), a definite plan has now been presented for financing
the reorganized company now and hereafter and
for taking up all the outstanding obligations of the old
holding company and its controlled properties. These securities aggregate $28,700,000, of which $3,100,000 (Kansas
City Elevated 1st & 2d M. and K. C. & Westport Belt 1st)
maturing in 1922 and 1926, will remain on the property without assumption, but $3,410,000 new bonds will be reserved
to acquire the clear title to the property that secures them,
being, it is believed, far more than is necessary therefor.
[VOL. loo.
Morris & Essex RR.—Listed.—The New York Stock Exchange has authorized the listing of $7,000,000 First and
Ref. M. guaranteed 3%% bonds recently sold, making the
total amount listed $24,594,000. Compare bond offering,
V. 100, p. 398.
New York Central RR.—New 6% Convertible Bonds.—
The directors on Wednesday approved the issuance, subject
to the consent both of the stockholders and of the several
P. S. Commissions having jurisdiction, of $100,000,000 of
-year convertible debenture bonds, to be dated May 1
6% 20
1915 and mature May 1 1935.
Warrants will be mailed in the near future giving to stockholders of record as of April 1 the right to subscribe at par
for the new bonds, to the extent of 40% of the par value of
their stock holdings,conditional upon the aforesaid authorization. Subscriptions will be payable 50% May 1, 25%
Sept. 1 and 25% Oct. 1.
The meeting of the shareholders to authorize the issue will
be held on April 20.
List of Notes Maturing In 1915.
Amount. N.Y.C.&H.R. Due.
N.Y.C.&H.R. Due.
Amount.
New Capitalzation.
Oct. 1 $18,051.000
1-year 5%
Jan. 22 $5,000,000 1-year 5%
1-yr.£(dis't bas.)Oct. 15
Common Stock, same as old company, undisturbed. Auth.,
1-year £ (dis1,911,000
89,543,080
L.S.&M.S.remain out, unassessed
812,500,000; to
count basis)_Feb. 2 13,122,000
6 months 5% April 1 20,000,000 1-yr.(disc't bas.)May 15abt20000.000
Preferred Stock, 5% non-cum., being the same as the preferred
Sept. 15 £1,425,000
do do
1.509.000
1-year 5%
Sept 15
Issue of the old company, left undisturbed. Auth., $12,9,407,500
500,000; outstanding
(The $5,000,000 notes that matured on Jan. 22 were, it was reported this
Pacific RR. along with 82,000,000 notes of the
week, held by the Union
New 25
-Year 5% First Mortgage, covering street railway• propLake Shore & Michigan Southern Ry.,all having been renewed for one year.
erty. To be used exclusively for the purpose of paying off
The notes due Feb. 2 were, it is said, provided for from the proceeds of the
certain old bonds and amply providing fhe necessary future
6 and 12 months, notes due April and Oct. 1 1915.)
new money, from time to time needed, to make additions.
Total auth. issue limited at all times to an amount that, with
Data from Letter of President A. H. Smith, New York, Feb. 10 1916.
the amount of the capital stock, does not exceed the value as
[Addressed to J. P. Morgan & Co.]
fixed under contract with the city (see V. 99, p. 196);present
See below
These bonds will be convertible into stock at the rate of $100 of stock for
issue to be
$105 of bonds, between May 1 1917 and May 11925. They may be called
Three-Year 5.1, % Notes, secured by 120% in 1st M. bonds of
5
interest date at 110 and int. upon 90 days' notice,
new company. Present issue to retire the Met.St. By.consols 7,242,000 for redemption on anymay be converted into stock up to 30 days prior to
but, if so called, they
Collateral Trust ("First Lien") 6% Bonds, covering the equity in
date of redemption. Int. payable M.& N. at office of company in N. Y.
the street railway properties and the entire ownership of the
City. Denom. c* 41,000; r* $100, 8500, $1,000, $5,000 and $10,000.
Kansas City (Mo.) Elec. Light Co. (but see below). To be
The proceeds will be used to retire an equal amount of the company's
used for the sole purpose of taking up certain debts due. Presobligations maturing during the present year, and the interest on the bonds
7,851,900 will be substantially the same as that heretofore ipaid on the notes. All
ent issue to be
unfunded debt maturing in 1915 will be provided for by this issue, except
econd Lien 25
-Year 6% Railway and Light Bonds. Auth., $15,less than $22,000,000. against which we hold $19,000,000 of quick notes of
000.000. Already underwritten at 85,to provide for cash payother companies. During 1916. 1917, 1918 and 1919 the total maturing
ments reporganization expenses, &c., but each shareholder to
1.4,000.000 debt,funded and unfunded, is less than 411,000,000. These amounts do
have the option to take his share at the same figure
not include current equipment trust payments.
Terms of Exchange for Old Bonds and Notes.
These bonds will be the direct obligation of the New York Central RR.
Co. formed [Jan. 1 1915] by consolidation of the N. Y. Central & Hudson
Collateral Trust
-Year 51i%
First Mortgage
3
River RR. Co. and the Lake Shore & Mich. Sou. Ry. Co. As now conNUM
"First Lien" es.
Bonds.
Old Securities Outstanding.
stituted, the property comprises 6,068 miles of main line and 14,777 miles
Met. St. By.
of track. These properties have been improved by large expenditures
100%-$7,242,000
Cons. M. 5s_ _$7,242,000
during the last four years, not only resulting in increased operating effiK. C. By.& Lt.
ciency, but also forming part of a broad plan for the development of ade107%-10,914,000
Ref. M. 5s...10,200,000
105'7-55,751,000 quate facilities. The extent to which the capacity of the property has been
do do Notes 5,478,000
105%-2,100,000 Increased is indicated in the following comparison of gross revenue from the
°
Cent.Elec. let5s 2,000,000
combined rail operations of the companies mentioned. viz.: 1903,$112,679.Corrigan and East Side bonds and notes to Kansas City banks aggre- 000: 1908, $131,745,000; 1913, 8179,689,000.
gating $680,000 will be paid in cash.
The more important improvements made on these lines since 1910 include:
The electric light company will be left without a lien upon its physical (a) Further construction at Grand Central Terminal, N. Y. City, at a cost
property, but will have an authorized bond issue for future extensions and of $30,000,000 (including commercial buildings). The rentals received from
the Grand Central Terminal amount to about $2,000,000, which should inimprovements.
The readjustment managers named by the various bond, note and stock- crease as further improvements are completed and become productive.
holders' committees are: Kuhn. Loeb & Co. and Blair & Co., New York, (5) Acquisition of important links in the main line previously held on lease,
$14,185,000. (c) Four-tracking between New York and Albany, including
and Lee. Higginson & Co., Boston.
improved signaling and new stations, $15,931,000. (d)
Chairman Dunham is quoted as stating that the various interests hoped stations at Rochester and at Utica. including new engine New passenger
terminals, new
to have the plan operatve and the receivers discharged by July 1 of this yards and appurtenances, 86,886,000. (e)
Eliminations of grade crossings
year. Under the ordinance approved by the people of Kansas City several and enlargement of
Gardenville yard, $3,276,000. (f) Electrification work
months ago, the time limit was set as Jan.7 1914, but,owing to depressed
financial conditions, the date was extended to July 7 1915. The plan must between N. Y. City, Croton and White Plains, $3,783,000. (g) Enlargement and improvement of facilities west of Buffalo, $14,000,000. Acquisibe approved by the Federal Court, the Mayor and Counselor of Kansas tion of
securities of controlled properties, including the minority stock in the
City and the Missouri Public Service Commission.
Lake Shore & Michigan Southern Railway Co.
The capital value of the electric railway property in Missouri as fixed by
The recent consolidation has brought into the treasury securities of a book
the franchise ordinance of 1914, $25.648,806, plus the additions since value of approximately $218,000.000, part of which represents the entire
May 1 1913, together with the value of the electric light property in Kansas stock issues of controlled properties, which are not
quoted. The
City, Mo., and the electric railways in Kansas, aggregates about 840,000,- book value of stocks which are currently quoted currently $100,000,000,
is about
000.—V.99, p. 1832.
compared with a present market value of over $125,000,000. These holdings include stocks of Reading Company, Pittsburgh & Lake Erie, MahonKansas City Viaduct & Terminal Ry. Co.—Status.—
lug Coal
An exchange journal says: "We are in a position to say that the report representRR., Nickel Plate, Big Four, &c. About 78% of our investments
affiliated or controlled
roads. The
that negotiations are in progress for the sale of the company are entirely company in street railway or othersteamutilities are itsonly interests of the
holdings in Mohawk
local
misleading. It is true that the enterprise is on the market, that any Valley Co. and the New York State Railways Co., which have paid the
buyer may have it for the right price, and that there is no knowing at what company an average of 6.75% on its investment during the last five years.
moment some one will come along and take it. But at the present moment Income during the calendar year 1914 from the stocks now owned repreno negotiations are in progress for the sale of the property.—V.99, p. 1832.
sented a return of about 4.64% on the total investments, including all issues
paying no dividends.
London (Ont.) Street Ry.—Earning..—
During the five years ended Dec. 31 1913 the income of the companies
Calendar
Gross
Operating
Net
Bond,&c., Divs. Balance, now merged showed considerable increase. The complete returns for 1914
Year—
Earnings. Expenses, Earnings. Interest. (0%). Surplus.
available, but it is natural to expect that some falling off in net
are not
1914
8375,895 $267,901 $107,994 $31.949 $33,360 $42,685 Income yet be reported for that year on account of the decline in business
will
1913
331,967
234.917
97.050 29,114
33,360 34,576 which has affected almost all railroads. During 1915, however, the in—V. 100, p. 308.
-S.
the I.
creases in freight rates recently granted by business C. Commission will
siwill resuln in adding
e
it as
1914
become effective, and
Increases
Massachusetts Electric Companies.—Notes.—The com- about 83,500,000 to theon the basis of
company's income.
pending,and which it is hoped will shortly become
pany,it is reported, will refund the $3,100,000 5% notes due rates which are now
effective, will still further add to income.
May 1 with a new issue similarly secured.—V.99, p. 1832.
Income and Fixed Charges of theConsolidated Company for Cal. Years 1909 to
1913, inclusive (excluding interest on floating debt.)
Michigan Central RR.—Bonds Sold.—The company has
1911.
1912.
$
1910.
19g9.
sold to J. P. Morgan & Co. $4,000,000 1st M. 332% gold
bonds of 1902, due May 1 1952. The bankers have re-sold
to Kountze Bros. and Wm.A. Read & Co.a part of the issue.
This completes the total auth. amount,$18,000,000.—V. 100,
p. 474.
Minneapolis & St. Louis RR.—Locomotive Trusts.—A
trust agreement has been filed securing $251,813 6% Locomotive Trust Certificates issued in connection with the purchase of 15 new locomotives for $296,250.
52,344,000 51,489,000 58,242,000 60,181,000 55,141,000
Gross
Fixed charges_ _ _29,353,000 30.464,000 33,729,000 35,080,000 33,232,000
Balance, surp_22,991,000 21,025,000 24,513,000 25,101.000 21,909,000
During the above five years the net corporate income,after the deduction
of charges prior to the interest on this issue, has averaged $23,108,000.
During the last 15 years the value of the equity behind the bond issues
has been increased by about $167,000,000, partly through the sale of
$123.000,000 stock at an average price of 103.6 and partly through earnings
re-invested in the propertybut not capitalized. Eauring these years the
stockholders have received regular annual dividends of at least 5%. In
1869 the N. Y. Central has paid
every year since its incorporation inper annum.
.
Dated Jan. 2 1915. Principal due in quarterly payments of $62,500. dividehdrebt reci rate of at ferm a % dica
.we ne s ay theuest you to loast 4syn
to underwrite the subscription
-.L) Trustee American Locomotive Co. Denom. $5,000.
interest (Q.
$1,000 and $250, gold.—V. 100, p. 474, 398.
to these bonds, and we agree to pay to such a syndicate a commission of
underwriting the issue. [It wasannounced yesterits
Minneapolis St. Paul & Sault Ste. Marie Ry.—Notes.— 23i% forthe services in
underwritinghad been over subscribed]
day that
See Wisconsin Central Ry. below.—V. 99, p. 888.
Missouri Kansas & Texas Ry.—Interest Rate.—The
shareholders will vote April 8 on sanctioning an increase in
if
the interest rate from 5% to 6%, at any time found desirable, on future issues of consol. M. bonds.—V. 100, p. 474,
398.
Y.—Earnings:—
Valley Co., Utica,
(The) Mohawk (after Other RIn. & s N.Gs.v b..51 ) s
tt&c. fre
.
D6 k Bakince
.o
Net
,
Oros
Ca Earnings. Taus,&c.) Inc.
Year.
$96,405 $C13,979 $92,905 $449,404 $1802
_ 1914 —$3.826,97831,470,719 295,127 877.977 92,905 449,808 235,31
3,464.695 1,3,951
1913
P. 1697
.
Injunction Pending Appeal.—While Justice Keogh in the
Supreme Court on Feb. 1, after argument on the merits,
denied the application of the Continental Securities Co. for
an injunction restraining the issuance of Consolidation M.
4% bonds in exchange for Lake Shore & Michigan Southern
Ry. collateral trust 332s and judgment to this effect has been
entered, he has upon further application granted an order
restraining the exchange pending an appeal to the Appellate Division.
This Ls done merely because Justice Tompkins in granting the application
for a temporary injunction on Dec.28last, pendingargument on the merits
FEB. 13 1915.]
THE CHRONICLE
expressed a contrary opinion from Justice Keogh (V. 100. p. 55). The latter decided, in view of this and the further fact that the interests of the various parties will not be permanently jeopardized by the delay, to restrain
the exchange during the short period covered by the appeal.
-V. 100.
P. 474, 398.
Omaha & Council Bluffs Street Ry.-Earnings.Calendar Gross
Net (after Other Rentals, Pf. Div. Com.Div. Bal.,
Year. Earnings. Taxes).
Inc. Int., &c. (5%). (5%). Surp.
1914- _ _32,966,214 $1,124,856 $7,214 $623,449 $200,000 $250,000 $58,621
1913_
2,996,631 1,180,830 5.622 599,486 200,000 250.000 136,966
-V. 98, p. 1538.
_.
Pennsylvania RR.
-Revised Official Statement.
-The following was given out on Feb. 10:
557
company, the city and the Common Pleas Court of Clark County. plus any
additional sum necessary to make the aforesaid amount equal to the bonded
debt and interest thereon and plus a further sum (in full compensation for
all profits lost by purchase of the property) equal to 10% of the actual depreciated value. Such sums, other than the 10%,are to be first applied to
or withheld for the payment of the bonded debt, and if any bonds
out, the city must assume and pay all interest as well as principal. remain
Company must pay the city for the first 10 years 1%, of its gross earnings
and for final 15 years 134%, in lieu of all car and pole licenses. Fares
(with universal transfers), cash. 5 cents; tickets, six for 25 cts. and 25 for
$1, but when the total annual gross receipts from all lines operated amount
to 3800.000. 7 tickets shall be sold for 25 cts.-V. 98. p. 1609; V.96, p.1298.
Tennessee Alabama & Georgia RR.
-New
Officers.
Colonel J. J. Slocum has been elected President to succeed Newman Erb
The directors to-day decided to request the stockholders for authoriza- and E. C. Osborn. Treasurer, in place of H. B. Blanchard. both with head-V. 92, p. 528.
tion to increase the indebtedness of the company at the next annual meeting quarters at New York.
to the extent of $40.000,000. Authority already exists, under action of the
United Railways of St. Louis.
-New Officers & Directors
stockholders taken in March 1909,to increase the indebtedness $80,000,000,
James Atkins. Breckenridge Jones and C. A. Tines have been
so that the total authorization, including the $40,000,000, will then be
elected
$120,000,000. The $49,000,000 of consolidated mortgage bonds recently directors to succeed A. C. Einstein. Frederick J. Kinsella and the late
sold are a part of this authorization. There will therefore be $71,000,000 Robert McCulloch. The election of Richard McCulloch as President to
of authorized increase remaining to meet the capital requirements of the succeed his father was announced some time ago.
-V.100. p. 400, 142.
company and which may be issued from time to time in the future in such
Virginia Railway & Power Co.
-Listed.
form of security as the board of directors may decide to be most advantageThe New York Stock Exchange has authoirzed the listing of
ous. [Compare V. 100, p. 141.1-V. 100. p. 475, 399.
$32.000 additional First and Ref. M.5% bonds due 1934, making the
amount listed
$12.285.000. The proceeds of the bonds were used to totaland
Petaluma & Santa Rosa (Electric) Ry.-Earnings
pay
discharge
liens and obligations for new construction, etc.
Calendar
Operating
Net
Gross
Fixed
Fire
Bal.,
-V. 100. p. 142.
YearEarnings. Expenses. Earnings. Charges.
Loss.
Surp.
Wabash RR.
-Foreclosure of 43/2% Note Issue-Sale
1914
$298.224 $213,784 884,440 $60,422 $14.138 • $9,880
-Pursuant to a decree entered Jan. 9 1915 in the
1913
303,645
42,801
202,622 101,023
58,222 March 12.
-V. 98, p. 1767.
U. S. District Court for Southern
Dist. of N. Y. Robert
C. Beatty, the special master, will offer at auction at 12 m.
March 12 at the County Court House, N. Y. City, the
following securities pledged to secure the $5,000,000 434%
Puget Sound Traction, Light & Power Co.
-Agreement. notes issued in 1905 and due as, extended, on May 1 1913,
-The officers and patrons recently agreed to defer for 6 with coupon of that date unpaid:
(I) Demand 5% note of Wabash-Pittsburgh Terminal Ry. Co.,
months the operation of the order of the Washington P.
dated May 1 1905 [endorsed by Pittsburgh Terminal
RR. &
Commission made on Dec. 24 reducing the fares one-third
Coal Co.. and collaterally secured by pledge of
$3,800,000 40
year 43.6% consolidated gold bonds of that
along the entire line of the Pacific Northwest Trac. Co. be$3.500,000
(2) Demand 5% note of Wabash-Pittsburgh company Ry. Co.,
Terminal
tween Seattle and Everett, 25 miles, or from 3c. a mile to 2c.
dated May 1 1905[secured by pledge of the entire
-Bonds.
Public Service Railway Co. (N. J.).
-
The P. U. Commission of N. J. on Jan. 28 authorized the company to
extend for 30 years at 5% the time for payment of the $100,000 Weehawken
Extension 1st M.5s due Feb. 11915.-v.99, p. 1053.
$14.060,1111110
The Commission will be asked to validate tho old schedule, except that
capital stock of Pittsburgh
the company will issue a 25
1.500,000
-ride book from the city limits to Seattle, as (3) Belt Ry.Co. of Chicago Terminal RR.& Coal Co.
follows: To Lake Ballinger and intermediate points at 2c. a mile; to Es- (4) American Refrigerator capital stock (total issued.$2,880,000) 240,000
Transit Co.,capital stock, par $100 a
perance, at 2.1c.; to Seattle Heights. at 2.2c.; to Cedar Valley sub-station,
share [V. 96, p. 1631; V. 97. P. 667, 1117
at 2.3c.; to Alderwood Manor, at 2.4c. from the city limits of Everett (5) PacifM Express CO. capital
121.700
stock [but not including any
to Silver Lake and intermediate points, at 2 c. The minimum fare in the
rights, remedies, &c. resulting, it is understood,from substancase of a 25
-ride ticket book to be 5 cents. The 25
-ride book, if continued
tial liquidation of the company.
-Ed., as referred to by the
beyond the 6 months' trial period, is to be good for one year from the date
Special Master in Parag. XVI TO XXXIIMA his report in _t e
of sale. Pending a 6
-months' trial, no action will be taken on the Commisoriginal
t ag.
t
qtg tonas.
p. 3071_ 12000
h_ 8: 00 0
4: a
sion's order or the company's petition for re-hearing.
-V. 100, p. 475.
(6)
dtei 2?mgaeV90.
p tei.8 1914
ft
Rapid Transit in New York City.
-Bids Canceled.
The P. S. Commission on Feb. 8 canceled all bids received
for the construction of the Seventh Avenue (Manhattan)
subway between 51st and 59th sts. pending the decision
of the Court of/Appeals on the alien labor law.
'
The bids were to be opened on Feb. 26. When the decision is handed
down new bids will be called for. Compare V. 100, p. 142.
Rates.
-Intermountain Decision.
-
See article in editorial columns.
-V. 100, p. 230, 56.
Notice to Depositors of4M% Notes
-Plan to Co-Operate with
Pierce Reorganization Committee.
-The committee of holders
of the extended 434% gold notes due May 1 1913, John W.
Platten, Chairman, referring to the aforesaid sale, asks the
consent of the depositing noteholders to an amendment to
the deposit agreement to make possible co-operation with the
reorganization committee, Winslow S. Pierce, Chairman.
A circular dated Feb. 8 says in substance:
If, as seems likely, the $5,000,000 First Ref. & Ext. M. bonds of the
The Cal. RR. Commission has authorized the company to issue $300,000 Wabash RR. Co. are bid in by us at said sale, the committee, as at present
stock (par $100) and $200,000 254-year 634% notes, to purchase from Wm. advised, feels that the depositors of notes should retain their interest in the
G.IIenshaw the unincorporated road owned by him, known as the Crescent Wabash property by joining in the reorganization, and therefore that the
City By., extending from Riverside to Rialto, 10 miles. Earnings in bonds should be deposited with the Equitable Trust Co. of N. Y., depositary under the agreement of the Pierce Committee. In such event, it may
calendar year 1914 are reported as $90,194 and net income $20,526.
be desirable to make an early distribution of the certificates of deposit representing such bonds among the depositors of notes. To give us authority
St. Louis & San Francisco RR.
-Decision.
-The Aradequately to represent the
kansas Supreme Court in a suit brought against the com- for such deposit and distribution and powerreorganization,the committee
depositing noteholders in connection with any
pany held that the full-crew law of the State, for violation has filed with the U. S. Mtge. & Trust Co., as depositary, a statement of
to the deposit
of which the company had been fined, applies to it, although amendmentswithdraw on or agreement dated April 30 1913. Depositors
who do not
before Feb. 23 will be bound by
it does not operate more than 50 miles of road in the State.
ments. To withdraw, they must pay $10 per 31,000 note the amendtoward the
The Court held that the Act applies to all roads of more than
50 miles expenses, &c., of the committee, and also, in case the amount of the May 1
that enter Arkansas, no matter what ;portion of the tracks may
1913 interest was advanced, the amount of
State. The company will appeal to the U. S. Supreme Court. lie in the 6% per annum. [Signed] John W. Platten, such advance with interest at
Chairman; Otto T. Bannard
-V. 100, and Henry
p. 399, 230.
R. Ickelheimer. with Calvert Brewer, Sec.. 55 Cedar St., N. Y.
San Diego & Arizona Ry.-Extension.--The Calif. RR. Condensed Extracts from Amendments to Agreement of Platten
Committee of 434% Noteholders,
Commission has extended the time within which the comThe Platten committee may subject said $5,000,000
bonds
reorganization adopted by
pany may issue $10,000,000 bonds and $3,000,000 stock from assessment, subscription the bondholders' committee, and to any plan of
may pay any
for securities
may deem
Feb. 1 1915 to and including June 30 1915. The original au- proper in connection with any depositor otherwise, which it withdrawal
of said bonds
thereof from deposit or under any plan of reorganization or any
thorization was made on Feb.9 1914.-V.99, p. 1367.
or otherwise in the
interest of the noteholders. The committee may distribute
among the
depositing noteholders the certificates of deposit for said
Seattle Renton & Southern Ry.-Denied.Refunding bonds
after the same have
Judges Gilbert, Neterer and Cushman in the U. S. District Court re- agreement or plan as been deposited under, or otherwise subjected to, any
aforesaid, and the committee may likewise, from time
cently denied the application for an injunction made by the receivers for to time, distribute among depositors
all
an injunction against the P. S. Commission of the State. who decided against and other property which it may in any or any part of the cash, securities
way acquire, upon payment of the
the company in its efforts to raise its rates. The Court hold that no emer- advances, obligations, liabilities, expenses and
compensation of the comgency had been shown for the order applied for at this time. The receivers mittee. The committee may. for such
consideration as it may deem
contended that the order prohibiting the company from raising rates and advisable, release or assign any and all claims
against The Wabash RR.Co.
establishing fare zones was confiscatory. The Commission took the po- as the endorser or guarantor of any of the
securities pledged as collateral for
sition that the company was bound under its franchise until such time as the the notes and acquired by the committee and
also any deficiency claim
Commission or the Legislature should fix a different rate' that the service upon the deposited notes.
-V. 100. p. 400. 311.
rendered was not reasonably worth more than the fare charged, and that
Warren, Brook!
an increase in rates would reduce the revenue rather than increase it by
ield & Spencer Street Ry.-Sale.diminishing the traffic. The company will have to continue to operate
Judge Carroll of the Mass. Supreme Judicial Court on
Jan. 9 authorized
under the rates mentioned In the franchise until the case comes up regularly Thomas T. Robinson, receiver, to sell the
road; upset price $35,000.for trial in January next. Compare V. 99. p. 1301, 749.-V. 100, p. 142.
99. p. 408.
Riverside Rialto & Pacific RR.
-Authorized.
-
Southern Pacific Co.
-Regular Dividend, &c.
-In connection with the declaration of the regular quarterly dividend
of 13/2%, a direetor says:
Washington Baltimore & Annapolis
Electric RR.
Calendar
Gross
Net
Other
Interest.
YearEarnings. Revenue. Income. Taxes,&c. Pref-Div. Balance.
1914
$816,939 $382,238 313.071 $293.581 (6%). Surplus.
The regular dividend Just declared was more than earned. The de- 1913
$87,345 $14,383
831,940
408,314
10.896
289.590
creases in earnings are smaller each month. There is no truth in the report -V. 98, p. 1389.
87.395
42,225
that the Southern Pacific contemplates selling pref. stock. We have no
financing in mind. The company does not need to consider any financing
Wisconsin Central Ry.-Notes Sold.
-Wm. A. Read &
for some time to come.
-V. 100, p. 399. 142.
Co., it is understood, have
Southern Ry.-Listed.-The New York Stock Exchange
has listed $7,132,000 additional First Consol. M.5% bonds
due 1994, issued for an equal amount of underlying bonds,
making the total amount listed $68,779,000.
Earnings.
-For 6 mos. ending Dec. 31 (subject to adjustment June 30 1915):
Operating
Six
Total
Other
Net (after
Balance,
Revenues.
MonthsTaxes).
Income. Deductions. Surplus.
$32,765,576 $6,943,781 $925,629 $7,369.125 $ 500,285
1914
36,982,039 10,109,006
950,280 6,992.392 4,066.894
1913
-V. 100. p. 310.
placed privately, subject to the
approval of the Wisconsin RR. Commission,
$1 000,000 three-year 5% secured gold notes, an issue of
;
guaranteed
principal and interest by endorsement by
Minneapolis St.
Paul & Sault Ste. Marie Ry. Co.
Dated Feb. 15 1915, due Feb. 15
Feb. 15 1917 or any previous interest 1918, but redeemable as a whole on
date at
1917 at 10034 and int. on 30 days' published 101 and int., and on Aug. 15
notice. Total auth. and outstanding, $31,000,000, a direct obligation of the
Wisconsin Central Ry. Co.
and specifically secured by deposit with U.
S.
tee, of $1,500,000 Wisconsin Central By. 1st &Trust Co. of N. Y., as trusRef. M.4% bonds of 1959.
-V.99, p. 896.
Springfield (0.) Railway.
-Earnings.
-Franchise.
-
E. H. Rollins & Sons, who placed the company's 1st M.5s of 1914 (V.98.
p. 1609), report for the year ending Nov. 30 1914 gross earnings of $360,701:
net. $108.291. against a present interest charge on $1,231.000 1st M. 5s
of $61,575; balance, surplus for sinking fund, deprec. or divs., $46,716.
Data from 25-Year Franchise Voted Mar.251913,Expiring April 261988
The city may at any time after five years (but prior to Apr. 26 1938)
purchase the property in daily operation, both in and out of the city, after
vote of the people, at its depreciated value (independent of franchise rights),
as determined by three appraisers to be appointed respectively by the
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Agricultural Chemical Co.
-Listed.
The
New York Stock Exchange has listed (a) 37,003,000 5%
debenture bonds, due 1924, with authority to add, on or before convertible
an additional $8,000,000 on notice that they have been sold,Jan. 1 1916,
total authorized to be listed $15,000,000. (b) $445,500 pref. making the
and $100.000
common stock on notice of its issuance and payment in full or
in exchange
558
THE CHRONICLE
[VOL. 100.
Carriage Factories, Ltd., Montreal.
-Director-Earns.
J. A. Mackay of Montreal and W. F. Brock of Toronto
have been elected directors to succeed George E. Drummond
American Brake Shoe & Foundry Co. (of N. J.).-Pro- and Frank Paul, resigned. The earnings for the year ending
posed Re-incorporation in Delaware-Listing of Certificates of Nov. 30 1914, according to newspaper reports, compare:
-A committee consisting of Gates W. McGarrah, Nov. 30 Net (aft. Other
Deposit.
Bond
Other
Preferred
Balance,
Year- Deprec.)
Dividends.
Otis• H. Cutler (President), and Robert J. Davidson, has 1913-14-$119,009 Income. Interest. ltd..&c. (5 kl," %)$63,042 Surplus.
$24,741
stockholders to deposit their stock certificates with 1912-13_ 128,405 $10,634 $30,000 $11,860
asked the
12.804
30,000
17,003
(7% 84,056
)
8,150
Total surplus Dec.31 1914. $127,188.-V. 99. p. 1217.
the Bankers Trust Co., 16 Wall St. as depositary, under
'
agreement of Jan.19 1915,with a view to the re-incorporation
Chesapeake & Potomac Telephone Co. of Va.-Bonds
of the company under the laws of Delaware (without any -Earnings.-Clark, Dodge & Co. are placing at 96 & int.
change in capitalization), provided in the judgment of the $100,000 1st M.5s of 1913, due May 1 1943, part of $2,007,committee a requisite number of the shares are deposited 000 outstanding. A circular shows:
within a reasonable period, the agreement running for one
Authorized. $5,000,000; outstanding,$2,007,000; retired by sinking fund,
213,000; held in treasury, $480,000; reserved for additions and betterments.
year with the option of renewal for like period.
of Ashepoo Fertilizer Co., makfor capital stock of the "Herman Brand" or pref. and $18,430.900 common
ing the total amounts listed $27,558,200
stock.
-V.99. p. 1751.
The New York Stock Exchange has authorized to be listed Bankers
Trust Co. certificates of deposit for $708,400 pref. stock and for $622,700
common stock, with authority to add similar certificates for the remainder
of the $5.000.000 pref. and $4,600,000 common stock if. when and as issued.
-V. 100, p. 306.
-Deposits.
American Round Bale Press Co.
The bondholders' committee, H. K. Twitchell, Chairman, announces
that under their informal call more than 889' of the $740,000 1st M. bonds
have been deposited, and urges further deposits with the Metropolitan Trust
Co., N. Y.. depositary. Interest on the bonds has been in default for
over 3 years. Bondholders will be allowed 2 weeks (from mailing of notice) to withdraw in case any plan of reorganization submitted Is unsatis-V. 100, p. 143.
factory to them.
-Plan.
American Water Works & Electric Co.
-V.99. p. 1751..
See United Water & Light go. below.
Armour & Co. (Chicago).
-Fine.
-The Missouri Supreme Court on Feb. 9 imposed fines of $25,000 each on 5
large packing companies and restrained them from violating
the Missouri Anti-Trust Laws as a condition of continuing
to do business in the State.
The companies affected by the decision are Armour & Co., Morris & Co.,
Swift & Co.. the Hammond Packing Co. and the St. Louis Dressed Beef
& Provision Co. The ouster suit was brought by the State in 1910 on the
ground that the companies named had violated the State Anti-Trust Law
through the organization of the National Packing Co. as a holding company
for the other concerns (V. 96, p. 290; V. 95, p. 547)•
Judge Walker in the opinion says:"It is disclosed that the National Packing Co., organized as a packing company but utilized entirely as a holding
company, became soon after its organization the owner by purchase of the
stock of the Hammond Packing Co. and the St. Louis Dressed Beef & Provision Co. The prime purpose of the organization of the National Company was to enable the heads of the great packing companies, Swift. Armour and Morris, who were instrumental in Its creation, to form a substantial and effective union of interests and thereby control nor only the supply
of live stock furnished to packing houses, but its output as a dressed product, as wll as its distribution and the prices to be paid for or received for
the same."
-V, 100, p. 306.
$2,500.000. The entire $4,105,100 capital stock Is owned by the Ches. &
Potomac Tel. Co. of N. Y , a subsidiary of the N. Y. Telephone Co. and
the Bell Telephone Co. of Pa.
Earnings for 9 months ended Sept. 30 1914: Gross, $1.236,431; net (after
taxes). $232,452; interest on bonds, $75,263; balance, surplus, $157,189.
Dividends on capital stock in 1910 and 1911. 6%;in 1912, 1913 and 1914
each 5%. See also V.99, p. 915. 765.
-3 and 12 mos. end. Dec. 31:
-Earns.
Chino Copper Co.
-3 mos. end. Dec.31- -12 MOS. end. Dec. 311914.
1913.
1914.
1913.
Gross production_ _ -lbs_ 8.935,585 13,970,438 54,748,254 53,170,145
$259.201
$778,143 $3,005,617 $3,190,292
Profit from milling
33,944
187.896
141.266
26,731
Misc, income, rents,&cTotal net profits
Dividends paid
$285,932
$812,087 $3,193,513 $5,331,558
1,734.095
1,919,070
645,405
$166,682 $1,459,418 $1,412,488
$285,932
Net surplus
The above earnings are computed upon the basis of 11.08, 12.4344,
13.9191 and 14.4227 cents for copper in the quarters ending Dec. 31, Sept.
30. June 30 and Mar.311914,respectively, against 15.28 cts. for the fourth
quarter, 15 cts. for the second and third quarters and 15.06 cts. for the
first quarter in 1913.-V. 99, p. 1454.
-New Director.
(H. B.) Claflin Corporation.
B. H. Borden has been elected a director to succeed E. M. Townsend,
who recently resigned.
-V. 100, p• 477, 400.
-A judg-Withdraws from Texas.
Crane Co., Chicago.
ment was entered in the District Court of Limestone County,
Tex., on Feb. 4, compromising the suit brought by the State
for violation of the State Anti-Trust laws.
The company agrees to pay $75,000 in place of the large penalties asked
and the court costs and expenses of prosecution. The Ahrens-Ott Co.,
also named as a defendant, will pay $25,000. Although the injunction
merely restrains the Crane Co. from doing the things complained of, it
-V.100. p. 232.
has decided to withdraw from the State.
-Results for Calendar Year.
Crescent Pipe Line Co.
Atlantic Refining Co., Phila.-Report for Cal. Year.
1914.
1913.
1912.
$269,658
$370,894
$426,111
The report says that the notes payable have been entirely liquidated, Net (all sources)
(9%)270,000 (12%)360.000 (12%)360,000
accounts payable materially reduced and cash on hand appreciably in- Dividends (12%)
creased. These changes, which have made possible the resumption of
def.$342
sur.$10,894
Balance,surplus or deficit
sur.$66.111
dividend payments, have been brought about by the liquidation of a portion
Balance Sheet Dec. 31.
of the inventory of merchandise and materials. This liquidation took place
1913.
1914.
1914.
1913.
period of declining prices, which seriously impaired the profits from
during a
Liabilitiesl
nge ii 1 ar e ext- ues
l
Assets$
$
Ttlch curtaileel 13?; tte t v aorie
i
$
$
arryatiocno,nacgotnhse ..vt lh. e
o tu
l
(less dep.) 933,022 931,816 Capital stock_ _ _3.000,000 3,000,000
Invest.
e anIshegaNcvl's
of
26.765
6,449 Acc'ts payable_- 54,720
8.584
required the re-pricing of stocks at a lower level, causing a shrinkage of Mat'ls & suppl's
Cash,ac'ts rec,&c2,455,459 2,431.186 Profit and loss_ _ 342,345 342,686
nearly $2,000,000 in this asset.
1912.
1913.
1914.
Total
Total
3.397,065 3,369,451
3,397,065 3.369,451
$940.741 $3,734,232 $4,953,952
Profits for year
1,932,143
Cr.74,545 Cr.2,343,720 -V. 99, p. 1454.
Depreciation of inventory
(5%)250,000
Dividends paid
z
Crex Carpet Co., New York.
-Report.
-Calendar years:
Calendar
Gross
Net Extraor. Depr.
Dividends
Balance,
YearEarnings Earnings Exp. Charges.
Paid.
Sur. or Def.
1914
$366,193 $115,955 $2,406 $53,670 (3%490,000 def.$30,122
562,092 382,491 3,085 77,695 (6%)180,000 sur.121.711
Total surplus
$20,755,510 $21,996.912 $18,188,135 1913
-V. 99, p. 1454.
1914.
1913.
1913.
1914.
Liabilities$
Assets$
$
$
Crocker-Wheeler Company.
-Earnings.Plant account.10,564,324 10,324,088 Capital stock- 5,000,000 5,000,000 Calendar
Net
Interest Replacem't Dividends
Balance,
Cash
717,525
266,965 Notes payable
1,500,000
Year- Profits.
Paid.
Slav. or Def.
Paid.
Sic.,Reserves.
Other invest'ts
7,625 Accts. payable 961,334 1,879,023 1914
7,526
da.$110,175
$80,168
$106,674
$25,205
$58.464
Accts. receiv_ 5,251,671 4,500,250 Insurance__.. 541,671
384,076 1913
sur.52,388
50,035
94,917
102,750
300.000
Mdse.demater.10,717,469 15,661,083 Profit & loss--20,755,510 21,996,912 -V.98. p. 1689.
Total
Total
27,258,515 30,760,011
27,258,515 30,760,011
-Earnings.
Detroit (Mich.) Edison Co.
Balance.
A quarterly dividend of 5% has been declared on the $5,000,000 stock, Dec. 31'
Net (after
Gross
Surplus.
Dividends.
payable Mar. 15 to holders of record Feb. 20. A distribution of the same 191
YearEarnings. Taxes,&c). Interest.
amount was made on Dec. 15 1914. Compare V. 99. p. 1453.
$6,495,815 $2,821,064 $882.313 (7%)E941,564 $997,187
854,018
695,702 (7%) 774.641
2,324.361
5.546,587
1913
Automatic Electric Co., Chicago.
-Earnings.
-V.99, p. 1530.
Calendar
GTOS3
Net
Mach. & Bond
Dividends Balance,
-Decision Reversed.Year(4%). Surplus.
Income. Earnings. Repl.Res've. Int.
Diamond Light Co. Cincinnati.
1914
$562,908 $272.546
$48,870 $209,000 $14,676 The Ohio Court of Appeals on Feb. 5, reversing the decision
1913
903,382 600,061 $72,000
50.051
184,368 293,641
-V. 98, p. 1691
of Judge Gorman in the Common Pleas Court on Nov. 11
Balance, sur. or def
Previous surplus
def.$1,241,402 sr$3,808,777 sr$7,297,672
21.996,912 18,188,135 10.890,463
Beatrice Creamery Co.
-Earnings for Calendar Year.
- last, granted the application of the city for an injunction reNet Inc.from Total
Total Pf
.Div. Cam. Balance, straining the company from crossing the streets of the city of
Earns. Inv.&c.Year- Income. Deduc. (6%) Div. Surplus. Cincinnati and selling electrical power for commercial use.
