The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
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INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 98
tnrttfl
jrontde
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 14 1914
Wite Cara/tide.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2538
Week ending February 7,
Clearings at1914.
Inc. or
1913.
1912.
1911.
$
Chicago
336,253,527 323,671,892 +3.9 275,359,507 253,960,966
Cincinnati
29,277,300
28,702,450 +2.0
22,872,950
24,720,200
Cleveland
29,010,314
24,279,671 +19.5
19,216,458
17,972,763
Detroit
26,631,310
22,406,083 + 18.8
17,662,666
15,509,560
Milwaukee
19,091,083
16,062,097 + 18.8
15,172,974
14,638,905
Indianapolis ___ _
7,724,703
8,273,478 --6.6
7,678,909
7,960,146
Columbus
8,044,600
7,092,200 + 13.4
7,096,500
5,599,700
Toledo
5,578,578
4,795,235 + 16.3
4,443,804
4,120,783
Peoria
3,938,213
3,723,191
+5.8
3,284,355
3,301,919
Grand Rapids_ _
3,617.056
3,058,106 +18.3
2,569,457
2,449,319
Dayton
2,599,346
2,338,606 +11.2
2,144,956
2,190,500
Evansville
2,833,922
2,107,664 +34.4
2,018,641
2,342,645
Kalamazoo
549,426
823,686
--49.9
738,290
704,728
•
Terms of Advertising-Per Inch Space
Springfield. Ill_.
1,103,217
1,110,348 -0.6
1,246,729
1,023,569
Fort Wayne
1,202,043
Transient matter per inch space(14 agate I.nes)
1,076,107 +11.7
1,132,934
995,566
Akron
1,536,000
1,618,000
--5.1
Two Months
1,199,000
(8 time:J)
812,000
22 00 Lexington
1,101,597
1,644,613 -33.0
Three Menthe (13 times)
1,350,512
1,246,739
29 00 Youngstown _
Standing Business Cards
1,883,478
1,563,503 +20.4
Six Months
(26 times)
1,335,177
1,228,874
60 00 Rockford
S25,438
797,314
Twelve Months(62 times)
+3.5
742,162
717,242
87 00 Springfield, Ohio
699,323
676,721
CHICAcio Orrick-Geo. M.Shepherd,513 Monadnock Bic ,k;Tel.ilarri
466,405
+3.4
620,016
son 4012. Decatur
469,438
530,608 -11.5
507,688
455,946
LONDON OFFICE-Edwards 8.3 Smith,1 Drapers' Gardens,
Canton
E. C.
1,796,411
1,416,626 +26.8
910,091
930,358
Quincy
977,296
913,629 +7.0
WILLIAM B. DANA COMPANY, Publishers,
621,279
725,000
Bloomington_ _ _
639,706
697,960 -8.3
604,650
677,537
P.0. Box 958. Front, Pine and Depeyster Sts.,
South
Bend
634,073
New York.
610,277 +3.9
468,444
457,744
Mansfield
444,833
336,736 +32.1
329,466
339,690
Published every Saturday morning by WILLIAM B. DANA COReANY. Jacksonville, Ill_
334,972
305,381
+9.7
368,658
242,795
!acob Seibert Jr.. President and Treas.: George S. Dana and Arnold
Jackson
480,000
505,000 -4.9
459,278
275,000
G. Dana, Danville
Vice-Presidents; Arnold G. Dana. See. Addresses of all, Office of the Company.
541,076
472,862 + 14.6
518,333
435,571
Lansing
487,363
457,233 +2.2
386,967
378,918
Lima
598,454
457,420 +30.8
379,126
286,888
Owensboro
600,000
729,505 -17.8
560,143
CLEARING-HOUSE RETURNS.
611,145
Ann Arbor
384,627
208,838 +84.3
176,392
163,873
The following table, made up by telegraph, &c., indicates that the total Adrian
65,311
35,848 +82.1
30,000
28,736
bank clearings of all the clearing houses of the United States for the week
Tot. NIld.West 491,934,034 463,499,158 +61 394,052,901 368,143,281
ending to-day have been $2,990,027,920. against $3,777,916,068 last week
and $3,224,035,678 the corresponding week last year.
San Frnacisco__
49,377,845
53,517,236 --7.7
58,515,573
42,595,775
Los Angeles,_ _
24,720,114
28,916,050 --14.5
20,805,118
16,310,891
_
Seattle
11,682,723
Clearings-Returns by Telegraph.
10,788,432
+8.2
10,340,906
9,173,284
Per
Portland
10,490,182
Week ending Feb. 14.
10,380,826
+1.1
11,000,000
9,565,362
1914.
1913.
Cent.
Salt Lake City_
5,453,176
5,979,554 ---8.8
7,381,168
5,519,375
Spokane
4,081,475
4,438,140 ---8.0
New York
3,966,443
3,991,770
$1,274,299,869 $1,449,838,882 -12.1 Tacoma
2,052,110
Boston
2,595,615 ---20.9
2,720,452
2,403,774
117,443,071
135,803,785 -13.5 Oakland
3,703,165
Philadelphia
4,400,808 ---15.8
3,979,102
3,360,095
101,749,121
120,524,573 -15.6 Sacramento
1,797,766
Baltimore
1,704,400 +5.5
1,580,157
1,345,633
26,303,261
32,826,477 -19.9 San Diego
2,238,332
3,108,012 ---28.0
Chicago
2,612,004
1,562,044
223,244,768
242,838,091
-8.1 Fresno
835,098
1,027,028
St. Louis
-18.7
800,000
64,542,044
784,373
68,546,088
-6.8 Stockton
812,594
-902,481
New Orleans
---9.9
872,054
16,706,046
458,622
16,298,001
+2.5 Pasadena
1,022,263
1,142,481 ---10.5
792,307
728,110
669,782
700,000 ---4.3
Seven cities, five days
709,833
$1,824,288,180 $2,066,675,897 -11.7 San Jose
450,591
375,000
North Yakima_ _
397,499
Other cities, five days
.7
382,600
568,941,273
436,625
535,208,709
+6.3 Reno
295,416
309,219 -4.5
314,761
257,838
Total all cities, five days
119,607,041 130,307,781 -8.2 126,797,805
Total Pacific
$2,393,229,453 $2,601,884,606
-8.0
98,918,835
All cities, one day
596,798,467
622,151,072
--4.1
Kansas City
63,409,775
55,424,962 -3.6
53,200,182
54,035,935
Total all cities for week
Minneapolis
82,990,027,920 $3,224,035,878
22,441,664
21,737,346
+
3.2
18,920,246
-7.3
18,723,474
Omaha
17,302,274
16,878,504 +2.5
16,473,196
13,219,275
The full details for the week covered by the above will be given next St. Paul
10,597,917
9,303,278 + 13.9
10,564,951
8,870,081
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
8,558,281
8,397,585 +1.9
8,417,646
8,172,445
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph
7,563,035
7,601,928 -0.5
7,818,196
7,713,485
of the week has to be in all cases estimated, as we go to press Friday night.
Des Moines
5,598,625
4,686,214 +19.5
4,095,312
4,010,263
We present below detailed figures for the week ending with Saturday Duluth
2,727,756
3,133,208 -13.0
2,362,945
2,231,025
noon, Feb. 7, for four years:
Sioux City
3,369,824
3,091,406 +9.0
2,522,193
2,185,323
Wichita
3,388,807
3,690,182 -5.6
3,614,127
3,518,946
Lincoln
2,118,280
2,077,565 +2.0
Week ending February 7.
1,854,965
1,456,660
Davenport
1,879,208
1,973,369 -4.8
Clearings at1,578,484
1,339,517
Topeka
1,571,247
1,944,962 -19.2
1,953,466
1,611,261
Inc. or
Cedar
Rapids__
_
1,951,954
1,767,743 +10.4
1914.
1913.
I
1,166,725
1,096,690
Dec.
1912.
1911.
Waterloo
1,434,309
1,254,378 +14.4
1,089,413
1,391,089
Helena
1,012,985
862,256 +17.5
891,322
$
804,609
$
%
$
$
440,806
478,246 -7.8
New York
2,258,996,807 2,077,900,673 +8.7 1,857,266,866 1,858,422,189 Fargo
841,389
728,010
606,005
540,462 +12.1
Philadelphia
609,126
173,867,830 173,755,190 +0.06 146,303,753 147,133,013 Colorado Springs
632,291
Pueblo
705,080
Pittsburgh
719,732
-2.0
649,834
59,789,854 -14.1
51,386,227
560,558
45,145,690
43,335,181
Fremont
Baltimore
360,542
440,107 -18.1
353,026
36,989,802
331,712
43,521,687 -15.0
37,795,914
34,744,602 Billings
Buffalo
480,489
369,345 +30.7
273,089
11,355,229
75,813
11,159,199 +1.8
10,046,002
8,677,150 Hastings
186,638
Albany
223,645 -16.5
178,074
7,056,294
165,270
7,368,798 -4.2
5,362,697
6,362,135
Aberdeen
Washington
500,143
329,141 +52.0
292,741
8,668,762
362.044
7,908,380 +8.3
8,173,279
6,958,661
Rochester
6,797,832
Tot.oth.West_ 148,205,634 146,825,564 +0.9 139,720,648 133,235,776
6,370,036 +6.7
4,170,139
3,697,447
icranton
3,932,600
3,061,628 +28.4
2,732,906
2,700,103
3yracuse
3,444,813
81,010,792
3,004,461 +14.6
80,798,472 +0.3
2,378,637
76,845,209
80,611,909
1,408,415 St. Louis
Reading
1,779,028
21,956,039
1,679,577 +6.0
19,494,219 +12.6
1,475,491
24,049,454
1,395,079 New Orleans_ _ _ _
22,948,146
Wilmington
2,217,284
17,302,496
Louisville
1,920,745 +15.5
17,369,009 -0.3
1,441,430
15,629,641
1,305,054
16,683,787
Wilkes-Barre
1,885,420
9,949,976
Houston
Not
included
1,705,713 +10.6
1,740,970
in total
1,473,709
Wheeling
2,156,684
9,750,000
2,499,500 -13.7
9,928,500 -1.8
1,662,728
8,842,000
8,088,000
1,572,258 Galveston
Trenton
1,896,286
9,127,067
1,721,983 +10.2
Richmond
8,538,808
+6.9
2,187,625
9,021,856
7,576,139
1,476,136
974,506
York
9,500,233
989,443 -1.5
9,033,749 +5.2
802,350
9,246,370
7,849,342
893,166 Memphis
Erie
1,237,643
7,949,142
Fort Worth
1,216,660 +1.7
8,294,476 -4.2
879,801
7,085,518
7,460,799
673,858
711,720
Greensburg
16,800,000
624,023 +13.9
14,462,464 +16.2
521,804
15,508,716
13,639,077
492,703 Atlanta
709,507
Chester
762,633 -7.0
5,847,571
5,064,657 +15.5
608,337
6,271,685
4,690,132
535,861 Savannah
837,000
Binghamton
823,600 +1.6
7,847,451
Nashville
7,485,523 +4.8
657,800
5,558,938
4,219,220
524,500
494,445
Altoona
388,178 +27.4
Norfolk
4,467,124
4,223,216
+5.8
380,726
4,014,419
3,371,832
364,207
1,640,960
Lantaster
1,712,747 -4.2
Birmingham -3,855,032
3,846,489 +0.2
1,081,300
3,272,704
2,388,443
1,282,697
434,486
Montclair
407,281 +6.7
Augusta
2,263,589
2,257,332 +0.3
2,583,912
2,691,871
1
Mobile
1,663,176
1,414,568 +17.6
1,577,557
1,486,418
Total Middle _ 2,579,371,173 2,410,291,988 +7.0 2,132,806,245 2,124,428,014 Knoxville
1,775,000
1,608,669 +10.4
1,889,769
1,747,906
Jacksonville __ _ _
3,544,068
3,675,092 -3.6
3,725,009
2,812,799
Boston
180,830,233 190,646,686 -5.1 166,816,591 157,232,429 Little Rock
• 2,743,831
2,602,850 +5.4
2,489,887
1,972,644
Providence
8,815,100
8,674,900 +2.8
2,648,868
2,717,646 -2.5
9,039,000
2,842,661
2,236,069
8,035,800 Chattanooga- _
Hartford
7,225,101
7,536,480 -4.1
2,709,820
1,941,378 +39.6
4,336,904
2,125,340
4,364,310 Charleston
1,860,080
New Haven
3,459,011
3,235,723 +6.9
Oklahoma
2,003,500
1,982,481
+1.1
2,777,081
2,148,113
2,741,228
2,733,334
Springfield
2,960,362
2,791,163 +6.1
4,596,725
3,624,538 +26.8
2,694,947
4,487,273
3,850,000
1,845,270 Macon
Portland
2,370,267
2,049,687 +15.7
2,636,479
Austin
3,239,631
-18.6
2,828,427
3,880,498
3,104,426
1,773,471
Worcester
2,589,442
3,296,665 -21.4
508,614
344,975 +47.5
2,244,331
450,349
406,897
2,096,217 Vicksburg
Fall River
1,280,379
1,254,319 +2.1
410,000
393,432 +4.2
1,340,130
364,155
351,114
1,387,454 Meridian
New Bedford
1,065,916 +1.5
1,081,983
564,348
Jackson
633,975
882,148
+3.8
736,104
640,000
1,122,072
Lowell
534,314 +38.2
738,616
1,055,917
993,964 +6.2
Muskogee
613,049
904,371
587,561
Holyoke
702,266 +11.6
783,378
1,682,821
906,323 +85.7
666,386
626,477
648,591
684,565 Tulsa
Bangor
454,612
455,811 -0.3
464,145
326,600
Total Southern 226,209,702 216,766,435 +4.4 215,145,823 206,006,753
Total New Eng. 212.588.484 222.143.819 -4.3 195.515.301 182.079.083
3,777,916,068 3,589 834,745 +6.2 3,204,038,723 3,112,811.74a
Total all
Note.-For Canadian Clearings see "Commercial and Miscellaneous News."
Outside N. Y.. 1,518,919,261 1,511,934,072 +0.5 1,346,771,857 1,254,389,653
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 60
Annual Subscription in London (including postage)
£2 14e.
Six Months Subscription in London (including postage)
£1 lls.
Canadian Subscription (including postage)
$11 60
Subscription includes following SupplementsRANH AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
Rettavax EARNINGS(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
474
THE CHRONICLE
[VOL
xcvin
dealers should get any of the loan. The right to
reject bids is always reserved to public officials, and
THE FINANCIAL SITUATION.
Massachusetts made a successful offering this week very properly so. The reason is obvious. The
of 4% long-term bonds, but the State Treasurer has State or municipality would otherwise be at the
perpetrated an act in connection therewith which mercy of those whose aid or services it was soliciting,
must inevitably prove very damaging to the Com- and might be made the victim of designing persons,
monwealth's reputation for fair dealing, and also or be forced into an unsatisfactory bargain. The
damaging in a material sense—that is, in dollars and State on its part, however, should not proceed to
cents. Last month, as will be remembered, New victimize those with whom it is dealing. In other
York State achieved distinction for the ease with words, the power should not be abused. It is given
which it floated $51,000,000 of long-term obliga- for protection, not for oppression. The State
tions. But these were 43/2% bonds and the award Treasurer contends that bond dealers were not obliged
the great
was at an average price of 106.077 for the entire to bid, which may be admitted, but when
proposals,
invites
block of bonds, this being an interest basis of 4.208%. Stato of Massachusetts publicly
that the
These bonds are now selling at above 108. The re- prospective purchasers have a right to assume
faith.
good
and
candor
be
by
marked
to
is
sult was regarded as highly gratifying, especially as operation
at the
market
bond
the
in
municipal
Conditions
in June last the State in placing $27,000,000 eightaction
this
and
no
by
settled
means
are
time
present
per
4.87%
pay
to
months notes had been obliged
the
to
as
Opinions
improve
them.
to
tend
not
will
borrowings.
annum on its
vary
By comparison Massachusetts on its offering the investment value of State and municipal bonds
present week did very much better. In the first quite considerably and there is no accord of judgplace the bonds are only 4 per cents and in the ment on the part of houses whose views usually
second place the Commonwealth got offers at 4, correspond very closely. Evidence of this appears in
very substantial premium even at that rate of this very Massachusetts offering. For, while the
interest. The best price for the entire $6,325,000 highest bid of 104.279 (for the entire issue) came from
of bonds came from a syndicate which put in a bid a syndicate containing such eminent names as
of 104.279 "for all or none," making the interest Blake Bros. & Co., Lee, Higginson & Co., the Old
and Perry, Coffin
basis 3.585%. As • this was an eminently satis- Colony Trust Co. Adams & Co.
of equally emicomposed
syndicate
another
Burr,
&
factory price, one would have supposed the State
Co.,
&
Estabrook
Blodget &
namely
houses,
nent
adan
such
authorities would be quick to accept
& Sanger, R. L.
Curtis
Co.,
&
Oldham
Merrill,
Co.,
however,
Treasurer,
State
The
bargain.
vantageous
and Wm. A. Read
immediately announced that all the bids would be Day & Co., N. W. Harris & Co.
for the bonds.
103.09
than
more
no
offered
rejected. Why? Not because the bids did not & Co.,
this
is a difference
bonds,
of
$6,325,000
whole
the
On
meet expectations but in order that the bonds
the
bond houses
imagine
We
$75,204.
of
price
in
might be sold over the counter directly to:investors.
their failure to get
over
disturbed
greatly
not
are
is
as
what
Mansfield
saying,
Mr.
The papers quote
moment there is no dearth of
true, that under the law he was obliged to advertise the issue, for at the
municipal bond market, but
the
the issue, but that the law also authorizes him to good bargains in
the Commonwealth will
thinking
help
throw out all the offers. In now arranging to sell the we cannot
blemish that one of her
the
regret
to
occasion
have
bonds over the counter, he stated, he was merely
for fair dealing
reputation
her
on
put
has
officials
were
if
brokers
that
carrying out a campaign pledge
She
methods.
has repelled
able to pay the State a certain figure (104.279 in and straightforward
in
must
the
long
she
run always
this instance) for the bonds and dispose of them to those upon whose aid
the public at a profit, he would let the investor buy rely.
at the same figure and thus save him the broker's
Another blow has been dealt at "blue sky" laws.
margin of profit.
shrewd
a
The Iowa statute of that character has met the same
The State Treasurer may consider this
to
open
as the Michigan statute and been declared uncertainly
fate
is
his
but
the
part,
act
on
move
criticism. Can the Commonwealth be said to be constitutional. We referred to the adverse decision
acting in good faith when it invites proposals with in the Michigan case last week. The judicial prono idea of entertaining them? If the bidders re- nouncement in that instance came from a Federal
sorted to practice of the same sort—if they put in tribunal, namely the United States Court for the
bids with no intention of having them accepted—the Eastern District of Michigan, composed of Denison,
act would be characterized in no uncertain terms. Is Circuit Judge, and Sessions and Tuttle, District
it right, is it decent for the great State of Massa- Judges, and was very sweeping in its condemnation
chusetts to indulge in a piece of sharp practice that of the Michigan statute. The Iowa law in all its
essential features is closely similar to the Michigan
would not be condoned in an individual?
in
and is now condemned for the same reasons and
to
law
policy
the
1904
previous
For several years
sale
at
the same grounds, the validity of the statute
bonds
upon
private
sell
to
was
Massachusetts
through negotiation with the various bond and in- having in this instance been passed upon by one of
vestment houses. In that year, however, a law was the State courts and not by a Federal court.
Briefly, the State District Court of Polk County,
enacted making it obligatory upon the Treasurer to
has enjoined the enforcement of the Iowa
apWe
Iowa,
publicly.
spoke
advertise all issues for sale
provingly of the proposition at the time, though "blue sky" Act. From the opinion handed down it
showing (in our issue of May 20 1904) that the State is plain that the Court tried very hard to find grounds
had not suffered in the least under the old system upon which the validity of the statute could be upof private bidding. It was not supposed, however, held, but was reluctantly forced to the conclusion
that any State official would go so far as to induce that the objections to the legality of the statute were
bond houses to make bids and then to turn round overwhelming. The Court finds the law unconstiand tell the bidders that it was never his purpose that tutional in that it deprives persons of liberty and
FEB. 14 1914.1
THE CHRONICLE
property without due process of law and in that it
delegates legislative powers to State officials, and
likewise because it discriminates between residents
and non-residents and interferes with inter-State
commerce.
The Court expresses itself as "firmly and abidingly
satisfied that the object of this law was to prevent
fraud," and declares itself in full sympathy and accord with that object. Nevertheless, it finds itself
compelled to say that the Iowa law is a violation of
the Fourteenth Amendment to the Federal Constitution in that it takes "from the owner of property
the right to sell and dispose of the same and from the
individual co-partnership or corporation the right and
liberty to engage in the business of buying and selling
stocks, bonds and other securities without due
process of law." The statement is made that "this
Court, like every other, must take judicial notice of
the fact that buying and selling stocks and bonds is
a legitimate business—that large amounts of capital
are invested by dealers in stocks and bonds who buy
them upon the open market for the purpose of selling
the same again at a profit." The Court asserts
emphatically that "there can be no question but that
this business is legitimate inter-State commerce when
transacted between citizens of two different States,"
and declares "it is impossible for any rational man
to say that the statute of our State, which by express
provisions requires a license and a payment of a fee
from a non-resident investment company before it
transacts business within this State can possibly be
otherwise than a direct infraction of the Constitutional provision." In other words, the Iowa law
is invalid in that it grants a privilege of sale to a
bona fide citizen of Iowa and denies it to citizens of
other States.
But, as already indicated, this "blue sky" law is
held unconstitutional for many other reasons. Thus
it empowers the Secretary of State to determine for
himself whether, in the case of any concern, the
articles of incorporation, association, its constitution
and by-laws, its plan of business and proposed contract, are fair, just and equitable. Without this
judgment of the Secretary of State in favor of the
foreign investment company or the domestic investment company, the sale of its stocks and bonds, no
matter how solvent and safe it may be, is made a
felony. Referring to this provision, the Court says:
"Can it be that we have reached the point in the
jurisprudence of our State, where an act may be a,
crime punishable by a fine of $5,000 and imprisonment because in the opinion of the Secretary of
State the sale of a mortgage or a bond is inequitable
and unjust? In this law not only the sale is forbidden, not only a license tee is required, but the
punishment of a fine of $5,000 and imprisonment is
visited upon the violator of this law depending upon
the opinion of a Secretary of State as to whether a
proposed plan of business is just and equitable or
to the contrary. I do not believe that it is within
the power of the Legislature to delegate to the Secretary of State such authority as this."
It is found that the law is not within the police
power of the State because it not only undertakes to
prevent fraud, but prohibits the legitimate transaction of business—the buying and selling of property
without due process of law. In a word, the law is
so inherently objectionable and defective that
no part of it can be sustained. There is room
for rejoicing over this. "Blue sky" laws are only
475
another manifestation of the disposition and desire
of the legislator to regulate everything and anything
and to invade the rights and encroach upon the liberties of the citizen. Regulation within bounds cannot be objected to, but when it takes the form of
strangulation, it is gratifying to know that the Constitution stands as a barrier.
The Transvaal, adversely affected by strife among
the labor force in the mines, starts the. year 1914
with gold production for January smaller than in
any month since February 1911, very much below
the corresponding period of either 1913 and 1912
and but nominally greater than in 1911. The yield
for the month, as cabled, is only 651,753 fine ounces,
a daily average of 21,024 fine ounces. A year ago
(in January 1913) the total was 789,390 fine ounces
and the daily average 25,464 fine ounces, the result
in 1912 was 737,060 fine ounces and 23,776 fine
ounces,respectively,and in 1911 651,027 fine *ounces
and 21,001 fine ounces. It is to be said of this
latest return of gold production in the Transvaal
that it distinctly indicates the extent to which the
disturbed labor situation has served to further check
the exparsion in the yield of the mines—an expansion that had so long been a feature of the monthly
reports and a source of gratification to the world
at large.
Fall River cotton mill dividend declarations thus
far in the new year do not indicate any improvement in the situation in that important industry
as contrasted with the corresponding period of the
previous year. On the contrary, now, as then, a
comparatively low average return on the capital
invested is shown, and the number of corporations
making no distribution this year has been increased
by one. Outside of the fact that of late the relation
between cotton and cloths (speaking of prices of
course) has not been such as to offer a normal margin
of profit, shortage of labor has had to be contended
with. In truth, for some two years the situation in
that regard has been such that curtailment of production to a greater or less extent has been forced,
thus decreasing the earning power of the mills to a
material extent. From time to time, too, there have
been small but annoying labor troubles. One of
these, that in the American Printing Co.'s plant,
which completely stopped operations for two weeks
in ,early January and has caused very heavy curtailment since, is still unsettled. The hands at first
repudiated the State Board of Conciliation and
Arbitration and refused to go back at the old
rates pending investigation but have now asked
to be taken back. Broadly speaking, nothing
has recently developed bearing upon the general
wage question. In November of 1913, as was the
case a year earlier, a movement for an advance of
2% was inaugurated by the unions, but met
123/
the same fate as that of 1912, the owners definitely
refusing to make any change,as conditions did not
warrant it.
Our compilations of dividends declared by the
Fall River mills for the opening quarter of 1914
shows that of the 37 corporations included 7 make no
distribution, 2 increased the rate and 2 decreased it
and 26 maintain the percentages of a year ago. The
total amount to be paid in the period this year
reaches $353,677 on a capital of $29,536,670, or
an average of 1.20%, as against $336,425, or an
•
476
THE CHRONICLE
average of 1.17% in 1913. It is to be stated, however, that the increase here shown is .more than
accounted for by an added distribution by one mill.
In 1911 stockholders received 1.60% on their investment in the first quarter, in 1910 the rate was
1.90%, and in 1907 to 1909, inclusive, in excess of
2%. Trade at Fall River is rather quiet, buyers in
many cases looking for concessions that manufacturers claim cannot be made with cotton at present
prices.
The commercial failures statement for the month
of January 1914 is in most respects an unfavorable
exhibit, indicative of considerable stress in many lines
of business. The number of insolvencies was only
a little larger than in 1913 and less than in 1912, but
covered in the aggregate an abnormally heavy total
of liabilities, due to the exceptional size of some of
the disasters. Forty-eight failures, or a very small
percentage of the whole number, as a matter ot fact,
contributed 223/2 million dollars of debts, or much
over one-half of the total amount. It follows, therefore, that the defaults for less than $100,000 collectively showed but a moderately greater volume of
indebtedness than last year—$16,908,252, against
$15,366,744. Compared with either 1912 or 1911,
this year's liabilities record a considerable augmentation and exceed by 732 million dollars those of 1910,
which were greatly swelled by the collapse of the.
Columbus & Hocking Coal & Iron pool. Of the
large failures referred to above, 27, for $12,082,532,
were in the manufacturing division, 15, for $4,644,018, in trading lines and 6, for $5,739,545, among
brokers.
Messrs. R. G. Dun & Company's compilation
furnishes the basis for our remarks and it shows that
during January this year there were 1,857 failures,
with indebtedness of $39,374,347,against 1,814, for
$22,972,969, in 1913 and $1,987, for $19,770,532, in
1912. The manufacturing division made the least
satisfactory exhibit, the comparison being between
407, for $16,780,939, and 395, for $8,762,357. In
the trading section ten of the t;fteen branches had
debts greater than last year, the aggregate of indebtedness being $15,890,980, against $10,889,112
a year ago.
In Canada, as in the United States, failures were
more numerous than in January 1913, but the
liabilities covered were only moderately swelled.
Specifically, there were 226 defaults for $2,029,680
in the period this year, 154 for $1,730,863 last year
and 144 for $1,208,367 in 1912. In trading lines
an appreciable increase in the volume of indebtednesiwasshown—$1,013,196,comparing with $522,394
in 1913—and manufacturers' debts were $989,684,
against $736,597. Among brokers, &c., a favorable
situation is disclosed, however, those failing in the
. month this year standing for only $26,800, against
nearly half-a-million ($471,972) a year ago.
The British Parliament re-assembled on Tuesday
after the longest recess enjoyed since the Liberal
Party came into power eight years ago. The session
promises to be quite replete with excitement. The
Irish Home Rule and the Welsh Disestablishment
bills come up for third passage, and, if successful,
will berplaced on the statute books despite the opposition of the House of Lords. The hope of the
Unionists is that they will be able to defeat the
Governmentlbefore the bills in question become laws.
[VOL. =vim
King George, with the usual formality, opened the
Parliament. In his speech he regretted deeply that
the efforts to solve the Irish problem had so far
proved unsuccessful. "Unless the Home Rule question is handled now with foresight and judgment
and a spirit of mutual concession," he said, "it
threatens grave future difficulties." Aside from the
question of Home Rule,King George referred especially to the conference on safety of life at sea.
Otherwise the address was largely a colorless recital
of events which have developed since the closing of
the previous session. Referring to the conference
on safety at sea, King George said: "It gives me great
gratification that the international conference on
safety of life at sea, which recently met in London
at the invitation of my Government, has resulted in
the signature of an important convention which will,
I trust, do much for the protection of life, especially
on ocean-going passenger steamers. A bill to enable
me to fulfil the obligations of the convention will
be laid before you."
The King's reference to the Irish Home Rule
question was read with marked emphasis, which, to
quote press dispatches, produced a deep impression
and became subsequently the subject of animated
discussion wherever members of Parliament foregathered. The King also referred to his forthcoming
visit to France as affording "an opportunity of testifying to the cordial relations" between the two
countries. Besides the renewed submission to Parliament of the Home Rule for Ireland and the Welsh
Church Disestablishment bills, the domestic legislation promised in the King's speech includes proposals
for the re-constitution of the Second Chamber, a
bill providing for imperial naturalization and
measures dealing with the housing of the poor, and
education.
After the address had been read, the Home Rule
Bill was brought up for discussion immediately.
Walter Long, formerly Unionist Chief Secretary ,for
Ireland, on behalf of the Unionists, challenged Premier Asquith to submit Home Rule to a vote of the
country. He asked the House to face squarely the
fact that for the first time in centuries the United
Kingdom was threatened with civil war. The attitude of the Unionists, he added, was the same as it
had been since 1886. Under no circumstances would
they stultify themselves by accepting a measure to
which they were root and branch opposed. There
were, said Mr. Long, 100,000 men training in Ulster
who were prepared to sacrifice their lives in resisting
this Home Rule Bill, and as the first fruits of the
Parliament Act, the Government, if it carries its
Home Rule Bill into effect, will have to do it by the
use of British bullets and bayonets. Mr. Long
ridiculed the talk of the supremacy which the Imperial Parliament would have over the Irish legislative body. Turning to the Ministerial bench, he
taunted the members of the Government for what
he termed their pusillanimity with regard to the recent events in the Union of South Africa. "With all
your boasted supremacy," he said, "you dare not
take any action that would bring you into conflict
with the Government of South Africa."
Mr. Asquith in response devoted himself almost
entirely to an appeal for a settlement by agreement.
But he did not indicate the nature of the proposals
that were contemplated. It is true, he made a
guarded reference to the exclusion of Ulster from the
Home Rule scheme, but this obviously was for the
FEB. 14 1914.1
THE CHRONICLE
purpose of showing that this expedient commanded
no more enthusiasm on the Unionist than it did on
the Nationalist side. The Premier said that the
Government's suggestions for a settlement would be
put forward at an early date, and he hoped that they
would be found acceptable to all parties. No avenue, he declared, would be closed so long as there was
any prospect of an agreement consistent with the
fundamental principles of the Home Rule Bill.
Affairs in Mexico have not, on the surface, at least,
made important progress this week toward prompt
settlement. The military operations are centering
about the city of Torreon, which is reported to be
surrounded by General Villa's troops, although on
Thursday the Federals to the number of 12,000, who
hold the city, took the aggressive and succeeded in
driving back Villa's men. An attempt was made late
on Wednesday night to assassinate Lieutenant Arthur B. Cook, Flag Lieutenant to Rear Admiral
Mayo of the United States battleship Connecticut,
at Vera Cruz. The assault took place in Vera Cruz
while the Lieutenant was returning in company with
his wife and another lady, all of whom had been
dining with Admiral Mayo aboard the flagship.
The two ladies occupied the rear seat of an open Victoria and the Lieutenant, with his back to the driver,
sat facing them. The assassin fired at short range
and immediately escaped. The wound is not dangerous, but the incident has been made the occasion
of an official statement by Mr. Lind, notifying Gen.
Maas that he personally will be held to the strictest
accountability for 'failure to prevent such attacks.
The Huerta Government, according to reports, has
commandeered the whole oil fuel supply of Vera
Cruz, in order to continue the operation of the Mexican National Railways. The Government sent a
train of 18 oil cars, with a capacity of 12,000 gallons
each, to Vera Cruz, and an official demand was made
on the agent of the Aguila Company to surrender all
the oil in its possession. The agent replied that the
oil had already been sold to the Mexican Railway,
which is a British corporation, but this fact had no
influence and the oil was taken. Rodolfo Reyes,
ex-Minister of Justice, one of the Mexican Deputies
arrested on Nov. 11 when President Huerta broke
up the Mexican Congress and cast a large number of
the members into jail, was released from the penitentiary by order of the investigating court,which found
there was no evidence on which he could be longer
detained. At least six and perhaps ten American
railroad men and between forty and fifty Mexicans
were suffocated in the great Cumbre tunnel on the
Mexican Northwestern Railroad on Wednesday of
last week, as a result of the act of Maximo Castillo,
a bandit chief, in allowing a passenger train from the
north to run into the tunnel, which had already been
set afire from a blazing freight train sent for the purpose. Gen. Villa is reported to have captured and
executed Castillo for this act, although there is some
reason to doubt that the report in this respect is
entirely accurate.
Mr. Bryan, Secretary of State, announced on
Thursday that he had instructed Minister McMillan
at Lima to confer the recognition of the United States
upon the revolutionary Government in Peru. This
Government came into power last week, when its
present head, Col. Benavides, led the garrison troops
against the National Palace, imprisoned President
477
Billinghurst and killed the Minister of War and
others who opposed the attack. Secretary Bryan
refused to explain to newspaper correspondents the
reasons which impelled the Administration to recognize the Government in Peru, whose process of birth
was almost identical with that by which General
Huerta, who has been refused recognition, became
President of Mexico. Incidentally, it may be mentioned that the "revolution" in Hayti is also at an
end, General Oreste Zamor having been formally
elected President and having appointed his Cabinet.
Senator Theodore, the first leader of the revolutionists, who still has Presidential aspirations, is
threatening to march on the capital, but is not being
taken seriously.
The Peking correspondent of the London "Morning Post" advises his paper by cable that the Standard Oil Company has concluded an agreement with
the Chinese Government by which it acquires the
right to explore the oil deposits of North China, particularly in the Province of Shan-si. He states that
if the deposits justify exploitation, a Chino-American
company will be formed in which China will have a
share, and in which the Chinese will be allowed to
invest, but the Standard Oil Company will hold the
controlling interest. Our own State Department has
received confirmatory advices from Peking of the
agreement. The Standard Oil Company is to lend
the Chinese Government 815,000,000 in return for
important oil concessions in Shan-si Province.
"L'Information," a financial newspaper of Paris,
announced on Thursday that it had received news
that the Industrial Bank of China had arranged a
loan for the Peking Government of 8120,000,000 at
5%, the money to be used for the construction of a
port at Yamchow and a railroad 1,250 miles long
from Yamchow to Chungking, with an option on a
plan for the construction of railroads from Nanking
to Lunchow and from Sulfou to Changton. It is
reported that French firms are to supply all the material for the construction of these roads. Officers
of the Standard Oil Company also confirm the news
that an agreement has been reached.
In London this week money rates and discounts
have furnished no definite indications of change from
the overwhelmingly redundant supply of funds that
has been a feature since the year began. Capital
applications have continued active, and, taken altogether, the offerings on the English market have
been well taken, though without the extreme enthusiasm that marked those late in January. The
Barings offered on Saturday last £6,000,000 3%
bonds of Belgium at 77, redeemable at par in annual
drawings covering a period of 25 years. The public
amount of these bonds was only £3,250,000 (the remainder having been taken privately in advance),
and the subscriptions were so extensive that the large
applicants received only 5% of the amount of their
subscriptions, while the smaller applicants were
allotted 10%. On account of the great success
attending the offering, a further issue of £6,000,000,it
is announced, will be presented in the near future.
A Chinese railway loan of £800,000 5% bonds on
Monday was immediately over-subscribed at 87M.
The Corporation of London placed £1,000,000 in
332% notes at about 95. An offering of £1,320,000
432% Alberta Northern & Western Ry. Co. of Canada guaranteed first mortgage debenture stock was
478
THE CHRONICLE
promptly subscribed. Thus far the financing in the
British centre hasP apparently been confined very
largely to the requirements of municipalities and
foreign States and the colonies. Other important
issues are under negotiation, however, and will soon
be formally announced. Underwriting arrangements
have been completed for a £4,000,000 South African
Government 4% issue at 983/
2. The Rothschilds
are to offer a large Hungarian 41A% issue, of which
1 . The
£3,000,000 will be allotted in London at 904
appearance in the English market of borrowers who
usually deal with Paris is regarded as a practical
demonstration of the continued unsettlement ruling
at the French centre.
Consols have moved rather uncertainly and closed
at 76 3-16, as against 76M last week. One important influence on the consol market has been the
favorable basis on which the South African Government loan was offered. Indeed,the same reactionary
tendency has existed in the general investment situation in London that has been apparent in the local
market of late. The trend of operations on the
London Stock Exchange has been away from the
first-grade investment securities to the speculative
group, such as rubbers, petroleum stocks, kaffirs,
&c. The fortnightly settlement which began on
Tuesday was inconclusive so far as showing any large
speculative accounts. The contango rate was only
3%, which compares with 4% at the previous settlement. Some of the Engli§h railways will soon apply
to the London market for capital on a new form
of security. These roads, having kept their borrowings down to a minimum during the period of high
money, are now disposed to take advantage of the
complete change that has come over the money situation. The new feature is the Parliamentary authority that has been obtained by some of the railroads
to issue "bearer" stocks which are expected to be
popular, since they avoid the tax of M% levied on
the purchase price of every transfer of railroad securities. London does not appear to have participated to any marked extent in the recent purchases
that have led to the current higher prices for American securities. Amsterdam is reported to have been
quite a free seller this week on and through the
London Stock Exchange of American securities, the
severe declines in the Rock Island issues, of which
quite large quantities are held at Amsterdam,having produced a discouraging impression at the Dutch
centre. Rumors have been cabled to this city of a
small failure in Amsterdam due to the decline in
Rock Island securities, and a sympathetic weakness
in Denver & Rio Grande, Missouri Pacific and International Mercantile Marine, all of which are more or
less favorites at Amsterdam.
The price reaction in the so-called gilt-edge securities on the London market may be indicated by
the final quotation for London & Northwestern Ry.,
3 ,as against 140% on Monday
which closed at 1384
of last week. The Great Western Ry. finished at
121, which compares with 1183 a week ago. Foreign State bonds seem on the whole to have been well
supported. Turkish 4s closed last evening at 89,
which compares with 89 a week ago. Bulgarian
6s are still quoted without change for the week at
100 and Greek Monopoly 4s are, too,without change
at 53. Servian Unified 48 finished at
or an
1 higher
advance of hi for the week. Chinese 5s are4
at 101%. German Imperial 3s closed at last week's
final figure of 78. The opening of Parliament seems
[VOL. xcvm.
to have been one source of depression on the London market.
In Paris conditions can scarcely be said to be improving. There is as yet, apparently, no settled
trend to Government financial proposals. Latest
reports suggest that the Ministry is considering the
issue of 800,000,000 francs in new Treasury bonds
to finance immediate requirements. If this proposal should take definite shape,it would mean that
the Government has decided to postpone permanent
financing until after the general elections, which
take place in May. M. Caillaux's proposed tax on
wealth has been laid on the table by the Chamber
of Deputies, obviously awaiting the text of the
proposed income tax measure which the Finance Minister states has very close connection with the
proposed tax on capital, the two being really interwoven. A Paris correspondent cables that action
has recently been taken by representatives of the
great economic groupings in France, including
the large manufacturing interests as well as those
of agriculture. The presidents or delegates of these
influential groupings have formed a central committee for the study of the best means for the defense
of these important national interests in fiscal questions. The delegates were received by M. Doumergue, Premier and Foreign Minister. They presented a note pointing cut the grave consequences
and the causes of the prevalent uneasiness in the
economic situation which is "paralyzing the country." The note lays stress on two facts, namely
that the great bodies of commercial, manufacturing
and other economic groupings are willing to bear
still heavier burdens if the finances of the State
absolutely need it. But that the first step to remedy
the existing difficulties is to give or renew encouragement to the active and producing forces of the
nation, instead of frightening them with the possibility of severe and repressive legislation. The
Government should, they argue, apply the burdens
to all classes of citizens, for each depends on the
other, and thus avoid laying too heavy a load on
those classes which represent the greatest of national
edonomic interests. The committee further recommended to the Government the issue of a huge national loan which would, it is declared, lighten the
present situation and give elasticity to the treasury.
These measures would tend in large measure to put
an end to the crisis. The appeal was signed very
liberally by large interests, including the presidents
of the big economic syndicates and leading representatives of trade, industry and agriculture. Money
1 for day-to-day funds, against
in Paris closed at34%
2 francs
3% a week ago. Rentes closed at 87.373/
against 87.423/2 francs last week.
Advices cabled from Berlin suggest some moderation in market enthusiasm, though last week's reduction in the Bank rate is declared to have turned
some funds that had been on deposit with the Bank
to investments in first-grade securities. Some improvement in shipping shares has followed the reports
of probable adjustment of the steamship war, and an
advance in prices of steel products has exercised a
sustaining influence on the shares of the metal companies. A possible basis of agreement between the
Hamburg-American and the North German Lloyd
lines was found on Tuesday at a meeting at Vienna
between the managers of the two lines. This agree-
FEB. 14 1914.]
THE CHRONICLE
ment contemplates a fusion of the interests of the
two companies as a substitute for the present system
of dividing the traffic into quotas. An attempt
will now be made to draft the details of a satisfactory
compromise on the basis named. Money in Berlin
4% a week ago.
closed at 3 8%, against 37
479
628,850,000 francs one year ago and 803,850,000
francs in 1912. The Bank's note circulation is
5,845,047,000 francs, comparing with 5,754,811,530
francs in 1913 and 5,315,571,765 francs in 1912.
The Imperial Bank of Germany presents still
another favorable return this week. The gold on
hand increased 11,427,000 marks and the total cash,
including gold,is 25,510,000 marks higher. Meanwhile there was a reduction in circulation of 133,613,000 marks, in treasury bills of 13,020,000 marks, in
loans of 14,423,000 marks and in discounts of 41,755,000 marks. Deposits increased 69,038,000 marks.
The cash holdings aggregate 1,554,313,000 marks
and compare with 1,163,700,000 marks in 1913 and
1,185,560,000 marks in 1912. Combining loans and
discounts we have a total of only 843,181,000 marks,
which compares with 1,273,860,000 marks in 1913
and 1,096,660,000 marks in 1912. Note circulation
is slightly ahead of recent years, amounting to
1,919,163,000 marks, which compares with 1,879,380,000 marks one year ago and 1,635,200,000 marks
in 1912.
The Bank of Norway on Monday reduced its
official discount rate to 43/2% from 5%. This is the
only one of the official banks to make such a change
this week. The continued demand for gold by the
Continent evidently discouraged the Governors of
the Bank of England from lowering the 3% figure,
and best opinion in London, according to cabled
reports, is that it will probably be well into the
spring before Threadneedle Street will announce
another reduction. Private bank rates have been
just about maintained. Lombard Street quotes
sixty-day bills at the close at 1 13-16@1%%, against
a week ago; three-months' bankers' accep4%, against 1 15-16@2% last
tances finished at 17
week. In Paris the outside rate is still 3%. Berlin
8% lower at
is WI% lower at 2%%. Vienna is I/
37
4%,Brussels remains at 3/% and Amsterdam at
In local money circles conditions remain without
4%. Official rates at the leading foreign centres
change. Supplies of funds are in excess
substantial
Vienna
are: London 3%, Paris 314%,Berlin
requirements and rates for fixed maday-to-day
of
432%, Brussels 4% and Amsterdam 5%.
turities continue more or less a matter of negotiation.
The demands for new capital are still backward,
The return of the Bank of England on Thursday though there are evidences at last of preparations by
showed a decrease of £200,844 in bullion holdings, some of the leading railroad systems to seek permawhile the total reserve increased £129,000. The nent supplies. The Stock Exchange demand for funds
proportion of reserve to liabilities is now 53.46%, has not been quite so active. Chicago advices sugagainst 53.36% last week. A year ago the propor- gest a rather firmer tendency in the West. Mr.
tion was 45.80%. There was a decrease of £329,000 James B. Forgan, President of the First National
in the circulation. Loans remain about stationary, Bank of Chicago, in an interview expressed the
the nominal increase of £3,000 being recorded. Pub- opinion that money rates would show a firmer tenlic deposits, as was to be expected, recorded the large dency in the near future. He disavowed any expecincrease of £1,724,000, representing, of course, the tation of really high rates, but with the increased derevenue collections that are now actively in progress. mand which usually comes with the approach of
Other deposits decreased £1,598,000 for the week. spring the surplus supplies will be fairly well emThe Bank's gold holdings now amount to £43,154,- ployed. The demand for commercial paper at Chi292. One year ago the total was £36,991,174 and cago is showing considerable reaction from the unin 1912 £39,229,527. The reserve aggregates £33,- usual activity that prevailed in January. A similar
594,000, which compares with £27,760,000 in 1913 situation exists in the New York commercial paper
and £29,973,852 in 1912. The loan item standsat £35,- market, though the explanation most generally made
996,000, against £37,897,000 one year ago and £31,- is that the recession in the volume of business is
445,762 in 1912. Our special correspondent furnishes traceable to some extent to the recent active absorpthe following details by cable of the gold movement tion of the really attractive names, which has necesinto and out of the Bank for the Bank week: Imports, sarily restricted the supply. Time money has loaned
£134,000 (of which £95,000 from Australia and quite freely at 332% for six months,and in instances
£39,000 bought in the open market); exports, £637,- at a fraction lower, which certainly confirms the view
000 (of which £200,000 to Egypt, £402,000 to India that bank officers are not expecting any substantial
and £35,000 to miscellaneous destinations), and re- advance in money rates before the crop demands
ceipts of £302,000 net from the interior of Great become insistent in the early autumn. Trade and
Britain.
industry seem to be experiencing in a moderate way
some revival—at any rate there are some indications
that the corner of depression has been turned. But
regisThe weekly statement of the Bank of France
ters a further increase of 23,521,000 francs in gold there appears to be complete agreement in banking
holdings, representing importations from New York, circles that improvement in our national activities
as well as purchases in London. The silver stock must necessarily be a matter of gradual growth.
Saturday's bank statement showed a decrease of
on hand decreased 940,000 francs, note circulation
in$3,588,000 in cash held by the bank and trust comdecreased 183,750,000 francs, treasury deposits
decreased
66,475,000
deposits
pany members of the Clearing-House Association.
francs, general
creased
17,250,000 francs, bills discounted decreased 42,- The loan item recorded an expansion of $7,065,000.
975,000 francs and advances decreased 19,500,000 Deposits were reduced $17,292,000, but the cash
francs. The Bank now holds in gold 3,572,355,000 surplus increased $215,100, as the decrease in defrancs, which compares with 3,227,175,000 francs in posits reduced reserve requirements $3,803,100.. The
1913 and 3,197,600,000 francs in 1912. Silver on Clearing-House members now hold surplus cash to
hand aggregates 649,529,000 francs, as against the amount of $40,068,000, which compares with
480
THE CHRONICLE
$8,257,350 one year ago and $37,616,850 in 1912.
The banks lost $9,690,000 in cash as a result of the
week's operations. The trust companies, on the
other hand, increased their cash $6,102,000 in their
own vaults and $13,731,000 in their cash in
banks.
Referring to call money rates in detail, the week's
range has been 13/2@2%, the higher figure being
named each business day of the week. On Monday
1% was the lowest and ruling rate; Tuesday's lowest was 1%, with 1% the renewal basis; on Wednesday 13/2 was the minimum with 1% the ruling figure;
Thursday, Lincoln's Birthday, was a holiday. On
Friday 2% was the highest and 13
4% the lowest,
with 19'% the ruling figure. For time money
closing quotations were 23/2@2%% for sixty days
(against 2%% a week ago), 3% for ninety
days (against 3@3/
4%), 3@334% for four months
(unchanged), 33@332% for five months (unchanged) and 33@33/2% for six months (against
332%). Commercial paper closed at 332@4%
(against 39'@4% last week) for sixty and ninetyday endorsed bills receivable and for four to six
months' single names of choice character. Others
are quoted at 43i@4M%.
The market for sterling exchange continues quiet.
Cotton bills have been in fair supply and, spasmodically, other commercial bills have appeared with
some freedom. But money conditions abroad—at
any rate for immediate commitments— have been
quite as easy as those at home, and there has existed
slight encouragement to do anything like a speculative business. Foreign bank discounts have ruled
easy, though the Continental demand that was
shown at Tuesday's offering of South African gold in
London suggests that the money market abroad is
at its easiest point, and that the trend, when one
really appears, should be toward firmer rates. Of
the £430,000 South African gold offered at the
London auction on Tuesday, the Continent obtained
030,000, and India took the remainder, the price
being 77s. 93/
8d., or %d. above the Mint price. The
usual weekly shipment of $2,000,000 in gold from
New York to Paris was made on Wednesday, making
a total of $10,000,000 for the current movement, or
one-half the order of $20,000,000 which the Bank of
France is believed to have placed in this market.
The Continental demand for gold has evidently set
at rest the belief that the Governors of the Bank of
England are desirous of still further reducing their
official discount minimum to 23/2%. This action,
according to advices cabled from London, will not
now be taken until well into the spring, if it is taken
at all. Speculative brokers and the large banks that
trade in sterling exchange on a more or less speculative basis are doing very little at the moment.
Sterling exchange in Paris is still ruling against
London, the check rate closing last evening at
25.18 francs, which compares with 25.183/2 a
week ago. Demand sterling in Berlin closed at
20.44 marks, a further movement of 13/2 pfennigs
against the British centre for the week. Sterling in
Amsterdam, too, closely approached the gold-import
point, checks being quoted 12.06 guilders, against
12.08 last week. Berlin exchange in Paris finished
at 123.17 francs, against 123 francs on Friday of last
week. Mexican exchange on New York closed at 270
and on London at is. 63/2d. A week ago the corresponding rates were 270 and is. 6d., respectively.
[VOL.
xcvm.
Compared with Friday of last week, sterling exchange on Saturday was firmer for demand and
sixty days, which advanced to 4 8575@4 8585 and
4 8385@4 8410, respectively; cable transfers were
slightly lower at 4 8590@4 86. On Monday weakness became evident on an increased supply of
commercial bills and easier discounts in London; the
market steadied toward the close with the range as
follows: Demand 4 8565@4 8575, cable transfers at
4 8580@4 8590 and sixty days at 4 8375@4 84.
There was a weaker undertone on Tuesday, demand'
declining 5 points to 4 8560@4 8570 and cable transfers to 4 8575@4 8585; sixty days was unchanged
at 4 8375@4 84; estreme dulness prevailed throughout the day. The downward movement was continued on Wednesday and there was a further decline, mainly on larger offerings of bills and a light
inquiry, to 4 8555@4 8560 for demand, 4 8570@
4 8575 for cable transfers and 4 8350@4 8375 for
sixty days. Thursday was a holiday. On Friday
the market ruled distinctly weak for demand bills
owing to the poor mail opportunity afforded by today's slow mail steamer. Closing [quotations were
4 8350@4 8375 for sixty days, 4 8535@4 8545 for
demand and 4 8555@4 8565 for cable transfers.
Commercial on banks closed at 4 ,823/2@4 833i,
documents for payment finished at 4 82%@4 83/
8.
and seven-day grain bills at 4 84%@4 85. Cotton
for payment closed at 4 829@4 83, grain for payment at 4 833/s@4 83%.
The New York Clearing-House banks, in thei r
operations with interior banking institutions, have
gained $8,917,000 net in cash as a result of the currency movements for the week ending Feb. 13.
Their receipts from the interior have aggregated
$13,239,000, while the shipments have reached
$4,322,000. Adding the Sub-Treasury operations
and gold exports, which together occasioned a loss
of $3,097,000, 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 $5,820,000, as
follows:
Week ending Feb. 13.
Banks' interior movement
Sub-Treas. oper. and gold exports
Total
Out of
Banks.
Into
Banks.
Na Change Is
Bank Holdings.
$13,239,000
20,973,000
$4,322,000 Gain $8,917,000
24,070,000 Loss 3,097,000
$34,212,000
$28,392,000 Gain $5,820,000
The following table indicates the amount of bullion
in the principal European banks.
Feb. 13 1913.
Feb. 12 1914.
Banks of
Gold.
I
England__ 43,154,292
France__ 142,894,760
Germany_ 63,880,700
Russia a__ 169,281,000
Aus-Hun
51,957,00
Spain ____ 19,446,000
Italyd_ _ __ 45,588,000
Neth'Iands 12,628,000
Nat.Beigd 8,233,333
Sweden __ 5,723,000
Switzland 6,815,000
Norway.. _ 2,606,00
Silver.
Total.
Total.
Gold.
z
36,991,174
43,154,292 36,091,174
25,980,5601168,875,320 129,087,080 25,153,480 154,240,560
15,000,000 78,880,700 44,085,000 14,100,450 58,185,450
6.570,000175.851,000 155,757,000 6,953,000 162,710,000
11,704,000 63,661,000 50,633,000 10,133,000 00,766,000
28,478,000 47,924,000 17,618,000 29,821,000 47,239,000
2,935.001 48,523,000 42,869,000 3,388,000 46,257,000
753,500 13,952,500
826,200 13,454,200 13,199,000
4,116,667 12,350,000 7,660,000 3,830,000 11,490,000
5,622,000
5,723,000 5,622,000,
6,767,000
6,815,000 6,767,000!
2,154,000
2,600,000 2,154,000
Tot. week 572,207,085 95,610,427667,817,512512,442,254 93,032,430006,374,684
Prey.week 570,221,673 94,844,793665,666,466 511,194,297 94,789,990605,984,287
a The total of gold In the Bank of Russia includes the balance held abroad—
that is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement is now Issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent in
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given In our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain; It is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver: but we believe the
division we make is a close approximation.
FEB. 14 1914.;
THE CHRONICLE
PARLIAMENT AND HOME RULE.
With the opening of Parliament last Tuesday
the so-called Ulster crisis at once came before the
English people. We say the "so-called crisis,"
because a singular atmosphere of unreality has pervaded the entire controversy over this branch of the
Home Rule problem. The spectacle presented has
been sufficiently extraordinary. Eminent public
men have been openly making threats which, if
uttered at other times and under other circumstances,
but in precisely the same language, would have constituted treason. Yet the public has at no time been
greatly excited, and no effort has been made by the
Government to put a stop to such utterances. Newspapers have for months reported the men of Ulster
as organizing and drilling, with the ostensible purpose of offering armed resistance to any attempt at
imposing an Irish Home Rule measure on them;
but nobody has discussed this procedure in a way to
suggest actual expectation of a serious outcome.
The English press has been full of angry warnings
as to the possible consequences, whether on the Ulster
insurgents or on the framework of Government,
when the uprising begins; yet the tone of the prophesies does not ring quite true. They read as if a
hypothetical situation, under a highly imaginary
state of circumstances, were under debate.
The nature of the question at issue is sufficiently
well known. The Asquith Government is committed
to Home Rule for Ireland. It has retained the support of the Irish members on that condition. Its
purpose of conferring local government on Ireland
has been publicly announced. Yet the question has
certainly not been voted on in any clear way at a
general election. All recent electoral results have
at least been complicated, if not entirely brought
about, by other issues paramount at the hustings,
such as the legislative prerogative of the House of
Lords. On this ground Protestant Ulster declares
that it will not submit to a general Irish Home Rule
policy such as would give to the part of Ireland which
is Romanist in its religious sympathies the dominating power, and that it will not yield obedience
to any such measure unless compelled to do so
through the direct decision of the British electorate.
When that alternative was refused by the Liberal
Government, Ulster men organized under the leadership of retired military men and well-known Parliamentary statesmen, and have been going through
military training. Efforts at compromise, through
personal negotiation between the opposing leaders,
broke down last year. Now the matter has become
the chief measure of a Parliamentary session.
The King opened Parliament last Tuesday with
the traditional speech from the Throne—accepted,
as it usually is—as expressing the views of the Ministry. He said:
"I regret that the efforts which have been made
to arrive at a solution by agreement of the problems
connected with the government of Ireland have so
far not succeeded. In a matter in which the hopes
and fears of so. many of my subjects are keenly concerned and which, unless handled now with foresight
and judgment, and in a spirit of mutual concession,
threatens grave future difficulties, it is my most
earnest wish that the good-will and co-operation of
men of all parties and creeds may heal the dissension and lay the foundations Of a lasting sentiment."
The Parliamentary debate on the speech, which
followed,was marked by a defiant attitude on the part
481
of the Opposition and by a conciliatory attitude
on the part of the Ministerial speakers. The chief
spokesman for the Unionists challenged the Premier
to submit the question to a general election, proposing, as an amendment to the vote on the King's
speech,"that it would be disastrous to proceed further
with the Home Rule bill until the measure has been
submitted to the judgment of the country." Mr.
Asquith rejected the proposal for a general election,
declaring that "if this matter is to be settled by something in the nature of a general agreement, it can
be better settled here and now than by a general.
election." But he coupled this with the promise
of Government proposals whereby the Irish dispute
might be settled by agreement. He declared that
there is "nothing the Government will not do, consistent with the fundamental principles of the bill,
to avoid civil war and bloodshed." He mentioned
even the plan of excluding Ulster from the scope of
the Home Rule bill, and frankly said as to this: "I
am not going to pronounce any final judgment on
this or any other solution." His final promise was
thus expressed: "As far as I and my colleagues are
concerned, we will not close any avenue, however
unpromising the entrance thereto may appear,
which, directly or indirectly, holds out any hope
of leading to concord and settlement." But he reiterated his statement that, in one form or another,
the Home Rule bill will this year become the law of
the land.
These two important speeches summed up the
substance of the debate which followed. The next
day's discussion was made up chiefly of the AttorneyGeneral's assertion that the Opposition was merely
seeking delay, with a view to postponing the bill
ever three more sessions which would come with a
new Parliament and a House of Lords still hostile
to Home Rule. Sir Edward Carson, leader of the
recalcitrant Ulster men, flatly declared that the
Government "must either coerce Ulster or win her."
On the other hand, Mr. Redmond,the Irish Nationalist leader, spoke with the utmost conciliation, declaring the purpose of his party to meet all proposals
in the hope of a peaceful settlement. But in the
vote of Wednesday evening en the Opposition's
proposed amendment to the itsolution regarding the
speech from the Throne, that amendment was
rejected by 333 to 255. The Parliamentary majority
of 78 was smaller than the Liberal Ministry has obtained on other questions, but it was sufficient.
Some, time will probably elapse before the bill is
actually formulated and submitted. What then?
Presumably there will be a broad compromise of
some nature, for the excellent reason that the Ulster
leaders must be as anxious not to be driven into an
untenable position as the Government is anxious
not to be driven to exert force. Sir Horace Plunkett's plan to pass the Home Rule bill, let Ulster give
a ten-year trial to it, and then allowing it to withdraw from the Irish Home Rule system if it wishes,
is unlikely to satisfy any one. The probable outcome ot the singular existing complication will be the
placing of far more drastic limitations and safeguards
on the local government powers to be granted to the
Irish.
Nothing is impossible as longer consequence of
such extraordinary feelings and influences as have
arisen in this present matter. In these days, when
events so often run counter to all precedent and experience, it would be rash to say that even rebellion
482
THE CHRONICLE
in Ulster is absolutely out of the question. Yet it is
quite impossible to deny that the controversy has
its grotesque aspects. The Protestant majority of
Ulster threatens rebellion against a Government,
not because it wishes to free itself from the control
of that Government, but because it is unwilling to
be freed. It professes to be preparing to fight the
soldiers of the English army, not because they are
regarded as the army of a hostile power, but because
they are regarded as the soldiers of a Government to
which Ulster itself belongs.
LAW ENOUGH FOR DEALING WITH UNJUST
RESTRAINTS OF TRADE.
Thirteen poultry dealers now stand convicted and
under sentence of three months'imprisonment, under
an old law of this State, numbered as Section 580
of the penal code. It relates to conspiracies, and
declares that any two or more persons shall be guilty
of a misdemeanor who conspire for the following
among other acts:
5. To prevent another from exercising a lawful
trade or calling or doing any other lawful act, by
force, threats, intimidation, or by interfering or
threatening to interfere with tools, implements, or
property belonging to or used by another, or with
the use or employment thereof; or
6. To commit any act injurious to the public
health, public morals, or to trade or commerce, or
for the perversion or obstruction of justice, or of the
clue administration of the laws.
Nineteen members of the New York Live Poultry
Dealers' Protective Association were indicted, under
this law half a century old, on March 28 1910; the
trial began May 23 1911, and thirteen of them were
convicted on August 16 following. The Appellate
Division of the Supreme Court unanimously affirmed
the conviction on the 6th of this month, the opinion
reciting that the parties in the pool controlled about
90% of the poultry shipped to New York and the
jobbers who were in the arrangement included nearly
all the large wholesalers, the result being that competition was effectually destroyed and poultry was
substantially dealt in only at the prices fixed weekly
by the two associations.
It is said that this is the first conviction, accompanied by a sentence to imprisonment, under this old
law; also that while nearly every State has a similar
one and the Federal Government has its law against
restraints of trade, this is the first instance of conviction, in the whole country, in which a sentence
of imprisonment has been pronounced and an appeal
taken and the judgment has also been affirmed.
However this may be, and without passing upon the
merits of this particular case, it should be useful
to point out that here is a law of great age and halfforgotten, although itself only a re-statement of
the common law, which has breadth enough in its
terms to cover any real case of combination for an
unjust restraint of the freedom of trading. Further,
the sections cited above appear to be ample to cover
all misconduct in strikes and in other procedures
whereby organized labor has sought to enforce its
notions about the strike as a practical weapon and
about closed and open shops. Indeed, there are
decisions on record which declare as much, for example : that "all associations designed to interfere
with the perfect freedom of employers in the proper
management and control of their lawful business or
to dictate in any particular the terms upon which
[VOL. xcvm.
their business shall be conducted" fall under inhibition as conspiracy and misdemeanor. Some
decisions have referred to the boycott in similar
terms. Assaults upon persons who desire to work
in an open shop or to take the places abandoned by
strikers must surely fall within the terms of paragraph 5. And the question properly arises what
need of more laws or of more specific definition of
the forbidden conduct, unless every action not
mentioned unmistakably in specific words is to stand
as not unlawful? It is not surprising that organized
labor seeks to get itself expressly exempted from
accountability for its conduct, but while it is trying
for that,it might prudently consider whether it would
not still be left open to prosecution under State laws,
for it is plain that the lack is not in statute but in
the disposition to enforce statute impartially and
fearlessly. Such a disposition could find statutes
enough already, and a barrel-full of new ones would
not enforce themselves.
ATTACKS ON PERSONAL LIBERTY.
At the recent annual meeting of the Bar Association of this State, ex-Chief Judge Cullen, who at the
close of the year retired from the Court of Appeals,
spoke on "the decline of personal liberty in America."
This country has claimed to be the especial home
of personal liberty and it has been the haven of the
oppressed of the world; but now, said Judge Cullen,
the notion of some people seems to be that "liberty is
the right of part of the people to compel the other
part to do what the first part thinks the latter ought
to do for its own benefit." To this might be added
a remark of the late Professor Sumner of Yale that
regulation and reform have worked down into A and
B getting together and solemnly determining what
C shall do.
The tendency now, said Judge Cullen, is to declare
all human shortcomings crimes; in this State there
are now over 200 felonies and more than twice that
number of misdemeanors, the latter having become so
common in the statutes that the curious might speculate as to how many the ordinary citizen commits
each day. To this we might add the serious opinion
that, if it were worth while to make a thorough investigation of all the laws enacted and left without
enforcement or attempt at enforcement until they
have become forgotten, it would be found that nearly
everybody, however just and quiet his ways, is innocently and unconsciously a breaker of law. If Mr.
Taft is correct in thinking he perceives a growing and
dangerous lawlessness among the young (as he has
lately said in some public addresses which aided the
movement for a "get-back-to-church" observance
on arecent Sunday),one:reason for disrespect towards
law must be that laws are too much multiplied, being
rushed through without consideration, and there is
too little enforcement.
Judge Cullen spoke of the growing practice of
calling on the military in cases of excitement, of
attacks on personal liberty in the name of "eugenics,"
and of attempts to abridge freedom of the press.
The "newspaper publicity" law, which was, regrettably, sustained by the Supreme Court in the past
summer, may be cited as a conspicuous example, although we might remark that Congressman Moore,
of Pennsylvania, has now introduced a bill for repeal
of that law except as to its requirement of the designating mark of "advertisement" on all news and edi-
FEB. 14 1914.]
THE CHRONICLE
483
tonal matter for which a consideration is paid. In cally a small minority, and the majority feel indifferJanuary of last year it was announced from Cleveland ent about troubles which do not seem to come near
that a former Director of Public Utilities in that city themselves, or they even take a secret satisfaction
had obtained 35,000 signatures to an initiatory peti- at seeing the prosperous shoved on the gridiron.
tion for a law declaring newspapers such utilities, The serious truth is that we in this country have so
preparatory to bringing them under regulation; so long had what we call liberty that we are in danger
far as we know, nothing came of this attempt, unless of not merely losing a just idea of its value but of
it culminated in a law which was enacted in Ohio in losing clear notions of its nature. It is time we
May last "relative to regulating newspapers and the turned from the excitement of watching current happublication of nothing but the truth." This statu- penings long enough to reflect upon the fundamentals
tory curio solemnly enacts that if any false statement of democratic institutions.
or rumor regarding any person or association of perRAILROAD GROSS EARNINGS FOR THE
sons or any trade, labor or business appears in any
CALENDAR YEAR.
demand
of
the
journal,
on
journal, the offending
In
reviewing
the gross earnings of United States
"any
publish
statement
or
shall
person affected,
railroads
for
the
calendar year 1913,a sharp distinclanguage
proper
the
truth"
in
forth
setting
article
about the matter. This statement shall be sworn tion must be made between the first half of the year
to, but the attestation shall not be published. The and the second half. For the twelve months as a
publishing shall be done within forty-eight hours or in whole a very substantial improvement is recorded,
the next regular issue, and refusal to publish shall be but practically the whole of this was established the
a misdemeanor, punishable by fine or imprisonment, first six months. During these six months cona lighter penalty being provided for knowingly fur- ditions were highly favorable for a large volume of
traffic and, therefore, for large earnings. Trade
nishing any untrue statement.
No limit is set to the length of the contradiction remained in a state of great activity, not because
thus given entrance to the journal, and no proviso as new orders were coming forward on an unusual scale
to who shall determine whether the offered matter but because the year had opened with many unfilled
does set fOrth the truth "in proper language." Such orders on the books of industrial concerns. Thus,
a penal statute for enforcing a correction which any mills and factories were kept busy for a long time
decent journal cheerfully makes when needed re- merely in the execution of old orders. During these
quires no comment except that it is a sign of the times. six months, likewise, the grain movement was of
The pending Owen bill for controlling stock ex- extraordinary proportions, following the abundant
changes by excluding quotations not only from the harvest of the preceding year. In the opening
mails but from transmission over wires is another months, too, the railroads had the advantage of a
sign. Mr. Untermyer has just been arguing for this very mild and open winter, as contrasted with the
new arbitrary inquisitorial power before a Senate exceptionally severe winter of the previous year, the
committee, where he renewed his pose as chief aid country having experienced in January and Februfor the Pujo hunt which ended in nothing. Even if it ary 1912 the worst winter, for extreme cold, enwere true in the smallest degree that regulation of countered in a generation.
There was also during the first half of 1913 an
stock-exchange business is essential "to the destruction of great financial credit by a few men or to any absence of certain disturbing conditions which in
effective corporate reform in this country," the pro- 1912 had played an important part in diminishing
posed method is wrong, being what Senator Hitch- the traffic and revenue of a number of roads. We
cock calls it, an attempt to deal a blow at the liberty have reference in particular to the suspension of coal
of the press by what could be made to be, as the mining which marked the history of the first six
"publicity" law might also be, a practical prohibition months of 1912. There had been an almost comby cutting off the means of circulating while retaining plete suspension of anthracite coal mining in April
the barren liberty to print. At this juncture we and May of the year in question (1912) during the
might cite the brief lately filed with the Supreme time of the adjustment of miners' wages, and in the
Court on behalf of the recalcitrant witness, Henry, first-mentioned month there was also larger or
indicted for refusal to answer certain questions of Mr. smaller suspension of mining in many of the bituminUntermyer before the Pujo Committee. This brief ous coal fields in the Eastern half of the country for
contends that those questions at least were not per- the same reason. This involved a decided shrinkage
tinent to the subject under inquiry, and says that "it in the coal traffic of the railroads concerned and the
Would be a curious result of the struggle of eight cen- absence of any such adverse factors in 1913 was reflecturies to erect a constitutional and representative ted in large increases in earnings in April and May.
government if it now comes to pass that citizens must One serious adverse condition existed in 1913. We
go to prison or sacrifice the privacy of their personal allude to the tremendous floods which occurred at
the close of March and worked immense havoc in the
affairs."
The "source" features of the income tax, which Middle Western States, seriously interrupting railcould hardly be more violative of personal privacy 'road traffic in that portion of the country for the
and more irritatingly vexatious had they been pur- greater part of the next month. As an offset to this,
posely designed to be such, fall in the same category however, there had been the previous year, the
as encroachments upon liberty, and the list of in- worst overflow of the Mississippi River ever recorded,
stances could be carried even farther. There is no though this affected a different group of roads.
If, however, on the one hand, the situation during
explanation for some of these attempts except in the
the
to
first six months of 1913 was extremely favorable
Central
the
looking
habit of
Government for doing
various things which are imagined of general benefit, to large earnings, in the last six months, on the other
and in the natural disposition of usurpation of power hand, a state of things the exact reverse of this deto keep seeking more steps in the same direction. veloped. Trade and industry were now on the
Besides, the persons apparently menaced are numeri- decline. Old orders were exhausted, while. new
484
THE CHRONICLE
orders came in only sparingly. This was particularly
true of the iron and steel industry. As it happened,
too, the agricultural outlook took a very unpromising
turn. The farming Pections of the West and
Southwest were visited by almost unexampled
drought and heat, which did enormous damage to
the growing crops, particularly corn, reducing the
yield by several hundred million bushels. The
effects of the crop damage were not, of course, immediately apparent. Indeed, one result was to
stimulate for the time being the shipment of cattle
to market because farmers realized that they would
be unable to find feed for stock. But in the closing
months of the year the reduction in crop yield was
reflected in a decided contraction of the Western
grain movement. Local drawbacks of considerable
consequence were also encountered. In Michigan
a strike of the copper miners was precipitated in
July and continued to the end of the year. In
Southern Colorado a strike of the coal miners occurred in October and this also defied all efforts
at settlement.
Our compilations reveal an increase of $145,727,242
over the gross earnings of the twelve months of the
calendar year 1912, which by itself would have to
be considered a not unsatisfactory showing, but
$136,097,376 of this was made during the first six
months, as shown in the compilation for the half-year
given in the issue of the "Chronicle" for August 9
1913. In ratio the gain for the twelve months is
only 4.76%. For the first six months the ratio was
10.16%. As a matter of fact, there was an actual
falling off in gross earnings in the last three months
of the year, such small increase as is recorded for
the second six months being entirely 'due to gains
established in July, August and September.
Or compilation covers practically the entire railroad
mileage of the country and the totals of earnings
are of huge dimensions, showing the magnitude of
the railroad industry. They exceed 3,000 million
dollars in both 1913 and 1912. In exact figures the
aggregate of the gross is $3,200,506,884 for 1913 and
$3,054,779,642 for 1912. The $145,727,242 improvement now recorded for 1913 follows a still larger
improvement in 1912 over 1911. Our statement for
1912 recorded $220,312,932 increase (or 7.78%) but
undue significance should not be attached to this,
inasmuch as it in turn followed a loss in 1911, thus
representing in part merely a recovery of such loss.
The shrinkage in 1911 amounted to $31,026,566, or
1.09%, and it should always be borne in mind 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 showed 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
[VoL. xcvrti.
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.
Mileage.
Jan. 1 to
Dec. 31.
Year.
1894
1895
18'96
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
I
Year
Year
In- 1
Given. Preced. Wm.
Miles. Miles.
156,911 155,950
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
181,928 178,929
181,138 177,427
196,724 193,257
195,251 193,385
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
244,259 241.991
Gross Earnings.
Year
Given.
Year
Preceding.
Increase (+1
or
Decrease (-).
% I
$
$
$
%
0.62 1,046,616,407 1,176,821,735 -130,205,328 11.07
0.90 1,086,464,608 1,024,461,781 +62,002,827 6.05
0.83 1,114,430,883 1,114,696,887
-266,004 0.02
1.15,1,185,154,654 1,122,817,579 +62,237,075 5.55
0.891,253,807.714 1,172,777,136 +81,030,578 6.98
1,332,666,853
2.20
1,213,686,610 +118,980,243 9.81
2.97 1,459,173,305 1,345,201,005 +113,972,300 8.46
1.251,603,911,087 1,454,922,185 +148,988,902 10.24
1.56'1,705,497,253 1,604,633,539 +100.863,714 6.28
2.13'1,918,652,252 1,716,458,891 +202,193,361 11.77
1.651,966,596,578 1,957,831,299 +8,765,279 0.45
0.96.2,099,381,086 1,929,382,949 +169,998,137 8.76
1.712,374,196,410 , , , 4 +241,913,596 11.34
1.142,595,531,672 2,373,888,811 +221,642,861 9.33
1.26 2,235,164,873 2, 3„ -301.749,724 11.90
1.5412,605,003,302 2,322,549,343 +282,453,959 11.50
1.8712,836,795,091 2,597,783,833 +239,901,258 9.25
1.32,2,822,722,752 2,853,749,318 -31,026,566 1.09
1.5113.045,778,327 2,825,465,395 +220,312,932 7.78
0.9413,200,506,884 3,054,779,642 +145,727,242 4.76
It should be distinctly understood that we are
dealing here entirely with the gross earnings and that
these are no index to the character of the exhibits
of net earnings, which were unfavorable nearly
throughout the whole year (all except the very
earliest months) being a disappointment even while
gross earnings were still registering large gains. The
poor exhibits of net were due to the great rise in expenses and the comparisons became positively discouraging when the gross began to record losses. But
discussion of the net must be left for a later period,
when complete returns shall be available.
The contraction which occurred in the grain movement the latter part of the year is not revealed in
the total of the grain receipts for the twelve months.
At the Western primary markets the wheat receipts
for the 52 weeks of 1913, as also the receipts of corn,
oats, barley and rye, all show greatly enlarged totals,
as compared with the 52 weeks of the preceding
calendar year. For the five cereals combined, the
aggregate of the receipts for 1913 reaches no less than
950,643,000 bushels, as against 795,580,168 bushels
in 1912, the increase thus being over 155,000,000
bushels. More than the whole increase, however,
occurred in the first 26 weeks, when the receipts
reached 420,640,000 bushels, as against only 260,406,838 bushels in 1912, giving for these 26 weeks
an increase of no less than 160,000,000 bushels.
The details of the Western grain movement in our
usual form are shown in the following.
RECEIPTS OF GRAIN AT WESTERN PRIMARY MARKETS.
Barley.
Oats.
Rye.
Flour.
Jan. 1 to
Wheat.
Corn.
(bush.)
(bush.)
(bush.)
(bush.)
(bbis.)
(bush.)
Dec. 27.
Chicago1913_ _ _9,529,000 50,231,000 127,156,000 124,069,000 31,471,000 3,035,000
1912_ _ _8,954,929 34,257,200 111,945,700 114,623,000 20,101,100 2,776,900
Milwaukee1913____3,039,000
7,551,000 12,769,000 15,354,000 19,409,000 3,007,000
1912..._ _2,391,094
9,725,880 10,087,570 14,088,434 13,293,080 2,958,450
St. Louis780,000
1913____3,216,000 30,787,000 20,832,000 23,936,000 2,207,000
311,440
1912--2,989,530 27,457,912 25,263,272 20,913,180 1,752,654
Toledo4,626,000
7,000
5,558,000 4,377,000
74,000
1913_
1,000
124,500
1912_
5,532,300 4,080,200 4,624,950
Detroit3,706,000
68,000
1913____ 383,000
1,333,000 2,651,000
11,000
3,277,580
2,724,600
1912.... 294,510
1,301,487
Cleveland397,000
799,000 4,967,000 4,570,000
1913____1,355,000
14,000
2,776,440
53,056
2,131,325
1912____ 113,262
599,595
6,977
Peoria1,918,000 17,911,000 10,902,000 3,185,000
1913_ _2,125,000
721,000
9,531,106 2,280,444
1912....._2,214,915
1,412,223 18,415,938
412,970
Duluth488,000 9,995,000 13,397,000 1,599,000
1913._._ 128,000 73,155,000
5,118,377 9,975,402 1,946,540
7,936
1912_ _ _; 808,390 67,843,328
Minneapolis110,974,000 8,016,000 24,099,000 34,701,000 5,702,000
1913_
5,667,330 15,334,945 22,779,300 4,950,286
112,151,790
1912..
Kansas City33,764,000 20,761,000 9,962,000
1913...
43,365,400 18,057,660 6,581,300
1912._
Omaha20,214,000 28,927,000 14,500,000
1913.___
6,057,600 2,512,756
4,387,740
1912-lotal of all1913_19,775,000 336,284,000 248,855,000 245,719,000 104842,000 14,943,000
1912_15,766,630 309,704,715 200,894,287 201,257,067 70,236,036 13,488,063
At the seaboard the increase in the grain receipts
for the twelve months, as compared with 1912, is
only about 39,000,000 bushels, whereas during the
4
FEB. 141914.]
THE CHRONICLE
first 26 weeks of the year there had been an increase
of almost 59,000,000 bushels, making it clear that in
the last half of the year there was a decrease of
20,000,000 bushels.
GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS.
Receipts of1910.
1909.
1913.
1911.
1912.
Flour
bbis_ 13,606,000 18,754,024 19,279,879 18,437,691 17,805,785
Wheat
Corn
Oats
Barley
Rye
Total grain
bush_207,189,000 157,025,083 97,528,068 76,029,415 101,316,741
51,003,000 34,480,295 68,194,983 45,703,644 47,356,213
54,070,000 77,742,034 47,296,134 50,466,287 44,650,823
5,161,650 4,130,025
7,406,015
3,340,000 9,256,046
962,692
1,041,677
1,154,183
1,141,318
3,031,000
318.633,000 279,657,641 219,222,512 177,292,063 201,871,110
The cotton movement in the South fell way below
that of the previous year and here the compariosns
were reversed-that is the loss was entirely in the
first six months, while in the last six months the
movement ran somewhat heavier than in the previous year. At the Southern outports the receipts
for the twelve months of 1913 aggregated 9,533,855
bales, against 11,288,794 bales in 1912,being a decrease of 1,754,939 bales. In the first six months,
however, the comparison was between 2,402,659
bales and 4,247,705 bales, a loss then of 1,845,046
bales. The shipments overland for the twelve
months were 1,675,356 bales, against 1,965,599 bales
in 1912 and 1,367,985 bales in 1911. This is a loss
of 290,243 bales, as compared with 1912. In the
first six months the overland shipments aggregated
723,716 bales, against 1,050,320 bales in 1912 and
579,703 bales in 1911, the loss from 1912 having been
326,604 bales.
485
twelve months aggregates $14,311,486, but $11,753,051 of this was made in the first six months.
In the following we show all changes for the separate
roads for amounts in excess of $500,000, whether
increases or decreases. It will be observed that
there is only one decrease reaching or exceeding that
figure, namely that of the International & Great
Northern, which lost $796,814, following, however,
a gain in 1912 over 1911 of $1,450,579.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR 12 MONTHS.
Increases.
Pennsylvania
Y314,311,486
N Y Cent & Hud Riv___ 7,206,716
Great Northern
5.882,112
Chicago & North West.. _ 5,359,929
Chicago Milw & St Paul_ 4,939,312
Illinois Central
3,889,337
Lake Shore & Mich So.._ 3,658,304
Baltimore & Ohio
3,639,480
Union Pacific (3)
3,519,645
Northern Pacific
3,334,361
Louisville & Nashville__ 3.314,830
Chicago Burl & Quincy._ 3.258,829
Erie (2)
3,227.102
Delaware Lack & West.. 3,219,639
Southern
3.151.615
Michigan Central
3,100,133
Missouri Pacific (2)
2,644,511
Southern Pacific (12)__
2,442,861
Phila & Reading
2,413,633
Norfolk & Western
2,126.149
Lehigh Valley
2,118,699
St Louis & San Fran (2)_ 2,019,126
Yazoo & Miss Valley..„ 2,016,777
Atlantic Coast
1,934,459
Missouri Kansas & Texas 1,741,682
Seaboard Air Line
1,726,776
Delaware & Hudson.._.... 1,679,141
Minn St P&SSM (2).._ 1,522,639
Pitts & Lake Erie
1,435,800
Mobile & Ohio
1,433,930
Increases.
Long Island
31,018.081
994,247
Chicago Great Western_
957,032
Phila Bait & Wash
884,298
Chic & Eastern Illinois..
797,346
Western Maryland
789,637
Boston & Maine
754,267
Toledo St Louis & West..
740,497
Western Pacific
725,060
Northern Central
719,006
Central of New Jersey_ _ _
717,337
Minneapolis & St Louis_
690,736
Kansas City Southern_ _ _
677,036
Vandalia
651,223
Toledo & Ohio Central__
643,222
Cinc New On & Tex Pac_
629,293
Bessemer & Lake Erie..__
607,340
Texas & Pacific
599,800
Rock Island (2)
587,796
Elgin Joliet & Eastern__
576,370
Bingham & Garfield ____
564,078
Duluth Missabe & Nor.._
563,160
Chesapeake & Ohio
562,196
Houston & Texas Pacific
550.063
Mississippi Central
532,663
Duluth & Iron Range......
526,013
Maine Central
507,517
Lehigh & New England..
507.200
N Y Ont & Western ...._ ..
503,758
Duluth Winn & Pac_ _ _ _
Representing 82 roads
niggia
onSt Paul M & 0..
in our compilation_3125,831.474
Wabash
1,212,174
Cleve Chic Chic & St L_ 1.126.060
Decrease.
Buff Roch & Pitts
1,054.517 Internat'l& Great Nor__
$796,814
Note.-Figures in parenthesis after name of road indicate the number of
lines or companies for which separate returns are given and which we have
combined so as to make the results conform as nearly as possible to those
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO given in the statements furnished by the companies themselves.
b These figures cover merely the operations of the New York Central
DECEMBER 31 1908 TO 1913 INCLUSIVE.
itself. Including the various auxiliary and controlled roads, like the
rei.
chr
en Central, theLake Shore, the "Big Four, the "Nickel Plate,"
Full Year.
whole going
form the New York Central System, the result is
Ports.
a gain of
1912.
1911.
1913.
1910.
1909.
1908.
ee
sns
tht
oh
wei linesmIrerly operated east and west of
plr
iens
Pittsburgh,
hfi ,fseiserrne
bales.. 3,247,965 4,327,940 3,135,813 2,882,807 3,052,438 3,663,535 lines $3,518,259; for all lines owned, feas
Galveston
9eCi2,27 ienerteedsean
agdailVtil
el d,
ester
thn
e
708,254 974,288 806,305 407,029 343,846 154,891 result for the twelve months is a gain of $19,071,
Texas City. &C
3
ra16.
1,517,379 1,755,536 1,495,219 1,579,170
Orleans
New
1,609,732 2,134,367
379,241 307,704 290,769 277,087 317,346 364,778
Mobile
178,397 177,911 243,241 157,166 223,531 202,910
Pensacola, &c
1,709,206 1,788,985 1,914,008 1,378,979 1,536,742 1,493,264
Savannah
Brunswick
278,484 352,289 322,324 209,267 296,747 283,772
Charleston
435,689 372,518 338,288 288,519 249,302 186,601
Georgetown
110
389
1,836
1,490
2,140
1,955
Wilmington
376,942 484,627 432,591 377,523 385,410 427,673
Norfolk
597,236 662,954 599,158 623,987 579,354 580,353
Newport News, &c.._ 104,952
83,653
27,164
10,053
11,650
7,169
Total
9,533,855 11,288,794 9,591,202 8,193,077 8,623,752 9,501,268
1:EY.:35
We have already indicated that the monthly totals
of earnings, speaking of the roads as a whole, became
steadily .less favorable as the year progressed. In
January there was a gain in gross revenues of huge
magnitude by reason of this striking difference in the
meteorological conditions in the two years. In
February the gain was not quite so large, but would
also have been of notable size except for the fact
that in 1913 the month lacked the extra day which
February 1912 had contained by reason of its being
a leap year. The tremendous floods in the Middle
Western States towards the close of March left their
impression upon earnings in that month, not alone
in gross, but yet more in net. In April and May
comparison was with the period in 1912 when the
anthracite mines were shut down,involving a decided
shrinkage in the coal traffic of the railroads concerned, and the prevalence of normal conditions in
1913 gave large increases in earnings in those months.
In the last six months, July August and September
showed dwindling amounts of gains, while in October,
November and December there were actual decreases
each month as may be seen by the following.
With regard to general trade activity,the statistics
all make it evident that the volume of business for
the twelve months 01 1913 was greater than for the
twelve months of 1912, but that the bulk of the
increase, and in some cases more than the whole
of it, was established during the first six months.
Pig iron production for the year was about 30,966,301
tons, as against 29,726,937 tons in 1912. The Lake
Superior shipments of iron ore by water reached
49,070,478 tons, against 47,435,777 tons and the
shipments of anthracite to tidewater aggregated
69,069,628 tons, against 63,610,578 tons, while the
production of copper amounted to 1,622,540,829
pounds, against 1,581,920,287 pounds. Finally,
we may refer to the coal and coke shipments over the
Pennsylvania Railroad. For 1913 the aggregate
amount of coal and coke carried over the Pennsylvania lines east of Pittsburgh and Erie was 76,130,427
Miles of
Gross Earnings.
Road in
tons, against 70,117,880 tons in 1912, being an inMonth.
Inc. (+or)
1913.
1912.
1912.
1913.
Dec.(-).
%
crease of 6,012,547 tons. Of this increase only
___.......
$
$
$
398,987 tons was in the anthracite shipments.
January __- 235,607 232,179 246,663,737 208,535,060 +38,128,677 18.28
-_ 240,986 237,756 232,726,241 218,336,929 +14,389,312 6.59
In the case of the separate roads we have many February
240,510 237,295 249,230,551 238,634,712 +10,595,839 4.46
March
240,740 236,515 245,170,143 220,981,373 +24,188,770 10.90
April
increases of large dimensions for the twelve months May
239,445 236,619 263,496,033 232,879,970 +30,616,063 13.14
230,074 227,242 259,703,994 242,830,546 +16,873,448 6.95
June
and relatively few decreases,even of small dimensions. July
206,084 203,773 235,849,764 223,813,526 +12,036,238
5.38
219,492 216,709 259,835,029 255,493,023
August
+4,342,006
1.50
But here again the improvement occurred mainly, September
242,097 239,050 285,050,042 275,244,811
+9,805,231
3.56
October
243,690 240,886 299,195,006 300,476,017 -1,281,011
0.48
or wholly, during the first half of the year. For November 243,745
241,452 269,220,882 278,364,475 -9,143,593
3.35
December
237,778 235,501 250,751,966 262,383,306 -11,611,340 4.38
illustration, we may take the Pennsylvania Railroad,
which heads the list for amount of increase. On the
To complete our analysis, we now insert six-year
lines directly operated, both east and west of Pitts- comparisons of the gross earnings of leading roads
burgh, the improvement on this system for the arranged in groups.
EARNINGS OF SOUTHERN GROUP.
Ala Gt So
Cent of Ga
Ches & 0_
C NO&TP
Lou & Na.s
Mob & 0_
N 0& StL
Norf & W
South Ry_
Yaz & MV
1912.
1913.
Year.
1911.
3
$
$
5,441,721 4,985,879 4,571,203
14.126,792 13,979,052 13,422,476
35,732,779 35,170,583 32,709,160
10,726,763 10,097,470 9,234,048
61,129,794 57,814,964 54,372,031
12,913,658 11,479,728 11,488,278
13,210,683 12,810,085'12,418,883
45,014,751 41,888,602 37,048,473
69,644,725 66,493,110 61,549,577
12,079,98610,063,209 10,452,387
1910.
1
$
4,516,365
12,525,587
32,540,622
9,446,989
54,428,973
10,988,634
11,926,765
36,228,574
59,152,935
10,516,298
1909.
1908.
3
3,769,596
11,467,327
28,882,509
8,381,467
47,925,523
10,013,995
11,276,396
31,956,442
54,366,745
10,002,427
3
3,359,232
11,006,893
24,270,095
7,363,650
43,508,681
9,199,535
10,551,123
26,643.769
49,335,470
10,074,484
Total__ _ ,80,021,652264,782,682247,266,496 242,271,742218,042,427 195,313,292
a Beginning with July 1907 includes some large items of income not previously
included in monthly returns.
b No longer includes receipts for hire of equipment, rentals and other items.
EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP.
Year.
1912.
1913.
1911.
1910.
1909.
1908.
s
$
$
3
$
$
A T & S F 13,574,169 114,043,935 106,825,574 107,771,979 99,880,253 89,161,173
Col&Sou 8 14,366,462 14,250,131 14,434,581 17,244,609 15,649,266 14,527,918
D & R Gr_ 24,053,265 24,214,755 23,029,309 24,174,478 22,288,589 19,464,019
list & GtN 10,392,568 11,189,382 9,738,804 9,060,985 8,275,589 7,503,807
Mo K & T 31,998,115 30,256,433 28,695,793 28,326,574 25,665,384 23,774,576
Mo Pac__ 61,328,089 58,683,578 53,752,816 53,638,138 49,394.524 43.112,487
StL&SF d 46,115,797 44,096,671 42,585,929 42,305,299 39,883,674 35,026,508
St L S W- 13,139,573 12,769,933 11,784,602 11,649,984 10,584,303 9,694,050
Sou Pac__ 140,546,771 138,103,910 130,552,181 136,208,346 127,692,744 117,657,280
Tex & Pac 18,274,417 17,674,617 16,139,028 16,375,802 14,060,652 13,917,313
Union Pac 94,032,977 90,513,332 86,202,236 92,202,670 83,961,212 75,760,017
Total__ _ .67,822,203555,700,677523,739,853538,958,864 498,206,890449,599,148
b Includes all affiliated lines except Trinity & Brazos Va ley RR., but figures for
Colorado Springs & Cripple Creek Dlet, are excluded beginning Nov. 1 1911.
a Does not include Chicago & Eastern Illinois in any of the years.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
Year.
1912.
1913.
1911.
1910.
$
$
$
$
Ch & E III 16,261,732 15,464,386 15,006,595 a14,944,200
C&GWc 14,253,412 13,296,380 12,814,715 12,732,006
C M & StP 692,929,002687,989,690 78,224,891 80,386,166
C&N Wd 87,264,450 81,904,530 176,958,226 75,590,299
CStPM&O 17,733,848 16,512,811 15,400,307 16,192,865
Dui SS&A 3,523,189 3,217,229 3,072,836 3,317,352
Great Nor 79,535,385 73,653,273 63,028,669 64,372,007
M & St Li 9,580,945 8,891.209 8,082,994 15,059.360
13,418,312
Ia Conti
M St P &
S S M_e 30,987.074 29,464,435 23,239,314 22,923,952
Nor Pae__ 72,000,274 68,665,913 62,914,049 70,932,666
St J & Gr I 1,558,670 1,564,858 1,627,929 1,686,697
1909.
1908.
$
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
$
10,055,320
8,981,659
58,101,786
62415,759
12,790,172
2,574,725
50,691,143
3,935,693
2,918,482
21,118,612 18,878,991
70,887,281 65,297,248
1,564,991 1,599,823
Total__ _ • 25,627,990 • 00,624,714 360,370,525371,555,882 329,295,142298,249,801
c Beginning with September 1908, includes the Mason City & Fort Dodge and the
Wisconsin Minnesota & Pacific.
d Includes trans-Missouri lines.
e Includes Wisconsin Central for all the years.
b Now includes Chicago Milwaukee & Puget Sound.
f Beginning with 1911, includes not only operating revenue but also all other
receipts.
a Now includes Evansville & Terre Haute.
EARNINGS OF ANTHRACITE COAL GROUP.
Year.
1912.
1913.
1911.
1910.
1909.
s
$
1908.
_, 5
$
$
$
Cent of NJ 29,979,231 29,261,894 28,219,066 27,172,123 25,873,207 25,455,032
Lehigh Val 41,737,316 39,618,617 38,803,364 36,643,713 34,353,823 33,045,979
8,796,960
9,095,635
9,106,924 8,399,229 8,155,469
N Y O&W 0,300,727
NY S &W 3,911,535 3,530,162 3,989,335 3,618,052 3,417,432 3,113,624
P & B. d__ 51,362,072 48,948,439 45,893,052 46,201,852 42,250,346 39,576,781
Total ..._ 136,290,331 130,156,081 126,000,452 122,742,664 114,294,037 109,346,885
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.
1912.
1911.
1910.
1909.
1908.
•
$
$
$
$
$
S
Bait & Oa 101,760,757 98,121,277 88,071,011 90,869,847 82.293,630 69,370,644
CC()&StL 33,840,298 32,714,238 30,431,915 30,423,005 27,657,741 24,621,661
Peer & E'n 3,387,434 3,429,867 3,218,284 3,536,067 3,026,856 2,764,463
62,445,847 59,218,745 57,073,104 56,015,555 52,819,783 48,226,102
Erie
L S & M S 57,941,920 54,283,616 48,360,997 49,420,211 45,110.997 39,066,941
Mich Cent 36,011,886 32,911,753 30,164,490 29,694,816 27,415,466 24,222,139
N Y Centb 116,904,304 109,697,588 103,954,862 99,908,478 93,172,861 c83,027,354
Pa. RR.EastP&F, 185,400,825 174,607,598 157,487,412 160,457,299 153,567,090 136,296,871
W'stP&E 110,072,766 106,554,507 92,223,235 94,772,254 84,013.141 70,336,682
31,164,361 29,952,187 29,295,290 29,826,573 27.439,595 24,956,064
Wabash
Year.
1913.
Total__ _ 738,930,398 701,491,376640,280,600644,924,105596,517,160 524,288,921
a Includes the Cleve and Lorain & Wheeling fly, beginning July 1 1908.
c This is on the basis of accounting prescribed by the Inter-State Commerce Commission; on the old basis of accounting earnings for the calendar year 1908 were
$88,849,368.
S Boston & Albany, as also the Beech Creek RR., the Wallin' Valley RR., the
New York & Ottawa, the St. Lawrence & Adirondack, the Ottawa & New,York and
the Fall Brook System, included for all the years.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Year.
[Voir. loom.
THE CHRONICLE
,M36
1913.
1912.
1911.
1910.
1909.
1908.
5
$
3
$
$
$
_
Buff R&P 11,391,396 10,336,879 9,058,247 9,168,648 8,144,307 6,701,341
Ch Ind &L 7,004,148 6,795,083 6,343,263 6,172,723 5,618,230 5,043,676
Hock Vail 7,919,349 7,598,369 6,854,322 7,942,455 6,465,433 5,581,218
Ill Central 66,030,289 62,140,952 60,824,279 d61,201,476 c57,277,466 55,326,259
L E & W a 5,934,643 5,839,630 5,420,821 5,513,326 5,043,090 4,361,158
Tol & 0 C 0,006,241 5,363,019 4,038,646 5,089,986 3,940,889 4,140,761
Tol P & W 1,382,627 1,345,331 1,269,887 1,256,112 1,111,051 1,165,834
T StL &W 4,657,342 3,916,845 3,847,591 3,787,928 3,598,274 3,426,320
Wh & L E 7,949,166 7,869,112 7,111,680 6,989,350 6,275,713 4.992,247
Total-- 118,275,201 111,205,220 105,668,736 107,122,004 97,475,353 00,738,814
a Includes the Northern Ohio.
c No longer includes receipts for hire of equipment, rentals and other items.
a Includes Indianapolis Southern from July 1 1910.
We now add our full detailed statement, embracing
all roads for which,it has been possible to procure or
to make up the figures for the last two calendar years.
GROSS EARNINGS OF UNITED STATES RAILROADS
IN CALENDAR YEARS 1913 AND 1912.
Gross Earnings.
Mileage.
Name of Road.
Jan. 1 to Dec. 31.
1913.
11912.
Alabama & Vicksb_ $1,893,220 $1,691,117
Alabama Great Sou
5,441,721 4,985,879
Ann Arbor.c
2,307,769 2,279,665
Arizona Eastern..
2,783,524 2.398,482
Ariz & New Mexico
1,021,461 1,002,971
A T & S Fe (8rds)_c 113,574,169 114.043,935
Atlanta Birm & Atl
3,405,151 3,225,314
Atlanta & West Pt.. 1,256,560 1,254,842
Atlantic & St Lawr_ y1,573,703 y1,436,399
Atlantic Coast Line 36,598,456 34,663,997
Atlantic City
2,363,266 2,145,115
Baltimore & Ohio
101,760,757 98,121,277
B & 0 Ch Term
1,763,919 1,694,306
Bangor & Aroost'k. 3,440,778 3,272,196
Beau Sour L & W
631,428
783,024
Bessemer & L Erie.. 9,269,086 8,661,746
Belt By of Chicago_
3,085,125 2,946,350
Bingham & Garfield
1,531,667
967.589
Birmingham South_
1,330,049 1,061,513
Boston & Maine
48,319,379 47,565,112
Buffalo & Susq RR_
1.862,430 1,692,499
Buffalo & Susq Ey_
608,905
593,608
Buff Roch & Pittsb 11,391,396 10,336,879
Butte Anac & Pac
1,422,315 1,259,170
Can Pao Ry in Me.. 1,516,370 1,385.914
Caro Clinch & Ohio 2,642,411 2,360,925
Central New Eng..
3.740,692 3,670.276
Central of N J__ _C 29,979,231 29,261,894
Central of Georgia.. 14,126,792 13,979,052
Central Vermont
4,166,666 4,128.412
Charlest & W Caro_
2,023,953 1,882,821
Chesapeake & Ohio 35,732,779 35,170,583
Chicago & Alton..
14,967,784 14.864,873
Chicago & East Dl.. 16,261,732 15,464,386
Chic & Nor West_ _c 87,264,459 81,904.530
Chic Burl & Quincy 94,724,884 91.466.055
Ch Det & Con CT J
P893,003
y866.195
Chicago Great West 14,253,412 13,296,380
Chic Ind & Louisv_
7,004,148 6,795.083
Chicago Junction
2.067,528 1,908,697
Chic Milw & St P_1 92,929,002 87,989,690
Ch Mil & Pug Self
Chic Peoria & St L.. 1,638,181
1;747,759
Chic St P M & 0_c 17.733,848 16,512,811
Chic T 11 & S E
2,040,508 1,903,095
Cin Ham & Dayton 9,910,559 10,068,738
Cin N 0 & Tex P
10,726,763 10,097,470
Coal & Coke
1,001,555
998,476
Colo & Sou (3 rds)_c 14,366,462 14,250,131
Colorado & Wyom_
835,844
895,952
Colorado Midland.. 1,713.338 1,884,049
Coltun & Puget S'd_
587.068
532,824
Copper Range
1/539,837
y703,659
Cumberl'd & Penna
946,580
930,202
Delaware &
24,096.212 22;417.071
Der Lack & Western 40,784,148 37,564,509
Deny & Rio Grande 24.053.265 24,214,755
Western Pacific... 6,389,942 5,664,882
Denver & Salt Lake 1,148,160 1,189,306
Det & Tol Sh Line.. 1,506,704 1,265,714
Detroit Riv Tunnel 1,324,341 1,190,891
Detroit & Mackinac 1,228,761 1,264,164
Det Gr Hay & Milw 1/2,291,239 y2,139,014
Det Tol & Ironton_
1,590,556 1,761.880
Dul & Iron Range
7,323.835 6;797.822
Dul Missabe & Nor 8,704,008 8,140,848
Duluth Winn & Pac 1,891,806
897.559
Duluth So Sh & Atl 3,523.189 3,217,229
Elgin Joliet & East_ 12.998,176 12,421.806
El Paso Southwest_
8.802,880 8,249,147
Erie(2 roads)_c_ _
62,446,847 59.218,745
Florence & Crip Ok 1,212.027 1,271,581
Florida East Coast_
5,179,200 4;761,876
Fonda Johns& Cloy
991,895
950,923
Ft Smith & West
684,132
744,958
Ft Worth & Rio Or..
841,949
924,260
Galveston Wharf
522,479
537,070
Georgia
3,321,712 3,158,313
Georgia & Florida
869,019
810.893
Georgia Fla & Ala
1/543,143
Y529,292
Georgia Sou & Fla_
2,649.285 2,468,136
Grand Trunk West.. Y6.689,488 Y6,293.697
Great Northern _ _ _ _ '79,535,385 73,653,273
Green Bay & West..
757,738
761,502
Gulf & Ship Island_
2,177.244 1,999,736
Hocking Valley........ 7.919.349 7,598,369
Roust & Tex Cent.. 6,773,100 6,223,037
Hunt & Broad Top_
662,628
639,434
Idaho & Wash Nor..
1/572.579
y571,868
Illinois Central_ c
66.030,289 62,140,952
Internet & Gt Nor_ 10,392.568 11,189,382
Kanawha & Mich.._
3,353,596 3,115;706
K C Mex & 0 ofTex
1/903,196
y744,093
Kansas City South.. 10,639,344 9.962,308
Lack & Wyom Vail..
645,139
603,169
Lake Sup & Ishpem
657.004
255,307
Lake Terminal__
656,917
605,461
Lehigh & Illid River 1,852,150 1,742,208
Lehigh Valley
41,737,316 39,618,617
Lehigh & New Eng.. 1,847,220 1,340,020
Louisiana & Arkau_
1.715,456 1,624,979
Louisiana By & Nay 1,921,219 1,793,268
Louisville & Nashv_ 61,129,794 57,814,964
Louisv Hem'& St L y1,189.561 P1,162,958
Macon Dub & Sav_
529,359
508,540
Manistee & Nor'eas
559,905
5M,615
Maine Central
11.463,782 10,956,265
Maryland & Penn
531,086
474.558
Midland Valley
1,585,037 1,479,853
Mineral
_
587,578
824,924
Minn St P
& S SM
Range..(2 roads)
30,987,074 29,464,435
Minn & internal...... 1,009,007
873,293
Minneap & St L..-1 9,580,945 8,891,209
Iowa Central.... J
MississippiCentralc
1,480,728
948,065
Miss Itiv & BonneT
692,844
786.655
Mo & Nor Ark......_
1,280,531
1,131.079
Mo Kens & Texas
31,998.115 30,256.433
Mo Okla & Gulf
1.175,433
958.015
Mo Pac(2 roads)c 61.328,089 58,683,578
Mobile & Ohio
12,913,658 11.479,728
Monongahela Conn
1,054,649 1,057,997
Muds 114arq & S E
530,360
518,127
Nashv Chatt & St L 13,210,683 12,810.085
New Jersey & N Y..
853,076
827,175
Nevada Northern
1,766,786 1,605,583
Newburg & Sou Sh_
664.967
687,757
New On & Nor East 4,014.182 3,720,295
New On Mob & Ch y2,158.217 y2.079.776
N 0 Texas & Alex
1,556,326 1,509.222
New Orb Great Nor 1.950.419 1.626,546
Hudson
Inc.(+)or
Dec. (-).
1913. 1912.
$+202,103
143
143
+455,842
309
309
+28,104
292
292
+385,042
367
367
109
+18,490
109
-469,766 10,874 10,734
645
+179,837
662
93
+1,718
93
167
+137,304
167
+1,934,459 4,620 4,612
167
+218,151
167
+3,639,480 4,456 4,455
77
+59,613
77
631
+168,582
631
119
118
-151,596
204
204
+607,340
21
21
+138,775
26
.26
+564,078
44
43
+268,536
+754,267 2,252 2,242
266
253
+169,931
91
91
+15,297
674
581
+1.,054,517
74
90
+163.145
233
233
+130,456
248
248
+281,486
277
304
+70.416
669
+717,337
676
+147,740 1,924 1,924
411
+38,254
411
+141,132
341
341
+562,196 2,345 2,324
+102,911 1,032 1,026
+797,346 1,282 1,275
+5,359,929 8,091
,976
+3,258,829 9,129 9,129
60
+26,808
60
+957.032 1,496 1,496
+209,065
617
617
+158,831
12
12
+4,931,312 9,690 9,592
-109,578
+1,221,037
+137,313
-158,179
+629,293
+3.079
+116,331
-60,108
-170,711
+54,244
-163,822
+16,378
+1,679,141
+3,219,639
-161,490
+725,060
-41,146
+240,990
+133,450
-35,403
+152,225
-171,324
526.013
563,160
994,247
+305,960
+576,370
+553,733
+3,227,102
-59,554
+417,324
+40,972
-60,826
-82,311
-14,591
+163,408
+58,126
+13,851
+181,149
+395,791
+5,882,112
-3,764
+177,508
+320,980
+550,063
+23,194
4.711
+3,889,337
-796,814
159,103
677.036
+41,970
+401,697
+51,456
+109,942
+2,118,699
+507,200
+90.477
+127,951
+3,314,830
+26,603
+20,819
-21,710
+507.517
+56.528
+105,184
-237,346
255
1,747
362
1,015
337
197
1,867
53
338
55
138
64
854
960
2,598
937
215
79
2
411
191
441
272
363
181
627
804
982
2,256
87
696
88
221
235
12
307
352
193
395
347
7,793
248
308
351
789
72
150
4,763
1.159
177
477
827
23
35
10
97
1,440
286
279
351
4,923
200
93
190
1,207
80
373
125
255
1,744
351
1,015
337
197
1,813
55
338
55
137
62
854
959
2,598
934
215
79
2
411
191
441
274
356
144
627
802
968
2,257
129
642
88
221
235
11
307
352
193
395
347
7,774
248
308
351
789
71
150
4,763
1,159
177
431
827
23
35
10
97
1,452
272
255
351
4,723
200
93
190
1,204
80
373
127
+1,522,639
+135,714
+689,736
3,979
197
1,585
3,976
194
1,586
+532,663
-93,811
+159,452
+1,741,682
+217,418
+2,644,511
+1,433,930
-3,348
+12,233
+400,598
+25,901
+161,203
-22,790
+293,887
+78,441
+47,104
+323,873
164
65
365
3,817
332
7,283
1,123
6
137
1,231
48
165
13
196
403
286
283
164
65
365
3,817
258
7,236
1,114
6
137
1,231
48
165
13
196
547
277
283
t
237,890
1
THE CHRONICLE
FEB. 14 1914.]
Mileage.
Gross Earnings.
Name of Road.
Jan. 1 to Dec. 31.
1913.
1912.
Inc.(±) or
Dec. (-).
$
$
$
N Y C & Hud Riv_c 116,904,304 109,697,588 +7,206,716
Chic Ind & Sou_c 4,462,452 4,235,819
+226,633
Chic Kal & Sag_
+6,587
207,672
214,253
Cincin Northern•c 1,436,709 1,418,646
+18,063
C C C & St L___c 33,840,298 32,714,238 +1,126,060
Dot & Charlevoix
+15,871
82,760
98,631
Dunk All V & P_
+24,737
355,633
380,370
Indiana liar Belt 3,303,806 2.936,134 . +367,672
Lake Erie & W__c 5,934,643 5,839,630
+95,013
L S & Mich So_ _c 57,941,920 54,283,616 +3,658,304
+40,849
224,414
Lou & Jeff Bdge_
265,263
Michigan Cent_c 36,011,886 32,911,753 +3,100,133
+115,763
N Y Chic & St L.c 12,342,000 12,226,237
-42,433
Peoria & East ..c 3,387,434 3,429,867
Pitts & Lake E_c 19,597,919 18,162,119 +1.435,800
+643,222
Tol & Ohio Cent.c 6,006,241 5,363,019
+21,628
454,913
Zanesville & West
476,541
+5,968
N Y N H & Hartf__ 67,856,207 67,850,239
+503,758
N Y Ont & Western 9,300,727 8,796,969
+381,373
3,911,535 3,530,165
N Y Susq & West_c
+230,345
Norfolk & Southern 3,421,459 3,191,114
Norfolk & Western_ 45,014,751 41,888,602 +3,126,149
+120,137
472,212
592,349
Northern Alabama_
Northern Pacific __ 72,000,274 68,665,913 +3,334,361
+188,857
Northwestern Pac_
3,755,453 3,566,596
Pennsylvania-Line s East of Pit tsburghPennsylv RR_c__ 185,400,825 174,607,598 +10,793,227
157,172
118,609
+38,563
Balt & Spar'ws Pt
302,506
+43,498
346,004
Bait Ches & Atl_c
355,313
+18,567
Cornwall & Leb__
373,880
Cumberland Val.c 3,574,335 3,291,361
+282,974
Long Island -_-c 12,204,738 11,186,657 +1,018,081
141,525
156,655
+15,130
Meryl Del & Va_c
Monongahela ___
1,654,008 1,578,366
+75,642
NYPhila&Norf.c 3,931,218 3,566,191
+365,027
Northern Cent_ _c 13,563,722 12,844,716
+719,006
462,291
Penn Terminal__
502,885
+40,594
Phila Bait & W_c 21,164,340 20,280,042
+884,298
249,432
224,099
Susq Blooms&Ber
+25,333
Union RR of Bait 1,813,591 1,615,188
+198,403
W Jers & Seash_c 6,405,787 6,395,256
+10.531
Lines West of Pitt sburgh214,964
Central Indiana_
185,164
+29,800
Cin Lob & Nor__
588,418
509,635
+78,783
Ord Rap & Ind_c 5,580,232 5,435,271
+144,961
Penn Company_c 65,835,378 62,950,425 +2,884,953
Pitts Char & You
405,816
348,229
+57,587
Pitts C Ch & StLc 44,237,388 43,604,082
+633,306
Tot Poor & West_
1,382,627 1,345,331
+37,296
Vandalla
c 11,399,933 10,748,710
+651,223
Waynesb & Wash
-5,467
138,621
133,154
Peoria & Pekin Un_
+37,829
11821,745
9859,574
Pere Marquette ___ 16,982,931 16,832,549
+150,382
-36,296
707,447
Perkiomen
671,151
+368,312
Pitts Shaw & Nor
2,094,514 1,726,202
c51,362,072 48,948,439 +2,413,633
Phila & Reading
-119,570
1.432,722 1,522,292
, Port Reading_
990,320
-49,441
940,879
Quincy Om & K-0_
+233,366
Richm Fred & Pot_ 2,990,073 2,756,707
593,537
+97,490
691,027
Rio Grande South'n
+587,796
Rock Island (2 rds)c 69,386,791 68,798,995
3,752,774 3,612,521
+140,253
Rutland
1,558,670 1,564,858
-6,188
St Jos & Grand Isl_
St L & San Fr(4 rds) 46,115,797 44,096,671 +2,019,126
+67.782
St L Browns & Mex 2,749,291 2,681,509
-9,410
St L Merch Br Term 2,002.634 2,012,044
StL Rocky Mt& P_c 2,427,399 2,066,677 • 1360,722
St L Southw (2rds)c 13,139,573 12,769,933
369,640
St P & K C Sh Line
z583,737
x752,627
168,890
San Ant & Aran P.. 4,856,684 5,008,260
-151,576
San P Los A & S L_ 10,392,698 9,922,794
+469,904
Seaboard Air Line
25,152,264 23,425,488 +1,726,776
South Buffalo
+124,453
837,081
961,534
Southern Railway - 69,644,725 66,493,110 +3,151,615
Southern Ry in Miss 1,161,040 1.070,733
+90,307
So Pac (12 rds)..c._ 140,546,771 138,103,910 +2,442,861
Spok Portl & Seattle 5,284,722 5,016,252
+268,470
Internat'l_
171,270
1,120,192 1,048,922
Spokane
763,750
811,527
Staten Isl Rap Tran
47,777
553,955
535,364
Sullivan County__.
18,591
620,209
795,335
Sunset
-175,126
651,340
Tacoma Eastern
614,718
+36,622
Tennessee Central_ 1,717,756 1,603,511
+114,245
Term'i Assn of St L 2,906.472 2,895,636
+10,836
Texas & Pacific_ _ -- 18,274,417 17,674,617
+599,800
765,756
Texas Midland_ _ _ _
748,200
+17,556
Goldf
720,815
698,094
Tonopah &
-22,721
4,657,342 3,916,845
Tel St L & West..
+740,497
Trinity & Braz Val_ 2,497,348 2,863,726
-366,378
9990,595
+61,770
Ulster & Delaware_ 111,052,365
Union Pac (3 rds)_c 94,032,977 90,513,332 +3,519,645
+143,870
4,742,285 4,598,416
Union RR (of Pa)
533,678
528,267
-5,411
Vermont Valley
+280,322
1,761,813 1,481,491
Vicks Shrov & Pac_
+124,774
Virginia & Southw_ 1,907,975 1,783,201
6,548,043 5,175,642 +1,372,401
Virginian
31,164,361 29,952,187 +1,212,174
Wabash
742,529
+178,367
920,896
Wabash-Pitts Term
170,492
Washington South.. 1,320,051 1,249.559
52,323
526,622
West Side Belt
578,945
80,054
7,949,166 7,869,112
Wheeling & LakeE
.._4-789,637
Western Maryland_ 8,161,457 7,371,820
-F93,412
Western Ry of Ala.. 1,479,379 1,385,967
Wilkes-Barre& East
592,641
+116,223
708,864
Yazoo & Miss Vall_c 12,079,986 10,063,209 +2,016,777
210 minor roads_
45,550,124 43,071,564 +2,478,560
1913.
1912.
3,750
358
45
244
2,013
43
91
105
905
1,852
4
1,798
565
351
222
442
90
2,060
566
154
569
2,036
112
6,315
401
3,729
358
45
244
2,011
43
91
105
886
1,872
4
1,816
564
351
221
442
90
2,091
566
154
562
2,019
1112
6,241
401
4,031
5
88
26
162
399
84
67
112
472
5
713
42
10
355
4,021
5
88
26
162
399
84
65
112
472
5
713
42
10
356
. 127
46
578
1,751
22
1,472
248
910
28
17
2,325
42
282
1,020
21
263
88
180
8,242
468
319
5,235
518
9
106
1,715
250
724
1,135
3,082
36
7,037
281
10,431
556
163
11
26
63
' 92
294
34
1,885
125
110
451
463
129
7,583
31
25
171
240
503
2,515
63
36
22
459
661
133
92
1,372
11,317
127
46
578
1,751
22
1,472
248
827
28
17
2,330
42
279
1,015
21
263
88
180
8,042
468
319
5.235
510
9
106
1,608
128
724
1,135
3,070
36
7,036
281
10,316
556
161
11
26
59
92
294
34
1,885
125
110
451
463
129
7.322
31
24
171
240
503
2,515
63
36
22
459
543
133
92
1,372
11,096
Grand total (473
roads)
3200506884 3054779642 +145727242 244,935 242,660
Net inc. (4.76%)-c These figures are furnished by the company.
y These figures are for eleven months only in both years.
x These figures are for ten months only in both years.
RAILROAD GROSS EARNINGS FOR JANUARY.
The new year does not open auspiciously as far as
the gross earnings of United States railroads are
concerned. In the preceding article we have reviewed the results for the calendar year 1913 and
find that this was a period of expanding gross revenues, notwithstanding the shrinkage in the closing
months. The year 1914 is scheduled for a contraction in gross receipts if the exhibit we present to-day
for the month of January is any indication of what the
outcome is to be. It would be decidedly venture
487
some, however, to base predictions for the whole
year on the results for this one month. The possibility, of course, remains of a decided change for the
better later on in general conditions. All that can
be affirmed with positiveness at this early stage is
that the year has made a decidedly bad beginning
Of course we have only a limited representation
of roads in our statement of to-day, which is simply
the usual preliminary tabulation, comprising merely
the roads which make it a practice to give out early
approximations of their gross receipts, consisting
chiefly of Western grain-carrying and Southern
cotton-carrying lines. As less than two weeks have
elapsed since the close of the month, it is obviously
too early to have returns from any roads or systems
except such as give out preliminary reports of gross.
There seems no reason to think, however, that the
roads not represented in this early exhibit, and
which embrace most of the larger railroad systems
of the country, will make any better comparison
than those now given.
The circumstances chiefly responsible for the poor
comparisons with a year ago are the reaction-perhaps depression would not be too strong a word-in
general trade, together with the marked contraction
in the grain movement as a consequence of the late
season's greatly reduced grain yield. As far as the
slump in general trade is concerned, this, apparently,
was not so pronounced as in December, the closing
month of the old year, and yet it was general and
widespread, the iron and steel trades in particular,
which furnish such large quotas of traffic to the
railroads, being extremely depressed, and the contrast with January of the preceding year is the more
marked as exceeding activity then prevailed. In
the matter of the grain traffic, the loss on account
of the short crop yield reached very large proportions. There is one other circumstance which often
plays an important part in the January business of
the railroads, namely the state of the weather. This,
as it happens, in 1914, as in 1913, was very favorable, the winter having been a mild one in both
years.
Notwithstanding, however, the aid furnished by a
mid -w:nter, the roads included in our table further
below show large and general losses. In fact, about
the only exceptions to the rule are a few distinctively
cotton-carrying roads in the South and the Southwest. Out of the whole 47 roads which have contributed, returns, no less than 33 report reduced
earnings; only 14 have improved in any way on their
totals of the previous year. For the whole 47 roads
the decrease reaches $3,713,220, or 5.32%. Our
statement, as is always the case, includes the three
large Canadian systems, but these also have fallen
heavily behind, the Canadian Pacific, in fact, standing at the head of the list for amount of loss, with
a decrease of no less than $1,800,000; the Grand
Trunk also suffered a decrease, though of much
smaller amount, namely $281,315. The Canadian
Northern has a small increase.
Of course, in comparing with January 1913 we
are comparing with a period of very large increases,
speaking of the roads collectively, but the extent
of these increases was in a measure misleading, inasmuch as it followed from the fact that the weather
was so extremely mild then, while in January 1912
meteorological conditions had been the worst experienced for a generation, with the effect of seriously
curtailing railroad revenues at that time. The fact
THE CHRONICLE
488
remains, nevertheless, that 1913 earnings, with
which comparison is now being made, were of very
large proportions.
As an indication of the effect exerted by adverse
weather conditions in January 1912, we may note
that our early statement for that month registered a
decrease. This decrease was not large, being no
more than $103,181, or barely 1-5 of 1%. The
showing at that time, however, would have been a
great deal worse except for the fact that the Canadian
systems were then still reporting phenomenal gains,
the three having contributed altogether an increase
of $1,997,547. With these eliminated, the result for
the roads in the United States would have been
a loss of $2,100,728. Nor were the earnings for
January 1911 particularly good. Our early January
statement for that month showed only $1,360,699
increase, or 2.31%. Prior to 1911 there were some
noteworthy records of expansion. The following furnishes a summary of our early January totals back
to 1897. From this it will be seen that, except
where weather conditions interfered seriously with
railroad transportation, or where panicky conditions
prevailed in business, the January record prior to
the year 1912 was one of continuous growth:
Gross Earnings.
Mileage.
January.
I
Year Yr. Pre- InGiven. ceding.! cr'se.
Year.
1897 _-1898
1899 _
1900 ___
1901
1902 ____
1903 __-_
1904
1905 _ _ _ _
1906
1907 _1908
1909....1910 ____
1911 _--1912 _1913
1914
Year
Given.
Year
Preceding.
Increase (+) or
Decrease (-).
33,135,597
40,531,246
42,073,103
48,085,950
55,377,258
57,169,120
59,886,350
46,258,053
49,559,869
57,728,897
70,798,432
51,983,470
49,948,282
55,379,765
59,712,430
57,898,264
67,033,683
66,918,142
35,962,790
34,640,631
39,423,994
41,770,230
51,031,757
53,126,110
54,740,827
48,085,470
46,790,179
48,559,919
69,253,693
56,959,863
47,680,819
48,022,938
58,351,731
58,001,445
57,120,163
70,631,362
---2,827,193 7.96
4-5,890,615 17.00
4-2,649,109 6.72
4-6,315,720 15.10
4-4,345,501 8.51
4-4,043,010 7.61
4-5,145,523 9.40
---1,827,417 3.80
4-2,769,690 5.92
4-9,168,978 18.88
4-1,544,739 2.23
---4,976,393 8.74
A-2,267,463 4.76
4-7,356,827 15.32
4-1,360,699 2.31
---103,181 0.18
4-9,913,520 17.44
---3,713,220 5.32
Roads Miles. Miles.' %
124
125
118
104
102
94
75
66
62
54
68
58
51
50
51
48
48
47
91,113
95,817
93,605
95,543
97,369
95,656
95,095
79,629
80,160
81,800
93,516
83,870
79,732
82,136
88,919
87,404
88,321
90,939
90,550
94,873
92,416
93,427
94,683
94,011
93,137
77,749
78,338
79,997
91,670
82,857
78,148
80,688
86,559
85,984
85,946
80,602
0.62
0.99
1.29
2.26
2.84
1.75
2.10
2.42
2.33
2.27
2.01
1.21
2.03
1.80
2.72
1.65
2.77
1.49
Note.-Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included in this table.
We have already stated that among the separate
roads only a few Southern and Southwestern roads
can lay claim to any increases of consequence. The
Yazoo & Mississippi Valley heads the list with an improvement of $207,764, and the Texas & Pacific and
the Missouri Kansas & Texas are others of the same
class, the one reporting $84,207 gain and the other
$67,407 gain. Among the roads having decreases
the Great Northern follows next after the Canadian
Pacific with a loss of $383,318, and the "Soo" road
comes immediately after with a reduction of $362,761.
Certain of the roads suffered from drawbacks peculiar
to themselves. Thus the Colorado Southern and the
Denver & Rio Grande have the coal miners' strike in
Southern Colorado to contend against, and the
prolongation of the strike in the copper-mining
regions of Michigan must be held responsible for
the falling off in earnings on one of the minor roadsthat is, the Mineral Range. We bring together here
all changes for the separate roads for amounts in
excess of $30,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Increases.
Decreases.
Yazoo & Miss Valley____ $207,764 Louisville& Nashville_-_- $228,583
Chesapeake & Ohio
139,277 Colorado& Southern
212,456
Texas & Pacific
84,207 Wabash
201,502
Missouri Hans & Texas__
67,407 Missouri Pacific
200,793
Canadian Northern
57,500 Denver & Rio Grande-168,900
Chicago & Alton
148,481
Representing 5 roads in
Western Pacific
64,200
our compilation
$556,155 Mineral Range
41.600
Decreases. Buffalo Roch & Pittsb
40,240
Canadian Pacific
$1,800,000 Seaboard Air Line
33,999
Great Northern
383,318
362,761 Representing 14 roads in
S
un P & SS
an
nrTrk
our compilation
Girin
281,315
$4,168,148
We have spoken of the shrinkage in the Western
grain movement. This reached large proportions,one
[VOL. xcvm.
reason for the great shrinkage being found in the fact
that the 1913 movement was of extraordinary magnitude, owing to the excellent grain yield of the
previous season. For the five weeks ending Jan[
. 31
the present year the deliveries of wheat at the
Western primary markets reached only 21,392,000
bushels, against 33,777,000 bushels in the corresponding five weeks of 1913. The deliveries of corn
were only 31,560,000 bushels, against 41,479,000;the
deliveries of oats 20,311,000 bushels, against 24,068,000; the deliveries of barley 7,414,000 bushels,
against 12,103,000, and the deliveries of rye 1,090,000, against 1,226,000 bushels. Combining the five
cereals, we get aggregate grain deliveries the present
year of no more than 81,767,000 bushels, against
112,653,000 bushels in 1912. The details of the
Western grain movement in our usual form are set
out in the following:
WESTERN FLOUR AND GRAIN RECEIPTS.
Rye
Five weeks end- Flour.
Wheat.
Corn.
Barley.
Oats.
lag Jan 31 (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1914
861,000 2,316,000 10,786,000 9,340,000 2,784,000 374,000
1913
3,654,000 24,050,000 12,513,000 4,057,000 309,000
1,033,000
Milwaukee1,477,000
1914
192,000
683,000
1,615,000 1,887,000 292,000
1913
104,000
947,000 2,361,000
1,313,000 2,662,000 321,000
St. Louis1914
2,267,000
2,966,000
305,000
2,129,000
279,000
41,000
1913
2,949,000
2,695,000
279,000 3,879,000
251,000
18,000
Toledo1914
796,000
130,000
324,000
4,000
453,000
1913
590,000
218,000
2,000
Detroit234,000
1914
409,000
43,000
83,000
329,000
641,000
1913
35,000
33,000
Cleveland609,000
1914
770,000
50,000
74,000
4,000
486,000
486,000
1913
5,000
50,000
47,000
1,000
Peoria1,190,000
1,730,000
284,000
1914
235,000
285,000
58,000
1,417,000
392,000
3,049,000
1913
285,000
205,000
69,000
.