.
Calendar
$
$
$
$
$
$
$
1914
626,556 103,421 729,977 284,640 120,000 180,000 145,337
1913
567,191 201,456 768,647 258,142 120,000 172.500 218,003
Regular common dividends in both years were 10%. Special dividends
paid during the year amounting to $1,800,000 were deducted from accumulated surplus.
-V. 100, p. 400.
Belding-Paul-Corticelli Co., Ltd.(Canada).
-Earnings.
Nov. 30.
Net
Deben. Sinking Depre- Written Preferred Balance,
Year- Profits. Interest. Fund. elation.
Off.
Dividends. Surplus
1914_ ---$102,393 $37,220 $14,888 $8,001
$42,284
19i3_ - - 127,876 37,409 14,944 10.076 3,575 (3A)E29,904 31,967
-V.98, p. 612.
Billings (Mont.) Water Co.
-Sale to City.
-
As to the rights of abutting property-owners to consent to the crossing of
consider that question in
a street, the Court says that it is not necessary to to the suit. The Court,
was made a party
the case, as no property owner rights of a property owner on
his own behalf
''11natever the
however,say
might be, there is no authority of law to substitute his consent for that of
the city." It is further stated that Council has refused such consent, and
whether this was wise or unwise is not in question, as no fraud or improper
the Court
methods have been shown. In conclusion shall be says: "The law having
laid or constructed withprovided that no such wires and conduits
out the consent of Council, the injunction sought must be allowed.' Compare V.99, p. 1600.
Co.
du Pont International Powder Div,-Earnings.
Int. oe Pref.
Total
Balance,
Total
3379:229257
Receipts. $
$32i28;7383 Expenses.
Sur.or Def. Surplus.
Year
$214,337 def434,831 $223.847
1914
267,919 sur. 26.964
258,678
-Report,.Etc.
Booth Fisheries Co.
-See"AnnualReports." 1913
alsomethod lessaccopuonwt
&thee
was inc an ed
elved i ud 2
.
Owing
F. S. James has been elected a director to succeed F. 0,Loucks. P. L.
Powder Chemical Co.
Sg
lng3
t a I a 91e :in e th
from ohe cnternationalth e
in9t4e
l h
-V.99, p. 1368.
Smithers has been made Treasurer.
okoef ursement of 1 X,% on the preferred stock
disb
profits for
-Earnings.
-For cal. yrs. of the Du Pont Co. made Jan. 2 1914 was charged against the earnings for
(J. G.) Brill Co., Philadelphia.
-V.98, p. 526.
the year.
Gen.Exp.&
Net
Total
PreferredBalance,
Calendar
Deprec'n. Profit.
Dividends.
Sur. or Def.
.
Sales.
Years-Earningsfor Eastern Lines.Eastern Steamship Corp.
$4,903,510 $4,744,626 $158.884 (634 ,)$286,250 der.$127,366
1914
Net (after Other Rentals a.
Gross
Balance.
9,154,433 8,245,290 909,143 (7%) 320.600 sir. 588,543 Calendar
1913
Taxes). Income, Interest. Sur. or Def.
Earnings.
Year
surplus Dec. 31 1914. $1,68.37o.
-V.99, p. 1368.
Total profit and loss
$1,988,9189 $216,595 $9,454 $286,614
def460,564
1914
-Dividends Resumed.
-A 1913elropolitan Line2.005,969 317,875 9,537 287,243 sur. 40,169
Calumet & Hecla Mining Co.
13
M
487,431 $176,227
$28 $267,028
def490,772
dividend of $5 per share (20%) has been declared, payable 1914
1.565,767
167,256
328
def. 96,370
263,955
of record Feb. 18. No payment was 1913
March 18 to holders
3aine SS. Lines
last. Compare V.99, p. 676, 1751.
$707,525
$29,852 $5,190 $167,878 def4132,836
made in Sept. or Dec.
752.950
95,083 4,908
168.572 def. 68,580
Paid
.
$2,500,000 in $25 Shares. $121 15 in.
Partial Dividend Record-Stock Now . '11. 12. '13. 1914.
Note.-Intere.st on bonds and other interest-bearing obligations is accrued
1915.
'06. '07. '08. '09. '1
receiver for the purpose of preserving the continuity of
Year
108 116 96 168 128 20,20,0,0 20.--_,__ on the books of the
280 260 80
Per cent
-V.99, p. 1676.
the record for comparative purposes.
-v. 100, p. 212, 143.
The company's plant was formally taken over by the city on Feb. 1.
See items in "State and City" department.
Calendar
FEB. 13 1915.]
THE CHRONICLE
559
says: "On account of conditions prevailing, it has been decided by your
Elgin (Ill.) National Watch Co.
-New Director.
Chauncey Keep has been elected a director to succeed the late A. A. directors, until they become normal again, that any future dividends will
be paid on a basis of 5% per annum." Mortgages payable Jan.
Sprague.
-V. 97. p. 668.
$47,000. Owns stores at Toronto, Canada. Pres., Douglas K.31 1915,
Ridout;
W.P. Murray; Sec., J.E.Featherslonhaugh; Treas., Wilson Fenton.
--New President.
-Earns.
Fairmont(W. Va.) Gas Co.
Calendar
Pt. Dirs. Redemp. Balance, Office. 17-31 King St., East., Toronto.
Gross
Net
Oper. Exp.
Pf. Stk. Surplus.
YearEarnings. lb, Taxes. Earnings. (551%). of
Nassau & Suffolk Lighting Co.
-New Bonds.
1914
-W.E.R.
8328,708 8168.252 3160.456 $39,375 $20.000 5101,081
James 0. Watson,formerly Vice-President, has been elected President. to Smith & Co., New York, and Bioren & Co., Phila., recently
succeed Jere 11. Wheelwright, who resigned in order to devote all of his
time to the duties of President of the Consolidation Coal Co. Mr. Wheel- purchased the first block of $700,000 1st M.5% bonds dated
wright remains on the board and retains his large financial interest in the Feb. 1915 and due Feb. 1945, and have disposed of the entire
company. John M.:Dennis has been elected Vice-President in place of Mr. issue.
Total auth. issue, $5,000,000.
Watson.
-V. 98, P. 1463.
The $500,000 1st M.of 1905 called for payment at 105 and hit. on Mar.12
-Common Dividend.
Griffin Wheel Co.
1915 are now being paid at Equitable Trust Co. of New York. Compare
A dividend of 6% has been declared on the $9,282.000 common stock, V. 88, p. 1625.
Payable out of 1914 earnings in two installments of 3% each on March 1
The company is controlled by
and Sept. 1 to holders of record Feb. 17 and Aug. 17, respectively. An Corporation of Long Island. See the same interests as the Public Service
V. 96,p. 290.
-V.99, p.611.
initial distribution of the same amount was made a year ago.
Hamilton Mfg. Co., Lowell, Mass.
-Dividend Omitted.
The directors have decided to omit the semi-annual dividend usually paid
on Feb. 15. in recent years, 2% %.
Dividend Record Since 1898 (Per Cent).
1900-01.
1910.
1902 to 1909.
1899.
1911 to 1914.
5 yearly.
2%
5 yearly.
6 yearly
-V. 92, p. 1035.
National Transit Co., Oil City, Pa.
-Earns. Cal. Year:
1914.
1913.
1912.
$1,482,187 $2,315,556 81,909,807
1.527,307
1,527,307
1,527,307
Net earnings
Dividends (12%)
Balance, surplus or deficit
def.$45,120sur.$788,249 sur.$382,500
1914.
1913.
1914.
1913.
Assets$
$
Liabilities$
$i
Hendee Mfg. Co.(Indian Motor Cycles).-Pref. Stock.
- Plant(pipe line)6,867,834 7,295,601 Capital stock_12,727,575 12,727.575
The company is asking tenders on Feb. 15 for 1,500 shares of pref. stock Merchandise _
826,387
950,708 Accounts pay-V.99. p. 1831.
(total now out 25,000 shares).
Other invest't. 6,619,396 6,211,318
able
309,468
578,498
Accts. receiv_
416,328
855.473 Surplus
2.408,592 2,453,714
-Listed.
Inspiration Consolidated Copper.
Cash
715,690
446,688
The New York Stock Exchange has authorized the listing of $55,100
Total
additional stock, making the total amount to be listed $20,055,100.
15,445,635 15.759,788
Total
15,445,635 15.759.788
The stock was issued in part payment for the properties in Arizona for- -V.99, p. 677.
merly owned by the New Keystone Copper Co.,except cash and securities in
Nevada Consol. Copper Co.
-V.99. p. 1913.
the treasury and unexpired insurance premiums.
-Earnings.
-3 and 12 mos.
- ending Dec. 31:
Internat. Mercantile Marine Co.-Ctfs. of Dep. Listed.
The New York Stock Exchange has listed $1.916.000 New York Trust Co.
certificates of deposit for 4%% Mtge. and Coll. Trust bonds. due 1922,
with authority to add certificates of deposit on official notice of issuance thereof in exchange for temporary certificates of deposit of the
New York Trust Co. for deposited bonds of the principal amount of $13,733,000; temporary certificates of deposit issued by the agents of the New
York Trust Co. for deposited bonds of the principal amount of $1,703,000
and for outstanding undeposited bonds of the principal amount of $35,392,000, making the total amount of said certificates of deposit authorized
to be listed $52,744,000.-V. 100. p. 478, 401.
Internat. Smokeless Powder & Chem. Co.
-New Directors-Earnings.
J. P. Laffey and C. R. R.Mudge have been elected directors to succeed
A. J. Moxham and C. L. Patterson.
Calendar
Other
Net Earns.
Dividends
Balance
YearIncome.
Paid.
from Sales.
Deficit
1914
$226,575
$318,000
$3,091
$88,334
1913
306,735
3.001
318,000
8,264
-V. 100. p. 478.
-3 Mos. end. Dye. 31- -12 Mos.end. Dec.311914.
1913.
1914.
1913.
$370,847 81.213,949 82.209.831 84.026,376
$76.592
3142,117
$486.411
$542,488
40,460
141,274
253.049
522,793
64,444
64,444
749,796
749,796
249,388
2,999,185
Total income
Depreen Steptoe plant_
Ore extinguishment
Deprec'n & income tax
Dividends
Balance, sur. or def_def.3496,001sur.$116,318 def.$779,017 def.$102,534
The gross production of copper for the quarter ending Dec. 31 1914
8.065,236 lbs. and for 12 months ending Dec. 31 1914 $48.244.056. was
The above earnings are computed upon the basis of 11.504 cents for the
quarter ending Dec. 31 1914.-V. 99, p. 1752.
Ontario Power Co., Niagara Falls, N. Y.
-Earnings.
-
Calendar
Gross
Gross
Net
Other
Interest Balance:
YearsSales.
Earnings. Earnings. Income.
Paid.
Surplus.
1914
$1,719.835 $1,622,249 81,293,037 5105.485 5898.444 8500.078
1013
1,559,127 1,410,090 1,215.317
68.526 755,675 528,168
I 933,669 1,163,525
1912 992,091
22,287 648.936 365,441
The east nee Income in 1914 is over 2% times the 1st M.interest and a
gain in both grew and net earnings over the preceding year, which is most
Kelly-Springfield Tire Co., New York.
-Earnings.
In 16.!se times. The balance after 1st M.interest was $895,408.
Calendar
Gross
Int., 1st Pref. 2d Pref. Cam. Balance. 0.
Net
YearProlits.Income.S.F.,Ite Divs.
Dies.
Divs. Surplus, 1st E. Deo..ou & Co. of Boston and Cleveland offer a limited amount of
M. bonds.
-V. 100. p. 479.
$
$
$
$
1914 ---_2,205,761 1,231,620 113,240 a169,059 b47,628 c60,000 841,693
Pennsylvania Canal Co.
1913 __--1,264,568 591,755 32,211
-Foreclosure Sale April 7.
559.544
Samuel T. Freeman & Co., autioneers, 1519-1521 Chestnut St. Philaa4%. b5(%. c1%.
delphia. Pa., will on Aptil 7 offer at auction under order of Common Pleas
Interest, sinking fund, &c., includes in 1914 interest and miscellaneous, Court No. 5 for Phila. County (order made Nov. 15 1913 and amended
$16,476; interest on 4% Income debenture bonds due April 11915,$10,800: Oct. 10 1914) all property covered by the mortgage of July 1 1870 securing
sinking fund on 4% income debenture bonds, $10,800, and sinking fund of $5,000 000 bonds, of which $1,948,000 are outstanding, having matured
20/ on 6% 1st pref. stock, $75,164: in 1913, includes int. on notes & accts. July 1 1910. There are also outstanding held by the Penna. RR., which
he total surplus Dec. 31 1914 was $1.134,639.-V. 100, p. 313.
cashed them from time to time as they matured, 53,114.870 coupons having
Kings County Electric Light & Power Co., Brooklyn. alien on the property superior to that possessed by the principal of the bonds
Compare V.89, p. 973. 202.
-Report.-For cal. years, incl. Ed. Ill. Co. of Brooklyn:
Pittsburgh Brewing Co.
-Dividends Omitted.
-The
Cal.
Total
Net
Depreci- Bond
Fixed
Balance,
Year, Income. Earnings. ation. Disc't. Charges. Dividends Su,. company has issued the following:
(80
7).
19144
6,316,889 $3,123,534 $974,497 $20,269 $844,186 $1,057,228 $221,354
The earnings for the quarter just ended have been favorable but on ac1913_ 5,727,282 2,868,818 788,897 20,269 856,827
970,428 232,397 count of the increasing prices for materials and the general depression in
-V.98, p. 686.
business, the directors, in order to conserve our finances, deemed it wise
for the present to defer the dividends on both the preferred and common
(S. S.) Kresge Co.
-Sales.
The sales for January 1915 were $1,124.846, against $945,083 in 1914, an stocks 46,100.100 7% cum. pref. and $5,962,250 common, respectively.
Compare dividend record of common stock, V.99,p. 1372.-V.99. p. 1449.
increase of $179,763, or 19.02%.-V. 100, p. 233.
La Crosse (Wis.) Plow Co., Agric. Impl's.-Stock.-
Pittsburgh Coal Co.
-Tentative
Plan.
This company, incorporated in Wisconsin in 1893, recently increased its
Press reports recently
authorized capital stock from $600,000 to $900.000, consisting of $500,000 sideration to retire all ofstated that a tentative plan has been under conthe outstanding, first
common and $200,000 7% cum. 1st pref. and $200,000 8% cum. 2nd pref. fected in the way of interest and sinking'fund M. bonds. The saving efcharges, and the
The amount outstanding is now $400,000 common and all the preferred. of the first lien against the big property, will, Ills stated, put satisfaction
the company
There is also a surplus of over $300,000. The 1st pref. shares are subject in better position to liquidate the accrued dividends on
the
to redemption 10% annually at par, beginning Nov. 1 1915. No bonds. (44-45%). An announcement by the company, it was said pref. stock
this week,
Prest., A. Hirshheimer; Sec., L. C. Hirshheimer; Treas., S. F. Hirshheimer, would be made to-day.
-V. 98, p. 1248. araftinzi
Lza;
La Crosse, Wis.
Lozier Motor Car Co., Detroit.
--Sale.
At the bankruptcy sale on Feb.4 the two parcels were bid in for sums aggregating $840,000 by Harris Bros. and Frank Bros. of Detroit and Theodore Friedberg and Charles Shongood of New York. On Feb. 5 Referee
L. E. Joslyn, having refused to confirm the bid of $640,000 for the properties other than the pilant at Plattsburgh, N.Y., the same bidders raised their
offer to $1.000,000, including the Plattsburgh property, and this bid was
confirmed. Of the $1,000.000. $200,000 is to be paid in cash, half within
90 days and the rest within six months. The other 5800,000 will be payable within a year, the privilege of returning the Detroit real estate at $300,0000 within eight months being reserved by the purchasers. The$1,000.000
bid, it is expected, will net the creditors about 30%.-V. 100. p.313, 144.
Mason-Seaman Transportation Co., N. Y.
-Denial.
-
Justice Cohalan in the Supreme Court on Feb. 9 denied the application of
the company for an injunction restraining the city from enforcing the provisions of the public hack ordinance recently passed.
-V.99, p. 346.
McKeesport (Pa.) Tin Plate Co.
-New Stock.
-Notice
has been filed at Harrisburg,Pa.,of an increase of stock from
$1,200,000 to $3,000,000.
The stock is closely held and any financing will be confined to the people
now interested. It has not as yet been decided when or how the new stock
will be issued. The works have been operating at almost full capacity
most of the time during the last year. An enlargement of plant from
22 (tin plate) hot mills as at present to 42 mills is reported under consideration.
-V. 89, p. 352.
Mexican Light & Power Co.
-Interest Deferred.
-
Secretary Daly announces that the payment of the half
-yearly coupon
due Feb. 1 on the [$11,340,500] 5% 1st M. gold bonds has been deferred
owing to conditions in MOXIC0.-See V. 100, p. 144.
Public Service Corp. of Long Island, Floral Park.
-
See Nassau & Suffolk Lighting Co. above.
-V.96. p. 557.
Quebec Jacques Cartier Electric Co.
-Interest Paid.
The interest due Dec. 1 1914 on the 5% 1st Ref. bonds is now
being paid
at the Royal Bank of Canada, Quebec. See V. 100, p. 403.
Ray Consol. Copper Co.
-Earnings for Quarters.
Three Months Ending- 12 Mo.end.
Dec.31'14. Sept.30'14. J'ne 30'14.
Gross prod__Ibs_ 9,638.586 12,475,153 18,748,343 Mar.3114. Dec.31'14.
17.234,346 59.044,700
Net profits
5206,738 5451.422 $987,881 $913,004 $2,559,045
Miscall. income_
6,689
12,128
15,194
9,095
43,106
Total income.- $213,427
Bond interest_ _ _ $38,482
Dividends
$463,550 81,003,075
$42,628
$43,581
*545,364
$922,099 $2,602,151
$44,655 $169,346
*543,964 1,089,328
Total deduc'ns $38,482
$42,628
for quarter- $174,945 $420,922 .588,945 $588.619 51,258,674
$414.130 $333,480 $1,343,477
•
Bal.3%.%•
The earnings for the Dec. 31 quarter are computed
on the basis of 10.869
cents per pound for copper, against 12.4858,
13.9198 and 14.41 cents for
the quarters ending Sept. 30, June 30 and
Mar. 31 1914,respectively.-V.
99, p. 1752.
(M.) Rumely Co., La Porte, Ind.( Agricultural Implements).
-Receivers' Certificates.
-The receivers have
authorized to sell $500,000 of an issue of $1,500,000 firstbeen
lien
6% receivers' certificates, to replace the $100,000 issue authorized Jan. 20, and for other purposes in connection with the
business. They will, it is said, be dated March 1 and due
Dec. 31 1915; int. June 30 and Dec.31.-V. 100, p.479,403.
k Spring Valley Water Works Co., San Fran.
-Approved.
The stockholders on Feb. 1
(The) Mortgage-Bond Co. of New York.
-Bonds Offered.
-The company is offering at 95 and int., to yield about
$1,000,000, part of the issue of $5,000,000 5% 10 53%,
-20
year gold mortgage bonds (Series III.), dated Jan. 1 1912,
voted to accept the
described m V. 94, p. 490. See also report for 1914 in chase the property (with certain exceptions) for offer of the city to purfully
$34,500,000. The electors vote on.the matter on Apr. 20.-V. 100, p. 480. sail
V. 100, p. 137.
-Dividend Reduced.- Murray-Kay Co., Ltd., Toronto.
Standard Milling Co., New York.
-Mortgage Canceled.
The directors at a recent meeting authorized the cancellation of the
' dividend of 1% was paid on Feb. 1 on the $1,468,500 7% cum. pref.
A
% quarterly eral mortgage dated July 1 1910 to the Metropolitan Trust Co. and genstock for the quarter ending Jan. 31 1915, comparing with
James
from Nov. 1910 to Nov. 1914, both incl. Pref.stock authorized $2,500,000: F. McNamara, as trustees, under which no bonds have ever been issued.
common stock, $1,500,000. President Mout in a letter to stockholders -V. 99, p. 1303 -
-Report Yr.End.Dec. 31
Standard Oil Co. of Kentucky.
1913.
1914.
Net profits
Cash dividends_
[VOL. 100.
THE CHRONICLE
560
1913.
1914.
$704,376 81,002.4571 Balance, surplus__ $234,376
100,000
a470,000
$902,457
-For 3& 12 mos.end. Dec.31.
-Earns.
Utah Copper Co.
-3 Mos. end. Dec. 31- -12 Mos. end. Dec.311913.
1914.
1914.
1913.
Gross production,lbs___ _20,229,012 31.982.442 121,779.401 119.939.809
1673.591 $1,479,787 $5,938,349 $6,241,558
Net !profits
27,365
27.296
109,080
100546
Miscellaneous
875.438
375.187
1,125,561
2.001.000
Nev. Cons. dividends
1913.
1914.
Liabilities1913.
1914.
AssetsCapital stock_ _ _ _$3,000.000 $1,000,000
Plant, impt. and
494,858
$2,739,014 $1,857,829 Accounts payable_ 463,034
equipment
175,000
1,607,616 1,766,103 Deprec. reserve_ 868,992
175.000
Bing.& Garf. RR.dive
Merchandise
50,000
47,476
accts. m...11,968,958 11.491,677 Insurance fund__ _
Cash &
1,936,086 3,701,710
i 130,959 Surplus
11,076,074 12.557,590 17.172,990 $8,518,104
Total net profit
Other investments(
1.187.760
4,827,885
1,218.368
4,747,711
Dividends paid
Total
$6,315,588 $5,246,568
86,315.588 $5,246.568
Total
def.1142,294 11,369,830 $2,345,105 $3,770.393
.
Net surplus
Also paid on Feb. 14 1914 a stock dividend of 200% ($2,000,000).-V.99, p.677
The above earnings are computed upon the basis of 11.236 cents for
-New Directors.
Standard Oil Co. of Ohio.
copper in the quarter ending Dec. 31 1914. against 14.857 cents for the
-V.
99,p.1131
Virgil P.Kline and S.T.Curtis have been made directors.
respective quarter in 1913. and 12.48. 31.916 and 14.403 cents, respectively, in the quarters ending Sept. 30, June 30 and Mar. 31, 1914. and
-Report.
Stark-Tuscarawas Breweries Co., Ohio.
Sept. 30 and June 30 1913, and 15.069
Balance, 15 cents for the quarters ending
Sinking
Bond
DepreNet
Calendar
March 31 1913.
Fund,&c. Surplus. cents for the quarter ending
Interest.
elation.
Profits.
YearIn addition to the amounts shown above, there was received from the
132,242
115,000
$69.418
151,485
$168.145
1914
stock dividend amounting to 11,505,500, repre
14,614 Bingham & Garfield Ry. a to capital expenditures. As the bonds of the
15,000
69.764
50.743
150,121
1913
senting past earnings applied
Barrels sold, 80,156 in 1914, against 74,193 in 1913.-V. 98, p. 1320.
Railway Co. have all been retired except 125,500. its earnings will from
now on be added directly to the earnings of the copper company in the form
-New Officers.
Swan & Finch Co., New York.
of dividends, which will result in a considerable increase in the income of
Henry Fletcher,formerly Vice-Pres. & Sec., has been elected President to the latter company, equivalent to a corresponding decrease in the net cost
succeed the late James C. Peabody; John T. Lee, Treas., was also elected per pound of copper.
-V.99. p. 1372.
-V.98, p. 143.
-President. and G. E. Brown, Secretary.
Vice
Victor Talking Machine Co., Phila.-Stock, &c.
-A syndicate con-Bonds Sold.
Swift & Co., Chicago.
Oscar R. Dare, Phila., offering a limited amount of stock at
sisting of Potter, Choate & Prentice; White, Weld & Co.,and $550 a share (par $100), say in substance:
the First Trust & Savings Bank,of Chicago, has closed negoThe undivided profits for the calendar year 1913 were $7,318,308, an
now aggregate
increase of 13,663.048 over 1912, and it is believed payment on $10,000.tiations covering $11,800,000 1st M.5% bonds, due 1944.
$4,999,000
to dividend
000. Earnings for 1913 applicable
and
common stock were $4,662,848. There is no bonded debt, rightsonly
territorial
are
$409,200 7% pref. stock. Patents, good-will and
listed at the nominal figure of 12. Total dividend paid in 1914. 35
20% in 1913. (A Philadelphia paper says 20%
, against
25
-Favorable Decision. [10% &andextra% in 1913.-Ed.1 Quarterly dividend for past few years,
Union Gas & Elec. Co., Cincinnati.
22%
in 1912
In 1911 the common stock
-V. 100, p. 404.
See Diamond Light Co. above.
2%%; last regular quarterly dividend, 5%. by distribution of more than
was increased from $1,200.000 to 14,999,0)0
thought to be indicated
United Paper Board Co.-Fines.three shares for one. Another such distribution is to be about 95 common
WJudge Neterer in the U. S. District Court on Feb. 7 imposed fines rang- by the constantly swelling profits. [There are said
ing from $1,000 to $5,000 each on 6 of the 7 members of the Eastern Box stockholders, with Pres. Eldridge R. Johnson owning over 50%. ComBoard Club, who pleaded nobo contendere to a charge of violating the Sher- pare V.99, p. 192; V. 100. p. 404.
man law by entering into agreements to reduce the output of paper board.
-The New
-Listed.
Westinghouse Electric & Mfg. Co.
The indictment was returned on June 26 1911, charging 19 defendants
with violation of the Sherman Law. The men fined are Sidney Mitchell York Stock Exchange has authorized to be listed $2,156,100
A. Short Jr., formerly of
of the United Paper Board Co.. $5,000; Samuel
notice of issuance in exchange
the Philadelphia Paper Mfg. Co.,S4,000; Chase E. Williams, President of additional common stock on
the Piermont (N. Y.) Paper Board Co., $4,000; William G. Shortess of for stock of the Westinghouse Machine Co.,at the rate of one
Harrison of Eyster
the Haverhill (Mass.) Box Board Co., $1.000; Frank S.
former for 3 shares of the latter, making the total
& Harrison, Halltown, Va., $1,000, and Samuel Newman of the Tono- share of the
that the
wanda (N. Y.) Paper Board Co. $1,000. Several men testifiedpurposes, amount to be listed $38,895,000.
Eastern Box Board Club had been formed merely for statistical
-For 9 months ending Dec. 31 1914:
Earnings.
neand that the subsequent agreements had been entered into as a trade
Balance,
Interest Disci.,
Other
Net Mfg.
Sales
-V.99, p. 1604.
cessity.
Sur. or Def.
Income. Charges. &C.
Profit.
Billed.
det 354 3
:14
33
W. El. & M-826.278,076 $1,650,151 8764,199 *972,601 $87,583 sur.$1,3 5 66
-Stock Sold.
U. S. Industrial Alcohol Co.
Mach_ 3,576,399 op.df.54,947 67,141 347,537
It is announced that the entire amount of preferred stock held by thefirm West. East Pittsburgh plant of the two companies was practically shut
The
of Fower & Co. (about $830,000) has been sold, the purchasers being down from June 5 to July 13. Deducting West. El. & Mfg. Co. pref.
some of the largest banking houses in New York. See "Reports," V. 98. dividends for the 9 months (53(%), $209,932, and common dividends
p. 1314.
(3%). $1,054,582, leaves a surplus of $89,652 for the 9 months. Total
-The profit and loss surplus of that company Dec. 31 after deducting sundry
-Proposed Merger.
United Shoe Machinery Corp.
proposed merger,for credits (net) aggregating $151,663, was 17,587,118.-V. 100. p. 59.
The bonds are part of an issue of $50,000,000, of which there are now
outstanding $25.000,0001IncludIngsthe bonds just sold. A public offering
-V. 100, p. 227, 145.
will be made shortly.
shareholders will vote March 1 upon a
the purpose of economy, of the United Shoe Machinery Co.,
the operating company, with the Corporation. Pres. S. W.
Winslow, Feb. 8, wrote:
The Corporation is the holder of all of the stock of the Company, both
agreepref. and common, except less than 1%% of the total. Under this stockment the Corporation will continue its ippresent N.J. charter, and our same
holders, both pref. and common, will retain their stock with the
privileges as at present. Provision is also made for the exchange of the few
remaining shares of the Company stock. The agreement can be seen at
the American Trust Co., Boston, Hanover Nat. Bank. N. Y. City, and
-V.99, p. 275.
Paterson (N. J.) Safe Deposit & Trust Co.
-Time Extended.
Westinghouse Machine Co.
The time for the exchange of Westinghouse Elec. & Mfg. Co. stock.
3 shares for 1, has been extended up to and including Feb. 17. 90% of the
stock has been deposited. See V. 100, p. 404, 314.
-New Directors.
Wheeling Mold & Foundry Co.
The board of directors haying been increased from 9 to 11, John A.
-V.98, p. 1076.
Stevenson and Friend Cox have been added to the board.
-The New York Stock
-Listed.
Willys-Overland Co.
Exchange has listed $4,721,000 7% cum. and $20,000,000
common stock.
-For the
Earnings.
-Proposition to Profits after maintenance, five months ending Nov. 30 1914:
United Water & Light 'Co. Pittsburgh.
( mos.)
Prof. dive.
$82,618
600,000
-Certain banks and other holders of the Collatdepreciation, &c
13.308,255 Corn, dive. (6 mos.)
Noteholders.
83,333
Retirement pref. stock_
Deducteral Trust notes of this subsidiary of the American Water- Interest on loans
2,415,722
126,582 Surplus
Works & Electric Co. have issued a circular setting forth the -V. 99, p. 1916.
status of the noteholders and stating that-arrangements have
-The First
-Bonds.
Youngstown (0.) Iron & Steel Co.
been perfected whereby the notes can be exchanged, par for Nat. Bank of Cleveland recently purchased and offered at
par, for the Collateral Trust 5% bonds of the American par and interest of
00,000 1st M. 6% gold bonds,
Water-Works & Electric Co. issued under its mortgage of dated Jan. 1 1915 and due in annual installments Jan.
April 1 1914,provided at least70% of the notes are exchanged: 1917 to 1929(4 of $50,000,5 of $60,000,4 of$75,000,respect.)
The other noteholders are urged to take advantage of the arrangement and
deposit their notes with the Farmers' Loan & Trust Co.. 22 William St.,
1. Y.; the Fourth Street Nat. Bank, Phila., or the Commonwealth Trust
Co. of Pittsburgh, so that the plan can be carried out. Under the plan
proposed, the collateral now securing the notes is to be added to the collateral securing the bonds of the American Water-Works & Electric Co.
At the office of the latter company it was stated that such a plan had
been proposed and that while it would improve the position of thesecurity
holders of the United Water & Light Co..it would also benefit the American
Water-Works & Electric Co.,as it would simplify the operation and financing of its subsidiary companies and add an element of strength to all of
the securities.
Brief Digest of Circular Dated Jan. 2 1915, Issued by the Banks, &c.
(Signed by Commonwealth Trust Co. Pittsburgh; Cont. & Corn. Say.
'
& rust Co. Chicago. Arsenal Bank of Pittsburgh, and others.)
The United Water & Light Co. has outstanding four issues of 6% collatM.
eral trust notes aggregating 17,977.500. in addition to 1939.000 1st the
collateral trust bonds, of which $514,000 are among the collateral for
from the collateral is sufficient, while no defaults occur,
notes. The income
to pay the interest on the notes, but the United Co. has no means of
meeting the annual installments of principal except by sale of collateral.
Such sale, under present conditions, would entail a substantial loss to the
noteholders, for the collateral consists largely of second and third mortgage
portion
bonds of water supply companies(located in 20cities),and the larger
value. Apparently the
of it is, as matters now stand, of problematical
be revised to enable them to
funded debt of these water companies must otherwise there will probably
make necessary bettements and extensions,
with the possible distribution among some
be receiverships in many cases,interest in bonds of many companies that
5,000 noteholders of fractional
finance their requirements. Furthermore, as
to
are without the ability
water properties some 115.000.000 of underthere are outstanding on the might be obliged to purchase to protect their
noteholders
lying bonds, the sales of property under conditions dictated by the let M.
equities or permit
bonds.
the American Water-Works & Electric Co., under the
On the other hand,
directed by men of the highest standing (V.98.
management of experts and
better position economically to operate, and also to prois in
p 1539, 1995),
receivers or protective committees. Its present
the properties than
.
teet,
-year •50 (auth.,
as follows: Coll. Trust 20
outstanding capitalization iswhich $781.000 is in the treasury for general
of
$20,000.000). $9.774:407%
$5,000,000; participating pref. stock,
first prof. 7%
purposes;
stock. 17,000,000. A large part of its earnings is
$10.000,000: common
fronflong-established operations and careful calculations by its
derived
the earnings will not only provide the interest on its
officers indicate that and those to be issued for the United Water & Light
bonds now outstandingpref.dea
vidend, leaving a substantial surplus. The
1840,000 of 1908 issue (V. 87, p. 1092.
Co., but also the first
i
Company's notes include
1911 (V. 95. P. 154
United
91, p. 158), 12,606,500 of
last block having
$2,731,000 of 1910 (V.
$1,800,000 of 1914,due 1919. this
(V.96. p. 1769), and
maturities(V.98. p. 1005.).-V. 98, p. 1005.
refunded the bulk of the 1914
Principal and semi-annual interest (J. & J.) at the First Trust & Savings
in
Co., Cleveland, 0., trustee. Subject to redemption in whole or in part ).
(c5
reverse order of maturity and serial no. at 103 and int. Denom.$1.0001914.
Letter from Treas. Mason Evans, Youngstown, Dec. 22 sheet
Digest of
sheet iron,
Plant, &c.-Incorp. in Ohio in 1894. Manufactures
Owns
steel, steel plates, fire-proofing material and pressed steel specialties.
are located buildings
acres of land in Youngstown, upon which roughing sheet mills,
23
construction), Including 2
(mostly steel and brick
jobbing mill, 1 finishing
hot sheet mills, 4 cold sheet mills, 1 roughing0., 19 acres, upon whic
jobbing mill and 1 plate mill; (b) in Lowellville, sheet bar mill of present
steel plant and
we are erecting an open-hearth
capacity of 3,150 tons per week. [Construction was begun August 1 1914
and may be completed in May next.] $2,200,000; pref 7% cum.
1800.-Authorized common,
Capitalization.
The pref.
000. Issued, common, 11.200,000; pref., 1600.000.and Is also Is subject
convertible
105 on any dividend-paying date
to redemption at
at option of holder into common stock; par for par, $800.000, common
being held in treasury for that purpose In addltionthe compa ny has aubonds.
thorized this issue of $800,000 1st AI 6% gold h
ac Sidc
Balance Sheet of June 3 19,14 com on stocie,,7_7 _1_4.1_:,200,000
Cash & accounts receivable $174.518 Bills & accounts payable -- $504,822
(Total652 Common
Inventory
2,450 Rec'd acct. pref. stock ____ 104,240
Stock in other companies_
1,277.522 Surplus
Plant
In June 1914 we sold 3600.000 of pref. stock at par to retire all bills Payable and furnish additional working capital. This 1800,000 bond issue
provides for the construction of the steel plant.
Average net earnings for past six years. $125.700, and with the erection
of the new plant our earnings will be very large.
-P.; O. A. Cochran,
-John 0. Pew. Pres.; II. W. Heady, let V.
Officers.
-P. & Sec.; Mason Evans, Treas.-V. 93, p. 55.
2d V.
CURRENT NOTICE.
-Freeman & Co., specialists in car trust securities. 34 Pine St., this city,
are offering railroad equipment bonds maturing 1917 to 1928, to yield
from 4.30% to 5.50%. List of offerings will be mailed upon application.
-Harvey Fisk & Sons, 62 Cedar St., this city, have issued a new pamphlet, "United States Bonds and the National Reserve Act," which will be
mailed on request.
-Hollister & Carpenter, dealers in Government and municipal securities
at 31 Nassau St., this city, have issued a descriptive circular on selected
bonds yielding from 4% to 5%. Copy will be mailed upon request.
-Holt St McWilliam of 25 Broad St., this city, announce that they have
opened an office in Boston under the management of L. R. Packard.
FEB. 13 1915]
THE CHRONICLE
561.
Squirts anti Borinntuts.
REPUBLIC IRON & STEEL COMPANY
YOUNGSTOWN, OHIO
FIFTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DEC.31 1914.
To the Stockholders of the Republic Iron & Steel Company:
The Executive Committee submits herewith its Fifteenth
Annual Report of operations for the fiscal year ending Dec.31
1914, together with a Financial Statement and General Report on the condition of the property at the close of that
year.
INCOME REPORT.
The unsatisfactory condition of the iron and steel business
and the contributing causes mentioned in the Semi-annual
Report of June 30 1914 continued throughout the entire
year, although there was some recovery during.July and
August, as was anticipated in the report last published, but
immediately following the declaration of war abroad, general business (except that relating to munitions of war, which
supplies this company does not produce) was again upset,
both markets and finance became so generally demoralized
and the future course of business so uncertain that the Board
of Directors authorized for issue a circular letter dated
Sept. 15 1914, notifying the stockholders of this company
that they deemed it necessary to suspend payment of the
regular quarterly dividend on the preferred capital stock.
The wisdom of this action was justified by subsequent trade
and financial conditions, as both earnings and the volume of
business suffered a further decline, collections became congested, and,•in general, the fiscal year ending Dec. 31 1914
was decidedly the worst in the history of the company as
to prices and demand, although earnings were considerably
above previous periods of depression, due to lower costs ,as
a result of improved facilities and other economic influences,
wages, however, not being reduced. • The net earnings applicable to dividends for the year ending Dec. 31 1914 were
$1,028,748 15, this profit was realized from production and
shipments that represented a tonnage of approximately
66 2-3 per cent of capacity, which, as compared with the preceding year of 1913, indicates a loss in tonnage of 25 per
cent and a shrinkage in value of 33 1-3 per cent.
In view of full allowances heretofore made for depreciation, and of liberal expenditures for the current year's maintenance, under conditions of reduced output, the Executive
Committee were of the opinion that some reduction in depreciation charges should be made, and therefore approved
of deductions from profits to the amount of $334,413 76.
Expenditures during the year on account of new construction, which now completes all authorized improvements,
aggregated $1,070,608 68. The outstanding First Mortgage
and Collateral Trust Sinking Fund Gold Bonds, amounting
to $613,000, were called Oct. 1 1914, under the option contained in the Mortgage securing such bonds. Funds were
deposited with the Trustee under the Mortgage, and all
bonds have been surrendered and canceled with the exception of 81 bonds, which were outstanding as at Dec. 31.
Therefore, with the refunding operation now completed, the
10
-30-year 5 Per Cent Sinking Fund Mortgage Gold Bonds
become a First Mortgage Bond.
As to the physical condition of the Company's properties,
they were never so strong as at present, and the financial
condition of the Company is unquestioned, the balance of
Net Quick Assets being $10,752,361 33. This amount is
sufficient for present working cpaital requirements, and no
.
financing is in contemplation, except as suggested by the
maturity, June 2 1915, of the collateral notes to the
amount of $3,000,000 00.
BALANCE SHEET DECEMBER 31 1914
ASSETS.