Duluth210,000
110,000
339,000
1914
17,00
2,292,000
39,000
270,000
677,000
1913
91,000
7,542,000
0
Minneapolis1,767,000 2,066,000 304,000
1,655,000
1914
10,072,000
1,972,000 4,059,000 467,000
1913
1,339,000
12,351,000
Kansas City1,072,000
1914
5,410,000
1,685,000
1913
2,258,000
843,000
2,969,000
Omaha1914
1,449,000
5,912,000
1,178,000
1913
1,852,000
3,756,000
1,777,000
Total of All1914
1,686,000 21,392,000 31,560,000 20,311,000 7,414,000 1,090,000
1913
1,797,000 33,777,000 41,479,000 24,068,000 12,103,000 1,226,000
The cotton movement in the South ran far ahead
of that in the previous year. This is particularly
true of the movement to the Gulf, thus indicating
the reasons for the good returns of earnings made by
some of the Southern and Southwestern roads. In
January of the previous year the cotton movement
had been unusually small. At the Southern outports
the receipts for January 1914 were 1,166,295 bales,
as against only 725,995 bales in January 1913, but
comparing with 1,426,881 bales in 1912. The shipments overland were only 198,406 bales the present
year, against 247,176 bales last year and 265,714
bales the year before.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JANUARY
1914, 1913, 1912, 1911, 1910 AND 1909.
January.
Ports.
Galveston
bales
Texas City, dee
New Orleans
Mobile
Pensacola, &c
Savannah
Brunsivick, &c
Charleston
Georgetown, &c
Wilmington
Norfolk
Newport News, &c
Total
1914.
1913.
1912.
1911.
1910.
1909.
472,897
108,721
269,132
29,840
7,204
127,386
31,900
8,930
313,993
113,867
116,290
11,274
13,518
70,913
17,900
7,119
475,267
125,992
247,750
58,749
58,358
261,252
36,240
26,989
29,038
57,588
23,659
9,301
28,434
23,386
61,482
72,745
2,057
274,839
147,882
229,089
26,359
30,248
134,625
36,078
12,106
233
36,992
47,144
1,064
271,185
18,833
151,420
19,783
13,097
61,410
3,988
4,095
220
8,956
25,924
1,473
398,687
80,601
266,950
42,401
28,500
126,267
56,299
21,631
348
34,486
01,479
3,499
725,995 1,420,881
076,659
580,384 1,122,148
1,166,295
We also furnish the following six-year comparisons
of the earnings of leading roads arranged in groups:
EARNINGS OF SOUTHWESTERN GROUP.
January.
1014.
1913.
Colorado & South
Deny & Rio G'de
Internat& Gt Nor
Mo Kan & Tex_a
Missouri Pacific_
St. Louis So West
Texas& Pacific__
$
1,056,156
1,605,500
889,000
2,724,956
4,925,027
1,150,000
1,572,513
$
1,268,612
1,774,400
881,000
2,657,549
5,125,820
1,139,000
1,488,306
Total
1912.
1911.
1910.
1909.
1,154,333
1,678,558
881,817
2,256,346
4,077,635
945,879
1,464,636
$
1,335,752
1,682,385
732,765
2,351,844
4,298,580
1,056,077
1,322,663
$
1,394,323
1,722,955
699,467
2,115,584
4,180,355
914,534
1,361,282
$
1,265,683
1,569,468
655,331
2,005,218
3,673,253
834,902
1,246,809
13,923,152 14,334,687 12,459,204 12,780,066 12,388,500 11,250,664
a Includes Texas Central in 1914, 1913, 1912, 011 and 1910 and W chita Falls
line from Nov. 1 1912.
THE CHRONICLE
FEB. 14 1914.1
489
EARNINGS OF SOUTHERN GROUP.
IMMIGRATION AND EMIGRATION IN 1913.
Immigration into the United States, according
$
$
$
$
$
$
307,255
Ala Great South_
433,587
392,948
371,039
447,761
385,952
Ala N 0 & T Pthe latest official bulletin, was of greater magnito
296,130
292,871
N 0& Nor East
327,042
343,348
320,322
314,823
140,331 tude in 1913 than in any preceding calendar year;
Ala & Vicksburg
146,057
165,452
149,061
154,959
162,307
127,295
Vicks Shrev & P
126,430
135,685
164,507
128,154
143,386
Chesap & Ohio_ c 3,118,555 2,979,278 2,633,993 2,835,114 2,541,852 2,109,653 the aggregate of departures, moreover, was not
742,453 662,813
786,337
Cinc N 0& T P_
913,134
932,341
779,627
Loutsv & Nash_b 4,988,995 5,217,578 4,535,545 4,508,460 4,421,361 3,754,769 swelled to any abnormal extent, although larger
811,929
894,733
899,101
935,488
Mobile & Ohto_ _ 1,036,678 1,053,077
Seaboard Air Line 2,130,512 2,164,511 1,809,474 1,838,150 1,683,541 1,529,157 than in 1912, and consequently the addition to the
Southern Ey_ _ _. 5,556,074 5,547,839 4,852,377 4,878,866 4,480,219 4,035,975
942,001
896,791
817,803 1,050,163
Yazoo & Miss Val 1,150,653
942,889
total of foreign-born population of the country in
Total
19,985,189 19,934,315 17,302,409 17,830,893 16,597,347 14,717,308 the late year established a new high record, exceeding
by a few thousand the mark set in 1906. Yet, with
I Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
C Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
this last a fact, it is unfortunately true that many
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
sections, especially the agricultural districts of the
South
and Far West, have been very little benefited
1911.
1910.
1909.
1912.
1913.
1914.
January.
by
additions
to the available labor force. In other
$
$
$
$
$
$
Canadian Pacific 7,719,000 9,519,000 7,328,782 5,740,206 6,104,426 4,761,860 words, people continue to pour into the United States
816,921
879,372
950,649
843,608
Chic Great West* 1,125,879 1,104,048
200,509
211,327
196,967
200,348
266,038
238,815
Dul So Sh & Atl_
in very large numbers, but instead of going to localiGreat Northern_ 4,207,164 4,590,482 3,806,389 3,285,815 4,062,844 2,729,995
299,242
699,613f 322,653
508,340
827,770
805,944
Minn & St L__ _1
1 253,347 235,457 ties where they could be useful in tilling the soil or in
Iowa Central__ J
MinnStP&SS M 2,053,613 2,416,374 1,069,961 1,517,274 1,568,720 1,330,378
extending cultivated areas, they keep close to the
16,150,415 18,723,712 13,757,428 12,394,066 13,402,689 10,370,820
Total
seaboard, where there is already congestion of population. Of late years the greater part of the aliens
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
landing here have come from Southern Europe, from
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Italy and Austria-Hungary principally, and recently
January.
1914.
1913.
1912.
1911.
1910.
1909.
there has been a very important increase in the in$
$
$
$
$
$
Buff Roch & Pitts
899,885
940,125
746,252
707,660
655,925
501,786 flow of Hebrew and Poles. It does not seem that
Chicago & Alton_ 1,100,798 1,249,279 1,065,366 1,144,504
987,907
978,803
Chic Ind & Lou_
523,974
421,967
506,081
482,986
432,953
359,955 any noticeable proportion of these get out upon the
Grand Trunk_ _1
Grand TrunkW i 3,766,933 4,048,248 3,422,286 3,381,239 3,152,992 2,640,416 land where they could not only help the country
DetGrHav&M)
Canada Atlan_)
Illinois Central__ 5,395,352 5,380,607 4,252,609 5,487,348 /4,913,049 4,831,070 but themselves as well.
85,940
Toledo Peo &W.
122,657
113,664
107,932
107,615
97,785
Much has been said and written, officially and
241,504
390,928
299,078
281,697
293,668
Toledo St L &W
364,070
2,257,464 2,458,966 2,060,365 2,367,495 2,282,219 1,986,148 otherwise, of late, of the
Wabash
necessity of extending the
14,406,261 15,096,891 12,442,606 13,910,828 12,815,342 11,625,622
Total
cultivated areas of the United States for the dual
purpose of raising more bountiful crops and of keeping
I No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of Indianapolis Southern beginning with July 1910.
down the cost of living. The Department of AgriWe now add our detailed statement for the month, culture issued only a couple of weeks ago a table
comprising all the roads that have thus far furnished (see "Chronicle" January 24th, page 318) showing
returns for January:
in detail the land area of the various States, the
proportion already in crops at the time of the 1909
GROSS EARNINGS AND MILEAGE IN JANUARY.
Census, and the percentage of the whole potentially
Mileage.
Gross Earnings.
tillable, and it was there shown that for every acre
Name of Road.
Inc.(+)or
under cultivation 39 other acreas could possibly
1914.
1913.
Dec.(-). 1914. 1913.
so brought. Consideration of that compilation
be
$
$
$
433,587
447,761
-14,174
Alabama Great South
309 309
in conjunction with the Immigration Bulletin's table
Ala N 0 & Tex Pac327,042
343,348
New Orl & Nor E _ _
-16,306
196 196
165,452
162,307
Ala & Vicksburg_ __
+3,145
143 143 of the distribution of arriving aliens among the
164,507
143,386
Vicks Shrev & Pac_
+21,121
171 171
y105,683
y121,993
-16,310
Ann Arbor
291 291 various States is certainly instructive and interesting.
899,885
940,125
-40,240
Buffalo Roch & Pitts
573 573
1,570,900 1,513,400
+57,500 4,520 4,297 From data which we have taken the trouble to
Canadian Northern.._
7,719,000 9,519,000 -1,800,000 11,88411,458
Canadian Pacific.._ _
3,118,555 2,979,278
+139,277 2,345 2,324 compile we find that the South, with a land area
Chesapeake & Ohio
1,100,798 1,249,279
-148,481 1,032 1,026
Chicago & Alton
1,125,879 1,104,048
+21,831 1,496 1,496 of 489,000,000 acres, received in 1913 a net addition
Chicago Great West.._
506,081
523,974
+17,893
Chicago Ind & Louis
616 616
913,134
932,341
-19,207
336 336 to population through immigration (arrivals less
Cin N 0 & Texas Pa
-212,456 1,867 1,813
Colorado & Southern.. 1,056,156 1,268,612
1,605,500 1,774,400
-168,900 2,598 2,554 departures) of only 22,024, and that the gain to the
Denver & Rio Grand
312,500 ' 376,700
-64,200
937 937
Western Pacific.. _
y59,896
y46,296
+13,600
214 214
Denver & Salt Lake
78,448
87,086
-8,638
Detroit & Mackinac
411 411 vast Western section, extending from the Mississippi
238,815
266,038
-27,223
Duluth Sou Sh & Atl_
627 625 River to, but not including, the Pacific
Slope and
224,797
214,565
-10,232
Georgia Sou & Florida
395 395
Grand Trk of Canada
embracing
acres,
was
824,000,000
but
53,618.
This
3,766,933
4,048,248
Grand Trk West_ _
-281,315 4,548 4,533
Det Cr Hay & Mil
indicates that only 75,642 of the net immigration of
Canada Atlantic__
4,207,164 4,590,482
Great Northern
-383,318 7,748 7,485
5,395,352 5,380,607
Illinois Central
+14,745 4,763 4,763 the year was distributed over an area of 1,313,000,000
889,000
881,000
Internat & Great Nor
+8,000 1,160 1,160
Louisville & Nashville 4,988,995 5,217,578
-228,583 4,923 4,919 acres, or two-thirds of the whole. On the other
13,112
11,507
Macon & Birmingham
-1,605
105 105
78,358
36,758
Mineral Range
-41,600
124 127 hand, the States of New York, Massachusetts,
Minneap & St Louis_ }
805,944
827,770
-21,826 1,585 1,585
Iowa Central
Pennsylvania, New Jersey, Ohio and Illinois (six
Minn St P & S S M_ _
2,053,613 2,416,374
-362,761 3,976 3,772
Missouri Han &
a 2,724,956 2,657,549
+67,407 3,817 3,817 in all), with only 131,000,000 acres, got 814,641
Missouri PacificTex-200,793 7,283 7,236
4,925,027 5,125,820
Mobile & Ohio
1,036,678 1,053,077
-16,399 1,112 1,114 of the net immigration. It is clear, therefore,
Nevada-Cal-Oregon_ _
10,197
20,433
-10,236
238 238
Rio Grande Southern_
45,884
-2,228
48,112
180 180 that only one immigrant went to the extensive
St Louts Southwestern 1,150,000 1,139,000
+11,000 1,715 1,715
Seaboard Air Line_ _ _ 2,130,512 2,164,511
-33,999 3,081 3,070 agricultural regions of the South and Far West,
Southern Railway_ _
5,556,074 5,547,839
+8,235 7,037 7,034
Tenn Ala & Georgia.._
6,787
11,470
-4,683
94
94
Texas & Pacific
1,572,513 1,488,306
+84,207 1,885 1,885 as against over 10 to the already well-settled six
Toledo Peoria & West
97,785
-24,872
122,657
248 248 States.
Wes
&
364,070
Toledo St Louis
390,928
-26,858
451 451
2,257,464 2,458,966
Wabash
-201,502 2,514 2,514
For some little time past efforts have been made
1,150,653
Yazoo & Miss Valley_
942,889
+207,764 1,372 1,372
Total (47 roads) _ _ 06,918,142 70,631,362 -3,713,220 90,93989,602 to impose a literacy test upon those who wish to
Net decrease (5.32%)
IA.
come here and a bill with that as the leading feature
Mexican Roads(not in eluded in to tap827,561
Interoceanic of Mex__
770,710
+56,851 1,031 1,031 has this week passed the House of Representatives.
y534,500
Mexican Rallway..._ _
y522,600
+11,900
395 361
2,544,190 5,027,315 -2,483,125 6,135 6,135 If there are to be changes in our immigration laws
Nat Rys of Mexico_z_
would it not be better to make them upon lines that
a Includes Texas Central in both years.
x Now includes Mexican International in both years.
would ensure intelligent and beneficial distribution
y These figures aro for three weeks only.
January.
1914.
1913.
1912.
1911.
1910.
1909.
490
THE CHRONICLE
of the arrivals? Are not the illiterates who will go
upon the farms and work to be preferred to the
black-handers and the hand-organ grinders?
The number of aliens who were allowed to enter
the country in 1913 was 1,616,903 (of which 1,387,318
were immigrant and 229,585 non-immigrant), against
1,221,630 in the previous [year and 937,514 in 1911.
Heretofore the highest total was in 1907-1,505,468.
The outflow was a little in excess of 1912, having
reached 598,946, against 574,888. The net gain in
foreign-born population in the late year was, therefore, no less than 1,017,957, as against only 646,742
in 1912 and but 326,041 in 1911. The previous
record-made in 1906-was 1,010,626. We subjoin
a compilation indicating in detail the results for the
last five years :
Alien ArrivalsImmigrant
Non-immigrant
1909.
1913.
1912.
1911.
1910.
782,545 1,071,885
957,105
1,387,318 1,026,360
184,908
154,969
151,588
229,585
195,270
Total
Alien DeparturesEmigrant
Non-emigrant
1,616,903 1,221,630
937,514 1,223,473 1,142,013
274,209
324,737
299,385
275,503
352,423
259,050
260,439
199,016
187,831
151,510
598,946
Total
Net gain in population____1,017,957
574,888
646,742
611,473
326,041
459,455
764,018
339,341
802,672
The arrivals of Italians, Poles, Hebrews and
Austro-Hungarians were of especially large volume,
greatly exceeding the 1912 inflow, and of a number
of other races, the trend in this direction was also
noticeably heavy. Furthermore, there was a turn
in the migration between the United States and
Canada. Previously, the net movement had been
to the Dominion and it was• made up in important
measure of American farmers, who took homesteads
in the Western Provinces; but in 1913 the tide was
in this direction, a condition, no doubt, explainable
by the business reaction to the North of us.
Reference to the occupations of those who came
to:us shows that of those classed as professionals
(teachers, engineers and electricians being included)
the arrivals in 1913 were not much greater than in
1912, but among most of the classes of skilled workmen large gains are to be noted. For example,
1913 brought us net 16,822 carpenters, as against
10,900 a year earlier, 6,144 blacksmiths, against
4,175, and in other occupations the comparisons
are, shoemakers between 12,338 and 9,833, tailors
27,344 and 18,323, machinists 2,105 and 1,502,
dressmakers 8,518 and 5,296, and seamstresses 11,082
and 7,491. In the miscellaneous division, farm
laborers predominated, the net arrivals of that class
having been no less than 367,754, against 245,782;
yet, with so great a number so designated only 53,618
persons are officially reported to have gone to the
vast agricultural sections of the Far West and 22,024
to the South.
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[TWELFTH ARTICLE.]
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
contain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter has particular
reference, of course, to the Federal Income Tax Law,just enacted, under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
Interest or coupon payments unless the holder of the bond is
exempt from the tax.
We began the series of articles in the"Chronicle" of Nov.22,
pages 1467-1470. The second contribution appeared Nov.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh,
[VoL. XeVIII.
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111; the
ninth, Jan. 17, pages 201-203; the tenth, Jan. 24, pages 271272, and the eleventh Jan. 31, pages 345-346. The following
shows the companies whose securities were classified in these
eleven earlier issues.
Ala. Great Sou. RR.,Jan. 17,P. 201 Fitzgerald Ocilla & Broxton RR.,
Dec. 27, P. 1863.
Ala. Tenn.& Nor.Ry„Jan. 10,p.110.
Ala.& Vicksburg Ry.,Dec.27,p.1863. Florida Central RR.,Dec.13.p.1700.
Algoma Cent. & Hud. Bay By., Florida E. Coast Ry.,Dec.13,p.1701.
Jan. 31,P. 346.
Fonds John.& Glov.,Dec.27,p. 1863.
Algoma Eastern Ry.,Jan.31, p.346. Ft. Smith & West.,Jan. 17, p. 202.
Allent'n Term. RR., Dec. 20,p.1790. Fort St. Union Depot,Dec.13,p.1701.
Amador Central, Dec. 20, p. 1790.
Galveston Wharf Co.,Dec.27.p.1863,
Ann Arbor RR., Dec. 27, p. 1863.
Ga. Coast & Piedmont,Jan.24,p.272.
Ark. La.& Gulf By., Jan. 10, p. 110. Georgia & Florida Ry.,Jan.10,p.111.
Ashland 0.& I. Ry., Jan. 10. p. 110. Georgia Fla.& Ala., Dec. 27, p. 1863.
Atch.& East. B4ge.Co.,Jan.24,p.271 Georgia RR.& Banking Co., Dec.13.
Atch.Top.& S. Fe,Nov.22,p. 1468.
p. 1701.
Northw.,Dec.13.p.1701,
Athens Term. Co., Dec. 27. P. 1863.
Atl. Birm.& Atl. RR.,Jan. 17. p.201 Grand Tr'k West. By. Jan.31,p.346
Atlantic Coast Line Co. (of Conn.) Great Northern Ry. Nov.22,p.1469.
Green Bay & W.R.,Dec.27,p.1863.
Dec. 6, p. 1627.
Atl. Coast Line RR.,Dec.27.p. 1863. Greenw.& Johnsonv.,Jan. 10. p. 111.
Atl. & Danville Ry., Jan. 10, p. 110. Guantanamo & West.,Jan. 31, p.346
Atlanta Term. Co., Dec. 27, p. 1863. Gulf Fla.& Ala. Ry., Dec.6,p. 1628
Augusta South. RR.,Jan. 10, p. 110. Gulf & Sabine Riv., Dec. 13.5. 1701.
Augusta Un. Sta., Jan. 10, p. 110.
Gulf & Ship Isl., Dec. 13. p. 1701.
Bait. & Ohio. Nov. 22, p. 1468.
GulfTex.&West.Ry.Dec.27,p.1863.
Bangor & Aroostook,Dec.13.p.1700. Hampshire South.. lice. 13. D. 1701.
Bangor & Aroostook RR. (correc- Harriman & N.E.RR.,Jan.24,p.272.
tion), Dec. 27. P. 1863.
Hocking Valley By., Jan. 3, p 44.
Belfast & Moosehead Lake, Dec. 20, Hoosac Tun.& Wilm.,Jan.10,p. 111.
P. 1790.
Houston Belt & Ter..Dec.27, p.1864.
Bellefonte Cent.RR.,Jan. 10. p. 110. Huntingdon & Broad Top Mtn.RR.
Bellingham & Nor.Ry.,Jan.24,p.271. & Coal Co., Dec. 13, p. 1701.
Belt Ry. of Chatt.. Jan. 17, p. 202. Ida.&Wash.Nor.RR.,Dec.20,p.1864.
Belt RR.& Stock Yards of Indianap- Illinois Central RR.,Jan. 3, p. 44.
olis, Dec. 13, p. 1700.
Illinois South. By., Dec. 27,P. 1864.
Bing.& Garfield, Dec. 20,P. 1790.
Illinois Term. RR.,Dec. 13, p. 1701.
Birm.&Northw.Ry.,Dec.27,p.1863. Indiana Harbor Belt, Dec.20,p.1789.
Birm. & Southeast., Jan. 17, p. 202. Indianap. Union Ity.,Dec.27.p 1864.
Bloomsb.& Sullivan, Jan. 10, P. 110. Interboro-Met. Co., Dec.13,p.1701.
Boca & Loyalton RR..Dec.27,p.1863. Interborough R.T., Dec.13, p.1701.
Boston & Alb. RR.. Dec. 6. p. 1627. Int. & Grt. Nor. Ry., Dec.6, p.1628.
Internat. Rys. of Cent. Amer., Jan.
Boston & Maine, Dec. 20, p. 1790.
31, p. 346.
Boston Term. Co., Dec. 6, p. 1627.
Jonesb. Lake Cy.& E.,Jan.24,p.272.
Brinson Ry.. Dec. 20, p. 1790.
Brownsville & Matamoras Bridge Co. Joplin Un.Dep.Co„Dec.27, p. 1864.
Kanawha Bridge & Terminal Co.
Jan. 31,P. 346.
Dec. 27, p. 1864.
Buffalo Creek RR., Dec. 6. p. 1627.
Buff. Roch. &,P.. Nov. 29. p. 1551. Kanawha 8v1V1Ich. Dec. 13. D. 1701.
Buff.&Susq.RR.Corp.,Jan.24,p.271. K.C.& Memph.By.,Jan.24,p.272.
Buff.& Sustei. Ry.,Jan. 24, p. 2'71.
K.C.Shr.& Gulf er„Jan.17.p.202.
Cairo & Thebes ItR.Dec. 1343.1700. Kan. City Sou. By., Dec.27, p.1864.
Calif. West. RR. & Nay. Co., Jan. Kan. City Term. Ry.,Jan. 17,p. 202.
Ky.& Ind. Term., Dec. 13, p. 1701.
31, p. 346.
Caro. Clin.& Ohio, Dec. 13,D• 1700. Keokuk & Hamilton Bridge Co..
Central of Georgia,Dec. 13. p.1700.
Dec. 13. p. 1701.
Central RR.of Haiti,Jan. 31, p.346. Kewaunee Gr.B.&W.,Dec.27,n.1864.
Central RR.of N.J.,Jan. 10. p. 110. Lake Erie & West., Dec. 20. p. 1789.
Central RR.of 5.0. Jan. 10, p. 110. Lake Shore & M.S., Dec.20, p.1789.
Charleston Term., Dec.20. p. 1790. Lake Sup.& Ishp., Dec. 13. n. 1701.
Charleston Un. Sta.. Dec. 20.p.1790. Laramie Hahn's Peak & Pacific BY..
Charl.&W.Car.Ry.,Jan. 10, p. 110.
Dec. 13, p. 1701.
Chattahoochee & Gulf, Jan. 3. p.43. Lehigh Coal & Nay.Co,Jan.17,P.202
D
Leh.& Hud. River. Dec. 13. p. 1701.
ChattahoocheeV.Ry.,ec.27,p.1863.
Chattanooga Sta. Co..Jan.10,p.110. Leh.& New Eng. RR.,Jan.17,p.202.
Ches. & Ohio By., Jan. 3. p. 43.
Lehigh Valley RR.,Nov.29,P. 1551.
Chesterf.& Lanc.RR.,Jan. 10, p.110. Lime Rock RR., Dec. 27, p. 1864.
Chic.& Alton RR.,Nov.29, p. 1551. Litchi. & Madison, Dec. 13, p. 1701.
Chic. Burl. & Q., Nov. 22. p. 1469. Live Oak Perry & G.,Dec.27, p.1864.
Chic.& E.Ill. RR.,Dec.27. p. 1863. Long Island, Dec. 20,_P. 1789.
Chic. Grt. Western,Dec.13, p. 1700. Lorain Ashl. & Sou.,Dec.27, p.1864.
Chicago Heights Terminal Transfer Lorain & W. Va.,Dec. 13,p. 1701.
La & Ark. Ry., Jan. 3. p.44.
RR.. Dec. 13, p. 1700.
La.& Northw. RR.. Dec.27, p. 1864.
Chic. & Ill. West., Jan. 17, p. 202.
Chic.Ind.& Lou. By.,Jan.10,p.110. La. Ry.& Nay. Co., Dec.27,p.1864.
Chic. Ind. & Sou., Dec. 20, p. 1789. Louisiana Sou. Ry.,Dec. 27, p. 1864.
Chicago Junction RR.,Jana°,p.110. Lou.Fiend. & St. L. Jan. 10, p. 111.
Lou.& Jeff. Bdge., Dec. 13. p. 1701.
Chic. DAIL & Gary,Jan. 10, p. 110.
Chic.& Milw. By.(correction), Jan. Louisv. & Nash. Nov. 22, p. 1469.
Macon & Dims.
Jan. 10. p. 111.
31,p.346.
Chic.Milw.& St.P., Nov.29,p.1551. Macon Dub.& Say.. Jan. 10, p. 111.
Chicago & N. W., Nov. 22, p. 1469. Maine Central RH., Dec. 6, p. 1628.
Chicago & North Western Ry. (cor- Manhattan(Elev.).Dec. 13. p. 1701.
Manistee & N.E.RR.,Dec.27,p.1864.
rection), Jan. 31, p.346.
Ch.Peo.& St.L.RR..Dec.27,p. 1863. Manistique & Lake Superior RR..
Dec. 27,_p. 1864.
Chic. Riv. & Ind., Dec. 20, p. 1790.
Chic. R.I.& Pac., Nov.29, p. 1551. Manitou & Pike's Pic.,Dec.27,p.1864.
Ch.St.P.M.& 0.. Nov.22,p. 1469. Marietta Columbus & Cleveland RR.
Jan. 31, p. 346.
Chic.T.H.& S.E.,Dec.13 p.3700.
Chic.& W.Ind.RR.,Jan. 10, p. 110. Marshall & E. Tex., ljec.27,p. 1864.
0. C. C.& St. L., Dec. 20. p. 1790. Maryland & Penn.. Dec. 13. P. 1701.
Cin. Ham.& Dayton,Jan. 24,p.271. McCloud River RR..Jan. 10, p. 111.
Morn. Dallas & Gulf, Dec.27,p. 1864.
Cincin.-Nashy. Sou.,Jan. 3,p.44.
Cin. N.0.& T.P. Jan. 24, p. 272. Mom. Un. Sta. Co.,Dec. 13. p. 1701.
Coal & Coke By.. Dec. 20. p. 1790. Mexican Mineral Ry.,Jan. 31,p.346.
Colo. Eastern RR., Dec. 27, p. 1863. Mexican Nor. By. Jan. 31, P. 346.
'
Dec. 20, p. 1789.
Colorado Midland. Dec. 20. p. 1790. Michigan Central.
Colo. & South. By., Jan. 10, p. 110. Midland Continental,Dec.27.13.1864.
Columbia Newberry & Laurens RR., Midland Valley RR„Dec.13.p. 1701.
Mineral Range RR.,Jan. 3, p. 44.
Jan. 10 p. 110.
Combination Bridge, Dec.20.p. 1790. Mineral RR., Jan. 31, p.346
Minn. & St. L., Nov. 29, p. 1551.
Copper Range, Dec. 20. p. 1790.
Copper River & N.W.,Jan.31,p.346 Minn. Red L.& Man.,Jan.17,p. 202.
Coudersp. & Pt. Alleg.,Jan.10.p.110. Minn. St.P.& S. S. M.,Jan.3, p.44.
Couer d Alone & Pend d'Oreille Ry.. Minnesota Transf. Ry.,Jan.31,p.346,
Mississippi Cent.. Dec. 13. p. 1701.
Jan. 24, p. 272.
Cripple Cr. Cent. By,Dec.6,p.1627. Miss. Ark. & West., Jan. 17, p. 202.
Miss. River & Bonne Terre By.,
Cuba RR., Jan. 31, p. 346.
Jan. 31, p. 346.
Cumb.& Penn. RR. Dec.13.p.1700.
Cumberland Corp., Dec. 13, p. 1700. Missouri Kansas & Texas By,and
proprietary cos.. Jan. 17, p. 202.
Cumberland RR., Dec. 13, p. 1700.
Cumb.By.& Coal Co.,Jan.31,p.346 Mo.& N.Ark. RR.,Dec. 27, p.1884.
Del.& Hudson Co.,Dec.20, p. 1790. Mo. Pac„ incl. St. L. I. M.& Sou..
Nov. 22, p. 1469.
Del. Lack.& West. Nov. 29,p. 1551.
Den. Boul. & W. Dec. 27, p. 1863. Mobile SE Ohio RR. Dec.6. P. 1628.
Den. Lar. & N. W.,Dec. 27, p. 1863. Mont. Wyo.& Sou.,Dec.13.P.1701.
Denver & Rio Grande and subsidi- Montour RR., Jan. 17, P. 202.
Morelia & Tacambaro By., Jan. 31.
aries, Nov. 22, p. 1469.
p. 346.
Deny.& Salt Lake, Jan. 10, p. 111.
Des Moines Union, Dec. 13, p. 1700. Morg.antown & Kingw.,Jan.17,p.202
Detroit Grand Haven & Milw. By., Munising Ry., Dec. 13, p. 1701.
Nash.Chatt.& St. L..Nov.29,p.1551.
Jan. 31, P. 346.
Dot. Bay Cy.& W.,Jan. 10, p. 111. Nashville Term. Co., Jan. 10, p.111.
Detroit & Mackinac,Dec.13. p.1700. Nat. Rys. of Mex, Jan. 31, p. 346.
Det.& Tol. Sh. Line, Jan. 10.P. 111. Neb. Han.& Sou. RY.,Jan.31,P.346,
Dul. Sou. Sh. & Atl.. Jan. 3, p. 44. Nev.-Cal.-Ore. By.,Dee.13.p.1701.
Dunkirk Alleg. Valley & Pittsburgh, Nev. Copper Belt, Dec. 27, p. 1864.
New Max.Cent. RR.,Jan.10,P• 111.
Dec. 20, p. 1790.
Durham & So. Car.RR.,Jan.24,p.272 N.0.Grt. NOr. RR. Dec.27,p. 1864.
Durham Un. Sta.Co..Dec.27,p.1863. N.0. Mob.& Chic.iDec.27.P. 1864.
East Broad Top RR. & Coal Co., N.O.& N.E. RR.,Dec. 27, p. 1864.
N.Y. Central & Hudson Rivet.
Dec. 13. p. 1700.
Nov. 22, P. 1469.
East Carolina Ry., Dec. 27, p. 1863.
E. Tenn. & W. Nor Caro. RR., N. Y. Central Lines West of Buffalo.
Dec. 20, P. 1788.
Jan. 10. p. 111.
Elkin & Allegheny Ry.,Jan.24,p.272. N. Y.Chic.& St. L..Dec. 20,p.1789
El Paso & N.E.Co.. Dec.6. p. 1628. N. Y. N. H.& H. RR. and subsidicompanies,
El Paso Union Passenger Depot Co.,
Dec. 27, p. 1863.
aryoT3nGij17.:2
,
Erie RR.and subsid's.Jan.24,p. 272. Nezperce & Idaho,
27, p. 1864.
FEB. 14 1914.J
THE CHRONICLE
Niagara Juno. By.. Jan. 24. p. 272. S.S.Marie Bdge. Co..Dec.13.p.1701
Norfolk & Portsmouth Belt Line RR. Sayan.& Statesboro, Jan. 10, p. 111.
Savannah Un. Sta. Co.,Jan.10,p.111.
Dec. 27, p. 1864.
Norfolk Southern RR.,Jan.10,p.111. Seaboard Air Line, Jan. 10, p. 111.
Norfolk Term. By., Jan. 17, p. 202. Shannon Arizona, Dec. 20, p. 1790.
Norf.& West. By.,Nov. 29. p. 1552. Sierra By. of Calif., Jan. 3. p. 44.
North. Alabama By.,Jan. 31, p.346. So. Caro. Pac. By.,Jan. 10, p. 111.
Nor. Pacific By., Nov. 22, p. 1469. So. Caro. & West., Dec. 13. p. 1701.
Nor. Pac. Term. Co., Jan. 3, p. 44. South Georgia By., Jan.3. p. 45.
Northwestern Pac. Ry.,Jan.31,p.346 So. Ill. Sr Mo.Bdge. Co..Jan.3,p.45.
Norwood Sz St. Law.,Dec.13,p. 1701. Southern Pacific Co. and proprietary
Ohio & Kentucky, Dec. 13. p. 1701.
companies. Dec. 6, p. 1628.
Oil Belt By. Jan. 3. p. 44.
Southern By., Dec. 6, p. 1629.
Oklahoma Cent. Ry., Jan. 3. p. 44. Southwestern Ry.(Tex.),Jan.343.45.
Opelousas Gulf & North Eastern By., Spokane Internat. By., Jan.3,p. 45.
Spok.Int.(correction),Jan.10,p.111.
Jan. 10, p. 111.
Oregon & Southeastern,Jan.3,p.44. Spok. Port.& Seat. By.,Jan.3,p.45.
Pacific Sr Eastern By.. Jan. 3. p. 44. State Line & Sullivan,Dec.13,p.1'701.
Pac. & Idaho Nor., Jan. 10, p. 111. Tampa & Gulf Coast,Jan. 17. p.202.
Pan-American RR., Jan.31, p.346. Tampa & Jacksonv., Jan. 17, p. 202.
Paris & Mt.Pleasant RR.Jan.3,p.44. Tampa Northern RR., Jan. 3. p. 45.
Pennsylvania RR.and Affiliated Cos. Tavares & Gulf RR.,Jan. 24, p.272.
East ofPittsburgh,Dec.20,p.1789. Tenn. Ala. & Ga. RR.,Jan. 17, p.202
Jan. 17, p. 203.
Pennsylvania Lines West of Pitts- Tenn. Central RR.,Dec.
13. p. 1701.
Tenn.& No.Caro.,
burgh, Dec. 6, p. 1628.
20, p. 1790.
Dec.
By.,
Tennessee
Pensacola Mob.& N.0.,Jan.3,p.44.
Assn.of St.L.Jan.3,p.45.
Peoria & Pekin Union, Jan. 3, p. 44. Term.RR.of
Dec.20, p. 1790.
Peoria By.Term. Co.,Jan. 174).202. Term. Ry. Buff.,Nov.
29. p. 1552.
Pac. By..
Pere Marquette RR.,Jan. 24, p. 272. Texas &
Tol. & Ohio Cent., Dec. 20, p. 1789.
Philippine Ry., Jan. 31, p. 346.
Tol.St. L.& W..Nov.29,jo. 1552.
Pitts. & Lake Erie, Dec. 20, p. 1789. Tonopah
& Goldf., Dec. 20, p. 1790.
Pitts. Lisb. & West.. Jan. 17, p. 202.
Ham.& Buff., Dec.20, p. 1789.
Pitts.Shaw. Sr Nor.,Dec.13,p.1701. Tor.
Transylvania RR.,Jan. 10,p. 111.
Pittsburgh Terminal RR.& Coal Co.. Tremont
& Gulf Ry.,Jan.3.p.45.
Dec. 20. D. 1790.
Delaware RR..Jan.3,p.45
Portland & Rumford Falls By., Jan. Ulster & Pacific
and subsidiaries.
Union
31, p. 346.
Nov. 22, p. 1470.
p. 346.
Potosi & Rio Verde, Jan. 31, 3,p.44.
Union Terminal Co. of Jacksonville
Pueblo Un.Dep.& RR.,Jan.
Puget Sound & Willapa Harbor By., U.Jan. 17, p. 203.
S. Steel Corporation and subsidl•
Jan. 10, p. 111.
arias, Dec. 13. p. 1702.
Quanah Acme & Pee., Jan.24,p. 272.
Railroad Seem'. Co., Dec.20. p.1790. Va.& Caro. Sou. RR.,Jan. 3. p.45.
Raleigh & Charleston. Jan. 10, p.111. Virginian By., Dec. 13, p. 1701.
Vick. Shr.& Pac.Ry.,Dee.27.p.1864.
Rap.0y.XlackH.&.W.,
Virginia & Southw.Ry.,Jan.24,p.272.
Raritan River RR,Jan. 3.
Wab.Ches.& West..Jan.3,p.45.
Reading Co., Dec.6. p. 1628.
Wabash-Pitts. Term..Dec.20,p.1790.
Rockingham RR.,Jan. 3, p. 44.
Roscoe Snyder & Pac., Jan.10,p.111 Wabash RR., Nov. 29.p. 1552.
Rumford Falls & Rangeley Lakes Wabash (correction), Jan. 10, p. 111.
RR.,Jan.31, p.346.
Wash. & Col. Riv., Jan. 17, p. 203.
Rutland RR.. Nov. 22. P. 1469.
Washington Term. Co.,Jan.17, p.203
St. Jos. Sr Or. Isl., Jan. 3, p. 44.
Western Maryland By.,Jan.3, p. 45.
St.-L. Rocky Mt.& Pac.Jan.343.44. Western By.of Ala.,Dec.13,p.1701.
St. L.& S. Fr. RR.,Nov.29, p. 1551 Wheel.& Lake Erie, Dec.20.p.1791.
St. L.& S. F.(correc'n)Jan.17,p.202 White & Black River Valley,Dec.20,
St. L. Southw., Nov. 22, p. 1470.
p. 1791.
St. Paul Dr. & Term.. Jan. 3. p. 44. Wichita & Mid. Val.,Jan.31.p.346.
St. Paul Union Dep.Co.,Jan. 3.p.44. Wichita Un.Term. Ry.,Jan.3,p.45.
Salt Lake City Union Depot & RR.. Williamsv.Greenv.&St.L.,Jan.3.p.45.
Winona Bridge By.. Jan. 3, p. 45.
Dec. 13, p. 1701.
Wisconsin Central Ry.,Jan.3,p.45
Salt Lake & L.A.,Jan. 10 p.111.
San Ant. Uvalde & Gulf.Jan. 3,p.44' Wise & Mich. By.. Jan. 17. p. 203.
San Ped. L.A.&S.L.,Jan. 24, p. 272. WrIghtsv. & Tennille, Jan. 3, P. 45.
San Luis Southern By., Jan. 3,13. 44 Yosemite Valley RR.,Jan.31, p.346.
The present week we begin with the electric railways and
classify the bonds of the following 137 companies:
Keokuk Electric By. & Power Co.
Albany Southern RR.
Keokuk Gas Light & Coke Co.
Atlantic City & Shore Co.
Key West Electric Co.
Aurora Elgin & Chicago RR.
Lincoln (Neb.) Traction Co.
Austin (Tex.) Street Ry.
Lowell Electric Light Corp.
Baton Rouge Electric Co.
Maryland Electric Railways.
Beaumont Traction Co.
Massachusetts Consolidated Rys.
Berkshire Power Co.
Milford & Uxbridge Street By.
Biddeford & Saco RR.
Mississippi River Power Co.
Blackstone Valley Gas & Elec. Co.
New Bedford & Onset Street By.
Blue Hill Street By.
New England Inv. & Se,cur. Co. and
Boston Elevated By.
subsidiaries.
Boston & Worcester Street By.
New London Gas & Electric Co.
Ripple
Co.
Traction
Broad
Northampton Traction Co.
Cape Breton Electric Co.
Northern Texas Electric Co.
Carolina Power & Light Co.
Northern Texas Traction Co.
Calais (Maine) Street By.
Oregon Electric By.
Chambersburg Greencastle &
Pacific Coast Power Co.
Waynesboro Street By.
Charleston (S. C.) Cons. By. & Ltg. Pacific Gas & Electric Co.
Pacific Northwest Traction Co.
Chicago City & Connecting Rye.
Paducah City Railway, Inc.
Chicago Elevated Rys.
Chicago & Interurban Traction Co. Paducah Street Railway Co.
Chicago & Oak Park Elevated RR. Paducah Traction & Light Co.
Pawtticket Electric Co.
Chicago Railways.
Pawtucket Gas Co. of N.J.
Chicago & West Towns By.
Pensacola Electric Co.
Cleveland & Erie By.
Colorado Springs & Interurban Ry'. People's Light, Power & By. Co.
Columbia (S. C.) Gas & Electric Co. Petaluma & Santa Rosa (Cal.) Ry.
Philadelphia Railways.
Columbus Electric Co.
Ponce Electric Co.
Columb. Mag. Spgs. & Nor. By.
Puget Sound Electric By.
Columbus Power Co.
Puget Sound Int. R.& Power Co.
Connecticut Power Co.
Puget Sound Power Co.
Dallas Electric Co.
Dayton Coy. & Piqua Traction Co. Puget Sound Trac. Lt. & Power Co.
Reno Power, Light & Water Co.
Des Moines City By.
Rockl'd Thom. & Camden St. By.
Eastern Texas Electric Co.
Savannah Electric Co.
Eastern-Wisconsin By. & Lt. Co.
Edison Electric Ilium. Co.,Brockton. Savannah Power Co.
of Hope By.
Electric Light & Power Co. of Abing- Savannah Thund. & Isl.
Scioto Valley Traction Co.
ton mid Rockland.
Trac.Corp.
-B.
&
Wilkes
Scranton
Co.
Paso
Electric
El
Seattle Electric Co.
Escanaba (Mich.) Traction Co.
Evansv. Suburban & Newburgh By. Seattle Railway Co.
Selma (Ala.) Street & Suburban By.
Everett Railway & Electric Co.
Shreveport Traction Co.
Everett By., Light & Water Co.
Sierra Pacific Electric Co.
Everett Water Co.
Southwest Missouri RR.
Co.
Power
&
Gainesv. (Ga.) By.
Southwestern (Tex.) Traction Co.
Galveston Electric Co.
Spokane & Inland Empire RR.
Galveston-Houston Electric Co.
Stone & Webster Companies.
Co.
Galveston-Houston El. By.
Geneva Seneca Falls & Auburn RR. Sydney & Glace Bay By.
Gulfport Sc Mississippi Coast Tr. Co. Tacoma By.& Power Co.
Tampa Electric Co.
Hamilton Light & Power Co.
Third Avenue By., New York City.
Harrisburg Railways.
Toledo Bowling Green & Southern
Hartford Sr Springfield Street By.
Traction Co.
Hanover & McSherrytown St. By.
Union Consol. Elevated By.
Holyoke (Mass.) Street By.
Union Electric Co.(in Iowa).
Houghton County Elec. Light Co.
Union Traction Co., Coffeyville,Kan.
Houghton County Street By. Co.
Union Traction Co., of Indiana.
Houghton County Traction Co.
Co.
United Light & Railways Co.
Electric
Houston
Utah Light & Railway Cos.
Humboldt Transit Co.
Vicksburg Light & Traction Co.
Indiana Railways & Light Co.
Interurban By.(Des Moines, Iowa). Waterloo Cedar Falls & Northern Ry.
West Chester Kennett & Wilm. Elec.
Interurban By. & Terminal Co.
By.
Iowa Railway & Light Co.
Ironwood & Bessemer By. & Lt. Co. West Chester (Pa.) Street By.
Jackson (Miss.) Lt. & Traction Co. Western Ohio RR.
Whatcom County By.& Light Co.
Jacksonville Electric Co.
Woonsocket Elec. Machine & Power
Jacksonville Traction Co.
Co.
Joplin & Pittsburgh (Kan.) By.
Keokuk Electric Co.
ALBANY SOUTHERN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
M-S Sept. 1 1939 $1,302,000
First mortgage 5s ($15,000,000)
491
ATLANTIC CITY & SHORE CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
$591,100
F-A
Feb. 1 1940
Collateral trust 4s
950,000
Dec. 1 1945
J-D
Atl. City & Sh. RR.1st M.& coll. tr. 5s
350,000
Atl. City & Ocean City collateral trust 5s M-S Mar. 1 1947
*591,100
Aug.1 1929
F-A
Atlantic & Suburban By.first mtge. 4s
100,000
Feb. 1 1925
F-A
Prior lien 5s
*All owned by Atlantic City & Shore Co.and deposited under its collateral
trust mortgage.
AURORA ELGIN & CHICAGO RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date.
July 1 1946
First & refunding mtge. 5s ($15,000,000)-_J-J
A. E.& C. Ry. first mortgage 5s
A-015 Apr.15 1941
Elgin Aurora & Southern first mtge. 5s. _J-D
June 1 1916
Outstand'g.
$3,079,000
2,850,000
2.000,000
AUSTIN (TEXAS) STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First & refunding mtge. 5s ($1,500,000) J-J
$671,000
Jan. 1 1936
BIDDEFORD & SACO RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. OutstandV.
First mortgage 4s
J-D
June 1 1940
$150,000
BOSTON ELEVATED RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outztand'a
M-N May 1 1935 28,500,000
Debenture 4s (1905)
A-0 Oct. 1 1937
Debenture 4s (1907)
4,800,000
M-N Nov. 1 1941
5,000,000
Debenture 4s (1911)
J-D
Dec. 1 1942 4,000,000
Debenture 5s (1912)
West End Street RyM-S Mar. 1 1914
2,000,000
Gold 44% bonds of 1894
M-N May 1 1916
815,000
Gold 4% bonds of 1896
F-A
Feb. 1 1917
2,700,000
Gold 4% bonds of 1897
F-A
Aug. 1 1915
4,743,000
Currency 4% bonds of 1900
F-A
Aug. 1 1932 5,709,000
4% bonds of 1902
J-J
Jan. 1 1923
700,000
4%% bonds of 1908
J-J
July 1 1930
1,604,000
4%% bonds of 1910
M-N Nov. 1 1932
600.000
5% bonds of 1912
BOSTON & WORCESTER STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'
Aug. 1 1923 $2,400,I I I
F-A
First mortgage 4s
60.I,,
Jan. 1 1919
J-J
Fram. So. & Marl, first mtge. Sc
BROAD RIPPLE TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
July 1 1933 (4400,000
First mortgage 68 ($1,500,000)
a Free of Indiana taxes only.
CAROLINA POWER & LIGHT CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g,
F-A
Aug. 1. 1938 $2.144.500
First mortgage 58 ($5,000,000)
273.500
F-A
Aug. 1 1918
Convertible 5% notes (gold)
1,100,000
Apr. 1 1942
Asheville Pow.& Lt. lst.M.5s ($5,000,000)A-0
3.500.000
Yadkin Riv.Pow. ist M.5s($15,000,000)_A-0 Apr. 1 1914
CALAIS (MAINE) STREET RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-J
July 1 1930 *2100,000
First mortgage 5s
* It is understocid that the company has decided to assume the normal
Federal income tax of 1% on this issue.
CHAMBERSBURG GREENCASTLE & WAYNESBORO STREET BY.
Issued with Tax-Exemption Clause.
Int. Maturity Dale. Outstand'g.
$300,000
J-J
July 1 1933
First mortgage 5s
300,000
A-0 Oct. 1 1937
Second mortgage 5s
193,400
A-0 April 1 1940
First and refunding mortgage 5s
CHARLESTON (S. C.) CONSOL. RAILWAY & LIGHTING CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Charleston Consol. By. Gas & Elec. Co.
M-S Mar. 1 1999 411,755,000
consol. mtge. 5s ($2,500.000)
J-J
Jan. 1 1923
*745,000
Charleston City By. first mtge. 5s
*Free of United States and South Carolina taxes.
CHICAGO CITY & CONNECTING RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Jan. 1 1927 $22,000,000
Collateral trust mortgage Sc
Feb. 1 1927 28,950,000
F-A
Chicago City By. first mortgage 5s
Feb. 1 1927 4,825,000
F-A
Calumet & So. Chic. By.first mtge. 5s
Hamm. Whiting & E.Ch. By. 1st mtge. Sc
1,000,000
Feb. 1 1930
F-A
($5,000,000)
CHICAGO ELEVATED RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturitii Date. OutstancV.
July
1914 530,000.0 0
J-J
Three-year 5% gold notes
Metropolitan West Side Elevated Ry.1
al0,000,000
Aug.
1938
F-A
4s
First mortgage
July 1 1938 a5,000,000
J-J
Extension mortgage 45
Northwestern Elevated RR
None
1941
First mortgage 5s ($25,000,000)
96,000
To 1918
Equipment 6% notes
July 1 1924 b8,000,000
J-J
South Side Elev. RR.1st M.44s
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Union Elev. RR.1st M.5s ($5,000,000)- _ _A-0 Oct. 1 1945 c$4,472,000
a Free of United States or State of Illinois taxes.
S Free of State or municipal taxes. Company states it will pay the normal Federal income tax of 1% on the interest of these bonds.
CHICAGO & INTERURBAN TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1932 $1,350,000
First mortgage 5s
CHICAGO & OAK PARK ELEVATED RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1928 $4.432,000
Lake Street El. 1st M.5s
CHICAGO RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g;
Feb. 1 1927 $49,955,000
F-A
First mortgage 5s
Feb. 1 1927 k35,489.611
F-A
Consol. mtge. 5s (Series A,B and C)
4,073,000
Feb. 1 1927
J-J
Purchase-money 4s-5s ($6,000,000)
2,500,000
Adjustment income mtge.(non-cum.) 4s.. May Feb. 1 1927
492
THE CHRONICLE
CHICAGO & WEST TOWNS RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First lien and collateral trust 6s
M-S Sept. 1 1918
$556,000
CLEVELAND & ERIE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s
J-J
July 1 1929 *8500,000
Inc. mtge. 5s (int. paid if earned, n.-c.)_ July July 1 1929
*500,000
* Payments made without deduction of any tax which company may be
required to retain or deduct by any present or future law of the United
States or of the State of Pennsylvania for State, county or municipal
purposes.
COLORADO SPRINGS & INTERURBAN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 6s
A-0
1910
ab$338,000
Consolidated mortgage 6s
A-0 April 1 1921
b162,000
aMatured
but
'
not retired. b Income tax not deducted by company.
COLUMBIA (S. C.) GAS & ELECTRIC COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date.. Outstand'g
First mortgage 5s ($7,500,000)
J-J
July 1 1936 $2,554,000
Parr Shoals Power 1st mortgage 5s
A-0 Oct. 1 1952
3,000,000
Columbia Canal 1st mortgage 6s
J-J
Jan. 1 '18-'19
200,000
COLUMBUS MAGNETIC SPRINGS & NORTHERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s
M-N Nov. 1 1931 *8250,000
* Free of Unites States and State of Ohio taxes.
DAYTON COVINGTON & PIQUA
Issued without Reference to
Int.
First mortgage 5s
A-0
Second mortgage 6s
M-S
TRACTION CO.
Taxes.
Maturity Date. Outstand'g
April 1 1922
$490,000
Sept. 1 1919
60,000
DES MOINES CITY RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Des Moines St. RR.1st M.6s(due $25,000
yearly)
A-0
To Oct. 1919 $227,000
Des Moines Sub. Ry. 1st M.6s
J-J
To Jan. 1921
240,000
Des Moines City Ry. 1st M.6s
M-N May 1 1923
4,000
Des Moines City Ry.ref. mtge.5s
A-0 Apr. 1 1921
2,431,000
EASTERN WISCONSIN RAILWAY & LIGHT CO.
Issued with Tax-Exemption Clause.
.
Int. Maturitii Date. Outstand'g
First mortgage 5s (31,500,000)
A-0 Oct. 1 1923 $1,190,000
Wisconsin El. Ry. 1st M.bs ($1,500,000) F-A
Aug. 1 1938
801,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Fond du Lac St. Ry.& Lt. 1st M 5s
J-J
July 11924 *8187,500
* Company has decided for the time being to pay the interest on these
bonds without deducting the normal Federal income tax.
ESCANABA (MICH.) TRACTION CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First and refunding mortgage 5s
J-J
1914-1934
$365,000
Second mortgage
A-0 Aug. 1 1934
200,000
Note.-Company has announced that it will pay interest without deduction of Federal income tax.
VoL. xcvni.
INDIANA RAILWAYS & LIGHT CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First & ref. mtge. 5s ($5,000,000)
J-J
Jan. 1 1943 $1,180,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Kokomo Mar.& Western first mtge. 5s
J-J
July 1 1933
$650,000
INTERURBAN RAILWAY CO.(DES MOINES,IOWA).
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s (guaranteed)
A-0
Apr. 1 1921 $1,160,000
Debenture 6s
J-J
Jan. 1 1923
250,000
INTERURBAN RAILWAY & TERMINAL CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s ($1,650,000)*
J-J
1928
See below
* Free of any taxes levied by the United Statse or the State of Ohio.
Note.-Of the bonds as reported above, a small portion have been sold;
the remainder is being used as collateral for loans.
IOWA RAILWAY & LIGHT COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g•
First & refund. mtge.5s $10,000,000).____M-S Sept. 1 1932 $3,656,000
Cedar Rapids & Iowa City R. & Light
first mortgage 5s ($2,000,000)
264,000
J-D
June 1 1923
IRONWOOD & BESSEMER RAILWAY & LIGHT CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($2,500,000)
F-A
Feb. 1 1936 *$1,218,000
Ashland Light,Power & Ity. first mtge. 5s_J-J
Jan. 1 1939
*504,000
* Company has declared its intention to pay coupons in full without
deduction of Federal income tax.
JACKSON (MISS.) LIGHT & TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($2,500,000)
A-0
Apr. 1 1922
$947,800
JOPLIN & PITTSBURGH (KANSAS) RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s ($5,000,000)
M-S Mar. 1 1930 $1,750,000
Debentures 6s
A-0
Apr. 1 1920
1,050.000
•
LINCOLN (NEB.) TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s ($1,500,000)
Mar. 1 1939 $1,188,000
J-J
Old Lincoln Traction mortgage 5s
Jan. 1 1920
J-J
250,000
MARYLAND ELECTRIC RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 55 ($8,000,000)
A-0 Oct. 1 1931 *$4,000,000
Baltimore & Annapolis first mortgage bs F-A
Aug. 1 1946 *1,000,000
* Free of United States and State of Maryland taxes.
MASSACHUSETTS CONSOLIDATED RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Northern Mass. St. Ry. 1st & ref. M. 5s
($5,000,000)
M-N May 1 1943
$255,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Conn. Vail. Street Ry. 1st M 5s
M-S Sept. 1 1920
$120,000
Northamp.& Amh.1st M 5s
M-S Sept. 1 1920
180,000
Greenf. Deerf.& Nor. 1st M 5s
J-J
July 1 1923
150,000
Greenf.& Turn. Falls 1st M Os
June 1 1916
J-D
66,000
Consol. mtge.5s
June 1 1923
J-D
64,000
Northern Mass. Street Ry.Athol & Orange 1st mtge. 5s
J-T
Jan. 1 1915
60,000
Gardiner West.& Fitchburg 1st M.5s_ _F-A
Feb. 1 1920
185,000
Con. Mayn.& Hud. 1st mtge.5s
July 1 1922
J-J
230.000
EVANSVILLE SUBURBAN & NEWBURGH RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outsthnd'g.
First mortgage 5s
J-J
July 1 1934
$492,500
GAINESVILLE (GA.) RAILWAY & POWER CO.
Issued with Tax-Exemption Clause.
MILFORD & UXBRIDGE STREET RAILWAY.
Int. Maturity Date. Outstand'g.
Issued without Reference to Taxes.
First mortgage 6s
J-J
Jan. 1 1930
$130,500
Int. Maturity Date. Outstand'g.
Milwaukee & Uxbridge 58
Jan. 1 1918
8335,000
GENEVA SENECA PALLS & AUBURN RAILROAD.
J-J
M.Hal.& Fram.first mtge. Os
Jan. 1 1918
J-J
165,000
Issued with Tax-Exemption Clause.
NEW BEDFORD & ONSET STREET RAILWAY.
Int. Maturity Date. Outstand'g.
General mortgage Os
J-J
July 1 1943
$475,000
Issued without Reference to Taxes.
GULFPORT & MISSISSIPPI COAST TRACTION CO.
Int. Maturity Date. Outstand'g.
First mortgage 5s
Jan. 1 1922
$280,000
J-J
Issued with Tax-Exemption Clause.
Mid. War. & Buz. B. 1st mtge. 48
A-0 Oct. 1 1921
150,000
Int. Maturity Date. Outstand'g.
First mortgage 6s
A-0 Sept. 30 1935 $1,000,000 NEW ENGLAND INVESTMENT & SECURITY CO. & SUBSID'IES.
Second mortgage 6s
J-J
July 1 1932
692.000
Issued with Tax-Exemption Clause.
Biloxi El. Ry. & Pow. 1st mtge 6s
J-J
Jan. 1 1924
170,400
Int. Maturity Date. Outstand'g.
Funding gold notes,3s,4s & 5s
A-0 Apr. 1 1924 $13,709,000
HARRISBURG RAILWAYS.
Uxbridge & Blackstone debenture 5s
Oct. 1 1927
A-&
• 40,000
Western Mass. Street Ry. 1st M Os
Issued with Tax-Exemption Clause.
Feb. 1 1926
F-A
200,000
Wore.
Consol.
St.
Ry.
1st
,Sc
ref.
M.
Ois
Int. Maturity Date. Outstand'g.
($5,000,000
Aug. 1 1930
First and refunding mtge. 5s($19,000,000) J-D
F-A
1,422,000
Dec. 1 1942 $2,974,900
Singlestown & Blue Mt. 1st mtge. 5s_ _ _ _A-0
April 1
8,100
Issued without Reference to Taxes.
Harrisb. & Hummelst. 1s1 mtge. 44s_ _ __M-N April 1 1935
17.000 Springfield St. Ry. 1st mtge.4s
Citizens' Passenger first mortgage 6s____M-N May 1 1935
Apr. 1 1923 $1,700,000
A-0
1924
75,000
Woronoco St. Ry. 1st M. 5s
Jan. 1 1920
J-J
75,000
Springf. & East. 1st mtge. 5s
Jan. 1 1922
HARTFORD & SPRINGFIELD STREET RAILWAY.
J4
330,000
Wore. Consol. St. Ry.deb. Os of 1907
M-N Nov. 1 1927
1,200,000
Issued with Tax-Exemption Clause.
Debenture 434s of 1900
M-S Mar. 1 1926
700,000
Wore.& Marl. 1st mtge.58
A-0 Oct. 1 1917
Int. Maturity Date. Outstand'g.
200,000
First mortgage 5s
Wore.& Clinton 1st mtge. 5s
Jan. 1 1919
J-J
J-J
July 1 1921
$600,000
115,000
Windsor Locks first mortgage 5s
Wore.
&
Blackstone
434s_F-A
Aug.
J-J
Valley
M.
1
1st
July 1 1924
1926
161,000
200,000
Rocky. B.B.& E. Wind. 1st M.Os
Uxb'dge
& Blackstone 1st M. Os
Feb. 2 1923
F-A
A-0 April 2 1926
200,000
80,000
Marlboro & West. 1st mtge. Os
July 1 1921
J-.7
160,000
Wore.& Holden 1st mtge. 5s
A-0 Oct. 1 1923
HANOVER & McSHERRYTOWN STREET RAILWAY.
150,000
Wore.& Southbridge 1st mtge.4 Ms_ ---M-S Sept. 1 1923
500,000
Issued with Tax-Exemption Clause.
First mortgage 43is
J-D
June 1 1925
200,000
Webster & Dudley 1st mtge. 5s
M-N Nov. 1 1919
Int. Maturity Date. Outstand'g.
30,000
Wore.
First mortgage 5s
& Webster 1st mtge. Os
J-D
Dec. 1 1919
J-D
June 1 1928
150,000
$151,000 Mil. Attleb.
& Woonsocket 1st M.Os
A-0 Oct. 1 1919
300,000
HOLYOKE (MASS.) STREET RAILWAY.
NORTIIAMPTON (EASTON, PA.) TRACTION CO.
Issued without Reference to Taxes.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Debenture 5s of 1895
Int. Maturity Date. Outstand'g,
A-0 Apr. 1 1915
$250,000 First mortgage 5s
Debenture 5s of 1899
J-J
Jan. 1 1933
A-0 Oct. 1 1920
$394,000
85,000
Refunding and consolidated mortgage 5s--J-J
Debenture Os of 1903
A-0 Apr. 1 1923,
Jan. 1 1942
300,000
265,000 North.Eas.&
Wash.lstM.5s($5,000.000)_ _M-N May 1 1950
544,000
HUMBOLDT TRANSIT CO.
OREGON ELECTRIC RAILWAY.
Issued without Reference to Taxes.
Issued with Tax-Exemption Clause.
' Int. Maturity Date. Outstand'g
Int. Maturity Date. Outstand'g.
irst mortgage 5s ($1,000,000)
A-0 Oct. 1 1934
$193,000 First mortgage Os ($10,000,000)
M-N May 1 1933 $2,000,000
FEB. 14 1914.1
THE CHRONICLE
PACIFIC GAS & ELECTRIC COMPANY.
•
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g,
Jan. 1 1942 $24,986,000
J-J
Gen.& ref. mtge. 5s ($150,000,000)
July 1 1923 *5,000,000
J-J
General lien 6% notes
June26 1914 5,000,000
Collateral trust 6% notes ($7,000,000)_J-J
Cal.Gas&El.Cor .gen.M .5s($10 000 000)_M-S Mar. 1 1933 4,569,000
Unifying & ret. M. bs ($45,000,000).. _M-N Nov. 1 1937 20,407,000
1,608,000
Bay Counties Pow. 1st M.5s($2,250,000)_M-S Sept. 1 1930
682,000
A-0 Apr. 1 1931
Second mortgage 6s
M-N May 1 1930 2,156,000
Valley Counties Ry. first mtge. 58
1,697,000
July 1 1932
J-J
United Gas & Electric first mtge. 5s
1.000
Central California Electric first mtge. 5s_ _M-N May 1 1933
San Fr.G.&E.Co.gen.M.4%s($10,000,000)M-N Nov. 1 1933 7,248,000
215,000
June 1 1934
Mutual Electric Light first mortgage 5s_ _ _J-D
240,000
Aug. 1 1938
Suburban Light & Power first mtge. 6s_ F-A
1,296,000
Dec. 1 1941
J-D
Metropolitan Gas Corp. first mtge. 5s_
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$171,000
Oct. 1 1928
Nevada County Electric Power 1st M.6s_ _A-0 June
186,000
1 1929
_..J-D
_
6s_
mortgage
Yuba Electric Power first
769.000
Aug. 1 1931
California Central Gas & Elec. 1st M.5s_ _F-A
Nov. 1 1927 2,161,000
Sacr. El. Gas & Ry. 1st M. bs ($2,500,000).M-N June
215,000
1 1913
Central Electric Ry. first mortgage 6s_ _J-D
1 1939 2,377,000
Stand.El.Co.of Cal.1st M.5s($5,000,000)__M-S Sept.
714.000
___M-S15 Mar.151938
Blue Lakes Water first mortgage 6s_5s__M-S16
994,000
Mar.161916
Oakland Gas Light & Heat first mtge.
July 1 1923
1,500,000
South Yuba Water consol. mortgage 6s_ _ _J-J
623,000
Q-I0 3 Nov.3 1921
Edison Light & Power first mtge. 6s
600,000
Q-M Sept. 1 1930
Pacific Gas improvement first mtge. 48..
94,000
Livermore Water & Power first mtge. 6s_ _M-S Sept. 1 1922
* Entire amount deposited under the collateral trust notes due June 26'14
PETALUMA & SANTA ROSA (CAL.) RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Mar. 1 1924
$679,000
($1,000,000)
5s
mortgage
First
A-0 Apr. 1 1915
217,000
Second mortgage 6s
PHILADELPHIA RAILWAYS.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
M-N15May 15 1941 $400,000
ROCKLAND THOMASTON & CAMDEN STREET RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g,
First mortgage 4s
J-J
Jan. 1 1921 *3800,000
* Company has declared its intention to pay coupons in fullIwithout
deduction of Federal income tax.
SCIOTO VALLEY TRACTION COMPANY.
•
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'o•
1923
1
M-S
Sept.
$1,600,000
First mtge. 5s ($4,000,000)
SCRANTON & WILKES-BARRE TRACTION CORP.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1951 $2,112,000
Refunding mtge. 5s ($5,000,000
F-A
Aug. 1 1951
888,000
Sack.&'Wyo. Val. Rap.Tr.coll. tr. 5s
493
UNION ELECTRIC COMPANY IN IOWA.
Issued with Tax-Exemption Clause.
Int. Maturity Date Outstand'g,
$875.000
M-N May 1 1924
First mortgage 5s
UNION TRACTION (COFFEYVILLE, KAN.)
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$983,000
Jan. 1 1937
J-J
First mortgage 5s
100,000
A-0 Oct. 1 1921
Second mortgage 6s
UNION TRACTION CO. OF INDIANA.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
July 1 1919 a$4,573,000
First general mortgage 58 ($5,000,000)---3.4
Ind. Union Trac. 1st M.5s ($5,000,000)....A-0 July 1 1933 b1,620,000
a92,000
Dec. 1 1927
Citizens St. Ry.(Muncie) first mtge. 6s_ _J-D
b333,000
MN May 1 1915
Marion City first mortgage 6s
July 1 1932 c5,000,000
Indianapolis Northern Traction 1st M.5s_J-J
c ..c500,000
A-0
Indiana Northern Traction 1st M.6s
c950,000
Jan. 11035
Muncie Hart. & Ft. Wayne 1st M.5s
025,000
July 1 1936
J-J
Muncie & Union City mortgage 5s
Indianapolis New Castle & Eastern TracJ-D
June 1 1919 c1,200,000
tion first mtge. 6s ($1,500,000)
a Free of Indiana taxes only.
b Free of United States and Indiana taxes.
c Free of United States or of any State, county or municipa taxes.
UNITED LIGHT & RAILWAYS COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-D
June 1 1932 $5,721,000
First and refunding mortgage 5s
100.000
F-A
Feb. 1 1925
Cadillac Gas first mortgage 5s
J-J
616,000
Jan. 1 1927
Chattanooga Gas first mtge. 5s
400,000
M-S Sept. 1 1932
Iowa City Lt.& Power ref. mtge. 5s
260,500
M-N To May 1928
Iowa City Gas & Elec. 1st mtge.6s
370,000
A-0 Apr. 1 1931
People's Gas & Elec. gen. mtge. 6s
119,000
A-0 Apr. 1 1916
First and refunding mortgage 5s
1,500,000
J-J
July 1 1926
G. R. G. H.& Musk. Ry. 1st M.5s
Tr -City R.& Light Co.Coll. trust 1st lien M.5s ($9,000,000)_ _A-0 Apr. 1 1923 8,039,000
July 1 1930 4,787,000
First and refunding M.5s ($20.000,000)_J-J
54,000
M-S Sept. 1 1922
Tr -City Ry. 1st mtge. 5s
303.000
A-0 Apr. 1 1917
Citizens Ry.& Light 1st M.5s
8,000
Jan. 1 1917
J-J
Mason City & Clear Lake 1st M.6s
316.000
June 1 1932
J-D
Gen. mtge.6s (32,500,000)
1,063,000
Jan. 1 1924
J-J
Iowa & Illinois Ry. 1st M.5s
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
$184,000
July 1 1931
Cedar Rapids& Marion City 1st M.5s_ __ _J-J
UTAH LIGHT & RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 2 1934 $1,485,000
First consol. mtge. 5s (810,000,000)
749,000
J-J
Jan. 1 1930
Utah Light & Power 1st mtge. 55
1,115,000
J-J
Jan. 1 1930
Consol. mtge. 4s ($4,500,000)
1,472,000
July 1 1921
Cons. Ry.& Power 1st M.58($3,000,000)_J-J
VICKSBURG LIGHT & TRACTION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
July 1 1932
$735,000
First mortgage 5s($1,500,000)
250,000
July 1 1922
J-J
Debenture 6s
WATERLOO CEDAR FALLS & NORTHERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1940 $3,243,000
First mortgage 58($6,000,000)
WEST CHESTER KENNETT & WILMINGTON ELECTRIC RY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$420,000
June 1 1935
J-D
First num tgage 58 ($1,000,000)
WEST CHESTER (PA.)STREET RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Aug. 1 1932 31,000,000
F-A
First mortgage 58
SELMA (ALA.) STREET & SUBURBAN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
A-0 Apr. 1 1922
$75,000
Now first mortgage 5s
50,000
J-J
Jan. 1 1921
Old mortgage 5s
SHREVEPORT TRACTION COMPANY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1923
$150,000
First mortgage 5s
350,000
A-0 Oct. 1 1937
($1,000,000)
5s
General mortgage
SOUTHWEST MISSOURI RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$820,000
m
Gen.& refund. mtge. 5s(000,000)
M-S Sept. 1 1931
WESTERN OHIO RAILROAD.
200,000
Webb City Northern 1st mtge. 55
M-S Sept. 1 1923
Issued with Tax-Exemption Clause.
Southwest Mo.Elec. ref. & ext. M.5s_
1,150,000
M-S Sept. 1 1923
Int. Maturity Date, Outstand'g.
SOUTHWESTERN (TEXAS) TRACTION COMPANY.
West. Ohio Ry. 1st M.5s($3.000,000)M-N Nov. 1 1921 $2,500,000
368,000
Issued with Tax-Exemption Clause.
J-J
July 1 1925
Lima Findlay & Toledo 1st M 58
Int. Maturity Date. Outstand'o.
Issued without Reference to Taxes.
A-0
First mortgage 5s
1931
*$130,000
Int. Maturity Date. Outstand'g.
*$27,000
J-J
July 1 1930
Collateral trust mortgage 65
* Company does not consider itself liable for Federal Income Tax.
SPOKANE & INLAND EMPIRE RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First & refunding mtge. 5s ($15,000,000)_ _M-N May 1 1926 $3,956,000
To July 1925
151,000
Spokane Traction 1st mtge.5s ($1,000,000)J-J
Jan. 1 1929
442,000
Coeur d'Alene & Spokane 1st mtge. 5s_ _J-J
Aug. 1930
To
-A
267,600
F
5s
Spokane Terminal 1st mtge.
THIRD AVENUE (NEW YORK CITY) RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g•
Jan. 1 1960 $15,790,000
First refunding mortgage Is ($40.000.000)..J4
A-0 Jan. 1 1960 22,536,000
Adjustment income mortgage 5s
July 1 1937 a5,000,000
J-J
Third Ave. RR. first mortgage 58
Dry Dock East Broadway & BatteryF-A
Feb. 1 1914 *1,100,000
Certificates of indebtedness 5s
Forty-second St. Man.& St. N.Ave. Ry.M-S Mar. 1 1940
1.200,000
First mortgage 58
As earned Jan. 1 1915 All owned
Second mortioge 6s
Aug. 1 1942 a2,000,000
Union Ry. of N. Y. City 1st mtge. 5s....__F-A
July 1 1945
a250,000
Southern Boulevard first mortgage 5s_ __ _J-J
N.Y.City-Interbor. 1st M.48($5,000,0A)M-N May 1 1928
1,702.000
Bolt Line Ry.Corp. 1st M.5s ($4,000,000) J-J
Jan. 1 1943 None out'g
Issued without Reference to Taxes.
Int. Maturity Date. Outstand's.
Dry Dock E.Irway & Batt. gen. mtge. 5s_J-D
Dec. 1 1932 *$950,000
Westchester Electric first mortgage 5s_ __J-J
July 11043
500,000
Yonkers RR. first mortgage bs
A-0 April 1 1946
1,000,000
* In default. a Bonds read "Free of Government tax."
TOLEDO BOWLING GREEN & SOUTHERN TRACTION CO.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'o
M-N May 1 1921 $1,225,000
First mortgage 5s ($1,500,000)
500,000
J-J
Jan. 1 1935
Toledo & Findlay 1st M 5s
275,000
Dec. 1 1924
Findlay St. first consolidated mtge. 5s_ _ _J-D
UNION CONSOLIDATED ELEVATED RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
M-N Nov. 1 1936 *$407,000
First mortgage 5s (Series A)
* Company states it will pay normal Federal income tax of 1% on the
Interest of these bonds.
* Company has announced its intention to pay the normal Federal Income Tax of 1% on this issue, as well as on the other two.
PROPERTIES UNDER THE MANAGEMENT OF
STONE & WEBSTER MANAGEMENT ASSOCIATION.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
$415,000
F-A
Feb. 1 1939
Baton Rouge Elec. 1st M 5s
100,000
J-D
Dec. 1 1934
mortgage
1st
Berkshire Power
1,824,000
Jan. 1 1939
Black. Val. G.& E. 1st M.58(85,000,000) J-J
250.000
A-0 Oct. 1 1923
Blue Hill St. Ry. 1st mortgage 5s
Columbus (Ga.) Electric Co.
53,000
Columbus RR. 1st consol. mtge. 5s_ __ _A-0 Oct. 1 1937
Colum. Power. 1st M.58 ($4,000,000) A-0 April 1 1936 2,456,000
517,000
July 1 1956
Connecticut Pow. 1st M.(old company)__J-J
1,100,000
A-0 April 1 1963
First and consol. mortgage
A-0 April 1 1922 3,492,000
Dallas Electric 1st coll. tr. mtge. bs
1,000.000
F-A
Feb. 1 1917
Five-year 5% notes
800,000
East. Texas Elec. Co. 1st M.coll. tr. 5s_M-N Nov. 1 1942
500,000
J-J
July 1 1916
Three-year 6% notes
400,000
A-0 April 1 1943
Beaumont Traction 1st M 58
200,000
J-D
Dec. 1 1930
Edison Elec. of Brockton 1st M 58
Jan. 1 1932 1.000,000
J-J
El Paso Elec. coll. tr. mtge. 5s
Galveston-Houston Electric Co.1.413,000
M-N May 1 1940
Galv. Elec. 1st mtge. 58
A-0 Oct. 1 1954 2,974,000
Gal-Hous. El. Ry. 1st mtge. 58
Aug. 1 1925 2,089,000
F-A
Hons. Elec. Co. 1st mtge. 55
Houghton County (Mich.) Trac. Co. 1st
766.000
J-J
Jan. 1 1937
consol. mtge. 58 (81,600,000)
349,000
July 1 1920
J-J
'Hough. Co. St. Ry. 1st M.58
655,000
July 1 1927
J-J
Hough. Co. Elec. Lt. Co. 1st M 58
750,000
M-S Mar. 1 1931
Jacksonville Trac. 1st consol. mtge. bs
500.000
J-D
June 1 1915
Two-year 6% notes
150,000
J-J
Jan.15 1918
Keokuk Gas Lt. & Coke 1st mtge. 5s
504,000
F-A
Aug. 1 1956
Key West Elec. 1st mtge. 5s
Jan. 1 1951 19.800,000
J-J
Miss. River Power 1st mtge. 58
276,500
New London G.& E. lsecons. & ref. M_ _A-0 April 1 1927
Northern Texas Electric Co.
J-J
Jan. 1 1940 2,063,000
Coll. tr. mtge. 58 ($10,000,000)
839,000
M-N May 1 1914
Ft. Worth Sou. Trac.5% notes
Jan. 1 1933 2.500,000
J-J
Nor. Tex. Trac. 1st mtge. 58
Paducah Traction & Light Co.641,000
Coll. trust & mtge. 58 ($2,000,000)..M-N Nov. 1 1935
77.000
J-J
July 1 1920
Pad. St. Ry. 1st mtge. 6s (1890)
100,000
J-J
July 1 1923
1st mortgage Os (1893)
238,000
1932
1
J-J
July
5s
Ry.
mtge.
1st
Pad. City
176,000
J-J
Jan. 1 1938
Pawtucket Elec. consol. mtge. 58
M-N May 1 1932 1,400,000
Pawtucket Gas coll. 1st mtge. 4s
494
THE CHRONICLE
Int. Maturity Date. Ontstand'y
Pensacola Elec. 1st mtge. 58
F-A
Aug. 1 1931
$886,000
Ponce Elec. Co. (Porto Rico) coll. tr. 1st
mortgage 4s
M-N May 1 1927 • 223,000
Puget Sound Traction, Light & Power Co.Pac.Coast Pow. 1st M.55(310,000,000)_M-S Mar. 1 1940
3,990,000
Seattle El.cons.&ref.M.5s (1625.000,000)F-A
Aug. 1 1929 6,062,000
Seattle Ry.first mortgage 5s
M-N Nov. 1 1921
394,000
Seattle-E v. 1st M.5s ($5,000,000)
M-S Mar. 1 1939
3,100,000
Everett Ry., Lt. & Water 1st consol.
mtge. 55 (2,000,000)
A-0 April 1 1925
675,000
Consol. mtge. 58 ($24,000,000)
F-A
817,000
Feb. 1 1941
Everett Ry.& Elec. 1st M.5s($1,000,000)A-0 April 1 1921
825,000
Everett Water Co. 1st mtge. 5s
J-J
500,000
July 1 1921
Puget Sound Power 1st mtge. 55
J-D
3,055.000
June 1 1933
Puget Sound Elec. 1st consol. mtge.5s_ _F-A
3,898,000
Feb. 1 1932
Whatcom. Co. Ry.& Lt. 1st mtge. 5s M-N Nov. 1 1935
1,471,000
Savannah Elec. 1st consol. mtge. 5$
2,147,000
J-J
Jan. 1 1952
Say. Pow. 1st mtge. 5s ($2,500,000)
A-0 April 1 1932 *1,250,000
Five-year 6% notes ($2,000,000)
956,000
A-0 April 1 1917
Sierra Pac. Elec. 3-year 6% notes
M-S Sept. 1 1916
300,000
Tampa Elec. 1st M.5$ ($2,000,000)
J-D
June 1 1933
855,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Bridgewater Elec. 1st mortgage
1920
b15,000
Brockton & Plym.St. Ry. Ist M.43is____J-D
Dec. 1 1920
260,000
Cape Breton Elec. 1st mtge. 5s
J-J
Jan. 1 1932
988,000
Sydney & Glace Bay 1st mtge. 5s
J-J
July 1 1932
402,000
Columbus Elec. 1st coll. mtge. 55
A-0 April 1 1933
758,000
Three-year 5% notes
J-J
July 1 1914
1,000.000
Edison El. Ill. of Brockton 5% notes
M-S Mar. 1 1921
35,000
Electric Light & Power Co. of Abington
and Rockland 1st mortgage 5s
A-0 April 1 1919
25,000
Galv.-Hous.Elec. 3-yr.6% notes
A-0 April 1 1914
600,000
Hamilton Lt. & Pow. 1st mtge. 6s
M-S Mar. 1 1922
4,500
Jacksonville Elec. 1st mtge. 58
M-N May 1 1927
1,245,000
Keokuk El. Ry.& Pow. 1st mtge. 58
J-J
To 1925
189,000
New London Gas & El. 1st mtge
A-0 April I 1927
276,500
Second mortgage
A-0 April 1 1929
76,000
Pawtucket Elec. 1st mtge. 5s
J-D
June 1 1916
474,000
Pensacola Elec. 5-yr.6% notes
M-S Mar. 1 1916
250,000
People s Lt.,P.& Ry.(Paducah) 1st M.6s M-S Sept. 1 1917
98,500
Savannah Elec.-Sav. Thunderbolt & Isle of
Hope Ry. 1st mtge. 4s
Q-J
July 1 1947
1,000,000
Puget Sound Trac., Lt. & Power5-year mtge. bonds ($15,000,000)
F-A
Feb. 1 1919 a7,000,000
Seattle Elec. 1st mtge. 58
F-A
Feb. 1 1930
5,000,000
Tacoma Ry.& Pow. 1st mtge. 58
A-0
April 1 1929
1,500,000
Sierra Pacific Electric Co.
Nevada Pow., Lt. & Wat. 1st mtge. 6s_A-0 April 1 1932
300,000
Reno Pow., Lt. & Wat. cons. M.6s__J-J
July 1 1944
450,000
Stoughton G. & E. 1st mtge. 58
J-J
July 2 1920
b18,000
Woonsocket Elec. Machine & Power Co.
First mortgage 43s
J-J
Jan. 1 1931
200,000
Cense]. mortgage 4%s
A-0 April 1 1943
300,000
* Entire amount deposited as collateral under the 6% notes of 1917.
a Company has assumed payment of the normal Federal Income Tax
of 1% for the present at least.
b Edison Electric Ilium.Co.of Brockton assumes payment of these bonds.
[VoL. xcvin.
United States alone of the leading nations has left to private enterprise the
ownership and operation of the telegraph and telephone facilities.
The telegraph and telephone systems have long been recognized
as
necessary adjuncts to a complete postal service. As with all other privately
controlled public utilities, these facilities have been extended in our
country
only in proportion as the service to be performed has insured
substantial
dividends to the stockholders. Under private ownership,
therefore, the
telegraph and telephone are for the classes. Under Government
ownership, through the postal machinery which is conducted in the interest
of
the whole people and already reaches every man's door, the benefits
of
these facilities could be extended to the masses.
It is obvious that the longer the acquisition by the Government of these
facilities is deferred the greater will be the cost. Moreover, it is economic
waste to permit private enterprise to build up vast properties that must
eventually be taken over by the Government in resuming its constitutional
monopoly at a cost out of all proportion to the value of the parts of such
properties that may be utilized to advantage in the postal system.
According to the best available data the telegraph plant of this country
in 1912 included 247,000 miles of pole line, carrying about 1,800,000 miles
of wire. The capitalization of the land wires segregated is estimated at
$150,000,000; including the ocean wires and submarine cables, the capitalization probably would amount to $220,000,000. So far as the public
generally is concerned, the entire telegraph service is owned and operated
by two companies, their lines practically duplicating each other in most
sections of the country.
Telegraph facilities have not been extended to the small towns and
villages along with the Government postal facilities, nor has the cost of
the service been reduced in the inverse proportion that would seem to be
warranted by the increasing volume of business transacted. Neither has
the volume of business in this country, in proportion to the population.
been as great as in countries where this facility is owned and operated
governmentally. This fact unquestionably is attributable to prohibitive
rates, and the failure of the companies to extend the service to territory
which promises small profits.
The use of the telephone in all walks of life is steadily Increasing, while
the use of the telegraph is relatively stationary and therefore decreasing.
The telegraph companies have already lost for the most part the shortdistance business, owing to the development of the toll telephone service,
and they probably will lose much of the long-distance business when the
toll rates become adjusted on a cost basis. Statistics of the telegraph and
telephone traffic in foreign countries show that the number of long-distance
telephone communications greatly exceed the number of telegrams.
Assuming that the poles of the present telegraph systems would sustain
the increased number of wires necessary to superimpose the telephone
feature, the expense of constructing, equipping throughout with copper
wire, loading the same, and providing the extra circuits required, could
not be estimated at less than $75,000,000. Add this to the estimated
value of tile telegraphic land lines ($150,000,000), and it will be seen that
the cost would be equal to $225,000,000, or $25,000,000 in excess of the
estimated value of the interurban and long-distance telephone network.
The expense of equipping the latter system for telegraphy would involve
only the cost of the instruments, and would, therefore, be negligible.
In view of the foregoing it is the opinion of your committee that it would
be unwise from a commercial standpoint for the Government to acquire
the telegraph systems of the country.
The postal service maintains about 64,000 offices and stations, and employs 290,000 persons. The telephone service maintains about 50,000 offices and employs 200,000 persons. Were these two services merged and
operated ander Government control it would be feasible to transfer a large
number of the telephone offices to the Post Office buildings and thus greatly reduce the aggregate expense for quarters.
According to the best available data, the capitalization of the longdistance and toll lines represents approximately $200,000,000 and the capitalization of the entire commercial network approximately $900,000,000.
The cost to the Government would be less than the appraised value, since
it would be undesirable for the Government to purchase the real estate holdings of the companies. Exchanges could be leased until accommodations
could be provided in the post offices and stations.
There is a radical difference between the policies of a public and a private
monopoly, both as regards the extension of service and the fixing of rates,
In the extension of service the determining factor with the Government
is the needs of the people; with the private monopoly, the consideration of
profit. The effect of the application of these two policies to similar public utilities is shown by comparison between the present universal extension
of the mail facilities and the limited extension of the telegraph and telephone facilities. The private monopoly has no incentive to extend its
facilities to unprofitable territory, but the Government must servo all the
people. This universal service is accomplished by the equalization of
rates. In fixing rates, the policy of this Government is to superimpose
no charge for taxation, but only to see to it that the service as a whole is
self-supporting. The private monopoly, on the other hand, must make a
profit, and in providing for this tends to increase its rates to the highest
point that will not, by so greatly restricting the volume of business, impair
the aggregate profit.
RECOMMENDATION THAT GOVERNMENT TAKE
OVER THE TELEPHONE' AND TELEGRAPH
BUSINESS.
The recommendations of the committee appointed by
Postmaster-General Burleson to investigate the feasibility
of Government ownership and control of the telegraph and
telephone facilities were submitted to the Senate by Mr.
Burleson on Jan. 31. The Postmaster-General was directed
to present tbe results of the inquiry to the Senate under a
resolution agreed to by that body on Jan. 12. The report
was prepared at the instance of Mr. Burleson by General
Daniel C. Roper, First Assistant Postmaster-General;
Merritt 0. Chance, Chief Clerk of the Post Office Department, and John C. Koons, Superintendent of the Division
of Salaries and Allowances of the Bureau of the First Assistant. The Federal ownership of telephone and telegraph
lines was urged by the Postmaster-General in his annual
report transmitted to Congress last December, in which he
referred to the investigation which his Department had been
conducting since last June to determine the desirability and
practicability of extending the Government control of the
means of communication with a view to the acquisition of
the telephone and telegraphic lines. The report to the Senate last Saturday accepts the suggestion of Representative
Lewis that the Government purchase only the telephone
lines, the notion being that these can at relatively small
The above report has brought forth the following comments from F. H. Bethell, Vice-President of the New York
cost be equipped to do also the telegraph business.
The telegraph system, according to the report, can be Telephone Co.:
The report of the Post Office Committee on the Government ownership
established by attaching telegraphic instruments to the copof telephones and telegraphs is principally remarkable for the lack of
per telephone wires. As "the only way to afford the people knowledge
displayed of conditions both here and abroad.
the complete and modern postal facilities that the ConstiIt is stated that private companies have no incentive to extend the service
tution makes it the duty of the Government to provide" to leas profitable sections. This in face of the experience that only under
private ownership has there been a wide extension of the service. Incithe following recommendations are made in the report:
dentally, the Post Office Department does not itself expect to do much
That Congress declare a Government monopoly over all telegraph, telephone and radio communication and such other means for the transmission
of intelligence as may hereafter develop.
That Congress acquire by purchase at appraised value the commercial
telephone network, except the farmer lines.
That Congress authorize the Postmaster-General to issue, at his discretion and under such regulations as he may prescribe,revocable licenses
for the operation, by private individuals, associations, companies and corporations, of the telegraph service and such parts of the telephone service
as may not be acquired by the Government.
In its further findings the Committee says:
Under Government control, the postal service of our country has prospered, expanded and developed to its present high state of working and
economical efficiency, adopting in the course of its growth practically every
means of transmitting intelligence except electricity. The service has gone
hand in hand with the advance guard of civilization. Its facilities have been
extended to the smallest and remotest towns and villages in our land, not
with the regard to cost or with an eye to profit, but with the sole purpose
of serving the needs of the people irrespective of wealth or position. The
of this development, as the recommendation of the committee expressly
excepts service to the farmers, although later on the report states: "It
is the duty of the Government to make this facility available to all of its
citizens without discrimination."
The statement that a private company "increases its rates to the highest point that will not by restricting business impair the aggregate profit,"
either fails to recognize the regulating power of the Inter-State and various
State commissions or reflects upon their efficiency and integrity.
The statement that it would be unnecessary for the Government to purchase the real estate of the telephone companies because exchanges could be
moved to the Past Office buildings strikes any one with even a slight knowledge of the business as humorous. In New York City there are three
Post Office buildings, only one of which is adequate, even for its present
purpose, while fifty-six modern fireproof buildings are required to house
the telephone central stations, and the same conditions exists, only to a
smaller extent, in other cities of the country. Even assuming there were
fifty-six Past Office buildings, the impossibility of dismantling and reassembling more than $13,000,000 worth of complicated machinery,without
utterly demoralizing the service, must be reasonably obvious, even.to the
layman.
FEB. 14 1914.]
TIIE CHRONICLE
INCOME TAX REGULATIONS AND DECISIONS.
In accordance with an opinion received from AttorneyGeneral McReynolds the Treasury Department has issued
instructions that income derived from interest upon the obligations of all districts created under State laws for public
purposes are exempt from the income tax. This ruling
supersedes Treasury Decision 1910 (published in these
columns Dec. 13 1913, page 1704), under which it was held
that irrigation and reclamation assessment districts were
neither political subdivisions of the State within the meaning
of the Income Tax Law, nor public utilities exercising any
essential Governmental functions accruing to any State or
Territory, and that hence the interest or income from the
bonds or other obligations of such districts was not exempt
from the income tax. The Attorney-General holds that
reclamation, drainage or irrigation bodies of land are political subdivisions of the State within the meaning of that section of the law which provides that in computing net income
there shall be excluded interest upon the obligations of a
State or any political subdivision thereof. We give below
the instructions in the matter issued in accordance with
the Attorney-General's ruling:
IRRIGATION AND OTHER PUBLIC DISTRICTS EXEMPT
FROM TAX.
Referring to paragraph B, Section 2. of the Income Tax Law, which
reads as follows:
"That in computing net income there shall be excluded interest upon the
obligations of a'State or any political subdivision thereof."
You are informed under date of Jan. 30 1914, the honorable, the Attorney-General, held that special assessment districts created under the
laws of the several States for public purposes, such as the improvements
of streets and public highways, the provision for sewage, gas and light,
and the reclamation, drainage 'or irrigation of bodies of land within such
special assessment districts when such districts are for public use, are
political subdivisions of the State within the meaning of the above. proviso.
It is held that the term "political subdivision" includes special assessment
districts or divisions of a State created by the proper authority of the State
acting within its constitutional powers and under its general laws for the
purpose of carrying out a portion of those functions of the State which by
long usage and inherent necessities of government have always been regarded as public.
Levee and school districts when lawfully created undo r the authority
the State and which are authorized by the laws of the State to levy a tax of
to meet the obligations of such districts, are held to be political subdivisions of a State within the meaning of the Income Tax Law.
The income derived from interest upon the obligations of all such public
districts should, therefore, be excluded in computing net income for the
income tax.
This decision supersedes Treasury Decision 1910.
•
495
as to whether an operator in the stock market, making profits in some transactions and losses in others, would be required to return for taxation his total profits, or whether he
could deduct his losses and return only his net profits if
there were any:
PROFITS AND LOSSES ON SECURITIES PURCHASED PRIOR TOMARCH 1 1913 TO BE PRO RATED.
Sir:—In reply to your letter of the 16th ult., relative to the manner of
computing the income from securities for the purpose of the normal tax,
you are advised that if the securities were purchased prior to March 1 1913
and disposed of at a profit or loss during 1913,and no annual adjustment is
made on the books, the profits or loss as ascertained when sold (that is, the
difference between the cost and the selling price), shall be pro rated and the
proportionate profit or lossfrom March 1 would be gain or allowable deduction.
If the stock was purchased after March 1 1913 and sold at a later date.
during that year, the entire profit or loss in the transaction would be considered a gain or an allowable deduction in computing the net income.
The following regulation has been issued by the Treasury
Department respecting dividends or net earnings derived
from corporations and stock companies:
INCOME FROM CORPORATIONS AND STOCK COMPANIES NOT
TO BE INCLUDED IN RETURNS OF INDIVIDUALS IF
TOTAL NET INCOME IS LESS THAN $20.000.
To Collectors of Internal Revenue:
Referring to that provision of the Income Tax Law which reads as follows:
"Provided, further, that persons liable for the normal income tax
only, on their own account or in behalf of another, shall not be required to make return of the income derived from dividends on the
capital stock or from the net earnings of corporations, joint stock
companies or associations, and insurance companies taxable upon
their net income as hereinafter provided."
you are informed that returns of individuals, when such individuals are
subject to the normal tax only, need not include the income derived from
the dividends or net earnings referred to above. When individuals are
subject to the additional tax, such income derived from said dividends or
not earnings must be shown on the return.
Persons having an annual net income of $3,000 or more, including the
income derived from dividends or net earnings of corporations, Ste., but
whose total net income is less than $20,000, and whose net income, exclusive of the income derived from dividends or net earnings of such corporations, &c., is leas than $3,000 for the taxable year, ($2,500 for the
year 1913), shall not be required to make a return of annual net income.
Returns which have been or may be received from persons subject to
the normal tax only, in which such dividends are included, need not be
changed to meet the provisions of these regulations.
All previous rulings of the Department, including the general regulations
now in press, are amended accordingly.
The treatment of interest and dividends paid after March 1
1913, regarding which opinions have previously been given,
is the subject of a further ruling of Deputy Commissioner
Speer, which we append herewith. It appears in the "Wall
Street Journal," and was given in answer to the following
Inthe
amend
to
asked
is
which
in
Congress
A petition
•
come Tax Law so as to provide for a method of "information query:
INTEREST AND DIVIDENDS PAID MARCH 1 1913 TAXABLE, BUT
at the source" in lieu of the present provisions of "collection
SURPLUS CREDITED BEFORE THAT DATE AND
at the source" has recently been sent to all the trust comDISTRIBUTED SUBSEQUENTLY, NOT TAXABLE.
Question 1. Are stock and cash dividends, which are declared by a
panies of the United States by John H. Mason, Vice-Presi- board
of directors and paid after March 1 1913, but are declared payable
dent of the Commercial Trust Co. of Philadelphia, in his out of profits actually credited to surplus prior to March 1 1913, to be
capacity as Chairman of the Executive Committee of the considered as income in the returns for the year 1913?
Question 2. On July 1 1913 I received six months: interest on a bond I
Trust Company Section of the American Bankers' Associaowned, or on July 1 1913 I received a dividend on stock out of the earnings
tion. A letter which accompanies the petition urges the of the previous six months; Should I include such income for the total
institutions, if they are in accord with the movement, to amount, or only four-sixths of the amount, as the law became effective
1 1913, and two months of the interest or dividend was accrued
have as many banking institutions and bankers sign the pe- Mardi
before March 1?
tition as possible and forward it to the Congressmen of their
In answer to the above Mr. Speer says:
respective districts. The petition reads as follows:
of the 31st ult., in which you
PETITION FOR AN AMENDMENT TO LAW TO PROVIDE FOR
IMFORMATION AT SOURCE."
To the Representatives of the United States Congress:
banks, bankers and trust companies, hereby petiundersigned
We, the
tion that the Act of Oct. 3 1913, with respect to the income tax, be amended
at the earliest possible date, to provide for a method of "Information at
the source" in lieu of the present provisions of "collection at the source."
The present method of collection at the source adds many unnecessary
complications to bondholders and other investors; it has added enormously
to the expenses of banks, bankers and trust companies, and the labor in
investigating and making refunds will yearly cost the Government vast
sums of money, all of which can be avoided.
The present law provides that the tax shall be collected first and assessed
afterwards.
The tax is collected on the gross income and is later assessed on the
gross income less certain deductions which are allowed, so that refunds will
be necessary on a very largo proportion of the returns of individuals.
Under a plan of information at the source, all of these complications and
unnecessary expenses, aggregating up into the hundreds of thousands of
dollars annually, will be eliminated and the Government will be in possession of more information for the verification of the returns of individuals
and corporations than under the law as it now stands.
We further petition that in the event that the law is not speedily amended
as above, that an annual appropriation be made by Congress for the reimbursement of banks, bankers and trust companies for the extra expenses to
which they are subjected in acting as agents of the Government in the collection of the income tax.
We also call attention to the fact that we have done everything possible
to co-operate with the Government in putting this law into operation,
without waiting to determine who is to pay this heavy extra expense, and
we ask that Congress recognize our efforts and afford us relief as soon as
possible.
Sir—This office is in receipt of your letter
request a ruling as to whether stock dividends and interest payments made
after March 1 shall be included as income, and in reply you are advised in
cases where the distribution of the surplus accumulated prior to March 1
1913 was made on the basis of a declaration of dividends subsequent to
that date, this office holds that such dividends need not be accounted for
as income to the individual, provided the amount so distributed was actually
carried to surplus prior to March 1 1913 and the individual stockholder
has a vested property right in such surplus prior to that date. It is immaterial whether dividends of this character above indicated be paid in cash.
stock or scrip.
This office holds that "accrued" means due and payable, and the word
"accruing" in the law means having arrived at an accrued state during the
year and not the process of accruing.
This relates particularly to interest and dividend payment. With respect to dividends, they are not income to the individual until such dividends are declared and payable, and the portion of time during which the
money was earned by the corporation which pays the dividends has no bearing whatever upon the status of the time of accrual of income to the individual. The same is true of interest payments. There the individual who
receives the interest payments, whether upon coupon, registered interest
or demand notes and the interest period falls upon March 1 1913, or any
date thereafter within the year, the total income received from such securities shall be returned as income for the taxable year of 1913, because
the amount received by the individual became due and payable within
Respectfully,
that taxable period.
(Signed) L. P. SPEER, Deputy Commissioner.
Where a membership corporation is organized and operated exclusively for charitable and educational purposes
and no part of its net income inures to the benefit of any private stockholder or individual, it is exempt from the proThe Philadelphia "Press" in its issue of the 6th inst. prints visions of the Income Tax Law and is not required to file
the following ruling which it has received from Deputy In- a return. A ruling to this effect has been received by H. A.
ternal Revenue Commissioner Speer in answer to its question Cushing of this city, and we print it in full below:
[VOL. scvm.
496
THE CHRONICLE
CHARITABLE AND EDUCATIONAL CORPORATIONS EXEMPT A conference on the Administration's trust legislation was
FROM TAX.
held on Wednesday between President Wilson and the
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, January 31 1914.
H. A. Cushing, Esq., 43 Cedar St., New York.
Sin—Replying to your inquiry of January 26, you are advised that if a
membership corporation is organized and operated exclusively for charitable
and educational purposes, and no part of its net income inures to the benefit
of any'private stockholder or individual, it is exempt from the provisions
of the Income Tax Law,and is not required to file a return of its net income.
A membership company, which does not clearly come within the class
of one or another of the organizations enumerated in the Act as exempt,
will be required to make a return of annual net income. In cases wherein
there is any doubt as to its status under the law, it should make return
Respectfully,
within the prescribed time.
L. F. SPEER, Deputy Commissioner.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The public sales of bank stocks this week aggregate 158
shares, of which 153 shares were sold at the Stock Exchange
and 5 shares at auction. One lot of 45 shares of trust company stock was also sold at auction.
Shares. BANKS—New York.
Low. High.
5 Chemical Nat. Bank
4213,5 421;4
*153 Commerce, Nat. Bank of
180
182M
TRUST COMPANY—Brooklyn.
45 People's Trust Co
285A 2853
Close. Last previous sale.
42134 Apr111913— 415
182
Feb. 1914— 182
285;4 July 1909—
295
*Sold at the Stock Exchange.
A resolution calling for the reopening of the Inter-State
Commerce Commission of its examination of the affairs of
the New York New Haven & Hartford RR. Co. was agreed
to by the Senate on the 7th inst. The resolution was introduced by Senator Norris on the 3d inst. As adopted it
reads as follows:
members of the Senate Committee on Inter-State and Foreign
Commerce. According to Senator Newlands "the tentative
amendments which had been presented in full committee
were discussed, and especial consideration was given to the
provisions iegarding the powers of investigation of the proposed Trade Commission and the reference by a court to
a commission of any question of fact." "These provisions,"
Mr. Newlands said, "were considered in connection with
the Constitutional restrictions of search and seizure". Attention is said to have centered in the following proposals:
Amendment of the Inter-State Trade Commission bill to extend the
powers of the proposed body somewhat but without conferring any administrative authority; also to exclude from publicity trade secrets and lists of
customers required to be furnished by corporations.
Amendment to the Trade Relations bill to regulate holding companies
and to prevent holding companies from restricting competition.
Amendments to the tentative bills designed to prevent interlocking
directorates and defining restraints of trade under the Sherman Act.
The conference adjourned on Wednesday without any definite conclusions being arrived at and it is understood that the
amendments indicated are to be the subject of further
conference. Samuel Untermyer of New York was given a
hearing on the 6th inst. by the House Judiciary Committee,
which has before it the Trades Relation bill, the bill defining
the Sherman Law and the one prohibiting interlocking
directorates. Mr. Untermyer had many amendments to
suggest. The New York "Times", which states that he has
been asked to submit a redraft of the bills in accordance with
his suggestions, outlines his specific recommendations as
follows:
1. Amend the Interlocking Directors bill by prohibiting interlocking
Resolved, That the Inter-State Commerce Commission be requested to
make public the facts in its possession concerning the financial transactions directors of banks only as to banks that are in the same city or are potential
of the New York New Haven & Hartford RR. Co., and so far as may be competitors, instead of,as now,forbidding any bank director to be a director
necessary, to get additional information to thoroughly cover the subject, of another bank anywhere.
2. Strike out the prohibition against a bank director being a railroad
to reopen the examination of the affairs of that company, and make a
further investigation of its financial transactions with a view to ascertaining: director.
First. What became of the funds of said company invested in the various
3. Reach interlocking control of competing companies through stock
enterprises and corporations mentioned in the opinion of the Inter-State ownership, dummy directors, voting trusts and other covers and devicesCommerce Commission No. 2384, Case No. 4845, entitled "The New Eng- to evade the spirit of the law by giving power to the Trades Commission
and investigation in the matter of rates, classification,regulations and prac- to investigate and to prohibit or permit such control to the extent to which
tices of carriers," submitted May 20 1913, and decided June 20 1913.
it does not injuriously affect competition.
Second. Whether the person or persons authorizing such investment
As to holding companies Mr. Untermyer gave the followof the funds of said company and the person or persons receiving the benefit
ing advice:
thereof are liable to punishment under existing laws.
1. Do not forbid all holding companies, as is now proposed.
Third. Whether under existing law such funds so invested can be re2. Forbid absolutely all such companies where they are actual or pocovered on behalf of the stockholders of said company.
tential
competitors.
Fourth. What legislation, if any, is necessary to prevent the recurrence
3. Leave to the Trades Commission the discretion to permit other holding
of similar transactions.
which it believes necessary or beneficial on conditions that it
The inquiry will be undertaken immediately by the Com- companies
must approve, which should include cumulative voting and the proper
mission. It is stated that hearings may be held, but that protection of the minority holders.
According to the "Times," Mr. Untermyer argued that the
bill prohibiting the fixing of prices is mischievious in principle.
Instead of stimulating competition and freeing business it
would destroy competition. It would enable every local
manufacturer and Oealer to undersell an inter-State corporation in a locality and drive it out of that locality, unless the
corporation was willing to reduce its price all over the
country.
John D.Ryan of New York,President of the Amalgamated
The Inter-State Commerce Commission is to conduct an Copper Co., testifying before the House Judiciary Comexamination to ascertain whether the United States Steel mittee, on the 9th inst., regarding the bill intended to prevent
Corporation or any of its subsidiaries have been guilty of interlocking directorates, said :
giving or receiving any unlawful rebates, offsets or preferIf the bill Is enacted as it now stands directorates of banks, trust comand other corporations would be filled with "dummy" directors.
ences, especially within the last six years. The resolution Ipanies
find that men holding many directorships are now taking a more active
directing the inquiry was passed by the Senate on the 2d and careful interest in their work. They can give better service than the
inst.; it had been offered as a substitute for an earlier one "dummies" could.
Mr. Ryan, while not opposed to legislative proceedings
introduced by Senator Lane on Jan. 12, and which during a
discussion in the Senate on Jan. 19 was said to have been to prevent private monopoly,stated, however, that American
prompted by David Lamar, the so-called "Wolf of Wall manufacturers should not be prohibited from combining for
Street." Mr. Lane's resolution called for "an examination the purpose of competing with foreign producers in the foreign
and inquiry for the purpose of ascertaining whether there trade. Frederick D. Strauss, a banker of New York and a
exist facts or evidence that in the opinion of the Commis- member of the Taft-Hadley Railway Securities Committee,
sion would justify the Government in instituting suits or is quoted by the "Sun" as stating in a hearing on Tuesday
legal proceedings for recovery of fines, penalties or forfeit- before the Interstate and Foreign Commerce Committee, on
ures from the United States Steel Corporation, its subsidi- the bill providing for the regulation of railroad securities by
aries or any common carrier because of unlawful rebates, the Inter-State Commerce Commission.
A plan providing Government supervision over the issue of railroad
offsets and preferences received and accepted by the above- securities
would be a dangerous hindrance to the normal course of business.
named corporation or its constituent companies within the Any attempt by the Inter-State Commerce Commission to approve a given
investment
in railroad securities would be dangerous. It would lead
last six years"; and it furthermore specifically directed that
to believe that the Government was responsible for the success
William H. Green, editor of a newspaper at Creighton, investors
or failure of the security issue. If this bill becomes a law, the railroads
Neb., be summoned before the Commission to testify as to will have to sell their securities at a higher rate of interest becalise bankers
against possible risk of a shrinkage in
the alleged rebates. The text of the Norris substitute, will demaLd in advance an insurance
values. The commission cannot undertake to say that any undertaking
adopted on the 2d inst., is as follows:
will be profitable. Money is often invested by railroads without yielding
no decision has been reached as to when they will take place,
or where, or whether they are to be open to the public. The
reports say that for the present the Commission will conduct
its inquiry by gathering from all available sources whatever
information may throw light upon the questions at issue,
and that it may be three or four months before the Commission is ready to proceed with hearings, in case it decides
that they are necessary.
Resolved, That the Inter-State Commerce Commission is hereby directed
to conduct an examination and inquiry for the purpose of ascertaining
whether the United States Steel Corporation or any of its subsidiaries have
been guilty of giving or receiving any unlawful rebates, offsets or preferences, especially within the last six years; and if said commission finds that
such unlawful rebates, offsets or preferences have been given or received
then the Commission is directed to report the dates and amounts thereof
to the Senate for its information.
-4--
tangible profit.
James E. Bennett, who was also given a hearing on the
10th by the Inter-State and Foreign Commerce Committee,
directed his criticisms against the bill creating an Inter-State
Trade Commission. Mr. Bennett, is a lawyer of New York,
and appeared in the interest of a number of "middle-size"
corporations. In his strictures on the bill he said:
FEB. 14 1914.]
THE CHRONICLE
This Inter-State Trade Commission bill promises to open up the loveliest
kind of graft. In its terms It surpasses even the Muscovite idea of inquisitory power. The bill in its present form would give the vital secrets
of the small corporation to its big competitor and, vice versa, it would
show up the weaker points of both large and small concerns one to the
other. The evil effect, of course upon the minor concerns would be most
detrimental. A thousand special agents of the Department of Commerce
or of this Trade Commission, if it be not an adjunct of that Department,
but a separate body like the Inter-State Commerce Commission, would
be roaming about the country prying into the hundreds of thousands of
corporations, and opportunities for graft if not their natural consequence,
graft itself, would be widespread.
The Government may have a right to investigate after a complaint has
been made, but we small corporations have the same right to privacy that
you gentlemen have. We do not think we can be stopped on the corner
by a policeman, and have him ask where we have been the night before,
while trying to fasten somb kind of guilt on us for some crime. There
are over 300,000 or 400,000 inter-State corporations that would come
under the purview of the proposed bill. If they are all examined carefully
—and if one is, all should be, because they should let no guilty man
escape—think of the army of inspectors it will take to inspect all these
corporations every year.
William Hamlin Childs, President of the American Coal
Tar Products Co. a New York, appeared before both the
Senate Judiciary and Inter-State and Foreign Commerce
Committee. In Mr. Childs's opinion, "too many lawyers
and too much law are what are bothering business to-day."
Mr. Childs, in .addressing the Judiciary Committee, stated
that if the business men of the country realized what is
proposed in the pending anti-trust legislation,they would go
to Washington in great numbers to voice their protest.
Herbert Knox Smith, former Commissioner of Corporations,
who appeared before both Committees this week, is said to
have advocated a Trade Commission with a wider scope
of authority than is proposed in the pending bill. Mr. Smith
also argued for the allowance of a certain .degree of concentration among corporations. "There should be," he said,
"an automatic regulation of corporations and the highways
should be kept open for competition, but there should be no
attempt to force them to compete against their will. We
tried it in the Standard Oil case, for instance, and did not
succeed." Henry R. Towne, representing the Merchants'
Association of New York, at the hearing before the InterState and Foreign Commerce Committee, on Thursday
suggested an amendment to the Trade Commission Bill which
would embody the principles of the Canadian Trade Relation
Bill. He declared that no trade practice should be prohibited
until its fairness or legality had been determined ,by the
courts. Robert R. Reed of New York, before the House
Judiciary Committee on Thursday, gave it as his opinion
that the pending trust legislation would burden business
without remedying the evils of monopoly. Mr. Reed, we
learn from the "Times," said:
'Monopoly is an institution, not an accident. It never has been and
never will be created by unfair competition. It will not be prevented by
punishing unfair competition. The Administration bills are fraught with
peril to the individual and to the States. They recognize the trusts and
seek to make them, and all the people of the country, good, instead of
proceeding directly by adequate laws to destroy the trusts and leave
business and the individual free."
The Administration trust bills received emphatic denunciation at the hands of ex-United States Senator John C.
Spooner of Wisconsin at the forty-second annual dinner of
the Silk Association of America at the Hotel Astor on Wednesday night. During his remarks on the subject, Mr.Spooner
also had something to say in criticism of the Sherman AntiTrust Law,and,in acknowledging that he had voted for that
measure,stated that he did not then know as much about it
as at present. A report of his utterances, as contained in
Thursday's "Times," is annexed:
"The purpose." said the speaker. 'was to benefit the entire country
and its trade and commerce, but the law was singularly misconstrued from
the time it was passed until the decision of the Supreme Court of the
United States In the Standard Oil and Tobacco cases."
Mr. Spooner explained that the Sherman bill as it came to the Senate
from the committee room of Senator Sherman was utterly unlike the bill
which later passed the Senate and the House. He said that the original
measure made practical combinations in restraint of trade illegal, and the
words "trade" and "commerce" were not in it at all. Mr. Spooner decried
the agitation for free and unrestricted competition an 1 exclaimed:
"Gentlemen, such competition is the death of trade and commerce.
Every one of the great trusts, so often referred to, is built upon the graves
of smaller, once prosperous concerns, which were done to death by free
and unrestricted competition."
Mr. Spooner then referred to the five measures of the Wilson Administration,regulating business, vi hich commonly are called the "five brothers."
"Five brothers—I call them five pups," said the speaker amid laughter
and applause. "If they are made into law, what will be the situation?
The business of the United States—yours and everybody else's—will be in
a straitjacket. Business will be manacled. It cannot be otherwise. It is
of the utmost consequence to the people of the United States that industrial liberty, in its true sense, shall be accorded to the business of the
United States.
"Here is an industrial trade commission bill. You know I am afraid
of commissions. The daughters of the horse leech have become celebrated
In history as eternally crying:'Give, give, give,' but they are not a circumstance to the Federal commissions in their demand on business for 'More,
more, more,' always seeking more power, and they generally get it.
497
"Just think of this commission as it has been characterized in an interview by the President himself, a 'smelling commission.' It is to smell out
the rat, and following, like the dog, the odor, is to lie in wait for the rat
and catch it."
Mr. Spooner than said that under the proposed bill all business corporations in the United States would be obliged from time to time to furnish
to the commission such information, statements and records of their
organization, business and conduct to such a degree and extent as might
be prescribed by the commission, and that the latter body would have
access to all records, books and accounts of such corporations.
The speaker pointed out that failure to comply with the orders of the
commission was made a misdemeanor, punishable, upon conviction, by a
fine of not more than $1,000 for every day of such failure or neglect.
"I always supposed," said the speaker, "that the records of private
corporations, so far as the Constitution was concerned, were private.
This is a bill to abolish all privacy in the conduct of business, large or
small, In the United States, and the like of it you will not find on the
statute books of any country under the bending sky. It is the inquisition
come back again, in what you have been proud to consider the broadest,
freest Government in the world."
The speaker then took up the labor question.
"I proclaim to-night," continued Mr. Spooner, "the principle of the
open shop. It is an invasion of the rights of the employer for any body
of outsiders, however strong or however vicious, to attempt to dictate to
Victor A.Morawetz, of New York, likewise had something
to say in opposition to the proposed anti-trust bills at the
second annual meeting this week, in Washington, of the
Chamber of Commerce of the United States. In commenting
on the subject Mr. Morawetz said:
'The spirit of suspicion and antagonism which has affected some of
our legislators, as well as some of their constituents, should cease. The
great problem under consideration should be approached in a new spirit, in
a spirit of thoughtful moderation, free from prejudice and from considerations of mere political expediency.
"The wealth and prosperity of the country are due in great measure to
the fact that men of ablity and courage have had the freedom of action, as
well as the opportunity, to initiate and to carry to success big enterprises
—big business. To shackle business merely because it is big, or to penalize
success merely because its rewards are large, would be a step backward,
not forward. To hamper honest and legitimate enterprise merely to strike
at those who break the law, or benefit themselves by illegitimate means,
would not be enlightened and wise legislation.
"Undoubtedly some legislation supplementary to the Anti-Trust Act is
desirable. The creation of a trade commission consisting of experienced
and able men would be a wise step It would be a step forward.
"At the present day it may be considered settled (1) that the Anti-Trust
Act prohibits and renders unlawful every contract or combination in
restraint of inter-State or international commerce and all monopolizing
or attempting to monopolize such commerce, whether by contracts, or by
combining with competitors, or by purchasing the plants and businesses
of competitors, or the stocks of competing companies, or by unfair and
oppressive trade practices, or by any other means whatsoever; and (2)
that the Act does not render unlawful reasonable acts and contracts in the
normal course of trade which do not in fact restrain or monopolize trade,
within the fair and resaonable meaning of those terms, though they may incidentally diminish competition in some degree
"The Anti-Trust Act prohibits hi the broadest language restraints of trade
and monopolizing, and it is now settled that the purpose and policy of the
Act cannot be avoided by any disguise or subterfuge. I doubt that any
statute can be drawn that would really make the Anti-Trust Act more
definite and certain, except, either by limiting the scope of the Act and
defeating its purpose, or else by subjecting commerce to a set of cast-iron
rules that would cripple It. Certainly,neither the so-called 'Bill to Define
the Sherman Law' nor the so-called 'Trades Relations Bill,' nor any
of the other bills introduced in Congress would tend to make the law
more definite and certain.
"The bill to define the Anti-Trust Act,by including within its prohibitions
certain definite offenses, is especially subject to criticism on the ground
that it defines nothing, that it clarifies nothing and that it would create a
cloud of uncertainty and doubt. The bill provides, among other things,
that the prohibitions of the Anti-Trust Act shall include any company,
combination or agreement whose purpose is either 'to create or carry out
restrictions in trade,' &c., or 'to limit or reduce the production or increase
the price of merchandise, or of any commodity,' or 'to prevent competition
In manufacturing, making, transporting, selling or purchasing of merchandise produced, or of any commodity,' or 'to make any arrangement or
arrive at any understanding by which they, directly or indirectly, undertake to prevent a free and unrestricted competition,' &c.
"No man can foretell what effect would be given to this language; but if it
should be construed as extending the prohibitions of the present law so
as to prohibit every agreement or 'understanding' in any degree restricting
trade, or limiting production, or increasing prices, or diminishing competition, without regard to the question whether its purpose or effect was
really to restrain or to monopolize trade, the result would be to render it
practically impossible to carry on a large part of the necessary business
of the country under the ban of the law. The result would be either to
cripple legitimate business or to make it necessary to transact business in
violation of the law in the hope that the Department of Justice would not
enforce its penalties. There is an unfortunate tendency at the present
day to enact wholesale prohibitions with heavy penalties, trusting to the
good sense and discrimination of the Department of Justice and of the
courts and juries not to enforce the law except when its violation would
cause serious injury to the public. Such legislation leads to contempt for
the law and to lawlessness. Such legislation, in effect, substitutes government by executive will for government under laws, and it is inconsistent
with the fundamental principles of freedom
The Anti-Trust Act, as now construed by the Supreme Court, is a comprehensive and effective law. This is evidenced by the recent decisions of
the courts and by the fact that the business men of the country have
shown their readiness to obey the law without litigation whenever requested
by the Department of Justice. It is true, however, that more effective
machinery could be provided for ascertaining violations of the law, for
obtaining prompt decisions as to its application to specific cases as they
arise for enforcing the prohibitions of the law more promptly and more
efficiently. To attain that result the creation of an inter-State Trade
Commission under an Act carefully defining its functions,powers and duties
would be a wise and effective measure. However, the bill now pending
in Congress for the creation of an inter-State Trade Commission should
be amended in various particulars. Thus, the commission should be
vested with certain additional functions and duties; the provision making
498
THE CHRONICLE
public the information obtained by examination of the records, accounts,
books and papers of corporations should be eliminated, and all agents and
examiners of the commission should be strictly prohibited from disclosing
Information obtained by them, except to the commission. The bill, however, furnishes the foundation for a measure admirably adapted to secure
the prompt and efficient enforcement of the wise legislative policy embodied in the Anti-Trust Act.
Louis D. Brandeis of Boston is quoted as stating at the
meeting that the measures now being considered by the
Senate and House committees are only the ground work
of the Administration's program; "these bills", he said,
"that have been introduced are not Administration bills,
they are the bills of those members who introduced them.
I find much in them that I would see amended or corrected
and I have found the greatest desire among their authors
to get suggestions from you business men that will aid them in
carrying out the President's program." Free and unrestricted competition was not the President's object, Mr.
Brandeis declared, but rather regulated competition.
In referring to the hearings in Washington on the Owen
bill for the incorporation and regulation of stock exchanges,
the New York "Herald" on the 7th inst. stated that legislation for Federal control of these organizations is to be made
a part of the Democratic "trust" program at this session of
Congress. The legislation, according to the "Herald," will
embrace many of the features of the British companies Act
of 1907, and will provide:
For additional publicity of the assets and liabilities of corporations whose
securities are listed. This may include a demand for a statement of salaries
paid to executive officers and attorneys.
For an annual statement of the number of stockholders of each corporation and the amount of their holdings.
For an annual statement of the number of shares sold or transferred
during the year.
For authority for the Inter-State Commerce Commission to approve all
Issues of securities of railroads after ascertaining the purposes for which
the proceeds will be used.
It is stated that while there is little support in the Senate
Committee on Banking and Currency for the .Pujo bill, the
hearings upon this measune have served to crystallize support on some method to reform "grosser evils" of the Stock
Exchange.
Horace White and Edward D. Page, both members of the
Hughes Commission, which undertook an investigation of the
New York exchanges in 1908, were heard by the Owen
Committee on Wednesday. In expressing his opposition
to the pending bill, Mr.White argued, according to the New
York "Times", that it would tend to restrict an exchange's
discipline to inadequate legal remedies. Mr. White's
testimony dealt with the reforms recommended by his
commission and showed that of the dozen changes suggested
eight had been adopted in their entirety, and one or more
others in part. Altogether Mr. White gave it as his opinion
that great improvement had resulted in the operation of the
New York Exchange since the inquiry of the Hughes Commission and he expressed it as his conviction that there had
been an honest purpose to bring about the reforms proposed.
He added that much good had resulted from the changes
which the Exchange had adopted and he had no suggestions
to make for further legislation, for which, to his mind, there
was no public demand. Mr. Page thought that serious
results would follow the enactment of the bill requiring incorporation, and he asserted that if the Exchange refused to
incorporate, the business now conducted by it economically
would be carried on wastefully and at great expense to the
consuming public in private markets. Mr. Page is quoted
as saying:
There is one subject you can regulate and that Is the promotion of new
enterprises. The trouble with these stocks does not come on the Stock
Exchanges but before they reach the exchanges. The frauds are committed against the poor people, not by members of the Stock Exchange, but
by persons representing themselves as financiers.
John G. Milburn, counsel for the Exchange, in citing his
objections to the bill, stated that as an incorporated organization it could not have so complete control over the actions
of its members as it now has as an association. Mr.Milburn,
the "New York Times" says. also questioned the constitutionality of a law such as is proposed, since it seeks to govern
by subterfuge that which could not otherwise be regulated.
That the bill has not the full support of the Senate Banking and Currency Committee, was evidenced at this week's
hearing. Senator Hitchcock, a Democrat, is one member who is opposed to it. While Mr. Hitchcock is
in favor of the regulation of corporate securities by law,
he is of the opinion that this could best be accomplished
through the proposed Trades Commission rather than through
powers of censorship conferred on the Postmaster-General.
It,is also understood that Senator Nelson, Republican, and
[VOL. xcvm.
Senator Bristow, a radical Republican, both members of the
Committee, lean toward the Federal supervision of interState corporation issues.
From the testimony of Samuel Untermyer of New York
on the 12th inst. it developed that the aim sought in the
Owen bill is to place the exchanges under the supervision
of the State authorities. During the course of the proceedings Senator Hitchcock pointed out there was no reason for
incorporation since it was admitted by Mr. Untermyer that
Congress could bar the mails to a voluntary association as
well as to a corporation. We quote the following testimony
•
presented on this score:
"Congress", replied Mr. Untermyer, "should say that no stock exchange
shall send its list through the mails unless It is under tho regulation of the
State as a corporation chartered by the State. There should be that
guaranty of State supervision attached to all quotations through the mails.
It is State regulation that is provided here."
"But we are superseding the State", said Mr. IIitchcock.
"Not at all," said Mr. Untermyer. "We are not saying what a State
shall do. We are simply saying that the malls shall not be used for quotations of an exchange in the charter of which there are not such and such
stipulations."
"What you are trying to do", said Mr. Hitchcock, "Is to rrevent the
circulation of fraudulent corporate securities. Why not cut this thing
short? Why not say to the corporation that quotations of securities shall
not pass through the mails until it has filed with the Postmaster-General
correct statements of the values behind its securities? That would leave
out all this indirect dealing with the exchanges and the unjust burdens imposed upon innocent stocks listed on the exchange".
Mr. Untermyer said that the bill sought constructive legislation, that
it sought, not to check quotations of stocks, but to require that the quotations be true. Mr. Hitchcock replied that all that could be accomplished
by a corporation in dealing directly with the Postinaster-General in regard
to its securities.
Senator Nelson insisted, against Mr. Untermyer's protest, that the bill
really intended to coerce the States into conforming through their legislatures with certain requirements set up in Washington.
"To get away from all this vagueness," said Mr. Nelson,"and to make it
definite, suppose the New York Legislature did charter the Now York
Stock Exchange, but did not include in the charter some of the requirements of this proposed Federal law, what would happen then ?"
Mr. Ifntermyer said that the Exchange's quotations would then be
barred from the mails.
"Why can't we hit at the corporations directly ? "asked Senator Bristow.
"Why can't we make regulations for them about stock issues instead of for
the exchanges about listing their stocks ?"
"But the corporations are not selling the stock," replied Mr. Untermyer.
"It is very rare that a corporation sells its own securities on the Exchange.
The corporations market the securities before they reach the exchange.
The deception against which we are fighting in this bill lies in the manipuation of the securities on the exchange."
Representatives of the Boston Chamber of Commerce
appeared before the Senate Committee on Banking and Currency on the 12th and presented a report on the Owen bill.
James F. Jackson, Charles F. Weed and Frederic H. Curtiss
are the Chamber's representatives. While approving the
general purpose of the bill, the report points out certain objectionable features which make its enactment undesirable.
One of these is: "The grant to an individual political appointee of an extraordinary and dangerous authority over
the business interests of the country through absolute control of the management of stock exchanges." The measure
is further objectionable," says the report, in provisions
which in our opinion would mean disastrous consequences
to legitimate transactions and the crippling of a service that
is most beneficial to the public when properly performed."
The report testifies to the usefulness of stock exchanges
"in furthering the sale and distribution of securities and in providing open markets through which knowledge of the values
of these securities are made known to the smallest as well as
the largest investor."
A committee appointed to enter a protest against the
Owen bill on behalf of the Philadelphia Stock Exchange
consists of Frederick T. Chandler, William D. Grange and
Pennell C. Kirkbride.
Individual subscriptions to stock for a regional reserve
bank in Denver are being secured by a joint committee of
the Denver Clearing-House Association and the Chamber of
Commerce to remove what is claimed to be "the only objection that can possibly be urged against Denver as a location for a Federal Reserve Bank." The action of the joint
committee is taken under the section of the Currency Act
which provides that, where the 6% assessment against the
capital and surplus of the member banks of a reserve region
does not net a minimum capital of $4,000,000, the remaining
capital of the reserve bank may be subscribed by individuals.
So far as known. the Denver "News" says, Denver is the first
city to take advantage of this feature of the new law. The
amount which the joint committee set out to obtain by
individual subscription is $1,000,000, and on the 9th inst.
it was stated that approximately $900,000 had either been
promised or actually subscribed.
FEB. 14 1914.1
TIIE CIIRONICLE
The stockholders of the Chatham & Phoenix National
Bank of New York voted to enter the Federal Reserve system on the 5th inst.; the stockholders of the American Exchange National Bank took similar action on the 11th and
the Coal & Iron National Bank stockholders voted yesterday to join the system.
At the mid-winter dinner of the New Hampshire Bankers'
Association, held at Manchester on Jan. 27, Arthur M.
Heard, President of the Association, and President of the
Amoskeag National Bank of Manchester, had the following
to say regarding the hew Banking and Currency Law,
according to the Manchester "Union":
recognized,
"The inadequacy of our present banking system has long been
of President
and the measure which on Dec. 23 last received the signature
legislation.
constructive
of
Wilson is,in my opinion,a great piece
ill-advised action,
"It is not, as many suppose, the result of hasty and
study and discussion
but, on the contrary, is based on the result of research,
the weakness
since
Congress
the
of
which have been carried on in and out
in 1893. Our present
of our present system was so clearly demonstrated
circulating medium, is archaic
system, while furnishing an absolutely safe
and while the new measure
and poorly adapted to present-day conditions;
of thom—these we trust
many
imperfections—and
will doubtless develop
will be remedied by future legislation.
administered by a
"I firmly believe that the new currency law, wisely
Federal Reserve Board of great power, will prove beneficial to the argicultural, commercial and manufacturing interests of this country through the
centralization of reserves and the provision for an elastic currency, based
on credits and sufficiently protected by a gold reserve which shall be
responsive to the legitimate demands of business."
499
or from intimidating or coercing manufacturers or producers
of jewelry into selling only to such persons,firms,corporations
or organizations as are classified and recognized by the
National Wholesale Jewelers' Association as legitimate wholesale jobbers.
An investigation into the affairs of the Allied Printing
Trades Council of New York City to determine whether it
has been guilty of violating the Sherman Anti-Trust Act
was begun by the Federal Grand Jury in New York on the
3d inst. It is reported that the inquiry deals especially
with the troubles of the publishing house of Doubleday,
Page & Co., of which Walter H. Page, Ambassador to Eng-.
land, is a member. The company has always maintained
an open shop, and the displeasure of the Council incurred
as a result is understood to have been responsible for the
opposition which Mr. Page's appointment suffered at its
hands. Mr. Doubleday, in denying on Wednesday that
Ambassador Page has had anything to do with the Federal
inquiry, said:
This action was begun by the Federal Government of its own initiative.
and as the result of an investigation which has been going on secretly for'
more than six months. Mr. Page knew absolutely nothing about it, and.
in fact, was never fully cognizant of the conditions existing among the'
unions, because he did not have supervision in any way over the mechanical'
branch of our business. His entire attention was given to other and entirely
different matters.
The conviction in 1911 of thirteen men charged with creAt an informal meeting of the Association held earlier in
and maintaining a monopoly of the live poultry supply
ating
the
Jr.,
of
National
Vice-President
P.
Blinn
Charles
the day,
Union Bank of Boston, gave a comprehensive explanation in New York City in violation of the penal law of the State
was upheld by the Appellate Division of the New York
of essential features of the currency bill.
Supreme Court on the 6th inst. The facts in the case are
outlined in the following statement(printed in the"Evening
The restraining decree in the Government's action against Sun") issued by Assistant District Attorney William A.
the so-called "Jewelers' Trust" was signed by Judge Hunt De Ford, who conducted the prosecution:
The Appellate Division of the First Department to-day unanimously
of the United States District Court at New York on Jan. 30.
the judgment of the Court of General Sessions in this case, Justice
The action was brought against the National Wholesale affirmed
McLaughlin writing the opinion of the Court.
Manuof
Association
National
Jewelers' Association and the
On March 28 1910 the defendants, Erving V. Dwyer, Arthur G. Dwyer,
facturing Jewelers. The decree, which was drawn up by Charles Westerberg, William W. Smith, Charles R. Jewell, James N. Norris,
Wiiiiam H. Norris, Charles T Hawk,Charles Thatcher, Clenen Bishop.
Claude A. Thompson, Special Assistant United States Dis- Samuel
Werner, Solomon Frankel and Charles Werner, were indicted for
States
AttorneyUnited
by
approved
trict Attorney, and
violation of the Conspiracy Act of this State, the offence charged being that
to create and maintain, and had created and
General McReynolds, is hereafter to be used, it is stated, as they had conspired togetherthe
supply of live poultry received for sale in
maintained, a monopoly of
a basis for the adjustment of all similar proceedings under the city of New York and had conspired together to fix the prices thereof.
outcome
was
the
decree
Act.
The
Anti-Trust
The trial of the defendants commenced on May 23 1911, and lasted for
the Sherman
three months, terminating by a verdict of guilty on Aug. 16 1911.
of negotiations entered into last August for a friendly settle- about
The case was tried before Judge RosaLsky and was one of the longest
ment of the question as to whether the National Wholesale trials in the'history of the criminal courts of New York County. The
Jewelers operated in violation of the anti-trust law; it was record of the testimony taken amounted to about 6,000 pages.
the statute under which these defendants were convicted has been
then stated that the Government had reached the conclusion onWhile
the statute books of the State for about half a century, this is the first
that
but
necessary
not
was
the.
of
Association
dissolution
that
conviction that has been had under that statute in which a jail sentence
the demands of the Sherman law would be met by a decree was imposed.
Notwithstanding the fact that the Federal Government prohibited con.
of stringent injunctions. Thus the order signed by Judge spiracles
to restrain trade, &c., by the Sherman Act, and that practically
Hunt, while declaring that the agreement .between the every State in the Union has a similar statute commonly known as antithis is the first conviction in the United States in which a jail
Jewelers,
laws,
Wholesale
the
trust
Manufacturers' Association and
has been imposed against defendants, and an appeal taken, in
whereby members of the first-named organization were to sentence
which the judgment has been affirmed upon appeal. The turpentine
deal exclusively with the Wholesale Jewelers, is illegal, does case, in which two defendants were convicted in Kentucky for a violation
it
enjoins
associations;
the Sherman Act, was tried before this case but was reversed upon appeal
of
not require the dissolution of the
the Supreme Court of the United States.
them from certain practices, but does not restrain them from byThe
bathtub trust and the National Cash Register trust cases, also arising
maintaining their organizations for social or other purposes under the Sherman Act, were cases in which jail sentences were imposed,
that
the
is
It
stated
the
but
appeals in these cases have not been determined.
decree.
the
not inconsistent with
were represented by William Travers Jerome upon the
The
combination and conspiracy in restraint of trade and com- trial ofdefendants
this case and by Edward E. McCall before the Appellate Division
the
by
was
admitted
law
Sherman
the
of
violation
the
The District Attorney was represented by Assistant
appeal.
•
upon
in
merce
defendants, individuals, firms and corporations; the decree District Attorney William A. De Ford, both at the trial and upon the
appeal.
perpetually enjoins them from directly or indirectly engaging
This is the first prosecution commenced and successfully maintained in
by
of
complained
conspiracy
the
effect
into
the effort to make guilt personal where violations of anti-trust Acts have
carrying
in or
This is the first substantial contribution made in a criminal case
occurred.
any
into
or
in
entering
engaging
from
the Government,and
anywhere in the United States, to the efficient enforcement of anti-trust
like combination and conspiracy the effect of which would be laws.
The evidence at the trial related to a period of the combination's activito restrain trade or commerce in jewelry products among the
commencing June 23 1906 and ending March 28 1910. About 2,000
several States of the United States or with foreign nations. ties
exhibits were qualified and offered in evidence during the progress of the
The defendants are also perpetually enjoins from making trial. The record is the largest record made in connection with a criminal
any expressed or miplied agreement or arrangement the effect trial in New York County.
The convicted men were directors of the New York Live
of which would be to prevent free and unrestricted flow
of inter-State trade in jewelry and jewelry products from the Poultry Dealers' Protective Association; in all nineteen memmanufacturer to the consumer, or to prevent manufacturers bers were named in the indictment of March 28 1910, but a
from selling or shipping jewelry to any person, firm or cor- verdict of guilty was found against the thirteen indicated,
poration not a jobber or wholesale dealer, or not so recog- and these were sentenced to three months' imprisonment
nized by the National Wholesale Jewelers' Association. The and to pay a fine of $500 each. Eleven of the convicted men
decree also prohibits the defendants from refusing to appeared yesterday (Friday) before Judge Wadhams in
sell to any person, firm or corporation not listed as a Part I. of the Court of General Sessions, and pending the
jobber or wholesaler in the so-called "Black Book," or outcome of an application at Albany for a certificate of rea"Rating Book," published by the Manufacturing Jewelers' sonable doubt were committed to the Tombs.
Board of Trade of Providence, R. I., or in the so-called "Red
The organization of the Association of Partners of New.
Book," or "Rating Book," published by the Jewelers' Board
of Trade of New York. The defendants are further enjoined York Stock Exchange firms was perfected at the first annual
from boycotting or threatening with loss of custom or patron- meeting of the association, held on the 6th inst., when the
age any manufacturer who sells his products to retail dealers, following officers were elected: President, H. R. Winthrop
department stores, mail-order houses, purchasing syndicates, of Harris, Winthrop & Co.; Vice-President, Hartman K.
500
THE CHRONICLE
Evans of E. & C. Randolph, and Treasurer, Frederic Bull,
of Edward Sweet & Co. On Tuesday the Board of Governors appointed three general committees, to be known as
the Committee on General Policy (C. H. Boynton, Chairman), the Committee on Business Conduct (Richard H.
Swartwout, Chairman) and the Committee on New Projects
(Arthur Turnbull, Chairman). These three, with the President and Vice-President, will constitute the executive committee. The new organization was referred to in our issue
of December 13. Its membership already totals 475, representing 275 firms in New York City and 27 out-of-town
firms. At last Saturday's meeting the suggestion of the
formation of a credit association to protect Stock Exchange
houses from bad accounts was made by E. F. Hutton, who
was advised to present the proposal to the new Board of
Governors. Another matter proposed at an earlier meeting
and which was left for consideration by the permanent
board was the suggestion of Herman B. Baruch for the appointment of a committee of three, which would be delegated to receive proxies on securities of Stock Exchange firms.
Under Mr. Baruch's plan it is proposed that the committee
be given authority to list such proxies without disclosing the
individual ownership; and then, in consultation with the
executive committee, take such action as seems advisable
as to representation on the boards of various corporations.
The complete report of the proceedings of the second
annual convention of the Investment Bankers' Association
of America is now being distributed in book form. Like its
predecessor, which covered the first annual meeting, the
volume is issued in attractive shape, bound in leather covers
and printed on glazed paper, enhancing its value as a financial record. The convention which the new volume treats
of was held in Chicago on the 28th, 29th and 30th of last
October. The book has been compiled by Frederick R.
Fenton of Chicago, Secretary of the Association. The President of the Association is George B. Caldwell, Vice-Preisdent
of the Continental & Commercial Trust & Savings Bank
of Chicago.
[Vol, xcvm.
Tatnall Lea, President; William A. Law, First Vice-President; Kenton Warne, Second Vice-President; Thomas W.
Andrew Cashier, and Chas. H. James, Treasurer; B. Snyder
and Harry.J. Haas, Assistant Cashiers.
The Mercantile Trust & Deposit Co. of Baltimore,
A. H. S. Post, President, has made a gain of nearly $2,000,000 in deposits in the last calendar year, increasing its deposits from $9,132,372 Dec. 31 1912 to $11,103,235 Dec. 31
1913. In addition to $1,500,000 capital, the company's
surplus Dec. 31 1913 was 82,700,000 and undivided profits
$489,904, while its total banking resources were $15,803,781.
This is exclusive of its trust department business, which
aggregated $19,785,803. The Vice-Presidents are: Wilton
Snowden, J. R. Walker and Fred. G. Boyce Jr.; Treasurer,
John McHenry; Secretary and Asst. Treas., T. H.Fitchett,
and Asst. Secretary, C. I. Reynolds.
The Rhode Island Hospital Trust Co. of Providence has
added to its list of officers the following as Assistant Secretaries: Ernest A. Harris, John H. Wells and George H.
Capron.
The new Massachusetts Trust Co. of Boston, organized
under the presidency of Edgar R. Champlin, began business
on the 10th inst. The name originally selected for the institution was the Industrial Trust Co., and the change was decided upon because of the fact that the word industrial is
incorporated in the titles or business of several other institutions. The adoption of the title "Massachusetts" was
made possible through the courtesy of the Old Colony Trust
Co., which acquired the right to that name by its absorption
of the Massachusetts Loan & Trust Co. The new company
had an auspicious opening, its deposits the first day being
reported at over $1,000,000. The institution has a capital
of $500,000 and surplus of $250,000. It occupies the quarters formerly used by the Eliot National Bank which consolidated with the National Shawmut Bank. President
Champlin has the assistance of the following in the management of the company: Elmer A. Stevens, Vice-President
(until recently State Treasurer); Charles D. Buckner,
Treasurer (lately Assistant Cashier of the Mutual National
Bank of Boston), and Arnold Whittaker, Assistant Treasurer.
William H. Taylor, First Vice-President of the St. Louis
Southwestern Ry. Co. and a director of the International
Bank, the International Banking Corporation and the
Equitable Trust Co. of this city, died on the 7th inst. He
was fifty-six years of age. In addition to the connections
mentioned, Mr. Taylor was a director of the American Ice
The consolidation of the International Trust Co. and the
Co., the American Writing Paper Co., &c.
Lincoln Trust Co. of Boston, under arrangements indicated
in these columns Jan. 31, was ratified by the stockholders
Reginald W. Pressprich of the firm of R. W. Pressprich of the two companies on Feb. 5. The enlarged institution
& Co. has been elected an active Vice-President of the will operate under the name of the International Trust Co.
Equitable Trust Co. of New York, and has assumed the The presidency will be held by Charles G. Bancroft, Presimanagement of the company's bond department. Mr. dent of the Lincoln Trust.
Pressprich has been identified with the bond business in
Wall Street for the past sixteen years, the last five years
R. Lancaster Williams has resigned as a director of the
of which he has been engaged in business for himself, handling Munsey Trust Co. of Washington. Mr. Williams is a direconly high-grade issues of municipal and railroad bonds,and tor of the Munsey Trust Co. of Baltimore, and in withthe Equitable will no doubt specialize in this class of securi- drawing from the board of the Washington institution is said
ties in the future.
to have acted in deference to the policy of the Administration against interlocking directorates.
In commemoration of its fiftieth anniversary, the First
National Bank of Paterson, N. J., is distributing a
The recent official statement of the Capital National Bank
booklet containing the historical review of the institution,
presented by its well,known President, Edward T. Bell, at of St. Paul, Minn., of which John R. Mitchell is President
the last annual meeting. The bank was organized in 1864, and James L. Mitchell Cashier, shows deposits on Jan. 13
In which year Mr. Bell became Cashier, when the President of $6,368,102 and resources of $7,752,695.
was John J. Brown. During the half century 124 consecutive dividends were paid, representing 5431A% of the actual
John H. Puelicher, Cashier of the Marshall & Ilsley Bank
capital, the rate averaging 11%%;in some years as high as of Milwaukee, and G. A. Reuss, Manager of the bank's
15% was paid. Furthermore, 1913, notwithstanding the South Side Branch, have been made Vice-Presidents. They
depression due to the prolonged srtike in Paterson, proved will continue to serve in the posts heretofore held by them.
to be one of exceptional prosperity for the bank, its average An article on commercial conditions in Milwaukee, by Mr.
deposits exceeding $3,125,000 while its net profits were Puelicher, appeared in the "Free Press" of that city on Jan. 1.
$90,000, being the largest in its history. The Dec. 31 state- Comparing the combined deposits of all the Milwaukee
ment shows the bank's capital to be $500,000, its surplus banks and trust companies under the last call of 1912 and
$600,000 and undivided profits $105,000. Associated with that for 1913, Mr. Puelicher showed an increase during the
Mr. Bell in the management of the bank are Robert J. twelve months of $3,868,206, the amount having risen from
Nelden, Vice-President; Whitfield W. Smith, Cashier, and $93,338,914 to $97,207,120. That the Milwaukee banks
Frederick D. Bogert, Assistant Cashier.
were able in a year such as the one just closed, to show an
increase in their deposits is, Mr. Puelicher contends, indi• The Jan. 13 1914 statement of the First National Bank cative of the sound commercial condition of the community,
of Philadelphia indicates the steady growth of this institu- since the bank deposits reflect with reasonable certainty
tion. Its deposits were $24,450,375; surplus and profits, the thrift and prosperity of a people and the soundness of
$1,773,686;capital,$1,500,000 and aggregate resources,$28,- their institutions.
824,060. The executive management is in hands of J.
FEB. 14 19144
501
THE CHRONICLE
Joseph W.Hertford has resigned as Cashier of the Houston
Prior to July 31 1910 reports of unfilled orders were issued
National Exchange Bank of Houston, Texas, to become only quarterly. In the following we show the totals at the
Vice-President of the Security Trust Co. of Houston. In end of each quarter or period for which the figures were made
the latter institution he succeeds J. D. Anderson, who retires public, back to the organization of the Steel Company.
Tons.
Tons.
Tons.
to enter other business. The name of the Security Trust June 30 1910_4,257,794
June 30 1907_.7,603,878 June 30 1904_ 4'3,192,277
Co. is shortly to be changed to the Security State Bank & Mar. 31 1910_5,402,514 Mar. 31 1907....*8,043,858 Mar. 31 1904 __*4,138,961
Dec. 31 1909_5,927,031 Dec. 31 1906__*8,489,718 Dec. 31 1903__*3,215,123
Trust Co.
Sept. 30 1909_4,796,833 Sept. 30 i906 .7,938.884 Sept. 30 1903...3,728,742
William G. Irwin, President of the Mercantile National
Bank and the Mercantile Trust Co. of San Francisco, died
on the 28th ult. He was seventy years of age. Up to a
few years ago Mr. Irwin was prominent in the sugar-raising
industry in Hawaii, and he was at one time the owner of the
entire island of Lanai in the Hawaiian group.
The Northwest Loan & Trust Co. of Spokane, Wash.
(capital $100,000), has been merged with the Spokane &
Eastern Trust Co. under the name of the latter. It is reported that the capital of the Spokane & Eastern Trust
Co. ($300,000), with surplus and undivided profits of practically the same amount, will be increased to 8500,000, with
surplus and undivided profits of approximately $250,000. In
effecting this, a stock dividend of 33 1-3% will be distributed
among its stockholders and $100,000 of the increased stock
will be issued to the shareholders of the Northwest Loan &
Trust Co. J. P. M. Richards continues as President of the
Spokane & Eastern Trust Co. Julius Galland and Samuel
Galland become directors of the company, and the 'latter
also becomes a Vice-President.
The annual statement of the Dominion Bank of Canada
presented at the 43d annual meeting of its shareholders, held
at the bank's head office in Toronto on Jan. 28 last, showed
that institution to be in a highly prosperous condition.
During the twelve months ending Dec. 31 the bank's profits
after deducting all charges, and making provision for bad
4% on
and doubtful accounts, were $950,403, equal to 173
the average capital; in 1912 the net profits were about
$50,000 less, or around $900,000, while in 1911 they were
$246,357 less. The bank paid 14% to its shareholders
during the year, or a round sum of $765,823. $1,000,000
new stock was offered to its shareholders in 1913, all of which
was taken up. The deposits show a very substantial gain
for the year, being reported at $53,403,585, while aggregate
resources reached the grand total of $80,506,462. It was
announced at the meeting that very satisfactory progress is
being made on the magnificent new head office building at
the corner of King and Yonge streets, Toronto, and it is expected the bank will be occupying the same at the end of
1914. Sir Edmund Osler, M. P., Toronto, was again
elected to the Presidency. W. D. Matthews is Vice-President and C. A. Bogert General Manager.
NICARAGUA CUSTOMS RECEIPTS.-We append a
statement showing the Nicaraguan customs receipts for the
first eleven months of 1913, compared with 1912.
First quarter
Second quarter
Third quarter
1913.
Increase.
1912.
$233,425 63 $416,421 97 $182,996 34
$386,138 39 455,492 44
69,354 05
208,746 37 475,304 17 266,557 80
October
November
December
5105,704 01 $125,801 40 $20,197 39
102,769 56 125,492 42
22,722 86
135,611 30
Decrease.
$344,084 87
Fourth quarter
Total
$1,172,395 26
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.The United States Steel Corporation on Tuesday, 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 the unfilled orders on Jan. 31 was 4,613,680
tons, 331,572 tons more than on Dec. 31 last, when the
number of orders outstanding was the smallest for over two
years, or since Nov. 30 1911. In the following we give the
comparisons with previous months.
Tons.
Jan. 31 1914_4,613,680
Dec. 31 1913...4,282,108
Nov. 30 1913...4,396,347
Oct. 31 1913...4,513,767
Sept. 30 1913_5,003,785
Aug. 31 1913_5,223,468
July31 m3_5.399.356
June 30 1913.-5,807,317
May 31 1913...6,324,322
April 30 1913...6,978,762
Mar. 31 1913_7,468,956
Feb. 28 1913-7,656.714
Jan. 31 1913.-7,827,368
Dec. 31 1912-7,932,164
Tons.
Nov. 30 1912...7,852,883
Oct. 31 1912...7,594,381
Sept. 30 1912_6,551.507
Aug. 31 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 1912-5,304,841
Feb. 29 1912...5,454,200
Jan. 31 1912_5,379,721
Dec. 31 1911...5,084,761
Nov. 30 1911...4,141,955
Oct. 31 1911_3,694,328
Sept. 30 1911--3,611,317
Tons.
Aug. 31 1911_3,695,985
July 31 1911-3,584,085
June 30 1911.-3,361,058
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...3,158,106
Aug. 31 1910...3,537,128
July 31 1910-3,970,931
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
1909___4,057,939
1909_3,542.595
1908...3,603,527
1908._ _3,421,977
1908_3,313,876
1908...3,765,343
1907.....4,624,553
1907..*6,425.008
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
1906__*6,809,589
19067,018,712
1905__*7,605,086
1905_ _*5,805,377
1905__*4,829,655
1905__*5,597,560
19044,696,203
1904....*3,027,438
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Dec. 31
Nov. 1
1003..4.666,578
1903...5,410,719
1902_ _*5,347,253
1902__*4,843,007
1902...4,791,993
1901__*4,497.749
1901__*2,831,692
*The figures prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, the
former basis, would, it Is stated, be 2,434.736 tons on that now employed.
COPPER PRODUCTION AND CONSUMPTION.
The statement of the Copper Producers' Association for the
month of January, issued on Monday,shows that the foreign
deliveries of the metal aggregated 87,955,501 lbs., the
heaviest reported for any month since December 1910.
On account of these large foreign takings, unsold stocks decreased 4,142,182 lbs. during the month. Below we compare
the various items for January for four years. We also add
figures showing the European visible supply.
Stocks beginning period
Production
Total supply
Deliveries forDomestic consumption
Exports
January
1914.
1913.
1912.
1911.
lbs_ 91,438,867 105,312,582 89,454,695 122,030,195
131,770,274 143,479,625 119,337,753 115,696,591
223,209,141 248,792,207 208,792,448 237,726,786
47,956,955 65,210,030 62,343,901 42,078,557
87,955,501 60,383,845 80,187,904 53,208,739
135,912,456 125,593,875 142,511,805 95,287,298
Stocks end of period
European visible supplyBeginning of period
End of period
87,296,685 123,198,332 66,280,643 142,439,490
46,916,160 90,451,200 128,313,920
37,777,600 85,630,720 124,476,800
ANTHRACITE COAL PRODUCTION.-Presumably
on account of the extremely mild weather, the shipments of
anthracite coal to tidewater during the month of January
1914 were only 5,175,732 tons, a decrease under the same
month last year of 1,160,684 tons. In the following we show
the shipments by the various carriers for January of the
present and the three previous years.
January
1913.
1912.
1,257,132 1,186,534
1,175,151 1,020,447
813,367
760,035
922,099
791,698
653.177
567,279
576,552
542,819
717,235
682,845
221,706
212,039
1911.
1,134,280
1,021,447
772,130
883,371
611,758
591,917
678,531
230,683
5,175,732 6,336,419 5,763,696
5,904,117
1914.
IthadPhiladelphia &Reading
tons.1,015.126
Lehigh Valley
810,588
704,491
Jersey Central
Delaware Lackawanna & Western_ _ _ _ 618,938
Delaware & Hudson
586,893
Pennsylvania
536,118
706,303
Erie
New York Ontario & Westem
197,275
Total
renetargTomincrcialuglisix4C1ITS
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Thurs,
Mon. Tues. Wed.
Fri.
Sat.
Week ending Feb. 13.
26 11-18 26 9-16 26 9-16 2634
d 2634
Silver, per oz
263.4
75
77 3-16
S Consols, 234 per cents_... 76 1-16 76 1-16 76 1-16 7634
d For account
76 3-18 76 3-16 7634
76 3-16 7634
7734
87.3234
S French Rentes (in Paris) fr. 87.1734 87.00
87.00
86.9734 87.15
79
Amalgamated Copper Co... 7834
7834
79
7834
7834
Am. Smelt. & Refining Co
7034
71
71
---71
71
S Anaconda Mining Co
734
7%
---73.1
73.4
73.4
Atch. Topeka & Santa,F0---101
101
101%
101
10134
10034
____ 10434
Preferred
104
10434
10434
10434
Baltimore & Ohio
9434
963/
9455
95'
9634
9534
Preferred
84
____
84
8355
84
8334
Canadian Pacific
22334
22234
22234
22234
22334
22334
67
Chesapeake & Ohio
88
67
67
6734
6734
1434
14
14
14
Chicago Great Western
1434
1434
109
106
Chicago Milw. & St. Paul__ _10834
106
10834 c1085(
1434
15
16
Denver & Rio Grande
1834
1534
1834
30
27
3034
Preferred
28%2534
31%
32
i iErie
3134
3134
3134
4934
4834
49
49
First preferred
4934
4934
40
40
40
40
40
Second preferred
---136
136
_
Great Northern, preferred 137
13734
13634
117
115
115
11455
Illinois Central
11634
c11534
142
141
141
141
Louisville & Nashville
14234
14134
2254
Missouri Kansas & Texas
2234
2234
2334
2234
2234
61
61
61
61
61
---Preferred
28
28
27
Missouri Pacific
27542734
13
1234
12
ii%
.
Nat. RR. of Mex., 2d pref.. 1234
1234
93
N. Y. Cent. & Hud. River 9434
9334
9234
9234
9234
31
30
N. Y.Ont.& Western
313(
3034
3034
3034
108
107
107
107
Norfolk & Western
10734
10814
89
Preferred
1i6-5;
Northern Pacific
11934
12034
11934
11934
11934
57%
58
58%
a Pennsylvania
58
58
5734
86
86%
86%
86%
8634
8655
a Reading Company
45
45
451.4
45
45
a First preferred
46
a Second preferred
9
8
Rock Island
734
634
-'73%
77.4
99%
99%
995,5
Southern Pacific
99%
100%
9934
Southern Railway
27%
27%
27%
27%
2755
2734
87
86
8655
85%
Preferred
85%
166%
167%
16655
Union Pacific
167%
1;iK
16634
8755
Preferred
88
875i
87%
87%
67%
66%
67%
6831
6634
U.S. Steel Corporation
6734
114
114
114
113
113%
Preferred
3%
3
3%
Wabash
3%
3
33.4
9%
9
Preferred
934
934
9
61m
6154
61%
Extended 4s
615.5
6134
a Price per share. b £ sterling. c Ex-dividend. S Quotations here given are
flat prices.
502
THE CHRONICLE
Commercial a neatliscellaneons4.ews
Name of Company.
f VOL ICC% I
Per
When I
Cent. Payable.
Books Closed.
Days Inclusive.
Street and Electric Rys.1(Concluded).
Philadelphia Co.. 5% non-cum. pref._
234 Mar. 2 Holders of rec. Feb. lOcr
Portland Ry., Lt. & Power (quar.)(No.13) 1
Mar. 2 Holders of rec. Feb. 12
Rochester By. & Light, pref. (guar.)
154 Mar. 2 Holders of rec. Feb. 21a
2A
Tampa Electric Co. (guar.) (No. 37)_. _ _
Feb. 16 Holders of rec. Feb. 4a
Tennessee By., L. & P., pref.(qu.)(No.7)
134 Mar. 2 Holders of rec. Feb. 14a
1% April 1 Holders of rec. Mar. 14a
Twin City R.T., Minneap., corn. (qu.)_ _
Preferred (guar.)
134 April 1 Holders of rec. Mar. 14a
1
April 1 Holders of rec. Mar. 16a
Capital $100,000. James D. Brown, President; W. B. Golden, United Light & Rvs., common (quar.).1r
April 1 Holders of rec. Mar. 16a
dCommon (payable in com. stock) _
Cashier. (Succeeds Bank of Athens.)
1% April 1 Holders of rec. Mar. 16a
First preferred (guar.)
10,480-The First National Bank of Albright, W. Va. Capital, $25,000.
34 April 1 Holders of rec. Mar. 16a
Second preferred (guar.)
Elmer E. Watson, President; Herbert H. White, Cashier.
Banks.
10,481-The Cherry Creek National Bank, Cherry Creek, N.Y. Capital,
3
Feb. 10 Holders of rec. Feb. 7a
$25,000. Harold E. Crissey, Pres.; Nora B. Lake, Cashier. (Suc- Mechanics & Metals (guar.)
Miscellaneous.
ceeds E. B. Crissey & Co., bankers, Cherry Creek, N. Y.)
$1.50 Mar. 2 Feb. 18 to
Mar. 1
10,482-The Farmers' National Bank of Beggs, Okla. Capital, $25,000. Adams Express (guar.)
1)4 Feb. 23 Holders of rec. Jan. 24a
W. G. Reynolds, Pres.; It. L. A. Steigieder,
, Cashier. (Succeeds Amalgamated Copper (guar.)
Farmers State Bank of Beggs.)
American Bank Note, common (guar.)._
134 Feb. 16 Holders of rec. Feb. 2a
Mar. 2 Holders of rec. Feb. 28a
3
10,483-The First National Bank of Bogota, Tex. Capital $25,000. American Coal
April 1 Mar. 22 to
April 1
Amer. Gas dr Elec., com. (qu.) (No. 16) 2
B. C. Peyton, Pres.; H. C. Dodd, Cashier.
Amer. Graphophone, pref. (qu.)(No.63) 134 Feb. 16 Holders of rec. Feb. 2
VOLUNTARY LIQUIDATIONS.
Mar. 31 Mar. 22 to
Mar. 31
American Radiator, common (quar.)_ -- 2
Mar. 31
Common (extra)
Mar. 31 Mar. 22 to
2
5,569-The First National Bank of Petty,Tex.,January 14 1914. LiquidMar. 31
Common (payable in common stock)
Mar. 31 Mar. 22 to
lOr
ating committee; W. W. Vauter, W. H. Fielding and J. F.
Preferred (guar.)
134 Feb. 16 Feb. 8 to Feb. 16
Williams, Petty, Tex
Mar.
4
Amer.
to
Smelt.
26
&
Refg.,
Feb.
Mar.
16
corn.
1
(qu.)(No.
42)
,023-The Federal National Bank of Pittsburgh, Pa., January 20 1914.
Preferred (guar.) (No. 59)
134 Mar. 2 Feb. 14 to Feb. 19
Absorbed by the Mellen National Bank of Pittsbuegh.
Mar. 19
American Steel Foundries (guar.)
to
27
Feb.
Mar.
31
36
National
City
Bank
of
Baltimore,
-The
Md.,
9,639
Jan. 26 1914. Liqui- Amer. Sugar Refg., com. & pref. (quar.)._ _
154 Apr. 2 Holders of rec. Mar. 2a
dating agent: Henry B. Wilcox, Baltimore, Md. Absorbed by
American Telegraph & Cable (Ousr.)--- 134 Mar. 1
The First National Bank of Baltimore.
American
Tobacco,
common
5
Mar. 2 Feb. 15 to
(quar.)__
Mar. 15
9,099-The Farmers National Bank of Richland, Mich., Feb. 2 1914.
Mar. 15
Preferred (quar.)
114 Apr. 1 Feb. 15 to
Liquidating agent: Milo A. Snow, Richland, Mich. To be sucAssociated Merchants, com. (guar.)
I% Feb. 27 Holders of rec. Feb. 20
ceeded by The Farmers State Savings Bank of Richland.
Common (extra)
34 Feb. 27 Holders of rec. Feb. 20
1341 April 1 Holders of rec. Mar. 16a
Bethlehem Steel, pref. (guar.)
4
Bond & Mortgage Guarantee (quar.)
Feb. 14 Holders of rec. Feb. 7
Canadian Bank Clearings.-The clearings for the week Booth Fisheries, 1st pref. (quar.)
134 April 1 Holders of rec. Mar. 20
4
Borden's Condensed Milk, common
Feb. 14 Feb. 6 to Feb. 15
ending Feb. 7 at Canadian cities, in comparison with the Buckeye
Pipe Line (guar.)
Mar. 14 Holders of rec .Feb, 24
$5
same week of 1913, show a decrease in the aggregate of Burns Bros., common (guar.)(No. 2)....- 131 Feb. 15 Holders of rec. Jan. 31
Butterick
Company (guar.)
54 Mar. 2 Holders of rec. Feb. 170
12.4%.
Cambria Steel (guar.)
134 Feb. 14 Holders of rec. Jan. 31
Canada Cement, Ltd., pref. (quar.). _
134 Feb. 16 Feb. 1
to Feb. 10
Week ending Feb. 7.
1
Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd., (guar.). -Clearings at336 Feb. 20 Holders of rec. Feb. 10
Central Fireworks, preferred
Inc. or
Feb. 19 Holders of rec. Feb. 11
Central States Elec. Corp., com. (No. 1) 1
1914.
1913.
Dec.
1912.
1911.
Cities Service, com. and pref. (monthly)
34 Mar. 1 Holders of rec. Feb. 150
Mar. 16 Holders of rec. Feb. 28
Cleveland & Sandusky Brew., pref. (qM.) 1
Canada$
Mar. 2 Holders of rec. Feb. 140
$
1
Columbus Gas & Fuel, corn. (quar.)..- 54,597,848 54,933,736 -0.6 42,272,320 40,580,044 Connecticut Power, pref. (quar.) (No. 4) 134 Mar. 2 Holders of rec. Feb. 17a
Montreal
43,374,535 46,454,809 ---6.6 35,973,372 32,883,187 Consolidated Gas (quar.)
Toronto
134 Mar. 16 Holders of rec. Feb. lie
22,135,654 28,837,251 ---23.2 25,152,155 14,955,674 Consumers' Co., preferred
Winnipeg
314 Feb. 20 Holders of rec. Feb. 10a
8,789,940 15,727,010 ---43.8 10,749,267 8,776,997 Crescent Pipe Line (quar.)
Vancouver
$1.50 Mar. 16 Feb. 21 to
Mar. 16
3,910,757 4,274,392 ---8.5 4,818,588 3,408,732 Deere & Company, pref. (guar.)
Ottawa
134 Mar. 1
3,179,839 3,210,627 -1.0 2,883,121 2,391,553 Diamond Match (quar.)
Quebec
134 Mar. 16 Holders of rec. Feb. 28a
2,141,149 2,159,885 ---0.8 2,004,166
Halifax
1,570,592
Mar. 16 Holders of rec. Feb. 28a
1
Extra
Hamilton
3,627,105 3,772,997 --3.3 2,494,954 1,636,066 Dominion Bridge, Ltd. (quar.)
2
Feb. 16 Holders of rec. Jan. 31
1,581,250 1,717,557
St. John
1,722,758 1,366,949 Eastern Steel, 1st preferred (quar.)
1.3( Mar. 16 Holders of rec. Mar. 2
London
1,676,532 1,812,818
1,549,785 1,171,330 Federal Utilities, pref. (quar.)(No. 10)_ _
134 Feb. 28 Holders of red. Feb. 14
Calgary
3,395,363 4,768,317 ---28.8 4,297,778 2,722,009
134 Feb. 28 Holders of rec. Feb. 14
Preferred (quar.) (No. 11)
2,663,423 3,206,902 -716.9 3,035,052 2,197,504 General Asphalt, pref. (quar.) (No. 27) 114 Mar. 2 Holders of rec. Feb. 13a
Victoria
3,136,962 3,863,159 ---18.8 4,208,745 1,608,452 General Chemical, com.(quar.)
Edmonton
134 Mar. 2 Holders of roe. Feb. 20a
Regina
1,707,097 2,387,754 ---28.5 1,929,323
810,669 General Electric (guar.)
2 April 15 Holders of rec. Feb. 28a
Brandon
450,794 Goodrich (B. F.) Co., pref. (quar.).
521,852 ---19.1
452,358
499,825
134 AprIl 1 Holders of rec. Mar. 21a
369,311
Lethbridge
616,722 ---40.1
385,673 Greene Cananea Copper (guar.) (No. 6) 1
572,665
Mar. 2 Holders of rec. Feb. 14a
1,226,028 2,078,076 ---41.0 1,764,435
Saskatoon
776,631 Homestake Mining (monthly)(No. 471). 65e. Feb. 25 Holders of rec. Feb. 20a
Brantford
661,822
560,999 1-18.0
431,391 Ilium. & Pow. Sec., pref. (qu.) (No. 6)-477,932
134 Feb. 16 Holders of rec. Jan. 31
Moose Jaw
751,880 1,241,341 ---39.4
869,167
IndeDendent Brewing, pref. (guar.)
134 Feb. 28 Feb. 17 to Feb. 27
Fort William
812,701 --6.8
757,803
Indiana Pipe Line
603,855
Feb. 14 Holders of rec. Jan. 24
$4
New Westminster
510,636 --19.2
412,718
Inland Steel (quar.)
134 Mar. 2 Holders of rec. Feb. 10a
Medicine Hat
365,404 Not included in tot al
Internat. Harv. of N. J., pf.(qu.)(No.28) 134 Mar. 2 Holders of rec. Feb. 10a
Harv.
Corp.,
Internat.
pf.(qii.)(No. 4)_.. 134 Mar. 2 Holders of rec. Feb. 10a
Total _Canada
160,549,374 183,369,541 -12.4 147,879,263118,124,247 Internat. Nickel, common (quar.)
234 Mar. 2 Feb. 15 to
Mar. 2
2
Internal. Smelt. & Ref. (qu.) (No. 19)
Mar. 2 Holders of rec. Feb. 21a
Jefferson lie Clearfield Coal & Iron, pref. 236 Feb. 16 Holders of rec. Feb. fia
DIVIDENDS.
136 Apr. 2 Mar. 21 to
Kelly-Springfield Tire, pref. (quar.)_ _ _ _
Apr. 2
The following shows all the dividends announced for the Kings Co. El. L.& Pow.(qu.)(No.56)-- 2 Mar. 2 Feb. 10 to Feb. 24
134 Mar. 2 Holders of rec. Feb. 28
Lackawanna Steel, preferred (quar.).__ _
corporations.
future by large or important
2
Feb. 28 Holders of rec. Jan. 31a
Lehigh Coal & Navagation (guar.)
Liggett Sr Myers Tobacco, com. (guar.) 3
Mar. 2 Feb. 15 to
Dividends announced this week are printed in italics.
Mar. 9
May Department Stores,common (guar.) 134 Mar. 1 Holders of rec. Feb. 16a
Miami Copper (guar.) (No. 8)
50c. Feb. 16 Holders of rec. Jan. 31a
When
Books Closed.
Per
Middle
West
Utilities, pref. (quar.)
$1.50 Mar. 2 Holders of rec. Feb. 14
Days Inclusive.
Cent. Payable.
Name of Company.
Milwaukee & Chicago Breweries
436 Mar. 31 Jan. 29 to Feb. 19
Mobile Electric Co., pref. (guar.)
134 Feb. 16 Holders of rec. Jan. 31
Railroads (Steam).
Montreal
Lt.,
Ht. Or Pow.(qu.)(No. 51) 234 Feb. 16 Holders of rec. Jan. 31a
3
Feb. 23 Holders of rec. Jan. 31a National Biscuit,
Alabama Great Southern, preferred
com.
(guar.)
(No.
63)._
134 April 15 Holders of rec. Mar. 28a
Top.
dr
S.
Fe,
134
Mar.
2
Holders
of
rec.
Jan.
30a
Atch.
corn.(qu.)(No. 35)Preferred (guar.) (No. 64)
134 Feb. 28 Holders of rec. Feb. 14a
Baltimore dr Ohio, comMon
3
Mar. 2 Holders of rec. Jan. 31a National Carbon, pref. (quar.)
Di Feb. 14 Jan. 28 to Feb. 16
Preferred
2
Mar. 2 Holders of rec. Jan. 31a
National Lead, preferred (guar.)
134 Mar. 16 Feb. 21 to Feb. 24
Bellefonte Central
50c. Feb. 15 Holders of rec. Jan. 31a Niles-Bement-Pond, pref. (quar.)
Feb. 16 Feb. 6 to Feb. 16
1
Extra
50c. Feb. 15 Holders of rec. Jan. 31a Ontario Power Co.(quar.)(No.6)
134 Mar. 2 Holders of rec. Feb. 21
Buff. Roch.& Pitts., corn. Ar pref
3
Feb. 16 Holders of rec. Feb. 9
Feb. 16 Holders of rect. Feb. 5a
1
Limited,
Penman's,
common
(guar.)._
_
_
Canadian Pacific, coin. (qu.) (No. 71)_ _ _ _
234 April 1 Holders of rec. Feb. 28a Pennsylvania Water & Power (qu.)
April 1 Holders of rec. Mar. 16
(No. 1) 1
Preferred
2
April 1 Holders of rec. Feb. 28
Feb. 25 Jan. 21 to Feb. 10
2
Peoples Gas Light & Coke (quar.)
Chicago, Milwaukee & St. Paul, common
234 Mar, 2 Holders of rec. Feb. 9a Pittsburgh
Feb. 28 Feb. 21 to
1
Mar. 1
Brewing,
(guar.)
common
Preferred
334 Mar. 2 Holders of rec. Feb. On
Preferred (quar.)
134 Feb. 28 Feb. 21 to Mar. I
Chicago & North Western, com.(quar.)_ _ _
14, April 1 Holders of rec. Mar. 2a Pittsburgh Steel, pref. (guar.)
Mar. 2 Holders of rec. Feb. 19
134
Preferred (guar.)
2
April 1 Holders of rec. Mar. 2a
Ili Feb. 16 Feb. 6 to Feb. 16
CO. St. Paul Minn. & Om., corn. & pref. 334 Feb. 20 Holders of rec. Feb. 2a Pratt & Whitney Co., pref.(guar.)
Mar. 11 Feb. 19 to Mar. 10
Cleveland & Pittsburgh, reg., guar.(quar.) 1X Mar. 2 Holders of rec. Feb. 10a Pressed Steel Car, corn. (guar.) (No. 20) %rt Feb.
25 Feb. 5 to Feb. 24
134
Car,
pref.
(guar.)
Pressed
Steel
1
Special guaranteed ((War.)
Mar. 2 Holders of rec. Feb. 10a
14 Holders of rec. Jan. 31a
4
Feb.
Procter
&
Gamble,
common
(quar.)
Cripple Cr'k Cent. com. (qu.)(No. 17)1
Mar. 2 Holders of rec. Feb. 17a
Feb. 16 Holders of rec. Jan. 31a
2
1
Preferred (guar.;(No. 33)
Mar. 2 Holders of rec. Feb. 17a Pullman Company (guar.) (No. 1S8)....
Mar.
1 Feb. 1 to Feb. 28
5
PureOil
(guar.)
Delaware & Bound Brook (guar.)
2
Feb. 20 Holders of rec. Feb. 13
25i April 15 Holders of rec. April in
Quaker Oats, common (quar.)
Grand Trunk, 1st and 2nd preference
236
Preferred (guar.)
134 May 29 Holders of rec. May in
Third preference
236
136 Feb. 28 Holders of rec. Feb. 2a
Quaker Oats, preferred (quar.)
Illinois Central (No. 118)
234 Mar. 2 Holders of rec. Feb. On Sears,
Roebuck & Co., com. (quar.)
134 Feb. 14 Holders of rec. Jan. 31a
Mexican Southern
234 Feb. 16 Feb. 2 to Feb. 14
1% Feb. 16 Holders of rec. Feb. 7a
Silversmith's Co. (quar.)
Minn.St.P.& S. S. M com.& pf.(No.22) 336 April 15 Holders of rec. Mar. 19
136 Feb. 15 Holders of rec. Jan. 31
Southern
Cal.
Edison,
corn.
(qu.)
(No.16)
N. Y., Chic. & St. L., lit & 2d pref
2)4 Mar. 2 Holders of rec. Jan. 30a Southern Pipe Line (quar.)
Mar. 2 Holders of rec. Feb. 16
8
Norfolk & Western, common (guar.)._ _
134 Mar. 19 Holders of rec. Feb. 28a Standard 011 (California) (quar.)
2)4 Mar. 16 Holders of rec. Feb. 2a
Norfolk & Western, ad.!. pref. (quar.)
Feb. 19 Holders of rec. Jan. 3Ia Standard 011 (Indiana) (quar.)
1
Feb. 28 Feb. 3 to
Mar. 1
3
North Pennsylvania (guar.)
2
Feb. 25 Holders of rec. Feb. 11
Mar. 1
4
Feb. 28 Feb. 3 to
Extra
Oswego & Syracuse
434 Feb. 20 Holders of rec. Feb. 10a Standard Oil (Kansas) (guar.)
Feb. 28 Feb. 12 to Feb. 28
3
Pennsylvania (guar.)
134 Feb. 28 Holders of rec. Feb. 2a
7
Feb. 28 Feb. 12 to Feb. 28
Extra
Reading Company,first preferred (guar.) 1
Mar. 12 Holders of rec. Feb. 24a Standard 011 (Kentucky)
$200o Feb. 14
St. L.,Rocky Mt.& Pao. Co.,com.(No.2)
34 Feb. 15 Feb. 3 to Feb. 14
2
Mar. 16 Holders of rec. Feb. 24York
Standard
011
of
New
Air
Seaboard
Line, preferred
Feb. 16 Feb. 7 to Feb. 15
1
1% Mar. 1 Holders of reo. Feb. 200
Corporation, pref. (quar.)
Southern Pacific Co.(guar.)(No. 30)
146 April 1 Holders of rec. Feb. 28a Studebaker
to Feb. 15
Feb. 15 Jan. 21
1
Union American Cigar, common
Southern Railway, preferred
2
April 24 Holders of rec. Mar.28a
to Feb. 15
Preferred (quar.)
134 Feb. 15 Jan. 21
Union Pacific, common (special)
83
April 1 Holders of rec. Mar. 2a
to
April 7
Mar.
18
(guar.)
2
April
1
Carbide
Union
Union Pacific, common (guar.)
234 April 1 Holders of rec. Mar. 2a
Cigar Stores of Am .,com.(c111.)(No.5)
134 Feb. 16 Jan. 31 to Feb. 16
Preferred
2
April 1 Holders of rec. Mar. 2a Un.
Holders of rec. Feb. 24a
(guar.)
Mar.
2
Cigar
Mfrs.,
pref.
United
134
Street and Electric Railways.
United Dry Goods Cos., pref. (quar.)..
134 Feb. 28 Holders of rec. Feb. 20a
American Railways, preferred (quar.)..
13( Feb. 14 Holders of rec. Jan. 31a
Mar.30
13,6 Mar. 30 Mar. 15 to
U. S. Gypsum, Pref.(guar.)
Binghamton Ry
2
Mar. 1
Feb. 28 Feb. 15 to
com. (quar.).__
Mar. 30 Mar. 3 to Mar. 10
Corporation,
U.
S.
Steel
134
Boston Elevated
2
Feb. 16 Holders of rec. Feb. 2
Preferred (quar.)
134 Feb. 27 Feb. 3 to Feb. 24
Brazilian Tr., Lt. & P., ordinary (qu.)._
1
Feb. 20 Holders of rec. Jan. 31
Feb.
28
Mar. 21 Holders of rec.
$1
Utah Consolidated Mining
Brockton & Plymouth St. Ry., pref.(No. 10) 3
Mar. 16 Holders of rec. Mar. 7a
White (J. G.) Engineering Corp.,pf.(qu.)_ _
134 Mar. 1 Holders of rec. Feb. 20
Cent. Arkansas Ity.& L., pref.(qu.)(No.4). 134 Mar. 2 Feb. 17 to
Mar. 2
White (J. G.) Management Com.Pf.(111.) 134 Mar. 1 Holders of rec. Feb. 18
Connecticut its. & Ltg., corn. & pt. (qu.) 1
Feb. 14 Feb. 1 to Feb. 15
134 Mar. 2 Holders of rec. Feb. 10a
Woolworth (F.W.). corn. (qu.) (No. 7)-Detroit United Ry. (quar.)
134 Mar. 2 Holders of rec. Feb. 14a Woolworth (F. W.), pref. (quar,)
131 Aprli 1 Holders of rec. Mar. 10a
Duluth-Superior Trao., corn. & pf. (qu.). 1
Apr. 1 Holders of rec. Mar. 14a
Federal Light & Trac., pf.(qu.)(No. 15).
Feb. 28 Holders of rec. Feb. 14a
1
a Transfer books not closed for this dtv (lend. b Less income tax. d Correction.
Galveston-Houston El. Co.,com.(No. 10) 334 Mar. 16 Holders of rec. Mar. 5a
In stock. h On account of accumulated dividends. i Payable in scrip
Preferred (No. 14)
Mar. 16 Holders of rec. Mar. 5a !Payable
3
o In connection with this $200 cash dividend stockholders are given the privilege
Illinois Traction, common (guar.)
of
rec.
Jan.
31
Feb.
15
Holders
34
of
subscribing
to the $2,000,000 increase in the capital stock of the company.
Manhattan Bridge Three-Cent Line
134 Mar. 2 Holders of rec. Feb. 26
& Ohio stock to be
Nor. Texas El. Co., corn.(qu.)(No. 18). 134 Mar. 2 Holders of rec. Feb. 14a r Payable in common stock. s A distribution of Baltimorevalue
B.& 0.common
par value of B. & 0. preferred anti $22.50 par
Preferred(No. 17)
3 !Mar. 2 Holders of rec. Feb. 14a made, viz., $12
6% payablekin
Declared
Pacific
common
I
for
each
share
of
Union
stock
held.
Pacific Gas & Elec. Co., Df.(qu.)(No.32)134 Feb. 16 Holders of rec. Jan. 31a quarterly installments. a Declared 3% payable In quarterly installments.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS JAN. 22 TO FEB. 3.
10,479-The Bank of Athens National Banking Association, Athens, Ohio'
503
THE CHRONICLE
FEB. 14 1914.1
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent
5 Eagle W. H. & Storage Co.,
Brooklyn
85
17 Union Ferry Co
303
250 Brooklyn City RR. Co
170
45 People's Trust Co., Bklyn__ _285%
5 Central Safe Deposit Co_ _ _ _$23
8 Cent. N. J. Land Impt. Co.,
$5 each
$6 per sh.
18 Riker & Iiegeman Co., corn.,
old stock
150%
Per cent.
Shares.
2,000 U.S. Light & Htg. Co.,corn.,
50c. per sh.
$10 each
5 Chemical National Bank__ _421%
Per cent.
Bonds.
$37,000 Penn. Knitting Mills Co. of
Reading 1st 5s, 1952; Nov. 1910
$2,000 lot
coupons on
$1,000 Col. New. Sr Laurens RR.
40
1st 3s, 1937
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
20 Arlington Tr.Co.,Lawr'ce 125
8 Union Cotton Mfg. Co.,
165
Fall River
20 Naumkeag Steam Cot. Co. 180
1153
2 Mass. Cotton Mills
120
20 Boston Wharf Co
5 Cambridge Gas Lt. Co.—270%
135
1 Western R. E. Trust
185
2 Essex Co., $50 each
1,000 Laramie H. P. & Pac. fly.
$10 lot
Co., $10 each
105,000 Boswycolo Co., 10c. each.$11 lot
2,000 Van Horn Davis & Co__ _$105 lot
$ per sh.
Shares.
7,000 Acme Cons. G. & C. Mg.
85 lot
Co., 81 each
500 Montezuma Mg.Co., pref.,
$1% lot
$10 each
500 Montezuma Mg.Co., corn.,
$1 lot
$5 each
Per cent
Bonds.
$326,000 Laramie H.P.& Pac.fly.
%
5s, 1959
$2,000 Minn. Gen. Elec. Co. 1st
1003
5s, 1934
$3,800 Boswycolo Co. 10s, 1917,
$125 lot
Philadelphia:
By Messrs. Barnes & Lofland,
Shares.
$ per sh.
Sharts.
1253I
40 Logan Trust Co
75
56 valley Coal & Stone Co
10 Commonwealth T. I. & T. Co_2355
2733.
7 Germantown Trust Co
10 German Com'l Accident Co.,
6%
$10 each
80 Ins. Co. of North Amer,. $10
22-22%
each
5 Corn Exchange Nat. Bank_ _273
2 Girard Nat. Bank
3503j
9 Phila. Nat. Bank
430
20 Ridge Ave.Bank,$50 each.._ _ 50
6 Southwestern Nat. Bank
115 '
15 Tenth National Bank
120
5 Contin.-Equit. Tr. Co., 850
each
97%
16 Girard Trust Co
9013-902
% Hamilton Trust Co
96
•
6 Fire Assoc. of Phila
325-325k
9,752-10,000 Ins. Co.of State of Pa.100
11 People's Nat. F. Ins. Co., $25
each
17
25 Frank. & S'wark Pass. fly.,
3623.-362%
$ per sh.
101%
5 J. G. Brill Co., pref
3 Amer. Pipe & Constr. Co_ 48-49
57 Washington Utilities Co
25
200 Prudential L. Soc. of Phila.,
$10 each
12
35 Aldine Trust Co
115
165 Tippecanoe Secur. Co., pref.,
$10 each
$1,600 lot
Bonds.
Per Cent.
$2,000 Bangor & Aroostook RR.,
1st 5s, 1943
101
$1,000 Del. River Ferry Co., 1st
5s, 1921
104
$5,000 No. Braddock, Pa., 4%s,
1928
1023-s
$2,000 Union Canal Co. of Pa. 6s,
$1 lot
due 1880
$500 Interest in Florida Pecan
$500 lot
Endowment Co
$2,000 No. Spring. Vat. Co. 5s,
90E-90%
1928
$1,000 Boro. of Wilkinsburg, Pa.,
1001i
street 4s, 1918
$500 Spring. Wat. Co. 55, 1926.... 92%
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
005 omitted.
Net
On Dep.
Surplus, Loans. Specie. Legal:. withC.H. Deposits. Reserve.
Avera‘e. Average. Average. Banks. Average.
$
$
$
%
$
I
$
$
Brooklyn
3,659,4 23,696,0 2,283,0
760,0 2,811,0 19,317,0 15.7+12.7
Banker.
14,462,9 113,379,012,289,0
150,0 23,322,0 82,371,0 15.1+22.0
U.S.Mtg.&Tr. 4,350,4 33,991,0 4,047,0
335,0 5,387,0 29,187,0 15.0+15.3
Astor
1,152,7 20,109,0 2,028,0
53,0 1,977,0 13,785,0 15.0+12.2
Title Gu.& Tr. 11,614,4 31,784,0 2,159,0
925,0 5,351,0 19,704,0 15.6+21.0
Guaranty _ _ _ _ 23,827,2 159,655,0 17,498,0 1,120,0 23,255,0 108,229,0 17.2+ 17.6
Fidelity
1,362,9 7,263.0
801,0 5,648,0 15.9+11.1
658,0
244,0
LawyersT.I &T 5,463,4 15,803,0 1,556,0
217,0 1,709,0 11,108,0 15.9+13.3
Col.-Knicker_ _ 7,153,7 45,769,0 5,326,0
575,0 4,413,0 39,498,0 15.0+10.0
People's
1,544,5 15,640,0 1,820,0
361,0 2,151,0 14,560,0 15.0+12.6
New York_ __ _ 12,015,2 44,492,0 4,831,0
357,0 5,442,0 31,089,0 16.6+14.8
Franklin
1,179,3 10,671,0 1,098,0
158,0 1,512,0 7,938,0 15.8+15.4
Lincoln
545,9 10,156,0 1,152,0
219,0 1,135,0 8,933,0 15.3+11.2
Metropolitan _ 6,721,5 21,491,0 2,055,0
9,0 3,516,0 13,143,0 15.7+20.9
Broadway
827,7 12,722,0 1,245,0
608,0 1,476,0 12,306,0 15.0+10.7
Totals, average 95,881,1 566,621,0 60,045,0 6,091,0 84,258,0 416,816,0 15.0+16.8
Actual figures Feb. 7_ 567,040,063,815,0 6,095,0 91,228,0 408,235,0 17.1+18.2
The capital of the trust companies is as follows: Brooklyn, $1,000,000; Bankers'.
$10,000,000: United States Mortgage & Trust. $2,000,000: Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000 000:
Lawyers'Title Insurance & Trust, $4,000,000: Columbia-Knickerbocker. $2000,000:
People's, $1,000,000: New York, $3,000,000; Franklin, $1,000,000: Lincoln. $1.000.000: Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250.000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Feb. 7.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders.I Banks. Deposits.
$ I
Averages.
$
$
$
$
S
,1,507,564,0
Banks _ _ _ 133,650,0 210,201,0 1,449,723,0 334,130,0 73,663,0
Trust cos_ 46,250,0 95,881,1 566,621,0 60,045,0 6,091,0 84,258,0, 416,816,0
Total... 179,900,0 308,082,1 2,016,344,0394,175,0 79,754,0 84,258,01,924,380,0
Actual
1,449,241,0333,516,0 74,636,0
_11,507,035,0
Banks _
567,040,0 63,815,0, 6,095,0 91,228:0, 408,235,0
Trust cos_
Total_
2,016,281,0 397,331,0, 80,731,0, 91,228,0.1,915,270,0
•
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in
the whole State, but the figures are compiled so as to
Per
cent.
Bonds.
sh.
$
per
Shares.
1021.1 $3,000 Easton & Amboy RR.1st 5s,
15 American Gas Co
distinguish between the results for New York City (Greater
103%
1920
60
5 First Mtge. Guar. & Trust Co
$100 Sunbury Haz. & W.-B. RR.
New York) and those for the rest of the State, as per the
8 People's Trust Co., $50 each._ _ 47
117
2d 6s, 1938
following:
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Feb. 7. The figures for the
separate banks are the averages of the daily results. In
State Banks.
Trust Cos.
Trust Cos.
Banks.
the case of the totals, actual figures at the end of the week Week ended February T. Statein
outside of
outside of
in
are also given:
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
For definitions and rules under which the various items are
$
$
$
$
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Dec. 9
22,900,000
68,400,000 *10,528,000 *10,150,000
banks, and V.92, p. 1607, in the case of the trust companies.
39,080,200
Dec. 9
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
005 omitted.
New
..
Manhattan
York_-Co
Merchants -Mech. & DietAmerica
City
Chemical
Merohants'Ex.
Butch.& Drov
Greenwich
American Ex_
Commerce ._Pacific
Chat. & Phen_
People's
Hanover
Citizen's Cent.
Nassau
Market & Fult
Metropolitan _
Corn Exch.
Imp.& Trad—
Park
East River
Fourth
Second
First
Irving
Bowery
N.Y.CountyGerman-Amer.
Chase
Fifth AvenueGerman Exch.
Germania......
Lincoln
Garfield
Fifth
Metropolis _
West Side
Seaboard
Liberty
N. Y. Prod.Ex
State
Security
Coal & Iron__
Union Exch._
Nassau, 13klyn
Capital. Surplus.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Loans. I Specie. Legate. Net Depos- Re.
Average. i Average. Average. its, Aver. serve.
$
I
$
$
$
%
$
870,0 20,775,0 25.9
4,311,0 22,384,0 4,529,0
5,090,3 43,300,0 27,216,0 5,181,0 70,300,0 46.0
935,0 22,078,0 26.3
2,136,4 21,420,0 4,880,0
8,724,2 58,901,0 11,766,0 2,488,0 56,465,0 25.2
6,475,8 27,414,0 4,395,0 2,169,0 27,125,0 24.1
32,388,8 194,729,0 39,789,0 8,257,0 186,050,0 25.8
7,083,3 29,799,0 5,037,0 1,798,0 26,487,0 25.8
260,0
6,900,0 25.1
6,884,0 1,475,0
527,7
426,0
63,0
2,017,0 24.2
1,850,0
117,1
205,0 10,879,0 25.3
9,648,0 2,548,0
1,119,1
4,661,8 45,409,0 10,032,0 1,462,0 45,199,0 25.4
16,417,7 141,969,0 27,024,0 7,249,0 126,051,0 27.1
4,938,0
703,0
641,0
4,876,0 27.5
995,6
1,356,3 19,357,0 3,195,0 1,7110,0 19,652,0 25.2
2,104,0
453,0
2,399,0 25.0
149,0
478,0
14,840,8 80,130,0 20,626,0 1,966,0 89,530,0 25.2
612,0 23,147,0 26.0
2,418,3 23,590,0 5,417,0
806,0 11,644,0 25.0
400,0 10,603,0 2,106,0
9,317,0, 1,455,0
971,0
9,303,0 26.0
1,932,0
241,0 11,878,0 26.1
1,856,5 11,722,0 2,860,0
5,934,6 62,532,0 12,849,0 6,396,0 73,502,0 26.1
7,764,8 28,087,0 5,159,0 2,073,0 26,644,0 27.1
14,419,4 90,086,0 22,220,0 ,1,984,0 93,651,0 25.8
367,0109,0
1,760,0 27.0
1,380,0
55,4
5,543,2 31,600,0 5,688,01 3,000,0 33,077,0 26.2
128,0 13,020,0 25.0
2,823,1 14 187 0 3 124 0
22,337,1 119,050,0 29,857,0 1,776,0 115,397,0 27.4
3,451,6 40,358,0 7,958,0 2,984,0 42,200,0 25.9
65,0
3,435,0 25.0
792,0
3,243,0
779,9
8,862,0 25.6
8,483,0 1,517,01 758,0
1,955,2
855,0, 216,0
4,036,0 26.5
4,195,0
700,7
9,819,3 98,780,0 25,950,01 4,877,0 115,024,0 26.8
981,0 15,547,0 26.0
2,233,3 13,809,0 3,072,0
385,0
3,751,0 25.2
562,0
3,260,0
833,7
257,0
1,021,5
5,579,0 25.7
4,847,0 1,183,0
1,723,7 16,012,0 4,081,0 1,046,0 17,554,0 29.2
254,0 10,082,0 28.5
1,278,7
9,341,0 2,628,0
249,0777,0
496,9
4,158,0 24.6
3,913,0
2,345,2 13,096,0 2,244,0 1,073,0 13,139,0 25.2
308,0
883,5
4,762,0 25.1
890,0
3,927,0
2,555,7 25,788,0 5,849,0 2,165,0 30,246,0 26.4
2,758,6 24,817,0 5,986,0
955,0 27,535,0 25.2
281,0 10,476,0 25.4
908,6
9,018,0 2,385,0
561,7 18,776,0 5,647,0
403,0 24,340,0 24.8
379,0 11,640,0 2,455,0 1,058,0 13,981,0 25.1
6,518,0
577,4
6,540,0 25.8
954,0
725,0
9,670,0 2,040,0
995,5
9,694,0 24.6
350,0
7,842,0 1,637,0
1,133,0
6,819,0 26.9
198,0
Totals, aver. 133,650,0 210,201,0 1449,723,0 334,130,0 73,603,0 1507.564,0 27.0
Actual figures_ Feb. 7.-1449,241,0 333,516,0 74,638,0 1507,035,0 27.0
-4
Circulation.—On the basis of averages, circulation of national banks in the ClearingHouse amounted to $43,216,000, and according to actual figures was $43,235,000.
Surplus as of
163,600,500
*13,729,425
*11,436,248
Loans and investments
Change from last week_
324,475,200 1,020,154,700
+4,283,900 +7,568,900
123.314,900
—198,100
177,310,200
+756,800
Specie
Change from last week_
79,048,400
—5,875,000
109,759,000
+2,071.400
Legal-tender & bk. notes_
Change from last week_
24,543,100
—5,649,900
9,900,100
+128,800
Deposits
Change from last week-
398,719,900 1,154,607,100
—7,149,000 +23,596,200
130,152,700
+242,300
188,712,600
—137,700
129,478,700
+3,217,300
24,107,200
+256,500
26,402,600
—805,900
17.0%
16.7%
19.9%
19.7%
15.1%
15.5%
Reserve on deposits
124,097,600
Change from last week_ —11,094,400
P. C. reserve to deposits_
Percentage last week
31.9%
34.1%
+ Increase over last week. — Decrease from last week. *As of Sept.9 1913.
Note.—"Surplus Includes" all undivided profits. "Reserve on deposits" includes
for both trust compAnles and State banks, not only cash items but amounts d
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyas,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust gor it by any public departmen
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Total
Of
Total
Reserve Required for Trust Companies:
Of
Reserve which
Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
15%
25%
Manhattan Borough
15%
10%
20%
Brooklyn Borough (without branches in Manhat.)15%
10% .
10%
15%
74%
Other Boroughs (without branches in Manhattan)15%
15%
20%
20%
Brooklyn Borough, with branches In Manhattan_15%
15%
15%
15%
Other Boroughs, with branches in Manhattan__ _ 15%
5%
10%
---Cities of the first and second class
10%
3%
Cities of the third class and villaget
Elsewhere in State
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater New York, not in the ClearingHouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
504
THE CHRONICLE
tvoL. Komi.
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphe7s (00) in all these figures
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear -House Clear.-House State Banks and Total of all
Members.
Members. Trust Cos. Not Banks &7'rust
Average. in C.-H. Aver. Cos. Average.
ActualFigures
Week ended Feb. 7-
$
{National banks
Jan. 13 and
Capital
State banks
Surplus
Dec.9
$
$
179,900,000
179,900,000
306.082,100 306,082,100
$
29,600,000
209,500,000
74,202,600
380,284,700
Loans and investments._ 2,016,281,0002,016,344,000
Change from last wee
+7,065,000 +20,670,000
531,313,300 2,547,657,300
-1,855,700 +18,814,300
Deposits
1,915,270,0001,924,380,000
Change from last wee -17,292,000 +9,673,000
a539,703,800 2,464,083,800
-1,524,400 +8,148,600
Specie
Change from last weal
307,331,000 394,175,000
-1,700,000 -1,609,000
57,655,900
-971,800
451,830,900
-2,580,800
Legal-tenders
Change from last wee
80,731,000
79,754,000
-1,888,000 -1,416,000
b8,323,100
+331,100
88,077,100
+1,084,900
408,152,000 407,793,000
27.08%
27.04%
12.455,300
13.67%
420,248,300
Banks: cash in vault_
Ratio to deposits
_
Trust cos.: cash in vault_
69,910,000
Aggr'te money holdings_ _
Change from last wee
66,136,000
53,523,700
119,659,700
478,062,000 473,929,000
-3,588,000 -3,025,000
65,979,000
-640,700
539,908,000
-3,665,700
49,744,900
+1,235,000
103,002,900
+9,871,000
Money on deposit wit
other bks. & trust cos_
91,228,000
Change from last wee +13,731,000
Total reserve
Change from last wee
84,258,000
+8,636,000
569,290,000 558,187,000
+10,143,000 +5,611,000
Surplus CASH rosary
Banks (above 25%)
Trust cos.(above 45%)
Total
Change from last wee
31,393,250
8,674,750
85,723,900
+594,300
643,910,900
+6,205,300
30,902,000
3,613,600
Total
35.38%
15.33%
1.78%
31.89%
17.11%
Specie.
Legals. Deposits.
Circulation,
Clearings
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 7; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
1914.
Dry goods
General merchandise
1913.
I
I
$3,585,313
17,920,632
$4,032,574
16,644,922
I
1912.
1911.
$3,305,7721 $4,241,406
18,462,778' 16,085,528
$20,677,496 $21,505,945 $21,768,550, $20,326,934
!
$25,402,8481 $21,094,850 519,680,183 $20,293,132
87,780,395 98,752,807, 93,459,7171 78,672,982
$113,183,243 $119,847.657$113.139.9O0 $98,966,114
I
I
Total 6 weeks
15.08%
16.81% •
Loans.
Boston.
$
Dec. 20_ 60,735,0 225,244,0 23,778,0 3,878,0 254,764,0 9,771.0 157,316,4
Dee. 27_ 60,735,0 225,735,0 22,567,0 3,942,0 251,161,0 9.734,0 120,448,0
Jan. 3.. 60,735,0 226,128,0 24,116,0 4,135,0 259,038,0 9,713,0 174,091,2
Jan. 10_ 60,735,0 224,195,0 26,007,0 4,015,0 254,529,0 9,760.0 160,082,7
Jan. 17.. 60,735,0 221,163,0 28,817,0 3,889,0 270,994,0 9,671,0 181,512,5
Jan. 24_ 60,735,0 220,958,0 30,265,0 3,734,0 268,555,0 9.719,0 164,445,3
Jan. 31.. 60,735,0 224,639,0 28,852,0 3,669,0 269,736,0 9,805,0 169,792,5
Feb. 7_ 60,735,0 226,601,0 29,010,0 3,632,0 271,461,0 9,842,0 180,830,2
Phila.
*421,126,0 11,307,0 175,013.1
Dec. 20_ 103,684,3 374,903,0
88,637,0
*417,722,0 11,281,0 155,404,1
Dec. 27_ 103,684,3 372,114,0
88,096,0
*432,374,0 11,435,0 175,589,5
Jan.
3.. 103,684,3 372,915,0
96,405,0
*432,744,0 11,504,0 177,524,7
Jan. 10_ 103,684,3 378,257,0
99,083,0
*440,403,0 11,527,0 171,881,9
Jan. 17.. 103,684,3 378,039,0
106,249,0
*440,564,0 11,487,0 168,330,7
Jan. 24_ 103,684,3 378,919,0
106,931,0
*440,820,0 11,416,0 157,577,5
Jan. 31_ 103,684,3 382,764,0
104,278,0
Feb. 7.. 103,684,3 383,250,0
*444,845,0 11,432,0 173,867,8
106,469,0
--a Includes Government depos ts and the item "due to other:.banks." At Boston
Government deposits amotinted to $1,562,000 on February 7 against $1,553,000
on January 31.
."Deposits" now include the item "Exchanges for Clearing House," which were
reported on February 7 as $16,222,000.
Total
Since Jan. 1.
Dry goods
General merchandise
34,515,600
40,068,000
+215,000 -5,021,250
% of cash reserves of tru t ens.Cash in vault
17.12%
Cash on dep. with bks_
18.26%
Capital
and
Surplus.
Banks.
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. 7 and from Jan. 1 to date:
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $615,841,400, an increase of $2,983,300 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK.
1913.
1914.
1911.
1912.
$24,926,782 $21,717,402 $12,449,143 $13,477,536
94,486,725 103,568,907 89,474,875 76,774,197
For the week
Previously reported
The averages of the New York City Clearing-House banks
Total 6 weeks
$119,413,507 $125,286,309 $101,924,018 $90,251,733
and trust companies, combined with those for the State banks
The followng table shows the exports and imports of
and trust companies in Greater New York City outside of the
week ending Feb. 7
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Deposits.
Specie.
Legals.
Tot Money EntireRes
Holdings. onDepost
$
2,256,047,0
2,231,664,7
2,233,530,2
2,253,989,0
2.272,039,9
2,296,438,0
2,341,392,0
2,402,297,1
2,455,935,2
2.464.083,8
$
369,628,3
371,901,5
378,490,1
376,316,8
378,264,7
394,487,1
417,505,6
440,760,3
454,411,7
451,830,9
$
85,072,6
87,276,4
86,700,8
86,878,1
89,333,2
91,954,3
96,094,8
91,638,2
89,162,0
88,077,1
$
454,700,9
459,177,9
465,190,9
463,194,9
467,597,9
486,441,4
513,600.4
532,398,5
543,573,7
539,908,0
Loans and
Week Ended-- Investments
Dec.
Dee.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
(L.__
13____
20__
27__.._
3____
10....„
17-24-31__
7____
$
2,436,310,0
2,407,434,3
2,401,991,7
2,416,845,4
2,428,218,3
2,427,088,8
2,445,960,7
2,484,152,4
2,528,843,0
2,547.657.3
$
514,203,2
518,144,2
527,023,13
525,019,1
534,704,(
552,585,
587,622,9
613,389,C
637,705,C
643.910.9
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Feb. 7, based on average daily
results:
We omit two ciphers (00) in all these figures.
Banks.
New York City.
Manhattan and Bronx.
Washington Heights_
Battery Park Nat __ _ _
Century
Colonial
Columbia
Fidelity
Mutual
New Netherland
Twenty-third Ward
Yorkville
Brooklyn.
Capitat,
$
100,0
200,0
500,0
400,0
300,0
200,0
200,0
200,0
200,0
100,0
Surplus.
$
362,6
112,6
500,2
708,3
742,7
182,6
486,0
314,5
108,9
507,4
On
Legal
Loans,
Tender Deposit
Disc'ts
with
Net
and
Specie, and
C.-II. Deposits.
'wetsBank
meats.
Notes. Banks.
$
$
1,532,0 146,0
1,633,0 341,0
6,286,0 537,0
6,662,0 1,027,0
6,325,0 636,0
1,093,0
55,0
5,167,0 568,0
3,328,0 389,0
1,762,0 216,0
4,246,0 547,0
688,2 3,747,0 376,0
300,0
First National
943,0 5,927,0 662,0
Manufacturers' Nat.._ 252,0
1,000,0
503,4 9,535,0 1,187,0
Mechanics'
300,0
589,1 4,600,0 526,0
National City
200,0
191,9 2,733,0 189,0
North Side
-1 Jersey City
400,0 1,405,3 4,100,0 265,0
First National
250,0
835,1 3,018,0 178,0
Hudson Co. Nat
200,0
445,8 2,432,0 105,0
Third National
Hoboken
220,0
681,4 4,677,0 276,0
First National
125,0
294,2 3,394,0 175,0
Second National
$
$
207,0
91,0
137,0
56,0
441,0
437,0
197,0 1,067,0
840,0
490,0
174,0
121,0
629,0
389,0
374,0
128,0
334,0
89,0
989,0
282,0
$
1,252,0
1,724,0
6,187,0
6,785,0
7,367,0
1,028,0
5,380,0
3,447,0
1,894,0
4,707,0
49,0
696,0 3,062,0
769,0 5,355,0
85,0
594,0 1,716,0 11,540,0
109,0
863,0 4,549,0
192,0
405,0 2,832,0
279,0 2,516,0
59,0
709,0
143,0
697,0
64,0
70,0
570,0
651,0
2,968,0
1,594,0
1,195,0
1,777,0
1,300,0
Ft Totals Feb. 7---- 5,847,0 10,603,2 82,197,0 8,401,0 3,924,0 14,784,0 75,943,0
5,847,0 10,603,2 81,915,0 8,580,0 3,885,0 14,317,0 76,098,0
P Totals Jan. SI__
5,847,0 10,603,2 82,173,0 8,667,0 4,027,0 15,459,0 76,518,0
Jan. 24
'Totals
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$2,014,310, $8,029,478
428,298,
20,000i
200,000,
80,000,
20,000
500,
Since Jan. 1
$48,367
$70,625
161,659
184,396
10,372
715,946
573,839
490,493
195,382
$2,054,310 $8,738,276, $427,052 $2,024,027
269,425 1,816,198
5,497,886 20,102,678
8,344,387 10,093,5601 632,809 2,466,304
Total 1914
Total 1913
Total 1912
Silver
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan. 1
$620,479 $2,953,549,
575,842,
229,000
!
46,868
1,000
74,9161
18,800
226,950
90,000
$962
7,189
2,293
324,281
14,110
8,837
$3,341
10,189
6,781
805,352
260,187
182,036
$959,279 $3,878,125, $357,672 $1,267,886
172,096 1,273,193
1,282,911 5,691,8441
216,101 1,575,899
891,970 4,819,004
Of the above imports for the week in 1914, $65,420 were
American gold coin and $1,774 American silver coin.
Vaulting and Financial.
Municipal Bonds
Ask us to send you Circular No. 615 describinz Canadian
and American Municipal Bonds.
Spencer Trask t!?z Co.
43 EXCHANGE PI.ACE-NEW YORK
Chicago
Boston
Albany
White, Weld & Co.
Bonds and Investment Securities.
111 DEVONSHIRE STREET
THE ROOKERY
4 WALL STREET
BOSTON
CHICAGO
NEW YORK
THE CHRONICLE
FEB. 14 19144
aniters' Gantte.
Wall Street, Friday Night, Feb. 13 1914.
The Money Market and Financial Situation.-The
investment demand for bonds, which was so pronounced a
feature of last week's security markets, has waned a good deal,
and the transactions this week at the Stock Exchange have
been largely in low-priced speculative issues. In stocks, too,
which were so active and buoyant near the end of last month,
enthusiasm has greatly subsided. It was not to be expected,
however, that the increased activity and advance in prices
which followed the Jan. 1 dividend and interest disbursements would long continue, and it is a matter for general
congratulation that the movement was not pushed so far
as to result in a disastrous rebound.
In the industrial world there are additional evidences of
steadily increasing activity, although the latter is not keeping pace with expectations in political and perhaps some other
quarters. The first of these weekly evidences was early seen
in the Copper Producers' statement of reduced stocks on
hand and later in the Steel Corporation's report of orders
booked during the first week in February. These were
shown to be about 50,000 tons daily, or substantially more
than in January. As the latter were sufficient to employ
the mills to 75% of capacity, current bookings would, of
course, increase this proportionately. It is said, moreover,
that this report shows the first increase over a previous corresponding period Once 1912. In addition to the above, the
number of idle freight cars is decreasing and bank clearings
show a narrow margin of difference when compared with last
year than they recently did.
There is.no important change in money market conditions,
except in the direction of improvement at home and abroad.
Two millions of gold was engaged for shipment to Paris early
in the week, making a total of $10,000,000 since the first of
the year. The London stock market was notably strong today and Consols advanced.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13/2%. Friday's rates on call were 1%@,2%.
Commercial paper on Friday quoted 3%@4% for 60 to
90-day endorsements and prime 4 to 6 months' single names
and 4Yi@4M% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of .E200,844 and the percentage of reserve
to liabilities was 53.46, against 53.36 the week before. The
rate of discount remains unchanged at 3% as fixed Jan. 29.
The Bank of France shows an increase of 23,521,000 francs
gold and a decrease of 940,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.
1914.
Averages for
week ending
Feb. 7.
Differences
from
previous week.
1913.
Averages for
week ending
Feb. 8.
1912.
Aaveraes for
week ending
Feb. 10.
$
133,050,000
133,650,000 135,150,000
Capital
202,480,100 198,340,600
210,201,000
Surplus
Loans and discounts__ - 1,449,723,000 Inc. 11,108,000 1,391,495,000 1,420,091,000
46,390,000
43,216,000 Dec. 421,000
50,808,000
Circulation
1,507,564,000 Inc. 5,453,000 1,413,465,000 1,492,415,000
Net deposits
334,130,000 Dec. 4,501,000 290,968,000 331,896,000
Specie
75,645,000
80,544,000
73,683,000 Dec. 1,250,000
Legal-tenders
Reserve held
25% of deposits
Surplus reserve
407,793,000,Dec. 5,751,000
376,891,000'Inc. 1,363,250
366,613,000
353,366,250
412,440,000
373,103,750
30,902,0001 Dec. 7,114,250
13,246,750
39,336,250
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
505
$4,000 N. Y. Canal 43s at 108% to 1083
%, $10,000 N. Y.
Canal 4s, 1961, at 1013/2, and $2,000 Virginia 6s deferred
trust receipts at 59.
Enormous transactions in a few low-grade issues has given
the railway bond market the appearance of activity, but
apart from this movement the market has, as a matter, of
fact, been exceptionally dull and narrow. Of the issues referred to, Rock Islands-especially the 4s-have been most
conspicuous. They sold very freely at from 42 to 46 and
close at 4532, a fraction lower than last week. This activity
and erratic movement is based on the necessity for a rehabilitation of the company, plans for which are being worked out.
Southern Pacific, New York Railways and Mercantile Marine
issues have also been notably active. The latter, when at
the lowest, were 103/i points below last week's closing price.
Other fluctuations were relatively narrow.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.-The tendency to
lower prices which prevailed last week in the stock market
has continued with more or less persistency, and been accompanied by a considerable reduction in the volume of business.
The latter is due, in part at least, to the holiday intervention.
The railway list has been generally irregular. N. Y. Central, New Haven and Lehigh Valley have each declined 2
points or more and Rock Island and Denver & Rio Grande
issues have been notably weak, the latter losing 5 points.
On the other hand, Pennsylvania, Reading,'Union Pacific
and Canadian Pacific have advanced.
• U. S. Steel was notably strong to-day and closes 1% points
higher than last week. General Motors has added nearly
5 points to the advance of last week, and all the copper
stocks are higher.
For daily volume of business see page 513.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
, Sales
Week ending Feb. 13.
for
Week.
Range for 1Veek.
Lowest.
Highest.
I
Range since Jan. 1.
Lowest.
Adams Express
100 9554 Feb 7 9554 Feb 7 953.4
Feb 13 8%
Allis-Chal Mfg v t c___ 1,800 1234 Feb 10 13
Feb 13 4334
Preferred v t c
300 4734 Feb 13 48
300 97 Feb 7 9734 Feb 11 90
Amer Brake Shoe dr Fdy
Feb 914334 Feb 1112934
Preferred
443 141
Amer Coal Products
5 8434 Feb 13 8434 Feb 13 82
Am Coal Products pref...
33 105
Feb 1110534 Feb 11 102
American Express
Feb 11 100
130 104 Feb 9 105
Amer Teleg dr Cable
• 170 59
Feb 10 59
Feb 10 59
Batopilas Mining
700 3134 Feb 7 $134 Feb 11 $I
Cent dv So Amer Teleg
23 108
Feb 13 109
Feb 13 103
Chicago & Alton
100 10
Feb 9 10
Feb 9 934
Ciuett, Peabody & Co
110 70 Feb 13 70 •Feb 13 70
Preferred
Feb 13 10354
40010334 Feb 13 104
Colorado & Southern
200 27
Feb 10 27 Feb 10 2634
120 61
First preferred
Feb 13 61
Feb 13 59
900 8c. Feb 10 Sc. Feb 11 6c.
Comstock Tunnel
pref..
General Chemical
23010834 Feb 1010834 Feb 1110734
Gt Nor subs full paid_
10013154 Feb 1013154 Feb 10 13154
10 12 Feb 11 1234 Feb 11 12
Green Bay & W,deb B.
100 127
Feb 10127
Hocking Valley
Feb 10 125
137 6734 Feb 13 6734 Feb 13 6534
K C Ft S & M, pref
1,100 83 Feb 7 8454 Feb 11 77
Mackay Companies
190 6934 Feb 11 6934 Feb 11 6554
Preferred
•
Feb 10 3734
Feb 9 41
N Y Chic & St Louis
200 41
N Y Lack & West
2011534 Feb 1311534 Feb 1311554
Feb 9 59
Nor Ohio Trac & Light_
20 66
Feb 9 66
Ontario Silver Mining
200 234 Feb 7 234 Feb 7 234
Pacific Tel dr Tel pref
Feb 9 8634
10 89 Feb 9 89
Quicksilver Mining
200 234 Feb 7 231 Feb 10 154
St L dr S F-C & E Ill stk
4 10 Feb 10 10
ctfs, trust recta
Feb 10 10
Sears, Roebuck & Co, pf
20012334 Feb 10 12334 Feb 10 12234
So Pao recta 1st paid
50 10131 Feb 7 10154 Feb 7 9534
•
900 4934 Feb 13 5054 Feb
United Cigar Mfrs
45
100 9054 Feb 7 91
United Dry Goods
Feb 7 90
400 5634 Feb 11 57 Feb 13 46
United States Express_
Vulcan Detinning, pref.
155 35
Feb 10 35
Feb 10 35
200 8434 Feb 13 8454 Feb 1 8454
Wells, Fargo & Co
Highest.
Fe. 100
Ja 1334
Ja 49
Ja. 9734
Ja 14334
Ja 8434
J! 106
Ja 11034
Fe 59
Ja $154
J 109
Ja. 1134
Fe. 70
Fe,104
Ja. 2834
Ja' 62
Ja 10c.
Fe. 10834
Fe. 13154
Fe. 1434
Ja 127
Ja. 6734
Ja 85
Ja. 70
Ja 45
Fe 11534
Ja 65
J
234
Ja. 90
Ja
234
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Fe. 10
Ja 12334
Ja 10354
Ja 5031
Ja. 91
Ja 63
Fe 40
Feb 91
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Outside Market.-Last week s downward rush in Standard Oil shares was continued in this week's trading in the
outside market and was accentuated by a break on Monday
of over 100 points in Atlantic Refining stock following the
publication of an annual statement showing decreased
earnings. Eventually trading in these shares quited down,
To-day s (Friday's) actual rates for sterling exchange were 4 8350©
period of irregularity and to-day's market
4 8375 for sixty days, 4 8535©4 8545 for cheques and 4 8555(4)4 8565 for there was a
cables. Commercial on banks, 4 8254 ©4 8354 and documents for pay- showed a strong tone. Atlantic Refining sold down to 680,
ment 4 8254 ©4 83 H. Cotton for payment 4 8254 ©4 83 and grain for against 830, the close last week, and closed to-day
at 706.
payment 4 83 K3 ©4 8354.
The posted rates for sterling as quoted by a representative house were not Prairie Oil & Gas lost some 45 points to 480 and ends the
changed during the week from 4 84'4 for sixty days and 4 8654 for sight.
Refining
Solar
week at 514.
suffered a loss of 40 points to
To-day's (Friday's) actual rates for Paris bankers' francs were 5 2154 ©
less 1-3204 1854 for short. Ger- 340, closing to-day at 355. Southern Pipe Line sold at 238
52034 less 3-32 for long and 5 1834
for long and 94 15-1611®95 less to-day, as against 250 last week's close; the close was at
many bankers' marks were 94% ©949-16
4
1-32 for short. Amsterdam bankers' guilders were 4054 ©4054 plus 1-32
240. South Penn Oil dropped from 342 to 310 and ends the
for short.
Exchange at Paris on London, 25f. 18c.; week's range, 25f. 1834c. high week at 332. Standard Oil (California) was 316 at beginlow.
164c.
and 25f.
Exchange at Berlin on London, 20m. 44pf.; week's range, 20m. 453413f. ning of week, sold down to 293 and closed to-day at 322.
high and 20m. 44pf. low.
Standard Oil (Indiana) from 517 fell to 493 and recovered
The range for foreign exchange for the week follows:
finally to 515. Standard Oil (Kentucky) moved down from
Sixty Days.
Cables.
Cheques.
Staling, Actual-4 86
4 8.585
275 to 262 and closed to-day at 268. Standard Oil of N. J.
High for the week_ _ _4 8410
4 8555
4 8535
Low for the week ___4 8350
declined from 416 to 407 but finished to-day at 415. StanParis Bankers' Francsdard Oil of N. Y., after a loss of 15 points to 177, closes toHigh for the week___5 2014 less 1-16 5 1834 less 3-64 5 1834 plus 1-64
less
1-32
5
183
Low for the week ___5 2154
% less 1-32 5 1854 plus 1-64
day at 1953'. Standard Oil of Ohio broke over 60 points
Germany Bankers' Marks5
to 400 and ends the week at 420. Un.Cigar Stores corn.,gained
95
95 1-16
High for the week_ 944
94 15-16
95
Low for the week ___ 9434
half a point to 93,then fell to 91%and closed to-day at 923,
Amsterdam rankers' Guildersex-dividend. Tobacco Products pref. advanced from 85 to
4054 plus 1-16 40 5-16 less 1-16
High for the week__ _ 40 plus 1-16
4054 less 1-32 40 5-16 less %
Low for the week ...._ 40 less 1-16
85%. Kelly Springfield Tiro corn. moved down from 51M
po Domestic FAchange.-Chicago, 10c. per $1,000 premium. Boston, to 49 and up to 50. Conspicuous in bonds was the first
par. • St. Louis, 100. per $1,000 premium. San Francisco, 40c. per $1,000
premium. Montreal, 31 14c. per $1.000 premium. Minneapolis, 50c. per and active trading in the new Southern Pacific 5s up from
$1,000 premium. Cincinnati, 15c. per $1,000 premium.
1023/ to 104 and down finally to 103%. The "rights" adState and Railroad Bonds.-Sales of State bonds at the vanced from % to 13-16 and closed to-day at %
3.
Board include $1,086,000 New York 43s at 1083 to 108%, Outside quotations will be found on page 513.
Foreign Exchange.-With money conditions about
equally comfortable on each side of the Atlantic, there has
been little activity in sterling exchange circles this week.
Towards the close bills were offered with rather more freedom and the closing tone was weak.
506
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
3.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb. 7
Wonday
Feb. 9
Tuesday
Feb. 10
Wednesday
Feb 11
Thursday
Feb. 12
9814 9812 9814 9878 9818 9838 9818 9812
10112 10112 10158 10158 10158 10158 10112 10112
125 125
*12412 12512 *12412 126
125 125
9312 9312 92
9312 9158 9217 0211 93
*81
83 .81
8114 8114 8158 8158
83
9114 9112 9112 9158 9114 9138 9112 92
21614 21678 217 21818 216 21(.34 21512 21634
.
305 325 *305 325 .305 325 .305 325
65
6558
6512 6534 6514 6614 6478 65
1334 1334 1358 1358 1312 1312 1312 1312
*3134 3214 32
32
*3114 32
3112 3178
10558 106 210312 104
10212 10314 10234 10338
•14112 14312 .138 14112 .137 14012 *13734 14012
13578 13578 *13512 13612
13612 13612 136 136
*172 18214 .172 185 .171 185 *17012 18118
40
38 *____ 4012 *3(5
44
38
*33
73 .66
70 .66
73
70
170
70
15712 15712 15712 15712
157 159 *157 159
.
399 399
397 398
306 396
399 399
1712 1712 14
.
17
1434 1418 1418
19
.
27
2512 .25
2034 2512 2512 25
28
714 *5
714
714 •5
.5
714 *5
*11 .12
*1034 12 .11
12 .11
12
3034 31
3034 31
3012 3078 3034 31
' 48
48
.4734 4834 4738 4712 48
48
*3712 3912
.
38
39
3912 *3834 3834
13118 132
13112 13214
13214 13278 132 133
3612 38
3612 3612 .3614 38
3634 37
113 113 41038 11012 11014 11014
1534 1534 1558 1558 1538 1512 -1512 -151-2
6031 6114 61
6112
6112 6112 6114 62
26
26
2614 2614 2638 2612 2558 26
6114 .
6078 6214 6078 61
*6012 6112 61
634 634 *612 8
*612 8
.
612 8
17
21
.17
21
17
21 .
21 .
*17
15014 152
152% 15273 15118 15318 14958 151
13612 13613 13712 13712
13734 13734 .136 138
13134 133 .131 13234 .130 1323 *13112 13214
*13
17 .13
*1412 17
17
•14l2 17
40 .25
40 .28
40
.30
40 .30
13412 13412 135 13514
13412 13558 13412 135
*143 150 *14214 147 *14212 147 .143 148
, .2218 2234 2234 2234 2112 2134 12114 2114
5912 .59
6034 •59
6034
*59
5034 •59
27
2738 2613 2718 2578 2634 2634 2634
35 .31
35 •30
33 .30
.31
33
•12I2 1312 1214 1214 1178 12
1134 1134
• 9018 0112 8938 9112 8918 0038 8812 01
7312 7333 7234 7334 7278 7312 7134 7334
2958 2958 .2912 3038
31
•2978 3018 .30
104 10414
' 10412 10478 10314 10412 10334 104
86
*88
8812 .
8812 .86
8812
8812 .86
11534 11614
118 11612 115511 11634 11512 118
112 11214 112 11234 112 11278 11212 11312
88
91
.83
01
91 .
'*8712 01 •88
*101 108 .101 108 .101 108 *101 108
, 167 16734 16718 16834 16658 16734 16738 16818
90 •88
00
00 .
90 .88
83
•87
9212
9212 9212 9212 .90
*90
9212 *90
613 738
634 8
534 712
, 634 838
• 1212 1418 1078 1312 1114 1258 1158 1258
312 312 *312 4
*312 412 *312 412
20
20 .15
20 .15
20 •16
,*15
8 • 8
.7
9
812
*8
812 .8
2614 2614 *2512 2614 *2512 2612
,'28
27
65 .61
6512
61
6512 .
65 .60
21
2114 2114 2034 2114 2114 2112
.231
5413 5514 5478 5512 5414 5478 5431 5514
9618 0678
9634 9738 9634 0734 0613 97
10218 10234 10214 10212
273; 2614 2634 2658 2634
2678 WI; 27
83
8312 8358
? 8312 8378 8318 8334 83
16
*1412 1612
\,•1512 1614 1512 16 .14
4431 4434 4514
4434 44
44
4312 44
1034
*9
1034 1018 1013 .9
12
*9
2312
2212 .18
2212 .18
221 .18
120
10778 10778 *10614 108
v*10614 108 *10614 108
16134 16212 16218 16318 16133 16212 162 16318
85
8514 §85
8514 85
t:, 8472 8478 85
*2212 24 .22
24
*2212 24
23
23
4812 4712 4712 48
48
43
e 48
481
3
3
278 3
3
3
•` *278 3
913 918
918
9
834 834 .858 914
32
3112 3112
3112 32 .31
.3112 34
534
512 512
' *514 53t .514 534 •5
20 .17
19
20 •17
19 .17
•17
.8
10
.8
10
10
.7
10
.7
*4112 4814 .44
50
50
50 .40
*43
2234 2234 2258 2278 2212
757a 7638 7614 7738 76
54
54 .53
5412 53
9614 06
*9512 9612 .95
2412
' 2614 2814 .2618 27
73 *---74
*66
, 8078 3138 3034 315s 3018
03
03
0212
. 0278 93
5112 5112 52
5214 51
*11513 118 *11518 118 .115
36
3612 .36
, .36
3612 .
' 6411 65
64
6412 .63
4512 4612 *4473
48
•45
07 .90
*90
07
*90
' 518 513 .434 514 *434
2234
25
*24
25 .23
27
2734 2653
2612 27
11
11
•1034 1112 11
32 .28
*20
•29
32
• 3412 3458 3414 3434 3412
10153 10158 .10078
*101 103
*732 9
*7
9
, .7
4078 4978 •48
40
49
*8112 85 .
85 .80
80
69
691s 6818
' 6858 60
10314 10314 10318
*103 104
165
•166 170 •166 170
2212 2278 2278
7658 7614 77
53
53
53
*04
08
9534
2514 *2434 2512
7312 .___- 7312
31
3038 3118
0252 9234 93
5112 5158 52
118 .11538 118
3612
3612 •36
6414 .6338 65
46
48
4612
97
10614 9614
478 478
514
2234 2313 2334
2718 2718
27
.1012 1111
11
32 .29
82
3412 3478 35
10112 101 10114
•7
9
50
50
50
85
85 .83
687s 6812 6914
10414 .104 10412
166 .163 169
Friday
Feb. 13
9838 9878
101 10118
12434 12434
9234 93
*8153 83
9178 9234
21638 21714
*305 325
6514 6512
1312 1312
3112 3112
10278 10318
*13712 14014
13638 13638
*171 185
40
.66
73
15712 158
393 393
*1514 20
30
*26
714
*5
.11
12
3034 3118
4734 4778
38
38
13178 13278
3712 3712
*111 11312
1538 1538
6114 6112
2558 20
6034 6034
.634 734
*17
21
15012 152
13612 13634
13134 13134
•13
17
*25
40
13578 136
.143 150
2134 22
.59
80
2612 2634
*30
34
1134 1134
8834 8934
711.4 7214
*2912 3012
418 180843182
*
10
86
Sales of
the
Week.
Shares.
STOCKS
NEW YORK 1TOCK
.,:XCHANGE
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Railroads
4,330 Atchison Topeka & S F_.
•
Do pre,852
785 Atlantic Coast Line RR.
12,310 Paltirmre /...: Ono
Do pref
200
8,475 Brooklyn Rapid Transit
20,600 Canadian Pacific
Central cf New tersel ___
6,000 Chesapeake & Ohio
550 Chicago Gt West tr ctfs
900
Do pref trust ctfs
7,650 Chicago Mllw & St Paul_
Do pref
500 Chicago & North Western
Do pref
100 Cleve Cin Chic & St L
Do pref
150
600 Delaware & Hudson
810 Deiaware Lack & West
500 Denver & Rio Grande
•
Do pref
700
Duluth So Shore & Atian
Do pref
12,000 Erie
Do 1st preferred
1,200
De 2d preferred
120
14,187 Great Northern pref
Iron Ore properties_
1,300
750 Illinois Ceniral
1,400 Intertoro-Metrcp v t Of_
Do prof
2,900
1,600 Harms City Southern
Do pref.
500
150 Lake Ere & Western
Do pref
20,500 Lehigh Valley
800 Louisville & Nashville
350 Manhattan Elevated
Minneapolis & St Louis_
De pref
1,150 Minn St P Sc S S Marie
Do preferred
2,010 Missouri Nan & TexasDo preferred
9,460 Missouri Pacific
Nat K's of Mex 1st pref_
Do 2d preferred..
700
57,700 N Y Central & HR
12,250 N Y N II & Hartford__-100 N Y Ontario & Western_
7,852 Norfolk & Western
Do adjustment pref
11,900 Northern Pacific
)
n nosyp
Ivraen
feir
ared
10,380 Pei
Plttsb Cin Chic & St L--
Range for Previous
Year 1913.
Highest.
Lowest,
Highest.
9314 Jan 3
9722 Jan 13
116 Jan 3
8818 Jan 7
7734 Jan 6
8712 Jan 3
20614Jan 13
310 Jan 12
5914 Jan 5
1134 Jan 3
2722 Jan 7
9918Jan 3
13918 Jan 15
128 Jan 3
170 Jan 6
38 Feb 6
6112Jan 2
150 Jan 3
388 Jan 6
14 Feb 10
25 Feb 10
10033Jan 23
9014 Nov 10633 Jan
10158 Feb 9
96 J'ly 10214 Jan
126 Jan 23 112 J'ne 1333 Jan
9838Jan 26
9058 J'ne 1063 Jan
7714 J'ne
8338 Jan 29
88 Jan
9234 Feb 13 18334 Inc 9234 May
22012Feb 4 204 Dec 26614 Jan
310 Jan 12 275 J'ne 362 Jan
5118 J'ly
68 Jan 22
80 Jan
1413 Jan 24
1018 J'ne
1778 Jan
23 J'ne
35 Jan
33 Jan 27
9634 Nov 11614 Jan
10718 Feb 4
143 Feb 6 13112 Nov 145 Jan
13612 Feb 7 s123 Dee 138 Jan
180 Jan 24 17118 Nov §189 Jan
54 Jan
3478 Aug
40 Jan 5
9434 Jan
60 Oct
70 Feb 9
15912 Feb 4 14712 J'ne 167 Jan
405 Jan 27 380 Dec 445 Jan
231g Jan
.338 J'ne
1914Jan 31
41 Jan
3118Feb 4
23 J'ne
812 Jan
4 Dec
1614 Jan
10 J'ly
(412 Jan 9 11 Jan 26
3213 Jan
2714 Jan 3 3212 Jan 23
2014 J'ne
4912 Jan,
3312 J'ne
4278 Jan 3 4934 Jan 27
41 Jan
35 Jan 2 4014Jan 23
2814 J'ne
32524 Jan 3 13434 Feb 4 11512 J'ne 13258 Jan
3324 Jan 3 3014 Jan 19
4114 Jan
2512 J'ne
107 Jan 7 115 Jan 26 10234 Dee 12878 Feb
1238 J'ne
1473 Jan 3 168 Jan 24
195 Jan
5934Jan 3 63 Jan 24
45 J'ne
6538 Jan
2138 J'ne
2838 J'ly
2438 Jan 5 2738 Jan 31
56 J'ne
611 Jan
58 Jan 12 62 Jan 24
7 May
9 Jan 23
1112 Feb
634 Feb 10
16 Nov
35 Jan
18 Jan 17 2112Jan 28
148 Jan 3 15624 Jan 23 14114 J'ne 16838 Jan
13358Jan 3 14178Jan 19 12614 J'ne 14214 Jan
128 Jan 5 133 Feb 7 1:1 J'ne 13258 Feb
12 J'ne
2314 Jan
1212Jan 6 16'1 Jan 31
30 Dec
47 Jan
3312 Jan 6 3512 Jan 22
12-113 Jan 14 137 Feb 5 11514 J'ne 14214 Jan
6 131 Nov 1150 Jan
n
b 22
1 12445
1419212 n 3
1818 J'nc
2918 Jan
Jan
Jan
52 J'ne (i412 Apr
523.1 Jan 13 60 Jan 30
2114 Dee
7
4358Jan
i 26
Factb
3340 J
59 Melt
31 Dee
7
n 19
3
20Ja
373 jan
2712 Jan
834 Dec
10 Ian 6 14 Jan 26
0038 Dec 10954 Jan
8838Jan 13 0658 Jan 31
6558 Dec 12978 Jan
337 Jan
2518 J'ne
2
3 3j5 Jan23
n 17
7
26
114 Jan
9
98 J'ne 11312 Jan
8 Feb 14
9
7 108514
99858 Jan
JanJa
8
87 Feb
8014 Aug
Jan
109 Jan 2 118I2Feb 4 10134 J'ne 12258 Jan
4512ib
f,ft
en 31 146 Dec 12334 Jan
10
83
858 n 6 111
7728 Dec 104 Jan
Jan
100 J'ne §109 Sep
16612 Jan 3 17214 Jan 22 15132 J'ne 17134 Deer
9212 Apr
8212(Set
8712 Jan 8 88 Jan 3
05 Apr
84 J'ne
9014 Jan 19 93 Jan 28
241g Feb
1158 Oct
634 Feb 0 1658 Jan 23
4434 Jan
1712 Oct
1034 Feb 13 25 Jan 16
1934 Jan
234 J'ne
538Jan 15
312 Feb 10
50 Feb
13 J'ne
16 Jan 8 1712Jan 13
Jan
29
512
93
4
J'ne
Jan
26
712 Jan 8
3512 Jan
20 Dec
21 Jan 8 2834 Jan 26
75 Jan
5614 Dec
57 Jan 8 6518 Jan 26
2034 Apr
1412 J'ne
1634 Jan 2 2233 Feb 5
4938 SeA
4534 Jan 2 58 Feb 4
38 J'ne
83 Nov 110 Jan
8818 Jan 3 9912Jan 23
8814 Nov 9912 Sen
9458Jan 2 10518Jan 31
1918 4'ne
2858 Jan
2278 Jan 3 2814 Feb 4
8112 /deb
1
n 24
144 Feb
72 J'ne
7
1312 Jan g Ig3
1014 J'ne
225* Jan
2778 J'ne
4338 Sep
4112Jan 29 4534Jan 13
13 Jan
718 J'ly
10 Jan 6 1224 Jan 24
1514 J'ne
2984 Jan
10118 J'ne 109 SeP
1119
514 ja
an 7 lazjan
igp
sja
an g 111438.1,ln 31 13734 J'ne 16234 Jan
7934 J'no
9312 Jan
16 J'ne
3512 Jan
19 Jan 7 2334 Feb 6
30 J'ne
enb
8312 Jan
03ca
9
3g14.ja
an 14 4,
2 J'ne
6 Aux
613 J'ly
1718 Aug
2878 Dec
48 Jan
.37
1%'
PA
334 Oct
53 Jan 7
8 Jan
5 Jan 6
13 J'ne
2818 Jan
18 Feb 221 Jan 23
Dec
14
Jan
24
21
t1)
2
a
et
J
e
56
.
Taan
n
7
1
8
2
J
Z
4018 J'ne
5312 Apr
11614 11634
11212 11234
91
.88
.101 108
16712 16818 115,300 Reading
90
.88
2d preferred
500
0012 0012
634 712 48,250 Rock Island Company
Do preferred
38,550
1034 12
200 St Lents & San Francisco
4
4
Do 1st pretened
.15
20
Do 2d preferred
100
.
7
9
2534 2534
300 St Louis Southwestern
Do preferred
6512
*61
.21
2112 1,300 Seaboard Air Line
Po preferred
55
5538 3,940
9638 0634 82,360 Southern Pacific Co
Certificates (wh. iss.).,
10238 10238 1,078
2612 2612 7,500 Southern v tr ctfs stmpd_
•83
85
Leen
Do pri
efaec
rirfete
d
do
Te
itill
a
.15
18
4A
&venue (N Y)
45
45
10,83200n
100 Toledo St L & Western*0
1034
60
Do preferred
•18
22
100 Twin City Rapid Transit
.107 108
16258 16314 67,261 Unlon Pacific
Do preferred
710
8514 8514
150 United Rys Investment
24
•22
Do preferred
1,400
48
49
Wabash_
600
*A 3
Do preferred
600
.
812 914
400 -y7estern Maryland
32
.
31
100 Wheeling & Lake Erie.
5
534
Do 1st preferred_--*17
20
Do 2d preferred
.8
10
Wisconsin Central
*41
50
Industrial & Miseell.
700 dAlaska Gold Min Par $10 $2034 Jan 9
.2258 23
7078Jan 0
7658 7718 72,750 Amalgamated Copper__
700 American Agricul Chem_ 4734 Jan 2
55
55
Do preferred
100
91 Jan 8
.9412 98
2212Jan 5
2515 2518 1,200 American Beet Sugar
Do preferred
•
89 Jan 8
7312
2834 Jan 3
"ii" 3138 21,300 American Can
Do preferred
89 Jan 3
9314 0314 2,070
5218 5238 2,800 American Car & Foundry 4418 Jan 5
Do preferred
114 Jan 28
.115 118
American Cities
36 Jan 5
.36
37
Do preferred
60 Jan 5
6338 6358
900
46
3,350 American Cotton Oil
3712 Jan 8
48
97
Do preferred
9412 Jan 15
.05
33
4l Jan 19
478 478
200 American Hide & Leather
Do preferred
.23
2 Jan 14
24
400
24 Jan 3
2713 2812 8,030 American Ice Securities-24
200 American Linseed
10 Jan 8
.1013 1112
Do preferred
2912 Jan 8
•29
32
3158Jan
3514 3512 1,680 American Locomotive
,
_96
Do preferred.
Jan 8
•1007s 102
6C10
American Malt orp
9 7 Jan 13
.7
Do preferred
42 Jan 3
500
50
50
85
85
100 Amer Smelters Sec pref B 84 Jan 29
68511 6914 4,800 Amer Smelting & Refin'g 63'* Jan 3
z10178 10178
Do preferred
9834 Jan 3
900
160 Jan 2
300 American Snuff
.
163 170
18
B
Jan
B
8 lg
s 14
$24 Feb 4 $18 Nov 32438 Oct
6158 J'ne 8012 Sep
7813 Feb 4
57 Jan
4114 Sep
57 Jan 23
09 Jan
90 Nov
9712 Jan 23
1934 J'ne
5012 Jan
28'2 Jan 22
88 Meh
65 Oct
7314 Jan 26
4678 Jan
21 J'ne
3518 Jan 27
96 Jan 24 /8012 J'ne 12912 Jan
563 Jan
3612 J'ne
5312 Feb 4
Mch
116's Feb 5 108 J'ne 117
453
4 Jan
3314
J'ly
3624 Jan 26
731 Jan
6Ch t J'ne
68 Jan 26
5738 Jan
3312 J'ne
4612 Feb 9
9212 Sep
98 May
06 Jan 27
312 J'iy
518 Jan
514 Feb 6
2814 Feb
1518 J'ne
2534 Feb 6
2734 Apr
17 J'ne
2834Feb 4
1218 Nov
678 J'ne
115 Jan 28
3333 Nov
20 Oct
3134 Jan 16
27 J'ne
442 Jan
3714Jan 31
94 Oct 10634 Jan
102 Feb 4
514 Oct
13 Jan
O3 Jan 26
6112 Jan
41% Oct
5018 Jan 24
7912 J'ne 88 Jan
85 Jan 19
74% Jan
711s Feb 4
58,2 J'ne
97 J'ne 107 Feb
105 Jan 27
172 Jan 31 150 J'IY 103 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
America 1
Amer Exch_
Battery Park
Bowery./Bronx Borol
Bronx Nat_
Bryant Park1
Butch Sc Dr_
Century 1Maas
Bid
580
200
135
425
225
176
150
120
175
GOO
A sk
Bid
Bank175
Chat & Phen. 168
158
580 Chelsea Exl. 148
210 Chemical --- t42112 -180
145 Citizens' Can 175
373 378
- _ City
210 Coat & Iron_ 158
161
190 Colonial 1_ 450
_ _
290
31-5
.... Columbia 1
1-35 commerce
t180 t18212
195 Corn Exch 1. 315 320
105
815 Cosmopol'n Il 85
60
75
Eiv=t River
Ask
Bank.
Bid
Fidebtyl....... 165
Fifth Ave1- 4500
300
Fifth
800
First
185
Fourth
220
Garfield
Germ-Amer 1 130
German Ex 1 375
Gormanial- 450
Gotham _ _ 100
Greenwieh1260
840
Hanover
Ask
MS
.
825910
190
250
140
425
475
_ __
Banks
Flarriman ....
Imp & TradIrving
LlbertY
Lincoln
Manhattan 1
Mark Sc Fult_
Mesh Sc Met_
Month Exch_
Merchants'-Metropolis 1..... NIetropen 1
Bid
270
510
180
610
325
310
240
235
155
175
300
173
Ask
280
520
185
630
345
323
250
245
185
185
310
185
Banks
Mutual 1 -__
Nassau
New Nethl_
New York Co
New YorkPacific) 1-Park
People's 1Prod Exch 1Publiell__
Reserve
Bank.
ata
Ask
290_ Seaboard-Second
1-95
190
225 Security 1-210
850
875 Sherman ...870 310 State 1
250 234 Ward 1
225
365 373 Union Exch
Unit Stated230 250
Watili Ills .1,.
185
160
200 250 Weetch ATV
92 - West Side 1Yorkville 1--
Isis as_llhoelt ltsohange 01 at shallot% this weak, t Vint isstallatest wag. C 8016 at prlysto sale st 1314 prIce, s Wardlr,I.Fp ps1d.
But
410
375
---_180
130
140
500
275
180
450
--
AO
485
400
116
135
200
,.....
180
-.4.
I'll
476
800
FEB. 14
507
New York Stock Record-Concluded-Page 2
1914.] -
For record of ealne during Via week of stocks oistutily inactive. sot) second pejo preceding
STOCKS-HIGHEST AND
Saturday
Feb. 7
Monday
Feb. 9
Tuesday
Feb. 10
LowEs? SALE PRICES.
Wednesday
Feb 11
Thursday
Feb 12
*101 105 *101 105 .101 105 .101 105
36
36
3614 3612 .
3513 36 .3512 111
•10612 10712 107 107
10512 10612 .10612 157
*111 114
113 113 *111 114 .112 114
12114 12112 121 12112 11978 121
12014 12114
4240 246
24713 2e
24712 24934 *247 248
10412 10412 10478 10478 410412 10413 1C3° 1081)
*1813 21
1102 'I118
19
19 .1812 21
83
8238 *81
5173 7814 f105,
82
81
*1314
415
15
*13
16
14
14
5714
3714 ST
3073 3718 3714 3758 37
26
2613 *25
30
.
25
30
*26
30
4.4,
*43
3
4512 *43
45
*43
45
*43
•1053
10534 10534 .10534 ____ 105e4 10514
3634
*304
4-311
4 3534 3534 3614 3614 *33
76
76
7612 7612 7813 7612 .1'614 77
•126 129 *125 12812 *126 )3.'1:.328
0,2
391.
2912 .23
*28
2914 *28
2912 .23
2814 2911 2312 29
2853 210/ e!)
23
Bill.: 0014
6513 66
6534 6534 66
66
95
*33
05
*92
95
*9218 95 .93
3012 31
3038 3114 3014 3052 3054 3152
*9812 10014 100 100
100 100
09834 100
4338
43
4238 4234 4234 4312 4258 43
3312
3314 3313 3378 3318 3312 33
33
•135 13612 136 13612 13513 136 .134 137
1232 1258
1214
1214
12
1213 1238 1214
71
72 .69
7112 6913 6912 .69
.70
9912 9913 9912
*9858 995s 0938 9933 .99
1812 1872 1938 20
1834 1912 1812 19
15
17 .
17 .10
10
*10
17
*10
42
*35
42 .35
42
39 .36
39
le114 34714
147 14712 .146 148 .146 128
57
69
5634 5734 5012 67
5613 57
89
89 .88
8873 89
89 .88
*88
2413 2412 24
2412 2312 2413 2.114 2434
91
90
9014 .89
91
0014 0014 .90
5012 5078 5012 5138 5014 5034 5114 5112
1712 1712 1712 1734 1714 1712 1733 1738
10914 10914 110 110
100 109
110 110
__ .117
*11514 ____ .11678
•11714
*108 111912 *10713 10012 .10712 110 .10713 110
*112
514 2.1_4 .112
*117_ .117
53
14
3 _
*313 -3-73
214 313
1353 1353 .1034 1314
812 9
1012 1173
.912 1013 10
10
*913 10
*912 10
*38
40
3813 3818 38
39
*38
40
'8
0
.8
912 *8
912 .8
913
*22
2713 .22
2712 .22
2712 *22
2713
.
8434 87 .8434 87
*85
86 .85
86
*10612 10812 10613 10612 .10612 10812 *101 10813
9438 9512 9813 9812 100 100 *99 100
010112 104 .___. 104 *104 106 .104 105
39
39 .381g 3913 3834 3834 3834 3834
.98 101
.99 101
.99 101
.99 101
225 225 *220 228 .220 228
*220 228
11714 11714
117 117
*11514 120 *117 122
*3512 33
• *3613 38
3912 3612 *3512 37
.103 __ .101
_ *100
*93 -0199
09
07- *93
*103-.93
171 171 *163 173 .163 173 .171 • 173
114 114
'11112 114 *11112 114 4114 114
66
67
62
6512
67
6712 67
•66
101 101
99 102
*99 10114 10134 10134 .
7213
7314 71
7312 71
. 7133 7233 72
2314 2318 2338
2318 2313 2313 2312 23
13534 137
13612 13613 13614 137 *13518 137
*123 12434 12312 12312 *12318 125 .12313 125
13
14
)3'3 1312
•1314 1334 1312 1312 .
83 .
79
83 .79
83
85 .79
1 *79
*4958 51
*4053 51
4973 4973 *4953 51
1'110678 109 .10173 109 4103 108 *10678 109
1613 1614 1633 1612 1613 1638 160_ 1638
69
70 .62
*62
70
70 .65
t, *05
6938 6933
70
65
70 .
70
70
70
27
2614 2612 26
2614 2614 2614 *25
*2712 2912 *2713 2912 *2712 2912 *2713 2914
12212 123 *122 124
123 123
*123 124
2113 2112 2112 2134
1 2214 2233 2134 22
9158 0218 9114 0134
92
92
04
1 *91
4212 4258 4212 4314 4234 4358 4334 45
10212
10212 *10212 10314
t *102 103 *10112 103
113 113
.112 11312 113 113
1•112
156 156 *15512 15612 15573 15578
15578 fits
3158
3158 3134 3234
3134 32
*3012 32
*9314 102
*9912 102
*100 102 .08 102
20
20
20
' 1934 1978 1973 2018 20
• 2512 2513 *2514 2578 2518 2534 2512 26
89
89
189
89
*8814 89
80
*88
1213 1312 *1212 1412
1213 1212 .
1212 14
3314
33
34
34 .30
' 3113 32 .30
19134 10134 .188 102 *187 190 *18614 18973
*3313 35
*32
3234
, *3313 35
*3312 35
3513 3512 *3412 38
*3413 36
*3413 36
*6312 66
66
66 .03
*64
66
*04
28
2812
2712 28
2812 29
• 2858 29
8612 *8413 8612
8612 8612 85
83
*86
3512 3578 3578 3612 3614 3612 3633 3634
14718 14314
14612 14778 146 147
146 140
*8112 88
*8113 00
*8112 00 .8112 00
108 112 .108 111
*10 112 *108 112 .
7t3 714
712
714 712 •7
714 714
.2914 3134 *2913 33
32
*2912 2934 *23
1312 *12
1312
131 .13
1312 .12
.
1 12
50
*47
50
*47
50
*47
50
*47
5512 5512
55
66
55
55
57
• *55
5914 5873 5912 5914 5934
5914 59
'119
10173 10178 101 10158 *101 10133
*101 102
65 -6533 65$ 6618 -473
10978
11034 111
*11012 111
5472 5512 5434
5412 55
3112 3112 3134 3278 3112
*103 105 .103 10434 10112
6313 6313 6334 6334 62
70
703,
70
7013 70
*117 119 .116 119 .115
10112 10113 10214 10278 •100
*115 11612 *11412 116 •115
-65.3-4 -6553 -611-4
11012 11014 11012
5538 55Is 5512
32
3112 *31
10112 10412 10412
6412
63
63
7053
7012 70
119 119
119
10212 101 10112
11613 *11412 11613
STOCKS
Sales of
NEW YORK STOCK
the
EXCHANGE
Weelc
Shares
Friday
Feb 13
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Industrial 8c hilise (Con)
Amer Snuff pref (new) __ 998 Jan 9 103 Feb 5 100 J'ne
*101 105
25 J'ne
36
3612 1,100 Amer Steel Found (new)._ 28 Jan 6 3612 Feb 4
9978 Dec
900 American Sugar Ref:ning 1027 Jan 8 10978 Jan 24
107 107
11014 Jan 20 11378 Jan 7 11018 J'ne
*112 113100 Do _preferred
12034 12112 8,021 AweTele bone & Teleg 11718 Jan 2 12414 Jan 30 110 Dec
24218 Jan 14 25134 Feb 2 200 Joe
1,6e5 .ap.iencan tobacco
.243 243
96 Jny
Prefeered, new
10134Jan 7 10534 Jan 24
1,058
310353 10e
1412 Dec
e0e A=etriean Wooien
15 Jan 16 2078 Jan 28
17
17
74 May
78 Jan 2 83 Jan 26
7012 73
1,4e5 De _ lioreferred
34,0 Ataey Writing Paper pref 1334Jan 7 1738Jan 23
1178 Nov
14
14
3073 J'ne
37
3733 4.200leAraconda Cop Par $25 3334 Jan 9 3814 Feb 3
22 Dec
,10'I'Lezets Realization
20 Jan 27 2973 Jan 8
25
25
3613 Dec
:J33,.-Jeldwin Locomotive
3812Jan 7 45 Feb 13
4414 45
102!2 Jan 16 106 Feb 6 10014 J'ne
110e: , De preferred
305, 37334
528!..rthiehem Steel
25 J'ne
2912 J30 5 3818 Jau 22
6214 J'ne
4921 . De . preferred
68 Jan 10 80 Jan 28
*7312 77
e/
Union Gee
- 121 .•a.a 5 130 Jan 24 120 Oct
.12C 1202 .... ,... Inoupi
2973 _0. . Bettorielz CO
*28
25 Mch
27 Jan 13 29 Jan 27
ifeornpir
ser
16 Aug
Pee
rr
tie•o
dl v t ctfs_
41,5
;6
50
6 Ctzli3
2334 20
18 Jan 2 3053 Feb 6
45 J'ly
*65
67
5038Jan 2 6634 Feb 4
9312 9312
100 t3ase(JI)ThreshMpftr cfs 90 Jan 26 9518 Jan 16
0014 Dec
17 J'ne
2578 Jan 14 3212 Feb 13
3158 3212 20,675 Central Leather
9473 Jan 6 10013 Feb 5 x83 Joe
400 ., Do preferred
10012 10012
4278 4338 17,700 eChino Cppper___Par $5 3712Jan 9 44 Feb 4
3038 J'ne
2413 J'ne
33
3312 2,600 Colorado Fuel & Iron_
2812Jan 2 3412 Feb 5
.134 13512 1,409 Consolidated Oae (N Y)_ 12913 Jan 3 13912Jan 24 12512 J'ne
014 Jan 9 13 Jan 28
738 J'ne
1233 1233 3,050 Corn Products Refining_
6912 6912
500 Do preferred
6112 J'ne
63 Jan 3 72 Jan 29
e9714 9753
700 Deere & Co pref.
9113 Dec
9134 Jan 2 9934 Feb 3
933 J'ne
1913 2018 11,600 Ditstillers' Securities Corp 17 Jan 9 2018 Feb 13
Federal Mining & Smeit'g 15 Jan 24 15 Jan 28
11 Dec
.10
17
ro
351 Jan 16 43 Jan 27
Do preferred
33 Mch
42
*35
140 Jan 3 14858 Feb 3 12934 J'ne
t590 General Electric
.147 12812
25 May
5932 6272 e,e:?;zi,(ion Motors vot tr at's
178 Jan :3 03 Feb 3
8958 go
1.20;: elo prf) V t cts
70 May
77 Jan 5 9013 Feb 4
151s Nov
1958 Jau 17 2634 Feb 4
2414 2434 3,650 Goodrich Co(B F)
7973 Jan 2 91 Feb 3
7334 Nov
91
300 Do preferred
.88
4034 J'ly
5138 5134 3,100 uOUggenh Explor Par $25 $4438 Jan 8: 55212 Feb 4
1378 Dec
1714 1738 1,000 0 insp'n Con Cop Pae$20 3151 Jan101 $1814 Feb 4
96 J'ne
400 Internet Harvester of N J 10078Jan 3 11312Jan 22
.10713 110
120 Do preferred
11312Jan 3 117's Feb 13 111 May
9512 J'ne
IMernat Harvester Corp_ 10078Jan 3 11134Jan 22
40
11
711 1101797182
11478 Jan 6 11712 Feb 13 111 May
220 Do preferred
11712 11712
278 J'ne
33
4
Mar
Int
Jan
27
Marine
214
stk
tr
cts
Feb
9
3,000
3
313
1212 J'ne
812 Feb 101 1514 Jan 30
2,700 Do pref stk tr ctfs
1112 12
612 Oct
;00 international Paper
83s Jan 61 1073 Feb 2
.012 10
3213 Oct
3712Jan 19 41 Jan 31
445 Do preferred
40
•38
4'12 Dec
Internet Steam Pump
6l3 Jan 9
98 Jan 20
012
.8
1553 Dec
Do preferred
19 Jan 2 29 Jan 19
*22
2712
77
Dec
Keyser
&
Co
(Julius)____
Jan
28
86
80
Jan
19
86
*85
100 Do 1st preferred__ 10612 Feb 9 10612Feb 9 10612 Oct
.104 10812
53 J'ne
81 Jan 6 100 Feb 10
800 Kresge Co (5 5)
.98 100
97 J'ne
99 Jan 13 104 Feb 13
200 Do preferred
104 104
2973 J'ne
34 Jan 15 40 Jan 26
600 Lackawanna Steel
*3812 39
91 J'ne
Laclede Gas (St L)corn__ 05 Jan 2 101 Feb 4
*98 101
J'ne
195
Jan
31
Liggett
&
Myers
Tobacco
230
21934Jan
5
100
.218 228
375 Do preferred
11133Jan 6 11714 Feb 11 10613 J'iy
115 120
.
21 J'ne
200 Loose-Wiles 13Is tr co ctfs 32 Jan 8 38 Jan 26
37
37
89 Aug
Do 1st preferred-- §10412 Jan 9 4105 Feb 5
.101
84 J'ly
Do td preferred
*93
89 Jan 2 95 Jan 24
09
166 Jan 20 175 Feb 2 r150 J'ne
100 Lorillard Co (P)
.170 173
1
12110
*
Jan 6 114 Feb 11 103 J'ne
125 DO preferred
05 Oct
6213 -tii- 1,850 May Department Stores_ 62 Feb 11 6914 Jan 17
9712 J'ne
100 Feb 13 10134 Feb 9
100 100300 Do preferred
4134 Nov
4612Jan 2 7312 Feb 9
70
7233 47,000 Mexican Petroleum
2033 J'ne
2314 2313 2,500 aMiami Copper___Par $15 $2134Jan 3 $2414 Jan 27
t
4
,10
onair
p e
Bred
ij
sc
rruit
13513 136
122 Jan 6 139 Feb 3 104 J'ne
1,200
100 N e.
11914 Jan 13 12312 Feb 4 116 J'ne
.120 125
97 Jan 8 14 Feb 3
9 J'ne
800 leZat Zinamel'ie & fitamp4
•13
1312
7414 Oct
Do preferred
173 Jan 8 §78. Jan 8
fie
*79
43 Oct
,00 natienal Lead
44 Jan 3 52 Jan 26
*4934 51
se 10o preferred
105 Jan 13 10814 Jan 29 100 J'ne
*10678 109
13 J'ne
*1618 1614 1,620 //Nevada Cons Cop Par $5 $1438 Jan 7 $1612 Jan 26
56 J'ly
llew York Air Brake-,. 61 Jan 7 69 Jan 28
6814
*62
60 J'ne
200 i;orth American et,(new) 65 Jan 2 7278 Jan 31
70
70
16 J'ne
24 Jan 8 29 Jan 21
1,300 rnteific Mail
26
26
22 Nov
Pacific Telep & Teleg___ 21)12 Jan 9 31 Jan 24
*2712 2914
650 People's G t& 0(Chic): 12078Jan 3 125 Jan 5 104 J'ne
412214 124
1412 J'ne
1,890 Pittsburgh Coal
1778 Jan 3 2312 Feb 4
2153 22
73 J'ne
8012Jan 7 9313 Feb 4
9112 9252 2,400 Do preferred
1812 J'ne
2634 Jan 5 4512 Feb 2
4512 8,805 Pressed Steel Car
45
9734 Jan 15 104 Jan 30
3:0 Do preferred
8812 J'ne
10314 10314
107 Jan 13 11314 Feb 13 105 Dec
800 7u!) Bert Corp of N J
11314 11314
mrs
ay
n8
Ctozpsapnry
ia
e.)drei
,
P
_i,zi
0.
15112Jan 6 159 Jan 28 149 Sep
.15512 15613 2,L00
2214 J'ne
g..--.. 2514 Jan 7 3433 Feb 2
3213 3258
9014 J'ne
97 Jan 14 100 Feb 2
Do preferred
*99 102
15 J'ne
20
2014 6,835 altay Cons CopperPar$10 $1734Jan 9 32033 Feb 5
17 J'ne
1934jan 5 27 Jan 27
2614 2612 5,475 ReBublic Iron & Steel
72 J'ne
80 Jan 2 90 Jan 31
0 preferred
130
*8834 8934
14 Nov
9 Jan 30 18 Jan 14
1312 1312 1,000 Rumely Co(M
33 Dec
2612Jan 30 41 Jan 13
500 Do preferre
.30
34
310 Sears, Roebuck & Co
18614 192
183 Jan 2 193 Feb 2 15424 J'ne
.