Capital Assets—
Coat of Properties Dec. 31 1913
Net additions for the year ending Dec. 31 1914
$68,220,589 43
1,024.081 61
$69,244,671 04
Investments—
In Potter Ore Company
In other Companies
$401,000 00
542,586 12
943.586 12
Total Capital Assets
$70.188,257 16
Cash Deposited with Trustee—
For redemption of all outstanding First Mortgage Bonds
(81.at 105 and interest, per contra)
89.840 75
Current Assets—
Inventory of Manufactured Products, Material and Supplies on hand at or below
cost
Ore Contract Payments represented by Ore $7.779,439 91
at Docks
864,991 14
Accounts and Bills Receivable after deducting Reserve for Bad and Doubtful
Accounts
2.783.919 08
Cash
797,291 38
Total Current Assets
$12,225.641 51
Deferred Charges to Operations—
Expenditure for Stripping at Mines, advanced royalties,
&c., chargeable to Future Operations
726,259 71
Total
Net Current Assets
$83,229,999 13
$10,752,361 33
BALANCE SHEET DECEMBER 31 1914.
LIABILITIES.
ital on—
273,520 shares of $100 each_ ___$27.352,000 00
Cago Stock—
Less—In Treasury
161,00000
$27,191,000 00
*Preferred 7% Cumulative-250,000 shares of $100 each... 25.000,000 00
INCOME ACCOUNT AND STATEMENT OF SURPLUS
FOR THE YEAR ENDING DECEMBER 31 1914.
$52,191,000 00
-30
10 -Year 5% Sinking Fund Mortgage Gold Bonds—
(Total authorized issue $25,000.000)—
Total issued
$18,869,000 00
Less—Bonds pledged
$4.000.000 00
Purchased for Sinking
1.564,00000
Fund
5,564,000 00
13,305.000 00
First Mortgage Bonds—
Called for redemption October 1 1914: amount not yet
presented for redemption and for which fund is in hands
of Trustee, per contra
81,000 00
Potter Ore Company Bonds
Outstanding First Mortgage 5% Bonds guaran5588.000
teed jointly with Tennessee Coal, Iron & Railroad Company.less than Company's proportion
283,000 00
Bonds Outstanding on the Martin et Palos Coke Works
Properties
264,000 00
Collateral Note—
Due June 2 1915
3.000.00000
Dividend Warrants—
Last installment. due October 1 1915
187.158 00
Current Liabilities—
Accounts Payable
$790,002 15
Ore Contract Balances representing Cash
received in excess of the value of Ore
shipped to customers
244,080 17
Taxes Accrued
261.402 11
Interest Accrued
175,050 00
Unclaimed Dividends
2,745 75
Total Current Liabilities
1,473,280 18
Reserves—
For Exhaustion of Minerals and Mining
Equipment
$1,976,969 87
For Depreciation and Renewal of Plants 3,088,021 31
For Relining. and Rebuilding Furnaces_ _ _ _
269,069 44
For Fire and Accident Insurance
291.168 70
For Contingencies
205.042 09
5,830,271 41
Surplus—
Balance December 31 1914, as per attached statement
6,615,289 54
Net Earnings from operations, after deducting charges for
maintenance and repairs of plants amounting to $1,432.83
364 55
$2,330.672
Interest and Dividends received
76,879 45
$83.229.999 13
•Note—Cumulative Dividends at December 31 1914, including 13(%I
payable January 1 1915, aggregate
%•
Total Profits for the Year
$2.407,552 28
Less—Provision for Depreciation and Renewal
of Plants
$334,413 76
Provision for Exhaustion of Minerals
204.064 81
538.478 57
WORKING CAPITAL.
The following statement covers items affecting Working
Capital from organization of the Company to December 31
1914, and is followed by Comparative Statement of Net
Working Assets, as shown by the books of the Company as
at December 31 1912, 1913 and 1914:
Net Profits for the Year
Deduct—Interest on Bonds and Notes
Dividends 33.5% paid on Preferred Stock_ _
Surplus for the Year
Add—Surplus at Dec. 31 1913
$1,869.073 71
$840,325 56
875,000 00
1,715.325 56
$153,748 15
6,512,777 64
Deduct—Amount written out of surplus for Premiums on$6.666.525 79
Bonds Purchased and for Special Taxes for Prior Years-51,236 25
Net Surplus Carried to Balance Sheet
$6.615,289 54
Net Profits Applicable to Dividends
$1.028.748 15
$6,500,000 00
Working Capital May 3 1899
1904ital
7,000.000
Collateral
Issue October 1
10,000,000 00
Bond Issue October 1 1904
110.000 00
Preferred Capital Stock Sold
14,869.000 00
10 -Year Bonds
-30
1,475,000 00
Mortgage Notes on Haselton Pro
4,583,100 00
Additional Preferred Stock Issuss
3,000.000 00
Collateral Note due June 2 1915
Amounts reserved out of Profits for Depreciation and Re5.830.271 41
newels, Insurance and Contingencies
Net Profits May 31 1899 to December 31 1914
28,471.726 41
$81,839,097 82
THE CHRONICLE
562
$81,839,097 82
EXPENDED.
$21,669,278 87
Dividends on Preferred Stock
7,000,000
Collateral Notes Canceled
11,483,000 00
Bonds Retired
1.475,000 00
Haselton Notes Paid
89,840 75
Bond Sinking Fund
660,586 12
Securities Purchased
726.259 71
Prepaid Mining Expense, etc
25,671.807 17
New Construction
2,310,963 87 71.086.736 49
Property and Plants
Broughtforward
Net Working Assets per Balance Sheet
Consisting of:
Inventory
Ore Contract Payments
Accounts Receivable
Cash
$10.752,361 33
87,779,439 91
864,991 14
2,783,919 08
797,291 38
xan14117%. AnT1175, Dec. 31
and Maintenance
51,432,364 55 $1,654,573 30 51.757,1801
0o
Charges.
forDgregation and
of an
Renewal
334,413 76
600,887 61 *589,341 76
Total
$1,766,778 31 $2,255.460 91 82,346,521 84
Provision for Exhaustion of
Minerals
$204,064 81 $241,004 24 $215,449 14
*$250,000 00 of this amount was appropriated from Surplus Account.
PROVISIONAL FUNDS.
$10.752.361 33
Net Working Assets
COMPARATIVE STATEMENT OF NET WORKING ASSETS.
Dec. 31 1914. Dec. 31 1913. Dec. 311912.
Current AssetsInventory
87,779.439 91 87,454,744 51 $6,970,038 96
864,991 14
768,769 79
Ore Contract Payments
537,823 46
Accounts and Bills Receiv
2,783,919 08 3,777.611 38 5.407.898 72
797,291 38 1,827,098 16 3,841,500 66
Cash
$12,225,641 51 813,828,223 84 816.757.261 80
Less Current Liabilities-- 1.473,280 18 2.672,739 59 2,881,640 83
Net Working Assets
COMPARATIVE STATEMENT OF ANNUAL CHARGES
TO COST OF PRODUCTION AND DEDUCTIONS
FROM PROFITS FOR REPAIRS AND MAINTENANCE, DEPRECIATION AND OTHER PROVISIONAL FUNDS.
$12.225,641 51
1.473,280 18
Less Current Liabilities
[VOL. 100.
$10,752,361 33 $11,155,484 25 $13,875,620 97
COMPARATIVE STATEMENT OF INCOME. •
Year Ending Year Ending Year Ending
Dec. 311914.Dec.31 1913. Dec.31 1912.
Net Earnings from Operations, after
deducting charges for Mainte$
$
nance and Repairs of Plants,
amounting to:
2,330,672 83 4.884,872 08 3.445,803 66
December 311914, 81,432.364 55
December 31 1913, $1,654,573 30
December 31 1912, $1,757.180 08
Interest and Dividends received___ 76,879 45 140,410 26 169,504 67
For
For
For
Depreciation
For Fire
and Renewal Exhaustion of Re-lining and Accident For ConofPlants.Minerals.Furnaces.Insurance. tingencies.
Dec.31 1914.3,088.021 31 1,976,969 87 269,069 44 291.168 70 205.042 09
Dec.31 1913.2,988,31040 1.772.905 06 346,983 75 332,990 71 174.446 62
Dec.31 1912.1,953.086 73 1.731.836 91 403.465 65 399,177 73 100,084 62
NEW CONSTRUCTION AND PROPERTY ADDITIONS
Additions to the Property Account during the year aggregated $1,024,081 61. The total New Construction to date,
December 31 1914, is:
Blast Furnaces
Steel Plants, Rolling Mills and Factories
Ore Mines, Coal Mines, Coke Ovens and Quarries
Miscellaneous
Total
$6,111,525 10
13.215,029 32
6,056,656 44
288,596 31
$25.671,807 17
SUMMARIZED COMPARATIVE STATEMENT OF
PROPERTY ACCOUNT.
Year ending Year ending Year ending
Dec. 31 1914. Dec. 311913. Dec. 311912.
51,070,608 68 $1.622,010 53 8613,716 14
New Construction
8,80479
Property Additions
315.871 12
274,079 00
55,331 86
1.350 00
3.000 00
Total Profits for the Year
2,407,552 28 5,025,282 34 3,615,308 33 Property Sold
Property Written off
92,309 00
3,566 37
Less:
Unexpended Balance of Provision for Depreciation and ReProvision for Depreciation and
99,710 91
80,583 22
newals for Year
473,774 38
Renewal of Plants
334,413 76 600,887 61 339,341 76
Net Balance of Property AcProvision for Exhaustion of Min66,156,649 73 65,232,279 03 64,423,280 05
erals
count
204,064 81 241,004 24 215,449 14
Provision for Possible Shrinkage
in Value of Raw Materials
220,000 00
LABOR AND EMPLOYMENT.
Net Profits for the Year
Deduct:
Interest on Bonds and Notes
538,478 57 1,061,891 85 554.790 90
1,869,073 71 3,963,390 49 3,060,517 43
840,325 56
862,090 43
826,940 90
to
1,028,748 15 3,101,300 06 2,233,576 53
Net Profits Applicable
Dividends
Add:
Surplus December 31 1913
Surplus December 31 1912
Surplus December 31 1911
6,512,777 64
6.661.477 58
5.286,218 16
7,541.525 79 9.762.777 64 7,519,794 69
Deduct:
Dividends on Preferred Stock:
Two Quarterly Dividends of
875,000 00
14% each
Four Quarterly Dividends of
1,750,000 00
1 X% each
One Quarterly Dividend of 14%
Special Appropriations from Surplus Account
51,236 25 1,500,000 00
420,817 11
926,236 25 3,250.000 00
858,317 11
437,50000
Net Surplus Carried to Bal. Sheet-6,615,289 54 6,512,777 64 6,661.477 58
INVENTORIES.
Inventory was taken on a basis of cost for the Manufactured Products and not to exceed market prices for Products
purchased,so that all depreciation in value has been absorbed
and deducted from Profit and Loss.
Classification-Finished Product
Pig Iron
Puddle Mill Products
Billets, Blooms, Slabs, etc
Ores
Scrap
Ferro-Manganese
Fuel
Rolls, Molds and Stools
Stores
Commissary Supplies
Miscellaneous
While a reduction is indicated in average earnings per
man per annum, this showing is not due to reduction in labor
rates, but is largely accounted for by reduced output of the
more highly finished products, the previous year's high labor
rates having been maintained. The reduction in the working
force during the year indicated by the tabulations following
is approximately 21%, but the total loss in wages from the
various causes stated aggregates 24%. Cordial relations
with labor were maintained throughout the year and now
exists. While some retrenchment in expenditures, on account of sociological work, has been necessary, due to
depressed business conditions, yet safety devices and other
facilities looking to the health and comfort of the workers
have been fully maintained. Comparative figures as to the
classified number of men employed and expenditures on payroll account are as follows:
AVERAGE NUMBER OF MEN EMPLOYED.
NorthOre Mines
Coal Mines and Ovens
Furnaces
Works
Total North
South
Ore Mines
Coal Mines and Ovens
Furnaces
Commissaries
Year ending Year ending Year ending
Dec. 31 1914. Dec. 31 1913. Dec. 31 1912.
916
1,010
480
761
859
975
930
1,043
829
7,216
6.986
5,060
9.823
9,898
7,344
459
655
569
1.379
1,489
1,441
604
557
521
33
34
31
As of
As of
As of
Dec. 31 1914. Dec. 31 1913. Dec. 31 1912.
$1,292,480 00 $1,166,723 76 $914.972 84
2,475
2,735
2,562
774,865 38
854,971 65
507,047 41
Total South
12,785 14
16,412 35
49,472 63
12,298
12,633
9,906
428,768 88
358,142 23
364,398 55
Grand Total
3,375,592 27 3,495,691 15 3,564,476 48
385,133 44
256,220 22
296,356 62
TOTAL EXPENDED FOR LABOR. Average
184,553 75
62.158 79
83.507 58
178,303 95
212,612 31
Amount.
196,197 35
per Mon.
75.568 76
80,466 39
62,036 95
$7,587,267 69
$766
31 1914
ending
660,352 84
766,770 48
745,922 97 Year ending December 31 1913
9,909,263 24
792
December
Year
57.511 42
68,668 05
58,434 73 Year ending December 31 1912
9.119,457 00
741
353.524 08
117.907 13
127,214 85
Total
UNFILLED ORDERS.
$7.779,439 91 57,454,744 51 $6.970,038 96
The tonnage of Unfilled Orders on hand December 31
COMPARATIVE STATEMENT OF EARNINGS AND
1914 shows some increase as compared with the preceding
DISPOSITION OF INCOME.
year's balance, as a result of the December 1914 buying
Year ending Year ending Year ending
was induced by exhaustion of
Dec. 31 1914. Dec. 31 1813. Dec. 31 1912. movement which it is believed
52,407,552 28 85.025,282 34 $3,615,308 33 stocks, and stimulated in part by extremely low prices. The
Gross Profits
Depreciation and Charges
1,378,804 13 1,923,982 28 1,381,731 80
orders, however, is far from normal, as
1,028,748 15 3,101.300 06 2,233,576 53 present tonnage of
Net Profits
875,000 00 1.750,000 00
Regular Dividends
437,500 00 will be noted when comparison is made with the unfilled
153,748 15 1,351,300 06 1,796,076 53
Amount carried to Surplus
balance as of December 31 1912. Present prospects, while
Amount specially written out of
51,236 25 1,500,000 00
Surplus
420,817 11 indicating a turn for the better, do not suggest rapid recov6.815,28954 6.512.777 64 8.661,47758
Surplus Account
Balance
ery, but gradual improvement is anticipated.
Comparative figures are as follows:
191 wsdn
GROSS VOLUME O
-FINISHED.
FINISHED AND SEMI
The reduction in the gross volume of business for the year December 31 1914--------------------------------------199,058 tons
--------------------------------------120,959
notS Eto shrinkage in December 31 1913--------------------------------------613.053 '
only SS.
ending December 31
"
December 31 1912
value, but also to reduction in tonnage of products sold.
PIG IRON.
previously stated, having been the worst
The current year, as
December 31 1914---------------------------------------99.624 tons
considered, that this
49,296
period of depression, all thingsorganization in 1899. com- December 31 1913---------------------------------------92.757 "
December 31 1912--------------------------------------pany has experienced since its follows:
Executive Committee.
By Order of the
Comparative figures are as
$21,366,249 35
Yours respectfully,
Year ending December 31 1914
31.937.059 20
Year ending December 31 1913
JOHN A. TOPPING, Chairman.
32,319,774 36
Year ending December 31 1912
FEB. 13 19151
THE CHRONICLE
563
BOOTH FISHERIES COMPANY
ANNUAL REPORT FOR THE YEAR 1914.
Chtcago, I lie., February 9 1915.
To the Stockholders of the Booth Fisheries Company:
Herewith is respectfully submitted statement of the earnings and consolidated balance sheet showing the condition
of the Booth Fisheries Company for the year ending January 2 1915.
In connection with presenting this statement,I might add
that the previous volume of business has been maintained
and in some lines exceeded, with somewhat increased results,
when the additional arbitrary reserves which have been
deemed wise to set up are considered. While the European
war has stimulated the prices of some of the commodities,
it has retarded materially the movement of your export
goods, and in some instances prohibited it, and while working under these unfavorable and unprecedented conditions,
our results should give you a confidence not otherwise obtained in the permanent earning ability of this Company.
Business in the fresh, frozen and canned products is in a
very healthy condition, as the results of the last three months
of seasonable weather has proven, and, with general conditions working into a more normal state, especially in the
South, we can conservatively look forward to an improvement over that of the first quarter of the year just closed.
There has been set up during the year for depreciation and
additional special reserves $354,867, provided for out of the
earnings of 1914, and there has also been expended for repairs and renewals $158,931 during the past year. The
capital expenditures for the year amount to $591,565; of
this total $330,000 was expended during the year for the completion of the Minneapolis cold-storage plant, which in its
finished state represents an investment of $500,000, and,
I am pleased to say, has shown thus early an earning caps
city even beyond our former prophecy. This, with our
Sitka plant finished, enables me to state that our plans for
new construction and expansion as pertains to the Booth
Fisheries Company are completed for the present.
For the Northwestern Fisheries Company there was expended about $100,000 of the total capital additions, during
the year 1914, for equipment, and while there is some new
construction necessary the coming year to keep the efficiency
of those properties at the highest state of production, there
is nothing requiring any heavy expenditures authorized or
contemplated.
There was retired during 1914 debenture and underlying
cold-storage bonds amounting to $219,500, making a total
since the reorganization of the Company of bonds retired
$786,000.
The physical properties and equipment of all kinds of the
Company and all its subsidiaries have been kept up in good
condition.
Statement of earnings and consolidated balance sheet as
of Jan. 2 1915 is appended hereto.
Respectfully submitted,
A. B. CARPENTER,
President.
Income Statement.
Net Profit from Operations
Administration Expenses
$1,210,723 81
289,235 15
Interest on Debenture Bonds, Cold-Storage
Bonds and Borrowed Capital
$921,488 66
344,563 16
Reorganization Expense and Bond Discount
$576,925 50
38,666 74
Reserve for Depreciation
$538,258 76
294,867 61
Special Reserve for Contingencies out of 1914
Earnings, not provided in previous years_ __ _
$243,391 15
60,00000
Balance to Surplus
$183,391 15
Consolidated Balance Sheet as at Jan. 2 1915.
ASSETS.
Capital Assets—
Real Estate, Buildings, Machinery, Steamboats, Tugs, Investments, Trade Marks,
Trade Names, Good-will, &c
$10,744,006 05
Bond Sinking Fund
501,600 00
Current Assets—
Inventories of Merchandise, Supplies, &c., valued at or below
cost
$1,847,309 51
Accounts and Bills.Receivable 2,162,521 39
Expenses Paid in Advance
112,285 00
Cash
452,208 57
4,574,324 47
515,819,930 52
LIABILITIES.
Current Liabilities—
Accounts and Bills Payable_ __ _$2,696,714 95
Reserve for Bad and Doubtful
Accounts
120,783 63
Reserve for Contingent and Unknown liabilities and inventories
216,691 91
$3,034,190 49
Capital Liabilities and Surplus—
Capital Stock:
First Preferred Stock
$2,200,000 00
Common Stock
5,000,000 00
_
$7,200,00000
Debenture Bonds_$4,250,000 00
Less Treas'y Bonds 250,000 00
4,000,000 00
Bonds on Cold-Storage Plants
385,313 99
Reserve for Depreciation
709,250 20
Surplus
491,175 84
12,785,740 03
$15,819,930 52
Attest: P. L. SMITHERS, Treasurer.
CURRENT NOTICES.
—The statement of the Equitable Life Assurance
Society of the United
States gives evidence of the company's continued
—The 55th annual report of the Equitable Life Assurance Society, shown in
progress. Increases are
outstanding insurance, admitted assets,
W. A. Day, President, is to-day published in our advertising columns. investments
surplus, income from
and payments to policyholders,
The company's financial statement for the past calendar year is a grati- In expenses. Of
accompanied by a decrease
the 5,454 domestic death claims
paid during the year.
fying record of business and compares favorably with other years, when 95 A % were settled
within one day after receipt of
due proof of death. The
prosperity was general. The outstanding insurance Dec. 31 1914 stood
at mortality rate was the lowest in fifteen years.
The payments to policy$1,494,234,342, a net increase of $23,000,000 for the year; the new
in- holders in 1914 aggregated $56,700,000, over
12,000.000 more than was
surance paid for in 1914 was $138,867,367, while the admitted assets were received in premiums
from policyholders during the
$536,524,680. The payments to policyholders totaled $58,700,461 and Insurance on the
same period. The
company's books now aggregates
nearly one billion and a
death claims paid $19,919,461. Of these death claims. 9834% in the half, an increase of $23.000,000
for the year. The new
insurance paid for
United States and Canada were paid within twenty-four hours after re- during 1914 totaled
$136,867,000. exclusive of additions,
increases and
ceipt of proof of death. The mortality rate was the lowest in fifteen years. revivals.
Gross income on investments amounted to $23,734,855.
—Ludwig & Crane, successors to T.
W. Stephens &
—John H. Roemer has resigned as Chairman of the Railroad Commission this city, are offering the unsold balance of the City of Co., 61 Broadway,
Orange. N.J..434%
of Wisconsin and has joined H. M. Byllesby & Co. as the head of its legal funding bonds due 1935 at an attractive price. These
bonds have just
department. The exceptional abilities and long experience of Mr. Roemer been awarded to the firm and are exempt from
Federal income tax, New
will further strengthen the specialized skill which the firm offers in the Jersey State and municipal taxes, and are legal investment
for savings
preparation of cases before utility commissions and courts, valuations of bank and trust funds in New Jersey.
public utility and industrial properties, services in connection with the
—Spencer Trask & Co., 43 Exchange Place, this
city, will move to the
reorganization of corporations, investigations and reports on utility and first floor front of the Broad
Exchange Building, Broad St. and
Exchange
Industrial problems for financing and other purposes, consulting and con- Place. These offices were formerly
occupied by the Standard
Trust Co.
structing engineering service and the management of public utility Spencer Trask & Co. will move to the
new quarters when
alterations are
properties.
completed.
[VOL. loo.
THE CHRONICLE
564
Tomuternal Times.
COMMERCIAL EPITOME
Thursday Night, Feb. 11 1915.
Trade is gradually increasing and sentiment is still hopeful.
Yet actual sales do not keep pace with the more optimistic
feeling. Though exports are enormous, there is a reverse
side to the medal; imports are'so small that Government
income is shrinking and its deficit is increasing. Collections
are still slow at the South. The business situation there is
not generally very favorable; the low price of cotton tells,
even though exports during the last nine weeks of over
2,500,000 bales have caused some amelioration of conditions
there. Railroad earnings are, of course, anything but
cheerful reading. Failures especially of small traders at the
South are still numerous. Building operations are much
smaller than a year ago. But, on the other hand,exports
of wheat are still enormous; thus far they are 72,000,000'
bushels ahead of those for the same period last year. Warring
nations continue to buy supplies freely in this country. Exports so far surpass imports, that gold imports have begun
from Ottawa out of the special supply of the Bank of Eng-.
land. Foreign exchange is the lowest since 1907, owing
partly to recent big exports of grain and cotton overshadowing
any foreign selling here of securities. High-grade bonds are
in good demand. The West is prosperous, owing to high
prices for grain. Railroad companies are buying supplies
rather more freely. The outlook for the winter-wheat crop
is favorable. Grain acreage at the South will be increased.
In other words, while there are undoubtedly drawbacks, the
general situation is such that business men are hopeful of
better things to come.
LARD has advanced; prime Western 11c., refined for the
Continent 11.40c., South America 12c., Brazil 13c. Lard
futures have been stronger, partly owing to the rise in corn
and an increase in speculation. This has offset some decline
in hogs at Chicago, due to increased arrivals. The Chicago
Stock Yards, which have been under partial Federal quarantine since Jan. 29 because of a threatened outbreak of footand-mouth disease, were reopened on Feb. 8 for the interState shipment of cattle. No cattle, however, may be
held for more than 48 hours. Hog packing for the week was
heavy, reaching 801,000, against 539,000 in the same week
last year. Receipts of hogs are very large. To-day prices
advanced.
83@83/2c. Palm 113'z ®12c. for Lagos. Cod, domestic,
steady at 35©36c. Cottonseed oil steady at 7.25e. for
winter and summer white. Corn in good demand at 6.16
®6.21c. Spirits of turpentine 47c. Common to good
strained rosin $3 40.
PETROLEUM has been unchanged; refined in barrels
7.75@8.75c., bulk 4.25@5.52c., cases 10.25 ®11.25c.!Naph-gallon drums, 233/2c.; drums
tha, 73 to 76 degrees, in 100
50 extra. Gasoline, 89-degrees, 26c.; 74 to 76 degrees,
24c.; 67 to 70 degrees, 22c. Crude prices were generally
unchanged. Advices from Toledo state that there is practically nothing doing in the old Trenton Rock end of the
Indiana field, while work is shut down in the western division of the State on account of high waters in the White,
Wabash and Patoka rivers. tCosing prices were as follows
Pennsylvania dark Si 50
Second sand
1 50
Tiona
1 50
Cabell
1 10
Mercer black
1 07
New Castle
1 07
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
95c.
31 15
93c.
88c.
88c.
89c.
Somerset.32 deg__ 90c.
Ragland
70c.
Illinois, above 30
degrees
89c.
Kansas and Okla45c.
homa
TOBACCO has been quiet but steady. Ohio leaf has
been an exception, however. There has been a pretty good
demand in that State for it, with prices firm. Cigar manufacturers are not buying much tobacco here. In fact, their
purchases are quite disappointing. Pending the inscriptions in Holland there was not much doing in Sumatra
tobacco. Cuban leaf is f;rm, owing to the recent rather
bad crop news from Cuba.
4
COPPER has been less active, with Lake 14% to 143 c.
and electrolytic 143'c. to 14.55c. Congestion of freight in
Europe has operated against new business. Besides, freight
rates in this country have been more or less unsettled. London prices have declined somewhat. Tin has dropped to
353 cents on the spot here in sympathy with a decline in
London and at the Straits. Lead here on the spot 3.80c.
and spelter 834c. Trade in spelter has not been very large,
but prices have been strong both here and in London. Iron
and steel markets have been generally steady with a hopeful
feeling as regards the future. Pig iron sales to domestic
buyers, however, have not increased. But, on the other
hand, there is a large inquiry from Europe, especially from
Italy and Great Britain, with some actual business and prospects of more if the ocean freights problem can by solved;
they are scarce and high. No. 2 Foundry Eastern $1350 to
$13 75; No. 2Southern Birmingham$950to$9 75. Railroads
have ordered rails on a rather larger scale. Chicago reports
orders in the last thirty days for some$30,000,000 worth of
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
locomotives, freight and passenger cars and general supplies.
Wed. Thurs. Fri.
Sat.
Mon. Tues.
It is estimated that railroads have ordered 416,000 tons of
Roll11.12
cts_11.10 10.97 10.77 10.82
May delivery
day.
11.25
11.25 11.12 10.92 11.00
rails since Jan. 1. Actual new business, however, does not
July delivery
PORK steady; mess $19 75(020 25, clear $21@$23 50, measure up to the feeling of hopefulness which prevails.
family $24@$25 50. Beef, mess $21©$23, packet $23®
COTTON
$24, family $24@$26, extra India mess $36@$38. Cut
meats steady; pickled hams, 10 to 20 lbs., 11% ®12%c.;
Thursday Night, Feb. 11 1915.
pickled hams, 6 to 12 lbs., 13®13Mc. Butter, creamery
THE MOVEMENT OF THE CROP,as indicated by our
extras, 333/2c. Cheese, State whole milk, held specials, telegrams from the South to-night, is given below. For the
six days ending this evening the total receipts have reached
17@173c. Eggs, fresh-gathered extras, 27 ®27%0.
COFFEE has been quiet; No.7 Rio 8c., No. 4 Santos 93' 344,095 bales, against 419,923 bales last week and 428,981
®103ic., fair to good Cucuta 103' ®11c. Coffee futures bales the previous week, making the total receipts since
have declined in sympathy with more or less depression in Aug. 1 1914 0,000,000 bales, against 8,655,827 bales for the
foreign markets. New Orleans interests have been selling same period of 1913-14, showing a decrease since Aug. 1 1914
here. At Rio both the price of coffee and the rate of ex- of 1,587,021 bales.
change have declined; exchange there 123'd. The receipts
Total.
. Wed. Thurs. Fri.
at Brazilian points have been liberal, running considerably
Mon. Tues
Sat.
ahead of those of last year. On the other hand, stocks are Galveston
127,915
22,021 22,675 40,686 16.879 25,654
24.447
noticeably smaller than they were a year ago, both in Brazil Texas City
18.880 3,931 3,636
282
282
.
and at New York. Speculation here, however,is light. But Port Arthur_ _ 436
436
Aran.
74,870
Coffee Exchange membershipsare up to $2,275,owing to the New Pass, &c 14,786 10,201 26,382 10,033 13,468
Orleans
3.088
308
757
359
867
799
Mobile
active speculation in sugar. To-day prices were lower.
---Pensacola
February - _5.53 5.54c.
March _5.58% 5.59c.
April
5.67(5.68c.
May
5.76@5.78c.
June
5.76@5.78c. October - _7.05 7.06c.
July
6.85®6.85c. November _7.11 7.12c.
August_ _6.92@6.93c. December _7.18@7.19c.
September_6.99 7.00c.
Jacksonville. &c..
600194
11,477 12,139 15,559 11,918 9.401
Savannah
5,000
5.000 IToliBrunswick
6.318
996 1.054 1,818 1,313 1,137 day
Charleston
at
--Georgetown
2.082 3.059 2.105 2,342 1,706 New 11,W4
Wilmington
3,179 6,175 2.424 4.192 4,179 York. 20,149
Norfolk
3,798
3,798
N'port News, &c
308
235
733
50
140
New York
508
456
161
2.001
384
492
Boston
3,247
3,247
Baltimore
10
13
23
Philadelphia -_-- -----344.065
. ..,.I., ...,..."fr AR 954 56.617 106.374 52.056 72.794
SUGAR early in the week was strong and active with new
high levels; centrifugal, 96-degrees test, reached 5.02c., and
-degrees test, 4.27c. Advices from both Cuba
molasses, 89
and Porto Rico were bullish. Planters there were reluctant
sellers. Strikes on both islands and higher rates of freights
were stimulating factors. Also England and France are
expected to enter the market for refined sugar at an earlier
date than usual this year. These things counted for a
The following shows the six days' total receipts, the total
time for more than the large receipts at the Atlantic ports since Aug. 1 1914 and the stocks to-night, compared with
and increasing stocks. Later in the week prices of futures last year:
broke sharply on large liquidation, partly on stop orders.
1914-15.
1913-14.
Stock.
Also it was said that the freight situation had become easier,
Receipts to
owing to an increased supply of tonnage. Centrigugal,
Six Since Aug This iSince Aug
February 11.
Days. 1 1914. Week. 1 1913.
1915.
19141
96-degrees test, dropped to 4.770., and molsases, 89-degrees
test, to 4c. Stocks in the United States and Cuba to- Galveston
127,915 2.900,185 85,200 2,941,298 578,043 405,657
24,447 389.349 23.029 437,682
95.162
58,808
gether are 332,704 tons, against 281,401 last week and 385,- Texas City
28,176 1.153
282
29,625
--50,882
990 tons last year. Refined has been active and earlier in PortgArthur--&C..
975 135,842
436
8.549
539
Aransas Pass.
the week was very strong, granulated reaching 6 cents, but New Orleans__ -- 74,870 1,119,780 46,061 1,389,697 446,360 268,245
3,088 120.394 6,354 346,407
41,881
45,853
Mobile
declining later to 5.750., less 2%. Trading in sugar futures Pensacola
17.493
-__ 118,268
irregular prices. A sharp Jacksonville, Stc..
27,947
343
28,468
700
has been active and excited at partly
66:i§. 1.286,905 18,256 1.572,344 288,423
7
1
88,375
to rains and strikes Savannah
early in the week, due
advance
5,000 132,808 8,000 270,742
Brunswick
41,000
followed later on by heavy liquidation anda Charleston
6,318 294,511 2,196 398,812 141,463
26,514
in Cuba, was
884
Georgetown
quick decline.
11:Ni 155,334 4,158' 366,683
.
i
30,708
Wilmington
53,735
3. 0@3 72c. October - -3.85 3.86c.
7
June
.
20,149 364,596 8,592 451,702
58.179
88,863
3.75(3.76c. November-3.853.56c Norfolk
July
93,771 2,983
3,798
72,610
nu
er__3:65 3.0c N'port News,&C
__ 3 7 371c
0 . : New York
August--3.79 3.80c.
5,185
733
105,581 114.372
September-3.83@3.84C. January
26,305
2.001
226
6,334
10,400
Boston
4.551
19 56227
4
,
3.753
Baltimore
OILS.-Linseed steady; city, raw, American seed, 60c.; Philadelphia ___ _ 3,247 52,571 1,409 72 4488
4.256
1.730
23
9,623
1,172
Cocoanut slightly easier;
111111
boiled, 61c.; Calcutta, 70c.
344.095 7.068.806 209.7348,655.827 1.915.508 1.121.120
Totals
Ceylop. 10©11c. Olive 86 ®90c. • Castor,
February-3.51
March ____3.51
3.57
April
3.65
May
3.52c.
3.52c.
3.59c.
3.67c.
Cochin 14@15c.,
FEB. 13 1915.]
THE CHRONICLE
565
In order that comparison may be made with other years, These purchases would be larger if it were not for the somewhat confused outlook in Europe. Spinners takings of
we give below the totals at leading ports for six seasons:
late have been liberal. On the other hand, the German war
1910.
1912.
1911.
1913.
zone order has caused a rise in war risks. It is also feared
1914.
1915.
Receipts at38,852 that England may retaliate upon Germany by declaring
38.109
84.777
42,585
85.200
Galveston --- 127,915
6.740 cotton contraband of war. It is hinted, too, that some in22,617
26,733
9,610
25,157
25,165
Texasetty,&c.
15,374 surance on
37,600
58,102
18.305
46,061
74,870
New Orleans_
cotton cargoes for export at American ports has
5,359
4,279
9,321
1.648
6,354
3,088
Mobile
6,413 been canceled. This may or may not be true. But it is
17.903
59,873
10.993
18,256
60,494
Savannah
7,000
2,050
8,000
5,000
Brunswick
420 noticed that the sailing of the Dacia, whose case has attrac1.277
12,209
695
2.196
6,318
Charleston,&c
3,559 ted so much attention, has been delayed ostensibly because
1,459
17,145
2,077
4,957
11,294
Wilmington
4,441 sixteen of the crew refused to sail from a fear of being cap4,822
19,019
7,685
8,592
20,149
Norfolk
273
1,548
3.810
2,983
3,798
Newp't N.,&c
22,908 tured. It is supposed, too, that exports have been somewhat
6,316
7,658
10,016
1,978
6.004
All others_
hurried of late from a fear that insurance might in some cases
Total this wk. 344.095 209.734 109,474 303,385 134.382 101,339 at least be
canceled. Ocean freights, too, have recently
9.588.223 7.587.975 5,981,929 declined in some eases, though they are still high to RotterSines Auer. 1_ 7.068.806 8.655.827 8.186.144
The exports for the six days' ending this evening reach a dam and Barcelona. German houses in some cases have
total of 329,504 bales,of which 151,368 were to Great Britain, been selling. This was partly, it is supposed, to take profits
6,405 to France and 171,731 to the rest of the Continent. on speculative purchases, and partly sales against purchases
Exports for the six days' and since Aug. 1 1914 are as fol- of the actual cotton at the South. And then the fact
that the Lever Law goes into effect on Feb.. 18th has had
lows:
a more or less unfavorable effect. It is inferred that it
will prevent American
hedging
producers from
Six days ending Feb. 11 1915. From Aug. 1 1914 to Feb. 11 1915.
Exported to
Exported to
cotton in Liverpool, and
will thus, perforce,
Exports
concentrate all the hedge selling on the New Orleans and
ContiGreat
Conti'TOM
Great
nent
Total
New York exchanges. Yet firms on this side could simply
Total Britain France
Britain France sent
notify European houses that they had bought cotton in
64,872 100,152 808,934 144,260 870,419 1,823,613
Galveston_ _ 35,280
28,422 284,623 this country, it is argued, and Europe could then take the
8.670 261,201
Texas City_ 5,670
400 24,918 hint and act
15,282 24,518
Pt. Arthur_ 15,282
accordingly. Spot markets at the South
618
618
Ar.Pass,lice
NewOrleans 18:576 6,210 26.947 11,533 414,110 38,193 2317,697 688,000 have latterly been less active. It is said that Lloyds has
837 39,678 refused to insure shippers against England declaring
38,841
Mobile__
cotton
400 17,672
17,272
Pensacola_ _
56;57Z 109- 6Lo 239,351 37.,752 462,5:3 734,646 contraband. Some take the ground that there is no reason
_
, ,
Savannah__ 53,328
81,923 in any case why Lloyds should do anything of the kind, as it
16,452 81,923
16,452
Brunswick
79,750 113,454
8,100 8,500 33,704
Charleston _
46 6E0 66,272 is argued that such business would be little more than an
19,623
Wilmington
27,606 40,557 out-and-out bet on the subject. For all that, however, the
2;ioo 13,351
2,200
Norfolk_
8,346 155,791 502,340 market
191 3.759 5,734 46, 03
New York.. 1,780
has been in such a nervous state that the mere ru2,992 38,228
35,23
Boston
900 25,645 mor that Lloyds has refused to insure against such action
18,195
6,550
Baltimore_ _
3,386 29,423 by the English Government during the
26,037
Philadd a__
next three months
50
50
Pembina_
88,530 88,530 has had at times a more or less disturbing effect. Certainly
4,017 4,017
San Fran_ _
99,838 99,838 an English contraband order would be considered a very
7,314 7,314
Pt.Towns d
11
Total____ 151,368 6,405 171,731 329,504 2,079,099 230,101 2,144,2294,453,429 bearish feature in the cotton trade. It is maintained by
some, however, that there is no likelihood of such order being
Total.13-14 60,726 12,420 68,142 141,288 2,572,018 881,811 1,222,961 6,676,290 issued, as Germany is said to have a good supply of
cotton
Note
-New York exports since Aug. 1 include 6,276 bales Peruvian and 25 bales and there would therefore be nothing gained and possibly
West Indian to Liverpoo., 50 bales Egyptian to Mexico.
by England's issuing such a decree. To-day
In addition to above exports, our telegrams to-night also something lost partly owing to better weather at the
prices declined,
give us the following amounts of cotton on shipboard, not a moderate increase in Southern selling and renewedSouth
cleared, at the ports named. We add similar figures for that England might declare cotton contraband of fears
war,
New York.
owing to the fact that Prime Minister Asquith announced
in the House of Commons that it might be found necessary
On Shipboard, No Cleared for
to adopt more stringent rules and restrictions upon German
Leaving
Other CoastGreat
Gercommerce. A good many, however, saw no reason to beFeb. 11 at
- Britain. France. Wany. Foreign wise. Total] Stock.
lieve that this statement was a hint of a coming contraband
128,491 317.869 order. Wall Street and the West, however, sold rather more
66,293
New Orleans__ 31,102 29,873
85,132 3
,86O
- 161.299 416,744 freely. The Dacia sailed from Norfolk for Rotterdam, a
Galveston ---- 37,128 35,539
15,000 3,200 41,900 246,523
Savannah ---- 17.100
15,000 126,463 fact which seemed to show clearly enough that there had
6,000
Charleston____ 9,000
Mobile
300 8,564
8,164
37,289
19R10 26.975 45,975
Norfolk
42,888 been no trouble about insurance. Spot cotton closed
New York_
5,000
300
5.300 100,281 8.65c.for middling uplands,showing no change for the week.