23 J'iy
200 Sloss-Sheffield Steel & Jr 27 Jan 3 35 Jan 26
34
3412
31 Dec
.6
33
534 6
3534
200 Standard Milling
32 Jan 7 3534 Feb 2
5212 May
3
Do preferred
384 Feb 5
30
57
Jan 22
3 6
1534 Dec
Feb
2812 29
1,600 Studebaker Corp (The)
6205
6412 Nov
300 Do preferred
*84
8612
70 Jan 6 87 Feb 6
3612 3634 11,115 dTenne-seee Cop-Par $25 33174 Jan 9 33634 FCD 11 32634 j'ne
89 J'ne
14652 14714 8,380ITexas Company (The)
123 Jan s 149 Jan 12
78 J'ne
ilederwood Typewriter-- 85 Jan 12 88 Jan 31
*8112 88
*108 111
Do preferred
108 Jan 16 110 Jan 23 104 J'ly
5! Jan 12
813 Jan 31
4 Nov
800 Union Bag & Paper
718 714
1812 Nov
Do preferred
*2912 33
25 Jan 9 3212 Feb 3
914 J'ne
115 Cast Iron l'ipe & Fdy 1058Jan 8 131 Jan 23
*12
1312
40 Dec
4834 4834
100 Do preferred
40 Jan 8 49 Feb 6
4934 Nov
5478 5478
700 U S Realty & Improv't- 54 Jan 7 58 Jan 19
51 Nov
5938 5973 2,560 United States Rubber.-- 5724 Jan 3 6258Jan 26
98 J'ne
101 Feb 10 10453Jan 14
§10173 10178
546 Do 1st pr-ferred
7633 Jan
Do 2d preferred
4978 J'ne
5712 Jan 3 6714 Jan 31
136-4 2-1i3-,(-350 United States Steel
Do preferred
10614 Jan 2 11234 Jan 31 10212 J'ne
11018 11053 2,850
394 J'ne
5512 5618 16,050 dHtali Copper__Par $10 84878Jan 10 $5618 Feb 13
22 J'iy
3112 3112 1,130 Virglnia-Carolina Chem_ 23 Jan 7 3314 Jan 21
93 J'ne.
.
104 105
235
Do preferred
9814 Jan 3 10412 Feb 10
573 Jan 16 65 Jan 22
5413 Dec
6414 65
6,700 Western Union Teleg
5353 J'ne
7053 7034 2,900 Wastieg-ouse El & )3.1fg_ 64 Jan 3 72 Feb 4
*115 11012
Do let prof‘rred
11578Jan 19 119 Feb 11 10773 J'ne
200
8112 J'ne
*10012 10112 1,025 Woolworth (111 W)
9218 Jan 31 10314 Feb 5
11234 Jan sI 116 Jan 29 109 J'ne
.114 116
Do preferred
•
-iini.
Highest.
105 Jan
4013 Feb
118 Jan
11653 Jan
140 Jan
29434 Jan
1081a Jan
2312 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
5312 Jan
10512 J'ne
4112 Jan '
74 Aug
;3753 Jan
31 Feb
6612 Feb
86 Jan
10358 Feb
3018 Feb •
9714 Itch
4753 Jan
4112 Feb
14238 Jan
1718 Jan •
7914 Jan ,
10018 Jan
2134 Jan
18 Jan
44 Jan
187 Jan i
40 Aug,
8134 Sep'
88 Jan
10514 Jan !
533s Jan
204 Jan ;
11112 Sep
110 Oct
11014 Sep •
11434 Sep
453 Jan
1912 Jan
1253 Jan "
4812 Jan
1812 Jan )
3
70 Jan ,
94 Feb 1
110 Jan
83 Sep
102 Jan
4978 Feb
10413 Jan )
235 Mob
11012 Jan
3978 Jan
105 Jan
95 Jan,
200 Jan ,•
117 Feb
7673 Jan.'
10512 Jan
7814 Feb ;
28l Jan'
130 Sep
1247s Jan )
19'4 Jan'
0214 Jan
5014 Jan
108 Oct
20 Jan
)
8212 Jan
8112 Jan
3112 Jan
46 Jan
12934 Sep
2433 Jan
95 Jan
36 Jan
10113 Jan
118 Jan
165 Jan
35 Jan
100 Jan
22 Jan 41
2833Jan
9214 Sep
9214 Jan
9934 Jan'
21313 Jan
1
4512
401k Jan
6078 Feb
36 Feb
9314 Jan
391 Jan'
13218 Deo ,
1J91 Jan
113 Jan f.1
734 Jan
4134 Jan
1634 Jan I
5634 Jan „I
77 Jan
6912 Apr
10934 Apr
8112 Jan
691$ Jan
11034 Jan
604 Jan
4314 Jan
114 Jan
751$ Jan
7914 Jan'
1194 Jan
112 Jan'
11512 Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
BankBrooklyn
Coney Ided
First
'Flatbush - 110
Oreenpoint
2-8-6-
,Homestead
,Manitiact'rs
Meebaniel
Montauk
MUM'
80
400
125
foi"
Ask
150
300
130
155
125
100
425
140
140
220
Banks
Brooklyn
National City
North Side ¶_
People's
Bid
Ask
273
175
145
285
200
155
N Y City
355
Astor
Bankers' Tr_ 460
Sway Trust_ 150
365
470
160
Trust Co's
Trust Co's Bid
Ask
N Y City
Central Trust 1015 1025
ColumbiaKnlekerboc 440 450
Commercial
85
300 310
Empire
Equitable Tr. 430 440
1100
1130
Farm L & Tr
210 225
Fidelity
275 300
Fulton
Guaranty Tr, 595 600
Trust Co's
N Y City
Hudson _
Law T I &Ti
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westchester).-
Bid
Ask
130
165
120
3(S0
138
170
130
365
140
147
130
140
Ask
Trust Co', Bid
N Y City
N Y Life& Tr 985 1000
N Y Trust-- 595 610
Title Go & Tr 430 440
Transatlan tie 200 220
Union Trust_ 390
U S ',Ste & Tr 42u 425
United States 1040 1060
____
110
Yrestehester
'Trust Co', bid
Brooklyn
Brooklyn Tr- 460
Citizens' ____ 135
Franklin -Hamilton- fir
100
Home
570
EMT.Coma
125
Nassau
People's -- t2851
$3
Queens 5141
•Bid and asked prices; no melee on this day. § Less than 100 shares. j Et-rights. a Ex-div & rights. b New stock. 4 Quoted doilies Per
sonoings us as auction this week. a Faitook dividend. ¶ Banks marked WW1 PereiPaPh MINI Beate lan115._1111-ilitilend.
Ask
490
145
250
280
1193.
Go
508
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed. and prices are now all-"and interesi"-exce
pt for income ana aelawlea bonds.
-gig
BONDS
N. Y. STOCK EXCHANGE '''`i
Week Ending Feb.13.
4 a.
Pries
Friday
Feb. 13
Week's
Range or
Lass Sale
.1
:all
Range
since
Jan. 1.
Iii
BONDS
N. Y. STOCK EXCHANGE t
Week Ending Fob. 13.
-.a.
Price
Fridau
Feb. 13
Week's
Rang. or
Lase Sale
Range
since
Jan. 1.
U. S.
Bid
Ask Imo
High No. Low High Chesapeake & Ohioilid
Ask Low
11Oh No. Low High
9834 0914 9834 Feb '14 _-- 9812 9834
Gen funding & impt 5s___1929 J -J 100 Sale 100
100
19 9834 100
9834 9912 088 Jan '14
1st consol gold 5s
1939 0/1-N 107 10712 10713 10712
93 9858
3 105 107%
102 103 10214 Jan '14
Registered
10214 1021,1
1939 M-N 10/18 --- 103 Jan '14
103 103
102
102 Fob '14
43/
General
3
3
gold
1992 hl-S 9718 98 9734
102 10231
98
25 9314 9812
11134 11234 11214 Jan '14
Regist. red
11118 11214
1992 M9312 97 9913 IVIch'13 _
112
11314 Feb '14
Convertible 430
86), 55 -Tina -87611930 F-A 8412 Sale 8413
11212 11314
2
9812 __
9512 J'ly '13
Big Sandy 1st 4s
1944 J -D ---. 8614 8518 Feb 13
- 10112 Jan '14 __ 101 1-01-12
10134 10234
Coal River Ey 1st gu 4s 1945 J-1) 85 Sale 85
85
8414 85
Craig Valley 1st g 5s
9013 Dec '13
1040 J -J 101
Foreign Government.
Potts Creek Br 1st
J -J
_
8434 Jan'13
---Argentine-Inteento 58 07 1009_ M-8 ; 9734 9818 98
08
2 97 98
R & A Div lst con g 4s
8818
_ 8712 Dec '13
1989 J-J
Chinese (Hukuang) Ey Is £____ J -D 1 8914 91 8813 Jan '14---.. 83 8812
2d consol gold 4s
8312 Sale 8312
1089 J-J
8512
8334 851k
Imperial Japanese Government
Greenbrier Ey 1st gu g 4s_1940
8334 _ _
95 Oct '10
Sterling loan 4 30
1925 F-A I 9012 Sale 90
9034 93 88 9034 Chic & Alton RR ref g 3s_1941.1 A-0 64 6612 66
67
67 67
2d Series 41is ____
1925 J -J 1 894 Sale 88%
8918 24, 87 8912
5414
5313
Railway
-J
10_1050
J
5312
59
1st lien 3
5314 5513
Sterling loan 4s
7938
5 7812 80 Chic B & Q Denver Div 4s_1922 F-A 9834 100 9:04 Jan '14
1031 J -J .1 795 Sale 7813
3034 9934
Republic of Cuba 5seaten debt.. M-S 110012 Sale 100%
10012
81 99 10012
Illinois Div 310
85
1949 J -J 8434 85 85
82 85
External loan 4 Ms1949 F-A I-. 9412 9412 Oct '13 --- _
'12
Registered
_ 8614 Aug
1949 J -J 83
Tokyo City loan of 111-2-5s__ M-8 I 89 90 90
90
i
Illinois .Div 4s
9-6-55- -9534
9534
1949 J -J 9534 Sale 9534
u S of Mexico s f g 5s of_1899 Q-J 179 8234 8414Jan '14...._.. 84 -85
Registered
93 J'ne'13
19411 J-.1
Gold 4s of 1004
1954 J -D 6734 7088 71 Dec'13
Iowa Div sink fund 5s
10158 Nov'13
1919 A-0 5[0'212
:These are p rIces on the basis- of -§5 to ISinking fund 4s
9634 oSi;
08
1910 A-0 98 0g13 98
State and City Securities.
Nebraska Extension 4s
9134 965s
1927 M-N 9612 9718 96%
96%
N Y City-4 14s
1960 M-3 10118 Sale 101
10138 16 100 102
Registered
1927 M-N 9512 07 9038 Sep '12
43s Corporate stock
1963 M-S 106 Sale 10534 10618 98 10334 10618
Southwestern Div 4s
1921 NI-S 9734 9812 Feb '14
-15a T2 I8-1;
1950 Pel-N 9714 973 974
4% Corporate stock
0738 15 9512 9738
Joint bonds. See Great North
4
Corporate stock
973
1958 M-N 9714 978 9714
50 95t2 9713
General 4s
1958 M28 9114 94
9334 Sale 9312
94
4% Corporate stock
1957 MN 0714 9738 9714
9714
31 9534 9738 Chic & E Ill ref & imp 4s g_1955 J -J 6512 Sale 6513
5 6513 68
6534
New 410
1957 181-N 106% Sale 10578
10614 37 10338 10614
1st Consol gold 6s
1934 A-0 11012 _
10714 10714
10714 Jan '14
New 43s
1917 M-N 10134,....., 10113 10112
3 10112 102
General cousol 1st 5s
1937 N1-N 9934 150 9913
2 95% 100%
9912
43i % Corporate stock
1957 MN 106 10618 10534 106
31 10378 106
Registered
1937
IVI-N
.--.
99
98
Feb
98 93
'14
4). % assessment bonds_1917 M-N 10112 Sale 10113 1011
8 10112 10238
Pur money 1st coal 5s
1942 F-A ---- 96 9734 Feb '13
3t%,
Corporate stock
1954 M-N 86 8618 86 Feb '14 .-__ 85 86
Registered
N Y State-4s
1961 M-8 101 ____ 100 Jan '14 ---- 100 100
Chic & Ind C By 1st 5s___1936 -J-J 100 102 10512
Canal Improvement 4s
1961 J -J 10012 10112 10113 10112 10 9712 10112 Chic Great West 1st 4s____1959 M-S
7413 7514 7412
7518 116 70 751$
Canal Improvement 4s
1062 J -.I' 101 -__ 10012 Jan '14 ---- 99 10012 Chic Ind & Louisv-Itef
6s_1947 J -J 11813 120 118 Jan '14
118 118
Canal Improvement 4s
1060 J -J .1004 -___ 9934 Nov'13..
Refunding gold 55
J
-J
1947
1023
10213 Oct '13
850-year 4 30(wh iss) _1063-64 -_
10838 Sale 10838
108% 1023 10712 1-0i7-8
Refunding
4s
J-J
Series
1917
C
l.
- 95% Apr 11
South Carolina 430 20-40_1933 J---I -„,--10312 J'ly •10..._.
Ind & Louisv 1st gu 4s
1956 J -J
85 J'ly 11
Virginia funded debt 2-3s- _1991 J -J 8134__._ 8434 Jan '14 --, 8434 I4-3-4 Chic Ind a
Sou 50-year 48_1956 J-J 82 90 9014 Aug '12
Is deferred Brown Bros ctfs___ --- 59 Sale 59
59
Chic L S & East 1st 43s
2 5634 60
1969 J-D
104 Dec '11
Chic Mil& St P term'g 5s 1914 J -J 1.66 .„ 10018 10018
2 105T8 16614
Railroad.
Gen'l gold 4s Series A___e1989 J -J
9612 9718 9618
1 92 9613
96%
A nn Arbor 1st g 45
7114 Sale 7114 • 72
h1.995 Q-J
3 70 74
Registered
e1989
96
_
9314 Jan '14
'itch Top & S Fe gen g 4s_1995 A-0 955 Sale 9533
9578 76 93 96
Gen'l gold 33-is Ser B
e1981) -J 8334 Sale 8334
8334
80 8334
Registered
951). 93 Feb '14 -,921k 93
1995 A-0 Registered
e1989 J -J
_
86 J'ne'11.Adjustment gold 4s
h1995 Nov 5'7.1- 881 88
25-year deben 4s
88'8
3 84 8318
1934 J -J 91 Sale 9038
pus 68 88Registered
- 86 Mch'13 -h1995 Nov ---- ---Convertible 418s
1932 J -D 10234 Sale 10212 102% 387 10078 10314
Stamped
h1995 M-N 88 8812 8814
8813 12 8432 8812
Gen 43.s Ser C
e 1989 J-J 103 Salo 103
10312 81 100%10358
Cony gold 45
1955 J-D 081 09 982
9834
Chic & L Sup Div g 5s___1921 J -J 10314 8 94 100
10238 Sep '13
Cony 4s issue of 1909
1955 J -D -,,.. --. 9012 IllaY'13 ------Chic & Mo Riv Div 5s---1926 J-J 10413 ___ 103% Nov'13
Cony 4s (issue of 1910)....-1960 J-D 99 Sale 9813
99
92 944 -0958
Chic & P W 1st g 55
1921 J-J 10312 10334
- 10312 10312
10212 11312
10-year gold 55
1917 J-D 1013 Sal 10134
10134 17 997 10178
111 & Puget Sd 1st gu 4s_1949 J -J
04 9314
9314
9378
89 93%
Debentures 4s Series L
- 984_
1914 F-A ---- ---J'ly '13 --Dak & G'rt Sou gold 55_1916 J-J 10038 _ _ 10034 Nov '13
Bast Okla Div 1st g 4s-1928 M-8 9318 - --- 02'4 Jan '14 --_
9134 9238
Dubuque Div 1st s f 6s
1920 J -J 10838 _ - - 10813 10812
108 10334
Short Line 1st 4s gold
1958 J-J '00 9113 9013
9012
Far & Sou assutn g Os
a 8614 9134
110
-J 11138
1924
J
J'ne
13
_
Cal-Ariz 1st & ref 40_1962 M-S 9814 9834 9814
0838 12 9714 9838
La Crosse & D 1st 5s
1919 J -J 10218 .„.„ 1024 Jan '14
ioirs
5 Fe Pres & Ph 1st g 5s_1942 M-S 107 109 104 Jan '14 --_ 104 104
Wi & Minn Div g 5s
1921 J .J 10313 103% 10238Jan '14
10258 10253
Chic & St Louis 1st 6s
1915 M-8 10114-.101% Jan '14 -lops 10112
Wis Vail Div 1st 68
-J
1920
J
108
1123
1078 Sep '13
---All Coast L 1st gold 4s-_-h1952 M-8 941 Sale 0414
0434 ig 91
95
Mil & No cons ex 430 _1934 J -D 100 ____ 9934 Dec'13
----95
Registered
h1952 NI-8 ---Jan '13 ---1st extended 4,s
1934 J -D 9934 -- 9934 Jan '14
9934 -914
50-year unified 45
1959 J-D
Chic & Nor West cons 78_1915 Q F 10238 1025- 10238 102%
10214 10252
41a Mid 1st gu gold 5s
1928 M-N 102;4 ..... i(747 Dec '15 ..... _
Extension 4s
1886-1926 10-A 9534 9212 Oct '13
Bruns & W 1st gu gold 4s_1938 J -J 8834 ---- 95 Aug'12 ....___-: :_--_-_
Registered
9212 Oct '13
1886-1926 F-A 9412
..
harles & Say 1st gold 78_1936 J-J 127
General gold 330
1987 M-N 8312 8414 83%
84
98 80 W.;
01952 m-N 94 Sate 94
& N coil gold 45
9414 85
Registered
15
p198'7 Q-F
_
'14
7812Jan
7812 78%
Bay It & W 1st gold 65-....1934 A-0 118 ___ 1234 J'ne 12 --__
General 4s
1987 M-N 9613 Sale 96
8 93 97
97
let gold 5s
1934 A-0 105 ____ 11038 May'll --- ___--Sinking fund 6s____1879-1929 A-0 10012 _ 109 Sep '13
0118p Oca & CI gu g 4s
1918 J -J 95 100 97 Oct '12 ---Registered
1879-1929 A-0 10518
_ 10513 Dec '13
"Utah & Ohio prior 330
1925 J -J 9113 92 92
9214 18 90 -914
Sinking fund 5s
1879-1929 A-0 103 _
10112 Nov'13
La Registered
h1925 Q-J
891'3 -..... 8014 J'ly '13 -Registered
1879-1929 A-0 10212
- 192 Oct '13
Gold 9s
h1948 A-0 9513 Sale 9434
96
71 9078 96
Debenture 5s
1921 A-0 10234 10412 10213
10212
155.
.
13 foil;
Registered
h1948 Q-j
. 93'4 18t 94 Feb '14 --.- 9078 94
Registered
11)21 A-0 08 -- 101 Dec '12
932 Sale 9313
4_0-yr cony 430
1933,
04 457 9033 94-34
ainking fund deb 5s
10212
1933 11/1-N 10212 Sale 10212
loir2 1-0112!
)
- -_ _. 112 Jan '12 ...„
Fitts Junc 1st gold
1922 J-J 10.
Registered
1033 M-N
---- 1007 Aug'13
P June & M Div 1st6s_8934 13 8934 /914
g 3301925 M-i'l 8912 ---- 8034
From Elk & Mo V 1st Cs_ 1933 A-0 I5014
120 Feb '14
120 120
P L E & W Va Sys ref 4s 1941 M-N 8912 94 8834
8912 67 84t2 8912
Man(I
9013 Sep '09
& N W 1st 330 1941 J -J
Ul.
Bouthw Div 1st gold 310_1925 J -J 9012 91
9114 17 8714 9112
Milw & S L 1st gu 330_1941 J-J
Cent Ohio R 1st c g 410_1930 M-S 9912 --100 Apr 13 --Mil L S & West 1st g 6s_1921
-k
laais 1-093)
S 11012 -------- i003-8 Fob '11
Ci Lor & W con 1st g 5s_1933 A-0 1O51____ 103 Nov'13 -Ext & imp. s f gold 58_1929 F-A 10534 110 104 Sep '13
Monon River 1st gu g 5s 1919 F-A 10058 --- 10214 J'ne'12 --- ___
-- -11418 Feb '13
Ashland Div 1st g 6s
113
M-S
1925
Ohio River Rit 1st g 5s
1936 J-D 10434 -___ 102 Nov '13 --._
-Mich Div 1st gold 6s_1924 J -J 112% -- 111 Nov'13
---General gold 5s
1937 A-0 10118 105 9822 Oct .13 ___. _ --__
Mil Spar & N W 1st gu 4s_1947 NI94
12 91 94
9334 Sale 93%
Pitts Clev & Tol 1st g 6s_14.122 A-0 106 --_ 11212 Feb '11. -- ____ ____
Northw Union 1st 7s g
1917
10814 10814i
S 10714 -- 10814 Feb '14
Pitts & West 1st g 4s
1917 J -J 9534 _ _ 97 blay'13 --__
Winona & St P 1st ext 7s_1016 J -D 10614 --,- 10038 Nov'13
Btat 151 Ity 1st gu g 430_1943 J-D --------91 J'ne'12 --Chicago Rock lsi & Pac 6s_1917 J -J 104% 19514 10412 Feb '14
i012 105H
Bolivia fly 1st 55...
1027.J -J ,,,,,- ---- ,-,-Registered
--- ---- ---- ---1917 J -J 104% 106 104 Oct '13
Buffalo It & 1' gen g 5s_
1937 M-S 100%._ 10534 Dec'13 .--General gold 4s
8834
1988 J-J
88% Sale 8812
84 8834
Consol 45s
1057 M-N 101 ..-. 10314 Ap:'13 --Registered
3 8413 861,
8614
864 Sale 8614
1088 J-J
All & West 1st g 4s gu_ __ _1998 A-0 87 ___ 94 Jan '14 --_ 04 94
Refunding gold 4s
7878 115 72 80
1934 A-0 7834 Sale 784
Ci & Matt 1st gu g 5s
1943 .1*--J 10134 ____ 103 J'ly '08 ---20-year debenture 5s
1932 J-J
78% 240 71% 7912
7814 Sale 7734
Roch & Pitts 1st gold 6s 1921 F-A 10938 -_-_ 10734 Oct '13 ---- ____ ..___Coil trust Series L 4s
97 Sep '11
1914 M-N
---Consol 1st g 65
1922 J -D 11114 ..
10958 Dec '13
P 4s
9212 9434 J'ne'11
1918 M-N _
Sou cons gu A 5s_1962 A-0 101314 1063 16634
Chic It I & Pac RR 4s
10634
40% 2829
51- 3 Sale 42%
4 10334 10034
2002 NI-N I
13
.Registered
1962 A-0 -------- 10034Jan '11
427
Registered
8
2 4278 5154
2002
4314
CarClinch&Ohlolst 30-yr5s1938 J-D 0914.,... 9913 Feb '14 -_ 97 9912
R I Ark & Louis 1st 430_1934 M-S
85 J'ly '13
Central of(is 1st gold 5s__p1945 F-A 10712 _ _ 11034 ItIch 13 -Bur U 18 & N-lst g 5s
Dec
102
'13
1934
104
A-0
Consol gold Os
1945 m-N 105 100 10412 10434 55 joi- Ica,
C R b'& N W 1st gu5s_1921 A-0
100%
10078 -5 1007 116i
Registered
1945 NI-N --- 103 1064 lIch'13 ..-- _
111 & St List gu g 7s
11127 J-D
let pref income g 5s____p1945 Oct - --- ... 103 Deo '11 .-. - -Choc Okla & (I gen g 5s_o1.1111) J -J
- 107-8 Ma-ii
2d pref income g 5s____p11)45 Oct -------- 105 Dec •11 --- - -Consol gold Is
1952 0/1-N
- - - 100 Jan '13
3d pref income g 5s____p1945 Oct -- - - ---- 107 Dee '11 --- _Keok& Des Moines 1st 54.11)23 A-0 90
_
-92
- 9113
91l 92
3d pref income g 5s stamped__ _ -.. - ---- 3518 Oct '11
-_- --_-_St Paul & K 0 Sh L 1st 430'41 F-A
_ 81) 75 Nov'13
Chatt Div pur mon g 4s 1951 J---lb 8513 90 85 Jan '14 ---- 85- -85 - Chic St P
& 0 con 6s
1930 J -D 11813 12018 118 Feb '14
118 118
Mac & Nor Div 1st g 5s....1946 J-J 10213 ..... 1074 Jan '12 ---- Cons 66 reduced to 33.s_1930 J -D 81
8914 Deo '12
10212 sep .13 _. ...-- ---Mid Ga & At) Div 5s
1947 J -J 10213
Debenture 5s
10238
11)30 hi102 i152% 102%
jai- 1-6i4
Mobile Div 1st g 5s
1946 J-J 10312 ..... 10934 May 11 -__ __-_-_
______
Ch St P & Minn 1st g 65-11118 M-N 11978 -- 11613 Jan '14
11012 11013
Oen ER & B of Oa col g 5s_1937 M-N 10014 10118 100 Jan '14 ___ 9034 fdb North Wisconsin 1st 63-1930 J -J 11534 -- 1295 May 09
Cent of N J geu'l gold 5s
1087 J -J 117 Sale 11612
117
10 114 117
St P & S City 1st g 6s--..1910 A-0 10718 108 1074 Jan '14
i5/ 10715
Registered
h1987 Q-J 11614 ___ 1134 Jan '14 --__ 11334 11334
Superior Short L 1st 55m/13)30 M-8
Am Dock & Imp gu 5s___1921 .,-J 10414 10512 1044 10414
2 104 10414 Chic T U & So'east 1st 5.9_1960 J-D
-g6- -iE Jan '14
85 85
Leh & Hutt R. gen gu g 5s_1920 J -J 10034_.__ 100 J'ne'13
Chic & WestInd gen g 6s__q1932
105
Dec
'13
s
1567
N Y & Long Br geu g 4s_1941 M-S 9314
10013 Jan '13 -----------Consol 50-year 4s
80
1952 -J
15
M 80 Sale 8413
'14"
Cent Vermont 1st gu g 4s_e1920 0-F 8578 __-- 86 Feb '14 __ 82 86
MISCELLANEOUS BONDS-Continued on Next Page.
Government.
9 8 2s consol
registered_ d1930 Q-J
U S 2s consoicoupon
d1930 Q-J
U S 3s registered
k1918 Q-F
U S 3s coupon
k1918 Q-F
U 8 46 registered
1925 Q-F
U 8 4s coupon
1925 Q-F
U S Pan Canal 10-30-yr 2s k1936 Q-10
U 8 Panama Canal 38 g_1961 Q-M
ia-
L
gi
Canada
1004 ic04
T
Street Railway
Street Railway
Brooklyn Rapid Tran g 5s_1945 A-0 102 103 102%
103
7 9012 10312 Hud & Manhat 53 Sex A_- 1057 F-A 90 Sale 89
90
32 89 9114
let refund cony gold 4s___2002 J -J 02 Sale 9034
9218 259 8712 9218
Adjust income 5s
3834 39 3834 Feb '14
1957
3834 39
6-year secured notes r.s__1918 J -J 9913 Sale 99%
99% 332 9613 99%
N Y & Jersey 1st 5s
100 101
1932
Bk City 1st con 55_1016-1941 J -J 10134 10212 10134
10134
1 101 10134 Interboro-N1 etron coil 4 ,1 §s_1956 A-0 78% Sale 7813
787s -129 7534 791;
Bk Co & S con gu g 5s__1941 VI-N
- 99 98 Apr '13
Internoro Rapid TransitBklyn Q Co & S 1st 5s___1941 J -J
101 ItlaY'13
1st & refunding Is
9918 Sale
1909 -J
9914 239 98% 9914
Bklyn Un El 1st g 4-55_1950 F-A l0f53 Sale 10112
10134 ai -1/51-2 1-6173-4 Manhat lty (N Y)cons g 4s_1900 A-0 9112 92 9813
9134
92
8 8913 92
Stamped guar 4-5s
1950 F-A 10112 Sale 10112 10112
1 100 10112
Stamped tax-exempt
1990 A-0 9112 92 9112
3 8878 92%
9112
Rings County El 1st g 4s_11149 F-A 84 8412 83 Jan '14
83 83
Metropolitan Street HyStamped guar 4s
1940 F-A 8418 __ 83 Jan '14
8234 83
Sway & 7th Av 1st c g 5s-1943 J -D 101
101 101
101 Jan '14
Nassau Elec guar g )Id 45_1951 J-J
7918 12 74 7918
79 51: 79
Col & 9th Av 1st go g 5s_19113
100 100
09 101 100 Feb '14
Chicago Rwys 1st Is
1921 F-A 99 Sale 99
99
9 9634 9914
Lox Av & P F 1st gll g 5s-1993 t•(-S 100 101 9838 Jan '14
9833 0833
Conn Ey & 1. lst&ref 5g 4;is'51 J -J
_ 99 1017 J"no 12
Met
8181
W
(Chic) 1st g 4s_1938 F-A
9323 J'iy 06
Stamped guar 43.s
1051 J -J 05-18 _ . 9512 J'ne'13
Milw Elec Fly & Lt cons g 581926 F-A
10218 Jan '14
102 1O2l
Det United 1st cons g 4 10_1932 J -J
7512 7612 7612
7612 --20 -6- V6-1-2
Refunding & exten 4;0_1931 J -3 -_-- 94 91 Apr '13
Ft Smith Lt & Tr 1st g 5s 1936 .1-S
84 84
- -.- 84 Jan '14
Minneap St 1st cons a 5s_191.1) J -J
102 Nov'12
Grand Rapids Ity 1st g 5s1916 J-D 09 ___ 98 J'ne'13
---Montreal Tramways 1st & ref
Havana Elec conaol 5$
1952 F-A 9212 9
-55- 95
95 Feb '14
30-year 53 Ser A
1941 J -J 00 Sale 99
99
9714 99
*No price Friday; intim tuts week. 4 Due April.
Due May. 0 Due June. t 7:43 July. .4 Due Aug. 0 Due Vet.
p Due Nov. g Due Dee. a 0942241 Sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 13
509
New York Bond Record—Continued—Page 2
FEB. 14 1914.]
6.i
b
4.
Week's
Pries
Range
Range or
since
Friday
Feb. 13. Last Sale .1 53 Jan. 1.
High No. Low High
Ask Low
Bid
9612 ____ 9612 Feb '14
Cin II & D 2d gold 4 As____1037
93 961
1st & refunding 4s
1959 J -J
8614 J'ne-'12
1st guaranteed 4s
J -J
------ 97 Oct '13
Cin D & 1 1st gu g 5s
____
59 M-N
941
10
88 Mch 11
C Find & Ft W 1st gu 43 g_1023 M-N
90 86 Jan '14
86 80
Cin 1 & W 1st gu g 4s
1953 J-J
Day& Mich lsteons4 As_1931 J -J
103 Dec '12
Ind Dec & W let g 5s
1935 J-J
10712 Dec '02
J-J
1st guar gold 5s
85
83 85
Cleve Chi C & St L gen 48_15
33 J-1) 84 7 8478 8414
99
8634 8812 87's Jan '14
8712 8712
20-yr deb 4 As
1031 J-J
8778 Dec '13
J -J
Cairo Div 1st gold 4s
J -J 83 8412 8914 Feb '13
Cin W & M Div 1st g 45_10
39
991
8512 86 8312 Jan '14
83 0
- -2
St L Divlst coil tr g 4s
1990
8414 91 Oct '07
M-N *
Registered
8212 85 82 Sep '13
M-S
Sipr & Col Div lstg 4s
9
90
94
10
Apr
'12
91
8214 -- -1940 J -J
W W Val Div 1st g 4s
10514
5 10518 10514
1920 M-N 10538 -- 10514
C I St L & C consol 6s
9012-- 90 Dec '13
k1936
1st gold 4s
Q-b' 9014 -- 90 Mcci 113
Registered
102 Oct '13
J -J 102
Gin S & C1 con 1st g 5s11992336 J -D 1003s
10114 Oct '13
C 0 C & 1 consol is
Consol sinking fund 7s 1914 J
*___ 120 120 Mcb'13 7:77
General consol gold 6s-1934 J -J
J -J
Registered
7:77
34 A-0 8312 ____
940
19
Ind l3 & W 1st pref 45-1
05 _.
0 Ind & W 1st pref Os_d1938 Q-J
'14
84
Feb
84
7777
-5674 84
A-0
1940
Peo & East 1st Co', 4s
. 2
.
30 Feb '14
30 30
1900 Apr
Income 4s
15 2013 15 Dec'13
1947 J -J
Col Mid and 1st g 4s
-- -16 20 17 Feb '14
17 17
Trust Co. certfs. of deposit-4
93
023
18
023
4
Sale
90 93
1920
Colorado & Son 1st g 4s
9312 32 9013 9313
1935 M-N 9313 0312 9313
Refund & ext 4 As
107
5 105 107
1921 J -D 107 10778 107
lit W & Den C 1st g 6s
Conn & Pas Itivs 1st g 4s 1943 A-0
166- ma:y-q5 7777
1952 J -J
Cuba RE 1st 50-yr 5s g
nal Lack & Western10012 10073
1914 M-N 10012 10112 10012 10012
1-/ Morris & Essex lst7s
10313 11 103 10314
1915 J -I) 10318 Sale 10318
1st cons°. guar 7s
103 Nov'13
1915 J -D
Registered
2000 J -D 8612 88 84 Dee '13
1st ref gu g 35s
1921 J -J 10053 ____ 10812 Jan '14
N Y Lack & W 1st 6s
10814 109
10412
1923 F-A 10212 ___ 10412
Construction 5s
10412 10412
Term & Improve 4s
1023
9434 ---- 94 Dec '13
Warren let ref gu g 3;0_2000 F-A 70 _ _ 10218 Feb '03
Del & Bud 1st Pa Div 7s
1917 M-S 10814 1087-8 10818 Jan '14
T3 1-(181-8
149 Aug 111
Registered
1917 M-S
10-yr cony deb 4s
0918 19 973 -6611016 J -D 99 9914 99
8
1st lien equip g 4 As
1022 J -J 99 10018 10012 Jan '14
100 101
96
let & ref 9s
2 9312 06
90
1943 M-N 96
• .Alb & Sus cony 33s
8634 10 8473 8634
1946 A-0 8634 Sale 8634
115
115
' Rens & Saratoga 1st 7s
1 115 115
1921 M-N 11514
8434 23 83 8434
Deny & R Cr 1st con g 4s_1036 J-J 85 87 8334
0034
7 0012 9034
, Consol gold 4 As
1936 J -J 0034 02 9034
9034 Oct '13
'Improvement gold 5s
1928 J-D 9212
7312 21 -5572 VI
let & refunding 5s
1055 F-A 7112 Sale 7112
109 Dec '12
, Rio Cr June 1st gu g 5s
1939 J -D
771 6112 Apr '11
1040 J-J
Rio (Jr So 1st gold 4s
1040 J -J --_ 75 85 illch'08
i Guaranteed
84
15 79 84
1939 J -J 84 Sale 84
' Rio Gr West 1st g 4s
1940 A-0 71 723 6712 Dec'13
_ Mtge& col trust 4s A
"Utah Cent 1st gu g 45-a1917 A-0 88 ____ 97 Jan '08
110 Sep '04
—
1917 M-N
Des Mol Un By 1st g 5s
---84 J'ne'13
___
et& Mack 1st lien g 45_1995 J-D 84
821s Oct '13
1995 J-D 83 _
Gold 4s
973
4
'14
9634
Feb
9614
-55ra lir
Det Itiv Tun-Ter Tun 4 As_1061 M-N
Dul IVIissabo & Nor gen 5s_1041 J-3 103 105 1041t Itch'13
1937 A-0 10414 Sale 10414 10414
10012 10414
Dui & Iron Range 1st 5s
Mch
10612
'08
1037 A-0
, R egistered
104 Feb .11
9818
1916 J -J
2d 6s
---0914 Dec '13
1937 J-J 9933
____
Du So Shore& At g 5s
VIgin Jol & East 1st g 5s 1041 M-N 10313
- 110 Aug '12
1920 M-S 11114 115 11178 Feb '14 77:7 HD** 11172
Kirle 1st consol gold 7s
10112 J'ne'11
1947 M-N 9414
N Y& Erie 1st ext g 4s
10212 Feb '14
1910 M-S 10212
1.5512 10212
2d ext gold 5s
1923 M-S 0912 100 100 Oct '13
ii 3d ext gold 43-is
102" 102
1020 A-0 10218 10212 102 Feb '14
. 4th ext gold 5s
1028 J -D 9414 _ _ _ 100 Jan '12
1 5th ext gold 4s
_ 109 Aug'13
N Y L E & W 1st g fd 7s 1920 M-S — 8714 --24 -5'5E4 -8/18673 87 8714
4
Erie 1st con g 4s prior
1906 J-J
Registered
83 83
1996 J-J -3512 83 Jan '14
752 Sale 7512
7534 55 7114 7614
1996 J
1st consol gen lien g 4s
77 Apr '12
Registered
1996 J-J
92
02
13 89 92
Penn coil tr g 4s
1951 F-A 901-3
7634 40 7212 7738
1953 A-0 76 77 764
60-year cony 4s A
757s 22 7133 78
do
1053 A-0 7534 Sale 7534
Series B
104
10034 104 Nov'13
1916 J -D
Buff N Y & Erie 1st 7s
. Chic & Erie 1st gold 5s
1982 M-N 10714 — 106 Jan '14 777 155E2 100
103
i
Clev & Mahon Va, g 5s_1038 J -J 103 1091-2 103
12213
123 12112 Feb '14
15112 12112
Long Dock consul g 6s-1935 A-0
Coal & It lt 1st cur gu 68-1922 M-N 99 10712 100 Dec '12
1043 J -J 10134 10214 102 Feb '14 7777 10178 102
Dock & Imp 1st ext 5s
10014
10312
Aug
'12
1946 M-N
N Y & Green L gu g 5s
9712_ 9912 Jan '14
1087
J
97 9912
N Y Sus & W 1st ref 5s
- jj 10014 Dee '06
1037 F-A 74 1.
2d gold 4 As
81 Aug'13
75
82
1940 F-A
General gold Os
1943 M-N 10614 107 102 Jan '14
102 102
Terminal 1st gold 5s
1940 A-0 10134 ____ 11112 May'12
Mid of N J 1st ext 5s
9812
1942 J-1) 1612 9812 96
0234 -CTE;1
2
Wilk & Ea 1st gu g 5s
Ev & Ind 1st con gu g 6s
1926 J -J 100 103 108 May'12
1921 J -J 10434 108 104 Dec'13
Evans & 'I' H 1st cons 6s
1942 A-0 93 991 9953 Dec '13
1st general gold 5s
108 Nov'll
_
1923 A-0
Mt Vernon 1st gold 6s
05 J'ne'12
1930 A-0
Sull Co Branch 1st g 5s
9312 --5 -or 0312
Viorida E Coast 1st 4 3.s 1059 J-D 92 Sale 02
92 Aug '10
.22 ort St U 1)Co 1st g 4 As _1941 J -J
-di
Jan
'14
59
72
"Lifa 59
1928 J-J
Ft W & Rio Or 1st g 4s
(2.reat Northern—
9738 297 0434 9733
1021 J-J 97 Sale 9634
•••A 0 B & Q coil trust 4s
9613
1 0514 9658
- - - 9612
1021
Registered h
8 100 101
1st & refunding 4 34s ser A 1961 -J 1.60-13 Sale 10013 10013
100 96 J'ne'13
1061
Registered
---- -0012 9914 9413 Oct '13
1033
St Paul M & Man 4s
11934 12014
1933 J -J 12012 122 12014 Feb '14
1st consol gold as
_- 11712 Aug'13
1933 J -J 116
Registered
2
HUI 1E1
Reduced to gold 4 is_1933 J -J 10173 10212 10238 Feb '14
Registered
1033 J-J 99 ___ 1083AJ'ne'09
---
Di
L
BONDS
55
N. Y. STOCK EXCIIANGE g
Week Ending Feb. 13.
St P M & M (Continued)—
Mont ext 1st gold 4s__1937 JD
1937 J -D
Registered
Pacific ext guar 45 L1940 J -J
E Minn Nor Div 1st g 4s 1948 A-0
Minn Union 1st g 6s__ _1922 J -J
Mont C 1st gu g 6s
937 J J
- 10
Registered
1st guar gold 5s
193
37
7j
J
Registered
Will & S F 1st gold 5s1038 J
Gulf& S 1 1st ref& t g5sb1952 J -3
Registered
95
Hocik
teV
ginsIte
99
2 -1
lrsetdcons g 4302_10
J-1
1999 J -J
Col & II V 1st ext g 4s
55 F1948
A -0
A
Col & Toi let ext 4s
lions Belt & Term 1st 5s_ 1937 J
Illinto
eg
isise
teerneci
tral 1st gold 4s_1951 J-J
1051 J-J
1st gold 3 As
1051 J
Registered
1951 J -J
Extended 1st g 3 As
Registered
1951 A-8
1st gold 3$ sterling
1951
Registered
Coll trust gold 4s
Registered
1st ref 4s
19
9995
5555
221 1‘
1A
18
N
4S
Purchased lines 38s
L N 0& Tex gold 4s
Registered4
J ---6
4
5
550
3
32 N..11
1119
9
995
Registered
Cairo Bridge gold 4s
Litchfield Div 1st g 3
1951 J -J
Louisv Div & Term g 3 A 1953 J
Registered
1953 J -J
1021 F-A
Middle Div reg 5s
Omaha Div 1st g 3s
1951 F-A
St Louis Div & term g 3s_1051 J -J
Registered
Gold 332S
1
1199
955
5111 J
Registered
j‘ -j
1951 J-J
Sp
Ere
ligig
istD
erie
valst g 3As
1051 J -J
it
81951 F-A
Western
lines1st g 4—
1951 F-A
1923 J -D
Belles' & Car 1st 6s
Carb & Shaw 1st g 4s
1932 M-8
itiecgS
Cli
1951 J -D
isttL
ere
&dN 0 g 5s
1951 J -D
1951 J -D
Gold 3 As
1951 J-D
Registered
Meeg
inp
isliteD
19
95
51
Div
reid 1st g 4s
Registered
St L Sou 1st gu g 4s
1931 111-S
Ind III & /a 1st g 4s
lot & Great Nor 1st g 6s1
959 M
1919
j
Iowa Central 1st gold 5s
l 938 J-D
Refunding gold 4s
1 amestown Franklin &
LI Clearfield 1st 4s
19
05
59
1 hS
J1-D
KaritC
eg
iUrte
Sroeud.1st gold 3s 11915
)
r. 1:8
Week'. ; Range
Price
since
Range or
Friday
13 Jan. 1.
Feb. 13. Last Sate A:5
High No, Low High
Bia
As Low
95
313Jan
jn
9551 ; 0
92
412 94
9e
93
9312
9258 Mch 111 _97 Sep '12
11012 Jan '14 -- 11012 11013
016
3
ecy:
13
16
842 D
xia
87
91 96
10912 _
11912 125
lids; 7:7_ 10634 Feb '14
- 7777 10412 J'ne'13.--89 Jan '14
904 91
ii55/4 107
89
9
09612
9914 101 i6i
97 ____ 9734 Jan '14 ---87 ___ 92 Apr '13
921s Apr '13
10014 Dec '12
96 99 0413 Jan '14
_
100 Sep '11
8418 Oct '13
-847
S812 Feb '13
8112 ___ 9312 May109 ---_
-id
90
07 101
9658 9734
.12
-51.
-__----
93 Sale 93
93 --5 -55- 93
993514 Feb442 ;1_—
8978 9313
82
81 79 82
80 .8312 82
89 9112 9012 Dec 13
- - - 9512 9434 Jan '11 ----_ 9473 J'ly '12
---- ---6712 ____
85- 7513 Nov'12
75 84 81 May 113 ____ ---83 Aug'12
jai- 7:-_ -. 123 May199 ----- 7218
1 71 12-1;
71 7212 7213
---- 77 7512 Mch'12 ---_
-id 82 777172 Seii-'15
10114 Oct '99
78 Nov'13_
78 a _
8012:::. -id- Jan
idE8712 --_
10812 ____
104 ____
7718 ___
90
_90
Ma-i'15 -9412 J'ly '12
10214 Aug'13
---114 Feb '11
---90 Oct '09 _
89 95 68-7
88 Feb '14
-55T3 -ii"
8812
10312 105 10212 Nov'13 _0313 94 9312 Feb '14
88 9312
56
1
53 57 56
50 5713
9112 924 9073 Sep '13
70
6
6914 7212 70
9
67
3 Oct '00
Ref & Impt 5s
97 Sale
97
2
Apr
9512
13
959 jKansas City Term 1st 4s_1
1960
J-J
j 9415 9514 9513
3
10344
T ake Erie & W 1st g 5s___1937 J -J 10334 Sale 10314
J
jD,anee 12
114
110
0
14
5
1::
1
LA 2d gold 5s
11141 J -J
North Ohio 1st gu g 5s
1945 A-0 9* 99
10118
I
Leh Vail N F 1st gu g 430_ 1940 J - J 10114 _.__ 10113
100 Dec'13 __
*100
Registered
Lehigh Vail (Pa) cons g 4s_2003 M-N 8634 ___ 91 Nov'13
1941 A0
Leh V Ter Ry 1st gu g 5s
A:0 11034 __ 10714 Dec '13
Registered
104 Nov'13
Leh Val Coal Co 1st gu g 5s_ 1933 J-J 10515
1933 J-J 102 --- 105 Oct '13 Registered
1st int reduced to 4s
1033 J -J
Leh & N Y 1st, guhr g 4s_ 10
945 81
m.
-S
S
Registered
El C & N 1st pref 68
1914 A-0 jor
Gold guar 5s
1914 A-0 100 ____ 9978 Nov'13
ia:12
06
714 Alch
19
Long Isld 1st cons gold 5s_h1931 Q-J 10412
,4
83
1st consol gold 4s
h1931 Q-J
General gold 4s
1938 J -D 00 ____ 8813 Dec '13
9/
2
Ferry gold 4s
A
94 100 97
10
93
22 M
Gold 4s
j-D
S 83 ____ 9914 Oct '06
Unified gold 4s
1949 M-S 8753 00 8712 Jan '14
Debenture gold 5s
1934 J-D 101 ____ 10014 Feb '14
1949 M-S 9213 9512 92 Feb '14
Guar ref gold 4s
95 Jan '11 ____
1949 M-S
Registered
10014 Jan '14
35
192
78
NYB&MB1stcong5s_1
A1-O
s i
100
3i4
6
.2:;
10212 Jan '14
N Y & It 13 1st g 5s
Nor Sh 13 1st con g gu 5s..o1932 Q-J 10114 _ _ 104 Apr '13 __
Louisiana & Ark 1st g 5s1927 M-S 89 9112 89 Nov'13
Louisville & Nashville—
1930 J-D 112 11414 111'2 Jan '14
General gold Gs
Gold 5s
1037 M-N 10714 ____ 10534 Jan '14
9614 78
Unified gold 4s
1940 J -J 9573 Sale 9534
9212 Nov'13 __
Registered
1940 J-J
-_-_-__ 104 Nov'13
Collateral trust gold 5s
1931 81-N
Eli & Nash 1st g Os
1919 J -D 1083s_..... 10833 Dec'13
L Cin & Lex gold 4 3is
101 __ 100's Jan '14
10
93
30
1
N 0 & M 1st gold 6s
12014 IlIch'13
11412
N 0& M 2d gold 6s
1930 J-J 109 ____ 111 Dec '13
Paducah & Mem div 4s
89 Feb '14 -1946 F-A i6
8:.
Pensacola Div gold 6s
10512 Mch'13
1920 M-S
St Louis Div 1st gold 6s1921 M-S
10853 10814 Nov'13
2d gold 3s
1980 M-S 58 ____ 6038 Sep 12 ____
Atl Knox & Cin Div 4s
1955 M-N 90 9013 9014 Feb '14
_ ill Jan '13
Atl Knox & Nor 1st g 5s_1946 J -D 118
_ 10i3 Jan '14
1051
IlenderlIdge 1st s f g 6s 1931
9018
30112 0013
Kentucky Cent gold 4s_1987 J-J 9018
L& N & M & M 1st g 001945111-S 10033 10312 100 Jan '14
3
8312
L& N-South 88 joint 48_1952 J -J 83 8412 83
i67
.1; 95 Feb '05 -.
Registered
h1
193
57
10414 Feb '14
N Fla & S 1st gu g 5s
2
N& C Bdge gen gu g 4 As 1945 J -J 10058 __-- 9912 Jan '14 -Pens & Atl 1st gu g 6s--1921 F-A 10934 110 10964 10953
_ 10514 10514 10
S & N Ala con gu g 5s____1936 F-A 10534
L& Jeff 13dge Co gu g 4s___1945 M-S 8412 874 83 Jan '14
-13312 70
-551a -981;
9313 9513
100 10334
95 95
---- -10014 10111
97
97
-5.5 8712
lock 10014
89 92
10014 10014
10213 10212
---- -11112 1114
10534 10534
9214 9614
10512 166r,
"ati
83
89
-0-6
;
1
Ha' fa'
8812 9014
100 100
83 84
10414 164
9912 9913
10853 10053
10514 10514
83 83
MISCELLANEOUS BONDS—Continued on Next Pogo.
Street Railway
New On By & Lt gen 4 1is-1035
85
J j
J "7
N Y Itys 1st KR & ref 48 1942 j
-8
7
4 Sale
a1042 A-0 6114 Sale
30-year ad) Inc 55
5s-__1930
ref
1st
&
M-N 9978 —_
Portland IV
Portland By Lt & Pow 1st
1949 F-A 9212 ____
& ref cony s I 5s
5s-1935
J-J
1st
,Ace
Portland Gen'
St Jos lty L,H & P 1st g 53 1937 M-N .f4d3i
St Paul City Cab cons g 5s-1937 J - J *---. 105
1060 J -J
8412 Sale
Third Ave 1st ref 4s
a1960 A-0 8433 Sale
Ad) Inc 5s
Third Ave ity let g 5s ----1937 J -J 10733 ____
5s-1923
A-0
0614 97
Tr -City By & Lt 1st s f
Undergr of London 40_1033 J-j 9512 00
1048
92 93
Income 6s
5s_1945
6
K1
Union Elev (Chic) 1st g
United Itys Inv 18t lien coil
1926 M-N
; trust 55 Pitts issue
• No price Friday; latest bid and asked Wig week.
Street Railway
United Rya St List g 4s___1934 J-J
St Louis Transit gu 55____1924 A-0
166 75 7953
6312 1146 5833 6312 United RRs San Fr s f 4s_1927 A-0
61
Va By & Pow 1st & ref 5s__1934 J -J
101 Jan '13
Gas and Electric Light
95 hich'13
Atlanta 0 L Co. 1st g 5s......1947 J -D
Bklyn U Gas 1st con g 5s....1945 M-N
No;irO5
1947 A-0
Buffalo Gas 1st g 5s
10312 Feb '13
1932 J -J
85 145 -551-2 16'- Columbus Gas 1st g 5s
8433
1923 J-J
84
8453 128 7614 8438 Detroit City Gas g 5s
1918 F-A
10612 10714 Det Gas Co. con 1st g 5s
10714 Feb '14
1933 J -J
Det Edison 1st coll tr 5s
2 96 08
9614
97
1932 M-S
Eq GLN 1 1st con g 5s
2 9412 96
98
06
92
8534 9214 Gas & Elec Berg Co c g 5s1949 J-1.)
92
(Sr Rap 0 L Co let g 5s_1915 F-A
84 Oct '08
Hudson Co Gas 1st g 5s......1949 M-N
Ran City(Mo)Gas let g 5s 1922 A-0
71 J'ne'13
13
3
34 FebFeb0,
7
855485
84
74
691._-60 Sale
...._- 9312
7211 Feb '14
70
70
60
5974
94
94
101 ___
10434 108
_
90
9834 Sale
jai _
10212 Dec'13
10312 Jan '14
54 J'ne'13
—..
9
1 70
35 52
2 94
4 1.0
'i812
581
95% Sep '08 _4
rug%0cr'212
98 ____ 100 Feb '13
____ 101 100 Oct '09
10112 Jan '14
10232
__-- 91 Feb '1
a Due Jan. • Due Sib. d Due April. A Due July. A Due Aug. • Due Oat. e Opton
•
70
211
8115
9413
10253 Ors
-5572far;
100 102
10114
91 41
510
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 13.
New York Bond Record—Continued—Page 3
'e
.1%4 anila RR—Sou lines 4s_1936 M-N
0
1 ex Internat 1st con g 4s 1977
Stamped guaranteed____1077 M-S
Minn & St L 1st gold 7s____1927 J -D
Pacific Ex t 1st gold 6s____1921 A-0
1st consol go.d 5s
1934 NI-N
1st and refund gold 4s
1949 M-S
Des NI & Ft D 1st gu 4s 1935 J -J
M StP&SSM con g 4s int gu 1938 J -J
1st Chic Term is f 4s
1941 NI-N
MSS& A 1st g 4s int gu_1926 J -J
Mississippi Central 1st 5s 1949 J -J
Mc)Kan& Tex 1st gold 4s_1990 J -D
, 2d gold 4s
y1990 F-A
' 1st ext gold 5s
1944 11-N
1st & refund 4s
2004 NI-S
Gen sinking fund 4 Y6s
1936 J -J
St Louis Div 1st ref g 4s 2001 A-0
Dal & Wa 1st gu g 5s
1940 NI-N
Kan 0& Pac 1st g 4s
1990 F-A
Mo K. & E 1st gu g 5s
1942 A-0
M K. & Ok 1st guar 5s
1942 M-N
M K & T of T lstgug 5s_1942 M-S
Sher Sh & So 1st go g 5s 1942 J -D
Texas& Okla 1st gu g 58-1943 7,4-S
Missouri Pac 1st cons g 6s 1920 M-N
Trust gold 5s stamped_a19171M-8
Registered
a1917 M-S
1st collateral gold 5s
1920 [2'-A
Registered
1920 F-A
40-year gold loan 4s
1945 M-8
1st & ref cony 5s
1959 M-S
3d 7s extended at 4%___..1938 M-N
Cent Br Ry 1st go g 4s
1919 F-A
Cent Br U P 1st g 4s
1948 J -D
Leroy & (3 V A L 1st g 5s_1926 J -J
Pac It of Mo 1st ext g 4s_1938 F-A
2d extended gold 5s
1938 J -J
St I. Ir M&S gen con g 53_1031 A-0
Gen con stamp gu g 5s 1931 A-0
Unified & ref gold 4s
1929 J -J
Registered
1929.
1 -J
Riv & G Div 1st g 48_71933 M-N
,Verdi V I & W 1st g 58_1926 M-5
blob & Ohio new gold 6s
1927 J -D
1st extension gold 6s-- _51927
' General gold 4s
1938 M-S
Montgom Div 1st g 5s
1947 F-A
St Louis Div Is
1927 J-D
I StL& Cairo guar g 4s
1931 J-3
NashvilleCh & St L 1st 5s 1928 A-0
'
Jasper Branch 1st g 6s1923 J -J
McM M IV & Al 1st
1917 J-J
1
& P Branch 1st 6s 6sT
1917 J-J
Nat Rys of Mex pr lien 4 Yis 1957 J -J
1 Guaranteed general 4s_1977 A-0
Nat of Mex prior lien 4 A 8_1926 J -J
lst consol 4s
1951 A-0
0 Mob & Chic 1st ref 5s_1960 J-J
' O& N E priorlieng 6s__p1915 A-0
ew Odes= Term 1st 4s 1953 J -J
Y Central & H R g ”is_1997 J -J
Registered
1997 J -J
Debenture gold 45
1934 M-N
,
Registered
1934 M-N
iLake Shore coil g 3%s
1993 F-A
Registered
1993 F-A
,Mich Cent coil gold 33-'
35.1998 F-A
1
Registered
1098 F-A
' Beech Creok 1st gu g 4s 1936 J-J
Registered
1936 J -J
t, 2d guar gold bs
1936 J-J
Registered
1936 J -J
Beech Cr Ext 1st g 3 As_81951 A-0
cart & Ad 1st gu g 4s
1981 J -D
Gouv & Oswe 1st go g 5s_1942 J-D
1Mob & Mal 1st gu g 4s
1991 1/1-S
,N J JUEIC It guar 1st 4s
1986 F-A
198 F-A
Registered
200 M-N
N Y & Harlem g 3 Ms
i Registered
2000 M-N
N Y & Northern 1st g 5s 1927 A-0
N Y& Pu 1st cons gu g 48_1993 A-0
Nor& Mont lstgu g 5s-1916 A-0
1932 J -D
!Pine Creek reg guar 6s
R W & 0 con 1st ext 5s_h1922 A-0
Oswe & It 2d gu g 5s
e1915 F-A
'R W& OT It lstgug 5s_1918 M-N
Rutland 1st con g 4 5is
1941 J -J
, Og & L Cham 1st go 4s g 1948 J -J
Rut-Cauad 1st gu g 4s_1949 J-3
St Lawr & Adir 1st g 5s
1996 J -J
1990 A-0
2d gold 6s
Utica & Blk Ely gu g 4s 1922 J -J
Lake Shore gold 35-s
1997 J-1)
. Registered
1997 J -D
Debenture gold 4s
1928 NI-S
1931 M-N
25-yr gold 4s
1931 M-N
Registered
Ka A& (1 R 1st gu c 58_1038 J -J
Mahon (11 It It 1st 5s___1934 J -J
Pitts & L Erie 2d g 5s
a1928 A-0
Pitts Mei( & Y 1st gu 6s__1932 -J
2d guaranteed Os
1934 J -J
McKeesSc BY 1st g 6s 1918 J -J
Michigan Centre. Is
1931 M-S
Registered
1931
4s ,
1940 V-J
M
Registered
1040 J-3
J L& S 1st gold 3 •6s
1.0.51
1st gold 3%3
1952 M-N
20-year debenture 4s
1929 A-0
NY Chic& St L lstg 43-1937 A-0
1937 A-0
Registered
Debenture 4s
1931 M-N
West Shore 1st 4s guar_2361 J -J
Registered
2361 -J
. N Y Cent Lines eq tr 4 s 1922 J -J
Gas and Electric Light
Kings Co ElL & P g 5s____1037 A-0
• Purchase money Os
1997 A-0
i Convertible deb Gs
1922 M-S
Ed EIIII Ilkn 1st con g 48-1939 J -J
Lae Gas L of St L 1st g 5s_e1919 Q-F
Ref and ext 1st g 5s
1934 A-0
Milwaukee Gas L 1st 4s
1927 '11-N
Newark Con Gas g 5s
1948 J -D
NYGELII&Pg5s
1948
, Purchase money g 4s
1949 F-A
, Ed El Ili 1st cons g 5s_ _1095 J -J
Y&QEIL & P 1st con g-5s 1930 F-A
Y & Rich Gas 1st g 5s
1021
acific & ElCo Cal G
1037 M-N
1 Corp unifying& ref 5s
[Pae P3W & Lt 1st& ref 20-yr
1930 F-A
15s Internat Series
1949 "11-S
'Pat& Passaic G & 11 5s
p
Price
Friday
Feb. 13
Bid
Week's
Range or
Last Sale
BONDS
N. Y. STOCK EXCHANGE"
Week Ending Feb. 13.
... a.
Price
Friday
-.,
Feb.,
Week's
Range or
Last Sale
4
t
- R.
,,o6:
Range
since
Jan. 1.
Ask tow
High No, Low High
ina
Ask Low
High No. Low High
N Y New Haven & Hartf—
Non-cony deben 4s
77 Me-12-'16
1055 J -J 80 Sale 80
80
21 75 80
Non-cony 4s
79 Nov'10
1056 M-N 80 81 80
80
2 76 81
108
Cony debentu.'e3 lis
12412 Oct '12
1956 J-3 74 75 74
25 6878 75
75
10018 log 11018 Aug '11
Cony debenture Gs
1948 J-J 115 Sl 115
116
77 105 11713
93 ____ 9212 Jan '14
20-yre Jnv deb Gs (wh iss) _ _ -------- 10378 Jan '14 ---- 103
-id" '4121-2
104
Harlem It-Pt Ones 1st 4s1054 111--N -------- 9914 Nov'12
5814 59 5312
61
59
51
B & N Y Air Line 1st 4s 1955 F-A -------. 9912 Jun'12
68 72 69 Jan '14
69 69
-Cent New Eng 1st gu 4s1961 J -J
94 100 93 Feb '14
90 93
8212 --- 83 Jan '14 ---- 85- -ggHousatonic It cons g 5s_ _1937 M-ry 107 ___ 110 Feb '13
0714 J'ne'12
NY IN'clies&13 1st ser 1 ‘1—
96 Nov'13
8138
;is'46 J -J 81 813-4 8133
7 -'717.19112
_ 9312 Mel]'11
N II & Derby cons cy 5s 1918 11/1-N -------- 107 Aug'09 ____ ____ -gi___.
9053 Sale 9058
917-8 New England cons 5s__1945
9112 26
J -J -- -- ---- -,,
.
Consoi 4s
74 78 76 Jan '14
7378 77
1945 J -J --- -___ 9912 Itch 12 —
99
98 9912 99
9512 99
_ 70 8314 Feb '13 --- _
Providence Secur deb 12_1957 M-N
5 66 6913
6812 Sale 6773
6812
86
86
1
Wref1stg4s__01902 NI-S
i 85i2
- -gg _NY0&
8458 39 8112 85
8438 Sale 8438
Registered 5,000 only_1992
NI-S --------9212 J'ne'12 --- ______
0
70 771 7814 Apr '13
General4s
87 8974 Feb '12 ...„
1955 J -D
10013 ---- 9934 Dec '13
Norfolk Sou 1st& ref A 5s 1961 F-A „--9712 20 iii 971;
9634 9712 97
8214 Nov'13
Norf& Sou 1st gold 5s
1941 di-N 10218 ___ 100 Jan '14 ---- 100 100
fa;106 104 Jan '14
Norf& West gen gold Gs_1931 M-N 11712 11953 11712 11712
104 104
1 11713 11712
102 9912 Oct '13
Improvement& eat g 6s...1934 F-A 11912 ___ 123 Jan 13 -95 98 96 Jan '14
New River 1st gold Gs__ _1932 A-0 11713 - __ 118 Feb '14 ---- 118 fli
98 96
96 104 96 May'13
N& IV Ity 1st cons g 43_1.1996 A-0 9473 Sale 9434
12 9412 9512
95
9912 Jan '14
99,2
_8
_ 1_2 _9_1_3_4
_ _8
97 9912
11341 — 2
Registered
.6_ 95134 9804 Jan9'
194946 A
J :(3 _6
104 105 104 Feb '14
Dly'l 1st l& gen g 4s
103 105
0758 Sale 9714
9758 14 0453 9753
10-25-year cony 4s
1932 J-13 - — 104 101 Jan '14 ---- 101 101
97 Mav'12
l0-20-year cony 4s
--__ 10434 Feb '14 -7,- 101 10434
1932 If-s
95 - _ 95 Jan '14
Convertible 4 3•6s
94 . 95
10414 Sale 10378
10434 257 10058 10512
1938 14-S_s ---Pocall C & 0 joint 48
1941 J-13 --- - 8912 9012Jan '14 ---- 8913 9013
0
6112 63 -di"di - 27 -dor
'1'
ist
C&
gear gold 58_1922 J_J 10212 105 10531Jan '13 --, _._:..661-2
Selo V & N E 1st gu g 4s 1039 14-N 9234 93 9234
39 69 7758
73 75 75
77
5 9053 -923
9234
„-4
7814 -- 86 Jan '14
Northern Pacific prior I g 48 1997 Q-,) 9534 Sale 9514
86 86
48 9212 96
96
9038-- ID Dec '13
Registered
9512 9413
1997 Q-J
9513
5
9413
95
7712 ---- 7712 Dec '13
General lien gold 3s
6773 6814 6814
6838 21 6424 0833
a2047 Q-F *.....---- -- 110 NIch'05
Registered
67
a2047 -F *--- 67 67
1 67 67
88$8-- 8812 Nov'13
St 1 ..ul-Duluth Div g 4s1996 -0 891 ____
90
Jan
'14__—
10234 104 100 Jan '14
Dul Short L 1st gu 5s____1916 M-S- 10112 10012 Sep '13 -- 90 90
100 166104 Sale 104
32 101 105
105
& N I gen gold 6s_1923 F-A ll112 113 11078 Jan '14 __1107
-1107g
104 __ _ _ 103 Feb '14
103 103
-------11553
Registered certificates_1923 Q-F ._..
7913 Sale 7918
79 76 82
80
Aug'12
St Paul & D _lath 1st 5s_1931 F-A
'11 ---— ---- -10143 ____ 107 Jan
_
8078 Oct '12
2d 5s
1917 A-0 101 -- 101 Feb '14 __ 101 101
8012 81 8112
8134
1st consol gold 4s
7.
64 813-4
1968 j-D 8712 --- 87 Feb '14 ---- 87 87
939212 Dec'13
Wash Cent 1st gold 4s_1948 Q-M----- 8112 Deb '13 -- ____
___
11534 ;ale
115
11534
Nor
Pac
11512
11E34
Term Co 1st g 68_1933 J-J ili __- Ill Oct '13 __
_
115 11234 Jan '13
Oregon-Wash 1st & ref 43_1061 j-j 0114 92 9034
9112 20 go
. -ilf1;
Ili 84 8134 Jan '14
pacific Coast Co 1st g 5s. _194(1 J -D 101 -- 101
"itY
113
4
101
6
9914 101
10518 ____ 10712 J'ne'13
ennsylvania lilt-- -- I-1st
93 -- 95 Dec'13
real est g 4s
1923 M-N 9673 - - 97 Dec '13 ---- ____
9153
_ 8934 Jan '14
Consol gold Is
16l
.
8814
1
0
Mcli'12
...-8934
_
191911-5 103
--10612 107 11)5d4 Jan '14
Consol gold 4s
10512 10534
1943 M-N 99 10014 99 Dec '13 10933-- 111 Jan '13
9913 5r/7 -fa; -01j1.3
Convertible gold 3A3___01915 J -I) 9918 Sale 99
10373 -- 10334 Jan '14
_
--------981210012Feb
Registered
10324 10334
'14
9812
-D
N
18
9812
5m
J91
194
10313_ 113 J'ly '04
o 2 Sale 0014
Consol gold 4s
i'd 09 10012
63 id 52 Dee '13
Aileg Val gen guar g 4s_ 1942M-S 9953 _--- 9058 Feb '14 ---- 9612 908
__ 83 77 Feb '13
D It R It & 1.11se 1st gu ZS
Sep
100
'12
---4
873
g '36 F-A
0678 Feb '13
Phila Dalt& IV 1st g 4s_ _1943
M-ry ---------9913 J'ly '13 ---- __-- —_
52 70 55 Aug'13 215
;
0
1 : .............
.
102 _ J...a.7
_ _ .. _ ,,.,
Souw
-1 ------:
li tisgt5gs4
24
d j.
:
19
93
_i
5712 60 5712
5712
2 6
SSuodnbijuarYy&&
58
- .72 10114 UN J RR
10138 104 10114 Feb '14
& Can gen 4s_1944 m-s --- ---- 11,
an
02 maY.
"
--- ---- --7912 May'13
Pennsylvania Co—
84
84 8422 84
36 82 84
Guar 1st g 4lis
1921 J-J 101 10114 101 Jan '14 -- 100 101
84
84 Sale 84
1 8112 84
10114
Registered
1 100 10114
1921 J -J __ 10114 10114
9014 69 86 9014
9012 Sale 8913
Guar 3 s coil trust reg 1937 M-S 8358 ---- 86 Jan '14 -- 86 86
90 93 May'12
Guar 3 as coll trust ser 11_1941 F-A 8458 86 85 Feb '14 ---- 85 85
114 Sale 8114
82
68 78 82
------9722Jan '14 -- 9712 9712
Trust Co ctfs gu g 3 As_ 1016
8014 8012 8014
80,2 38 7834 8012
Guar 33.is trust etfs()
ii;
5 86 83 Jan '14 ---- 83 83
14-N_92JD
74 76 78
78
Guar 3%s trust etfs D_ 1944 J-D --------8422 Nov'13 — -- ____ __.
10 7314 78
_76 74 Jan '14
Guar 15-25-year g 4s
74 74
A-0 04 9512 94 Jan '14 ---- 93 -95
1931
- — - 9534 Jan '14
0734
Cin Lob& Nor gu 4s g
9514 9534
1942 NI-N 85 ---- 9222 Feb '13 ...— ___ -_—
99 May'll
CI & Mar 1st gu g 4;is_ 1935 M-N 96 -__ 110 Jan '05 --- _-- ---.
101)
CI& Pgengug 43isserA-1942 J-J 10233 - — 10133 Nov'13 -- ____ —.
Series B
---1942 A-0 102,4 ---- 10934 J'ly '09 __ ___ __
---- -lot reduced to 334s
1042 A-0 ---------9124 Feb '12 ___ ____ ___
---8553 -- 3 Oct '12
Series C 3;is
43 ---- 9018 Oct '12 ____ __ __
194814-N
------10213
85._______. 8864;84
.
58
pe 413
ES
14
rieerisesp
3 D
3 .......... ...........- .....=
itt
3p
gu
s g 3,.Lzo 13_1
---- ---90 -- 0 33 Jan '13
Sep
---- ---9114 --- 105 Oct '02
Series ()
gi ---- 9018 J'ly '12 —_ ___ ____
1940
J
-J
------89
—
Grit & I ex 1st gu g 4 As_1941 J-J 9513 ---- 9534 Dec '13 -- __ ___
---- ---8313
8712 Dec '12
Pitts Y & Ash 1st cons 53_1927 m-ry 10333 -___ 109 May'10 ---- ------- -Tol W V& 0 gu 43,is A
96 ---- 10218 J'uo'12 __-- __ ____
1931 J -J
10134 108 102 Jan '14
Series B 4 ,is
1933 j_j 96 ---- 10233 Nov '12 -- __ __
102 302
82 90 92 Oct '13
__
__
'13
Series C 4s
Sep
9512
....9214
1942 M-s
PC 0& St L gu 4;is A-1940 A-0 10158 ---- 10134 J an '14 ---- 15(-)E8 161- 34
112
118 Fel-3-'171
Series B guar
1123 371-61942 A-0 10153 -- 10024 Jan '14 --- 10014 100,4
10•1
104
104
Series
0
guar
10212 104
194214-N -------100 J'ne'll __
'14
100 Jan
10038
Series D 4s guar
9912 100
1945 m-ry 93 9634 9412 Oct '13 __-104 J'ne'10
Series E 33-as guar g
1949 F-A 5912 ____- 00 Apr '13 __-9514 Jan '13 _
90 Apr '13
Series If gu 4s g
--1953 J-D 0218
81 80 Sep '13
Series G 4s guar
---195714-N 9218 ____ 9712 Jan 13 ....... ___: —
92 J ne'09
0 St L & P 1st con g 5s
1932 A-0 1057,3 -- 106 J'ne'13
- -----166"
RN Sep '12
Peo& Pek Un 1st g 6s
1921 Q-F --...._ _ . 1013 Feb '13
105 -- 11922 Men 12
2d gold 433
51921 M-N ____ 59 93i2 Jan '11 ---- --- --96. 95 Dec'13
Pere Marquette—Ref 43_1055 j-j --------54 Jan '13 ---- ____ ___
85 g 8612 Jan '14
Refunding guar 4s
1955 J-j ___ 50 40 Dec'13._ ____ ____
8612 8612
___ 8712 84 Jan '14
_
Ch & W M 58
1921 J-D 86 --- 98 Oct '12 ___
84 84
92 Sale 02
10 joo fa
9214 19 8914 9278
103
Flint & P M g 65
1920 A-0 103 Sale 10213
9153 9173 0134
92
8812
1 8812 DO
42 8813 9214
1st consol gcld Is
1939 m-N 8812--- 8812
93 Oct '12
9014
Pt Huron Div 1st g 5s 1939 A-0 90 _-__ 9014
1 9014 9014
la;
Sag Tus & H 1st gu g 4s_1931 F-A ---------------------.,...
-65
104 11013 11113 Mch'11
PWilppine Ity 1st 30-yr s f 4s'37 j-J 65 Saw
1 is
6.5
105 107 105 Apr '12
pr '13 ...-- __ ___
Phts Sh & LB 1st g bs
1940.4-0 108 --- 108
115
130l Jan '00
1st consol gold 5s
1943 J -J 10612_-- 11314 Nev'll ____
110
12314 MCil'12
p eading Co gen g 4s
9'2 97 9238 951,
1907 j-J
9533 Sale 95
.___ ___10014 -LL Registered
.
1997 J-J -.. 96 02 J'ly '13
10213 -- 111 Jan '12
0.5
Jersey Cent coil g 48
1951 A-0 iji. 96 95 Jan '14 --- 9312 —.
10012 —.110 J'ne'06
Atlan City gu 4s
g.
87
98 Apr '12
tJo& Gr Isl 1st g 43
1947 J-j ii id if Jan '14--- 7612 77
87 Feb '14
Louis& San Francisco—
87 87
_
90 J'ne'08
General gold Os
1931 J-J 11053 111 110 Feb '14 ...— 110 110
82
2 100 10214
82 Nov'13
General gold 5s
1931 J -J 10213 Sale 10213 10218
87
5 7312 794
7912
87 Sale 87
10 8378 87
St L & S F RR cons g 4s 1996 J -,) 7913 Sale 7914
96 97 9513 Jan '14
52
21 5113 54
()en 15-20-yr 55
9434 9512
1927 M-N 52 Sale 50
52
06 _ 9712 Jan '13
80 50 5534
Tr Co certfs of deposit__
52 Sale 60
85 gi 86 Feb '14
841 86
Southw Div 1st g 5s
0 9234 ___ 93 Dec '13 ....-- ____ ___
1947 A--25 9112 95
94 Sale 92
95
Refunding g4s
7813 41 71 -7818
1951 J-J 7712 Sale 7714
92
9112 9213 9112
10 8934 92
Registered
1951 J-j --------804 Aleh'll ____ __
9734 ____ 10012 J'ly '11
'
MISCELLANEOUS BONDS—Continued on Next Page.
--------
--
5:1
________
...-
---.
Gas and Electric Light
102 10312 Peo Gas & C 1st con g 6s__1943 A-0 11814 112 Nov'13
111 113
Refunding gold Is
1947 Nt-S 10012 11053 10014
10038
Registered
1947 M-S
99 Sep '13
Ch G-L & Clke 1st gu g 53_1937 J -J
10214 Feb '14
100 10134
10012
Con G Co of Ch 1st gu g 5s1936 J -D 10012 Sale 10033
9718 loo
Ind Nat Gas & Oil 30-yr Is '36 NI-N 88_ 93 Melt'12
8812 91
Mu Fuel Gas 1st gu g 5s_1947 Nel-N 9912 16514 100
100
10134 10134 Philadelphia Co cony 5s-1919 F-A
_ -.- 95 Sep '13
10134 105
()onv deben g 5s
1022 NI-N 9634 9713 97
97
83 8612 Stan Gas & El cony s f 63_1926 J -D 90 9214 88 Jan '14
106 108 Syracuse Lighting 1st g 5s 1951 J-D 9813
1()012 10012
8512 J'ne'12
Syracuse L & P 5s
1954 J-J
Trenton G & E 1st g
.V1- S 10114 -- 100 Feb '01
Union Elec L & P 1st g 5s_1932 NI-S 10012
97 J'ne'13
Ref & ext 5s
7 9233 9513
1933 M-N 97 -- 94 Nov'13
Utica El L & P 1st g 5s
1950 J -J 101
8 90 90
Utica Gas & E ref Is
idati Dec '11
1957 J -J
100 100
Westchester Lag g 5s
1950 J-D 10353 104 1034 Jan '14
a Due Mai._ a Due June, 1 Due July. •Due Oat. p Due Nov.__I WU= $1_4•
104 105 10312 Feb '14
113 115 11212Jan '14
12458 122 Dec '12
8434
8813 Apr '13.101 ____ 10114
2
10133
100
100 Jan '14
91 Sale 91
91
10313 ____ 10134 Jan '14
20
105 Sale 104
105
8612 Sale 8612
11
861
108 ___ 108
108
2
100 101 101 Oct '13 -_ 0212 J'ly '09 —_
9412 9478 9312
9518
90 92 90
00
100 ___ 100 Jan '14
01109110e Frida71 latest bld and asked, a Due Jan, & Due Feb
Range
since
Jan. 1.
[VOL. xovxn.
10 983410053
99I fotti
1 "siors fait;
id
. Iasi: 97
88
6
1 10013 10012
Whitt
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 13.
511
New York Bond Record—Concluded—Page 4
FEB. 14 1914.]
Y).
Price
friday
Feb. 13
Week's
Range or
Last Sale
Range
since
Jan. 1.
High No. Low High
Bid
Ask Low
St L & San Fran (Con)
2 10912 11058
K 0 irt 8 Ss M con g 6s._1928 M-N 11038 Sale 11058 11058
K C Ft S & M Ry ref g 43-1936 A-0 7634 Sale 7618
7614 10 73 771
1036 A-0
7712 J'ly '12
Registered
10312 J'ly '12
K C & M R& B lstgu 58_1929 A-0 90 _
---Ozark & Ch 0 1st gu Is g-1012 A-0
9914 May'13
14 84¼ 88
88
St L Ei W 1st g 4s bd ctfs_1989 Is.{-N 88 Sale 8712
2d g 48 Inc bond ctfs_p1989 J -3 75
-- 76 Jan '14
75 75
Sale 7614
Congo] gold 48
7478 7731
1932 J-D 7614 -76%
9812 Jan '14
9812 981z.
Gray's Pt Ter 1st gu g 5s_1947 J -D
17 77 8338
83 Sale 83
83
$ A& A Pass 1st gu g 4s-1043 J-J
104 Oct '09
: S F & N P 1st sink I g 5s
1919 J-J
-Ws 86
Seaboard Air Line g 4s
1950 A-0 85 865* 85 Feb '14
25 834 8558
851
Gold 46 stamped
1050 A-0 85 8534 85
, Re stered
1950 A-0
• Adjustment 5s
o1949 F-A 782 Sale 7813 -f1").1-4 85 7454 16'7734 80 7414 7814
• Refunding 4s
1959 A-0 7714 Sale 7714
84 8534
Ati-Birm 30-yr 1st g 4s-_e1933 M-S 84 86 8534 Feb '14
90 J'ne'13
1949 J-J
. Car Cent 1st con g 48
---103'g Jan '13
_--__Fla Cent & Pen 1st g 55-1918 J-J
104 N ov'12
2
---1930 J-J 10138188
1st land gr ext g 58
Doc
'13
10134
10134
1943 J-J
Consolgold 5s
Feb '14
jai;1111-2
Ga & Ala Kg 1st con 5s__o1945 J-J 10412 105 1054 Dec
102
'13
Ga Car& No 1st gu g 55_1929 J-J 10238
10114 Oct '13
1926 J-J 10133
Seab & Roa 1st Is
Southern Pacific Co—
149 90 94
94
9212
Gold 4s (Cent l'ac coll)..k1949 JD 9314 Sale 90
1 90 90
90
k1949 J -D
Registered
8978 988 8618 92
88's Sale 88
20-year cony 45
9412
38
9414
Sale
9112 9412
9414
1Vgl
48__18,2
6
gu
g
Cent Pac 1st ref
1049 F-A 894 94 941 J'ly '12
Registered
92 9112Jan '14
91 9112
Mort guar gold 3)0.._k1929 3-I) 9114
8534 Jan '14
4
8534 8534
Through St L 1st gu 48_1954 A-0 86,
10214
10334
10312, 10334
(3 II & S A M & I' 1st 5s_1931 M-N 9914 10334 10334 J'ly
'12
Gila V G& N 1st gu g 58_1924 M-N 102 --- 10218
___ _ 102 Sep '13
Hous It & W 'I' 1st g 5s 1933 M-N
102 Jan '14
1011* for
1033 M-N
let guar Is red
08
2/
1
4 1561
4 108 Dec '13
H & T C 1st g 5s int gu_1037 J -J 10
1921 A-0 9314 95 9511 Jan '1
95l 9512
Gen gold 43 int guar
1084
1094
11014
Mch'10
Waco& N W div 1st g 65 1930 M-N
02
754.
.
10
.
4.
1 10112 Jan '14
1941 J-J 10
10118 1611-2
A & N W 1st gu g 55
1064 10612
10612 10634
Morgan's La & T 1st 78 1918 A-0
10718 Feb '41
1920 J-J 10512
1st gold Os
10718 1074
1938 A-0 106_ 112 Feb '07
No of Cal guar g Is
Ore & Cal lit guar g 5s 1027 J -J 10112 I.E1 . 1014 May'13
So Pac of Cal—Cu g 53_1037 M-N 104 ___. 10112 Nov 13
So Pac Coast 1st go 4s g_1937 J -J 9212 931 9112 Sep '12
8734
San Fran Term! 1st 48_1050 A-0 8734 Sale 8734
8454 88
96 Jan '14
Tex & N 0 con gold 5s 1943 J-J
96 96
9314 84 8938 9314
Sale 9234
• So Pac RR 1st ref 48 .......1955 J-J
Southern—
lit consol g 58
1994 J-J 10578 Sale 10512 10578 108 10214 10578
100 Aug'13
k Registered
1994 J -J
7578 ial 73 70'
% Develop & gen 4s Ser A 1956 A-0 7512 Sale 7512
8014 83
, Mob & Ohio coil tr g 4s_1038 M-S 83 831 83 Feb '14
'14
Jan
104
104 104
J-J
6
A-58_199
g
4
em Div 1st
8314 8334
1951 J-J 8334-- 8358 Jan '14
t Louis div let g 45
1918 J-J 1034 —__ 10514 Sep '12
'Ala Can R 1st g Os
1948 J -J 8734 89 8618 Jan '14
S. At!& Danv 1st g 48
Feb
'12
8214
1948 J-J
; 2d 48
i AU & Yad 1st g guar 4s 1949 A-0 -f6
;
i615-8 1615-8
7
;
1916 J-J 10
1015* f6f5i
, Col & Greenv 1st 68
, ET Va & Ga Div g 5g.. 1930 J -J 1044-- 103 J'ne'13
1
4-- 107'4 Jan '14
10
.4 1-67
1956 M-N 107/
.4
: Con 1st gold Is
1938 M-8 10034
- 10518 J'ly '12
• E Ten reor lien g 55
6412 0412 May'13 ---1946 A-0
s Ga Midland 1st 3s
8 112 108 Jan '14 .... 108 108
1922 J-J 1675Ga Pac By 1st g 65
1104 Jan '14
1925 J-J 10918
109 11012
, Knox & Ohio 1st g 65
! Mob & Bir prior lien g 5s_1945 J-J 10018 __ 10512 Nov 12
--- --- 79 hich'13
1945 J-J 70
, Mortgage gold 4s
101
Sale 101
1915 J-J 101 -10038101
, Rich & Dan con g 68
, Deb Is stamped
1927 A-0 10314 104 101 Dec'13
73 Sep 12
' Rich & Meck 1st g 4s
1948 M-N 70
1011
0114 .
O.
i1:2 101
ioi" 102
1919 M-N 100
` So Car & Ga 1st g 5s
112 Oct '06
1916 M-S
---' Virginia Mid ser() 6s
10334 Nov'12
1921 M'S 10134 s Series D 4-5s
02
102 Dec'13
2
1026 M-S 10%
Series 5 Is
---104
Mch'13
1931 'S-S
, Series F 55
10212 10312
1936 M-N 104 -- 103'2 Jan '14
1,' .General 5s
105
10 1034 105
s ;Va & So'w'n 1st gu 5s 2003 J-J 105 - - 105
1958 A-0 ()Vs 95 9112Jan '14
9034 9112
1st cons 50-year 5s
, W t) & W 1st cy gu 4s
1924 F-A 90% - — 92 J'ne'13
1914 J-J 10018 --- 100 Aug'13
' West N 0 1st con g 6s
10212
Apr
'11
'Spokane Internat 1st g 58_1055 J-J
10038 10 iFlois 1664
,
A of St L 1st g 40_1939 A-0 jar loll; 10058
0 F-A 10618 108 10618 Jan '14
10334 10618
I Ter1st con gold 5s___1894-1944
90 --__ 89 Feb '14
a J-J
8514 89
' Gen refund s f g 48
10134
3 10134 10134
St L M Bge Ter gu ;-,t• 5s_1930 A-0 10134 Sale 10134
2000 J-D 10114 103 10334 Feb '14
994 104
Tex & Pac 1st gold is
40
Nov
'12
20
51
82000 Mch
\ 2d gold inc 55
1931 J -J 90 ---- 9912 Apr '11
La Div B L 1st g Is
---- -10612 Nov'04
W Min W& N NV lstgu 58_1930 F-A
2 105.54 1-041-2
1035 J-J i6i1"2 1613-4 10412 10412
Tol & 0 C 1st g 5s
101 Aug'13
1935 A-0 10258
, Western Div 1st g 58
1935 J-D 100 16E18 98 Jan '14
98 98
General gold Is
/
4-- 8534 Jan '14
8512 8534
Kau & M 1st gu g 48...„1990 A-0 861
- 974 9812
1927 J-J 954 9814
9534 9812
2d 20-year 58
0012 85 Dec '12
1917 J -J _
To! P & W 1st gold 4s
82
Jan
'14
-811.12 12.Tol St L& NV pr lien g 30_1925 J-J
5812 18 58 60
. 5812 68
1050 A-0
60-year gold 4s
1917 F-A if; 50 50 Feb '14
50 50
Coll tr 4s g Ser .t.
85
—_
84
Dec
'13
Tar Hain & Buff 1st g 4s_h1046 J -D
10573
1613-4
'Ur later & Del 1st con g 5s_1028 J-D 10134 Sale 10134 10134
U 1st refund g 4s
74 74
1952 A-0 75% 80 74 Jan '14
Union Pacific9778 63 9512 98
1st 1111 & land grant g 48_1947 J -J 9738 Sale 9718
9618
9612
4 964 9612
1047 J -J
Registered
9234 667 90 933,3
20-year cony 4s
1027 J -J 9258 Waij 91%
95
7 91 95
1st & ref 48
g2008 M-S 95 Sale 944
94
8 92 94
Ore By & Nay !on g 4s__1946 J-D 9312 9412 9312
11012 11012
1 10918 11012
Ore Short Line 1st g 6s_1922 F-A
1
4Jan '14
17
"34108 107/
10534 107%
lat consol • 5s
1046 J-J 10
94'4166 8914 9414
1929 J -D 94 Sale 9334
Guar refund 4s
Utah & Nor gold 58
1926 J-J 102 — - 108 May'll
1st extended 4s
1933 J-J 8734 ---66" Ap-r-.15
iTandalla cons g 4s Bar A.1955 F-A
93 Mch'13
v Consol 4s Series B
1957 M-N
04 Oct '12
Vera Cruz & I' 1st gu 40_1934 J-J
100
49
Virginian 1st Is Series A
1962 M-N i66" Sale 9978
1-del
,r
-tiers wi
I
i•!*
BONDS
N. Y. STOCK EXCHANGE
h
Week Ending Feb. 13.
ov
Price
Friday
Feb. 13
Week's
Range or
Lass Sale
Range
since
Jan. 1.
1939 M-N
Wabash lit gold Is
v 2d gold 5s
1939 F-A
Debenture Series 13
1939 J -J
1st lien equips fd g 5s
1921 M-S
1st lien 50-yr g term 43_1954 J-J
1st ref and ext g 4s
1956 J-J
Cent Trust Co ctfs
Do Stamped
Equit Trust Co at&
Do Stamped
Det & Ch Ext 1st g 58-1241
Des Moin Div lit g 45.-1038 J -J
Om DIv let g 33s
1941 A-0
1941 M-E;
T°1 & Oh Div 1st g 4s
Wab Pitts Term 1st g 4s 1954 J-D
Cent and Old Col Tr Co certsColumbia Tr Co ctfs
2d gold 45
1954 J-D
Trust Co certfs
Wash Terml 1st gu 3g_,,_1945 F-A
1st 40-year guar 4s
1945 F-A
West Maryland 1st g 4s.....1952 A-0
West N Y & Pa 1st g 55
1937 J-J
Gen gold 45
1943 A-0
Income Si
d1943 Nov
Wheeling_ac L B let g 55___1926 A-0
Wheel Div let gold 58......1928 J -J
Eaten & Impt gold 5s____1930 F-A
RR lit consol 45
1949 M-S
20-year equip a f 5s
1922 J-J
Winston-Salem s B 1st 4s 1960 J -J
Wig Cent 50-yr let gen 4s 1049 J -J
Sup&Dul div & term 1st 43 '36 NI-N
8141
High No, Low Htgll
Ask Low
10412 Sale 10412 105
39 10158 105
99 • 4 94 100
99 Sale 99
---- 90 J'ne'12 ____
---- 99 98 Feb1.4 -___ -1I5- 93
75 Nov'13
70 6012 34 505* 6114
; 5814 Sale 5814
57 ---- 5012 Jan '14
50 5012
5614 Feb '14
50 5612
5638Jan '14
5638 56118
24
5614
5g14 Sale 5514
46 5714
_ _ 10612 106 Nov'13 -80 Aug'12
4 71 72
71
68 721-2 71
7112 ---- 70 Jan '14
70 70
1114 Dec'13
____
22 1113 l41
-13
1212 Sale 1212
1314Feb '14
12 14
1234 1314
4 Dec '13
-12 114 114 Jan '14
11
---14
8114 83748
8334 84 8378 Feb '14
9314 —__ 100 Sep '12
80
21 -ii" -fRi"
7978 Sale 79
105 Sale 105
105
7 1024 105
____ 83 82 Jan '14
75 82
34 Feb '07
1015* - 10113 Feb '14
101 102
97
9512 Nov'13
_
92
91
91
4 91 91
80 Sale 80
80 ...6 75 80
00 _ _ _ 9534 Nov'13
_
88 Sale 88
88
1 8888
8918 Sale 894
894
T 8558 894
8758 8912 8958 Fob '14
86 87
1Manufacturing & Industrial
Am Ag Chem lit c Is
1928 A-0
Am Cot 011 ext 440
Q-F
Debenture Is
1931 M-N
Am Hide& L 1st s f g 13s__1919 M-S
Amer Ice Secur deb g 6 ___1925 A-0
Am Smelt Securities s f 60_1926 F-A
Am Spirits Mfg g Os
1915 M-S
Am Thread 1st col tr 4s_1919 J-J
Am Tobacco 40-yr g Os__ 1944 A-0
Registered
1944 A-0
Gold 4s
1951 F-A
Registered
1951 F-A
Am Writg Paper 1st a f 58_1919 J-J
Baldw Loco Works 1st 5g 1940 M-N
Beth Steel 1st ext if 55
1926 J-J
1st & ref Is guar A
1942 M-N
Cent Leather 20-year g 58_1925 A-0
Consol Tobacco g 4s
1951 F-A
Corn Prod Beta f g 5s
1931 M-N
1st 25-year s
1934 SI-N
Cuban-Amer Sugar coil tr 6s1918 A-0
Distil Sec Cor conv lst g 58_1927 A-0
E I du Pont Powder 40_1936 J-D
General Baking 18t 25-yr 614_1936 J-D
Can Electric ueb g 330_1942 F-A
Debenture 5s
1952 M-S
Gen'l Motors 1st lien 68_1915 A-0
Ill Steel deb 40
1940 A-0
Indiana Steel 1st 5s
1952 M-N
Ingersoll-Rand 1st 5s_ _.41935 J -J
Int Paper Co 1st con g 6s 1918 F-A
Consol cony s(g 5s
1935 J-J
Int St Pump 1st s f 5s
1929 M-S
Lackaw Steel 1st g 5s
1923 A-0
1st con Is Series A
1950 M-S
5-year convertible 5s
1915 M-S
Liggett .St Myers Tobac 78_1944 A-0
5s
1951 F-A
Lorillard Co (P)7s
1944 A-0
5s
1961 F-A
Mexican Petrol Ltd cnv 63 A..'21 A-0
Nat Enam & Stpg lit 5s 1929 J-D
Nat Starch 20-yr deb 5s
193 J-J
National Tube 1st 55
1952 M-N
N Y Air Brake 1st cony 6s-1928 M-N
Railway Steel Spring—
Latrobe Plant 1st s f 56_1921 J-J
Inter-ocean P 1st a f 5s_1931 A-0
Repub I & S 1st & col tr 5s_1934 A-0
10-30-year 5s s f
1940 A-0
Standard Milling 1st 5s
1930 M-N
The Texas Co cony deb 68_1931 J-J
Union Bag & Paper 1st 58_1930 J-J
Stamped
1930 J-J
US Realty& I cony deb g 5s_'24 J-J
U B Red & Refg 1st g 6s_1931 J-J
U S Rubber 10-yr colt tr 6s..1918 J-D
U S Steel Corp—Jcoup _d1963 M-N
S f 10-60-yr 5slreg ___d1963 M-N
Va-Car Chem let 15-yr 55_1923 J -D
West Electric 1st 55 Dec 1922 J-J
Westinghouse E&Msf 58_1931 J-J
10-year coll tr notes 5s-1912 A-0
10112 Sale 1014 102
60 9734 102
9858 ____ 984
9878
3 96 984
9134 93 93 Feb '14
89 93
102 ___ 10212 10212
101 1024
834 Sale 83
8312 12 7814 834
10434 105 10453 105
5 10312 105
99
1 94 99
98 100 99
9234 9312 93
93,8
5 93 934
119 ---- 120 Feb '14 __ 11712 120
116 Uct '13 _ 93 93
-_.,100 97 Jan '14
97 97
9538 J'ne'12
71 73 70 Feb '14 ___ 68 78
_
10212
103 Jan '14
102 103
99 Sale 9812
991
13 9312 100
85
74 8138 85
8514 8578 85
9914 70 9712 ggi4
9914 Sale 9834
974 Jan '13
---9718 9718
98 9648 94
9418
9 94 94%
91 9334 93 Feb '14 ____ 9112 93
92 96 9212 Feb '14
92% 93
6734 Sale 68
68 242 6314 68
89 Sale 88%
8912 59 87 894
88
91 Dec '13
80 8034 80
8034
2 —71 164
1044 Sale 10378
10412 11 103 105
10014 10012 10014 100313 25 98121003*
88
8818
8734 88
15 8312 8841
10138 Sale 101
10138 47 9858 10114
100 100 Oct '13
103 Sale 103
103
6 101 103
82 83 83 Jan '14
82 841g
661
66 Sale 66
12 60 674.
961 • 14 9014 97
9538 Sale 9558
764 78 77
77
10 70 7813
9814 19 9312 9814.
9738 9814 9818
122
12134 Sale 12134
32 120 122 1
10012 Sale 10014
10012
9 9634 10011,
12112 Sale 12112
12112 13 11938 122 ,
10014 14 964 10014:
1004 Sale 100
94 99 9514 Jan '14
91 954,
9378
9112Jan '14
9112 9112;
82 84 8212 Feb '14
8212 821k100 Sale 99% 100
35 9634 100 ,
9914 Sale 9814
9914 10 984 994
9714 98
98
7 97 98
914 9214 98
g 91 92is
9238
9214
103 ---- 10234 Dec '13
93 Sale 9212
9312 94 -oi" 64
89
1 844 89
8873-- 89
10434 Sale 10334 10434 320 10038 108
__ 86 90 Feb '13
__ 89 9114 Jan '13
_ 8612 8714 Jan '14,,_
84 89
____ 25 20
20
20 20
10334 38 10134 104
10314 Sale 10318
10212 Sale 10238 10238 391 9978 10284
8 100 10234
10234 Sale 1024 1023
9638 Sale 96
91358 26 9153 96/
1
4
101 Sale 101
10178
8 10018 10214'
9312 Sale 93
9358 21 894 933s
NI, 974 9714 Feb '14
9654 9714
(Is
Telegraph & Telephone
Am Tenn? & Tel coil tr 4s....1929 J-J 8938 Sale 8938
8938 72 85 89%
95 100 95 Feb '14 ---- 9634 9714
Convertible 4s
1936 al9712 Sale 97
20-yr convertible 43-is _ _1933
9734 146 9412 9$04
Chicago Telephone 1st 5s_ _1923 J -D
—
_
Commercial Cable 1st g 4s-2307 Q- J
774-- 324 Dec '12 72:
Registered
7758 -- 8312 Nov'll
2307
98
Cumb'd T & T 1st & gen 55_1937 VSale
98
98
-j
J
6 Keystone Telephone 1st 5s1935 J-J 8914 -- 9114 Sep '13
MetropolTel&Tel 1st s f 5s_1918 M-N 10038 103 10038 10038
1 106.
41E3;
991
Mich State Telep 1st 5s___ _1924 F-A 994 994 9912
1 9638 100
- _ 10314 May'11
N Y & N J Telephone Is g_1920 SI-N
N Y Telep 1st& gen s f401939 M-N 9838 Sale 9814
91334
-95 983*
Pac Tel & Tel 1st Is
1937 J-J
Os 08.'4 9814
9838 28 go 9954
South Bell Tel& T lets f 55 1041 J-J 994 Sale 894
994 24 974 100
9012 100 9634
West Union col tr cur 5s
1938 J-J
97
9 93 97
Fd and real est g 4;0
1950 M-N 92 93 92
92
8(Vs 92 j
Mut Un Tel gu ext 5s
1941 M-N
104 J'ne 11
Northwest Tel gu 40 g..1934 J-J 87
93 Jan '13
667, -0;
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
, Buff & Susq Iron eL 5s____1932 J-D
a1926 M-13
, Debenture Is
Col F & I Co gen f g 5s-1043 F-A
1019 M-N
; Col Fuel gen 6s
Col Indus 1st & coil 5s gu-1034 F-A
Cons Ind Coal Me 1st 5s___1935 J-D
Cons Coal of Md lst&ref Is 1050 J -D
Or Riv Coal& 0 1st g 6s—h1019 A-0
Kan& H O& 0 1st s f g 58_1951 J -J
Pocah Con Collier lets f 58_1957 J -J
SOL Rock Mt& P 1st 5s—_1955 J -J
1951 J -J
Tenn Coal gen 5s
Birm Div 1st consol 644_1917 J-J
•
a1917 A-0
Tenn Div 1st g 68
Oah0MColstgug6s__l922 J -D
1931 MUtah Fuel let g 55
1953 J-J
Victor Fuel 1st a f Is
Va Iron Coal&Coke 1st g Is 1949 M-S
93 9312 90 Sep '13
80 85 80 Jan '14
98 99 9614 Jan '14
10534
10714 J'ne'12
81
81 Sale 80
76 Allg'13
89 92 89
89
— 10258 Apr '06
9214
_ 9214 Dec'13
85 88 8512 Feb '14
82 Sale 8034
82
100 101 10118
10118
102 103 10218
10218
102
101 Jan '14
101 ____ 103 J'ly '13
03
84 80 May'13
9378 9378
94
Miscellaneous
Adams Ex coil tr g 4s
1948 M-S
Armour & Co 1st real es8850'39 J-D
80
1952 A-0
9118 961.,, Bush Terminal 1st 4s
Consol 58
1955 J-J
1960 A-0
764 82. Bidgs Is guar tax ex
Ohino Copper 1st cony 65_1921 J-J
-a" -0 Inspir Cons Cop 1st 6s (rects)
Int Mercan Marine 40_1922
Int Navigation 1st s f 5s
1929 F-A
84 85'2 Mge Bond (N Y) 4s ser 2_1966 A-0
10-20 yr 58 series 3
1932 J -J
77 82
1931/ J
9818 10118 Morris & Co 1st s f 4;is
N Y Dock 50-yr 1st g 4s...-1951 F-A
10112 103
Niag Falls l'ow 1st Is
1932 J -J
101 101
Ontario Transmission 5s...._1045
Serv Corp N J gen 5s 1959 A-0
ItayConsCopper 1st cony 6s1021 J -J
Vasil Water Pow 1st 5s
1939 J -J
9212 95
-io
17
10
1
9
•No price Friday; latest bld and asked. a Due Jan. 4Due April, •Due May. 0 Due June.
78 Sale 78
18 734 8034
79
9238 Sale 9218
9212 13 894 9218
8712 Sale 8712
2 8712 88
8712
_ 90 91 Jan '14
91 91
88 8814 88 Feb '14
87 88 I
— 180 150 Jan '14
150 150
102 Sale 10114
102
20 9634 103
55 Sale 4712
58 389 4712 61
____ 75 74
75
5 74 774
Wig May'13
883g 89I 8812 Jan '1
78 7934 78 Jan '14
101 _.. 100 Dec '13
_ 89 Dec'13
91
91 Sale 904
10912 Sale 109
10912
100 105 10313 Jan '14
Due July, 1 Due Aug. 0 Due Oct. p Due Nov
(Due Dee.
78
81
21
-1;i1;
78 ,
—a; W.
10712
10312 Imo
a Option WIN.
CHICAGO STOCK EXCHANGE-Stock Record.
512
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
Wednesday, Thursday,
Feb. 11
Feb. 12
Friday,
Feb. 13
Sales of
the
Week.
Shares
STOCKS
CHICAGO STOCK
EXCHANGE
Railroads
063 Chic City&O Ry ptsh Com
*.. _ 20
20
*1934 20
20
20 *-- 20
Do pref
401
i3 55
5434 55
55
56
5434 *5134 55
Chicago 'Slav Rys com100
Jan'14
27
*20
27
Last Sale 23
•20
27
*20
27
Do pref
100
Jan'14
85
.70
Last Sale 70
85
*70
85
•70
85
35 Chic Rys part ctf "1"-9112 9112
9212 'Si
9212 *9012 0112 9113 9112
"2"___
Chic
Rys
part
ctf
1,441
3212
323
4
3312 3234 33
3258 3258 3212 324
712 712 *734 81225Chic Rye part ctf "3"___
812 *734 812
Rys part ctf "4"___
Last Sale 31
312 *3Chic
*3
312 *3
34 *234 312
Kansas City Ry & Lt_100
Jan'14
Last Sale 17
1912
1912 *15
1912 *15
1912 *15
Do pref
100
Last Sale 3512 Nov'13
35 •____ 35 *____ 35 *_ 35
Streets W Stable(3 L_100
Last Sale 412 Jan'14
*412 5
*412 5
*412 5
5
Do pref
Jan'14
100
Last Sale 25
25 *____ 25 *__ 25 •____ 25
Lincoln's
Miscellaneous
Birthday
050 American Can
100
3114 3114
3058 31
31
31
3118. 3112 3014 31
Holiday
-__-___
250
Do pref
100
03
0212 9212 93
93
93
93
03
421 421
8 American Radiator 100
42012 421 *415 440
*415 450
155" hi"
10 Do prof
100
*--- 135 •____ 135 *_ 135 *__- 135
• _ 4112 •
_ 4112 ... . 4112 *;65. 4112
Last Sale 39 Feb'14
Amer Shipbuilding100
_
91
;65 91 ;56 91 65 90
10
Do pref
100
_
*121 122
12112 12112 121 . 121 *121 122
12114 111-4
160 Amer Telep & Teleg 100
•___ 4834 *
4834 4812 4812 *---- 48
44
46
272 Booth Fisheries corn. 100
80
82
82
.80
8214 80
79
81
7912 7912
195
Do 1st pref
100
*48
61
*46
51
*46
51
.46
51
Cal Sc Chic Canal & D 100
Last Sale 50 Dee'13
57
5712 5714 53
57
574 57
2,276 Chic Pneumatic Tool_100
5914
5312 60
•210 212 *210 212 *210 212
212 21215Chicago Title & Trust 100
342 Commonw'th-Edison.100
136 136 *135 13618 13518 13612 136 13512
155" 1-3-6-1;
300 Corn Prod Ref Co com100
.12
1212 1214 1214 12
1214
1212 1212
Do prof
100
Last Sale 77 Feb 13
95 Diamond Match
100
10158 10168
*1o1i2 iiii" jai- iiii- 10112 iiii" .ioi" icii"
Goodrich (B.F.) com_100
Last Sale 2538 Feb'13
*23
24 .24
25
*2412 25
*2412 25
309 Hart Shaft & Marx pf100
105 105
105 105
105 105
10434 10434 105 105
452 Hinds Brick
6612 67
100
137
*67
674 •67
68
673s 6712 87
Last Sale 109 Feb'14
Internat Harvester Co100
Last Sale 7634 Aug'12
Knickerbocker Ice pf_100
•---- 77 s_ 77 *__ 77 •__ 77
100
136 136
150 National Biscuit
13612 13612 137 137 *135 140 *135 140
12312 12312 •120 123 *120 125
_____
25
.0120 125
Do pref
100
154 154 *150 154
155 155
15312 154
245 National Carbon
100
•118 120 *118 120 *118 120 *118 120
Last Sale 118- Feb'14
1)o pref
100
*44
45
*44
45
4518 454 •4558 4612
4614 4712
300 Pacific Gas & El Co 100
12338 12312 123 124
1224 12234 12234 12334
12278 1224
816 People's Gas L&Coke.100
.79
80
80
80
80
80
7912 80
179 Pub Sery of No Ill corn 100
80
80
99 100
100 100
9934 100
9912 9912
169
Do pref
100
*-- 15 *_ 15 ..._ 15 *____ 15
Last Sale 15 Feb'14
Humely consmon___100
• _ 40 *
40 *
35 •
35
Do pre
100
Last Sale 3512 Feb'14
115038 191
iiciT2 191 ig31-4 19014 iio; 18912
18934 18934 1,282 Sears-Roebuck com 100
*123 124
12312 12312 •123 124 *123 124
38
Do prof
100
*28
30
Last Sale 3034 Feiii4
*28
30 .27
28
28
*27
Studebaker Corp com.100
*87
88 .87
Last Sale 86 Feb'14
Do pref
88 .86
87 .85
86
100
107 10714
10714 10714 1074 10718 107 10718 107 10718
308 Swift & Co
100
*240 270 *240 270 *240 270 *240 270
Last Sale 230 Jan'14
The Quaker Oats Co_100
104 104
104 104 *104 103
104 104
36
Do prof
100
14114 143
14.334 14758it 2,011 Union Carbide Co 100
14212 143
140 143
14178 14312
Last Sale 118 July'13
Unit Box 13d 8s P Co_100
6614 6612
785 U S Stool corn
6533 664 6518 6558 6534 66
100
iiii4 1113112 11214
4187 Ward, Montg'y & Co pref
4 11134 112 11134 112.38 11214 11212
10
Last Sale 612 Feb'14
*6
10
*6
10
*6
10
*6
Western Stone
100
Last Sale 9134 May'13
Woolworth.corn
100
41934
5434
*20
.70
*91
33
*734
*3
•15
•--4'412
*-..
Chicago Banks and Trust Companies
NAME.
1-1.41.754 ACLUT(11
•
NAME.
Capital Surp. d,
/n
PerStock.t Profits t /n
1912. 1913. lod.
(00s om Wed.)
Last Paid.
% Bid. Ask.
Range for Previous
Year (1013).
Range since Jan. 1.
Lowest.
Highest,
Lowest.
20 Feb 3 2034 Jan 31
5434 Feb 7 5512 Feb 2
23 Jan 21 25 Jan 19
70 Jan 21
70 Jan 21
00 Jan 10 0814 Jan 24
27 Jan 8 35 Jan 16
81s Jan 29
618 Jan 14
4 Jan 2
2 Jan 14
Jan 15 17 Jan 15
-------------------412 Jan 7
412 Jan 7
25 Jan 26 25 Jan 26
2412 J
70 Fly
88 Jan
18 J'ne
81, J'ne
2 Inc
1614 Jig
3512 Nov
438 1)ec
25 Sep
30 Jan ;
91 Jan
102 J'ne
3314 Sop
9 Sep
458 Apr
37 Sep
38 Oct
912 Jan
45 Mch
2112 J'ne
81 J'ne
400 Oct
125 Dec
28 Nov
78 Nov
11034 Dec
4912 Dec
7312 J'ne
40 J'iy
4712 J'ne
200 Apr
u12412 Dec
8 J'ne
77 Feb
00 Oct
1312 Nov
icti
04
68 Nov
100 J'ne
4612 Jan
12914 Jan
600 Feb
135 May
55 Jan
10312 Jan
13934 Jan
71 Jan
8978 Jan
55 Jan ,
5512 Sep
221 Sep '
155 Sep
1612 Jan :
77 Feb :
11014 Feb
53 Feb
10012 Deo ;
7612 Jan
115 Jan
138 Feb 3 105 J'ne
12312 Feb 4 116 Dec
16814 Jan 24 113 J'ne
118 Jan 23 11112 J'ly
4712 Feb 13
33 Nov
126 Jan 6 104 J'ne
80 Jan 9
65 J'ly
100 Feb 7
8934 Dec
1754 Jan 14
10 Aug
403. Jan 14
4012 Aug
1031z Jan 31
155 J'ne
124 Feb 4 117 May
3034 Feb 5
1614 Nov
86 Feb 4
66 Nov
10714 Feb 5 101 J'ne
240 Jan 30 195 J'ne
10134 Jan 26
9934 J'ne
152 Jan 5 3142 Dec
1 Jan
60 J'ne
6712 Feb 13
11212 Feb 11 10512 Feb
9 J'ly
612 Jan 14
8714 Meh
.
,
130 Sep
123 Jan
137 Dee
118 Jan I
03 Jan 1
130 Sep
85 Aug
10158 Jan
69 Feb0
9733 Feb 1
21434 Jan 1
12434 Feb 1
34 Feb !
70 Nov.
10778 Mob
280 Feb ,
10812 Feb !
218 Nov
112 Feb
6834 Jan
111 Sep
1412 Jan
112 Jan 1
29 Jan
8012 Jan
401 Jan
130 Feb
30 Jan
76 Jan
118 Jan
44 Feb
79 Feb
3 347 Jan 23
2 0534 Jan 27
5 421 Feb 9
13 13412 Feb 6
0 44 Jan 31
8 02 Feb 4
2 124 Jan 28
13 5014 Jan 21
11 8412Jan 27
61 Jan
212 Jan
133 Jan
014Jan
2 60 Feb 13
13 21212Jan 2
26 13812 Jan 3
0 13 Jan 31
9112Jan
2538Feb
10012Jan
598 Jan
109 Feb
2 102 Jan 26
6 26 Feb 4
2 105 Jan 26
0 70 Jan 30
4 111 Jan 22
12334Jan 14
123 Jan 27
13412Jan 3
11514 Jan 27
35 Jan 0
121 Jan 3
77 Jan 3
0434 Jan 21
15 Feb 4
3512 Feb 4
181 Jan 3
122 Jan 14
2712 Feb 3
83 Feb 3
10434 Jan 3
230 Jan 6
102 Jan 6
140 Feb 0
..
5758Jan 3
109 Jan 3
5 Jan 13
,
Highest.
Dividend Record
Capital Jury. &
Stock. t Profits t
Per- Last Paid.
In
In
(008 om Wed.)
1912. 1913. led.
% Bid. Ask.,
Southwest Tr & 8 8200,0 y$30,9 Org. J uly 6
Standard Tr & Say 1,000,0
6
427.1 ......_
Stockmen's Tr & S
200,0
57,9
6
6
Union Trust Co__ 1,200,0 1,701,7
8
8&3e
136,0 8&2e
12
WestSideTr&Sav
400,0
110,1
10
Woodlawn Tr A S
200,0
10
'12.
Q-M
J-J
QM
Q-AI
Q-J
V. 25, P. 18. 123 127 .
Dec.31'13,1% 154 158
Jan. '14, 3 145 150
Dec.31'13,2
Dec.31'13 3 565
Jan, 14, 23,5 224 230
2% 53ife ____ Dec31'13112w 240 250
American State__ w$200,0 $213,3
An Jan '14, 8 150
6
Calumet National
100,0
72,0 None
y20,6 Org. J an. 27 '13. V.05, p.1585 107 110
200,0
Capital State____
27,1 Beg. b us.Oct 7'12 V. 95,p. 044 145 150
Central Mfg Dist_
250,0
11% Q-J Jan.'14, 3 292 294
Cent & Corn Nat_ 21,500,0 10,821,8 10
Corn Exch Nat__ 3,000,0 6,467,6 16
16&8y Q-J Jan. '14, 4 415 423
6
145,8
300,0
Q-J Jan. '14,212m 215
Drexel State
6
389,7 10
10
Q-J Jan. '14, 2% 250 260
750,0
Drovers' National
63,4
8
8
Q-J Jan. '14, 2 174 180
200,0
Englewood State17 Q-M Dec.31'13,414 424 427
10,000,0 12,125,3 17
First National
BONDS
FirstNatEnglew'd
150,0
247,5 12% 10&3e Q-M Dec31'13512m 350
D'ds
Week's
Price
CHICAGO STOCK
InterRang8
523,3 Priv ate Ba nk
Foreman Bros
1,000,0
Range or
Sold
Friday
est
Since
EXCHANGE
8
982,9
8
Q-J Jan. '14, 2 265 ia.
Ft Dearborn Nat- 2,000,0
Last Sale
Week Ending Feb. 13.
period Feb. 13.
January 1,
1/28,8 Org. N ov 25 1912
Halsted St State_
200,0
126 131
Hibernian Bk Assn 2,000,0 1,248,0 Not pu bibbed -se e note (V)
High NO. Low
Ask Low
(Ii)
Bid
if
Hyde Park State_
200,0
48.9 Beg. b us Aug '12. V.95, P. 273. 132 138
91 Feb '13
Am Tel & Tel coil 4s____1929 J -J
100,0
h12,5 Orga n. Feb '12; V.94, p 465. 118 120
Irving Park Nat9238
0238
Armour & Co 444e
1939 J -D "9238 Sale
8934 923g'
Kaspar State__
400,0
209,8 10 10&5e J-J Jan. '14, 5 240
8214 Aprfl'12
74
Auto Eleo lit M fis
170
1928
Lake View State1% Q-J Jan '14, I% 108 112
200,0
8,7 ---0618 May '12
Cal Gas & El unit & ref 68 1037
97
6 Q-M Dec.31'13, 2 215 225
101
Lawndale State__
200,0
t/60,1 -_
17 -5574 161'
Chicago City fly es
1027 F - A 10034 Sale 10034
Live Stk Exch Nat 1,250,0
12 Q-M Dec.31 '13,3 250 255
8158 13 8114 8158
649,1 10&2e
8114
Chic City & Con Rya 5s.d1927 A 8158 Sale
Feb'14
Mech&TradState
200,0
59,9 Beg. b tua.Aug 26'1 2 V 95, p 593 129 131
Chicago Elev fly 58
1914 J -J I 9752 933s 08
0578 98
Nat Bk of Repub. 2,000,0 1,451,2
8
03
8
Q-J Dec.31'13,2 203 212
4 0212 93 i
93
95
Chic Pneu Tool let 5s_a1921 J -J 904
National City__ 2,000,0
758,4
6
9018 28 9612 0918
6
Q-J Jan.'14, 15 163 165
9878
Chicago Rye 55
1027 F - A o 99 Sale
National Produce
1 91
250,0
118,2
6
6
Q-J Jan. '14, 13 173 176
04
94
0412 94
Chic Rys 5s
series 'A" A 04
North Ave State_
200,0
122,7
7
15 7834 8138
7
Q-J Jan.'14, 1% 145 150
81
8114
Chic Rys 48
series "II" J -I) 81 Sale
200,0
23,8
6
North Side St Say
6
Q-J Jan. '14, 1% 132 135
03 Sep '13
95
Chia Rya 4s
series "C" - A 593
North West State
300,0
v63,6
6
7
Q-J Jan '14, 131 185 190
100 Jan '12
Chia Rys con es
1913 -A
y11,0 Org. N ov. 27 '12. V.95, p. 1944 100 104
Ogden Ave State_
200,0
70
6 67 V01Chic fly Pr m 88 g 4s_c1927 J -J 5-W ..fiC2 70
8
133,4 10
People'sStkYdaSt
500,0
10
Q-J Jan '14, 412m 256 266
5312
54
34 45
Chic Ry Ad) Inc 4s_c1027 Mayl:5312 Sale
5414
200,0
23,3 Beg. b us Nov 1'11 V.93, p.1235
Second SecurityChicago Telephone 5s
1923 J -D :10078 10118 10118 Feb'14
0934 10118
176,7
6
400,0
Security
73i Q-J Jan. '14, 2 250 256
Dee'12
Cicero Gas Co ref 0 m_193'2 J -J:9534 ---- 9658
300,0
148,0
8
South Chicago Say
8&2e Q-J Jan.'14, 4in 230
101711
Cornmonw-EdLson 55
1943 NI- 13 1017s Sale 10134
10172
31,9
6
South Side State..
200,0
6
10118
Q-J Jan.'14, 1% 130 135
Commonw Elea 5s___31943 M- S 1014 Sale 10118
10038 1014
12
State Bank ofChic 1,600,0 2,802,4 12
Q-J Jan. '14, 3 395 399
9914 Jan'14
Cudahy Pack lit M 55_1924 M- N :10012 101
9914
994
StateBankol Italy
54,4 Beg. b us.Aug 19'1 2 V.95, p.523 139 140
200,0
Jan'14
:105 10512 105
Dia Match Con deb 6s
1020
104 105 ,
9934 A nril'12
Stack Yards Say..
249,5 10
15 Q-M Dec.31'13,4 300
250,0
99
Gen Mot 8% let L notes_1915 A - 998
6 MN Nov 13, 3 179 183
6
Union Ilk of Chic_
170,5
600,0
99 July'13
Int liar 3-yr 5% g notes_1915 F -A
Washingt'nPkNat
100,0
27,6
63( 10&3e Q-J Jan. 14. 5m 225
10518 April'12
Inland Steel 1st M g 6s_1928
9
CentralTrCoof III 4,500,0 2,161,1
8
Q-J Oct.'13, 2yi 234 230
Kan City Sty & Light Co
128sle
J-J
10&2e
Chicago City 13,1er
500,0
407,3
Jan. '14, 6 295 315
00 Oct '12
55
1913 ii-N
6
Chicago Say BAT 1,000,0
tl-J Jan. '14, 1 ti 141 144
205,2
6
75 Sep' 13
Lake St El-lst be
1928 2 -J
8% Q-J Jan'14, 2% ____8212
Chicago Title &Tr 5,600,0 12,880,0
8
78
78
6 771* 718
;8
f
al3e
&lets W Side El 1st 4s
-8
1938 F - A 9-7
(o)
Q-J Jan.'14, 2 169 172
Colonial Tr & Say 1,000,0
496,4 8&2e
Extension g 4s
1938 J -J 9 51612 77 Nov'13
Coat&Com Tr&8 3,000,0 1,769,2 Not pu bibbed -$a e note (ID
Mil El fly & Lt 1st g 58 1926 F - A :103 10112 10478 Apne12
(11)
Drovers Tr & Say
250,0
183,3 10
10
Q-J Jan. '14, 25 260
9412 95 Anre'12
do
ref ir est 4345_1931 J -J 94
First Trust & Say 6,000,0 3.732,0 None None Q-M Dec30'11,4
8878 Feb'14
8
Morris & Co 454s
1939 J -J 9 8 4
8634 89 J
FtDearbornTr&S
250,0
31,5 Beg. b uzi.Apr 3'11 V.92, p.929
10034 May'12
Nat Tube 1st g 5s
1962 14-N
__ Q-J Jan. '14, 1% 162 165
Franklin Tr & Sav
300,0
130,5 ___
09
Jan'14
Nor Shore El let g 5s..
1922 A -0 55-9-99-81-s
99
09 I
Q-J Jan. '14, 25
Greenebaum Sons 1,500,0
343,3 10
10
08
98
Sale
do
1st & ref g 5s-1940 A -0
2 98
98 I
Gutpantee Tr & S
J-J Jan. '14 3;5 150 155
200,0
6
v56,4
6
9512 Sept '12
Nor Sh Gas of 111 1st 5,3_1937 F - A
Harris Tr & Say
1,500,0 2,471,7 12 12.00e Q-J Jan. '14, 71 450
10014 July '11
North West Ri 1st 4s__-.1911
S
Home Bank & Tr_
300,0
88,3 Beg. b us.Apr 10'1 1.V.92,p.1004 150 155
100 Sep '13
NWOL& Coke Co 51-1928 Q -M 9 9858
Illinois Tr & Say_ 5,000,0 10,663.0 16&4e 16&4e e Oct. '13, 4 475 485
98
Ogden Gas 5s
1945 54-N 9 9514 08
98
-15a- 96
KenwoodTr &Say
200,0
116,2 7&2e
Q-J Oct. '13. 1% 180 186
7
11512 Sept '12
Peop Oas L & C lat 6.2_1943 A Lake ViewTr&Sav
300,0
113,7
6
8
Q-J Dec31'13,1% 174 177
Refunding gold Ss
1947 1st- S 10012 Sale 10014
10012 40 "oora 1003*
LaSalleStTr&Say 1,000,0
302,2 Bog. b us. Ma y'10
100 102
10114 Jan'14
Chia Gas L & C let 5s-1937 J -J :10014
101 10114
Liberty Tr & Say.
275,0
4,5 Org. D ec. 6 '12.
175 200
902:2 10112 Feb'14
712 16
Consum Gas 153 bs____1036 J -D 5
010
99 10111
Market Tr & Say200,0
31,3 Org. Sept.5 '12. V. 95, p. 693 116 119
Mutual Fuel Gas lit Se 1947 M-N 1004 Sale 100
10018
9 10018 10012
Mere'ntileTr&Sav
250,0
69,3 Beg. b us.J'ly 1'12 V. 94, p. 484 160 165
396
Pub fiery Co let ref g Ss-1056
9%
9358 Jan'14
35
:
999
9012 0334
Merchants'L &T 3,000,0 7,353,1 16
Q-J Jan. '14, 4 437 440
16
South Side Eley 434s____1924 J - J
9153 Feb'14
92 i
00
Michigan Ave Tr_
200,0
73,8 ___
5
Q-J Jan.'14, 1% 129 134
Swift & Co lit g is
100
1914 J - J
Jan'14
100 10112
Mid-City Tr &Say
600,0
126,3 Com.b us. Ap 10.1 1.V.92,0.1004 214 217
Tr -City Sty & Lt coil
Northern Tr Co__ 1,500,0 2,931,9
8
8
Q-J Dec.31'13,2 314 319
trust lien $ f be
1923 A 9814 Aprie12
Nor-West Tr & S_ n250,0
176,7
8
8
J-J Jan.'14, 5 315 322
Union Elea (Loop) 5s--1945•-0 79
75 Dec'13
Old Colony Tr &S
200,0
y52,2 Beg. b us.J'ne 1 11 V 92, p.1587 110 110
U $ Gypsum 1st g 5s____1922 H- 8
100 May'12
People's Tr & Say
600,0
241,9
8 912&2c Q-J Jan. '14, 2% 285 290
Western Elea Co Is
1922 -J 10115 102
0953 Dec'13
Pullman Tr & Say
300,0
288,4
8
8
Q-J Oct. '13, 2 200
'1
Sheridan Tr & Say
200,0
50,4
3
6
Q-J Jan.' 14, 112 149 153
Note-Accrued interest mils t be added to all Chicago price 5.
*Bid and ask prices; no sales were made on this day. t Jan. 13 (close of business) for national banks and Jan. 14 (open ng of
business) for State institutions. g No
joke Friday: latest price this week. I Sept. 1 1911. ¶ Dividends not published; stock all acquired by the Continental & Commercial
National Bank. a Due Dec. ale
b Due June. e Due Feb. d Due Jan. 1. e Extra sly. k New stock. I 4% of this Is extra. nStockholders to vote Jan. 13
upon increasing capital to $300,004),,,
the additional stock to be distributed as a 20% stock dividend. V. 07, p. 1799. s Sales reported beginning April 18. q1914
Dividends are
Q.-J, with extra
,payments Q.-F. t Dec. 31 1913. o Ex 24% accumulated dividend. to Increase in capital to $400,000 authorised Sept. 24, a cash dlr. paid
of
!connection therewith. V.97, p. 1000. 574. m Includes ex dly. a Ex-div. and ex-stock dlv. a 14 assessment paid. o Paid 6% reg. aid 1;4 75% being paid le
extra
on old Capital!
Stock of $600,000 and 114% on new capital $1,000,000. s Oct. 21 1913. y Oct. 22 1213.
Chicago Bond Record
;
FEB. 14 1914.]
THE CHRONICLE
513
Volume of Business at Stock Exchanges
Telegraph and Telephone Bid Ask I Indust and Miscell-(Con) Bid
Ad
e Amer Teleg & Cable__ _100 65
61
Am Ku... ,
3.. 17; ea 1035_A-0 1001r 104
e Central & South Amer_100 10712 10812
Deb 48 1923
7112 734
F-A
Comm'i Un Tel (N Y)___25 100 110 American Surety
TRA NE403TIONS AT 'TEM,. NEW YORK STOCK EXCHANGE
50 170 175
72
Empire & Bay State Tel_100 60
American Thread pref___5 *4
5
DAILY, WEEKLY AND YEARLY.
50 Amer Typefounders com.100 41
Franklin
100 40
43
e Gold Sc Stock Teleg_..100 120 123
Preferred
95
100 93
Stocks.
Railroad,
100 8334 85
e Mackay Cos corn
Deb g 6s 1939
96 100
M-N
Week ending
State
6912 Amer Writing Paper_.._ 100
(tc.,
100 69
e Preferred
U. S.
112
1
Feb. 13 1914.
Shares.
Par Value.
C Northwestern Teleg----50 105 115
Bonds.
Bonds.
Bonds.
8
12121
Barney Sc Smith Car corn 100
.......