22.000
Other ports
24,000
46,000 174,922
The official quotation for middling upland cotton in the
Total 1915_ 124,794 65,414 7,921 220,425 33.975 452,529 1,462,979 New York market each day for the past week has been:
Total 1914- 97,105 39,677 88,058 45,350 23,927 294,117
Total 1913- 43,636 14,359 49,750 37,689 27.307 172.741
827.003
626,607
Feb.6 to Feb. 12Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
8.65
8.65
8.65
8.65 8.65
H.
Speculation has been less active of late pending further
NEW YORK QUOTATIONS FOR 32 YEARS.
developments. The situation has been of such a nature
The quotations for middling upland at New York on
as to discourage large trading. Most people have been
awaiting the turn of affairs in Europe. It is true that the Feb. 11 for each of the past 32 years have been as follows:
1915-c
8.65 1907-c
11.15 1899_c
6.50
exports last week got pretty close to half a million bales, 1914
12.75 1906
11.25 1898
6.25 IROke
1T3g
making a new high record for this time of the year. The 1913
1 5 1905
3.0
7.70 1897
7.19 1889
10.06
10.65 1904
14.80 1896
8.12 1888
deficit in exports, as compared with those for the same 1912
10.62
1911
14.35 1903
9.50 1895
5.62 1887
9.50
period last year, has recently been materially reduced. It 1910
15.15 1902
8.69 1894
8.00 1886
9.06
9.85 1901
9.62 1893
9.25 1885
is true, also, that the South has not been a big seller of 1909
11.12
11.65 1900
8.75 1892
7.19 1884
10.75
hedges here and that spot markets at the South have been 1908
generally firm, or even higher. The fact that the $136,FUTURES.
-The highest, lowest and closing
000,000 Cotton Loan Pool has been discontinued is taken New York for the past week have been as follows:prices at
mean that the South is in pretty good shape financially,
to
•
or at any rate, can get along very well without such a pool,
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 6. Feb. 8. Feb. 9. Feb.10. Feb.11. Feb. 12. Week.
and this, it is inferred, means that there is little or no distress cotton to come on the market. That was con- NawContract
sidered a very hopeful circumstance. Then many believe February
Range.
that the world's consumption this year will be much larger
-Closing__ 8.31-.36 8.35-40 8.36-.40 8.38-.40 8.27-.30
--than at one time seemed probable. Wool is getting scarcer March
Range ____ 8.58-.65 8.60-.70 8.61-.69 8.63-.67 8.60-.61
and dearer all the time and Australia has renewed the
8.58-.70
Closing__ 8.61-.62 8.64-.65 8.66-.68 8.63-.65 8.57-.58
--embargo on wool exports. This has a tendency, it is argued, May
Range __ 8.81-.90 8.85-.95 8.86-.94 8.86-.94 8.81-.88
to throw the world back on cotton as the only available
8.81-.95
Closing__ 8.85-.86 8.89-.90 8.90-.91 8.88-.89 8.81-.82
--substitute, not only for wool, but for silk, flax, &c. Also, July
Range ____
as the spring and summer approach, there would naturally, Closing__ 9.00-.10 9.05-.14 9.04-.13 9.07-.12 9.00-.09
9.00.-14
9.05-.06 9.09-.10 9.11-.12 9.08-.09 9.00 - in any case, be a larger demand for cotton from the warring August
Range ___--- -- 9.22 nations unless peace is soon concluded. And nobody seems
- - 9.18 - -9.18-.22
Closing__
to be very hopeful just now of an early peace. Sales to September- 9.19-.15 9.18-.20 9.19-.21 9.17-.19 9.08-.10 HOLT- - Europe of various kinds of cotton goods continue large.
Range _
9.20
Day
9.20 Closing__ 9.21-.23 9.25-.27 9.25-.27 9.23-.25 9.15-.20
- Manchester is doing a good business. Liverpool at times October
Range ____ 9.25-.34 9.28-.37 9.27-.37 9.30-.37 9.24-.32
has been stronger than expected, with a better spot demand
9.24-.37
Closing__ 9.29-.30 9.32-.33 9.34-.35 9.33-.34 9.24-.25
-and little or no hedge selling. Recent forwardings from December
spinners to Liverpool have been large. And theoretically, at
Range ____ 9.38-.46 9.43-.50 9.40-.50 9.44-.50 9.40 .46
9.38-.50
Closing__ 9.43-.44 9.46-.47 9.47-.48 9.45-.46 9.38-.40
-lease, England's future supply of cotton is more or less January
threatened by the German decree proclaiming a war zone
Range ____ 9.50
9.50-54
9.54 British Isles after Feb. 18. Finally the stock at
Closing__ 9.51-.53 9.54-.56 9.54-.56 9.52-.54 9.47-.50
around the
--Old Contract
-22`.
New York is still verysmall. Of the new Government March
quantity certificated is thus far only 10,101 bales.
Range -_
8.18 grades the
8.18 - -chasing__ 8.16 - 8.20 - 8.21 - 839 - 8.12 __
--Liverpool has latterly been buying to undo straddles. Some May
well-known spot houses have been buying. There has been
Range --_ -8.63 - 8.63
, 51 - ..16 4
•
a certain amount of buying,too, by Wall Street and the West. (3103111/--__ 4.%n - 8.54 - 8.55 -
566
THE CHRONICLE
[VOL. 100.
THE VISIBLE SUPPLY OF COTTON to-night, as made up from telegraphic reports Friday night. The results for the
up by cable and telegraph, is as follows. Foreign stocks, six days this year and the full week last year and since
as well as the afloat, are this week's returns, and consequently Aug. 1 in the last two years are as follows:
-1914-15-1913-14all foreign figures are brought down to Wednesday evening.
February 11Since
Since
Week. Aug. 1.
Week. Aug. 1.
But to make the total the complete figures for to-night ShippedVia St. Louis
22,880 378,097
16.024 369.609
(Thursday), we add the item of exports from the United
Via Cairo
7,415 201,589
11,764 281,881
Via Rock Island
20
2,413
300
5.000
States, including in it the exports of Thursday only.
Via Louisville
4,622 111.041
4,098
83,651
February 11Stock at Liverpool
Stock at London
Stock at Manchester
1915.
1914.
1913.
1912.
bales. a929,000 1,178,000 1,455,000'1,110,000
a30,000
5,000
4,000
1,000
a93,000
89,000
95,000
87,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,052,000 1,272,000 1,554,000 1,198,000
*7.000
14,000
13.000
8,000
*170,000 552,000 493.000 461,000
*245,000 429,000 492,000 330,000
3.000
2,000
2,000
3,000
*35,000
28,000
33,000
17,000
*276,000
42,000
35,000
32,000
*4,000
18,000
2,000
Total Continental stocks
740,000 1,085.000 1,068,060 853,000
Total European stocks
1,792,000 2,357,000 2,622,000 2,051,000
India cotton afloat for Europe... *112,000 187,000
90,000
64,000
Amer. cotton afloat for Europe_ _1,193.793 544,212 470,938 1,015,209
Egypt, Brazil,&c.,afloat for Eur'pe *80,000
65,000
75,000
73,000
Stock in Alexandria, Egypt
305,000 348,000 301,000 279,000
Stock in Bombay, India
*495,000 774,000 627,000 534,000
Stock in U.S. ports
1,915,508 1,121,120 799,348 1,364,208
Stock in U. S. interior towns_
1.186,374 870,412 752,636 726,985
U.S. exports to-day
37,296
11,000
34,314
34.777
Total visible supply
7,116.971 6,277,744 5,770,236 6,144,179
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
bales_ a675,000 914,000 1,281,000 1,000,000
Manchester stock
a66,000
58,000
66,000
63,000
Continental stock
*615,000 1,040,000 1,035,000 827.000
American afloat for Europe
1,193,793 545.212 470,938 1,015,209
U. S. port stocks
1.915,508 1,121.120 799,348 1,364,208
U. S. interior stocks
1,186,374 870,412 752,636 726,985
U. S. exports to-day
37,296
11.000
34,314
34.777
Total American
5.718.9714,558.744 4,439,236 5,031,179
East Indian. Brazil, &c.
Liverpool stock
a254,000 264,000
London stock,000 174.000 110,000
4,000
1,000
Manchester stock
a27;000
31,000
24,000
29,000
Continental stock
*95,000
45,000
33,000
26,000
India afloat for Europe
*112,000 187,000
90,000
64.000
Egypt, Brazil, &c., afloat
*80,000
65,000
73.000
75.000
Stock in Alexandria, Egypt
305,000 348,000 301,000 279,000
Stock in Bombay, India
*495,000 774.000 627.000 534.000
Total East India, &c
1,398,000 1,719,000 1,331,000 1.113,000
Total American
5.718.971 4,558,744 4,439,236 5.031.179
Total visible supply
7,116,971 6,277,744 5,770.236 6,144.179
Middling Upland, Liverpool
5.07d.
7.04d.
5.85d.
6.93d.
Middling Upland, New York__....8.65c.
12.85c.
13.05c.
10.35c.
Egypt. Good Brown, Liverpool. 7.25d.
9.80d.
10.50d.
10d.
Peruvian. Rough Good. Liverpool 8.75d.
9.00d. 10.25d.
9.10d.
Broach, Fine, Liverpool
4 80d
634d. 6 11-16d.
534d.
Tinnevelly, Good, Liverpool
4,72d. 6 5-16d. 6 11-16d. 5 11-16d.
a Last weeks figures; this weeks not received.
* Estimated.
The above figures for 1915 show an increase over last week
of 90,363 bales, a gain of 839,227 bales over 1914, an excess
of 1,346,735 bales over 1913 and a gain of 972,792 bales over
1912.
Via Cincinnati
Via Virginia points
Via other routes, &c
2,466
5,106
12,353
Total gross overland
Deduct shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
54,862 1.078,525
6,004
4.748
3,893
90,089
120,979
294,052
3,497
1,987
7,594
64,091
93,337
227,957
45,264 1,245,261
97,649
89,303
73,906
1,635
5,897
2.543
85,791
105,048
78,269
Total to be deducted
14.645
269,108
10.075
260,858
Leaving total net overland *
40,217
809,417
35,189
984,403
* Including movement by rail to Canada.
The foregoing shows the six days'net overland movement
has been 40,217 bales, against 35,189 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago f 174,986 bales.
1913-14
1914-15Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Six Days
Takings.
209.734 8,655.827
344,095 7,068,806
Receipts at ports to Feb. 11
984,403
35,189
809,417
40,217
Net overland to Feb. 11
60.000 1.686,000
Southern consumption to Feb. 11- 50,000 1,640,000
434,312 9,518,223 304,923 11,326,230
Total marketed
726.944
*48,839 1,066,235 *26,335
Interior stocks in excess
a278.688
Came into sight during six days385,473
12,053,174
10,584,458
Total in sight Feb. 11
52,674 1,969,302
Nor, spinners' takings to Feb. 11.. 82,201 1,784.825
*Decrease. a Full week.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton
Week ending
February 12
Galveston
New Orleans.._
Mobile
Savannah
Charleston _ _ _
Wilmington_ _ _ _
Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8 3-16
8
8%
8
8
834
831
8.90
834
8
8
834
8 3-16
8
834
8%
8940
8 3-16
8
8
1;1
833
8 3-16
8
854
8 3-16
8
8%
834
8
8
89
5
8.90
8.40
8 3-16-34 8%
8
8
8
HOLIDAY
AT
NEW
YORK.
8
8%
834
834
7%
g1-16
8
8%
8
8
131
8g
7
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading options in the
AT THE INTERIOR TOWNS the movement
-that is, New Orleans cotton market for the past week have been as
the receipts for the six days since Aug. 1, the shipments for follows:
the six days and the stocks to-night, and the same itemsfor the
Saturday, Monday, Tuesday, Wed'day. Thurstry, Eridatb
corresponding period of the previous year-is set out in
Feb. 6. Feb. 8. Feb. 9. Feb. 10. Feb. 11. Feb. 12.
detail below.
New
Movement to February 11 1915 Movement to February 13 1914
Towns
Receipts
6 days Season
Shipmeats Stocks
6 days Feb 11
361 10,500
22,858
151
Ala .Eutaula*.
Montgomery
. 1,500 180,225 5,500 79,429
2,180 115,191 5,219 40,603
Selma
Ark , Helena*. 1,100 55,547 2,135 16,000
Little Rock
4,768 166,906 7,373 60,690
496 16,200
Ga ,Albany*...
200 30,868
Athens
2,400 100,259 3.200 24,961
Atlanta
2.667 150,167 3,210 17,046
Augusta
8,125 374,625 8,559 149,357
Columbus.. _
1,211
91,798 8,025 45,241
271 35,802 1,134 17,151
Macon
976 9,107
Rome
889 52,969
La ,Sbrevepor 3,120 132,524 6,600 69,255
MissColumbus*
500 26,970 1,307 8,000
600 68,258 1,622 22,000
Greenville* _ _
Greenwood__ _ 2,000 118,933 4,584 25,000
Meridian*
1,200 36,283 2,540 18,500
Natchez
256 19.649
838 9,718
1,131 28,985 1,681 13,648
Vicksburg
Yazoo C1ty._
100 37,715 1,747 15,000
Mo ,St Louis_ 21,770 406,341 22,880 38,369
N C ,Raleigh*
300
7,310
325
345
0. Cincinnati_ 8,001 171,387 7,621 11,007
50 15,906
Okla , Hugo....
56
25
500
16,720
721 10,700
S C.Greenw'd*
Tenn ,Memph 25,894 792,811 31,370227,741
82
4,213
__ __ 1,268
Nashville....
250 14,885
Tex.,Brenham*
268 1,300
150 35,840
Clarksville._
837 3,000
2,200 106,298 3,005 6,500
Dallas*
364 2,000
75 23,415
Honey Grove_
95,8452,627.384 105,215 211,113
Houston
2,000 104.361 2,555 5,600
Paris
Receipts
Week
Season
21,514
91
2,124 149,091
563 119,562
1,121 61.712
3,312 160,642
2' 28,364
695 106,079
1,565 204,948
4,959 332,528
2,105 73,222
149 43,869
276 52,866
3,632 171,644
228 34,304
1.753 80.401
1,511 110,373
327 28,403
18.825
211
442 31,720
123 39,289
16,047 389,875
159 12,555
6,531 154,341
684 37,136
65 13,180
23,299 916,005
70
9,583
85 22,363
-___
48,386
93
89,639
414 31,902
66,5082,570,331
289 103,853
Shipmeats Stocks
week Feb. 13
2,155 2,116
5,145 25,636
633 15,227
2,870 17,382
3,074 59,362
22 3,236
1,220 22,627
2,628 16,486
3,374 83,340
2,325 21.263
840 1,992
420 6,029
4,354 39,304
555 4.250
1,063 22,690
3,500 25,000
559 7,195
300 5,500
1,923 9,340
1,183 13.086
16,024 32,511
326
300
5,774 24,475
1.002 1,079
---- 1,217
33,080200.205
204 1,199
95 1,855
194 3,606
1,808 8.418
541 2.373
67,522185,507
1,612 6,577
,
D....,,, na tnwnR 193.4856.173.403242,324 1186374 140.1646.268.505 166.399870.412
The above totals show that the interior stocks have decreased during the six days 48,839 bales and are to-night 315,962
bales more than at the same time last year. The receipts at
all towns have been 53,321 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE SIX DAYSAND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the six daysand since Aug.1, as made
Contract.
February
Range
Closing
March
Range
Closing
May
Range
Closing
June
Range
Closing
October
Range
Closing
DecemberRange
7.92 - 7.99 - 8.01 - 7.98 - 8.00 8.27-.29 8.25-.36 8.32-.35 8.33-.34 8.27-.33
8.26-.27 8.34-.36 8.33-.34 8.33-.34 8.26-.27
8.51-.60 8.53-.62 8.53-.62 8.55-.63 8.50-.56
8.54-.55 8.59-.60 8.60-.61 8.58-.59 8.51
8.70-.79 8.72-.82 8.73-.83 8.75-.83 8.70-.'7:
8.73-.74 8.78-.79 8.79-.80 8.77-.78 8.71
8.99-.05 8.99-.09 9.00-.10 9.00-.03 8.95-.01 HOLT8.99-.00 9.05-.06 9.06-.07 9.03-.04 8.95-.96 DAY
AT
- - NEW
9.25-.269.25-.26 9.23 9.14-.16 9.20-.21 9.21-.22 9.18-.20 9.10-.11 YORK.
Januarygr.osgg
n
Old Contract.
March
Range
Closing
May
Range
Closing
Tone
Spot
(Intim.
9.29-.31-
8.36 - 8.41 - 8.42 - 8.40 - 8.37
8.59 - 8.64 - 8.65 - 8.63-.68 8.51
Steady. Steady. Steady. Quiet.
Steady. Steady. Steady_ Stantio
Easy.
co.--,r_
MARKET AND SALES AT NEW YORK.
.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday___
Monday ___
Tuesday ___
Wednesday_
Thursday -Friday
Total
Quiet
Quiet
Quiet
Quiet
Quiet
Futures.
Market
Closed,
Steady
Barely steady
Steady
Steady
Barely steady
HOLIDAY.
SALES.
Spot. Contr'ct Total.
100
100
102
100
200
102
100
200
202
300
502
567
THE CHRONICLE
FEB. 13 1915.]
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that
the weather has been favorable as a rule during the week,
little rain having fallen. The crop is moving on a liberal
scale.
Galveston, Tex.
-There has been no rain during the week.
The thermometer has ranged from 49 to 68, averaging 58.
Abilene, Tex.
-Dry all the week. Minimum temperature 28, maximum 74, average 51.
Dallas, Tex.
-There has been no rain the past week.
Lowest thermometer 36, highest 72, average 54.
Palestine, Tex.
-There has been no rain during the week.
Lowest thermometer 36, highest 70, average 53.
San Antonio, Tex.
-We have had no rain during the week,
Minimum thermometer 40, maximum 74, average 57.
Taylor, Tex.
-There has been no rain during the week.
Minimum thermometer 36.
Charleston, S. C.
-We have had rain on two days during
the week, the precipitation reaching seventeen hundredths
of an inch. The thermometer has ranged from 33 to 66,
averaging 50.
-There has been rain on one day during
Charlotte, N. C.
the week, the precipitation reaching five hundredths of an
inch. Average thermometer 40, highest 59, lowest 22.
Memphis, Tenn -Dry all the week. The thermometer
has averaged 41, the highest being 61 and the lowest 29.
-There has been no rain the past week.
New Orleans, La.
The thermometer has averaged 53.
-We have had rain on one day of the week,
Mobile, Ala.
the rainfall reaching one inch and twenty-seven hundredths.
The thermome er has ranged from 35 to 70, averaging 51.
-There has been rain on one day of the week,
Madison,Fla.
the precipitation reaching fifty-five hundredths of an inch.
The thermometer has averaged 49, the highest being 66 and
the lowest 36.
Savannah, Ga.-There has been rain on one day during
the week, to the extent of seventeen hundredths of an inch.
The thermometer has averaged 50, ranging from 34 to 68.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
According to the foregoing, Bombay appears to show a
decrease, compared with last year, in the week's receipts of
51,000 bales. Exports record a gain of 12,000 bales
during the week and since Aug. 1 show a decrease of
125,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-The following are the receipts and shipments
for the week ending Jan. 13 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
January 13.
1914-15.
228,526
3,700,609
Receipts (cantars)This week
Since Sept. 1
• 1912-13.
1913-14.
225.000
6,326,965
290,000
6.477.724
This Since
This Since
Week.
,Aug. 1. Week. Aug. 1.
This Since
Week. Aug. 1.
To-Liverpool
3,300 69,989 3,250 131,646
To Manchester
6,750 73,551 6,500 132,354
To Continent and India.. 7,500 105,784 11,250239,826
To America
3,250, 61,111 2,750 23,029
4,750 143.002
6,500 152,914
8.500 203,814
5.250 71.752
Exports (bales)-•
Total exports
20,800310,435 23,750 526,855 25,000 571,482
No e.
-A cantar is 99 lbs.
Egyptian ba es weigh about 750 lbs.
The statement shows that the receipts for the week ending Jan. 13 were 228,526 cantars and the foreign shipments were 20,800 bales.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 327,504 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales
-To Liverpool-Feb. 5, 500; Feb. 10. 1.235 upland.
NEW YORK
45 Peruvian
1.780
To Marseilles
-Feb. 5,195
195
To Rotterdam, &c.
-Feb. 5, 950
950
To Gothenburg-Feb.8, 1.200
1,200
To Genoa-Feb. 10. 1,549
1.549
To Syra-Feb. 8. 60
60
GALVESTON-To Liverpool
-Feb. 5. 11,546; Feb. 6, 13.949_ 25,495
To Manchester-Feb. 5, 9,785
9.785
To Rotterdam-Feb.5, 15,264
15.264
To Gothenburg-Feb. 5, 20.709; Feb. 6, 5.166
25.875
To Christiania-Feb.5. 2,700; Feb. 9,4,500
7,200
To Genoa-Feb. 9. 5,000
5.000
To Vladivostock-Feb. 9, 3,600
3.600
To Japan-Feb. 9, 7,933
7.933
-Feb. 5, 8,670
-To Liverpool
TEXAS CITY
8.670
Feb. 11 1915. Feb. 13 1914. PORT ARTHUR-To Liverpool-Feb. 5, 15.282
15,282
Feet.
Feet.
-Feb. 6, 4,876; Feb. 8, 13,500
-To Liverpool
NEW ORLEANS
18,376
6.6
New Orleans
12.8
Above zero of gauge..
To Havre-Feb.6,6,210
6.210
Memphis
33.8
20.4
Above zero of gaugeTo Barcelona-Feb.8,4.800
4,800
Nashville
12.7
18.8
Above zero of gauge_
22.047
To Genoa-Feb. 5, 10.535; Feb. 6, 11,512
Shreveport
5.3
Above zero of gauge_
10.2
-Feb.5, 100
To Mexico
100
Vicksburg
35.7
21.6
Above zero of gaugeSAVANNAH-To Liverpool-Feb. 8, 12,524; Feb. 9, 10,637;
48,722
Feb. 10, 25,561
4,606
To Manchester-Feb. 5, 4,606
-Cable adCOTTON EXCHANGE AT ROTTERDAM.
To Gothenburg-Feb. 6, 4,098; Feb. 8, 9,092; Feb. 9. 10,364;
vices from The Hague, via London, are to the effect that a
32.005
Feb. 10, 8,451
23,074
To Rotterdam-Feb. 6, 19,375; Feb. 9. 3,699
cotton exchange is being organized at Rotterdam with the
1,243
To Oporto-Feb.8, 743; Feb. 10, 500
large transportation companies, banks and dealers behind BRUNSWICK-To Liverpool-Feb.9, 16,452
16,452
8,500
the project. The greater ease with which cotton can be CHARLESTON-To Continent-Feb. 5, 8.500
2.200
NORFOLK-To Liverpool-Feb.6,2,200
moved f om America to Rotterdam than to Bremen seems SAN FRANCISCO-To Japan-Feb.6,4017
4,017
to be the controlling factor.
7,314
PORT TOWNSEND-To Japan-Feb. 6, 7,314
Total
329,504
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The particulars of
shipments for the week,
The following brief but comprehensive statement indicates arranged in our usualthe foregoing follows:
form, are as
at a glance the world's supply of cotton for the week and
Grea French Get- -Oth.Europe-- Mex.,
since Aug. 1 for the last two seasons, from all sources from
Britain. Ports. many. North. South.
&c. Japan. Total.
which statistics are obtainable; also the takings, or amounts New York
1,780
195 -- 2,150 1,609
5.734
Galveston
35,280
48,339 5.000 3,600 7.9:33 1C/0,152
gone out of sight, for the like period.
Texas City.
8.670
8,670
Cotton Takings.
Week and Season.
1914-15.
Week.
1913-14.
Season.
Week.
-
Season.
Visible supply Feb. 5
7,026,608
6,323.409
3,176,816
Visible supply Aug. 1
2.581,551
American in sight to Feb. 1L.._ 385,473 10,584,458 278,688 12,053.174
700,000 113,000 1,623,000
Bombay receipts to Feb. 11____ b95,000
94,000
29,000
Other India ship'ts to Feb. 11_,
b3,000
212,000
649,000
12.000
901,600
Alexandria receipts to Feb. 10__ b40.000
61,000
10,000
196,000.
2,000
Other supply to Feb. 10*
7,552,081 15,265,274 6,766,097 17,567,325
Total supply
Deduct
Visible supply Feb. 11
7.116,971 7,116,971 6,277,744 6,277,774
435,110 8,148,303
326,110 6.545.303
109.000 1.603,000
Total takings to Feb. 11_a
Of which American
Of which other
488,353 11.289,581
355,353 8,827,981
133.000 2.461,600
•Embraces receipts in Europe from Brazil, Smyrna, West Indies:Sm.
a This total includes the estimated consumption by Southern mills,
1,640,000 bales in 1914-15 and 1.686,000 bales in 1913-14-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 6,507.303 bales in 1914-15 and 9,603.581 bales in 1913-14.
of which 4,905,303 bales and 7,141.981 bales American.
b Estimated.
Port Arthur_
15.282
New Orleans
18,376 6,210
Savannah
53.328
Brunswick
16.452
Charleston
Norfolk
2.200
San Francisco
____
Port TownsendTotal
151,368 6,405
.
55,079
15.282
26,847 -141111 _-__ 51,533
1.243 --------109650
8,85g5
-
___-
8,500
4 (0
.
,
4.017
7,314
--__ 7.314
--__ 114068 34,699 3.700 19264 329,504
The exports to Japan since Aug. 1 have been 180,028 bales
from Pacific ports, and 113,059 bales from Galveston.
LIVERPOOL.
-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Jan. 22. Jan. 29.
37.000
33,000
2,000
3,000
2,000
2.000
26,000
25.000
21,000
11,000
94,000
74,000
915,000 918.000
650,000 658,000
98.000
88.000
73.000
69,000
431.000 523.000
359,000 438,000
Feb. 5. Feb. 12.
36,000
4.000
3,000
26,000
9.000 Holiday
96.000
at
020,000New York
675,000
172,000
143.000
628.000
549,000
-The receipts of
BOMBAY COTTON MOVEMENT.
The one of the Liverpool market for spots and futures
India cotton at Bombay and the shipments for the week each day of the past week and the daily closing prices of
ending Dec. 31 and for the season from Aug. 1 for three years spot cotton have been as follows:
have been as follows:
Spot.
1913.
1914.
December 31.
Receipts at
Bombay
Since
Week. Sept. 1.
44,000
Since
Week. Sept. 1.
For the Week.
-_-_ 7,000 25,000 32,000
____ 15,000 5,000 20,000
6,000 20,000 26,000
Contitient.
Japan
&China
Market, I
12:15
P.M.
Saturday.
Dull.
Monday.
Tuesday. Wednesday. Thursday.
Moderate
demand.
Fair
business
doing.
Quiet.
Total.
18,000 124,000 313,000 455,000
7,000 330,000 243,000 580,000
12,000 127,000 89,000 228,000
Mid.Uprds
5.07
5.07
5.10
5.11
5.07
5,000
1,000
7,000
1,000
8,000
1,000
6,000
2,000
6,000
2.000
Futures.
Quiet,
I
Market1i ®13i
opened
pts. dec.
Steady,
Quiet
Quiet.
unch. to 20255 Pts
2®3 pt.s
advance. ;i pt. dec. decline.
Market
Quiet, Barely sty
Steady
Steady
Quiet
4
I(4 i pts. uncb.. to 404% pts. ,s.4 @ 1 pt. 434@5 pts
113
decline.
decline.
P.M.
advance 1 ,t di....
Advance,
Steady,
mach. to
1 pt. dec.
Friday.
Quiet.
Sales
Spec.di exp.
588,000
Since August 1.
Great 1. Conti- Japan
Great
Hiatt*. nett. &China Total. Britain.
Since
Week. Sept. 1.
403,000 95,000 916,000 108,000
Exports
Bombay
1914....
19131912....
19121
HOLIDAY
AT
NEW
YORK
THE CHRONICLE
568
[VOL. 100.
The prices of futures at Liverpool for each day are given are increasing. Argentina offerings are also large. In
below. Prices are on the basis of upland, good ordinary the United Kingdom the wheat area, it is estimated, will be
increased fully 20%. The United States District Attorney
clause, unless otherwise stated.
has begun an inquiry at Chicago as to the causes of the rise
The prices are given in pence and 100ths. Thus: 4 96 means 4 96-100d.
_
in grain, and how much wheat is stored at Chicago and
Saturday. Monday. Tuesday.r Wed'day. Thursday. Friday.
Feb. 6
other cities,and whether an attempt is being made to corner
to
the market. Chicago bankers and bakers urge Congress
Feb. 12. 1234 1214 1234 4 1234 4 1234 4 1234 4 1234 4
2
-day embargo on exports of wheat from the United
Pm. pan. p.m. Pin P.M.Pm.p.m.PM.Pin. 1 .m. Pan. P.m. to put a 90
States. The baking business has been seriously injured
d. d . d. , d.
d.
d.
d.
d.
d.
d.
d.
d.
May-June __.1_ 4 96 95 95 9836 9936 99 9836 9534 9314
in this country since the price of bread was raised. In
-Sept. ____ 5 04 03360334 0636 08 07340734 0434 0236 Hol day
Aug.
-Nov. ____ 5 16 16 16 1834 20 '1914 19 16 1436 New York January 360 bakers went out of business at Chicago. Other
Oct.
Jan.-Feb. _-_- 5 22 22 22 243426 2514 2514 2214 21
large cities send similar reports. Berlin dispatches state
that demands are being openly made that the war be stopped.
Boston's terminal facilities are overburdened with grain.
EXPORTS OF BREADSTUFFS, PROVISIONS, COT- To-day prices Fagged on liquidation, partly on stop orders.
TON AND PETROLEUM.—The exports of these articles Country offerings are larger throughout the West and
during the month of December and the twelve months for Southwest. Crop reports, too, were generally favorable.
the past three years have been as follows:
On the decline, however, export sales amounted to 1,000,000
bushels. Stocks at most leading Western points show a
1914.
Exports
1913.
1912.
heavy decrease for the week. Yet prices are lower at the
from
December. 12 Months. December. 12 Months. December. 12 Months. close than they were a week ago. Argentina is beginning
U.S.
to offer wheat more freely and to-day the Liverpool market
Quantities.
Whear,bu. 28,875,217 173,246,305 5.724,027 99,360,278 9,484,12 60,426,494 declined. Speculation, too, is more cautious.
Flour,bbis.
1,818,317 12,625,135
1,079,240 12,216,515
1,107,011 10,592,679
Wh't..bu. 37,057,643230,059,412 10,580,607 154,331,595 14,465,670 108.023,550
Corn__bu_ 4,582,006 15.107,410
749,124 44.709.954 3,170,410 30,185,713
Total.bu 41,639,649245,166,822 11,329,731 199,904.549 17,636,080 138,279,263
Values.
3
3
Wh't dt
45,709,582248,273,759 10,242,706 151,569,747 14,070,577 108,149,925
C'rn&meal 3,686.347 13,079,130
617,607 27,355.004 1,833,816 23,081,724
Rye
1.997,352 7,794,011
7,465 1,369,573
73,909
326,289
Oats&meal 3,067.760 20,021,853
44,897 3,407,097 2,289,048 12,516,674
Barley --- 1,399,168 11,140,797
236,925 7,775,865 1,808,116 5,740,265
Breadst 'Is 55,860,209100,309,550 11,149,600 191,477,286 20,075,466 149,814,877
Provision. 12,208,990128,282,034 12,026,136 138,946,692 10,013,195 123,244,132
Cat.6chogs
8,402
879,493
84,474
899,505
49,912 3,533,349
Cotton _ _ 49,350,703343,898,070 81,953,499575,087,565 91,591.389622,778,220
Petrol.,die 9,437,410 138,381,994 13,742,443 147,174,164 9,658,300 121,874,988
Cot's'd oil 2,331,891 14,635,368 1,913,518 17,816,296 2,467,738 21,674,185
Total
129,197,605926,386,509 120,869,67 1071401508 133,856,000 1042939 751
*Including flour reduced to bushels.
BREADSTUFFS.
Thursday Night, Feb. 11 1915.
Flour has been quiet, so far as home trade is concerned,
but there has been some export business. Greece the other
day bought 125,000 barrels at Chicago, it is said, and last
week Holland, it appears, bought 300,000 barrels at Minneapolis. At St. Louis trade was on a fair scale only. In
other words, high prices have forced buyers to take a very
conservative attitude. Itis also said thatsome recent purchases
have been offered for sale. The price of the loaf has been
advanced here by most bakers to six cents. It looks as
though buyers would continue to adhere to the policy of
buying only as their immediate necessities dictate. They
believe that wheat is too high to stay where it is, and they are
therefore all the more reluctant to buy flour heavily at prices
based on the present quotations for wheat. Ocean freights
are scarce and high.
Wheat declined for a time early in the week and then
rallied with reports of a revival of export demand,in which
there had been something of a lull. Italy has been buying
hard winter-wheat and Manitoba at the seaboard as crop
conditions in that country are bad, owing to excessive rains.
The Italian Government finds itself forced to provide wheat
for the famine-stricken and needy districts. Italian advices
state that foreign purchases continue and that further importations on a liberal scale will be necessary. This dovetails
in with the reports in this country of a good export demand
from Italy. Reports from Argentina and East India have
been considered bullish. Argentina reports an advance in
freight rates since last Friday of 2s. 6d., bringing the rate up
to 77s. and 6d.—a fact which has caused a stronger tone in
Liverpool. East India, moreover, reports excessive rains.
In Austria-Hungary the outlook for winter crops is poor, and
foodstuffs continue very scarce and dear. In Germany the
scarcity of foodstuffs is increasing. German cities have
been authorized to commandeer all stores of grain and flour
above the weight of 41 lbs. In France the weather has been
unfavorable. In the United Kingdom it has been bad for
seeding. In this city the price of the loaf has been, as a rule,
increased one cent. The world's stocks are 182,600,000
bushels, or 18,000,000 to 20,000,000 bushels less than at this
time for two years. At Minneapolis and Kansas City stocks
are rapidly decreasing. Greece and Holland have been
large buyers of flour. Greece is also buying wheat, as its
stocks are small. Supplies of wheat in foreign markets are
reported below their requirements. On the other hand,some
of the news has been of a rather bearish tinge. For instance,
the world's stock of wheat increased last week 1,150,000
bushels, as in sharp contrast with a decrease in the same
time last year of 6,377,000 bushels. New crop wheat,
according to Buenos Aires advices, has been somewhat
easier latterly. In France, the Government is taking steps
to increase threshing by supplying labor. The German
Government is using prisoners for field work, which is,
therefore, progressing favorably. The general crop outlook in Germany is said to be good. In Russia the crops
are under good snow covering, with temperatures moderate.
Prospects for the winter-wheat crops are good in Bulgaria.
rains, the
In India, too, notwithstanding the heavy offerings ofgeneral
wheat
crop outlook is considered excellent and
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_1751 174 17352 17334 171
No. 2 red
170 17034 169% 16636 Roll
169
May delivery in elevator
1465 146 14636 14194 14234 day.
July delivery in elevator
WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat.
May delivery in elevator
July delivery in elevator
Mon. Tues. Wed. Thurs. Fri.
cts-16334 16394 16336 16334 15934 Roll
day.
13934 13834 13934 13834 135
Indian corn declined early in the week, but grew stronger
later on. At Chicago shorts and commission houses have
been good buyers. Canada is said to have been buying at
Minneapolis. England has been buying at the seaboard on
a moderate scale. Country offerings have been only moderate at the most and at times they have been small. Buenos
Aires has reported corn quotations strong for the near
months on an urgent export demand, though freights there
have further advanced. They are now 77s. 6d. In Liverpool there has been a good spot demand and River Plate
offerings have been light. Receipts at Liverpool have been
smaller and stocks there are decreasing. On the other
hand, the available American supply last week increased
no less than 3,000,000 bushels, or more than ten times the
increase in the same week last year. Also,the American
available stock is double what it was a year ago, i. e, 40,600,000 bushels, against 20,100,000 at this timelast yea and
15,450,000 at this time in 1913. Prices,too, are some 13 or
14 cents a bushel higher than a year ago. Any kind of cereal,
however, is apt to be firm nowadays, with prospects of a big
world's consumption. The corn crop of the world in 1914,
it is true, was 3,737,704,000 bushels, against 3,480,175,000
in 1913, showing a very fair increase in 1914 over the yield
of 1913. But, on the other hand, the yield of 1912 was
4,222,560,000 bushels, or nearly 500,000,000 bushels larger
than the crop of 1914. Meantime the size of the next crop
is uncertain, while there is little or no uncertainty as to the
prospective demand. Some damage by locusts is reported
from Northern Argentina. American corn is considered
cheaper than Argentina. To-day prices declined in sympathy with wheat. Argentina news was bearish.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts.. 8434 8594 8736 88
8836 Ho!.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. TUGS. Wed. Thurs. Fri.
May delivery in elevator
July delivery in elevator
7934 8134 805( 8036 Boll
cts_ 80
8136 8136 8236 8234 8134 day.
Oats declined early in the week and then rallied. Europe
has been buying quite freely at the seaboard. Export sales
have been at the rate of 400,000 to 500,000 bushels a day,
even more than this, according to some reports. Buying by
cash and commission houses has also figured largely in the
business. It has certainly tended to keep prices steady.
Argentina reports state that prices are steady with a good
business. It is said that Greece has latterly bought something like 1,000,000 bushels at the seaboard, necessitating
large shipments from Chicago and Minneapolis. Whether
this means that Greece is getting ready to take part in the war
time alone will show. To some it looks suggestive, however.
Other parts of Europe have also been inquiring for oats at
Chicago. Some half million bushels have been sold there
and at Minneapolis. Oats have also felt the strength of
corn. The available American stock last week decreased
1,430,000 bushels, against a decrease in the same week last
year of only half that quantity. The total stock in this
country is 43,850,000 against 45,100,000 a year ago. It is
20 million bushels larger than at this time in 1913, while prices
are some 20 cents a bushel higher than a year ago. Liverpool
prices have latterly been advancing. To-day prices were
stronger than those for any other grain, owing to a good
export demand. The export sales were 800,000 bushels.
Influential interests were buying at Chicago. The visible
supply is expected to show a good decrease for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues. Wed.
Thurs.
Fri.
ota 6414-65 6434
6434
Standards
64%
6434
Roll65
65-5534
65
65
65
day.
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts 60% 60% 6136 6134 6134 Roil.
May delivery in elevator
57H 57% 58
57g 57% day.
July delivery in elevator
The following are closing quotations:
GRAIN.
Cts.
Corn, per bushelWheat, per bushel-f. o. b.
f. o. b.
88%
No. 2 mixed
Spring. No. 1
$172
N.
C. i f.
88
No. 2 yellow
N. Spring, No. 2
No. 3 yellow
86
1 71
Red winter, No. 2
Argentina in bags
1 72
Hard winter, No. 2
Rye, per bushel
Cis.
Oats, per bushel, new1 38
New York
64M
Standard
Western
65
No. 2, white
95©1 02
Barley-Malting
64
No. 3, white
FLOUR.
Winter, low grades-3600@$6 50 Kansas straights, sacks.$7 35©$7 75
7 75@ 8 25 Kansas clears, sacks- 7 00© 7 25
Winter patents
8 95
7 50i 7 75 City patents
Winter straights
6 751© 7 25
7 25it 7 50 Rye flour
Winter clears
3 15
Spring patents
7 75 8 25 Buckwheat flour
6 25© 6 50
Spring straights
7 00@ 7 50 Graham flour
Spring clears
6 75 700
For other tables usually given here. see Page 532.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Feb.6 1915 was as follows:
In ThousandsNew York
"
afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
afloat
"
Detroit
-
chinas°
afloat
Milwaukee
afloat
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush. bush, bush, bush. bush, bush. bush.
258
505
153
89
862
575 1,489
4,677
1
675
I3
40 --------65
--ii -i5o --ii
477
42
61
366
649
116
1,081
299
686
584
67 1,456
980
160
272
---- ---- -- -2,808 ____
---6
1,630 ----,
-__ 10 1,954 1,596 --25 -1,487
i5637
1,098
989 _
7,079
4---- ---aii 610
898 ----
50
A ---- -ai
----
867
119
32
9,947
16,319
1,849
5,725
3
310
209
--ia --41 "iii
iii
___ 14,133 12,817
____ 3,622 1,673
511
712
____
256
127 1,796 2:442
258
334
941 4,314
____
510 1,315
....
773
...- 3,766
196 1,291
---892
403
_::: 2,642 1,357
---45
-16- .7:2
3.
-
s -ii "iii --ii
-iii "iio
186
Total Feb. 6 1915_56,943 2,559 36,601 32,664
234
Total Jan. 30 1915-60,152 2,761 34,156 33,173
Total Feb. 7 1914..59,349 7,064 16,892 23,418 6,400
Total Feb. 8 1913..64,991 3,266 12,336 10,868
170
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats,
bush, bush, bush, bush. bush.
In ThousandsMontreal
1,346
117 1,066 -__Ft.Widiarn&Pt.Arthur_ 5,364
1,864 ____
afloat
"
283
Other Canadian
6,183
iiiir
2
29
____
26
1,455
1,445
1,983
1,438
17
--ila
---....
4,195
128
4,489
103
5,095 1,251
2,786
82
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
16
277
-
Total Feb. 6 1915_13,176
Total Jan. 30 1915_13,249
Total Feb. 7 1914_23,963
Total Feb. 8 1913..23,014
117 5,837
16
277
116 6,034
15
288
17 13,329
23
462
22 8,883
50
---SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousands
bush, bush, bush, bush, bush, bush, bush.
bush
American
56,943 2,559 36,601 32,664
186 1,455 4,195
128
Canadian
13,176 -___
117 5,837 --__
16
277 ---Total Feb. 6 1915_70,119 2,559 31,718 38,501
186 1,471 4,472
128
Total Jan, 30 1915..72,401 2,761 34,272 39,207
234
103
Total Feb. 7 1914..83,312 7,064 16,909 36,747 6,400 1,460 4,777
2,006 5,557 1,251
Total Feb. 8 1913..88,783 3,266 12,358 19,751
170 1,438 2,836
62
THE DRY GOODS TRADE.
New York, Thursday Night, Feb. 11 1915.
Business in dry goods is holding up well, and while demand
in some departments is not urgent, in others sales are heavy.
The most reassuring feature is the strong upward tendency in
prices on all fabrics, particularly on orders covering future
deliveries. Many lines of staple cotton goods are about to
be placed at higher levels, while manufactured goods, such
as underwear, hosiery and woolen and worstedi lines, for
both the dress goods and men's wear trade, are firmly held.
The higher prices which have been named since the first of
the year have not restricted buying, but on the contrary
sales have steadily increased. Much attractive business
has been offered to manufacturers of cotton goods at prices
a shade under the market, and has been promptly refused,
but the orders not withdrawn. Users of finished cotton
goods in many instances had expected much lower cotton
values as a result of the war, but have come to the conclusion
that the price of the staple is about as low as it will go in
view of the heavy exports. On the other hand, they find
that manufacturers are fairly well covered ahead, and are not
forced into the market for business. As a result, they are
now willing, and in fact prefer, to cover their requirements
well into the future at current prices. Jobbers report a
steady call from retailers in all sections of the country for
additional supplies, as well as prompt shipment of old orders.
This is particularly true as regards the West,where prosperity
has followed the high prices obtained for agricultural food
products. In the South, owing to the improved financial
situation, buying has been more active. The difficulties of
financing the cotton crop have been fully overcome, as evidenced by the dissolution of the financial pool which was
formed for that purpose, without having had to render any
aid to speak of. Taking these factors into consideration,
as well as the steadily increasing demand for all goods for
export, the outlook is more encouraging than for some time
past. Export business is improving, with orders for several
hundred bales of sheetings placed by North African buyers
during the week. India also purchased about two thousand
569
THE CHRONICLE
FEB. 13 1915.]
bales of standard drills. The prices paid are regarded by
manufacturers as very low, and they claim that they could
make much larger sales were they willing to accept the prices
offered. Trade with China continues at a standstill, without inquiries of any importance from that quarter. Japanese
manufacturers are reported to be consistently underselling
American goods in China and are expected to continue to do
so in an effort to secure a monopoly of that market.
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending Feb. 6 were 5,867
packages, valued at $388,899, and since Jan. 1 1915 have
reached 32,213 packages, valued at $2,225,348. For the
corresponding period of 1914 the totals were 41,195 packages
and $2,772,122. The usual details that we have heretofore
given are withheld for the present under instructions of the
Secretary of the Treasury.
Both jobbers and retailers are becoming more active in
covering their future requirements of staple cotton goods.
The firmness of spot cotton and advancing yarn prices are
causing buyers to regard present prices for finished goods
as being very attractive. Retailers are covering their requirements of spring and summer goods in greater volume
than at any time since the season opened. Staple lines, particularly bleached goods, are active and strong, and many
buyers are calling for shipments of the latter which are not
due until March. The active call for bleached goods has
resulted in firmer prices and several lines are being held
"at value" pending a revision of market quotations. Brown
goods, drills and similar goods are also selling well. Fair
sales of print cloths and gray goods are being made and
manufacturers of these are very firm in their prices for future
shipment. Demand for print cloths is confined largely to
wide widths. Gray goods, 38-inch standard, are quoted
at 4K
3c.
WOOLEN GOODS.
-Distributers of dress goods state
that late demand for spring goods is better than had been
expected and that retailers are laying in larger stocks. Initial
buying of fall lines is very satisfactory, notwithstanding the
steady marking up of prices which is taking place in all quarters. Both manufacturers and selling agents state that
prices will be much higher during the winter than they are
now. Manufacturers of ready-to-wear garments are covering their requirements extensively in anticipation of having
to pay higher prices if they delay longer. Demand is well
distributed, covering a wide assortment of goods. In addition to good sales of serges and broad cloths and other goods
which are regarded as staple lines, there is an active demand
for special styles. Light shades in cloakings and suitings
are mostly favored and the coming season is expected to be
one of bright colors in all fabrics. Serges for fall have been
advanced from two to five cents from opening prices, owing
to the good initial demand. Manufacturers are still worried
over supplies of raw materials as well as the prices they will
be forced to pay. They are therefore very firm in their ideas
concerning the future.
FOREIGN DRY GOODS.
-Aside from the improvement
in demand for linens, there is little to report concerning imported lines. Large handlers of linens of all descriptions
have delayed covering their requirements about as long as
they can afford to, and business has steadily improved since
the first of the year. Many grades of goods are becoming
scarce in the hands of importers, particularly Irish and Scotch
linens. Prices are being advanced on these and other lines
which are in short supply. Linen towelings- have been
marked up 25 to 35% during the week, and several numbers
have been dropped from the lists owing to their scarcity.
Road salesmen are staring out with lines of spring and
summer dress goods, and buying of these is expected to improve from now on, despite the high prices named. Burlaps
continue irregular with the undertone very firm. Demand
is active and supplies light. Light
-weights are quoted at
4.40e. and heavy-weights at 5.05c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
Feb. 5 1915.
Since Jan. 1 1915.
Pkgs.
Value.
Pkgs.
Value.
Manufactures of$
Wool
621
224,821
5,631
1.352,761
Cotton
1,676
473,833 11,719 3,308,857
Silk
464
206,810
3,773
1.808,997
Flax
694
193,209
4,951
1,479,625
Miscellaneous
1,462
160.149
12,083
1,473,489
Total 1915
4,917 1,258,822 38,157 9,423,729
Total 1914
15,626 3.208,697 65,777 17,173.203
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
Wool
429
142,598
2.997
878,849
Cotton
593
183.868
3,460 1,123.153
Silk
409
159,068
859.506
2,217
Flax
410
107,141
632.943
2,335
Miscellaneous
2,715
777.880
126.724
9,307
Total withdrawals
4,556
719,399 20,316 4.272,331
Entered for consumption
4,917 1,258,822 38.157 9,423,729
Total marketed 1915
9.473 1.978,221
58,473 13.696,060
Total marketed 1914
21,974 4,162,631
95,775 22,759,779
Imports Entered for Warehouse During Same Period.
Manufactures of
Wool
677,983
1,787
133,802
334
Cotton
74,725
355
Silk
Mit?
1:SII
136,050
496
Flax
587.109
1.970
48,287
166
Miscellaneous
717.601
13.039
131.908
926
Total
Entered for consumption
Total imports 1915
Total imports 1914
524.772
2,277
4.917 1,258,822
7,194 1,783,594
21,420 4,032,574
21,955
38,157
3.567.460
9,423.729
60,112 12.991,189
90.589 21,744,367
THE CHRONICLE
570
[VOL. 100.
issue to Sweet, Causey, Foster & Co. of Denver and the Portland Trust
& Say. Bank, Portland.
ASHLAND COUNTY (P. 0. Ashland), Wis.-BOND OFFERING.
Proposals will be received until 2 p. m. Feb. 24 by Theo. It. Yankee.
e bonds. Date April 1
County Clerk, for $50,000 5% coup. court-hous
1914. Int. A.& Oat Cont.& Comm.Trust & Says. Bank, Chicago. Due
$10,000 yearly on April I from 1925 to 1929 incl. Cert. check for 3% of
are the
-The Secretary's of- bonds bid for, payable to County Clerk, required. These bonds Mar.23
-Court Decisions.
Blue Sky Laws.
sold on
unsold portion of
fice of the Investment Bankers' Association has issued a (V. 98. p. 1102).an issue of $125,000,$75,000 having been
-It is stated
bulletin covering the opinion of the U. S. District Court of
-BONDS VOTED.
ATHENS, Limestone County, Ala.
West Virginia, holding the Blue Sky Law of that State un- that the electionheld Feb.1 resulted in a vote of 151 to 56 in favor of the
question of issuing $28.000 funding bonds.
constitutional. This is the third of the so-called Blue Sky
-An issue of $3,200
-BOND SALE.
AUBURN, Cayuga County, N. Y.
laws to be declared void by Federal courts, the statutes of 4% 20-year sewer refunding bonds was awarded on Jan. 4 at par to Sarah
J. & J.
Michigan and Iowa having been so held. In passing on the and Harriet Bedell. Date Jan. 4 1915. Int.
-BOND
AUBURN SCHOOL DISTRICT, Placer County, Calif.
question, the West Virginia Federal Court commented as SALE.
it is
-N. W. Halsey & Co. of San Francisco have been awarded, This
follows:
stated, the $45,000 5% bldg. bonds (V. 100. p. 324) at par and int.
$47,000, but two bonds were canceled.
"We are driven to the conclusion that it distinctly seeks issue originally amounted to
-Proposals will be received until
AUGUSTA, Ga.-BOND OFFERING.
to abridge and deny the rights of citizens of the United States
March 2 by Wm.Lyon Martin, Clerk of Council. it is stated, for $250,000
of
to buy and sell property in the State, thus depriving them 49% 30-year coupon flood-protection bonds. These bonds are part on
voted
of their proprety without due process of law; that it denies an issue of $750,0001546). June 1. $250.000 of which was disposed of
Nov. 12 (V. 99, p.
them the equal protection of the laws and that it imposes a
(P. 0. Aurora), PortAURORA TOWNSHIP SCHOOL DISTRICT the $6.000 5% 21),(-yr.
-On Jan. 14
restraint and burden on inter-State commerce contrary to age County, Ohio.
-BOND SALE.
pletion bonds offered without success on Sept. 1
the provisions of the Constitution of the United States. (aver.) coup. school-com
were awarded to Otis & Co. of Cleveland at par and int.
.
We do not deem it necessary to extend further discussion in (V. 99, p. 1546)Date Sept. 1 1914. Int. M. & S.
Denom. $500.
the $4,000,support of this conclusion. The opinions in the Iowa and
BALTIMORE, Md.-BIDS.-The bids received Feb. 4 forreported last
was
,
Michigan cases are so clear, sound and convincing as to not 000 4% and $4,500.000 43i% bonds, the sale of whichpapers:
local
week (V. 100, p.491) were as follows, according to , National City
only command our admiration, but lead us to the conclusion Mercantile Trust & Deposit Co., Kountze Bros.
Baker, Watts &
that nothing more complete and effective can be added to
Bank and N. W.Halsey dr Co. of New York and
97.827
Co. of Baltimore, all or none of entire loan Co.and Harris,Forbes
them."
William A.Read &
Alexander Brown & Sons,
& Co.,all or none of entire loan
Brighton, Monroe County, N. Y.
-Water Bonds Valid.
$344,000 at 100.265
Goodw
Bond
-On a subsequent page of this issue we report the sale of Joseph & France
$30,000 at 90.75 to 101.01
I.
$21,000 at 100.26
$25,000 Monroe Ave. Water District bonds of the Town of Roy W. Schaefer
$100,000 at 100.05 to 101.01
Hopkins Place Sayings Bank
Brighton to Geo. B. Gibbons & Co. of New York City. Caroline S. Wright
$2,100 at 100
$1,100 at 90
These bonds were awarded in July to Myron W. Greene of Caroline S. Wright
$25,000 at 91.08 to 100
Rochester, but that sale was not consummated. Later a C. E. Cochran Jr
$1,000 at 100
Mary E. Glennan
proceeding to establish the validity of these bonds was Kean. Taylor & Co. and White, Weld & Co., sewer, all or none,
brought by Arthur Warren as a tax-payar and Hiram Shaw Townsend, Scott & Sons
to
$100,006 at 63.5394.61
$10,000 at 94
as Supervisor of the town. By unanimous decision, the Ap- Townsend, Scott & Sons, agents
$10.000 at 92.50
Scott & Sons
ruling by Justice Townsend, Scott & Sons
pellate Division last month affirmed the
$10,000 at 92.25
Townsend,
$20,000 at 91
Sutherland that the proceedings taken for the issuance of the Mutual Life Ins. Co., Baltimore
$4.500 at 94
Louis Kurtz
in accordance with the law.
bonds were
$2.500 at 90
James Shriyer
$12,000 at 98
-The I. W. Mohler
-Commission Government Carries.
Hoboken, N. J.
$5,300 at 93
election held Feb. 9 resulted, it is said, in 3,570 votes "for" Caroline G. Carroll
$21,500 at 93
John J. Riordan
$310,000 at 93.72
and 3,567 "against" the commission form of government. Baltimore Trust Co.and Owen Daly & Co
-BOND
BANNOCK COUNTY SCHOOL DISTRICT NO 85, Idaho.
It is expected that recount proceedings will be instituted.
-Proposals will be received until 2 p. m. Feb. 22 by S. J.
OFFERING.
-Election on Palmer, Clerk of Board of School Trustees (P. (1. Box 1112, Pocatello).
Idaho Falls, Bonneville County, Idaho.
equipment
$5,000 10-20-yr. (opt.) site-purchase,
-The question of putting fornot exceeding 6% int. Denom. $200. building and 1915. Int.bonds
Commission Plan of Government.
semiDate April 1
at
Idaho Falls under the commission form of government will ann. at the Co. Treas. office.
BARBERTON CITY SCHOOL DISTRICT (P. 0. Barberton), Sumbe submitted to a vote on March 2.
-Proposals
-BOND OFFERING.
mit County,
-By a 12 m. Feb. 17Ohio. M. Kessler. CI. Bd. of Ed.,for will be received until
the $150,000 43.ç%
-Woman Suffrage Amendment.
by J.
New York State.
& bldg .bonds voted Nov.3(V.99.p. 1924).
p.
Senate on Feb. 4 passed the reso- coup, site-purchase 1915, Int. M. & B. at C1.-Tr, of Bd.of.Ed.Denom.
unanimous vote the State
Due
1
Dace
submitting to the people a proposed con- $5,000 yearlyMarlSept. 1 from 1925 to 1934 inel. and $10,000 yearly on
on
lution providing for
Cert. check for $7,500 required.
granting the right of suffrage to Sept. 1 from 1935 to 1944 incl.later than Mar. 15 with accrued int. Bonds
stitutional amendment
Bids
and paid for not
women. The measure had previously been passed by the to be delivered
must be unconditional. Purchaser to furnish blank bonds at own expense.
.
and having also been favorably acted upon by both A certified transcript will be furnished successful bidder.
House,
-BOND SALE.
-On Feb. 5
BAY MINETTE, Baldwin County, Ala.
branches of the 1913 Legislature, is now ready for submission
-year water-works, sewerage system and electric-light
the $3,500 5% 20
to the voters at the next general election.
bonds(V. 100, p. 1080), were awarded to Sullivan, Long & Hagerty at par.
Denom. $500. Date Jan. 11915. Int. J. & J.
BAYOU NOLAN DRAINAGE DISTRICT (P. 0. Westover), West
-Proposals will be re-BOND OFFERING.
Baton Rouge Parish, La.
ceived until 2 p. m. Feb. 23 by W. V. Easton, Secy. & Treas.. for $20,000
(ser.) tax-free drainage bonds. Auth. Act 256 and 317,
5% 1-13-year
$500 or $1,000. Date March 11915. Int.
-BOND OFFERINO.-It is Laws of 1910. Denom. $100.
ADAMS COUNTY (P. 0. Decatur), Ind.
M. & S. at the Dist. Depositary No bonded or floating debt. Assess.
stated that proposals will be received until 3 p. m. Feb. 16 by W.J. Archi- val. 1914 $154.415.
bald, County Treasurer, for $84.560 4 % road-impt. bonds.
BEAVER TOWNSHIP(P.O. North Lima), Mahoning County, Ohio.
-All bids re-BIDS REJECTED.
AFTON, Ottawa County, Okla.
-Proposals will be received until March 6 by Chas.
-BOND OFFERING.
-25
ceived for the $37,000 6% 5 -year (opt.) sewer-system bonds offered on H. Sell, Clerk Bd. of Trustees. for $12,000 inter-county highway No. 89
Feb. 1 were rejected. The highest bid offered was 98. Denom. $1,000. improvement bonds. Date April 11915. Denom. $1,000. Int. (rate
Treas. Due $1,000,
Date Feb. 11915.
not to exceed 57,,, payable A.& 0. at office of Twp.
-On Feb. 8 the yearly on April 1 from 1916 to 1923 incl. and $2,000 on April 1 1924 and
AKRON, Summit County, Ohlo.-BOND SALE.
$200. payable to Twp. Treas.. required. Bonds
-year (aver.) street-impt. (assess.) bonds(V. 100, p. 244) 1925. Cert. check for
$105,325 5% 5 1-3
April 1. Purchaser to pay acto be delivered at office of Twp. Treas. on
were awarded to Sidney Spitzer & Co. of Toledo at 102.56. Other bids:
$107,580 00 crued interest. Bids must be unconditional. A similar issue of bonds
Otis & Co., Cleveland
i07,5i5 76 was offered on Sept. 26. (V. 99. P• 621)•
Tillotson & Wolcott Co., Cleveland
-An
107.192 24
Spitzer, Rorick & Co., Toledo
BELL COUNTY (P. 0. Pineville), Ky.-BOND ELECTION.
107,063 00 election will be held Feb. 13, it is reported, to vote on the issuance of
Hayden, Miller & Co., Cleveland
106.968 07 $250,000 road bonds.
R.L. Day & Co., Boston
106,928 00
-Bertram Co.. Cincinnati
Davies
-BOND OFFERING.
-ProBELLEVUE, Huron County, Ohio.
106.914 00
Well, Roth & Co.,Cincinnati
12 m. March 1 by Thos. M. Weaver, City
106,726 87 posals will be received until
Harris, Forbes & Co., New York
portion) bonds. Auth. Sec. 3939
106,650 00 Aud., for $6,500 5% street-impt. (city's
Brighton-German Bank, Cincinnati
Date Aug. 1 1914. Int. F. &
106.485 00 Gen. Code. Denom. $500. yearly on Mar. 1 from 1922 to A. Due
Seasongood & Mayer, Cincinnati
1930 incl.
105,741 40 $1,500 Mar. 1 1921 and $500
First National Bank.Cleveland
Cert. check on a bank other than the one making the old, for 5% of bonds
AKRON CITY SCHOOL DISTRICT(P.O.Akron),Summit County, bid for, payable to City Treas., required. Bonds to be delivered and paid
award. Purchaser to pay accrued Int.
-year (average) refunding for within 10 days from time of
-The $33,000 5% 17 1-3
Ohio.
-BOND SALE.
bonds offered on Feb. 1 (V. 100, p. 154) have been awarded to Seasongood
BELTRAMI COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-BOND OFFERING.
& Mayer of Cincinnati for $34,790 (105.424) and int. Other bidders were: 91 (P. 0. Williams), Minn.
-Bids will be received
Fifth-Third Nat.Bk.,Cin.$34,680 00 Tillotson & Wolcott Co.,
until 4 p. m. Feb. 20 (opened 4 p. m. Feb. 27) by A. W. Atwater, Clerk
$34,422 30 Bd of Ed., for $10,000 15
Cleveland
-year school-bldg. bonds at not exceeding 534%
34,588 80
C.E.Denison &
Harris. Forbes& Co.,N.Y. 34,416 03 int. Date March 1 1915. Int. annually. Cert. check for 2% of bid
Hoehler, Cummings &
34.577 75 Bolger, Messer & WillaPrudden, Toledo
Purchaser to furnish the necessary blank bonds.
man. Chicago
34,214 40 required.
Sidney Spitzer & Co.,Tol_ 34,570 75
-BOND SALE.
-On Feb. 2
BENTON COUNTY (P. 0.Fowler), Ind.
34,023 00
Well, Roth & Co., Oin___ 34,550 00 Atlas Nat. Bank, Cin_
gravel-road bonds, aggregating $41,760 (V. 100. p.
E. H. Rollins & Sons,Clilc. 34,540 44 Spitzer, Rorick & Co.,Tol. 34,021 00 the five issues of 434% F. Wild & Co.,
Indianapolis,for $41,840 (100.191)
& Tr. Co.,Cin- 34,011 00 415). were awarded to J. :_ _841.835
Brighton-German Bk.,Cin 34,51800 Merch. L.
. G
and i d 0 ara, Las yet e
Ed waT 0. ther bidfawerte
Field. Richards& Co..Cin. 34,504 80 Provident Savings Bank &
'Miller & Co., Indianapolis_ _$41.815
Trust Co., Cincinnati-- 33,914 10
Ilayden,Miller&Co-Clev_ 34,425 00
Date Jan. 15 1915. Int. M.& N. Due one bond of each issue each six
In addition to the above,all bids provided for the payment of accrued int.
months from May 15 1916 to Nov. 15 1925 inclusive.
Mich.
-BOND SALE.
-Elston, Clifford
ALLEGAN, Allegan County,
Ohio.
BERLIN TOWNSHIP (P. 0. Berlin Heights), Erie
& Co. of Chicago have purchased the $20,000 manufacturing-plant site- BOND OFFERING.-AdditIonal information is at hand County,the offerrelative to
purchase bonds voted Dec.7(V.99, p. 1847).
ing on Feb. 20 of the $30,000 5% road-improvement bonds(V. 100p.324)UNION HIGH SCHOOL DISTRICT, Los Bids for these bonds will be received until 12 m. on that day b'y T. M.
ANTELOPE VALLEY
-BOND SALE.
-On Feb.4$30.000 5% 2
-11-year Elson, Township Clerk. Denom. $500. Date Feb. 20, 1915. Int. F.& A.
Angeles County, Calif.
(ser.) building bonds were awarded to Biyth, Witter & Co.of San Francisco at Berlin Heights Bank Co. Due from Feb. 20 1915 to Feb. 20 1925.
Denom. $1,000.
for,
1914.
for $30,001 (100.003) and int.office. Due $3,000 Date June 1 1 from Int. Certified check for 5% bid paid payable to Township Trustees, required.
yearly June
for within 5 days from time of award.
Treas.
1916
J.& D. at the Countybonds are exempt from all California and Federal Bonds to be delivered and
BERLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Youngstown),
to 1925 incl. These bonded debt, (this issue) $30.000. Assessed valuaCounty, Ohio.
-BONDS VOTED.
taxes. Total
Mahoning
-The proposition to issue
income
the $22,000 building bonds (V. 100,p_. 415) carried, it is stated, by a vote
tion 1913, $2,987,395.
Ark.- BOND OFFERINO.-Dls- of 113 to 101 at the election held Feb. 2.
ASHDOWN. Little River County,
will be received until Feb. 25 by A. D. Du
BEXAR COUNTY COMMON SCHOOL DISTRICT No. 18 (P. 0.
patches state that proposals Commissioners, for $45,000 Water District
-BOND SALE.
-The $24,000 5% 10 -year (opt.)
-30
San Antonio), Tex.
Laney, Attorney of Board of
-year (serial) bonds.
-25
coupon taxable school-bldg. bonds offered on Oct. 17(V. 99, p. 1158) have
$39,000 Sewer District No. 1 6% 10
No. 1 and
sold to Cutter, May & Co. of Chicago at par and int., less $480 for
-On Jan. 26 the been
-BOND SALE.
County, Ore.
ASHLAND, Jackson
commission and expenses.
-aver.) coupon Mineral Springs auxiliary
-45
$175,000 5% 25 -year (opt.
-BOND SALE.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
were awarded, it is stated, to a local syndiwater bonds (V. 100, p. 154) This syndicate in turn disposed of the whole -On Feb. 1 the following two issues of 41,5% highway-impt. bonds offered
cate of buEdness men at par.
3TATE MID CITY
p•tfilintatIT.
News Items.
96.
Bond Proposals and Negotiations this week
have been 'is follows:
FEB.13 1915.]
THE CHRONICLE
on that day (V. 100, p. 415) were awarded, reports state, to J. P. Cronin
as follows:
$12,400 Union Center road bonds at 100.5.
18,120 Ford road bonds for $18,210 equal to 100.496.
BLAINE COUNTY (P. 0. Halley), Idaho.
-BOND OFFERING.Geo. A. McLeod, Clerk Bd. of Co. Commrs., will open bids at 1 p. m.
April 15 for $20,000 coupon refunding bonds at not exceeding 6% int.
Said bonds to be sold or exchanged at the lowest rate at interest offered.
Due 10% yrly. beginning 10 yrs. from date of issue. Cert. check for
5%
of bids, payable to the Clerk Bd. of Ed., required.
BLOUNT COUNTY (P. 0. Maryville), Tenn.
-BOND ELECTION.
An election will be held to-day (Feb. 13) to vote on the proposition to issue
5300.000 5% pike-constr. bonds. Due every 5 yrs. from 10 to 35 yrs. incl.
BOGUE PHALIA DRAINAGE DISTRICT (P. 0. Greenevill),
Washington and Sunflower Counties, Miss.
-BOND SALE.
-Newspaper reports state that on Feb. 3 this district sold $457,500 6% coupon
drainage bonds at par and interest as follows: $300,000 to the Hibernia
Bank & Trust Co. of New Orleans, and $157,500 to the Bank of Leland,
Leland, which has been named as depository for the district. Of
Smith. Moore & Co. of St. Louis are offering to investors $100,000these,
on a'
53(% basis, the details of which are reported as follows: Denom. $500.
Date Aug. 10 1913. Int. F. & A. at the National City Bank of Chicago.
Due on Feb. 10 as follows: 54,000 1918.$7.500 1919,$12,500 1921.$13,000
1923 and 1925. $12,500 1927 and 1929. $13,000
and 512,000 1933.
These bonds are non-taxable in Mississippi and 1931part of an issue of
are
$757,500, of which $300.000 were sold on March 25 to the National City
Bank of Chicago at par and int. (V. 98, p. 1334.) Total bonded debt,
5757.500. Benefits assessed. $2,154.547; real value (est.), $7.600,000.
BRAWLEY, Imperial County, Calif.
-BOND SALE.
-On Feb. 1
two issues of 6% bonds were awarded to Stephens & Co. of San Diego as
follows:
$40.000 street-improvement bonds for $40,301 50
-equal to 100.753.
Due $1,000 yearly Jan. 1 from 1916 to 1955, incl.
8,000 fire-department bonds for $8,011 50
-equal to 100.143. Due
$1.000 yearly Jan. 1 from 1916 to 1923, incl.
Prank L. Miller & Co. of Los Angeles bid $8.005 for fire bonds. Denom.
$500. Date Jan. 1 1915. Int. J. & J.
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
-BOND
SALE.
-On Feb.6 an issue of $25,000 12
-year (aver.) reg. water bonds
awarded to Geo. B. Gibbons at 100.05 for 4.70s. Other bidders were: was
Rochester Savings Bank, Rochester, bid for 4.75s.
Union Trust Co., Rochester. bid $25,101 11 (100.404) for 5s..
Denom. $1.666 66 2-3. Date Feb. 15 1915. Int. F. & A. at some banking house in Rochester in N. Y. exchange. Due $1,666 66 yearly Feb. 1
1920 to 1934 incl.
571
CARUTHERSVILLE, Pemiscot County, Mo.-BOND
Proposals will be received until 7 p. m. Feb. 22 by J. M. OFFERING.
McGinnis. City
Clerk,for the following 5% bonds voted Jan. 26:
$32.000 sewer-system bonds. Date Mar. 1 1915. Due on Mar.
1 as follows: $1,500 yearly from 1920 to 1924 incl.. 52.000
yearly from
1925 to 1931 incl., 52.500 1932. 1933 and 1934 and
30.000 municipal water-works-system bonds. Date Mar. $3,000 1935.
15
on Mar. 1 as follows: $1,000 1920 and 1921, 51.500 1915. Due
yearly from
1922 to 1926 incl., $2,000 yearly from
1932, 1933 and 1934 and $3,000 1935. 1927 to 1931 incl.. $2,500
Denom. $500. Int. M.& S., payable at
chaser. Cert. check on a State or national place to be designated by purrequired. Bids may be submitted for either bank for 2% of bonds bid for,
debt, including these issues, $74,000. No or both issues. Total bonded
$1.200. Assess. val. 1913. $963,792; est.floating debt. Sinking fund,
value, $2.400.000.
circular states that there is no controversy or litigation pending Official
ened affecting the corporate existence, boundaries of the city or fivesor
present officials to their respective offices or to the validity of thesetitle of
and that no previously-issued bonds have ever been contested and bonds.
that
principal and interest of bonds previously issued has been promptly the
paid
when due.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.Proposals will be received until 10 a. m. Feb. 15 by D. A. Hyman,
County
Treas., for the following 434% highway-impt. bonds of Tipton
Twp.:
$3,150 Chas. H. Butz road bonds. Denom. $157 50.
6,700 Geo. A. Tritt road bonds. Denom. $335.
2.400 Sam B. Yohn road bonds. Denom. $120.
Date Feb. 15 1915. Int. M.& N. Due one bond of each
issue eacifsix
months from May 15 1916 to Nov. 15 1925 incl.
Reports state that proposals will also be considered until the above
day
by D. A. Hyman, County Treas.. for $4,200 and $6,200
434% highwayimpt. bonds.
The County Treas. will receive bids until 10 a. m. Feb.
434% Ira Cotner'road bonds in Noble Twp. Denom.$688. 23 for $13,760
Date Feb.25
1915. Int. M.& N. Due beginning May 15 1916.
Newspaper reports state that D. A. Hyman, County Treas.,
will receive
bids until 10 a. m.Feb. 25 for an issue of 51.367 505% 5
-year ditch bonds.
CASS COUNTY (P. 0. Walker), Minn.
-COUNTY APPOINTS
AGENT FOR SALE OF BONDS.
-On Jan. 19 the
missioners a .ointed G. A.Elder of Duluth agent ofBoard of County Comthe county to negotiate
at par $60,111 534% Rural Highway No.45 construction
bonds
to pay said Elder as such agent for his services, including all and agrees
attorney's
fees, preparation and lithographing of bonds, expense
of
decision establishing the legality of said issue, a commissionSupreme Court
bonds issued,same to be paid as bonds are taken up and paid of 5% upon all
for,said bonds
to be paid for by purchaser procured by said Elder at
par. G. A. Elder
BRISTOL, Hartford County, Conn.
-BOND ELECTION.
-An elec- also agreed to pay to the contractor now building one
tion will be held Feb. 15, it is stated, to submit to the voters the question ways any discount that he has been obliged to pay in of said roads or highprocuring the money
on his warrants issued to pay him for such work. Int.
of issuing $200.000 refunding bonds.
semi-ann. Due
10 years after date or as may be mutually agreed upon.
BUFFALO CREEK DRAINAGE DISTRICT (P. 0. Concord), No.
Car.
CHATEAUGAY SCHOOL DSTRICT(P.O. Chateaugay),Franklin
-BONDS TO BE SOLD LOCALLY.
-A. F. Goodman, Dist. Secy..
will offer for sale to local people an issue of $13,000 6% 3 -year (ser.) County, N. Y.
-BOND SALE.
-Local investors purchased
-10
drainage bonds. in denominations of $100 to $500.
Issue of $10,000 434% building bonds. Denom. $500. Dateon Jan. 5 an
Jan. 1 1915,
Int. ann. on Jan. 1. Due $500 yearly on Jan. 1 from 1917 to 1936 incl.
BUTLER, Richland County, Ohio.
-BOND SALE.
-On Feb. 6 the
CHATSWORTH PARK SCHOOL DISTRICT, Los Angeles
$4,000 6% electric-light-plant-improvement bonds (V. 100, p. 244), were
County.
Calif.
-BOND OFFERING.
awarded to the Savings Bank & Trust Co. of Toledo for $4,102 50
-Bids will be received until 2 p. m. Feb. 15
-equal by H. J. Lelande,
to 102.562. Other bidders were:
ex-offico Clerk Bd. of Co. Supers. (P. 0. Ms Angeles),
F. A. Graves. Butler_ _ _ _*$4,138 38 Hanchett Bond Co.,Chic_ 44,067 00 for the $34,000 6% site-purchase, constr. and equip. bonds. Denom.
Otis & Co., Cleveland
4.102 00 Hayden,Miller&Co..Cleve_ 4,028 00 $1.000. Date Feb. 1 1915. Int. F. & A. at County Treasury. Due
Tillotson&WolcottCo.,Clev. 4,074 80 Stacy & Braun,Toledo_ _ __ 4,023 40 $1,000 yearly on Feb. 1 from 1916 to 1949 incl. Cert. or cashier's check
Sidney Spitzer & Co.,Tol-- 4.07160 First Nat. Bank, Bamesv- 4,00400 for 3% of bonds bid for, payable to Chairman Bd. of Supers., required.
Purchaser to pay accrued int. No bonded dent. Assess. val. 1914
$689,* This bid appears to be higher than that of the purchasers, but is so 000.
given by the Village Clerk.
CHILLICOTHE, Livingston County, Mo.-BOND ELECTION.
CAMBRIDGE CITY SCHOOL DISTRICT (P. 0. Cambridge), Local papers state that an election will be held Feb. 15 to decide whether
or not this city shall issue $135,000 water-plant-purchase and impt. bonds.
Guernsey County, Ohio.
-BOND SALE.
-On Feb. 6 the $25,000 5%
school bonds (V. 100, p. 324) were awarded to Well, Roth & Co. of
CHOTEAU, Teton County, Mont.
-BOND SALE.
-On Feb. 1 the
Cincinnati at 101.9 and int. The other bids were:
$10,000 6% 10 -year (opt.) coupon street-impt. bonds (V. 100, p. 244).
-15
were sold at public auction to Andrew J. Davis of Butte at 101.30 and int.
Tillotson & Wolcott Co., Cleveland
$25,452 50 Other bids were:
Seasongood & Mayer, Cincinnati
25,431 00 Hoehler, Cummings & Prudden of Toledo
Parson, Son & Co.. New York
25,427 00 Ulen & Co., Chicago, $10,075 and furnish $10.118 50 and int.
Brighton-Gorman Bank, Cincinnati
25,425 00 James N. Wright & Co., Denver, $10.075 bonds.
Provident Savings Bank & Trust Co.. Cincinnati
and int.
25,405 00 Bolger, Mosser &
Field, Richards & Co., Cincinnati
25,402 50 Spitzer. Rorick & Willaman, Chicago, 510.035 and Int.
Merchants' Loan & Trust Co., Chicago
Co.. Toledo, par and int., less 9.380.
25,39300
New York Life Insurance Co., New York
CINCINNATI, Ohio.
-BOND SALE.
-On Feb. 11 the $280,000 434%
25,357 50
Hayden. Miller & Co.. Cleveland
25,331 00 12-year street-re-surfacing bonds, dated June 2 1913 (V.100. p.155). were
Stacy & Braun. Toledo
25.329 91 awarded, dispatches state, to Field Richards & Co., Seasongood & Mayer
Hoehler, Cummings & Prudden, Toledo
and William Fahrman & Co.. of Cincinnati, at their joint bid of $285,075
25,320 00
Otis & Co., Cleveland
25.312 50 (101.812)-a basis of about 4.306%.
Spitzer, Rorick & Co., Toledo
25.271 25
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
K. H. Rollins & Sons, Chicago
25,262 50 County, Ohio.
-BOND SALE.
Rudolph Kleybolte Co.. Inc., Cincinnati
-On Feb.
-year
25.200 00 coup.school bonds (V. 100, p. 325) were 8 the $200.000 434% 20
awarded
CAMDEN COUNTY (P. 0. Camden), N. J.
& Say. Co., German Nat. Bank, J. C. Mayer & to the Columbia Bank
-BOND SALE.
-On Bertram
Co. and
Feb. 10 the $50,000 434% 20
-year coup. or reg. asylum-impt. bonds (V.
Co., all of Cincinnati, at 102.76 and Int.-abasts of the Daviesabout4.29%•
100. p. 415) were awarded to Reilly, Brock & Co. of Phila. at 103.119 and
The bids follow:
int.-a basis of about 4.267%. Other bidders were:
Mayer and1S204,220 00
Camden Nat. Bank, Cam.$51,500 00 A. B. Leach & Co.. N. Y451,238 50 German Nat. Ilk., DaviesBertram Co.,J.C.Mayer& $205,521 00 Seasongood &Nat. Bank
Fifth-Third
Camden S. D. & Tr. Co..
_ _1
R. M.Grant & Co.. N.Y. 51,088 50
Co.,and Col.Bk.&Sav.Co.
Prov. Say. Bk. & Tr. Co_ 204,20000
Camden
51,335 00 Rhoades & Co., N. Y___Atlas National Bank and 205,221 75 Western German Bank__
_ 204,120 00
Outwater & Wells, J. City 51,331 55 Harris. Forbes& Co., N.Y.50,941 50
Well. Roth & Co
50,915 50
Brighton
Field. Richards & Co., Cin.51,305 00 M. M. Freeman & Co.,
Field, Richards & Co. and} 204,620 00 Tillotson-German Bank Co. 204,120 00
& Wolcott Co andl 201,503 00
Parson, Son & Co., N. Y_ 51.304 00 Philadelphia
Wm.Salomon & Co
50.851 50
Central Tr & Safe Dep Co.1
J. D.Everitt & Co., N.Y. 51,285 00 N.Y. Life Ins. Co.,N.Y. 50.330 00
CLEVELAND, Ohio.