72
25 65
Pacific Sc Atlantic
Preferred
100 ____ 75
Saturday
165,827 514,797,550 $2,299,000
9012 Bliss(1 W)Co corn
e Pee Telep Sc Teieg pref-100 87
$266,000
86
50 83
Monday
280,025 24,810,375
95
Southern Sc Atlantic
3,643,000
25 80
334,500
Preferred)
50 115 125
Tuesday
812,176 28,160,100
Short Term Notes
Bond Sc Mtge Guar
3,739,000
278,000
100 288 292
Wednesday
0,
78
2 Bop
18,683,200
221,279
Amid Copper Is 1915-141.0 10058 100
3,718,500
304,000
rdreefn'
ersrC
edond Milk com.I00 114 110
Thursday
HOLI DAY
Amer Locomotive Os 1915 5-3 100
108 109
236,255 21,032,500
5s 1916
2,714,500
Friday
251,000
J-J 9912 100 British Col Copper Co_r_0
258 254
5 .
9912
100
J-J
53 1917
Brown Shoe cora
52
100 47
1 91A 559 sinv .1,4 79C CIA 11.1 111111 CI AIR Kon
Balto & Ohio 5s 1914
J-J 10012 10034
93 96
Preferred
13klyn Rap Tr-See NY Stk Ex 1st. Casualty Co of Amerlea..108 110 120
Ches & Ohio 41,is 1914__J-1) 100 10014 Celluloid Co
Week ending Feb. 13.
Sales at
Jan. 1 to Feb. 13.
100 128 132
ChicElev Rys 52 1914
9812 City Investing Co
J4 97
25
New York Stock
100 20
Erie 62 April 8 1914__A-08 10014 10012
Preferred
Exchange.
85
1914.
1913.
1914.
100 80
1913.
Coll Os Oct 1 1914A-0 10014 10034 e Ciallin (II B) Co corn....100 70
72
Coll Bs April 1 1915__A-0 9934 100
e 1st preferred
85
1,216,462
1,484,188
13,367,831
100 80
Stocks-No.shares___
11,527,323
e 2d preferred
85
$107,483,725 $136,021,050 $1,171,410,745 $1,055,588,350 Gen'l Motors 62'15-See NY Stk Ex list
100 80
0 Par value
Valley 4%3'14 M-N 10012 10075 eCluett.Peabody&Cocom100 6612 7034
$15,300
$1,000
$180,700
$16,300 Hocking
Bank shares, par
III Cent 4)45 1914
e Preferred
J4 10014 10012
Bonds.
100 10312 10378
97 Consol Car lIcating
72
$41,000
Government bonds..
370,000
100 70
$247,500 Int Sc (It Nor Os 1014__P-A 96
Inter Harvester 5s '15_F-A 10038 10058 Coprtein
fer
enre
tadl Can corn_....100 34
36
51,436,500
11,900,000
205,000
2,801,000 K
State bonds
C Ry Sc Lt (is 1912__M-S 1 87
89
115,701,500
100 85
75,242,000
HR. and misc. bonds_ 10,114,000 10,544,500
Lake Sh & Mich So 4138..'14 100 i0.61-4 e Crucible Steel corn....
16
164 s
Michigan Central 4135_ 1914 100 10014
e Preferred
100 ---- 944
$127,671,500
517,550.500 310,790,500
Total bonds
$78,290,500 Minn
Sc St L g 6s 1916__F-A 9714 98 Davis-Daly Copper Co_...10 *Ds 23a
Mo Kan Sc Tex Os 1915_M-N 98
99 duPont(EI) de Nem Pow 100 131 135 •
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Missouri Pacific Os 1914-1-1) 9554 9614
EXCHANGES.
e Preferred
100 8714 89 '
eN YC Lines Eq 52 1913-22 5 4.70 4.50 Emerson-Brantingham....100 28
33'
4;4s Jan 1914-1925...J4 5 4.70 4.50
Preferred
82
100 77
Boston.
Philadelphia.
• 4%3 Jan 1914-1927_.14 5 4.70 4.50 Empire Steel Sc Iron corn 100
13 '
Week ending
N Y Cent 4135 1915 -_M-N 9978 10018
27
Preferred
100 20
Bond
Listed Unlisted
Listed
Unlisted
Feb. 13 1014.
Bond
5s Apr 21 1914 ____A-021 10014 10012 t General Chemical cum_100 170 179 ,
Sales.
Shares. Shares.
Shares. Shares.
Sales.
__
St L Sc S F 5s 1913 opt-J-D
e Preferred
100 108 10841
63 Sept 1 1914 opt_ _1\1-5 ____
Goldfield Consol M
5,142
10 *112 13s
7,707
$53,100
5,261
Saturday
3,540
$55,400 Seaboard Air L Ity53'16
- M-S
15614
- k Hackensack Water Co7,982
13,367
34,600
Monday
10,483
7,004
59,300 South Pac Co5s J'nel5 1914 0934 10034
3312
Ref
g
45
'52
10014
op
1912___J4
0,749
16,502
33,200
Tuesday
7,658
3,988
58,100 Southern Ry Os 1916_ F-A 100 10014 Hale
35
Sc Kilburn com_100 30
17,188
7,000
Wednesday
42,900
3,936
4,278
50,700 West Maryland Ls 1015_J-J 95
80
93
90
let preferred
10
Thursday
• _HOLI DAY
80
Westingh'se
10014
El
90'
Sc
M
6s
1915
10014
2d
preferred
100
13,182 ---8,205
Friday
53,500
5,382
37,800
9,537
b% notes Oct'17-SeeN V Stk
2
x list Havana Tobacco Co........100
4
•
Railroads
9
15
Preferred
100
Total
68,036
33,978 $217,300
28,147 $270,300 e Chic Sc Alton corn
82,7201
69
12
100 10
1st g Os June 1 1922 J-D / 62
C Preferred
19 Hecker-Jones-Jewell Milling
100 12
•
e Chic St P PsI Sc Om
100 126 130
1st 63 1922
NI-S 98 101
C Preferred
6
100 136 150 HerrIng-Hall-Nlarvin
15
100
O Colo Sc South corn
27 Hoboken Land Sc Improve't
100 26
o 1st preferred
All bond prices are now "and interest" except whore marked
62
100 60
"
1st 52 Nov 1930
Al-N 100
C 2d preferred
312
60 Hocking Val Products__100
100 50
Street Itallways-(Con ) Bid Ask
C N Y Chic Sc St L cons....10041
44
1st g 55 1961
44
.1
.14 39 .
100 82
85
Street Railways
Bid Ask United Lt & Rys corn
e 1st preferred
1(10 0212 ____ e Ingersoll-Rand com
100 120
79
100 77
let preferred
s 2d preferred
85
100 53
e Preferred
100 92
713
100 74
2d preferred
New York City
Northern Securities Stubs__ 103 105 Intereontin Rub corn.. 100
834 -lit; 1
• Block St & Ful Fy stk-100 18
25 United Rye °1St LPitts Bess Sc Lake Erie__50 .28
3212 Internat Banking Co
100 95 105 I
_ 1134
100
Common
72
68
t ,Ist mtge 42 1950
Preferred
50 *5612 6012 International Nickel......100 119 121
100 3818 3812 e Railroad Securities Co• Preferred
B'y & 7th Ave 51k
100 165 175
Preferred
100 102 104
100 8814 0014
. 2d mtge 5s 1914
J-J 9934 10013 Wash Ry dr El Co
ll! C stk tr ctfs Ser A
3
78 International Salt
4
100
Preferred
100 8614 89
Broadway Surface RR-.14
West Pee 1st 52 1933_ M-5 7312 75
, 50
let g Si 1951
52
A-0
44 1951
J-J 100 10212
J-D 82
824
• 1st 581924
Standard Oil Stocks
Per share International Silver pref_100 110 120
10 West Penn Tr&WatPow 100 15
17
Cent Crosstown stock-100
Anglo-American 011 now..-•17
1712
1st Os 1948
J-D 10812 110
100
65
t. 1st mtge Os 1922____M-N 99Preferred
Atlantic Refining
15 705 710 Internat Smelt Sc Refg_100 110 113
Christopher & 10th St stk100 115 ii6" Electric, Gas & Power Co.
Borne-Scrymser Co
100 300 320 Kelly Springfield Tire 100 50
53
New York CUP
I Dry Dock E 11 & BattBuckeye Pipe Line Co....50 4'163 172
Preferred
100 120 135
J-D 9912 10112 Cent Un Gas 52
102 104
1st gold Ss 1932
Cesebrouo
gillt Mfg Cons_100 670 690
/ 69
70
Debenture 45 1951
A-0
F-A / 28
35 e Kings Co El L & P C0-100 121 12212 Colonial
, Scrip Bs 1914
h
100 120 130
Langton Monotype
100 8314 85
Eighth Avenue stock-100 280 310 New Amsterdam GasContinental 011
198 203
100 220 230
Lawyers' Mtge Co
100
F-A / 99 10012
let consol 5s 1943
• .Scrip Os 1914
.14 100 101
Crescent Pipe Lino Co___50 •55
Lehigh Val Coal Sales___50 180 192
60
62d & Gr St Fy stock......100 220
N Y & E It Gas lst 53'44 J-J 102 104
Cumberland I'lpo Line_100 60
CC
Manhattan Shirt
100 40' 60
42d St M & St N Ave
J-J 09 101
Consul 52 1945
Eureka Pipe Lino Co_ _100 300 310
103I
Preferred
100
' let 62eat at 5% to'40_1141-S
55
N Y & QE1L &Pow Co_100 45
Galena-Signal 011 com 100 184 190
11e ,
Manhattan Transit
20 •1
Ninth Avenue stock
100 70
Preferred
100 150 170
80
Preferred
100 137 143
Mortgage Bond Co
100 97 102 I
3 N Y & Richmond Gas....100 25
Second Avenue stock.. 100 ____
35
Indiana Pipe Line Co___50 *130 135 e National Surety
100 190 200
99 102
25 North'n Un let 5s1927_M-N
• Consol 52 1948 etts_F-A 1 20
25 •42
National Transit Co
44 e New York Dock corn...100
20
Standard G L lst bs '30 M-N 100 105
eSixth Avenue stock
100 112
New York Transit Co_100 300 310
e Preferred
100 2434 42
Other Cities.
8912 100
Sou Donley 52 1945
J-J
Northern
'ipe Line Co_100 115 120
*7812 80
O
N Y Mtge Sc Security
olteiri lo
100 160 165 1,
So For 1st 55 1919
98 Am Gas & Elea com
50
A-0 00
25 *160 152 N Y Title Ins Co
Co
85
100 80
Preferred
80
50 *4712 4912 Pierce 011 Corp
Tarry WP dc M 55 '28 M-S 1 76
Si'
*97 100 N Y Transportation
20 •5
28 de 29th Sts Se '90 Ws A-0
100 353 355
7
16 Am Lt & Trac corn
Prairie Oil& Gas
100 512 518 Niles-Bem-Pond com__100 70
74
Preferred
100 106 108
4.35
Twenty-third St stock 100 240 280
Solar Refining
!
100 350 370 Ohio Copper Co
10
Union Ry let 55 1942 F-A 101 104 Amer Power & Lt com_100 7212 7313 Southern Pipe Line Co 100 250 253 e Ontario Silver
212 a
100
1 Westchester let 5s '43_J-J 89 __100 82
Preferred
83
South Penn Oil
100 310 320 Otis Elevator corn
77
100 76
4.3
8
50
Yonkers St RR Ss 1910-A-0 92 100 Bay State Gas
12 Sou West Pa Pipe Lines_100 148 153
Preferred
100 00
112 312 Standard 011 (California)100 318 322 e Pettibone-MullIken Co 100 2812 32 1
Buffalo City Gas stock _100
Cities Service Co com_100 0612 9812 Stand 011 (Indiana) _100 505 515
Brooklyn
e 1st preferred
99
100 91
100 7412 7513 Standard 011(Kansas) _100 480 490 Pittsburgh Brewing
Preferred
Atlan Ave RR con 52'31A-0 101 102
1161
100 1212 13
BB & W E 58 1933A-0 04
97 Columbia Gas & Elec
Stand Oil of Kentucky_ 100 t268 275
29 1
Preferred
J-J
let
Os
1027
173
Brooklyn City RR
---7514
170
Stand
10
011 of Nebraska_100 450 470 e Pittsburgh Steel prof__ lys.
94
Bklyn lIgts 1st 5s 1941_A-0 100 102 Con Gas of N J 58 1036...14 97 _-- Stand Oil of N J (old) 100 1300
2 ,
Pope Mfg Co corn
100
1
Coney 1st & Bklyn
Stand Oil of N J
100 00 100 Consumers' L II & Pow1011
100 414 iii"
Preferred
100
0
J-D 95 ____ Standard Oil subsidiaries-- *925
lis 1938
83
..., let cons g 4s 1948
J-J 80
?
pr0d
attude
15000 *101014 102
cers
Wh
olitiney pref
82 Consumers Power (Minn)Standard Oil of N Y
• Con g 4s 1955
.14 77
30
100 195 jig 88
1st & ref 53'29 opt'14M-N
90
Standard Oil of Ohlo
Brk C & N 52 1939
J4 98 100
100 420 430 Realty Assoc (I3klyn)
1(
0
)21 IN lir
9112 9312 Swan & Finch
Nassau lice 1st Os 1044 A-0 100 103 Denver G & El Si 1949_M-N
100 280 290 RemIngtonTypewt'r com100 30
35
Electric Bond Share prof 100 09812 100
Union Tank Line Co--100 101 103
X Wmsburgh & Flatbush1st preferred
100 07 98
95 Elizabeth Gas Lt Co
100 325
Vacuum Oil
.• let 4;is July 1941___F-A 02
100 212 218
2c1 preferred
95
Gas.._100
Hudson
Essex
132
&
103
iii08
_J-J
Washington 011
10 *60
Steinway Is,62 1922_
04 Roy
l raelfeBra
190
rckaPowd corn
28
Gas & El Bergen Co.. _100 83
7,2 8
95
0
Waters-Pierce 011
100 3800
100 10612 1074
['
Gr't West Pow 52 19413_ 0.1
Tobacco Stocks
Other Cities.
Safety Car Heat Sc Lt
100 10812 110
Buff St Ity 1st con 52'31F-A 101 103 Hudson County Gas........1' 0 130 131
(See also Stock Exchange List)
Sears,Roebuck&Co--SeeN Y 81k 1 x list
100 38
42
Com'w'ith Pow Ry & L_100 5712 58 Indiana Lighting Co
Amer Cigar corn
100 143 148
e Preferred-See Chic Stk Ex 113 t.
F-A 69
, Preferred
48 1958 opt
7112
Preferred
100 7912 80
100 92
46 Singer Mfg Co
310
101
50
Indianapolis
Gas
, 0 Conn lty & Ltg com
65
Amer Machine & Fdy 100 75
100 63
85 Standard Coupler cora„-33
A-0 89
i. e Preferred
100 65
75. 1st g 53 1952
2438
British-American Tobac-£1 •24
Preferred
111
100
t 0 Detroit United I1y____100 71
Jackson Gas 555 1937.._ A-0 95 1ggNew stock
Stern Bros pref
•24
2438
67
188 12
100
preferred...
. Federal Light & Trac___100 23
0412
Gas
eLaclede
Conley Foil
25
100 270 290 Sulzberger Sc Sons Co pf_100 9234 9334
e
l ilp
;., Preferred
100 73
efe(Ceco W) com-100 160 180 Texas Sc Pacific Coal
70 Madison Gas 63 1926-A-0 100 ioe:" e Ie
rerrd
100 05 100
Narragan *(Prov) El Co- 50 *92 05
100 110 113 e Texas Pacific Land Tr_100 93 10213
( alavana Mee IV L & P 100 83
'44-Q4
122
Apr
124
Os
t , it Preferred
Johnson Tin Foil&Metal 100 170 190 TonopahMin(Nev)-SeePhila Stk E silt
95 Newark Gas
100 94
100 03
95
0 Loan St 581930
MacAndrows & Forbes...100 180 190 Trenton Potteries corn..100
J-J 103 10314 Newark Consol Gas
312 6
New On Rye & Lt com_100 - - 33 No Hud L H & P 52 1938A-0 95 ____ Porto-Rican-Amor Tob_100 215 230
55
Preferred new
100 46
t'. e Preferred
100 60 65 Pacific Gas & E corn......100 4612 4713 Reynolds (14 5)Tobacco-100 255 265 Trow Directory
7is 15
100
100 8634 88
CN Y State Rye com
100 68
Preferred
72
Tobacco Products corn...100 100
130
8
Unitt3d Copper
ss
66 Pat & Pas Gas & Elec.._100 88 ___ _
eNor Ohio Tr & Lt com _100 60
100 85
Preferred
8512
Preferred
9012
8
e United
e pfer
!Pub Serv Corp of N J-See Stk E x list St Joseph Gas bs 1937___J-J 85
CigarAl
ar Alfa corn 100 48
50 e United Dry Goods
12 4
21 95
.9
., 'Jr ctfs 6% perpetual..--- 104 105 Standard Gas & El (Del) 50
_100 102 103
e Preferred
100 101
ed
50 *2912 30
78
80
I *. No ,Li St lit 42 1948 M-N
Preferred
United Cigar Stores com.100 92
9212 U 8 Casualty
100 190 200
Preferred
., Cons , , act of N J.-100 7312 7412 United Electric of N 5100 112
U S Envelope corn
144 150
J-D 81
.1-D 102 103
1st g 42 1949
82
e Weyman-Bruton Co- 10
00
0 214
. • 1st 5s 1933
5 280
Preferred
104
e Preferred
114 120 U S Express-- -- ----1110
, New'k Pass Ry Sc '30_J-J 103 -__ United Gas de Elec Corp _100
6
1 58
0
00
0 15
3
414
19
53
2 _ 32_06
7512
Preferred._ .......100 7
100 230 --__
100 140 150 U S
Young (J 13) Co
. Rapid Tran St Ry
10
ing
100 30
13
100
Utah Securities Corp
A-0 100
4
1st Os 1921
Preferred
35
78
6% notes Sep 15'221%1.1,515 8614 8034 Industrial&Miscellaneous
77
, JO Rob & Pat 4s'49 M-N
let g 5s 1919
95
128
100
2134 2213 e Adams Express
Western Power com
100 85 95
. So J Gas El & Trac-100 123
Con g 55 1929
75
100 62/
1
4 69J-1)
Preferred
ttl-S 0812 9912
Col tr g 43 1947
,'.
74
Gu g 53 1953
23
1
77 t U B Indus Alcohol-__l
83
0 97
j0
1
100 83 92
Alliance Realty
* No Hud Co Ry 551923 J-1 102 104 Western States Gas & Elc Preferred
100 82 /00
let & ref g 55 1941 op-J-D 87
93
IVI-N 95 --\*s
Ext bs 1924
Amer Bank Note corn--50 *42
44
U S Steel CorporationFerry Companies
50 *51
Preferred
Pat Ry con 6s 1931-J-D 110 -52
Col a t 58 Apr 1951 op 1911 ne
N Y & Hit Ferry stock__100 10
18
100 160 170
American Book
2d 63 1914 opt-__A-0 100
Col a f 5s Apr 1951 not opt 113
21
M-N 44
let be 1922
100 134 137 US Tit Gu Sc Indem.-100 -52
American Brass
Republic Ry & Light-100 19
75
75 N Y & Hob be May'413_J-D
American Chicle corn....100 200 203 e VIrginia Iron C Sc C
100 72
1•Preferred
100 45
55
Hob Fy 1st S. 1946 M-N 109
01 1.100012
100 98 10012 e Wells Fargo & Co
Preferred
Tennessee Ry L&P coin-100 1513 1612
3
100 85
87
70 N Y & N J 55 1940
.14 96100
100 68
. Preferred
e American Express
102 107
Westchester Sc Bronx Title
45025
100 2
12 10th & 23d Ste Ferry
55
9
100
30
Am Graphophone cornToledo Tract L & P
Sc Mtge Guar
35
J-D
let
mtge
00
5s
1919
50
100
Preferred
100
i • Preferred
65 :If e Westingh'se Air Brs.ke11_0
2 130
50
0
01•193
16
25
93
14
100 28
31
American lIardware____100 120
i Trent P & 11 53 1943...-J-D 90 100 Union Ferry stock
-- Willys-Overland com-100 66
69
let 511 1920
95
M-N
98
Amer Malting Os 1914-J-D 9934 10034
Preferred
96
tr
100 40
Amer Press Assoc'n
Worthington(11R)Co p1-1001 45 ea 1
45
•Per share. a And accrued dividend. b Basis. k Listed on Stock Exchange but usually inactive. 1 Flat price. me Nominal. a Sale price. ' New stock, a Ex.,
In1bsidiaries. s Ex-div. v Ex-righte. r Includes all new stock divides& and subscriptions. • Lletel on litoOk Exchange but Infrequently dealt In.; rem* of saint
%July, wit. be _found on a preceding pass. A Ex-300% stook dividend
Inactive and Unlisted Securities
-471
g2 11"
198t
100 32
I
BOSTON STOCK EXCHANGE-Stock Record.
514
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Feb. 7
' 09818
10113
*190
• 084
*170
04813
0255
•7
060
Monday,
Feb. 9
Tvesday,
Feb. 10
93% 09814 98% *9514
10118 *10111 10131 10133
190 19012 *186
193
8434 84
8434 84
170 170 *170
- - 4813 4818 48
.0255
0255
4.7
.7
15
15
*60
65
060
65
039 16- ;55"
0163 165 •163
•10534
O10534
•188
0186
•9112 93
12054
0120
*85138612 08513
03
97
93
*1012
*1013 12
' 6213 6212 062
' 7314 7334 73
110 110 0110
1 0- - 165
28
025
. 0162 16214 4.1624
I *8473 8533 03518
•125 130 .125
7312 73
73
93
93
. 445314 54
„ 95% 964
334
334
*2012 21
i 107
:
711
1131.73
•
121 12114
5313
9578
3%
0204
107
113
121
"i6-
;5-9165 *16212
*10534
.186
93
*92
12034 0118
86
88
97
93
12
*1012
6212 62
7312
7234
1135
Wednesday, Thursday,
Feb. 12
Feb. 11
9813
984 .
10138 10114
186
190
8434 8,4
O170
E- 481.1
13
0255
*7
-f
.'60
65
9812
10114
189
8434
49
16.- 40
18312 *162
10612
0186
92
0118
O8578
.97
97
1112 *1013
*62
62
7312 7134
40
164
10612
_
-92 _
8634
98
1113
63
7312
•
1-66-
03
16
-1665
25
2.3
16212 16213
8512 *85
130 *125
73
73
93
93
26 •_.__ 28
16213 •16213 16212
8512
8512 085
130 0125 130
724 7312
73
92
93
93
.5312
9512
0312
*2013
1053.1
11212
120
534 64
54
0411 9513
96
4
4
4
2013 204
21
10613 107
107
112 11212
113
12114 12012 12114
5414
06
4
2112
107
113
1211,
8184 8214 78
8012
8238 -Ai" 82
82
_
65 *65- *65
65
65
s 65
10014 10014
*9914 - - 0100 -- 100 1-66
g
*814
8
8
-6
.
*4
84 814
01534 16
16
16
01534 16
1378 1412
1312 *13
1312 1314 13%
I 013
_ 25412 253 25412
'2551j 25512 255 255 •
147 14712 14714 14734
147 1474 147 143
, 1014 10112 10113 10112 1014 10112 •10133 1014
0313 04
94
94
934 9312 93% 94
9234 93
03
93
93
93
93
93
216 21(3 *21514 217 O21518 217 021513 21673
• 0213 314
3
3
*234
314
37
40
38 .
38
40
40
*37
t *37
.06812 71
70
06813 71
70
30 O25
*(1925
25
25
25
30
j 0.05
*6713 70
6713 68 •6713 70
*63140 140
- 140 14012 140 140
1 1404 11012
155 155 15513 15512 15514 150 155 155
1813 184 1812 1812 01814 ___
018
107 10738
107 10712 107 107
107 107
*2812 2912 2814 2814 28 28 23 28
28
2313 2812 28
29
k: 2813 284 O28
15, •133
1.34
178 •15, 178 *IA
•123
17112 17212
170 171
17012 17012 170 171
5614 5478 56
1.• 6613 6612 564 5612 56
20
2312 2834 2813 2812
28
2814 023
6534 65% 6618
65
654 6538 6512 60
*11014 111
111 11114 10073 11012 110 11038
la it,
i
i.„
Friday,
Feb. 13
Sales of
the
1Veek.
Shares.
Last Sale 98% Feb'14
.101
187 187
LIN84
84
COLN'S
170 170
BIRTH49
48
DAY
Last Sale 255 Jan'14
712 712
Jan'14
Last Sale 60
Last Sale 612 Nov'13
41
040
Last Sale 163 Feb'14
10612 1064
Last Sale 200 Jan'14
12533 1-2-63-8
085% 8612
97
9712
Feb'14
Last Sale 12
63
63
7114 7214
0109 113
16413 165
•____ 28
0163 16314
Jan'14
Last Sale 8.5
Last Sale 130 Feb'14
7134 73
91% 92
5513 5513
9434 9512
21
21
107 107
11314 11234
121 12112
Last Sale 1514 Dee'13
78
77
66
67
100 100
•88,8 9
*1534 16
14%
•14
254 25412
14713 14734
10133 10112
0378 04
93
92
216 216
3
3
-ig O6712__
140 1-4-0
15513 15612
1813 1813
107 10713
23
28
O28
2812
Last Sale 1% Feb'14
172 173
5514 5612
284 2812
6614 6653
11014 11034
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Atch Top & Santa Fe_100
100
Do pref
50
100
128 Boston & Albany
100
138 Boston Elevated
100
4 Boston & Lowell
100
445 Boston & Maine
Boston & Providence_100
10 Boston Suburban El Cos_
Doprof
Boston & Wore Elec O'8_
45Do pre
Chic June Ity & USY_100
Do pref
27
Connecticut River___100
10 Fitchburg prof__ _100
35 Ga By & Elec stmpd_100
100
Do pref
10
100
157 Maine Central
100
Mass Electric Cos
Do pref stamped _100
166
2,055 NYNH& Hartford_100
4 Northern N H
100
100
10 Old Colony
65 Rutland, pref
100
100
10 Union Pacific
Do pref
100
Vermont & Mass____100
61 West End St
50
Do pref
128
60
Miscellaneous
655 Amer Agricul Chem_100
__100
Do pref
630
60
341 Amer Pneu Service
50
Do pref
150
100
475 Amer Sugar Refin
100
Do pref
219
2,604 Amer Teiep & Teleg_100
American Woolen_ _100
100
Do prof
1,147
40 Amoskeag Manufacturing
Do prof
35
37 Atl Gulf &WISS L_100
100
Do prof
22
10
1,185 East Boston Land
100
499 Edison Elea illum
100
448 General Electric
112 McElwain(WH)lst pf 100
1,326 NI assachusettsGasCos100
100
Do pref
692
14 Morgenthaler Lino__ _100
10
255 Mexican Telephone
60 Mississippi Riv Pow_100
100
prof
Do
10
100
10 N F. Cotton Yarn
100
Do pref
20
100
222 N B Telephone
100
194 Pullman Co
120 lteeco Button-Hole- 10
100
182 Swift & Co
25
40 Torrington
25
Do pref
15
Union Copper L & M 25
100
771 United Fruit
2,363 Un Shoo Mach Corp.. 25
25
Do pref
273
100
forp
eireC
Step
So
3U D
83
7.90
100
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
963
973
186
83
155
43
250
Jan
Jan
Feb
Jan
Jan
Jan
Jan
712 Feb
60 Jan
Highest.
15
15
11
26
2
5
5
13
19
9978 Jan 26
10138 Feb 10
195 Jan 5
9112Jan 16
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
37 Jan 5
163 Jan 15
10433 Jan 5
135 Jan 10
80 Jan 10
12038 Feb 13
83 Jan 3
90%Jan
12 Feb 4
62 Jan 30
7I Feb 13
105 Jan 17
152 Jan 10
25 Jan 27
1563 Jan 9
85 Jan 5
115 Jan 0
6812Jan 3
8712Jan 8
40 Jan 26
163 Jan 15
10612 Feb 11
200 Jan 24
93 Jan 28
12034 Feb 9
86 Feb 10
98 Feb 7
14 Jan 23
6012Jan 24
7773 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16334Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
93 Feb 6
471 Jan
01 Jan
212Jan
17 Jan
103 Jan
111 Jan
11713Jan
2 57 Jan 22
3 0712 Jan 23
4 Jan 31
27
2 22 Jan 31
8 11014Jan 2
19 114 Jan 29
3 124 Jan 24
76 Jan 3
60 Jan 21
9813 Jan 10
8 Jan 5
15 Jan 5
10 Jan 20
248 Jan 3
13912Jan 3
9912Jan 2
8912Ja.n 2
00 Jan 3
21114Jan 3
3 Jan 28
3112Jan 8
6713Jan 10
25 Jan 10
674 Feb 9
133 Jan 3
151 Jan 7
16 Jan 7
10412Ja.n 3
28 Jan 3
2712Jan 7
1 Jan 19
4/,
16213Jan 3
5354 Feb 2
28 Jan 9
5712Jan 3
10573 Jan 5
83 Jan 26
87 Feb 13
10014 Feb 11
0 Jan 23
1634Jan 16
1412Feb 11
259 Jan 20
1481$ Fob 3
102 Jan 23
94 Feb 9
931s Jan 80
216 Feb 3
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1834Jan 22
10713 Feb 5
29 Jan 10
2913 Jan 20
2 Feb 4
173 Feb 13
5734Jan 8
29 Jan 23
6714Jan 31
11238Jan 20
Range for Previous
Year 1913.
Lowest,
0113 Oct
05% J'IY
183 Dec
82 Nov
150 Dee
35 Dec
23812 Dec
7 Sep
5712 J'ne
5 Feb
3612 Dec
162 Sep
10112 J'ne
200 J'iy
63 Dec
s115 Aug
8212 J'iy
91 Dec
1012 Dec
63 Dec
6534 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
8018 J'ne
105 Dec
674 Dec
85 J'iy
41 Sep
8912 Dec
212 J'ne
16 Nov
9913 Dec
10818 Dec
11014 Dec
154 Dec
74 May
59 May
92% J'iy
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
30 Nov
70 Dec
17 Apr
63% Apr
127 Dec
149 Dec
1,112 Apr
101 J'ne
26 Sep
26 Sep
33 J'ne
147 J'ne
4112 J'ne
2038 J'ne
50 J'ne
10212 J'ne
MinIng
1 May
2 Jan 22
112Jan 2
25
150 Adventure Con
1% 134
181 I%
134 184
•1114 173 0134 • 2
23 270 Jan 7 290 Jan 14 230 Nov
Alimeeic
0
0290
300
300
0285
290
300
235
0290
,*290 300
4 J'ne
to83
22
23%Jan
3
2Q13
10
Jan
Alaska
Gold
223
830
4
4
223
8
225
2273
2234 2234
112 2278 2278
3 21
1114
,.2
134Jan 20 .16 May
25
1 Jan 21
188
190 Algomah Alining
112 11
114
112
113 *114
•114
2913 J'Ile
25 3412Jan 8 4112 Feb 4
• 4012 4112
395 Allouez
4034 4034
4013 41
40
40
40
40
62 J'ne
4,200 Amalgamated Copper 100 71 Jan 9 7814 Feb 4
77
77
764 77
7614 7614 7714 7614 765
70
1514 Deo
1812Jan 2 21%Jan 30
20
204
650 Am Zinc Lead & Sm. 25
2014 *2014 2012 2033 208
20
20
20
214 J'ne
5%Jan 31
4 Jan 10
5
880 Arizona Commercial_ 5
5
/4 .5 1A
51
4% 5
513 518
5
6
114 J'12
418
Feb
2
3
312Jan
10
Cop
Bute-Balaklava
378
645
8
4
7
3
4
/,
41
4
44
418 *4
*4
Joe
3714
Feb
3
1814
13
10
(Ltd)
3112Jan
Cop
Sup
3614 374 8,926 Butte&
3512 3534 364 357 3614 3614 3612
85
5612 J'ne
10 6212Jan 10 6934Feb 4
6812 1,854 Calumet & Arizona
63
6812
6734 6834 6814 6813 63
6712 68
460 Feb 13 388 Deo
9
Jan
25
Hada
&
410
Calumet
50
460
455
455
455
450 457
44914 450
444 444
10 J'ne
25
14 Jan 9 19 Feb 4
110 Centennial
18
13
18
017
18
13
18
18
18
18
3014 J'ne
5 33 Jan 9 4312 Feb 4
498 Chino Copper
43
4314
43
, 4233 4212 4234 433 4234 4318 43
4034 Feb 4
Dec
32
8
Jan
100
Co
Con
7
Copperltange
36
4
300
393
3912
3914
3912 39
3912 3912 3914 3914 3914
3 Feb 6
2 Sep
20
213 Jan 6
Daly-West
Feb'14
Last Sale 3
.213 3
*213 3
*213 3
*213 3
914 J'ne
Jan 6 13 Jan 26
10
Min.,
Cop
Butte
East
1034
1212
795
1212
1214
1214
1212
1214
121
1214
1212
124
C.
4!3 Fob 4
212 Dec
25
213Jan 8
413 412
780 Franklin
44 418
O41/, 414
414
4
.1 tilt 412
51 Joe
2,280 Granby Consolidated_100 7312 Jan 9 91 Feb 4
8313 89
8878
8834 83
87
891
83
8713 89
2758 Oct
3 4238 Feb 4
Jan
2934
100
Greeno-Cananea
537
41
3934
41
4
393
41
41
4112
4112 41
; 41
12 Nov
10 Jan 8 22 Feb 4
45 Hancock Consolidated 25
21
21
21
2013 2012 2013 2012 0.20
27% Jan
10 29 Jan 21 29 Jan 21
Hedley Gold
Jan'14
29
Last Sale 29
28
2812
2812
14 May
la Jan 8
25
.35 Jan 20
.43 .50 1,300 Helvetia Copper
.35 .40 *- .-4-0 .40
•:40 .60 •.40 .50
•„_I.:
3 Oct
6 Jan 26
25
4l Jan 10
51$ 531
185 Indiana Mining
534
534
• •514 512 $14 512 *513 6
J'ne
4414
21
4958Jan
1 47 Jan 12
Island Creek Coal
Last Sale 43 Feb'14
*4712 4812 *4713 4812 *4713 4812 *4714 4712
79 J'iy
1
84 Jan 14 87 Jan 22
Do pref
26
86
86
8613 8612 8534 8534 08578 8614 8634 8634
16 J'ne
4
Feb
24
4812Jan
3
25
Copper
Isle
Royale
720
2214
2213
2354 2334 224 2212
23
1 2213 2212 23
2% Jan
20
I
412Jan 5 5/4Jan
5
515 Kerr Lake
4% 4%
434 478
4% 47
434 47.s
, 431 478
1 Aug
412 Feb 13
25
2I Jan 10
412 6,562 Keweenaw Copper
4
3% 3%
312 43f,
312 312
313 3%
5 Nov
16
Jan
3
1033
25
Jan
Co
Copper
7
912
Lake
9
cos
91,
795
0
8%
912
09
91.t 934
J'ne
314
20
Jan
6
25
418Jan 2
47
5
625 La Salle Copper
*4% 514
*434 41
434 431
434 478
313 Nov
4 Jan 16
333 Jan 15
37
.31,
10 Mason Valley Mines_ 5
*314 3%
0313 37
334
313 312 *314
134 Nov
5
314Feb
•8
4
2!
25
5
Jan
Consol
Mass
150
814
3
3
3
*3
313
3
318 318
6 Noy
9 Jan 28
614 Jan 9
25
195 Mayflower
813 812 08
814 81
812
83
' 83
813 812
204 J'ne
5 2134 Jan 5 24 Jan 26
45 Miami Copper
23% 2338
2314
2314 232 2312 2318 2312 023
, 023
12 Dec
2
Feb
14
25
27
Jan
1
Michigan
118
Sale
Feb'14
Last
412 *114
112 *1
, .1
114
112 014
33 Nov
25 42 Jan 8 46 Jan 23
45
580 Mohawk
4514
445
4518 45
4512 45
45
45
*44
13 J'ne
1658 Feb 4
1484
8
5
Jan
Consolidated..
Nevada
•16
1012
108
1633
1612
1614
*164
1612
164
163
' 1613
12 J'ne
413 Feb 10
17s Jan 14
4
4,710 New Arcadian Copper 25
37
33
33
418 44
414
313 412
378
714 Nov
84Jan 22
5
614 Ft b 9
633 612 8,830 Nipissing Mines
658
63
64 838
4 65
61
614 64
2134 J'ne
15 2714 Jan 5 8034 Feb 4
3014 3012 3,337 North Butte
297 3018 301 t 3014
2934 2978 29,8 3011
25
238 Feb 4 .99 May
134Jan 6
238 238
200 North Lake
238
238 , 238
, 02
213 212 •2
212
12 J'ne
2 Jan 23
25
.90Jan 14
0113 2
, •112
145 Oilbway Mining
134 .112
1.34
112 184
181 •14
3 Apr
25
1 4Jan 23
35s Jan 3 5 /
47
.481 5
235 Old Colony
413 418
478
5
5
*484 5
J'ne
4131
4
Feb
54
5
Jan
50
25
5213
Co
53
Dominion
Old
215
5213 5212
53
52
53
, 5214 5212 53
6714 Deo
25 73 Jan 14 84 Feb 4
8212 8213
95 0,eola
82
8212 *81
82
8234 82
8113 82
2013 Jan 22
15 J'ne
10
3
Jan
1854
19
Coal
Creek
Pond
825
1914
19
194
187
194
19
19
1914
19
5214 Dec
_
25 60 Jan 3 68 Feb 5
41 Quincy
6612
6718 66
67
661
66
65
65
1514 Jon
10 1753 Jan 10 2018 Feb 5
2013 2013
- *6613700 Ray Consol Copper
2018 204 au,
20
. 20
1978 204 20
30 Nov
4
Feb
36
33
3
Jan
25
Land..
Min
82
86
Nfary's
25
St
37
_
*36
_
_
37
37
4
0363
37
• 87
214
1 J'ne
27
21
Jan
218
10
7
Cop_
&
112Jan
Gold
Fe
Santa
21$
780
218
218
2
*173 2
218
6 Deo
10
738 7% 1,565 Shannon
72
61s Jan 8 77te Feb 11
7
6% 7
078 7
673 6%
21 Feb
10 2612Jan 8 2934 Feb 4
465 Shattuck-At izona_
.2834 2878 2834 2834
2834 2834 2834 29
-0.-2-0 .25
.23 Feb 9 .16 Aug
.20Jan 3
700 South Utah M & S.__ 5
.20 .23 O.15 .20 0.20 .25
•.20 .30
21 Nov
25 2578 Jan 3 3112 Feb 5
30
755 Superior
80%
3038 3078 3012 305 *2912 3014
30
30
0/,Jan
218
218
10
2%
Jan 23
Cop
10
561
Jan
&
Superior
Boston
2's
212
218
214
214
213
214
214 24
J'ne
21
13
25
Feb
40
3813
1,832
2812Jan
40
Tamarack
39
37
37
3813 3153 384 381
036
3 May
25
612Jan 23
414 Jan 7
413 413
120 Trinity
412 41, *413 6
413 412
0413 478
.50 Dec
31
1
.80,Jan
_
_
Copper_
.55
0.76
.
5
Jan
.80
Tuolumne
.80
0.75
.
.80
•.75
.80
.75 .75 0.75
34 J'ne
42
42
616 U i Smelt Ref & Min.. 50 3358Jan 14 4312 Feb 4
425
4213 4212 4214 4212 4214 4212 42
454 J'ly
50 4612Jan 9 48% Feb 6
48% 4834
Do pref
866
4834 4834 4834 4334 4812 4833 438 483
112 May
23 Feb 5
2% 1,35 Utah-Apex Mining.- 5
02
134 Jan 27
238
2% 2% 02
4 212
21
213 212
714 may
13
Feb
884
5
14
Jan
Consolidated__
1313
6
14
Utah
7,725
124 1338
1014 1038
104 1018
1034 12
40 J'ne
5618 5618
10 4912Jan 10 564 Feb 13
235 Utah Copper Co
5512 5513 554
*55
55
5438 5433 55
134Jan 26 .90 J'ne
113
25
113Jan 9
720 Victoria
112
112
112
96
113 1/
112
113
133 112
34 Sep
413 Jan 30
37/1 3%
1,225 Winona
212Jan 8
4
4
4
4
4
4
373 3%
894 Nov
474Jan 21
46
82 Wolverine
25 44 Jan
4614
4612 4612 *4613 47
04612 47
483
483
•1
114 Jan 24 .40 J'ne
s
150 Wyandott
25
114
81Jan 22
118
1'A 3'(
114 •1
•1
..1.31,1 anl sakod Drices. •Aiuessment Paid. 6 at-stoolt dividend. A Ex-r ghts. a Ex-dividend and rights. a Unstanined. •ad Daid., 40111411 0314._
1.
Highest.
Feb
8 ja
64
1818
1
215 Jan
11414 Jan
512 .at)
165
6
20
t
Jan
97 Jan
290 Jan
Oct
714 Mch
45 Jan
160 Feb
107 Men
260 Jan
122 Feb
126 Feb
88 Sep
110 Meh
1938 Feb
79 Feb
Jan
13
b
Feb
1781k
1k F
febh'
Ae
1624 Jan ,
0013 Jan
150 Feb
814 Feb
n
1909014
1373
57 Jan
Jan
Jan
b,
11
2
brg
n
aeupn
FAAa
22 J
011112
0
1135
4
192
83% Sep
0518 jj
12
107
Aaaunng
2881k Jan
Jan
11084584
3A
5:8
98
bb '
FfeclI
220 Sc ,
4114 Sep
013 Dea
70
1
Apr.
9112Jan
160 Jan
18
18
0
54 jS
8
idacepun
2812 Jan
2814 Jan.2
182 Jan
5534 Feb'
68013J
2
b
F:ri
111 Jan'
232
,
3
401:i j
2
6
jJOa
j
t
n
ti
acll
38 Se
321
80
Fe
512 Sep
6
Oct
45 Jan
7312 Jan
555 Jan
13 Jan
44
Jan
713 j
n
63 Jan
p
n
J aeri
4 jszt
80 13
151
7
3512 Aug
35 J
2
AI% I
17s4 L
an
ni 1
69 Jan
4
83.731's
Ksa jj
Naaonny:
3% J
213
Faen
b
505 JTa
15511114:2
aan
nu il
'
2013 Jan
2 j
65
Aapag
1934 Jan'
212 Jan :
41i‘
39
Ja
eb
ln
2% Jan 1
14
3,
568
s jj
Jaa
an
:
3
19
3510
:j
8:4
jAa
J
u
,
ai
22 Jan
46 Jan
31
Sep
.43,405%4 Jan,JFaerb 1
6 j
33
Jan
an
3% jan
43Jan
14
12
60
1.
ISael:
Jan
60 Jan
2 Jaz*
Cs Jaw
16 Jag
515
Boston Bond Record
FEB. 14 1914.]
,
BONDSs1 •
S..•'
.g
u
s- t
EXCHANGE '
Ending Feb. 13
.s. a.
cisOSTON STOCK
Week
;
Price
Friday
Feb. 13
Week's
Range or
Last Sale
Range
Since
Jan. 1
17-?.
gr2
'
t 5
Price
BONDS
BOSTON STOCK EXCHANGE t) a
t
Fridate
-.cis
Feb. 13
Week Ending Feb. 13
Week's
Ranse or
Last Sale
Range
Since
Jan.1
11 igh NO Low 1104
Bta
Ask Low
Hie No. Low Mgt
Ask Low
104
,-,
A .
/. ssgrccul
General Motors 1st 5-yr 6s_1915 A-0 1001410058 9938 Apr '13
sshem 1st Is___1028 A-0
__ 9934 Apr '13
i ALM
12 9434 -gf1;
97
9634 Sale 0634
; 89 (it Nor C B & Q colt tr 4s_1921 J -J
897s 133 847
.Am Telep & Tel -oil tr 4s__1929 J -J -g91-2 -ale 8914
0458 95111
eels__ 8,512Jan '11
Registered 4s
11)21 Q-J
__ _ _
_ 1033s Alch'13.
Convertible 4s
1936 M- S _
Houston
Elec
5s_1925
---F-A
es%
1st
s
f
gen
12
9758
05
991s
20-year cony 43s
1933
__ _ 117 APi-15;
1917 A-0
_ 8278 Oct '13 —__ __ _ _ la Falls & Sioux C is'. 7s
_
sAns Writ Paper 1st s f Os g 1919 J -J
- _92 Feb 13 2
1U1S M-N --_- --_:_. 10312Jan 14 ____ 100 104 Kan (2 Clin & Spr 1st 5s_1925 A-0 _ _-_ _ -90 110
1, Am Zinc L & S deb es
Feb '14
l085s 110
4 -06 95'8 Feb '14 ____ 9318 051 Kan C Ft Scott & Mem 6s 1928 1111-N 11012111 '
;Abell Top & 8 Fe gen is 0-1995 A-0 -951
____ 7638 Jan '13
8538 853 K Out S & M Ity ref 48 gu_1936 A-0
8538Jan '14_"_
Adjustment g 4s-___July 1905 Nov ____
85 85
Feb '14
85
___
Kan
C
M
&J3
85
___
gen
4s
1934
M-S
13
Aug
8414
Stamped
July 1995 M-N
Assented income 5s
047-8 047-1
1934 M-S ___ _ 80 78 Nov'13
50-year cony 4s
1955 J-1) --------948 Jan '14___ ____
0634 O65
____ Nan C & M By & Br 1st 5s_1929 A-0 96 100 0624 Jan '14
10014 Dec '13 ____
1917 J-1)
10-year cony 5s
_ 115 .I'ne'08
9 6312 68 Marq Hough & Ont 1st es_1025 A-0 _ _ _ _
6712
6712 Sale 6712
, AO Gul & W 1 SC Lines lss_1051) J -J
-6E14 "96
96
Mass Gas 4 Hs
04 8
057-8 96 957
1929 J -J
___ ____ 50 May'13. _
. Boa & Corb 1st cony a f es 1923 M-N
04
2 93 95
Debsn 4 .6s
Dec 1931 J -3 94 Sale
1935 M-N ---------8312 Jan '14 ____ 8313 831f Mich
,1 Boston Elev 3 -yr g 4s
82
g'
5
11
3
Au
Telephone
........
____
97
85
1st
5s
1917
J
-J
9912
-Meh'00
0014
__
9758
1016 J -J
' Boston & Lowe.I 4s
81 "85-3;
River Power 1st 5s_ 1951 J-J
85 Sale
1944 J -J ____ ____ 1041,Oct 'Ils __ ____ ____ Miss
. Boston & Maine 4 Sis
84 8912 Dec'13 -. New .Eng Cotton Yarn 5s_1020 F-A
'Feb '12
Plain 4s
1942 F-A ----------05_
ior
166
New
Eng
101.1s
____
100
Jan
'14
.
1
Teieph
5s
1915
101
A-0
100
101
01
1
101
Bur & MO Rh,cons Os
1018 J -J
10158 29 10018 10134
5s
1032 A-0 9934 -- 1013s
1051 J-1) ____
Butte El & Pow let 5s
80 Jan '14
79 80
__ ...__ 104143'ne'13 ____ _ _____ New River (The) cony 5s 1034 J -J ____
.Cedar Bap & Mo Itiv let 7s 1916 M-N
687s 75
75 Jan '14
1 82 85 N Y N Ii & H con deb 3 Hs_1956 J -J
Cent Vermt 1st g 4s___Alay 1920 Q-F 85 ____ 85 Oot85
____ 117 Feb '14
1948 J-3
117 117
Cony deb 6s
'07 --- ____ ___
0 B & Q Iowa Div 1st 53_1919 A-0 --------1103
10958 Jan '14
1095s 1095s
1922 F-A
1919 A-0 --------08 May'13 ____ ____ ____ Oreg Sh Line 1st g Os
Iowa Div 1st 43
1061210 10534 10712
Pond Creek Coal 1st Os ,, 1923 J -D 1061-2 Sale 106
1022 F-A 9714 -___ 9814 Nov '13
Denver Exton 4s
88 Jan '14
88 88
95's Jan '14 ____ 9514 053, Puget Sd Elec By 1st 5s__.._1932 F-A
1027 M-N
Nebraska Eaten 4s
---_ 103 Jan '11
1910 J -J 1921 M-S ----- ___ 9812 Dec '12 ___ ____ ____ Repub Valley 1st s f 6s
13 asSIVsf4s
c
10
70
014
2F
Deb
Savannah Elec 1st cons 58_1952 J -J
J'iy
'13
---_
83
____
-J
J
1940
Illinois Div 3 Hs
idO lOOli
1930 F-A 10014 ---7 98371 1001.; Seattle Elec 1st g 5s
10014
'Chic Jct By & Stk Yds 5s1915 J -J 10014 Sale 9934
92 9314
1919 M-N 04 95 9314Jan '14
Shannon-Ariz 1st Gs g
84
83 ___ 83
Coll trust refunding g 4s_1949 A-0 --------107
07 Apr '07
1929
g
5s
J-J
---__
--------Terre
Haute
Elec
___
--J'ne'13
.1
-J
1920
6s
Dub))
Oh alliw & "•"
1918 NI-S ___ ---- 10084 Nich'13
____ 11358Feb '11 ____ ____ ____ Torrington 1st g 5s
---Oh M Ss St P W is V div es_1920 J -J -___
Nov :1
3
0514 J,ly13
Union Pac BR & Id gr g sis_1947 J-J --- 00
1931 M-N 81 84 80 Dec '13
---- ---Qh Sc No Mich 1st go 5s
1927 J -J ---- --20-year cony 4s
01 91
1921 J -b 91 94 01 Jan '14
Chic & W Mich gen 6s
-4
-5i5s
-55
1
9534
-5
9512
Hs
1923
J
Fruit
gen
s
f
4
-J
9512—
1920 J-1) ___ ____ 9712 Sep '11 ____ ____ ____ United
:Concord & Mont cons 4s
0514
9 02 9514
0514 Sae 95
1925 J - J
1940 A-005 Mch '13 ------------Debenture 4 Hs
Copper Range 1st 5s
4
10078
10234
10234
10234
10214
103
--10014
NI-N
_
Aug
Steel
Co
10-60-yr
58
Apr1063
M-N
___
1924
----'12
__
_.
U
S
lstg
5(The)
'Cudahy Pack
9.4 981s
00188 Jan'
001742
1915 F-A -_- - - 0S7
1926 A-0 78 79 92 J'ly '13.------ ---- West End Street By 4s
,Current River let 5s
11 997s 997s
1914 M - S 997-8 Sale
Gold 43-s
78 78
1 Det Or Rap & W 1st 4s___ _1046 A-0 0812 0912 78 Jan '14 __
'14
0858 985s
8Jan
985
M-N
1040
____
____
9912
1916
M-N
-5s
0012
1
4s
1st
s
f
Gold
debenture
'3
Dominion Coal
1917 F-A --_ - - - -- 91333 Nov'13
Gold 4s
1927 NI-S
05 Oct '12 ---- ---.. ---_
Fitchburg 4s
9814 16 -6i171 _1/63-8
Teleph & Tel 5s
1032 J-3 9734 Sale 0734
Western
122 Feb '13
Fremt Elk & Mo V let 6s_1033 A-0 119
1033 A-0 ---- ---- 122 Moll'12 ------------ Wisconsin Cent 1st gen 4s 1940 J -J
---- 9358 Feb '12
Unstainped let Os
NOTE.—Buyer pays accrued Interest in addition to the purehass prise for an Boston bends. s No price Friday: latest bid and asked. II Flat prises.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NOT PER CENTUIll PRICES
Saturday
Feb. 7
Hondas
Feb. 0
105 105 .103
.3110 112 .110
1712 1712 1712
59
0/334 ;21
5512
(05412._
s'S 2512 -2-558 251s
IVednesday
Feb. 11
Tuesday
Feb. 10
104
_ •110
-1-7-12 .17
50 *-117
*2034
-5E12 *5434
2512 2515s
105
104 •10314
112 s110
1753
18
5912 59
11712
117
- — *21
-___ *55
255s 2512
Thursday
Feb. 12
104 *10213
112 •110
181s 1838
59
59
118
2112 ;2IT4
___
*5454
2512 2513
Friday
Feb. 13
104 104
*110 112
1812 1818 1814
5912 *5812 5912
.11734 - 2217
5614
2512 251, 2512
104
[
T;56" 303* -56.33 392
19-4 -55" "39
4078 4073 4078 5034 501s 5012
60
L-5°
751- 541
C,...152i414
413s 4134 4183 4214
8014 8134
80
8
797
.1
01214 1234 1213 1278
2212 2278
142212 23
8412
a'84518 843* *84
vs 761s 7612 7834 76,f6
20
20
..).20
20
*3312 34
1', 03334 34
s.136/
1 656Sfe I6'4, 5638
V_ 4512 4534 4512 4534
2634 2634 2678 2678
181s 1818 1812 1812
84
8311 831s 84
7-j,
si 7
71,S,
7
S 41614 4614 4614 4614
8514 8514 8514 8514
S.
-6:1 'Ws
41
4212
8034 82
1234 1234
2234 2234
8412 8412
74% 7512
*20
2014
.3312 34
56 56'A
453s 453s
2634 2678
*1838 1812
833s 8334
7
7
4614 4612
8514 8514
PHILADELPHIA
---Inactivo Stocks
Amer Gas of N J
10
'American Milling
100
Amer Bye pref
50
Cambria Iron
Central Coal & Coke-100
100
Preferred
100
Consol Trac of N J
100
Harwood Electric
60
nuntington & B T
60
Preferred
10
Insurance Co of N A
Inter Sm Pow & Chem 50
Kentucky Securities 100
Keystone Telep, pref.. 50
Keystone Watch Caso 100
Lit Brothers
10
50
Little Eichuyllsill
MInehill S: Schuyl IL_ 50
Nat Gas Elec Lt & P-101
Preferred ..,
100
North Pennsylvania— 50
Pennsy receipts 830 paidPennsylvania Balt
50
100
Pennsylvania Steel
100
Preferred
Philo. Co(Pitts) 5% prf GO
8% cumulativepref 50
Phila German Sic Norris 50
60
Philo, Traction
10
Railways General
Tonopah Belmont Dov 1
United Cos of N J_ _100
United Trac Pitts prof 60
Virginia Ity & Power_100
100
Preferred
Warwick Iron Ss Steel- 10
100
Washington-Vs ity
100
Preferred
100
,Welsbach Co
Nest Jersey & Sea 811.. 60
50
estmoreland Coal
100
tikes Gas & Elec
60
ilrork Railway
50
, Preferred
;
Bid
Ask
50
5034
*114 1134
55
55
413s 4134
z801s 8018
*1212 123.1
2212
22
8414 8414
7515s 7534
20
20
3334 8834
661
/
656 ,T1/4
4454 4434
2634 2678
*1814 1834
83% 84
7
7
46
46
85
8518
PHILADELPHIA
Bid
125
1,380
110
279
10
830
Ask
VA
Range Since Jan. 1
Lowest
Highest
Range for Previous
Year (1913)
LQicest
Baltimore
Con Gas El L & Pow_100 10312 Jan 22 108 Jan 26 101 J'ne
100 109 Jan 3 112 Feb 3 101 J'ne
pref
Do
1312 Jan 3 1912 Feb 2 1212 Dec
100
Houston Oil tr ctfs
prof tr ctfs_100
56'z Jan 7 60 Jan 19 5612 J'ly
Do
Northern Central
50 115 Jan 22 120 Jan 2 10612 Dec
1734 Jan 6 22 Feb 5 1412 J'ne
100
Seaboard Air Line
46 Jan 2 5515 Feb 9 4112 J'ly
100
Do
prof
2415 Jan 7 2614 Jan 29 23 Jan
United By & Electric_ 50
Philadelphia
50
American Cement
50
100 American Railways
50
8,855 Cambria Steel
Electric Co of America 10
1,182 Elee Storage Battery_100
100
7,920 Gen Asphalt
pref
100
Do
2,866
635 Keystone Telephone_ 50
378 Lake Superior Corp 100
50
82 Leh C & Nay tr ctfs
50
897 Lehigh Valley
859 Lehigh Valley Transit 50
50
pref
Do
43
50
1,875 Pennsylvania BB
50
1,025 Philadol Co (Pittsb)
2,214 Philadelphia Electil_ 25
50
819 Phila. It T vet tr ctfs
50
•
1,179 Reading
1
1,894 Tonopah Alining
50
131 Union Traction
60
851 United Gas Impt
Bonds
Prices are all "and
102 _ - - interest"
'a 1
1003.1101h Alt Ss L V Bloc 43-68'33F-A _
_
4312 44 Am Gas & Ries Os '07_15-A 8ifs -MY
__ __ Am Ilya Gs 1917_---A-0
_
___ _ ____ Atl C Oise 1st a f 513 '60 J-J __ _ _
-EISrow 1609'21 J-J __. 1564
___ ___ Borps
_ Bet,nleh LI'd Os 1008_Q-11' 11612 ___
___ .._ Ca Ok & G gen 55 1010 J-J 9934 9978
. Con Trac of N J let Os '33 ___ ___
--. .
2212 223* Del Co ltys tr ctfs 45'49J-J ____ ____
Bloc
5s
Edison
1040__A-0
__
____ __
Elee & Peoples Tr tr Ws_ ii1-4 -85
__ _ __
_ ___
5712 58 Fr Tee & II let 5$ '40_J-J _
Asphalt
5s
1916-M-8
0-i12 _ _
---- ___ Glen
- _ -- ---- Hans Elec 1st Gs 1042 M-S 10112 16114
._ ____ Interstate 4s 1943___F-A 60 6014
____
_
_ Kentucky Tra&T 58'51F-A
_
_ _ Keystone Tel 5s 1935__J-J 0012 11614
8
-- Lake 13up Corp Inc 58'24 0 71 '72
80
- — _--_ Lehigh Nav 4 Hs '14-Q-J ___ __
0 g 1924_Q-F ____ ___
Gen M 43,
---108 10812 Leh V C let 5$ g 1933...1-J 10512 1003-s
_ .
Leh V ext 45 1st 1048_J-D ____
66
Consol 13s 1023_ _J-I) III _-4113 4212
Consol 4s 1923_3'4) 101 102
J-D 139 13912
4512 40
Annuity Os
____ __
Gen cons 4s 2003__M-N 9134 9212
8314 8334 Leh V 'Fran con 4s '35 J-D _--__
834 -- _. 1st series A 48 1935-M-B -- - __
8
818
1st series B 15s 1935 M-8 10234 103
— --__ MarketStEl let 48'55M-N __ ____
—_
_ NatLH&P ser13 55 '19 J-J —........
---- -- New Con Gas Os 1948-J-D _____
N Y Ph & No let 45'39 .I-J_
— -.... ---_
Income 4s 1939---MsN ---- ---_
__ _ _ ___ Penn Steel 1st 5s '17-M-N___
___
People's Tr tr ctfs 4s_1043 861-2 -87
_—
--- ..... 1)Co lst&coll tr 58.40M-S 0973 10014
_ __ ____
Con & coll tr 5s'51 M-N 8814 8812
6-1 ____ Phil Rice gold tr ctts-A-0 102 103
. _ .. _
Trust ctfs 4s 1949__J-J 82 8212
1012 11 P & E gen M Sac '20_A-0 ---_ 104
3412
Gen M 48 g 1920
34
A-0
- _
15.131a and mamas no antes on
5412542
4114
4.184
8158 8134
.1212 1234
EX2228 2234 CHANGE
.84
8412 CLOSED
75
7578
2013 2018
3312 8334
56
56%
4514 4514
2634 2678
•1814 1813
*8354 8334
6%7
*46
4612
8515 8514
554 ---3O38
Sales
ACTIVE STOCKS
of the
(For Bonds and Inactive
IVeek
Stocks see below)
Shares.
3734 Jan 5
4734 Jan 0
11 Jan 15
4612 Jan 5
3(l' Jan 9
743 Jan5
11 Jan 3
21 Jan
8318 Jan 3
7433 Jan 3
1812 Jan 3
30's Jan 3
543 Jan 3
89 Jan 6
2578 Jan 6
18 Jan 23
8338 Feb 10
6s Jan 6
45 Jan 3
8234 Jan 5
2 Feb
8938 Jan 28 37 J'ne
5134 Jan 21 41 J ne
1114 Jan 27 1114 J'ly
5512 Feb 2 4212 J'ne
4212 Feb 10 33 J'ne
82 Feb 10 7038 J'ne
034 J'ne
1312 Jan 15
2314 Jan 31 21 Dec
8434 Jan 22 81 J'ne
7813 Jan 24 7058 J'ne
205s Feb 4 1534 Jan
34 Jan 29 2912 J'ne
5734 Jan 31 531
/4 Dec
4634 Feb 6 37 J'ne
2713 Feb 4 12012 J'ne
2018 Jan 15 18 Nov
861s Jan 23 7553 J'ne
4' Jay
712 Jan 14
47 Jan 15 4134 Nov
BO Jan 28 8034 J'ne
BALTIMORE
Bid Ask
PHILADELPHIA
——
__ Coal & 0 By 1st 5s'19A-0
Ph & Read 2d Os 1033 A-0 _
Ex Imp M 4s 1947_A-0 ____ ____ Coal & I By let 58'20 F-A
Col & Grnv let Os 1916 J-J
Terminal 5s g 1041 Q-F ____
P "i'f & 11 col tr 4s '21__J-J 9712. 9778 Consol Gas 5s 1939__J-D
Gen 43,6s 1054
A-0
tib&ki Trac let (is '33_ J-J
Pool, By & L con 58 '54J-J ___ ___ Cons Gil & P 4)s '35 J-J
aissaissa-sim ss. es '27__J-J 101 10184 Consol Coal 5s 1950 J-1)
Ssan'ti Gas & El 68'28 J-D -- 9212 Fair & 01 Tr 1st 5s'38 A-0
____ Oa & Ala let con 5s '45 J-J
.1tand ;RI Was let5s 28 .1-.1
V Trac Ind gen 5s '19_J-J 02 93 Ga Car&N 1st :is g '29 .1-J
7412 ____ Georgia!'let Os 1922__J-J
U72 Bye tr Ws 4s '40 _J-J
Gia So & Fla let 5s '45_J-J
United Rye Inv let coll tr
M-N 7758 7734 0-B-S Brew 3-4s '51_M-8
s f 6s 1026
Welsbach s f 58 1030....J-D ____ 881s Houston Oil dlv ctfs—F-A
W1143 Ci&E son Os '55_1-3 10212i _-__ Knoxv Trac 1st 58'28 A-0
York Rye 1st 5s 1937-J-D ______ alaconIty&Lt 1st 58'53J-J
•
ald Elec By 1st Is '31 A-0
Memphis St 1st Os '45_J-J
BALTIMORE
Monon V Trac 5s '42 J-D
inactive Stocks
Atlan Coast L (Conn)-100 255 200 Mt Ver Cot Duck 1st 5s__
100 _-_- __ isiptN &0 P 1st 58'38M-N
Canton Co
Consolidation Coal-100 941s ____ N & A Terml 5s '20 M-8
___ Nor&Port'Fr 1st 5s'36 J-D
100 25
Georgia Sou & Fla
100 88 ____ Noll By S: L 58'49__M-N
let preferred
2d preferred
100 78 --- North Cent 4 Hs 1925A-()
1
112
100
G-I3-S Brewing
Series A 5s 1026____J-J
Series 13 5s 1928--J-J
Bonds
Pitt Un Trac 5s 1997__J-J
Prices are all "and
Poto Val let 5s 1941_ _J-3
interest'.
Bait City 3 Hs 1930_,...J4 92 — Say Fla & West 58 '34-A-0
4s 1954-1055.—Vario,s 90 ____ Scab Air L 4s 1950
A-0
M-N 10154 ___ Scab & Roan 5s 1926__J-J
5s 1916
Anacestia & Potom 56 A-0 spa ____ South Bound 1st 5s_A-0
U El L&P 1st 4 Hs'20a1-N
At! O'st cony deb 4s-M-N __
Ati Coast L(0s)ctt's 56 J-D 258 2571. Un By & El 1st 4s'
,S0 M-S
J-J 98 033
5-20-yr 4s 1925
Income 4s 1949
J-D
Funding 5s 1938 J-D
B Al'& C 1st 43s'53 F-A ____ 96
Cony notes 5s 1014 J-J
Bait Trac 1st 5s '29_M-N 10312 _ __
No Bait Div 5s 1942J-D 104
_-_ Vs Mid 3d ser es '10_11,1-8
Cent By cons 5s '32_51-N 103 __
4th set 3-4-Ls 1921 51-8
Ext & Imp Se 1932 M' 103 ____
5th series 56 1028.,..M-S
Chas City By let 5e'23 J-J 102 __ __ Va (State) Is new '32..J-J
Chan BYO & El 5s '091118 04 9514
Fund debt 2-36 1091 3-.1
City & Sub 1st 5s 1922 J-D 1027s 10312s West 2!0 con Gs 1014-J-J
City&Sub (Was) 1st Ss '48 10114 ____I Wil & Weld Si 1135___J-J
11101-01v1Clend, I 515 wad. •51734 paid.
12212 paid.,
Highest
120 Jan
12034 Jan
2512 Nov
68 Jan'
123 AD!
21 Jan
4912 Sep
2758 Apr
2 Feb
z4912 Feb
5358 Jan •
1218 Jan
Jan
4
52
4"7 Feb
b
78 May,
73
1312 May
3112 Janl
03'z Jan
841
/4 Jan
237 Alch
3712N1ch
61% Jan 1
50 Jan
112818 Deo
2812 Jan
85% Doe
7,Dec
5112 Jan '
911 Feb '
Bid
Ask
03 95
99 100
10134 --...
105 100
9234 9314
8914 - —.
100 --10412 ____
10312 -.....
10712 -.—
10313 —
8014 —:
7812
103 -97 9811
9812 90
9534 .......
3712 38
8812, 88
93 —,
8013 871s
97 ....
101
105
105 .....
_
105 - --...
104 --—..
85
10134 —.
10312 .
93
8334 84
13334
,.
87
9934 :::.
102 ....;
102 ....
10312
s
---:.;
-_-_-- :- s•
106
516
THE CHRONICLE
[VOL. xcviii
flucstment anti `litatirorad $txteiligetue.
s
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
LOADS.
•
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
AlaN 0& TexPac-$
$
$
N 0 & Nor East_ Tannery __ 32;7,042 343,348 2,430,140 2,282,217
Ala & Vicksburg_ January __ 165,452 162,307 1,154,083 1,119,873
VicksShrev&Pac January __ 164,507 143,386 1,110,271 1,032,869
Ann Arbor
3d wk Jan
37,005
38,411 1.336,120 1,313,642
Atch Topeka & S Fe December_ 9,137,494 10420242 57,906,277 61,228,359
Atlanta Birm & Att. December- 339.813 224.781 1,831,984 1,689,879
Atlantic Coast Line December- 3,630.478 3,512,375 17,453,837 16,978.452
Chariest & W Car December.. 199,993 182,470 1,071,572
943,817
Lou Fiend & St L. November
116,095 107,125
595,951
534,995
g Baltimore & Ohio_ December _ 7,909,925 8,303,097 52,653,964 52,449,338
B & 0 Ch Ter RR December_ 128,321 143,180
910,404
950,837
Bangor & Aroostook December.. 296,683 268,635 1,782,317 1,596,442
Bessemer & L Erie_ December_ 465,913 448,035 5,287,589 5,030,884
Birmingham South- December582,088
96,009 103.497
635,509
Boston & Maine
December. 4,049,210 4,028,408 213,582,059 28,748,445
Buff Roch & Pitts 1st wk Feb 181,646 225,116 7,181,281 6,820,839
Buffalo & Susq
December_ 191,908 196,003 1,226,633 1,237,812
Canadian Northern 1st wk Feb 303,100 293,900 15,238,900 14,046,900
Canadian Pacific
1st wk Feb 1,752,000 2,372,000 84,757,162 85,417,191
Central of Georgia_ December_ 1,406,628 1,246,296 7,597,292 7,325,372
Central of New Jers December_ 2,955.153 2.024,915 16.695,570 17,075,910
Dent New England_ December_ 326,761 302,993 1,951,334 1,920,408
Central Vermont- December_ 313,720 326,332 2,155,968 2,188,349
Dhes & Ohio Lines.. 4th wk Jan 1,095,592 1,186,427 21,730.689 20,943,909
Chicago & Alton_ _ 4th wk Jan 369,064 418,190 9,082,086 9,521,697
Chic Burl & Quincy December_ 7,498,672 8,128,414 51,064,084 50,713,685
/Chic & East ill_. December _ 1,297,645 1,358,521 8,450,841 8,404,080
,Chic Great Wes-t_ 4th wk Jan 318,118 314,450 8,659,463 8,384,837
Chic Ind & Louisv_ 1st wk Feb 117,229 118,802 4,325,598 4,289,162
Chic Milw & St P. December_ 7,652,902 8,313,293 49,347,705 50,502,756
Chic Mil & Pugh)
oChic & North West December_ 6,913,883 7,194,247 46,418,066 45,664,316
oChic St Paul M &0 December. 1.559,240 1,443,233 9,784,956 9,275,102
Chic Terre H & 8 E December_ 173,394 189,278 1.144,902 1,033,943
Oin Ham & Dayton December- 819,121 860.399 5,418,597 5,579,335
Colorado Midland_ December_ 137,629 153,703 1,000,483 1,115.479
5 Colo & Southern.._ 1st wk Feb 211,452 274,207 8,580,371 9,566,590
Cornwall
December_
14,431
20.897
121,764
97.185
Cornwall& Lebanon December25,083
207,429
33.438
167,291
Cuba Railroad
December- 458,343 412.408 2,173,574 1,948,951
Delaware & liaison December_ 1,812,125 1,994,287 12,404,741 12,308,060
Del Lack & West December_ 3,402,390 3,438.977 21,512,403 21,248,299
Deny & Rio Grande 1st wk Feb 363,700 410,600 15,123,107 15,738,609
Western Pacific.... 1st wk Feb 100.900
95,200 3.970,232 4,812,420
Denver & Salt Lake 3d wk Jan
23,601
20,505 '722,222
715,788
Detroit Tol & Iront December
140,753 153,747
837.597
920,327
Detroit & Mackinac 1st wk Feb
18,906
20,550
717,876
741.722
Dui & Iron Range December_ 117,204 114,749 4,738,905 4,536,787
Duluth So Sh & Atl 1st wk Feb
69,136
53,112 2.132.030 2,042.871
Elgin Joliet & East_ December. 778,161 1.111,871 6,295,131 6.847,738
El Paso& Sou West December- 795.360 776,951 4,366.080 4.220,916
Erie
December_ 5,092,436 4,951.821 32,544,458 32,745,969
Florida East Coast_ December. 463.714 423.848 2.041.681 1.899,536
Fonda Johns& Glov December_
516,152
75.764
74.341
519,723
Georgia Railroad December_ 299,298 277.495 1.759.641 1,555,685
Grand Trunk Pac 3d wk Jan
82,263
91,027 4,560,282
Grand Trunk_Syst- 1st wk Feb 873,338 867,467 34,059,854 33,650.707
Grand Trk West_ 3d wk Jan 129,244 133,093 4,092,665 4,132,758
• Det Gr Hay & M 3d wk Jan
41,739
39,457 1,470,660 1,448,491
Canada Atlantic.. 3d wk Jan
37,019
40,849 1,330,748 1,378,350
Great North System January __ 4,207,164 4,590,482 49,198,686 48,701,210
Gulf & Ship Island_ December_ 178,961 166.849 1,074,113 1,007,411
Hocking Valley.... December_ 574,411 604,024 4,282,599 4,180,894
January __ 5,395,352 5,380,607 40,052,869 38,794,248
Illinois Central..
Internet & Ort Nor 1st wk Feb 167.000 181,000 8,654,507 7,528.503
a Interoceanic Max. 4th wk Jan 333,675 325,113 5,561,667 5,155,152
Kanawha & Mich.._ December.. 247,284 234,590 1,751,680 1,701,312
Kansas City Sou
December- 928,402 916,957 5,443,755 5,510,720
Lehigh & New Eng_ December_ 172,600 155,888
964,924
911,488
Lehigh Valley
December_ 3.105,3033,461,354 21,236,622 22,542,670
Louisiana & Arken. December_ 139,159 148,226
870,822
828,119
s Louisv & Nashv 4th wk Jan 1,641,885 1.765,868 36,579,404 35,143,893
Macon & 131rzn'ham January __
11,507
13,512
93,959
98,839
Maine Central
December- 894,278 868,498 6,045,192 5,912,817
Maryland & Penna. December
40,238
38,643
288,276
264.050
a Mexican Railways 3d wk Jan 185,800 185.300 5.453,400 4,791,500
Mineral Range...... 1st wk Feb
9,721
12,887
219,100
520,745
Minn & St Louis_.1 1st wk Feb 174,685 190,519 5,997,144 6,169,316
- Iowa Central_
Minn St I'& 58 MI 1st wk Feb 482,934 662,841 19,012,349 20,213,146
Chicago Division)
Mississippi Central.. December_
85,357
87,258
534,722
508,541
u Mo Nan & Texas_ 1st wk Fob 672,901 580,473 20,674,090 20,862,308
x Missouri Pacific let wk Feb 1,084,000 1,122,000 38,028.723 39,095,343
Nashv Chatt & St I. December. 1,127,695 1,107,619 6,624,041 6,630,519
a Nat Rye of Mex_t 4th wk Jan 1,018,618 2,100,814 20,026,659 37,644,049
1,796
Nevada-Cal-Oregon 4th wk Jan
6,642
227,186
261,607
New OH Great Nor_ December. 166.633 137,193
980,072
830,996
ell Y C & Hud Riv_ December. 9,169,410 9,567,237 61,042,067 59,225,714
- . Lake Shore & M S December. 4,488,969 5,019,375 28,907,665 29,237,697
- n Lake Erie & W. December_ 461,555 530,439 3,058,387 3,186,069
- Chic Ind & South December_ 447,837 394,958 2,265,023 2,210,027
- Michigan Central December- 3,002,885 3.050,834 18,306,748 17,674,360
• Clev C 0 & St L_ December_ 2,822.532 3,038,365 17,876,419 18,019.422
. Peoria & Eastern December_ 285,923 345,622 1,742,354 1,923.420
Cincinnati North December_ 137,729 139,080
821,675
801,891
• Pitts & Lake Erie December.. 1,176,371 1,576,936 9.649.091 10,091,682
. N Y Chic & St L_ December_ 1.061,688 1.085,032 6.217,823 6,498,965
Tol & Ohio Cont_ December_ 493,594 441,663 3,277,469 2,943,963
Tot all lines above December_ 23528493 25189641 153164619 151813210
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
Current
Year.
Previous
Year.
S
S
S
$
NO Mobile& Chic_ November
203,276 253,371
948,941 1,039,476
NY N H & IIartf__ December. 5,428.914 5,019,235 35,173,307 36,664,375
NY Ont & West__.. December_ 651,381 706,146 4,888,742 5,040,966
N Y Susq & West_._ December_ 337,709 322,890 1,984,231 1.850,841
Norfolk Southern.._ December_ 320.902 209,331 1,853,6111,763,323
Norfolk & Western_ December_ 3,759,317 3,566,510 23,413,765 22,138,936
Northern Pacific_ December_ 5,681,585 6,355,776 39,045,874 39,721,737
Northwestern Pac__ December_ 251,461 257,701 2,096,107 2,050,419
Pacific Coast Co--- December.. 543,534 532,940 4,066,957 4,247,373
Pennsylvania HR.- December _ 15030699 14993 391 06,147,403 92,577,482
217,180
Balt Ches & Atl__ December_
189,834
16,543
19,276
Cumberland Vail. December_ 288,649 278,602 1,809,943 1,757,056
Long Island
December_ 887,294 793,221 6,831,443 6,268,589
Maryl'd Del & Va December_
92,636
96,336
10,630
8,361
N Y Phila. & Norf December_ 303,775 '288.236 2,019,764 1,870,046
Northern Central December_ 1,164,5711,139,280 7,062,892 6.834.114
Phila Bait &Wash December.. 1,730,356 1,164,945 10,838,062 10,777,444
W Jersey & Seash December_ 384,880 362,581 3,759,070 3,704,410
Pennsylvania Co.__ December_ 4,602,928 5,300,813 34,712,729 35,450,702
Grand Rep & Ind December. 454.947 458,464 3,000,710 2,939,552
Pitts C C & St L. December_ 3,392,139 3,882,447 23,072,188 23,345.701
Vandalia
December- 954,603 984.540 6,124,528 5,929,000
Total LinesEast Pitts & E. December_ 20753100 20684724 136432578 132908100
West Pitts & E December_ 9,605,582 10824951 68,186,995 68,859,930
All East & West_ December. 30358681 31509674 204619575 201768042
Pere Marquette... December.. 1,450,270 1,566,646 8,826,026 9,249,849
Reading CoPhila & Reading_ December_ 4,160,680 4,405,830 25,552,590 26,405,411
Coal & Iron Co December_ 2,845,591 4,138,152 16,101,022 23,096,306
Total both cos.. December_ 7,006,272 8,543,982 41,653,611 49.501,717
Rich Fred & Potom December. 240,688 250,924 1,372,032 1,350,572
Rio Grande June__ _ November
106,466 117,767
527,669
572,035
RioGrande South
10,471
16,531
4th wk Jan
417,526
392,005
Rock Island Lines December 5,628,012 0,114,620 38,243,781 38,221,924
Rutland
December. 291,769 299,479 2,041,029 1,995,236
St Jos & Grand Isl. December_ 133,765 121,143
867,404
862,200
St L Iron Mt & Sou December_ 3,024,513 3,004,397 17,363,552 17,680,644
St L Rocky Mt & P December- 247,205 203,926 1,257,456 1,069,542
St Louis & San Fran December_ 3,789,278 4,112,234 24,265,220 24.193,528
St Louis Southwest_ 1st wk Fob 252,000 239,000 8,325,297 8,458,662
San Pad LA & 8 L. December. 916,104 889,219 5,335,396 5.180.749
Seaboard Air Line 4th wk Jan 658,723 663,502 14,410,181 13,819.780
Southern PacIfic
December_ 11,253,513 12,151,501 73,420,171 75,648,104
Southern Railway 1st wk Feb 1,332,227 1,303,893 43,263,557 42,106,751
Mobile & Ohio_ _ 4th wk Jan 376,735 375,180 7,708,778 7,189,166
Cln NO & Tex P. 4th wk Jan 350,050 380,276 6,374.687 0,112,301
Ala Great South.. 4th wk Jan 157,826 178,390 3,264,712 3,069,150
Georgia Sou & Fla 4th wk Jan
68,785
70,690 1,563,738 1,491,570
Spok Portl & Seattle December_ 338,066 433,052 2,744,061 2,800,805
Tenn Ala & Georgia 4th wk Jan
80,128
2,420
3,797
55,695
Tennessee Central_ December_ 151,180 141,697
855,078
888,500
Texas & Pacific..... 1st wk Feb 326,325 320,231 12,001,541 11,715,607
Tidewater & West. December_
7,019
52,048
7,796
40,976
Toledo Poor & West 4th wk Jan
40,043
51,615
847,468
812,267
Toledo St L & West 1st wk Feb
89,769
78,036 2,887,711 2,581,660
Union Pacific Syst_ December 7,456.576 7,843,148 51,974,788 51,580,269
Virginia & So West_ December
152,153 137,276
991,885
890,536
Virginian
December_ 549,899 487,522 3,564,125 2,859,131
Wabash
January_ 2,257,464 2.458,966 18,566,430 19,338,910
Western Maryland_ December. 676,249 577,127 4,310,544 3,790,504
Wheel & Lake Erie_ December_ 576,274 606,081 4,484,957 4,367,738
Wrightsv & Tennille December
193,357
27,836
34,740
161,324
Yazoo & Miss Vail. January __ 1,150,653 942,889 7,904,455 6,635.255
Various Fiscal Years.
Period.
Current
Year.
Previous'
Year.
Delaware & Hudson
Jan
NY Central & Hudson River_e_ Jan
Lake Shore& Michigan South Jan
Lake Erie & Western_n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis.... Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
S
$
31 24,096,212 22,417,070
31 116904304 109697588
31 57,941,920 54,283,616
31 6,934,643 5,839,630
31 4,462,452 4,235,819
31 36,011,886 32,911,753
31 33,840,298 32,714,238
31 3,387,434 3,429,867
31 1,436,709 1,418,646
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Chasten & Atlantic.. Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw & Virginia Jan
N 1( Philadelphia & Norfolk_ Jan
Northern Central
Jan
Phlla Bait & Washington...-. Jan
West Jersey & Seashre
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cin Chic & St Louis- Jan
Vendetta
Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W Jan
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
3112,342.000 12,226,237
31 6,008,241 5,363,019
31 297865806 280282532
31 185400825 174607598
:31
346,004
302,506
31 3,574,335 3,291,361
31 12,204,738 11,188,657
156,655
31
141,525
31 3,931,218 3,566,191
31 13,563,722 12.844,716
31 21,164,340 20,280,042
31 6,405,787 6,395,256
31 65,835,378 62,950,425
31 5,580,232 5,435,271
31 44,237,388 43,604,082
3111,399.933 10,748,710
31 261109510 247825106
31 129516708 125000370
31 390626308 372825478
30 1,0 3, 6 1.078,06?
31 3,752,773, 3,612,521
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
Current
Year.
Previous
Year.
Increase or
Previous
Current
Increase or
Decrease.
%
*Monthly Summaries.
Year.
Year.
Decrease.
%
$
$
$
Mileage. Cur. Yr. Prev. Yr.
$
$
$
441% week Nov 39 roads).- 18,733,467 19.559,326
-825,859 4.22
April
240.740 236.515 245,170.143 220,981,373 +24,188.770 10.90
t week Dec 38 roads)_
14.137.264 14,457.280
-320.016 2.21
May
239,445 236,619 263.496,033 232.879.970 +30.616.063 13.14
d week Dec 37 roads).... 13.445,789 14,122,476
-676,687 4.79
June
230,074 227,242 259.703.994 242,830.646 +16,873,448 6.95
d week Dec 38 roads).... 14,259.970 14.778,757
-518,778 3.51
July
206,084
203.773 235,849.764 223,813.528 +12,036,238 6.38
4th week Dec 35 roads).... 18,715,282 19,524,994
-809,712 4.15
August
219.492 216.709 259,835.029 255.493.023 +4.342.006 1.50
1st week Jan 37 roads)..... 17.913.604 19.434,434 -1,520,930 7.88
September.._242.097 239.050 285,0.50.042 275,244,811 +9,805,231 3.57
2d week Jan 37 roads)____ 11,572,457 12,121.817
-549.360 4.51
October
243,690 240,888 299,195,000 300.476,017 -1.281,011 0.48
ad week Jan r7 roads).... 12.315.781 12,861,124
-545,343 4.24
November 243.745 241.462 289,220,882 278,364.475 -9.143.593 3.36
4th week Jan 37 roads)____ 17.913,504 19,434.434 -1.520.930 7.88
December
ec
237,778
235,501 250,751.966 262.363.308 -11.611,340 4.38
let week Feb 25 roads)____ 9,165.195 9,946,401
-781.208 7.94
January
90.939 89,602 66,918,142 70,831.362 -3,713,220 5.32
a Mexican currency. b Dues not include earnings of Colorado Springs & Cripple Creek District Railway from
1 1911. o Includes the Boa-.
ton & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, theNov.
latter of which, being a Canadian ,
toad, does not make returns to tice Inter-State Commerce Commission. f Includes Evansville
&
Torre
Haute
and
Evansville
& Indiana RR. g Includes the Cleveland Lorain & Wheeling Ry. in both years. n includes the Northern Ohio RR. p Includes earnings of
Mason City & Ft. Dodge and ,
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati
Includes the Mexican International. u Includes,
the Texas Central in both years and the Wichita Falls Lines in 1912. beginning Nov. 1. o Includes tnot
only operating revenues, but also all etkore
_receipts. x Includga_0. 1,44u1s mpnçutaln & Southern,_Jan nklumer include the Mexican roads in
any AtInIr Itetals.,
*Weekly Summaries.
..-
r
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of February. The table covers 25 roads and shows 7.94%
decrease under the same week last year.
zzzigg.,9,1zglz,c,?
O
g"4
§ (
)
, 81
First week of February.
1914.
1913.
Increase. Decrease.
$
$
$
Buffalo Rochester & Pittsburgh
225,116
181,646
Canadian Northern
303,100
293,900
Canadian Pacific
1,752,000 2,372,000
Chesapeake & Ohio
621,477
592,226
Chicago Ind & Louisville
116,892
117,229
Colorado & Southern
274,207
211,452
410,600
Denver & Rh)Grande
363,700
95,200
Western Pacific
100.900
20,550
18,906
Detroit& Mackinac
53,112
59,136
Duluth South Shore & Atl
Grand Trunk of Canada
867,467
Grand Trunk Western
873,338
Detroit Or Hay & Milw_
Canada Atlantic
181,000
167,000
Internat & Great Northern_ _
12,887
9,721
Mineral Range
1
190,519
Minneapolis &St.Louls
174,685
9,165,795 9,946,401
Total (25 roads)
Nit rl cm,
.rrutRA (7.04%,1
3
43,470
9,200
620,000
' 29,251
337
62,755
46,900
5,700
1,644
6,024
14,000
3,166
15,834
79,907
92,428
38,000
13,000
23,334
6,094
11,733
1914.
1913.
$
$
Previously reported (26 roads)_ 14,188,076 15,439,369
Alabama Great Southern
157.826
178,390
Chicago & Alton
369,064
418,190
Chic New Orl & Texas Pacific.._
350,059
380,276
Duluth South Shore & Atlantic_
83,247
101,291
Georgia Southern & Florida...
68,785
70,690
Louisville & Nashville
1,641,885 1,765,868
Mineral Range
14,889
31,239
Mobile & Ohio
376,735
375,180
Nevada-California-Oregon
6,642
1,795
Seaboard Air Line
663,502
658,723
Tennessee Alabama & Georgia3,797
2,420
17,913,504 19,434,434
Total (37 roads)
Net decrease (7.88%)
173,721
Increase. Decrease.
$
S
149,954 1,401,247
20,564
49.126
30.217
18,044
1,905
123,983
16.350
1,555
4,847
4,779
1,377
151,509 1,672,439
1,520,930
53,200
192,818
49.615
201,253
Interest Chaekes and Surplus.
--Ira., Rentals, &c.-- --Bal. of Net Earns.-Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Bangor & Aroostook_ _.Dec 114.323
111,120 zdef 211
z12,096
July 1 to Dec 31
z50,167
678,043
672,409
x8,044
Central of New Jersey_ _ _Dec 602,443
673,668 1,053.197
509,992
July 1 to Dec 31
3,456,959 3,252,733 3,491,408 4,704,256
Dec 106,612
Duluth So Sh & Atl
105,993 zdef56.178 zdef61.050
July 1 to Dec 31
625,919
611,383zdef224,446zdef227.058
Greenwich & Johnsonville10,908
x10,336
Oct 1 to Dec 31
7,475
x10,886
21,953
z9,210
July 1 to Dec 31
16,314
x17,270
Dec
13,153
Mineral Range
10,220 zdef10,703
x10.696
72,704
July 1 to Dec 31
72,234 zdef87,165
z23,296
25,821
24,858 vief20,661
Toledo Peoria & West.._ _Jan
x1,422
175,61/
169,666 zdef98,943
July 1 to Jan 31
x42,295
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Roads.
Year.
Year.
$
$
26.733
25,575
Keystone Telephone_._.Jan
24,040
26,467
39,646
Southern Cal Edison..._Dec
41.944
153,172
159,310
After allowing for other income received.
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781,206
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
s After allowing for miscellaneous charges to income for the month of
December 1913. total net earnings were $27,004, against a deficit of $27,345
last year, and for the period from July 1 to Dec. 31 were $917,576 this year,
against $1,355,637.
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
104,027
368,778
SI 5,t6 ° St-iiEcA6V;RpS4 Sz
O8 CO2
VYrYin<YVF:YmneYnYgaVgYrOnYYPVi
r
il ic..4”v”.16 .26 .2u2.2V-3.1V4N2u..2u;:luf.164;'t;
§: 8: 8 : : 8 : 8 : 8 : 0 : 0 : 8 : 8 : 8 : 8 : 8 : 8 : 8 : 8 : 8
tots: a.= woo 000 oco po0 .ta C.c0 00.4,
to.-4t,o qc0 cot. esD00 ts2C+3 ba0fli,-.4 ..-
-Gross Earnings--Net Earnings- Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
Bangor & Aroostook_ _ _ _Dec 296,683
96,918
268,635
97,283
July 1 to Dec 31
1,782,317 1,596,442
552,697
613,828
Central of New Jersey_ b_Dec 2,955,153 3,024,915 1,276,111 1,563,190
July 1 to Dec 31
16,695.570 17,075.910 6,957,367 7,956.989
Chicago & Alton_ a
s27,703
Dec 1,146,781 1,261,566
375,327
July 1 to Dec 31
7.917,805 8,204,885 31,289,516 s1,690,160
52,504
Duluth So Sh & Atl_bDec 251.473
47,242
246,779
375,469
383,291
July 1 to Dec 31
1,834,079 1,723,721
Greenwich & Johnsonville_ b17,704
Oct 1 to Dec 31
35,811
20,568
32.940
32,215
July 1 to Dec 31
65,461
29,848
58.700
71,305
Mineral Range_b
Dec
27,175
20,684
2,284
429,500 def16.883
172.621
July 1 to Dec 31
93,021
Norfolk Southern_b____Dec 320.902
299,381
99.359
102,965
593.009
July 1 to Dec 31
6,19,011
1,853,611 1,763,323
582.940
27,587
Dec 543,534
Pacific Coast
54,394
623.631
756,508
July 1 to Dec 31
4,066,957 4,247,373
160
122,657
21,532
97,785
Toledo Peoria & West_ b_Jan
45,062
847.470
185,961
812,266
July 1 to Jan 31
398.223
507,029
Wabash_b
Dec 2,487,465 2,672,613
July 1 to Dec 31
16,308,966 16,879,944 4,010,840 4,452,776
107,479 .
419,770
go tiZ
11° 4ci
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Net Earnings Monthly to Latest Dates.-The table
following Shows the gross and net earnings of STEAM
railroads and industrial companies reported this Week:
Keystone Telephone_a__Jan
Southern Cal Edison_ _ _ _Dec
g o 'go 4er
ts,
For the fourth week of January our final statement covers
37 roads and shows 7.88% decrease in the aggregate under the
same week last year.
Fourth Week of January.
L'‹
5,871
Iowa Central
562,841
482,934
Minneapolis St Paul & S S Al_ _
580,473
672,901
Missouri Kansas & Texas
1.084,000 1,122,000
Missouri Pacific
239,000
252,000
St Louis Southwestern
1,332,227 1,308,893
Southern Railway
320,231
326,325
Texas & Pacific
89,769
78,036
Toledo St Louis & Western_ _ __
Roads.
517
THE CHRONICLE
FEB. 14 1914.]
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ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
American Rys Co___ January__ _ 429,850 405,091
429.850
405.091
Atlantic Shore Ry__ _ December, 24.607 23.407
373,914
360.551
cAur Elgin & Chic Ry December _ 161.944 155.453 2,004,314 1,913,025
Bangor Ry & Electric December. 65,645 60,334
764.085
710,027
Baton Rouge Elec Co December_
16,386 14.384
163.128
147,381
Belt LRyCorp(NYC) October,_ _ 69.931 55.604
634.666
540.355
13erkshire Street Ry_ December _ 76.164 74,180
Brazilian Trac, L & P December _ 2002,536 1881.556 23,539,965 20.610,033
Brock & Plym St By_ December_
7.688
7.849
124,403
120.008
Bklyn Rap Tran Syst October_ _ _ 2066.841 2103,071 20.815.847 20.371,208
Cape Breton Elec Ry December_ 36,169 34,387
380.952
360.296
Chattanooga Ry & Lt December_ 100,378 95.454 1.204.930 1.064.674
Cleve Painesv & East November
30.187 30.862
392.397
370.525
Cleve Southw & Col_ December _ 105.472 97.177 1,255.344 1,182.157
Columbus(Ga) El Co December_
56,904 48,278
608.636
540,465
Com'th Pow,Ry & Lt December. a346,530 153,123 a2,403,690 1,302,461
Coney Isl'd & Bklyn_ October _ _
118.894 120.053 1.442.257 1,368,738
Connecticut Co
December _ 631,963 615,582
Consum Pow (Mich)_ December _ 325,028 284,111 3,155.214 2,774,551
Cumb Co(Me)P & L December _ 205,547 175,134 2,354.797 2,128.388
Dallas Electric Corp_ December_ 203.916 174.240 2,193.500 1,821.562
Detroit United Lines 4th wk Jan 294.758 306.137
890,974
925.980
DDEB& Batt (rec) October__ _ 48.955 52.818
500.705
517.510
Duluth-Superior Trac November 109.263 91.687 1.165.828
980,113
East St Louis & Sub_ November 245.851 224.023 2.462.745 2,224.247
El Paso Electric Cos_ December_ 87.721 81,228
886.880
793,320
Federal Light & Trac October.,. 194.206 184.087 1.909.848 1.745,741
42d St M & St N Ave_ October,_ _ 173.976 172.704 1.584.752 1.503,533
Galv-Hous Elec Co December_ 203.561 183.391 2,373,065 2.027.656
Grand Rapids Ry Co December _ 121,731 106.978 1.294,347 1.233,588
Harrisburg Railways December_ 86.178 82.005
991,872
918,932
Havana El Ry. L & P
Railway Dept _ _ _ _ Wk Feb 8 57.094 56.029
317.865
313,632
Honolulu Rapid Tran
& Land Co
November
50.425 48.420
562.978
512.387
Houghton Co Tr Co_ December_
24.833 26.421
296,853
307.506
Hudson & Manhattan October_ _ _ 323.477 320.571 3.072,928 2,976.716
Illinois Traction_ _ _ _ November 729.946 679.483 7.188,041 6.784,818
Interboro Rap Tran_ December 3035,729 2962.828 32,760,151 32,132,639
Jacksonville Trac Co December_ 64.483 48,626
679,621
562,537
THE CHRONICLE
518
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
Lake Shore Elec Ry_ November 105,942 104.789 1,299.534 1,213.814
Lehigh Valley Transit December_ 140,525 130,702 1,774,821 1,541,511
618,031
677,221
Lewis Aug & Watery.. December_ 50,420 47,359
190,027
211,762
17,873 16,814
Long Island Electric_ October _ __
Louisville Railway__ December.. 275,321 270,360 3,226,275 3,130,492
Milw El Ry & Lt Co_ December_ 536,537 517,104 6,016.916 5,682,356
Milw Lt, Ht & Tr Co December _ 116,545 98,034 1,443,251 1,237,384
847.896
960,261
Monongahela Val Tr_ December.. 87.790 71,731
Nashville Ry & Light November 189,660 181,156 2,009,352 1,885,952
376,698
511,124
N Y City Interboro__ October___ 56.552 46,098
333.523
349,709
N Y & Long Isl Trac_ October..... 32,838 34,131
138,517
13,680 13,349
130,287
NY & North Shore.._ October __ _
N Y & Queens Co_ _ October_ _ 113,761 114,430 1,170.381 1,122,205
New York Railways.. November 1138.477 1154,418 12.975,031 12,690,755
NY Westches & Bos_ December.. 34,186 24,253
N Y & Stamford Ry _ December_ 24,879 84.876
Northam Easton & W December
188,879
15,210 14,520
180,366
Nor Ohio Trac & Lt. December_ 295,377 259,881 3,284,533 2,996,037
North Texas Elec Co December_ 184,878 170,923 2,132,200 1,790,762
Northw Pennsylv Ry December_ 32.536 29.131
346,455
373,236
Ocean Electric (L I)_ October__
131.748
6,735
142,906
5,727
Paducah Tr & Lt Co_ December_ 29,523 27,878
286,537
296,565
285,429
Pensacola Electric Co December.. 26,291 23,837
285,757
Phlla Rap Trans Co_ December 2142.522 2065,830 24,241.590 23,283,005
Port(Ore)Ry L•ScP Co December.. 607,476 586,857 6,723,742 6,642,308
981,052
Portland (Me) RR__ December_ 79,867 76,693 1,036,316
Puget Sound Tr.L&P December.. 790,306 725,642 8,613,600 8,313,848
Republic Ry & Light December 282,300 264,561 2.997,670 2,655,602
Rhode Island Co___ November 412,576 409.313
StJoseph(Mo)Ry,Lt.
Heat & Power Co_ December.. 117.830 110,874 1,252.904 1,179,839
457,690
40,378 36,936
404,225
Santiago El Lt & Tr_ December
827,780
747,058
Savannah Electric Co December_ 74,916 68,447
883,430
824,511
Second Avenue (rec)_ October_ __ 90,787 86.747
Southern Boulevard.. October...... 19.108 14.952
175,243
125,241
Tampa Electric Co.._ December.. 83,107 66,797
753,835
844,940
October__ 351,321 332,420 3,391,446 3,190,819
Third Avenue
Twin City Rap Tran_ 3d wk Jan 167,537 157.181
498,035
461,612
Underground Elec Ry of LondonVirk Jan 24 £14,765 £14,680
London Elec Ry
£59,925
£59,905
£53,452
Metropolitan Dist. Wk Jan 24 £13,007 £13,283
£53,049
London Gen Bus_ Wk Jan 24 £49,779 £52,657 £209,571 £218,734
Union Ry Co of NYC October.._
233.185 218,310 2,308,062 2,130,953
United Rys ofStLouis December: 1097,113 1049,835 12,702,644 12,251,091
Virginia Ry & Power.. December 450,487 417,817 5,038,313 4,670,747
Wash Balto & Annap December.. 68,819 59,995
831,940
778.287
Westchester Electric.. October__ _ 46,696 46,632
495,551
503,938
Westchester St RR December.. • 19,334 17,502
Western Rys & Light November 215.819 194,766 2,309.237 2,056.530
Wisconsin Gas & Eleo December.. 71,900 60,164
780.798
753,411
613,452
Yonkers Railroad_.... October...... 60,673 65,533
583,291
York Railway.
715,238
768,940
December
71.609 65,128
253,114
21,406 20.108
239,528
Youngstown & Ohio.. December
14.017 12.012
Younestown & South December _
[VoL. xcvm.
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
given on the last Saturday. of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Jan. 31. The next will appear in that of Feb. 28.
The Milwaukee Electric Railway & Light Company.
(Report for Fiscal Year edning Dec. 31 1913.)
Pres. Jas. D. Mortimer,Milwaukee,Feb.2, wrote in subs.:
Results.-Of the increase, $334,561, in operating revenues over those of
previous year, $89.499 represents the increase in the railway department
and $245,061 the increase in light and power department. The revenues
of the railway department reflect the effect of the reduction of rate of fare
for passengers on cars ordered by the Wisconsin RR. Commission Aug. 23
1912, which case is now on appeal to the U. S. Supreme Court. Not income increased 2.2%.
Before arriving at net operating revenues, there have been deducted for
maintenance and depreciation of physical property amounts equivalent
to the following percentages of operating revenues: Railway department.
22%;electric light and power department, 16%;steam heat department,6%.
Property Additions.-Property account shows an increase of $2.377,113.
providing principally for the following additions: 4.34 miles of new track
on 2d St., Wells St., 6th St., 7th St., 27th St. and Vliet St.; 60 doubletruck steel passenger cars; 12.14 miles of track with heavier rail and pavement; 43 cars equipped with air brakes; 4,500 K.V.A. turbo-generator in
Commerce St. power station, &c.
Property Reconstruction.-During the year the value of property replaced
or abandoned and charged against depreciation reserve was $451,641;
2.09 miles of track on Washington St. were abandoned and 26.85 miles of
track reconstructed.
1912.
1912.
1913.
1913.
$1,810,482 $1,752,294
Rev. pass. No....100,073,659 96,607,406 Total net
45,178
81,189
No.. _ _36,983,958 35,602,081 Non-op. revenues
Transfers,'
Elec. sales, k.w.h_45,959,227 37,591,809
Oper.rev.,Ry.dept$4,221,310 $4,131,811 Gross income---$1,855,660 $1,813,483
715,206
do Lt., pow.,&e_ 1,795,606 1,550,545 Interest charges.... 733,323
Pref. dividends.._.. 270,000
270,000
$6,016,917 $5,682,356 Common dividends 788,000
720,000
Total
Oper.exp.,Ry. dept$3,164,299 $2,913,211
1,016,851
do Lt., pow.,ettc_ 1,042,136
Surplus
$84,337 $108,277
$1,810,482 $1,752,294
Total net
BALANCE SHEET DEC. 31.
1913.
1912.
1912.
1913.
Liabilities$
Assets$
Property & plant_32,193,267133,007,615 Preferred stock__ 4,500,000 4,500,000
Common stock..__ 9,850,000 9,850,000
Capital expendit_ 2,377,1131
18,533,000 16,849,000
125,100 Funded debt
a Includes earnings from May 1 1913 only on the additional stocks Securities owned__ 975,100
620,592
Notes & accts. pay 749,942
sinking
Reserve,
company.
for
consolidated
acquired as of that date. c These figures are
interest
Matured
1,050,000
1,050,000
fund, &c
167,817
unpaid
167,347
69,896
148,0114
Cash
Int.,taxes,&c.,ac'd 281,591
487,217
Electric Railway Net Earnings.-The following table Notes & bills, &c.,
145,039
130,197
2,215,748 2,201,699 Miscellaneous_ _
receivable
gives the returns of ELECTRIC railway gross and net Materials&supplies
89,524
873,472 Open accounts_ _ .. 127,308
625,430
sinking,
Reserve,
1,075
earnings reported this week:
7,732
accounts..
Prepaid
3,993,219 3,218,195
52,710 &c., fund
107,275
accounts
Open
1,351,751 1,269,495
-Gross Earnings- -Net Earnings-Profit and loss__
Previous
Current
Previous
Current
Year.
39,699,607 37,181,567
Year.
Year.
Year.
Roads.
39,699,667 37,181,587 Total
Total
$
-V.98, p. 74.
34,919
60,334
65,645
Bangor Ry & Elect_a___Dec
31,516
710,027
417,573
764,085
389,185
Jan 1 to Dec 31
Booth Fisheries Co., Chicago.
147,742
284,111
112,888
Consum Pow (Mich)_a_Dec 325,028
3,155,214
2,774,551
1,486,477
1,266,651
31
Dec
(Report for the Fiscal Year ending Dec. 311913.)
Jan 1 to
175,134
73,122
89,484
CumbOo(Me)Pow&L a Dec 205,547
pages will be found at length the report
On
subsequent
2,354,797 2,128,388 1,041,924
927,054
Jan 1 to Dec 31
272,840
331,995 of President A. B. Carpenter. Attention is called to the
Detroit United Lines_ b_Dec 988,122 1,017,790
12,723,828 11,695,530 4,029,598 3,965,121 fact that the item of administrative expense, $589,844 in
Jan 1 to Dec 31
41,370
106,978
50,140
Grand Rapids Ry_a____Dec 121,731
less than in the previous year. Below
is
1,294,347 1,233.588
533,358 1913, about $100,000
497,796
Jan 1 to Dec 31
we give the comparative balance sheet for two years.
Milwaukee Elec Ry & Lt_a6,016,916 5,682,356 1,810,482 1,752,294 COMPARATIVE INCOME ACCOUNT (DEDUCTING IN 1912 THE
Jan 1 to Dec 31
DIVIDEND CHARGED AT THE END OF THE YEAR).
Milwaukee Lt.Ht& Trac_ a1,443,251 1,237.384
Year. end.-Dec.27 13. Dec.28'12.
455,636
Jan 1 to Dec 31
554,345
Year end.- Dec.27'13.Dec.28'12.
$779,611 $1,050,546 Prof. divs. (7%)$154,000 $140,000
330,211 Net profits
United Rys of St Louis.a.Dec 1,097,113 1,049,835
262,948
314,786
12,702,644 12,251,091 3,475,354 3,770,368 Bond,&c.,int
299,736
Jan 1 to Dec 31
Total deduc's $723,159 $786,577
exp. &
71,900
60,164
Wisconsin Gas & Elec_a_Dec
24,208
17,598 Roorg.
34,667
bond disc't_ 38,667
753,411
Jan 1 to Dec 31
680,798
205.622
201,267 Deprec'n
surplus $56,452 $263,969
Balance,
312,174
res've_ 215,705
a Net earnings here given are after deducting taxes.
CONSOLIDATED BALANCE SHEET YEAR ENDING DEC. 27 1913.
b Net earnings hero given are before deducting taxes.
Dec.27 '13. Dec.28'12.
Dec.27'13.Dec.28 '12.
$
LiabilitiesAssets$
2,200,000 2,000,000
stock-Preferred
tradeestate,
Real
Interest Charges and Surplus.
10,480,260 9,650,174 Common stock_- 5,000,000 5,000,000
marks, Ate
157,619 Debenture bonds.. 4,000,000 4,000,000
325,500
- Sinking fund & int. 2,072,136
-Int., Rentals, &c.- -Del. of Net Earns.
1,598,073 Bonds on cold storInventories
Previous
Current
Current
Previous
225,000
262,500
Accts. & bills rec_ 1,815,578 2,007,372 age plants_
Year.
Year.
Year.
Year.
Roads.
68,099 *Current liabilities 2,487,137 1.796,338
Prepaid insur., &c.
$
$
$
$
650,617
depreo'n_
for
Res
341,999
372,818
Cash
17,341
17,565
Dec
Bangor Ry & Elect
17,354
764,498
14,175
Profit and loss_ - 503,536
199,657
Jan 1 to Dec 31
209,989
207,584
189,528
15,066,290 13,823,336
Total
13,823,336
15,066,290
48,604
Total
77,782
69,960
64,284
Consumers Pow (Mich)_Dec
615,649
Jan 1 to Dec 31
710,726
775,751
651,002
* Current liabilities include reserves for taxes, interest and all other lia56,510
25,908
63,576
16,612
Cumb Co(Me)Pow & L_Dec
644,774
Jan 1 to Dec 31
327,651
714,273
282,280 billties.-V. 96, p. 490.
177.682 z123,827 z173,982
Detroit United Lines___Dec 177,545
Republic Iron & Steel Co.
Jan 1 to Dec 31
2,151,058 2,123,513 z2,130,477 52,050,465
14,252
37,719
Dec
12,421
Grand Rapids Ry
27,118
Fiscal Year ending Dec. 311913.)
for
(Report
175,225
331,163
Jan 1 to Dec 31
166,633
358,133
Milwaukee Elec Ry & LtTopping will be found at length
Chairman
of
remarks
The
Jan 1 to Dec 31
733,323
715,206 z1,122,337 51,098,277
on subsequent pages, together with the comparative income
Milwaukee Lt. Ht & Trac665,706 x661,368 5538,824 account, and the balance sheet and other tables. Below
Jan 1 to Dec 31
614,677
z38,149 5113,383 are the usual comparative balance sheets prepared for the
United Rys of St Louis_ _Dec 232,236
223,657
Jan 1 to Dec 31
2,660,673 2,696,197 x899,031 51.139,087 "Chronicle."
Wisconsin Gas & Elec......Dec
z14,663
8.875
8,900
x8,689
Various other statistics follow:
Jan 1 to Dec 31
106,841
105,973 z104,315
z99,692
SUMMARY OF PRODUCTION (Tons).
z After allowing for other income received.
1912.
1911.
1913.
1.743,504 1,828,083 1,798,258
Iron ore
EXPRESS COMPANIES.
883,247
766,475
855,814
Coke
921,779
895,949 1,035,593
July 1 to Oct. 31- Pig iron
October627.250
611,833
682,285
Bessemer steel ingots
1913.
1912.
1912.
1913.
137,184
347.488
354,008
Open-hearth steel Ingots
Globe Express Company764,434
959,321 1,036,293
289,709
Gross receipts from operation
61,684
345,271 Total steel ingots
%9,158
817,848
955,478 1,039,517
142,377
Express privileges-Dr
30,876
170,941 Finished and semi-finished products
39,043
At the open-hearth steel works two additional open-hearth furnaces were
147,332
Total operating revenues....
32,807
174,330 completed in 1913, resulting in an increased steel capacity of 25% at the
40,115
Total operating expenses_
126,947
30,799
32,547
130,568 open-hearth plant, but, owing to the spring flood, and contraction of business in the last quarter of 1913, full tonnage was not realized. Under ordiNet operating revenue..
7,568
20,385
2,007
43,761 nary operating conditions, the total theoretical capacity of the company's
One-twelfth of annual taxes_
1,200
4,800
3,200 Bessemer and open-hearth steel works is now 1,150,000 tons of ingots
800
per annum and its blast furnace capacity 1,195,000 tons (Northern District
Operating income
40,561 880,000 tons; Southern District 315.000).
6,768
15,585
FEB. 14 1914.1
519
THE CHRONICLE.
have been prepared and whenever the board finally determines on construe
BALANCE SHEET DEC. 31.
tion, the company should be in position to finance the same. Furthermore,
1912.
1913.
1913.
1912.
there is the necessity of providing for the increase in main mileage, enlarge.
AssetsLiabilities$
ment of generating plants, &c., made necessary by the growth of the city
Plant,&c
66,376,367 65,688,002 Common stock___27,191,000 27,191,000 For these reasons, among others, the directors desired the authorization of
New construction. 1,844,222
688,305 Preferred stock___25,000,000 25,000,000 the new mortgage, the issue of bonds (about $10500,000j under the $40,967,000 000,000 mortgage ol 1897 for other than refunding purposes having been
Investm'ts in other
First mtge. bonds_ 962,000
companies
958,060
958,412 10-30-years. f. 58_13,305,000 13,305,000 exhausted. During the year $2,154.000 of the 1897 bonds and $1.412,000
1,500,000 3,000,000 of the General and Refunding bonds dated Dec. 1 1913 were sold (V. 97.
Cash to redeem 1st
Collat. notes
bonds
91,795
mortgage
935 Potter Ore bonds
1508, 1738; V. 96, p. 1428).
304,000 p.Purchase
Jointly guar_ _ _ _ 293,500
Prepaid royalties
of Leased Properties.-In 1907 the stockholders approved leases
& expenditures_ 682,397
812,460 Martin & Palos C.
of all the properties of the Ogden Gas Co. and the Universal Gas Co. for
440,191
354,096
notes
&
• W. bds.
Raw and finished
of their municipal franchises, which expire in 1944 and 1945. The
term
the
179,173
materials •
7,454,745 0,970,039 Accrued interest_ 206,263
being presented, the board during 1913 ccmmuted the rentals
246,340 opportunity
204,073
Ore contracts__
Ore contract payunder these leases for a cash amount,,ahich as been paid, resulting in a
537,823 Accounts payable_ 1,596,098 1,823,262 very substantial annual saving beginning with 1914, besides which this comments
768,770
Reserve funds__ _..5,615,637 4,587,652 pany,on the expiration of the franchises, will succeed to all title, in and to
Accounts and bills
192,620
226,060
3,777,611 5,407,899 Accrued taxes
properties and assets, subject to existing franchises and agreements.
receivable
561,474 said
1,827,098 3,841,501 Dividend warrants 374,316
Cash
Advent of Mr. Insult and Associates.-In July 1913 occurred the death of
440,246 Mr.
Dividends accrued 440,246
Anthony N. Brady, of N. Y., for upwards of 25 years a potent figure
Profit and loss... 6,512,778 6,661,477 in the affairs of this comoa,ny.
ubsequently, Mr. Samuel Insult of Chiwas elected a director and Chairman of the board, in succession to
cago
83,781,065 84,905,435 Mr. Brady. Contemporaneously,
Total
83,781,065 84,905,435
Total
therewith, Mr. Knapp, the President,
and Mr. Ferguson resigned as directors and John J. Mitchell and James A.
*Includes fund for exhaustion of m neraLs and rebuilding, $1,772,905; for Patten were elected to succeed them.(V.97, p.890.)
depreciation and renewals, $2,988,310; for re-lining furnaces, $346,984;
Statistics2:718
1912
1913.
19120:568
for fire and accident insurance, $332,991; for contingencies, $174,447.- Miles of street mains_ _ _
2,795
1,676
1912
-V. 97, p. 235.
, s,8
545,773
522,536
Meter
Gas stoves
353,794
380,376
305,279
328,824
National Biscuit Company.
Public lamps
12,196
18,190
16.445
18,060
Arc lamps
93,148
96,449
88,033
87,261
(Report for Fiscal Year ending Jan. 31 1914.)
Gross receipts
$16,825,534 $16,370,936 $15,896,286 $15,530,349
Operating expenses_ _ _ _ 10,407,956 10,267,619
9.538,758
9,324,506
1910-11.
1911-12.
1912-13.
1913-14.
$5,168,018 $4,539,379 $4,673,469 $4,619,460
*Net profits
$6,417,578 $6,103,317 $6,357,528 $6,205,843
Net earnings
Common dividend__(7%)2,046,520(7)2,046,520(9)2,631,240(6)1,754,160
$2,236,793 $2,193,605 $2,059,300 $1,982,633
1.736,315 Interest on bonds
1,736,315
1,736,315
Preferred dividend (7%)_ 1,736,315
1,269,961
1,293,721
1,175,647
Charged off.
1.068,878
$305,914 $1,128,985
$756,544
$1,385,183
Balance,surplus
Total
$3,530,514 $3,463,566 $3,234,947 $3,051,511
Balance for dividend& $2,887,064 $2,639,750 $3,122,581 $3,154,332
BALANCE SHEET JANUARY 31.
(7302,537,500 (7)2,450,000 (7)2.450,000(7)2,450,000
Dividends
1914.
1913.
1914.
1913.
Liabilities$
$
8
$
Assets$704,332
$672,581
$189.750
$349,564
Surplus for year
Preferred stock__ _24,804,500 24,804,500
Plant, real estate,
Common stock...29,226,000 29,236,000
mach., pats ,&c
BALANCE SHEET DECEMBER 31.
485,814
(less depree'n)..54,777,256 53,740,124 Accounts payable- 475,164
1912.
1913.
1912.
1913.
3,463,985 3,910,377 Surplus
13,688,272 12,303,088
Cash
Liabilities$
$
Assets$
785,485
Stocks & securities 909,948
Capital stock. __ _38,500,000 35,000,000
Real est., french.,
Accts. receivable. 3,532,333 3,168,356
tun'Is,mains,&c 95,752,903 86,639,940 Mortgage bonds_ _46,762,000 43,096,000
Raw mat.,sup.,&c. 5,510,415 5,225,060
312,051
1,298,398 2,062,819 Gas bill deposits__ 307,929
Materials
156,959 Acc'ts payable... 1,698,025 1,412,178
1,067,122
68,193,937 06,829,402 Securities.
Total
68,193,937 06,829,402
Total
1,000,800
1,478,704 Bills payable
1,945,621
receivable_
Acc'ts
-v. 97. P. 599.
287,610 Coupons past due
287,610
Bond coup. depos_ 303,835
997,286 Bond int. accrued 785,143
439,528
Gas bills receivle. 1,080,988
74,252
94,387 Depree'n & res'ves 4,286,033 3,651,026
Other bills reedyChicago Pneumatic Tool Co.(of N. J.), Chicago.
Surplus
13,335,176 12,985,611
Def'd install, stock
subscriptions__ _ 2,146,015
(Report for Fiscal Year ending Dec. 31 1913.)
3,005,971 5,466,296
Cash
Pres, W.0. Duntley, Chicago, Feb. 2, wrote in substance:
Results.-The volume of business secured by your company was the largest
in its history, although business conditions generally were not particularly
favorable, which, together with keen competition, necessitated the marketof profits.
ing of' our product on a closer margin
the year, making
The sum of $257,951 has been disbursed in dividends for
the balance of the
a total of $2,526,014 distributed in dividends to date,additional
working
provide
to
account
surplus
to
carried
being
earnings
capital for the constantly growing business; also to provide the necessary
betterments.
The foreign subsidiary companies are increasing their business steadily,
their earnings being retained by them to furnish the necessary additional
working capital for their expansion.
Conservative amounts have been expended for development work; tools
have been improved and new designs brought out, Active and increasing
compeititon, both domestic and foreign, make it imperative that the greatest vigilance be exercised in this respect.
Bonds.-Of the 1st M. bonds originally created, about 833 ($833,000)
have been or will be retired and in the hands of the sinking fund trustees
after they have invested the money now in their possession.
Reserve.-It was deemed advisable to make an appropriation from surplus to provide a reserve fund against possible obsolete and slow-moving
material and product in inventories.
RESULTS FOR CALENDAR YEARS.
1910.
1911.
1912.
1913.
$772,527 $1,054,809
$1,171,245 $1,002,260
Net profits
$116,733
$115,000
$115,000
$115,000
Deduct-Bond interest_
257,951
257.951
257,051
257,951
Dividends, 4%
50,000
50,000
50,000
50,000
Sinking fund
193,149
194,788
236,065
300.548
Depreciation, &c......
$617,834
$017,739
$659,016
Total deductions.- - $723,499
$436,975
$154,788
$343,244
$447,746
Undivided profits
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
LiabilitiesAssetsIssued
stk.
6,485,800
6,485,800
Capital
Real estate, plant,
First M.55 issued. 2,500,000 2,500,000
Pat's. good-will,
122,512
on bonds___1 122,038
&c„less reserves 7,092,024 7,013,545 Int.
Div. pay. Jan. 25f
Stock other cos., •
1,192,904 1,121,670 Accounts, &c.,
&o.(cost)
332,739
395,825
Payable
200,000
200,000
Treasury bonds
8,493
12,610
37,000 Reserves
37,000
Treasury stock...
• 100,000
10,000
121,399 Bills payable
99,342
Cash
831,829
fund
Sinking
744,445
rec.,
bills
Acc'ts &
82,249,104 2,007,181
less reserves_ _ _ _ 1,336,565 1,420,895 Surplus
744,445
831,829
Sinking fun
1,619,418
1,840,339
Inventories......
12,630,003 12,278,373
Total
12,630003 12.278,373
Total
Total
106,675,106 97,184,001
106,675,105 97,184,001
Total
Note.-The securities, $1,067,122.0wned as above,consist of special deposits and securities in hands of trustees, $999,662; Green St. property&c.. $67,459.-V. 98, P. 76.
Atlantic (Oil) Refining Co., Philadelphia, Pa.
(Report for Fiscal Year ending Dec. 31 1913.)
President J. W. Van Dyke says in substance:
The operations for the year did not yield sufficient funds to discharge
all previously-existing indebtedness or notes, which, however, has been reduced to $1,500,000. Practically all profits have been absorbed by increased Inventory of finished products, due to a slackened demand, particularly in the latter half of the year. Our business is especially sensitive to
industrial conditions, which generally have been much depressed. Do
creased demand has naturally resulted in a lower scale of prices. This influence is directly reflected in operating profits.
The value of our manufacturing plants and distributing stations has been
maintained by enlargements and improvements costing $779,543, as
against which a proper depreciation on plants has been written off.
l'articular attention has been given to the building up of our domestic
trade, to which about $108,000 of new distributing equipment,not included
in the improvement figures, has been put in service and is now beginning to
produce the desired results.
Fire and similar contingent losses have aggregated only 378,783, while
$246,371 has been written into insurance account, diminishing the apparent profit by the corresponding difference.
INCOME ACCOUNT.
1912.
1913.
1912.
1913.
Profits for year...83,734,232 $4,953,952 Previous surplus$18,188,135 810,890,463
Prof.appree.of inv. $74,545 $2,343,720 Total surplus-821,996,912 818,188,138
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
Assets$
$
8
LiabilitiesPlant account....10,324,088 10,390,925 Capital stock.... 5,000,000 5,000,000
266,905
966,785 Notes payable.... 1,500,000 3,000.000
Cash
7,625
7,600 Acc'ts payable... 1,879,023 2,152,093
Other investments
384,076
216,487
Ace'ts & bills rec._ 4,500,250 5,354,572 Insurance
21,996,912 18,188,135
Mdse. & materiaLs15,661,083 11,836,833 Profit & loss
30,760,011 28,556,715
Total
-v. 97, p. 523.
Total
30,760,011 28,556,715
Creamery Package Mfg. Co., Chicago.
(Report for Fiscal Year ending Nov. 30 1913.)
Pres. H. H. Curtis, Chicago, Jan. 21 1914, wrote:
After providing for dividends paid during the fiscal year, for depreciation on buildings, manufacturing machinery, &c., and a reserve to offset
discount, &c., there remains a substantial balance at the credit of unidvided
profits. It will be noted that the surplus account has been increased to
3500,000.
EARNINGS FOR YEARS ENDING NOV. 30.
Co.,
Chicago.
Coke
People's Gas Light &
1911-12.
1912-13.
1910-11.
1909-10.
(?)
82,52,737
$333.342,
$302.298
Net earnings
(Report for Fiscal Year ending Dec. 311913.)
Common dividends (6i)$195.000 (8)3210.000 (8)3210.000 (8)3240,000
1,050
dividends
5,989
13.305
Pres. James F. Meagher, Chicago, Feb. 10, wrote in subst.: Preferred
(7)
16,248
1,119
18,976
for 1912, 316; Depreciation
Results.-The gross earnings for 1913 were $16,825,534;
local taxes for the year, the
370,936. There was an increase of 21% in theaddition
$45,000
Balance,surplus...$117,5351
85,629
$74,366
to which there was
aggregate of such taxes being $1,031,176, In
and materials. While the increase in
.BALANCE SHEET NOV. 30.
some Increase in the cost of labor
must be remembered that we have been exoutput has not been large, it
1912.
Liabilities1913.
1913.
1912.
&MUMS-a
for
largo
business part of the year 1913, duo
times
dull
rather
periencing
81,437,905 81,416,733 Common stock.- _83,000,000 $3,000,000
Merchandise
lines
all
of
trade.
in
uncertainty
to the general
754,696
Preferred
stock__
249,500
e473,151
rec.
bills
181,300
&
Accts.
the board In
Dividend Increase.-Notwithstanding these adverse factors,
268,558 Bills and accounts
rate of dividend from 7% to 8%, believ- Spec. investments 212,102
the last quarter raised tbe annual
243,122
821,212
954),
157,153
payable
hand
1.260,465
on
890;
Cash
D,
97,
(V.
thereto
entitled
ing the stockholders
500,000
229,095 Surplus
lands.... 219,709
441,724
Additions.-Over 77 miles of mains were laid as extensions, and there was Thnber
727,699 Undlv. profits
59,259
Real estate
an increase in number of gas meters set of 29.349; in gas stoves installed of Machinery, tools,1 32,078,951 1
3,301.
of
26,_582 and in arc lamps
1,213,530
plants, &c
increase the auNew Stock.-The stockholders on Nov. 14 duly voted tosuch
Increase to
thorized capital stock from $35,000,000 to $50,000,000,should
Total
$4,883,489
34,628,971 34,883.489
$4,628,971
Total
determine.
times
such
as
board
the
at
be used for such purposes and was
offered to stockholders of record Nov. 29
Of the new stock, $3,500,°00 payable
plants, Szc.. in 1913 Include lands, buildings
estate,
machinery,
*Real
of
four
25%
in
on
each
installments
par,
at
1913 pro rata (10%)
and their equipment (net), $879,273; power plants and their equipment,
Dec. 22 1913 Feb. 25, May 25 and Aug. 25 1914, and was taken almost manufacturing machinery and minor equipment, 8370.706; patterns and
without exception (V. 97, p 1508)•
transportation equipment. $50.557; furniture and fixtures. $43,725, less
an
stockholders
the
authorized
meeting
special
same
Bonds.-At the
$25,000 reserve to provide for depreciation; adding $759,688 for patents as
issue of General and Refunding Mortgage bonds. the question of installing scheduled
and appraised makes a total of 82.078.050. a After deducting
For quite two years the board has been studying
items (if any).-V.98, p. 239.
a coal-gas plant on our tract of 300 acres on the Drainage Canal. Plans $28,932 for discount and doubtful
a reserve against obsolete
a After deducting $100,000 appropriated for
and $105,823 profits of subsidiary
and slow-moving material and products capital.
-V.
98, p. 455.
working
for
companies retained by them
520
THE CHRONICLE
(Julius) Kayser & Co., New York.
(Report for Fiscal Year ending Dec. 311913.)
Pres. Julius Kayser, N. Y., Feb. 2, 1914, wrote in subst.:
Total net profits, after making ample deductions for depreciation and
setting up the usual raw silk reserve, amounted to $1,203,827, as compared
with $1,191,578 for 1912. a satisfactory increase in view of the general conditions prevailing. There was purchased for retirement $150,000 first pre/ stock, leaving $2,600,000 outstanding. Owing to the increased
ferred 70
demand for our products, a considerable amount was expended during the
Year in Increasing the capacity of the several plants, particularly the one in
Brooklyn. This has naturally resulted in a temporary increase of current
liabilities and accounts. The increase in facilities was accomplished too
late to afford any material benefit during 1913, but, in view of the extremely
satisfactory increase in orders booked for the coming year,should henceforth
be of much greater benefit
RESULTS FOR PERIODS ENDING DEC. 31.
Year end. Year end. 8 nzos. end.
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11.
Profits after depreciation
$589,685
$1,203,828 $1,191,578
Redemption of preferred stock
$101.815
$161,751
5158,493
Special reserve account
50,000
33,333
First preferred dividends
b140,000
(7%)190,750(7%)200,083
(7%)48,650 (7%)48.650
Second preferred dividends
b32,433
(6%)360,000(4%)240,000
Common dividends
Total deductions
Balance, surplus
$757,893
$445,935
$700,484
$491,094
5307.581
$282,104
[VOL. xcvm.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
1913.
1912.
1911.
1910.
Gross earnings
$4,533,492 $4,444,498 $4,342,036 $4,501,124
Operating expenses,incl.
maintenance and taxes 2,207.238
2,139,102
2,125,033
2,308,863
272,249
Depreciation
266,217
251,485
217,234
Net earnings
$2.054,005 $2,039,179 $1,965,518 $1,975,027
Interest
$1.055,405 $1,015,357
$987,477
$998,427
Pref. dividends 5% _
125,000
125,000
125,000
125.000
Common dividends_ _.(7%)749,000(7%)749,000 *(7)710,500*(6%,)552500
Total deductions.... $1,929,405 $1,889,357 $1.822,977 $1,675,927
Balance, surplus
$124,600
$149,822
$142,541
$299,100
* 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 13% each paid on the $8,500,000 stock outstanding during the entire year and three quarterly dividends at the same
rate on the $2,200,000 additional stock subscribed for and paid as stock
dividend early in 1911.