-BOND OFFERING.
-Proposals will
CANTON, Stark County, Ohlo.-BOND OFFERING.
-Further de- until 2 p. m. Mar.8 by Thos. Coughlin, Director of Finance, be received
for the foltails are at hand relative to the offering on Feb. 15 of the following improve- lowing 434% coup. or reg. bonds (V. 100, p. 492):
ment bonds •
$200,000 electric-light bonds. Date Dec. 1 1914. Due
$8,000 yearly
$5.000 534% coupon fire-department
-improvement bonds. Denom. 91,on Dec. 1 from 1915 to 1939 inclusive.
000. Date Sept. 11914. Due Sept. 1 1924.
500,000 electric-light bonds. Date Dec. 1 1914. Due
$20,000 yearly
5.500 5% coupon jail-construction bonds. Denom. (4) $1,000; (1)
on Dec. 1 from 1915 to 1939, inclusive.
$1,500. Date March 11916. Duo March 1 1925.
2,000,000 water-works bonds. Date Dec. 1 1914. Due $40.000
yearly on
3.500 5% coupon water-works-improvement bonds. Denom. (3)
Dec. 1 from 1915 to 1964 incl.
$1,000; (1) $500. Date Sept. 1 1914. Due Sept. 1 1924.
470,000 intercepting-sewer funded debt bonds. Date Apr. 1
1915. Due
25,200 5% street
-improvement (assess.) bonds. Denom. (24) X1,000
$10,000 yearly on Apr. 1 from 1916 to 1962 incr.
(1) $1,200. Date Sept. 1 1914. Due $5,000 yearly from 2
350,000 street-impt. (city's portion) bonds. Date Feb. 1
1915. Due
to 5 years incl. and $5.200 in
$10.000 yearly on Feb. 1 from 1916 to 1950
42.100 534% street•improvement (assess.) 6 years. Denom. (41) 31.000;
bonds.
325,000 street-impt. (city's portion) bonds. Date incl.
Feb.
(1) $1,106. Date March 1 1915. Due $9,000 yearly from
$13,000 yearly on Feb. 1 from 1916 to 1940 incl. 1 1915. Due
2 to 4 years incl. $8,000 In 5 years and 57.100 in 6 years.
Denom. $1,000. Int. semi-ann. at American Exchange
23,000 5% emi
Nat. Bank,
street-improvement (city's portion) bonds. Denom. New York. Cert. or cashier's check on a bank,
other
$1,000. Date Sept. 1 1914. Due Sept. 1 1920.
the bid. for 3% of bonds bid for, payable to Wm. than the one making
Damm, City Treas.,
8,400534% street-improvement (assess.) bonds. Denom. (7) 51.000 required. Bids must be
.
made on forms furnished by the above Finance
(1)51,400. Date March 11915. Due $3,000 in 2 years,32.000 Director.
In 3 and 4 years and
BONDS AUTHORIZED.
8.300 534% street-improvement $1,400 in 5 years. Denom. (7) $1,000;
-On Jan.25 the City Council passed ordinances
(assess.) bonds.
(1) $1 300. Date March 1 1915. Due 53.000 in 2 years, providing for the Issuance of the following 5% coup. bonds:
$100.000 park bonds. Due $2,000 yearly on
$2.000 in 3 and 4 years and $1,300 in 5 yearsApr. 1
200,000 fire-dept. bonds. Due $5,000 yearly on rom 1916 to 1965 incl.
13,000 5% coupon street-improvement (city's portion) bonds. Denom.
Apr. 1 from 1916 to
1955 incl.
51.000. Date March 1 1915. Duo March 1 1920.
30.000 garbage bonds. Due $2,000 yearly on April
3.500 5% sanitary sower bonds. Denom. (3) $1,000; (1) 5500. Date
1 from 1916 to 1930
inclusive.
Sept. 1 1914. Due $1,000 in 2, 3 and 4 years and $500 in
Denom. $1.000. Date April 1 1915. Int. M.
5 years.
& N. at Amer. Exchange
Bids for these bonds will be received until 12 m. on said day (Feb. 15) National Bank, New York.
by Emmet C. Brumbaugh, City Aud. Int. semi-ann. Certified check
CLEVELAND HEIGHTS, Cuyahoga County,
-BOND OFOhio.
on a Canton bank for 5% of bonds bid for, payable to ity Treasurer. FERING.
(
-Proposals will
required. Bonds to be delivered and paid for within 10 days from time field, Vii. Clerk (P. 0. be received until 12 m. Feb. 15 by H. H. CanNo.
award. Purchaser to pay accrued interest. Successful bidder shall lowing 5% coup. road-impt.309 Beckman Bldg., Cleveland), for the folof
(assess.) bonds:
print at his own expense the necessary blank bonds on special bond borders $7,046 Exeter road-impt. bonds.
Denom. (1) $46. (14) $500. Due WI
and coupons sheets to be furnished by the city. A certified copy of the
April 1 1915.$500 yrly. on April 1 from 1916 to 1919
incl. and $1,000
abstract showing the legality of these bonds will be furnished purchaser.
yrly. on April 1 from 1920 to 1924 incl.
Monmouth road-impt. bonds. Denom.(1) $246,(14) $1,000.
14,246 East
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND OFFERING.
Due yrly. on April 1 as follows: $246 in 1915, $1,000 from 1916
Proposals will be received until 2 p. m. Feb. 17 by Wm. H. Leah, County
to
1919 incl. and $2,000 from 1920 to 1924 incl.
T., $6,000 434% C.L.V.Reynolds highway-impt.bonds in Jefferson
for
Auth. Sec. 3914. Gen. Code. Date "day of sale." Int.
Twp. Denom. $300. Date Feb. 2 1915. Int. M.& N. Due $300 each
office of VII. Treas. Cert. check on a bank other than the A. & 0. at
six months from May 15 1916 to Nov. 15 1925 incl.
one making
the bid for 10% of bonds bid for, payable to VII. Treas..
CARTHAGE SCHOOL DISTRICT (P.O. Carthage), Jasper County, to be delivered and paid for within 10 days from timerequired. Bonds
award. PurMo.-BOND SALE.
-The First Nat. Bank of Carthage was awarded on chaser to pay accrued int.
May 2 1914 an issue of $10,000 4% school-building bonds at par. Denom.
CLEVELAND HEIGHTS VILLAGE SCHOOL
$500. Date June 1 1914. Int. J. & D. Due June 1 1919, subject to Cleveland Heights), Cuyahoga County, Ohio. DISTRICT (P. 0.
-BOND SALE.
-on
call at any time.
Feb. 8 the five issues of 5% coupon bonds aggregating 9131.000
(V. 100.
a
572
THE CHRONICLE
[VoL. 100
-BOND OFFERING.
EAST PROVIDENCE,Providence County, R.I.
Well, Roth & Co. of Cincinnati for $134,795- -Proposals will be received until 8 p. m. Feb. 16 by Wm.E.Smyth. Town
p. 415) were awarded to bids were:
for $32,000 454% 20-year gold coupon taxable highway-improvement
ual to 102.896. Other
$133,771 50 Clerk,
1
$100 nor more than $5,000. Date
Hayden. Miller & Co. Cleveland
133,555 00 bonds. Denom. not less than to suit purchaser. Certified check March
for 2%,
Otis & Co., Cleveland Cleveland
133,352 00 1915. Int. M.& S. at place
Richards & Co.,
B. Halliday, Town Treasurer, required. Bonded debt (not
Field.
131,237 00 payable to F.
this issue), $714,000: floating debt, $15,000. Assessed value
First National Bank, Cleveland
, Mahoning Including
COITSVILLE TOWNSHIP SCHOOL DISTRICT received until 1914, $14.029,455.
-Proposals will be
OFFERING.
-BOND
County, Ohio.
EAST VIEW VILLAGE SCHOOL DISTRICT (P. 0. Cleveland),
(P. 0.
-On Feb. 5 the $5,000 5%
-BOND SALE.
26 by C. F. Shipton, Clerk Board of Education
7:30 p. m. Feb.Youngstown),for $20,000 5% school bonds voted Jan. 30. Cuyahoga County, Ohio.
R.F. D. No. 1,
-year (aver.) coup. refunding bonds (V. 100, p. 245) were awarded to
Denom. $500. Date Feb. 26 53‘
incl., Gen. Code.
Auth. Secs. 7625-7627 Commercial Nat. Bank, Youngstown. Due $1,000 Otis & Co. of Cleveland.
1915. Int. F.& A. at
check for $1,000, payEAST WEISER IRRIGATION DISTRICT (P. 0. Weiser), Washing.
-Proposals will be received
yearly on Feb. 26 from 1920 to 1939 incl. Certified
-BOND OFFERING.
ton County, Idaho.
able to above Clerk, required.
until 10 p.rn.Feb.20 by R. T.Woliston, Secy. Bd.of Directors,for $14,200
-BONDS PRO
Ohio.
-year (ser.) coupon bonds
COLUMBIANA COUNTY (P. 0. Lisbon), County Commissioners Improvement and $1,800 purchase 7% 11-20
-Local newspaper reports state that the
POSED.
voted Oct. 2. Date Oct. 5 1914. Int. semi-ann. Cert. check for 5% of
have decided to issue $350,00C1 road bonds.
bonds bid for, required.
-On Feb. 10the $2,000,000
-BOND SALE.
CONNECTICUT,State of.
ELIZABETH TOWNSHIP SCHOOL DISTRICT, Miami County,
R. L. Day &
-year general bonds (V. 100, p. 492) were awarded to of 102.099 for Ohio.
-Proposals will be received until 12 m.
4% 25
-BOND OFFERING.
bid
Co., and Estabrook & Co. of Boston at their joint
Mar. 1 by R. S. Hufford, Clerk of Board of Education, for the $25,000 6%
"all or none'-a basis of about 3.84%. Other bids:
Price per school bonds voted during Dec.(V. 99, p. 1925). Denom. (42) $500, (6)
on
$1,000.
$100,(7) $200,(4) $300 and (2) $400. Int. semi-ann. Due as follows
Amount.
Name of Bidder0. $1,020 99 the first day of the following months: $800_ _Mar. 1928 $1,100_Sept. 1931
Estabrook & Co.and R.L. Day & Co.,{All or none_ _32,000,00
$500 __Sept. 1920 $600 _Sept. 1924 900-Sept.1928 1,100_Mar. 1932
New York and Boston
1,008 52
500 -Mar.1921 600 -Mar.1925 900_ _Mar. 1929 1.100_Sept 1932
All or none_ - 2,000,000
Harris, Forbes & Co., New York
500 __Sept. 1921 700 __Sept. 1925 1,000Sept.1929 1,200_Mar.1933
.
Merrill, Oldham & Co., Blodgett & Co., Lee, Hig- 2,000,000
995 99
500 --Mar. 1922 700 -Mar.1926 1,000_ -Mar. 1930 1,200_Sept 1933
.
ginson & Co. and Clark, Dodge & Co., all or none
1,002 50
500 _ _ Sept.1922 700 _..Sept. 1926
5,000
. 1934
1,003 75
500 __Mar. 1923 700 --Mar. 1927 1,000Sept.1930 1,200_Mar . 1934
10,000
1931 1,300_Sept
1,005 00
500 --Sept. 1923 800 --Sept.1927 1,000-Mar.
10,000
1,300_Mar.1935
600 __Mar. 1924
10,000 1,005 00
to above Clerk. required.
Reech, Loew & Co., New York
1,006 25
Certified check for 3% of bonds bid for, payable
10,000
time of award.
1,007 50 Bonds to be delivered and paid for within 5 days from
10,000
-Proposals
-BOND OFFERING.
1,008 75
10.000
Broome County, N. Y.
ENDICOTT,
00 will be received until 8 p. m. Feb. 16 by Howard Barker, Village Clerk,
1,010
10.000
1,018 10 for $20,000 5% coup. Washington Ave. paving (village's portion) bonds.
100,000
Hartford, Conn
Society for Savings,
1,014 50 Denom. $500. Date Mar. 1 1915. Int. M. & S. at First Nat. Bank,
100,000
1,015 00 Lestershire, in N. Y. exchange. Due $1,000 yearly beginning one year
50,000
Connecticut River Banking Co., Hartford, Conn.._
1,001 89 after date. Certified check on an incorporated bank or trust company for
25,000
Village Treasurer,
1.003 95
25,000
of bonds bid for, payable to Richard A. Sharping,
1,008 95 2%
25,000
i
G. Hart, Hartford, Conn
Harold
1,011 55 required.
-Proposals
25,000
-BOND OFFERING.
EUCLID,. Cuyahoga County, Ohio.
1.010 00
5.000
The Curtis Home, Meriden, Conn
8 by H. S. Dunlop, Village Clerk, for
1,010 00 will be received until 12 m. March
10,000
A.E. Gurley, Willimantic, Conn
•
1,00000 the following coupon bonds:
1,000
bonds. Denom.(1) $898:(3) $1,000.
Roswell Chamberlain, Amston, Conn
$3.898 5% Bliss road-impt. (assess.) $1,000 on Oct. 11920, 1922 and 1924.
-BONDS AUTHORIZED.Due $898 Oct. 1 1918 and
COOK COUNTY (P. 0. Chicago) Ms.
bonds. Denom. (1) $846: (0)
According to local newspaper reports,th'eBoard of Co. Commrs. has ordered
5,846 5% St. Clair road-impt. (assess.) and $1,000 Oct. 1 1918, 1920,
the issuance of $2,000,000 road bonds. On Nov. 3 1914 an Issue of $3,$1,000. Due $846 Oct. 1 1916
1922, 1924 and 1925.
000,000 road bonds was authorized by the voters. (See V. 99, p. 1473.)
road-impt. (assess.) bonds. Denom.(1) $606: (11) $1,CORNING SCHOOL DISTRICT (P. 0. Corning), Perry County, 11,606 5% UpsonDue $606 Oct. 1 1918, $1,000 yearly on Oct. 1 from 1917
000.
-Local newspaper reports state that at the
-BONDS VOTED.
Ohio.
to 1924 incl. and $3,000 Oct. 1 1925.
building bonds carried
election held Jan. 26, the question of issuing $30,000
$1,000. Due $1,000 yearly
7,000 534% water-works bonds. Denom.
by a vote of 161 to 151.
from 1917 to 1923 incl.
on Oct. 1.
-The
Treasurer. Certi-BONDS VOTED.
CORPUS CHRISTI, Nueces County, Tex.
of sale.' Int. A. & 0. at office of Village for 10% of bonds
Date "day
-paving bonds
-40
question of issuing the $100,000 5% 20 -year (opt.) street
other than the one making the bid.
held Feb. 5. The vote fied check on a bank Village Treasurer, required. Bonds to be delivered
(V. 100, p. 325) carried, it is stated, at the election
bid for, payable to
Purchaser to pay acwas 414 to 30.
and paid for within 10 days from time of award.
-BOND OFFER- crued interest.
CUMBERLAND COUNTY (P. 0. Bridgeton), N. J. Ed. P. 13i.col
s will be received until 2 p. m. Feb. 17 by
(P. 0. Fairfax), Va.-BOND OFFERING.
ING.
-Proposal
FAIRFAX COUNTY
bonds
County Collector, for the $24,000 4 % coup. or reg. road-impt.Feb. 1 Proposals will be received until 12 m. March 3 by F. W.Richardson, Clerk
Magisterial
authorized on Jan. 20 (V. 100, p. 325). Denom. $1,111110. Dateconsent of Bd.of Super's, for $50,000 5% tax free Providence semi-ann. atDist.,
office
1915. Int. F. & A. Bonds are not redeemable unless with the
road bonds. Denom. $100 or multiples thereof. Int.
of the respective holders thereof before Feb. 1 1925. Certified check for of Co. Treas. Due $10.000 in 10 years, $12,000 in 12 years, $14,000 in
5% of bid, payable to County Collector, required. Bonded debt,$199,000: 15 and 20 years from date.
net value of taxables, 1914, $27.040,720.
-BOND OFFERING.
FAYETTE COUNTY (P. 0. Connersville), Ind.
-On Jan. 30 the -Proposals will be received until 2 p. m. Feb. 20 by B. W. Cole, County
-BOND SALE.
DANVILLE, Knox County, Ohio.
highway-impt. bonds in Posey
(V. 100, p. 155) were awarded to John Treas. for $5,500
% Geo. Lamberson
$4,380 53.6% street-paving bonds
Chicago
Gann for $4,480 (102.280) and int. The Hanchett Bond Co. of a bid of Twp. Denom. $275. Date Feb. 20 1915. Int. M.& N. Due $275 each
and the Security Says. Bank & Tr. Co. of Toledo each submitted
six months from May 15 1916 to Nov. 15 1925 incl.
-An election
-BOND ELECTION.
$4,400.
FLINT, Genesee County, Mich.
County, Pa.
DARBY SCHOOL DISTRICT (P. 0. Darby), DelawareD. m. Feb. 16 will be held Feb. 17, it is stated, to vote on the propositions to issue storm
-Proposals will be received until 8:30
-BOND OFFERING.
water sewers, sanitary sewers and subway bonds.
County,
by William E. Buckman, Sec. Bd.of Ed.,it is stated, for the $35,000 4}5%
These
FLINT UNION SCHOOL DISTRICT(P.O.Flint) Genesee $70,000
building bonds. Int. semi-ann. Cert. check for $300 required.
-The following are the bids received for the
-BOND SALE.
bonds were offered on Jan. 26, but the bids were later withdrawn.(V. 100, Mich.
bonds offered on Feb.3:
5% coupon building
p. 416.)
00 Sid. Spitzer & Co., Tol_-$73,234 00
- J.F.McLean & Co..Det_ 375,257 00 E.H.Rollins & Sons. Chic. 73,202 50
-BOND SALE.
DAVIE COUNTY (P. 0. Mocksville), No. Caro.
Detroit Tr. Co., Det_-- 74.800
.
. C fin, ohica.,T__ 2578 0
S. H . of
:0 0
an issue of $35,000 road bonds was awarded, it is stated, to Genesee Co.Savs.Bk.,Flint. 74,777 00 opitzer Rorick & Cog0 oL 72 5 1 0
On Feb. 1
Sidney Spitzen & Co. of Toledo at par and interest.
& Old Detroit Nat.
- First
74,025 00 Tillotson & Wolcott Co.,
n),Ind.-BOND OFFERING.
Bank, Detroit
DA1TIESS COUNTY(P.O. Washingto
. levm oss
72,289 00
73,552 00 wCE. eland
Reports state that proposals will be received by John L. Clark, County H.T.Holtz & Co.,Chic
& Co., Det-- 70,917 00
6
Treasurer, until 12 m.Feb. 16for four issues of 41, % highway-improvement Hoehler, Cummings & 73.234 75 Ulen & Co.. Chicago
70,210 00
Prudden Toledo
bonds. aggregating $25,100.
0 SAL
Oro ND p 416 were
1.10
aNP. On
. d-im
Bids will be received until 2 p. m. Feb. 23 by Lew S. Core, County
(ew
FLOYD COUNTY
et al ditch bonds.
bonds (V.
vement
Auditor, for $3,100 5% Oscar B. Findley
Feb. 4 the $8,8013 435% road-impro
-Reports awarded, it is stated, to the Mutual Tr. Co. of New Albany for $8,810
Ohlo.-BOND SALE.
DAYTON, Montgomery County,
-year garbage-reduction and $150,000 equal to 100.113.
state that on Feb. 9 the 5.000 20
(V. 100, p. 244) were awarded to Hayden,
s bon
Fond du Lac County, Wis.-BOND OFFERING.-year water-work
30
FOND DU LAC
will receive bids until 10 a. m. Feb. 20 for
Miller & Co. of Cleveland.
J. F. Hohensee, City Clerk,
of 1043 to 800
-BOND OFFERING. $305,650 4Yi% water refunding bonds authorized by voteDue in 20 equal
DECATUR COUNTY (P. 0. Greensburg), Ind.
1 (V. 100, p.416). Int. annual.
-Proposals will be received until 2 p. m. Feb. 16 by Albert Boling, County at the election held Feb. 1916 to 1935 incl. Certified check for $1,000.
B. Youman et al. highway-improvement annual installments from
% Lewis
Treasurer, for $4,000
required.
bonds. Denom. $200. Date Feb. 15 1915. Int. M & N. Due $200 payable to the City Treasurer, papers state that the following 4)4%
-Local
BONDS DEFEATED. nt bonds (V. 100, p. 416) were defeated at the
each six months from May 15 1916 to Nov. 15 1925 incl.
equal-annual-hastalime
BOND SALE.
-On Feb. 2 the four issues of 43. % highway-impt.bonds 20
electron held Feb. 1.
bonds,108 votes"for" and 1680"against."
V. 100, ip. 416) were awarded, it is stated, as follows:
- $7,150 voting-maehtne refunding
'
123 votes "for" and 1669 "against.
$8.600 Collins road bonds to C. J. Erdman of Greensburg for $8,620
50,000 city-hall-erection bonds,
equal to 100.232.
votes "for" and 1526 "against,
- 50,000 park-impt. bonds, 150
7.100 Ferris road bonds to C. J. Erdman of Greensburg for $7.117
INDEPENDENT SCHOOL DISTRICT (P. 0
FORT ATKINSON
equal to 100.239.
-BOND OFFERING.
County, Iowa.
Fort Atkinson), Winneshiek
6.000 Martin road bonds to J. F. Wild & Co. of Indianapolis at 100.25.
- Proposals will be received until 1 p. m. Feb. 13 by A. J. Schreiber, Secre9.600 Ricketts road bonds to J. F. Wild & Co.of Indianapolis for $9,629
for $5,000 5% school-building bonds.
equal to 100.302.
tary of the Board of Directors,
Jan. 1 and July I at the Home Says. Bank of Fort
-On Feb. 10 the 5 issues of 4% coup. Denom. $500. Int. yearly Jan. 1 from 1917 to 1924 hid. and $1,000
-BOND SALE.
DETROIT, Mich.
or reg. tax-free bonds, aggregating $1.778,000 (V. 100, p. 492), were Atkinson. Due $500
Y. at par Jan. 1 1925.
awarded jointly to II. Lee Anstey and Livingstone & Co. of N.
-BOND OFFERING -Proposals
FRANKLIN, Norfolk County, Mass. 13) by Albert H. .
and Int., less a commission of $41.750-a basis of about 4.17 %•
Martin, Town
m to-day (Feb.
DELANO GRAMMAR SCHOOL DISTRICT, Merced County, Cal. will be received until 5 la.
coupon tax-free bonds:
-An election will be held Feb.15.it is stated, to vote Treasurer, for the following 4% bonds. Date Nov. 1 1914. Due $15,000
-BOND ELECTION.
sewer loan (Act of 1912)
$75,000
on the question of Issuing $23,000 school bonds.
yearly on Nov. 1 from 1915 to 1919, inclusive.
-PRICE PAID FOR BONDS.
-The price paid for
Aug. 1 1914. Due $2,000 yearly on
DES MOINES, Iowa.
50,000 sewer loan bonds. Date inclusive.
% 2-6-yr. (ser.) fire-impt. bonds awarded on Jan. 2 to the
the $25,000
Aug. 1 from 1915 to 1939,
Nat. Bank of Des Moines(V. 100, p. 325) was par and int. Denom.
semi-annually at First National Bank, FrankValley
Denom. $1,000. Interest
s
Colony
21.000. Date Jan. 2 1915. Int. J. & J.
lin. These bonds will be certified as to genuinenes by the Old
-The Trust Co. and this trust company will further certify that the legality of
DEUEL COUNTY (P. 0. Chappell), Neb.-BOND ELECTION.
of
question of issuing $20,000 court-house-erection bonds will be submitted this issue has been approved by Storey, Thorndike, Palmer & Dodge
too vote, it is stated, at an election to-day.(Feb. 13.)
Boston, whose opinion will be furnished purchaser without charge.
-BOND OFFERING.DOUGLAS TOWNSHIP (P. 0. Effingham), Effingham County, Ill.
FULTON COUNTY (P. 0. Rochester), Ind.
-Proposals will be received until 1 p. m. Feb. 15 by Proposals will be received until 3 p. m. Feb. 15 by Layman E.Downey,
-BOND OFFERING.
i
,
Humborg, Twp. Clerk. for $6,000 5% coup. road-construction bonds. County Treasurer, for the following 4} % coup. highway-impt. bonds:
Ben
in Effingham. Due $2,000 April 1 1916, 536,300 Win. H. Gray et al. road bonds in Liberty Twp. Denom. $1,815.
Date Feb. 26 1915. Int. ann.
Denom.$925.
18,500 Philip T.Werner et al. road bonds in Rochester Twp. issue each six
1917 and 1918.
one
RCHASER OF BONDS.
-The purDate Feb. 1 1915. Int. M.& N. Due hicl.bond of each
EAGLE, Cass County, Neb.-PUfirst
Nov. 15 1925
from May 15 1916 to
-20
reported) 6% 5 -year (opt.)
(not 510,000 as
chaser of the $6.000Jan. 8 at par (V. 100, 13. 325) was the Lincoln Safe months
Calif.
GALLATIN SCHOOL DISTRICT, Los Angeles County, Feb. 15
water bonds sold on
-Proposals will be received until 2 p. in.
Co. of Lincoln. Denom. $500. Date Oct. 1 1914. Int. ann. BOND OFFERING.
Deposit
the
ex-officio Clerk Bd. of Supers.(P.O. Los Angeles),for
by J. H.Lelande,
bonds.
on Oct. 1.
PARISH (P. 0. Baton Rouge), La.
-BOND $10,000 534% gold site-purchase, construction and equipment
EAST BATON ROUGE
Date Sept. 1 1914. Int. M. & S. at Co. Treasury.
-27-year (ser.) Road
5% 2
2
-On Feb. 1 the $180,000 D. 155_) were awarded to Dist. No.& Denom. $1,000. Sept. 1 from 1917 to 1926 incl. Cert. or cashier's check
SALE.
Damn
Due $1,000 yearly
(V. 100,
of Supers., required.
road-construction bonds
Orleans at 101.25 and int.-a basis of about 4.878%. for 3% of bonds bid for, payable to Chairman Bd.
White Co. of New other bidders. Denom. $1,000. Date Aug. 1 1914. Purchaser to pay accrued interest. No bonded debt. Assess. val. 1914
were seven
There
$433,045.
Globe), Ariz.
Int. F. & A.
DLst
on),No. Tress.rthampto offcring
. isn eounB. Ku
GILA COUNTY SCHOOL DISTRICT NO. 26 (P. 0. coupon tax-free
DISTRICT (P. 0. Easton),
-20
EASTON SCHOOL
-On Feb. 1 55,000 6% 10 -year (opt.)
BOND SALE.
-M.
Other
.
-BOND OFFERING 4r 20
tax-free school bonds. Denom. school-building-impt. bonds were awarded to II. H. Bru at 102.12.
ty, Pa.
$17,500 t -year
for sale at par and int. Jan. 1 19 . Int. J. & J. No deposit required.
bids were:
$100 and $500. Date
FEB. 13 1915.1
THE CHRONICLE
5.051
Ulen & Co., Chicago
$5,100C. H.'Coffin. Chicago
191
Jas. N. Wright & Co., Deny. 5,010Mesa Nat. Bank, Mesa---- 4,950
Denom. $1,000. Date Feb. 1
5. Int. F. & A. at the Co. Treas.
office. Total debt, including this issue $44,500. Assessed val. 1914
$11,895,878 88.
-BONDS AWARDED IN
GLOVERSVILLE, Fulton County, N. Y.
PART.
-Of the $21,400
% reg. local-impt. bonds offered on Feb. 10
(V. 100. p.416).$4,800 due in 1 year and $4.300 due in 2 years were awarded
to the Board of Water Commissioners at par and int. The sale of the remaining $12.300 bonds has been adjourned until 2 p. m. Feb. 17.
-BONDS TO BE OFFERED IN
GOSHEN, Orange County, N. Y.
SPRING.
-We are advised that this village will offer for sale this spring
425,000 434% sewer bonds. Denom. $1,000. Int. F. & A. Duo from
1925 to 1929. These bonds are the unsold portion of an issue of $100,000.
s50,000 of which was awarded to the Isaac W. Sherrill Co. on Aug. 1 and
$25,000 to the Goshen Says. Bank on Nov. 30.
-BOND ELECTION
GRAYSON COUNTY (P. 0. Sherman), Tex.
-It is reported that petitions are being circulated calling for
PROPOSED.
an election to vote on the proposition to issue $900,000 road bonds.
-The question of issuing $10,000 Road District
BOND ELECTION.
No. 3 road-improvement bonds will be submitted to a vote, it is stated,
on Feb. 20.
-BOND SALE.
-On Feb. 8 the
GREENVILLE, Mercer County, Pa.
$20,000 43 % 20-yr. (aver.) coup. or reg. tax-free sewerage-disposal-plant
416) were awarded to Hayden. Miller & Co. of Cleveland
bonds(V. 100, p.
at 101.40-a basis of about 4.39%. Other bidders were:
$20,2501Lyon, Singer & Co., Pitts_- -$20,187
Mellon Nat. Bk., Pitts
20,246 A.B. Leach & Co.. N.Y- - 20,125
Colonial Tr. Co., Pitts
Tillotson & Wolcott Co.,Clev 20,234 Holmes, Wardrop & Co.,Pitts 20,061
GRESHAM UNION HIGH SCHOOL DISTRICT (P. 0. Gresham),
-BOND SALE.
-Morris Bros. of Portland
Multnomah County, Ore.
-year coupon
have been awarded, it is stated, an issue of $20,000 6% 10
building bonds at 106.
Ohio.
-BOND OFFERING.
-Bids will be
HAMDEN, Vinton County,
received until 12 m. Feb. 23 by S. W. Monahan, Vil. Clerk, for $3,000
5;4% coup. electric-light -plant bonds. Auth. Sec. 3939, Gen. Code.
Denom. $500. Date Jan. 1 1915. Int. J. & J. Due $500 every five
years on Jan. 1 from 1920 to 1945 incl. Cert. check for $25, payable to
Vil. Treas., required. Bonds to be delivered and paid for within.10 days
from time of award. Purchaser to pay accrued interest.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND OFFERING.
-Proposals will be received until 11 a. m. Feb. 16 by M. L. Caldwell,
County Treasurer, for the following 4;4% highway-improvement bonds:
$3,700 Wm.Dyer et al road bonds in White River Twp. Denom.$185.
8,020 R.L. Darrah et at road bonds in Fall Creek Twp. Denom.$401.
4,620 John McCarty et al road bonds in White River Twp. Denom.$231.
2.280 Willard Gillam et al road bonds in Adams Twp. Denom. $114.
Date Feb. 15 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925. inclusive.
HAMLIN COUNTY (P. 0. Hayti), So. Dak.-BONDS VOTED.
-The
proposition to issue the $60,000 court
-house and jail-site-purchase and
construction bonds (V. 100, p. 326) carried, it is stated, at the election
held Jan. 26.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-LOAN OFFER;
ING.-Reports state that proposals will be received until 10 a. m. Feb. ln
by the County Treasurer for a loan of $100,000 issued in anticipation of
taxes and maturing Nov. B 1915.
HAMPTON SCHOOL DISTRICT (P. 0. Hampton), Calhoun
County, Ark.
-BONDS PROPOSED.
-According to reports, this district
will issue $8,000 school-house bonds.
HANCOCK COUNTY (P. 0. Greenfield), Ind.
-BOND OFFERING
-proposals will be received until 10 a. m. Feb. 24 by Allen F. Cooper
County Treasurer, for $34,200 4_54% Chas. F. Carlton et al. highway
impt. bonds. Denom. $1,710. Date Feb. 1 1915. Int. M. & N. Due
$1.710 each six months from May 15 1916 to Nov. 15 1925 incl.
HANSELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Hansen),
Franklin County, Iowa.
-DESCRIPTION OF BONDS.
5% site-purchase, building and equipment bonds awarded-The $35,000
on Dec. 30 at
par and int. to Powell, Gerard & Co. of Chicago (V. 100, p. 416) are in the
denom. of $1,000 and dated Jan. 11915. Int. J. & J. Due 1925,
subject
call $2.000 yearly after 1920.
to
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND SALE.
-Reports
state that an issue of $8,337 5% county office fixture bonds has
been
awarded to Weil, Roth & Co. of Cincinnati for
$8,427-equal to 101.079.
P. HARDIN COUNTY (P. 0. Sountze), Tex.
,
-BOND ELECTION.is reported that an election will be held Feb. 20 to vote on the
It
proposition to issue $150,000 road bonds in Road Dist. No. 1.
HARRISON COUNTY (P. 0. Corydon), Ind.
-BOND SALE.
-On
Feb. 1 the $8,280
% highway-irnpt. bonds, dated Jan.
,were awarded to V.J.Bulleit of Corydon for $8.295, 5 1915(V. 100
p.416)
equal to 100.1M
Other bidders were:
J. F. Wild & Co.. Indianapolis
$8,290
Breed, Elliott & Harrison, Indianapolis
8,283
Denom. $230. Int. M. & N. Due $230 each six months from
May 15
1916 to Nov. 15 1924 incl.
HARTFORD CITY SCHOOL CITY (P. 0. Hartford City),
Blackford County, Ind.
-BOND SALE.
-A local newspaper states that this
school city has sold an issue of $32,000 building bonds.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND
-Proposals will be received until 10 a. m. Feb. 15 and fromOFFERING.
day to day
thereafter until sold, by Geo. Macomber, Co. Treas., for the
following
4 % highway-impt. bonds:
$14,000 C. E. Brooks et al. highway-impt. bonds in Eel River Twp. Denom. $700.
4,000 A. K.Gilbert et al. highway-impt. bonds in Liberty Twp. Denom.
$200.
10,800 T. H. Mitchell et al. highway-impt. bonds in Liberty Twp. De
porn. $540.
Date Feb. 15 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl.
BOND SALE.
-On Feb. 9 the five issues of 4;4% highway-impt. bonds
aggregating $60,320 (V. 100, p. 492) were awarded to J. F. Wild & Co.
of Indianapolis for $60,328
-equal to 100.013.
HENRY COUNTY (P. 0. Newcastle), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m.Feb. 20 by the Co. Treas.
for $7,800
4;4% Geo. Lamberson road-impt. (county's share) bonds.
Denom. $390.
Date Feb. 201915. Int. M.& N. Due $390 each six
monthsfrom May 15
1910 to Nov. 15 1925 incl.
HICKORY, Newton County, Miss.
-BOND SALE.
-On Feb. 2 the
$10,000 6% 20-yr. coupon tax-free school-bldg.
(V. 100, p. 324), were awarded to John Nuveen bonds dated May 1 1914
& Co. of Chicago at par
and int. There were three other bidders.
HOLYOKE, Mass.
-TEMPORARY LOAN.
-On Feb. 3 a loan of
000 maturing Nov.5 1915 was negotiated with R. L. Day & Co. of $150,Boston
at 3.01% discount, plus 25 cents premium. The Farmers' Loan &
Trust
of N.Y.bid 3.50% discount. Denom.$25.000.
Co.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-BOND SALES.
-On
Jan. 15 the $9,671 60 5% ditch bonds (V. 100, p.; 69) were awarded to
Miller & Co. of Indianapolis at par. There were no other bidders.
Denom. $967 16. Date Dec. 18 1914.
On Jan. 18 the following 4)4% highway-improvement bonds (V. 100.
p. 245) were awarded as follows:
$37,400 bonds to the Meyer-Kiser Bank of Indianapolis for $37,571 25
equal to 100.457. Denom. $374.
25,600 bonds to Breed, Elliott & Harrison of Indianapolis for $25,730
equal to 100.507. Denom. $256.
Date Jan. 9 1915. Int. M. & N. Bids were also received from J. F.
Wild & Co. of Indianapolis and Howard Nat. Bank of Kokomo.
HUBBARD TOWNSHIP (P. 0. Hubbard), Trumbull County, Ohio.
-BOND OFFERING -Bids will be received until 12 m. March 1 by L. J.
Agal, Twp. Clerk, for $50,000 5% Hubbard Special Road Dist. road-impt.
bonds. Auth. Secs. 7035 and 7052. General Code; also election held April
26 1914. Denom. $500. Date March 1 1915. Int. A. & 0. at the
Hubbard Banking Co., Hubbard. Due $500 April 1 1916, $1.500 Oct. 1
1916 and $1,500 each six months from April 1 1917 to Oct. 11932, incl.
Bidders will be required to satisfy themselves of the legality of bonds.
Cert. check for $500, payable to the Twp. Treas., required.
573
HUMBOLDT COUNTY (P. 0. Eureka), Cal.
-BOND SALE.
Feb. 9 the $150,000 4% State highway bonds, due 1942 (V. 100. p.-On
492).
were awarded to Byrne & McDonnell of San Francisco for $142,880
equal to 95.253.
HUNTSVILLE SCHOOL DISTRICT (P. 0. Huntsville), Madison
County, Ala.
-BOND ELECTION.
-The question of issuing $40,000 5%
semi-annual 30-year high-school-bldg. bonds will be submitted to a vote
on Feb. 15.
IAA
INDEPENDENCE, Montgomery County, Kans.-BONDSAIL
The $53,500 4)4% tax-free city-hall-erection and fire-department
-equipment bonds offered on Jan. 20 (V. 100, p. 246) have been sold to local
investors at par and interest.
JACKSONVILLE, Athens County, Ohio.
-BOND OFFERING.
Proposals will be received until 12 m. Mar. 8 by C. N. Darst, Vii. Clerk.
for $480 Sixth St. impt. (denom. $48) and $1850 Seventh St. impt.
tdenom. 185) 6% coup. assess. bonds. Date Mar. 1 1915. Int. M.;& S.
Due one bond of each issue yearly on Mar. 1 from 1916 to 19251nel. Cert.
check for 10% of bonds payable to "Village, of Jacksonville," required.
Bids must be unconditional.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.
Proposals will be received until 2 p. m.Feb. 18 by Alson A. Fell, Co. Treas.,
for $22,000 4;4% Royal L. Bussell et al highway-impt. bonds in Hanging
Grove Twp. Denom. $1,100. Date Feb. 15 1915. Int. M.& N. Due
$1,100 each six months from May 15 1916 to Nov. 15 1925 incl.
Bids will also be received until 2 p. m. Feb. 18, by A. A. Fell, County
Treasurer,for $9,600 434% Geo. H.May et al. highway-improvement
in Carpenter Twp. Denom. $480. Date Feb. 15 1915. Int. M.bonds
& N.
Due $480 each six months from May 15 1916 to Nov. 15 1925 incl.
KEEWATIN, Itasca Coutny, Minn.
-BONDS NOT SOLD.
-No sale
was made on Feb. 6 of the $80.000 5% 1-10-yr. (ser.) coupon funding
refunding bonds offered on that day (V. 100, p. 417). The bonds and
are
dated Aug. 29 1914.
KENDALLVILLE, Noble County, Ind.
-PRICE PAID FOR BONDS.
-We are advised that the price paid for the $15,000 6% city-hall bonds
disposed of on Jan. 12 (V. 100, p. 326) was par. Denom. 91.000. Date
Jan, 12 1915.
KINGSBURG JOINT UNION HIGH SCHOOL DISTRICT (P. 0.
Kingsburg), Fresno County, Calif.
-BOND ELECTION.
-It is stated
that an election will be held Feb. 13 to vote on the question of issuing
$40,-year (ser.) high-school-building bonds.
0006% 24
LA FAYETTE, Yamhill County, Ore.
-BOND SALE.