CONDENSED BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
1912.
$
Liabilities (Con.)
AssetsS
$
Plant, stores, &c_35,379,866 34,532,211 Ref. & ext. M.55_10,000,000 10,000,000
Cash
98,735 Bills & acc'ts pay_ 1,935,713 1,284,087
85,298
Bills & acc'ts rec
253,364
1,076,940 1,185,155 Liabilities accrued 256,581
577,362
624,207
Reserves
Total assets_ _ _ _ 36,542,104 35,816,101 Reserve corn. stk.
390,856
Liabilities272,851
dividend fund
Common stock_ _ _10,700,000 10,700,000 Surplus
181,592
181,592
Preferred stock_ _ _ 2,500,000 2,500,000
First mortgage 58_10,000,000 10,000,000
Total Ilabilities_36,542,104 35,816,101
-V. 98, p. 158.
b At the rate 0(7% for the 8 months ending Dec. 311911.
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
• 1912.
Assess3
$
$
Land, bldgs., &o._:2,033,496 1,450,007 1st pref. stock.._ 2,600,000 2,750,000
Pennsylvania Water & Power Co.
695,000
Real estate other
2d pref. stock.._ _ 695,000
95,239 Common stock_ _ _ 6,000,000 6,000,000
36,000
than plant
(Report for Fiscal Year ending Dec. 31 1913.)
Patents, tradeSur. appl. In rePresident J. E. Aldred says in substance:
5,664,000 5,664,000
dempt. of pt. stk. 400,000
250,000
marks, &a
271,733 Mtges. payable__
Other investments 321,091
7,750
46,000
Results.-The total revenue from all sources amounts to $826,815, while
Materials & suppl's 3,695,037 3.182,343 mils payable
1,425,000
200,000 after providing for interest charges, depreciation
and maintenance there
Pay-rolls & merch.
Marketable stocks
remains a surplus of $302,662, which has been disposed of as follows:
47,112
161.740
and bonds
account
395,087
340,522 Transferred to depreciation fund, $150,000; to sinking
fund, $100,000; to
729,843 0th. accts. pay'le_
Acc'ts receivable- 896,010
157,900
326,783 contingent fund,$50,000; balance,surplus,carried to profit
and loss, $2,662.
332,364
129,748 Divs. accr'd on
Cash
The gross income shows a gain of $104,932 compared with 1912, the net
35,002
56,908
Int. & ins. prepaid
pref. stock
38,442
40,192 revenue a gain of $66,893. This gain would have been substantially
larger
Reserve for change
had it not been for a delay in the installation of electrical apparatus required
In prices
175,000
100,000 to put into operation the contract between your company
and the Edison
Special res. acc't_ 500,000
500,000 Company of Lancaster. [See below and United Gas & Electric
Corp.
Profit and loss_ _
802,467
356,532 in V. 97, p. 727.1
Depreciation Fund.-There was also realized from an agreement with the
13,196,646 11,605,028
Total
Total
13,196,646 11,605,028 Penn. RR. as to the raising of its grade when your plant was built,
the
amount of $200,000. This was considered not as a profit, but in the nature
r After deducting $365,151 reserve for depreciation.-V.96, p. 719. 484. of a rebate and $100,000 thereof was added to the depreciation
fund,
bringing that tund up to $250,000.
Sinking Fund.-The 1st M. sinking fund begins in 1914, and in anticiStewart-Warner Speedometer Corporation.
pation of this there has been set aside out of the amount received from the
Penn. RR. $100,000 and from earnings $100,000. a total of $200.000,
(Report for Fiscal Year ending Dec. 31 1913.)
which will cover the requirements of the fund up to and including 1917.
Contingent Fund.-This fund, with additions from earnings, now amounts
INCOME ACCOUNT 1913.
to $400,000.
$1,145.132 Common dividends (43•i%)_5450,000
Profits for year
Total Reserves, $850,000.-The amounts set aside in the accounts above
57,105 Balance, surplus
Preferred diva. (5 5-16%)
$638,027 enumerated give us total reserves amounting to $850,000, which is repreThe first div., of 2 1-3% on the pref. Stock, for the period ended Apr. 30 sented by $945,000 of our 1st M. bonds.
Finances.-There were issued during the year on account of construc1913, was paid on May 1 to stockholders of record Apr. 20 1913,and the regular quarterly divs. of 1%% each were paid on Aug. 1 and Nov. 1 1913 and tion work $1,130,000 of bonds, which, added to the amount in the treasury,
Feb. 1 1914. Dividends of U-% each on the common stock were also made a total ot 81,755,000 ot bonds available. There were sold during
the year 5625,000 et bonds (V. 97, p. 448). Of the balance, 8945.000 of
paid on May 1, Aug. 1 and Nov. 1 1913 and Feb. 11914.
bonds have been transferred to reserve funds, leaving in the treasury for
BALANCE SHEET DEC. 31.
tuture requirements $185,000. [See V. 98, P• 456.1
Extensions.-To meet the increasing demands for power, we decided
1912.
1913.
1912.
1913.
early in the year to install the 7th unit, thereby increasing the electrical
LiabilitiesAssas$
$
$
Preferred stock. _ _ 929,800 1,000,000 capacity of the power plant by 16,000 h.p. This unit was put in service
Real est.. bldgs,
machinery, ike_ .977,795 .926,492 Common stock-..t0,000,000 10,000,000 Nov. 1 1913, making the total installed electrical capacity 95,000 h.p.
Pat's, good-will,&c.9,092.165 9,152,983 Notes & ace'ts pay. 253,486
400,022 Nevertheless, the demand for power in Baltimore and Lancaster is at times
706,848 Reserves
972,783
Inventories
5,360
14,835 so great that the directors have decided to install during 1914 the 8th unit.
16,000 h.p., making a total installed electrical capacity of 111,000 h.p.
Notes & acc'ts rec_ a640,742 a559,457 Surplus
638,027
at the end of 1914.
59,390
Cash on hand,&c.. 127,484
It has also been decided to extend the transformer station at Baltimore
9,687
15,685
Deferred charges_
and install the 7th 10,000 k.w. transformer, thereby increasing the capacity
Total
11,826,654 11,414,857
11,826,654 11,414,857 of the sub-station to 94.000 h.p.
Total
The Baltimore load has become so large that it is necessary to increase
transmission service, and contracts have been let for material to dupli* After depreciation. a After deducting reserves. See also V. 96, P• the
cate the present line on our 100-toot right ot way. While the cost will
140, 207; V. 97, p. 242.
amount to about $400,000, this will involve no additional tax on income,
as the fixed charge on the expenditure will be more than offset by
Laclede Gas Light Co., St. Louis, Mo.
the saving of current, the lines from being overloaded having suffered
excessive loss of current. The additional line will reduce the loss of cur(Report for Fiscal Year ending Dec. 31 1913.)
rent to an average of 1067 •
Generating units Nos. 1° and 2 have been re-wound, thereby
Pres. C. L. Holman, St. Louis, says in substance:
their output by 5,000 k.w., at an exceedingly low capital cost. increasing
Results.-The gross earnings of both the gas and electric departments
Utilizing Surplus Power.-We have available over a period of six months
show a satisfactory increase, considering the unfavorable industrial condi- and for more than ten hours per day. 100,000 h.p., which, if sold at an extions and the fact that somewhat lower average rates were received.
ceedingly low rate, would increase the net profit of the enterprise over 25%•
The increase in operating expenses is due both to increase in output, gas The solution of this problem lies in the development of industries capable of
and electric, and to increase in the cost of raw material for gas-making. utilizing, during limited periods of time large electrical capacities now reThe last-named increase, particularly of gas oil used in the manufacture of maining idle.
water gas (effective July 1) compelled us to seek other methods of gas proOutlook.-The prospects for increased electrical business in 1914 are of
duction. In addition to all necessary maintenance expenditures, the sum the best. The operation of the Lancaster contract promises a substantial
of $272,248 was deducted from the net income and credited to the depre- addition to your revenue and the general power demands in Baltimore
ciation reserve, an increase of $6,031 over 1912.
must largely increase as the result of the active campaign of the Consol.
Regardless of the increased cost of production during the latter half of Gas, El. Lt. & Pow. Co. or new business. It is sIgni.icant that the lastthe year and the increased amount deducted for depreciation reserve, the named company has contracted with the Maryland Steel Co. and the
increase
of
$14,826.
net earnings show an
Pennsylvania RR. and other large consumers for their entire requirements
Interest and Dividends.-The amount paid for interest increased $40,047 of electrical energy in the city of Baltimore.
over last year, representing interest on floating debt incurred for new conDividends.-After two years' operation your company in entering upon
struction during the year.
the year 1914 takes a substantial step forward. With reserves built up to
The amount earned for common stock was $873,600, or 8.16%. Amount asubstantialamount and with earnings which will justify putting the stock
paid on same, $749,000, or 7%. The excess earnings after deducting all on a dividend basis in the near future, the directors feel justified In assuring
propier charges amounted to $118004; this was credited to common stock the shareholders, who have so patiently waited tor the promised result,
dividend fund, bringing the total in that fund to $390,856.
that their company is now at the beginning of a now era which promises
Construction.-The sum of $1,029,577 was expended for improvements satisfactory results alike to its clients and owners. While the net earnings
and additions during 1913.
for the year 1913 show something in excess of 3%% on the capital stock,
New coal gas plants of greatly increased capacity and modern design the net earnings during the past three months have been at a rate exceeding
were erected at Stations "A" and "B,' to replace as far as possible water 5% per annum.
gas production. Both plants will be in operation by Feb. 1 1914. At
[The report is accompanied by a 50-page pamphlet, handsomely IllusStation "D" the old gas holder was replaced by a holder of modern trated, describing the various properties, &c. Touching the contract with
design of 1,000,000 Cu. ft. capacity.
the Edison Electric Co. of Lancaster, Pa., referred to above, the pamphlet
The attractive new general office building at 11th and Olive Sts. was says: This company controls the entire electric light, power and railways
completed during the year. The company occupies five floors and the business of the city of Lancaster, Pa., and the territory adjacent thereto.
basement, and the remainder of the building is rented to tenants allied with Our contract calls for the delivery of power at the power station at Holtthe gas industry.
wood, Pa., the Edison Electric Co. owning and maintaining the transCustomers, &c.-The gas distribution system was increased by about mission line between Lancaster and Holtwood a distance of about 20 miles.
20 miles of main and 2,200 services; the number of gas customers increased The delivery of power to the Edison Electric' Co. began in July 1913 and
7,903. To the electric distribution system was added 211.3 miles of wire the contract covers practically the entire present and future requirements of
and cable and 1,812 services; the number of customers increased 47%.
the Edison Company. It is fully expected that the growth of this load will
11111Plant Account-Depreciation.-The plant account shows an Increase of compare favorably with the results which have been obtained in Baltimore.
2694,289, and represents the net additions during the year. The differ- The extension of our service to include the supply of power to the city of
ence of $335,288 between this amount and the total construction expendi- Lancaster, Pa.,and vicinity, is the first step taken to extend the company's
tures represents chiefly the charges written off to depreciation reserve, such zone of operation since the initial installation of its transmission system to
as the cost value of the old coal gas plants at Stations "A" and B"," the Baltimore. With the steady increase in demand from those companies
old gas holder at Station "D," mains,services, meters and other condemned year by year, it is anticipated that this company will not require to further
equipment. These unusually large charges account for the reduction shown extend its transmission system.]
in reserves. The plant account was also reduced by the sale of our interINCOME ACCOUNT YEAR ENDING DECEMBER 31.
est in the National Subway Co. of Missouri.
New Coke Oven Plant.-Contracts have been let for the construction of a
1913.
1911.
1912.
modern coke oven plant,located in the extreme southern portion of the city. Gross income, all sources
$826,815
$516,285
$721,883
This plant should be ready for operation on or about May 1 1915, and when Operating expenses and taxes
117,048
68.959
101,975
completed will produce about 5,000,000 cu. ft. of gas per day and in addition furnace and foundry coke for the St. Louis market. Upon completion
Net earnings
$447,326
$709,767
$619,908
of this plant, the company will be in a better position to take advantage of Interest
on bonds
407,104
381,125
384,139
the prevailing prices of raw materials used in the manufacture of either
coal or water gas.
Balance,surplus
266,20
$235,769
$302,663
I
American Light & Traction Co.
(Report for Fiscal Year ending Dec. 31 1913.)
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
AssetsLiabilitiesProperty account_16.315,592 15,500,140 Capital stock ____ 8,495,000 8,495,000
Secur. of 0th. cos.x1,449,020 1,166,620 First mtge. bonds_ 8,505,000 7,880,000
395,000
Loose pl't & equip. 114,057
177,870
122,029 Bills payable
49,417
Accts. receivable. 154,282
49,968
293,661 Accounts payable_
57,224
186,562
Cash
138,408 Contingent fund__ .400,000
Prepaid charges_ _
5,644
7,642 *Degree. fund_ _ _ _
250,000
*Sinking fund... 200,000
221,970
Profit and loss__ _ _
y18,532
Total
521.
THE CHRONICLE
14'ms. 14 1914.1
18.095,819 17,228,500
Total
18,095,819 17,228.500
• Represented by $945,000 first mortgage bonds of company.
x Includes $1,350,000 bonds of transmission cos. owned and operated.
y After deducting $150,000 for depreciation fund, $100,000 for sinking
fund and $256,100 for contingent funds.-V. 98, p. 456.
RESULTS FOR CALENDAR YEARS.
1910.
1910.
1913.
1912.
Earns.on stk.ofsub.cos. $3,751,976 $3,688.867 $3,618,793 $3,387,883
Miscellaneous earnings_
714,258
567,993
525,260
444.669
Gross earnings
Expenses
34,466.234 $4,256,860 34,144,053 33,832,552
123,108
117,657
113,810
119.688
Net earnings______ - - $4,343,126 $4,139,203 $4,030,243 $3,712.864
Div. on pref. stock (6%) $854,172
3854,172
$854,172
$854,172
Cash div. on corn. stk_(10)1,341,182(10)1,215,732(10)1,101,388(9%)997.560
Childs Company, New York.
(Report for Fiscal Year ending Nov. 30 1913.)
Pres.Samuel S.Childs, N.Y.,Jan. 23 1914, wrote in subst.
Total dividends
$2,195,354 $2,069,904 $1,955,560 $1,851,732
Balance, surplus
$2,147,772 $2,069,299 $2,074,683 $1861,132
There was also deducted in 1913 $1,341,182 (105') for stock dividends
on common stock, against $1,215,732 (10%) in 1912, leaving $806,590 in
1913, against $853,567.
CONDENSED BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Liabilities$
$
$
During the past year we have opened ten new establishments. While
some of these have not been operated long enough to determine their real
earning capacity, the management is more than gratified with the results
thus far. The company is better organized than ever and better equipped
for the expansion of its business. New establishments will be opened durafter careful investigaing the coming year where it has been determined,forward
to still greater
tion. they can be operated profitably. We look
success during the coming year.
1909-10.
1910-11.
1911-12.
1912-13.
$687,385
$957,479
$881,103
$863,606
Gross profits
422,295
474,998
609.436
657,782
Dividends paid
12,978
76,174
$205,824
263,006
Surplus for year
l'revious surplus*
$271,667
239,719
$482,481
984,428
3265,090
911,038
$511,387 31,466.909 $1,176,128
$468,830
Total surplus
*After amounts transferred to reserve and depreciation accounts and
also, in 1911-12, common stock dividends of 33 1-3%.
Dividend Record (Per Cent) of Common Stock-Calendar Years.
1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911 to1913.
10 yearly
6
7% 8%
1%
3
3
3%
4U 5%
Also 33 1-3% paid in stock Dec. 1911. V. 93, p. 1728, 1791.
BALANCE SHEET NOV. 30.
Assets1913.
1912.
1911.
1910.
Estab. plants, leaseholds, &c
*37,657,408 $6,823,049 $6,274,274 $5,754,810
Res. fund, real estate
and cash in banks....
541,564
472,109
391,170
328,575
Cash on hand and in bks.
507,236
445,945
378,858
367,827
Stocks owned
730,100
730,100
767,700
765,100
Notes rec., open accts.,&c. 414,181
423.477
254,747
292,164
Merchandise inventory_
86,914
73,805
69,609
66,099
Real estate,less mtges
107,500
105,000
95,000
Inv
Aes
ute
m
sent acc't..25,956,359
Temporary invest. 2.116,720
do intAdivs.rec.
45,565
Treasury stock_ ....
•1
Undiv. profits subsidiary cos
8,252,597
Bills receivable_
1.410,225
Certf. of indebt__ _
110,973
Managers stk. con. 104,250
Miscellaneous
779
Cash
2,361.630
Acc'ts receivable.. 198,356
Total
26,723,894 Preferred stock__ _14,236,200
2,374,075 Corn. stk. in treas. 1,089,000
51,808 Corn. stk. outs'g_ _13,911,000
1 Undivided earns__ 4,141,957
Reconstruc. res've. 5,353,925
7,267,582 Accounts payable_
52,524
393,000 Dividends accrued 837,912
681,221 Contingent fund__
879,607
120,550 Warrants
36,330
Deposits on man.
2,240,095
stock contracts_
13,500
84,443 Taxes in adv., &c.
5,500
40.557,455 39,936,668
American Piano Company.
(Report for Fiscal Year ending Dec. 31 1913.)
Chairman C. H. W. Foster says:
There has been a notable improvement in collections during the past
two months. The fall rush, in which about 60% of our sales for the year
are recorded, is over, and this is the dull season. Orders, however, are
running as good as a year ago, and the outlook, all things considered
Is favorable.
RESULTS FROM OPERATION.
1912.
1913.
1911.
1910.
Sales (wholesale) gross_ _33.440,000 $3,287,171 $3,138,618 $3,425,670
$393,065
$392,493
Net earnings
$382,799
$439,206
270,102
270,102
Preferred dividends (7%) 270,102
270,102
Balance,surplus
$122,391
$112,697
$122,963
BALANCE SHEET DEC. 31.
1913.
AssetsReal estate, plant &
equipment
1,623,957
Patents,trade-marks
and good-will_ _ _3,745,503
Investments
135,401
Cash
247,826
$10,044,903 $9,073,485 $8.220,327 37,585,606. Acc'ts ¬es recle.2,323,170
Total
Fin.prod.,mat.&sup.1,440,647
Miscellaneous
176,937
*After deducting depreciation of 31.046,947.-V. 96, P. 1843, 1631.
Insurance.-The fund earned $451,363 for 1913. Amounts charged for
losses and expenses, $147.471. The insurance fund now amounts to 31,841,248; of this, 31,537.500 is invested in bonds.
40,557,455 39,936,668
•$1,089,000 of the company's capital stock.-V. 97, p. 300.
Total
$10,044,903 39,073,485 $8,220,327 $7,585,606
LiabilitiesCommon stock
$3,999,755 $3,999,755 $3,000,000 $3,000,000
2,499,900
2,500,000
Prof.(7% cum.stock)_ _ 3,916,900 3,000,000
581,003
1,090,235
862,248
Notes & accts. payable_ 1,117,854
541,564
472,108
391,170
328,575
Reserve account
468,830
511,387
1,176,128
Surplus
1,466,909
Alaska Packers' Association, San Francisco.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Henry R. Fortmann, San Francisco, Jan. 20 1914,
wrote in substance:
Total
14,236.200
2,389,800
12,610,200
3,799,076
4,890.217
75,840
844,053
1,002,130
1912.
$
1,605,950
3,736,008
135,652
343,008
2,025,989
1,521,042
182,635
Total
9,693,441 9,550,284
-V. 97, p. 667.
$169,104
1913.
1912.
Liabilities$
Preferred stock
3,858,600 3,858,600
Common stock
3,161,100 3,161,100
Notes payable
1,493,000 1,553,000
Acc'ts payable
278,445 184,780
Accrued wages
4,120
17,590
Preferred dividend
payable Jan. 1... 67,525
67,525
Surplus
830,651 707,688
Total
9,693,441 9,550,284
Kaministiquia Power Co. (Ltd.)
(Report for Fiscal Year ending Oct. 31 1913.)
Pres. H. S. Holt, Montreal, Dec. 8, wrote in substance:
Results.-The gross and net revenue and surplus earnings continue to
show substantial increases over previous years. In view of the increase in
the net earnings, the directors advanced the rate of dividend from 4% to
5% at the commencement of the present fiscal year. We have made the
same appropriations as last year, viz.: $10,000 to depreciation and renewal
reserve and $25,000 to contingent reserve. The surplus for the yrear, after
cases. Salt salmon, 8,032 barrels.
appropriations, amounts to $45,040, which, added to the
Markets.-Owing to the disturbed commercial and financial situation in making these previous
years' operations, brings the accrued surplus as at
almost all countries, together with the unprecedentediy large pack of 1913. surplus from
31 1913 to $216,133.
canned salmon could only be sold at largely reduced prices. The 1913 Oct.
increasing demand for power in Fort William and Port
-The
Extensions.
Pacific Coast salmon pack exceeded 8,000,000 cases, an increase of 2,000,000 Arthur is gradually overtaking the present capacity of our
plant, and for
cases over the largest previous pack. The results of the season's operations
decided to install a fourth hydro-electric unit.
have been unremunerative for all but a few salmon canning concerns. this reason the directors have reinforced concrete
Plant.-Current repairs,replacements and betterments have been made at This extension will comprise penstock between aqueduct between head
additional
forebay
and
power-house
works and forebay,
a cost of $580,844. There has been written off from plants on account of and
a turbo-generator of 12,000 h. p. capacity. It is expected that this
depreciation $151.055. The present appraised value of plants is $4,338,395. additional
unit will be completed during the summer of 1914 before peakWe operated 14 plants in Alaska and 3 in Puget Sound.
Fleet.-The bark "Star of Polvd" has brn_purchased and the steamer load season.-The company Is in a satisfactory position financially,
Financial.
with
"Kanak" and launches "Heron, "Pigeon, rarrot" and "Pouter' have ample
cash to meet immediate requirements. It will be necessary, howbeen built at a cost of $193,911. Four launches have been dismantled.
to raise further capital in connection with the installation of No. 4
There has been expended for improvements and repairs to the fleet ever,
unit as outlined above, and accordingly the directors have decided to in$244,848, and there has been written off from fleet values for depreciation crease
the capital stock by $500,000. While authority is being asked [and
the sum of $50,061, leaving the present appraised value of the fleet $1,505.Pack.-The Association's pack of salmon for the season was as follows:
Sockeye 262,541 cases; Red, 843,376 cases: King, 10,763 casse; •Coho,
11.261 cases; Pink. 346,410 cases; Chum, 30,064 cases; total, 1,504,415
850. We now own nine ships, 12 barks, one barkentine, three schooners
and 63 steamers and launches; total. 88 vessels.
Expenditures in Alaska.-Our policy of assisting in the development of
Alaska has been continued and expenditures ecxeeding $250,000 for the year
were made in the territory.
Salmon
-The two salmon hatcheries of the Association have
was granted by the shareholders Jan. 7] for this $500,000, it is proposed
to issue only $200,000 at present, offering the same to shareholders at par
pro rata of their holdings. The additional money required for the financing
of No.4 unit will be provided from surplus earnings and the sale of treasury
bonds.
Out
business of the company has continued to show gratifying
Hatcheries.
continued operations, showing during 1913: At Karluk Salmon Hatchery, increases and considerable new business has been added to the service,
41,803,000 fry liberated and 34,629,160 red salmon eggs taken at Fort- with favorable prospects for the ensuing year.
mann Salmon Hatchery, 20,800,000 fry liberated and 9.480,000 red salmon
INCOME ACCOUNT FOR YEAR ENDING OCT. 31.
eggs taken in. In Alaska the Government continued operating large salmon
1912-13.
1911-12.
1910-11.
1909-10.
hatcheries on McDonald Lake and at Litnik, Afognak Island.
$302.741
3243.887
$216,741
$191,284
Bonded Debt.-$163,000 bonds were redeemed and canceled, reducing the Gross revenue
40,103
Oper. exp., renewals, &c
31,689
29,174
28,740
bonded debt to $815,000.
Profits for Year.-The insurance fund has increased$303,892. The
$262.638
$212,198
$187,567
Net revenue
$162,544
profits for 1913 were $148,380. Quarterly dividends of $1 50 per share
82,598
82,402
Fixed charges
79.176
77,227
have been paid during 1913.
$180,040
$129,796
3108,391
RESULTS FOR CALENDAR YEARS.
Net income
$85,317
(5%)$100,000 (4)380,000 (3)360.000(2X)$45,000
Dividends paid
1913.
1911.
1912.
1910.
account
25,000
25,000
8,340
10,000
Canneries operated__ _ _
16
17
15
15 Contingent
renewal reserve 10,000
Deprec'n
&
10,000
10,000
Cases packed
1,504,415
1,053,015
1,202,779
971,716
3349,496
$849,101
Net profits
3581,049
$727,960
surplus
Balance,
$45,040
$14.796
$30,051
330.317
$201,116
$217,202
Written off
$208,217
$210,952
BALANCE SHEET OCTOBER 31.
345, 48
345,048
Dividends (6%)
345,048
345,048
1913.
1912.
1913.
1912.
def.$196,668 sur.$27,783 sur.$286,850 sur.$171,961
Liabilities$
$
AssetsBal.,sur. or def
$
$
2,000,000 2,000,000
$810,101
Total surplus Dec. 31-- $641,216
$837.884
$523,250 Property, plant, &c_4,046,307 4,013,188 Capital stock
Treasury bonds.. _ _ .. 233,000 204,500 First mtge. bonds__ _2,000,000 1,968,000
GENERAL BALANCE SHEET DEC. 31.
41,732 E. S. Jennison et al_ 87,500
Accounts receivable.. 68,421
87,500
1912.
861
1,760 Accr'd int. on bonds_
1913.
Unexpended balance
29,406
29,392
1913.
1912.
8
1,767 Wages unpaid, dre
19,552
LiabilitiesConstrue. In progress 82,859
2,093
Assets$
$
$
5,981 Accounts payable___
12,625
15,302
Cannerie,s,neet,&c. 5,844,245 5,698,262 Stock ($7,500,000) 5,750,800 5,750,800 Stores
145,651 144,528 Suspense account..__
56,883
25,076
Inventories
2,407,477 1,983,741 Bonds
815,000
978,000 Cash
Current
Contingent
fund..... 100,000
indebt
Insurance fund in75,000
1,276,764
285,212
1,537,500 1,380,746 Insur. reserve fund 1,841,248 1,537,357
vestment
48,206 Profit and loss.... 641,217
153,762
Acc'ts receivable
837,884
278,298
382,045
Cash on hand__ _
Total
10,325,029 9,389,253
-V. 96, p. 1631, 1226.
Total
10,325,029 0,389,253
Deprec.,&c.,reserve 30,000
Div. pay'le Nov. 15_
25,000
Surplus
216,133
4,577,099 4,413.456
Total
-V.98, p. 307. 158.
Total
20,000
20,000
171,093
4,577,099 4,413,456
522
THE CHRONICLE
Dominion Bridge Co., Ltd., Montreal.
(Report for Fiscal Year ending Oct. 31 1913.)
Pres. Phelps Johnson on Dec. 18 said in substance:
The gross output of your various plants was 76,073 tons, being an increase of 13,026 tons over year 1911-12. and it would have been considerably
larger but for the congested condition of all steel mills early in the year.
The output of your plants for the first three-quarters of the year averaged
less than 18,000 tons per quarter, but for the last quarter the output was
over 23,000 tons. Business entered totaled approximately $6,50-,000
and the gross value of the contracts charged up as fully completed and considered in the profit and loss statement for the year is $5,621,010, while
work to the approximate value of $8,650.000 is being carried forward into
the new year, on which expenditures of $5,446,471 have been made.
The profit for the year, after making ample allowances for all bad and
doubtful accounts receivable,and for depreciation of your company's buildings and plants at Lachine, Toronto, Ottawa and Winnipeg, is $832,779.
The profit and loss statement shows a balance carried forward of $409,276,
as against $316,715 a year ago, and the various reserve accounts have been
increased from $619,394 to $756,871. Commencing with March your
directors have declared dividends at the rate of 2% quarterly. Owing to
the present unsettled condition of the steel market, we have considered it
wise to write down the value of supplies to a very conservative figure.
The plant at Lachine has been improved by the addition of electric crane
In the receiving yard; by the addition of a new power house and many improved machines, while the buildings at both Wianipeg and Toronto have
been enlarged and now machinery added. At Toronto further property has
been acquired in the Islington district for the storage of raw material, and
at Ottawa extensions to buildings are now nearing completion with the object of making the plant take care of most of the local structural business.
The business outlook for the current year, while not as bright as it was 12
months ago,is still far from discouraging and with the large volume of unfilled orders carried forward, the majority of which is entered at profitable
prices, your directors look forward with confidence to a continuance of
the favorable results now shown.
INCOME ACCOUNT FOR YEAR ENDING OCT. 31 1913.
Net income for year
x$832,778 Total deductions
$740,218
Bonuses
5,750 Surplus Oct. 31 1913
92,560
Dividends
y565,700 Bal. at credit Nov. 1 1912-- 316,716
Reserves
153,054
Expenses written off
15,714
Total surplus
$409,276
x The total not income, $832,778, for the year ending Oct. 31 1913, includes interest and dividends on investments.
y The dividends cover more than one year, but do not include the quarterly dividend to Oct. 21 1913, paid Nov. 15 1913.
BALANCE SHEET.
Oct. 31'13 Apr.30'13
Oct. 31'13 Apr.30'13
Assets- ,
Liabilities$
$
$
$
Real est., plant, &c..3,419,670 3,447,400 Capital stock
6,500,000 6,500,000
Uncompleted add'ns. 276,489
ReservesInvest, in other cos_2,087,156 1,857,554
Deprec.& renew__ 386,704 388,034
88,558
3,694
Cash
Accidents In ere°. 200,000 200,000
Devoe on tenders
80,098
03,811
Accident Insurance 60,171
38,682
Accts. & bills receiv_ 745,957 535,198
Investments
109,995
94,179
Expend.on contracts1,580,297 1,458,366 Accts. & bills pay..._1,793,272 957,176
Inventory
1,241,045 1,053,259 Surplus
409,276 361,074
Reorganization acct.
7,200
Unexp. Ins., prem.,
taxes, eze
25,014
18,698
Total
9,459,419 8,540,044
Total
9,459.419 8,540,044
Note.-The Royal Trust Co. holds 2,740 fully-paid and non-assessable
shares for the purpose of selling the same to the employees of the company
on an installment plan.-V. 84, p. 1430; V. 98. Io• 75.
The Alliance Realty Co.
(Balance Sheets of June 30 1913 and Dec. 31 1913.)
Dec.31'13. June30'13
Assets$
N.Y. City real est__ *266,626 *277,322
Bonds & mortgages_ 535,510 467,750
Stocks and bonds..2,137,637 2,158,277
Bills receivable
97,800 129,800
Sundry accounts
2,667
Cash
180,125 267,358
Accrued Int. AG dIva_ 33,371
29,625
Furniture & fixtures..
1
1
Total
3,251,070 3,332,800
[VOL. xcvm.
Cleveland Electric Ry.-Earnings for Calendar Year.-
Calendar
Year1013
1012
Gross
Net
Other Int., Taxes c% Balance.
Earnings.
Earnings. Income. 6% Div.
Deficit.
$7,140,789 $1,670,132 $40,977 $2,000,529
$298,419
6,648,756
1,713,182
31,017
1,783,134
38,935
Increase of Fare.-The city authorities and the company
have, it is reported, agreed to raise the fare on July 1 next,
a charge of 1 cent to be made for transfers in addition to
the cash fare of 3 cents.
The city, it is stated, agrees to take care of a deficit
$217,000 in the
company's maintenance fund and allow the company toof
off during
a period of 5 years 31,080,000, the reproduction value ofcharge
worn-out equipment.-V. 98, p. 155, 73.
Cleveland Painesville & Eastern RR.-Earnings.-Calendar
Gross
YearEarnings.
1913
$425,924
1912
402,188
-V. 96, p. 553.
Operating
Expenses.
$209,736
205,226
Net
Earnings.
$216,188
196,962
Interest
and Taxes.
$152,246
138,787
Balanc,
Surplus
$63,942
58,175
Connecting Railway, Philadelphia,-Bonds OfferedGuaranteed by Penn. RR.-Edward B. Smith & Co. and
Brown Brothers & Co. are offering at 98 and int. yielding
about 4.11%, the unsold portion of their block of $.3,311,000
1st M.4% gold bonds of 1911, due March 15 1951, unconditionally guaranteed by the Pennsylvania RR. Co. as to
principal and interest by endorsement on each bond. Total
auth.,$15,000,000; outstanding, $4,000,000. Par $1,000 c*.
Free of Penn. State tax and normal Federal income tax.
Application will. be made to list these bonds on the N.Y.Stock Exchange.
Data from Samuel Rea, President Pennsylvania RR., Feb. 10 1914.
Endorsement on Each Band.-"For a valuable consideration, the Pennsylvania RR. Co. does hereby guarantee to the holder of the within bond the
due and punctual payment by the Connecting By. Co. of the interest upon
said bond in gold coin of the U. S. of America, of, or equal to, the present
standard of weight and fineness, as the same shall from time to time become due, and also the payment of the principal of the within bond in like
gold coin when the same shall be or become duo." [Duly signed under seal
of Penn. RR. Co. July 1 1911 by Pros. or V.-Pres., attested by Sec.).
Road.-Located almost wholly within the city of Phila., directly
ing the main line of the Penn. RR. at the Mantua Yard with the connectPhila. &
Trenton RR. at Frankford, thus forming a connection for the North and
South and East and West traffic to and from New York. The use of the
road as part of this through route from N. Y. to the South and West is
assured under 999-year lease of June 30 1871. Also has a double-track line
from North Phila. to Chestnut Hill, with a branch to Fort Hill Station.
and many important industrial spurs. Total track covered by mortgage,
110.77 miles, viz.- 1st track, 35.65; 2d track, 13.12; 3d and 4th tracks,
12.08; sidings, 49;92.
Is now completing a new concrete five-track arch bridge over the Schuylkill River at Girard Ave. and extensive improvements at and near North
Phila. station, including additional tracks, new and enlarged bridge over
North Broad St., &c. Total cost of property to Dec. 31 1913 $8,208,640.
Lease.-The road was constructed by the Penn. RR. Co. and leased to
Phila. & Trenton RR. Co. Jan. 1 1868 for 999 years.
When the Penn.
RR. Co. on June 30 1871 leased the Phila.& Trenton it assumed all the
latter's obligations, among them the lease of the Connecting By. Co.
Effective Jan. 1 1902, the present company was formed by,the consolida.tion with the Phila. Germantown & Chestnut 11111 RR. Co., &c., the property being operated subject to the lease, under which a rental is paid of4%
upon the capital stock, the int. on bonds, taxes, &c. Stock authorized
$5,800,000,of which $4,116,650 Is outstanding, all owned by Penn. RR.Co.
Efonds.-These bonds were issued to pay for the construction and improvements of the railway co.and to refund its 34/% bonds and the 43i%
bonds of said Phila. Germ. Sr Chestnut Hill RR., both mortgages satisfied
of record. The balance of the authorized issue can only be issued from time
to time "to accomplish and carry on and enlarge" the business.-V.98,p.452.
Dec.31.13. June30'13
Liabiltties$
Capital stock paid in.2,000,000 2,000,000
Duluth-Superior Traction Co.-Earnings.Accrued Int. payable
1,631
650
Suspense acount_ ___
5,500
50,000 Cal.
Gross
Int. & Pref.Divs. Common
• Net
Balance,
Reserve for dividends 160,000
Year. Earnings. Earnings. Taxes. (4%).
Dividends. Sur. or Def.
80,000
Sundry accounts_
1,381
1913_31,283,914 $535,750 $246,063 $60,000 (4X)$148,750 sur.$80,937
Surplus and undivi1912_ 1,083,259 453,072 219,295 60,000
(5) 175,000 def. 1,224
ded profits
1,082,558 1,202,150 -V. 96, p. 1772.
Total
3,251,070 3,332,800
• Less mortgages thereon, $141,000.
Dividends Paid.
1902. '03. '04. '05. '06. '07. '08. '00. '10. '11. '12. '13.
Regular
6% 6% 6% 6% 73 8% 8% 8% 8% 8% 8% 8%
Extra
-V.97, p. 362.
GENERAL INVESTMENT NEWS.
Ft. Wayne & Northwestern (Electric) Ry.-First Dividend.-This company on Jan. 31 declared a first dividend
(1%). Total stock authorized, $1,950,000,
Successor In 1913 of Toledo & Chicago Interurban fly., foreclosed
April 14 (V. 96, p. 864). Road extends from Fort Wayne to Garrett and
thence (a) to Waterloo and (b) via Avilla to Kendallville, 41 miles.
Officers: Pres. & Gen. Man., C. J. Munton, Kendallville; 1st V.-Pres.,
W.L. Taylor,Indianaplis; 2d V.-Pres., J. II. Rose, Ft. Wayne; Sec., It. W.
I3radtmiller, Kendallville; Treas., G. M. Patterson, Directors: W. L.
Taylor, Indianapolis: J. H. Rose, F. E. Zollars, Eimer E. Leonard, of Ft.
Wayne, and 0. J. Munton of Kondaliville.-V. 96, p. 1228, 864.
Ft. Wayne & Springfield Electric Ry.-Sale.-Judge
Edward O'Rourke at Ft. Wayne on Feb. 3 ordered the sale
of the property; upest price, $200,000. The sale, it is said,
will take place May 15.-V. 90, p. 1101.
See Scranton & 13inghamton RR. below.-V. 95, p. 360
Galveston-Houston Electric Co.-Stock Option.-All
Cape Girardeau & Northern Ry.-Suit.shareholders of record Feb. 4 are offered, by circular of
Francisco
RR.
below.
Sea St. Louis & San
-V.96, p. 1555.
Feb. 5, the right to subscribe at par ($100 a share) at office
Central Pacific Ry.-Government Suit.of Stone & Webster, 147 Milk St., Boston, on or before
See Southern Pacific Co. below.-V. 98, v. 303.
Feb. 25 for the $1,000,000 new common stock to the extent
Chicago & North Western Ry.-Application.-The of one share for each six shares of present, common or pref.
company has applied to the Illinois P. U. Commission for
Subscriptions are payable to order of Stone & Webster either (1) in full
each of $50 per share,
permission to issue $10,000,000 equipment trust certificates on or before Feb. 25 1914, or (2) in two installments,fully
paid for Feb. 25
Feb.
and Aug. 25 1914. Stock subscribed and
and $11,184,000 general mortgage bonds; also to lease the will be25ready
for delivery Mar. 5 1914, and will carry the Mar. 16 dividend
Macoupin County Extension By.
of $3 50 per share. Subscribers paying only 50% Fob. 25 will receive on
participate In the Mar.
RAILROADS, INCLUDING ELECTRIC ROADS.
Binghamton Railway.-Proposed Sale.-
16 divi-.
Mar. 5 negotiable receipts, which will not
dend; but will on Sept. 4 1914, provided the second installment has been
paid by Aug. 25 1914, be exchanged for stock carrying the Sept. 15 dividend.
The proceeds of the Issue will be used to pay the $600.000 3-year 6%
coupon notes maturing April 1 1914 and for the capital requirements of the
present year, including the cost of city track extensions, double-tracking,
paving, additions to car equipment and to car barn and power facilities.
Gross Earnings-Increase from 1907:0 1913 Over 100%.
Chicago & Western Indiana RR.-Gen. M.Called Bonds.
1912.
1913.
1011.
1010.
1908.
1909.
1907.
One hundred and sixteen (3116,000) 6% gen. mtge. bonds of 1882, for $1,050,892 1,088,447 $1,206,543 $1,312,986 $1,523,168 $2,027,656 $2,373,065
payment March 1 at 105 and Int at office of J. P. Morgan & Co. V 98,
increased
from
been
6%
has
to 7%
shares
dividend
common
on
the
The
p. .452, 235.
per annum, beginning with the Mar. 1914 distribution.-V.98. p. 386, 155.
This Is stated to be merely a formal step to place the company In the same
position It was In a year ago. These securities have been authorized by
the Wisconsin. Nebraska and Michigan corranis.sions, but since the Illinois
Public Utilities Act went into effect the first of the year,it became necessary
for the company to secure the permission of the Illinois Commission to
issue the securities already authorized by the other State conunLssions.
-V. 08, p. 452.
Cincinnati & Muskingum Valley RR.-Bonds Sold.-
Grand Trunk Pacific Ry.-Report of Commission.-The
report of the National Transcontinental Railway InvestiCleveland Akron & Columbus Ry.-Bonds-Earnings gating Commission appointed by the Government two years
of Pennsylvania Co.-William Salomon & Co., who are plac- ago was delivered to the Canadian Parliament on Feb. 12
ing $932,000 First Cons. M. gold 4s of 1900, due Aug. 1 by the Minister of Railways.
•
1940, report in substance:
The original estimate of the Laurier Government of the cost of the road
See Pennsylvania RR. below.-V. 81, p. 270.
Guaranteed. prin. and int., by endorsement by the Pennsylvania Co., was. It is stated, $61,415,000, and on Sept. 30 1011 there had already been
which owns 99.9_% of the $7.500.000 cap. stock. Based on preliminary spent $109,000,000. and the chief engineer then estimated.that when comstatements, the Pennsylvania Co. had net income for the cal. year 1913 pleted the road will, exclusive of interest, have cpst $161,300,000. As(after allowing for interest charges, rentals, &c.) of approximately $9,500,- suming that the Grand Trunk Pacific will commence to pay interest In
000. The Cleve. Ak.& Col. fly. Co. itself for 1913 reported net income of 1922, the road will have cost the country $234,651.521.
•
$628,298 (after interest, rentals, &c., of $252,505), contrasting with $590,The Commission finds that large sums were made by sub-letting and that
892 In 1911.-V. 93, p. 105.
the original forms of tenders restricted bidding to a few big contractors, 11
FEB. 14 1914.]
THE CHRONICLE
firms having made about $9,000,000 without doing any work. The late
Charles M. Hays, President of the Grand Trunk, the report says, was
aware of what was going on and protested vainly to the Government, and
in the case of one contractor, of whom Mr.Hays complained, a profit of
$740,000 was received for doing nothing." Improper classification accounts for another $1,000,000. No actual corruption is charged.—V.
98, p. 73.
Grand Trunk Ry. of Canada.—Third Preference Div.,
23'%.—The directors have declared a dividend of 2%% on
the third pref. stock, payable from the earnings of 1913,
from
being the same as in 1912, and comparing with 1
the earnings of 1911 and M of 1% from those of 1910.
The latter was the first dividend declared on the issue since the 3% paid
April 1908 for the year 1907, previous distributions being 3% for 1906, 2%
for 1905, 2% for 1903 and 1% for 1902. The company reports estimated
earnings for the half-year ending Dec. 31 1913 as follows: Gross, £4,768.000, an increase of £155,300 over 1912; net, £1,219,000, a decrease of
£58,900, and surplus after charges of £578,000, an increase of £2,650.—
V. 98, p. 73.
Harrisburg Portsmouth Mt. Joy & Lancaster RR.—
Offering of Bonds Guaranteed under Lease by Penn RR. Co.—
Edward B. Smith & Co. and Brown Brothers & Co. offered
last week at 993' and int., yielding about 4%,$700,000 1st
M. registered 30-year 4% bonds, extended to July 1 1943.
Denominations $500 and $1,000. Free of Penna. State tax.
Interest J. & J. Trustee, Girard Trust Co., hila. For
record this issue is advertised on another page.Zcircular says:
The Pennsylvania RR. Co. leases for 999 years from Jan. 1 1861 the
entire property of the company, the lease containing the following: "Said
lessee shall :punctually pay the interest on said hereinbefore mentioned
mortgage bonds of $700,000, as the same shall become due, to the holder
or holders of said bonds, or tho coupons thereto attached, and upon the
maturity of said bonds provide for the payment of the princmal thereof, or,
if authorized by law, for their renewal or conversion into stock of the
said company.
In addition to the guaranty, as above, these bonds are secured by a first
mortgage on that part of the Pennsylvania RR. main line between Harrisburg and Dillerville. together with important trackage between Portsmouth and Columbia, a total of 52 57 miles, including lands, buildings and
improvements belonging to the company wherever located. These bonds
were originally issued In 1853, and have now been extended for the second
time as registered bonds covering, at the rate of only $13,316 per mile
one of the irost important sections of the Pennsylvania RR. system.
Under the terms of the lease the Pennsylvania RR.further agrees to pay
a yearly rental of 382,778, together with a yearly sum of $2,000 for organisation expenses. The rental is equal to '7% on the $1,182,550 capital
stock, which is considered a conservative investment and usually sells
on about a 4% basis.—V. 98. ro• 453.
Indianapolis Traction & Terminal Co.—Earnings.-Balance,
Dividends
Calendar
Gross
Net
Fixed
Deficit.
Paid.
Year—
Charges.
Earnings.
Earnings.
1913
33,321,088 $1,442,144 $1,371,200 (33)3162,500 $91,556
60,704
1,326,181 (4%) 200,000
1912
1,465,477
3,343,640
—V. 97. p. 1426
• • Kansas City Clay Co. & St. Joseph (Electric) Ry.—
Bonds Authorized.—The Missouri P. S. Commission on
Jan. 20 gave the company permission to issue $135,000 bonds.
The proceeds, it is stated, will be used to install an automatic
signal-system over the line from Kansas City to St. Joseph.
—V. 97, p. 1286.
Lehigh Valley RR.—Listed.—The New York Stock
Exchange has listed:
$100,000 additional General Cons. M.4% bonds due 2003, making the
total amount 326,630,000, and also $10,000,000 General Cons. M. 44%
bonds("4A % series,'due 2003), which were recently sold (V.97, p. 1898).
Earnings.—For the four months ending Oct. 31:
Four
Operating
Balance,
Other
Total
Net
Surplus.
Month,—
Revenues. (afterTaxes). Income. Deductions.
1913
314,581,420 34,412,572 $705,255 $1,988,822 $3,129,005
Lev 97, p. 1819
58,3
.37.039
5,171,457
523
The power to vote the stock of the Texas company is taken from the
Kansas company and vested forever in persons who shall compose the board
of directors of the Texas company, who are to be agreed upon by the Attorney-General and the company. This board of directors are given the
exclusive power to vote the stock of the company, select their own successors and manage the affairs of the company, being the irrevocable proxy
holders to vote the stock of the Texas company pledged with the Central
Trust Company under the bonds of the Kansas company and operate the
road and manage the properties, "as an independent railroad system in
accordance with the spirit, purpose and intention of the agreement."
All traffic and operating agreements between the M. K. & T. By. Co.
of Texas and the M. K.& T. Ry. of Kansas and the Wichita Falls & Northwestern By. of Oklahoma must be submitted to the Railroad Commission
of Texas before becoming effective. A complete audit of the accounts
between the Kansas company and the M. K. & T. By. of Texas is to be
made (one auditor to be selected by the Attorney-General and one by the
defendants). and approved by the Court.
All claims of the Kansas company which are not found to be lawful and
Just obligations of the M. K.& T. By. of Texas shall be at once canceled
and annulled. The M. K.& T. By. of Texas agrees to expend within a
period of 6 years from Jan. 1 1914 the sum of $6,000,000 on additions,
extensions, betterments and terminals to or for its own line and the lines of
the other Texas companies involved in the litigation, exclusive of the cost
of repairing the damage to the lines brought about by the floods of 1913,
or any subsequent disaster.—V. 98. P• 367.
Monterey (1V1ex.) Ry., Lt. & Power Co.—Int. Delayed.
Owing to the Mexican revolution, arrangements with the State of Nuevo
Leon for a settlement of the claim of the Monterey Water Works & Sewer
Co. under the Government's guaranty of 10% on the capital expenditure
have not been completed, although payment of substantial sums on account
have,it is said, been made. Notwithstanding the foregoing circumstances,
the revenue, the directors state, would have been sufficient to provide the
interest on the debenture stock at any normal rate of exchange between
Monterey and London, but on account of the low rate of exchange prevailing they were compelled to postpone payment of the interest on the
1st M.5% deb.stock,due Feb. 2, until such time as it is possible to transfer
the money on reasonable terms.—V. 97, p. 592.
New Orleans Ry. & Light Co.—Earnings.—Bertron,
Griscom & Co. report for the year ending Dec. 31:
Cal. Year ended
Year end. Dec. 31— 1913.
1913.
1912.
Deduct—
Dec. 31—
$
$
Gross earnings_ _6,924,426 6,652,936 Int. on und'I'g liens_591.612
Op.exp.,tax.,&c.4,331,578 3,986,347 Int.onGen.M.4%s_789,480
Int.on refund.liens_179,050
Net earnings_2,592,848 2,666.589 Int. on deb. notes__ 69.588
Misc.deductions 89,358 101,583
Balance. surplus_872,760
—V.98. P. 155.
1912.
$
602,276
789,480
178,217
995,033
New York Central & Hudson River RR.—Payment of
Notes.—The $30,000,000 43% 3-year gold notes maturing
March 2 will be paid at the Treasurer's office, Grand Central Terminal, New York.—V. 98, p. 387, 236.
Norfolk Southern RR.—Bonds Sold.—Harris, Forbes
& Co. have purchased $600,000 1st and ref. 5% bonds the
proceeds to be used for additions, improvements, &c.
—V. 97, p. 1204.
Northern Electric Ry., San Francisco.—Protection for
Noteholders.—Pending the completion of arrangements for
permanently financing the company's system, consisting of
140 miles of electric railway in California, the holders of its
$5,200,000 of maturing notes are urged to deposit these notes
and collateral with the Union Trust Co. of San Francisco,
depositary, in exchange for negotiab1e. receipts, under the
terms of a one-year trust agreement, the trustees to be John
S. Drum, Frank B. Anderson, Herbert Fleishhacker, E. S.
Heller and Percy Morgan. It is proposed to pay the interest
regularly on the deposited notes and later to discharge the
principal out of the proceeds of a bond sale, the depositors
being protected by the additional collateral below mentioned.
Missouri Kansas & Texas Ry.—Separation of Texas Co.—
The agreed judgment entered in the District Court at Austin,
Tex., on Feb. 6,in the suit brought by the State, provides for
the complete separation of management of the Texas company from the parent Kansas company by April 25 next, and
the consolidation with the Texas company of the 8 controlled
companies in Texas, as permitted by the Act of the last session of the Legislature.
The notes in question bear the endorsement ofsome or all of the following:
Louis Sloss, Leon Sloss, E. R. Lilienthal, W. P. Hammon and Eugene
do Sable; and they are further secured by pledge of over $8,000,000 Northern Electric bonds, viz.: $6,000.000 Northern Electric Ry. 31,500,000
Northern Electric Co.. $365,000 Marysville & Coiusa and $315,000
Sacra'
mento & Woodland Ry. When the notes are deposited the individual security and endorsement will follow each individual chain), all inter-company
obligations being deferred.
Further to protect the depositors and also the name of Sloss, for many
years held in the highest esteem in California for business integrity, two
companies were incorporated in that State on Feb. 3, namely the Sloss
Corporation with $1,500,000 of capital stock and the Sloss Securities Co.
with $5,000,000 of stock. To the first named of these companies Mrs.
Sarah Sloss has voluntarily turned over In exchange for the stock $1,500,000
of securities personally owned by her. To the second company the Messrs.
Sloss have in like manner voluntarily surrendered their equity [stated as
$3,000,000] in securities of their Alaska corporations, including, it is understood, the Alaska Commercial Co., the Alaska Packers' Association, the
Northern Navigation Co. and the Northern Commercial Co. ,the Natomas
Consolidated and Pacific Gas & Electric Co.; the bond house of Louis Sloss
& Co. and the Northern Electric also have turned over to the same company all their securities. The stock of both the new corporations is transferred to the Union Trust Co. of S. F. as depository under the trust agreement, and under the control of the five trustees to protect the noteholders.
Further Statement from San Francisco "Chronicle" of Jan. 31.
This group of financiers [the note endorsers], comprising some of the most
credited millionaires in San Francisco, were also engaged in the !promotion
of the Natomas Consolidated and the General Petroleum, both of which
have recently been financed with English capital. [V. 98, p. 240, 75.]
In its inception the Northern Electric was intended to include a system
of interurban trolleys on both sides of the Sacramento Valley. not only to
bring reward to the investors but also to aid in the development of some
2,000,000 acres of land for which an abundant water supply was at hand.
These expectations have been realized to the extent that the road has been
completed from Sacramento to Marysville, Chico and Oroville, with a
branch to the west side in the northern part of the valley and a line from
Sacramento to Woodland, while arrangements are under way for connections into San Francisco by the way of Vallejo.
The Northern Electric road began business two days before the great
fire of 1906 and has finally become a self-sustaining property. as far as
meeting operating and fixed charges are concerned. The difficulty is not
one of an operative deficit, but one which dates rather from the absence
of initial capital, the lack of which was filled by the sale to various banks
of personally endorsed notes secured by collateral.
Now that these notes are falling due, it is stated that negotiations are
under way for the sale of a re-financing bond issue, but as these negotiations involve various preliminaries, including a report from J. G. White
& Co., Leon Sloss and Louis Sloss, together with their mother, Mrs. Sarah
Sloss, have come forward with their personal fortune to bring assurance to
the creditors. The properties are sound and worth every dollar represented,
says Mr Drum,"but the endorsers are not ready to pay at this time and
delay is necessary to perfect a permanent financial arrangement."
[The balance sheet of June 30 1912 showed as assets: Road, equipment,
&c., $7,466,090; stock owned, $5,200,000; bonds owned, $6,900,000; cash
and current assets, $932,713; miscall., $428.116. Offsets, stock, $25,000.000 ($10,000,000 pref.); funded debt, $9,505.500; current liabilities, $5,159,671; loans from subscribers, 3683,042.—V. 96, p. 654.
These include the Texas Central By., Dallas Cleburne St Southwestern
By., Denison Bonham & New Orleans Ry., Beaumont]& Groat Northern RR.. Wichita Falls & Southern IV. of Texas, Wichita Falls &
Northwestern Ry. of Oklahoma, which owns the stock of the Wichita Falls
& Northwestern Hy. of Texas, Wichita Falls & Wellington By. of Texas
and the Wichita Falls By. of Texas.
Judge Jennings at Juneau, Alaska, on Feb. 2 imposed fines aggregating
$25,000 on 2 counts of an indictment found on complaint of the Humboldt
Steamship Co. against the company, controlling the White Pass Route,
the Alaska SS. Co., the Pacific Coast SS. Co., Canadian Pacific SS. Co..
Lehigh Valley Transit Co.—Bond Sale.—The company
has sold an additional $1,000,000 Refunding and Improvement 5% bonds to retire floating debt and provide for additions and betterments during 1914. This will make about
$6,124,000 of this issue outstanding.—V. 98, p. 311, 301.
Los Angeles Ry.—Merger—New Bond Issue.—
See Huntington Land & Improvement Co. under "Industrials" below.
—V. 97, p. 1736.
Manhattan Bridge Three-Cent Line, N. Y.—Dividend.
An initial quarterly dividend of 1 4% has been declared on the $190,000
stock, payable March 2 to holders of record Feb. 26.—V. 97, p. 1733.
Manhattan & Queens Traction Corporation.—Stock
Authorized.—The P. S. Commission on March 10 authorized
the company to issue $765,000 capital stock.
The application was for $1,500,000 each of stock and bonds. Action
on the bond issue application was deferred until the company shall have
filed its proposed mortgage for $10,000,000with the consent of stockholders.
The stock must be issued by June 30 1914.—V. 96, p. 863.
Mexican Union Railway.—Plan.—The holders of 1st M.
debentures will vote Jan. 31 on authorizing the company—
(a) To accept in lieu of cash for the payment of interest on the 1st M.
debentures (guaranteed by the contractors, the Railway Finance & Construction Co., Ltd. pursuant to an agreement dated Aug. 15 1913) prior
lien debentures equivalent at 70% of their face value to 3% on the principal
of the 1st M. outstanding debentures, for the period from Aug. 1 1913,
until six calendar months after peace shall have been definitely 'te-established In the Republic of Mexico, such delivery of the prior lien debentures
to be a sufficient release to the contractors of their obligation to meet said
interest. (b) To hold the prior lien debentures so deposited with it until
six calendar months after peace shall have been definitely re-established,
at the expiration of which period the company shall, should any interest
then remain unpaid, sell such prior lien debentures, or so many of them as
may be necessary, and shall apply the proceeds in paying to the holders of
the 1st M. debentures the interest accrued due on their debentures since
Aug. 11913.—V. 96. p. 360. 863.
Pacific & Arctic Ry. & Navigation Co.—Fines.—
524
THE CHRONICLE
North Pacific Wharves & Trading Co., to which they pleaded guilty to
avoid, it is stated, the great expense of the litigation. The indictments
on Feb. 15 1912 were on charges of restraint of trade and conspiracy to
monopolize wharf facilities at Skaguay, Alaska. The indictments were
dismissed against most of the individual defendants named. Compare
V. 97, p. 444.
•
Pacific Great Eastern Ry.-Offering.-In London from
Jan. 23 to 26 Brown, Shipley & Co. and the London County
& Westminster Bank, Ltd., and the Union Bank of Canada,
as bankers to the company in Canada, were authorized by
the company to receive subscriptions at the price of £95%
for £1,500,000 1st M. 43/2% guaranteed debenture stock,
repayable July 15 1942, being part of a total authorized
issue, limited to $35,000 per mile, of which £1,375,000 had
already been issued. Int. payable J.& J.15. An advt. says:
(VOL. XCII1.
Southern Pacific Co., N. Y.-$55,000,0005% Convertible.
Bonds-To Be Offered at Par, Pro Rata (20%) to Stockholders
of Record March 9.-Sec. Hugh Neil announces a special
meeting of the stockholders for April 8 1914 to authorize:
(a) an increase of the commonstock by $20,000,000, which,
together with sufficient additional capital stock now authorized but unissued, shall be set aside to provide for an issue of
(b) not to exceed $55,000,000 5% 20-year convertible bonds,
convertible (unless redeemed) on or before June 1 1924,at
the option of the holder, into common stock at the rate of
$100 per share, with an adjustment of accrued interest and
current dividend, and redeemable (at the option of the company on 90 days' previous notice) on June 1 1919, or on any
semi-annual interest day thereafter at 105 and accrued int.
Stockholders of record at 3 p. m. March 9 1914 are
to be given the privilege of subscribing, on or before April 22
1914, for the bonds of said issue at par, with an adjustment
of interest to the extent of 20% of their holdings.
Secured both as to principal and interest by the unconditional guaranty
of the Government of British Columbia and also by a first mortgage upon
the line of railway to be constructed,and upon the rolling stock, equipment,
property and franchises, exclusive of terminals and subsidies. The line
of railway is expected to be about 480 miles in length, running nearly
north and south from Vancouver to Fort George. At Fort George the
line will connect with the Grand Trunk Pacific By., with which company
Purposes for Which the Proceeds of the Sale of the Bonds Are Required.
a traffic agreement has been entered into, and it is anticipated that there
Payment of 1-year 5%, secured gold notes due June 15 1914,
will be sufficient returns to ensure profitable working from the outset.
and other current indebtedness
$30,500,000
The company's engineers have filed with the Provincial Government
3,000,000
plans for 260 miles of track running north from Vancouver and for 75 miles Amount due for purchase of new equipment
running south from Fort George. Construction is being vigorously pro- Additions and betterments heretofore authorized and deemed
important in the development of the business or in the econoceeded with, and it is expected that in six months rails will have been laid
mical operation of the properties
21,500,000
on some 200 miles of road. Meanwhile a short length of line is in Aperation affording a local service to the north of Vancouver. See also V. 96, Data from Circular Signed by Treas. A. K. Van Deventer, N.Y., Feb 10
p. 863. 948, 1557, 1840; V. 98, D. 304.
[See complete details in advertisement on another page.]
The bonds will be 5% 20-year convertible gold bonds of an authorized
Pennsylvania RR.-Bonds Sold.-William Salomon & issue
not exceeding $55,000,000,convertible (except as hereinafter provided)
Co. have sold the following bonds which they purchased at option of holder at any time on or before June 1 1924 into paid-up shares
of the common stock at $100 per share, with adjustment of accrued int.
from the Pennsylvania RR. Co.:
and div. The entire issue, but not a part thereof, may be called for reCincinnati & Muskingum Valley RR. 1st M.4s,due Aug. 1 1948,
demption by the company on or after June 1 1919 on 90 days' notice at
guaranteed p. & i. by endorsement by the Pennsylvania Com105% and hit.; but if so called during the conversion period,the bonds may
pany (total amount outstanding $1,740,000)
$1,468,000 be converted up to 30 days prior to the redemption date. Bonds payable
South West Pennsylvania 1st M. 7s, due Feb. 1 1917, assumed
June 1 1934; 5% interest from June 1 1914, payable J. & D. Both prinby Penna. RR. Co. (total outstanding $862,000)
268,000 cipal and interest payable in U. S. gold coin of present standard, without
The firm has also purchased and is offering at 94 and int.: deduction for any taxes (other than Federal income tax) which the company may be required to pay thereon or to retain therefrom under any
Cleveland Akron & Columbus First Consol. M. 4s, due Aug. 1
present or future law of the U. S. or of any State, county or municipality
1940, guar. p. & I. by endorsement by Pennsylvania Company
therein. Denominations, c* $500 and $1,000; r* $500 or any multiple
(total guaranteed 4s outstanding, $1,023,000; not guaranteed,
by the board.
$575,000)
932,000 authorized
Subscription warrants will be issued a-s soon as passible after March 9
Offering of Philadelphia & Erie RR. Assumed Bonds.- 1914.
Subscriptions are payable per $1,000 bond in N. Y. funds to
Hambleton & Co., Balto. and N. Y. are offering, by adv. on order of So. Pac. Co., 165 Broadway, N. Y., either (a) in installments as
With subscription on or before April 22 1914, $333 32; June 1
another page, at a price to yield 4.1k,the unsold portion of follows:
1914, $333 32; July 10 1914, $333 36 (these payments include adjustment
their block of $1,282,000 Phila. & Erie RR. General (now of accrued interest , or (b) in full at time of making the subscriptions
on
or before April 22 1914 by paying $1994 58, which includes adjustment
first) Mortgage gold 6% bonds of 1869, due July 1 1920, of
interest;or (c). after payment of first installment on or before
22
assumed by the Pennsylvania RR. Co. in 1907, and secured 1914, the remainder may be paid in full on or before June 1 1914 byApril
paying
by a first lien on 307 miles of its main line, between Sunbury $664 88 per $1,000 bond.
and Erie, with lands, buildings, rolling stock, &c. The
New Bonds Offered.-Gilbert Eliott & Co., 37 Wall St.,
entire amount, it is understood, has been sold.
N. Y., are offering at 1033
%, by adv. on another page,
Authorized, $20,000,000; outstandink, $8,680,000 6s, $5,263,000 5s and $500,000 of the new 20-year 5% convertible gold bonds, due
$5,880,000 4s; total, $19,823.000. Int. on the 6% bonds is paid semi1934, described above, and will accept the old issue of conannually, J. & .T. Free of Pennsylvania State tax.
The bonds are now a direct obligation of the Pennsylvania RR. Co., vertible 4s, due 1929, at the(market price for a() new 5s
having been assumed in 1907. and underlie that company's consolidated
mortgage bonds, which sell on a 3.98% basis. Legal for savings banks and an exchange which the firm recommends.
trustees in States of N. Y.. Ma.ss., Conn., R. I., N. II.. N. J., &c.-V.98.
Syndicate Underwriting Oversubscribed.-Applications for
p. 388. 304.
participation in the underwriting of the $55,000,000 5% conRapid Transit Co., New York City.-Contracts.-vertible bonds have, it is announced, far exceeded that
The P. S. Commission on Feb. 9 awarded the contract for Section 1 of
the White Plains road extension of the Lenox Ave. branch of the present amount, and allotments will be heavily cut down.
subway to the Oscar Daniels Co., the lowest bidder, for $914,400. The
Government Suit.-Attorney-General McReynolds on Wedsection (three-track elevated) extends from 180th St. to Burke Ave. The
second section from Burke Ave. to 241st St. was let some time ago. Bids nesday, against the protest of the San Francisco Chamber of
were opened for Section 2 of the Jerome Ave. extension of the Lexington Commerce and other Pacific Coast business interests, filed
Ave. subway extending from 182d to 204th Sts. The Commission on
Feb. 6 decided that the connection between the present Park Ave. subway a suit in the U. S. District Court at Salt Lake City to compel
and the new Lexington Ave. subway shall be by what is called the diagonal the co. to dispose of its control of the Central Pacific Ry.
route, leaving the old line at 41st St. and joining the now line at 43d St.
This will give the express station to be established as short and easy an access to the Grand Central Terminal as the present subway station possesses.-V. 98, p. 305. 237.
Rock Island Company.-Plans.-While no authoritative
statement has been given out on the subject, it is currently
reported that strong efforts are being made to effect the
re-adjustment and the extinction of the holding companies
without resorting to the protection of the court, and that for
this reason it is quite likely that the shareholders will be
asked to pay an assessment to provide the new money required for improvements and additions.-V.98, p. 453.
St. Louis & San Francisco RR.-Foreclosure of New On.
Tex. & Mex. Division Bonds.-Chairman Willard V. King
of the protective committee for bondholders of the New Orleans Texas &Mexico Division bonds, on Feb. 9announced,
after returning from an inspection of the road:
Our committee has received deposits of approximately 80% of the
$23.000,000 bonds held in this country. The French holders of $5,000,000
bonds, who are represented by Lorenzo Semple,have delegated Frederick It.
Coudert of New York to represent them and instructed him to act with our
committee. Mr. Coudert accompanied the committee on its tour of inspection and was enabled to approve the steps we have already taken.
Our committee recently adopted a resolution to bring foreclosure proceedings to get possession of the property of the N. 0. T. & M. The
matter has been placed in the hands of Carter, Ledyard & Milburn. The
action for foreclosure, if it has not been started already. will begin in the
near future in the Now Orleans courts. The filing of the foreclosure has
been delayed, owing to some complications connected with the purchase
shortly before receivership last May of a Victoria-Austwell. Tex., branch.
The exact status of that transaction had to be determined before it was
deemed wise to start proceedings.
Mr. King says that the road will require between $6,000,000 and $8,000,000 to be spent on it in the near future. The receivers plan to issue
before the middle of the year $1,500,000 more certificates in addition to
the $850,000 already sold. Bids on about $1,200,000 of new equipment
have been received and are under consideration.
Suit.-Louis IIouck, of Cape Girardeau, Mo., on Feb. 4
filed an intervening petition in the receivership suit to compel
the receivers to take over the Cape Girardeau & Northern Ry.
and operate same in accordance with a contract of purchase.
Mr. Houck alleges that he owned the majority of the stock of the four
roads which were consolidated into the Cape Girardeau & Northern By.,
and that on Jan. 10 1913 he entered into a contract with J. H. Byrd,
representing the St. Louis & San Francisco, by which Byrd agreed to form
the Cape Girardeau & Northern RR.Co. with a capital stock of$2,500,000.
the bonds of which were to be guaranteed by the Frisco.
The petition alleges that the 'Frisco receivers have refused to take over
the property on the ground that the purchase was not authorized by the
stockholders or directors of the road, and that the cost of operating the road
as part of the 'Frisco would be less than as a separate system.-V.4)8, p.
454, 388.
In addition to the corporations there are named as defendants William
Sproule, Julius Kruttschnitt, Robert Goelet, Cornelius N. Bliss, Walter
P. Bliss, Henry W. de Forest, J. Horace Harding, Charles W. Harkness,
Henry E. Huntington, James M. Jarvie, L. F. Lome, Lewis J. Spence,
E P. Swenson, James N. Wallace and Ogden Mills.
Some of the Allegations of the Petition.
The petition alleges that the two roads are operated under the same
management and that they discriminate in favor of each other in violation
of the Sherman law; also that the alleged com bination exists in violation
of the so-called Pacific Railroad law passed by Congress July 11862, which
were designed to provide a continuous, connected line from the Missouri
River to the Pacific Coast, with equal advantages to ail other roads.
It is further alleged that the Southern Pacific and the Central Pacific
are competitive lines, and that the Central Pacific froms a natural through
connection at Ogden for the Union Pacific, and that a restoration of competitive conditions will give the Union Pacific a through route for transcontinental traffic and for traffic to the Orient by steamship connections
at San Francisco. The petition states that: "Through its control of the
Central Pacific By. Co. the Southern Pacific Co. prevents joint traffic
or pro-rating arrangements between the former and the Union Pacific,
naturally its most important transcontinental and inter-State connection.
The Southern Pacific Co. adjusts its freight rates and passenger fares on
traffic originating in the Central Pacific territory north of San Francisco
so as to discriminate against trdnsportation eastward over the joint transcontinental route of the Central and Union Pacific railroads and other
Eastern connections, thereby preventing competition and denying equal
advantages and facilities as to rates, time and transportation."
It is also alleged that "by reason of its greater interest in the Sunset
Route [the joint rail and water service which serves traffic between New
York City and Pacific Coast termlnal.-Ed.) the Southern Pacific Co. in its
operation of the line of the Central Pacific Ry Co. from San Francisco to
Ogden, as a part of a continuous, connected line from the Missouri River
to the Pacific Ocean, does not give such line equal advantages and facilities
as required by the Pacific railroad laws, but discriminates against both the
Central Pacific and the Union Pacific lines, and in favor of its Sunset Route,
by forwarding via the latter route traffic originating or ending on the lines
of the Central Pacific By. Co. or in territory tributary thereto."
Prayer of the Petition.
That the Court decree that the lines of railway and transportation known
and herein described as the "Sunset Route," operated by the Southern
Pacific, and those of the Central Pacific By. constitute competitive systems, and that the ownership by the defendant Southern Pacific Co. of all
or a controlling interest in the capital stock of the Central Pacific Ry., and
its Jesse, control and operation of the lines thereof, constitute a combineticn in restraint of inter-State and foreign trade and commerce, and an
attempt to monopolize and a monopolization of the part of the same within
the first and second sections of the Act of Congress of July 2 1890, entitled
"an Act to protect trade and commerce against unlawful restraints and
monopolies"; and that said Southern Pacific Co. be required to dispose of
suc., capital stock and cancel and relinquish its leases, control, manageemnt
and operation of the lines thereof under the supervision and direction of
the Court, to poersons not its stockholders or agents, nor otherwise under its
control or influence, and that, pending such disposition and release, it be
enjoined from voting such stock, from receiving dividends in respect of any
part thereof and from receiving any profits, emoluments, reward or advantage in any way arising from the lease, control, management and operation
of the lines of said Central Pacific Ry.
That the defendant Central Pacific By. its stockholders, officers,
directors, agents and servants, and each of them, be perpetually enjoined
from in any manner recognizing or accepting the Southern Pacific Co. or
any person or corporation acting in its interest, as the owner or holder of
FEB. 14 1914.1
THE CHRONICLE
any of the shares of its capital stock, and from permitting said Southern
Pacific Co., or any person or corporation acting for it, or in its interest, to
vote such stock (whether by proxy or otherwise) and that it be enjoined
from paying dividends upon such stock to said Southern Pacific Co., or
to any person or corporation acting for it, or to any assigns of such company, unless authorized by the Court, and from recognizing as valid any
transfer, mortgage, pledge or assignment of such stock by said Southern
Pacific Co.,or by any person or corporation in its interest, unless authorized
by the Court.
That the control of the Central Pacific By. by the Southern Pacific Co.
be decreed to be in violation of the aforesaid Act of Congress of July 1 1862,
entitled an Act to aid in the construction of a railroad and telegraph lino
from the Missouri River to the Pacific Ocean and,to secure to the Governnient the use of the same for postal, military and other purposes"; and the
Acts amendatory thereof and supplemental thereto; and that said Southern
Pacific Co. and its officers, directors, stockholders, agents and servants,
and each of them, be perpetually enjoined from doing any act which will
continue, or tend to continue, the dominant control and operation of the
Central Pacific By. Co. by the Southern Pacific or by any person or corporation in its interest.-V. 98, D. 454, 306.
Scranton & Binghamton RR.-Proposed Merger.-The
N. Y. State P. S. Commission has been asked to permit this
company to purchase the capital stock of the Binghamton By.
Co.-V. 92, p. 1244.
Terre Haute Indianapolis & Eastern Traction Co.Earnings.-For calendar year 1913 (incl. controlled lines):
Rentals.
Balance,
Gross
Expenses
Net
Calendar
Int., &c.
Surplus.
Earnings. and Taxes. Earnings.
Year$6,533,014 $3,964,864 $2,568,150 $2,153,095 $415,105
1913
3.814,428
2,617,632
2,085.903
531,729
1912
6,932,060
Rentals, interest, &c., as above in the calendar year 1913, $2,153,045,
include rentals and other deductions subsidiary companies, 31,594,732,
sinking funds sub. cos., $150,813; interest and sinking fund on divisional
bonds of the company, $27,500; interest on 1st and ref. M. 5s, $325,000;
and sinking fund on same, $55,000.-V. 96, p. 717.
Terre Haute Traction & Light Co.-Earnings.Total
Sinking Balance,
Calendar
Total Oper. Net(after Other
Taxes). Income. Deductions Fund. for Divs.
Rerenue.
Year1913
$1,408,764 $716,310 $1,000 $265,567 $31,813 $419,930
685,902
1,000
1912
1,311,772
261,030
31,530
394,342
-V. 90, p. 1555
Union Pacific RR.-Extra Dividend on Common Stock
May Be Delayed by Litigation, but Dividend Warrants to be
Distributed.-Supplementing the announcement heretofore
made of the declaration on Jan. 8 1914 of an extra dividend
upon the common stock, the company, by adv. on another
page, announces that, inasmuch as litigation has been instituted in behalf of pref. stockholders to enjoin the payment
of said dividend, and in view of the possibility that such litigation may cause a postponement of the payment of the extra dividend to some date later than April! 1914, dividend
checks and warrants will not be mailed April 11914, as heretofore announced. Instead the company will mail to each
registered holder entitled to the dividend, promptly after
the closing of the books on March 2 1914, dividend warrants
evidencing the entire extra dividend, both cash and stock,
of the Baltimore & Ohio RR. to which he is entitled.
Said warrants will be exchangeable when, as and if said extra dividend
shall be payable as stated therein for cash and B. & 0. stock on such date
as the board of directors or executive committee shall deem advisable. In
case the payment shall be postponed beyond April 1 1914, any dividends,
applicable to shares of stock of the B. & 0. R IL Co. represented by said
warrants, declared and payable by that company after April 1 1914, which
shall be collected by the U. P. RR Co., will be held for the benefit of the
holders of warrants ultimately entitled to said extra dividend. The warrants will not be transferrable prior to the date of actual payment of the
dividend except upon a corresponding transfer of the shares to which the
dividend evidenced by the warrants appertains. Unless otherwise instructed, all warrants will be mailed in conformity with dividend mailing
instructions on file with the U. P. RR. Co.
Whether or not the date of payment of the dividend shall be postponed,
only holders of common stock registered as such at 3 p. m. Mar. 2 will be
entitled to the dividend.
The regular semi-annual dividend of 2% on the pref. stock and the regular quarterly dividend of 23.5% on the common stock will be paid April 1
1914- to holders of record Mar. 21914. Compare V. 98, p. 454, 238, 156.
Union Street Ry., New Bedford, Mass.-Mortgage.The company has filed its new $2,000,000 mortgage to the Old Colony
Trust Co., trustee -V.97, P. 1735.
United Light & Railways, Grand Rapids, Mich.Extra Dividend Payable in Stock.-The 1% extra dividend to
be distributed April 1, in addition to the regular quarterly
payment of 1% on the common stock, is payable in common
stock, the regular payment being, as usual, in cash. Compare V. 98, p. 388, 238.
United Railways & Electric Co., Baltimore.-Stock,
&c.-The Phila. Stock Exchange recently listed:
(a) $199,000 additional common stock issued in exchange for $74,500
3-year 5% coll, trust convertible notes of 1911, making the total amount
of stock listed to date $20,461,200: (b) $539,000 1st consol. M. 4s issued to
purchase 60 pay-enter cars and for other capital expenditures, making the
total listed to date $26,450,000. (The company reports to "Chronicle"
$28,277,000 outstanding.1-V. 98, p. 157.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Abitibi Pulp & Paper Co.-Plan-Proposed Enlargement.
The shareholders will vote Feb. 17 on authorizing the organization of
an enlarged successor company, the Abitibi Paper Co., Ltd. (forw hose
shares of the same class the present shares will be exchangeable $ for $),
thus providing for an increase in the capacity from 225 tons of newspaper a
day as provided by plants No. 1 (to be completed by April 1 1915), to
between 400 and 500 tons a day. The pulp plant is to begin operations
on June 11914.
Present and Proposed Capitalization, Auth. and Outstanding, Respectively.
Preferred Stock.
Common Stock.
1st M.6% Bonds. Dep.Stock.
Pres.
$
$
Co_3,500,000-all iss. 1,500,000-1.000,000 1,500,000*
New 5,000,000-all is.s. 2,000,000-1,000,000 5,000,000-2,500,000 1,-00-0-,666
*See V. 97, p. 118.
The company has sold to a firm of international bankers $1,000,000 of
debenture stock and $2,500,000 of the $5,000,000 mtge. serial 6% gold
bonds, to provide for completing the enlarged plant and furnish working
capital.-V. 97, D. 51, 118.
Adams Express Co.-Dividend Reduced guar. to 13/2%.-
A quarterly dividend of $1 50 has been declared on the 120,000 shares
of stock, payable March 2 to holders of record Feb. 17, comparing with $3
quer. from March 1909 to Dec. 1912, incl. Compare V. 98, p.74.-V.98,
p. 157, 74.
r-25
American Gas Co., Philadelphia.-Bonds-Option of
Exchange.-Bioren & Co. Phila., having sold over $'750,000
of a new block of $1,500:000 collateral trust 5s, due June 1
1920 (V. 93, p. 1325), offer to the holders of the $1,500,000
collateral trust 6% bonds maturing Oct. 1 1914, to take the
same at 101 and int. (less than a 43/2% basis) in exchange for
the collat. trust 5s due 1920, at 963/i and int.(a 5.70% basis).
See adv. on another page. The bankers say:
The 5% bonds, upon the retirement of the 6s, will be outstanding in
amount of 32,539,000-closed issue- and constitute the company's only
direct obligation. Specially secured by a first lien on bond and stock collateral conservatively valued at over $6,000,000. The net earnings of the
collateral pledged amount to over three times the interest requirements on
this loan. The company has outstanding $5,553,200 capital stock, which
has a market value of $1024 a share (par $100) and a continuous dividend
record from 1893 to 1909 of 6% per annum; since 1909. 7% per ann.V. 97, p. 1428.
(The) American Agricultural Chemical Co.-Bonds
Sold.-Lee, Higginson & Co. offered Feb. 9 at 9732 and int.
the present issue of $7,000,000 10-year 5% convertible gold
debenture bonds dated Feb.2 1914 and Due Feb. 1 1924, but
callable as a whole (not in part) at 101 and int. on or after
Feb. 1 1919 and convertible at any time into common stock,
par for par. Par c*$100,$500 and $1,000; 1.111,000,$5,000,
$10,000 and multiples. Int. F. & A. in N. Y. and Boston.
Subscription books were closed yesterday, a day ahead of
time, and the underwriting syndicate has been dissolved.
The adv., however, appears on another page.
Digest of Letter from Pres. Peter B. Bracey, New York, Feb. 9 1914:
Debenture Bonds.-Total authorized amount $15,000,000, to be issued
under the terms of an indenture with Guaranty Trust Co. of N. Y. as
trustee. Both principal and interest payable in U. S. gold coin of pres:ent
standards or in sterling at 34 8665. Callable as a whole, but not in part,
at 101 and int. on Feb. 1 1919 or on any interest date thereafter; convertible
at any time into the common stock of the company, par for par. No
additional mortgage can be placed upon any of the present properties while
any of these bonds remain outstanding. The final $8,000,000 of the
authorized issue will be reserved for future capital requirements.
The proceeds of these $7,000,000 bonds will be sufficient to pay all
present floating debt and substantially increase working capital.
Outstanding Capitalization.
First M. 5% bonds, due 1928, convertible into pref. stock
(closed mortgage)
$10,046,000
Ten-year 5% gold debenture bonds convertible into common
stock (this issue)
7.000,000
Capital stock: Pref.6% cum.,$27,112,700; common,$18,330,900; total
45,443,600
Assets-Net Current Assets over Current Liabilities June 30 1913,$24,642,467.
Cash
$1,419,308 Accts. pay., ace. int., &c41,024,958
Bills and accts.receivable_20.195,937 Notes payable
4,825.500
Mdse. and supplies
Bal., net current assets_ 24.642,467
8,876,680
Including the proceeds of these bonds, the net current assets will exceed
$31,000,000, while the total assets exclusive of brands, trade-marks and
good-will, after deducting all indebtedness except funded debt, are conservatively valued at about $65,000.000,or over 4 times present funded debt.
Net Earns. Applicable to Int.-Net Profits Applicable to Divs.(000 omitted)'
June 30. Year. 1901. 1903. 1905. 1907. 1909. 1911. 1912. 1913.
Net earnings__31,059 $1,445 $1,743 $2,390 $2,775 $3,169 $3,144 $3,240
Interest
75
107
238
380
489
590
647
Net profits_ _ _31,059 $1,370 $1,635 $2,152 $2,394 $2,679 $2,554 $2,592
The net earnings for the year ending June 30* 1913 ($3,240,251) were
equal to nearly 4 times the interest upon the $17,046,000 bonds now outstanding, including this issue. Expenses for improvements and renewals
charged against income (before arriving at the net earnings as shown in the
table above) have since the company was organized aggregated $6,726,128.
Dividends.-Regular dividends, at rate of6% per annum, have been paid
on the pref. stock since organization in 1899 and at the rate of 4% per ann.
on the common stock since Jan. 1 1912. Total of all dividends to and including Jan. 15 1914, $18,698, 720.
Properties and Business.-Organized in Conn. April 10 1899. Manufactures chemical fertilizers, bone-black, grease, glue. gelatine, &c.
Owns and operates 56 plants located throughout the agricultural districts
of the U. S. from Maine to California, the most important being in Belfast
and Searsport, Me., Weymouth, Mass., Carteret, Bayway and Newark,
N. J., Philadelphia, Baltimore, Norfolk, Alexandria. Wilmington, Charleston, Columbia, Spartanburg, Savannah, Jacksonville, Pensacola, Montgomery, Buffalo, Cleveland, Cincinnati. East St. Louis, Detroit, Los Angeles and Havana. Also owns in Florida extensive lands on which have been
located deposits of phosphate rock which, it is estimated, should be sufficient to meet the company's requirements of this basic raw material for
more than 100 years.
Our business has shown a practically steady increase in gross sales and
net earnings since 1900. The outlook for the current year is excellent.
Application will be made to list these bonds on the N. Y. and Boston
stock exchanges.-V. 97, p. 730. 515.
American Telephone & Telegraph Co.-
See "Banking, Financial." &c., on preceding page.-V. 97, p. 1700.
American Tobacco Co.-Distribution of Imp. Tob. Shares.
See Imperial Tobacco Co., Ltd., below.-V. 98, p. 157.
American Water Works & Guarantee Co., Pittsburgh.
-Extension of Bonds.-The U. S. District Court at Pittsburgh on Jan. 31 authorized the receivers to extend:
Arkansaw Water Co. $1,250,000 6s, due Feb. 1 (V. 95, P.
1543; V. 96, p. 1769) until
Feb. 1 1916
Louisiana Water $110,000 6s, due and unpaid Jan. 15 1914
(V. 95, p. 1545: V. 96, p. 1769), until
Jan. 15 1915
The receivers are authorized to borrow from the Huntington (W. Va.)
Water Co. (V. 95, p. 1545) and the City Water Co. of East St. Louis and
Granite, Ill., the amount necessary to pay the interest on the Arkansaw
Water bonds, and from the Wichita Water Co. the money,to pay the interest on the Louisiana Water bonds.-V. 98, p. 389.
Arkansaw Water Co.-Extension of Bonds.See American Water Works & Guarantee Co. above.-V.95, p. 1543.
Beatrice Creamery Co.-Extra Div.-Option to Subscribe.
An extra div. of 7% has been declared on the $1,800,000 com. stock,
payable March 10 to holders of record Feb. 28. Shareholders are also
offered the right to subscribe at the rate of 28% of their holdings for
$504,000 stock of the Fox River Butter Co. at $125 per share,owned by the
company, payable $25 per share for a period of 5 years, the first payment
being due March 10 1919. The 7% cash div. is equal to the first installment
of $25 on the Fo% River Butter Co. stock. The total issue of the latter is
$800,000, all of one class, divs. paid being at the rate of 23.6% quarterly.
Earnings for Calendar Year.Net Inc.from Total
Total Pf.Div. Com.
Bal.,
Earns. Inv.&c. Income. Deduc. (4). Div.
Surp.
$
567,191 201,456 768,697 258,142 120,000 172,500 218,003
1913
479,993 127,398 607,391 182,191 120,000 150,000 155,200
1912
Common dividends in both years were 10%.-V. 96, p. 1231.
Calendar
Year-
Booth Fisheries Co., Chicago.-Report.-New Directors.
-William E. Boeing of Seattle and T. C. Louke have been
Allis-Chalmers Mfg. Co., N. Y.-Settlement-Bonds.- elected directors to succeed J. W. Clise and H. T. Holtz.
See Bullock Electric Mfg. Co. below.-V. 97, p. 1432, 1428.
See "Annual Reports".-V.96, p. 1426.
526
THE CHRONICLE
(J. G.) Brill Co., Philadelphia.-Earnings.-Foi cal.yrs.
Calendar
Total
Gen Exp.&
Sales.
Deprec'n.
Years1913
$9,154,433 $8,245,290
7.842,091
1912
6,787,240
-V. 96, p. 552.
Net
Pref.Div. Balance,
Surplus.
Profit.
(7%).
$900,143 $320,600 $588,543
734,251
320,600
1,054,851
British-American Tobacco Co.-Decision.-
. The U. S. Circuit Court of Appeals in this city on Feb. 11, reversing the
lower Court,held that the use of the brand "British-American Cigar Stores"
by the company formed in 1902 to operate a chain of stores in this State
and elsewhere is an unwarranted intrusion on the rights of the BritishAmerican Tobacco Co. of England. The Court holds that there can be no
honest reason for the appropriation of the name of the old-established
English concern, and that the words "British-American" have acquired a
secondary meaning, "Irrevocably associated with a large tobacco corporation, and the use of the name is sure to reap such benefits as accrue from
the association. In the absence of any plausible explanation we haSe a
right to assume that the reason for the uso of the name by the American
company was to secure the advantages which would result from a supposed
connection with the well-known company. Compare V. 96, p. 1704.
-V. 98, p. 307.
British Columbia Copper Co., Ltd., New York.-Plan.
-Pres. Newman Erb in circular of Feb. 9 says in substance:
The management has realized for several years the necessity of supplementing the ore reserves in order to overcome the depletion of the present
mines now successfully operated at Greenwood,B.C. The lower grade of
ores encountered makes the subject of immediate importance. The appli,cation of our earnings to the exploration of new properties has resulted in
the development of a very promising mineralized area at Copper Mtn.,
12 miles south of Princeton, B. C. Princeton, a station on a branch line
of the Great Northern By.(of U. S.), about 140 miles west of Greenwood
and 35 miles north of the International Boundary. The Canadian Pacific
By. is now building to Princeton.
The new ore deposits being of a disseminated type must be concentrated,
and the concentrates are specially suited for smelting in connection with
the Mother Lode ores at our present smelting plant. About $550,000 has
been expended in the acquisition and development of said properties,
having a combined area of about 1,250 acres, partly owned In fee and partly
under option. The development consists principally of 3,750 ft. of underground work 14,000 ft. of surface trenching and 35,000 ft. of diamond drilling. Preliminary tests indicate a satisfactory recovery. Our engineers
estimate that there is of "reasonably assured and probable" ore in excess
of 4,000,000 tons(much of It near the surface),withaverage copper content of 1.87%, carrying from 25c. to 50c. In gold and silver per ton. The
expectations of developing additional tonnage are exceptionally promising.
Your company has expended practically all of its cash on the above enterprises and has some floating debt. We have reached a point where the
financial requirements of the situation must be met, and the company has
therefore effected an arrangement with Hayden, Stone & Co. of N. Y.
(apparently the only practicable method of procedure) by which a company called the Canada Copper Corp., Ltd., will be organized in Virginia,
with an authorized capital of $5,000,000 in shares of $5 each, and will
authorize $1,000,000 of 10-year 6% convertible sinking fund debentures,
bearing date April 1 1914, $1,000,000 of the stock to be reserved to provide
for such conversion. The debentures will be convertible at any time
into stock at par and will be callable by the company any time after 3 years
from date on 90 days' notice at 110% and int., no prior lien to be created
Denom. not less than $100.
while they are
outstanding.
will offer to all shareholders of the British Columbia
The Canada company
Co. the right to exchange their holdings [par $5] for stock [par $5] in the
Canada company, share for share, upon the condition that they purchase
at par the convertible debentures to the extent of $1 in said debentures for
each share of stock exchanged. There are at present outstanding 591,709
Shares of the British Columbia Co. stock. Subscriptions are payable by
check to order of Canada Copper Corp., Ltd., at Empire Trust Co., 65
Cedar St., N. Y. City, in 4 installments of 25% each, Mar. 15, April 15,
May 15 and June 15, or optionally in full at an earlier date. The proceeds
will be loaned to the British Columbia Co.. secured by a mortgage upon all
of its properties now owned or hereafter acquired.
Hayden, Stone & Co. have underwritten $600,000 of the debentures
at par (less commission) and will receive therewith the pro rata of stock.
They also have an option for one year on the remaining $400,000 debentures
and 200,000 shares of stock. The entire plan, as well as the underwriting,
Is conditioned upon the deposit for exchange, as aforesaid, of not less than
51% of the stock of the British Columbia Co. on or before Mar. 15 1914.
The largest stockholders have signified their approval.-V.96, p. 1023, 948.
Bullock Electric Mfg. Co., Cincinnati.-Agreement with
Allis-Chalmers Mfg. Co.-The pref. shareholders' committee
In a letter sent out Jan. 27 says:
Your committee, under the agreement of Jan. 1913, after long negotiation with the representatives of the Allis-Chalmers Mfg. Co.(the new company), has finally reached the following adjustment of the controversy
arising from the insolvency of the Allis-Chalmers Co. and its default on
the dividends on our pref. stock.
The pref. stockholders are to receive in exchange for their pref. stock,
bonds of the Bullock Electric Mfg. Co. at the rate of 680 in bonds for each
$100 of pref. stock. These bonds are to be dated Jan. 1 1914, bear 6%
Interest, payable semi-annually, and be secured by first mtge. on the plant
and property of the Bullock Electric Mfg. Co. The bond issue is limited
to $936,000, the amount necessary to take up on the basis above stated
the entire outstanding pref. stock, namely $1,170,000. The date of maturity will be from 20 to 25 years. Denomination $100 or multiples thereof.
In addition to the said bonds, all dividends on the pref. stock up to and including Jan. 1 1914 (734%) are to he paid in cash.
After such exchange the Bullock Electric Mfg. Co. is to transfer its plant
and property to the Allis-Chalmers Mfg. Co. (subject to the mortgage),
which then expects to operate it as a branch of its business.
In consideration of the acceptance by the pref. stockholders of the bonds
upon the basis and ratio above stated, the Allis-Chalmers Mfg. Co. agrees
to purchase all or any part of the bonds as the same may be tendered to it
at Milwaukee,at any time before Feb. 1 1915, at 05% and interest.
In view of all the circumstances and ofall the legal questions involved,
we regard this settlement as a desirable one. More than a majority of
the pref. stockholders have already indicated their approval. The depositary for pref. stock is the Central Trust Sc Safe Deposit Co., Cincinnati.
1Signed, Charles L. Harrison, A. Clifford ShInkle and George D. Eustis.]
-"V. 96, D. 363.
Canada Cement Co., Ltd., Montreal.-Earnings.-
Pref. Div. Surplus
Band
Total
Net
Calendar
(7%). for Year.
Surplus.
Profits.
Interest.
Year1913
$1,536,432 $392,215 $735,000 $409,217 $1,190,279
735,000
284,259
1,394,677
375,418
781,062
1912
-V. 97, P. 517.
Canada Steamship Lines, Ltd., Montreal.-Debenture
Stock Offered.-The Canada Securities Corporation, Ltd. of
Montreal and Toronto, and Brown, Shipley & Co. and'
the
London County & Westminster Bank, London,• E. C., are
offering at 93 £1,300,000 5% consol. 1st M. debenture stock,
convertible into bonds at option of holder.
Part of a total amount of $9,000.000, or f1,849.31712:10: repayable
Aug. 15 1943 at 105% and callable after Aug. 15 1923 at 105 or earlier at
110. Cum. sk. fd. of 1% % p. a. begins in 1915. Properties valued as
security for the deb. stk. at $21,235,660, or over 234 times the total amount
of deb. stock at present to be issued. after including $1,858,545 thereof
reserved to retire underlying bonds remaining outstanding on a portion of
tho properties acquired, and to provide for completing the SS. Noronic.
Earnings for Calendar Years 1910 to 1912 and 1134 Months of 1913.
1912.
1134 Mos. 1913.
1910.1911.
Earnings
$861,545 $1,128,919 $1,494,554 Over $1,600,000
These figures include Quebec SS. Co. to Dec. 31 1913. See V. 97, p.
1825:.V. 98. p. 157.
•
Central Coal & Coke Co.-Rehearing Denied.-
The Missouri Supreme Court on Feb. 10 refused to grant a rehearing
or Modification of its decree of ouster handed down on December 24
last against twenty-five lumber companies charged with violating the
[VOL. xcvm.
State anti-trust laws, of which eleven were ordered unconditionally,
to leave the State. The companies have ten days in which to appeal to the U. S. Supreme Court. The appeal will act as a stay and
the companies may continue business until their cases are decided by the
U. S. Supreme Court. The Court reserves jurisdiction of the cases and
all of the respondents therein, so as to make further orders, if necessary.
Compare V. 97, p. 1901.
Chicago Telephone Co.-Earnings.-For cal. years:
Interest Dividends
Gross
Net
Calendar
I3a1.,
Paid.
Year. Earnings. Earnings.
(8%). Surplus. Teleph's.
Dec. 31
1913 ____$16,274,603 $3,605,968 $969,413 $2,160,000 $476,555 8430,812
1912 _, _ 14,5:38,399 3,295,709 761,296 2.160,000 374,413 382,537
-V. 96-, p. 1704
Chino Copper Co.-Earnings, &c.Misc. Dividends
Total
Milling
Production
2,08 ou2n1.8
1P
Period CoveredProfits. Income. Paid. Income.23 (
d3)7
.2
3 me.end. Mar. 31 '13_ $778,804 $29,019
86.968 11,990,832
3 mo.end. June 30 '13.. 682,052 34,706 $629,790
3 me. end. Sept. 30'13_ 951,293 43.597 643.875 351.015,15,187.003
3 mo. end. Dec. 31 '13_ 778,143 33,944 645,405 166,682 13,970,438
12 mo.end. Dec.31'13_3.190,292 141,266 1,919,070 1,412,488 53,170,145
The above earnings are on the basis of 15.28 eta. per pound for copper
for the fourth quarter of 1913, 15 eta. the second and third quarterd and
15.06 cts. for the first quarter.-V.97, v. 1428.
Cleveland & Sandusky Brewing Co.-Earnings.--
Sinking Pref. Divs. Balance.
Bond
Gross
Net (after
(3%).
Surnlus.
Fund.
Earnings. Taxes, &c.). Interest.
1913
61,298,850
$1,298,850 $910,978 $380,265 $50,000 $75,060 $405.654
51,858
50,000
1912
818,904
383,162
485,020
The number of barrels sold in 1913 was 535,208, against -5-0-1,890 barrels
In 1912.-V.97, p. 47.
Calendar
Cluett, Peabody & Co., Troy, N. Y.-Listed.-The New
York Stock Exchange has listed $8,000,000 cumulative pref.
and $18,000,000 common stock and has authorized the listing of $2,000,000 additional prof. stock on notice of issuance
and sale, making the total amount of the latter authorized
to be listed $10,000,000.-V. 98, p. 384, 307.
Cres Carpet Co., New York.-Report.-Calendar years:
CalendarGross
Net
Extraord. Deprec. Divs.Paid Balance.
YearEarnings. Earnings. Expenses. Charges
(6%).
Surplus.
1913
$562,092 $382,491 $3,085 $77,695 $180,000 $121,711
575,744
440,920
174,081
1912
6,237
80,603
180,000
-V. 96, p. 1705.
Cumberland County Power & Light Co. (Portland,
Me.).-Pref. Stock.-Richardson & Clark, Providence, are
offering at 97 and div.$100,000 of the6% cum. pref.(p.& d.)
stock, red. at 120, part of $2,300,000 outstanding. Dividends Q.-F.
gn
esdSubps
fidpiairvyCop
Companies.
meplan su.
Earnings of Cumberland County Power & LighteChoa.ra
Net.
Gross.
Year endingDec. 31 1913_42,354,797 $1,139,550 $811,899 $138,000 $189.651
675,299
110,000
202,899
988,198
June 30 1913-- 2.213,749
E. W.Clark & Co. of Phila., the managers,say: "The company recently
constructed a new transmission tie line, 12 miles long, between its hydroelectric stations at Bonny Eagle and North Gorham, thus completing a
double transmission line which insures continuous service to Portland, &c.,
and makes practically unnecessary, except during unusually low water
periods, the operation of steam reserve stations." See p. 108 of "Electric
Railway Section."-V. 97, p. 1426.
Denver (Colo.) Union Water Co.-Proposed Contract.-
See "Denver" in "State and City" department.-'t. 96. p. 1775.
Dominion Steel Corporation.-Earnings.-
Common Balance,
Preferred
Net
Dividends. Surplus.
Earnings. Dividends.
Period Covered3 mos. end. Dec. 31 1913_ $574,756 (134)8245,000 (1)$320,977 $8,779
3 mos. end. Sept. 30 1913_ - _ 843,640 134) 245,000 1)318.977 279,663
3 mos. end. Mar.31 1913_ _ _ 705,263 134)245,000 1) 318,977 141,286
9 mos. end. Dec. 31 1913__ _2,123,659 434)735,000 3) 958,931 429,728
-V. 98, p. 455.
Du Pont International Powder Co.-Earnings.e.
Surplus.Total
Total
Interest and Pref. Div.
Surplus.
Receipts.
Expenses.
(5%).
826.964
23
$2
58
$267,919
1:7
67
148
$37.295
$332,178
38,683
428,680
502.385
Owing to a change in method of accounting the dividend receivedJan. 2
1914 from the International Smokeless Powder & Chemical Co. was included
In the profits for 1913; also the disbursements of lg % on the pref. stock of
the Du Pont Co. made Jan. 2 1914 was charged against the earnings for
the year -V. 96, p. 492.
Calendar
Y2ear191
1913
Electric Properties Corp., N. Y.-New President.A. Ludlow Kramer has resigned as Vice-Pres. of the Equitable Trust Co.
to become President of the Electric Properties Corporation. succeeding
John F. Wallace, who resigned, so that he may devote all of his time to the
Westinghouse, Church, Kerr Sr Co., the entire stock of which is owned by
the Electric Properties Corp. The corporation was organized in 1906 to
finance and manage public utility companies, and among the directors are:
Alvin W. Krech, Guy E. Tripp, George Westinghouse. John F. Wallace.
F. Q. Brown, l'aul D. Cravath and Henry R. Ilayes.-V. 97, p. 1586.
Electric Storage Battery Co.-Favorable Decision.Judge Thompson in the U. S. District Court at Philadelphia on Jan.27.
in the suit brought by the company against the Philadelphia Storage Battery
Co., sustained the validity of U. S. Patent No. 1,000,330, relating to wood
storage-battery separators, issued to Norman Dodge Aug. 3 1911, and
assigned to the company. The treated wood separator is sald to be an
essential feature of all portable storage batteries and is also used extensively
in non-portable batteries. If the decision is sustained, the Electric Storage
Battery Co. will, it is stated, be able to collect royalties on all storage
batteries using this device, constituting, it is claimed, the greater part of
all batteries made.-V. 97, p. 53.
Fox River Butter Co.-Stock Offered.See Beatrice Creamery Co. above.
General Railway Signal Co.-Earnings.-
Preferred Com.Divs. Balance.
Interest,
Net
Calendar
Gross
Earnings. Dep'n, &c. Dividends. (114 %). Surplus.
Year- Profits.
1913'__....$1,767,831 $1,307,426 $357,278 (15)3300,000 $45,000 $605.148
647,737 101,332 (7) 240,000
306:405
1912 __-_ 1,027,755
0e
ry
From the surplus as above In 1913,8156.784 was transferred to 3releA5
account, against $40,883 in 1912,leaving $448,364 in 1913,against $265.222
in 1912. Compare V. 97, p. 1902.
Gottlieb-Bauernschmidt-Straus Brewing Co., Baltimore.-Funding Coupons.The company proposes to fund the inter3st on its $5,546,000 1st M.
bonds for five years into 60/ notes, commencing with the one due Mar. 1.
The funding notes will fail due serially 534 years after their issue, the
final note obligation being payable Sept. 1 1928. holders are requested
to deposit their coupons with Mercantile Trust & Deposit Co. of Baltimore
by Mar. 15. There is a floating debt of 8500,000.-V. 97,A. 1289.
Griffin Wheel Co.-First Common Dividend.-
n.
dividend of 60/ has been declared on the $9,282,000 common
stock, payable in two installments of 3% each on Mar. 2 and Sept. 2 1914.
-Av
Hecla-Winslow Co., Inc., New York and Chicago
(Architectural and Ornamental Iron and Bronze Work).
-Merger-First Dividend on Second Preferred.-
FEB. 14 1914.1
THE CHRONICLE
This company, organized under the laws of N. Y. State Sept. 24 1913
as a consolidation of Hecla Iron Works,Brooklyn,N.Y.(established 1876)
and The Winslow Bros. Co., Chicago (established 1885), has declared
dividend No. 1. 1 %, on its $650,000 7% cum. 2d pref. stock, payable
Feb. 2 on shares of record Feb. 20.
The total authorized capital stock is stated as $1,750,000, divided into
$1,000,000 7% cum. pref. and $650,000 7% cum. 2d pref., both in $100
shares, and 2,000 shares of common stock, with no par value. There is
no mortgage or funded debt.
Officers: Chairman of board, O.M. Eger, previously Pres. of Hecla-Iron
Works; President, W. H. Winslow, Chicago; 1st V.-Pres. (finances, &c.),
Francis D. Jackson, recently 1st V.-Pres. of Hecla Iron Works; Sec., F. S.
Bellevue, Brooklyn; Treas., E. S. Sechheimer. Main office, Architects
Bldg., Park Ave. and 40th St.. N. Y. City.
Huntington Land & Improvement Co., Los Angeles.
-Bonds.-E. H. Rollins & Sons are offering, by advertisement on another page, the unsold portion of the present
issue of $10,000,000 6% collateral trust serial gold bonds,
unconditionally guaranteed as to principal and interest by
endorsement by H.E.Huntington. Part of a total authorized
issue of $14,000,000 that will be secured by collateral having
a par value of $46,800,000, including $21,800,000 bonds,
also $25,000,000 stock representing entire share capital of
the Los Angeles Ry. system. Offering prices to yield from
6% to 6.11%, according to maturity. A circular shows:
Dated Dec. 1 1913. Total $14,000,000 duo serially $1,000,000 par an
num Dec. 1 1914 to Dec.1 1927 incl.($4,000,000,due $500,000 yearly 1914
collat. serial notes
to 1921,are reserved to retire the company's $4,000,000
of 1913). Redeemable as a whole or In part on any interest date at the
incl.,
101;
1918, 101.25:
1914
to
1917
acrrued
int.:
and
prices
following
1919, 101.50; 1920, 101.75; 1921, 102; 1922, 102.25; 1923, 102.50; 1924,
102.75; 1925, 103; 1926, 103.25; 1927, 103.50. Principal and interest
(3, & p.) payable at Security Tr. & Savings Bank, Los Angeles (the trustee), or at U. S. Mtge. & Tr. Co., N. Y. Denominations: $1,000 in all
maturities: $500 in 1919 to 1926 incl.. and $100 in 1918 and 1927 (c*)•
Digest of Statement by V.-Pres. W. E. Dunn, Los Angeles, Jan. 12.
Organization.-Incorp. in Cal. Feb. 12 1902 to simplify the development
and management of the extensive property holdings of H. E. Huntington,
who owns the entirecapital stock. It has unencumbered assets of estimated
value in excess of $20,000,000, the greater portion real estate owned in fee.
CapitalizationCapital stock, authorized and all issued
$100,000
Collat. trust serial gold 6% bonds dated Dec. 1 1913 (this issue),
authorized, $14,000,000
10,000,000
Collat. trust 6% serial notes dated 1913 duo $1,000,000 yearly
Sept. 1 1914 to 1917 (V. 97, p. 625);
' $4,000,000 of above
bonds reserved to retire these
4,000,000
We believe that the following bond and stock collateral could be readily
sold for over double the amount of this bond issue. Before certification
of any of these bonds there must be deposited all of the stock collateral anti
for every $1,000 bonds certified $1,520 of bond collateral, including $1,000
Cal. Savings Bank investment bonds.
Collateral Security for $14,000,000 Bonds-(1) Bonds-Market Value
Over $19,300,000.
Issued.
TotalAuth. Underloing
Pledged.
Bonds Out.
Los Angeles Ry. Corp. First Az
487).-.$0,000,000
$14,176,000 $20,000,000 145,267,000
& Ref. M.55(V. 96, p.
City Ry, of Los Angeles 1st M.
3,500,000 3,544,000 5,000,000
55(V.91, p. 1766)
Pacific Electric Sty. Ref. M. 53
*4,500,000 25,373,000 100,000,000 26,726,000
(V. 95, P. 1750)
Redondo Ry.
Los Angeles
See p. 69,
250,000
4500,000 Closed
1st M.5s '
"Electric
Los Angeles & Pasadena Elec.
Railway,
Ry. let M.5s
200,000 41,000,000
do
Section.'
San Bernardino Valley Trac.
do
Co. 1st & Ref. M. 5s
a833,000
150,000
Isto. Lt.& Pow. Corp. 1st & Ref.
M. 58 (V. 94, p. 356)
(c)
,000,000 11,730,000 35,000,000
Pac. Lt. & Power Co. 1st M.
341,000
58, duo 1942(V. 75, p. 1150) 1,500,000 7,978,000 Closed
Newport News Shipb.& D.D. Co.As below
Gen.M.5s,1953(V. 76, p. 162)_ 2,500,000 5,000,000 5,000,000
924,000 2,000,000 Closed
1st. M 59
Ches. Dry Dock & Cons. Co.
600,000 Closed
276,000
1st M. 5s, 1937
(2) Stock-Believed to be easily salable for over $10,000,000 (withdrawal price)20,000,000
stock120,000,000
20,000,000
Los Ang. Ry. Corp.lEntire
City Ry., Los Ang_ IL. A. St.Ryl 5,000,000 5,000,000 5,000,000
Total par value bond.collateral, $21,800,000; of stock collateral, $25,000,000;
total, $46,800,000, to be pledged as security for $14,000,000 authorized bonds.
*Of these amounts,$4,000,000 Los Ang, Ry. Corp. 1st & Ref. M.58 and $1,500,000 Pacific Elec. Ry. Ref. 5s are now subject to prior lien of $4,000,000 Huntington
Land & Impt. Co. coll. tr. 6% serial notes. If the $4,000,000 reserved bonds are
used to retire these notes, as the notes are so retired a proportionate amount of the
above $5,500,000 bonds as released will be pledged as part security for bonds now
offered. If, however, said notes are otherwise paid, an amount of reserved bonds
equal to the notes so paid will be thereby canceled and the collateral released will
also be released from lien of this bond issue. a Supplied by Editor. b Less sink.
fund investments. c The underlying bonds are $7,978,000 Pac. Lt. dr Power Co.
Ss and $341,000 bonds underlying the same.
Guaranty.-Unconditionally guaranteed as to principal and interest by
endorsement by H. E. Huntington. who owns the entire capital stock of
Corp. and the City By. of' Los Angeles,
the company, the Los Angeles
and 98% of the stock of Pacific Light & Power Corp., and is heavily interested In Newport News Shipbuilding & Dry Dock Co.
Los Angeles R. Merger.-When the new company, the Los Angeles By.
(V.97, p. 1733) has acquired all the property (373 miles of track,&c.) o1
the Los Angeles Ry. Corp. and of the City Railway, their $25,000000 stock
will be replaced as part collateral for this issue of bonds by the entire capital
stock of the new company. The stock collateral may further be released
on payment to trustee of $10,000,000 in cash or in bonds acceptable to the
trustee and having In its opinion, and in opinion of Anglo& London-Paris
Nat.Bank of San Fr., a market value of $10,000,000, or for $10,000,000,
part in cash and part in said bonds. Cash so deposited shall be used in
calling or retiring at maturity bonds of this issue.
The $6,000,000 Los Angeles Ry. Corp. 5s and $3,500,000 City By. 59
may, with the approval of E. H. Rollins & Sons, be exchanged, all or part,
for an equal amount of now First & Ref. M. bonds of the new company
when authorized by the State 1111. Commission or, in case said new bonds
shall bear over 5% interest,for a less amount of new bonds, but the aggregate amount of the old bonds and the new bonds exchanged therefor shall
never be less than $9,000,000 par value.
The Los Angeles Ry. has applied to the Cal. RR. Commission for permission to authorize an issue of $50,000,000 First & Ref. M. bonds, due
1941; interest not to exceed 6%, payable In Los Angeles and New York.
Reserved to retire a like amount of bonds of the Los Angeles By. Corp. and
City Railway,$23,544,000, the remaining $26,456,000 reserved to be issued
for improvements, betterments and extensions under such conservative
restrictions as the Commission will approve. Sinking fund to retire at
least 4% prior to maturity. Underlying issues as exchanged will be kept
alive as part security for this issue.
Other Substitution.-Bonds of the Los Angeles Ry. may be substituted
for a like amount of Pacific Lt. & Power Ref. 5s and Newport News Shipbuilding & Dry Dock Con. M. 5s and underlying issues. There are also
other suitable provisions for the release of bond collateral on payment of
those bonds, such that when the debt is reduced the security will be greater.
Except for the above, no substitutions of collateral are permitted.
Purpose of the Issue -The proceeds of these bonds, except those reserved
to retire the $4,000,000 collateral notes, are to be used in retiring $2,500,000
Pacific Light & Power Corp. 6% notes, maturing May 11914 and for the
' Co.
general corporate purnose.s of the Huntington Land & Impt.
Other Covenants -These bonds must always be kept a legal investment
for Cal. savings banks under present Act and company must not, while
any of these bonds are out,(a) mortgage any of its real estate,(b) pay dividends on its capital stock In excess of $250,000 per annum,(c) have a floating debt in excess of $1,000,000.
527
EarningsNet.
Bond Int. Bal., Sur.
Year ending. Gross.
$
$
Los Angeles By.
$
and City Ry_ --..A.ug. 31 1913 6,913,538 2,376,007 1,179,700 1,196,307
Pacific El. Ry........June 30 1913 9,605,879 2,807,872 2,528,353 279,619
Pac. Lt. & Power
3
Corp.(see below)Oct. 31 1913 2,845,569 1,402,135 599,594 802,54„
970,000 a380,000 590,00v
Newp.N.Sh.&D.D.Dec. 31 1912
a Supplied by Ed. Circular states balance as over 234 times bond int.
Pacific Electric ft.-This company operates an electric interurban railway system radiating from Los Angeles comprising over 986 miles of track.
and its entire capital stock and over $17,000,000 of its Ref. M.58 are owned
by the Southern Pacific Co. See p. 69, of "El. BY. Section."
Pacific Light & Power Corporation.-Does an electric light and power
business in Los Angeles, &c., and sells a large amount of power to the Los
Angeles By. Corp. and Pacflic Electric Ry. In Nov. 1913 completed
and put in operation in Sierra Nevada Mtns., at a cost of over 812,000,000,
modern hydro-electric plant with installed capacity of 85,000 h.p.. Including this plant, its hydro-electric generating plants have an installed
capacity of 102,000 h.p.; steam-generating plants, 54,000 h.p.; total of
156,000 h.p. For the year ending Oct. 31 1913 the corporation earned a
surplus over its entire annual interest charges, including the interest on
the money expended in the construction of its new hydro-electric plant
(deducted from interest in table above], notwithstanding that this plant,
representing about one-half of the corporation's investment, produced
no income for the above period.
,Newport News Shipbuilding & Dry Dock Co.-Owns one of the largest
and most successful shipbuilding plants in America, employing over 5,000
men, and representing an investment of over $17,000,000.-V. 97, p. 1'36,
Huntington(W. Va.) Water Co.-Loan.
-
See American Water Works Co. above.-V. 95, p. 1545.
Idaho-Oregon Light & Power Co.-New Committee.The new committee, consisting of Alvin W. Krech, Chairman; Edmund
Seymour, Edwin J Emmons and J. Everton Ramsey, with Edward Seymour, 45 Wall St., as Secretary, is requesting deposits of the bonds with
the Equitable Trust Co. of N. Y.-V.97, p. 1826.
Imperial Tobacco Co.-Plan Approved.The stockholders in London on Feb. 12 approved the plan adopted by
the directors whereby the holdings of the American Tobacco Co. (360,729
deferred ordinary shares) are to be treated as a special class and can be
sold under special conditions other than through the Imperial Tobacco Co..
which was hitherto compulsory. The shares of the American holdings
will, it is stated, have the prefix "restricted" applied to their
name. This will facilitate the distribution of the shares among the stockholders of the American Tobacco Co. in compliance with the decree of the
U. S. Supreme Court and it is expected a special dividend will be declared
shortly to the American company stockholders.-V.92, p.1503.
Indiana Pipe Line.-Report, &c.1912.
1913.
Profits for yr _$1,770,972 $1,976,000
Dividends _(32)1,600,000(20)1400000
1913.
1912.
Assets$
$
Pipe line plant_ _4,736,601 4,710,170
Material & supp. 27,168
24,918
Cash, other inv.
& accts. rec-_3,202,34S 2,587,446
1913.
Balance,surp_ $170,972
1912.
$576,000
1912.
1913.
Liabilities$
$
Capital stock_ _ _5,000,000 5,000,000
Accts. payable__ 492,023 437,565
Deprec. reserve_ 988,064 569,910
Profit and loss_ _1,486,030 1.315,058
Total
Total
7,966,117 7,322,534
7,966,117 7,322.534
-V. 96, p. 1559. •
-$0
- International Mercantile Marine Co.-Decision.- Cable dispatches announce that the Court-of A-Pls in Loin"
test
case
brought
against
the
Oceanic
SS.
Co.,o
the
owner of the
Feb. 9 in a
Titanic,by an Irish farmer, who claimed damages for the loss of his son,
affirmed the decision of' the King's Bench Division of the High Court of
Justice in June last, which held illegal the condition printed on the back
of the steamship tickets exempting the company from liability for loss bya
passenger, even through negligence of the company's servants.
Lord Justice Sir Roland Vaughan Williams,in reading the opinion,said he
thought the danger to the Titanic was neither unforeseen nor unforeseeable,
and that practice did not justify a vessel in maintaining her coures and speed
when the warnings of danger ahead were such as the Titanic received.
The two test cases are now pending before the U. S. Supreme Court on
the contention of the company that the limit of liability for loss of lives and
property should be fixed by the American law at the value of the salvage,
freight and passenger money collected on the uncompleted voyage. Compare V. 98, p. 240.
International Smokeless Powder & Chemical Co.Calendar
Year-1
1913
1912
-V. 96, p. 492.
Net Earns.
from Sales.
.$306,735
522,453
Other
Income.
$3.001
5,656
Dividends
Paid,
$318,000
655,500
Balance,
Deficit.
$8,264
127,389
Kansas City (Mo.) Breweries Co.-Report.DepreBond Sinking Balance,
Earnings,
Net
Calendar
All Sources Earnings. ciation. Interest. Fund. Surplus.
Year$2,587,004 $425,191 $81,696 $198,480 $25,000 $120,015
1913
26,290'
2,452,558 328,880 79,109 198,480 25,000
1912
During the year 1913 there were sold 326,784 bbis., against 314,600 bbls.
In 1912.-V. 96, p. 485.
Louisiana Water Co.-Extension of Bonds.See American Water Works & Guarantee Co. above.-V.95, p. 1545.
Midvale Steel Co., Philadelphia.-Earnings.1913. 1911-12. 1910-11. 1909-10. 1908-09Years ending Oct. 31.
$767.931 $670,951 $716,518 $1,311,181 $555,347
Net profits
390,000 585.000 487,500
367,500 150,000
Dividends
Balance, surplus
-V.96, p. 1225.
$377,931
$85,951 $229,018
$943,681 $405,347
Minneapolis General Electric Co.-Street-Ltg. Contract.
By a contract with the city which went into effect on Jan. 1 the company
will operate 2,800 6.6-am. magnetite-arc lamps for street lighting instead
of 2,400 as in 1913, the rate being decreased from $62 50 to $60 a year.
The new lamps will be used for extensions and for replacing about 100 gas
lamps. In addition,the company operates for curb lighting 935 ornamental
posts with 60-watt tungsten lamps.-V. 96, p. 1025.
Mitchell-Lewis Motor Co., Racine, Wis.-Sale of Notes.
The company has sold its wagon plant, releasing, it is stated, about $2,000,000 for use in financing its automobile manufacturing business. Arrangements have also been closed for the sale of $500,000 one-year 6% note
dated Aug. 1 1914. A large part of the indebtedness represented by the
S1500,000 notes maturing in August next will, it is understood, be entirely
paid off.---v. 97, p. 179, 890.
Newport News Shipbldg. & Dry Dk. Co.-Earns.,&c.
see Huntington Land & Impt. Co. above.-V. 97, p. 1736.
Northern Colorado Coal Co.-Official Statement.See item erroneously headed Nor. Colo. Power Co. In V. 98, p. 456.
Northern Colorado Power Co.-Coal Company.
The item under this head last week should have been entitled Northern
Colorado Coal Co.-V.98, p. 45.
Pacific Light & Power Corporation. Los An.-Bonds.
See Huntington Land & Impt. Co. above.-V. 97, p. 1736.
Parke, Davis & Co., Detroit.-Sales.Gross sales for the calendar year 1913 were, it is reported, approximately
$11,256,251, an increase of $3,367,000 over 1912.-V. 97. p. 1827.
Pennsylvania Water & Power Co.-Dividend Report.An initial dividend of 1% has been declared on the 58,495,00n capital
stock for the quarter ended Mar. 31 1914, payable April 1 to holders of
record Mar. 16. See also "Annual Reports" above and V. 98, P. 456.
528
THE CHRONICLE
Pittsburgh Plate Glass Co.-Earnings.-For cal. year:
Year1913.
1912.
1911.
1910.
Profits
$2,455,298 $2,158,880 $1,942,647 $2,540,167
Pepreciation
770,081
489,558
713,835
303,265
'Fire loss No. 4
379,230
Div. on pref. (12%)-_,...18.000
18,000
18,000
18.000
Divs, on common (7%).. 1,569,446
1,284,232
1,569,445
1,560,578
Balance. surp,_ for year
-17. 96, P. 1227.
$97,771
$81,877
$60,804
$144,870
Potomac Electric Power Co.-Recommendation.The P. U. Commission of the District Columbia on Feb. 6 made a
report to Congress recommending that the capital stock of the company
be reduced by $1,000,000, and that the present relation existing between
the Washington Ry. & Electric Co. and the company be discontinued.
-V.92. p.326.
Price Bros. & Co.-Proposed Sale of Power Co. Bonds.The company, it is announced, contemplates the sale of
$600,000 bonds of the subsidiary Shipshaw Water Power Co.,
covering the development at Murdock Falls, about two miles
from Kenogami, present installation 6,600 h.p.-V.98, p.303.
Swift & Co., Chicago.-Bond Susbcriptions.-Seeretb,ry
F. P. Hayward pronounces the following correct:
About 90% of the $10,000,000 bond issue was taken by the company's
own stock and bond holders and $1,000,000 is left for the underwriting
syndicate. No immediate public offering of this latter will be made. See
V. 98. p. 242. 392. 160, 152.
Union Carbide Co.-Dividend Reduced.A quarterly dividend of 2% has been declared on the $18,460.904stock,
payable April 1 to holders of record Mar. 17, comparing with 2%% regular
and 40% stock distribution in Jan. last and 254% quarterly in Sept., July,
April and Jan. 1913. A distribution of 12%% in Oxweld Acetylene Co.
common stock was made in Feb. 15 1913. Compare V. 96, p. 140; also
V. 97, p. 1754.
• Union Mills, Inc. (Fleece, Ribbed Goods, &c.). First
Pref. Stock Offered.-Kidder, Peabody & Co. are offering at
98%and div.a block of the $1,000,0007%cum.lst pref.
.stock.
[VoL. acvm.
Business Field.-Has well diversified market serving many public needs
and supplying,substantially without competition,either directly or through
power contracts with distributing companies, electric current for lighting
and power purposes to 30 cities and towns, notably Salt Lake City, which
in 1010 had a population of 92,777, an increase of 106% in 20 years, and
Ogden, population in 1910, 25,580 people, increase in 20 years. 70%•
Murdock, Snake Creek, Battle Creek, Olmsted, Provo, Santaquin, Eureka'
Mercur, Garfield, Bingham, Edgar, &c., Utah; Preston, Mink Creek, &c.:
Idaho.&c. Total population served estimated at 225,000,increasing steadily.
Has valuable long-term contracts for the sale of power with the Utah
Light & Ry. Co. (electric railway business in Salt Lake City and an electric
light and power business in Salt Lake City and Ogden), Salt Lake & Ogden
Ry. Co., Utah Copper Co., Union Portland Cement Co., Logan Rapid
Transit Co., &c. Furnishes power to the principal mining districts and
commercial centres in Utah;ta gravitysupply of water and power to pump
water for irrigation purposes, and serves a large farming area in Northern
Utah and Southeastern Idaho, with power for lighting and milling purposes.
The Western Colo. Power Co. furnishes substantially all the power and
light to the extensive mining districts in San Miguel. Ouray, San Juan and
La Plata counties in Colorado. A large amount of new business is awaiting
service pending the completion of the new hydro-electric plants. The electrification of steam railroads promises a new field.
Franchises.-These are satisfactory and have no burdensome conditions;
the most important extend beyond 1944.
Controlled and managed by strong interests, well qualified to administer
such business; these include successful local business men as well as Eastern
men. Application will be made to list those bonds on the N. Y. Stock Erchange.-V. 98. p. 457.
Utah Securities Corporation.-Subsidiary Company.See Utah Power & Light Co. above.-V. 98, p. 457.
Wichita Water Co.-Interest Payment.-
See American Water Works & Guarantee Co. above.-V. 95, p. 1545.
Willys-Overland Co.-Automobile Shipments, &c.Shipments 7 mos. ended Jan. 311914. Increase over 7 mos., 1912-13-N
For month of Jan. 1914, increased over Jan. 1913
Orders on hand Jan. 31 for immediate shipment,gain over 4an.31,•13,64
Compare V. 97, p. 1435, 1423.
Wisconsin Edison Co.-Earnings.-
Nov. 30.
Operating
Net (after Non-Oper. Paid on Sec. Balance,
YearTaxes).
Revenue.
Revenue. Not Owned. Surplus.
1913
$8,301,190 $2,566.108 360.602 31,492,041 $1,134,669
1912
7,078.729
58,405
1,074,315
2,501.966
1,486,056
Total auth. issue, $1.000.000. Prof. as to dive, and as to assets up to -V. 95, p. 1335.
110. Red. as a whole or in part for sinking fund at 110 and divs. (J.&J.t
Net Earnings (Consolidation in 1909 of Union and Royal Gem Mills)-Firs
Preferred Dividends. $70,000.
-Poor's Manual of Railroads for 1914 (47th annual num1904.
1910.
1907.
1911.
1912.
1913.
$170.962
$274,237
$205,256
$185,336
$210,101
$204,335 ber) has been issued. It contains 2,052 pages of text, or
These earnings are after paying all charges and taxes, without taking about 200 pages more than last year. It is devoted entirely
account of the rental, &c., of New England Cotton Yarn Co. ds-ring life
to steam railroad securities. A special feature this year is
of lease canceled in 1913.
the information given showing whether or not interest on
Balance Sheet Nov. 29 1913 (Total Each Side, $3.890,711)•
Plant and good-will
$2,794,023 First preferred stock
$1,000,000 railroad bonds is payable without deduction for the United.
Merchandise
323.572 2d pref. 6% non-cum.._ _ _ 1,000,000 States income tax. Other new features are some 500 comCash
161,961 Common stock
1,500.000 parative and
analytical tables intended to help the investor
Accounts receivable
575,652 Accts. payible (no notes)_
216,859
Investments
34,466 Reserve fof replacement_ _
5,600 to form an opinion of the value of railroad securities. This
Prepaid insurance
1,038 Profit and loss
168,252 manual, in connection with the Manual of Public Utilities
See further particulars in V. 97. p. 1360.
U. S. Industrial Co.-Earnings.Cit.
Gross
Net(after Pf. Divs. Balance,
Previous
Total
Year.
Profits. Taxes. &c.). (7%). Surplus. Surplus.
Surplus.