-An issue of
915.000 6% water-system bonds was awarded during June to Morgan &
Co. of Portland at par. Denom. $1,000. Date June 1 1914. Int. semiann. Due in 20 years, subject to call at any interest-paying date. Using
newspaper reports, we stated in V. 100, P. 246 that these bonds were sold
to Fred. Glenn & Co. of Portland at 101.01.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND
Proposals will be received until 10 a. m. Feb. 16 by A. J.OFFERING.
Swanson, Co.
Treas., for the following 434% highway-impt. bonds in North and Calumet
t$50,000own
ships:s:H.Douthett road bonds. Denom.$500. Date Nov. 161914.
J.
26,000 R.0. Johnson road bonds. Denom. $650. Date Oct. 15 1914.
Int. M.& N. Due beginning May 15 1916. Transcript with approved
opinion of Matson, Kane & Ross will accompany the bonds and no bids
will be received except for immediate cash.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND OFFERING.Proposals will be received until 10 a. m.Feb. 16 by Jos. Johanni, Co. Treas.,
for the following 4;4% highway-impt. bonds:
$40,800 Homer Decker et at road bonds in Kankakee Twp. Denom.$1,020.
13,000 Gustave Zable et al road bonds in Cass Twp. Denom. $325.
7,200 Chas. C. McLane et al road bonds in Noble Twp. Denom. $180.
Date Feb. 15 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1935 incl.
LARNED, Pawnee County, Kan.
-BOND SALE.
-During the month
of January $20,000 5% 16 -year (serial) electric-light bonds, dated
-20
July 11914. were purchased by the State of Kansas at par.
LEAVENWORTH, Leavenworth County, Kan.
-BONDS AUTHORIZED.
-Local papers state that an ordinance has been passed providing
for the issuance of $50,000 refunding bonds at not exceng 5% Interest.
Due $5,000 yearly for 10 years.
-On Jan. 27 $9,641 495% street
BOND SALE.
-improvement bonds were
awarded to the Leavenworth Nat. Bank for $9,798 16 (101.624) and int.
Denom. $361 68, 5361 73, $500. $102 46 and $102 50. Date Jan. 1 1915.
Int. F. & A. Due one-tenth yearly Aug. 1 from 1915 to 1924, incl.
LINCOLN COUNTY SCHOOL DISTRICT NO. 119, Wash.
-BOND
SALE.
-On Feb. 6 $1,500 building bonds were awarded to the State of
Washington at par for 5145. Denom. $300. Due in 20 yrs., subject to
call at any interest-paying date.
.
Age
LINNTON, Multnomah County, Ore.
-BOND SALE.
-Morris Bros.
of Portland were awarded on Sept. 15 an issue of $17,445 6% 10
-year sewer
bonds at par and int. Denom. $500. Date July 15 1914. Int. J. & J.
LITTLE FALLS, Herkimer County, N. Y.
-NO ACTION YET
TAKEN.
-The City Clerk advises us under date of Jan. 27 that no action
has vet been taken looking towards the issuance of the $50,000 paving
bonds voted Nov. 3 (V. 99, p. 1474).
LODI, Bergen County, N. J.
-BOND SALE.
-On Feb. 8 the $70,000
5% 13 2
-3-year (aver.) igold coup. or reg. funding. bonds (V. 100, p. 326)
were awarded to John D. Everitt & Co. of N. Y. at 100.132-a basis of
about 5.987%. The other bidders were:
M.M.Freeman & Co.,Phils.100.063 R. M. Grant & Co., N. Y-100.02
LONG LAKE DRAINAGE DISTRICT (P. 0. Grady), Jefferson and
-DESCRIPTION OF BONDS.
-The $80,000 6%
Lincoln Counties, Ark.
drainage bonds purchased by Bowman,Cost & Co. of St. Louis on Nov. 12
(V. 99. p. 1695) are coupon in form and in the denomination of $500 each,
Date Nov.2 1914. Int. Feb.& Aug.at St. Louis Union Trust Co. These
bonds are exempt from Federal income tax. Due on Aug. 1 as follows:
$3,500. 1919: $4,000. 1920 and 1921; $4.500. 1922 and 1923: $5.000, 1924
and 1925: $5,500. 1926: $6,000. 1927 and 1928; $5,000, 1929: $5,500, 1930
and 1931: $6,000, 1932; 56.500, 1933 and 53.500. 1934. We were first
advised that these bonds were dated June 1 1914 and matured $4,000 yrly.
from 1920 to 1924, incl., and $6,000 yrly. from 1925 to 1934, incl. See
V. 99. p. 1767.
-The premiums
-BOND SALE.
LORAIN, Lorain County, Ohio.
offered Feb. 9 for the $40,579 84 paving refiunding and $17,571 18 sewer
int
:
refunding 5% coupon bonds (V. 100. p. 493) were as follows e.
$17.571 18 $40,579 84
issue.
Sidney Spitzer & Co., Toledo
$848 50
$367 25
Brighton-German Bank Co., Cincinnati
632 16
280 82
Ohio National Bank
632 71
263 60
Tillotson & Wolcott Co., Cleveland
261 81
633 04
Seasongood & Mayer, Cincinnati
246 00
586 00
Well, Roth & Co., Cincinnati
570 GO
211 00
Otis & Co., Cleveland
510 00
210 00
Hayden, Miller & Co., Cleveland
200 00
503 00
Provident Savings Bank & Trust Co., Cincinnati
456 52
197 67
Spitzer, Rorick & Co., Toledo
120 00
277 50
First National Bank
38 40
435 60
LOWELLVLLE, Mahoning County, Ohio.
-BONDS AUTHORIZED.
-The Village Council passed an ordinance on Feb. 1, it is stated.
providing for the issuance of $12,500 sanitary-sewer bonds.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
-Proposals will be received until 10 a. m. Feb. 19 by Chas. J. Sanzenbacher,
Co. And., for $97.674 42 5% 134-yr. coup. bridge bonds. Denom.
(1) 5674 42, (97) $1.000. Date Mar. 9 1915. Int. semi-ann. at office of
Co. Treas. Cert. chock on a Toledo bank (or cash) for $1,000 required.
Bonds to be delivered and paid for on Mar.9. Bids must be unconditional.
A complete certified transcript of all proceedings evidencing the regularity
and validity of the issuance of said bonds will be furnished successful bidder.
Official advertisement states that there has never been any default in
the payment of principal or interest.
McLEAN COUNTY SCHOOL DISTRICT NO. SO (P. 0. Roanoke),
Ill.
-BOND ELECTION.
-It is stated that an election will be held to-day
Feb. 13) to vote on the question of issuing bldg. bonds.
MADISON COUNTY (P. 0. Huntsville), Ala.
-BOND OFFERING.
Bids will be received until 12 m. Feb. 23 by W.T. Lawler, Probate
Judge,
It is stated,for the $70,000 court-house and $15,000 equipment
5% 20
-year
574
THE CHRONICLE
[VOL. 100.
for Mullen, City Compt., for 8100,000 20-yr. paving and $100,000 25-29-yr.
bonds voted Nov. 3 (V. 99. p. 1614). Int. semi-annual. Cert, check
sewer 434% semi-ann. bonds. Cert. check for $1,000 required.
51.000 required.
-Reports state that the
-BOND OFFERING.
SALE.
NEW YORK STATE.
No. Caro.
-BOND
MADISON COUNTY (P. 0. Marshall),
canal,
placed on sale Mar.
-year road-improvement bonds offered on Jan. 18 following 4g% bonds will be highway, due Mar. 110: 812.000.000
The $150,000 5% 30
1965, and $5.000,000
purchased by the Wachovia Bank & Trust Co. due Jan. 1 1965; $10,000,000
(V. 100, p. 156) have been
canal terminal. due Jan. 1 1945.
barge
of Winston-Salem, according to reports.
-Bids will be
NILES, Trumbull County, Ohlo.-BOND OFFERING.
-It
-BOND OFFERING.
MANCHESTER, Hillsboro County, N. H.
received until 2 p. m. March 1 by Homer Thomas, City Aud., for $5,000
Is stated that bids will be received until 7:15 p. in. Feb. 17 for the $150,000 5% Maple Ave. sewer-construction bonds. Auth. Sec. 3914 Gen. Code.
incinerator-plant bonds mentioned in V. 100, p. 493. Date
4% coup.
$500. Date March 1 1915. Int. M. Sz S. Due $500 yearly on
Mar. 1 1915. Due $5.000 yearly from 1916 to 1925 incl. and $10,000 Denom.
Aug. 1 from 1916 to 1925 incl. Cert, check for 2% of bonds bid for. pay
yearly from 1926 to 1935 incl.
able to City Treas., required. Bonds to be delivered and paid for
MANSON SCHOOL DISTRICT (P. 0. Manson), Calhoun County, 10 days from time of award. Purchaser to pay accrued interest.
-By a vote of 233 to 125 the question of issuing
-BONDS VOTED.
Iowa.
-On
NODAWAY COUNTY (P. 0. Maryville), Mo.-BOND SALE.
$40,000 5-10-yr. (opt.) school-bldg. bonds carried at the election Feb. 5.
Feb. 1 the $25,000 Lincoln Twp. road and bridge-building bonds (V. 100.
MANTUA TOWNSHIP SCHOOL DISTRICT (P. 0. Mantua), p. 157) were awarded to the Merchants' Loan & Trust Co. of Chicago for
-Proposals will be received
-BOND OFFERING.
Portage County, Ohio.
25(100.277)and int. as 5%s. The Farmers'Trust Co. of Maryville
Int.
until 1 p. m. Feb. 15 by A. II. Kyle, Clerk Board of Education,for $7,500 $25,069
bid $25.064 50 and int. for 6s. Denom. $500. Date April 1 1915.
5% building bonds voted Sept. 12 1914. Denom. $100. Date March 1 A. Sr 0. at the Co. Treas. office. Due $1,000 April 1 1916, 82,000 yearly
1915. Int. A. & 0. Due $100 each six months from Oct. 1 1916 to April 1 1917 to 1922, incl., $1,500 yearly April 1 1923 to 1927, incl., $2.500
Oct. 1 1953. inclusive. Bonds to be executed and delivered March 1 1915. April 1 1928 and $2,000 April 1 1929,subject to call 610,500 after 5 years.
Certified check for $200. payable to the District Treasurer, required. PurNORTH HEMPSTEAD (Town) UNION FREE SCHOOL DISTRICT
chaser to pay accrued interest.
-BOND OFFERING.-Atteation is called
-E. 0• NO. 6, Nassau County, N. Y.
MARENGO, Morrow County Ohio.-BOND OFFERING.
bids until 12 m. March 6 for the following to the official advertisement elsewhere in this department of the offering
Tobey, Village Clerk, will receive
of
6% bonds:
Feb. 17 of the $80.000 school-building bonds. For details and terms
55.200 59 Main, Walnut and Noble Sts. paving bonds. Denom.(9) $520; on
page 494.
(1) 5520 59. Due $520 yearly Mardi 6 from 1916 to 1924, incl. offering see last week's "Chronicle",
-BOND OFFER/NO.-Proand $520 59 March 6 1925.
NORWOOD, Hamilton County, Ohio.
3.397 50 Main, Walnut and Noble Sts. paving (assess.) bonds. Denom. posals will be received until 12 in. Feb. 15 by G. P. Evans. City Auditor.
$339 75. Due $339 75 yearly March 6 from 1916 to 1925 incl. for $9,671 095% 1-10-yr. (ser.) Smith Road improvement bonds. Denom.
amount as may remain bver
Said bonds being subject to reduction in amount by whatever
$100 or multiple thereof and one for such less
may be paid in by property owners prior to sale of said bonds.
installment, to suit purchaser. Date Oct. I 1914. Int. ann.
Date Mar.6 1915. Int. annually. Cert. check on some bank in Morrow from each
5% of bonds, payable to City Treasurer, required.
Certified check for
County for $500 required.
-On
-BOND SALE.
OHIO COUNTY (P. 0. Rising Sun), Ind. (V. 100. p• 417) were
-Proposals
-BOND OFFERING.
MARION, Marion County Ohio.
1914
until 12 m. March 4 by Harry E. Mason, City Aud for Feb.4 the $8,400 4)4% road bonds dated Sept. 7
will be received
Bank of Rising Sun at 100.25. Other bids were:
awarded to the National
the following bonds:
$5,000 5% street-impt. (city's portion) bonds. Denom. $500. Due Miller & Co., Indianapolis. $8,410.
$8,400.
$500 each six months from March 1 1916 to Sept. 1 1920 incl. Fletcher American Nat. Bank, Indianapolis. each six months beginning
Denom. $420. Int. M. & N. Due $420
Cert. check for $250 required.
5% refunding bonds. Denom. $500. Due $1,500 each six months in 1915.
14,000
-On
from March 1 1916 to Sept. 1 1919 incl. and $1.000 March 1
.-BOND SALE.
ONTARIO, San Bernardino County, Calif
tem bonds
and Sept. 1 1920. Cert, check for $700 required.
Feb. 1 the 855.000 5% 1-40-year (ser.) gold coupon sewer-sys
0
10,000 4 9-107' refunding bonds. Denom. $1,000. Due $1,000 yearly' (V. 100. p. 417) were awarded to E. A.Parkford of Ontario at par and int.
on March 1 from 1920 to 1929 incl. Cert. check for $500 There were no other bidders.
required.
-On Feb. 3
Date March 11915. Int. M.& S. Cert, checks must be made payable
OSHKOSH Winnebago County, Wis.-BOND SALE.
to City Treas., required.
the $165,000 434% 10%-year (aver.) coupon high-school bonds (V. 100.
to the Illinois Trust & Says. Bank of Chicago
-BOND OFFERING. p. 327) were awarded jointly
MARSHALL COUNTY (P. 0. Plymouth),Ind.
of Milwaukee for $169,275 (102.59) and int.-a
-Proposals will be received until 2 p. m. March 15 by Geo. A. Maxey, and the First Nat. Bank Other bids were:
Co. Treas., for $91,500 04% Geo. Ir. Kiefer at al highway-impt. bonds in basis of about 4.187%.
00IJohn Nuveen& Co.,Chic.$165,870 00
German Twp. Denom. $457 50. Date March 15 1915. Int. M. & N. Wm.R.ComptonCo.,Chic.$166,85700 N. Y. Life Insur. Co_.... 165.841 50
E.H.Rollins & Sons,Chic. 166.749
Due part each six months beginning May 15 1916.
Co.,N.Y.166,390 95 Merch.L.& Tr.Co., Chic.1165.733 45
Remick,Hodges&
-BOND OFFERING. EmerY,Peck&Rockw,Chic.166.205 35 Seed.Wd.Nat•Bk•,M ilw.1
MAVERICK COUNTY (P. 0. Eagle Pass), Tex.
-Proposals will be received until 10 a. m. Feb. 20 by Ben V. King. Co. Sid•Spitzer & Co., Tel--- 166,039 50 A. B.Leach Sr Co.,Chic_ 165.711 00
-40
Judge, for $25,000 5% 10 -year (opt.) road and bridge-construction Wells& Dickey Co..Minn. 166.023 00 Commer, Nat.Bk.,Oshk. 165,330 00
bonds. Auth. Chap. 1 of 1st Called Session of the 28th Legislature, ap- Estabrook & Co.,Chicago 165.957 00 Yard.Otis& Taylor,Chic. 165.035 00
proved April 23 1903. Denom. $500. Date Feb. 12 1914. Int. ann. on
Harris Trust & Say, Bank of Chicago bid par less discount of 5354 75.
Feb. 12 at the State Treas, office at Austin or at office of Co. Treas. Total MacNichol & Nichols of Oshkosh also submitted a bid.
Assess. val. equalized 1914
bonded debt, including this issue $64,602.
-BOND SALE.
OTTAWA COUNTY (P. 0. Grand Haven), Mich.
$6,378,077; actual val. (est.) $9,567,115. Official circular states that
road bonds was awarded to
there is no controversy or litigation pending or threatened affecting the On Jan. 29 an issue of $150.000 434% 20-year at 101.17-a basis of about
title of present officials the Grand Haven State Bank of Grand Haven
corporate existence, boundaries of the county or
Int. F.& A.
to their respective offices or to the validity of these bonds, that no pre- 4.91%. Denom. $500. Date Feb. 1 1915.
viously issued bonds have ever been contested and that the principal and
PALMYRA TOWNSHIP (P. 0. Ravenna), Portage County, Ohio.
paid when due.
Interest of bonds previously issued has been promptly
-Joe Williams, Twp. Clerk, will receive bids until
-BOND OFFERING.
-On Feb. 5 8p. m.Mar.1 for 57,0005% road-impt. bonds voted Nov.31914. Denom.
-BOND SALE.
MILLV/LLE, Cumberland County, N. J.
six months from
Due $500
the following two issues of 5% coupon or reg. bonds (V. 100, p. 417) were $500. Date Apr. 1 1915. Int. A.& 0.check for each payable to Twp.
$200,
Apr. 1 1916 to Oct. 1 1922 hid. Cert,
awarded as follows:
-year school bonds to Bloren & Co. of Phila. at 104 and int.- Treas., required. Bonds to be delivered and paid for on Apr. 5. Pur$79,000 20
chaser to pay accrued interest.
a basis of about 4.692%.
-year aver. improvement bonds to Reilly, Brock & Co. of Phila
42.000 17
-On Feb.6
-BOND SALE.
PARKE COUNTY (P. 0. Rockville), Ind.
at 103.343 and int.-a basis of about 4.712%.
the following 43.4% highway-impt. bonds (V. 100, p. 418) were disposed
Other bidders were:
For $79,000 of, it is stated :
For $42,000.
$81,219 90 $10,100 Thompson road bonds to J. F. Wlld & Co. of Indianapolis for
$43,033 20
M.M.Freeman & Co., Phlladephia
$10,160. equal to 100.594.
81.022 40
42.970 20
Henry & West, Philadelphia
8
2 0
3,550 Swain road bonds to local investors at 100.5.
0 5 2
8 :4747 0
42,726 00
A. B. Leach & Co.. N.Y
3.150 Whitting road bonds to Citizens Bank of Montezuma for $3,222 60.
42,668 64
Harris, Forbes& Co., N. Y
equal to 102.304.
R. M. Grant & Co., N.Y
2,150 McClure road bonds to W. H.Payne of Bloomingdale for $2,160,
There were several oher bids submitted but thOy were for only a small
equal to 100.465.
part of the bonds.
-The
PARKERSBURG, Wood County, W. Va.-BONDS VOTED.
-BONDS AUMONTGOMERY COUNTY (P. 0. Red Oak), Iowa.
sewerage and street-impt.
-Reports state that the Board of County Supervisors recently question of issuing the $200,000 5% 10-year at the election held Feb. 2.
THORIZED.
voted to issue bonds to take up the indebtedness in the county bridge and bonds (V. 100, P. 248) carried it is reported,
road fund, the amount of which indebtedness is between 535.000 and Denom. $100. $500 and $1,000. Int. semi-ann.
$40.000.
PAULDING COUNTY (P. 0. Paulding), Ohlo.-BOND OFFERING.
- -Proposals will be received until 3.30 p. m. Feb. 23 by Edw. McGaharan,
MONTGOMERY COUNTY (P. 0. Dayton), °Mo.-BOND SALE.
On Feb. 8 510.000 infirmary-bldg., $10,000 children's home bldg.. $7,200 Co. Aud., for the following 5% coupon road bonds:
Salem Pike and $4,320 Troy Pike 5% bonds were awarded to Seasongood $8,700 Campbell pike bonds. Denom. (4) $1,000; (1) $1,100; (3) $1.200.
Due on Sept. 1 as follows: $1,000 yearly from 1916 to 1919 incl..
& Mayer of Cincinnati. they being the highest unconditional bidders. The
and 1923.
$1.100 in 1920 and $1,200 in 1921, 1922No. 433 bonds. Denom.
bids were as follows:
$10,000 Chit- 14.000 Paulding-Woodburn inter-county highway
$10.000
and
dren's Home.
Infirmary.
$1,000. Due $1,000 yearly on Sept. 1 from 1916 to 1919 incl.
$2.000 yearly on Sept. 1 from 1920 to 1924 incl.
$10,181 00
$10,181 00
Seasongood & Mayer, Cincinnati
Int. M.& S. at County Treasury. Cert, check
10,181 00
Date March 1 1915
10.181 00
A.E. Aub & Co., Cincinnati
payable to Co.
10,140 60 or certificate of deposit on a Paulding bank for $1,000.
10,160 00
Well, Roth & Co., Cincinnati
ids must be unconditional. Purchaser to furnish
10,147 00 Treas., required.
Provident Savings Bank & Trust Co.. Cincin- 10,147 00
without cost to county.
10,143 00 blank bonds and coupons
10.143 00
Tillotson & Wolcott Co., Cleveland
10,106 50
-BOND OFFERING.
Ohio.
10.106 50
R. L. Dollings Co.. Hamilton
PAULDING AND PUTNAM COUNTIES,Feb. 23 (date changed from
10.082 25
10,082 25
Hoehler, Cummings & Prudden, Toledo
will be received until 3:30 p. m.
10,050 00 -Proposals Edw. McCaharan, And,of Paulding Countyip. O. Paulding),
10.025 00
Dayton Savings & Trust Co., Dayton
Feb. 22) by
Both
$4,320
87.200
for the following 5% coup. joint county pike bonds(V. 100. p. 248): Due
Issues.
Salem Pike. Troy Pike.
Denom. (1) 8560, (7) 31.000.
37.560 T. J. Winner pike bonds. 1916 to 1922 incl. and $560 Mar. 1 '23.
$4.407
87,350
Seasongood & Mayer
$1.000 yearly on Mar. 1 from
4.320
7,200
31,000, (1) $1,300. Due on
Dayton Savings & Trust Co
22,300 Donaldson pike bonds. Denom. (21)1922 and
$11,764 80
---Provident Savings Bank & Trust Co
1923; $3,000 yearly
Mar. 1 as follows: $2.000 1916, 1917,
11.724 00
Well. Roth & Co
1918 to 1921 incl. $1,000 1924 and $1,300 in 1924.
'
-Proposals
Auth. Sec. 6949. Gen. Code. Date Mar. 11915. Int. M. & 8. at Co.
-BOND OFFERING.
County, N. Y.
NAPLES, Ontario
certificate of deposit on a Paulding bank for
will be received until 7 p. m.Feb. 16 by C.E. Koby, Vii. Clerk,for $13.600 Treasury. Cert. check or
Treas.. required. Bids must be unconditional
4%% village bonds. Denom.(1) $800.(6) 01,000 and (5) 81,360. Date $1,000, payable to Co.
of Vii. Treas. in N.Y. exchange. Purchaser to furnish blank bonds and coupons without cost to county.
Jan. 1 1915. Int. ann. on July 1 at office
Due yriy. on July 1 as follows: $1,360 from 1916 to 1920 incl., 51.000 from
-BOND SALE.
-On Feb.
PAWTUCKET, Providence County, R. I.
1921 to 1926 incl. and $800 in 1927.
11 the two issues of 43.4% gold coup. or reg. bonds, aggregating $387,000
-Proposals will be received (V. 100. p. 494), were awarded ,it is stated, to the New York Life Insurance
-BOND OFFERING.
NASHVILLE, Tenn.
Co. of N. Y., as follows:
until 10 a. m. Feb. 16 by J. W.Dashiell, Sec. Bd. of Commrs.,for $978,000 $300,000 2534-year (aver.) grade-crossing-aoolition bonds at 101.41-a
5% bonds,to reimburse the ordinary fund for expenditures made therefrom
basis of about 4.408%.
-year North Main St. bridge bonds at 101.016-a basis of
87,000 15
for permanent improvements. Denom. 31.000. Date Mar. 1 1915.
about 4.407%.
or Nat. City Bank, N. Y. C. Due on
Int. M.& S. at City Treas, office
-BOND
follows: $29.000, 1916: $31,000, 1917; 833,000, 1918; $34,000.
PERRY TOWNSHIP (P. 0. Perry), Lake County, Ohio.
Mar. 1 as
-Proposals will be considered until 12 m. Mar. 8 for 554.000
1923; 544.000. OFFERING.
1919: $36,000. 1920; 538,000, 1921; $40,000, 1922; $42,000,
5% road impt. bonds. Denom. $500. Date Mar, 11915. Int. M.& S.
$53,000. 1928; $56,000,
1924; $46,000, 1925; 849.000. 1926; 551,000, 1927:
Cleveland Trust Co. in Painesville. Due 51,500 each six months from
364.000, 1932; 867,000, 1933; 571,000. at
Mar. 1 1916 to Sept. 1 1933. incl. Cert, check ona Lake County bank for
1929; $59,000, 1930: $61,000. 1931;
Cert. check on a Tennessee nat. bank or trust $1.500, payable to "Board of Township Trustees," required. Purchaser
1934, and $74,000, 1935.
as to principal in to pay accrued interest.
company for $10,000 required. Bonds registerable
will be certified as to genuineness by the U. S.
-ProPETERSBURG, Dinwiddie County, Va.-BOND OFFERING.
N. Y. C. These bonds
by Caldwell, Masslich & posals will be received until 4:30 p. in. Feb. 23 by the Finance Committee
approved
Mortgage & Tr. Co. and their legality
opinion will be furnished to purchaser of the City Council for $100,000 colored public school and $80,000 street
favorable
Reed of N. Y. C., whose
-year gold bonds. Date Sept. 1 1914. Int. M.& S. at
be made on forms furnished by above Sec. roadway 4%% 40
the City Treas. office. Bids must provide for payment of accrued bit.
without charge. Bids must
or trust company. Bonds will be delivered on Mar. 1 in Cert, check on some responsible banking institution for 2% of bonds bid for,
Bd. of Commrs.
New York, at purchaser's option.
payable to the City Treas., required. G. B. Gill is City Auditor.
Nashville, Chicago. Cincinnati or
-The following are the other bids re-BIDS.
bond offering will go found among the advertisePITTSBURGH, Pa.
The official notice of this
ceived on Feb. 5 for the 5360,000 4%% tax-free poor-house bonds awarded
Department.
ments elsewhere in this
- to the Mellon Nat. Bank of Pittsburgh at 101.384 (not 100.384 as first
-BOND OFFERING.
County, Conn.
Haven
(V. 100, p. 494):
NEW HAVEN, New
received until 11 a. in. Feb. 25 by Arthur D. reported) on that day
Reports state that bids will be
FEB. 13 1915.1
THE CHRONICLE
575
Union Tr. Co., Pittsburgh_101.16 Tovrns'd.Whelen & Co. Ph11.100.7
7
received until 11 a. m. on that day
Colonial Trust Co
Fred Martin,
101.14 Estabrook & Co., N.Y
100.667 Denom. $210. Date Jan. 15 1915.byInt. M. & N. County Treasurer,
Commonwealth Tr. Co.,Pitts.100.963 E. W.Clarke & Co., Philo-100.56
Due $429 each six
months from May 15 1916 to Nov. 15 1925. inclusive.
Holmes. Wardrop & Co., and
W.N. Coler & Co., N.Y
100.553
SALEM, Washington County, Ind.
Guarantee Tr. Co.,N.Y_ _100.839 Graham & Co.,Philo
-BOND SALE.
100.521 $2.500 43i,% 2
-0a
Newberger, Henders'n& Loeb
-year (aver.) street-Impt. bonds(V. 100, p.418) Feb. 1 the
Harris,Forbes& Co., N.Y 100.331
and Brown Bros.& Co..Ph11.100.79 A.B. Leach & Co., N.Y- _ --100.320 to local investors at 100.44. There were no other bidders. were awarded
Denom. $500.
Date Feb. 1 1915. Int. J. & J.
PITTSFIELD, Berkshire County, Mass.
-BOND SALE.
-On
SALEM, Columbiana County, Ohio.
the $68,000 4% 6-yr. (aver.) gold coup. or reg. tax-free DawesFeb. 10
-BOND SALE.
School $27,000
-0a Feb. 4 the
5% 22
impt. bonds (V. 100, p. 494) were awarded to Millett, Roe & Hagen of
-year (aver.) refunding bonds (V. 100,
to Field, Richards & Co. of Cincinnati at 104.80-a 13• 249) were awarded
Boston at 101.381 and int.-a basis of about 3.74%. Other bids:
basis of about 4.65%•
bids wer:Oth
E. H. Rollins & Sons
101.288 Estabrook & Co
101.06
Well. Roth & Co., Cin _$28,170 00 Davies-Bertram
E. M. Farnsworth & Co----101.28 Adams & Co
100.92
Co.,01n-527.909 00
Otis & Co., Cleveland__ _ _ 28,150 00 E. H. Rollins
N.W. Harris & Co
101.22 Blake Bros. & Co
100.92
Hoehler,Cum.& Prudd.,To1.28.137 50 Seasongood & Son, Chic. 27.893 70
Hornblower & Weeks
101.111 Blodget & Co
& Mayer,Cin.
100.777 Brighton-Germ.
Merrill, Oldham & Co
Bk., Cin. 27,975 00 First Nat, Bk., Cleve____ 27,849 00
101.089 Curtis & Sanger
100.69
27,498 80
Atlas Nat, Bk., Cin
R. L. Day & Co
101.069 W.L. Raymond & Co
27.969 30
100.51
Prov.Sav.Bk.& Tr.Co.,Cin. 27.947 701Spitzer, Rorick & Co..Tol. 27,292 50
All bidders are of Boston.
PLEASANT TOWNSHIP SCHOOL DISTRICT (P. 0. Marion,)
SALINA SCHOOL DISTRICT (P. 0. Salina), Salina
Marion County, Ohio.
BOND ELECTION.
-BOND ELECTION.
-Local papers state that the electionCounty, Kan.
-An election will be
to vote on the
Feb. 16.It is stated, to vote on the question of issuing $30,000 school held question of issuing the $100,000 high
and grade-school-building bonds
bonds. ((. 100, p.
249) will be held Feb. 23.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT
S, Fla.
BONDS NOT SOLD.
-No bids were received for the $15,000 5% 20
SAULT
-year ChippewaSTE. MARIE SCHOOL DISTRICT (P. 0. Sault Ste. Marie),
Auburndale District No. 6 bonds offered on Jan. 26 (V.
County, Mich.
--BOND SALE.
100, p 248).
-On Jan.30 the $150,000 4;4%
BIDS TAKEN UNDER ADVISEMENT.
-The bids received for the coupon building bonds voted during December (V.I99. p. 1852)
were dis$3,000 6% 20
-year Davenport District No. 38 bonds offered on
posed of at private sale to John F. McLean & Co.
Jan. 26 semi-ann.
of Detroit at par. Int.
(V. 100, p. 248 have been filed for further consideration.
Purchaser to furnish bonds.
BOND SALES.
-On Jan. 26 the following 6% 20
-year school bonds were
SAVANNAH, Chatham County, Ga.-BON
awarded to C. W. McNear & Co. of Chicago at 103.16 and
D SALE.
Int.:
$200,000 434% gold coup. tax-free auditorium-constructi -0a Feb. 6 the
$40,000 Winterbaven District bonds.
on bonds (V. 100.
p. 328) were awarded, it is stated, as follows:
10.000 Bartow District bonds.
$102.000 (1915-1931 maturities) to the Oglethorpe
Denom. $1.000. Int. semi-annually.
Say. & Trust Co. of
Savannah at 101.50.
PORTER COUNTY (P. 0. Valparaiso), Ind.
98,000 (1932-1939 maturities) to John L. Hammond
& Co. of Savannah
Proposals will be received until 10 a. m. Feb. 18-BOND OFFERING.
at 101.78.
by B. H.
Treas., for the following 4;4% highway-improvement bonds:Urbahns, Co.
SCHENECTADY, Schenectady County, N. Y.
$4.400 E. D. Cain et al road bonds in Washington Twp. Denom.
-BOND OFFERING.
Proposals will be received until 11 a. m.
$220. Date Feb. 16 1915.
City Compt., for the following reg. bonds: Feb. 16 by James F. Hooker,
2,800 J. A. Hollandsworth road bonds in Pleasant Twp. Denom.
$140. $40,000 434% park bonds. Denom. $1,000. Due $2.000 yearly on
Date Feb. 16 1915.
Jan. 1
from 1916 to 1935 incl.
7,000 Carl Trough et al road bonds in Boone Twp. Denom.
5,000 434% fire bonds. Denom. $500. Due
$350.
Date Feb. 16 1915.
$500 yearly on Jan. 1
from 1916 to 1925 incl.
23,000 Jesse L. Coovert et al road bonds in Center Twp. Denom.
7,500 4% fire bonds. Denom. $500. Due $500
$1.150.
Date Jan. 16 1915.
yearly on Jan. 1
from 1916 to 1930 incl. The City Compt.
15,800 J. B. Peck et al road bonds in Union Twp. Denom.
will purchase
this Issue of bonds at par for the credit of the Pension
$790. Date
Jan. 16 1915.
Funds
of the city.
Int. M.Ss N. Due one bond of each of the last two issues
beginning May 15 1915 and one bond of the first three issues each six months of Date Jan. 1 1915. Int. J. & J. at office of City Treas., or upon request
registered holder will be remitted in N. Y. exchange.
each six months
beginning May 15 1916.
Cert. check on a
solvent national bank or trust company,for 2% of
bonds bid for, payable
PROWERS COUNTY SCHOOL DISTRICT NO. 6 (P.
0. Holly). to City Treas., required. These bonds will be certified
Colo.
-BONDS VOTED.
-The question of issuing the $30,000 high-school- by the U. S. Mtge. & Tr. Co. and the legality of the first as to genuineness
two issues will be
building bonds (V. 100. p. 248) carried, it is stated,
by a vote of 40 to 27 examined by Caldwell, Masslich & Reed of N.Y., whose favorable opinion
at the election held Jan. 16.
will be furnished purchaser. The first two issues of bonds will
to purcahser at above trust company on Mar. 1, or as soon be delivered
PUTNAM COUNTY (P. 0. Greencastle),
thereafter as
-BOND SALE.
-On bonds are completed.
Feb. 6 two issues of 04% highway-improvInd.
ement
$15,640 (V. 100, p. 418) were awarded to Miller& Co.bonds, aggregating
SEATTLE SCHOOL DISTRICT NO. 1, King County, Wash.
of Indianapolis to
$15,656, equal to 100.112.
BOND SALE.
-On Feb. 3 the $171.000 11-year (aver.) coupon site-pur
chase, construction and equipment bonds dated April 1 1914 (V. 100,
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
p
10 a loan of $75,000, maturing Nov. 11 1915. was negotiated, -On Feb. 328) were awarded to Sidney Spitzer & Co. of Toledo for $174,881
it is stated, (102.27) and int. as 5s
with Blake Bros. & Co. of Boston at 3.19% discount.
-a basis of about 4.733%. Other bids were:
Union Savings & Trust Co.. Seattle
$174,642
QUINCY SCHOOL DISTRICT NO. 172 (P. 0.
Quincy), Adams H. T. Holtz lit Co., Chicago
County, Ms.
174,500 57
-BONDS AWARDED IN PART.
-Of the $95,000 5% coup. E. H. Rollins & Sons, Denver
school bonds offered on Feb. 4, $70,000 was
173,650 50
awarded to Wm. R. Compton Eyman & Co., Seattle
172,829 70
Co. of St. Louis for 573,212
-equal to 104.588. There were four other Carstens & Earles, Inc., Seattle
172,100 11
bidders. Denom. $500. Int. ann. Due $5,000
Dexter-Horton National Bank, Seattle
yearly.
171,6 90
1
RECOVERY (P. 0. Fort Recovery), Mercer County,
-BOND Provident Savings Bank & Trust Co., Cincinnati
SALE.
-On Feb. 8 the two issues of 6% West Butler Ohio.
All the above bids were for 5% bonds and included accrued interest. 70
St. impt. bonds
aggregating $5,250 (V. 100, p. 248) were awarded as follows:
SHARON TOWNSHIP (P. 0. Sharon Center), Medina County,
$4,650 impt. bonds to Seasongood & Mayer
-BOND OFFERING.
of Cincinnati for $4,796 and Ohio.
-Additional information Is at hand relative to
int.-equal to 103.139.
the offering on Feb. 17 of the 850,0005% coupon taxable road-Improvement
600 village's portion bonds to Fort Recovery Banking
Co. of Fort bonds(V. 100. p.495). Bids for these bonds will be received until 2 p. m.
Recovery at 102 and int.
on that day by C. L. Hazen, Twp. Clerk. Denom. $500. Date April 1
•
Other bidders were:
1915. Int. A. & 0. at Sharon Center Banking Co., Sharon Center. Due
Fort Recovery Banking Co., Fort Recovery, for both
issues
$5,355 00 each six months as follows: $1,000 from April 1 1917 to Oct. 1 1921 incl..
Otis & Co. Cleveland, for both issues
5,355 00 81.500 from April 1 1922 to Oct. 1 1933 incl., and $2,000 April 1 and Oct. 1
Well. Roth & Co., Cincinnati, for both issues_
'
5,310 00 1934. Cert. check or cash for 2% of bid, payable to Two. Clerk, required.
Savings Bank & Trust Co., Toledo, for $4,650
issue
4.762 50 Bonds to be delivered and paid for within 30 days from date of sale. PurSpitzer. Rorick & Co.. Toledo, for $4,650
Issue
4.667 00 chaser to furnish at own expense the necessary blanks on which said bonds
REDWOOD COUNTY CONSOLIDATED
SCHOOL DISTRICT and coupons are to be executed in a form satisfactory to the Twp. Trustee's
NO. SI (P. 0. Lamberton), Minn.
-BONDS VOTED.
-It is stated that attorney.
by a vote of 105 to 11 the question
of
SHELBY COUNTY (P. 0. Shelbyville), Ind.
bonds carried at the election held Feb. issuing $45,000 high-school-bldg.
-BOND OFFERING.
4.
Proposals will be received until 10 a. m. Feb. 18 by W. A. McDonald
ROCHESTER, N. Y.
.
-BOND OFFERING.
-Further details are at hand County Treasurer, for $8,600 434% Frank Reed et al highway-improverelative to the offering on Feb. 16 of the
following 4)4% 30-year funding ment bonds in Noble Twp. Denom.$430. Date Feb. 15 1915. Int. M.& N.
bonds. (V. 100, p. 494):
Due $430 each six months from May 15 1916 to Nov.
$700,000 reg. water-works-Impt. bonds. Denom.
15 1925 incl. Certi$1,000 or multiples fied check for 2% of bonds required.
thereof, to suit purchaser.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 40,
600,000 local-Improvement bonds. Denom. $1,000.
Mont.
-BOND
Coupon bonds OFFERING.-Geo. M.
with privilege of registration.
Mills. Dist. Clerk (P. 0. Ranous), Is offering for
300,000 reg. sewage-disposal bonds. Denom. $1,000 or
-20-year (opt.) school-site and building bonds at not
multiples thereof sale $4,000 15
exceedto suit purchaser.
ing 6% int. Date Jan. 1 1916. Int. J. & J. Certified
400,000 school bonds. Denom. $1,000. Coupon bonds with
check for 5% of
privilege bid, payable to above Clerk, required.
of registration.
The official notice of this bond offering will be found
Bids for these bonds will be received until 2 p m. on that
.
among the advertiseby Ed.
Osborne, City Compt. Date Mar. 1 1915. Int. M. & S.dayUnion S. ments elsewhere in this Department.
at
Tr.
Co., N. Y. Cert. check for 2% of bonds bid for, payable to City Compt.,
SOUTH NEWBURGH (P. 0. Cleveland), Cuyahoga
required. Bonds to be delivered at above trust company at 11 a. m.
County, Ohio.
-BOND SALE.