1913
$1.006,774 3652,358 $420,000 $232,358 32,009.607 32.136,965
19i2..__.. 1.437,522 1,021,751 420.000 601,751 1,407,856 2,009,607
The total surplus as above on Dec. 31 1913 is shown after deducting
$105.000 reserve for dividend on pref.stock paid Jan. 15 1914.-V.96.p.358.
United States Steel Corporation.-Unfilled Orders
Jan. 31.-See "Trade and Traffic Movements" on a previous page.-V. 98, p. 383, 77.
Utah Consolidated Mining Co.-Dividend Increased.A dividend of $1 per share (20%) has been declared on the $1,500,000
stock, payable March 21 to holders of record Feb. 21. comparing with 50%
in Nov.. July and April 1913.
Previous Dividend Record (Per Cent).
1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913
_
64
60
40
70 100 140 40
10
10
30
30
p.p. 665.
-V.
48.8§'7,
Utah Power & Light Co., Salt Lake City.-Bonds Offered.-Harris, Forbes & Co. New York; Harris,Trust &
Say. Bank, Chicago, and N.'
W. Harris & Co. and Perry,
Coffin & Burr, Boston, are offering jointly at 95 and int.
$10,000,000 1st M. 5% gold bonds, dated Feb. 2 1914 and
due Feb. 1 1944, but red. at 105 and int. on any interest
-date on or after Feb. 1 1919. Par $1,000 (c*&r). Interest
F. & A. Trustee, Guar, Trust Co., N. Y. See adv. pages.
Digest of Letter from Pres. D. C. Jacklinz, Salt Lake City. Feb. 3.
Owns extensive hydro-electric and steam developments and a hightension transmission system serving with electric-light and power a steadily
growing territory in Utah and southeastern Idaho; also through its Western
Colorado Power Co., an important section in Southwestern Colorado.
Outstanding Capitalization [Control held by Utah Sec. Corp., V. 98,P. 4571•
Stock, corn.. $25.000.000: of.. $3.000,000; 2d pf..37,837,000_ _335,837,000
First M. 5s. total auth., $100,000,000; outstanding
10,000,000
Bands.-In anticipatIon of probable future requirements, the authorized
issue of these bonds is made $100,000,000 under conservative restrictions.
A direct first mortgage on all property, franchises and rights owned in
Utah and I daho,and through the deposit of all of the let M.bonds and capital stock of the Western Colorado Power Co. (whether now or hereafter
Issued) a first lien on certain hydro-electric generating stations and transmission lines in Colorado.
An additional 6.450,000 1st M. bonds may be issued against the present
property when the annual net earnings are twice the bond interest, including
the bonds then proposed to be issued. The investment represented by the
above bonds has already been made, and including the same there is a
large equity in the property over the 316.450,000 1st M. bonds. The remaining escrow bonds may be issued at par only for 80% of the cash cost
of permanent improvements, extensions or additions when the annual net
earnings are twice the interest on bonds outstanding and proposed to be
issued. Sinking fund beginning Dec. 31 1916 for retirement of bonds or
permanent improvements and additions: 1916 to 1918, a sum equal to 1%
yearly of the bonds out: 1919 to 1933. 2% yearly; 1934 to 1943, 2 % yrly.
Earnings for Cal. Year 1913-Net Over Twice Present Bond interest.
Gross earnings
$1,739,828 Ann. interest on these 5s _3500,000
Net (after taxes)
1,035,835IBalance
535,835
As the several properties were operated a.s separate units for part of the
year, this statement does not fully reflect the present earning capacity of
the system. Furthermore, materially increased earnings will follow from
the sale of the ad ditional power shortly to be available.
Properties (incl. Sub-Cos.)-Total Generating Stations to be 146,350 h.p.
Owns hydro-electric developments, 76,900 h.p., and has 29.250 h.p.shortly lobe in operation;steam stations. 1,800 h.p_ A07,950 h.p.
Operates under a long-term lease an additional steam station of 11,400 h.p.
At present under construction an hydro-electric plant, capac'y 27,000 h.p,
Present djstribution systems, 1,660 miles; about to be put in
operation. 189 miles; total
1,849 m.
Has water rights on the important Bear River. which flows into Great
Salt Lake and right to use for storage Bear Lake, in Wasatch Mtns., surface area about 110 sq. miles, estimated storage capacity sufficient to
equalize continuously the flow of Bear River over a period of years. All
new construction is of the most approved and modern standards.
and the Manual of Industrials, which will be issued later in
the year, covers the entire field of corporate investments
in America.
-Having sold more than one-half of the issue, E. H. Rollins & Sons of N. Y., Boston, Phila., Chic., Denver, San
Francisco, Los Angeles and London, are to-day offering and
advertising in the "Chronicle" the unsold balance of $10,000,000 collateral trust 6% serial bonds of the Huntington
Land & Improvement Co. These bonds are unconditionally
guaranteed, principal and interest, by H. E. Huntington.
See advertisement for details and investors are requested
to write for "Circular H," which furnishes a full description
of the issue and of the collateral thereunder.
-Subscriptions for an issue of $7,000,000 American
Agricultural Chemical Co. 10-year 5% convertible debenture
bonds at 973/i and interest, as advertised in to-day's "Chronijoie", will be received by Lee, Higginson & Co. of Boston,
New York and Chicago and Higgmson & Co. of London.Subscription books were opened last Tuesday and will be
closed to-day. For further information refer to the advertisement.
-All the bonds having been sold, Edward B. Smith & Co.
of Philadelphia and New York and Brown Brothers & Co. of
Philadelphia, New York and Boston, are publishing "as a
matter of record" in our advertising columns to-day their
joint offering of Pennsylvania Railroad system "Harrisburg
Portsmouth Mt.Joy & Lancaster RR." 1st mortgage 30-year
4% bonds. Price 9932% and interest, yielding about 4%.
-The fact that Allan A. Ryan is about to return to active
business is confirmed to-day by the announcement that he
has taken offices in the National City Bank Bldg., 55 Wall
St. and has established a partnership with Kenneth R. Howard,
' who has been constantly associated with him for 15
years, under the firm name of Allan A. Ryan & Co., to do a
brokerage and investment business.
-At a price to yield 4.15%, Hambleton & Co. of 43 Exchange Place, this city, and 10 So. Calvert St., Baltimore, are
offering by advertisement $1,282,000 Philadelphia & Erie
RR. (Pennsylvania RR.) general (now first) mortgage 6%
bonds due July 1 1920. A legal savings bank investment
in N. Y., Mass., Conn., N. J., &c.
-N.W. Halsey & Co. have issued an interesting pamphlet
entitled "Status of Bonds Held in California as Regards
Taxation." The booklet contains an extensive list stating
in each instance whether the holder is exempt from the income tax or whether the interest payments are made after
deducting the tax.
-Harris, Forbes & Co. of this city are offering for investment 810,000,000 Utah Power & Light Co. first mortgage
5% 30-year bonds at 95 and interest. The net earnings are
over twice the bond interest. See advertisement for full
particulars. Complete circular on request.
-Richard Lawrence has become associated with Burroughs
& Co., 30 Kilby St., Boston.
FEB. 14 1914.1
THE CHRONICLE
529
Val:forts and Documents.
BOOTH FISHERIES COMPANY
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1913.
Chicago, Ill., February 10 1914.
To the Stockholders of the Booth Fisheries Company:
The gross sales of the Booth Fisheries Company and its
subsidiaries in 1913 amounted to $17,554,490 75, the largest
volume of business in its history. After deducting all operating and selling expense,the net profit on operation was
$1,369,454 83 and administrative expense was $589,844 20,
leaving net income of $779,610 63, applicable to interest,
sinking fund and other charges.
Capital additions in the fiscal year were $519,646 46,
making a total of $1,693,316 68 added to capital since reorganization. The original issue of $4,000,000 of Debenture
Six Per Cent Bonds has been reduced through operation of
the sinking fund to $3,691,000 and a further reduction of
$168,000 will be made March 1st, the sinking fund requirement having been provided out of earnings of 1913. The
total amount of real estate tnortgages on cold storage plants
has been reduced from $350,000 in 1911 to $225,000 outstanding at the present date, which amount is reduced $37,500 each
year. In 1913 there was expended for repairs and renewals
$158,931 11 and a further sum of $215,705 41 was charged to
depreciation. The total amount expended for repairs and
renewals since organization is $591,822 59 and the. total sum
provided for depreciation since reorganization is $1,189,131 24.
The company has also written off $538,514 14 since reorganization against obsolete equipment.
The management believes the amount yearly charged
to depreciation is largely in excess of conservative provision.
In order to ascertain present values for the information of
our stockholders,an authorized appraisal company was employed to report as to the actual value of certain representative plants owned by the company at Chicago, Seattle,
Tacoma and Astoria. This report showed the present sound
value of these plants to be $1,016,361 97, against a valuation
of $690,291 as carried on the books of the Booth Fisheries
Company, an increase of $326,070 77, or over 32 per cent.
These plants constitute only a small proportion of the fixed
assets of your company.
The last year was a period of extraordinary difficulties in
conduct of all industrial companies in which prevailed credit
contraction, high rates of interest, widespread unsettlement
of business and consequent curtailment of consumption in all
lines. Owing to these unsatisfactory conditions and the large
quadrennial pack of salmon on Puget Sound, together with
the 1912 carryover, advantage was taken of such market as
immediately offered and the Alaska pack of the Northwestern
Fisheries Company was sold without profit,so that after
depreciation, repairs and replacement were deducted from the
earnings and without bearing any share of fixed charges or
other corporate cash requirements of the parent company,the
Northwestern Fisheries Company earned a net profit of only
$906 92.
However, we believe the trade position of the Northwestern Fisheries Company has been materially strengthened, for with decreased operating costs and the market in a
much healthier condition, the prospects seem to be excellent
for profit in the coming season.
Gross sales of the combined companies in 1913 show an
increase of 11 per cent over the preceding year and an
increase of 48 per cent over the first year of combined operations of the Booth Fisheries Company and the Northwestern
Fisheries Company. Steady growth and progress of the
business encourage the management in the opinion that as
the Booth Fisheries Company is now established on a sound
basis,the percentage of net income to gross sales should be
greatly increased by greater efficiency throughout the organization.
After financial reorganization of the company,the business rehabilitation was begun,and for the first time its operations have been reduced to a statistical basis. Analysis of
results of various departments caused essential change in
methods and savings in operating costs have been obtained
which we believe will now show a fairer margin of profit on
the largo volume of business. Under the former corporation
a large number of separate units operated without proper
centralized control with great loss of efficiency. To obtain efficiency and due profit it has been necessary to evolve.
from this condition a departmental organization working as a
single unit. The process of readjustment has necessarily
been slow and results in increased net profits were not immediately manifest, but the management believes]it is attaining the desired end,and benefits should now appear in increased percentage of net profits on the volume of business
done.
The management is working with the purpose of gathering, transporting and selling its product in such a way as
to popularize fish as food, believing there is unusual reward
to be had in this industry and at the same time a valuable
service rendered to the people.
Against adverse conditions in the last few months of the
year and without the full benefit of economies and new
methods installed in the first quarter, the Booth Fisheries
Company without any return from the Northwestern Fisheries Company has earned net income of $779,610.
The Booth Fisheries Company has just completed a coldstorage plant of steel and concrete construction at Minneapolis with a capacity of one million cubic feet. In addition
to its own requirements, the company will provide public
storage of nearly three-quarters of the capacity of the building.
The branch houses, fishing stations, canneries, storage
plants, ships and all marine and other equipment have been
maintained in a high state of efficiency.
The Consolidated Balance Sheet as of December 27 1913
is presented herewith.
Respectfully submitted,
A. B. CARPENTER,
President.
CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 27 1913.
ASSETS
Capital Assets—
Real Estate, Buildings, Machinery, Steamboats, Tugs, Investments, Trade-Marks,
Trade Names, Good-will, &c
$10,480,259 94
Bond Sinking Fund and Interest
325,500 00
Current Assets—
Inventories of Merchandise,
Supplies, valued at or below
cost
$2,072,135 53
Accounts and Bills Receivable,
Expenses Paid in Advance,
less Reserve for Doubtful
Items
1,815,575 87
Cash
372,818 45
4,260,529 85
Total
$15,066,289 79
LIABILITIES
Current Liabilities—
Including Reserve for Taxes and Interest
and all other Liabilities
2,487,136 65
Reserve for Depreciation
650,617 10
Capital Liabilities and Surplus—
Capital Stock—
Preferred
$2,200,000 00
Common
5,000,000 00
$7,200,000 00
$4,000,000 00
Debenture Bonds
Bonds on Cold Storage Plants 225,000 00
Surplus
503,536 04
11,928,536 04
Total
Attest: P. L. SMITIIERS.
$15,066,289 79
THE CHRONICLE
530
[VOL. xcvm. •
REPUBLIC IRON AND STEEL COMPANY
YOUNGSTOWN, OHIO.
FOURTEENTH ANNUAL REPORT—FOR THE FISCALYEAR ENDING DECEMBER 31 1913.
Deduct:
To the Stockholders of the Republic Iron ct Steel Company—
Interest on Bonds and Notes
$862,090 43
The Executive Committee submits herewith its Annual
Dividend of7% paid on Preferred Stock
1,750,000 00
2,612,090 43
Report for the new fiscal year of the Company' ending
December 31 1913. This change for ending the fiscal year
Surplus for the Year
$1,351,300 06
from June 30th to December 31st having been approved Add:
Surplus at Dec. 31 1912
6,661,477 58
at a meeting of the stockholders of the Company held on
38,012,777 64
'April 16 1913.
Deduct:
INCOME REPORT.
Amount specially appropriated for Extraordinary Depreciation and Extinguishment
1,500,000 00
The satisfactory character of business indicated by the
Semi-Annual Report for the period ending June 30 1913,
Net Surplus Carried to Balance Sheet
' $6,512,777 64
$3,101,300 06
Net Profits Applicable to Dividends
together with suggested prospects of continued prosperity,
were not realized during the last half of the fiscal year; on
DECEMBER
31 1913.
SHEET
BALANCE
the contrary, shortly after July a business recession was in
ASSETS.
evidence, and during the latter part of August active liquidaCapital Assets—
$66,376,366 78
tion, both in value and volume, was under way. Emphasis Cost of Properties December 31 1912
1,844,222 65
to this situation was given during October, values and ton- Additions for the year ending December 31 1913
$68,220,589 43
nage of new business reflecting a renewed feeling of business
disturbance and lack of confidence, stimulated in part by InInvestments—
Potter Ore Company
$401,000 00
the discussion and passage of the Tariff Act on October 3 In other Companies
557,060 42
958,060 42
1913. This situation was intensified somewhat by the discussion and recommendation of other legislation which, it
Total Capital Assets
$69,178,649 85
Cash Deposited with Trustee—
was feared, would be as radical in character as the Tariff
redemption of First Mortgage 5% Gold Bonds in addiBill. With foreign markets upset and in process of liquida- For
tion to Bonds of a par value of $2,832,000 00 retired in
terms of the Trust Deed, per contra
91,794 77
tion, and our markets disturbed by domestic matters, earnCurrent Assets—
ings and volume of business for the last half of the year Inventory
of Manufactured Products,* Mabelow
cost $7.454,744 51
naturally declined. Furthermore, the unsatisfactory conterial and Supplies on hand at or
Contract Payments represented by Ore
dition of the foundry pig-iron market referred to in the last Ore
at Docks
768,769 79
Semi-Annual Report covering the first half of the present Accounts and Bills Receivable after deducting
Accounts__
_
Doubtful
for
Bad
and
3,777,611
Reserve
38
fiscal year, continued throughout the year, the last half, Cash
1,827,098 16
however, suffering further shrinkage in value and volume.
Total Current Assets
13,828,223 84
The Net Profits of the company, however, notwithstandDeferred Charges to Operations—
ing the serious flood losses suffered during the first quarter, Expenditure for Stripping
at Mines, advanced Royalties,
&c.,chargeable to future Operations
682,396 91
and to shrinkage during the last quarter incident to adjusting our business to new tariff conditions for the twelve
Total •
$83,781,065 37
$11,155,484 25
months ending December 31 1913, were the second largest Net Current Assets
in the history of the company, being exceeded only during
LIABILITIES.
Capital Stock—
the boom or high-priced period of 1907, the total profits for
shares of $100 00 each__$27,352,000 00
the year ending December 31 1913, after making liberal Common-273,520
161,000 00
Less: In Treasury
$27,101,000 00
deductions from earnings, for maintenance and repairs of
shares of $100 00 each 25,000,000 00
*Preferred
7%
Cumulative-250,000
$1,654,573 30; also necessary provision for all contingent
$52,191,000 00
funds, and for profit-sharing under the merit system for
First Mortgage 5% Gold Bonds—
special compensation, being $5,025,282 34. The Net Bal- Total
$10,000,000 00
issue
Deduct: Deposited with Trustee and canance remaining after deducting interest on bonds, exhaustion
2,832,000 00
celed
of minerals, depreciation and possible shrinkage in value of
raw materials, aggregating $1,923,982 28,is $3,101,300 06.
$7,168,000 00
Less: Deposited with Trustee of the 10-30The various improvements and extensions referred to in
year 5% Sinking Fund Bonds in exthe Semi-Annual Report of June 30 1913, as in process of
6,206,000 00
change for Bonds of that Issue
962,000 00
construction, have all been completed and successfully
10-30-Year 5% Sinking Fund Mortgage Gold Bonds—
operated, except the By-Product Coke Works, which plant, .
(Total. authorized issue $25,000,000 00)
$17,572,000 00
issued
however, will be completed and placed in operation on or Total
$1,995,000 00
Less: Bonds pledged
about April 11914. In general, it may be stated that the
Purchased for Sinking Fund 1,124,000 00
1,148,000 00
Held in Treasury
program of increased capacity and general reconstruction
4,267,000 00
incident to the change in the Company's business from that
13,305,000 00
Potter Ore Company Bonds—
of manufacturing principally iron to that of the exclusive
Bonds guar5%
Mortgage
First
Outstanding
00
$587,000
manufacture of steel, as authorized in 1906, involved subanteed jointly with Tennessee Coal, Iron & Railroad
293,500 00
stantially the entire replacement of the rolling mill equipment
Company, less that Company's proportion
Bonds
and Notes Outstanding on the Martin & Palos Coke
increase
of
150
per
an
cent
in
of the Company, as well as
354,095 60
Works Properties
steel capacity, also the general rehabilitation of the blast
Collateral Notes—
1,500,000 00
June 2 1914
furnaces and the iron and coal mining properties; therefore, Due
Dividend Warrants—
hereafter improvements will be confined entirely to new Payable
in equal installments October 1 1914 and October 1
374,316 00
1915
capacity and extension of facilities to manufacture the more
Current Liabilities—
highly finished products and to improvements suggesting Accounts
$1,596,097 79
Payable
Ore Contract Balances representing Cash
economic refinement in production.
received in excess of the value of Ore
In view of the extraordinary character of the replacements
$204,073 06
shipped to customers
226,060 08
incident to the reconstruction period referred to, the Execut- Taxes accrued
206,262 91
Accrued
tive Committee decided that it would be proper to appro- Interest
Dividend Payable, 1N9' on Preferred Stock,
437,500 00
payable January 1 1914
priate from Surplus $1,500,000 to apply on account of extra2,745 75
ordinary depreciation and extinguishment, in addition to Unclaimed dividends
2,672,739 59
which there has been written out of profits covering depreciaTotal Current Liabilities
Funds—
tion for the year ending December 31 1913 the sum of $600, For
Exhaustion of Minerals and Mining
$1,772,905 06
887 61.
Equipment
Depreciation and Renewal of Plants_ _ _ 2,988,310 40
In explanation of the changes to Working Capital, attention For
346,983 75
Furnaces
Relining
and
Rebuilding
For
is directed to expenditures from this fund on account of For Fire and Accident Insurance
332,990 71
174,446 62
improvements during the past year, to the aggregate amount For Contingencies
5,615,636 54
of $1,844,222 65, and to an appropriation of $1,500,000 from
Surplus-6,512,777 64
Working Capital, for the retirement of a like amount of Balance December 31 1913. as per attached statement
collateral notes, with a consequent reduction in the funded
$83,,065
781
37
December 31 1913, after deduction
indebtedness of the Company of $1,500,000, and after allow*Note.—Ctunulatiye Dividends at Dember
.
aggregating
%
payable
1914,
534
January
1
of
P4%,
remains
as
a
ing for other minor changes there
balance to
Net Working Assets as of December 31 1913, the sum of
WORKING CAPITAL.
$11,155.484 25
The following statement covers items affecting Working
INCOME ACCOUNT AND STATEMENT OF SURPLUS Capital from organization of the Company to Dec. 31 1913,
FOR THE YEAR ENDING DEC. 31 1913.
and is followed by Comparative Statement of Net Working
Net Earnings from operations, after deducting charges for
Assets, as shown by the books of the Company as at Dec. 31
maintenance and repairs of plants, amounting to $1,654.1911, 1912 and 1913:
573 30, and after deducting special compensation under the
36,500,000 00
Working Capital May 3 1899
7,000,000 00
Collateral Note Issue, Oct. 1 1904
10,000,000 00
Bond Issue, Oct. 1 1904
110,000 00
Total Profits for the Year
$5,025,282 34 Preferred Capital Stock Sold
14,429,000 00
Less:
10-30-Year 5% Sinking Fund Mortgage Gold Bonds
1,475,000 00
Provision for Depreciation and Renewal of
Mortgage Notes on Haselton Property
4,583,100 00
Plants
$600,887 61
Additional Preferred Stock Issued
1,500,000 00
Prevision for Exhaustion of Minerals
241,004 24
Collateral Note due June 2 1914
Provision for Possible Shrinkage in Value of
Amounts reserved out of the Profits for Depreciation and
5,615,636 54
Raw Materials
220,000 00
Renewals, Insurance and Contingencies
27,494,214 51
1,061,891 85 Net Profits, May 31 1899 to Dec. 31 1913
merit system plan
Interest and Dividends received, less interest paid
Net Profits for the Year
$4,958,341 84
66,940 50
$3,963,390 49
$78,706,951 05
531
THE CHRONICLE
FEB. 14 1014.1
PROVISIONAL FUNDS.
EXPENDED.
For
420,607,120 87
Dividends on Preferred Stock
Depreciation
7,000,000 00
Collateral Notes Canceled
and Renewal
00
10,162,000
Bonds Retired
of Plants.
1,475,000 00
BaseIton Mortgage Notes Paid
$
91,794 77
Bond Sinking Fund
Dec.31 1913.2,988.310 40
42
664,560
Securities Purchased
,08673
31
1912.1.953
Dec.
682,396 91
Prepaid Royalties, Mining Expenses, &c___..
Dec.31 1911.1,479,86150
24,601,198 49
New Construction
34
2,267,395
Property and Plants
67,551,466 80
Net Working Assets as per Balance Sheet
Consisting of:
Inventory
Ore Contract Payments
Accounts and Bills Receivable
Cash
$11,155,484 25
$7.454,744 51
768,769 79
3,777,611 38
1,827,098 16
Less Current Liabilities
$13,828,223 84
2,672,739 59
Balance Net Assets
$11,155,484 25
For Fire
For
For
Exhaustion Re-lining and Accident For Conof Minerals. Furnaces. Insurance. tingencies.
$
$
$
$
62
1.772,905 06 346,983 75 332,990 71 174,446
62
1.731,83801 403,465 65 399,177 73 100,084 30
1,516,387 77 256,974 52 405,564 60 121,541
NEW CONSTRUCTION AND PROPERTY ADDITIONS.
Additions to the Property Account during the year aggregated $1,844,222 65. The total New Construction to date,
December 31 1913, is:
$6,051,773 74
Blast Furnaces
Steel Plants, Rolling Mills and Factories
Ore Mines, Coal Mines, Coke Ovens and Quarries
Miscellaneous
$24,567,295 16
Total
COMPARATIVE STATEMENT OF NET WORKING ASSETS.
31 1911.
Dec. 31 1913. Dec. 31 1912. Dec.
Current Assets46
$7,454,744 51 $6,970,038 96 $8,100,692
Inventory
524,454 15
46
537,823
79
768,769
Ore Contract Payments..
45
3,909,805
72
5,407,898
38
Accounts and Bills Receivable 3,777,611
3,083,278 58
1.827,098 16 3,841,500 66
Cash
0 64
$15,618,23
80
1
$16,757,26
84
3
$13,828,22
2,881,640 83 3,108,016 78
Less Current Liabilities____ 2,672,739 59
$11,155,484 25 $13,875,620 97 $12,510,213 86
Networking Assets
COMPARATIVE STATEMENT OF INCOME.
13,102,614 34
5,125,142 96
287,764 12
SUMMARIZED COMPARATIVE STATEMENT
PROPERTY ACCOUNT.
OF
Year ending Year ending Year ending
Dec. 31 1913. Dec. 31 1912. Dec. 31 1911.
$
$
613,716 14 4,566.940 03
1,622,010 53
New Construction
47.338 03
274,079 00
315.871 12
Property Additions
12.425 00
3.00000
1,35000
Property Sold
7.626 16
3.566 37
92.309 00
Property Written off
Unexpended Balance of Proviand
on
Depreciati
for
vision
255,731 39
473,774 38
80.583 22
Renewals for the Year
Dec. 311913. Dec. 311912. Dec. 311911.
Year Ending-.
Net Earnings from Operations,$4,958,341 84 $3,484,613 35 $3,278,056 26
after deducting charges for
Maintenance and Repairs of
Plants amounting toDecember 31 1913_$1,654,573 30
December 31 1912.. 1,757,180 08
December 31 1911_ 1,370,033 36
Interest and Dividends received,
45,346 97
130,695 98
66,940 50
less Interest paid
Total Profits for the Year__ -$5,025.282 34 $3,615,308 33 $3,323,402 23
Less:
Provision for Depreciation
$600,887 61 $339,341 76 $480,780 19
and Renewal of Plants
Provision for Exhaustion of
224.309 70
215,449 14
241,004 24
Minerals
Provision for Possible Shrinkage in Value of Raw Ma220,000 00
terials
$1,061,891 85 $554,790 00 $705,088 89
$3,963,390 49 $3,060,517 43 $2,618,313 34
Net Profits for the Year
Deduct:
664,871 11
826,940 90
862,090 43
Notes_
Interest on Bonds and
Net Profits Applicable to
$3,101,300 06 $2,233,576 53 $1,953,442 23
Dividends
Add:
Surplus December 31 1912 6,661,477 58
5,286,218 16
Surplus December 31 1911_,_
5,347,510 25
Surplus December 31 1910_
Net Balance of Property Ac65.232,279 03 64.423.280 05 64.015.276 51
count
LABOR AND EMPLOYMENT.
In recognition of the responsibilities carried as employers,
and to minimize the risk of employment., the policy adopted
for the preceding year of liberal expenditures for the instalas
lation of Safety Devices, better sanitary facilities, such
showerpure drinking water, ventilation, locker-rooms,
baths, dry and change houses, both for the mine and mills,
not
better conditions of housing for employees, &c., havebeen
only been maintained, but increased expenditures have
appropriated for carrying out a more extensive sociological
program, it having been demonstrated that the efficiency
of the worker has been increased and that accidents have been
minimized.
As to the general conditions of employment, our plants and
mills have been free from labor disturbances, rates of wages
further advanced, and full employment furnished during
the year, except for the last quarter, during which period,
due to causes stated elsewhere, for lack of employment our
working forces were reduced.
Comparative figures of number. of men employed, total
expenditures on pay-roll account are submitted herewith.
$9,762,777 64 $7,519,794 69 $7,300,952 48
Deduct:
Stock:
Dividends on Preferred
Four Quarterly Dividends
AVERAOE NUMBER OF MEN EMPLOYED.
$1,750,000 00
$1,750,000 00
of 1%% each
Year ending Year ending Year ending
One Quarterly Dividend
$437,500•00
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11
NORTHof 14%
1,089
916
1,010
Mines
from
Ore
ions
Appropriat
Special
622
761
859
420,817 11. 264,734 32
1,500,000 00
Coal Mines and Ovens
Surplus Account
972
930
1,043
Furnaces
6,803
7,216
6.986
$3,250,000 00 $858,317 11 2,014,734 32
Works
-to
-Net Surplus Carried
9,486
9,823
9,898
$6,512,777 64 $6,661,477 58 $5,286,218 16
Total North
Balance Sheet
SOUTH471
459
655
Ore Mines
1,118
1,379
1,489
Coal Mines and Ovens
567
604
557
COMPARATIVE STATEMENT OF EARNINGS AND
Furnaces
29
33
34
Commissaries
DISPOSITION OF INCOME.
2,185
2,475
2,735
Year Ending
Year Ending
South
Year Ending
Total
11,671
12,298
12,633
Dec. 311913. Dec. 311012. Dec. 31 1911.
Grand Total
•
$5,025,282 34 $3,615,308 33 $3,323,402 23
Gross Profits
00
80
1.369,960
1,381,731
28
1,923,982
Depreciation and Charges
1,963,442 23
3,101.300 06 2,233,576 53
TOTAL EXPENDED FOR LABOR.
Net Profits
437,500 00 1,750,000 00
1,750,000 00
Average
Regular Dividends
23
203,442
53
1,796,076
06
per Man.
Amount.
Amount carried to Surplusout 1,351,300
$792
24
$9.999,263
Amount specially written
264.734 32 Year ending December 31 1913
420,817 11
1,500,000 00
741
9,119,457 00
of Surplus
December 31 1912
6,512,777 64 6,661,477 58 5,286,218 16 Year ending December
743
55
8.676,773
1911
Balance Surplus Account
31
ending
Year
GROSS VOLUME OF BUSINESS.
The gross volume of business indicated by tonnage shipped
shows some falling off on account of interruptions to operations during the first quarter of the present fiscal year, as a
result of extraordinary Ohio floods, and to the contraction
s for
in business, which so seriously affected the operationaverthe last quarter. Prices, on the whole, however, show
age improvement as compared with the preceding year and
the total value of sales show, therefore, nominal shrinkage
•in volume.
Comparative figures are as follows:
Year ending December 31 1913
Year ending December 31 1912
Year ending December 31 1911
$31,937,059 20
32,319,774 36
25,638,004 68
-COMPARATIVE STATEMENT OF ANNUAL CHARGES
TO COST OF PRODUCTION AND DEDUCTIONS
FROM PROFITS FOR REPAIRS AND MAINTENANCE, DEPRECIATION AND OTHER PROVISIONAL FUNDS.
ending Year ending
Year ending
Year
Dec. 311913. Dec. 311912. Dec. 31 1911.
36
-Repairs and Maintenance and$1,654.573 30 $1,757,180 08 $1,370,033
Charges for Depreciation
480,780 19
600.887 61 *589,341 76
Renewal of Plants
$2,255,460 91 $2,346,521 84 $1,850,813 55
Total
,Provision for Exhaustion of
$241,004 24 $215,449 14 $224,308 70
' Minerals
*$250.000 00 of this:amount was appropriated from Surplus Account.
UNFILLED ORDERS.
of
The tonnage Unfilled Orders on hand December 31 1913
is in strong contrast with the balance on hand December 31
1912, the figures emphasizing the effect on trade of the disturbing influences referred to elsewhere in this report. At
the present time, however, there are strong indications that
a buying movement of substantial proportions is under way,
values of all products having been reduced to an attractive
level to the buyer,and thus offering a favorable opportunity
to replenish exhausted stock piles, which have resulted from
the past six months of liquidation. It is hoped with the
improved volume now in sight that gradual improvement in
values will shortly be realized.
Comparative figures are as follows:
FINISHED AND SEMI-FINISHED.
120,959 tons.
613,053 "
414,431 "
December 31 1913
December 31 1912
December 31 1911
PIG IRON.
December 31 1913
December 31 1912
December 31 1911
49,296 tons.
92,757 "
158,392 "
By order of the Executive Committee.
Yours respectfully,
JOHN A. TOPPING, Ch6,innan.
532
THE CHRONICLE
The Tounnerrial Times.
.0.0.0....0.••••••••••••••••••
COMMERCIAL EPITOME.
Friday Night, February 13th 1914.
Sentiment is gradually becoming more cheerful, but it is
not being translated into any very great general increase in
actual trade. There was a noticeable decrease in building
expenditures during January. Collections are only. fair
at best and in some parts of the country are slow. Winterwheat in the Southwest would be the better for further
snows. On the other hand, iron and steel are more active.
Spring buying is beginning to increase in various branches
of trade. The wool trade is brisk. Colder weather has
helped retail trade. Copper statistics for January are more
favorable. The jobbing trade in dry goods is said to be
active; retailers are buying more freely. But future business
in such merchandise is halting. On the whole, the outlook
is not considered unfavorable provided trade and commerce
are allowed to pursue their way undisturbed by legislative
interference.
LARD on the spot quiet; prime Western 11.15c.; refined
for the Continent 11.50c.; South America 12c.; Brazil
13c.
Lard futures show no very marked fluctuations. At one
time easier, they have latterly been somwhat firmer in response to a rise in the price of hogs at Chicago. Last Tuesday hogs at Chicago sold at $8 85, the highest price of the
season up to that time. Packers have been indiposed to
sell, as present prices for product are said to show a loss.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
cts_11.05
11.00
11.073 11.00
Holt- 10.90
July delivery
11.25
11.20
11.274 11.20
day. 11.10
COFFEE on the spot has been rather steadier. No.7 Rio,
93/2c.; fair to good Cucuta, 143s6/14/5sc. Coffee futures
have been rather stronger at times on the covering of shorts
and some buying by leading roasters and members of the
bull party who have taken a certain amount of March.
Both Santos and European markets have latterly shown
more firmness. Yet as the receipts have continued largo
at Brazilian points, the generality of operators have certainly
not been aggressive on the buying side.
Closing prices were as follows:
February _ _ _9.2009.22
March
9.2409.25
April
9.3409.35
May
9.4409.45
June
9530955
July
9.6309.65
August
9.7109.73
September _ _9.8009.81
October
9.8509.87
November _ _9.9009.92
December _9.9509.96
January _ _9.9709.99
VoL. xcvm
COTTON.
Friday Night, Feb. 13
1914.
THE MOVEMENT OF THE CROP, as indicated
by our
telegrams from the South to-night, is given
below. For the
week ending this evening the total receipts
have reached
209,734 bales, against 246,093 bales last week
and 272,944
bales the previous week, making the total
receipts since
Sept. 1 1913 8,352,675 bales, against 7,947,544
bales for the
same period of 1912-13, showing an increase since
Sept. 1
1913 of 405,131 bales.
Receipts at
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
Galveston
13,346 13,244 25,939 10,694 11,676 10,301-Texas City
2,150 3,477 5,3,10 5,652 3,125 3,285 85,200
23,029
Port Arthur__ _ _
____
____
____
____
---- 1,153
Aran. Pass,&c__--_.,„-, 1,153
- --975
975
New Orleans.._.. 6,377 8,303 9495
8,968 5,031 7,787 46,061
Mobile
594 2,266 1,487
404
816
787 6,354
Pensacola
Jacksonville, &c.
----------------------343
-5715
Savannah
3.i.96 3,410 4,990 2,812 1,599 2,250 18,256
Brunswick
8,000 8,000
Dharleston
-iii
-332
-515
-Nii
i)
1,038
2,196
Wilmington
982 1,085
669 1,027
509
685 4,957
Norfolk
1,732 2,46'7
991
759 1,401
1,242 8,592
N'port News,&c
__----_
_____
2,983 2,983
New York
---------------Boston
--- ---21
226
Baltimore
-------------------1,40
-__
9 1,409
Philadelphia
Totals this week_ 28,5241 34.587 49,724 30.238
25.555 41.106 209.734
The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night,
compared with
last year:
Receipts to
February 13.
Galveston
Texas City
Port Arthur
Aransas Pass,&c_
New Orleans _ _ _ _
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Nowp't News,&c.
New York
Boston
Baltimore
Philadelphia
1913-14.
I
1912-13.
Stock.
This 'Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.
1914. I 1913.
85,200 2,712,072 42,585 3,274,391 405,657
261,533
23,029 435,990 9,223 633,309
58,808
32,027
1,153
29,625
_ 107038
,
975 111,130
-5§7
70,387
539
994
46,061 1,383,191 18,305 1,099,291 266,245 128,486
6,354 343,380 1,648 169,539
41,881
25,873
118,266 7,576 106,272
27,960
343
_
13,911
895
1,757
18,256 1,5,18,637 10,993 1,073,038
88,375
93,955
8,000 268,200 2,050 213,750
15,806
8,448
2,196 394,995
695 264,663
26,514
21,151
105
4,957 366,371 2,577 308,854
308,592 445,650 7,865 414,984
56,179
52,810
2,983
71,554 3,810
85,454
4,396
14,049 114,372 130,779
_
11,904
226
38,363
-1148
6,334
10,964
1,409
78,182 1,468
57,989
4,551
8,922
1,172
124
2,157
4.256
1,446
209,73418.352,675 109,474 7,947,544 1,121,120 799,348
PORK on the spot has been quiet but firm; mess $23 50@
$24; clear $20 25@$22 50; family $24 50@$27. Beef
quiet; mess $18@$19;r packet $19@$20; family $20@$22;
extra India mess $28@$30. Cut meats quiet; pickled hams,
10(0)20 lbs., 13@143/
8c. Butter quiet; creamery, extras,
Totals
28@283'c. Cheese quiet; State, whole milk., fall and summer, colored, specials, 18@1834c. Eggs quiet; fresh gathIn order that comparison may be made with other years,
ered, extras, 29@30c. Wool active and strong.
OILS.-Linseed quiet but firm; City, raw, Amer,ican seed, we give below the totals at leading ports for six seasons:
52@53c.; boiled 53@54c.; Calcutta, raw, 700. Cocoanut
steady; Cochin 10%@1130.; Ceylon 103/8 ®10Wic. Corn Receipts at- 1914.
1911.
1912.
1913.
1910.
1909.
oil quiet; an early advance of 10 points followed by a reac- Galveston ___ 85,200 42,585 84,777 38,109 35,852
53,035
tion; 6.45c. for car loads and 6.509. for smaiier quantities. TexasCity,&c. 25,157
22,617
26,733
9,610
6,740
10,497
New Orleans_
37,600
46,061
58,102
15,374
18,305
Palm quiet; Lagos 7N@7/
35,890
1 2c. Chinawood steady at 732@ Mobile
6,354
9,321
1,648
4,279
5,359
7,319
4c• Lard firm; prime 93@95c.; off prime 67@70•3.; extra Savannah
73
18,256
17,903
59,873
10,993
6,413
11,695
Brunswick__ _
8,000
7,000
2,050
No. 1, 59@61c. Cod quiet; domestic 38c.; Newfoundland Charleston
8,452
,&c
2,196
1,277
12,209
695
420
2,285
40c.
Wilmington
4,957
17,145
2,077
1,459
3,559
2,725
PETROLEUM.-Refined in seasonable demand and firm; Norfolk
8,592
4,822
19,019
7,685
4,441
5,617
Newp'tN.,&c.
2,983
3,810
1,548
273
488
barrels 8.75@9.75c.; bulk 5.25@6.25c.; cases 11.25(0.12.25c. All
others_ _ _ _
1,978
6,316
22,908
10,016
7,658
3,609
Crude firm; Pennsylvania, dark $2 40; second sand $2 50;
Total this wk. 209,734 109,474 303,385 134,382 101,339 141,612
Tiona $2 50; Cabell $2 07; Mercer Black $2; Newcastle $2;
Corning $2; Wooster $1 91; North Lima $1 49; South Lima Since Sent. 1_ 8.352.675 7.947.544 9.273.889 7.416,446 5,879,297 7,911,638
$1 44; Somerset $1 35; Illinois $1 45. Naphtha firm;
The exports for the week ending this evening reach a total
73 ©76-degrees in 100-gallon drums, 243'c.; drums,
50
extra. Spirits of turpentine 483/2c. Common to good of 141,288 bales, of which 60,726 were to Great Britain,
12,420 to France and 68,142 to the rest of the Continent.
strained rosin $4 25@$4 30.
SUGAR.-Raw quiet. Centrifugal, 96-degrees test, Below are the exports for the week and since Sept. 11913.
3.48c.; muscovado, 89-degrees test, 2.98c.; molasses, 89Week ending Feb. 13 1014. From Sept. 1 1913 to Feb. 13 1014.
degrees test, 2.73c. Stocks in Cuba are reported to be
Exported toExported to125,000 tons larger than a year ago,but,owing to the easiness
Exports
rromof money,planters are not finding it difficult to finance their
Great
Great
ContiContiBritain.Prance. nest. Total. Britain. France.
neat.
Total.
holdings. Refined quiet; granulated 4 ©4.10c.
TOBACCO has been quiet for the most part and without Galveston _ 23,231 ____ 3CI,775 54,006 802,875 241,177 071,7382,015,790
Texas
City_
'5,671 246,682 74,308 374,661
striking features. True there has been quite a good demand Port Arthur
------------------ 1,540
16,085 17,625
for binder, but sales have been restricted, owing to the small- Ar.Pass,&c. --------------- 25,720
8,108 33,828
NewOrleans
ness of supplies. Not a few buyers also want good filler. Mobile ____ 31,000 9,218 17,864 58,022 587,866 148,733 350,724 1,087,323
__ 10,'741) 11,'783 02,841
59,538 104,706
Prices remain steady and manufacturers who need supplies Pensacola__ 1,()34
__
41,927 44,844 31,495 257,085
118,266
3,202
____ 3,202 179,941 248,944 596,470 995,355
__
from time to time have to meet the market. Sumatra is Savannah__ -__
Brunswick _
____
____
___
68,170 22,954 141,546 232,670
quiet pending the next Dutch inscriptions. Cuban leaf is Charleston_
107,631
4350
4
5,030 175,434 288,095
Wilmington --------73,024 85,365 159,715
____
firm but the sales are on a small scale..
____
____------318,104
Norfolk
29,428
___
53,683 83,111
COPPER has been rather less active. The surplus in New
York._ 2,110
3,409
____ 1,299
115,738 15,195 147,041 277,974
producers' hands during January decreased 4,142,182 pounds. Boston
300
476 53,019
____
176
6,449
59,468
Baltimore__ 3,051
____
600 3,651 34,171
7,118 73,953 115,242
Production was curtailed. Domestic deliveries in January Philadel
___
____
____
300 28,702
300
7,166
35,868
were 47,956,955 lbs., against 21,938,570 lbs. in December San Fran
____
-_147,735 147,735
____
Pt.Towns'd -------___ 2,089 2,089
1913 and 60,383,845 in January 1913. Lake 143
69,354 69,354
%©147
4c.; Detroit
313
313
electrolytic 14.65@14.70c. Tin on the spot 40.70c., showTotal
60,726
68,142
12,420
_-_
141,288
ing some decline, but the tone has latterly been firmer.
2,518,577 873,5803,135,710 6,527,867
Lead on the spot 43'c.; spelter 5.40c. Pig iron a little more 'mt.1912-13 20.825 7.393 83.228 111,446 2.860.648 886.4642,771,0026,518,114
active; No.2 Eastern foundry $14@$14 25; No.2 Southern,
Note.-New York exports since Sept. 1 include 8,703 bales Peruvian and 75 bales
Birmingham, $10 50@$11. Western markets $1 above the Brazilian to Liverpool.
recent low point. There is a fair amount of buying of structural material. Bessemer steel $21. Lighter material sells In addition to above exports, our telegrams to-night also
better than the heavier. Sales of rails, plates and structural give us the following amounts of cotton on.shipboard, not
cleared, at the ports named. We add similar figures for
shapes still leave much to be desired.
New York.
•
On Shipboard, Not Cleared forOther
Great
GerFeb. 13 at- Britain. France. many. Foreign
New Orleans.. _
6,750 2,548 9,588 16,822
Galveston _ _ _ _ 63,508 30,676 44,432 25,080
Savannah _ _ _ _
Charleston_ _ _
---„ 2,000
Mobile
7,571'7 6-,53 7,538 2,148
Norfolk
4,500
7,000
New York_ _ _ _
1,000
-N:Iii 1,500 1-,66
Other ports_ _ _ 14,000
____ 16,000
Coastwise.
Total.
____ 35,708
5,627 169,323
400
---- 2000,
800 23,786
17,500 29,000
____
3,900
---_ 30,000
Leaving
Stock.
230,537
236,334
87,975
24,514
18,095
27,179
110,472
91,897
Total 1914
97,105 39,677 88,058 45,350 23,927 294,117 827,003
Total 1913
43,636 14,359 49,750 37,689 27,307 172,741 626,607
Total 1912- 80,490 40,226 104,676 52,407 24,592302,391 1,061,817
Speculation in cotton for future delivery has been quiet at irregular prices, but with the main drift downward. This is attributed largely to steady liquidation,coincident with continued heavy receipts at the ports,and interior towns showing an
unexpectedly large crop movement for this time of the year,
and also to decreased spinners' takings and large receipts at
Bombay. Other factors in the decline have been some falling
off in the spot trade at the South and easier prices there,
.decreased sales of cotton goods at Fall River and elsewhere
and the after-effects, as many contend, of the failure to
increase the discounts on the low grades last week. The
week-end statistics for several weeks have to most people
looked bearish. They have been astonished at the continued large crop movement. The evidences multiply that the
Government crop estimate on Dec. 8 was entirely too low.
At any rate, that is how a great many of the trade regard the
matter. Perhaps it might even be said that a majority look
at it in that way. The East Indian crop, too, is turning out
to be larger than most people had expected, and the Bombay
exports to the Continent are not far from .300,000 bales
larger thus far this season than in a like period last season.
All this has had a good deal of weight, the more so that speculation has been so sluggish. The generality of people seem
to be averse to bulling cotton at this level of prices or anything like it. At all events, the trading has been so small
as of itself to militate more or less seriously against the
price. The failure of a Memphis bank, announced on.
Monday, February 9th, was also a disquieting circumstance, its losses being reported at anywhere from $700,000 to $1,000,000. Its President has been imprisoned
charged with being closely connected with the disaster, said
to be traceable to speculative transactions in cotton. Moreover, spot interests have been steady sellers of July. Liverpool houses and others have sold May or July to quite a large
extent on straddles between New York and Liverpool. The
disposition seems to be more marked than ever to sell New
York and buy either Liverpool or New Orleans in straddle
transactions. The straddle trading has been a noticeably
depressing factor. The South has also sold in liquidating
long cotton. On Monday Memphis is said to have sold out
some 57,000 bales here in New York. Some thought this
selling might have some connection with the bank suspension
at Memphis. In any case it was a depressing feature at the
time. Of late, spot markets at the South have eased somewhat. The exports are smaller. Liverpool cabled the other
day that Lancashire weavers had decided to curtail
production 25%. At Burnley, manufacturers, it is stated,
have agreed to run only four days a week. Liverpool spot
sales of late have dropped to 8,000 bales. On: the other
hand, after a decline from the middle of January of nearly
$4 a bale, not a few are inclined to look for at least a temporary rally. They maintain that there are no clear evidences of a lessened consumption. At the same time,
futures here are far below the level of spot values at the
South. British exports of yarns in January made no bad
showing, either. They reached a total of 19,000,000
pounds, against 17,207,100 in December and 19,093,300
in January 1913. And as to cloths, tho British exports in January reached the very respectable total
of 688,000,000 yards, against 530,692,300 in December 1913 and 648,912,700 in January 1913. Also, it
is argued that while no doubt there is a general disposition
to increase the acreage at the South this spring, the planting
for a large crop by no means shows that a large crop is going
to be raised. Some look, indeed, for a very heavy consumption during 1914 and only a moderate carry-over from this
season to the next. That means they think that a big crop
is needed during the coming season, whereas nobody knows
whether it is going to be raised or not. Thursday, Lincoln's
Birthday, was a holiday here. To-day prices advanced,
mainly on covering of shorts; but there was also some trade
buying. Spot markets were firmer, though apparently
not at all active. Liverpool was stronger and Manchester
advices were more cheerful. Spinners' takings were rather
larger than expected. Spot cotton closed at 12.85c. for
middling uplands, a rise of 20 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 7 to Feb. 13Middling uplands
Sat.
12.65
Mon. Tues. Wed. Thurs. Fri.
12.55 12.55 12.75 Hol. 12.85
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Feb. 13 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907
12.85
13.05
10.65
14.35
15.15
9.85
11.55
11.00
1906-c
1905
1904
1903
1902
1901
1900
1899
533
THE CHRONICLE
FEB. 14 1914.1
11.15
7.70
14.80
9.60
8.75
9.56
8.75
6.50
1898_c
1897
1896
1895
1894
1893
1892
1891
6.25
7.00
8.12
5.62
7.94
9.12
7.19
9.19
1890.c
1889
1888
1887
1886
1885
1884
1883
11.25
10.00
10.62
9.50
9.06
11.12
10.75
10.25
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 7. Feb. 9. Feb. 10. Feb. 11. Feb. 12. Feb. 13.
Week.
FebruaryRange __ __
12.18-.21--Closing____ 12.10-.12 12.00-.02 12.00-.02 12.07-.10
ltarch12.20-.27 12.02-.27
Range ____ 12.17-.23 12.02-.15 12.07-.21 12.05-.17
12.26-.27--Closing____ 12.19-.20 12.08-.09 12.08-.09 12.15-.17
AprilRange
i2.07-.09.--Closing____ 11.94-.97 11.87-.90 11.91-.93 11.97-.99
May11.89-.97 11.71-.97
Range ____ 11.78-.86 11.71-.78 11.80-.89 11.76-.88
11.96-98--Closing____ 11.85-.85 11.77-.78 11.81-.82 11.86-.88
lune11.80-.89------11.80-.89
Range ____
11.95-.97--Closing____ 11.82-.84 11.75-.77 11.80-.82 11.85-.87
JulyRange ... 11.79-.84 11.70-.77 11.78-.87 11.75-.86 ROM- 11.88-.95 11.70-.95
Closing..___ 11.82 - 11.75-.76 11.79-.80 11.85-.86 DAY. 11.95-.96--August11.70-.76 11.54-.7i
Range ____ 11.60-.62 11.54-.56 11.60-.66 11.56-.66
11.75-.77--Closing____ 11.61-.63 11.57-.58 11.60-.62 11.65-.66
September11.55 - 11.41-.51
Range ____ ---11.41 ----11.44 11.60-.62--Closing__ 11.45-.47 11.43-.45 11.46-.49 11.51-.53
October11.46-.54 11.32-.54
Range ___ 11.37-.42 11.32-.39 11.40-.45 11.37-.46
11.54-.55--Closing__ 11.39-.40 11.37-.39 11.40-.42 11.45-.46
NovemberRange ___
Closing___ _
December11.57-.67 11.47-.67
Range ____ 11.55 -11.52-.54---11.47-.57
ClImInisr
---11 52- 54 11.52-.54 11.57-.58
11.66-.67---
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1914. 1913.
1912.
1911.
bales.1,178,000 1,455,000 1,110,000 1,312,000
5,000
4.000
1,000
8,000
89,000
95,000
87,000 109,000
February 13Stock at Liverpool
Stock at London
Stock at Manchester
1,272,000 1,554,000 1,198,000 1,429,000
14,000
13,000
8,000
4.000
552,000 493,000 461,000 251,000
429,000 492,000 330,000 275,000
2,000
3,000
2,000
2,000
28,000
33,000
17,000
16,000
42,000
35,000
32,000
61,000
2,000
2,000
18,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Tota Continental stocks
1,085,000 1.068,000
853,000
611,000
Total European stocks
2,357,000 2,622,000 2,051,000 2,040,000
India cotton afloat for Europe_ _ _ 187,000
90,000
64,000 172,000
Amer. cotton afloat for Europe.._ 544,212 470,938 1,015,209 627,792
Egypt13razil,&c.,aflt.for Europe_
65,000
73,000
75,000
62,000
Stock in Alexandria, Egypt
348,000 301,000 279,000 259,000
Stock in Bombay, India
774,000 627,000 534,000 446,000
1.121,120 799,348 1,364,208 837,175
Stock in U.S. ports
Stock in U. S. interior towns_ _ _ _ 870,412 752,636 726,985 616,803
11,000
34,314
U. S. exports to-day
21,788
34,777
Total visible supply
6,277,744 5,770,236 6,144,179 5,082,458
Of the above, totals of American and .other descriptions are as follows'
AmericanLiverpool stock
bales_ 914,000 1,281,000 1,000,000 1,182,000
Manchester stock
66,000
58,000
63,000
91.000
Continental stock
1,040,000 1,035,000 827,000 567,000
American afloat for Europe
545,212 470,938 1,015,209 627,792
U.S. port stocks
1,121,120 799,348 1,364,208 837,175
U. S. interior stocks
870,412 752,636 726,985 616,803
U. S. exports to-day
11.000
34,314
34,777
21,788
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4.558,744 4,439,236 5,031,179 3,913,558
264,000 174,000
5,000
4,000
31,000
29,000
45,000
33,000
187,000
90,000
65,000
73,000
348,000 • 301,000
774,000 627,000
110,000
1,000
21,000
26.000
61.000
,001
27).f)nr)
531,000
130,000
8,000
18,000
44,00'1
172.001
62.001
259,000
446,000
1,719,000 1,331,000 1,113,099 1.139.000
4,558,744 4,439,236 5,031,179 3,945,55S
Total visible supply
6,277,'744 5,770,236 6,144,179 5,082.558
Middling Upland,Liverpool
7.04d.
6.93d.
5.85d.
7.56d.
Middling Upland. New 'York_ _
12.85c.
13.05c.
10.35c.
14.00c.
Egypt, Good Brown, Liverpool
9.80d
10.50d.
10d.
10 d.
Peruvian, Rough Good.Liverpool
9.00d. 10.25d.
9.10d. 11.
Broach, Fine, Liverpool
6%d. 6 11-16d.
5%d. 7 7-16d.
Tinnevelly, Good, Liverpool_- 6 5,16d. 6 11-16d. 5 11-16d. 7 5-16d.
Continental imports for past week have been 207,000 bales.
The above figures for 1914 show a decrease from last week
of 45,665 bales, a gain of 507,508 bales over 1913, an excess
of 133,565 bales over 1912 and a gain of 1,195,186 bales over
1911.
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 Colton onWeek ending
February 13.
Galveston
New Orleans.. _ _
Mobile
Savannah
Charleston ___ _
Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock
Saturday, Monday. Tuesday. Wed'day., Thursd'y. Friday.
123.4
12 11-16
12%
12%
12%
12%
12%
12.90
13%
13%
13%
12%
12%
12%
12 13-16
117.16
12(.:,
12%
12%
12%
12.80
13%
13
13%
12%
12%
12%
1'. 13-16
12%
12 13-16
12%
12%
124
12.80
13 3-16
13
13
12%
12%
12%
12 13-16
12%
12%
12%
12%
12%
13.00
13 3-16
13
13
12%
12%
12%
12 15-16
12%
12%
12%
12%
12%
15.-3116
13
13
12%
12%
21%
13
12%
12%
12%
12%
12%
13.10
13 3-16
13
13
12%
12%
534
THE CHRONICLE
xcvm.
[VOL.
AT THE INTERIOR TOWNS the movement-that is,
WEATHER REPORTS BY
to
the receipts for the week and since Sept. 1,the shipments for us by telegraph from the SouthTELEGRAPH.-Advices
this evening indicate that
the week and the stocks to-night, and the same items for the rain has been quite general
during the week, with the precorresponding period of the previous year-is set out in
cipitation, however, moderate as a rule. The temperature
detail below.
has been lower. There are complaints from sections of
Movement to February 13 1914. Movement to February 14 1913. Texas of insufficient moisture.
I.a
Sielp; Stocks
Receipts.
Towns.
Galveston, Tex.-Light rains have fallen in some sections,
Receipts.
I Ship- Stocks
Feb.
mends. Feb.
but complaints of insufficient moisture are numerous. The
Week. Season. I Week.
. 14.
Week. Season. Week.
13.
movement has fallen off slightly. We have had rain on
63
20,2681
203 7,017 three days during the week, the rainfall
Ala., Eufaula_ _
90
21,112,1-7,7
55- 2,116
being one inch and
Montgomery _ 2,124 144,2641 5,145 25,636 1,827 145,9791 2,561 36,172
334 112,204, 1,375 8,047 seventy-seven hundredths. Average thermometer 51, highSelma
563 116,360
633 15,227
459
Ark., Helena_ _ 1,121
38,923,
599 12,621 est 62, lowest 40.
61,712 2,870 17,382
Little Rock
3,312 160,259 3,074 59,362 1,429 166,588; 2,339 39,638
Abilene, Tex.-It has been dry all the week. The ther40
22 3,236
20
27,327
23,644;
Ga., Albany__ _
40 2,000
Athens
695 106,006 1,220 22,627 2,168
95,108;
640 22,516 mometer has averaged 37, the highest being 56 and
the low1,565 204,609 2,628 16,486 1,828 146,628 1,835 20,106
Atlanta
4,959 328,559 3,374 83,340 3,705 303,089 5,559 88,183 est 18.
Augusta
Columbus __ _ 2,105
72,962 2,325 21,263
685
70,736 2,000 29,326
on
three
rain
Dallas, Tex.-We have had
days during the
149
43,802
840 1,992 1,192 34,269 1,340 11,825
Macon
276
52,554
Rome
420 6,029
733 44,686
700 9,055 week, the precipitation being sixty-four hundredths of an
La.,Shreveport 3,632 171,153 4,354 39,304
302 134,2511 2,605 18,178 inch. The thermometer has averaged 33, ranging from 18
Miss.,Columb,s
228
34,304
555 4,250,
227 24,282
500 3,488
Greenville _ _ 1,753 80,357 1,063 22,690,
250 46,121 1,450 12,039 to 48.
Greenwood_ _ _ 1,500 110,373 3,500 25,000 1,350 103,837 1,550 23,800
Palestine, Tex.-There has been rain on three days of the
Meridian _ _ _ _
327
27,849
559 7,195
838 48,521 1,166 17,230 week, the precipitation reaching seventy-eight hundredths
of
Natchez
200
18,825
300 5,500
44
17,757
688 2,705
Vicksburg_ _ _
442
31,682 1,923 9,340,
354
27,526
684 5,134 an inch. The thermometer has ranged from 24 to 54, averYazoo City_ _
123
39,237 1,183 13,086'
236
22,289
385 6,627 aging 39.
Mo.,St. Louis_ 16,047 383,383 16,024 32,511 13,073 426,976 12,517 28,248
San Antonio, Tex.-It has rained on three days during the
N.C.,Raleigh_
159
12,272
300
326
142
8,042
125
342
0., Cincinnati_ 6,530 148,725 5,774 24,475 5,762 164,880 4,783 29,639 week, the precipitation reaching ninety-four hundredths of
68
Okla., Hugo..37,136 1,002 1,079
584
30,194
86
905
S.C., Greenw'd
65
12,728___ 1,217
150
18,650
250 4,000 an inch. The thermometer has averaged 47, the highest
Tenn.,Memphis 23,299 911,324 33,080 200,205 17,187 671,414 i6,851151,643 being 58 and the lowest 36.
Nashville. _
70
9,673
204 1,199
218
6,269
133
532
Taylor, Tex.-Rain has fallen lightly on two days of the
85
Tex., Brenham
16,678
95 1,855
38
16,449
66 1,482
48,386
194 3,606
Clarksville- _
15
43,600
216
926 week, to the extent of twenty-one hundredths of an inch.
Dallas
-656 88,286 1,80 8,418 2,000 114,100 2,000 5,000 The thermometer has averaged 43,
ranging from 26 to 60.
414
31,902
Honey Grove_
541 2,373
296
42,655
866 1,801
Houston
66,5082,372,334 67,522 185,507 34,1102,767,841 31,288146,094
New Orleatts, La.-There has been rain on one day dur289 103,853 1,612 6,577
Paris
503 133,356
426 5,417 ing the week, to the extent of one
inch and eighteen hunTotal, 33 towns140,1646,029,886 166,3911870,412 91,625 6,071,132 97,806752,636 dredths. The thermometer has averaged 54.
Shreveport, La.-Rain has fallen on three days of the week,
OVERLAND MOVEMENT FOR THE WEEK AND
the extent of seventy-two hundredths of an inch. The
SINCE SEPT. 1.-We give below a statement showing the to
has ranged from 17 to 58.
overland movement for the week and since Sept. 1, as made thermometer
Vicksburg, Miss.-There has been rain on two days of the
up from telegraphic reports Friday night. The results for the week,
the precipitation reaching ninety-five hundredths of
week and since Sept. 1 in the last two years are as follows:
an inch. The thermometer has ranged from 22 to 72, aver-1913-14--1912-13-Since
February 13Since aging 43.
Week.
ShippedSept. 1.
Week.
Sept. 1.
Memphis, Tenn.-There has been rain on three days the
Via St. Louis
16,024 357,070
12,517 402,665 past week, to the extent of one inch and forty-four hun7,764
137,881
Via Cairo
7,426 188,418
300
4,968
Via Rock Island
733
15,244 dredths. The thermometer has ranged from 12 to 62, averVia Louisville
81,481
4,098
2,568
61,089
Via Cincinnati
3,497
88,347 , 3,683 109,866 aging 36.
1,987 118,277
Mobile, Ala.-It has rained on three days during the week,
Via Virginia points
2,923 105,463
Via other routes, &c
7,594 291,017
6,482 247,420 the precipitation reaching two inches and fifty-two hun.
Total gross overland
41,264 1.079,041
36,332 1,130,165 dredths. The thermometer has averaged 52, the highest
Deduct Shipmentsbeing 78 and the lowest 31.
Overland to N.Y.,Boston,&e
1,635
95,654
2,440 112.558
Selma, Ala.-There has been rain on one day during the
86,082
5,897
3,241
Between interior towns
78,879
2,543
62,646
Inland, &c., from South
1,416
59,899 week, to the extent of twenty hundredths of an inch. The
10,075 244,382
Total to be deducted
7,097 251,336 thermometer has averaged 42, ranging from 22 to 66.
Madison, Fla.-It has rained on three days of the week, to
31,189 834,659
Leaving total net overland*
29,235 878,829 the extent of four inches and ninety hundredths. The
*Including movement by rail to Canada.
thermometer has averaged 53, the highest being 70 and
The foregoing shows the week's net overland movement the lowest 40.
has been 31,189 bales,against 29,235 bales for the week last
Savannah, Ga.-There has been rain on three days of the
year, and that for the season to date the aggregate net over- week, the rainfall being two inches and fifty-five hundredths.
and exhibits a decrease from a year ago of 44,170 bales.
Average thermometer 51, highest 67, lowest 34.
1913-14
1912-13
Charleston, S. C.-It has rained on three days of the week,
Since
Since
In Sight and Spinners'
Week.
Takings.
Sept. 1.
Week.
Sept. 1. to the extent of two inches and thirty-three hundredhts.
ports
to
Feb. 13
209,734 8,352,675 109,474 7,947,544 The thermometer has ranged from 39 to 69,averaging 54.
Receipts at
31,189
834,659
29,235
878,829
Net overland to Feb. 13
Charlotte, N. C.-There has been rain during the week, the
Southern consumption to Feb. 13 60,000 1,430,000
56,000 1,336,000
rainfall being one inch and forty-two hundredths. The therTotal marketed
300,923 10,617,334 194,709 10,162,373
Interior stocks in excess
*26,235
755,898
*6,180
655,600 mometer has ranged from 21 to 54, averaging 38. •
The following statement we have also received by teleCame into sight during week_..274,688
------ 188,529
points named
Total in sight Feb. 13
11,373,232
16,-8-17".
,075 graph, showing the height of the rivers at the
at 8 a. m. of the dates given:
North.spinners'takings to Feb.13 48,674
1,721,219
65,408
1,815,165
*Decrease during week.
New Orleans
Memphis
Movement into sight in previous years:
Week1912-Feb. 16
1911-Feb. 17
1910-Feb. 18
1909-Feb. 19
Bales.
368,217
204,725
145,939
220,525
Since Sept. 11911-12-Feb. 16
1910-11-Feb. 17
1909-10-Feb. 18
1908-09-Feb. 19
Nashville
Bales.
12.046,928
9,895,116
8,400,001
10,760.068
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge_
Above zero of gauge-
Feb. 13 1914.
Feet.
6.6
20.4
Above zero of gauge-
Above zero of gauge_
Feb. 14 1913.
Feet.
17.4
35.7
12.7
25.4
5.3
21.6
3.7
48.6
WORLD'S SUPPLY AND TAKINGS OF COTTON.
NEW ORLEANS CONTRACT MARKET.-The highest, The following brief but comprehensive statement indicates
of
cotton
supply
for
at
a
the
glance
world's
quotations
the
week
for leading contracts in the New
and
lowest and closing
Orleans cotton market for the past week have been as follows: since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 7.
FebruaryRange
Closing
MarchRange
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
October-
Range
Closing
ToneSpot
.4,pptions
Feb. 9. Feb. 10. Feb. 11. Feb. 12. Feb. 13.
12.20-.23- 12.27-.32 12 20-.21 12.20-.23 12.27-.30
12.42-.44
12.34-.40 12.25-.33 12.30-.44 12.29-.41
12.39-.40 12.32-.33 12.32-.33 12.39-.40
12.48-.59
12.55-.56
12.41-.43 12-.32.34 12.32-.34 12.42-.44
12.58-.60
12.37-.44 12-.30.37 12.38-.48 12.37-.49
12.42-.43 12-.36.37 12.40-.41 12.48-.59
12.50-.64
12.61-.62
Cotton Takings.
Week and Season.
Visible supply Feb. 6
Visible supply Sept. 1
American in sight to Feb 13_ _
Bombay receipts to Feb. 12_ Other India ship'ts to Feb. 12
Alexandria receipts to Feb. 11_
Other supply to Feb. 11*
1913-14.
Week'.
Season. I
6,323,409
2,055,351
274,688 11,373,232
113,000 1,593,000
5,000
156,000
12,000
898,000
10,000
168,000
1912-13.
Week.
5,912,077
Season.;
2;135,718-8
188,529 10,817,973
110,000 1,151,000
17,900
102,000
13,000
942.000
15,000
173,000
Total supply
6,738,097 16,243,583 6,256,506 15,321,458
NOT --Deduct12.43-.45 12.36-.38 12.40-.43 12.49-.51 REC'D 12.62-.64 Visible
supply Feb. 13
6,277,744 6,277,744 5,770,236 5,770,236
12.40-.70 12.33-.40 12.40-.49 12.40-.53
12.154-.65 Total takings to Feb. 13a
460,353 9,965,839 486,270 9,551,222
12.45-.46 12.38-.39 12.43-.44 12.51-.52
12.62-.63
Of which American
351,353 7,856,839 325,370 7,744,222
Of which other
109,000 2,109,000 160,900 1.807.000
11.98-.03 11.92-.95 11.97-.00 12.05 12.14 *Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
11.49-.53 11.45-.49 11.53-.56 11.48-.57
11.62-.68
a This total includes the estimated consumption by Southern mills,
11.52-.54 11.48-.49 11.52-.53 11.57-.59
11 67-.68 1,430,000 bales in 1913-14 and 1,336,000 bales in 1912-13-takings not being available-and the aggregate amounts taken by Northern and foreign
Steady. Steady. Steady. Steady.
Steady. spinners, 8,535,839 bales in 1913-14 and 8,215,222 bales in 1912-13, of
Steady. Steady. Steady. Steady.
Steady. which 6,426,839 bales and 6,408,222 bales American.
THE CHRONICLE
FEB. 14 1914
535
MARliET 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.
Total bales.
GALVESTON-To Liverpool-Feb. 11-Custodian, 23,231
23,231
To Bremen-Feb. 12-Poleric, 7,779; Wittekind, 5,790
13,569
To Hamburg-Feb. 12-Poleric, 2,501
2,501
To Antwerp-Feb. 11-Skipton Castle, 1,310
1,310
To Ghent-Feb. 11-Sld ton Castle, 5,152
5,152
To Genoa-Feb. 11-Sicilia, 8,243
8,243
NEW ORLEANS-To Liverpool-Feb. 11-Mechanician, 20,000
_Feb. 13-Colonian, 11,000
31,003
To Havre-Feb. 11-Texas, 9,218
9,218
Bremen-Feb. 7-Borkum, 11,240
To
11,240
Futures
SALES.
Barcelona-Feb.
To
11-Ellenia, 1,073
1,073
Spot Market
Market
To Venice-Feb. 11-Ellenia, 1,232
1,232
Closed.
Closed.
Spot. Contr'cti Total.
To Trieste-Feb. 11-Ellenia, 2,950
2,950
To
Fiume
-Feb.
11-Ellenia, 1,199
1,199
Saturday__ _ Quiet
224
Steady
224
To Mexico-Feb. 12-City of Tampico, 110
110
Monday _ _ _ Quiet, 10 pts. dec._ Steady
1,400 1,400 MOBILE-To Liverpool-Feb.9-Crown
of Leon, 1,034
Tuesday
1,034
_ Quiet
Steady
To Bremen-Feb. 11-Fridland, 10,749
10,749
Wednesday_ Quietidgits
AV
v__,Steady
SAVANNAH-To Havre-Feb. 12-Inca, 3,202
3,202
Thursday _ _
CHARLESTON-To Bremen-Feb. 11-Boscombe Chine,4,350_ _ 4,350
Friday
100 BOSTON
100
Quiet, 10 pts. adv_.. Very steady_
-To Liverpool-Feb.5-Michigan, 300
300
To Yarmouth-Feb. 2-Boston, 176
1
Total
176
224 1,500: 1,724 BALTIMORE
_
-To Liverpool-Feb. 7 Swanmore, 3,051
3,051
To Hamburg-Feb.7-Arcadia,600
600
- PHILADELPHIA-To Hamburg-Feb.
INDIA COTTON MOVEMENT FROM ALL PORTS.
5-Prinz Oskar, 50
50
To Genoa-Feb. 10-Taormina, 250
The receipts of India cotton at Bombay and the shipments PORT
250
TOWNSEND-To Japan-Feb.10-Yokahoma Maru,2,089 2,089
from
from all India ports for the week and for the season
Sept. 1 for the three years have been as follows:
------1912-13.
1911-12.
1913-14.
1
February 12.
Receipts at-
Week.
Since
Since I
Sept. 1. I Week. I Sept. 1.
Since
1Veek. Sept. 1.
113,000 1,593,000 110,0001,151,000 116,000 1,140,000
Bombay
For the Week.
Exports
from--
Since September 1.
Great Conti- Japan
Great
Britain. neat. &China Total. Britain.
Bombay1913-14_
1912-13_
1911-12._
Calcutta1913-14._
1912-13...
1911-12...
Madraq1913-14._
1912-13__
1911-12_
All othe
1913-14._
1912-13__
1911-12_
Total all1913-14._
1912-13_
1911-12_
25,000 34,000 59,000
9,000 75,000 64,000
13,000 36,000 49,000
1,665
4,000
Total.
12,000 423,000 476,000 911,000
13,000 142,000 361,000 516,000
2,000 100,000 335,000 437,000
4,600 500
2,000
3,000
2,000
11,000
7,000
6,000
10,000
5,000
900
23,000
15,000
8,900
2;ooti
5,000
4,000
2,000
18,000
13,000
5,000
1,000
24,000
17,000
7,700
2,000
1,1)00
Japan
Continent. &China.
5,000
16:566 10,300
1,000 29.000 34,000 64,000
1,000 11,000 89,900 101,900
13,000 36,000 49,000
17,000
7,000
4,000
700
86,000
51,000
44,000
6,000 109,000
12,000 70,000
6,500 54,500
36,000 538,000 493,000 1,067,000
27,000 213,000 378,000 618,000
10,000 155.000 343,10 508,100
Total
141,288
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. 23. Jan. 30.
66,000
61,000
7,000
10,000
50,000
51,000
4,000
7,000
111,000
86.000
1,073,000 1,115,000
843,000 878,000
200,000
135,000
182,000
100,000
349,000 365,000
282,000 293.000
Feb. 6.
Feb. 13.
59,000
47,000
4,000
2,000
1,000
1.000
45,000
38,000
7,000
6,000
82,000 113,000
1,130,000 1,178,000
878,000 914,000
103,000
167,000
74,000 126,000
393,000
313,000
324,000 260,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, f
12:15 i
P. M. t
Saturday.
Quiet.
Monday.,
Tuesday. Wednesday. Thursday.
Friday.
Good
demand,
Fair
business
doing.
Quiet.
Fair
business
doing.
Irregular.
Mid.Upi'd
6.99
6.96
6.99
6.95
7.00
7.04
Sales
Spec.&exp.
6,000
1,000
12,000
1,000
8,000
500
8,000
1,000
8,000
500
8,000
500
Quiet,
Futures.
Quiet,
Steady,
Steady. Steady at Quiet at
According to the foregoing, Bombay appears to show a Market
1 14024 1(42 pts. 3404 pts. 203 pts.
3405
34(45
increase, compared with last year, in the week's receipts of opened J pts. ady. decline. advance, decline. pts. adv. pts. adv.
3,000 bales. Exports from all India ports record a loss of Market,
Quiet,
Quiet,
Steady,
Steady, Steady at Steady at
unch. to 24044 5064 pts. 14034
4
37,900 bales during the week and since Sept. 1 show an
44o 7
10 2 pts.
P. M. I 35 pt dec. pts. dec. advance. Ms. dec. advance. advance.
increase of 449,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
The prices of futures at Liverpool for each day are given
COTTON.-Through arrangements made with Messrs. below. Prices are on the basis of •upland, good ordinary
Choremi, Benachi & Co., of Boston and Alexandria, we clause, unless otherwise stated.
now receive a weekly cable of the movement of cotton at
The prices are given in pence and 100ths. Thus: 6 60 means 6 60-100d.
Alexandria, Egypt. The following are the receipts and
'
7
Saturday, Monday, Tuesday. Wed'day. Thursday. Friday.
shipments for the past week and for the corresponding week Feb.
to
of the two previous years:
Feb. 13. 12%1 12% 12% 4 12% 4 12% 4 124 4 12%1 4
Alexandria, Egypt,
February 11.
• 1913-14.
Receipts (cantars)This week
Since Sept.!
Exports (bales)
-
1912-13.
100,000
6,723,600
95,000
7,062,224
230,000
6,202.880
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
To Liverpool
7,500 149,462 6,500155,287 9,500 134,228
To Manchester
146,117 10,250 166,683 14,500 165,508
To Continent and India_ 14,500 259,013 20,000 238,024 12,000 225,158
To America
3,250 31,230 6,250; 87,884 6,750 51,972
p.m' p.m• p.m Pam pan• Pim p.m p.m. p.m. p.m P.m • p.m.
d. I d.
d.
d.
d.
d.
d.
d.
d. d. d. I d.
February_ __'6 60 58 56 61 61 57 573462 64% 66 66
Feb.-Mar. ___- 6 5934 5734 5534 61 61 5634 5754 62 6434 6534 66
Mar.-Apr. _ _ _ _ 6 61 59 57 6234 6234 58 59 8334 66 6734 6734
Apr.-May _-_ 6 5734 554 5354 59 594 55 56 60 624 64 ‘64
.6 57 55 53 5834 5934 55 56 60 6234 64 64
May-June
June-July__-513-4 4954 5434 5554 5134 5254 5634 59 6054 60%
July-Aug_
6 50 48 46 5054 5134 4754 4834 5254 55 5634 5636
Aug.-Sept .._ _ _ 6 40 38 36 40 41 37 38 42 44 46 46
Sept.-Oct. _ _ _ _ 6 27 25 23 2634 28 25 2634 29 31 3234 32
Oct.-Nov. ____ 6 19 1734 16 19 21 1734 19 2154 23% 25 243-4
Nov.-De. ____ 6 15 13% 12 15 17 13% 15 17% 1934 21 20%
Dec.
14 16 12% 14 1634 18% 20 19%
6 13% % 11
-Jan------ II 1314 1214 11
Jan.-Peh
14 16 1234 14 16 184 20 1934
Total exports
25,250 585,822 43,000 647,878 42,750 576,866
Note.-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
100,000 cantars and the foreign shipments 25,250 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
flat for yarns and steady for shirtings. The demand for
China is improving. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1913-14.
328 Cop
Twist.
d.
Dec.
26 9%
Jan.
2 10
9 934
16 934
23 934
30 934
Feb.
6 94'a
13 9%
1912-13.
83j lbs. Shirt- Corn
ings, common Mid.
to finest.
UN's
d. s. d.
s. d. d. 1(1.
@1.1 3
@
107a 6 1
(4
@
0
©
0
11 6 2 @II
10346 ni@ll
1034 6 1%011
10% 6 134011
1034 6 1 @II
34
3
3
3
2
0 10% 8 1 011 2
(4 10% 6 1 011 2
84 lbs. Shirt- Cot's
fags, common Mid
to finest.
Upri
32s Cop
Twist.
7.02 104 @
1
7.05 10 7-160
6.91 1034 ©
7.16104 0
7.2110
0
7.09,10
(4
I
6.96 10
(4
7.04 1034 0
d. s. d.
s. d. d
114 8 3 @II 6
7.11
4
4
3
3
3
7.11
7.0:
6.81
6.61
6.8,
11% 6
114 6
11 6
1034 6
104 6
@II
011
011
011
011
74
7
6
6
6
1034 6 3 011 6
11 6 4 011 6
6.9,
8.9:
SHIPPING NEWS.-Shipments in detail:
NEW YORK-To Liverpool-Feb.
Island
To London-Feb. 6-Mesaba, 330
To Barcelona-Feb. 7-Antonio Lopez, 300
599
To Venice-Feb. 6-Martha *ashington, 300
To Trieste-Feb. 6-Martha Washington, 100
To Cienoa-Feb.6-Carpathia
Total bales.
upland, 25
1,780
330
300
599
300
100
BREADSTUFF'S.
Friday Night, Feb. 13 1914.
Flour has been quiet here but in the main steady. At
Kansas City trade, it is true, seems to be somewhat better.
There is also a more cheerful tone in the Chicago trade,
though there is no particular increase in business. The mills
at Chicago have to meet rather sharp competition by those
in the Northwest and the Southwest. Northwestern mills
have shown rather more disposition to sell for delivery some
months ahead. At St. Louis some recent improvement in
business has not been well maintained. The gist of the re-,
ports is that while outside markets are doing rather more
business, there has, as yet, been no substantial general increase of sales.
Wheat was for a time noticeably firmer, but it cannot be
said that the market as a rule has been distinguished by any
very pronounced traits one way or the other. The world's
shipments showed an increase lost week to 14,000,000 bushels, against 12,496,000 in the previous week and 14,800,000
in the same week last year. Crop reports from abroad state,
too, that the outlook is favorable in the United Kingdom.
The weather has been good there also for field work. From
Germany there are no complaints regarding the new crop,
and it is pointed out also that native supplies are increasing
and are being freely exported. In Russia the crop outlook
is favorable and ofters for deferred shipment are increasing.
A cheerful crop outlook is also reported from Roumania and
Bulgaria. Liberal exports are expected from those countries
during the season. The prospects for the crop in Italy are
536
[VOL. xcvni.
THE CHRONICLE
promising. Good exports are expected from Australia
during the present month. At times European markets have
been weaker. Liverpool has shown depression, owing to a
decrease in the Continental demand and the fact that Russia
has been offering more freely. It is worth while to observe
that the shipments from Russia last week were 2,470,000
bushels, which, if smaller than those of the previous week,
when they were 2,818,000 bushels, are noticeably larger than
those in the same week last year, when they were only 1,608,000 bushels. Furthermore, the world produced the
largest wheat crop on record in 1913. The Department of
Agriculture at Washington puts it at 4,125,658,000 bushels.
This is the first time that the world's crop has passed the
four-billion-bushel mark. It is nearly 300,000,000 bushels
larger than the previous crop, or, to be exact, 298,571,000
bushels. The world's supply first reached the three billion
mark in 1902. On the other hand, however, it is certainly
true that prices have at times shown not a little steadiness.
The weekly statistics, for one thing, were of a bullish tinge.
The world's wheat supply decreased for the week 6,377,000
bushels, against a decrease in the same time last year of
only 1,146,000 bushels. The total for all Europe and afloat
decreased no less than 3,400,000 bushels, as contrasted with
an actual increase in the same week last year of 100,000
bushels. Here is certainly a rather striking change. Also
there have been some reports of damage to winter wheat in
our Western States by cold weather and the lack of snow.
Temperatures in Kansas have been 5 to 8 degrees below zero
with little or no snow covering. While the trade has been
interested in these reports, it has not, however, been much
Influenced by them in the making of prices. Damage is
reported not only in Kansas but also in Nebraska. How
much it amounts to remains to be seen, but it is usually
exaggerated, and some reports of better export business
have not been fully confirmed. It is feared, on the other
hand, that the crop in Hungary has been damaged by cold
weather and offerings of wheat from India are trifling.
Thursday, Lincoln's Birthday, was a holiday. To-day
'prices were irregular, closing easier with more favorable
weather. There is a good snow covering now at the South•west. Duluth is said to have sold 2,000,000 bushels for
export this week.
NEW YORK.
!DAILY CLOSING PRICES OF WHEAT'FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
:No. 2 red
cts_100
10134
10034 10034 101
. May delivery in elevator
Holi- 101
10034 100% 100% 101
July delivery in elevator
9734 9734 9751 9734 day. 97
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 9334 93% 9334 94
Holl- 9334
July delivery in elevator
8834 8834 893-1 8931 day. 8834
CHICAGO.
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelcts.
N. Spring, No. 1
$1 0334
No. 2 mixed
7334
1 02
N. Spring. No. 2
No. 2 yellow
new7234©7334
1 0134
Red winter, No. 2
No. 3 yellow
new70 ©7034
Hard winter, No.2,arrive 1 0034
Argentina in bags
70
cts.
Oats, per bushel, newRye, per bushel4434045
Standards
New York
69
No. 2, white
Western
45©4534
673-4
44 ©44% Barley-Malting
No. 3, white
__ 65080
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Oats.
Corn.
Wheat.
Barley.
Rye.
bbls.196Ibs. bush. 60 Os. bush. 56 lbs. bush. 32 lbs. bush.48cbs. bu.56 tbs.
Chicago_ ___
758,000 1,732,000 1,671,000
289,000
693,000
92,000
302,000
309,000
Milwaukee...
52,000
59,000
333,000
50,000
29,000
11,000
225,000
5,000
Duluth
2,000
307,000
290,000
1,565,000
424,000
Minneapolis.
63.000
27,000
1,000
76,000
Toledo
46,000
40,000
66,000
Detroit
5,000
7,000
110,000
160,000
Cleveland
4,000
12,000
1,000
58,000
459,000
St. Louis
269,000
66,000
525,000
2,000
162,000
52,000
Peoria
440,000
85,000
47,000
7,000
141,000
Kansas City.
551,000
696,000
172,000
Omaha
440,000
832,000
Tot. wk. '14
Same wk.'13
Same wk.'12
473,000
312,000
313,537
4,263,000
5,183,000
2,885,429
4,881,000
8,690,000
7,126,507
3,420,000 1,566,000
3,885,000 2,210,000
2,940,442 1,060,152
217,000
266,000
165,779
Since Aug. 1
1913-14... 11,866,000 214,091,000 132,655,000 139,162,000 63,379,000 9,965,000
1912-13_ 10,214,520 262,754,966 128,627,228 151,969,688 68,459,330 12588642
1911-12... 6.628.503 179.895.140 111.511.186 87,216,022 50,765,506 6.243.470
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 7 1914 follow:
Dour,
bbls.
Receipts alNew York
207,000
Boston
41,000
Portland, Me
2,000
44,000
Philadelphia
Baltimore
29,000
New Orleans *
79,000
2,000
Newport News.-Norfolk
Galveston
Mobile
8,000
Montreal
11,000
St. John
41,000
Halifax
1,000
Total week 1914._ 463,000
Since Jan. 1 1914_2,546,000
Week 1913
444,000
Since Jan. 1 1913_2,630,000
Wheat,
bush,
582,000
120.00065,000
144,000
24,000
40,000
213,000
11,000
44,000
22,000
536,000
Corn,
bush,
469,000
Oats,
bush,
258,000
117,000
55,000
105,000
122,000
245,000
44,000
70,000
67,000
32,000
5,000
1,000
34,000
Barley,
bush.
79,000
85,000
41,000
1,000
1,000
Rye,
bush.
3,000
1,000
32,000
24,000
23,000
768,000 230,000 60,000
876,000
1,781,000
13,999,000 5,423,000 4,913,000 1432,000 325,000
2,653,000 2,877,000 1,200,000 853,000 65,000
20,468,000 15,480,000 7,830,000 3425,000 385,000
• * Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
shown in the annexed statement:
Indian corn has been inclined to be easier, though now and ending Feb. 7 are
Rye, Barley,
Oats,
Peas,
Corn, Flour,
Wheat,
bush.
bush,
bush.
bbls.
bush.
then it has felt the influence of steadier prices for wheat and
bush.
Exports frombush,
6,711 2,246
83,821
New York
901,037
3,864 78,207
the effect of cold weather at the West, which, if it has been Portland,
2,000
Me_ _ _ _ 144,000
'favorable for shelling and marketing, has also undoubtedly Boston
21,682
13,321 13,097
424,574
10,000
15,000
Philadelphia ___ 320,000
• caused an increased consumption on the farms. The offer- Baltimore
40 89,894
21,752 42,866
520,964
ings from the country, while they show some increase, are New Orleans_ --- 389,000 19,000 13,000
300
2,000
2,000
..
not large. The shipping demand at Chicago, however, has Newport News __ 11,000
1,000
Galveston
been small. Also the estimates of the Argentina crop are Mobile
5,000 6,000
steadily increasing. Meantime the speculation has been Montreal
41,000
41,000
John
536,000
on a very moderate scale, pending further developments. St.
67,000
Norfolk, Va
Argentina new corn has been offered for March shipment,
4,246
Total week____3,246,575 129,937 215,169 115,843 89,894 47,711
said to be the earliest on record. To-day prices advanced Week
5,292
1913
2,584,922 2,127,527 305,369 249,698 44,143 744,997
on light receipts and covering. At one time reports of cold
The destination of these exports for the week and since
and unsettled weather and rumors of export business had
some effect, but these rumors seemed to lack confirmation. July 1 1913 is as below:
Corn-.
Wheat----Flour
Since
Since
The domestic shipping demand at Chicago was better, howSince
Week
July 1
July 1
Week
Week
July
1
ever, and cash prices there were in some cases Mc. higher.
Feb. 7.
1913.
Feb. 7.
1913.
Exportsfor weelc and Feb. 7.
1913.
NEW YORK.
Fri.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs.
cts 7334 7334 7334 7334 Hol.
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
cts_ 6634 6534 6534 6534
May delivery in elevator
July delivery in elevator
6534 6434 6534 6434 HollSeptember delivery in elevator
6434 6334 6434 6434 day.
7334
CHICAGO.
Fri.
6534
6434
6434
bush,
bush.
bbls.
bbls.
since July 1 toUnited Kingdom...106,206 3,604,732 1,702,960 64,873,294
47,248 1,801,546 1,530,615 65,452,968
Continent
968,719
13,000
Sou. & Cent. Amer_ 34,400 720,092
85,767
West Indies
25,885 1,065,310
70,769
Brit. Nor. Am. Cols.
91,661
Other Countries____ 1,432 161,788
Total
215,169 7,424,237 3,246,575 131472,400
bush.
bush.
409,599
586,308
320,986
1,085,838
1,017
1,005
27,205
98,613
2,075
28,244
129,937 2,435,953
305,369 6,767,486 2,584,922 109049,473 2,127,527 14,978,005
Oats have also been inclined to sag in value. A large ele Total 1912-13
vator company last Monday bought 300,000 bushels of May
The world's shipments of wheat and corn for the week
in Chicago, removing their hedges on grain lost in an elevator ending Feb. 7 1914 and since July 1 1913 and 1912 are shown
fire, but in general the trading has been on a small scale. The in the following:
cash business has been light. The contract stock at Chicago
Corn.
is large, being 3,240,000 bushels. The open winter has had
Wheat.
an unfavorable effect, to all appearances, on the consumption
1913-14.
1912-13.
1913-14.
1912-13.
Exports.
of oats in the West, and cash trade has been lighter than
Since
Week
Since
Since
Since
Week
usual. To-day's prices were slightly higher on small trading.
July 1.
July 1.
Feb. 7.
July 1.
July 1.
Feb. 7.
The shipping demand continues slow. The market is still
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
lacking in initiative; it reflects the other grain markets
Amer. 5,080,000 190,074,000 163,826,000 124,000 1,158,000 14,01,000
when it moves at all, and for the most part just now it is North
2,470,000 99,646,000 74,019,000 247,000 9,323,000 6,516,000
Russia
859,000 17,883,000 10,072,000
sluggish in responding even to them, though, to be sure, Danube.- 2,224,000 37,116,000 40,671,000 1,890,000
128,129,000 163,194,000
- 1,808,000 18,250,000 47,778,000
these other grain markets are nothing very great as pathfind- Argentina
Australia _ _ - 2,368,000 30,336,000 18,416,000
• ers for prices.
25,464,000 41,872,000
India
NEW YORK.
DAILY CLOSING PRICES OF OATS IN
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Standards
cts_4434-45 443.5-45 4434-45 4434-45 Hell- 4434-45
No. 2 white
45-4534 45-4534 45-4534 45-4534
day. 45-4534
DAILY CLOSING I'RICES OF OATS FUTURES IN
' Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 3934 39
3934 3934 Roll. 3934
July delivery in elevator
3934 39
3934 3951 day. 39%
CHICAGO.
Closing prices were as follows:
FLOUR.
Winter. low grades--$3 20 $3 40 Spring clears
$4 00($4 15
Winter patents
4 90
500 Kansas straights,sacks_ 4 15@ 430
Winter straights
4 20
4 35 Kansas clears, sacks
3 75 4 00
Winter clears
3 80 4 15 City patents
5 950 6 25
4 55 4 80 Rye flour
.: Spring patents
3 200! 3 80
.Spring straights
4 35 450 Graham flour
380@ 450
0th.countrs
50,000
5,514,000
5,350,000
Total ____ 14000000 406,400,000 391,932,000 3,120,000 156,493,000 193,813,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
Bushels.
Bushels. Bushels.
Feb. 7 1914_ 21,608,000 15,984,000 37,592,000
Jan. 311914.. 20,048,000 16,064,000 36,112,000
Feb. 8 1913._ 20,336,000 22,352,000 42,688,000
Feb. 10 1912._ 22,712,000 7.920,000 30,632,000
United
Kingdom. Cotainent.
Bushels.
3,791,000
4,556,000
6,545,000
5,245,000
Total,
Bushels.
Bushels,
7,837,000 11,628,000
7,327,000 11,883,000
14,705,000 21,250,000
7,098,000 12,343,000
FEB. 14 1914.1
THE CHRONICLE
537
The staple cotton goods market is fairly active and steady.
The' visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and While prices for spot goods are firm, concessions from market quotations are reported as being made on business for
seaboard ports Feb. 8 1914 was as follows:
future delivery. Where manufacturers are seeking business,
UNITED STATES GRAIN STOCKS.
Bonded
Amer.
Amer.
Bonded
Amer. Bonded Amer. Amer.
buyers are having the advantage in values, and this is not
Rye. Barley. Barley,
Wheat. Wheal. Corn. Oats. Oats.
infrequent,as,aside from a fairly good spot demand,manufac/n Thousandsbush, bush, bush. bush, bush. bush. bush, MI
New York
3
477 turers are desirous of securing more business for contract de352
166
973
1,389 1,169
Boston
4
11
2
46
10
14
7 1,719
livery, and in order to do so are making slight concessions
Philadelphia
101
219
660
144
168
Baltimore
. --io in prices. The spot situation, on the other hand, is very
-iii ---4
293 -___
161
215
631
New Orleans
131 ---- ---- ---- ---- firm, as supplies are short in all quarters, and an urgent de134
697 ____
Galveston
371573
6 "iiii -iiiii mand for goods for near-by delivery keeps values up. JobBuffalo
648 1:176 -iii
1,521 "ii5
79 1,324
779411
779_
411 2,728
afloat
3,916
bers are experiencing a good demand from retailers in all
21
Toledo
1,107
386 ------- ---- sections of the country in preparation for the spring and sum"
afloat
-iii
------Detroit
170 ---- -iii -a -- --ii ---- ---- mer trade, and reports received from road salesmen are very
afloat
420
encouraging. Although sheetings, prints, gray goods and
Chicago
5,335 -iiii 8;528 10",390 :::: -aiii "iiii
"
399
afloat
450 ------- wash fabrics are in steady request for spot and near-by de-aaa
-iaa
195 -iii
Milwaukee
257
324
703 "iiii livery, buyers are conservative in placing business for deliv326 1352 2,205
Duluth
7
1
12,073
275 -___ ery any great distance ahead. The easiness in the market
1,434 ----- ---- 2.
"
----226
afloat
668
1,164
2,521
3
19,887 ---Minneapolis
- -iiii
for the staple is causing buyers to anticipate lower prices
63
40
423
1,659 ---St. Louis
for finished goods, but manufacturers state that present
972
7,206 -- 1,567
Kansas City
9
_- quotations on the vatious cotton
1,342---_-__-_- -29
35 1,364
122 ---Peoria
exchanges are wholly arti111
506
221 ---Indianapolis
____ "-Li --au ---- ficial, resulting entirely from speculation and manipulation,
724 ---- 2,193 1,370 ---Omaha
and that prices for good grades of the staple are upwards of a
Total Feb. 7 1914__59,349 7,064 16,892 23,418 6,400 1,983 5,095 1,251
Total Jan. 31 1914_60,806 6,900 16,505 24,493 5,808 2,085 4,762 1,129 cent apound higher than shown in current market quotations.
170 1,438 2,786
62 Supplies of cotton novelties and fancy goods are in excess of
Total Feb. 8 1913_64,991 3,266 12,336 10,868
CANADIAN GRAIN STOCKS.
demand, and as a result the market is becoming more or less
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. glutted with these goods, which are dependent entirely upon
bush,
bush.
Thousandsbush.
bush.
bush.
bush, bush. bush. whim or style for active sale. Many cotton novelties which
In
285 ____
17
537
Montreal
23
462
were very popular a year ago are now overlooked by buyers.
Ft.William&Pt.Arthur.10,784
---- 3,900
4,058 --afloat
"
2,515
Gray goods, 383/
2-inch standard, are unchanged at 53/20.
8,836 ---Other Canadian
6,377
_
to 5%c.
Total Feb. 7 1914_23,963 __
17 13,329
23
462 ____
WOOLEN GOODS.-Agents handling men's wear lines
19 16,497
Total Jan. 31 1914_23,985 ____
469 ____ report
23
a general improvement in demand for next fall. The
Total Feb. 8 1913_23,014 _...
22 8,883
50 ____
-demand, however, is not well distributed, as buyers are conSUMMARY.
Bonded
Bonded
Bonded 'fining purchases to a few lines while others are neglected.
Wheat, Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush, bush, bush, bush. bush. bush, bush. bush. Clothiers have about covered their requirements for a normal
American
59,349 7,064 16,892 23,418 6,400 1,983 5,095 1,251 season, but have confined their purchases to actual needs,
Canadian
23,963 ___
17 13,329 _--462 ____ as they are doubtful regarding the extent to which foreign
23
Total Feb. 7 1914__83,312 7,064 16,909 36,747 6,400 2,006 5,557 1,251 fabrics will displace domestics. Several large clothing manuTotal Jan. 31 1914 85,057 6,900 16,524 40,990 5,808 2,108 5,231 1,129 facturers have bought heavily of imported goods and others
Total Feb. 8 1913_88,783 3,266 12,358 19,751
62
170 1,438 2,836
are anxious to see at what prices these goods will appear in
the market as finished garments. In dress goods new fall
THE DRY GOODS TRADE.
lines are meeting with success, but much anxiety is felt over
the heavy business being placed on imported lines. A very
New York, Friday Night, Feb. 13 1914.
Greater confidence in the future is promoting activity in considerable business is reported to have been done in French,
the dry goods trade. Jobbers and commission houses report German and English crepes for both the coming spring and
a good mail order business during the past week, as well as fall. Domestic fancy worsted suitings and mixtures rea largo attendance in the market of out-of-town buyers. cently opened are receiving attention, and a good initial busiThe holiday caused some quietness, but buyers are generally ness has been placed. The fall dress goods season has been
taking a more active interest in all offerings. Manufac- so long delayed that there is an active initial demand, but
turers of staple lines, while comfortably situated, are be- whether this will continue or not is uncertain in view of the
ginning to press for more contract business, and concessions heavy business that has been placed on imported lines.
from spot quotations have been made in some quarters in
FOREIGN DRY GOODS.-Linens are active and firm.
order to secure advance business. On lines for the coming There is a steady call for spring and summer dress goods.
spring and summer, however, demand is active and prices Although there are reportg of curtailment of foreign mill proare firmly maintained. Manufacturers still complain about duction, owing to poor bookings, they are not understood
the small margin between the cost of good grades of raw among prominent factors here, as the distribution of goods
ootton and the prices for finished goods, and find it difficult in this market is very active. As regards household goods,
to profitably accept present bids on goods for future delivery. the market is well sold up and spot supplies are hard to obBuyers, however, are placing a greater amount of business tain. Damasks, towelings and crashes are ordered well
on staple lines, and it appears that some of the restrictions into the future and buyers are asking.distributers to anticiheretofore imposed upon them by their houses have been re- pate deliveries on these wherever possible, as they are badly
moved. Large retailers have found their stocks to be lower in need of goods. Considerable activity developed in the
than they had realized, and,in view of the difficulty of secur- market for burlaps during the past week, and .prices have
ing goods on short notice,are more willing to contract ahead. ruled firm. Buying was stimulated by the outlook for deThe cold weather of the past week has greatly helped retail creased production, as advices received from Calcutta stated
sales of heavy-weight goods and has made room for further that mills there had decided to work on short-time from April 1
stocks of spring and summer merchandise. The net results until the following October. Light-weights are quoted at
of winter sales among retailers as a rule, however, have been 4.85c. to 4.90c. and heavy-weights at 6c.
disappointing,owing to the mild winter. Retailers and iob- Importations & Warehouse Withdrawals of Dry Goods.
bers are finding themselves with large stocks of heavy-weight
The importations and warehouse withdrawals of dry goods
goods on their hands, and as a result agents handling heavy- at this port for the week ending Feb. 7 1914 and since
weight goods for next fall and winter have experienced a very Jan. 1 1914, and for,the corresponding periods of last year,
poor demand. While a better inquiry is reported for yarns, were as follows:
for the Week and Since .Tan. 1.
weavers and knitters are confining purchases to actual and Imports Entered for ConsumptionWeek
Ending
near-by requirements, upon which they are paying full prices.
Feb. 7 1914.
Since Jan. 1 1914.
Pkgs.
Value.
Pkgs.
Value.
The weakness in cotton futures is causing yarn buyers to Manufactures ofwithhold in expectation of lower prices. Export business
1.851
Wool
552.581
11,368 3,524,323
4,039
Cotton
1.116,852 25,341
is quiet, although better inquiries are being received. Small
7,246,574
Silk
1,422
643.115
9,119 4,431,594
sales of standard drills for India were reported on a basis of
Flax
1.716
446,177
10,904 2,699,777
80. per yard for near-by delivery, with a good inquiry for
Miscellaneous
6,598
449,972 20.345 2,296.816
further supplies on a basis of 79c. There is also a fair
Total 1914
15,626 3.208,697 77.077 20.199,084
inquiry from China and Red Sea ports, but at prices too low
Total 1913
17,163.861
Warehouse Withdrawals' Thrown upon the, Market.
to result in business.
Manuafctures of994
Wool
213,581
13,908 3,660,980
DOMESTIC COTTON GOODS.-The exports of cotton
Cotton
311.400
1.076
5,914
1,687,991
goods from this port for the week ending Feb. 7 were 7,300
331
Silk
143,864
1,955
840,128
859
Flax
144,324
3,512
packages, valued, at $437,399.
800.315
3,088
Miscellaneous
140,765
New York to Feb. 7.Great Britain
.Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
14,720
1,019.490
----1913
-.4914-Since
Since
Total withdrawals
6,348
953,934 40,009 8,008,904
Week. Jan. 1.
Week. Jan. 1.
15,626 3,208,697 77,077 20,199,084
171
21
17
219 Entered for consumption
1
182
102
72
Total
marketed
1914
21,974
4,162,631 117,086 28,207,988
13,086,.
5,267
Total marketed 1913
21.375 3,_673,726 101,936 21,165.129
fiT3a
3,032
3,831
895
Imports Entered for Warehouse During Same Period.
2,303
1.501
475
5,973 Manufactures
of703
1,578
539
3,097
Wool
641
153.578
4;749
1,497,284
8,260
2,274
877
5,814
Cotton
985
284,638
4.597
1.295,143
70
14
59
452
Silk
291
129,314
1.835
789.897
799
3,034
293
1,933
Flax
614
147.305
3,658
810.673
5,732
1,817
2,078
7,430
Miscellaneous
3,263
109,042
12,308
810,767
368
8,349
320
6,997
Total
5,794
823,877 27,147 5,203.764
7,300 44,984
7,652 41,085 Entered
for consumption
15.626 3.208.697 77.077 20,199,084
The value of these New York exports since Jan. 1 has been
$3,170,026 in 1914, against $3,113,946 in 1913.
Total imports 1914
Total imports 1913
21.420 4,032.574 104,224 25,402 848
....16.153 3,585.313 111.039 21.094,850
538
'THE CHRONICLE
STATE MED CIlir Dtil'AMMTNT.
News Items.
Antigo, Langlade County, Wis.—Commission Government Adopted.—The question of establishing the commission
orm of government (V. 98, P. 405) carried at the election
held Feb. 3 by a vote of 531 to 190.
California.—San Francisco Harbor Bonds Declared Legal.
—The $9,000,000 bonds voted in 1909 for the improvement
of San Francisco harbor were declared valid by Superior
Judge Seawell on Feb. 2. On Nov. 21 $4,675,000 of these
bonds, the portion unsold at that time, were awarded to a
syndicate headed by E. H. Rollins & Sons of San Francisco
(V. 97, p. 1605). The Court decision is the result of a
friendly action to clear up a minor point in the preliminary
proceedings.
Denver, Colo.—New Election on Purchase of Water Plant.
—On Feb. 17 a vote will be taken on a plan formulated by
the Retail Merchants' Association of Denver for the purchase
of the plant of the Denver Union Water Co. by the city at a
valuation to be fixed by a board of arbitrators. Until the
city shall take over the plant of the Denver Union Water
Co. the company may operate same upon certain profitsharing terms and under certain conditions that are set forth
in the proposed contract and franchise. But the city must
take the property over at some time within the period of 20
years, and may take the property over on the first day of
January or July of any year after the board of arbitration
has made its report. During the time the plant is operated
by the Denver Union Water Co.,it is granted a franchise for
which it pays the city $50,000 per annum for the use of the
streets and furnishes $100,000 woth of water yearly to the
city free of charge (see V. 96, p. 1784).
Detroit, Mich.—New Charter Defeated.—The election
held Feb. 10 resulted in the defeat of the proposed new city
charter, which was referred to in V. 97, p. 1524. The vote
is reported as 15,974 "for" to 25,207 "against."
Gooding County (P. 0. Gooding), Idaho.—Road Bond
Issue Enjoined.—The State Supreme Court on Feb.3 granted
a peremptory writ of prohibition asked for by J. 0. Baker to
restrain the road bond issue of $160,000 awarded by the
county commissioners on Nov. 18 to John Nuveen & Co. of
Chicago (V. 97, p. 1606). The Court holds, it is said, that
the new highway district law does not contemplate the raising
of money for the purpose of constructing or repairing highway districts by voting bonds on the entire county, and then
leaving it with the board of county commissioners to apportion the proceeds of such bonds to the several highway districts.
Green Bay, Wis.—Election on Commission Government.—
An election will be held Feb. 24, it is stated, to vote on the
question of establishing a commission form of government.
Groesbeck, Limestone County, Tex.—Commission Government Adopted.—Reports state that at the election held
Feb. 3 the proposition to establish a commission form of
government carried (V. 98, p. 174).
Gulfport, Miss.—Voters Favor Continuing Commission,
Plan of Government.—An election held Feb. 28 resulted in favor of continuing the commission form of government which
was adopted in December 1911. The vote is reported as
290 to 179. The election followed the presentation of a petition signed by 10% of the voters, who claimed to be dissatisfied with the commission plan.
Hiawatha, Brown County, Kan.—Commission Government Approved.—Reports state that a favorable vote was
cast at the election held. Feb. 3 on the question of establishing a commission form of government.
Iowa.—Blue Sky Law Declared Unconstitutional.—The
State District Court of Polk County, Iowa, has enjoined the
enforcement of the Iowa Blue Sky Act, holding it unconstitutional, as depriving persons of liberty and property without
due process of law and delegating legislative powers to State
officials; also as discriminating between residents and nonresidents and interfering with inter-State commerce.
Caldwell, Masslich & Reed, who argued the case for the
Investment Bankers' Association, said: "This decision, like
that of the Federal Court on the Michigan law, sustains in
full the position taken by the Association, and applies in
effect to the laws of a great number of States." Further reference to the decision will be found in our editorial columns
in our article on the Financial Situation.
Municipal Bonds as Security for Postal Savings Deposits.—The following letter, relating to the legal examination which is being made in respect to State, county and
municipal bonds tendered by depositary banks of the Postal
Savings system as security for postal savings deposits, has
been addressed generally to bond houses and investment
bankers, inviting their full co-operation in the direction indicated.
POST OFFICE DEPARTMENT.
Office of the Assistant Attorney-General.
Washington.
Gentlemen —Deeming the matter of possible interest to bond houses and
investment bankers, I am sending you under separate cover a copy of the
annual report of this office for the fiscal year ended June 30 1913, and inv te your attention especially to the marked portion thereof, which relates
to the legal examination which this office is required to make of State,
county and municipal bonds tendered by banks as security for postal saygs deposits.
[VOL.
xcvm.
-------This duty, imposed upon this office by Section 6 of the Regulations of
the
Board of Trustees of the Postal Savings System, is an
and responsible one, and in its performance I have been indebtedarduous
in large measure to•
the courtesy and co-operation of the bond houses and bankers
of the country, who have rendered valuable assistance by furnishing legal
opinions,
transcripts of proceedings, &c., concerning issues of bonds which have
been
under examination.
In order to expedite the work, it is my desire to secure the fullest
tion concerning bonds offered, or likely to be offered, as postal informasavings security, and it is believed that the interests of the banks and
bond houses,
equally with those of the Postal Savings System, are being and
will be advanced by the legal examination which is being made by this office.
With the view of securing a closer co-operation in this
I should
appreciate your placing this office on your mailing list fordirection.
circulars
or other
data relating to State, county and municipal bonds offered by you
from
time to time to the investing public, and likely to be tendered as security
for
postal savings deposits. I should also esteem it a favor if you would advise
me whether, in respect to such issues of bonds, you would be disposed to
co-operate to the extent of supplying, upon request,certified copies of legal
opinions, or,if they are not available, certified transcripts of proceedings
relative to such issues.
The promptness and thoroughness with which this office is able to pass
upon the acceptability of bonds tendered by banks can not fail to contribute
ultimately to the advantage of those who are interested in effecting the sale
and maintaining the standard of such securities. I therefore invite your
cordial co-operation and full support in the direction indicated.
Awaiting an expression of your views in this matter, I am
Respectfully,
W.K.LAMAR. Assistant Attorney-General.
The marked portion of the annual report of the Assistant
Attorney-General for the Post Office Department referred
to above is printed herewith:
OPINIONS ON THE LEGAL ACCEPTABILITY OF BONDS TENDERED AS SECURITY FOR POSTAL SAVINGS DEPOSITS.
Section 6 of the regulations for the guidance of qualified banks and
others concerned, issued by the Board of Trustees of the Postal Savings
System, consisting of the Postmaster-General, the Secretary of the Treasury and the Attorney-General, under authority of the Act of Congress approved June 25 1910, is as follows:
The Third Assistant Postmaster-General will inform the Treasurer of the
United States of the amounts of securities which the respective
banks are
required to deposit. Upon receipt of such securities, the Treasurer shall
determine, as matter of fact, whether the securities conform to the requirements of these regulations. He shall then submit a statement of his
findings to the Assistant Attorney-General for the Post Office
Department.
who shall determine, as a matter of law whether such securities
legally
acceptable under the Act of June 25 1910 and the regulations are
herein set
forth; and who for that purpose shall have access to the securities.
No
securities shall be accepted until their legal acceptability has been
determined
by the Assistant Attorney-General for the Post Office Department.
This regulation, which became effective July 1 1913, assigned a new and
important duty to this office, namely, the determination of the legal acceptability of State and municipal bonds tendered by banks which have
qualified as depositaries of postal savings funds as security therefor.
In view of the great and constantly increasing output of such securities,
their diversity of character, and the numerous and varied conditions imposed by State constitutions and statutes as a prerequisite to their issuance
and sale, it is essential that the utmost care be used in their legal examination.
The purpose ofinvestigation under this section is to determine(1) whether
the bonds have been issued in full compliance with constitutional and statutory provisions, and (2) whether they are "public bonds or other securities
supported by the taxing power," as prescribed by the Postal Savings Act
of Juno 25 1910, and meet the requirements of the regulations of the Board
of Trustees adopted thereunder.
It is believed that the rulings and opinions of this office, after careful
investigation, involving the examination of the recitals in the bonds and
the relevant State constitutions and laws and Federal and State decisions,
will effectually safeguard the interests of the United States and encourage
the submission of a high grade of bonds as security for postal savings funds.
Newark, N. J.—Market Bonds Sustained.—On Feb. 7
Chief Justice Gummere of the Supreme Court of New Jersey
heard argument on rule to show cause why a writ of certiorari
should not issue to review the action of the Newark officials
in authorizing $700,000 Market bonds and selling them at
private sale to Adams & Co. at 100.25, after having awarded
them'at public sale to Kean, Taylor & Co. at 103.75.(V. 98,
. 323). The application for the certiorari was made by
Mr. Armitage, President of the Woodrow Wilson League,
and his counsel was Franklin W.Fort.
The writ was asked for on two grounds. First; that the
Act under which the bonds were authorized and issued was
unconstitutional, being special, as it only authorizes the
establishment of markets in cities of the first class (Newark
and Jersey City), and therefore is forbidden by the New
Jersey constitution. Second; that the private sale of the
bonds 23/i points below the bid of Kean, Taylor & Co. at
public sale constituted a waste of public funds.
Before the argument testimony had been taken which
showed that Kean, Taylor & Co. had declined to take the
bonds because of doubts as to the constitutionality of the
statute, raised by their counsel, Hawkins, Delafield & Longfellow. After this refusal, the Newark authorities offered
the bonds to the Newark Sinking Fund, which refused to
take them, and to the Federal Trust Co., which also refused
them. Then Adams & Co. of Boston, having obtained the
opinion of Dillon, Thompson & Clay that the Act in question
was constitutional, offered to take the bonds at 100.25,
which offer was accepted,as the Act expressly permitted
private sale.
The Chief Justice did not pass on the constitutionality of
the Act, although he said he was not much impressed with
the arguments against it. He held that any objections to
the constitutionality of the Act or to the award of the bonds
must have been promptly raised to have any effect, and that
it was too late when the bonds were in the hands of innocent
purchasers for value (having passed out of the hands of
Messrs. Adams & Co.) to attack the validity of the bonds,
either because of the alleged unconstitutionality of the enabling Act, or on account of any irregularity in the award.
The Chief Justice brushed aside the objection that the award
of the bonds was not concurred in by the Finance Committee,
because it was ratified by the vote of the City Council.
Under this decision, New Jersey municipal bonds, which
are in the hands of innocent holders for value, apparently
cannot be successfully attacked so long as there was apparent
power to issue them, although there were irregularities in
the proceedings to authorize and award the bonds and even
though the enabling Act be held unconstitutional after the bonds
are out.
FEB. 14 1914.1
THE CHRONICLE
Republic of China.-To Solve the Flood Problem for China'
-The American Red Cross reports that the Chinese Gov
ernment has authorized the issue of $20,000,000 of bonds
for the future prevention of floods in the Huai River Valley
in China, and that the J. G. White Engineering Corporation
has been designated to undertake the construction of the
Huai River works-a project which is probably one of the
greatest humanitarian and engineering enterprises ever
known, and the completion of which, it is estimated, will
save thousands of lives and millions of dollars annually.
The whole enterprise depends upon the ability of the Chinese
Government to find a market for the proposed bond issue.
It is anticipated that there will be no difficulty on that score,
and the prospect is that American money, as well as Amencat?. engineers, will be largely involved. The work will require approximately six years to complete and employment
will be given to about 100,000 men. The Chinese Government plans to pay the principal and interest of the proposed
$20,000,000 bond issue from taxes to be levied on the lands
that will be benefited in the flood district, and also from rentals and the sale of about one million acres of land, which,
it is estimated, will be reclaimed.
539
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND
OFFERING.--According to reports,proposals will be received until 12 m.
Feb. 19 by Geo. IL Newbauer, Co. Treas.,for $3,200 436% 10-year gravelroad bonds.
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), McLean County, Ill.-BOND .SALE.-On Feb. 4 the $90.000 9-yr. (ay.)
high-school-bldg. bonds, which were advertised as 5s (V. 98, P. 406), were
awarded to N. W. Halsey & Co. of Chicago for 390,976 40 (101.085) and
int. for 436s. The purchaser is to furnish blank bonds without charge
to Bd. of Ed. and pay attorney's fees. Other bids were:
436%
5%
Bonds.
Bonds.
Bolger. Mosser & Willaman, Chicago
$90,630
$93,630
H. T. Holtz & Co., Chicago
90,527
93,881
Mercantile Trust Co., St. Louis
90,234
McCoy & Co., Chicago
90,071
93,342
N. W. Halsey & Co.. Chicago
93.690
A. B. Leach & Co., Chicago
93,843
Wm. R. Compton Co.. St. Louis
•
93,671
Harris Trust & Savings Bank, Chicago
93,546
E. H. Rollins & Sons, Chicago
93,168
Hoehler, Cummings & Prudden, Toledo
92,511
John Nuveen & Co., Chicago
92,005
W.D.Souder & Co., Chicago
92,001
Denom. $1,000. Date Mar. 1 1914. Int. M. & S. Due $10,000
Mar. 1 1920. 1921 and 1922 and $20,000 Mar. 1 1923, 1924 and 1925.
BONESTEEL SCHOOL DISTRICT (P. 0. Bonesteel), Gregory
County, So. Dak.-EOND ELECTION.-According to reports an election will be held Feb. 17 to vote on the question of issuing $16,000 building
bonds.
BOONE COUNTY (P. 0. Lebanon), Ind.-BOND OFFERING.
Further details are at hand relative to the offering on Feb. 16 of the$1.440
436% James W. Moore et al. highway-improvement bonds(V. 98, p. 465)•
Proposals for these bonds will be received until 10 a. m. on that day by
J. T.,Frank Laughner, County Treasurer. Denom. $72. Date Dec. 15
1913. Int. M.& N. Due $72 each six montbs from May 15 1915 to Nov.
15 1924 inclusive.
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND OFFERING.
BOONE INDEPENDENT SCHOOL DISTRICT (P. 0. Boone),
Proposals will be received until 3 p. m. Feb. 18 by W.J. Archbold, County Boone County, Iowa.-BOND
SALE.-The following is a list of bids
Treasurer, for $2,640 Geo. Roop 33 360 0. J. Suman and $7,760 Jacob opened Feb.9for the 310.000 10-year
coupon building bonds(V.98, p.465):
Isch 4y,% 10-year (serial) highway-improvement bonds. Date Feb. 15
Rate. Prem.Acc.Int. Bonds
1914. Int. M. & N. Due one bond each six months from May 15 1915 McCoy & Co.. Chicago
$71 00 "
5%
Free
to Nov. 15 1924, Inclusive.
Bolger, Mosser & Willaman, Chicago
5%
207 00 "
66
ALAMEDA COUNTY (P. 0. Oakland), Callf.-BOND OFFERING.
*do
do
do
4%%
- Spitzer,
Reports state that proposals will be received until 10 a. m. Feb. 24 by John
Rorick & Co.. Toledo, Ohio
5%
54 00 "
P. Cook, Clerk of Board of Supervisors, for $200.000 4% 1436-year (aver.) Allerton, Greene & King, Chicago
5%
91 00 "
highway bonds. Certified check for 10% required.
N. W. Halsey & Co., Chicago
5%,
56
Free
00 "
J. R. Sutherlin & Co.. Kansas City
ALBANY, Linn County, Ore.-BONDS NOT
5%
-The City Treas- Cutter, May & Co., Chicago
urer advises us under date of Jan. 26 that no sale SOLD.
5%
77 00 "
Free
has yet been made of the John Nuveen & Co., Chicago
5
$4,500 (unsold portion of an issue of $22,500) 5% gold sewer bonds offered
.10 00
Geo. M. Bechtel & Co., 'Davenport
without success on July 31 (V.97,P. 1761.)
5
300 00
Free
Kissel, Kinnicutt & Co., Chicago
175 00 "
Free
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-BONDS
H.
T.
IIoltz & Co., Chicago
PRO4
39 00 "
POSED.-Reports state that this county is contemplating the
issuance of
$600,000 workhouse and sewage-disposal-plant bonds.
* District to pay $100 to cover cost of legal expenses and bonds.
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
We are not advised as to the award of the bonds.
will be receivd
e until 12 m. Mar. 14 by Chas.0.Silver, City Aud.,for $21,600 5% 16-year refunding bonds. Denom. (1) $600, (42) $500.
BOWERSTON VILLAGE SCHOOL DISTRICT (P. 0. Bowerston),
Date,
Mar. 10 1914. Int. M.& S. Cert. check on a national bank for 3% of Harrison County, Ohio.-BOND SALE.-Sidney Spitzer & Co.of Toledo
bonds bid for, payable to City of Alliance," required. Purchaser
fur- purchased on Jan. 10 the $20,000 536% 7-year school-construction and
nish at own expense necessary blank bonds and bids must be made onto
forms equipment bonds (V. 97, p. 1838) at 101.75, reports state.
furnished by the City Auditor.
BOWIE COUNTY COMMON SCHOOL DISTRICTS, Tex.-BOND
ARMA, Crawford County, Kans.-BOND SALE.-The City Clerk OFFERING.-J. B. Lytal, County Superintendent of Schools (P. 0. Bos• advises us that the $26,000 5% 25-yr. water-works and lighting bonds ton). is offering for sale the following 5% 10-40-yr. (opt.) bonds (V. 97. 1).
offered without success on Dec. 1 (V. 97, p. 1761) have been sold to W. A. 1919):
$3,000 School Dist. No. 53 bonds. Date June 9 1913.
Burks of Bentonville at 96.50.
2,000 School District No. 67 bonds. Date July 14 1913.
ASHLEY, Delaware County, Ohio.-BOND OFFERING.-Proposals
Denom. 3100.. Int. annually on April 10.
will be received until 12 m. Mar. 5 by Geo. L. Richards, VII. Clerk, for
BRITTON, Marshall County, So. Dak.-BONDS PROPOSED.
$11,630 81 5% West High St. impt. (assess.) bonds. Denom.(1) $591 81,
(19) $581. Date Mar. 20 1914. Int. M. & S. Due $1,172 81 Mar. 20 Reports state that this place is contemplating the Issuance of sewer-system1915 and $581 each six months from Sept. 20 1915 to Mar. 20 1924 incl. construction bonds.
Cert. check for 10%, of bonds bid for, payable to VII. Treas., required.
BROCKTON,Mass.-TEMPORARY LOAN.-Reports state that a loan
Bonds to be delivered and paid for within 10 days from time of award. of $50,000 dated Feb. 12 1914 and maturing Oct.
24 1914 has been negoPurchaser to pay accrued interest.
tiated with Curtis & Sanger of Boston at 3.3:5% discount.
AUGUSTA, Maine.-BIDS.-The other bids received for the $15,000
BRONSON SCHOOL DISTRICT (P. 0: Bronson), Sabine County,
4% 25-5T. coupon refunding bonds awarded on Feb. 5 to Adams & Co. of Tex.-BONDS VOTED.-According to local
newspaper dispatches, this
Boston at 103.51. (V. 98; p. 465) were:
district on Jan. 30 voted'in favor of the question of issuing $15,000 bldg.
Liggett,Hichborn& Co.,Aug_102.75 Fidelity Tr. Co., Portland,Me.100.6
bonds. The vote Fes 58 to 38.
Edmunds Bros., Boston_ ---102.53 Hayden, Stone & Co., Boston_100.619
BROOKLINE, Norfolk County, Mass.-DESCRIPTION OF BONDS.
Van V'his,Cadigan& Co.,Bos.102.22 Kennebec Says. Bank
100.59 -The $85,000 4% playground-purchase
bonds awarded on Feb. 4 to MerChas.H.Gilman& Co.,Porti'd.102.21 Spitzer, Rorick & Co., Boston_100.57
rill, Oldham & Co. of Boston at 103.649 (V. 98. p. 465) bear date of Jan.
Haynard Wilson
1
102.125 C.E. Denison & Co., Boston__100.57
Geo. A. Fernald & Co., Bost_101.61 Estabrook & Co., Boston__ _100.04 1914. Int. Is payable in Jan. & July. Due $4.250 yrly. Jan. 1 from 1915
to 1934 incl.
Perry, Coffin & Burr, Boston.101.08 Guy P. Gannett, Augusta__ _100
BUFFALO,
Using newspaper reports, we stated in last week's "Chronicle" -that the
N. Y.-BOND SALES.-During the month of January the
price paid by the purchaser was 103.05.
following three issues of 4% bonds, aggregating $41,736 11, were purchased
AURORA TOWNSHIP SCHOOL DISTRICT(P.O. Aurora),Portage at par by the Comptroller,for the various sinking funds:
Amount.
Purpose.
County, Ohio.-BONDS WITHDRAWN FROM MARKET.-The TownDate.
Due.
$18,000 00 Refunding water
Jan 1 1914 Jan. 1 1939
ship Clerk advises us that the $3,500 district bonds (V. 97, p.
1838) have
20,736 llf Account Bureau of Engineering_ }Jan. 15 1914 Jan. 15 1915
been withdrawn and will not be re-issued.
lAccount Bureau of Streets
BANGOR, Northampton County, Pa.-BONDS NOT YET ISSUED.
3,000 00 Department of Law
Jan. 19 1914 July 1 1914
-The Borough Secretary advises us that the $10,000 fire-engine-purchase
BURLINGTON, Des Moines County, Iowa.-CERTIFICATE SALE.
bonds authorized bk the Town Council on Dec. 20(V. 98, p. 320) have not
issue
-An
of
certificates
fire-dept.
5%
$13,500
was awarded to local inyet been Issued.
vestors at par on Jan. 15. Denom. $.500. Date Jan. 15 1914. Int.
BASTROP, Morehouse County, La.-BOND OFFERING.-Proposals M.& N. Due $1,500 Nov. 1 1915 and $2,000 yrly. thereafter.
will be received until March 1 by W. H. Hampton, Mayor pro tern, for
CADDO PARISH (P. 0. Shreveport), La.-BOND SALE.-We are
326,000 5% 3-37-year (ser.) municipal-impt. bonds. Int. semi-annual.
advised that the $44,000 5% bridge-construction bonds authorized on
BASTROP COUNTY (P. 0. Bastrop) Tex.-BONDS VOTED.-A fa- Dec. 11 (V. 97, p. 1838) have
been disposed of to contractors.
vorable vote was cast at the election held Feb. 3 on the question of issuing
CALD WELL COUNTY (P. 0. Lockhart), Texas.-PRICE PAID FOR
the $50,000 road bonds in Precinct No. 1 (V. 98, P. 175)•
BONDS-We are advised that the price paid for the 350.0005% road bonds
BAYONNE, Hudson County, N. J.-BOND OFFERING.-Proposals recently sold to local banks was par and not 92.50 as reported
in V. 98, p.
will be received until 8 p. m. Mar. 3 by Wm. P. Lee, City Clerk, for the 407. Denom. $1,000. Date Jan.
1914. Int. A. & 0. We are also
$107,000 431% 20-year gold coup. or reg. school No. 2 bonds auth. by the advised that thd bonds mature in 4010
years. subject to call after 10 years.
City. Council on Dec. 2. Denom.$1,000. Date Feb. 1 1914. Int. J. & J.
CALEXICO UNION HIGH SCHOOL DISTRICT, Imperial County,
at Mechanics' Trust Co., Bayonne. Cert. check on an incorporated bank
or trust company for 236% of bonds bid for, payable to Custodian of School Cal.-BOND OFFERING.-Proposals will be received until 213. m. Feb. 16,
Moneys, required. These bonds will be certified as to genuineness by the it is stated, by the Bd. of Supervisors (P.0. El Centro) for the $50,0006%
Columbia-Knickerbocker Tr. Co. and their legality approved by Hawkins, bonds voted Dec. 17 (V.98. P. 85)•
Delafield & ll'ongfellow of N. Y. City, whose opinion will be furnished sucCAMDEN, Allegheny County, Pa.-BOND SALE.-On Feb. 1 375,000
cessful bidder.
436% 25-yr. park-impt. bonds were awarded to local investors at par, it
stated.
is
Denom. $1.000.
BEAUFORT COUNTY (P. 0. Beaufort), So. Caro.-BONDS VOTED.
CARROLL COUNTY (P. 0. Delhi), Ind.-BOND OFFERING.-Pro-The proposition to issue $80,000 Beaufort River bridge-constr. bonds
carried, reports state, at the election held Feb. 3.
posals will be received until 3 p. m. Feb. 20 by W. H. Lesh, Co. Treas.,
BEAUMONT, Jefferson County; Tex.-BOND OFFERING.-Accord- for $30,000 436% David L. Musselman et al. highway-impt. bonds. De,
nom. $1,500. Date Feb. 4 1914. Int. M. & N. Due $1,500 each six
ing to reports, proposals will be received until 10 a. m. Mar. 17
by J. G. months from May 15 1915 to Nov. 15
Sutton, City Sec., for the $500,000 5% 20-40-yr. (opt.) water-works
1924 incl.
bonds
voted Jan. 27 (V. 98, P. 465). Int. semi-ann. Cert. check for
CASCADE IRRIGATION DISTRICT (P. 0. Ellensburg), Kittitas
1% County,
required.