-On
unless a subsequent date, not exceeding 10 days, shall be mutuallyMar. 1. aggregatin $31.322 Jan. 30 the four issues of 5% water-mama bonds,
(V. 100,
g
upon. Purchaser to pay accrued Interest. The legality of these agreed good & Mayer of Cincinnati p. 71) were awarded, reports state, to Seasonbonds
as follows:
will be examined by Caldwell, Masslich & Reed of N. Y., whose favorable
village's portion bonds for $7,090 equal to 100.653.
opinion will be furnished purchaser. Bids must be made on forms fur- $7,044 assessment
12.500
bonds for 100.672.
nished by the city.
4.048 village's portion bonds for $4,064, equal to 100.395.
NOTE SALE.
-On Feb. 5 the $371,000 revenue notes were
Alexandre & Burnet of N. Y. at 2.85% interest, it is stated.awarded to 1,7,750 assessment bonds for $7,796, equal to 100.593.
Due four
STRONGHURST, Henderson County, Ill.
months from Feb. 10 1915.
-BONDS TO BB REVOTED.
-We are advised that the
NOTE OFFERING.
-Sealed bids will be received at the office of E. S. water-works bonds awarded to the 812,000 6% 834-year (average) coupon
First National Bank of Stronghurst on
Osborne, City Comptroller, until 2 p. m. Feb. 17 for $300,000 local-im- Dec.
4 (V. 99. p. 1769), will be re-submitted to the voters on
provement and $100,000 water-works-improvement notes, payable
one notice of the first election was only printed 28 days instead Feb.6. The
month from Feb. 23 1915. They will be
of 30 days, as
N. Y., will be drawn with interest, and will payable at Union Trust Co. of required by law.
be deliverable at said Trust Co.
of New York on Feb. 23. Bidder
SUTTER COUNTY RECLAMATION DISTRICT NO.
to state
1,001 (P. 0.
to state whom Nicolaus), Calif.
(not bearer) notes shall be made payable rate of interest and ons desired.
-BONDS VOTED.
-The election
to and denominati
in favor of the proposition to issue the $500.000 held Jas. 30 resulted
ROCKLAND (Town) (P. 0. Roscoe), Sullivan County,
6% semi-ann. funding
N. Y.- bonds. (V. 100, p. 329).
BOND OFFERING.
-Proposals
Shaw. Town Supervisor, it is will be received until Feb. 15 by Wm. A.
SYRACUSE, N. Y.
-BONDS TO BE
stated, for ,$7,500 5% 4) -year (aver.) state
-Reports
road bonds. Denom. $500.
that this city will shortly offer for OFFERED SHORTLY.
$100,000 Delaware school, $50,000 sewer, sale the following 434% bonds:
ROSEVILLE UNION HIGH SCHOOL DISTRICT ,Placer
County, Spencer St. bridge and $55.000 for fire-d $50,000 Genesee school. $12,000
Calif.-130ND SALE.-Blyth, Witter
epartment
-Improvement and for
Francisco advise us building an administration building
that they were awarded on Feb. 4 the & Co. of San1-5-year
at City Hospital.
(aver.) bldg.
$45,000 5% 25
bonds (V. 100, p. 248) for $45,231 (100.513)-a basis of about
TIPPECANOE, Miami County, Ohio.
4.965%.
-BOND SALE.
Other bids were:
-On Feb. 6
$9.003 Main Street and $2,130 60 Fifth Street
(V. 100. p. 419)6% bonds
E. H. Rollins & Sons, San Francisco, $45.153.
were awarded to the Tillotson & Wolcott
Co. of Cleveland for $11,645 75
State Board of Control, par.
(104.6) and int. Other bids follow:
Denom.$1,000. Date July 1 1914. Int. J.& J. at the Co.Treas. office.
Premium on
These bonds are exempt from all California and Federal Income Taxes.
82.130 60
89.003
Both
Due $1,000 yearly July 1 from 1919 to July 1 1945, incl., and $2,000 yrly.
Issue.
Issue.
Issues.
July 1 from 1946 to 1954 incl. Total bonded debt (this issue) $45,000. Sidney Spitzer & Co., Toledo
$135 89
$300 70
Assess. val. 1914 $1,669,080; est. actual val., $2,500.000.
Well, Roth & Co., Cincinnati
135 00
297 00
Chagrin Falls BankmnCo
"- ROSS COUNTY (P. 0. Chillicothe), Ohio.
-BOND SALE.
9000
-On
-year (aver.) coup. Main Street and Rigby Bridge Hanchett Bond Co., hicago
Feb.3 the $60,000 5% 25
64 00
271 00
bonds (V. 100, p. 328) were awarded, it is stated, to the Fifth-Third Nat. Hayden, Miller & Co., Cleveland_ _ _
22 00
115 Olt
Bank of Cincinnati for $64,155 55 (106.925) and Int.-a basis of about Security Savings & Trust Co.,Toledo
367 75
Seasongood & Mayer, Cincinnati__
4.535% •
$470 00
Otis & Co., Cleveland
400 00
ST. CLAIRSVILLE VILLAGE SCHOOL DISTRICT (P. 0. St- First National Bank, Cleveland_
Clairsville), Belmont County, Ohio.
5 60
-BONDS VOTED.
-According to
THOMPSON INDEPENDENT SCHOOL DISTRICT (P. 0.
reports the proposition to issue $18,000 school-completion bonds carried at
Thompson), Winnebago County, Iowa.
-BOND OFFERING.
the election held Jan. 25 by a vote of 193 to 76.
-Further details
are at hand relative to the offering on Feb. 17 of the $28,000 5%
coupon
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFER- bldg. bonds (V. 100, p. 419). Proposals
-Further details are at hand relative to the offering on Feb. 25 of until 1 p. m. on that day by S. E. Isaacs,for these bonds will be received
ING.
Sec. School
the $8,400 434% H. T. Montgomery at al highway-improvement bonds in of 97 tog at an election held Dec. 17. Denom. $1,000.Board. Auth. vote
Portage and Penn Twps. (V. 100, P. 418). Bids for these bonds will bo Int. M. & N. at the First Nat. Bank of Thompson. Date May l 1915.
Due May 1 1925.
THE CHRONICLE
576
payable to the Secresubject to call May 1 1920. Cert. check for $2,800,$1,000. Assess. val
tary. required. No bonded debt. Floating debt,
1914, $630,552.
-BOND OFFERTIPPECANOE COUNTY (P. 0. La Payette), Ind.
-Proposals will be received until 2 p. m. Feb. 24 by Harry G. Leslie,
ING.
$6,500 434% Gustavus Fewell road-impt. bonds. Denom.
Co. Treas., for
May 15 1916 to
$325. Int. M. & N. Due $325 each six months from
Nov. 15 1925, incl.
-BOND OFFERING.
UHRICHSVILLE, Tuscarawas County, Ohio.
Henry
-Proposals will be received until 12 m. Mar. 6 by bonds. 0. Snyder. VII.
Denom. $500.
Clerk, for $20,000 5% coup. street and alley impt.
yearly
Date Jan. 1 1915. Int. J. & J. at office of Vii. Treas. Due $2,000to vi!.
on Jan. 1 from 1916 to 1925 incl. Cert. check for $500. payable from
required. Bonds to be delivered and paid for within 10 days
Treas.,
time of award. Purchaser to pay accrued interest.
-On Feb. 11 the two
-BOND SALE.
UTICA, Oneida County, N. Y.
85 (V. 100.
Issues of 434% reg. tax-free paving bonds. aggregating $35,865 $36,079 42,
to Clark,Dodge dr. Co. of N. Y. for
p. 496). were awarded
equal to 100.595.
-LOAN OFFERING
WATERTOWN, Middlesex County, Mass.
WITHDRAWN.-Wo are advised that the sale of the $175,000 loan maturing Doc. 10 1915, which was to have taken place on Feb. 10 (V. 100.
p.496), was withdrawn and will be offered again later.
-A vote will
-BOND ELECTION.
UNION, Union County, So. Car.
be taken on Feb. 16. it is stated, on the question of issuing $25,000 water-kept. bonds.
works-system
-The Harris
-BOND SALE.
URBANA, Champaign County, Ills.
Trust & Says. Bank of Chicago has been awarded,for $40.982, equal to
-year (aver.) funding
101.190 (a basis of about 4.82%) the $40,500 5% 8
bonds voted Dec. 30 (V. 100, P. 159)•
-On Feb. 2 the
-BOND SALE.
VACAVILLE, Solano County, Calif.
-year (ser.) macadam-year (ser.) street-impt. and $18,000 1-18
812,000 1-12
% bonds (V. 100, p. 419) were awarded to Blyth, Witter & Co. of
izing
San Francisco at 100.396 and int. Denom. $1,000. Date Feb. 1 1915.
Int. F. & A. Other bids were:
First Nat. Bank of Vacaville, $30,606.
Anglo & London-Paris Nat. Bank, San Francisco, $30,313.
E. H. Rollins & Sons. San Francisco, $30.264.
-BONDS VOTED.
-According to reVIOLA, Mercer County, Ills.
-system-installation
ports. the question of issuing $12,000 water-works
bonds carried at the election held Jan. 26.
-BOND SALE.
-On Feb. 8 the
WABASH, Wabash County, Ind.
% 14 1-3-year (aver.) funding bonds (V. 100, p. 419) were
$20.000
awarded to the Indiana Trust Co. of Indianapolis at 102.96.
The bids were as follows:
$20,592 Breed, Elliott & Harrison,
Indiana Trust Co
Indiana oils
20,555
_$2200:242055
T. F. Wild & Co., Indianap
Miller &Co., Indianapolis_
Gavin F. Payne & Co.,in20.286 Fletcher Am. Nat. Bk., Ind_ 20,151
dianapolis
-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.
Reports state that proposals will be received until 5 p. m. Feb. 18 by N.P.
Lavengood, County Treas., for $15,500 434% highway-impt. bonds.
WADSWORTH VILLAGE SCHOOL DISTRICT (P. 0. Wadsworth),
-On Feb. 6 the 350,000 5% site-BOND SALE.
Medina County, Ohio.
purchase-construction and equipment bonds (V. 100, p. 329) were awarded
[VOL. 100.
_
to the Brighton-German Bank of Cincinnati at 102.85 and int. The other
bidders were •
,Cin _ _ _ _$51,350 00 I Hayden,Miller&Co ,Clev.$50,560 00
Weil,Roth & Co.
Farson Son & Co., N. Y_ 50,924 50 Hoehier Cummings
50,540 00
Seasongood & Mayer, Cin. 50,918 00 Prudden, Toledo
Stacy & Braun, Toledo__ 50,863 80 Tillotson & Wolc.Co.,Clev. 50,280 00
Otis & Co., Cleveland_ __ 50,650 00 Hough Bk.& Tr. Co.,Clev. 50,100 00
Bud. Kleybolte Co., Cin- 50,590 00 First Nat. Bk., Cleveland. 50.058 75
WAKEMAN TOWNSHIP (P. 0. Wakeman), Huron County, Ohio.
-Proposals wi I be received until 12 m. Feb. 25 by
-BOND OFFERING.
W. G. Fervor, Clerk Bd. of Twp. Trustees, for 313,000 5% coupon roadimpt. bonds. Denom. $500. Date March 1 1915. Int. M. & S. at
Wakeman Bank Co.. Wakeman. Due $500 each six months from March 1
1924 to Sept. 1 1927 incl. and $1,500 each six monthsfrom March 1 1928 to
Sept. 1 1930 incl. Cert. check on a bank, other than the one making the
bid,for 5% of bonds bid for, payable to Twp. Clerk, required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
-BOND SALE.
-On
WARREN COUNTY (P. 0. Vicksburg), Miss.
Feb. 4 the $150,000 5% 15 2-3-40-yr. (opt. aver.) road and bridge bonds
offered without success on Jan. 6(V. 100, p. 73) were awarded, it is stated,
to the Provident Say. Bank & Trust Co. of Cincinnati at par, less $525
commission to float issue.
WASHINGTON TOWNSHIP (P. 0.Lyons), Greene County,Ind.WARRANT OFFERING.-Bids will be received until 2 p. m. Feb. 19 by
Henry Rollinson, Twp. Trustee, for a $1,900 6% township warrant, it is
reported.
WATTS CITY SCHOOL DISTRICT, Los Angeles County, Calif.-.
-Proposals will be received until 2 p. m. Feb. 15
BOND OFFERING.
by H. J. Lelande, ex-officio Clerk Bd. of Supers. (P. 0. Los Angeles), for
534% site-purchase, construction and equipment bonds.
the $35,000
Denom. $1,000. Date Feb. 1 1915. Int. F. & A. at Co. Treasury.
Due $1,000 yearly Feb. 1 from 1916 to 1950, incl. Cert. or cashier's check
for 3% of bonds bid for, payable to Chairman Bd. of Supers., required.
Purchaser to pay accrued interest. Bonded debt, $29,500. Assess. val.
1914. 81,325.320.
WESLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Bartlett)
-This district during
-BONDS VOTED.
Washington County, Ohio.
January voted, according to reports, in favor of the proposition to issue
bonds.
320.000 building
WEST ELKTON SCHOOL DISTRICT (P. 0. West'Elkton), Preble
-Reports state that at a recent elec-BONDS VOTED.
County, Ohio.
tion the question of issuing $2,000 heating-plant-installation bonds carried.
-On
-BOND SALE.
WEST NEW YORK, Hudson County, N. J.
Feb.9 the $250,000 5% 15-yr. coup. or reg.funding bonds(V. 100, p. 420)
were awarded,it is stated, to R. M.Grant & Co.of N.Y.at 101.94-a basis
of about 4.817%. Other bidders were:
101.571
A. B. Leach & Co.. New York
H.L.Crawford & Co.and M. M.Freeman & Co., Phila., jointly101.078
-BONDS VOTED.
WILLS POINT, Van Zandt County, Tex.
According to reports the question of issuing $10,000 water-works bonds
carried by a vote of 180 to 6 at an election held. Jan. 25.
-On Feb.8 the
-BOND SALE.
WILLOUGHBY, Lake County, Ohio.
awarded
$6,000 59' 79i-year (aver.) refunding bonds (V. 100. p. 250) were of aobut
to Weil, Roth & Co. of Cincinnati at 101.2 and int.-a basis
4.813%. Other bidders were:
NEW LOANS
NEW LOANS.
NEW LOANS.
$80,000
$978,000
City of Nashville,Tennesse,
$4,000
School District No. 40,
SERIAL Ss
Sheridan County, Montana,
UNION FREE SCHOOL DISTRICT No.6,
Town of North Hempstead, Nassau Co., N.Y.,
SCHOOL BONDS
Sealed Bids for Eighty Thousand Dollars
($80.000) Bonds of Union Free School District
No. 6 in the Town of North Hempstead. Nassau
County, State of New York, to be issued for the
purpose of building a new school house in said
district, will be received by the Board of Education of said district until the 17TH DAY OF
FEBRUARY. 1915, at 3 o'clock p. m., at the
School Building at Manhasset. Nassau County,
New York, in said district. The said bonds will
then and there be sold to the bidder who will take
them at the lowest rate of interest payable semiannually. Any person may bid for the whole
or any part of these bonds.
The bonds are to be dated December 1st, 1914,
in the denomination of One Thousand ($1.000)
Dollars each, coupon in form with privilege of
registration,and principal and semi-annual interest
will be payable at the First National Bank at
Mineola, Nassau County, New York. Eight
of such bonds are to mature on the first day of
December in each of the years 1924 to 1933.
inclusive.
The bonds will be engraved under the supervision of and certified as to their genuineness by the First National Bank of Mineola.
Nassau County, New York, and their legality
will be approved by Messrs. Caldwell. Masslich
& Reed of New York City, whose opinion will
be furnished to the purchaser if desired.
Bids must be upon blank forms, which will be
furnished by the undersigned or their counsel.
James L. Dowsey, 66 Broadway, New York City;
and each bid must be accompanied by certified
check upon an incorporated bank or trust company for 3% of the amount of bonds bid for. No
bids will be received for less than par and accrued
Interest and the right is reserved to reject any
and all bids. Each bid mudt be enclosed in a
sealed envelope endorsed "Bids for Bonds" and
addressed to Edward L'Hommedleu, Clerk of the
Board of Education, Union Free School District
No. 6. Town of North Hempstead; Post Office
Address, Manhasset, Nassau County, New York.
By order of the Board of Education of Union
Free School District No. 6, Town of North
Hempstead.
Manhasset, N. Y., January 23rd, 1915.
CHARLES M. NIESLEY. M.D., President.
EDWARD L'HOMMEDIEII, Clerk.
MUNICIPAL AND RAILROAD
The undersigned will receive sealed bids at
his office in Nashville until ten o'clock a. m.,
FEBRUARY 16, 1916, for the purchase of $978,000 Serial 5% Bonds of the City of Nashville,
to be issued to reimburse the ordinary fund for
expenditures made therefrom for permanent improvements of the Municipal Lighting Plant
City Hospital, City High School, Parks, Waterworks, Fire Hall, Sub-Police Station, and for other
permanent improvements.
Bonds dated March 1. 1915: principal and semiannual interest (March and September 1) payable at City Treasurer's office or National City
Bank. New York, at holder's option: denomination $1,000; maturing March 1 annually as follows:
$29.000 -1916 $42,000 _ __1923 $59,000 - _ -1930
31,000__.1917 44.000___1924 61,000__I931
33.000 _ _ -1918 46,000 - _ _1925 64,000 _ _ _1932
34,000 -__1919 49,000 -__1926 67,000 -__1933
36,000 _ A920 51.000 __ _1927 71,000-_1934
38,000 ___1921 53,000 _ _ _1928 74,000 ---1935
40,000 ---1922 56,000 - __I929
These bonds are declared by law to be absolute
direct and general obligations of the City, and a
general tax levy for their payment is required by
law and authorized by ordinance.
Bonds, registrable as to principal in New York
City, will be prepared and certified as to genuineness by the United States Mortgage & Trust ComCaldpany, New York, and legality approved by whose
well. Massdch & Reed, Esqs., New York.
favorable opinion will be furnished to purchaser
without charge.
All bids must be upon blank forms which will
be furnished by the undersigned or said Trust
Company, and must be accompanied by certified check upon a National Bank or upon a bank
or trust company in Tennessee for $10,000.
The bonds will be delivered in Nashville, Chicago, Cincinnati or New York, at purchaser's
option, on March 1st, 1915.
The right to reject any and all bids is expressly
reserved.
Nashville, Tenn., February 4th, 1915.
J. W. DASHIELL, Secretary,
Board of Commissioners
Bolger, Mosser & Willaman
MUNICIPAL BONDS
BON DS
Legal for Savings Banks,
Postal Savings and Trust Funds.
LIST ON APPLICATION
SEND FOR LIST.
SEASONGOOD & MAYER
School Site and Building Bonds
The Board of School Trustees of School District
No. 40, Sheridan County, Montana, hereby announces that it will sell the bonds of School District No. 40. Sheridan County, Montana. In the
sum of Four Thousand Dollars. bearing interest
at the rate of not to exceed six per cent per annum,
interest payable semi-annually on the first day
of July and January of each year. bonds to be
dated January 1st, 1915, absolutely payable
January 1st, 1935, redeemable on or subsequent
to January 1st, 1930;
All tenders, bids or offers to purchase said
bonds must be accompanied by a certified check,
payable to the order of the Clerk of said School
,
District in the sum of 5 3 of the amount of bid.
to be forfeited to the District, as liquidated damor refuse to
ages,should the successful bidder failpresented to
take up and pay for the bonds when
than
Said bonds shall not be sold for lessreject
him.
par, and the Board reserves the right to
any and all bids and sell said bonds at private
sale if they deem it for the best interest of said
School District.
Address all bids and correspondence to
GEORGE M. MILLS,
District Clerk,
Ranous, Sheridan County, Montana.
READY MARCH 20
1915 ISSUE
THE FINANCIAL REVIEW
320 PAGES
ISSUED ANNUALLY BY THE
Commercial & Financial Chronicle
This well-known year book of Finanoial Facts and Information Is issued
annually in March.
TERMS.
Price of the Review, bound in cloth--52.25
29 South La Salle St., CHICAGO
Ingalls Building
CINCINNATI
Parties desiring ten or more copies can
have their names stamped on the covers.
In gilt, at reduced prices.
Commercsal &
Financial Chronicle
138 Front Street New Y ors.
FEB 13 1915.]
THE CHRONICLE
577
Paul Jarvis & Co
ton
91.01 Brent, No- & Co.,Toronto-90.81
Bank of Hamilton. Hamilton-92.50 G. A.Samson & Co.. Toronto 93.26
A. E. Ames & Co., Toronto.- _91.89 Murray Mather & CO.. Tor---91.27
Spitzer, Rorick & Co.. Toledo_86.113 W. A. MacKenzie & Co..
N. W.Harris & Co., Montreal 91.816
Toronto
92.515
Merch. Bk. of Can., Hamllt'n 91.67 Bankers Bond Co
91.90
Wood, Gundy & Co., Toronto 92.76 Dominion Sec. Co., Toronto...93.13
LACHINE, Que.-DEBENTURE SALE.
-On Feb. 4 the $250,000 5%
debentures(V. 100, p. 251) were awarded to the Merchants' Bank of Canada
at 92.05 and int. Other bidders were:
Hanson Bros. Montreal
91.93(Banque d'Hochelaga, Lachine_91.01
C.Meredith & Co., Ltd Mont.91.87 A.E. Ames & Co., Toronto__ -.86.36
'
LETHBRIDGE, Alta.
-DEBENTURE OFFERING.
-Proposals will be
received until 10 a. m. March 15 by Wm. Stevens, City Clerk, for $6,165
storm-sewers, $123,171 04 current expenses for years 1909 to 1913 incl.•
$3.791 86 discount on debentures, $216,708 14 public-park, $58,315 07'
water-works and $12,588 local-impt. 5% 30
-year coupon debentures.
Denom. to suit purchaser. Date Jan. 1 1915. Int. J. & J. at Bank of
Montreal in London, Eng., Toronto, Montreal, Lethbridge or N. Y. or
•
any other place In Canada, England, or United States as Council May
direct.
MEDICINE HAT, Alta.
-TEMPORARY LOAN.
-Newspaper reports
state that this city has received a $200,000 loan for current expenses from
the Union Bank of Canada at Medicine Hat.
DEBENTURES VOTED.
-At the election held Jan. 26 it is stated that
the questions of issuing the $3,500 Agricultural Society loan. $16.000
land-improvement and $154,553 deficiency debentures (V. 100. P. 331)
carried.
ONTARIO, PROVINCE OP.
-BONDS OFFERED BY BANKERS.
Wm. A. Read & Co. of New York recently purchased, reports state, $3.000,000 5% 5
-year bonds, which they are now offering privately at 101, to
yield over 4.75%. Principal and interest is payable in New York and
-During January. J. M. Toronto.
-DEBENTURE SALE.
AMHERST, N. S.
of $80,500 5%
OTTAWA, Ont.-DEBENTURE SALE.
Robinson & Sons of St. John purchased at 95 an issue
-On Feb. 8 Wood, Gundy &
Co. of Toronto were awarded the $1,405,536 24 434% general debentures
-year improvement debentures. Date Nov. 2 1914.
30
-DEBENTURE
Alta.
SCHOOL DISTRICT NO. 3099, sold an issue of $1,200 at 93.067, and $190,000 5% school debentures at 99.33 (V. 100. p. 497)•
ARCADIA
o
4
-During the month of January this district in installments up to Other bidders were:
SALE.
Due
General.
School.
8% school debentures. Date Jan. 2 1915.
N. W. Harris & Co., Montreal
92.81
99.279
Dec. 2 1924.
W. A. MacKenzie & Co.. Toronto
-Proposals will be re92.7991
99.07
Ont.-DEBENTURE OFFERING.
AURORA,
Clerk.for $9,563 70 5%% Dominion Securities Corporation, Toronto
92.415
98.685
ceived until 12 m.Feb. 15 by C. A. Fetch, Town 10 annual installments.
Aemilius Jarvis & Co., Toronto, and
coupon local-improvement debentures. Due in
Kissel, Kinnicutt & Co., N. Y.,
91.63
97.037
-An issue of $24,193 6% Spencer Trask & Co., New York Jointly'
SALE.
BRAMPTON, Ont.-DEBENTURE
91.07
debentures, according to reports, has been purchased by C. H. Burgess & A.E. Ames & Co., Toronto
99.286
201 and 30 years.
W. X. Sanford Evans, Rep
Co. of Toronto. Due in
98.07
-On Jan. 28 an issue of Bankers Bond Co., Toronto
BROCKVILLE, Ont.-DEBENTURE SALE.
98.00
it is stated, to Wood. C. H. Burgess & Co.. Toronto
97.01
$14.432 local-improvement debentures was awarded,
Macneill & Young. Toronto
97.00
Gundy & Co. of Toronto at 9735•
-Dispatches state that this city has Merchants' Bank'of Canada
-NOTE SALE.
•
CALGARY, Alta.
OUTREMONT, Que.-DEBENTURE OFFERING.
-Proposals will be
a sale of $2,000,000 in Treasury notes through theMolsons
negotiated
p. in. Feb. 15 by
received
will be used in paying the school
Bank of Calgary. The money advances, in meeting forthcomingindebted- $700,000until 6-year debentures. E. T. Sampson. Town Secy-Treas., for
demands
5% 3
Denom. $1,000 or to suit purchaser.
ness, in the repayment of bank
outstanding notes and other purposes. Int. M. & N. Due beginning May 1 1918.
for debenture interest, in taking up
in the United States.
SOUTH VANCOUVER, B. C.
-LOAN.
-Under date of Jan. 22
The notes are for three years and were sold
-The following bids were Council entered into a contract with Spitzer, Rorick & Co. of Toledo the
for
HAMILTON, Ont.-DEBENTURE SALE.
-year notes at 983. to be secured on local imreceived on Feb. 1, for the $200,000 4 % public-school debentures offered the sale of $790.000 6% 3
provement bonds issued by the Corporation of South Vancouver.
on that day:
Hayden.Miller&Co.. Cloy_ $6,067 00 I Hanchett Bond Co.,Chic_ 36,027 00
.
Seasongood & Mayer. CM 6,051 00 Tillotson & Wolcott Co.,Cle.6,024 60
6.03300 First Nat. Bank, Cleve.__ 6,01490
Otis & Co., Cleveland
YANKTON SCHOOL DISTRICT (P. 0. Yankton), Yankton
-Local papers state that the quesSo. Dak.-BONDS VOTED.
County,
tion of issuing the $100,000 site-purchase, building and equipping bonds
(V. 100. p. 250) carried at the election held Jan. 30 by a vote of 766 to 674.
-Bids will be received
-BOND OFFERING.
YOUNGSTOWN, Ohio.
until 2 p. m. Feb. 22 by Dan. J. Jones, City And., for the following 5%
coupon or reg. bonds:
$2,800 Rigby St. impt. bonds. Due Oct. 11918.
50,000 city's portion impt. bonds. Due $5,000 yearly on Oct. 1 from 1918
to 1927 incl.
15,000 park-impt. bonds. Due $3,000 yearly on Oct. 1 from 1917 to 1921
Incl.
1918 to
6.700 city-prison-bldg. bonds. Due $1,000 yrly. on Oct. 1 from
1921 incl. and $2,700 Oct. 1 1922.
bonds. Due $2,000 Oct. 1 1917 and $1,500
3.500 South Side park-impt.
Oct. 1 1918.
400 Chambers Ave. sewer bonds. Due Oct. 1 1917.
24,870 Mahoning Ave. district sewer bonds. Due $4,974 yearly on Oct. 1
from 1916 to 1920 incl.
3,165 Dearborn & Robinwood ayes. sewer bonds. Due $633 yearly
on Oct. 1 from 1916 to 1920 incl.
Date March 1 1915. Int. M. & S. at office of Sinking Fund Trustees.
City Aud.,
Cert. check for 2% of each block of bonds bid for, payable to March 1.
required. Bonds to be delivered and paid for not later than
bids must be made for each block of bonds.
Separate
Canada, its Provinces and Municipalities.
NEW LOANS.
MISCELLANEOUS.
$300,000
The Union Trust Company of New York has two well-equipped
Branches for its uptown business-the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street, just opposite the entrance
to Central Park.
City of Wilmington, Delaware.
BUILDING COMMISSION BONDS
SEALED BIDS will be received until 12
o'clock noon, TUESDAY. FEBRUARY 16, 1915.
for Three Hundred Thousand Dollars Wilmington (Delaware) Building Commission Bonds.
These bonds will be in coupon form, with privilege of registration at option of purchaser.
Bonds will date from September 1, 1913, and
be issued in denominations of One Thousand
Dollars each, and bear interest at the rate of
four and one-half per centum per annum, payable
semi-annually on September 1st and March 1st,
and will mature as follows:
Date of Maturity.
Amount.
Class.
September 1, 1938
$20,000
September 1, 1939
20,000
September 1, 1940
20,000
September 1, 1941
20,000
September 1, 1942
20,000
September 1, 1943
20.000
September 1, 1944
20,000
September 1, 1945
20,000
September 1, 1946
20.000
X
September 1, 1947
20,000
September 1, 1948
20,000
September 1, 1949
20,000
AA
September!. 1950
20,000
BB
September!. 1951
20,000
CC
September 1, 1952
20,000
DD
These bonds are for the purpose of paying for
the land and for the erection, equipment and furnishing of a Municipal Building for The Mayor
and Council of Wilmington, Delaware, and are
Issued under authority of and in strict compliance
with an Act of the General As.sembly of the State
of Delaware. approved February 26, A. D. 1913.
All proposals must be accompanied by a certified check payable to the order of "The Mayor
and Council of Wilmington" for 2 per centum of
the amount of the bonds bid for, the same to be
forfeited if the bidder fails to accept and pay for
bonds awarded. The successful bidder or bidders
will be required to settle for bonds awarded, with
accrued interest, from September 1, 1913. at or
before 12 o'clock noon, February 26. 1915, at
the office of the City Treasurer, Wilmington.
Delaware
bids is reserved.
The right to reject any and all received.
No bids of less than par will be
these bonds is approved by HawThe legality of
and
lens, Delafield & Longfellow, Attorneys New
Counsellors at Law, 20 Exchange Place,
York City.
These bonds have been prepared and certified
States Mortgage
as to genuineness by the United City, and will be
York
& Trust Company of New on or before February
the purchaser
•delivered to
of the City Treasurer of
26. 1915, at the office
the City of Wilmington, Delaware. to James F.
Address all bids in sealed envelopes
Delaware,
Price, City Treasurer, Wilmington,
marked "Proposals for WilmingtonyBuilding
Commission Bonds."
•
WELLER E. STOVER,
GEORGE E. GRANTLAND,
JAMES KANE,
Finance Committee of The
Council of Wilmington, Delaware.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company,entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.
MELLON NATIONAL BANK
PITTSBURGH
Statement of Condition at the close of business December 31, 1914,
RESOURCES.
Loans, Bonds and Investment Securities •
. . $46,322,158 26
Overdrafts
.
25 90
•
•
•
Cash
•
•
.
4,645,618 69
•
Due from Banks
•
•
. .
6,325,386 47
•
$57,293,189 32
LIABILITIES.
Capital . . .
•
•
.
. . $6,000,000 00
Surplus and Undivided Profits
.
. .
2,576,926 90
Circulating Notes .
•
•
. .
4,810,000 00
Deposits
•
•
. . 43,906,262 42
$57,293,189 32
IllinoisTrust&SavingsBank
CHICAGO
Capital, Surplus and Undivided Profits
-
$15,700,000
Has on hand at all times a variety of exPays interest on Time
Deposits, Current and Reserve
°client Securities. Buys and sells
Aocounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds
THE CHRONICLE
578
Mrusst CompanieEl
[VOL. 100.
Mattherrs 8c Nrokerfs outcsibe p.
PITTSBURGH
CHARTERED 1853
United States Trust Company of New York Donner, Childs & Woods
Member@ New York Stock Exchange, Pittsburgh
Stock Exchange, Chicago Board of Trade.
45-47 WALL STREET
INVESTMENT SECURITIES
•
• .
Capital,
•
Surplus and Undivided Profits
• $2.000,000.00
• $14,178,094.82
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W.SHELDON. President.
WILLIAM M. KINGSLEY. Vice-President
WILFRED J. WORCESTER. Secretary.
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS. 2d Asst. Sin/
JOHN A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
EDWARD W. SHELDON
EGERTON L. WINTHROP
CORNELIUS N. BLISS JR.
CHATJNCEY KEEP
GEORGE L. RIVES
HENRY W. de FOREST
ARTHUR CURTISS JAMES WILLIAM VINCENT ASTOR
WILLIAM M. KINGSLEY
CHARLES F. HOFFMAN
WILLIAM STEWART TOD
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN .1. PHELPS
LEWIS CABS LEDYARD
LYMAN J. GAGE
ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 26th, 1915.
The Trustees, in conformity with the Charter of the Company,submit the following statement of Us affairs on the
3185 of December, 1914,
The Company's business has been confined to marine and inland transportation insurance.
5,026,461 19
Premiums on such risks from the 1st January, 1914, to the list December, 1914
654,783 26
Premiums on Policies not marked off lot January. 1914
5,681,244 45
Total Premiums
4,687,279 32
Premiums marked oft from January 1st, 1914, to December 31st, 1914
Interest on the investments of the Company received during the year 330,262 43
Interest on Deposits in Banks and Trust Companies, etc
42,065 85
141,088,74
Rent received less Taxes and Expenses
Taxable and Tax Free Issues,
1-1-ETaylur& Cc.
NEW YORK
PITTSBURGH
BUFFALO
242,31569
372,20031
614,51600
BALLARD & McCONNEL
Members Pittsburgh Stock Exchange,
Zommonwealth Bldg.,
PITTSBURGH. PA
PHILADELPHIA
H. S. HOPPER;
.• G. HOPPER,
Members of Philadelphia Stock Exchange.
Wm. G. Hopper & Co.
STOCK AND BOND BROKERS
PHILADELPHIA
n South Third Street,
Investments receive our special attention. In"ormation cheerfully furnished regarding present
loldings or proposed Investments.
GRAND RAPIDS
Grand Rapids, Mich.
1,638,80869
Returns of PresalumS
Expenses, Including officers salaries and clerks' compensation, stationery, advertisements,ete
on
Howe,Snow,
Corridan & Berteles
513,417 02
2,253,324 69
Less: Salvages
Re-insurances
WE WILL BUY
CITY OF PITTSBURGH, PA.
ALLEGHENY :70UNTY, PA.
Quotations and Information Furnished
PITTSBURGH SECURITIES.
TRUSTEES
Losses paid during the year
Union Bank Building,
PITTSBURGH. PA,
Public Utilities Securities
138,873 43
562,724 57
will be paid to the
A dividend of interest of Six per cent on the outstanding certificates of profits February next.
holders thereof, or their legal representatives, on and after Tuesday the second of holders thereof, or
The outstanding certificates of the issue of 1909 will be redeemed and paid to the
which date all
their legal representatives, on and after Tuesday the second of February next, from canceled.
payment, and
Interest thereon will cease. The certificates to be produced at the time ofCompany for the year ending
A dividend of Forty per cent is declared on the earned premiums of the
certificates
list December, 1914, which are entitled to participate in dividend, for which, upon application,
Will be issued on and after Tuesday the fourth of May next.
STANTON FLOYD-JONES, Secretary.
G.
By order of the Board,
TRUSTEES.
CHARLES M.PRATT,
ANSON W. HARD,
EDMUND L. BAYLIES,
DALLAS B.PRATT,
T. HUBI3ARD,
SAMUEL
JOHN N. BEACH,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
NICHOLAS BIDDLE,
JOHN .1. RIKER,
LEWIS CASS LEDYARD,
ERNEST C. BLISS
DOUGLAS ROBINSON,
WILLIAM H. LEFFERTS,
JAMES BROWN,
WILLIAM JAY SCHIEFFELIN.
CHARLES D. LEVERICH,
JOHN CLAFLIN,
SAMUEL SLOAN,
GEORGE H. MACY,
GEORGE C. CLARK,
WILLIAM SLOANE,
NICHOLAS F. PALMER,
CLEVELAND H. DODGE,
HENRY
CORNELIUS ELDERT,
WILLIAM A. S/TREET,
ADOLF PAVENST'EDT,
RICHARD H.EWART,
,
GEORGE E. TURNURE
CHARLES A. PEABODY,
PHILIP A S. FRANKLIN.
RICHARD H. WILLIAMS.
JAMES H.POST,
HERBER1 L. GRIGGS.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 25 Vice-President.
CHARLES E. FAY,3d Vice-President.
'V,
ASSETS.
United States and State of New York
Bonds
670,000 00
New York City, New York Trust
Companies and Bank Stocks
1,783,700 00
Stocks and Bonds of Railroads
2,723,012 00
Other Securities
357,095 00
Special Deposits in Banks and Trust
Companies
500,000 00
Real Estate cor. Wall and William
Streets and Exchange Place, containing offices
4,299,426 04
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
75,000 00
Premium Notes
941,068 28
Bills Receivable
775,688 06
Cash In hands of European Bankers
to pay losses under policies payable
In foreign countries
149,249 82
Cash in Bank
1,756,535 26
Loans
70,000 00
LIABILITIES.
Estimated Losses, and Losses 1.1nSet2,162,711 00
tied in process of Adjustment
993,96513
Premiums on Untermlnated ltisks., _
Certificates of Profits and Interest
277,51045
Unpaid
104,97664
Return Premiums Unpaid
47,99370
Reserve for Taxes
209,323 59
Re-Insurance Premiums
Claims not Settled, including Com122,81307
pensation,eto-----------Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22,556 64
miums
1.26440
Income Tax Withheld at the Source
Profits Outstanding.-- 6,986,620 00
Certificates of
14,101,67446
We negotiate entire Issues and purchase
Public Service properties of wellestablished earnings
BUFFALO
BONDS
of the
'nternational Railway System
and other
Local Securities
TELLER & EVERS
Buffalo. N. Y.
314 Ellicott Square,
CINCINNATI
4
10,929,73 62
FIELD, RICHARDS & CO.
Bondsf Municipal
1Corporation
CLEVELAND
-
CINCINNATI
EDGAR FRIEDLANDER
DEALER IN
Cincinnati Securities
CINCINNATI
Thus leaving a balance of- --- - -- ---- 3,171,939 84
36.725 45
Accrued Interest on the 31st dayOf Ilecern 1;er, 1911, amounted - -------------------- --- .
.
tO
28,122 35
Rents due and accrued on the list day of December, 1914, amounted to
-insurance due or accrued, In companies authorized I
Re
i the 31st day of 158,643 76
ew Yr
0
99
December, 1914, amounted to__________________________________________________
450:521 71
3 47
3 .
Unexpired re-Insurance premiums on --ay
--------i, amounted o
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__ _
:
And the property at Staten Island in excess of the Book Value, at
63 700 00
The Insurance Department's valuation of Stocks Bonds and other Securities exceeds the
439 952 10
Company's vahmtion by
1.
'
5,383,085 11
On the basis of these increased valuations the balance would be
01110
AUSTIN
High-Grade Texas Municipals and
Investments
High-Class Industrial Propositions
Splendid Propositions in Farming.
Mineral and Large Ranch Lands
Your patronage respectfully solicited
STERLING R.FULMORE
AUSTIN. TEXAS
NOW READY
WIONTOOMERII, ALA.
HAND BOOK OF SECURITIES
B. W. Strassburger
Commercial and Financial Chronicle
SOUTHERN INVESTMENT SECURITIES
138 Front Street, Now York
MONTGOMERY. ALA
@FedFRASER