Wash.-BONDS NOT YET SOLD.-We are advised that no sale
BELLEVILLE, Essex County, N. J.-BOND SALE.-On Feb. 10 the has yet been made of the 8700,0006% bonds mentioned in V. 97, p. 1838.
$90.000 5% 30-year coup. or reg. funding bonds
CENTRALIA, Lewis County, Wash.-BOND SALE.-Carstens &
98, p. 465) were
awarded to H. L. Crawford & Co. of N. Y. and M.M. Freeman
& Co. of Earls of Seattle purchased $26.500 7% 1-10-yr.(opt.) paving bonds, dated
Phila. at their joint bid of 107.378.
Dec. 26 1913. during January.
BELLINGHAM, Whatcom County, Wash.-BONDS OFFERED BY
CERES HIGH SCHOOL DISTRICT, Stanislaus County, Cal.
BANKERS.-Carstens & Earies of Seattle are offering to investors the folBONDS NOT YET SOLD.-No sale has yet been made of the 333.000 (unlowing 7% coupon paving tax-exempt bonds:
sold portion of an issue of 335,000) 5% bldg. bonds offered without success
bonds.
$30.000 District No.349
Due $3,000 yrly. Feb. 15 1915 to 1924 incl. on June 10(V. 97. p. 1838).
7,500 District No. 365 bonds. Due on Feb. 15 as follows: $700 1915
CHAMPAIGN COUNTY SCHOOL DISTRICT NO. 169 (P. 0. St.
and 1916, $800 1917, $700 1918 and 1919, $800 1920, $700 1921
Joseph), Ill.-BOND SALE.-On Feb. 2 the $14,500 5,
and 1922, $_800 1923 and $700 1924.
7
0_ 7 1-3-yr. (ay.)
Denom. $100. Date (est.) Feb. 15 1914.
reg. taxable school bonds (V. 98, p. 175) were awarded to R. C. O. MathBOND SALE.-During the month of January 375,000 7% paving bonds eney & Co., Springfield, for $14.570 (100.482) and int. The following
were purchased by Carstens & Earles of Seattle. Date Jan. 26 1914. Is a list of other bidders, furnished us by the Clerk Bd. of Ed.:
Due Jan. 26 1924, subject to call Jan. 26 1915.
Ulen & Co., Chicago, $14,593 and int.
Geo. M. Bechtel & Co., Davenport, $14,581 and int.
BELOIT UN/ON SCHOOL DISTRICT NO. 1 (P. 0. Beloit), Rock Wm. R. Compton Co.,
It. Louis. $14.577 70 and int.
County, Wis.-BOND OFFERING.-Proposals will be received until 2 Cutter, May & Co., Chicago,
$14,573 and int.
p. m. Feb. 21 by B. P. Eldred (care Second Nat. Bank) for $32,000
Bolger, Mosser & Willaman, Chicago, $14,528 and int.
school bonds. Denom. $1,000. Dated as of Feb. 2 1914. Int.
F .& A. C. H. Coffin. Chicago, $14.514.
Due $2,000 yearly on Feb. 1 from 1915 to 1918 Incl., $3,000 on Feb. 1
Hoehler, Cummings & Prudden. Toledo. $14,503.
•
and 1920. $2,000 on Feb. 1 1921 and 1922 and $14,000 Feb. 1 1928. 1919 Standard Tr. & Say. Bank, Chicago,
par and int., less attorneys' fees.
Bond Proposals and Negotiations this week
have been as follows:
540
THE CHRONICLE
H. T. Holtz & Co., Chicago, par and int., less $69 expenses.
Little & Hays Inv. Co., St. Louis, par and int., less $139 expenses.
Spitzer, Rorick & Co., Toledo, par and int., less $140 expenses.
John Nuveen & Co., Chicago, par and int., less $175 expenses.
A. B. Leach & Co.. Chicago, par and int., less $287 expenses.
Allerton, Greene & Co., Chicago, par and int., less $290 expenses.
Hanchett Bond Co., Chicago, par and int.. less $347 expenses.
CHARLES CITY COUNTY (P. 0. Charles City), Va.-NO ACTION
YET TAKEN.-The County Clerk advises us that no action has yet been
taken looking towards the issuance of the $50.000 road bonds(V.96,p.1716).
CHICAGO, Ill.- BOND SALES OVER COUNTER.-Of the $1,880,000
4% gold general corporate bonds being offered at par and interest "over the
counter," $1,000,000 had been sold up to Feb. 11, according to newspaper
reports. This makes a total of $34,000 sold since our last report. (V. 98,
p. 466.)
CHOWAN COUNTY (P. 0. Edentown), No. Caro.-BOND OFFERING.-Proposals will be received until 3 p. m. March 2 by the Board of
County Commrs., R. W. Boyce, Clerk, for $25,000 6% 25-year coupon
farm-life school bonds. Auth. election held Jan. 20. Denom. $1,000.
CHURCHILL COUNTY (P. 0. Fallon), Nev.-NO ACTION YET
TAKEN.-The County Clerk advises us under date of Jan. 27 that no action has yet been taken looking towards the calling of the election to vote
on the question of issuing the $50,000 5% Lincoln Highway construction
bonds (V. 97, p. 1762). Due $2,000 yearly.
CINCINNATI, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. Mar. 12 by Wm. Leimann, City Auditor, for the following
% bonds:
$450.000 University of Cincinnati building and equipment bonds. Date
Jan. 2 1914. Due in 40 years, subject to call after 20 years.
135,000 water-works bonds. Date Nov. 15 1913. Due in 40 years.
Denom. $500. Int. semi-ann. Certified check for 5% of bonds bid for,
payable to City Auditor, required. Purchaser to pay accrued interest.
Bids must be made on forms furnished by the City Auditor.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), -Ohio.BOND SALE.-On Feb. 9 the $100,000
% 20-year coup. school-sitepurchase and impt. bonds (V. 98, p. 321) were awarded to the Atlas Nat.
Bank of Cincinnati at 103.376 and int. Other bids were:
H. T. Holtz & Co., Chicago_103.113 Mayer Deppe & Walter,
101.77
Cincinnati
Seasongood & Mayer, Cin_ _102.845
101.77
E. H. Rollins & Sons, Chic....102.705 Otis & Co., Cleveland
City Hall Bank. Cincinnati_ _102.58 Central T.& S. D. Co., Cin_101.501
Prov. S. B.& Tr. Co., Cin_ _102.57 First Nat. Bank, Norwood...101.50
A. B. Leach & Co., Chicago _ 102.555 Breed. Elliott & arrisdn.Cin101.41
Western German Bank, Cin_102.46 German Nat. Bank, Cincin_ _101.347
Harris, Forbes & Co., N.Y.._100.801
Field. Longstreth & Rich102.39 Farson, Son & Co., Chicago_ 100.582
ards, Cincinnati
CLATSOP COUNTY (P. 0. Astoria), Ore.-BOND OFFERING.
Proposals for the $400,000 5% 20-year road bonds recently declared valid
by the State Supreme Court (V. 98, p. 464) will be opened on March 2.
according to newspaper reports.
CLAY COUNTY (P. 0. Green Cove Springs), Fla.-BONDS NOT
YET ISSUED.-We are advised by the County Clerk that up to Jan. 30
the $150,000 refunding and road-construction bonds voted Dec. 9 (V. 98.
p. 85) had not been issued.
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals
will be received until 10:30 p. m. Feb. 25 by McClean Johnson, County
Treasurer, for $7,600
% 10-year (ser.) road-impt. bonds. Denom.
$380. Date Feb. 5, 1914. Int. M.& N.
CLAY COUNTY (P. 0. West Point), Miss.-BOND OFFERING.
Proposals will be received until 2 p. m. March 2 by L. J. Howard, Clerk
Board of Supervisors, for $15,000 6% District No. 2 road bonds.
CLEVELAND, Bradley County, Tenn.-BOND SALE.-The $75,000
5% sewer bonds offered on Jan. 30 (V. 98. p. 251) were recently purchased
by the Harris Trust & Say. Bank of Chicago, subject to approval of proceedings by their attorney. The bonds are due March 1 1929.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. March 16 by H.H.Canfield,
Vii. Clerk (P. 0. 309 Beekman Bldg., Cleveland),for the following 5%
coupon bonds:
$20.750 Compton road-impt. (assess.) bonds. Denom. (1) $250, (41)
$500. Due $1,750 Oct. 1 1914,32,000 on Oct. 1 1915, 1916, 1918,
1919, 1920, 1921, and 1922 and $2,500 on Oct. 1 1917 and 1923.
1.500 sewer-construction bonds. Denom. $500. Due $500 on Oct. 1
1914, 1915, and 1916.
8,500 water-works-construction bonds. Denom. $500. Due $500
Oct. 1 1914 and $1,000 yearly on Oct. 1 from 1915 to 1922 incl.
8,500 highway-impt. bonds. Denom. $500 Oct. 1 1915 and $1,000
yearly on Oct. 1 from 1916 to 1922 incl.
7,818 Lee road-impt. (assess.) bonds. Denom. (1) $318, (15) $500.
Due $318 Oct. 1 1914, $500 on Oct. 1 1917, 1919 and 1921 and
$1,000 on Oct. 1 1915, 1916, 1918, 1920, 1922 and 1923.
7,233 Euclid Heights boulevard-impt. (assess.) bonds, Denom. (1)
3233,(14) $500. Due $233 Oct. 1 1914 and $1,000 in odd years
and $500 in even years on Oct. 1 from 1915 to 1923 incl.
12.692 Somerton road-impt. (assess.) bonds. Denom. (1) 3192, (25)
$500. Due $1,192 Oct. 1 1914 , $1,000 in odd years and $1,500
in even years on Oct. 1 from 1915 to 1922 incl. and $2,000 on
Oct. 11923.
9,789 Sycamore road-Impt. (assess.) bonds. Denom. (1) $289, (19)
$500. Due $789 Oct. 1 1914 and $1,000 yearly on Oct. 1 from
1915 to 1923 incl.
15,366 Mayfield Sewer District No. 1 sewer-construction (assess.) bonds.
Denom. (1) 3366, (15) 31,000. Due $1,366 Oct. 1 1914, $1,000
in odd years and $2,000 in even years on Oct. 1 from 1915 to 1922
incl. and $2,000 on Oct. 1 1923.
12,621 Lee road-impt. (assess.) bonds. Denom. (1) 3121. (25) $500.
Due $1,121 Oct. 1 1914, $1,000 in odd years and $1,500 in even
years on Oct. 1 from 1915 to 1922 incl. and $1,500 on Oct. 1 1923.
Date "day of sale". Int. A. & 0. at office of Village Treasurer. Certified check on a bank other than the one making the bid, for 10% of bonds
bid for, payable to Vii. Tress. required. Bonds to be delivered and paid
terest.
for within 10 days from time of award. Purchaser te pay accrledi,
CLINTON, Sampson County, No. Caro.-BOND SALE.-The
$10,000 6% municipal bonds offered on Jan. 5 (V. 97, p. 19201 have been
awarded to the Security Say. Bank & Trust Co. of Toledo at 102.1. Date
Jan. 11914.
COLORADO SPRINGS, El Paso County, Colo.-BOND OFFERING.
-Proposals will be received until Feb. 26 by F. A. Bartholomew, City
Treas., for the $150,000 4% 15-20-year (opt.) water refunding bonds
(V. 98, p. 407). Denom. (100) $1,000, (100) 3500. Date Feb. 16 1914.
Int. F. & A. Cert. check for 1% of bonds bid for, payable to City Treas.,
required. Official circular states that the principal and interest of all
previous issues of bonds have been promptly paid and have not been contested.
COLUMBIA COUNTY (P. 0. St. Helen), Ore.-BONDS VOTED.
According to reports, the proposition to issue the $360,000 5% highway
bonds (V. 98, p. 321) carried at the election recently held.
CORTE MADERA SANITARY DISTRICT (P. 0. Corte Madera),
Mann County, Calif.-BOND OFFERING.-Proposals will be received
by the Sanitary Board or Carlos P. Griffin, Sec. of Board, (P. 0. 704,
Pacific Bldg., San Francisco), for $7,500 5% tax-free bonds.
CRESTON, Wayne County, Ohio.-BOND SALE.-On Feb. 7 an
Issue of 34,5005% street-impt. bonds was awarded to the Stebbins Banking
Co. of Creston at par.
DAYTON, Yamhill County, Ore.-BONDS NOT YET ISSUED.
The Town Recorder advises us that the $12,000 6% 20-year gold coupon
water-system-extension bonds offered without success on April 7 (V. 97,
p. 1839) have not yet been issued. He further states that it is not expected
that the bonds will be put on the market this year.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BOND OFFERING.Proposals will be received until 12 m. March 2 by Roger Davoust, County
Auditor, for the $46,000 5% coup. road bonds authorized by the County
Commissioners on Jan. 26 (V. 98, p. 407). Denom. $1,000. Date: 31
bonds are dated Mar. 15 1914 and 15 bonds are dated Aug. 11914. Int.
M.& S. at County Treasury. Due $6,000 Sept. 1 1916 and 35.000 yearly
on Sept. 1 from 1917 to 1924 incl. Certified check on a local bank for $500.'
payable to County Treasurer. required. Bonds to be delivered and paid
for at County Treasury on Mar. 25. Purchaser to pay accrued Interest.
Bids must be unconditional. Blank bonds and coupons will be furnished
by the county.
[VOL. xcvm
DE KALB COUNTY (P. 0. Sycamore), Ills.-NO BONDS TO BE
ISSUED.-The County Clerk advises us that the reports stating that this
county is considering the issuance of road bonds are erroneous.
DENISON, Crawford County, Iowa.-BOND SALE.-On Feb. 9 the
$65,000 5% coup. electric-light bonds (V. 98, p. 466) were awarded to
N. W. Halsey & Co. of Chicago for $66,655 (102.545) and interest.
DENVER; Colo.-BOND OFFERING.-Further details are at hand
relative to the offering on March 5 of the $260,000 5% 15-year coup.
Colfax-Larimer Viaduct bonds (V. 98, p. 466). Proposals for these bonds
will be received until 2 p. m. on that day by Clair J. Pitcher, Commissioner
of Finance. Denom. 31.000. Date Aug. 15 1913. Int. F. and A. in
Denver or at Bankers Trust Co.N. Y. City. Certified or cashier's check
for 3% of bid, payable to above'Commissioner, required. Official circular
states that there is no controversy or litigation pending or threatened affecting the corporate existence or the boundaries of this municipality or the
title of its present officials to their respective offices or the validity of its
bonds and that no previous issues of bonds have been contested and that
the principal and interest of all bonds issued have been promptly paid
at maturity.
DETROIT Mich.-BONDS PROPOSED.-Reports state that this city
is contemplating the issuance of $1,250,000 tuberculosis-hospital-ext. bonds
DOVER, Cuyahoga County, Ohio.-BONDS REFUSED.-Local
newspapers state that the Tillotson & Wolcott Co.of Cleveland has declined
to accept the $32,000 5% water-works-enlargement bonds awarded to it
on Jan. 15. It is alleged °that the issue was not advertised for a sufficient
length of time.
DUBUQUE, Dubuque County, Iowa.-BOND SALE.-An Issue of
to local
$78,000 5% street-impt. bonds was disposed of on Jan. 5 at par J.
& J.
investors. Denom. $250 and $500. Date Jan. 3 1914. Int.
Due Jan. 3 1921, subject to call at option of city.
EAST GARY SCHOOL DISTRICT (P. 0. East Gary), Lake County,
% school bonds was recently
Ind.-BOND SALE.-An issue of $15,000
purchased. it is stated, by E. M. Campbell & Sons Co. of Indianapolis.
EASTON, Talbot County, Md.-BOND OFFERING.-Proposals wit'
be received until 2 p. m. Feb. 16 by W. Lester Ball, Town Clerk, for
$5,000 5% tax-free street-improvement bonds. Denom. $1,000. Date
July 11912. Int. J. & J. Due $1.000 yearly on July 1 from 1946 to 1950.
inclusive.
EASTON SCHOOL DISTRICT (P. 0. Easton), Northampton
County, Pa.-BOND SALE.-An issue of 370,000 4% building bonds has
been disposed of to local investors at par. Denom. 3100,$500 and $1,000.
Date Jan. 11914. Int. J. & J. Due part yearly on Jan. 1 from 1929 to
1934 inclusive.
EDGEWOOD (P. 0. Wheeling), Ohio County, W. Va.-BOND
ELECTION PROPOSED.-The Town Recorder advises us under date of
Feb.9 that an election will probably be called to submit to a vote the question of issuing street-impt. bonds. He further states that these bonds are
to take the place of the $47,000 special assessment and $7,000 street-impt. .
6% bonds offered on Mar. 3, the sale of which was prevented on aecount
of litigation.
ELLENSBURG, Kittitas County, Wash.-BOND SALE.-On Feb. 2
the $200005% 20-year warrant funding bonds(V.98. p. 251) were awarded
to Ferris, Hardgrove & Co., Spokane, at 101.575 and int.-a basis ofabout
4.876%. E. II. Rollins & Sons of Denver bid 100.125 and int.
ELIZABETH, Union County, N. J.-BOND OFFERING.-Proposals
will be received until 12 m. Feb. 18 by John S. Sauer, City Comp.. for
$203,000 44% 40-year coupon or registered school bonds. Denom. $1,000. Date April 1 1913. Int. A.& 0. at National State Bank, Elizabeth.
Certified check on an incorporated bank or trust company for 2% of bonds
bid for, payable to City Treasurer, required. These bonds will be certified
as to genuineness by the U. S. Mtge. & Trust Co., and their validity
approved by Hawkins Delafield & Longfellow of N. Y. City; a duplicat
of whose opinion will ho furnished successful bidder. Purchaser to pay
accrued int.
EUGENE, Lane County, Ore.-BOND ELECTION PROPOSED.
According to local newspaper reports, the question of issuing $25,000
0. N. G. Armory bonds will be submitted to a vote at the April election.
BOND OFFERING.-Proposals will be received until Feb. 23, reports
0 25-year water
state, by R. S. Bryson, City Recorder, for $100,000 57
bonds. Certified check for 2% required. These bonds were offered
without success on Oct. 27 (V. 97, p. 1446).
BOND SALE.-Three issues of 6% 1-10-year (opt.) street-impt. bonds,
aggregating 843,950, have been awarded to the Lumbermans Trust &
Savings Bank of Portland at 100.76. Denom. $250 and $500. Date
Feb. 11014. Int. F. & A.
EVANSVILLE, Rock County, Wis.-BONDS PROPOSED.-The
Mayor advises us that this town is contemplating the issuance of $3,000
bonds.
FAIRFIELD TOWNSHIP (P. 0. North Fairfield), Huron County'
Ohio.-BOND OFFERING.-Further details are at hand relative to the
offering on Feb. 24 of the $40,000 5% coup. road-improvement bonds (V.
98, p. 407). Proposals for these bonds will be received until 12 m. on that
Clerk. Denom. $500. Date Mar. 2 1914.
day by F. H. Rumsey,
Twp.Says. Bank Co., No. Fairfield. Due $1.000
Int. M.& S. at No. Fairfield
each six months from Mar. 1 1915 to Sept. 1 1931 incl. and 31.500 each
six months from Mar. 1 1932 to Sept. 1 1933 incl. An unconditional certified 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 at office of above Says. Bank Co.
Purchaser to pay accrued interest.
FAYETTE COUNTY (P. 0. Connersville), Ind.-BOND OFFERING.
-Proposals will be received until 2 p. m. Feb. 18 by Monroe A. Starr, Co.
Treas., for $12,500 434% Lewis Matney et al highway-construction bonds.
Denom. $625. Date Feb. 5 1914. Int. M. & N. Due part each six
months beginning May 15 1915.
FIFTH LOUISIANA LEVEE DISTRICT (P. 0. Tallulah), La.BOND OFFERING.-Proposals will be received until 12 m. Mar.3 by E.0.
Rhodes, Pres., Bd. of Commrs.,for the $250,000 5% bonds (V. 97,p. 543).
Denom. $1,000. Cert. check (or cash) for 134% of bid required.
FINDLAY, Hancock County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Mar. 5 by Rich.O. Muongen, City Auditor, for
$9,800 5% Third St. paving bonds. Denom. (18) $500, (1) 3800. Date
Mar. 11914. Interest M.& S. Due $800 Mar. 1 1915 and $500 each six
months from Mar. 1 1916 to Sept. 1 1924 incl. Cert. check for 3% of
Bonds to be delivered
bonds bid for, payable to City Treasurer, required
and paid for within 10 days from time of award. Purchaseg to pay accrued
interest.
FORT WA'YNE SCHOOL CITY (P. 0. Fort Wayne), Allen County,
Ind.-BOND SALE.-On Feb. 9 the $150,000 (not $75,000 as first reported) 4% 1414-year (aver.) coup. school bonds (V. 98, p. 4071, were
awarded to Miller & Co. of Indianapolis at 101.01 and Int. J. F. Wild
& Co. of Indianapolis bid $151,100.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND SALE.
On Feb. 10 the $51,000 5% 7-yr. (ay.) bridge-constr. bonds (V. 98, p. 321)
were awarded to Tillotson & 1Volcott Co. of Cleveland at 102.67 and int.
Other bids were:
$52,181
Western German Bk., Cin_ _352,285 Weil. Roth & Co., Cin
52,180
Hayden, Miller & Co., Cleve. 52.270 Seasongood & Mayer, Cin
52,180
Prov. S. B.& Tr. Co., Cin__ 52,254 Otis & Co.. Cleveland
Prud&
Cummings
C.E.Denison & Co., Cleve__ 52,220 Hoehler,
52,055
den, Toledo
New First Nat. Bank, Col- 52,214
Field, Longstreth & Rich- 52,035
Spitzer, Rorick & Co.,
ards, Cincinnati
52,209
Toledo
Sidney Spitzer & Co., Toledo 51,851
FULTON COUNTY (P. 0. Rochester), Ind.-BOND OFFERING.Proposals will be received until 3 p.m.Feb. 20 by Layman E. Downey,
% 10-year road-impt. bonds. Data Jan. 1 1914.
Co. Treas., for $5,360
Int. M.& N.
GLENCOE SCHOOL DISTRICT (P. 0. Glencoe), Cook County,
Ill.-BOND ELECTION.-An election will be held to-day (Feb. 14).
reports state, to submit to a vote the proposition to issue $42,000 building
bonds.
GRAFTON SCHOOL DISTRICT NO. 16 (P. 0. Grafton), Fillm nY
County, Neb.-BOND OFFERING.-Proposals will be received at aP•
time by W. R. Hanney, Director, for $20,000 5% 5-20-year (opt.) coo
building bonds. Denom. $1,000. Date Nov. 17 1913. Int. ann.ton
Nov. 17 at the State Treasurer's office. No indebtedness. Assessed
valuation. $220,000.
FEB. 14 1914.1 •
THE CILRONICLE
GRAND JUNCTION SCHOOL DISTRICT (P. 0. Grand Junction),
Greene County Iowa.-PRICE PAID FOR BONDS.-We are advised
that the price paid for the $45,000 5% 10-year school-bldg. bonds (V. 98,
p. 408) awarded to G. M. Bechtel & Co. of Davenport was par. Denom.
$500. Int.semi-annual.
GRAND RAPIDS, Kent County, Mich.-BOND OFFERING.-Proposals will be received until 3 p. m. Feb. 16 by J. Schriver, City Clerk, for
the following 44% coup. tax-free bonds:
$120,000 of an issue of $200,000 street-impt. bonds. Auth. Feb. 2. Due
$40,000 Aug. 1 1916, 1917 and 1918.
60.000 of an issue of $100,000 sewer-constr. bonds. Auth. Feb. 2,
Due $20,000 Aug. 11916, 1917 and 1918'
Denom. $1,000. Date Aug. 1 1913. Int. F. & A. at the City Treas.
office. Certified check for 3% of bonds bid for, payable to the City Treas.,
required. Official circular states that there is no question as to the legality
of the corporate existence of the city or the terms of the officials; also the
the city has never defaulted payment on any bonds on maturity and the
legality of a bond issue has never been questioned.
GRANT COUNTY (P. 0. Marion), Ind.-BOND SALE.-On Feb. 10
the $2,500 44% F. J. Draper, Centre Twp. gravel road bonds (V. 98, p.
466) were awarded, reports state, to the Grant Trust & Say. Co. of Marion
for $2,531 08-equal to 101.243.
GRANVILLE, Licking County, Ohio.-BONDS TO BE RE-OFFERED
SHORTLY.-We are advised that the $10,000 5% 143.4-year (average)
coupon sanitary-sewer bonds offered without success on Oct. 6 (V. 97
p• 904) will be re-offered in the near future.
GUSTAVUS CENTRALIZED SCHOOL DISTRICT(P.O. Ferndale),
Trumbull Cotinty, Ohio.-BOND SALE.-On Jan. 30$1,0005% building
completion bonds voted Nov. 4 1913 were awarded to the Kinsman Bankng Co., Kinsman, at par and int. Denom. $50. Date Nov. 7 1913.
nt. M. & S. Due $50 each six months from Sept. 1 1914 to March 1
1924 inclusive.
HAMMOND, Tangipahoa Parish, La.-BOND OFFERING.-Proposals will be received until 2 p. m. Feb. 16 by T. R. Thames, Comm. of
Finance, for the $50,000 school-building and $18,000 water-works 5% bonds
voted Jan. 13 (V. 98, p. 86). Denom.$500 or $1,000. Date April 11914.
Int. annual or semi-annual. Due beginning in 1 year or not later than 5
years from date,to suit purchaser,and mature serially until 1954. Cert.
check for $500 required.
HAMPDEN COUNTY (P. 0. Springfield), Mass.-LOAN OFFERING.
-According to reports, proposals will be received until 10 a. m. Feb. 17
by the County Treasurer for a loan of $100,000 in anticipation of taxes,
maturing Nov. 6 1914.
HAMPTON SCHOOL DISTRICT (P. 0. Hampton), Franklin
County, Iowa.-BOND SALE.-The Ilarris Trust & Savings Bank of
Chicago was awarded on Jan. 22 $70,000 5% high-school-building and improvement bonds for $71.450-equal to 102.071. Denom. $1,000. Date
Mar. 1 1914. Int. M. & N. Due Mar. 1 1924, subject to call $2,000
yearly beginning May 1 1919.
HANFORD, Kings County, Calif.-BIDS REJECTED.-BOND
OFFERING.-A bid of par, less $2,360 for attorney's fees submitted by
Farson, Son & Co. of Chicago for the $80,000 5% sewer bonds offered
Feb. 2(V. 98, p. 322) was rejected. The issue is being re-advertised, bids
to be opened Feb. 23.
HARDIN, Big Horn County, Mont.-BOND OFFERING.-This town
will offer for sale at public auction at 12 m. Mar. 10 $30,000 6% gold coup.
tax-free water-system bonds. Auth. Sec. 3454-64, Rec. Code of Mont.,
1907. Denom.3500. Date Jan. 11914. Int. J. & J. at Hardin or N. Y.
Due Jan. 11934.subject to call any or all on or after Jan. 1 1924. Certified
check for $1,000, payable to the Town Treasurer, required. No indebtedness. Assess. val. 1913, $320,000. F. M. Lipp is Town Clerk.
HAZLEWOOD (P. 0. Waynesville), Haywood County, No. Caro.
-130ND OFFERING.-Proposals will be received until 6 p. m. Mar. 3 by
W. It. Cole. Chairman Finance Committee, for $15,000 water-works and
electric-light bonds.
HENDRICKS COUNTY(P.O. Danville),Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 26 by Geo. Macomber, Co.
Tress., it is stated, for $11,320 43.6 % 10-year (ser.) road-impt. bonds.
HERNANDO COUNTY (P. 0. Brooksville), Fla.-BONDS TO BE
OFFERED SHORTLY-The Clerk of the Circuit Court advises us that the
$200,000 road bonds voted Dec. 13 (V. 97, p. 1921) will be advertised for
sale next month.
HICKMAN COUNTY (P. 0. Clinton), Ky.-BOND OFFERING.
Further details are at hand relative to the offering on Feb. 28 of the $53,750
6% reg. taxable Bullock Dr. Dist. bonds (V. 98, p. 408). Proposals for
these bonds will be received until 1 p. m. on that day by J. A. Porter,
Secretary Board of Drainage Commissioners. Denom. to suit purchaser.
Date Feb 28 1914. Int. ann. on Feb. 28 at place to suit purchaser. Due
part yearly beginning Feb. 28 1916. Certified check for $500, payable to
above Secretary, required. No bonded or floating debt.
HIGHLAND PARK, Wayne County, Mich.-BOND OFFERING.
Proposals will be received until 8 p. m. Feb. 16 by R. Milton Ford, Vii.
Clerk, for the $450,000 20-year water-works-constr. bonds voted Jan. 24
(V. 98, p. 408). Bids will be considered at 431%,434% and 4%%. Cert.
check or bond for $1,000, payable to Village of Highland Park, required.
HILLSBORO SCHOOL DISTRICT (P. 0. Hillsboro), Hill County,
Tex.-BOND OFFERING.-Proposals will be received until 8 p. m.Feb. 17,
reports state, by M. W. Lovell, Mayor, for the $25,000 5% 15-40-year
(opt.) grammar-school-construction bonds voted Jan. 10 (V. 98. p. 252).
Int. semi-annual. Cert. check for $1,000 required.
HOOD RIVER COUNTY (P. 0. Hood River), Ore.-BONDS PROPOSED.-Reports state this county is contemplating the issuance (I)
$200.000 road bonds.
HOQUIAM, Chehalis County, Wash.-BOND SALE.-During the
month of January Carstens & Earles of Seattle purchased $130,000 8%
1-10-yr. (opt.) paving bonds, dated Dec. 25 1913.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND SALE.-On Feb.
12 the four issues of road bonds aggregating $36,900 (V. 98, p. 467).were
awarded to J. F. Wild & Co. of Indianapolis for 337,436-equal to 101.452.
HURON, Beadle County, So. Dak.-BOND SALE.-On Feb. 9 the
$22.000 5% 20-yr. filter-plant bonds (V. 98, p. 408) were awarded to
W. M. Prindle & Co. of Duluth at par plus $200 and printing bonds and
attorneys' fees. Denom. $500. Date Feb. 9 1914. Int. semi-ann.
HUTCHINSON, McLeod County, Minn.-BOND ELECTION.-The
question of issuing 318,000 fire-dept. bonds will be submitted to a vote on
Feb. 19, it is stated.
IOWA.-DESCRIPTION OF CERTIFICATES.-We learn that the
$400,000 certificates on account ofCapitol-grounds-extension, disposed of
at par and int. by Geo. M. Bechtel & Co. of Davenport, acting as fixcal
agents (V.98,p.86), bear int. at rate of 5% and are in denoms. of $100,
$500 and $1,000 each. Date Dec. 30 1913. Int. are J. & D. Due June
and Dec. 1915. The warrants were all sold in Iowa and we are advised
that there is still a demand for the same.
JACKSON COUNTY(P.O. Gainesboro), Tenn.-BOND OFFERING.
-Additional details are at hand relative to the offering of the $100.000 5%
30-year coupon taxable road-building bonds (V. 98, P• 467). Proposals for
these bonds will be received at Gainesville until Feb. 21 and until 10 a. m.
Feb. 26 at Maxwell House, Nashville, at which time the bids will be opened
Butler and B. L. Quarles, Bond Committee. Denom. $1,000.
by M.
Date April 11914. Int. A. & 0. in N. Y. City. Cert. check for 3% of
bonds, payable to the Good Roads Committee, required.‘
401,40.04±0.-oho.4.
JANESVILLE, Rock County, Wis.-BOND SALE.-An issue of
$1,766 05 6%, street-impt. bonds was recently awarded to Geo. R. Barker
of Janesville for $1,812 50-equal to 102.630. Denom. $100. Date
Dec. 12 1913. Int. annually on Mar. 1. Due part on March 1 from
1915 to 1919, inclusive.'
JASPER COUNTY (P. b. Carthage), MO.-NO BOND ELECTION.
-The Clerk of the County Court advises us under date of Feb. 9 that the
reports stating that an election would shortly be held to vote on the question of issuing $300,000 court-house bonds (V. 97, p. 1922) are erroneous.
JASPER COUNTY (P. 0. Pascagoula), Miss.-NO BONDS SOLD.
We are advised that the reports stating that this county has sold $25,000
5% Road District No. 2 bonds are erroneous.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-BONDS NOT
SOLD.-Reports state that no bids were received for the $120,000 57, coup.
Irondale & Yellow Creek Free Turnpike road bonds offered on Jan. 31
(V. 98, p. 86). They will be re-advertised.
541
JEFFERSON PARISH (P. 0. Gretna), La.-BOND SALE.-On
Feb. 7 the $100,000 District No. 1 and $100,000 District No.2 5% coupon
road bonds, offered on Oct. 1 (V. 97, p. 830) were awarded, it is stated, to
J. Y. Sanders at par.
JOHNSON COUNTY (P. 0. Franklin), Ind.-BOND OFFERING.
According to reports, proposals will be received until 12 m. Feb.16 by Harry
Bridges, Co. Treas., for $4,700 and $7,300 43.4% 10-year road-impt. bonds.
JOLIET, Will County, Ill.-BONDS PROPOSED.-Local papers state
that this city is contemplating the issuance of $100,000 434% funding and
about 375,000 bonds for the rehabilitation of the water department.
JONES COUNTY (P. 0. Ellisville), Miss.-BONDS NOT SOLD.
No sale was made on Jan. 5 of the 350,000 534% Supervisors' Dist. No.2
bonds offered on that day (V. 97, p. 1840).
KANSAS.-BONDS PURCHASED BY STATE.-During the month
of January the following twenty-two issues of bonds, aggregating $$162,833 20, were purchased by the State of Kansas at par.
Place Issuing Bonds.
Rate. Purpose.
Date.
Amount.
Due.
$2,000 00__Anderson Co. S.D. No.87_ 5
Sch. House Jan. 1 '14 Jan. 1 '29
24,000 00_ _Atchison, Board of
_ 5
Refunding July 1 '13 July 1 '33
00_
_Atchison
Co.
S.
D.
3,500
No.
48. 5
Ed_Sch. House Sept. 10'13 July 1 '15-21
1,000 00_ Belleville, Board of Ed_ _ _ 5
Heating
Jan. 1'14 Jan. 1 '27
21,950 00_ _Burlington
5
Water-ext. Sept. 1'13 Sept. 1 '38
800 00_ _Cheyenne Co.S.D. No.31. 5
Sch. House Aug. 6'13 July 15 '18
500 00-Cheyenne Co.S.D. No.60. 5
Sch. House Nov.22'13 Jan. 1'17-'24
600 00_ _Comanche Co.S.D.No.27 6
Sch. House Dec. 23'13 Jan. 1'15-'2(}
10,563 20_ _Eureka
534 Improve't Jan. 1'14 Jan. 1 '15-'24
700 00_ _Graham Co.S.D. No.4
5
Sch. House Nov. 1'13 Jan. 1'15-'21
1,370 00_ _Jackson Co.S.D. No.95
5
Sch. House Aug. 29'13 July 1'18-'23
7,000 00_ _McPherson
5
Sewer
Nov. 1'13 Nov. 1 '43
8,000 00_ _Neosho Falls
5
Light
Aug. 15'13 Aug. 15 '28
15,000 00_ _Plainville, Rooks County 5
Water-ext. July 1'13 July 1 '23-'37
5,000 00_ _Plainville Twp.,Rooks Co. 5
Twp. Hall July 1 '13 July 1 '23
10,000 00St. Francis
5
Light
Aug. 1'13 Aug. 1 '32
8,500 00_ _Severance
5
Light
Jan. 1 '14 Jan. 1 '15-'31
1,000 00_ _Severy
5
Light-ext. July 1'10 July 1 '25
3,500 00_ _Tribune
Refunding Jan. 1 '14 Jan. 1 '29
5
11,000 00_ _Union Twp.,Jefferson Co. 5
Refunding Jan. 1 '14 Jan. 1 '24
18,850 00 Woodson and Greenwood
Cos. Jt.S.D. No.3.
5
Sch. House July 1'13 July 1 '14-'23`
2,000 00_ _Yates Center,Bd.of Ed. 5
Oct. 19'13 Jan. 1'15-'17
Repair
All of the above bonds are subject to call at any interest period.
KANSAS CITY, Wyandotte County, Kans.-BOND SALE.-On
Feb. 7 $99,000 4349' coupon electric-light-plant-impt. bonds were awarded
reports state, to A. B. Leach & Co. of Chicago at par and int. These bonds
are the remaining portions of the 3200.000 issue (V. 97, p. 191) of which
$90,000 was previously purchased by the City for its sinking funds and
$11,000 by local investors.
BOND SALE.-An issue of $200,000 5% 1-10-year bonds has been
awarded to Bolger. Mosser & Wiliaman of Chicago.
KINGS RIVER SCHOOL DISTRICT, Kings County, Calif.-BOND
SALE.-On Feb. 3 the $12,000 5% school bonds (V. 98, p. 322) were,
awarded to Wm. R. Staats Co. of San Francisco, it is stated,for $12,087 60
-equal to 100.73.
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m.Feb. 16 by W.E.Ruble, Co. Treas..
for the following 434% highway-impt. bonds:
$5,560 C. W.Koch et al road bonds. Denom.$278.
8,640 Winnie Douthitt et al. road bonds. Denom. $432.
9.370W. A. Phillipp et al. road bonds. Denom. $468 50.
1,355 Chas. T. Mackey et al. road bonds. Denom. $67 75.
5,480 Michael Catt et al. road bonds. Denom. $274.
845 E. C. Walk et al. road bonds. Denom. $42 25.
Date Feb. 3 1914. Int. M.& N. Due one bond each six months from
May 15 1915 to Nov. 15 1924 incl.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BONDS PROPOSED.
Reports state that this county is contemplating the issuance of between
$150,000 and $200,000 school bonds.
LADYSMITH, Rusk County, Wis.-BOND SALE.-Reports state
that the $16,000 5%,1634-year (aver.) coupon water-works-impt. bonds
offered without success on Jan. 20 (V. 98, p. 408) have been sold to the
Rusk Co. Bank of Ladysmith for $16,405-equal to 102.531.
LA GRANGE, Troup County, Ga.-BOND SALE.-The La Grange
Banking & Trust Co., La Grange, was awarded on Jan. 29 $150,000 23-year
(average) water-works and $25,000 25-year (average) school 434% bonds
at 97. Denom. 31.000. Date Jan. 1 1913. Int. J. &
The water
bonds were offered without success on Jan. 1 (V. 97, p. 1306)•
LANE COUNTY SCHOOL DISTRICT NO.4(P. 0. Eugene), Ore.BOND ELECTION.-An election will be held Feb. 20 to vote on the question of issuing $110,000 5% high-school-bldg. bonds. This item was reported in last week's "Cpronicle" under the head of "Eugene School Dist."
LAKEVILLE SPECIAL SCHOOL DISTRICT (P. 0. Lakeville),
Holmes County, Ohio.-BOND OFFERING.-Proposals will be received
until 11:30 a. m. Feb. 23 by S. P. Kopp. Clerk of Board of Education, for
$15,000 53.4% building bonds. Denom. $500. Date Feb. 23 1914. Int.
M.& S. Due $500 each six months from Mar. 1 1915 to Sept. 1 1929 incl.
Certified check for 2% of bonds bid for, payable to "Board of Education,"
required. Bonds to be delivered and paid for within 10 days from time of
award.
LAKEWOOD CITY SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will be received
until 7:30 p. m. Feb. 24 by P. T. Harrold, Clerk Board of Education, for
$52,000 5% coupon building and improvement bonds. Denom. $1,000.
D
Date
eF
32eb. 24 1914. Int. A. & 0. at Cleveland Trust Co.. Cleveland.
,000 Oct. 1 1924 and $5,000 yearly on Oct. 1 from 1925 to 1934,
inclusive. Certified check on a bank other than the one making the bid
for 5% of the bonds bid for, payable to "Treasurer of Board of Education,"
required.
LANETT, Chambers County, Ala.-BONDS VOTED.-The proposition to issue the $12,000 5% 30-yr. school-bldg. bonds (V. 98, p. 467)
carried at the election held Feb.9 by a vote of 203 to 7. We are advised
that these bonds will shortly be offered for sale.
LAWRENCE COUNTY(P.O.Ironton), Ohio.-BOND OFFERING.
Further details are at hand relative to the offering on March 5 of the $100.000 and $10,000 5% 20-year road bonds (V. 98, p. 465). Proposals for
these bonds will be reteived until 12 m. on that day by tbto Co. Commrs.,
S. A. Bowman,Clerk. Denom. $1,000. Date March 1 1914. Int. M.&
S. at Co. Treasury. Cert. check for 10% of bonds bid for, payable to Co.
Treas., required. Bonds to be delivered and paid for on or before March 21.
Bids must be unconditional.
LINCOLN COUNTY SCHOOL DISTRICT NO. 8, Wyo.-BOND
OFFERING.-Bids will be opened on Feb. 16 by A. Osterhout, Clerk Bd.
of Trustees (P. 0. Big Piney), for an issue of $10,000 6% coupon building
bonds. Denom. 31,000. Date March 1 1914. Int. ann. Due $1.000
yearly on March 1 from 1919 to 1928 incl. Cert. check for $100 required,
except with bid from State of Wyoming.
LITCHFIELD TOWNSHIP (P. 0. Litchfield), Medina County,
Ohio.-BOND OFFERING.-Proposals will be received until 2 p. m.
Feb. 17 by D. P. Simmons, Twp. Clerk, for $30,000 5% coup. taxable
bonds. Denom. $500. Date "day of sale." Int. A. & 0. Due each six
months as fellows: $500 from April 1 1919 to Oct. 1 1920 incl., $1,000 on
April 1 and $500 on Oct. 1 from April 1 1921 to April 1 1924 incl., $1,000
from Oct. 1 1924 to Oct. 1 1928 incl.. 31.500 on April 1 and $1,000 on
Oct. 1 from April 1 1929 to April 1 1932 incl. and 31,500 each six months
from Oct. 1 1932 to Oct. 1 1933 incl. Certified check (or cash) for 2% of
bid, payable to Twp. Clerk. required. Purchaser to furnish at own expense the necessary blank bonds. No bonded or floating debt. Assessed
valuation, $11,004,000.
LONSDALE(P.O. Station No. 7, Knoxville), Knox County,Tenn.BOND SALE.-John Nuveen & Co.of Chicago were awarded on Oct. 28 an
issue of $20,000
69 refunding bonds. Denom. $1,000. Date Nov. 20
'
1914. Int. M.& N. Duo 1943.
LOUDONVILLE, Ashland County, Ohio.-BOND SALE.-Reporte
state that the $8,000 5% 531-years (aver.) municipal water-works and
electric-light-plant bonds offered without success on Aug. 4 (V. 97, p. 392)
were awarded in January to Spitzer, Rorick & Co. of Toledo at 97.562.
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND SALE.-On Feb. 6
the following bids were received for the two issues of 5% 134-year bonds
offered on that day (V. 98, p. 408):
542
THE CHRONICLE
[VOL. XCINI1I.
MINERAL WELLS, Palo Pinto County, Tex.-BOND SALE.According to reports,the Commonwealth Trust Co. of Houston recently
purchased $125,000 5% school and street-impt. bonds.
Western German Bank, Cincinnati
MINNEAPOLIS, Minn.-CERTIFICATE SALE.-On Feb. 10 the
Fifth-Third National Bank, Cincinnati
$141,830 85 1034-yr. (aver.) tax-free special assess, certificates of indebtedWell, Roth & Co., Cincinnati
ness (V. 98, p. 409) were awarded jointly to Wells & Dickey Co. and the
Hayden, Miller & Co., Cleveland
Minnesota Loan & Trust Co. of Minneapolis at 4.65% interest and $10
Spitzer, Rorick & Co., Toledo
premium.
Stacy & Braun, Toledo
Other bids were:
Minnesota Loan & Trust Co. and Wells & Dickey
* Successful bids. a Conditional bids.
Co., Minneapolis
4.65% $10 premium
Par
LUCE COUNTY (P. 0. Newberry), Mich.-BOND OFFERING.-Pro- R. M. Grant & Co., Chicago
65%
4.75% 210 premium
posals will be received until 10 a. m. March 3 by John Tait, County Clerk, Adams & Co., New York
ium
511 p
for $100,000 4%% tax-free road bonds. Auth. Act 283, Public Acts 1909, Bond & Goodwin Co. New York
Bank,
Minneapolis__
German-American
-$26,212 55%%
Par
and amendments. Denom. $1,000. Date Feb. 1 1914. Int. ann. in
MINNESOTA.-BOND SALES.-During
the month of January the
Feb. at Newberry. Due Feb. 11929. Certified check for 2%,payable to
the County Clerk, required. The county has no indebtedness. Assessed following twenty issues of 4% bonds, aggregating $173,294, were purchased
by the State at par:
valuation, $4,582,126.
Name of Place.
Purpose.
Date.
LUCK, Polk County, Ws.-BOND OFFERING.-Proposals will be Amount.Altkin
County Jud. Ditch No 1
Jan. 21 1914
received until 10 a. m. March 16 by Andrew Pedersen, VII. Clerk,for $4,050 $2,594
Iii
ci
i
te
ll
Ditch
No.
23
County
Co.
Aitkin
Jan.
68,000
21
1
te 1914
bid,
not
water-works bonds. Denom. $450. Int. (rate to be named in
800 Becker County School District No. 72_ _ School
Jan. 21 1914
exceeding 5%), payable ann. Due $450 yearly on April 1 from 1915 to
8,000 Blue Earth City Twp., Faribault Co_ _Municipal Jan. 21 1914
1923 inclusive.
Jan. 21 1914
1.500 Chisago County School District No. 48_ School
BOND SALE.-The above bonds are part of an issue of $4,500 previously
1
2
i1
i 19
314
600 Clearwater County Sch. Dist. No. 27 MmIttnincliccoilopplaall
offered on Dec. 12 (V. 97, p. 831) on which day one bond ($450) maturing
5,000 Dailey Twp. Mille Lacs County
April 1 1914 was purchased by the State Bank of Luck.
Jan. 21
3,000 De Graff, Sw'ift County
Jan. 2
21.
1. 11911
McKINNEY, Collin County, Tex.-BOND OFFERING.-Thls city
141
4
1,700 Hubbard County Sch. Dist. No. 16_ _ _ _ School
Jan. 211 19s
is offering for sale the $75.000 school and $75,000 street 5% 20-40-yr.
5,000 Lesueur Co. Ind. Sch. Dist. No. 91_ _ _ _ School
(opt.) bonds (V. 97, p. 1840). Denom. $1,000. Date Feb. 1 1914.
7,000 Lincoln County Sch. Dist. No. 70
No.
62
Int. F. & A.
1,000 Pine County Sch. Dist.
Jan. 7 1914
School District No. 1_ _ _ _ School
MADISON, Lake County, Ohio.-BOND SALE.-On Feb. 10 the two 15,000 Rice County School
School
Jan. 15 1914
District No. 1
8,000 Rice County
issues of 5% coup. street-impt. bonds, aggregating $30,500(V. 98, p. 253)
Sag
Ja
an ,.
4,500 Rice County School District No. 6..
were awarded to Tillotson & Wolcott Co. of Cleveland for $30,851 50
11,200 Rock County Jud. Ditch No. 2
(101.152) and int. Other bids were:
814
1
15
1 19
78-....msSuctocilai
Dist.
No.
Sch.
County
Louis
St.
3,000
Hayden, Miller & Co., Clev_$30,836 Seasongood & Mayer,Cin_ _ 430,563
Wells, Faribault County
Security S. B.& Tr. Co., Tol. 30,626 Sidney Spitzer & Co.. Toledo 30,560 24,400 Winona
Jan,
Sch. Dist. No. 67
County
2,000
Otis & Co., Cleveland
30,577 Spitzer, Rorick & Co., Tol__ 30,511
Jan. 21 1914
1,000 Wright & Carver Cos. Sch. Dist. No.82 School
MADISON COUNTY (P. 0. Marshall), No. Caro.-BOND SALE.
MINNEOTA, Lyon County, Minn.-BOND SALE.-On Feb. 2 the
On Feb. 4 the $100,000 5% 30-year road-improvement bonds (V. 98, p. $1,200 5% 5-year park bonds(V. 98.p. 409) were awarded to the Southern
253) were awarded to C. N. Malone & Co. of Asheville at 101.481 and int. Minnesota Mortgage Investment Co. at par. Denom. $200. Date
Other bids were:
Dec. 1 1913. Int. J. & D.
W. R. Compton Co., St.
Spitzer. Rorick & Co.,
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 29 (P. 0.
Louis
Toledo
*$101,560 50
$101.117 00
Charleston), Mo.-BOND SALE.-On Feb. 4 the $225,000 6% 1-19-year
H.T. Holtz & Co., Chic_ 101,478 00 Tillotson & Wolcott Co.,
p. 323) were awarded to
Cleveland
101,010 00 (serial) coupon tax-free ditch bonds (V. 98,
Breed, Elliott & IIarrii and interest. Other bids were:
son, Cincinnati
101,270 00 JohnNuveen& Co.,Chic. 100,150 00 Edward G.-Rolwing of St. Louis atar
Compton
Co.,St.L_$217,250
R.
Bros.
&
Co.,
St.
Win.
Francis
L_$219,500
R.M.Grant & Co., Chic. 100,050 00
Provident Savings Bank
101,170 00 Sidney Spitzer& Co.,Tol. 97.770 00 G. H. Walker & Co., St. L.. 219,250 Mercantile Trust Co., St. L. 214,725
& Trust Co., Cinc
All bidders offered accrued int. in addition to their bids. *Conditona Little & Hays Inv. Co.,St.L. 218,300 A. G.Edwards & Sons, St.L. 214,675
bid. Denom. $1,000. Date Jan. 1 1914. Int. J. & J.
1 E. J. Deal, Charleston,Mo_ 217,450
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND
MANSFIELD SCHOOL DISTRICT (P. 0. Mansfield), Richland
County, Ohio.-BONDS VOTED.-The question of issuing the $120,000 OFFERING.-0. P. Everson, Co. Treas., will receive bids until 10 a. m.
43j%
school bonds (V. 98, p. 408) carried at the election held Feb. 9 by a vote Feb. 17 for issues of $4.900. $5.500. $3,700, $12.200 and $34.600
10-year (ser.) road-impt. bonds, it is stated. Date Feb. 16 1914. Int.
of 1,371 to 1,295.
M.
&
N.
MARION, Grant County, Ind.-TEMPORARY LOAN.-A loan of
MT. VERNON, Knox County, Ohio.-BONDS AUTHORIZED.
840,000 due in nine months has been negotiated with the Marion Nat.
for the issuance of $18,200 5%
Bank of Marion. We are advised that this loan takes the place of the An ordinance was passed Jan. 19 providing
and
portion
(village's
assess.)
Denom.
$1,820.
street-impt.
bonds.
coupon
$50,000 4% 20-year bonds issued to meet running expenses. These bonds
Int. J. & D. at office of Sinking Fund
were recently awarded to the above bank, but it was found that the same Date not later than June 1 1914.months
from June 1 1915 to Dec. 1 1919
Trustees. Due $1,820 each six
would be illegal for the purposes for which the funds were intended.
inclusive.
MARION, Marion County, Ohio.-BOND SALE.-On Feb. 11 the
0.
(P.
DISTRICT
Muncie), Ind.-BOND SALE.
SCHOOL
MUNCIE
$15,187 5% refunding bonds (V'. 98, p. 323) were awarded to Well, Roth &
Co. of Cincinnati at par, accrued int. and a premium of $30 37. The bids -An issue of $300,000 normal-school bonds has been awarded it it stated,
to Chicago and New York brokers.
follow:
Well, Roth & Co.,Cincinnati-Par and accrued int. and $30 37 premium.
MUSCATINE, Muscatine County, Iowa.-BOND SALE.-On Feb. 5
Sidney Spitzer & Co., Toledo-Par and accrued interest.
the $90,000 1234-year (aver.) city-hall-constr. bonds (V. 97, p. 1765) were
Davies-Bertram Co., Cincinnati-Par and accrued int. and $16 premium. awarded to Geo. M. Bechtel & Co. of Davenport at 100 and int. for 5s.
Security Say. Bk.& Tr. Co.. Toledo-Par and accrued interest.
E. H. Rollins & Sons of Chicago bid 103.617 for 5s and 98.96 for 434s.
Tillotson & Wolcott Co., Cleve.-Par and accrued int. and $15 81 prem. We are advised, however, that "Bechtel & Co. were willing to take delivery
Hayden, Miller & Co., Cleveland-Par and accrued int. and $17 50 prem. of bonds half on May 1 and half Nov. 1 1914 and they also bid unconditionaFirst National Bank, Columbus-Par and accrued int. and $6 premium: ally securing the award in this manner". There were 5 bids in all received
BIDS REJECTED.-The following bids submitted for the $2,000 5% for the issue.
sewer bonds, also offered on Feb. 11 (V. 98, p. 323) were as follows:
NAPA, Napa County, Calif.-BONDS TO BE OFFERED SHORTLY.
Davies-Bertram Co., Cincinnati-Par and accrued interest.
Reports state that this city will shortly offer for sale the $4,000 Jack's
Tillotson & Wolcott Co., Cleveland-Par and accrued int. and $2 prem. Point land bonds voted Dec. 10 (V. 97, p. 1923).
Hayden, Miller & Co., Cleveland-Par and accrued interest.
NELSON COUNTY (P. 0. Lovingston), Va.-BOND SALE.-On
First National Bank, Columbus-Par and accrued int. and $1 premium. Feb.
7 the $35.000 5% coupon 11,1assies Mill Magisterial District road-impt.
MARION COUNTY(P.O. Ocala), Fla.-BOND OFFERING.-Further bonds (V. 98, p. 409) were awarded to Wril, Roth & Co. of Cincinnati for
details are at hand relative to the offering on Feb. 19 of the $12,000 5%, $35,033(100.094) and int. Other bids were:
20-year Dunnellon Special Tax School Dist. No. 5 building bonds. Pro- Breed,Elliott & Harrison, Cincinnati, par and interest.
posals for these bonds will be received until 12 m. on that day by .1. II. Provident Savings Bank & Trust Co., Cincinnati, par and int., less $437 50
Brinson, Supt. Public Instruction. Auth. vote of 33 to 11 at an election
for attorney'sfees, &c.
held Aug. 191913. Denom. $1,000. Int. ann. on July 1.
Sidney Spitzer & Co..Toledo, par and int., less $1,380 for attorney's fees,&c.
MASSACHUSETTS.-BIDS REJECTED.-The following bids received
NEW BRITAIN, Conn.-BOND OFFERING.-Proposals will be refor the ten issues of 4% gold registered bonds, aggregating $6,325,000, ceived until 11:30 a. m.Feb. 18 by F.S. Chamberlain,Prest. Bd.of Finance,
offered on Feb. 10 (V. 98, p. 409), were rejected:
and Taxation, for the following coupon bonds:
Bonds Bid For.
Bid.
Name of Bidder$20,000 4% school bonds. Date Feb. 1 1913. Due Aug. 1 1921.
Par
Robert Levi
$10,000
35,000 4% sewer bonds. Date Jan. 1 1913. Due Jan. 11936.
Suffolk Savings Bank for Sea14,000 04% school bonds. Date July 1 1913. Due July 11938.
Par
men, and others
1.070,000 Highway
50.000434% school bonds. Date Feb. 1 1914. Due $10,000 yearly on
101.83
Parkinson & Burr
1,070,000 Highway
Aug. 1 from 1915 to 1919 incl.
James A. Hutchinson
500,000 State-House Construe__ 102.84
50,000434% Park bonds. Date Feb. 1 1914. Due $2,000 yearly on
E. M. Farnsworth & Co_ __ _
300,000 Soldiers' Gratuity Loan
Aug. 1 from 1914 to 1938 inclusive.
101.03
f
258,000 Metrop. Water Loan__ _ 104.77
Edgerly & Crocker
Denom. $1,000. Int. semi-ann. at New Britain Nat. Bank, New BritI
300,000 Met. Parks Loan, Ser. 2 104.81
tain. Cert. check on an incorporated bank or trust company for 2% of
Estabrook & Co
bonds bid for, payable to City Trea.s., required. Purchasers to pay acBlodget & Co
crued interest. These bonds will be certified as to genuinesness by the
Merrill, Oldham & Co
U. S. Mtge. & Tr. Co. and their legality approved by Hawkins, Delafield
Entire amount (all or none)
Curtis & Sanger
103.09
& Longfellow of N. Y. City, a duplicate original of whose opinion will be
R. L. Day & Co
furnished successful bidders. Bids must be made on forms furnished
N. W. Harris & Co.. Inc
by the above President.
William A. Read & Co_
NEW HARTFORD, Oneida County, N. Y.-BOND SALE.-On
.re awaRradteed
;r3
ic2e3B
)iwde
.
Feb.4 the $5.000934-year (aver.) sewer bonds (V.98,p
13,000,000 Devel. ofPort of Boston._ 104.93
E. H. Rollins & Sons
to Isaac W.Sherrill of Poughkeepsie at 100.03 and int. Mr 4.85s.
739,500 Armory Loan
1
A. B. Leach & Co
103.81
Blake Bros. & Co
100.06
4.85
John J. Hart, Albany
Lee, Higginson & Co
1
4.89
J. R.& M.A. Williams, Boonville
lEntire amount (all or none)
Old Colony Trust Co
104.279 Adams
100.22
4.90 o
York
New
Co.,
&
Adams & Co
4.95%
Hartford
Burns,
New
H.
Perry, Coffin & Burr
100.1502 5%
N.Coler & Co., New York
Following the rejection of all the bids, State Treasurer Mansfield an- Wm.
No check accompanied this bid as required.
nounced that he would sell the bonds to the public "over the counter" at a
Va.-BOND
Eastville),
OFFERNORTHAMPTON COUNTY (P. 0.
price to yield 3.585%. In selling them over the counter, Mr. Mansfield
2 by Geo. T. Tyson,
claimed he was merely carrying out a campaign promise that if brokers ING.-Proposals will be received until 12 m. March
jail-construction
(opt.)
bonds.
for
$16.000
5
-30-year
Sups.
were able to pay the State 104.279, the best bid received, for the bonds and Clerk Bd. of
dispose of them to the public at a profit, he would fix the price at the same Denom. $500.
figure and thus save the purchasers the brokers' margin of profit. Up to
NORTH LIMA SCHOOL DISTRICT (P. 0. North Lima), Mahoning
yesterday afternoon about $2,750,000 of the bonds had been subscribed for, County, Ohio.-BOND OFFERING.-Reports state that proposals will
according to press dispatches.
be received until 12 m. March 10 by L. J. Rohrbaugh, Clerk of Bd. of Ed.,
for the $26,000 5% building bonds voted Jan. 14 (V. 98, p. 409). Int.
MATAGORDA COUNTY(P.O. Bay City), Tex.-BOND ELECTION. semi-annual.
Due $500 yearly from 1918 to 1925 incl., $1,000 yearly from
proposition
to
-An election will be held Feb. 14 to vote on the
issue $100.- 1926 to 1935 incl. and $1,500 yearly from 1936 to 1943 incl.
000 additional levee bonds.
NORWOOD, Hamilton County, Ohio.-BOND SALE.-The folMENOMINEE, Dunn County, Wis.-BONDS VOTED.-The question lowing
bids were received for the nine issues of 5% bonds, aggregating
of issuing the water works-purchase and hospital-erection bonds (V. 97. $70,644 67, offered on Feb.0
s 90 V. 98, p. 253):
p. 1607) carried, reports state, at the election held Feb. 3.
815,100 80 • *1,49192
84.000
Sidewalk
Q'rnanAv.
Storm-water H'landAv.
MIDDLEFIELD, Geauga County, Ohio.-BOND SALE.-According
Impt.Bds.
Impt.Bds.
to reports, an issue of $2,500 5% park bonds was awarded to Middlefield
SewerBds. SewerBds.
Premium.
Premium.
Premiulf.
Banking Co. at par and int.
Premium.
80
00
0
46
47
$26
- Prov.S.B.SzT.Co.,Cin__$02
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-LOAN OFFERING.
Bids will be received until 10 a. m. to-day (Feb. 14), reports state, by the A. E. Aub & Co., Cin__ 784 80
230 00
228 00
Weil, Roth & Co., Cin_ 730 00
Co. Treas., for a loan of $100,000 maturing Nov. 6 1914.
184 33
231 25
Fifth-Third N.Bk., Cin 723 60
MIDLAND COUNTY (P. 0. Midland), Mich.-BOND SALE.-An First Nat.13k., Norw'd_ 720 00
Par
75 50
240 00
Issue of $13,000 6% refunding bonds was awarded to the Midland County Field, Longstreth &
Savings Bank of Midland at par. on Jan. 18 1913. Denom.$1,000. Date
Cincinnati.. 706 80
231 00
Richards,
-ifof)
Jan. 18 1913. Int. J. & J. Due serially until 1918.
166 60
233 65
Stacy & Braun, Toledo.. 701 00
- Mayer, Deppe & WalMILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
-----212
50
have
696
00
chronic-insane-asylum-impt.
bonds
Cincinnati
ter,
Local papers state that $40,000
271 80
-----220 00
been sold to local investors in small denominations. These bonds are part Atlas Nat. Bk.. Cin_ _ _ 660 00
----104 50
of the $200.000 issue, of which $160000 was disposed of on Jan. 12.(V. 98, Sidney Spitzer & Co. Tel 633,75
Par
Par
p. 253.)
___ Nor. Nat. Bk., Nor'd_
$90,697 67 $90,697 67
Bridge
Road
Premium. Premium.
*$522 33
a345 00
a252 00 a$175 00
a146 50
a146 50
*78 00
77 00
38 00
38 00
n ma
4`nn. 14 19144
THE CHRONICLE
$16,541 37
$5,550 89,759 70
$2.940 $3,260 88
SmithRd. SmithRd. HopkinsAv. .11'fordAv. iflandAr.
St. Imp.Bds. St.Imp.Bds. Imp. Bds. Sew.Imp.bds. Sidew.Bds
Premium. Premium. Premium. Premium. Premium
Atlas N. Bk., Cin.$297 74
$100 00
$175 67
Weil,Roth&Co.,Cin 25200
79 00
149 00
5th-3d N.Bk.,Cin_ 201 80
58 25
119 06
MicerierDne_&__
182 60
61 60
110 00
$4 50
$15 50
First N.Bk., Nor.. 82 70
Par
27 75
Par
48 80
Nor. N. Bk., Nor_
____
Par
Par
Par
Entire Amount, $70,644 67.
Premium.
Provident Savings Bank & Trust Co., Cincinnati
*$1,928 59
Tillotson & Wolcott Co., Cleveland
1,71264
A. E. Aub & Co., Cincinnati
1,44833
Field, Longstreth & Richards, Cincinnati
1,36900
*Successful bid.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
County, Cal.-BOND ELECTION PROPOSED.-According to local newspaper reports, a petition is being circulated calling for an election to vote
on the issuance of $300,000 bonds.
Fr OCEAN CITY, Cape May County, N. J.-BOND SALE.-On Feb. 13
the $132,000 5% 30-year gold coupon or reg. funding bonds bids for which
were received until Feb. 12 (V. 98, p. 468) were awarded jointly to R. M.
Grant & Co. and A. B. Leach & Co. of New York at 102.179.
OKLAHOMA CITY, Okla.-BOND ELECTION PROPOSED.-According to reports, an election will be held in the near future to submit to
a vote the question of issuing water-works bonds.
OLEAN SCHOOL DISTRICT NO. 1 (P. 0. Olean), Cattaraugus
County, N. Y.-BONDS TO BE OFFERED IN SPRING.-The Clerk Bd.
of Ed. advises us that the $9,000 bonds voted Dec. 2(V. 97, p. 1923) will
not be offered for sale before April 1.
ONTARIO, San Bernardino County, Calif.-BOND ELECTION.
The question of Issuing $15,600 fire-equipt.-purchase bonds will be submitted to a veto on March 3, it is stated.
OTTUMWA, Wapello County, Iowa.-BOND OFFERING.-Proposals will be received until 2 p. m. March 9 for $100,000 5% electric-light
and water-works bonds. Auth. vote of 3,977 to 1,073 at the election held
Feb. 2 (V. 98, p. 324). Due $10,000 yearly.
OVERTON, Dawson County, Neb.-BONDS VOTED.-The proposition to issue $5,900 5% electric-light-plant bonds carried at the election
held Feb.3 by a vote of 54 to 53. Due in 1924,subject to call after 1919.
PALMETTO, Manatee County, Fla.-BOND OFFERING.-Proposals
will be received until 7:30 p. m. March 19 by T. S. Pollard, Town Clerk, for
the $50,000 paving. $18,000 water-works and $17,000 sewer, 6% 30-year
bonds voted Dec. 16(V.97, p. 1923). Denom.$1,000. Date May 11914.
Int. M.& N. Cert. check for $1,000 required.
PARKE COUNTY (P. 0. Rockville), Ind.-BOND OFFERING.
Proposals will be received until 1 p. in. Feb. 20 by J. H. Rush, County
Treasurer, for $7,410 436% Vanhuss Road-impt. bonds. Denom. $370 50.
Date Feb.3 1914. Int. M.& N. Due $370 50 each six months from
May
15 1915 to Nov. 15 1924 inclusive.
BOND SALE.-J. F. Wild & Co. of Indianapolis purchased in January
$14,762 4%% 6-year (aver.) road bonds, it is stated, at 100.70.
PASADENA, Los Angeles County, Cal.-BOND ELECTION.-An
election will be held Feb. 27, it is stated, to vote on the questions of Issuing
$75,000 school-buildings and $15,000 sanitation and protection bonds.
PASADENA SCHOOL DISTRICT (P. 0. Pasadena), Los Angeles
County, Cal.-BOND ELECTION PROPOSED.-An election will be held
in the near future, Ms stated, to submit to the voters the proposition to
Issue $90,000 school bonds.
PELHAM (Town) FIRST FIRE DISTRICT (P. 0. Pelham), Westchester County, N. Y.-BOND OFFERING.-Proposals will be received
until 12 m. Feb. 18 by Charles W. Foster, Secy. Bd. of Fire Commrs., for
$7,7506% reg. bonds. Denom.$1,550. Date March 11914. Int. J.& J.
at Columbia-Knickerbocker Tr. Co., N. Y. City. Due $1,550 yearly on
July 1 from 1919 to 1923 incl. Cert. check on a national bank or trust
company for $500, payable to Bd. of Fire Commrs., required. Bonds to be
delivered and paid for at office of above trust company at 11 a. m. March 2,
unless a subsequent date shall be mutually agreed upon. Purchaser to pay
accrued interest. Bids must be made on blank forms furnished by the
above Secy. Board of Fire Commrs.
PERRY,Dallas County,Iowa.-BOND SALE.-On Feb. 2 the $35,000
5% 10-20-year (opt.) municipal water-works-system-erection bonds (V. 98,
p. 409) were awarded at public auction to W. H. Pattee, Cashier of the
First National Bank of Perry for $36,075-equal to 103.071. Denom.$500.
Date Feb. 1 1914. Int. A. & 0.
PHILADELPHIA, Pa.-PROPOSED LOANS.-By a vote of 79 to 1 in
Common Council and unanimous vote in the Select branch, the ordinance
authorizing a special election on March 31 for vote of the people on the new
loan of $12,900,000 for permanent improvements, as a further measure
for the upbuilding of the city, was passed Feb. 11. The $5,000,000 loan
bill for transit improvements, introduced at the last meeting of Councils,
was not taken up on Feb. 11, but it is expected that some action will be
taken on this at the regular meeting of Councils on Feb. 19. Councils'
intention to authorize the $8,600,000 permanent improvement loan voted
last November is now being advertised, and 30 days hence it is expected
the ordinance will be passed by Common Council and a week or so later
concurred in by Select Council and sent to the Mayor for his approval.
PHILADELPHIA SCHOOL DISTRICT, Pa.-ADDITIONAL LOAN
RECOMMENDED.-Henry R. Edmunds, President of the Board of Education, suggests that a loan of $2,000,000 be floated to relieve the crowded
condition of the city schools. The loan of $3,000,000 authorized by the
board last November, which has not been floated, will, it is pointed out, relieve a large part of the congestion in the schools, but the greater part of it
will be spent in the erection of high schools.
PHOENIX, Ariz.-BOND SALE.-On Feb. 2 the five Issues of 5% 2040-year (opt.) coupon bonds, aggregating $275.000 (V. 98, p. 254) were
awarded to E. H. Rollins & Sons of 'Denver at 102.14 and Int.-a basis of
about 4.832%. There were 12 bids in all received for the issue, the Harris
Trust & Savings Bank of Chicago being second at 101.91 and int.
PIKE COUNTY (P. 0. Magnolia), Miss.-BONDS NOT YET SOLD
-Newspaper dispatches dated Jan. 27 state that no sale has yet been made
of the $150,000 (unsold portion of an Issue of $200,000) road-constr. bonds
offered without success on Sept. 1 (V. 97, p. 1765)•
PIMA COUNTY SCHOOL DISTRICT NO. 1 (P.O. Tucson), Ariz.BOND SALE.-On Feb. 2 the $45,000 536% 20-year gold coupon building
bonds (V. 98, p. 324) were awarded to the Southern Arizona Bank & Trust
So. of Tucson for $47,839 50 (106.31) and Int.-a basis of about 4.9975%.
Other bids wore.
W.R.Compton Co..St.L_ _347,600 00 Spitzer,RorIck & Co.,Tol_346,403 00
R.M.Grant Co.,Chicago__ 47,531 25 Ulen & Co., Chicago
46,367 00
McCoy & Co.,Chicago_ _ _ 47,475 00 Kissel.Kin'cut & Co.,ChIc. 46,237 00
H.T. Holtz & Co., Chic__ 47,391 00 Devitt,Tremble& Co.,Chic. 46,125 00
Field,Long'th& RIch's,C1n. 47,380 50 J.R.Sutherlin& Co.,Kan.C. 45,976 50
Consol.Nat.Bk.,Tucson_ _ 47,371 50 Hoehler,Cum'gs&Prud.,To1.45,931 50
Weil, Roth & Co., Cin___- 47,155 00 Causey,Foster& Co.,Denv. 45,512 00
Arizona Nat. Bk.,Tucson. 47,106 00 A. J. Hood & Co., Detroit. 45,236 00
Parson, Son & Co., Chic- 46.818 00 C. H. Coffin, Chicago- 45.101 00
PITTSFIELD, Berkshire County Mass.-BOND SALE.-On Feb. 11
the following 4% coupon or reg. tax-free bonds, aggregating $445,000, were
awarded to Merrill, Oldham dr Co. of Boston, it is stated, at 103.929:
$200,000 water bonds, dated Nov. 1 1913. Due $10,000 yearly Nov. 1
from 1916 to 1935 inclusive.
145,000 sower bonds dated Nov. 1 1913. Due $10,000 yearly Nov. 1
from 1916 to 1929 inclusive and $5,000 Nov. 11930.
100,000 school-building bonds, dated Dec. 11913. Due $5,000 yearly.
Dec. 1 from 1014 to 1933 inclusive.
Denom. $1,000. Int. semi-ann.at the City Treas. office or at the First
Nat. Bank of Boston.
PITTSFORD, Monroe County, N. Y.-BOND SALE.-On Feb. 9,the
$5,000 4-year (aver.) reg. paving bonds(V.98, P. 409) were awarded to the
Rochester Save. Bank of Rochester at par for 44s. Adams & Co. of N. Y.
bid $5,002 for 5s
543
PITTSYLVANIA COUNTY (P. 0. Chatham), Va.-BOND OFFERING.-Further details are at hand relative to the offering on March 2 of
the $30,000 5% 34-year tax-free coupon road and bridge-impt. bonds
(V. 98, p. 254). The Board of Supervisors will offer these bonds for sale
at public auction at 12 m.on that day. Denom.$1,000. Date Jan. 11914.
Int. J. & J. in Chatham. Bonded debt (incl. this issue) $176,000. Na
floating debt. Assess. val. 1913 $10,978,265. T. J. Coles is Co. Treas.
POLK COUNTY (P. 0. Benton), Tenn.-BOND OFFERING.
James H. Williamson, Chairman Co. Court, will receive bids until 1 p. in,
March 2 for the $24,000 5% coupon taxable Copperhill high-school bonds
voted as mentioned in V. 98, p. 254, Denom. $500. Date Jan. 11914.
Int. A.& 0.at office of Co. Trustee, or at Merchants' Nat. Bank, N. Y.C.
Due $1.000 yearly on ttpril 1 from 1917 to 1940 incl. Cert. check (or cash)
for $500, payable to "County Trustee,' required.
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 17, reports state, by B. H.
Urbans, Co. Treas.. for $14,400 43. % 10-yr. road-impt. bonds.
PORTLAND, Me.-NO BONDS TO BE ISSUED.-We are advised
that the reports stating that this city will issue $1,075,000 bonds, are erroneous•
PORTLAND, Ore.-BOND SALE.-On Feb. 3 the $175,000 4% 25-Yr•
gold water bonds (V. 98, p. 254) were awarded to Wm. A. Read & Co.
of
Chicago for $167,265 (95.58) and int. Other bids were:
E.H.-Rollins & Sons,1Chicago94.588 R. L. Day & Co., Boston__ _ _93.709
A. B. Leach & Co., f
Estabrook & Co.. Boston_ ..._ _93.35
Henry Teal, Portland
94.55 Farson. Son & Co., Chicago_ _,92.5
Harris Tr.& S. Bk., Chicago_ 194.34
Morris Bros.. Portland__ f
All bidders offered accrued interest in addition to their bids.
BIDS.-The following are the bids received on Jan. 20 for the $444.362 13 6% 10-year improvement bonds, the sale of which was reported
in last week's "Chronicle":
BidderAmount. Price.
BidderAmount. Price.
A. H. Maegiy
*$15,000 102.9
S. F. Siferd
31,000 103
W.H.Daly,Pub. Util.•11,000 100
Bolger, Mosser &Wil:
A.L.Keenan
5,000 102.5
laman
75,000 100
{50,000 102
Henry Bauer
2,000 101.75
Henry Teal
50,000 102.25 Wm. Adams50,000 102.50
Dock Series
•1,000
100
Wm.Adams, Dock Ser.
Dock Series "C"_.._'l8,000 100
*27,500 100
J. Ii. Huddleson
20,000 102.50
Breeze
Agnes
*2,000 103
D. C. Gibson
5,000 100
Louts Henrich
*500 102.75 Secur. S.13. & Tr. Co.
Wm. Adams, Imp. Bd.
Hoehler, Cummings .41100,000 100
Sinking Fund
444,362 13 100
Prudden
Thomas Rutto
*3,000 102.75
*50,000 102.76
*500 103
S. Kafka
Lumbermen's Trust.0 *25,000 102.66
W. F. White
200,000 102
Savings Bank
50,000 102.56
Margaret Sutphen
1,800 102.50
100,000 102.27
*1,000 103.50
C. Ecks
20,000 102.511
Jessie E. Farrell
4,000 102
*20,000 102.631
10,000 102
N. U. Carpenter
*20,000 102.761
10,000 102.41
*20,000 102.881
U.S. National Bank_ _ 1•25,000 102.66
*20,000 102.931
*25,000 102.76 E. Eising
*20,000 103.041
John Grady
*500 102.75
*
:•22
W,
00:00
000
00 103.131
*200 102.75
0. L. Smith
103.261
G. E. Walter
*500 103
103.381
Wm.Adams,B.I.S.F *3,000 100
*20,000 103.431
Wm.Adams, Firemen's
*20,000 103.521
Relief Fund
*2,000 100
*20,000 103.681
* Successful bids. The Lumbermen's Trust & Savings Bank was also
awarded $12,662 13 at 102.56. All bidders offered accrued intern:IS In
addition to their bids.
PRESCOTT SCHOOL DISTRICT NO. 1 (P. 0. Prescott), Yavapal
County, Ariz.-BOND SALE.-On Feb.2 the $95,000 bldg. bonds(V. 98.
p. 254) were awarded to James N. Wright & Co. of Denver and E. H. Rollins & Sons of Chicago at their joint bid of 101.60 and Int. for 536s-a basis
of about 5.291%. There were 12 bids received for this issue, the second
bid being that of C. W. McNear & Co. of Chicago at 101.37 and int. for536s. The bonds are dated Jan. 1 1914. Due $8.000 yrly. Jan. 1 from
1923 to 1933 incl. and $7,000 Jan. 1 1934. subject to call entire issue Jan. 1
1924.
PROVIDENCE, R. I.-BONDS AUTHORIZED.-Ordinances were approved on Feb.6 providing for the issuance of $375,000 sewer and $700.000
highway 4% 30-year gold bonds. Date May 1 1914. Int. M. & N. at
Nat. City Bank, N. Y. The highway loan, it is provided, is to be Issued
to the Board of Commissioners of the Sinking Fund, at par.
Resolutions have also been passed providing for the sale of both bond
issues at popular subscriptions.
The Legislature has been requested to exempt all City of Providence
bonds from the State tax.
PULASKI, Giles County, Tenn.-BOND ELECTION.-Local newspaper despatches state that an election will be held March 21 to submit to
the voters the question of issuing $12,500 coupon Giles college-impt. bonds.
Denom. $500. Due $500 yearly after 5 years.
PULTNEY TOWNSHIP (P. 0. Bellaire), Belmont County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. March 10 by
W. J. Campbell, Twp. Clerk, for $25,000 Rock Hill road and $25,000
Brooks Run road-impt. 5% bonds. Auth Sec. 7004, Gen. Code, Denom.
$500. Date March 10 1914. Int. M. & S. Due $2,500 of each issue
yearly on March 10 from 1924 to 1933 inclusive. Cert. check on a Belmont Co. bank for 1% of bonds bid for payable to Twp.Treas. . required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. Separate bids must be made for each
Issue.
RAY COUNTY (P. 0. Richmond), Mo.-BOND SALE.-On Feb. 2
the $100,000 5% 9.11-yr. (ay.) coup. court-house bonds (V. 98, p. 254)
were awarded to H. T. Holtz & Co. of Chicago at 103.37 and int.-a basis
of about 4.57%. ,E. H. Rollins & Sons of Chicago bid 101.85 and int.,
this offer being the eleventh out of a total of 20 bids in all received for the
issue.
REEDLEY, Fresno County, Calif.-BOND SALE.-According to reports, the two issues of 54% bonds. aggregating $75,000, offered without
success on Dec. 16 (V. 97, p. 1923), have been sold to N. W. Halsey & Co.
of San Francisco at par and int.
RICHMOND SCHOOL DISTRICT (P. 0. Richmond), Contra
Costa County, Calif.-BONDS VOTED.-Reports state that a favorable
vote was cast at the election held Jan. 31 on the question of issuing $150,000
building bonds.
ROSEAU COUNTY (P. 0. Roseau), Minn.-BOND SALE.-On
Feb. 7 the $22,000 536% 20-year refunding bonds (V. 98, p. 410) were
awarded to the Commercial Investment Co. of Duluth for $22,625. Denom.
$1,000. Date Feb. 1 1914. Int. F. & A.
ROSEVILLE VILLAGE SCHOOL DISTRICT (P. 0. Roseville),
Muskingum County, Ohio:-BOND OFFERING.-Additional information is at hand relative to the offering on March 2 of the $30.000 5% coupon
site-purchase and building bonds (V. 98, p. 468). Proposals for these
bonds will be received until 12 m.on that day by J. II. Patch, Clerk of Bd.
of Ed. Denom. $500. Date Feb. 2 1914. Int. F. & A. at office of VII.
Treas. Due $500 in 2 years. $1,000 yrly. from 3 to 10 years incl., $1,500 in
11 years and $2,000 yearly from 12 to 21 years incl. These bonds were
advertised to be sold Feb. 2(V.98, p. 254). but it was later discovered that
the advertisement was illegal. Cert. check for 10%,payable to Dist. Tress..
required.
ROWLAND HIGH SCHOOL DISTRICT (P. 0. Rowland),Robeson
County, No. Caro.-BOND OFFERING.-Proposals will be received until
12 m. Feb. 25 by B. A. Edens, Clerk Bd. of Trustees, for from $15,000 to
$25,000 6% 30-year coupon school bonds. Int. semi-annual. Cert. check
for 5% of bid, required.
RUNNELS COUNTY (P. 0. Ballinger), Tex.-BONDS PROPOSED.
According to reports this county is contemplating the issuance of $100,000
road bonds.
RUSH COUNTY (P. 0. Rushville), Ind.-BOND OFFERING.-PropOsals will be received until 10 a. m. Feb. 18 by Wm. M. McBride, Co.
Treas., for the following 436% road-impt. bonds:
544
THE CHRONICLE
$8,940 Earl Beaver et al. road bonds. Denom.$195 and $252.
4,800 John D. Fleener et al. road bonds. Denom. $240.
10,360 Leonidas W. Keisling road bonds. Denom. $518.
4,520 Wilbur C. Brown et al. road bonds. Denom. $226.
Date Feb. 16 1914. Int. M.& N. Due serially beginning May 15 1915
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-BOND SALE.
On Feb. 6 the $26,900 4y
2% 10-year highway-impt. bonds (V. 98, P. 410)
were awarded to J. F. Wild & Co. of Indianapolis, it is stated, for
.295.50-equal to 101.47. Denom. $1,345. Date Jan. 1 1914. Int.
[VoL. xcvm
TRES PINOS UNION SCHOOL DISTRICT (P. 0. Tres Pinos),
San Benito County, Cal.-BONDS PROPOSED.-Local newspaper
s
rego
or
orbsotnals
e.that this district is contemplating the issuance of $5,000
TUNICA, Tunica County, Miss.-BOND OFFERING.-J9hn L. Norton will offer for sale at public auction on Feb.
16 at northeast corner of
Main and Monroe streets, Memphis, Tenn., an issue of
$5,000 6% 20-Yr.
gold electric-light bonds. Denom. $500.
UMATILLA, Umatilla County, Ore.-BOND ELECTION.-An election will be held Feb. 16 to submit to a vote the question of issuing
$20,000
water bonds.
SAN DIEG 0, Cal.-BOND SALE.-The following are the only bids
UNION COUNTY (P. 0. Marysville), Ohio.-BOND OFFERING.
received on Feb. 9 for the $275,000 434% 20%-yr. (ay.) gold municipal Proposals
will be received until 1 p. m. Feb. 14 by Chas. A. Morelock, water-development bonds offered on that day (V. 98, p. 410):
Co.
Aud., for $34
5% emergency bonds. Denom. 3100 or $500. bate
City Treasurer offered par and interest.
ate
July 21913. Int. J. & J. at Co. Treasury. Duo $17,500 Jan.
2 and $16,Wm. R. Compton Co. of St. Louis offered par and int., provided they be 700
July
2
1910.
Cert.
(or
cash)
check
of
for
5%
bid,
payable
to
Co.Treas.,
allowed $10,230 for preparing bonds and attorneys' fees.
required.
Bonds
paid
for on Feb. 26, at office of Co.
to be delivered and
The Clerk advises us that the sale will be made to the City Treasurer.
Commissioners. Purchaser to pay accrued interest.
SANGER, Fresno County, Calif.-BOND OFFERING.-Proposals
UTICA, Oneida County, N. Y.-BOND OFFERING.-Proposals will
will be received until 8 p. m. Feb. 10, reports state, by the City Clerk, for be received until 12 m. Feb. 17 by A. M. Burke,
Compt., for the
the $30,000 sewer-system and $32,400 municipal-water-plant 5% semi-ann. $70,000 4 % reg. tax-free school-site-purchase bondsCity
authorized on Jan. 6
bonds voted Dec.9(V. 97, p. 1841). Cert. check for 10% required.
(V.98, p. 255). Denom.(60)$1,000,(20)$500, unless other denominations
SEBRING SCHOOL DISTRICT (P. 0. Sebring), Mahoning County, are preferred. Date Feb. 1 1914. Int. F. & A. at City Treas. office or
Ohio.-BOND ELECTION.-An election will be held Feb. 17, reports state, upon request of reg. holder in N. Y.exchange. Due $3,500 yrly. on Feb. 1
from 1915 to 1934 incl. Cert. check for 1% of bonds bid for. payable to
to submit to the voters the question of issuing $26,000 building bonds.
City Treas.required. Bonds to be delivered and paid for
SEGUIN, Guadalupe County, Tex.-BOND ELECTION.--The elec- Columbia-Knickerbocker Tr. Co., N. Y. C., at 11 a. m. Mar.at2 office of
unless a
tion to vote on the questions of issuing the $12,500 water and light impt. subsequent date shall be mutually agreed upon in writing.
Thesebonds
and $7.500 water-works refunding bonds (V. 97, p. 1924) will be held will be certified as to genuineness by the above trust company
and their
Feb. 19. It is stated.
legality approved by Caldwell, Masslich & Reed, whose opinion will be on
SHAKER HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio.- file in the City Comptroller's office before delivery. Purchaser to pay acBOND SALE.-Reports state that no bids were received on Feb. 2
for the crued interest. Bids must be made on forms furnished by the City Compt.
nineteen issues of 5% coup. (assess.) bonds, aggregating $240,464, offered
VANDERBURGH COUNTY(P.O. Evansville), Ind.-BOND OFFERon that day (V. 98,p. 254). The bonds were subsequently sold at private
ING.-Carl Bauenstein, Co. Treas., will offer for sale at public auction
sale to M. F. Bramley at par and int.
at 10 a. m. Feb. 25 the following 45 % tax-free highway-impt. bonds:
SHREVEPORT, Caddo Parish, La.-BONDS NOT YET SOLD.
- $16,200 Geo. Felthaus et al road bonds. Denom. $810.
We are advised by the Secy.-Treas. under date of Feb. 8 that no sale has
3,800 J. L. Ewing et al road bonds. Denom.$100.
yet been made of the $101,500 4%% 1-40-yr. (ser.) tax-free public-impt.
Int. M.& N. Due 1 bond each six months from May 15 1915 to Nov. 15
bonds offered without success on June 24 (V. 97, p. 1924).
1924 incl.
SMITHFIELD, Johnston County, No. Caro.-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.-BOND OFFERING.Proposals will be received until 12 m. Feb. 23 by the Town Commrs., H. L. Proposals
be received until 5 p. m. Feb. 18 by N. P. Lavengood,
Skinner, Clerk. for $12,000 5% coupon bonds. Denom.$500. Int. J.& J. Co. Treas.,will
for $11,000 Rennicker road and $9,300 Smuck road 43 % bonds.
at Nat. Bank of Commerce, N. Y. C. Due 30 years after Jan. 1 1914.
WALKER
TOWNSHIP, Rush County, Ind.-BOND OFFERING,_
Purchaser to pay cost of engraving bonds.
Proposals will be received until 10:30 a. m. March 3 by J. A. Shelton,
SONORA SCHOOL DISTRICT (P. 0. Sonora), Sutton' County, Twp.
Trustee,
for $23,720 4%% school bonds. Denom. $500 and $220.
Tex.-BOND SALE.-The Commonwealth Trust Co. of Houston recently Date
Mar. 3 1914. Int. M. & S. at the Manilla Bank, Manilla. Due
purchased an Issue of $18,000 5% school bonds, it is stated.
$500 Mar.3 1915 and $1,000, $500 or $220 each six months thereafter until
SPOKANE, Wash.-BOND SALE.-Carstens & Earles of Seattle pur- said series of bonds has been retired. All bonds to mature within 15 years.
chased during January $62,0006% paving bonds dated Dec. 25 1913. Due Purchaser to pay accrued interest.
Dec. 25 1923, subJect to call Jan. 25 1914.
WALTON SCHOOL DISTRICT (P. 0. Walton), Cass County, Ind.
STANHOPE SCHOOL DISTRICT (P. 0. Stanhope), Hamilton -BOND SALE.-On Jan. 10 $3,500 4.40% 10-yr. coup. tax-free refunding
sf337
County, Iowa.-BONDS VOTED.-By a vote of 120 to 43 the question bonds(V. 98, p. 179) were awarded to Breed, Elliott & Harrison o
5534d1
21an
0500apolis for $3,559 25 (101.692). Other bids were:
of issuing $20,000 building bonds carried at an election held Feb. 9.
. Campbell & So
Sons Co., Indianapolis
E
M
STARKE COUNTY (P. 0. Knox), Ind.-BOND OFFERING.-Pro- Fletcher
American Nat. Bank. Indianapolis
posals will be received on or after Feb. 25 by F. Joseph, County Treasurer,
3.502 00
for $10,000
% Robert M. flannels, North Bend Twp. gravel road Meyer Kiser Bank, Indianapolis
WARREN COUNTY (P. 0. Williamsport), Ind.-BOND OFFERING.
bonds. Int. M.& N.
-proposals will be received until 1 p. m. Feb. 24 by Ernest Grey, County
SWARTHMORE, Delaware County, Pa.-BOND OFFERING.
- Treasurer, for the following 43 % coup. tax-free gravel-road bonds:
Proposals will be received until 7:45 p. m. March 5 by Frank M. Varrell, $14,600 Melvin Aikers road Adams Twp. bonds. Denom. $730.
5,540 0. W. Printy road, Mound Twp., bonds. Denom.$277.
Boro. Secy., for $8,000 fire-dept-impt. and $25,000 street-inapt. 43 % tax1,740 Geo. A. Beckett road, Kent Twp., bonds. Denom. $87.
free sinking fund loan bonds. Denom. $500. Date Jan. 1 1914. Int.
Date Feb. 2 1914. Int. M.& N. Due one bond of each issue each six
J. & J. at Swarthmore Nat. Bank, Swarthmore. Due yearly on Jan. 1 as months from May 15 1915 to Nov. 15 1924 incl.
follows: $1,000 from 1928 to 1932 incl., $2,000 in 1933 and from 1939 to
WARREN COUNTY (P. 0. Vicksburg), Miss.-BOND OFFERING.
The Board of Supervisors on Feb. 7 voted, it is stated. to advertise for bids
1943 incl., $4,000 in 1934 and $3,000 from 1935 to 1938 incl.
'
on
bonds.
$160,000
road
The official notice of this bond offering will be found among the advertiseWATERLOO, Seneca County, N. Y.-BOND SALE.-On Feb. 11 the
ments elsewhere in this Department.
$25.000 17-year (aver.) sewer bonds (V.98, p. 470) were awarded at public
TARTEINGTON PRAIRIE SCHOOL DISTRICT (P. 0. Tarkington auction to John Watkins at 100.36 and int. for 4Y,s. Bids were also
Prairie), Liberty County, Texas.-BOND SALE.-The $8,000 5% 5-40- received from Harris, Forbes & Co.,Spitzer, Rorick & do.and Adams & Co.
year (opt.) building bonds (V. 96, p. 1789) have been purchased at par and of New York.
Int. by Liberty County for the Permanent School Fund. Denom. $200.
WAUSEON, Fulton County, Ohio.-BOND OFFERTNG.-Proposals
Date Juno 10 1913. Int. A.& 0.
will be received until 12 m. March 2 by Carl F. Orth, VII. Clerk, for $7,TAYLORSVILLE, Spencer County, Ky.-BOND SALE.-On Feb. 7 055 39 5% Leggett St.-Impt. (assess.) bonds. Denom. (1) $405, 39, (19)
the $9.000 (not $10,000 as first reported) 6, water-works bonds (V. 97, $350. Date March 11914. Int. M. & S. Duo $409 39 March 1 1915
p. 1925) were awarded to Cutter, May & Co.o Chicago for $9,170(101.888) and $350 each six months from Sept. 1 1915 to Sept. 1 1924 incl. Cert.
and I. Purchaser to pay fcr blank bonds. Other bids were:
check for $350, payable to VII. Treas., required. Bonds to be delivered
Hoehler,Cum'gs&Prud.,Tol.$9,142 25 Ulen & Co., Chicago
$9,000 and paid for within 10 days from time of award.
C.H.Coffin, Chicago
9.03100 E. F. Parr & Co., Chicago__ 9,000
WAWARSING (Town) UNION FREE SCHOOL DISTRICT NO. 26,
Spitzer,Rorick & Co.,ToL_ 9,01100 Sid. Spitzer & Co., Tol
9,000 Ulster County, N. Y.-BOND
OFFERING.-Proposals will be received
Chas.S. Kidder & Co.,Chic. 9,008 00 Otis & Co., Cleveland
9,000
All bidders offered to pay accrued interest and furnish blank bonds at until 12 m. Feb 23 by H. W. Coons, Clerk Bd. of Ed. (P. 0. Ellenville)
their own expense in addition to their bids. The bonds are dated Jan. 1 for $55.000 gold coupon tax-free high-school-bldg. bonds. Denom. $250.
Date July 11913. Int (rate to be named in bid) ann. at the First Nat. Bk.
1914.
of Ellenville to the holder thereof in N. Y., exchange. Duo $1,250 yearly
TEXAS.-BONDS REGISTERED.-The following 5% bonds were Jan. 1 from 1915
to 1924 incl., $1,750 yearly Jan. 1 from 1925 to 1934 incl.,
registered by the State Comptroller during the week ending Jan. 31:
and $2,500 yearly Jan. 1 from 1935 to 1944 incl. A deposit in cash,certified
Amount.
Place.
Purpose.
Option. check or bank draft for 107 of bonds required. The district has no indebtDue.
$3,000 Dickins Co. C. S. D. No. 15
School
20 years 10 years edness. ASSRSS. val. 1913°3581,055 74.
4,000 Arlington Indep. School Dist
40
20
WAYNE, Wayne County, Mich.-BOND SALE.-An Issue of $27,000
15,000 New Boston
Water-works 40 "
10 "
5% water-works bonds was awarded in October to John F. McLean for
14,000 New Braunfels
School-house 40 "
10
"
327.285
5
-equal to 101.574. Denom. $1,000 and $2,000. Date Jan. 1
If
1,000 Upshur County 0. S. D. No. 49..
School
40 "
1914. Int. J. & J. Due $1,000 in 5 years and $2,000 yrly. thereafter.
2,500 Kaufman County 0.S. D.No.78._
20 "
10 "
250,000 Nueces County
WAYNE COUNTY (P. 0. Detroit), Mich.-BOND OFFERING.
Ct.-h'se & jail 40 "
5 11
1,000 Fannin County C. S. D. No. 62...
Proposals will be received until 11 a. m. Feb. 16 by the Bd. of Co. Auditors,
School
20 "
1,500 Fannin County C. S. D. No. 101_
W. Gutman, Sec., for 3500,000 4% coup. tax-free road bonds. Denom.
20 "
5 "
2,500 Robertson County C.S. D.No.3_
3500. Date Jan. 11914. Int. semi-ann. at the Co. Treas. office. Due
20 "
5 "
41
5
41
2,500 Robertson County C.S. D.No.4_
$100,000 yearly from 10 to 14 years, incl. A deposit of cash or a cert. check
20 "
11
5 61
1,200 Robertson County O.S. D.No. 34
on any national bank of the United States,for 37
0 of bonds bid for, required.
12 "
The following 5% bonds were registered by the State Comptroller during
WELLINGTON INDEPENDENT SCHOOL DISTRICT (P. 0. Welthe week ending Feb. 7:
lington), Collingsworth County, Tex.-BOND SALE.-The $12,000
Amount.
Place.
Purpose.
Due.
Option. 5% 10-40 year (opt.) bldg. bonds (V. 98, p. 179) were recently sold to the
$3,000 Montgomery Co. C.S.D. No.15
_School
20 yrs. 5 yrs. Commonwealth Trust Co. of Houston, it is reported.
6.000 Grimes Co. C.S.D. No. 13
School
40 yrs. 10 yrs.
WESTFIELD SCHOOL DISTRICT (P.O. Westfield), Union County,
20,000 Quanah (city)
Water works 40 yrs. 10 yrs. N. J.-BOND OFFERING.-Proposals will be received until 8 p. m. Feb. 24
16,000 Winnsboro (city)
Street
40 yrs. 10 Yrs. by Mark A. Webster, Dist. Clerk, for 3100,000 coupon or reg. school bonds.
6,000 Nolen Co. C.S.D. No.4
School
40 yrs. 20 yrs. Denom.$1,000. Date Jan. 11914. Int.(rate not to exceed 5%,excluding
6,700 Atascosa Co. C.S.D. No. 22
School
40 yrs. 10 yrs. fractional or decimal rates, except multiples of one-quarter of one per cent).
TIOGA COUNTY (P. 0. Wellsboro), Pa.-BOND OFFERING.- payable J. & J. at Westfield Tr. Co., Westfield, in N. Y. exchange. Due
Additional information is at hand relative to the offering on Feb. 20 of the $4,000 yearly on Jan. 1 from 1918 to 1942 incl. Cert. check on an In$70.000 5% 1-10-year (opt.) funding bonds. (V. 98, p. 410.) Proposals corporated bank or trust company for 2% of bonds bid for, payable to
for these bonds will be received until 12 m. on that day by the Board of Walter R. Darby. Custodian of School Moneys, required. Bonds to be
County Commissioners, of which R. E. Cleveland is a member. Denom. delivered and paid for on March 10 unless a subsequent date shall be
$500. Date Mar.2 1914. Int. M.& S. Cert. check for 10% of bid, paya- mutually agreed upon. Purchaser to-pay accrued interest. These bonds
ble to County Treasurer, required.
will be certified as to genuineness by the Columbia-Knickerbocker Tr. Co.
and their legality approved by Hawkins, Delaffeld & Longfellow of N. Y.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.-BOND SALE.
An issue of $8.000 4 % 10-yr. road-constr. bonds was awarded to the City, whose opinion will be furnished successful bidder. Bids must be
Tippecanoe Loan & Tr. Co. of Lafayette on Dec. 3 at 101.5. Denom. made on forms furnished by the Dist. Clerk.
$400. Int. M.& N. It was reported that these bonds were to be offered
WHITE COUNTY (P. 0. Monticello), Ind.-BOND SALE.-The
Fletcher American National Bank of Indianapolis recently purchased an
on Feb. 6 (V. 98, p. 326)•
TIPTON COUNTY (P. 0. Covington), Tenn.-BONDS AUTHO- Issue of $8,112 6% road bonds, reports state.
RIZED.-Reports state that the County Quarterly Court on Feb. 2 auWHITE PLAINS (Town) UNION FREE SCHOOL DISTRICT
thorized the issuance of $45.000 5%% 30-year funding and $25.000 25-year NO. 1, Westchester County, N. Y.-BOND OFFERING.-Proposals
bridge-material-purchase coup. bonds. Denom. $500. Date Feb. 2 1914. will be received until 8 p. m. Feb. 27 by Edwin J. Cross, Clerk Board of
Interest not to exceed 53 % on bridge bonds, payable semi-annually.
Education (P. 0. White Plains VII.). for the following 5% site-purchase
TROY, N. Y.-BOND OFFERING.-Proposals will be received until and building bonds:
10 a. m. Feb. 19 by W. H. Dennin, City Comptroller, for $81.000 43% 310.000 bonds. Denom. $1,000. Due $1,000 yearly Jan. 1 from 1922
to 1931 inclusive.
reg. tax-free public-bldg. bonds. Date Mar. 1 1914. Int. M.& S. Due
12,500 bonds. Denom.(1) $1,500,(11) 31,000. Due $1,500 Jan. 1 1920
In 20 ann. installments. Certified check for 1%, of bonds, payable to the
and $1,000 yearly Jan. 1 from 1921 to 1931 inclusive.
"City of Troy," required. Bonds to be delivered and paid for within 10
Date Feb. 1 1914. Int. J. & J. at the Central Bank of Westchester
days from time of award. Purchaser to pay accrued int. Official circular
states that the city has never defaulted on any of its obligations. Bids County, White Plains, in N. Y. exchange. Certified check for 5% of bid,
payable to the Board of Education, required.
must be made on forms furnished by the city.
CERTIFICATE SALE.-On Feb. 9 the $100,000 57a tax-free certificates
WHITE SULPHUR SPRINGS, Greenbrier County, W. Va.-BOND
of indebtedness or revenue bonds, due Oct. 9 1914 (V. 98, p. 410) were OFFERING.-Proposals will be received until Feb.28 for an issue of $17,500
awarded to the Manufacturers' Nat. Bank, Troy, at 100.651 and int. 6% 10-20-year municipal bonds. Assess. val. $407,605.
Other bids were:
WINCHESTER, Scott County, Ill.-BOND SALE.-On Feb. 11
R. W. Pressprich & Co. New York
100.0177 $29.300 5% water-works bonds were awarded to the Mercantile Trust Co.
Security Trust Co.. Troy
' ($50,000)
100.32
of St. Louis for 329,975-equal to 102.302. Other bids were:
FEB. 14 1914.]
545
THE CHRONICLE
$29,450
men & Co., Chicago
$29,627 0 H Coffin, Chicago
29,381
Cutter, May & Co., Chicago.. 29,627 McCoy & Co., Chicago
11.0.S eer & Sons Co.,Chic. 29,600 R.0.0. Mathen Co., Spgf- 29,371
II. T. oltz & Co., Chicago_ 29,513 Merchants L.& .Co.,Chic. 29,360
Geo. M. Bechtel dr Co.,
Volf.John Nuveen & Co., Chicago 29,312
Davenport
29,481Bolger, Mosser & Willaman,
29,300
Chicago
N.W.Halsey & Co., Chicago 29,470
Denom. $500. Date May 1 1914. Interest annual in May.
WINDHAM, Windham County, Conn.-BOND SALE.-Reports
state that the $150,000 4%% 30-yr. school-building bonds (V. 98, P. 89)
have been awarded to a New York firm.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-BOND
SALE.-On Feb. 11 following bids were received for $26,500 Miffin Twp..
$13,500 Eden Twp. and $9,000 Eden Twp.5% 54-year (aver.) road bonds;
the successful offers being marked with an asterisk (*).
$13,500
$9,000
$26,500
issue.
issue.
issue.
*$26,953 50
Spitzer, Rorick & Co.,Toledo
$13,656
$9,104
Tillotson & Wolcott Co., Cleve_ _ _ _ 26,807 40
13,652
9,108
Hayden, Miller &Co.,Cleveland.... 26,786 20
13,581
9,035
Security Say. Bk.& Tr. Co.,Toledo 26.726 00
26,725 00
Otis & Co., Cleveland
26,619 25
Farson, Son & Co., Chicago
Citizens Say. Bk., Upper Sandusky 26,600 00
*9,109
26,590 00
Sycamore State Bank, Sycamore
26,501 00
Well, Roth & Co., Cincinnati
*13,658
9,105
Commercial Nat. Bk., Upper Sand.
-BOND
YAKIMA COUNTY SCHOOL DISTRICT NO. 94, Wash.
offered on
SALE.-The $10,000 10-20-year (opt.) coupon funding bonds
Jan. 10(V. 98, P. 89) were awarded on that day to the State of Washington
at par for 534s.
YORKVILLE, Oneida County, N. Y.-BOND SALE.-On Jan. 15
$2,500 sewer and $3,800 paving bonds were awarded to Charles Pfeifer
of Utica.
YUMA COUNTY (P. 0. Yuma), Ariz.-BOND SALE.-According to
newspaper reports the $500,000 5% 29%-year (aver.) gold highway-impt.
bonds offered on Jan. 6 (V. 97, p. 1925) have been purchased by Kelly &
Kelly of Kansas City, Mo., at par. The purchasers to pay all of the expenses of examining the record and passing on the legality of the bonds.
Canada. its Provinces and Municipalities.
AYLMER, Ont.-RESULT OF DEBENTURE ELECTION.-Reports
state that at a recent election a by-law providing for the issuance of $15,000
intake-pipe ext. debentures carried, while the by-law providing for the issuance of $8,000 concrete-sidewalk debentures was defeated.
BRANTFORD, Ont.-DEBENTURE SALE.-Wood, Gundy & Co.
of Toronto were recently awarded an issue of $115,000 5% 20-yr. hydroelectric debentures, it is stated, for $116,328-equal to 101.154. Other
bids were:
Wood, Gundy dr Co
$116,328 Bankers' Bond Co
$114,436 50
Murray, Mather Co____, 115,655 50 Geo. A. Stimson & Co
114,149
Brouse, Mitchell & Co
113,652
115,331 0. II. Burgess Sr Co
A. E. Ames & Co
113,576
115,200 R C. Matthews & Co
Dominion Securities Corp__ 115,149 Brent Noxon & Co
113,429
113,100
W. L. McKinnon & Com- 114,825 Ontario Securities Co
111,640
O. Meredith & Co
114,450 N W Harris & Co
111,000
W. A. Mackenzie & Co__ 114,448 Goldman & Co
BURK'S FALLS, Ont.-DEBENTURE SALE.--The $8,000 53i%
20-installment filtration-plant and water-works-ext. debentures offered
without success on June 16 (V. 97, P. 135) have been awarded to G. A.
Stimson & Co. of Toronto, according to reports.
CHESTERVILLE, Ont.-DEBENTURES VOTED.-The question of
issuing the $5,000 bonus debentures(V.97, p. 1925) carried at the election
held January15.
CUT KNIFE, Sask.-DEBENTURE SALE.-The $2,000 debentures
mentioned in V. 97, p. 1768, have been sold to W.L. McKinnon & Co. of
Regina for...51,735.
DOMINION OF CANADA.-SALES OF SCHOOL DISTRICT DEBEN
TURES.-The following school-building debentures, aggregating $12,800.
issued by various districts in the Provinces of Alberta and Saskatchewan,
were purchased during the month of January by the Alberta School Supply
Co. of Edmonton:
Name of DistrictAmt.
Date.
Price. Int.Rate
Everdell S. D.No.2982 (Alta.)
$900 Jan. 9 95 cts.
8
Howeiler S. D. No. 2907 (Alta.)
1,400 Jan. 24 Par
7
Krupp S. D. No. 2992 (Sask.)
1,000 Jan. 5 Par
8
Lloyd's S. D. No. 2890 (Alta.)
1,000 Jan. 9 Par
7
Long Valley S. D. No. 2679 (Alta-)
8
300 Jan. 9 95 eta.
Mound S. D. No. 2734 (Alta.)
8
1,200 Jan. 15 95 eta.
Montpelier S. D. No. 2297 (Alta.)
8
1,200 Jan. 22 95 eta.
Northern Crown S. D.No.2940 (Alta.)
8
1,000 Jan. 7 Par
Plum Lake S. D. No. 2815 (Alta.)
1,200 Jan. 24 Par
Swan S. D. No. 3049 (Sask.)
8
2,000 Jan. 14 Par
Winnifred S. D. No. 2853 (Alta.)
8 o
1,600 Jan. 2 Par
EASTVIEW, Ont.-DEBENTURE ELECTION PROPOSED.-According to reports, the question of issuing $5,000 fire-protection-system debentures will be submitted to a vote in the near future.
FORT WILLIAM ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT (P. 0. Fort William), Ont.-DEBENTURES AUTHORIZED.
Reports state that the Trustees have passed a by-law providing for the
Issuance of $5,000 5% debentures.
GREENFIELD PARK Chambly County, Que.-DEBENTURE
OFFERING.-Proposals will be received until .Feb. 18 by Harry Jones,
Sec.-Treas., for $12,000 6% coup. 30-year school debentures. Denom.
$500. Int. semi-ann. An accepted cheque on an incorporated bank of
Canada for 25% of debentures bid for, required.
HAMILTON, Ont.-DEBENTURES VOTED.-According to reports,
the proposition to issue $200,000 Mountain Hospital debentures carried
ARO
at the election held Jan. 1.
DEBENTURES AUTHORIZED.-The Council recently authorized the
issuance of $335,000 hydro-ext., $25,000 city hospital and $100,000 moun4,
1,141
tain-sanitarium debentures, it is stated.
HESPELER, Ont.-DEBENTURE SALE.-Reports state that $12,000
at
par.
debentures
were
recently
sold
5%
$4.000
and
5%%
KEOMA (Rural Municipality No. 249), (P. 0. Seems), Alta.DEBENTURE OFFERING.-Proposats will be received until Feb. 28 by
D. W. Powers, Secy.-Treas.. for $20,000 6% debentures. Date March 1
1914. Due in 20 annual installments beginning Sept. 1 1915.
LAMBTON COUNTY (P. 0. Sarnia), Ont.-NO DEBENTURES
AUTHORIZED.-We are advised that the reports stating that the Council
recently passed a by-law providing for the issuance of $1,000 Sydenham
Flats road-impt. debentures (V. 97. p. 1925) are erroneous.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$33,000
$1,325,000
$428,000
Borough of Swarthmore, Pa.,
CITY OF DALLAS,
TOWN OF KEARNY,
SINKING FUND LOAN
4M% GOLD COUPON BONDS
434% BONDS, DATED JANUARY 1, 1914
TO BE SOLD WEDNESDAY, FEB. 25TH,1914
Sealed bids will be received by the City of
Dallas, Texas, until 12 o'clock, Noon, WEDNESDAY, FEBRUARY 25TH, for $1,325,000 4%
gold coupon bonds, or any part thereof.
The bonds are issued by the City of Dallas,
Dallas County, Texas, under authority of Article
619 of the General Laws of the State of Texas
and of the Charter of the City of Dallas, by
special authority of the vote of the people at
various elections, and are in the respective
amounts and for the respective purposes, as
follows:
$300,000 Sewage-Disposal bonds, dated May 1,
1913, and maturing May 1, 1953.
275,000 City-Hall-Building bonds, dated May
1st. 1913 and maturing May 1st, 1953.
250,000 Public School-Improvement bonds,
dated May 1st, 1913 and maturing
serially, beginning May 1st, 1914, in
equal annual installments for forty
years.
500.000 Park-Improvement bonds, dated No,
vember 1st, 1913 and maturing serially, beginning November 1st, 1914$12,000 and $13,000 each alternate
year for forty years.
The bonds are in denominations of $1,000 each.
Interest is payable semi-annually. on November
1st and May 1st, both principal and semi-annual
interest payable in gold coin at the Chase National
Bank in the City of New York.
Direct tax levies have been made in sufficient
amounts to provide interest and the required sinking funds to retire the bonds as they mature.
The bonds are engraved under the supervision
of, and certified as to genuineness by, the Dallas
Trust & Savings Bank, of Dallas, Texas. They
have been approved by the Attorney-General
of the State; registered by the State Comptroller,
and the opinion of Messrs. Dillon, Thomson &
Clay of New York, relative to the validity of the
bonds, will be furnished to the purchaser.
The City of Dallas has been incorporated by
special charter for a period of more than thirty
years and at no time in its history has there been
any default in the payment of any interest or
principal on its bonded debt, or otherwise.
The Attorney-General of the State of New York
has approved City of Dallas bonds as legal investments for the savings banks of the State of New
York.
A certified check for two per cent of the face
value of the bonds bid for, payable to W. T
Henderson, Commissioner of Finance and Revenue, must accompany each bid. Money to be
paid and bonds to be delivered at Dallas.
The City of Dallas reserves the right to reject
any or all bids.
W. T. HENDERSON,
Commissioner of Finance and Revenue,
Dallas, Texas.
Hudson County, New Jersey.
4%% BONDS.
Sealed proposals will be received by the undersigned until 7:45 o'clock P. M., of the 5TH DAY
OF MARCH, 1914, to be opened in the meeting
of the Borough Council that evening, for the
whole of this issue of $33,000 of 4%7
0 bonds,
dated January 1, 1914, and issued for the following
purposes:
Pumping Engine and equipment
for the Fire Department__ $8,000
Macadamizing and repairing
Streets
25,000
Total
$33,000
This issue will be in the form of sixty-six (66)
bonds of five hundred dollars ($500) each, to be
payable as follows:
One thousand dollars ($1,000) on the first day
of January of each of the following years: 1928,
1929, 1930, 1931, 1932; Two thousand dollars
($2,000) on the first day of January, 1933, Four
thousand dollars ($4,000) on the first day of
January 1934; Three thousand dollars ($3,000)'
on the first day of January, 1935, 1936, 1937,
1938; and Two thousand dollars ($2,000) on the
first day of January of each of the following years:
1939, 1940, 1941, 1942 and 1943.
Bonds and interest (semi-annual) free of all
tax, payable at the Swarthmore National Bank,
Swarthmore, Delaware County, Pa.
The right to reject any or all bids is reserved.
Further information can be obtained at the
Office of the Borough Secretary.
Addre3s all bids in sealed envelopes marked
'1'roposals for Sinking Fund Loan" to
FRANK M. VARRELL,
Borough Secretary.
Council Chamber, Borough Hall,
Swarthmore, Delaware Co.. Pa.
$140,000 School District!of St.loseph,Mo.,
432% FUNDING BONDS
Bids for $140.000 43% funding bonds of the
School District of St. Joseph, Mo., serial 5, 10.
15. 20 years will be received at 2P.M. MARCH 2,
1914.
Certified prospectus on application.
A. L. LOVING,Secretary,
Bt. Joseph, Mo.
GRAND RAPIDS
Howe,Snow,
Corridan & Berteles
Grand Rapids, Mich.
Public Utilities Securities.
We negotiate entire issues and purchase
Public Service properties of wellestablished earnings.
NEW ORLEANS
WADSWORTH & WRIGHT
Members of Now York Stock Exchange
NEW YORK
WALL STREET
Direct Correspondents in New Orleans
Sealed proposals will be received by the Town
Council of the Town of Kearny, Hudson County,
New Jersey at the Town Hall, WEDNESDAY,
FEBRU AR Y 25th, 1914, at 8:30 p. m., for the
purchase of the following bonds:
$208,000 4 % 30-year Funding Bonds
150,000 4j% 1 to 10-year, Serial, Funding
Bonds, $15,000 due each year.
1915 to 1924.
70,000 4%% 25-year School Bonds.
Said bonds will be dated March 1st, 1914, and
will be approved as to legality by Messrs.Hawkins, Delafield & Longfellow, New York City,and
the bonds will be prepared and certified by the
United States Mortgage & Trust Company of
New York City.
Bids may be made for all or part of the above
issue
Each bid must be accompanied by a certified
check for 5% of the amount of the bid.
The Town Council reserves the right:to reject
any or all bids.
For financial statement of the Town or any
other information desired, address
BURTON E. CANFIELD,
Town Treasurer.
BLODGET & CO.
BONDS
80 STATE STREET. BOSTON
80 PINE STREET.NE r YORK
STATE, CITY & RAILROAD BONDS
Bolger,Mosser&WIHaman
AL{MUNICIPAL BONDS Al
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
546
THE CHRONICLE
LONDON, Ont.-NO DEBENTURES TO BE ISSUED.-We are advised that this city will not issue the $25,000 bonus debentures,
as reported
in V. 97, p. 1925.
MARKHAM, Ont.-,-DEBENTURES AUTHORIZED.-Reports state
that the Council recently passed a by-law providing for the issuance of
$5,000 current-expense debentures.
MAISONNEUVE, Que.-NEW LOAN.-An issue of £462,500 5%
debentures offered in the London market at par by Coates,
& Co. was
over-subscribed, it is stated, in advance of the time fixed forSon
the closing of
subscription lists. Loan is due in 1953.
MEDICINE HAT, Alberta.-DESCRIPTION OF LOAN.-Subscription
lists were opened in London Jan. 30 by the Union Bank of Canada for
£162,900 5% coupon debentures at 92. As stated last week (V.98, p. 471),
the issue was oversubscribed. The proceeds of the loan will be used as
follows £45,800 ($223,000) for gas, due Jan.1 1934; £63.600
($310,000) for
water-works, due Jan. 1 1944 and £53,500 ($260,000) for sewers
due Jan. 1
1954. Denom. £100. Int. J. & J. The principal and interest will be
payable at the Union Bank of Canada, 51 Threadneedle Street, in London,
in sterling, or,at the holder's option, at the offices of that Bank in
Toronto,
Montreal, Winnipeg or Medicine Hat, in currency at par of exchange.
MONTREAL, Que.-LOAN PROPOSED.-It is reported that this city
will-negotiate a short-term loan of $2,500,000 for water-works improvements and extensions.
MOOSE JAW, Sask.-DEBENTURE SALE.-According to reports,
an
Issue of .C136,000 debentures were recently placed in Great Britain.
NOTRE DAME DE GRACE ROMAN CATHOLIC SCHOOL DISTRICT (P. 0. Montreal), Que.-DEBENTURE SALE.-Reports
that J. A. Mackay & Co. of Montreal have purchased $135.000 6% state
30-year
school debentures.
NORTH VANCOUVER, B. C.-DEBENTURE SALE.-The British
Foreign & Colonial Corp., Ltd., purchased on Oct. 1 the following 5%
debentures, aggregating $554,610:
$220,250 school debentures at 86 and int. Date July 1 1913. Due
July 1 1963.
64,000 water-works debentures at 86 and int. Date July 1 1913. Due
July 1 1963.
203,860 local-impt. debentures at 92 and int. Date Jan. 11914. Due
$12,620 Jan. 1 1932,$10,345 Jan. 1 1928 and $180,895 Jan. 1 1918.
66.500 miscellaneous debentures at 86 and int. Date July 1 1913. Due
July 1 1963.
Interest J. & J
Of the above debentures, £76,700 wererecently offered in London at 93
(V. 98, p. 471). The offering was made by the London City & Midland
Bank,Ltd., Threadneedle Street, London,E.C.,and branches,and Messrs.
Hoare, 37 Fleet Street, London, E. C., as bankers for the British Foreign
& Colonial Corp.. Ltd.
OAK BAY, B. C.-DEBENTURE SALE.-We are advised that two
issues of 6% 30-year debentures, aggregating $185,000, were awarded on
Dec. 15, as follows:
[VOL. xcvni.
$150,000 sower debentures to the Eastern Securities Co., Ltd., Montreal
at 96.50.
35,000 water debentures to R. B. Punnett of Victoria at 97.
Denom. $500. Date Nov. 30 1913. Int. M.& N. The sale of these
debentures was previously reported in the "Chronicle". (see V. 98,
but in using newspaper reports the same was reported erroneously. p. 256.)
ORILLIA, Ont.-DEBENTURE SALE.-It is stated that this city has
sold $103,500 5% sewer, water-works and sidewalk debentures
to Wood.
Gundy & Co. of Toronto at 96.50.
OTTAWA, Ont.-DEBENTURES DEFEATED.-The proposition to
issue the $50,000 bathing-house-construction debentures (V. 97. p. 1926)
failed to carry at a recent election.
POINT EDWARD, Ont.-DEBENTURE SALE.-An issue of 812,000
6% 20-year water debentures voted Jan.6 has been sold to Gibson,Crombie
& Co. of Toronto.
POINTE AUX TREMBLES, Que.-DEBENTURE OFFERING.
Proposals will be received until 4 p. m. Feb. 16 by J. A.Parent, Sec.-Treas.
(P. 0. 107 St. James St., Montreal),for $300,0006% 40-year sewer-system
and street-paving debentures. Denom. $1,000. Certified check on a
chartered bank for $1,000, payable to Pointe-aux-Trembles, required.
PORTAGE LA PRAIRIE, Man.-DEBENTURE SALE.-Reports
state that the Canada Bond Corp. of Toronto purchased $16,335 5%
10 and 20-year debentures.
QUEBEC, Que.-DEBENTURES PROPOSED.-We are advised by the
City Treas.under date of Feb.7,that this city proposes to issue within a
few months'$475,000 improvement and $808,493 34 refunding 4 % debentures. Int. semi-annual.
ST. CATHERINES, Ont.-DEBENTURES DEFEATED.-The proposition to issue the $100,000 bonus debentures(V. 98, p. 181) was defeated
at the election held Jan. 28.
ST. FRANCIS BOLAN° SCHOOL DISTRICT, Que.-DEBENTURE
OFFERING.-Proposals will be received until Feb. 16. reports state, for
$150,000 5% 40-year debentures. Hector Hardy is Sec.-Treas. (P. 0.
2538 Rosemont Blvd., Montreal).
SHERBROOKE, Que.-DEBENTURE SALE.-A block of $380,000
(not $300,000 as at first reported) 5% 30-year debentures was purchased
during January by the Dominion Securities Corp. Ltd., of Montreal.
STRATFORD, Ont.-DEBENTURE ELECTION.-An election will be
held Feb. 27, it is stated, to submit to a vote the questions of issuing $20,000
electric-light-extension $2,500 J. S. Murdoch, and $3,500 Chas. Diebel
bonus debentures.
STRATHRAY, Ont.-DEBENTURE ELECTION.-Reports state that
an election will be held Feb. 16 to submit to a vote the question of issuing
$25,000 hydro-electric power debentures.
WATFORD, Ont.-DEBENTURE SALE.-An issue of $4,450 5% localimpt. debentures was awarded on April 5 1913 to Gilbert Ilan at par. Date
Dec. 15 1912. Due Dec.31 1928.
MISCELLANEOUS.
NEW"LOANS.
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1914.
The Trustees, in conformity with the Charter of the Company, submit the following
statement of its al/airs on Po
313( of December,
1913.
The Company's business has been confined to marine and inland transportation insurance,
Premiums on such risks from the let January, 1913, to the 31st December, 1913
$3,600,334 83
Premiums on Policies not marked oIl let January, 1913
767,050 94
$1430,4300
Wilkes-Barre,Pa.,City School District,
43% COUPON BONDS
The Wilkes-Barre (Pa.) City School District
$4,367,385 77 will accept sealed bids at not less than par and
accrued
interest for an issue of $100,000 45.6%
Premiums marked off from January 1st, 1913, to December 31st, 1913
$3,712,602 61 coupon bonds, dated June 1, 1913. Bids must
be accompanied by a certified check for $2.00
Interest on the investments of the Company received during the year____$308,419 46
and must be in the hands of the Secretary of the
Interest on Deposits in Banks and Trust Companies, etc
39,877 94
Board.by 4 P. M., FEBRUARY 23, 1914. The
Rent received less Taxes and Expenses
130,212 32 478,509 72
Board reserves the right to reject any and all bids.
Further information given by
Losses paid during the year
$1,790,888 32
A. W. MOSS, Secretary.
Less Salvages
$233,482 06
Re-insurances
320,813 71
Discount
47 58 554,343 35
Total Premiums
$1,236,544 97
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertise- $105,033 85
ments, etc
650,942 08
F. WM. KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
A dividend of interest of Six per cent on the outstanding certificates of profits will be
paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February
1037-9 FIRST NATIONAL BANK BLDG.,
The outstanding certificates of the issue of 1908 will be redeemed and paid tonext.
the holders thereof, or their
legal representatives, on and after Tuesday the third of February next, from which
date all interest thereon
CHICAGO, ILL.
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year
ending 31st
December, 1913, which are entitled to participate in dividend, for which,
upon application, certificates will be
BUFFALO
issued on and after Tuesday the fifth of May next.
By order of the Board,
BONDS
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES
of the
JOHN N. BEACH,
SAMUEL T. HUBBARD,
CHARLES
M. PRATT,'
ERNEST C. BLISS,
'nternational
THOMAS H. HUBBARD,
DALLAS B. PRATT,
WALDRON P. BROWN,
LEWIS CASS LED YARD,
ANTON A. RAVEN,
JOHN CLAFLIN
and other
WILLIAM H.LEFFERTS,
JOHN J. RIKER,
GEORGE C. CLARK;
CHARLES D. LEVERICH.
Local Securities
DOUGLAS ROBINSON;
CLEVELAND H. DODGE;
GEORGE H. MACY,
WILLIAM J. SCHIEFFELIN
CORNELIUS ELDERT,
NICHOLAS F. PALMER.
WILLIAM SLOANE,
RICHARD H. EWART,
HENRY PARISH,
LOUIS STERN,
PRIME' A. S FRANKLIN)
ADOLF PAVENSTEDT,
WILLIAM A. STREET;
Buffalo. N. Y.
HERBERT L. GRIGGS,
JAMES H. POST,
814 Ellicott Square.
GEORGE
E. TURNURE.
ANSON W. HARD,
RICHARD H. WILLIAMS.
A. A, RAVEN, President.
BIRMINGHAM
CORNELIUS ELDERT, Vice-President,
WALTER WOOD PARSONS, 2d Vice-President.
Bond
Flacks
CHARLES E. FAY, 3d Vice-President.
Railway System
TELLER & EVERS
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions of Chapter 481 Laws 01 1887)
Premium Notes
B lie Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bank
Temporary Investments (payable January and February, 1914)
Loans
$670,000 00
1.783.700 00
2,737 412 00
282,520 00
1,000,000 00
4,299,426 04
75,000 00
475.727 45
t05,891 79
LIABILITIES.
Estimated Losses and Losses Unsettled
in process of Adjustment
$1,806,024 00
Premiums on Unterminated Risks
654,783 26
Certificates of Profits and Interest Un264,136 25
paid
Return Premiums Unpaid
108,786 90
Reserve for Taxes
28,905 88
Re-insurance Premiums
221,485 06
Claims not Settled, including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,556 09
Certificates -I. Profits Outstanding
7,240,320 00
177,881 39
636,405 49
505,000 00
10,000 00
-----;13,259,024 16
MARX & CO.
Birmingham
Ala.
SOUTHERN SECURITIES
Tractions
Industrials
Municipals
State
insuiriss Solicited.
GRAND RAPIDS
WE
PURCHASE
Public Service Properties
which have established earnings.
$10,417,790 87
Thus leaving a balance of
$2,841.227 29
Accrued Interest on the 31st day of December, 1913, amounted to
$51,650 2d
Rents due and accrued on the 31st day of December, 1913, amounted to
28,378 26
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December,
1913, amounted to
166.830 00
Unexpired re-insurance premiums on the 31st day of December, 1913, amounted to
65,903 22
Note: The Insurance Department has estimated the value of the Real Estate corner
William Streets and Exchange Place in excess of the Book Value given above, atWall and
450,573 96
And the property at Staten Island in excess of the Book Value, at
63,700 00
The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1913,
exceeded the Company's valuation by
1,268,075 10
De the basis of these increased valuations the balance would be
$4,926,338 09
orro
Kelsey, Brewer & Co.
BANKERS
ENGINEERS-OPERATORS
Grand Rapids, Mich.
WE BUY AND SELL
zCntire issues of Public Utility Securities
@FedFRASER